HOUSTON – The Tidewater Inc. and GulfMark Offshore Inc. boards of directors have unanimously approved a definitive agreement to combine the two companies in an all-stock transaction.
The combined company will operate under the Tidewater brand and will be led by Tidewater CEO John Rynd. Upon the closing of the combination, the Tidewater board of directors will be expanded to 10 seats by adding three directors selected by GulfMark.
The transaction is expected to close in 4Q 2018, subject to customary closing conditions, including stockholder approval of the merger (by GulfMark’s stockholders) and of the share issuance (by Tidewater’s stockholders).
Tidewater President and CEO John Rynd said: “By combining ourfleets and shore-based activities we will be better able to provide customers with access to modern, high-specification vessels while maintaining a strong commitment to safe operations and superior, cost-effective customer service.
“The transaction preserves Tidewater’s strong financial profile and allows the company to fund both organic growth and possible additional acquisitions.”
GulfMark President and CEO Quintin Kneen said: “At GulfMark, we have been longstanding advocates for consolidation of the OSV industry. This transaction is an important first step in that process. The combined company will be better positioned to build upon GulfMark’s strong track record in the recovering North Sea region.
“The combined company’s global operating footprint also provides scope for significant scale-based economies and improved utilization of our fleet by redeploying under-utilized vessels across the combined company’s broader operating footprint.”