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Slide #75. Tidewater Inc. — Troms Offshore Supply AS
Tidewater Inc. (NYSE:TDW)
Troms Offshore Supply AS
Tidewater Inc., through a wholly-owned subsidiary, has entered into an agreement with HitecVision to purchase Troms Offshore Supply AS ("Troms Offshore") for approximately $395 million. The acquisition of Troms Offshore, headquartered in Troms, Norway, will expand Tidewater's global footprint into the Norwegian sector of the North Sea and supplement Tidewater's 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 Mre og Romsdal, Norway and an option to build a seventh vessel.
Tidewater provides offshore marine support and transportation services to the global offshore energy industry through the operation of a fleet of marine service vessels. Co.'s vessels and associated vessel services provide support of several phases of offshore oil and natural gas exploration, field development and production. These services include towing of, and anchor handling for, mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover and production activities; offshore construction and seismic and subsea support; and a variety of services such as pipe and cable laying.
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Strong Buy (4.00 out of 4)
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