US offshore support vessel operator Tidewater has announced the appointment of Larry Rigdon as the company’s interim chief executive officer and president to replace Jeffrey Platt, who has left the company.
“Having successfully completed the financial restructuring of Tidewater at the end of July, which positioned the company to weather current industry conditions and achieve success in the future, the board and I have agreed that the time is appropriate to transition the leadership of the company,” said Jeffrey Platt.
Tidewater emerged from Chapter 11 bankruptcy protection after successfully completing a restructuring process at the end of July.
Larry Rigdon has previously serve as an executive at Tidewater, departing the role of executive vice president in 2002.
“The board and management are excited about Tidewater’s future, but there are still challenges that confront Tidewater and all offshore supply vessel companies that must be addressed while we wait for the overall recovery in the offshore energy industry. Balancing revenues with operating costs to reach cash flow breakeven is one of the most important of these challenges. I am pleased that Larry will be able to bring his vast operating history to Tidewater to lead us in the continuing evolution of the company,” said Thomas Bates, Jr., chairman of Tidewater.
Tidewater has formed a search committee to identify a permanent CEO and President.
“retired” that’s a very nice way of saying fired. At least he managed to secure himself and the other execs a nice retention bonus before “retiring”. Good luck to LR who has proven himself previously and I am sure he will clean out the remaining mess at TDW before handing over the reins to a new CEO. Hopefully and external one with intensive and global shipping knowledge.