Daily Archives: July 2, 2013
July 2, 2013 By The Liberty Paper
As the country prepares to celebrate its independence from Great Britain President Obama had a completely different message for a group of Congressional Summer interns in Washington:
“America is a great country. There is no denying this. However, I caution you all as you step forward in your careers. Peer back into history and ask yourselves- Was a revolution truly necessary? Great Britain may not have had it completely right, but they had many things right. Take taxes for example. If your neighbor makes $1 Million a year, but you and your family can barely keep the heat on should he not help your family? God instructs us to help our neighbors. He does not instruct us to look down upon them though the windows of capitalism. Why then on the Fourth of July should you celebrate such a radical break from what is Godly and just? No doubt there are many voices warning you of the harm of big government. They are wrong. Government can provide you with what family and friends cannot. If this is gone what will you have?”
Many in the crowd seemed uneasy, and desperate for some sort of clarification. Julie Barks, an intern from Louisiana State University, asked President Obama, “Are you saying we should not celebrate the birth of our country?”
President Obama responded:
”I believe we should celebrate where we are going. Celebrate moving forward. Not where we have been.”
This $57.5 million acquisition includes 29 actively marketed liftboats ranging from class 105 to class 229, 10 inactive liftboats and additional related assets.
All Coast is a limited liability company, newly formed for this transaction, with John Powers and John Nesser III leading as Managers and Co-CEOs.
Powers and Nesser, All Coast managers and co-chief executive officers, each have more than 40 years of experience in the oil and gas, engineering and maritime industries.
Throughout his career, Powers has owned and operated numerous energy and marine services companies including Power Offshore Services, LLC; Reeled Tubing, LLC; Seatrax, LLC; and Coastal Drilling Co.
Previously, Nesser served as the executive vice president and chief operating officer for McDermott International, where he held executive positions for more than 10 years.
All Coast domestic operations will be led by Byron Allemand, vice president and chief operating officer, and the operations center will remain in Lafayette, La.
Nesser commented that “John and I have been looking for the opportunity to re-enter the liftboat industry as owners and operators for several years.
“We look forward to the challenge of serving the offshore market with the highest standards of service and safety,” Nesser further noted. “We expect to grow All Coast and expand our fleet with new acquisitions and new builds.”
Joining Powers and Nesser is The Fleming Corporation, a private equity investment firm that will provide capital and a long-term perspective on value creation. The new owners are committed to growing the fleet’s market-leading position. Financing for the acquisition and working capital has been provided by Whitney Bank.