Tidewater to Acquire Troms Offshore Supply
US Firm, Tidewater, agrees with HitecVision to purchase Norway's Troms offshore, including 5 large PSV's.
Tidewater say that the acquisition of Troms Offshore, headquartered in Tromsø, Norway, will expand their global footprint into the Norwegian sector of the North Sea and supplement their experience and vessel fleet operating in harsh environments, including cold climates.
The Troms Offshore-owned fleet is expected to include five large, modern and technically-advanced deepwater Platform Supply Vessels (PSVs) at closing. In addition, Troms Offshore has one additional deepwater PSV under construction at the VARD Aukra yard in Møre og Romsdal, Norway and an option to build a seventh vessel.
"We are committed to effectively serving our customers on a global basis and meeting their evolving needs, especially in challenging environments. We believe that the Troms Offshore management team, shore-based employees, mariners and fleet will help us deliver on that service commitment,” said Jeffrey M. Platt, President, CEO and Director of Tidewater Inc.
The purchase price includes $150 million in cash and the assumption of approximately $245 million of combined Troms Offshore obligations, comprised of net interest-bearing debt and remaining installment payments on vessels under construction. The stock purchase agreement also contemplates possible additional cash consideration, the payment of which is contingent upon future financial results of Troms Offshore in 2014-2017.
The acquisition is expected to be completed in the second calendar quarter of 2013, subject to regulatory and other approvals, including the Norwegian Ministry of Industry and Trade.
Tidewater is the leading provider of larger Offshore Service Vessels (OSVs) to the global energy industry.
HitecVision is a leading investor in the international oil and gas industry, providing capital and competence to growth companies in Europe and North America. HitecVision manages four funds with a total committed capital of USD 3 billion and is headquartered in Stavanger with offices in Oslo and Houston.