Tidewater, Sonangol extend joint venture pact to allow talks to continue

theflyonthewall.com

Tidewater (TDW) disclosed in a regulatory filing that it has agreed to extend the term of its current joint venture agreement with partner Sonangol Holdings to March 31, 2013, to allow for discussions on a new long-term joint venture agreement to continue. Tidewater said it remains hopeful that a new joint venture agreement will be agreed between the parties that will put Sonatide, its Angola joint venture, on a more secure and permanent footing. As there are significant issues on which the parties have yet to reach an agreement, no assurance can be given that such an outcome will be achieved, Tidewater cautioned in the filing.

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