OK...Here's the Jim Mermis interview... My Son got it where I could copy and paste....
April 2007 Maritime Executive
Executive interview: Jim Mermis
By Joseph Keefe
CEO of Superior Offshore International, Inc.
The past Two years at Superior Offshore have brought enormous
changes, exponential growth and the formulation of a grand master plan, which promises to launch this firm into the forefront of
the international, deepwater-construction business. Superior is not
yet the biggest of the offshore service providers, but it has long been
recognized for qualities that are arguably far more important: an
uncompromising commitment to corporate safety and core competencies honed though years of practice. The best may be yet to
come. The second quarter of 2007 will bring the long-awaited IPO
which will soon provide the launching pad from which Superior
Offshore International will dive into the next big thing: the international, offshore subsea markets. A debt-free, asset-rich and supremely competent Superior Offshore will make its new debut this year.
And the market is sitting up and taking notice. In our Q&A with
Jim Mermis, President and CEO of Superior Offshore, he talks
about where Superior has been and more importantly, where it is
going. Join us as we explore the company’s exciting story.
34 The MariTiMe execuTive
Executive interview: Jim Mermis
I enrolled in Tulane University in their
executive MBA program. So, I spent
MarEx: Superior’s roots are
firmly planted in the business
of diving. The company is more
than that now—much more
than that. I think it would be
useful for our readers to see
where the firm has been, before
we talk about where it is going.
Can you give us a brief history of
your diverse firm?
JM: Louis Schaefer, our founder,
has been in the diving business
since the early 1970s. It’s been
18 months of my working life working
14 hours a day and going to school
at the same time to get an executive
MBA. So, I guess, realistically, I’m one
of the guys who started out at the top,
jumped in the water, went to the bottom and finally came back to the top
again.
what projects we’re going after
and how we’re going to move
ahead with all of that.
MarEx: So, it’s now a five–man,
executive committee, once the
COO is on board?
JM: Yes, and after we go public,
we’ll have a five-man, independent
board of directors, all of whom
have various backgrounds and
expertise. James Persky will head
the financial audit committee.
Eric Smith came from Saipan and
a small diving company and in fact, he didn’t have vessels
for most of that time. I started with the company since
2005 and I’ve been here almost two years. Louis had one
four-point boat when I started and he’d taken a dynamically–positioned, saturation-support dive vessel named
the Mansel 18 on a spot-charter basis. That was right after
Hurricane Ivan. I came in somewhere in the middle, in
between Ivan and Katrina. So, when I came on board, I
had a little more international and deepwater background
than Louis. I brought some people with me and obviously
after Katrina, that’s when our real growth started.
MarEx: Let me follow up with that. You are a privately-
held firm and the internal workings of your firm are
largely proprietary in nature. At least they are, right now.
But MarEx readers are going to want to get a sense of how
your organizational chart looks and the executive makeup
of the firm in particular. Louis Schaefer is the founder of
the company and chairman of the board. You’re the CEO.
Can you give us a feel for how you run the company on an
executive basis?
JM: Sure. While Louis hasn’t exactly taken a step back, he
has let me take the reigns and run the company on a day-today basis. He’s also let me take the company and steer it in
the direction that we’re headed. And, we’re headed into the
international, and more importantly, the deepwater markets.
I talk to Louis at least once a day—maybe twice—but the
day-to-day business myself and the management committee
pretty much run the show. Any major decision that might
affect the company economically or operationally, then we’ll
bring Louis in and make a group decision and move ahead.
MarEx: When you say “the management committee,” what
are we talking about?
JM: Essentially, the management committee is made
up of myself, Roger Burks, our CFO, Joshua Koch, and
of course, Louis. We just recently hired a COO, Petrice
Chemin—I’ve known him for years and he’s got thirty
years in the business, primarily with Stolt Comex Seaway.
Beyond that, we’ve got our individual department managers: operations manager, diving manager, our ROV manager. But it is the executive management committee who
steers the company and decides the direction we’re going,
McDermott and is currently teaching at Tulane University.
