Tidewater To Build 12 New Vessels For $305M

Wednesday, January 10, 2001
Tidewater Inc. has signed contracts with two Far East shipyards for the construction of eight vessels as part of Tidewater's new build program announced in January 2000. It has also announced that its subsidiary, Quality Shipyard L.L.C., will build a total of four vessels. The $305 million in new build commitments falls on the heels of Tidewater's recent purchase of eight similar vessels from The Sanko Steamship Co., Ltd. The eight vessels to be built outside the United States will be comprised of five large 280-ft. anchor handling towing supply vessels with greater than 20,000 hp and three 260-ft. platform supply vessels. The four vessels being built at Quality Shipyard will be similar platform supply vessels and will be built to full Jones Act compliance. "We are looking forward to introducing a state-of-the-art Tidewater fleet to the world through this new build program," said CFO Keith Lousteau. "The overall new build program is priced exactly in line with our budgeted goal of approximately $300 million in commitments. We anticipate being able to pay for these new boats through present and forecasted cash flows without the need to take on any long-term debt." Scheduled delivery of the new vessels will commence in December of 2001 and will continue throughout 2002, with the final delivery expected in January of 2003. "This is an exciting time at Tidewater, with new vessels being purchased and built over the next few years," said Tidewater's Chairman, President and CEO William C. O'Malley. "The demand for the vessels we have previously purchased and that are already operational has been strong. We anticipate that these new ships will be working from delivery if market conditions remain stable or continue to improve as we anticipate." Tidewater Inc. owns and operates over 570 vessels, the world's largest fleet of vessels serving the international offshore energy industry.

Maritime Today


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

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

Technology

Sentinel Launches New Rudder Feedback Unit

Sentinel, a Beier Radio company, has designed and manufactured a new Rudder Feedback Unit (RFU) with many new features, including watertight components and connections

Innovative Equipment Will Help Unload Listing Ship

Following Smit Salvage’s salvage of the stricken ship Modern Express in the Gulf of Biscay, another Rotterdam company has now become involved in the rescue operations.

Sea IT, Veritas Tankers Ink Long-term Software Deal

Sea IT has entered a long term ICT agreement with Veritas Tankers. The agreement comprises installation of BlueCORE Generation 4, an ICT platform specifically developed for the marine industry,

Contracts

Sea IT, Veritas Tankers Ink Long-term Software Deal

Sea IT has entered a long term ICT agreement with Veritas Tankers. The agreement comprises installation of BlueCORE Generation 4, an ICT platform specifically developed for the marine industry,

Interior Facelift for Queen Mary 2

Cunard’s luxurious flagship, the iconic 2,620 passenger ocean liner Queen Mary 2, will undergo an interior refit at the hands of McCue Marine during a 25-day multimillion-pound

Chemical Shipping Freight Rates to Remain Under Pressure

On the back of low bunker prices and more new buildings to be delivered in 2016, chemical shipping freight rates for both contracts of affreightment and spot cargoes

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Port Authority Salvage 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: 0.0780 sec (13 req/sec)