Troms Offshore Supply Group being sold to Tidewater
Tidewater Inc. (www.tdw.com), through a wholly-owned subsidiary, has entered into an agreement with HitecVision to purchase Troms Offshore Supply AS («Troms Offshore»). The purchase price of US$ 395 million includes US $150 million in cash and, the assumption of approximately US$ 245 million of net interest-bearing debt and remaining payments on vessels under construction.
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The stock purchase agreement also contemplates possible additional cash consideration, the payment of which is contingent upon future financial results of Troms Offshore in 2014-2017. Through the purchase of Troms Offshore, headquartered in Tromsø, Tidewater expands its global geographic focus to include the Norwegian market, and supplements Tidewater’s competence and experience in regards to harsh environment and cold climate operations.
In connection with the acquisition, Jeffrey M. Platt, President and CEO of Tidewater, states the following: «For Tidewater it is essential to serve our customers on a global basis. Troms Offshore, through its management team, shore-based employees, mariners and fleet, will contribute to this. The location of Troms Offshore in Northern Norway represents an unique entry point into the Norwegian market, including the Barents Sea, Greenland and other cold water markets. The team in Troms Offshore will contribute to strengthen Tidewater, at the same time we provide Troms Offshore with the financial backing and other resources to compete effectively in their core markets.»
From Troms Offshore’s side, the Chief Executive Officer Mårten Lunde states the following:«We are looking forward to joining the Tidewater group. In Troms Offshore we have built a strong position in Norway and the U.K. with modern vessels working in challenging conditions, including Arctic applications. This transaction is a recognition of the strategy, focus and competence provided by our staff across the fleet and onshore. At the same time, we are now at a stage where joining a truly global company with a worldwide customer base, resources and infrastructure will give attractive opportunities for us. »
The transaction is expected to be completed in the second calendar quarter of 2013, subject to approvals from relevant authorities.
Tidewater is the leading provider of larger Offshore Services Vessels (OSVs) to the global energy industry. At 31 December 2012, Tidewater owned and operated 264 vesselsworldwide (excluding stacked vessels) and had 29 vessels under construction or committed tobe purchased. The company has its head office in New Orleans.