We’ve got Leon Cordon who’s already on the board of the
Singapore Oil Company. Tommy Coleman will also join our
board—he’s the head of a large tanker terminal company.
MarEx: Let’s focus on you for a minute. Nobody likes to
blow their own horn but the readers and, I am sure, your
future investors are going to know what skill package is
going to be running Superior Offshore. What makes you
well suited to run the firm and take it to the next level?
JM: I actually started out as a diver in 1975 with Subsea
International. And I worked my way up through the ranks
and eventually transitioned offshore and became offshore
operations manager. When Global Industries purchased
Subsea, I wanted to learn about the deepwater business
so I went to work for Stolt Comex Seaway as operations
manager. And then during my tenure with them I was a
senior project manager and actually ran deepwater and
international projects for them as well as operations.
Shortly thereafter, I went to Torch Offshore. Torch wanted
to get into the deepwater markets and they essentially
hired me to run their new-build vessels. At that point, the
market went south and Torch chose not to go public. So
I did deepwater business development for Torch for three
years. Eventually, Torch did go public and I think everyone
knows the story. They didn’t make it and went bankrupt.
Somewhere along in the middle of all that, in 2000,
I enrolled in Tulane University in their executive MBA program. So, I spent 18 months of my working life working 14
hours a day and going to school at the same time to get an
executive MBA. So, I guess, realistically, I’m one of the guys
who started out at the top, jumped in the water, went to
the bottom and finally came back to the top again.
MarEx: You’ve managed at a publicly-traded firm before.
So, tell us how you think things are going to change once
you’ve gotten past the IPO, not only in terms of your
management style, but also in the actual decision-making
process. A privately-held firm can sometimes be nimble and quick, while a publicly-traded company has to
answer to many masters. What will change and what will
stay the same?
JM: Well, we are going to be responsible to our sharehold
marexmarexmarex
The MariTiMe execuTive 35
Executive interview: Jim Mermismarexmarexmarexers up to a point. Major deci-
sions, of course, will have to be
run past our board of direc-
tors. I think that the day-to-
day business and the growth
opportunities that we have,
we’ll be able to do that just as
we do now. What is impor-
tant to us is that we have made
the big capital commitment
of the Superior Achiever, our
deepwater-construction vessel.
So, through our capital expen-
Helix owns. Caldive doesn’t. We
also supply deepwater assets in a
deepwater capacity. Helix owns
assets; Caldive doesn’t. What
really works for us, though, in
our entry into deepwater, is that
deepwater-construction contrac-
tors and even the E&V companies
do not look at us as competition.
In some manner, the deepwater-
construction guys look at Caldive
as competition because they’re
70% owned by Helix—the guy
…everyone wants to compare us to
Caldive; whereas Caldive really isn’t
comparable to us. We supply diving
services; so do they. We supply diving
services internationally; so do they.
But, we supply deepwater-construc-
tion services through an ROV compa-
ny, through the ROV’s we own and that
Helix owns. Caldive doesn’t.
diture plan—our strategic plan—we don’t have to come
up with any other major capital expenditures in way of
vessels or acquisitions. We’ve aligned ourselves with different contractors within the industry. We’ve put together
cooperative agreements, we continually take on third-party
vessels, and essentially what that amounts to is that it gives
us equipment to operate within the industry that we don’t
necessarily own and that we don’t necessarily have a long-
term commitment in. We’ll do this through short-term
vessel charters, cooperation agreements and I’m trying to
put into place basically in a low-risk basis. You can think
of it as a joint venture. We each enter the business together.
If the barge is not working, I don’t have to pay for it. If my
equipment isn’t working, the other contractor is not being
paid, so we both have a vested interest to make sure the
asset goes to work. If we don’t go to work, neither one of
us gets paid.
MarEx: You’ve got to sell yourself. Everyone of us has to sell
ourselves every day. What’s the number one thing you are
going to have to sell to the investors on the day that you
go public?
JM: It’s probably not what you want to put in the magazine. But, we have to differentiate ourselves from the competition.
MarEx: Well, that was another question on my list, but let’s
combine the two into one answer then.
JM: Well, you have to look at us and the services we offer.
