Tidewater Inc. (TDW) on Tuesday, has agreed to buy Norway-based Troms Offshore Supply AS for about $395 million, as the marine vessel services provider looks to expand its footprint in the Norwegian sector.
New Orleans-based Tidewater said the acquisition of Troms Offshore, headquartered in Tromso, Norway, will expand its global footprint into the Norwegian sector of the North Sea and supplement its experience and vessel fleet operations in harsh environments, including cold climates.
The Troms fleet is expected to include five large, modern and technically-advanced deepwater Platform Supply Vessels at closing.
The deal includes $150 million in cash and the assumption of about $245 million of debts. The deal is expected to be completed in the second quarter of 2013, subject to customary approvals.
Tidewater Chief Executive Jeffrey Platt said, "We are committed to effectively serving our customers on a global basis and meeting their evolving needs, especially in challenging environments. We believe that the Troms Offshore management team, shore-based employees, mariners and fleet will help us deliver on that service commitment."
TDW closed Tuesday's trading at $56.62, up $0.51 or 0.91%, on the NYSE, The stock slipped $0.21 or 0.36% in after hours trade.
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