In another consolidation in the offshore sector US offshore support vessel (OSV) players Tidewater and GulfMark are to merge in a $1.25bn all-stock transaction.
The merger will create what the companies say will be the largest global OSV operator with a fleet of 245 platform supply vessels (PSVs) and anchor handlers (AHTS), leapfrogging Bourbon with 185 OSVs.
Under the all stock merger GulfMark shareholders would receive 1.1 shares in Tidewater for each GulfMark share in a transaction that values the combined company at $1.25bn. Following the merger the company would operate under the Tidewater brand with GulfMark shareholders beneficially owning 27% of the combined company.
The new company will be led by Tidewater ceo John Rynd with the board of directors expanded to 10 seats with three filled by directors from GulfMark.
"By combining our fleets and shore-based activities we will be better able to provide customers with access to modern, high-specification vessels while maintaining a strong commitment to safe operations and superior, cost-effective customer service. The transaction preserves Tidewater's strong financial profile and allows the company to fund both organic growth and possible additional acquisitions,” said Rynd.