Tidewater Appoints Quintin Kneen as President, CEO, and Director
September 03 2019 - 8:14PM
Business Wire
Tidewater Inc. (NYSE: TDW) (“Tidewater”) announced that the
board of directors of Tidewater (the “Board”) has appointed Quintin
V. Kneen as President, Chief Executive Officer, and director of
Tidewater, effective immediately. John T. Rynd is retiring as
President, Chief Executive Officer, and director of Tidewater.
Mr. Kneen, who has served as Executive Vice President and Chief
Financial Officer of Tidewater since Tidewater’s November 2018
business combination with GulfMark Offshore, Inc. (“GulfMark”), was
President, Chief Executive Officer, and a director of GulfMark
prior to the business combination.
Mr. Kneen will also continue to serve as the Company’s Chief
Financial Officer until a successor is appointed to that
position.
Tidewater’s Chairman of the Board, Thomas R. Bates, Jr.,
commented, “We appreciate John’s many contributions during his
tenure with Tidewater. He oversaw a successful merger with GulfMark
that has positioned Tidewater to be the leader in the offshore
service vessel industry while maintaining its unmatched financial
strength and stability. We wish John all the best in his future
plans.”
Mr. Bates continued, “Quintin is well qualified to lead
Tidewater, having led GulfMark through both a successful
reorganization and its combination with Tidewater. Following our
combination, in his role as CFO, he has been focused on the
financial integration of the two organizations and achieving the
cost and operational synergies of that combination. The Board is
confident that Quintin will do an excellent job as Tidewater
continues to navigate its way through an industry still seeking a
fulsome recovery.”
Mr. Kneen remarked, “I am proud to assume the leadership of this
great company. Last year’s business combination created
opportunities to realize synergies and strategic advantages. We
will maximize the impact of these attributes and pursue additional
opportunities to enhance our strategic position and capitalize on
our large scale of operations. I am committed to continuing our
outstanding safety record, maintaining our operational excellence
and creating a business that is capital disciplined and dedicated
to maximizing cash flow regardless of industry conditions.
Tidewater’s scale of operations and its strong balance sheet place
it in an excellent position to achieve these objectives and to
deliver superior returns to our stockholders.”
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/20190903005967/en/
Tidewater Inc. Matthew A. Mancheski, Vice President, Investor
Relations and Corporate Development +1-713-470-5294
SOURCE: Tidewater Inc.
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