|View printer-friendly version|
|Tidewater Announces Renewal of Revolving Credit Facility and Commitments to Build Eight New Vessels|
NEW ORLEANS, Aug 28, 2003 (BUSINESS WIRE) -- Tidewater Inc. (NYSE:TDW) announced today that it has completed an increase and extension of its current Revolving Credit Facility. The current facility, which was set for expiration on April 30, 2004, has been expanded by $95,000,000 to a new level of $295,000,000 with an extended maturity date of April 30, 2008.
Additionally, Tidewater also announced that it has entered into not previously announced contracts for the building of an additional eight new vessels at a total cost approximating $100,000,000. The vessels, to be built as an integral part of Tidewater's ongoing vessel replacement program, consist of six anchor handling towing supply vessels varying in size from 5500 BHP to 9000 BHP and an additional two of its next generation class of 175' fast supply vessels. The towing supply vessels will be built at various international shipyards while the fast supply vessels are to be built in the United States. Options to build additional vessels at similar pricing are included in the contracts.
"The renewal and increase of our Revolving Credit Facility in combination with our recently announced placement of $300,000,000 of private placement notes has secured Tidewater's ability to expeditiously respond to market opportunities for many years to come," said Dean E. Taylor, chairman and CEO of Tidewater. "Such a secure and solid financial position will enable Tidewater to systematically replace its fleet on a timetable of its choosing, in response to market opportunities."
Tidewater Inc. owns and operates a fleet of over 570 vessels, the world's largest fleet of vessels serving the global offshore energy industry.
|Quotes delayed at least 15 minutes. Market data provided by Interactive Data.|
Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions.