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HitecVision sells Troms Offshore to Tidewater Inc.

HitecVision has entered into an agreement to sell the Platform Supply Vessel company Troms Offshore Supply to a wholly-owned subsidiary of Tidewater Inc.

Troms Offshore Supply AS (Troms Offshore) headquartered in Tromsø, Norway is a niche Platform Supply Vessel (PSV) company which provides offshore services to oil companies through owning and operating high-end large PSVs built to the ”Clean Design” class specifications. The company has four vessels in operation and two under construction. In addition the company manages six vessels for other owners through its subsidiary, Troms Offshore Management. The company is a fully integrated operator and has a particular focus on operations in the North - and Norwegian Sea and the Arctic Ocean.

Tidewater is the world’s largest offshore supply vessel owner and currently has an active fleet of approximately 264 vessels. The company is listed on the New York Stock Exchange under the ticker TDW and has a market capitalization of about USD 2.7 bn.

Tidewater stated “we are committed to effectively serving our customers on a global basis, and we believe that the Troms Offshore management team, shore-based employees, mariners and fleet will help us deliver on that service commitment, said Jeffrey M. Platt, President, CEO and Director of Tidewater Inc. “Troms Offshore's location in Northern Norway provides Tidewater with a unique entry point into the Norwegian sector of the North Sea, the Barents Sea, Greenland and other cold water markets. We look forward to Troms Offshore team making us a better company as we provide them with the financial backing and other resources to compete more effectively in their core markets."

Troms Offshore is an investment in HitecVision Asset Solutions Fund L.P.