Jeffrey M Platt News

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.

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…

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…

Tidewater, one of the world's largest offshore vessel owners, said that a court in Delaware approved the company's plans for a restructuring has, which would eliminate $1.6B in debt. The US-based owner of one of the world’s largest fleets of OSVs will be able to recapitalise and refinance debt on its balance sheet. "We are very pleased that the court has confirmed our Plan within a relatively short time frame," said Jeffrey M. Platt, Tidewater's President and Chief Executive Officer. Jeffrey added: "Additionally, this restructuring will position us to consider possible targeted acquisition opportunities in an industry where consolidation is to be expected. We are working hard to complete the remaining steps necessary to emerge from bankruptcy by the end of this month.

US Firm, Tidewater, agrees with HitecVision to purchase Norway's Troms offshore, including 5 large PSV's. Tidewater say that the acquisition of Troms Offshore, headquartered in Tromsø, Norway, will expand their global footprint into the Norwegian sector of the North Sea and supplement their experience and vessel fleet operating in harsh environments, including cold climates. The Troms Offshore-owned fleet is expected to include five large, modern and technically-advanced deepwater Platform Supply Vessels (PSVs) at closing. In addition, Troms Offshore has one additional deepwater PSV under construction at the VARD Aukra yard in Møre og Romsdal, Norway and an option to build a seventh vessel.

Tidewater Inc. (NYSE:TDW) announced today that Dean Taylor, its President and CEO since March 2002, will retire as an executive officer of the company effective May 31, 2012, after a 34-year career with Tidewater. Mr. Taylor will remain on the Board of Directors, and serve as Tidewater’s non-executive Chairman of the Board. Jeffrey M. Platt will become Tidewater’s new President and CEO effective June 1, 2012. Platt has been Tidewater’s COO, overseeing Tidewater’s domestic and international marine operations, since July 2006.

Tidewater Inc. promoted Jeffrey M. Platt, from senior vice president of the company to the position of executive vice president. Platt will be responsible for overseeing the day-to-day marine operations of the company, both domestically and internationally. Platt is a 1979 graduate of the University of Pittsburgh with a degree in Electrical Engineering. He joined Tidewater in 1996 as general manager of its business activities in Brazil. In 2001, he assumed responsibility for Tidewater's joint ventures and business in Mexico. In November 2001, Platt was promoted to the position of corporate vice president with responsibility for all of Tidewater's business activities in South America, Mexico and the Caribbean. In March 2004, he was promoted to senior vice president.