Page 28: of Maritime Logistics Professional Magazine (Q3 2013)

The ratings report does offer an important clue, saying that Harvey Gulf ??expects to acquire two additional OSVs (be- yond the 9 vessels taken in Q2 2013) from GOL at a later date?? for a price working back to aggregate $79 million. It is not impossible to conjecture a partial PE ?exit? or ?liquid- ity? event, the  rst of several tranches, also bringing in suf-  cient money to purchase these assets (if the revolver is not used for this purpose). In this purely hypothetical scenario, as EBITDA grows dramatically and debt is paid down, the stars may align for a further PE exit at the time that total debt has crested and new assets are delivered. At that time, maybe 18 ? 24 months out, an expanded valuation will be possible based on another important metric ? the EV/EBITDA ratio, where peer companies are presently valued at around 9x - 10x. Eventually, we got down to brass tacks and asked: When will Shane Guidry, if ever, ring the bell at NASDAQ? With- out hesitation, he replied, ?I don?t know. There?s no doubt we talk about it. I think I have a bigger, better story to tell ? new assets, the most technology out there, very diverse ? my aver- age daily rate is $30,000 per day and we?ve got great growth. Do I want to stand pat and run 50 to 70 boats or do I look to take Harvey worldwide? If I do, I can?t rule out going public because access to capital would be quicker.? Somewhat nonplussed at Moody?s inference that Harvey Gulf wasn?t doing enough international work, he told Mar- Pro , ?I?m getting great day rates here right now on long term contracts. Why would I change that? I really don?t have to do anything, especially with my current contracts, through may- be 2018. We have about $1 billion in contract backlog with substantial options on the backend of that. Do I want to deal with a large board of directors? Maybe not. But, I could take it public and keep it a closely held entity, too. For me, it would be better. And we?ve looked at our options.? There?s plenty on Shane Guidry?s plate already without hav- ing to contemplate a public offering and then, answering to a large board of directors. Still, as he rides an enviable wave of good fortune in a bull market, industry analysts can?t help but wonder what will come next. And, he isn?t saying. HARVEY GULF INTERNATIONAL Shane Guidry, Harvey Gulf?s CEO Jeff Henderson, Harvey Gulf?s Chief Financial Of cerSOfcer28 | Maritime Professional | 3Q 2013MP #3 18-33.indd 28MP #3 18-33.indd 289/9/2013 3:21:19 PM9/9/2013 3:21:19 PM