History of Tidewater

2023
  • Larry T. Rigdon announces his retirement from the Tidewater Board of Directors on April 27, 2023.
  • Tidewater solidifies its position as the leading high-specification PSV operator with the addition of 37 platform supply vessels (“PSVs”) purchased from Solstad Offshore ASA on March 7, 2023. The purchase makes Tidewater the largest owner and operator of high-specification PSVs, which is the offshore supply vessel (“OSV”) class that has demonstrated the highest utilization through all market cycles. It also creates the world’s largest hybrid fleet as Tidewater now owns 15 battery hybrid (soon to be 16 by year-end) and 2 liquefied natural gas (“LNG”) power capable vessels which enables Tidewater to leverage its emissions reduction and fuel optimization technology, further demonstrating Tidewater’s commitment to sustainability.
  • On March 3, 2023, Tidewater publishes its third annual comprehensive and stand-alone Sustainability Report for the calendar year 2022.
2022
  • On December 12, 2022, the motor vessel (M/V) Hart Tide PSV receives a battery installation making it the fifth hybrid vessel in Tidewater’s fleet. A sixth hybrid PSV is planned for 2023.
  • On June 15, 2022, Tidewater President and CEO, Quintin Kneen, receives Offshore Support Journal (OSJ) Industry Leader.
  • On April 22, 2022, Tidewater completes its acquisition of Swire Pacific Offshore Holdings Limited, a subsidiary of Swire Pacific Limited, which adds 50 vessels to its fleet elevating Tidewater to the world’s leading OSV operator.
  • Tidewater submits its first Communication of Progress as a signatory of the UN Global Compact detailing its commitment to supporting and upholding the Compact’s Ten Principles in the four areas of human rights, labor, environment and anti-corruption.
  • On August 31, 2022, Tidewater receives the Outstanding Contribution to Search and Rescue Efforts as part of the International Safety @ Sea Award from the Maritime and Port Authority of Singapore for the outstanding gallantry of the team onboard the M/ V Pacific Guillemot who saved 16 lives at sea.
  • Tidewater publishes its second annual comprehensive and stand-alone Sustainability Report covering the calendar year 2021. The report presents the environmental, social, and governance (ESG) performance of Tidewater, along with its management approach to material sustainability topics, for the 2021 calendar year.
  • Tidewater appoints Mrs. Melissa Cougle to its Board of Directors on January 4, 2022.
2021
  • On November 16, 2021, Tidewater closes its offering of USD $175 million senior secured bonds on the Nordic ABM.
  • In October, NAMEPA’s presents Tidewater with the Maritime Sustainability Passport, which is the first time in its history it has been awarded to an OSV company.
  • On May 3, 2021, Tidewater nominates Mr. Robert E. Robotti to the Board of Directors.
  • Tidewater begins voluntary reporting of its ESG and GHG performance to the Carbon Disclosure Project.
  • Tidewater publishes its inaugural comprehensive and stand-alone sustainability report. The report presents the environmental, social, and governance (ESG) performance of Tidewater Inc., along with its management approach to material sustainability topics, for the 2020 calendar year.
  • Tidewater promotes Mr. Sam Rubio to the position of Chief Financial Officer on March 15, 2021.
  • Tidewater promotes Mr. David Darling to the position of Chief Operating Officer on March 15, 2021.
  • Tidewater signs the “Neptune Declaration on Seafarer Wellbeing and Crew Change” joining more than 400 companies worldwide working together to improve regulations and protocols to ensure the crew change crisis caused by COVID-19 is resolved as quickly and safely as possible by recognizing seafarers as key workers in order to return them home safely and on schedule by granting them priority access to COVID-19 vaccinations; implementing high-standard health protocols; increasing collaboration between ship operators and charterers to facilitate crew changes; and ensuring airline connectivity between key maritime hubs.
2010 - 2020

2020

  • Tidewater appoints Mr. Darron Anderson to its Board of Directors on September 8, 2020.
  • Tidewater becomes a signatory of the UN Global Compact signaling Tidewater’s commitment to supporting and upholding the Compact’s Ten Principles in the four areas of human rights, labor, environment and anti-corruption.

