Tidewater (TDW) pays top price for Troms Offshore - more activity to come?
Tidewater, the world's largest provider of offshore supply vessels and marine support services, has agreed to buy Troms Offshore, the offshore supply group, for what looks like a very full price. Could this be a postive sign for the sector as a whole?
The total consideration of US$395m includes US$150m in cash and the assumption of approximately US$245m of net interest-bearing debt and remaining 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.
Troms Offshore Supply currently owns four large modern clean design Platform Supply Vessels (PSV) and has two additional large PSVs with…
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