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Tidewater Takes Delivery of Three New Vessels.

Business Editors

NEW ORLEANS--(BUSINESS WIRE)--April 11, 2001

Tidewater Inc. (NYSE: TDW) announced today that it has taken physical possession of its first two anchor-handling towing supply (AHTS) vessels specifically designed and equipped for deepwater work. Upon delivery, the two 240-foot KMAR 404 AHTS vessels began term contracts at attractive day rates averaging $23,000 per day. In addition to these two ships, the Company has recently taken delivery of one additional platform supply vessel (PSV) and is anticipating the delivery of yet another PSV in early May.

The $48 million purchase of the two anchor handlers, the McNee Tide and the Amadon Tide, marks the first physical possession by Tidewater of new deepwater AHTS vessels. While Tidewater has owned four similar anchor handlers acquired from The Sanko Steamship Co., Ltd. since November 2000, the Company will not take full possession of these vessels until they come off of bareboat charters in 2003 through 2006. This group, when added to five similar vessels currently under construction, will bring the total number of deepwater anchor handlers owned by Tidewater to 11.

Tidewater also announced the delivery of its newest 220-foot PSV, the Rigdon Tide. The vessel was immediately mobilized to begin a one-year term job at a day rate of $15,000 per day. In addition to the Rigdon Tide, Tidewater is scheduled to take possession of a 240-foot UT 755L PSV named the Bennett Tide on May 8, 2001. That vessel has been contracted upon delivery to begin a term job at a rate of $21,000 per day.

"The delivery of these vessels comes at a time when demand is quite strong," said Tidewater's Chairman, President and Chief Executive Officer, William C. O'Malley. "This demand for our new acquisitions at attractive rates continues to sustain our high level of confidence in Tidewater's `new build' program."

Tidewater Inc. owns and operates over 570 vessels, the world's largest fleet of vessels serving the international offshore energy industry.
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Publication:Business Wire
Geographic Code:1USA
Date:Apr 11, 2001
Words:327
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