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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Sardines Boost Murmansk Port Turnover

In January 2016 turnover of the Murmansk Marine Fishing Port reached 22 thousand tons of cargo, including 15 thousand tons of fish. This is higher than last year,

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

MOL Enhances CSW Service between Asia and East Coast South America

Mitsui O.S.K. Lines (MOL, President & CEO: Junichiro Ikeda) today announced the enhancement of its Asia and East Coast South America trade by merging existing

Ship Sales

FSL Trust Divests Two Containerships

FSL Trust Management Pte. Ltd., as the trustee-manager of First Ship Lease Trus, announced that the Trust has completed the disposal of Ever Radiant and Ever Respect

Shipbreaking Practices in 2015 Reveal Appalling Record -Report

Ignoring industry leaders and human rights and environmental organizations, ship owners continue to profit from dangerous and dirty shipbreaking practices on South Asian beaches in 2015,

Diana Shipping to Acquire Three Panamax Ships

Diana Shipping Inc. has signed, through three separate wholly-owned subsidiaries, three Memoranda of Agreement to acquire from a related party three Panamax vessels

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.0781 sec (13 req/sec)