According to the announcement, the Brazeau River Complex Roadway Network is a non-core asset for Tidewater. (Source: Shutterstock)
Calgary, Alberta-based Tidewater Midstream and Infrastructure closed a CA$24 million (US$16.8 million) sale of a roadway network to Canadian Resource Roadways (CRR), the company announced through a press release March 25.
Earlier in March, Tidewater and CRR agreed on the deal for the roadway network, located around the Brazeau River Complex, west of the Alberta province.
Of the proceeds, Tidewater received CA$22.5 million (US$17.72 million) upon closing the deal. CRR will pay the balance before the end of 2025. Tidewater said the proceeds will be used to repay outstanding debt on the company’s three-year delayed draw term loan.
According to the announcement, the Brazeau River Complex Roadway Network is a non-core asset for Tidewater, and the disposition is expected to have an immaterial impact on Tidewater's 2025 operating results.
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