Tidewater Marine Buys T1 Vessels From Halter Marine For $33 Million

Tidewater Inc.'s marine subsidiary, Tidewater Marine Service, Inc., will purchase 11 offshore oil field support vessels from Halter Marine, Inc. at a price of approximately $33 million.

Announcement of the acquisition was revealed by Sam S. Allgood, an executive vice president of Tidewater Inc. and president of Tidewater Marine Service, Inc., and Harold P. Halter, chairman of Halter Marine.

Mr. Allgood said that eight of the vessels are available for immediate delivery and the balance will be completed during the first quarter of 1983.

The new equipment will enable Tidewater to increase its equipment inventory and expand its fleet at an attractive price during a period of depressed conditions in the domestic offshore marine industry. "Tidewater's primary commitment to its vessel charterers is to offer the most modern and versatile fleet serving the offshore oil and gas industry," Mr. Allgood said.

Four of the new vessels will be 192-foot-long towing-supply vessels that develop 4,600 continuous horsepower in twin engines and a speed of 13 knots.

The remaining units are 180-footlong supply vessels with 2,250 continuous horsepower in twin engines and a speed of 12 knots.

All 11 vessels will have a minimum of 4,000 cubic feet of bulk capacity and each vessel also has liquid mud capacity.

The new vessels will make a total of 375 vessels in worldwide service for Tidewater Marine.

Mr. Allgood added that the company currently has 18 other vessels under construction at a cost of about $82 million. Ten of these vessels will be delivered during the company's fiscal year which ends March 31, 1983, and the balance in fiscal year 1984.

An additional 15 replacement vessels also are currently planned for delivery in fiscal years 1985, 1986 and 1987, he said.

In addition to its marine fleet, Tidewater is active in the air and natural gas compression business, including the construction and operation of compressor stations and natural gas plants, and also in oil and gas exploration and production. The company also maintains interests in the real estate and insurance businesses.

Maritime Reporter Magazine, page 11, Jan 15, 1983

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