Mile Markers in Tidewater’s History
Ten investors build the Ebb Tide, the world’s first oil and gas service vessel.
Tidewater Marine Service, Inc., a public company, commences business in the U.S. Gulf of Mexico.
International operations begin in Lake Maracaibo, Venezuela.
Tidewater pays first stock dividend of $.05 per share.
Net earnings exceed $1 million for the first time.
Tidewater’s fleet expands to record numbers—more than 200 vessels at work in the United States, South America, Central America and West Africa.
Tidewater acquires Twenty Grand Marine, increasing its fleet to 350 vessels.
Tidewater acquires South Coast Gas Compression to create Tidewater Compression Service, Inc.
- Tidewater (TDW) is listed on the New York and Pacific stock exchanges.
Tidewater acquires an interest in oil production in waters off of Indonesia.
Tidewater establishes its corporate office in the Tidewater Marine building in New Orleans, Louisiana.
- 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.
Revenues exceed $180 million with earnings of more than $30 million.
Tidewater adds 26 new vessels to its fleet at a cost of $37.1 million.
Tidewater completes a $200 million, 59-vessel new construction program.
Irwin Jacobs Group offers to purchase all of Tidewater’s stock in a takeover bid.
- 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.
Tidewater completes a two-year building program adding 40 vessels to the fleet at a cost of $104 million.
- Tidewater records a $56.7 million loss amid restructuring of its debt with its major lenders.
Tidewater sells its Indonesian oil interests.
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.
Tidewater completes a successful offering of 5.5 million shares of common stock and pays down $61 million in senior debt.
- Tidewater consummates a merger with Zapata Gulf Marine, doubling the size of its fleet.
Tidewater purchases 19 offshore construction support vessels from McDermott International.
- Tidewater donates Tidewater Place to Tulane University.
Tidewater retires all senior debt.
- 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.
Tidewater restructures its corporate headquarters and field management offices.
Tidewater acquires Hornbeck Offshore Services, pushing the company’s vessel count to more than 600.
Tidewater acquires O.I.L. Ltd., increasing its fleet to more than 700 vessels.
Revenues top $1 billion for the first time, and net earnings reach a record $315 million, doubling 1997 earnings and quadrupling 1996 earnings.
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.
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.
Dean E. Taylor takes over from William C. O’Malley as Chairman, President and CEO.
Tidewater announces its acquisition of 27 vessels from Ensco, part of an ongoing effort to expand and upgrade its fleet.
Tidewater receives the prestigious Safety in Seas Award from the National Ocean Industries Association (NOIA).
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.
Tidewater celebrates its 50th anniversary and reports its second-highest annual profits in company history.
Tidewater generates record revenues and profits while achieving the best safety performance in its 51-year history.
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.
- 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.
- 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.
- 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.
- Jeffrey M. Platt takes over from Dean E. Taylor as President and CEO and joins the Board of Directors.