Tidewater to acquire GulfMark Offshore

US offshore vessel owners Tidewater and GulfMark Offshore have announced that both companies have unanimously approved an agreement to combine the two companies.

GulfMark shareholders will receive 1.1 Tidewater shares for each GulfMark share, while each GulfMark noteholder warrant will be converted into the right to receive 1.100 Tidewater shares. The deal will give GulfMark shareholders and noteholders 27% ownership of the combined company.

John Rynd, president and CEO of Tidewater, commented: “By combining our fleets 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.”

The new combined entity will have a market cap of around $1.25bn and operate under the Tidewater brand, headed by Tidewater’s Rynd. GulfMark will add three directors to the expanded board of ten.

The deal will add 65 vessels to the Tidewater fleet, taking it to a total of 245 vessels.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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