We’ve expanded our core services in the Gulf of Mexico
and we’ve gone from 60 divers to 665 people offshore.
We’ve identified the fact that in the Gulf of Mexico, while
there’s still plenty of work for everyone for the next five
years, we’re not going to put all our eggs in one basket.
We’ve identified that in order for us to grow, we’re going to
have to enter the international markets, but more importantly, the deepwater markets. So, the real driving picture
for us and where we get our multiples from is that everyone wants to compare us to Caldive; whereas Caldive really
isn’t comparable to us. We supply diving services; so do
they. We supply diving services internationally; so do they.
But, we supply deepwater-construction services through
an ROV company, through the ROV’s we own and that
that’s bidding on the same contracts that they’re bidding
on. I think Helix’s entry into the production business is
starting to be looked upon by the majors—and maybe
even some independents—as a competitor or competitive
business. The key for us and our entry into the deepwater-
construction business is that fact that we can work for the
deepwater-construction contractors. Helix is getting in
their bids. We don’t want to be competition to the deepwater-construction contractors. We want to supplement what
they do. Consequently, I’m going to get five or six bids
from those contractors to provide ROV’s, divers or even
the Superior Achiever in support of the deepwater projects
that they are pursuing.
MarEx: When I talked to Louis Schaefer, he alluded to all
of this, especially in terms of Caldive and their parent company. But, you mentioned another part of the equation.
JM: One of the other things that separates us from the
competition is that we’ve experienced this tremendous
growth within the last couple of years. If you look at our
key people—project managers, executive team, offshore
superintendents and supervisors, and even the divers—
very few of those people have worked here for more than
two years. But, you take a look at the rest of the people
that we have, and they have fifteen, twenty years experience—not at Superior, but instead, at Caldive, Global,
Stolt, everywhere throughout the industry. So, what that’s
allowed us to do is to bring on those individuals on board
with all these years of experience. We’ve taken all these
combined “best practices” from wherever they’ve worked
previously, put them on the table, and essentially we’ve cut
and snipped at these practices and made them our own.
At the end of the day, we’ve got a combination of the best
practices of all the different companies that we compete
against. Because of this, and with the deep experience of
our people, I think that we can give a better product to our
clients.
MarEx: Okay. Well, that wasn’t really where I was headed
with that question, but let’s shift gears and ask a similar
question. I had a terrific talk with Louis Schaefer a couple
of weeks ago and really enjoyed it. But, Louis calls Superior
Offshore the industry’s “leader in safety.” He talked about
36 The MariTiMe execuTive
Executive interview: Jim Mermis
And what’s really significant for us is
the fact that we’ve gone from 60 personnel to over 660 working offshore in
his early passion with safety and
how one of the things he realized
early on was that he would not
do a job if he couldn’t do it safely.
And if he had to cut back on
production, then he would favor
safety over operational efficiencies. Can you expand a little bit
on that?
JM: Sure. Safety goes hand in
hand with success in this business. You’re not going to be an
unsafe company and continue
just a couple of years. Our total recordable incident rate in 2005, spanning
546,000 man-hours offshore, was
a 1.46. In 2006 we had 1,118,000
man-hours working offshore and our
total recordable incident rate actually
dropped to a 1.07.
you take a look at Subtech, and
what they bring to the mix is 260
South-African and European
divers that work to a different
standard, an international standard. Realistically, they work to
the standard that we are going
to have to attain, in order to
do international work—to do
deepwater-construction work. So,
Subtech is kind of a shift in our
mentality. They’ve brought a lot
of policies and procedures and
marexmarexmarex
to have the kind of opportunities that Superior has. If you
start to take a look at some of our clients—the Shells, the
Chevrons, and the BPs, the big players in this world—
those majors have higher safety standards than anyone
else in the industry. Consequently, we not only meet
those standards but we far surpass the standards that they
require. And what’s really significant for us is the fact that
we’ve gone from 60 personnel to over 660 working offshore in just a couple of years. Our total recordable incident rate in 2005, spanning 546,000 man-hours offshore,
was a 1.46. In 2006 we had 1,118,000 man-hours working
offshore and our total recordable incident rate actually
dropped to a 1.07.
