Tidewater Inc. announced Friday the completion of its purchase of Swire Pacific Offshore Holdings Ltd., a subsidiary of Swire Pacific Ltd., for approximately $190 million.
The completion of the sale adds 50 vessels to Tidewater's fleet and creates the world’s leading OSV operator, the Houston-based company said.
“We are pleased to announce the closing of this acquisition and we are excited to welcome our new employees and customers to Tidewater," Quintin Kneen, Tidewater’s president and CEO said in a statement. "This acquisition marks the completion of another important milestone in the strengthening of Tidewater’s leadership position in the OSV industry as we capitalize on the recovery of the offshore vessel market.”
The deal was first announced on March 9. Swire Pacific said consideration for the transaction would be settled partly in cash and partly in the form of warrants issued by Tidewater which will entitle Swire to purchase 8.1 million shares of common stock of Tidewater at a nominal price.
Tidewater owns and operates one of the largest fleets of offshore support vessels in the industry, with more than 65 years of experience supporting offshore energy exploration, production, generation and offshore wind activities worldwide.
Established in 1975, Singapore-based Swire Pacific Offshore owns and operates a diverse fleet of over 50 offshore support vessels servicing the energy industry in major offshore production and exploration regions.