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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

When Will Deep Sea Mining Commence? The Robot is Ready

The world's first deep sea mining robot sits idle on a British factory floor, waiting to claw up high grade copper and gold from the seabed off Papua New Guinea

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair 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: 0.1001 sec (10 req/sec)