Deal Watch: Big NOAA contract boosts Vigor Marine

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Wednesday, October 21, 2009
BY JON BELL

VigorMarine_DryDockAN AVERAGE SHIP repair job for Vigor Marine runs from four to six weeks. It's a fairly standard timeline, but one that also makes it pretty difficult for workers in such a wavy industry to ever enjoy a real sense of job security.

So it's no surprise that landing a year-long, $13.1 million contract from the National Oceanic and Atmospheric Administration is proving to be a big deal for the Portland company.

"In ship repair, long-term projects are unique," says Rene Doiron, vice president for ship repair at Vigor's parent company, Vigor Industrial. "This gives us some flexibility … and gives our workforce and management teams a better idea of what's coming up"

Awarded in September, the contract includes $7 million in stimulus funds and calls for structural repairs, system replacements and modifications to NOAA's 231-foot seafloor mapping vessel Rainier.

For Vigor, which is bidding on two other NOAA jobs this fall, the contract marks a continued focus on governmental work. Doiron says the global economic situation has weighed heavily on commercial customers, and some, like oil companies, have taken their business to China.

By simple proximity, Vigor may also see more business from NOAA when the agency moves its Pacific operations center to Newport in 2011.

Doiron estimates that Vigor's typical repair projects range in size from $100,000 to $20 million, with 75% of them — about 30 or so projects — topping the $1 million mark. Depending on when that work comes in, Vigor employs anywhere from 300 to 500 people.

The NOAA contract is not likely to result in any additional hiring for Vigor, but it will keep the numbers pretty steady over the next year.

"This is a project we need to have to keep our employees stably employed," Doiron says. " It's a blessing to be able to give our workforce a little peace of mind."

MERGERS AND ACQUISITIONS
PRICE EXP. CLOSE BUYER / PARENT (HQ) SELLER / PARENT (HQ) ANNOUNCED
$200,000 Q3 Schmitt Industries (Portland) Optical Dimensions (CA) 9/24
ND Q3 Argus Media (TX) Energy Market Report/Economic Insight (Portland) 9/28
ND Q3 Advantage IQ (WA) Ecos Consulting (Portland) 9/3
ND Q3 Sherman Bros Heavy Trucking (Harrisburg) Mike Warner Trucking (Vancouver) 9/2
ND Q3 Symbion Healthcare (TN) Gresham Station Surgery Center (Gresham) 9/24
ND Q3 TriQuint (Hillsboro) TriAccess Technologies (CA) 9/3
CAPITAL RAISING AND CONTRACTS
PRICE (TYPE) COMPANY (HQ) / LEADERSHIP INVESTOR (HQ) ANNOUNCED
$550M (wind farm grants) Iberdrola Renewables (Portland)/Ralph Currey U.S. Treasury 9/22
$377M (tractor contract) Daimler Trucks North America (Portland)/Chris Patterson U.S. Army 9/8
$20M (investment) Ensequence (Portland)/Peter Low Clay Mathile (OH) 9/18
$13M (ship restoration contract) Vigor Marine (Portland)/Frank Foti National Oceanic and Atmospheric Administration 9/22
$12M (pipe order) Northwest Pipe (Vancouver)/Brian Dunham Central Utah Water Conservancy District (UT) 9/15
$4.9M (surveillance system order) FLIR (Portland)/Earl Lewis Columbian Army and Air Force 9/2
$1.9M (fish passage improvements contract) Todd Construction (Tigard)/Brent Schafer U.S. Army Corps of Engineers 9/8
$1.5M (roadwork contract) Johnny Cat (Jacksonville)/John Holmes ODOT 9/22
$945,000 (office remodel contract) R.L. Reimers (Albany)/Ronald Reimers U.S. Dept. of Agriculture 9/10
$916,000 (private placement) Naturally Advanced Technologies (Portland)/Ken Barker ND 9/22
$600,000 (watermarking technology contract) Digimarc (Beaverton)/Bruce Davis CACI International (VA) 9/2
$449,000 (bunkhouse contract) RJ Armstrong & Associates Construction (Albany)/Robert Armstrong U.S. Dept. of Agriculture 9/19
$303,000 (paving contract) High Desert Aggregate and Paving (Redmond)/Michael Moore U.S. Dept. of Agriculture 9/11
$100,000 (efficiency and marketing grant) The Swanson Group (Glendale)/Steve Swanson U.S. Economic Development Administration 9/24
$15,000-$200,000 (wild horse-capturing contract) Horse Trappers (Mt. Vernon)/Delbert Osborne U.S. Dept. of Agriculture 9/21
ND (music center design project) Allied Works Architecture (Portland)/Brad Cloepfil Cantos Music Foundation (Canada) 9/25
REAL ESTATE TRANSACTIONS
PRICE BUYER / PARENT (HQ) REAL ESTATE (LOCATION) / SELLER (HQ) ANNOUNCED
$192M Merlone Geier Partners (CA) Lloyd Center (Portland)/Glimcher Realty Trust (OH) 9/16
$2.2M Gheen Irrigation Works (Eugene) 14 acres commercial (Harrisburg)/Monaco Coach (Coburg) 9/11
$1.5M Oregon's Only Organics (Springfield) 20,000 sq. ft. warehouse (Springfield)/Howan (Eugene) 9/4
$1.35M City of Portland 10,000 sq. ft. industrial (Portland)/Harry G. Thompson Estate (Portland) 9/24
$825,000 Gorman Properties (Portland) 3,960 sq. ft. commercial (Portland)/John and Milyn Marthens (Portland) 9/22
$600,000 Zimmer Ventures (Portland) 5,200 sq. ft. industrial/Captain Gruber Enterprises (Portland) 9/17
$450,000 Industrial Finishes (Eugene) 3,640 sq. ft. industrial (Portland)/Gerald and Beverly Franzen (Portland) 9/17
NA Blackstone (NY) 148 properties (various)/Sunwest Management (Salem) 9/16
NA Uni-Chem (South Korea) 1.2 million sq. ft. plant (Eugene)/Hynix (South Korea) 9/26
 

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