HOUSTON--(BUSINESS WIRE)--Nov. 15, 2018--
Tidewater Inc. (NYSE: TDW) (“Tidewater”) announced that, following the
successful completion of its business combination with GulfMark
Offshore, Inc. (“GulfMark”) earlier today, Quinn P. Fanning has stepped
down from his position as Tidewater’s Chief Financial Officer.
Tidewater’s board of directors has appointed Quintin V. Kneen, who
served as President and Chief Executive Officer of GulfMark prior to the
business combination, as Tidewater’s Executive Vice President and Chief
Financial Officer. While these changes are effective immediately, Mr.
Fanning will continue to serve Tidewater for a period of time in order
to ensure an orderly transition.
Tidewater’s President and Chief Executive Officer, John Rynd, commented,
“Quinn has been a key member of the Tidewater executive management team
for many years. His hard work, perseverance and intellect were critical
to Tidewater’s ability to negotiate a consensual pre-packaged Chapter 11
restructuring with our creditors, thus establishing the foundation for
consolidation and growth that we are on today. His significant efforts,
energy and leadership also helped us to successfully complete the
business combination with GulfMark. Tidewater appreciates Quinn’s many
contributions and wishes him great success in his future professional
endeavors. We will work with Quinn to determine an appropriate
transition timetable with Quintin.”
Mr. Rynd continued, “We very much welcome Quintin to the management
team. As President and Chief Executive Officer of GulfMark, Quintin
navigated that company through its own pre-packaged Chapter 11
restructuring. Along with GulfMark’s board of directors, Quintin led
GulfMark through the critical process of determining the most
appropriate merger partner to enable GulfMark to capitalize on its
impressive financial and operating position. We are confident that his
strong financial professional background and leading executive
experience will benefit Tidewater for years to come.”
About Tidewater
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.
FORWARD-LOOKING STATEMENTS
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181115006087/en/
Source: Tidewater Inc.
Tidewater Inc.
Jason Stanley, Director, Investor Relations,
+1-713-470-5292
SOURCE: Tidewater Inc.