NEW YORK, March 08, 2016 (GLOBE NEWSWIRE) -- HC2’s subsidiary, Global Marine Systems Limited (“Global Marine”), the world leader in subsea system design, installation and maintenance, has been awarded an extension of the North America Maintenance Zone (NAZ) submarine cable maintenance contract up to December 31st, 2024. This long-term extension demonstrates the consortium owners’ confidence in Global Marine’s capabilities to deliver highly responsive and well-executed maintenance provision to all members.
“This considerable extension of the NAZ contract speaks to Global Marine’s track record of providing high quality maintenance and its dedication to continuing these important relationships,” said Philip Falcone, CEO of HC2 Holdings, Inc.
NAZ covers a cable maintenance footprint, which stretches from the Eastern North Pacific to the Equator. Global Marine has been providing cable maintenance services from its base port in Victoria, British Columbia, Canada since January 2012 providing dedicated year-round cover to the region. Global Marine’s track record in the North Pacific extends back further, when in 1991 it installed and maintained the first repeatered system linking the US mainland with Japan.
This new contract will see Global Marine expand the cable storage capacity at the Victoria depot in British Columbia. Additionally, the purpose built cable ship Cable Innovator will replace CS Wave Venture from the 1st February 2017, bringing improved DPS-2 functionality. The repair vessel stores strategic spares in its cable tanks to support rapid mobilization in the event of a fault and is equipped with COTDR and deep water ROV capability to support the detection of faults on ultra-long haul systems.
“Maintaining submarine telecom systems is something we are good at and very passionate about,” said John Walters, Maintenance Director at Global Marine. “We are delighted to extend our services in this part of the world. The North Pacific Ocean presents a harsh operating environment in the winter months and the appointment of Cable Innovator to Victoria will enhance our responsiveness to maintain those critical internet services in the worst of weather conditions.”
Cautionary Statement Regarding Forward-Looking Statements
Any statements made in this press release that are not statements of historical fact, including statements about the Company’s beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws and should be evaluated as such. In accordance with the Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995, this press release contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements. Generally, forward-looking statements include information describing actions, events, results, strategies and expectations and are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions. These statements are based on the beliefs and assumptions of HC2's management and the management of HC2's subsidiaries. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company's actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K. Factors that could cause actual results, events and developments to differ include, without limitation, capital market conditions, the ability of HC2's subsidiaries to generate sufficient net income and cash flows to make upstream cash distributions, trading characteristics of the HC2 common stock, the ability of HC2 and its subsidiaries to identify any suitable future acquisition opportunities, our ability to realize efficiencies, cost savings, income and margin improvements, growth, economies of scale and other anticipated benefits of strategic transactions, integrating financial reporting of acquired or target businesses, completing future acquisitions, and dispositions, litigation and other contingent liabilities and changes in regulations, taxes and risks that may affect the performance of the operating subsidiaries of HC2. Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to HC2 or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
HC2 Holdings, Inc. is a publicly traded (NYSE MKT:HCHC) diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. HC2 has a diverse array of operating subsidiaries across seven reportable segments, including Manufacturing, Marine Services, Utilities, Telecommunications, Life Sciences, Insurance and Other. HC2’s largest operating subsidiaries include Schuff International, Inc., a leading structural steel fabricator and erector in the United States, and Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables. Founded in 1994, HC2 is headquartered in Herndon, Virginia.
About Global Marine Systems Limited
Global Marine Systems Limited, is a leading provider of engineering and underwater services, responding to the subsea cable installation, maintenance and burial requirements of its customers around the world.
With a fleet of vessels and specialized subsea trenching and burial equipment, the company has a 165-year legacy in deep and shallow water cable operations. Global Marine’s primary markets are oil & gas, renewable energy & power, telecommunications and deep sea research.
Global Marine holds the RoSPA Order of Distinction in recognition of 16 consecutive years of outstanding occupational health and safety results.
Global Marine has two longstanding joint ventures in China S.B. Submarine Systems and Huawei Marine Networks and in February 2016 acquired a majority interest in offshore renewables specialist CWind.
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Source:HC2 Holdings, Inc.