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Seward & Kissel represents DNB Bank ASA in senior secured term loan facility guaranteed by Tidewater Inc. to partially finance its purchase of 37 platform supply vessels from Solstad Offshore ASA

July 6, 2023

Seward & Kissel LLP, a leading law firm in advising on a broad range of maritime financing and capital markets transactions, acted as lead counsel to DNB Bank ASA, New York Branch and a syndicate of lenders in connection with a $325M senior secured term loan facility guaranteed by Tidewater Inc. to partially finance the purchase price of 37 platform supply vessels acquired by Tidewater from Solstad Offshore ASA. Tidewater owns and operates one of the largest fleets of offshore support vessels in the industry, with more than 65 years of experience supporting offshore energy exploration, production, generation and offshore wind activities worldwide.

Tidewater’s President and Chief Executive Officer, commented, "The acquired vessels make up the highest specification PSV fleet of its size in the world and will be an excellent complement to our existing fleet of PSVs. The combination also results in the largest hybrid OSV fleet in the world, with 14 battery hybrid and 2 LNG capable vessels. This acquisition marks the completion of another important milestone in the strengthening of Tidewater’s leadership position.”

The Seward & Kissel team consisted of Mike Timpone and Sophia Agathis and Meg Keating.

For more details on this transaction, click here.

The opinions expressed are those of the author(s) and do not necessarily reflect the views of the firm or its clients, or any of its or their respective affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal advice.


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