Tidewater Inc. has announced a definitive agreement to acquire all of the outstanding shares of Swire Pacific Offshore Holdings Limited (SPO), a subsidiary of Swire Pacific Limited, for approximately $190 million.
The deal is said to create the industry’s largest fleet of OSVs: SPO’s fleet of 50 OSVs consists of 29 AHTS vessels and 21 PSVs; pro forma for the Transaction, Tidewater will own a fleet of 174 OSVs, bringing Tidewater’s total fleet size to 203 vessels, including crew boats, tug boats and maintenance vessels.
Tidewater officials also said that the deal significantly enhances its presence in West Africa, provides for an expansion of its footprint in the rapidly growing Southeast Asia region, and is additive to its footprint in the Middle East.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, said that “The acquired fleet is primarily split among West Africa and Southeast Asia and Middle East. The addition of 25 OSVs in West Africa will nearly double Tidewater’s presence in the rapidly growing region, positioning it as the largest operator of active vessels in the region. Similarly, the addition of the SPO fleet in Southeast Asia and the Middle East positions Tidewater as the largest operator of active vessels across the entire region.”
Vinson & Elkins advised Tidewater in connection with the agreement to acquire all of the outstanding shares of Swire Pacific Offshore Holdings.
Source: Offshore Mag
