Houston-based Tidewater Inc. (NYSE: TDW) has completed its acquisition of Swire Pacific Offshore, becoming the world’s leading offshore support vessel (OSV) operator.
Tidewater announced the deal to acquire all existing shares of Swire Pacific Offshore in March for approximately $190 million. The acquisition adds 50 vessels consisting of 29 anchor handling towing vessels (AHTS) and 21 platform supply vessels (PSV), all active and working primarily in West Africa, Southeast Asia, and Middle East.
The deal bring’s Tidewater’s fleet to 203 total vessels, including 174 OSVs plus crew boats, tugboats and maintenance vessels.
“We are pleased to announce the closing of this acquisition and we are excited to welcome our new employees and customers to Tidewater,” said Quintin Kneen, Tidewater’s President and CEO. “This acquisition marks the completion of another important milestone in the strengthening of Tidewater’s leadership position in the OSV industry as we capitalize on the recovery of the offshore vessel market.”
Tidewater said in March it would conclude the transaction with a strong balance sheet, with approximately $110 million of cash on hand and full access to an existing undrawn $25 million revolving credit facility.
Sign up for our newsletter