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Tidewater to purchase Solstad’s 37 PSVs for $577 million

marinesalvage by marinesalvage
February 19, 2024
in News
0
Tidewater CEO Quintin Kneen
Tidewater CEO Quintin Kneen

Tidewater president and CEO Quintin Kneen says tendencies level to “as compelling of a long-term market backdrop for our enterprise as we have now ever seen.

In a transfer that can cement its place because the world’s largest operator of offshore service vessels, Houston-headquartered Tidewater Inc. (NYSE: TDW) can pay $577 million to buy Oslo-listed Solstad Offshore ASA’s fleet of 37 platform provide vessels.

“This agreement to acquire 37 PSVs from Solstad Offshore marks yet another important milestone in the strengthening of Tidewater’s leadership position as we continue to capitalize on the rapidly improving OSV market,” mentioned Tidewater president and CEO Quintin Kneen. “This acquisition additional solidifies Tidewater because the chief in giant, high-specification PSVs and because the new world chief in hybrid PSVs.

“These vessels make up the best specification PSV fleet of its dimension anyplace on the planet. All 37 vessels are presently lively and are working all through the world, principally within the North Sea, but in addition in Brazil, Australia and West Africa.

“Assuming the transaction closes at the end of the second quarter, we are updating our revenue guidance for 2023 to approximately $1.03 billion and our vessel operating margin guidance for 2023 remains the same at approximately 50.0%.”

Shift of technique for Solstad

Solstad Offshore ASA says the take care of Tidewater Inc. positions it as one of many major world house owners and operators of the high-end AHTS and subsea vessels which can be important to realization of the the vitality transition.

“The sale of the PSVs represents a shift in our strategy in a changing market. The PSVs mainly support the oil and gas industry, while the AHTSs and CSVs can service all offshore energy sectors, including oil and gas and renewables,” mentioned CEO Lars Peder Solstad. “This move is therefore in line with our strategy of being a key enabler in the energy transition. Further, the transaction will give Solstad greater financial leeway and a significantly improved debt and cash position going forward.”

Solstad says that ongoing constitution events will, topic to the mandatory consents from the charterer, be transferred/novated to Tidewater. Absent such consents in time for completion of the transaction, the financial curiosity within the constitution get together will probably be transferred to Tidewater and, till the mandatory consents are given or the constitution get together expires, Solstad will supply administration companies to Tidewater in a transition interval to facilitate a clean switch for the events and the shoppers.

It provides that the offshore staff related to the PSV fleet will probably be provided employment with Tidewater. Tidewater will even supply employment to sure of the onshore staff.

After the transaction has been accomplished, Solstad’s fleet in operation will include 41 high-end offshore vessels. In addition, six vessels are non-operational and thought of on the market.

Tidewater’s acquisition considering

The 37 vessel take care of Solstad comes lower than a 12 months after completion of Tidewater’s $190 million acquisition of Swire Pacific Offshore that added 50 vessels (29 AHTS vessels and 21 PSVs) to its fleet

Transaction phrases

Tidewater says it intends to fund the transaction by way of a mix of recent debt and money readily available. The firm has acquired commitments from a bunch of monetary establishments, led by its current lender DNB Bank ASA, for a three-year senior secured credit score facility of as much as $325 million, and expects to boost new debt previous to closing of the transaction. Closing of the Transaction is topic to customary regulatory approvals and features a financing contingency.

Clarksons Securities AS and Evercore are serving as monetary advisors to Tidewater. DNB Markets is serving as debt advisor to Tidewater. Vinson & Elkins L.L.P., Advokatfirmaet Wiersholm AS and Clyde & Co are serving as authorized counsel to Tidewater.

Source of This New

Tags: mergers and acquisitionsoffshore service vesselsPSVQuintin KneenSolstad OffshoreTDWTidewater
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