Page 33: of Marine News Magazine (September 2018)

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TIDEWATER – GULFMARK –

HARVEY GULF INTERNATIONAL MARINE

Along the way to the $80/barrel oil that we saw this past Spring, the dire predictions of Alix Partners (which advised Tidewater in its restructuring efforts and also spearheaded the $3.8 billion reorganization of ultra-deepwater semisub and drillship owner Ocean Rig) were spot on. The “consolidation” piece, where companies combine, is now beginning to play out. If there was any doubt about the strengthening market, one need not look any further than at a bidding war emerging among three OSV owners in the U.S. Gulf.

In mid July, 2018 news emerged that Tidewater had made a “share for shares” merger deal to acquire Gulfmark Offshore equity, to be paid for with newly issued

Tidewater shares. The two companies estimated that the value, to Gulfmark shareholders being bought out, at approximately $340 million; if the deal moves ahead, $100 million of Gulfmark debt would be repaid. The combined company would have the world’s largest