Tidewater to Purchase 275-Foot Platform Supply Vessel.Business Editors & Energy Writers NEW ORLEANS--(BUSINESS WIRE)--June 6, 2000 Tidewater Inc. (NYSE NYSE See: New York Stock Exchange :TDW TDW Total Diamond Weight TDW Telecommunications Data Warehouse TDW Tower Display Workstation (FAA) TDW Tonnage Dead Weight TDW Training Development Workload TDW Time/Data Word TDW Turbo Debugger for Windows ) announced today that it has entered into a Letter of Intent for the purchase of the M/V M/V Motor Vehicles M/V Motor Vessel M/V Merchant Vessel Ace Navigator from The Sanko Steamship Co., Ltd., of Tokyo, Japan, for $22,500,000. The transaction is expected to close in July 2000. The October 1999-built Ace Navigator is a UT 745 design platform supply vessel Platform supply vessel (often abbreviated as PSV) is a ship specially designed to supply offshore oil platforms. These ships range from 65 to 350 feet in length and accomplish a variety of tasks. capable of working in both harsh weather and deep water. The vessel is 275-feet in length, is rated at 9600 brake horse power the net effective power of a prime mover, as a steam engine, water wheel, etc., in horse powers, as shown by a friction brake. See See also: Horse power (BHP), and has full dynamic positioning capabilities. About the planned purchase, William C. O'Malley, Tidewater's chairman, president and chief executive officer said: "We are pleased to be able to acquire a vessel of this type at this time. The Ace Navigator is a very large, state-of-the-art vessel that is in increasing demand in the offshore services business." Tidewater is the world's largest owner and operator of support vessels for the international offshore energy industry. |
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