Tidewater Wins Nine-Vessel Contract In Venezuela

Tidewater Inc.'s Venezuelan subsidiary, Tidewater Marine Services, C.A. has signed a five-year contract for nine of its vessels to service oil and gas operations on Lake Maracaibo in Venezuela. With this new agreement, Tidewater will be operating 31 vessels on the lake. The contract, signed with Venezuelan company Lagoven, S.A., a subsidiary of Petroleos de Venezuela, S.A., calls for Tidewater to provide five 3,000- to 3,200-hp towing supply vessels and four 1,500- to 2,250-hp tugs. Three of the Maracaibo-bound towing supply vessels are being redeployed from West Africa, and two will come from Mexico. Three of the tugs are already on Lake Maracaibo, and the fourth will mobilize from West Africa. Tidewater Inc. owns and operates a fleet of vessels serving the international offshore energy industry, owns and operates one of the largest fleets of natural gas and air compressors in the U.S., and also owns a shipyard in South Louisiana.