U.S.-headquartered offshore support vessels (OSV) owner Tidewater Inc. on Friday announced it has completed its acquisition of Singapore's Swire Pacific Offshore Holdings Limited (SPO), creating the industry’s largest OSV fleet.
The $190 million transaction adds 50 vessels to the Tidewater fleet, which now stands at more than 200 vessels in total, including crew boats, tug boats and maintenance vessels.
SPO, now formerly a subsidiary of Swire Pacific Limited, will operate under the Tidewater brand name. The combined business will be led by Tidewater president and CEO Quintin Kneen, the company said when announcing the deal in March.
“We are pleased to announce the closing of this acquisition, and we are excited to welcome our new employees and customers to Tidewater,” Kneen said. “This acquisition marks the completion of another important milestone in the strengthening of Tidewater’s leadership position in the OSV industry as we capitalize on the recovery of the offshore vessel market.”