NANA Development Corporation purchases Gulf Coast Oil and Gas Services Company-Grand Isle Shipyard

July 25, 2011 - Anchorage, Alaska - With an eye toward future growth in Alaska, Louisiana and across the country, NANA Development Corporation (NDC) and Grand Isle Shipyard, Inc. (GIS) are taking a giant step in their evolution. NDC has purchased GIS.

Founded in 1948, GIS has expanded into a vigorous service-oriented company. GIS has 1,400 employees and provides a variety of contract services, primarily focused on maintenance and repair of more than 700 offshore platforms off the Louisiana Gulf Coast.  Its primary customers are both large and small oil and gas producers such as Shell, BP and Chevron.

NANA Development Corporation is a subsidary of NANA Regional Corporation, Inc. (NANA). Owned by more than 12,700 Iñupiat shareholders, NANA is one of Alaska’s Native Corporations.  NDC provides paychecks to more than 13,000 people around the world. Its industries include mining, oil and gas, engineering and construction, and facilities management.

NDC Chairman Luke Sampson said, “Purchasing GIS brings together NDC’s three decades of expertise in the oil and gas industry in Alaska with GIS’ broad knowledge of that industry in the Lower 48 and internationally.  GIS has an outstanding history of delivering oil industry services, both onshore and offshore, with an incredibly strong presence across the Gulf States. We are very excited about the future opportunities that will come to our combined company.”

Both companies look at this purchase as a partnership. GIS President and CEO Mark Pregeant, Sr., along with his entire management team, will stay on in the same capacity. The transition to NDC ownership will be seamless and operations will continue as usual.

Pregeant said, “This agreement is good for Louisiana and good for Alaska, because two stable, respected companies that value doing things the right way—safety and employees first—will grow and expand, creating jobs and economic development.”

NDC President Helvi Sandvik said, “This is about leveraging the expertise of two successful companies to create growth and opportunity around the globe. We both have a long-term vision and intend to continue to build off of the strengths of our past, while creating new opportunities for the future.”

For more information log on to NANA Development's website at www.nana-dev.com