US-based companies Tidewater and GulfMark Offshore have completed their business combination, creating the industry’s largest offshore support vessel (OSV) owner.
The companies informed that their stockholders “overwhelmingly supported the business combination,” with relevant proposals being approved by over 99% of the votes cast by Tidewater stockholders and GulfMark stockholders at a meeting on November 15.
All necessary conditions to the closing have been satisfied and the business combination has been consummated. In connection with the completion of the transaction, GulfMark common stock ceased trading on the New York Stock Exchange as of the market close on November 15, 2018.
“We’re excited to welcome the GulfMark team to Tidewater, and we look forward
John Rynd, Tidewater’s President and Chief Executive Officer, said that the company is looking forward “to commencing the work of integrating our fleets and shore-base operations in order to quickly and fully realize the strategic and financial benefits of this business combination.”
The parties earlier said that the merger would create a global OSV leader with the industry’s largest fleet of 245 vessels.