Tidewater, one of the world’s predominant offshore vessel owners, has been on a deliberate and strategic acquisition streak steered by its President & CEO, Quintin V. Kneen. Following the significant merger with GulfMark in an all-stock deal valued at $1.25 billion in 2018, Kneen propelled the operational efficiency of the company by incorporating GulfMark’s scalable systems. The GulfMark merger notably augmented Tidewater’s fleet with high-quality large deck vessels, fortifying its market stance. The purchasing continued with Swire Pacific Offshore’s portfolio, consisting of nearly 50 offshore vessels, for $190 million in April 2022, broadening Tidewater’s footprint in the strategic hubs of Singapore, Africa, and Australia. In 2023, Tidewater solidified its Norwegian market presence by acquiring 37 platform supply vessels from Solstad for $580 million. These strategic moves were executed during the industry’s prolonged recession, a period in which Kneen maintained confidence in the market’s eventual recovery, which has since come to fruition. However, Tidewater’s President acknowledges the increased complexity of acquisitions in the resurrected market, citing sellers’ demands for higher asset prices. Despite the challenging negotiation climate, Tidewater casts its acquisition lens towards the Americas, where it perceives a potential to bolster its presence, considering previous transactions primarily targeted Europe, Africa, and Asia. As the market conditions shift, Tidewater’s adaptability and strategic persistence under Kneen’s leadership position it for continued expansion in the rebounding offshore vessel sector.

Maritime Transportation, Mergers & Acquisitions,Americas, Europe, Africa, Asia, Norway, Singapore

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