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Mike Foster Vice President, General Manager [email protected] (401) 226-1042 cellKyryll Karayev P.E. Repair Yard Manager, Dry Dock Master [email protected] (401) 639-9325 cellSenesco MR Jan14.indd 111/19/2013 11:59:46 AMa number of offshore service vessel operators and petroleum transport companies. A similar pattern emerges in relation to oil prices throughout the ten year period. A steady increase in share prices since the 2008 crash has been punctuated by a few periods of volatility, especially in 2012 and in recent months. Shares of Kirby Corporation (NYSE: KEX) expe- rienced a 15% setback between August and October 2014, while offshore companies Tidewater Inc (NYSE: TDW) and Hornbeck Offshore (NYSE: HOS) declined as much as 30% through this unpredictable period. At the heart of the market retreat has been an oil price decline of around 25% from about $107 per barrel to as low as $80, due to a glut of both crude and reÞ ned petroleum products worldwide. Mergers and Acquisitions activity has cooled slightly in re- cent months in offshore marine and energy sectors along with the overall market declines. The high-growth periods imme- diately before and after 2008 were marked by a large volume of deals involving large companies and drilling properties. However, more recent transaction ß ow has centered on small- er equipment and services company deals, as market players carve out proÞ table niches that are perhaps less exposed to major market swings. Though some large transactions and companies were high- lighted earlier, the bulk of mergers and acquisition activity tends to take place in the Òmiddle marketÓ or Òlower middle market.Ó These market labels do not have a precise deÞ nition, but in our industry segments the lower middle market tends to include very small deals and the middle market extends to those with a total transaction value of a few hundred million dollars. Boutique investment banks (such as this writerÕs) tend to focus on these smaller deals, and there is no shortage of interesting and varied U.S.-related deals to review. Service Company Deals Throughout the current year, a number of compelling middle market deals took place with companies that provide niche services in the offshore industry. Kicking off the year, in February, Denver-based private equity group Lariat Partners acquired the environmental services business of Newpark Re- sources, Inc. for $100 million in cash. Lariat merged Newpark www.maritimeprofessional.com I Maritime Professional I 171-17 Q4 MP2014.indd 171-17 Q4 MP2014.indd 1711/17/2014 2:49:58 PM11/17/2014 2:49:58 PM