Tidewater Inc. today announced the closing of its acquisition of 37 platform supply vessels and related assets from Solstad Offshore ASA.
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.
Tidewater owns and operates one of the largest fleets of offshore support vessels in the industry, with more than 65 years of experience supporting offshore energy exploration, production, generation and offshore wind activities worldwide.