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Tidewater Inc News

25 Sep 2023

Tidewater Inks Global Support Deal with Caterpillar

(Photo: Caterpillar)

Tidewater Inc., the world's largest fleet operator in the offshore support vessel (OSV) industry, has signed a Global Value Agreement (GVA) with engine manufacturer Caterpillar to ensure comprehensive parts, service, monitoring and maintenance support to help reduce total cost of ownership (TCO) and increase uptime and availability.Tidewater’s fleet of more than 200 OSVs, including platform supply vessels (PSV), anchor handler towing supply vessels (AHTS), offshore tugs and crew boats…

22 Apr 2022

Tidewater Completes Swire Pacific Offshore Acquisition

(Photo: Swire Pacific Offshore Holdings)

U.S.-headquartered offshore support vessels (OSV) owner Tidewater Inc. on Friday announced it has completed its acquisition of Singapore's Swire Pacific Offshore Holdings Limited (SPO), creating the industry’s largest OSV fleet.The $190 million transaction adds 50 vessels to the Tidewater fleet, which now stands at more than 200 vessels in total, including crew boats, tug boats and maintenance vessels.SPO, now formerly a subsidiary of Swire Pacific Limited, will operate under the Tidewater brand name.

09 Sep 2020

Anderson Joins Tidewater Board

(Photo: Tidewater)

Offshore support vessel (OSV) owner Tidewater Inc. announced Wednesday the appointment of Darron M. Anderson to its Board of Directors, effective immediately.Anderson has served as President and Chief Executive Officer and as a member of the board of directors of Ranger Energy Services since March 2017. He previously served as President and Chief Executive Officer of Express Energy Services from 2008 to August 2015. Anderson began his career in the oil and natural gas industry…

12 Nov 2018

Tidewater Chooses UniSea

Photo: Tidewater

UniSea AS, a software developer and consultancy specializing in solutions for the shipping industry, has been selected by Tidewater Inc. as its partner in the digitalizing and standardizing of Tidewater’s business processes related to health, safety, environment and quality (HSEQ) and operations. The UniSea software suite will be implemented on all Tidewater vessels and in all offices in one of the largest contract’s in UniSea’s 21-year history.Tidewater Inc., headquartered in Houston…

21 Sep 2018

INSIGHTS: John Rynd / President , CEO and Director, Tidewater Inc.

Mr. John Rynd graduated from Texas A&M University with a Bachelor of Arts degree in Economics. He previously served as Chief Executive Officer and President, and as a director of Hercules Offshore from 2008 through 2016. Prior to his time with Hercules, Mr. Rynd spent 11 years with Noble Drilling Services, Inc., where he served in a variety of management roles. Earlier in his career, he served in various roles of increasing levels of responsibility with Chiles Offshore and Rowan Companies. Beyond this, Mr. Rynd served as Chairman of the National Ocean Industries Association (NOIA) from 2014-15 and currently holds an Ex-Officio position on the Executive Committee. He serves on the Board of Directors of Fieldwood Holdings LLC, and was on the Board of Directors of Hornbeck Offshore, Inc.

12 Sep 2018

Offshore Optimism is Cautiously on the Rise

file Image (CREDIT: Harvey Gulf)

Following the path of oil prices, consolidation also follows myriad financial crises. What happens next isn’t altogether clear, but the long, deep trough for offshore energy may finally be in our choppy wake.In mid 2017, financial turnaround and financial repairs specialist Alix Partners made a bold statement regarding the beleaguered Offshore Service Vessel (OSV) marketplace. In a July 2017 report, following an analysis of 44 participants in the business, the restructuring team wrote: “The industry faces grave financial pressure…

06 Aug 2018

Harvey Gulf Proposes Merger with GulfMark

(File photo courtesy of Shell)

New York listed offshore services provider GulfMark Offshore, Inc. said it is reviewing an unsolicited merger proposal from rival HGIM Corp. (Harvey Gulf), just weeks after entering a definitive agreement to merge with larger rival Tidewater Inc.Harvey Gulf’s nonbinding competing offer submitted August 1 proposes that it be acquired by GulfMark and the combined company remain publicly listed. GulfMark common stockholders would own 41.2 percent and Harvey stockholders would own 58.8 percent of the combined company…

16 Jul 2018

Tidewater and GulfMark Announce Merger

(File photo: Tidewater)

