A d d i t i o n s To T i d e w a t er Fleet V a l u e d At M o re T h a n $ 5 0 M i l l i on

Tidewater Inc. has announced that its marine subsidiary, Tidewater Marine Service, Inc., is supplementing its global offshore oil and gas support fleet by 20 vessels having an aggregate cost of approximately $50.6 million.

Fourteen vessels costing about $31 million have recently been acquired as a supplement to the 1981 fiscal year capital spending program that ended on March 31, 1981. Included in the fiscal year 1981 additions are four towing/ supply vessels (two of which are leased with an option to buy), three supply vessels, one crewboat, two anchor handling tugs, three oceangoing tugs (which are leased with options to buy), and one construction barge. In addition, six vessels costing about $19.5 million have recently been committed to construction. Two are towing/supply vessels, two supply vessels, one geophysical vessel, and one fuel barge.

Tidewater's fiscal year capital s p e n d i n g p r o g r am for marine equipment originally called for the delivery of 20 new vessels at a total contract price of $31.4 million by March 31, 1981. Eighteen of the 20 vessels have been delivered and the remaining two, inland tugs, are expected to be delivered soon. The new acquisitions and construction commitments, when combined with the original fiscal 1981 program, aggregate a total capital expenditure of about $82 million.

Maritime Reporter Magazine, page 4, Apr 1981

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Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.