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 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

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 Contracts 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: 0.0676 sec (15 req/sec)