Tidewater Marine Acquires Three Vessels In Exchange For Common Stock

Tidewater Inc.'s marine division, Tidewater Marine Service, has completed an agreement to purchase three utility vessels from Bollinger Machine Shop & Shipyard, Inc. of Lockport, La., and two of its affiliated companies.

The three 800-horsepower, 105- foot utility vessels built in 1980 were acquired in exchange for 168,000 shares of Tidewater Inc. common stock, bringing the company's total shares of common stock outstanding to 22,452,047. Bollinger is a major builder of vessels for the offshore oil and gas industry, as well as the U.S.

Navy and U.S. Coast Guard.

The vessels are currently being readied for service in Tidewater Marine's "small boat" division in the U.S. Gulf of Mexico, according to Tidewater Marine president Richard M. Currence. "This division has experienced substantial progress, more than doubling in size since its inception in late 1987. We anticipate further fleet expansion if current trends continue," Mr. Currence said.

He added that this is the company's third vessel package purchase in eight months.

Tidewater Inc. owns and operates one of the largest fleets of vessels supporting the international offshore oil and gas industry.

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