Tidewater buys platform supply
Tidewater Inc. has sold its its 40 percent holding in National Marine Service (Abu Dhabi - UAE) for $31 million.The sale will generate a $10.9 million after tax gain.
Tidewater has also entered into agreements to purchase two 236-foot UT755L platform supply vessels. The vessels have scheduled delivery dates of October 2000 and May 2001 and are in addition to the two similar vessel purchases disclosed in August. The aggregate purchase price for the two vessels is $30 million.
"The National Marine Service sale will allow us to use the capital from a joint venture that had limited performance capacity and channel that capital into the purchase of this type of new vessel that will greatly increase our service capabilities,'' said William C. O'Malley, Tidewater's chairman, president and chief executive officer.
Tidewater Inc. owns and operates over 600 vessels, the world's largest fleet of vessels serving the international offshore energy industry.
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