Tidewater: A Timeline
1955 Ten investors build the Ebb Tide, the first oil and gas service vessel. 1956 Tidewater Marine Service Inc., a public company, opens for business in the U.S. Gulf of Mexico. 1958 International operations begin in Lake Maracaibo, Venezuela. 1966 Fleet expands to more than 200 vessels at work in the United States, South America, Central America and West Africa. 1968 Tidewater acquires Twenty Grand Marine, increasing its fleet to 350 vessels. 1970 The New York and Pacific Stock Exchanges list Tidewater as ticker symbol "TDW," Tidewater also acquires interest in oil production in waters off Indonesia. 1974 Tidewater engages in a fleet expansion program unprecedented in the industry through new construction and vessel company acquisitions. 1977 Shareholders vote to approve the Board's recommendation to change the name of the corporation to Tidewater Inc. During the year, 13 new vessels are added to the Tidewater fleet at a cost of $40.2 million. 1978 Hilliard Oil & Gas Inc. becomes a wholly owned subsidiary of Tidewater. 1979 Tidewater adds 26 new vessels to its marine fleet at a cost of $37.1 million. 1983 Tidewater completes a $200 million, 59-vessel new construction program. 1986 Tidewater completes a two-year building program that adds 40 vessels to the fleet at a cost of $104 million. 1992 Tidewater consummates merger with Zapata Gulf Marine, which doubles the size of its fleet. 1994 John P. Laborde, chairman, president and CEO, retires after 38 years with the company. William C. O'Malley takes over the helm. 1996 Tidewater acquires Hornbeck Offshore Services, pushing the company's vessel count to more than 600. 1997 Tidewater acquires O.I.L. Ltd. increasing its fleet to more than 700 vessels. 1998 Tidewater sells its Tidewater Compression division and reports record profits in company history. 2000 Tidewater embarks on a $300 million new construction program that will position the company to fill a new market niche in deepwater exploration. 2001 Tidewater's new build program is upgraded to $700 million, placing the fleet among the top competitors in the deepwater markets worldwide. 2002 Dean E. Taylor takes over from William C. O'Malley as chairman, president and CEO. 2003 Tidewater announces its acquisition of 27 vessels from ENSCO. 2006 Tidewater celebrates 50th anniversary and reports second highest profits in company history. Another view of the M/V EBB TIDE, built in 1955, was the first purpose built supply boat to the offshore oil industry. The M/V MAQUIDI TIDE, which is a new tug vessel.
30 � MarineNews � September, 2007