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.
VT Halter Marine Names Socha Senior VP
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…
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.
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…
'80s Brain Drain Haunts Today’s Offshore Layoffs
Companies struggle to balance cost-cutting with skills retention. If you can’t accept the rollercoaster of employment that is the offshore industry, adding and shedding jobs like clockwork through its cyclical ups and downs, don’t get on for the ride. That cold bucket of reality is repeated like a mantra across the industry. Job security and highly paid offshore employment are like mixing oil and water. The emulsion will keep hold for a while until it eventually falls apart when oil prices disintegrate. It’s a pattern industry veterans know well.
Socha Named VP at Baker Marine Solutions
Baker Marine Solutions (BMS) has appointed Robert Socha as Vice President Business Development for its domestic United States and international operations. Socha joins BMS following 16 years with Bollinger Shipyards as executive vice president marketing and sales, and an earlier 18 year career with Tidewater, Inc. in sales for their North America and International operations in West Africa, Middle East and India. The announcement was made by BMS President Jim Baker saying, “Mr.
Tidewater to Present at Scotia Howard Weil Energy Conference
Tidewater Inc. announced today that Joseph M. Bennett, Executive Vice President and Chief Investor Relations Officer, will present at the Scotia Howard Weil 43rd Annual Energy Conference in New Orleans, Louisiana on Monday, March 23, 2015. Upon completion of the presentation, the company which is a provider of Offshore Service Vessels (OSVs) to the global energy industry, will also file a Form 8-K with the SEC. This which will include a copy of the slides used by the presenter.
Energy Sector Volatility Affects Middle Market M&A Activity
Market volatility for the petroleum sector provides a backdrop to an evolving Merger & Acquisitions environment for the Offshore Sector. In the 3Q edition of Maritime Professional, this series of articles examined the overall evolution of maritime and offshore M&A activity since 2010, tracing the flow of deals in the post-financial crisis era. In this edition, we take a closer look at relevant U.S. offshore energy industry deal flow and market movements as they relate to oil prices over time, and highlight some recent middle market transactions.
Paterson Elected to Tidewater Board of Directors
Tidewater Inc. announced the election of Richard D. Paterson to its board of directors for a term beginning November 13, 2014 and expiring in July 2015. Richard D. Paterson is a certified public accountant who retired from Price Waterhouse Coopers LLP (PwC), an international network of auditors, tax and business consultants, in 2011 after 37 years of service. At the time of his retirement, Paterson served as the global leader of PwC's Consumer, Industrial Products and Services Practices comprising the automotive…
Benhaddad Joins Tidewater's Senior Management
Tidewater Inc. announced today that Latif Benhaddad has joined Tidewater as Vice President of Engineering. Benhaddad reports to Tidewater's Chief Operating Officer, Jeff Gorski, and is responsible for global engineering technical services, including fleet new build programs and fleet maintenance and repair. As the company’s current Vice President of Engineering, William Brown, has announced his intent to retire within the next twelve months, Benhaddad will be transitioning the role with Brown for a period of time.
Maritime & Offshore M&A
Workboat and offshore marine markets have been gaining strength over the past three years. A resurgence of oil production in the Gulf of Mexico has brought orders for new vessels, major oil companies are ramping up their presence in the region, and Gulf-oriented state governments are aligning to encourage offshore growth. Merger and Acquisition volumes have generally expanded in the US along with this growth as strategic companies seek to strengthen their positions in niche competencies (Figure 1).
Tidewater to Acquire Troms Offshore Supply
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.
Tidewater Takes Over STX Pan Ocean PSV Newbuild Contracts
STX OSV Holdings Limited say Tidewater Inc. has acquired contracts for 3 Platform Supply Vessels (PSVs) under construction at STX OSV in Norway. STX OSV had originally secured the contracts for the design and construction of three vessels for STX Pan Ocean Co. Ltd. in 2010, and Tidewater has now entered into an assignment agreement with STX Pan Ocean to take over these contracts. The first vessel in the series will be delivered to Tidewater during 1Q 2013. Deliveries of the next two vessels are scheduled for Q2 and Q3 2013. Mr.
Shipbuilders Rely On Training To Fill Crafts Jobs
With skilled craftsmen in short supply in U.S. coastal areas, many shipbuilders turn to their own, sometimes extensive, internal training. Because fewer young people are entering shipbuilding out of high school, the industry is faced with an aging workforce that will soon have to be replaced. As good jobs for shipfitters and welders go begging, industry leaders say it's way past time to spread the word about these opportunities. Pascagoula, Miss.-based John Lotshaw directs Operations Workforce Training and Development at Huntington-Ingalls Industries (HII).
Changing of the Guard at Tidewater Inc.
Dean Taylor bid farewell to his post as Tidewater Inc.'s chief executive officer on May 31, following a prosperous, far-flung career of 34 years at the New Orleans-based company. Chief Operating Officer Jeff Platt, who has worked side by side with Taylor for fifteen years, took the helm. And Jeff Gorski was named the new COO. In his decade as chief, Taylor guided Tidewater's fleet expansion. The company has poured hundreds of millions of dollars yearly into an energetic building-and-acquisition effort.
