Tidewater and GulfMark Announce Filing of Definitive Proxy Statement
This now makes them officially the largest osv company in the world with the most number of boats. However about a third of this number includes stacked vessels and as far as company value goes since the average age of Fleet will be over 9 years old the total value of their Fleet is still 520 million less than that of Chouest. However we are just talking about fleet value…not the other enteties.
Global Marine now on the block:
does that make them the biggest L3/Wartsila DP client as well?
How long will the house of cards stand?
Not exactly OSVs but restructuring in the marine industry never the less:
The circle has been closed. What started as the Norwegian company GECO in the 1970’s and later became GECO-Prakla owned by French company Schlumberger. It became WesternGECO in 2000, when Schlumberger bought the US company Western Geophysical and now back to Norwegian ownership under the name Shearwater.
Anybody interested in bidding for a fleet of state of the art OSVs??:
Maybe Tidewater, now that the are back as the world’s biggest (and richest) Offshore Marine company??:
PS> Nice picture, but still no credit
Tidewater too cyclical - how many times have they gone for Chapter 11?
Won’t be Bourbon.
Will it stay in Scandinavia or go East? It is a big fish to swallow but an ideal time to buy.
In the gcaptain article it says the combined fleet will be 375 vessels, while in other reports the number is said to be 245??:
Maybe the 375 include small tugs, crewboat and even barges?
102 of the vessels are what they call “tier 1 vessel”. Younger then 10 years and DP 2. A lot of those vessels are working in the North Sea already.
More scrapping, more consolidation and more refinancing is still required to stabilise the market:
I thought Chouest had more than 164 vessels.
This counts only PSVs and AHTS.
That makes sense
Tidewater has more vessels but ECO is worth more money.
How much money ECO has as a number corporations is s impossible to know. They are privately owned.
Good information. Even more interesting would be to know how many vessels each had working. Steel rusting at the bank or on the pier is of little value beyond scrap value.
As Kraken pointed out, only 102 of the new combined Tidewater/Gulf fleet is “Tire 1” vessels, the rest is older and less marketable vessels, many of which is in layup and may never get back in service.
How many of the ECO fleet that is “Tire 1” and above?? I don’t know, but I would venture a guess that it is far more than Tdw. can muster, even if we count the fleets of affiliated foreign companies of both companies. (Island Offshore, Troms Offshore, Gulf Marine AS etc.)
How many of the marketable fleets of both companies that is operating, or is able to operate, in the GoM is another question. (??)
PS> When others were building only DPS-2/FiFi 1 classed vessels, Tidewater was building vessels in China classed as DPS-0 (Enhanced joystick) and FiFi 1/2.