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Tidewater invests USD30 million to launch subsea operations in Gulf of Mexico

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December 6
1:24 AM 2013

Offshore service vessels provider Tidewater Inc is investing USD30 million to launch Tidewater Subsea, a new subsea operations business. The company also contracted FMC Technologies Inc to build six units of remotely operated underwater vehicles (ROVs) for the said business, according to NOLA Media Group.

The New Orleans firm's new business will help companies maintain their underwater drilling equipment. FMC Technologies said in a Thursday statement that the ROVs will be delivered before 2013 ends, the report said.

Tidewater executive vice president Joe Bennett said subsea service is an attractive investment. According to Bennett, the ROVs require less capital for operation compared with a traditional offshore supply vessel. He also said the ROVs yield higher returns, the report stated.

Bennett said the location of the new ROVs is dependent on the demand for the services of Tidewater Subsea. He also hinted that the first projects of the said business could be located in the Gulf of Mexico, NOLA Media Group reported.

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