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INSIGHTS

It was just about one year ago that Tidewater itself emerged from Chapter 11 Bankruptcy. Shortly there- after, GulfMark did the same. This month, you an- nounced an agreement to merge with GulfMark. What has changed in one year that allowed you to embark upon this exciting, aggressive path?

The path that led us to Chapter 11 was a long one.

Choosing this approach ultimately allowed us to struc- ture the business in such a way as to maximize its ? nancial strength, which is, and will be, critical as the offshore sup- ply vessel market begins to stabilize and then continues the slow march toward a new market equilibrium, with vessel

John Rynd demand again balanced with vessel supply. Post-restructur- ing, the company is essentially in a zero net debt position

President , and quarterly operating results are approaching a cash ? ow break even. The company also has signi? cant available li-

CEO and Director, quidity and no signi? cant near-term debt maturities, so

Tidewater Inc.

we should be well-positioned for a still challenging global

OSV market. Looking to the future, a more vibrant OSV r. John Rynd graduated from Texas A&M Universi- market will require signi? cant investment to reactivate ty with a Bachelor of Arts degree in Economics. He currently idle equipment. Post-restructuring, the company

Mpreviously served as Chief Executive Of? cer and has the ? nancial resources to make that investment.

President, and as a director of Hercules Offshore from 2008 GulfMark undertook the same set of activities, for many through 2016. Prior to his time with Hercules, Mr. Rynd of the same reasons. Each company has been working on spent 11 years with Noble Drilling Services, Inc., where he ideas and concepts independently throughout the down- served in a variety of management roles. Earlier in his career, turn related to enhancing productivity and shore-based he served in various roles of increasing levels of responsibil- scalability. By leveraging the combined talents of both ity with Chiles Offshore and Rowan Companies. Beyond organizations, we are convinced no other OSV company this, Mr. Rynd served as Chairman of the National Ocean in the world will have higher safety and operating perfor-

Industries Association (NOIA) from 2014-15 and currently mance or operate as ef? ciently at those levels. holds an Ex-Of? cio position on the Executive Committee.

Why should the market trust the prospect of the

He serves on the Board of Directors of Fieldwood Holdings merger between two stakeholders that only recently

LLC, and was on the Board of Directors of Hornbeck Off- themselves emerged from Chapter 11?

shore, Inc. from 2011 to February 2018. Today, he presides

The combined company will have the largest ? eet, over what could soon become the largest operator of OSV vessels on the planet. Tidewater already owns a spot near the broadest operating footprint, and strongest ? nancial pro- top of that pyramid. These are exciting times in the offshore ? le in the OSV sector. These are all key metrics that we feel energy support industry. And, while no one knows what will position the company for an industry recovery that seems come next, the recovering offshore markets beckon to those to be getting some traction. The fact that both companies who believe it will come back soon. John Rynd is one of worked through the process of restructuring and emerged with strong balance sheets and low leverage is an underly- them. Listen in this month as he weighs in on this compli- ing enabler for the combination. cated, but important marine sector.

September 2018

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