SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 30, 1999
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HVIDE MARINE INCORPORATED
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(Exact name of registrant as specified in its charter)
Delaware 0-28732 65-0966399
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
2200 Eller Drive, P.O. Box 13038, Fort Lauderdale, Florida 33316
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 954.524.4200
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<PAGE>
Item 5. Other Events.
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(a) On December 30, 1999, Hvide Marine Incorporated (the "Company")
exercised an option to increase from 50.75% to 75.75% its interest in five
double-hulled carriers delivered between the fourth quarter of 1998 and
mid-1999. The exercise price was approximately $9.6 million, of which $1.0
million was paid in cash and the balance was paid by a promissory note in the
principal amount of approximately $8.6 million. The note bears interest at the
annual rate of 8.5%, is secured by a pledge of certain securities owned by the
Company, and is payable in the following semi-annual installments of principal
(together with accrued interest):
<TABLE>
<CAPTION>
Date Principal Amount Due
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<S> <C> <C>
June 30, 2000 $500,000
December 31, 2000 $500,000
June 30, 2001 $750,000
December 31, 2001 $1,000,000
June 30,2002 $1,000,000
December 31, 2002 $1,500,000
June 30, 2003 $1,500,000
December 31, 2003 $1,836,128
</TABLE>
(b) On January 5, 2000, the Company announced that Eugene F. Sweeney had
been elected President of the Company and that Walter S. Zorkers had been
elected its Executive Vice President and Chief Financial Officer. Mr. Sweeney
replaces Jean Fitzgerald, who continues to serve as Chairman and Chief Executive
Officer; Mr. Sweeney also continues to serve as Chief Operating Officer. Mr.
Zorkers replaces John H. Blankley, who resigned to return to the management of
his investment business. Both Messrs. Sweeney and Zorkers were also elected
directors of the Company.
In addition, John J. O'Connell, formerly Vice President - Corporate
Communications, was elected Senior Vice President - Corporate Communications and
Investor Relations, and Kevin S. Boyle, formerly Director of Finance and
Treasury, was elected Treasurer of the Company.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed by the undersigned
thereunto duly authorized.
HVIDE MARINE INCORPORATED
(Registrant)
By s/Robert B. Lamm
Robert B. Lamm
Senior Vice President,
General Counsel and Secretary
Dated: January 21, 2000
