Tidewater Signs $100M Construction Contract with Drydocks World

Tidewater Inc. TDW announced today that it has entered into a contract with Drydocks World for the construction of four 265-foot deepwater platform supply vessels at its shipyard in Batam, Indonesia. The delivery of these high-performance, high-capacity, 3,200 metric ton deadweight platform supply vessels is estimated to begin in April 2012 and conclude in late 2012. The contract price of the four vessels totals approximately $100 million, exclusive of some owner-furnished equipment. The agreement with Drydocks World also provides options, at Tidewater's discretion, for the construction of up to four additional vessels of similar specifications and at similar pricing.