Securing Financial Assistance for a U.S. Shipyard

A U.S. shipyard requested assistance from The SPECTRUM Group to help support a ship purchaser's application for a loan guarantee from a federal agency. The project was of immense importance to the yard as it involved the construction of a significant number of vessels to be deployed in the offshore foreign oil market. The agency had a policy of not giving preference to vessels built for the offshore market. However, TSG persuaded the agency to consider the application in order to create jobs in the U.S. and because export vessels were not prohibited from receiving financial assistance under the agency's laws. TSG worked closely with the yard's Congressional delegation and major suppliers to plead the yard's case. As a result of this effort, the vessel owner received a significant loan enabling the yard to finance the vessels at a very favorable rate. The project approval will result in the creation of over 300 new jobs at the yard and even more jobs in the supplier industry.

TSG is continuing to assist the yard in obtaining additional ship construction work.