Tidewater orders PSV's at Drydocks World"

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October 8, 2010

Tidewater orders four PSV's at Drydocks World

Drydocks World Southeast Asia has won a $100 million contract from Tidewater Inc. (NYSE: TDW). It covers the construction of four 265-foot UT 755CDL deepwater platform supply vessels at its shipyard in Batam, Indonesia. The price is exclusive of some owner-supplied equipment. The contract includes options for up to four more similar vessels at a similar price.

Tidewater says that delivery of the high-performance, high-capacity, 3,200 metric ton dwt vessels is set to begin in April 2012 and conclude in late 2012.

Tidewater COO Jeff Platt commented: "We are very pleased to announce the construction of these UT 755CDL-designed vessels as part of our continued effort to provide our customers with the latest technology in offshore marine assets capable of operating on a worldwide basis. Including this new construction commitment at Drydocks World, Tidewater has committed approximately $500 million to its on-going fleet renewal program in recent quarters. While we will continue to evaluate the relative attractiveness of vessel acquisitions and new construction commitments, we expect that investment levels will remain elevated in the coming quarters as Tidewater continues to grow both its modern fleet and its earnings capacity."

Tidewater Inc. owns 396 vessels, the world's largest fleet of vessels serving the global offshore energy industry.


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