Tidewater Announces Organizational Changes and Continued Streamlining of Operations
27 September 2019 - 7:58AM
Business Wire
Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”)
announced today that the Company has reached agreements with
Jeffrey A. Gorski, Executive Vice President and Chief Operating
Officer, and Bruce D. Lundstrom, Executive Vice President, General
Counsel and Corporate Secretary, whereby both will resign from the
Company effective September 30, 2019. The Company has eliminated
the Chief Operating Officer position and has appointed Daniel A.
Hudson to succeed Mr. Lundstrom as the Company’s General Counsel.
As part of the agreements, Messrs. Gorski and Lundstrom have agreed
to provide transition services on an as needed basis.
Quintin Kneen, President and Chief Executive Officer of
Tidewater, commented, “We are grateful for the contributions Jeff
and Bruce have made to Tidewater over the years, and in particular
for the important roles they played during our recent restructuring
and subsequent merger and integration. We thank them for their
contributions and wish them the very best in all of their future
endeavors.
These organizational changes are part of a renewed focus on
improving decision making efficiency. At Tidewater, we are
dedicated to finding additional opportunities to streamline our
shore base infrastructure in order to reduce general and
administrative expenses as part of our commitment to be the most
cost efficient major offshore vessel operator in the world.”
About Tidewater
Tidewater owns and operates the largest fleet of Offshore
Support Vessels in the industry, with over 60 years of experience
supporting offshore energy exploration and production activities
worldwide.
FORWARD-LOOKING STATEMENTS
In accordance with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, Tidewater notes that
certain statements set forth in this presentation provide other
than historical information and are forward looking. The unfolding
of future economic or business developments may happen in a way not
as anticipated or projected by Tidewater and may involve numerous
risks and uncertainties that may cause Tidewater’s actual
achievement of any forecasted results 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 Tidewater include, without limitation the anticipated synergies
with respect to the combination of Tidewater and GulfMark;
fluctuations in worldwide energy demand and oil and gas prices;
fleet additions by competitors and industry overcapacity; customer
actions including changes in capital spending for offshore
exploration, development and production and changes in demands for
different vessel specifications; acts of terrorism and piracy; the
impact of potential information technology, cybersecurity or data
security breaches; significant weather conditions; unsettled
political conditions, war, civil unrest and governmental actions,
especially in higher political risk countries where we operate;
labor changes proposed by international conventions; increased
regulatory burdens and oversight; changes in law, economic and
global financial market conditions, including the effect of
enactment of U.S. tax reform or other tax law changes, trade policy
and tariffs, interest and foreign currency exchange rate
volatility, commodity and equity prices and the value of financial
assets; and enforcement of laws related to the environment, labor
and foreign corrupt practices. Readers should consider all of these
risk factors, as well as other information contained in Tidewater’s
form 10-Ks and 10-Qs.
Tidewater owns and operates one of the largest fleets of
Offshore Support Vessels in the industry, with over 60 years of
experience supporting offshore energy exploration and production
activities worldwide.
To learn more, visit the Tidewater website at: www.tdw.com
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version on businesswire.com: https://www.businesswire.com/news/home/20190926005910/en/
Matthew A. Mancheski Vice President, Investor Relations and
Corporate Development 713-470-5294
SOURCE: Tidewater Inc.
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