Tidewater completes Swire Pacific Offshore acquisition
Written by Nick Blenkey
Tidewater President and CEO Quintin Kneen: “Just as encouraging as the acceleration in demand for offshore vessels services is the continued reduction in the available supply of offshore vessels.”
Tidewater Inc. (NYSE: TDW) has completed its acquisition of Swire Pacific Offshore Holdings Limited (see earlier story). The completion of the $190 million deal adds 50 vessels to the Tidewater fleet and creates the world’s largest OSV operator.
“We are pleased to announce the closing of this acquisition and we are excited to welcome our new employees and customers to Tidewater,” said Tidewater’s president and CEO Quintin Kneen. “This acquisition marks the completion of another important milestone in the strengthening of Tidewater’s leadership position in the OSV industry as we capitalize on the recovery of the offshore vessel market.”
