Timeline

Mile Markers in Tidewater’s History

1955

Ten investors build the Ebb Tide, the world’s first oil and gas service vessel.

1956

Tidewater Marine Service, Inc., a public company, commences business in the U.S. Gulf of Mexico.

1958

International operations begin in Lake Maracaibo, Venezuela.

1962

Tidewater pays first stock dividend of $.05 per share.

1963

Net earnings exceed $1 million for the first time.

1966

Tidewater’s fleet expands to record numbers—more than 200 vessels at work in the United States, South America, Central America and West Africa.

1968

Tidewater acquires Twenty Grand Marine, increasing its fleet to 350 vessels.

1969

Tidewater acquires South Coast Gas Compression to create Tidewater Compression Service, Inc.

1970

Tidewater (TDW) is listed on the New York and Pacific stock exchanges.
Tidewater acquires an interest in oil production in waters off of Indonesia.

1971

Tidewater establishes its corporate office in the Tidewater Marine building in New Orleans, Louisiana.

1977

The company changes its name to Tidewater Inc.
Tidewater acquires Tidewater Place, a 24-story corporate headquarters building in New Orleans.
Tidewater purchases Hilliard Oil & Gas, an oil and gas exploration and production firm.

1978

Revenues exceed $180 million with earnings of more than $30 million.

1979

Tidewater adds 26 new vessels to its fleet at a cost of $37.1 million.

1983

Tidewater completes a $200 million, 59-vessel new construction program.

1984

Irwin Jacobs Group offers to purchase all of Tidewater’s stock in a takeover bid.

1985

Tidewater records its first loss in its 29-year history as the oil and gas industry endures some of the worst times on record.
Tidewater sells Hilliard Oil & Gas.

1986

Tidewater completes a two-year building program adding 40 vessels to the fleet at a cost of $104 million.

1987

Tidewater records a $56.7 million loss amid restructuring of its debt with its major lenders.
Tidewater sells its Indonesian oil interests.

1989

Tidewater receives but refuses an unsolicited buyout offer from the Jacobs Group, which at the time owns 20.6 percent of the company’s stock.

1990

Tidewater completes a successful offering of 5.5 million shares of common stock and pays down $61 million in senior debt.

1992

Tidewater consummates a merger with Zapata Gulf Marine, doubling the size of its fleet.
Tidewater purchases 19 offshore construction support vessels from McDermott International.

1993

Tidewater donates Tidewater Place to Tulane University.
Tidewater retires all senior debt.

1994

Chairman, President and Chief Executive Officer John P. Laborde retires.
William C. O’Malley takes over as the company’s Chairman, President and CEO.
Tidewater Compression expands by acquiring Brazos Gas Compression Corp. and the gas compression subsidiary of energy giant Halliburton.

1995

Tidewater restructures its corporate headquarters and field management offices.

1996

Tidewater acquires Hornbeck Offshore Services, pushing the company’s vessel count to more than 600.

1997

Tidewater acquires O.I.L. Ltd., increasing its fleet to more than 700 vessels.

1998

Revenues top $1 billion for the first time, and net earnings reach a record $315 million, doubling 1997 earnings and quadrupling 1996 earnings.

2000

Tidewater embarks on a $250 - $300 million new construction program that positions the company as a key supplier of vessels to support the deepwater exploration market.

2001

Tidewater’s new build program is expanded to a $700 million plan, ensuring that its fleet will be a leading competitor in deepwater markets globally.

2002

Dean E. Taylor takes over from William C. O’Malley as Chairman, President and CEO.

2003

Tidewater announces its acquisition of 27 vessels from Ensco, part of an ongoing effort to expand and upgrade its fleet.

2004

Tidewater receives the prestigious Safety in Seas Award from the National Ocean Industries Association (NOIA).

2005

Tidewater’s corporate office in New Orleans withstands Hurricanes Katrina and Rita. While the corporate office in New Orleans is closed for three months post-Katrina, U.S.-shore based personnel successfully continue to operate from company facilities in Amelia, Louisiana and Houston, Texas.

2006

Tidewater celebrates its 50th anniversary and reports its second-highest annual profits in company history.

2007

Tidewater generates record revenues and profits while achieving the best safety performance in its 51-year history.

2008

Tidewater establishes another record for revenue and earnings per share. The company allocates $310 million for common stock repurchases while investing $354 million for new vessels, as its fleet upgrade program continues.

2009

Tidewater reports its third consecutive year of record revenues and earnings per share, while generating more than $525 million in cash flow from operations.
The company’s annual dividend is increased to $1 per share, and the vessel fleet enhancement program continues adding new, larger and more capable vessels to the worldwide fleet.
The company’s safety performance reflects only one lost time accident recorded over 40 million man-hours worked, an outstanding performance.

2010

The safety record is the best in company history, with no lost time accidents during fiscal 2010 and a Total Recordable Incident Rate at a record 0.13 per 200,000 manhours.

2011

Crew of the Tidewater vessel Damon B Bankston rescues all 115 survivors from the Deepwater Horizon incident in April 2010.
Tidewater's fleet enhancement program continues, with over $600 million invested in new vessels during fiscal 2011.

2012

Jeffrey M. Platt takes over from Dean E. Taylor as President and CEO and joins the Board of Directors.