Anybody heard this rumor about the above merger?
Jackson bought some of Tidewater’s boats according to a colleague that works at JOO. Haven’t heard any merger rumours.
It’s happening,at least the Tidewater/Gulfmark part for now.
At Gulfmark, haven’t heard a thing. Things are gravy here.
Always the last to know…
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This just in…L&M Botruc is buying out Tidewater. Please disseminate this information asap.
I remember when I was a gullible young fella right out of the Navy, there was a Botruc vessel passing by in Fourchon. My Engineer informed me that their engines were unique, being Briggs & Stratton. I said “I didn’t even know they made diesels!” Ah, the shame.
Say what you will,my brother works at TDW,and has for the last 30 years,he didn’t believe it.Guess what,he called and said the office told them two days ago.
vieuxsang504
Just Browsing
June 28
Quimby:
This just in…L&M Botruc is buying out Tidewater. Please disseminate this information asap.
I remember when I was a gullible young fella right out of the Navy, there was a Botruc vessel passing by in Fourchon. My Engineer informed me that their engines were unique, being Briggs & Stratton. I said “I didn’t even know they made diesels!” Ah, the shame.
Just appeared on TW & elsewhere:
Next time you will listen
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Yep, this is one of the reasons why I like gcaptain forum & other social media comment sections. Almost 6 weeks before the official word from TDW the gcaptain rumor mill was kicking the idae around.
No,Sand Pebble, they were dissing the Guinea Pirate.
The official press release from TDW:
http://phx.corporate-ir.net/phoenix.zhtml?c=81406&p=irol-newsArticle&ID=2358380
This is the article about the merger in Sysla:
They note that the combined company will bypass Bourbon as the largest OSV company in the world.
It is also noted that 100 of the 243 vessels in the combined fleet is in layup and that both companies have subsidiaries in Norway, owning and operating OSVs under Norwegian flag (NOR):
http://www.tromsoffshore.no/
http://www.gulfmark.no/newsread/index.aspx
What they don’t say is that much of the fleet consist of relatively old vessel and mostly AHTS and PSVs, with few CSVs that is likely to become money spinners first.
PS> Many of the older vessels in layup are obsolete and unlike to get back in productive work.
I’m at GulfMark, funny being on the vessel at Bollinger shipyard Amelia, just a few doors down from Tidewater’s office here when we got the news. The mood is apprehensive, with the usual worries about where pay will go, or whether they will need us at all. I was with Tidewater from '97-'99, so I guess I’d be a re-hire. Boy, y’all sure did get it right on the money. Forgive me for doubting you, but rumors don’t usually flesh out so well.
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Does anyone know if it is still Tidewater’s business strategy to focus completely in foreign markets & only keep a half dozen or less vessels domestically to justify having a US based shoreside support team? I wonder how many boats Gulfmark has in the states & if those contracts will quickly be lost to HOS, Harvey, ECO, Jackson etc? I worked 10 years for TDW & it was a sketchy operation where management had no domestic ambitions, no long term goals & only planned for the end of the quarter. We employees were even more short sighted & was happy if we made it to the end of the pay period without getting laid off or transferred to another vessel with only an hours notice. If TDW is the same as it used to be, I feel sorry for the Gulfmark guys.
When I tell you that a goose can pull a freight train, just hitch him up!
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Sand Peeble, I’m in West Africa now and things are picking up with new vessels showing up regularly, they may be smart to concentrate on the overseas markets,I’ve been told by several people, when it starts picking up, it will start in West Africa.
Tidewater’s gain is the North Sea vessels and contracts. The GOM business is not as healthy, and those vessels tend to be older / smaller.
I worked with TDW in 2002 when Omally retired & Dean Taylor step in as CEO. I remember seeing a list of 101 working TDW boats in the GOM in 2000. I worked in the GOM, Mexico, Nigeria, Angola & Singapore & it was well known that Taylor preferred international operations & didn’t care too much for the US market or US mariners. When I left TDW in 2006 they only had 6-10 working boats in the US. It was the opinion of myself & many others that TDW didn’t want to bid on or compete for US jobs. It was a windfall for all the other companies. I was wondering if it was the same now a days with Tidewater or does the new management want a competitive presence in the US? If TDW is still the same, all of the unlicensed Gulfmark guys & Gulfmark officers who want to stay in the US better start job hunting.