Tidewater plans to double fleet, adding 21 crew, supply boats
By the OGJ Online Staff
HOUSTON, Sept. 25 -- Tidewater Inc., New Orleans, said Tuesday it has committed up to $100 million to a program that will bring 21 crew and fast crew/supply vessels into its fleet by 2003.
It will buy 12 existing vessels and build 9 vessels. Seventeen of the boats are to be large traditional crewboats and four will be "fast supply" hybrids that blend the speed of a crewboat with the capabilities of a supply vessel. Six of the vessels costing $31 million were previously announced.
Tidewater has 18 crew boats in the Gulf of Mexico and 6 off the West Coast. Most of the 21 additional vessels will work in US waters.
Tidewater said the keystone of the expansion is the purchase of 10 vessels longer than 135 ft from Crewboats Inc. Tidewater also will assume new-build contracts calling for four 162-ft vessels to be delivered to Crewboats in May and August of 2002 and May and September of 2003. Closing is scheduled for Sept. 28.
The rest of the program is comprised of four 175-ft fast supply boats to be built by C&G Shipyard of Mobile, Ala. They are to be delivered over 12 months beginning in October. Two existing 155-ft vessels were purchased recently. A final 135-ft vessel is under construction and scheduled for delivery in January.
