Page 15: of Maritime Reporter Magazine (May 2002)

News

Has the Fast Cat Come to A Halt?

INCAT chairman and CEO,

Robert Clifford has ensured customers that the company's recent financial woes will not affect

Bollinger/INCAT USA.

Long hailed for its innova- tive "fast cat" vessels that were devel- oped by

Robert Clif- ford and Phil

Hercus in the 1980's Incat

Australia deliv- ered not a new cat last month, but news of an impending bankruptcy. Could this be the end of the fast cats that have dominated the alu- minum shipbuilding world for the past 20 years?

During the first week of March the

Hobart shipyard admitted that it was suf- fering from financial difficulties, and responded by laying off several hundred employees. In fact, according to Aus- tralian news sources, the yard has 1,000 less employees than it did one year ago — despite having won an $80 million contract from the U.S. Military for a 101-m high speed support vessel — transporting American troops through- out the Japanese Islands for the next three years. Known as the HSV XI Joint

Venture, the vessel is currently being transferred from the U.S. Navy to the

U.S. Army for a trial period.

In order to enable its ships to be sold to the U.S. Armed Forces and Government, the company established an alliance with Bollinger Shipyards in Louisiana at the end of 2000. The joint venture, which was created to also further alu- minum shipbuilding in the U.S., accord- ing to Incat's CEO, Robert Clifford, will not be affecting by the parent com- pany's financial troubles.

In response to curious customers who have been inquiring about the status of the Australian shipyard, a statement was issued at the end of March by Incat's

Nick Wells. MR/EN obtained a copy of the statement, which has been excerpted as follows: "For the past 24 months, the commercial market has been slow and

Incat have, as a private company, tried to maintain a high output capability, to take advantage of anticipated market move- ment. This has resulted in a high level of craft assets. Doing this may not have been the best approach and has resulted in recent downsizing the Incat work- force and finance constraints. The solu- tions rest in selling craft."

Reassuringly so. Wells adamantly said that it will not. "Our relationship with

Bollinger/Incat USA and their cus- tomers continues to grow at a very pleas- ing rate.

The situation in Tasmania has no effect on the Bollinger/lncat USA relationship and does not effect availability and sup-

May, 2002 port of Tasmanian built product from the

Incat side of the partnership. We will also continue with our plans to lay keels of Incat WPC at Bollinger."

When contacted by MR/EN, Incat's

CEO, Robert Clifford was equally up front as well as upbeat about the

Bollinger Incat alliance, "We (Incat Aus- tralia) owed our bank around $70 mil- lion, a figure that was reduced consider- ably when we sold a vessel during the middle of April." Clifford said. "Anoth- er deal is on the table, which if complet- ed will retire the bank debt. "Several other deals are also being considered, which when completed, will mean that the company will be trading profitably. "Bollinger/Incat and Incat USA will not be affected," he added. — Regina P. Ciardiello

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