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said Friday it agreed to sell 14 of its offshore tugs to Crosby Marine Transportation.

The company said the sale will result in cash proceeds of $44.8 million and a gain of $22 million, or 38 cents a share. The sale will have a negligible effect on future earnings capacity, Tidewater added.

Of the 14 tugs on sale, 12 constitute Tidewater's total domestic fleet of offshore tugs, while two tugs are scheduled to return from international assignments in the Middle East.

The sale of 10 of the tugs is expected by the end of August, while the sale of the remaining four vessels is scheduled over the next four months on expiry of their charter contracts, the company said.

"We believe that our ongoing efforts to sell our non-core assets and reinvest proceeds into newer core fleet assets or the repurchase of Tidewater stock should return significant value added for our stockholders," Tidewater said.

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