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    Tidewater confirms sales of six vessels

    Vessel & ROV News // April 1, 2005
    Tidewater in the US has confirmed that it has entered into a Letter of Intent to sell up to six of its KMAR 404 class of anchor handlers.

    The sale price, if all six vessels are ultimately sold, will amount to US$202 million and result in a reported financial gain of approximately US$80 million.

    The transaction, as structured, calls for multiple closings throughout 2005 on five of the vessels as they end existing charters. The sixth vessel will be sold during 2005 if certain conditions are attained. Culmination of the transaction is subject to the buyer's inspection of the vessels and its securing adequate financing during the period ending April 1, 2005, and the parties entering into a definitive agreement by April 15, 2005.

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