Tidewater to Invest in Aging Fleet

Thursday, December 20, 2007
New Orleans-based Tidewater Inc., operator of the world’s largest fleet of offshore supply vessels, plans to invest between $300m and $500m annually through 2011 to renew its vessels. Tidewater CEO and Chairman Dean Taylor made the announcement, saying the investment would position the company to take advantage of growing opportunities in international markets. The company recently accepted 16 new vessels and plans to receive another 50 by 2011. About 75 percent of the company’s fleet – 321 vessels – were built prior to 2000 and have an average age of 25 years.

In addition to building new vessels, Tidewater also is considering purchasing vessels from other companies or acquiring competitors to replenish its fleet. Taylor said demand for the company’s services would likely remain high, especially overseas where Tidewater has grown its market share. About 10 years ago, less than half of Tidewater’s revenue and 41 percent of its profit came from international operations. Currently, those figures have climbed to 85 percent and 91 percent.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

IRSHAD Acquires Damen Shoalbuster 2308

Abu Dhabi Petroleum Ports Operating Company (IRSHAD), a part of the ADNOC Group of Companies, has taken delivery of a Damen Shoalbuster 2308, named Al Marfa 1.

'Kayaktivists' to Launch Blockade of Shell Icebreaker

A small group of protesters and activists are gathering at the Cathedral Park boat ramp in Portland, preparing to stay for a 24-hour vigil as they wait for Royal Dutch Shell Oil's icebreaker ship,

BSEE Updates Hurricane Reporting Requirements

BSEE is providing updated guidance for the current and future hurricane seasons through a Notice to Lessees (NTL) released July 27, 2015. NTL 2015-G02 clarifies

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1073 sec (9 req/sec)