NYSE-listed offshore support vessels (OSV) operator Tidewater is buying Swire Pacific Offshore (SPO) for $190m (€164.2m).

Tidewater said it has agreed to buy SPO, a subsidiary of Hong Kong-based multinational conglomerate Swire Pacific.

Established in 1975, marine services provider SPO owns and operates a diverse fleet of more than 50 vessels, including anchor handling tug supply vessels, platform supply vessels and a seismic survey vessel.

Tidewater owns and operates one of the largest fleets of offshore support vessels in the industry.

Quintin Kneen, Tidewater’s president and CEO, said: “I am excited to have acquired a high-quality fleet with a strong reputation in the maritime sector globally.

“I believe that the timing of this acquisition will allow Tidewater to capitalise on the continued improvement in the offshore supply vessel market, providing Tidewater with significant additional earnings and free cash flow generation potential as utilization and day rates continue to improve.”

Kneen said all 50 acquired vessels are currently active and working throughout the world, allowing Tidewater to immediately leverage this new asset base.

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