Tidewater acquires vessels under construction at STX OSV

STX OSV had originally secured the contracts for the design and construction of three vessels for STX Pan Ocean Co. Ltd. in 2010, and Tidewater has now entered into an assignment agreement with STX Pan Ocean to take over these contracts. The first vessel in the series will be delivered to Tidewater during 1Q 2013. Deliveries of the next two vessels are scheduled for Q2 and Q3 2013.

Mr. Roy Reite, Chief Executive Officer and Executive Director of STX OSV, said, “STX OSV has in the past delivered ten offshore vessels to Tidewater. We are delighted to welcome Tidewater back to us as a client, and we look forward to cooperating with their team again.”

The vessels are of STX OSV PSV 09 design, developed by STX OSV Design in Ålesund, Norway. The overall length of the vessels is 87.9 meters, with a beam of 19 meters. The hulls are built at STX OSV Tulcea in Romania. Two vessels will be delivered from STX OSV Søviknes, the third from STX OSV Aukra in Norway.

Tidewater is a leading provider of larger Offshore Service Vessels to the global oil and gas industry. With a fleet of more than 300 vessels, Tidewater is the oldest, largest and most experienced provider of the marine support services for this vital industry. Tidewater has a global footprint, with over 90% of its fleet working internationally in more than 60 countries. With its large, new vessel fleet, global footprint, leading safety performance, and over 50 years of experience providing marine support services, the company is serving customers who are operating in more remote, deeper and increasingly hostile environments in order to meet the world’s energy demands.