Marine Link
Saturday, December 15, 2018

Tidewater & GulfMark Consolidation Creates Largest OSV Fleet

Maritime Activity Reports, Inc.

November 16, 2018

  • Combined GulfMark and tidewater global coverage (Credit VesselsValue)
  • Top OSV stakeholders (CREDIT: VesselsValue)
  • Charlie Hockless, VesselsValue Head of Offshore
  • Combined GulfMark and tidewater global coverage (Credit VesselsValue) Combined GulfMark and tidewater global coverage (Credit VesselsValue)
  • Top OSV stakeholders (CREDIT: VesselsValue) Top OSV stakeholders (CREDIT: VesselsValue)
  • Charlie Hockless, VesselsValue Head of Offshore Charlie Hockless, VesselsValue Head of Offshore

VesselsValue's Head of Offshore Charlie Hockless weighs in on the merger between Tidewater and GulfMark.


"The consolidation between GulfMark and Tidewater is a positive for the market. With Tidewater’s steadfast and unyielding attitude towards the scrapping of non-performing vessels, this is a good chance for the market to reduce some of its oversupply. Hopefully with this new entity taking the lead, other market players might follow suit," said Hockless.

Hockless continues, "It is also important to note that consolidation in today’s market only works if lenders are willing to take haircuts and provide an opportunity for these companies to start afresh with a clean balance sheet. In the case of Solstad Offshore, they undertook restructuring and consolidation as well. However, without a clean balance sheet, problems are only going to resurface further down the road. Bourbon is another major player who have struggled to service their debt and are actively looking for financiers. Kicking the can down the road is not a viable option in this market."

 


Maritime Reporter Magazine Cover Dec 2018 - Great Ships of 2018

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News