Tidewater Midstream and Infrastructure Ltd. announces agreement to sell Brazeau River Complex roadway network to CRR

CALGARY, AB, March 6, 2025 /CNW/ – Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Corporation”) (TSX: TWM) is pleased to announce that it has entered into a definitive agreement with Canadian Resource Roadways LP (“CRR”), for the sale of its Brazeau River Complex roadway network (the “BRC Roadway Network”) for total proceeds of $24 million (the “Transaction”). Of the $24 million in total proceeds, $22.5 million will be received upon closing of the Transaction, with the balance to be received on or before December 31, 2025. The BRC Roadway Network is a non-core asset of Tidewater and the disposition of the BRC Roadway Network is expected to have an immaterial impact to Tidewater’s 2025 operating results. The proceeds from the Transaction are anticipated to be used to reduce amounts outstanding on the Corporation’s three-year delayed draw term loan.

“We are pleased to announce the agreement to sell the BRC Roadway Network to a quality road owner-operator in CRR. The Transaction provides a meaningful amount of cash for the BRC Roadway Network and aligns with our goal of maximizing the return we receive on our assets. We continue to remain very focused on generating cash flow and optimizing our core asset base.”, said Jeremy Baines, Chief Executive Officer of Tidewater.

The Transaction is expected to close in early April 2025, subject to customary closing conditions and certain regulatory approvals, including the receipt of approval from the Alberta Energy Regulator.

ABOUT TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD.

Tidewater is traded on the TSX under the symbol “TWM”. Tidewater’s business objective is to profitably grow and create shareholder value in the North American natural gas, natural gas liquids, crude oil, refined product, and renewable energy value chain. Its operations include downstream facilities, natural gas processing facilities, natural gas liquids infrastructure, pipelines, storage, and various renewable initiatives. To complement its infrastructure asset base, the Corporation also markets crude, refined product, natural gas, natural gas liquids and renewable products and services to customers across North America. Tidewater is a majority shareholder of Tidewater Renewables. Additional information relating to Tidewater is available on SEDAR+ at www.sedarplus.ca and at https://www.tidewatermidstream.com.

ABOUT CANADIAN RESOURCE ROADWAYS LP

CRR is an infrastructure business focused on owning and operating industrial access roads in Canada’s resource sectors. By partnering with CRR, resource companies can monetize their non-core road assets to redeploy capital into their core business and simplify their operations by relying on CRR’s leading road maintenance and administration capabilities. Headquartered in Calgary, CRR is owned by funds managed by CBRE Investment Management, a leading global real assets manager, and its management team. More information on CRR can be found at www.crrgroup.ca.

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