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

People & Company News

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

Karl Senner Inks Distribution Deal with Electronic Power Design

Karl Senner, LLC (KS) has reached a new strategic representation agreement with Electronic Power Design (EPD). Karl Senner, LLC now represents EPD in the United States marine and offshore Markets.

Shipbuilding

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

Seacor Takes Delivery of 10,800 HP Crewboat

Seacor Marine is building ever larger and more powerful mono-hull crew/supply boats. The first of these to be delivered is the 202x34-foot Alex F. McCall with some very impressive statistics.

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1432 sec (7 req/sec)