Former Hercules CEO to head Tidewater

U.S. offshore support vessel owner Tidewater has appointed a new president and chief executive officer (CEO), effective March 5.

Tidewater said on Thursday that John T. Rynd would become the company’s new president, CEO, and board member.

He will replace Larry T. Rigdon who served as interim president and CEO since October 2017.

Tom Bates, Tidewater chairman, said: “After completing a comprehensive search, the board is very pleased to welcome John to the team. He brings with him considerable experience in the offshore drilling services sector and the global oil and gas industry as a whole. John’s experience, leadership, and vision will be tremendous assets to Tidewater as we work to continue to strengthen the company’s position in this challenging market.

“On behalf of all Tidewater stakeholders, I would like to thank Larry for his leadership of the business during this interim period, implementing significant progress towards achieving the company’s near-term objective of reaching breakeven cash flow. I look forward to his continued service on the Tidewater Board.”

Rynd previously served as CEO and president, and as a director of Hercules Offshore from 2008 through 2016. Prior to his time with Hercules, Rynd spent 11 years with Noble Drilling Services where he served in a variety of management roles. Earlier in his career, he served in various roles of increasing levels of responsibility with Chiles Offshore and Rowan Companies.

He also served as chairman of the National Ocean Industries Association (NOIA) from 2014-15 and currently holds an ex-officio position on the Executive Committee. He serves on the board of directors of Fieldwood Holdings and was on the board of directors of Hornbeck Offshore from 2011 to February 2018.

Regarding his appointment, Rynd said: “I’m honored and excited to be joining the Tidewater team. The company has a strong foundation with its talented people, a long history of providing safe and reliable services to our customers worldwide and one of the strongest balance sheets in the offshore industry.”

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