Offshore staff

NEW ORLEANS, Louisiana -- Tidewater Inc. entered an agreement with Crosby Marine Transportation LLC to sell 14 of its offshore tugs for $44.8 million.

Of the tugs, 12 currently constitute Tidewater's domestic fleet of offshore tugs. In addition, two tugs scheduled to return from international assignments in the Middle East are included in the transaction.

The sale of 10 of the tugs is expected to close by the end of August, with the sale on the other four vessels scheduled to close over the next four months as current charter contracts to which those tugs are subject expire.

8/11/06