Page 39: of Maritime Reporter Magazine (August 2001)

GLM Score Up Despite

Softening GOM

GLM's SCORE movement for the past four years.

Global Marine's (GLM) Summary of

Current Offshore Rig Economics (SCORE) rose 0.6 percent in June 2001, despite a reduction in the Gulf of Mexi- co. "Softening jackup rates due to declining natural gas prices have taken a toll on the Gulf of Mexico SCORE," said Bob Rose, GLM's chairman, presi- dent and CEO. "However, strong oil prices have continued to fuel improve- ment in international offshore rig mar- kets."

First Wove Marine Files

Reorganization Plan

First Wave Marine, Inc. has filed with the U.S. Bankruptcy Court for the

Southern District of Texas, a Plan of

Reorganization in the Company's Chap- ter 11 proceeding. The filing of the Plan should pave the way for the company's emergence from bankruptcy in early fall after requisite Bankruptcy Court approvals can be obtained. The Plan calls for an exchange of all of First

Wave's 11 percent Senior Notes for 96.7 percent of the common stock of the company, which will significantly improve the balance sheet and financial strength of the company. The Commit- tee of Unsecured Creditors has stated that it will support the Plan.

On February 5, First Wave filed for relief under Chapter 11 of Title 11 of the

United States Code in the Southern Dis- trict of Texas. Immediately after filing, the company secured $20 million in post petition financing to provide working capital during its restructuring. At the same time, First Wave obtained Bank- ruptcy Court authority to pay employees and certain qualifying critical vendor and subcontractor pre-petition payables on an uninterrupted basis. Since its

Chapter 11 filing, First Wave has suc- cessfully maintained normal operations.

First Wave president, Grady Walker, said, "filing this Plan represents the achievement of a major milestone in our efforts to restructure the company and paves the way for a speedy emergence from bankruptcy. Additionally, the Plan dramatically reduces the long-term indebtedness of the company, thus improving its financial and competitive strength. The original majority share- holders, Messrs. Sam Eakin, Frank

Eakin and David Ammons, have elected to resign their positions as officers and directors upon Bankruptcy Court approval to pursue their interests in other companies. Upon approval, H.

Grady Walker III, Frank R. Pierce and Suzanne B. Kean will be appointed

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Reliable operatjon, by design

The compact L27/38 is an advanced medium-speed HFO engine in the 1500-2880 kW range. Its reliability is based on a robust design, fewer components and Holeby's commitment to superior quality down to the smallest nut and bolt. Other benefits include optimal efficiency, low emissions and simplified routine maintenance.

Like other members of Holeby's "New Generation" engine family, the

L27/38 is setting the standard for the marine GenSets of the 21 st century.

GENERATING SETS

MAN B&W Diesel A/S,

Holeby 0stervej 2, DK-4960 Holeby

Telephone: +45 54 69 31 00

E-mail: [email protected]

August, 2001 www.maritimereporterinfo.com 36A