NEW ORLEANS, Oct. 16, 2017 /PRNewswire/ -- Tidewater Inc.
(NYSE: TDW) ("Tidewater" or the "Company") announced today that
Jeffrey M. Platt has elected to
retire effective October 15, 2017
from his roles as CEO, President, and a director of
Tidewater. The Board of Directors has appointed Larry T. Rigdon as its interim Chief Executive
Officer ("CEO") and President, effective immediately.
"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 Mr. Platt. "It has
been an honor and a privilege to lead the hardworking employees of
this Company and to have been a part of Tidewater over the last 21
years. I wish the organization nothing but great
success."
"On behalf of the Board and the entire Company, I want to thank
Jeff for his service and contributions to the Company, especially
during the recent reorganization. I wish him the very best in his
retirement and any future endeavors," said Thomas R. Bates, Jr., Chairman of Tidewater's
Board.
The Board has formed a search committee to identify a permanent
successor CEO and President.
Mr. Bates concluded: "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."
Mr. Rigdon, who was appointed to serve on the Board following
the financial restructuring, is a seasoned executive in the
industry. Mr. Rigdon has prior experience as an executive at
Tidewater, retiring as Executive Vice President in 2002 after
joining the Company in 1992 with the merger with Zapata Gulf Marine
Corporation. Following his retirement from Tidewater in 2002, Mr.
Rigdon successfully founded and grew Rigdon Marine Corporation to
twenty-eight state of the art offshore service vessels and sold the
Company in June 2008. Mr. Rigdon
currently serves as a director of Professional Rental Tools,
LLC.
In light of Mr. Rigdon's interim dual role as CEO and President,
Mr. Rigdon has stepped down from the audit committee and the Board
has appointed Steven Newman as his
replacement.
Forward-Looking Statements
In accordance with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, the Company notes that
certain statements set forth in this press release provide other
than historical information and are forward looking. The actual
achievement of any forecasted results, or the unfolding of future
economic or business developments in a way anticipated or projected
by the Company, involve numerous risks and uncertainties that may
cause the Company's actual performance 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 the Company, including, without limitation, the effects on the
market price of the Company's common stock and on the Company's
ability to access the capital markets; volatility in worldwide
energy demand and oil and gas prices, and continuing depressed
levels of oil and gas prices, without a clear indication of if, or
when, prices will recover to a level to support renewed offshore
exploration activities; consolidation of our customer base; fleet
additions by competitors and industry overcapacity; our views with
respect to the need for and timing of the replenishment of our
asset base, including through acquisitions or vessel construction;
changes in capital spending by customers in the energy industry for
offshore exploration, field development and production; loss of a
major customer; changing customer demands for vessel
specifications, which may make some of our older vessels
technologically obsolete for certain customer projects or in
certain markets; delays and other problems associated with vessel
construction and maintenance; uncertainty of global financial
market conditions and difficulty in accessing credit or capital;
potential difficulty in meeting financial covenants in material
debt or other obligations of the Company or in obtaining covenant
relief from lenders or other contract parties; acts of terrorism
and piracy; integration of acquired businesses and entry into new
lines of business; disagreements with our joint venture partners;
significant weather conditions; unsettled political conditions,
war, civil unrest and governmental actions, such as expropriation
or enforcement of customs or other laws that are not well developed
or consistently enforced, or requirements that services provided
locally be paid in local currency, in each case especially in
higher political risk countries where we operate; foreign currency
fluctuations; labor changes proposed by international conventions;
increased regulatory burdens and oversight; changes in laws
governing the taxation of foreign source income; retention of
skilled workers; enforcement of laws related to the environment,
labor and foreign corrupt practices; and the resolution of pending
legal proceedings. Readers should consider all of these risk
factors as well as other information contained in this press
release.
Tidewater is the leading provider of Offshore Service Vessels
(OSVs) to the global energy industry.
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SOURCE Tidewater Inc.