Tidewater Inc. (NYSE: TDW) on Wednesday (Jul05) announced the closing of its acquisition of 37 platform supply vessels and related assets from Solstad Offshore ASA. In connection with the Company’s financing of the Solstad acquisition, the Company completed its previously announced bond offering in the Nordic bond market on July 3, 2023.
The purchase price of approximately $580.0 million consists of the previously announced $577.0 million base purchase price along with an initial $3.0 million purchase price adjustment, that will be adjusted for bunkers and other consumables within the next fourteen days.
The purchase price was funded through a combination of cash on hand, net proceeds from the $250.0 million Nordic bond issuance and net proceeds from the $325.0 million senior secured term loan made pursuant to a Credit Agreement dated June 30, 2023 with DNB Bank ASA, New York Branch, as facility agent, and other lenders.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “We are pleased to announce the closing of this acquisition and associated financing. The acquired vessels make up the highest specification PSV fleet of its size in the world and will be an excellent complement to our existing fleet of PSVs. The combination also results in the largest hybrid OSV fleet in the world, with 14 battery hybrid and 2 LNG capable vessels. This acquisition marks the completion of another important milestone in the strengthening of Tidewater’s leadership position, and we remain focused on bringing together the world’s best OSV fleets to create the safest, most sustainable, most reliable, most profitable high-specification OSV fleet in the world.”