Tidewater Inc. announced yesterday that it had appointed Quintin V. Kneen president, CEO and director effective immediately. John T. Rynd is retiring as president, CEO and director of Tidewater.
Kneen has served as executive vice president and chief financial officer of Tidewater since the Houston-based offshore service vessel operator’s November 2018 merger with GulfMark Offshore Inc. Kneen was president, CEO, and a director of GulfMark prior to the business combination.
Kneen will also continue to serve as the company’s CFO until a successor is appointed to that position.
“We appreciate John’s many contributions during his tenure with Tidewater,” chairman of the board Thomas R. Bates Jr., said in a statement. “He oversaw a successful merger with GulfMark that has positioned Tidewater to be the leader in the offshore service vessel industry while maintaining its unmatched financial strength and stability. We wish John all the best in his future plans.”
Bates continued: “Quintin is well qualified to lead Tidewater, having led GulfMark through both a successful reorganization and its combination with Tidewater. Following our combination, in his role as CFO, he has been focused on the financial integration of the two organizations and achieving the cost and operational synergies of that combination. The board is confident that Quintin will do an excellent job as Tidewater continues to navigate its way through an industry still seeking a fulsome recovery.”
“I am proud to assume the leadership of this great company,” Kneen said in a statement. “Last year’s business combination created opportunities to realize synergies and strategic advantages. We will maximize the impact of these attributes and pursue additional opportunities to enhance our strategic position and capitalize on our large scale of operations. I am committed to continuing our outstanding safety record, maintaining our operational excellence and creating a business that is capital disciplined and dedicated to maximizing cash flow regardless of industry conditions. Tidewater’s scale of operations and its strong balance sheet place it in an excellent position to achieve these objectives and to deliver superior returns to our stockholders.”