ABS Elects New Council
At the 150th Annual Meeting of the Members of ABS, three industry leaders were elected to the ABS Council. Following the Annual Meeting, the ABS Council met and elected industry leaders to both its Marine and Offshore Technical Committees. Individuals serving on the ABS Council and the Technical Committees help guide the class society in fulfilling its mission of promoting the security of life, property and the natural environment. “Classification represents the concept of self-regulation for the marine and offshore industry,” said ABS President and CEO Christopher J. Wiernicki.
Tidewater CEO Taylor to Retire
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 Provides Update on Sonatide Joint Venture
Tidewater Inc. announced today the following update with respect to its negotiations with Sonangol, the national oil company of Angola, regarding Sonatide, the joint venture between Sonangol and Tidewater through which Tidewater markets its boat services to energy companies for operation in the waters offshore Angola. Tidewater has a 49% ownership interest in Sonatide. The Company has previously announced that its Sonatide joint venture agreement with Sonangol expires on March 31, 2012.
Tidewater PSV Named For New Orleans Native Cindy Brown
Platform supply vessel Cindy Brown Tide was delivered to offshore-service giant Tidewater on Oct. 24, and chartered to oil company BP in the Gulf of Mexico. The boat's namesake is someone missed by many. "The vessel was named for Cynthia Niklaus Brown, a wonderful woman who passed away in late 2009 in Houston after being diagnosed with cancer," said Joseph Badeaux, general manager and vice president at Houma, La.-based Quality Shipyards, a subsidiary of Tidewater. Brown, a New Orleans native…
ABS Recognized for 150 Years of Service
ABS celebrated its 150th anniversary in Washington, DC on 31 January and was recognized by Members of Congress for the classification society’s proud history and unwavering commitment to the American and international maritime community. “I ask my colleagues to join with me in congratulating ABS on its 150th anniversary and in recognizing ABS’ significant service to the American marine and offshore industries and our sea services,” stated Congressman Frank LoBiondo (R-NJ), Chairman of the Subcommittee on Coast Guard and Maritime Transportation, in remarks entered into the Congressional Record.
Gulf Firms Moving Cargo, Staff To Distant Rigs
More than a decade ago, deepwater oil production in the Gulf of Mexico surpassed shallow water output for the first time ever. These days, rigs are found hundreds of miles offshore. Companies need to get equipment, employees, fuel and mud to those sites economically and usually on a tight schedule. Gulf marine companies are trying to meet those requirements by increasing the speed, size and energy efficiency of their vessels--though not necessarily all at once. Shane Guidry, Chief Executive Officer of Harvey Gulf International Marine…
Tidewater Reports 2Q Results For FY-2012
Tidewater Inc. announced today a second quarter net loss for the period ended September 30, 2011, of $4.9 million, or $0.09 per share, on revenues of $250.9 million. For the same quarter last year, net earnings were $19.4 million, or $0.38 per share, on revenues of $267.1 million. The immediately preceding quarter ended June 30, 2011, had net earnings of $24.6 million, or $0.48 per common share, on revenues of $254.6 million. Included in the current fiscal quarter’s net loss is a non-cash goodwill impairment charge of $30.9 million ($22.1 million after tax…
Tidewater Projects Lower than Expected Revenues
Tidewater Inc. (NYSE: TDW) said that fiscal second quarter financial results for the three months ending September 30, 2011, are currently expected to reflect vessel revenues that are below the $255 million to $260 million range provided by the Company during its August 4, 2011, earnings conference call and actual vessel revenues of $253 million that were reported for the June quarter. Tidewater does not provide its own earnings forecast or endorse forecasts prepared by others, but notes that the Thomson First Call consensus estimate for the September 2011 quarter is currently $0.52 per share.
Tidewater Reports 1Q Earnings
Tidewater Inc. has announced first quarter net earnings for the period ended June 30, 2011, of $24.6 million, or $0.48 per share, on revenues of $254.6 million. For the same quarter last year, net earnings were $39.8 million, or $0.77 per share, on revenues of $262.5 million. The immediately preceding quarter ended March 31, 2011, had net earnings of $12 million, or $0.23 per common share, on revenues of $254 million. - a $6.3 million ($6.3 million after-tax, or $0.12 per common…
Tidewater Inc. Not Implicated in Government Sanctions
Tidewater Inc. announced that it is not affiliated with Tidewater Middle East Co. (or any of its affiliates) of Iran, which were the target of new U.S. Government sanctions announced jointly by the U.S. Treasury Department and the U.S. Department of State. The Treasury Department, in announcing the new sanctions on June 23, noted in its press release “Fact Sheet” that “The entity being designated today, Tidewater Middle East Co., is separate and distinct from Tidewater Inc., an international shipping company headquartered in the United States and listed on the New York Stock Exchange as TDW.
Rigdon Joins Terresolve Board of Directors
Terresolve Technologies, Ltd. announced that Larry Rigdon, founder and former CEO of the Rigdon Marine Corporation, has joined the company’s board of directors. Rigdon, a former executive vice president of Tidewater, Inc., also sits on the board of the National Ocean Industries Association. “Larry’s very broad business experience will be a real asset to Terresolve,” said Mark Miller, the company’s CEO. “He has done some amazing things including raising significant venture capital and growing and running a business worth several hundred million dollars.