(Editor’s note: OSHA defines the Total Incident Rate as
a mathematical calculation that describes the number of
recordable incidents that a company experiences per 100
full-time employees in any given time frame.)
MarEx: Just so I get it right and our readers understand,
what exactly does a 1.07 mean?
JM: It’s an OSHA formula and here’s how it works. First of
all, the OSHA standard says that you have to have a total
recordable incident rate of less than 2.0. Look, we’re committed to safety, our numbers prove that and because we’re
a safe company, this allows us to go to work for the BPs
and the Chevrons of the world.
MarEx: You’ve recently announced that you’ve acquired
another diving company, Subtech Diving and Marine, based
in Durban, South Africa. Obviously, you’re going to bring
some things to their portfolio and they’re hopefully going to
bring some things to yours. You’ve said previously that it is
your goal to move into the deepwater and the international
markets, globalizing the Superior brand name. Talk about
this move, the synergies you’ll create and how all of that fits
into your long and short-term strategies.
JM: You know, interestingly enough, if you look at the
companies we work for—the majors, the independents,
the subsea-construction companies in the Gulf of Mexico—we’ve taken our core business of diving and we’ve
parlayed that into ROV’s, deepwater assets. This has given
us the opportunity to work not only for these clients, but
also to get into the international, deepwater markets. Then,
key individuals that have allowed us to make the transition
from where we are now at, to where we are now going.
They’ve got a kind of European mentality—they’re more
policy and procedure driven. They operate just a little bit
differently than we did before we picked them up. Subtech
also has offices in the Middle East and in Africa, so they
bring a client base to the mix, as well.
MarEx: You bought them. What do you bring to the table?
Would it be fair to say that you brought the assets and
financial wherewithal to help them expand on what they
already do well?
JM: You hit the nail right on the head.
MarEx: Talk about the European standard of diving operations that you’ve alluded to. It sounds like Louis has been
running a pretty tight ship here no matter what standard
you’re adhering to now. But, the European standard seems
to be a different one. Let’s talk about it.
JM: Well, first of all, it’s a different mentality. The European standard pretty much sticks with deepwater projects.
We’re already supplying divers to the world’s biggest, semi-
submersible DP derrick barge and I think the day rate on
that project is somewhere around $800,000 a day. When
you are dealing with an asset that costs $800,000 per day,
you definitely want all the “i’s” dotted and the “t’s” crossed.
Everything is based in risk assessment—and every step in
a project is planned. Historically, in the Gulf of Mexico,
you had a plan, but you jumped in the water, did the work,
and away you go. The European standard incorporates far
more planning, far more engineering and this better fits
the high-dollar projects that we’re striving to do.
MarEx: You are already starting to integrate this into your
standard operating procedures, yes?
JM: That’s correct. Our in-house training facilities train
all of our new people who come on board. Right now, if
you come on board at Superior as an offshore superintendent or an offshore supervisor of any sort, the odds are
pretty good that if we don’t know you, then you’ll be sent
out onto one of our vessels to work alongside one of our
Superior employees who knows how we operate. And, he’s
going to watch you operate before you get the green light
go ahead and run that boat or job on your own. We do
The MariTiMe execuTive 37
Executive interview: Jim Mermis
marexmarexmarex
this at our own cost, but once
again, you look at the number
of people and jobs that we have
going on, and the practice pays
for itself over the long haul.
Depending on the individual,
this side-by-side redundant
training can go on for as long
as a month and no less than
two weeks.
MarEx: Let’s talk about your
hurricane response work.
Katrina was, and probably still
A structure may be laying on its side
and although the storm cap has been
checked, it’s still a live well. So, for
as the future of Superior Offshore
five years, we’re going to clean up the International. Now, that’s big talk
for a firm that has three other
junk and after that, let’s say we only thriving divisions. Tell us why the
take one-quarter of the wells and put deepwater division is so impor
tant to you and also let the readers them back into production, then the know how you intend to make the
Superior Achiever the workhorse
Achiever is the kind of boat that can for this goal.
