Tidewater Marine Acquires 5 Vessels From Otto Candies

Tidewater Inc.'s marine subsidiary, Tidewater Marine Service, Inc., has completed an agreement to purchase a package of five vessels from Otto Candies, Inc. of Des Allemands, La.

According to an announcement by John P. Laborde, Tidewater chairman and chief executive officer, on 135-foot, 5,600-bhp tug; three 105-foot, 3,600-bhp tugs; and one 300-foot offshore deck cargo barge will be acquired from Candies in exchange for approximately 600,000 shares of Tidewater common stock. Candies is a major provider of marine support services for the offshore oil and gas industry. It is anticipated that three of the vessels will join Tidewater Marine's foreign fleet. The remaining tug and cargo barge will be placed in service in the Gulf of Mexico.

In addition to owning and operating one of the world's largest fleets of vessels supporting the offshore oil and gas industry, Tidewater is active in oil and gas exploration and production, and in the air and natural gas compression business.

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