Tidewater announces acquisition of Swire Pacific Offshore
US-based Tidewater today announced a definitive agreement to acquire all of the outstanding shares of Swire Pacific Offshore (Hong Kong) for approximately $190 million.
The deal creates industry’s largest fleet of OSVs. The SPO’s fleet of 50 OSVs consists of 29 AHTS vessels and 21 PSVs. Tidewater owns a fleet of 174 OSVs, bringing Tidewater’s total fleet size to 203 vessels, including crew boats, tug boats and maintenance vessels
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented: “The acquisition of Swire Pacific Offshore marks another important milestone in the strengthening of Tidewater’s leadership position as we capitalize on the recovery in the OSV industry. I am excited to have acquired a high-quality fleet with a strong reputation in the maritime sector globally. I believe that the timing of this acquisition will allow Tidewater to capitalize on the continued improvement in the offshore supply vessel market, providing Tidewater with significant additional earnings and free cash flow generation potential as utilization and day rates continue to improve. All 50 acquired vessels are currently active and working throughout the world, allowing Tidewater to immediately leverage this new asset base.”
“The acquired fleet is primarily split among West Africa and Southeast Asia and Middle East. The addition of 25 OSVs in West Africa will nearly double Tidewater’s presence in the rapidly growing region, positioning it as the largest operator of active vessels in the region. Similarly, the addition of the SPO fleet in Southeast Asia and the Middle East positions Tidewater as the largest operator of active vessels across the entire region. The expansion of the Southeast Asia region, with 19 vessels currently operating, provides us with an opportunity to meaningfully participate in the oil & gas vessel market in the near-term and provides a platform with which to pursue offshore wind development expected to advance in the region.”
Guy Bradley, Chairman of Swire Pacific said: “We have taken great pride in the people and the safe and high-quality operations of Swire Pacific Offshore since we invested in the business in 1975. The combined Tidewater / Swire Pacific Offshore business will create one of the world’s leading offshore marine companies that is well-positioned for growth in the offshore energy sector. I would like to thank all the staff at Swire Pacific Offshore for their dedication and contributions to the company over the years, and I wish them all the best in the future.”