Page 30: of Marine News Magazine (November 2018)

29 31

REGIONAL FOCUS: U.S. GULF OF MEXICO

Cautious

Consolidation for OSV Companies

BRINGS MARKET CHANGE

Will a rising tide in the offshore oil markets ? oat all the boats?

In the U.S. Gulf of Mexico, that remains to be seen.

By Barry Parker ffshore services, exploration and production are where previous debts can be restructured and converted into on a roll. In early October, yet another business equity), announced that they would be tying the knot, with combination of big drillers was announced. In Tidewater International announcing its intention to acquire

O a sign of optimism, Ensco announced its plan for an all- Gulfmark Offshore in an all-shares deal worth roughly $340 stock acquisition of Rowan Offshore, worth around $2.4 million (depending on share prices at the time of closing).

billion. The new company will be domiciled in the United

Kingdom, but will have a large presence in Houston. That CONSOLIDATION: deal follows on Transocean’s plans to acquire of Cayman BUOYED BY OFFSHORE OPTIMISM

Islands based OceanRig for approximately $2.7 billion (in As these deals evolve, companies have stressed their cash and shares) as announced in early September. worldwide geographic span, leveraging high end, state-

As the outlook for the drillers has brightened in the inves- of-the-art equipment. And, ‘consolidation,’ as these com- tors’ minds, the prospects for offshore service vessel providers panies merge, looms large. Bene