JM: The future of the industry
do that. She’s designed for modular is in deepwater. If you remem
construction.
is, a large portion of your work. Louis Schaefer has said that
it was Ivan that put you on the map and that event was
how and when you realized the full power and capabilities
of the firm. He also outlined for me the operational readiness that allowed Superior to respond during Katrina, where
perhaps, others couldn’t. So, you are very well known for
this. But, what’s going to be the next big thing that Superior
is going to be known for, beyond your obvious competence
in your core businesses?
JM: You know, I’ll tell you, we recently had a fatality—a
devastating event for us and for our people. Superior had
never had a fatality in its forty-year history. But we have
done in response is pretty much unheard of in the United
States and the industry. We studied that fatality, spent a
lot of time and money to determine just what happened.
The Coast Guard has investigated; Vanuatu, the flag state,
has investigated. We’re still waiting for the Vanuatu and
the Coast Guard report. But what we’ve done is to step up
within the industry and have made what we know about
that fatality public knowledge. We have gone to our clients,
we’ve gone to our employees, and we’ve said: this is what’s
happened, this is why it happened and this is going to be
what we’re going to do to make sure that it never happens
again. We would never try to turn a fatality into something
that eventually will translate into an economic positive, but
this fatality could have had a tremendous negative impact
on the company and possibly prevented us from moving ahead with the IPO. So, what I think what Superior is
going to be known for is that we’re a “black-and-white”
company; we put things on the line, we tell you like it is,
we don’t sugarcoat anything. We tell you the truth and if
that’s boring, then that’s what it is.
MarEx: Where would you say your best overseas opportunities exist in the near-term future?
JM: As I’ve already said, the opportunity for us is to build
on the relationships that we already have. Realistically,
we’re looking at Mexico, South America, Africa and the
Middle East are where we’re going to try to concentrate on.
We already have relationships in those regions and we have
people that work for us that have contacts in those areas.
MarEx:The Superior Achiever is described on your Web site
ber before Hurricane Ivan and
some in the industry call it “St.
Ivan” because it revived and literally saved the industry.
Before Ivan, everyone was headed for deepwater within
the Gulf of Mexico and out of the Gulf into Deepwater,
internationally. The work in the Gulf of Mexico—there’s
still plenty of it, but the future of the industry is in deepwater. That’s because deepwater has barely been touched.
We have two opportunities with the Achiever: we can
go to work for the deepwater-construction contractors.
What makes the Achiever an extremely desirable vessel is
that within the niche that she’s designed for, she can do
anything, anywhere in the world. We’re not going to go
out there and reel off 10,000 feet of 10” diameter pipe in
10,000 feet of water but what we are going to do is go out
there and support the deepwater contractor that’s reeling
off that pipe. We’re going to be able to do the subsea tie-
ins; we’re going to be able to do the infrastructure more
quickly and a lot cheaper than they can. The other opportunity for the Achiever is that we’ll put it into deepwater,
where there are 113 toppled platforms in the Gulf of Mexico, in anywhere from 700’ of water all the way to shallow
water. If you look at the toppled structures, it translates
into probably 2,000 wells that have been toppled, as well. A
structure may be laying on its side and although the storm
cap has been checked, it’s still a live well. So, for five years,
we’re going to clean up the junk and after that, let’s say we
only take one-quarter of the wells and put them back into
production, then the Achiever is the kind of boat that can
do that. She’s designed for modular construction. She can
reel off four, six-inch diameter pipes in 1,800 feet per hour.
That’s 500 tie-backs. You’ve got that work to look at, you’ve
got the work in support of the deepwater contractors, but
she’s also been designed with equipment that will allow her
to construct her own SAV system on deck with four lifts of
the crane. And that’s using her own crane. So, we can sail
for Africa and have our SAV system on deck and we can do
shallow-water support work. If the opportunity comes to
support the deepwater contractors, then we take our crane
and we lift the modular system off the deck in four lifts.
