Tidewater Inc. (TDW) Tuesday announced agreement with HitecVision to purchase Tromso, Norway based Troms Offshore Supply AS for approximately $395 million.
The transaction includes a cash offer of $150 million and assumption of approximately $245 million of combined Troms Offshore obligations, comprised of debt and pending payments on vessels under construction.
The Troms Offshore-owned fleet is expected to include five large, technically-advanced deepwater platform supply vessels at closing. An additional deepwater PSV is also under construction in More og Romsdal, Norway.
The acquisition expands Tidewater's presence into the Norwegian sector of the North Sea and supplement Tidewater's experience and vessel fleet operating in harsh environments, including cold climates.
The transaction is expected to be closed in the second quarter, subject to regulatory and other approvals, including the Norwegian Ministry of Industry and Trade.
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