Tidewater looking to sell $202M worth of supply vessels, six of fleet of 570

Tidewater has signed a letter of intent to sell up to six of its KMAR 404 class of anchor handling, towing supply vessels, the company said March 14.

If all six vessels are sold, the selling price will amount to $202 million and result in a financial gain of about $80 million to Tidewater.

The deal calls for multiple closings throughout 2005 on five of the vessels as they end existing charters, Tidewater said, adding that the sixth vessel would be sold during 2005 if certain unspecified conditions are met. The transaction is subject to the buyer’s inspection of the vessels and its securing adequate financing during the period ending April 1 and the parties entering into a definitive agreement by April 15.

“We will continue to own the necessary modern deepwater vessels to take advantage of international business opportunities as they continue to develop,” said Dean Taylor, Tidewater’s chief executive officer.

Tidewater owns and operates nearly 570 vessels, the world’s largest fleet of vessels serving the global offshore energy industry.

—Ray Tyson