Tidewater Inc. and GulfMark Offshore, Inc. announced Monday that the boards of directors of both companies have unanimously approved a definitive agreement to combine the two companies, creating the industry’s largest owner of offshore support vessels and continuing consolidation in the offshore sector.The combined company will be operated under the Tidewater brand and will be led by Tidewater president and CEO John Rynd, with the industry’s largest fleet and the broadest global operating footprint in the OSV sector…

18 Jun 2018

Interesting Launch for Interesting Tugs

As the crane swing on its 60-foot diameter ring, the tug had to be lifted to clear winches and containers on the barge deck. (Photo: Haig-Brown / Cummins)

The ownership of the Canadian firm Island Tug and Barge has changed with the purchase by the U.S. parent company Tidewater Inc. The firm is now known as Island Tug.The second tug, with the hull and superstructure completed and with the Cummins K38s installed still requires more work, was also launched in early May of 2018.The vessels were built in a warehouse on the Fraser River. With no launching facility and a railway track between the yard and the steep bank of the river, it took some innovative heavy lifting.

15 Feb 2018

Tidewater Names Rynd President, CEO

Tidewater Inc. (NYSE: TDW) appointed John T. Rynd as the company's new President and CEO and a member of the Board of Directors effective March 5. He replaces Larry T. Rigdon who has served as interim President and Chief Executive Officer since October of 2017. Tom Bates, Chairman of the Board of Directors, said "After completing a comprehensive search, the Board is very pleased to welcome John to the team. He brings with him considerable experience in the offshore drilling services sector and the global oil and gas industry as a whole. Rynd previously served as Chief Executive Officer and President, and as a director of Hercules Offshore from 2008 through 2016.

28 Nov 2017

GoM Stakeholders Energized Despite Lingering Oil Bust

Miss Marilene Tide (Credit Tidewater)

Gulf of Mexico vessel builders – and their customers – adapt to a lean offshore market. After oil prices plunged in late 2014 – pressured by shale output – demand for offshore vessels in the Gulf of Mexico shrank, day rates for boats fell and non-working units were idled. This year, several GoM boat builders filed for Chapter 11, or voluntary bankruptcy, while others consolidated. The most diversified companies kept their heads above water. Today, the outlook's a bit brighter. Crude oil prices hit bottom early last year. Tidewater Inc.

16 Oct 2017

Rigdon Named Interim CEO at Tidewater

Larry Rigdon

Larry T. Rigdon will serve as interim president and chief executive officer (CEO) of Tidewater Inc. while a search committee seeks a permanent successor to Jeffrey M. Platt, who has elected to retire from his role as director, president and CEO of offshore service vessels (OSV) owner and operator effective October 15, 2017. “Having successfully completed the financial restructuring of Tidewater at the end of July, which positioned the company to weather current industry conditions and achieve success in the future…

31 Jul 2017

Tidewater Emerges from Chapter 11 Bankruptcy

New Orleans-based  Tidewater Inc and its affiliated chapter 11 debtors have emerged from bankruptcy after successfully completing its reorganization pursuant to the Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater and its Affiliated Debtors that was confirmed on July 17, 2017 by the United States Bankruptcy Court for the District of Delaware. Capitalized terms used but not defined below have the meanings ascribed to them in the Plan, which was filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed on July 18, 2017. Through its Plan, Tidewater eliminated approximately $1.6 billion in principal of outstanding debt…

31 Mar 2017

Offshore Supply Vessel Market to Grow 6% by 2021

The global offshore supply vessel market is forecasted to grow at a CAGR of 6.03 percent during 2016 – 2021, according to Azoth Analytics research report. The growth in offshore supply vessels is expectect to be driven by rise in demand for oil and gas globally, increase in offshore drilling activities and growth in production and exploration activities. Moreover, companies operating in this market are focusing on investments in R&D for continuous innovation and strengthening their positions in the market by targeted acquisitions and product expansions. Bourbon, Tidewater Inc., Maersk Supply Services, Edison Chouest Offshore, SIEM offshore Inc., Farstad Shipping ASA are the major players in the market.

24 Feb 2017

VT Halter Marine Names Socha Senior VP

Robert A. Socha (Photo: VT Halter Marine)

U.S. shipbuilder VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has appointed Robert A. Socha as Senior Vice President of Business Development and Estimating, effective January 30, 2017. In his role, Socha is responsible for overall management and leadership of the company’s business development and estimating departments. He will work closely with other corporate functions, including departments of engineering, production control, production…

30 Jan 2017

Ship Operator Toisa Files for Bankruptcy

Toisa Conqueror (Photo: Sealion Shipping Ltd)

Shipping company Toisa Ltd filed for U.S. Chapter 11 bankruptcy as falling demand for the Bermuda-chartered company's oil-and-gas supply vessels left it running short of cash, according to court documents. Toisa, owned by Greek shipping magnate Gregory Callimanopulos, has a global fleet of 26 offshore oil service vessels, 13 tankers and seven bulk ships, according to documents filed with the U.S. Bankruptcy Court in Manhattan. The ship operator said it had more than $1 billion in debt in court documents.

