On 22nd April, Swire Pacific Limited completed the sale of its Singapore-headquartered wholly owned subsidiary, Swire Pacific Offshore Holdings Limited, to Tidewater Inc. for a consideration of approximately US$190 million.
Established in 1975, Swire Pacific Offshore owned and operated a fleet of specialist offshore support vessels servicing the energy industry in major offshore production and exploration regions. Tidewater owns and operates one of the largest fleets of offshore support vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.
Following the earlier sale of its interest in Hongkong United Dockyards (HUD), Swire Pacific will no longer operate any marine services businesses. The sale is in line with Swire Pacific's strategy of reducing exposure to non-core assets and recycling capital to focus on core businesses that have strong growth opportunities in Greater China and Southeast Asia - including property, beverages, aviation and more recently, investments in the healthcare sector.
