Tidewater expands offshore services
Banyan Overseas, a subsidiary of Hong Kong-based Swire Pacific, has entered into a sale and purchase agreement with Tidewater, a company listed on the New York stock exchange.
The subject of the deal is the sale of 100% of interest in Swire Pacific Offshore. The transaction involves approximately USD 190 million and will be settled twofold, partly in cash and partly in the form of warrants issued by Tidewater. This will entitle Swire Pacific to purchase 8.1 million shares of common stock of Tidewater at a nominal price. The completion of the transaction is subject to approval.
Established in 1975, Swire Pacific Offshore is an affiliate of the group headquartered in Singapore and owning and operating a fleet of offshore support vessels servicing the energy industry in major offshore production and exploration regions.
After the transaction, and the earlier sale of Hong Kong United Dockyards (HUD), Swire Pacific will have pulled out of all its businesses in the marine services sector. (cd)