Tidewater Sells Six Vessels

Monday, March 14, 2005
Tidewater has entered into a Letter of Intent to sell up to six of its KMAR 404 class of Anchor Handling Towing Supply vessels. The sale price, if all six vessels are ultimately sold, will amount to $202,000,000 and result in a reported financial gain of approximately $80,000,000.

The transaction, as structured, calls for multiple closings throughout 2005 on five of the vessels as they end existing charters. The sixth vessel will be sold during 2005 if certain conditions are attained. Culmination of the transaction is subject to the buyer's inspection of the vessels and its securing adequate financing during the period ending April 1, 2005, and the parties entering into a definitive agreement by April 15, 2005.

"This opportunity, which was presented to Tidewater by an international group, reflects the overall improved level of drilling and exploration activity in the North Sea. If the transaction is successfully culminated, we will have monetized a portion of our prior investment in large deepwater Anchor Handling Towing Supply Vessels at an attractive price. Moreover, with the soon to be completed delivery of the second of our large Anchor Handling Towing Supply vessels from our Chinese new construction project, and the projected delivery of the balance of three more vessels scheduled during 2005, we will continue to own the necessary modern deepwater vessels to take advantage of international business opportunities as they continue to develop," said Dean Taylor, Chairman and Chief Executive Officer of the company.

Tidewater Inc. owns and operates nearly 570 vessels, the world's largest fleet of vessels serving the global offshore energy industry.

Maritime Reporter September 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

NZ's Lyttelton Port Recommends Offer, to Pay Special Dividend

The board of New Zealand's  Lyttelton Port Co. Ltd recommended minority shareholders accept an offer of NZ$3.95 a share offer from the commercial arm of the Christchurch city council.

More German Shipowners Look to Gibdock for Repairs

Gibdock remarks it has continued to see its stock rise amongst the German shipowner community over the past year. Indeed the Gibraltar ship repair yard’s recent

No Sign of Ultra-Large Containership Mega Hubs: Analysis

Contrary to the views of some in the industry, Ultra Large Container Vessels are continuing to call at multiple North European ports per loop and are not concentrating on a mega-hub,

Ship Sales

KKR, Borealis Maritime JV acquires 9 container ships

KKR and Borealis Maritime today announced the acquisition of a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels

KKR & Borealis Maritime Acquire 9 Containerships

KKR and Borealis Maritime say they have acquired a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels were previously

G E Shipping Sells General Purpose Product Tanker

The Great Eastern Shipping Company Ltd. (G E Shipping) has signed a contract to sell the 1991-built General Purpose Product Tanker Jag Prachi (28,610 dwt). The

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Ship Electronics Ship Repair Sonar
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: 0.1516 sec (7 req/sec)