Tidewater CEO retires following restructuring

The CEO of U.S. offshore support vessel owner Tidewater has chosen to retire from his roles as CEO, president, and director of the company, effective October 15, 2017.

The company said on Monday that, after Jeffrey M. Platt, the company’s CEO, president, and director retired, Larry T. Rigdon was appointed as the interim CEO and president.

Platt said: “Having completed the financial restructuring of Tidewater at the end of July, which positioned the company to weather current industry conditions and achieve success in the future, the board and I have agreed that the time is appropriate to transition the leadership of the company.

“It has been an honor and a privilege to lead the hardworking employees of this company and to have been a part of Tidewater over the last 21 years. I wish the organization nothing but great success.”

Thomas R. Bates Jr., chairman of Tidewater’s board, added: “On behalf of the board and the entire company, I want to thank Jeff for his service and contributions to the company, especially during the recent reorganization. I wish him the very best in his retirement and any future endeavors.”

The company also said that it formed a search committee to identify a permanent successor for the CEO and president roles.

“The board and management are excited about Tidewater’s future, but there are still challenges that confront Tidewater and all offshore supply vessel companies that must be addressed while we wait for the overall recovery in the offshore energy industry.

“Balancing revenues with operating costs to reach cash flow breakeven is one of the most important of these challenges. I am pleased that Larry will be able to bring his vast operating history to Tidewater to lead us in the continuing evolution of the company,” concluded Bates.

Rigdon, who was appointed to serve on the board following the financial restructuring, is a seasoned executive in the industry. He has prior experience as an executive at Tidewater, retiring as executive VP in 2002 after joining the company in 1992 with the merger with Zapata Gulf Marine Corporation. Following his retirement from Tidewater in 2002, Rigdon founded Rigdon Marine Corporation and later sold the company in June 2008. He currently serves as a director of Professional Rental Tools, LLC.

“In light of Rigdon’s interim dual role as CEO and president, Rigdon has stepped down from the audit committee, and the board has appointed Steven Newman as his replacement,” the company said.

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