Press Release
March 14, 2022

Holland & Knight Advises Swire Pacific Limited on the Pending Sale of its Worldwide Offshore Support Vessels Business to Tidewater Inc.

NEW YORK (March 14, 2022) – Holland & Knight is advising Swire Pacific Limited on the pending sale to Tidewater Inc. (NYSE: TDW) of its equity interests in its wholly-owned subsidiary, Swire Pacific Offshore Holdings Limited, a Singapore headquartered worldwide offshore support vessels (OSVs) owner and operator servicing the energy industry in major offshore production and exploration regions. Upon completion of the transaction, Tidewater will become the world's leading OSV operator. 

Under the terms of the transaction, Tidewater will issue 8,100,000 warrants, each of which will be initially exercisable for one share of Tidewater common stock at $0.001 per share, and offer a cash payment of $42 million. The approximately $190 million transaction was announced on March 9, and is expected to close in the second quarter of 2022, subject to regulatory approval and other customary closing conditions.

Swire Pacific Limited (HKSE: 00019/00087) is one of the leading publicly quoted companies in Hong Kong. The company primarily operates in the Greater China region, where it has been established for over 150 years. It is also the largest shareholder in two Hong Kong listed companies: Swire Properties and Cathay Pacific Airways.

The Holland & Knight team advising Swire Pacific Limited is led by Associates Anush Yegyazarian, Hanna Habtewold and Melissa Goldberg. The team also includes Partners William Sherman, Robin Feiner, Gabriel Benincasa, Ronald Oleynik, Antonia Tzinova, John Martini, Mark Francis, Elizabeth Burkhard, Dan Neustadt, John Dierking and Kerry Kehoe; Of Counsel Michael Cavanaugh; and Associates Marina O'Brien and Michael Romeo.

More information about the transaction can be found here.

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