Tidewater to Invest in Aging Fleet

Thursday, December 20, 2007
New Orleans-based Tidewater Inc., operator of the world’s largest fleet of offshore supply vessels, plans to invest between $300m and $500m annually through 2011 to renew its vessels. Tidewater CEO and Chairman Dean Taylor made the announcement, saying the investment would position the company to take advantage of growing opportunities in international markets. The company recently accepted 16 new vessels and plans to receive another 50 by 2011. About 75 percent of the company’s fleet – 321 vessels – were built prior to 2000 and have an average age of 25 years.

In addition to building new vessels, Tidewater also is considering purchasing vessels from other companies or acquiring competitors to replenish its fleet. Taylor said demand for the company’s services would likely remain high, especially overseas where Tidewater has grown its market share. About 10 years ago, less than half of Tidewater’s revenue and 41 percent of its profit came from international operations. Currently, those figures have climbed to 85 percent and 91 percent.

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

Offshore

U.S. Drillers Cut Rigs to Lowest since August

Energy companies have reduced the number of rigs drilling for oil in the United States to the lowest since August, shifting more rigs in favor of natural gas as crude prices dive,

Arctic Oil: Bourbon to Enter Arctic Market in 2016

Bourbon plans to enter the growing Arctic Offshore market in 2016 with a new Anchor Handling Tug Supply (AHTS) vessel built by the Vard shipyard. This AHTS (Anchor

Total CEO: EU Must Fight US Crude Export Law

First major public appearance of new Total head; he challenges European politicians to fight US ban. The new head of French energy major Total challenged Europe to fight Washington over the U.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Sonar 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: 0.1024 sec (10 req/sec)