Tidewater to Sell 14 Offshore Tugs

Monday, August 14, 2006
Tidewater Inc. entered into a definitive agreement with Crosby Marine Transportation, LLC to sell 14 of its offshore tugs, 12 of which currently constitute Tidewater's total domestic fleet of offshore tugs. In addition, two tugs scheduled to return from international assignments in the Middle East are included in the transaction. The sale of ten of the tugs is expected to close by the end of August, with the sale on the other four vessels scheduled to close over the next four months as current charter contracts to which the four tugs are subject expire. The combined cash sales proceeds of $44.8 million will result in an estimated pre-tax financial gain of approximately $34 million, or $22 million after tax, or $.38 per common share, and the sale should have a negligible effect on future earnings capacity. Dean E. Taylor, Chairman, President and Chief Executive Officer of the Company, commented, "We believe that our ongoing efforts to sell our non-core assets and reinvest proceeds into newer core fleet assets or the repurchase of Tidewater stock should return significant value added for our stockholders. This type of transaction along with our strong balance sheet and borrowing capacity allows us total flexibility in pursuing future attractive investment opportunity that arises."
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Sales

Kvichak-built Hovercraft for Sale

The 95’ BHT-150 hovercraft SUNAX, built by Kvichak Marine Industries and owned and operated by Aleutians East Borough, is for sale through public competitive bid.

Litigation Can Cost Shipbrokers an Arm & a Leg

A survey of London solicitors by specialist intermediaries insurer ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts,

Scorpio Tankers' Latest Sale & Purchase Deals

Scorpio Tankers says it recorded a gain of US$51-million from the sale of the 7 VLCC newbuilding contracts announced earlier. In March 2014, the Company received

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0993 sec (10 req/sec)