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

USN Escort U.S. Flagged Ships in Strait of Hormuz

Ships from U.S. Naval Forces Central Command in Bahrain have begun accompanying U.S.-flagged maritime traffic in the Strait of Hormuz, Defense Department officials said.

Myanmar Awards Statoil, Conoco Phillips Deepsea Exploration Contract

Myanmar has awarded contracts to international oil majors Statoil and ConocoPhillips for oil and gas exploration in a deepwater offshore block, the official Kyemon Daily said on Sunday.

French Patrol Ship Rescues 217 Migrants off Libya Coast

A French patrol ship rescued 217 migrants from three small boats that had run into trouble off the coast of Libya on Saturday, the maritime police said in a statement.

Legal

Myanmar Awards Statoil, Conoco Phillips Deepsea Exploration Contract

Myanmar has awarded contracts to international oil majors Statoil and ConocoPhillips for oil and gas exploration in a deepwater offshore block, the official Kyemon Daily said on Sunday.

French Patrol Ship Rescues 217 Migrants off Libya Coast

A French patrol ship rescued 217 migrants from three small boats that had run into trouble off the coast of Libya on Saturday, the maritime police said in a statement.

Rough Seas Force Port Closures in Peru

Peru, the world's third biggest copper producer, closed its main port, Callao, and dozens of others because of rough seas, a local newspaper reported Saturday.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.1683 sec (6 req/sec)