ENSCO Sells Marine Vessel Fleet to Tidewater

Thursday, February 20, 2003
ENSCO International Incorporated announced the signing of a definitive agreement to sell all of the oilfield support vessels owned by the Company's subsidiary, ENSCO Marine Company, to Tidewater Inc. for $79 million in cash. The transaction, which is expected to result in a pre-tax gain of approximately $5 million to ENSCO, ($0.02 per diluted share after taxes), is subject to various regulatory consents. It is anticipated that the transaction will close early in the second quarter of 2003. Carl F. Thorne, ENSCO's Chairman and Chief Executive Officer, explained the strategic reasons for the transaction. "Although ENSCO Marine has performed well for us over the years, further renewal and growth of our boat fleet would require significant new investment. Given our focus on expanding the size and capability of our offshore rig fleet, we determined that this capital would best be deployed in that arena where we have a stronger presence and greater investment return opportunities."
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USS Montpelier Modernization Contract for General Dynamics

The U.S. Navy has awarded General Dynamics Electric Boat a $46.4 million contract for planning efforts in support of maintenance and modernization work on USS Montpelier,

Pentair Opens Aquaculture Center of Excellence

Mindful that fish farming has the potential to help meet an expanding  population's need for protein in a world with increasing water constraints, Pentair announced

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and

Legal

USS Montpelier Modernization Contract for General Dynamics

The U.S. Navy has awarded General Dynamics Electric Boat a $46.4 million contract for planning efforts in support of maintenance and modernization work on USS Montpelier,

Pentair Opens Aquaculture Center of Excellence

Mindful that fish farming has the potential to help meet an expanding  population's need for protein in a world with increasing water constraints, Pentair announced

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Shipbuilding / Vessel Construction Sonar Winch
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: 0.1541 sec (6 req/sec)