Tidewater buys GulfMark in stock-only deal

Offshore energy services firm Tidewater Inc. is buying Houston rival GulfMark Offshore in an all-stock deal that combines two struggling companies that emerged from bankruptcy last year.
Tidewater, which relocated from New Orleans to Houston earlier this year, will acquire GulfMark for about $340 million in stock, expanding its board from seven to 10 members to give GulfMark three seats.
The combination creates one of the largest fleets of offshore support vessels for the oil and gas sector. The offshore industry is still struggling to rebound since the recent oil bust despite higher crude prices because most of the new investments are focused on the onshore industry.
The expanded Tidewater will still be led by Chief Executive John Rynd, who took over the reins early this year. Rynd previously led the defunct Houston firm Hercules Offshore, which filed for bankruptcy twice during the bust.
Offshore energy services firm Tidewater Inc. is buying Houston rival GulfMark Offshore in an all-stock deal that combines two struggling companies that emerged from bankruptcy last year.
Tidewater, which relocated from New Orleans to Houston earlier this year, will acquire GulfMark for about $340 million in stock, expanding its board from seven to 10 members to give GulfMark three seats.
The combination creates one of the largest fleets of offshore support vessels for the oil and gas sector. The offshore industry is still struggling to rebound since the recent oil bust despite higher crude prices because most of the new investments are focused on the onshore industry.
The expanded Tidewater will still be led by CEO John Rynd, who took the reins early this year.
Rynd previously led the defunct Houston firm Hercules Offshore, which filed for bankruptcy twice during the bust.