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

Technology

Marad Visits TX Maritime Technology & Training Center

United States Maritime Administration tours Maritime Technology and Training Center site.   Administrators from the United States Maritime Administration (MARAD),

Bergeron to be Keynote Speaker at SHIPPINGInsight

Scott Bergeron, CEO of the Liberian International Ship & Corporate Registry (LISCR), has agreed to serve as a keynote speaker at the SHIPPINGInsight 2015 Fleet Optimization Conference & Exhibition,

Tanker Retrofitted with Dual Fuel Engine

Caterpillar Marine informs it has begin a dual fuel engine retrofit conversion onboard the 472-foot Fure West tanker, owned by Furetank Rederi A/B. The MaK M 43

Contracts

ISS Announces CEO Transition

Captain Claus Hyldager yesterday decided to step down as the Chief Executive Officer of Inchcape Shipping Services (“ISS”).    The current Chief Financial Officer,

Pressure for Australia Sub Deal Grows

Australia to spend A$65 bln on ships and subs over 20 years; PM pledges A$40 bln for domestic shipbuilders. Australia will spend A$89 billion ($65 billion) on

LNG Ferry Construction for Tallink Begins

The start of production of Tallink's new generation LNG powered fast ferry for the Tallinn-Helsinki route was celebrated on the 4th of August 2015 at Meyer Turku shipyard.

 
 
Maritime Contracts Naval Architecture Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.5194 sec (2 req/sec)