U.S.-based offshore supply vessel company Tidewater has completed its merger with rival Gulfmark Offshore, thereby creating a new global leader in the offshore support vessel sector in terms of total fleet size. Tidewater Inc. (NYSE: TDW) announced the closing of the deal on Thursday with support from over 99% of shareholders from both companies. All closing … [Read more...]
Gulfmark Offshore Receives Unsolicited Merger Offer from Harvey Gulf, Throwing Wrench in Planned Tidewater Deal
Houston-based GulfMark Offshore (NYSE:GLF) today confirmed that it has received a non-binding, unsolicited proposal from competitor Harvey Gulf International Marine to combine the companies in an all-stock merger in which GulfMark would acquire Harvey Gulf. Under the Harvey Gulf proposal, GulfMark stockholders would own 41.2% of the combined company and it would remain … [Read more...]
Tidewater and Gulfmark to Merge, Creating Offshore Supply Vessel Leader
U.S.-based offshore supply vessel companies Tidewater (NYSE: TDW) and GulfMark Offshore (NYSE: GLF) announced Monday that their respective Boards of Directors have unanimously approved a definitive agreement to combine the two companies. The combination would create a global leader in the offshore support vessel sector that is "positioned to capitalize on significant cost … [Read more...]
GulfMark Plans $150 Million Private Offering to Fund Vessel Construction
GulfMark Offshore, Inc. (NYSE:GLF) announced Friday it intends to offer $150 million in aggregate principal amount of its 6.375% Senior Notes due 2022 for sale in a private offering to fund vessel construction costs. The notes will have substantially the same terms as the $300 million aggregate principal amount of 6.375% Senior Notes due 2022 issued by GulfMark in March … [Read more...]
Gulfmark Offshore Announces Additional Jones Act Newbuilds, and 300% Revenue Increase
Gulfmark Offshore released their Q2 operating results on Monday and at the same time, announced their intention to build two additional Jones Act platform supply vessels (PSVs) for the U.S. Gulf of Mexico. Bruce Streeter, Gulfmark's President and CEO, commented, "As we previously announced, we sold two U.S. flagged aluminum boats during the quarter for a gain of $3.7 million, … [Read more...]