US offshore vehicle provider Tidewater has acquired Norwegian firm Troms Offshore Supply for $395million (£260million).
The deal will give Tidewater a presence in Norway, and supplement their cold climate and harsh environment fleet.
The Troms Offshore-owned fleet will include five deepwater Platform Supply Vessels (PSVs), with a further vessel under construction and an option in place to build a seventh.
“Troms Offshore’s expertise, relationships and location in Northern Norway provides Tidewater with a unique entry point into the Norwegian sector of the North Sea and cold water markets, including the Barents Sea, Greenland and Eastern Canada,” said Jeffrey M. Platt, Tidewater’s president and chief executive.
“We will bring Tidewater’s technical, financial and other resources to help expand the existing business with an expectation to grow the number of employees and vessels servicing these markets.”
The price includes $150million in cash, and the assumption of approximately $245million in financial obligations and debt, with the deal set to be completed in the second quarter of 2013, subject to regulatory approval.
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