Louisiana-based oil services company Tidewater (NYSE:TDW) has announced the appointment of John T. Rynd as the company’s new President and Chief Executive Officer and a member of the Board of Directors effective March 5.
The announcement comes after a four-month search for new CEO after its former CEO, Jeffrey Platt, stepped down from the role following the completion of the company’s financial restructuring last July. Platt announced his retirement on October 15, 2017, with immediate effect.
Mr. Rynd will replace Larry T. Rigdon who has served as interim President and Chief Executive Officer since Mr. Platt’s retirement.
“After completing a comprehensive search, the Board is very pleased to welcome John to the team,” said Mr. Tom Bates, Chairman of the Board of Directors. “He brings with him considerable experience in the offshore drilling services sector and the global oil and gas industry as a whole. John’s experience, leadership and vision will be tremendous assets to Tidewater as we work to continue to strengthen the company’s position in this challenging market.”
Rynd previously served as Chief Executive Officer and President, and as a director of Hercules Offshore from 2008 through 2016. You may recall Hercules went out of business in December 2016 as the result of a liquidation filing under Chapter 11 bankruptcy.
Prior to his time at Hercules, Rynd spent 11 years with Noble Drilling Services, Inc., where he served in a variety of management roles. Earlier in his career, he served in various roles of increasing levels of responsibility with Chiles Offshore and Rowan Companies.
“I’m honored and excited to be joining the Tidewater team,” commented Mr. Rynd. “The company has a strong foundation with its talented people, a long history of providing safe and reliable services to our customers worldwide and one of the strongest balance sheets in the offshore industry. I look forward to working with the Tidewater team to leverage these strengths to build value for our employees, customers and shareholders, as the market improves in the years ahead.”
Tidewater owns and operates one of the largest fleets of offshore support vessels in the global offshore oil and gas industry. Last July, the company emerged from Chapter 11 bankruptcy after completing a prepackaged restructuring support agreement with creditors that eliminated approximately $1.6 billion of debt.
Tidewater has remained in business throughout the restructuring process.