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Mr. Rigdon has been a member of the Tidewater Board of Directors since
Coincident with the merger of Tidewater and GulfMark in 2018, the Tidewater board was expanded from seven to ten members. Since then, the board has been in a process of determining its optimal size and composition. The board determined that operational efficiency is a key success factor for the Company as it addresses long-standing challenges facing the OSV industry and executes on the opportunities afforded the industry’s best-capitalized and leading global operator. In this regard, the board is committed to lead by example and will “do more with less”. The board believes a smaller board will not only be more cost-effective, but will enable the board to be more responsive and efficient as it advances the Company’s strategic goals. Accordingly, the board committed to a reduction in its size to seven members at the next annual meeting of stockholders.
Additionally, the Company announces that the size of the board has been reduced from ten to eight members effective immediately. The immediate reduction in board size is the result of the resignation of Dr.
In connection with these changes, the board has appointed, effective immediately, Ms.
The seven directors that the Tidewater board intends to nominate for election at the 2020 annual meeting of stockholders are:
Tidewater owns and operates the largest fleet of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater notes that certain statements set forth in this presentation provide other than historical information and are forward looking. The unfolding of future economic or business developments may happen in a way not as anticipated or projected by Tidewater and may involve numerous risks and uncertainties that may cause Tidewater’s actual achievement of any forecasted results to be materially different from that stated or implied in the forward-looking statement. Among those risks and uncertainties, many of which are beyond the control of Tidewater include, without limitation the anticipated synergies with respect to the combination of Tidewater and GulfMark; fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; customer actions including changes in capital spending for offshore exploration, development and production and changes in demands for different vessel specifications; acts of terrorism and piracy; the impact of potential information technology, cybersecurity or data security breaches; significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, especially in higher political risk countries where we operate; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in law, economic and global financial market conditions, including the effect of enactment of U.S. tax reform or other tax law changes, trade policy and tariffs, interest and foreign currency exchange rate volatility, commodity and equity prices and the value of financial assets; and enforcement of laws related to the environment, labor and foreign corrupt practices. Readers should consider all of these risk factors, as well as other information contained in Tidewater’s form 10-Ks and 10-Qs.
Tidewater Inc. Investor Relations
SOURCE: Tidewater Inc.