Tidewater orders deepwater PSV

Tidewater has entered into a contract with Drydocks World to build four 265-ft (80.7-m) deepwater platform supply vessels at its yard in Batam, Indonesia.

Offshore staff

NEW ORLEANS -- Tidewater has entered into a contract with Drydocks World to build four 265-ft (80.7-m) deepwater platform supply vessels at its yard in Batam, Indonesia.

Delivery of the 3,200-metric ton (3,517-ton) dwt, UT 755CDL-design vessels should start in April 2012 and finish later that year. The total contract value is around $100 million, excluding some owner-furnished equipment.

The agreement also provides options to construct up to four further vessels of similar specifications and at similar pricing.

Jeff Platt, Tidewater COO, said, "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."

10/07/2010

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