2019

  • Tidewater elects Larry T. Rigdon as Chairman of the Board of Directors on October 30, 2019.
  • Tidewater promotes Daniel A. Hudson as General Counsel on September 26, 2019.
  • Tidewater appoints Quintin V. Kneen as President, CEO and a Director on September 3, 2019.

2018

  • Tidewater strengthens its position as a leader in the OSV sector with the completion of a business combination with GulfMark, a Houston, Texas headquartered OSV operator with a strong track record of safe and high-quality operations, and scale positions in the U.S. Gulf of Mexico and the North Sea, as well as long-standing operations in South East Asia. The combination creates the largest OSV fleet globally, with the addition of 66 vessels to the Tidewater fleet.
  • Tidewater appoints Quintin V. Kneen, who served as President and CEO of GulfMark, as Chief Financial Officer of Tidewater on November 15, 2018.
  • On November 15, 2018, Tidewater strengthens its position as a leader in the OSV sector with the completion of a business combination with GulfMark, a Houston, Texas based OSV operator with a strong track record of safe and high-quality operations, and scales its position in the U.S. Gulf of Mexico and the North Sea, as well as its long-standing operations in Southeast Asia. The combination creates the largest OSV fleet globally with the addition of 66 vessels to the Tidewater fleet.
  • On July 16, 2018, Tidewater Inc. and GulfMark Offshore, Inc. announce the merger of the two companies.
  • On March 21, 2018, David Darling joins Tidewater’s management team as Vice President and Chief Human Resources Officer.
  • Tidewater appoints John T. Rynd as President, CEO and a member of the Board of Directors of Tidewater on February 15, 2018.

2017

  • Tidewater successfully completes a restructuring process and emerges as an OSV industry leader with significant financial wherewithal to continue to weather the ongoing market challenges.

2015

  • Tidewater proactively reacts with the necessary stacking of equipment and implementation of cost-cutting initiatives.
  • Safe, efficient operations are maintained, resulting in the best safety performance in company history in fiscal 2016, with no lost time accidents and an historic best 0.08 TRIR per 200,000 manhours.

2013

  • Tidewater acquires Troms Offshore Supply AS in June 2013, a Norwegian-based supply vessel operator which owned and operated four deepwater PSVs and had two additional deepwater PSVs under construction.
  • Tidewater Subsea is formed and takes delivery of six work-class remotely operated vehicles (ROV) for expansion into the growing subsea marketplace.

2012

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

2011

  • Tidewater’s fleet enhancement program continues, with over $600 million invested in new vessels during fiscal 2011.

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.
  • Crew of the Tidewater vessel Damon B Bankston rescues all 115 survivors from the Deepwater Horizon incident in April 2010.
2000 - 2009

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.

2007

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

2006

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

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.

2004

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

2003

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

 2002

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

 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.

 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.
1990 -1999

1998

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

1997

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

1996

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

1995

  • Tidewater restructures its corporate headquarters and field management offices.  

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.  

1993

  • Tidewater donates Tidewater Place to Tulane University.
  • Tidewater retires all 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.  

1990

  • Tidewater completes a successful offering of 5.5 million shares of common stock and pays down $61 million in senior debt.
1980 - 1989

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.  

1987

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

1986

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

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.

1984

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

1983

  • Tidewater completes a $200 million, 59-vessel new construction program.
1970 - 1979

1979

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

1978

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

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.

1971

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

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.
1960 - 1969

1969

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

1968

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

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.

1963

  • Net earnings exceed $1 million for the first time.  

1962

  • Tidewater pays first stock dividend of $.05 per share.
1955 - 1959

1958

  • International operations begin in Lake Maracaibo, Venezuela.

1956

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

1955

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