So, while I say that the future is deepwater, we also have no
intention of relinquishing any of our shallow-water work
or anything else we’ve always done. But, at the end of the
38 The MariTiMe execuTive
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day, I think deepwater is going to hold a lot more opportunities for us. There is less competition and certainly, the
margins are higher.
MarEx: The Achiever is going to be ready when?
JM: They started cutting steel for her in February of this
year and everything is still on track for delivery in June
of 2008.
MarEx: Okay, so here’s my next question for you. Right in
line with your deepwater mission and international aspirations, it looks to me that there’s plenty of work for the Superior
Achiever. Are you going to wait for her to come out and start
working and get committed to some long-term work, or are
you going to go ahead and start building that second vessel?
JM: Well, this might be where you hear a little different
story between what Louis (Schaefer) tells you and what I
tell you. The Superior Achiever, at $130 million, is a tremendous capital investment for us. Look around at the
industry and you’ll read about all of the vessels and capacity that are going to be delivered in 2009 and 2010. I think
that the way I see the company growing, we’ve got to shore
up and do better what we do now—we’ve got to step and
take hold in the international and deepwater markets now.
We can’t wait for the Achiever to come out. If we do that,
we can still have that growth and the ramp up without the
capital commitment or another acquisition. We’ll do this
through our alliances and cooperative agreements with the
people that we currently work with by bringing assets on
line with long-term charters. I think the key is, at least how
I see it, there’s going to be an overcapacity of construction
equipment and new-build vessels come 2010 and I think
that’s going to be an opportunity for us. And, this is where
perhaps Louis and I don’t necessarily see eye-to-eye, rather
than wait for two years for our own new build, there’s
going to be an opportunity to pick up on somebody else’s
new build who doesn’t necessarily have the wherewithal to
continue to operate. And here’s the other thing: you can
build new vessels all day long but there’s a limited supply of
qualified personnel to operate these boats.
MarEx: So, as I understand it, you’re going to continue to
charter in equipment and eventually, you’ll have your own
vessel, the Achiever, which because of modifications you’ve
The diving group provides divers, obviously,
but they also provide management for 80%
of the projects that we work on. The ROV
division will be a stand-alone division and
we in fact have a deepwater ROV boat and
we have a 150-HP, 3,000-meter ROV on the
Yens Surveyor.
made in its design, will be better than virtually everything else
out there. Then, you’ll charter in at a cheap rate and keep those
charters busy, based on your experience and contacts, and play
off the confidence that the majors have in your core competencies and experience.
JM: That’s absolutely right.
MarEx: We’ve talked a lot about where you want to go and
that appears to be deepwater and the international markets,
in particular. I understand that this year you’ll do about $340
million in business. Tell us where you see those numbers, five or
ten years down the road.
JM: Well, we certainly hope that five to ten years down the
road, we’re doing a billion dollars annually.
MarEx: Let’s talk about your legacy work – the diving aspect of
your business. What is the future of that aspect of your
business?
JM: The diving group provides divers, obviously, but they
also provide management for 80% of the projects that we
work on. The ROV division will be a stand-alone division and
we in fact have a deepwater ROV boat and we have a 150HP, 3,000-meter ROV on the Yens Surveyor. We also have a
marine department that basically manages all of our ships,
crewing, maintenance and repair, dry-docking and all of the
upgrades. And then we have the fabrication division. This
stand-alone fabrication division gives us a significant advantage with the competition. Basically, that division is able to
build diving system, saturation equipment, perform fabrication for our clients and in this way, we provide a seamless,
start-to-finish job. Doing the fabrication in house, we make
sure it is delivered on time and then the client can go into
production.
MarEx: So the fabrication division provides for “turnkey”
solutions, in conjunction with your other divisions?
JM: That’s right.
MarEx: What about the deepwater division?
JM: Well, right now, the deepwater division falls into the
ROV division. The deepwater division is something building
now for the future, starting before the end of this year. We’ll
be bringing in engineering and deepwater-project managers
so that we can fully integrate the new build and make sure
everything is structurally the way we want it to be.
MarEx: We’ll look forward to seeing your visions go forward –
Thank you for your time today.
JM: My pleasure. MarEx
