Tidewater Sending Ten Additional Vessels To Work Offshore Mexico

T i d e w a t e r Inc., 1440 Canal Street, Suite 2100, New Orleans, La. 70112, announced that its Tidewater Marine Service, Inc., subsidiary has signed letters of intent to send 10 additional vessels into Mexico to work in support of the current offshore program being pursued by PEMEX, the national oil company of Mexico.

Under the terms of the agreement, Tidewater will charter five supply vessels and five crewboats to Tragosa (a Mexican marine company) to be used in support of PEMEX's extensive offshore drilling program. Tidewater currently has 11 vessels in service in the area.

Damon B. Bankston, president of Tidewater Marine Service, said "the marine support equipment had been ordered by PEMEX to support platform installations and development drilling activity now in progress in the Gulf of Campeche." While declining to place a dollar value on the contracts, he said the agreement represented "a multi-year, multi-million- dollar revenue-producing program for Tidewater." The Mexican Government has recently announced that the country's p r o v e d h y d r o c a r b o n reserves, including crude, liquid and natural gas, are up 25 percent from the end of 1977 to 20 billion barrels. Offshore activities are apparently playing a significant role in these increased reserve estimates as evidenced by published reports of successful drilling efforts in the Gulf of Campeche.

In making the announcement, Mr. Bankston stated that "the total number of units in services to 15, while a new contract for another major international oil company had recently been awarded for work offshore Honduras.

Tidewater is currently involved in a capital expansion program, including some $46 million for the construction of 22 new oilfield support vessels. As of September 30, 1978, nine vessels of the new construction program had been delivered. By the end of June 1979, delivery of the 13 additional vessels is expected.

Tidewater Inc. is an oil and gas service firm providing marine support services to the world's offshore oil and gas industry. The company also provides gas and air compression equipment and services, is engaged in onshore oil and gas exploration and production through its Hilliard Oil & Gas unit, and has interests in insurance and real estate.

Other stories from December 1978 issue


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