Five anchor handling towing-supply vessels, six modern large capacity 220-foot "stretched" platform supply vessels, 13 standard supply vessels and three utility vessels are being acquired in the deal.

The deal also includes a provision which gives Tidewater the opportunity to provide supply, anchor handling and towing vessels to ENSCO for its GoM operations. Sing off is expected in early April 2003.

The acquisition will be financed through a group of banks already participating in Tidewater's revolving credit facility.