Tidewater Buys Three PSVs Under Construction at STX OSV (Norway)

STX OSV Holdings Limited (“STX OSV”), one of the major global designers and shipbuilders of offshore and specialized vessels, announced that Tidewater Inc. (“Tidewater”) has acquired contracts for three Platform Supply Vessels (PSVs) under construction at STX OSV in Norway.

STX OSV had originally secured the contracts for the design and construction of three vessels for STX Pan Ocean Co. Ltd. in 2010, and Tidewater has now entered into an assignment agreement with STX Pan Ocean to take over these contracts. The first vessel in the series will be delivered to Tidewater during 1Q 2013. Deliveries of the next two vessels are scheduled for Q2 and Q3 2013.

Mr. Roy Reite, Chief Executive Officer and Executive Director of STX OSV, said, “STX OSV has in the past delivered ten offshore vessels to Tidewater. We are delighted to welcome Tidewater back to us as a client, and we look forward to cooperating with their team again.”

The vessels are of STX OSV PSV 09 design, developed by STX OSV Design in Ålesund, Norway. The overall length of the vessels is 87.9 meters, with a beam of 19 meters. The hulls are built at STX OSV Tulcea in Romania. Two vessels will be delivered from STX OSV Søviknes, the third from STX OSV Aukra in Norway.

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STX OSV, January 11, 2013