Tidewater Closes on Sale of 10 Offshore Tugs

Thursday, August 17, 2006
Tidewater Inc. announced today the closing on the sale of ten offshore tugs for a total cash price of $31.5 million. The culmination of this transaction results in an approximate $24 million pre-tax financial gain, or $.27 per common share after tax. The company previously announced that it had entered into a definitive agreement with Crosby Marine Transportation, LLC to sell a total of 14 offshore tugs. The balance of the four tugs covered by the definitive agreement, with a total sales price of $13.3 million, should close over the next four months as current charter contracts to which the four tugs are subject to expire.

Parks Paton Hoepfl & Brown, who served as financial advisor to the company, commented, "This transaction was a good one for both parties - Tidewater received a fair price for the vessels and Crosby Marine acquired quality assets that are a good strategic fit for its operations."

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

People & Company News

DP World Leading M.E. Investor - MEIRS Awards

Global marine terminal operator DP World has collected an impressive four awards including the Grand Prix of ‘Leading Corporate for Investor Relations in the

Algoryx Simulation, Kongsberg Maritime Ink R&D Deal

Kongsberg Maritime and Algoryx Simulation have entered a five year agreement, which supports Kongsberg Maritime’s continuing development of fidelity and realism

New Orleans Port, CORBA Join forces‏

An agreement signed today by Port of New Orleans officials and industry leaders from the Central Ohio River corridor could help spur commerce between the two regions.


Groundwork Begins on Successor Subs in UK

Groundwork has started on the renovation of a central shipyard complex that be used for outfitting future Royal Navy Successor submarines, British Forces News said.

Icon Terminates Shipbuilding Contract

Icon Offshore Bhd and its partner FOB Swath Malaysia A/S have agreed to terminate their shipbuilding contract with Denmark-based Danish Yachts AS.    Icon-FOB

Ulstein Debuts DP Construction Vessel

With the ULSTEIN S182 design, ULSTEIN introduces a new dynamically positioned multipurpose construction vessel suitable for shallow water operations. Main design

Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1627 sec (6 req/sec)