Tidewater to acquire Troms Offshore Supply

NEW ORLEANS — Tidewater Inc. has agreed to purchase Troms Offshore Supply AS for approximately $395 million.

The acquisition of Norway-based Troms Offshore will expand Tidewater’s global footprint into the Norwegian sector of the North Sea. When the deal closes, the Troms fleet is expected to include five large, modern and advanced deepwater platform supply vessels (PSVs). In addition, Troms has one additional deepwater PSV under construction in Norway with an option to build a seventh vessel.

“Troms Offshore’s expertise, relationships and location in northern Norway provides Tidewater with a unique entry point into the Norwegian sector of the North Sea and cold water markets, including the Barents Sea, Greenland and Eastern Canada,” Jeffrey M. Platt, president, CEO and director of Tidewater said in a statement. “We will bring Tidewater’s technical, financial and other resources to help expand the existing business with an expectation to grow the number of employees and vessels servicing these markets.”

The purchase price includes $150 million in cash and the assumption of approximately $245 million of combined Troms Offshore obligations, comprised of net interest-bearing debt and remaining installment payments on vessels under construction. The stock purchase agreement also contemplates possible additional cash consideration, the payment of which is contingent upon future financial results of Troms Offshore in 2014-2017.

The purchase is expected to be completed in the second quarter of 2013.

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