New Orleans-based oil services company Tidewater Inc. (NYSE: TDW) announced today that Jeffrey Platt has decided to retire from his roles as CEO, President, and a director of Tidewater following the completion of the company’s financial restructuring in June.
Platt’s retirement is effective as of October 15, 2017, and the Board of Directors has appointed Larry Rigdon as its interim Chief Executive Officer and President, effective immediately.
“Having successfully completed the financial restructuring of Tidewater at the end of July, which positioned the Company to weather current industry conditions and achieve success in the future, the Board and I have agreed that the time is appropriate to transition the leadership of the Company,” said Platt. “It has been an honor and a privilege to lead the hardworking employees of this Company and to have been a part of Tidewater over the last 21 years. I wish the organization nothing but great success.”
“On behalf of the Board and the entire Company, I want to thank Jeff for his service and contributions to the Company, especially during the recent reorganization. I wish him the very best in his retirement and any future endeavors,” said Thomas Bates, Jr., Chairman of Tidewater’s Board.
The Board has formed a search committee to identify a permanent successor for the CEO and President role.
“The Board and management are excited about Tidewater’s future, but there are still challenges that confront Tidewater and all offshore supply vessel companies that must be addressed while we wait for the overall recovery in the offshore energy industry, said Bates. “Balancing revenues with operating costs to reach cash flow breakeven is one of the most important of these challenges. I am pleased that Larry will be able to bring his vast operating history to Tidewater to lead us in the continuing evolution of the Company.”
Rigdon, who was appointed to serve on the Board following the financial restructuring, is a seasoned executive in the industry. He has prior experience as an executive at Tidewater, retiring as Executive Vice President in 2002 after joining the Company in 1992 with the merger with Zapata Gulf Marine Corporation. Following his retirement from Tidewater, Rigdon successfully founded and grew Rigdon Marine Corporation to include twenty-eight state-of-the-art offshore service vessels and sold the Company in June 2008. Rigdon currently serves as a director of Professional Rental Tools, LLC.
Tidewater emerged from Chapter 11 bankruptcy in July after completing a prepackaged restructuring support agreement with creditors that eliminated approximately $1.6 billion of debt. The company remained in business throughout the restructuring process.
In light of Rigdon’s interim dual role as CEO and President, he has stepped down from the audit committee and the Board has appointed Steven Newman as his replacement.