Consolidation is King – Tidewater and Swire Pacific Offshore
Using VesselsValue data, Rob Day, Head of Offshore, draws attention to the recent acquisition of Swire Pacific Offshore by Tidewater Marine, a now confirmed move that had been rumoured for a long time and sparked much speculation in the Offshore market. This article provides statistical insight on the benefits of the two companies consolidating and seizing opportunities in a competitive market environment.
“Tidewater Marine (USA) has acquired Swire Pacific Offshore (Singapore) for USD 190 mil, the company’s biggest powerplay since its acquisition of GulfMark Offshore back in 2018.
By acquiring SPO, Tidewater also unlocked access to 18 high quality large PSVs (4,000 DWT +) with an average age of 6.7 years old, and 10 very large AHTS (16,000 BHP +) vessels with average age of 8.4 years. Both this size and specification of vessel have experienced a firming in value during late 2021 and early 2022, and a significant reduction in sale and purchase candidates.
Since around 2018, Tidewater have been aggressively selling their non core tonnage to modernise their fleet. Tidewater have sold around 60 vessels (mix of PSVs, AHT/AHTS, FSV) for further trading and around 70 vessels for demolition. This has allowed them to accumulate an estimated USD 140 million war chest (estimated c. USD 100 million for all secondhand sales from 2018 and estimated around USD 40 million for all demolition sales from 2018)…”
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| Number of vessels and value statistics for Tidewater and SPO. Read the full article here. |
