Bollinger gets the ‘GO’ ahead on $100 million upgrade

The Louisiana Public Facilities Authority approved a $100 million bond sale for Bollinger Shipyards, Inc., to upgrade its facilities earlier this year.

“We petitioned the bond committee to authorize up to $100 million in tax-free, GO Zone bonds for potential upgrades to our facilities in the GO Zone,” said Andrew St. Germain, vice president, chief financial officer and treasurer of Bollinger.

According to St. Germain, the bond will go toward improvements of existing facilities, with no new facilities in the plans.

“This is for improvements to existing facilities within the GO Zone,” he said. “Specifically, infrastructure upgrades and building and capacity upgrades for certain facilities.”

He added that the company has certain plans in place, but is currently finding out the feasibility of the plans. “We have plans in progress for several of them,” he said, “but we’re waiting to see what the actual cost is, to see which ones we can and can’t do.

“Right now, we have grandiose plans, but certainly now we need to see what’s … attainable.”

He added that the grants play a significant role in improving the company.

“The GO Zone provides an excellent opportunity for companies within to get cheaper financing and go ahead and make themselves better companies,” he said. “That’s what we’re in the process of, right now. Figuring out which ones specifically will make us a stronger company.”

Bollinger Shipyards, Inc., is a provider of construction, repair and conversion products and services to both the military and commercial marine industry. The family owned and operated business has been in operation since 1946.

Bollinger operates 13 shipyards in South Louisiana and Texas with direct access to the Gulf of Mexico and the Mississippi River. With 40 dry docks ranging in capacity from 100 tons to 22,000 tons, Bollinger offers a wide variety of dry-docks and services for both shallow and deepwater vessels and rigs.