Tidewater announces $395 million Troms Offshore acquisition

Louisiana-based offshore supply vessel provider Tidewater has entered a $395 million agreement with HitecVision to acquire Troms Offshore Supply AS.

Offshore staff

NEW ORLEANS – Louisiana-based offshore supply vessel provider Tidewater has entered a $395 million agreement with HitecVision to acquire Troms Offshore Supply AS.

The purchase of the Norwegian company will add five large platform supply vessels and an additional PSV under construction at the VARD Aukra yard in Møre og Romsdal, Norway, to Tidewater’s fleet. Troms Offshore also has an option available to build a seventh vessel.

Tidewater said the acquisition would expand its footprint in the Norwegian sector of the North Sea “and supplement Tidewater’s experience and vessel fleet operating in harsh environments, including cold climates.”

The purchase price includes $150 million in cash and the assumption of about $245 million in debt and the balance of payments for vessels under construction.

The acquisition is expected to close in 2Q 2013.

05/15/2013

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