23 Oct 2016

Tidewater Gets Waiver Extensions

As previously reported, Tidewater Inc. (NYSE: TDW) has been in discussions with its principal lenders and noteholders to amend the company's various debt arrangements to obtain relief from certain covenants. Pending the resolution of those discussions, the company received limited waivers from the necessary lenders and noteholders which waived compliance with these covenants until October 21, 2016. The company has now received extensions of these waivers until November 11, 2016. The company has previously reported that progress was being made in its negotiations with its principal lenders and noteholders to obtain the covenant relief sought…

22 Apr 2016

14 Appointed to NOIA Board

The National Ocean Industries Association (NOIA) elected 14 industry leaders to its Board of Directors on April 21, 2016 during its Annual Meeting in Washington, DC. Gary Luquette, President and Chief Executive Officer, Franks International, N.V. Kirk Meche, President and Chief Executive Officer, Gulf Island Fabrication, Inc. Richard Morrison, Regional President Gulf of Mexico, BP America, Inc. W. Matt Ralls, Executive Chairman, Rowan Companies, Inc. Jeff Platt, President and Chief Executive Officer, Tidewater, Inc.

29 Jan 2016

Tidewater Suspend Dividend

Tidewater Inc. (NYSE:TDW) leading provider of Offshore Service Vessels, announced that its Board of Directors has approved management's recommendation to suspend Tidewater's quarterly dividend and common stock repurchase program. The dividend and share repurchase program suspension is part of a broader plan of reducing costs and capital expenditures in order to preserve liquidity in an oilfield services market that has been negatively impacted by the precipitous drop in oil prices and corresponding reduction in global E&P spending. By suspending what has been a $0.25 per share quarterly dividend, the company will preserve approximately $47 million of cash annually.

14 Nov 2015

Tidewater Declares Quarterly Dividend

Tidewater Inc. announced that its Board of Directors declared on November 12, 2015, a quarterly cash dividend of $0.25 per share of common stock payable December 15, 2015, to shareholders of record on December 4, 2015. Tidewater is the leading provider of Offshore Service Vessels (OSVs) to the global energy industry.

11 Aug 2015

Tidewater Logs 1Q 2016 Loss

Tidewater Inc. announced today a first quarter net loss for the period ended June 30, 2015, of $15.1 million, or $0.32 per common share, on revenues of $304.8 million. For the same quarter last year, net earnings were $43.7 million, or $0.88 per common share, on revenues of $385.7 million. The immediately preceding quarter ended March 31, 2015, had a net loss of $9.1 million, or $0.19 per common share, on revenues of $324.8 million. $15.0 million ($14.0 million after-tax, or $0.30 per share) in non-cash asset impairment charges that is included in "Gain/loss on asset dispositions, net," and resulted from impairment reviews undertaken during the quarter…

17 May 2015

Tidewater Declares Quarterly Dividend

Tidewater Inc. announced that its Board of Directors declared on May 14, 2015, a quarterly cash dividend of $0.25 per share of common stock payable June 15, 2015, to shareholders of record on June 5, 2015. Tidewater also announced today that its Board of Directors has approved an extension of its current common stock repurchase program from its original expiration date of June 30, 2015 to June 30, 2016. If shares are purchased in open market or privately-negotiated transactions pursuant to this share repurchase program, the Company will use its available cash and/or borrowings under its revolving credit facility or other borrowings to fund any share repurchases. With this approved extension, the Company's current repurchase program will continue in effect through June 30, 2016.

21 Apr 2015

Oil Majors Push Offshore Players for 30% Cuts

Tidewater, Inc.’s Dean Edward Taylor plows full steam ahead.

30%That’s the minimum level of capital expenditure cuts facing owners and operators of offshore rigs, vessels and various support services, as they scramble to keep equipment working and their heads above water during one of the worst oil downturns in 30 years. From a high of $108 per barrel in June of last year, prices plummeted roughly 60% as supply surpassed weakening demand, crashing in November to around $44 a barrel. The pricing collapse caught all sectors of the industry and financial markets by surprise, pulling down with it market valuations, quarterly earnings and day rates.

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