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    Tidewater completes sale of 10 offshore tugs

    Vessel & ROV News // August 18, 2006

    Tidewater in the US has confirmed the closing of the sale of 10 offshore tugs for a total cash price of US$31.5 million. The culmination of this transaction results in a US$24 million pre-tax financial gain, or US$.27 per common share after tax.

    The company previously announced that it had entered into a definitive agreement with Crosby Marine Transportation to sell a total of 14 offshore tugs.

    The balance of the four tugs covered by the definitive agreement, with a total sales price of US$13.3 million, should close over the next four months as current charter contracts to which the four tugs are subject to expire.

    Parks Paton Hoepfl & Brown, who served as financial advisor to the company, said: "This transaction was a good one for both parties - Tidewater received a fair price for the vessels and Crosby Marine acquired quality assets that are a good strategic fit for its operations."

     

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