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Thursday, July 6, 2023
Tidewater has completed a sales transaction that will see all 37 of Solstad Offshore’s Platform Supply Vessels (PSVs) added to its existing fleet and making it the highest specification PSV fleet of its size in the world.
The purchase price of approximately $580 million consists of Tidewater’s previously announced $577 million base purchase price along with an initial $3 million purchase price adjustment, that will be adjusted for bunkers and other consumables within the next 14 days, Tidewater reported.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “We are pleased to announce the closing of this acquisition and associated financing. The acquired vessels make up the highest specification PSV fleet of its size in the world and will be an excellent complement to our existing fleet of PSVs. The combination also results in the largest hybrid OSV fleet in the world, with 14 battery hybrid and 2 LNG capable vessels. This acquisition marks the completion of another important milestone in the strengthening of Tidewater’s leadership position, and we remain focused on bringing together the world’s best OSV fleets to create the safest, most sustainable, most reliable, most profitable high-specification OSV fleet in the world.”
“We are very pleased with the sale of our PSV fleet. This will strengthen the balance sheet of Solstad considerably and the remaining fleet of 40 high-end CSV and AHTS vessels will all be relevant for both oil & gas and renewable energy clients. As such, Solstad will be an important operator in the ongoing energy transition,” commented Lars Peder Solstad, CEO of Solstad Offshore, in a release issued by the Nordic company.
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