Tidewater to Nominate Robert E. Robotti to Board of Directors

Source: www.gulfoilandgas.com 5/3/2021, Location: North America

Tidewater Inc., a leading owner and operator of offshore support vessels providing offshore energy transportation services worldwide, announced that it has entered into a Cooperation Agreement with Robert E. Robotti and his affiliated and controlled entities (the “Robotti Group”). Pursuant to the Cooperation Agreement, the Company has agreed to nominate Mr. Robotti to its Board of Directors (the “Board”) for election at the 2021 Annual Meeting, and the Robotti Group has agreed to vote in favor of the Company’s nominees and proposals at the 2021 Annual Meeting, as well as to abide by certain customary standstill provisions. With the addition of Mr. Robotti, the Tidewater Board of Directors will increase from seven to eight directors.

“We are pleased to welcome Bob to the Tidewater Board of Directors,” said Quintin Kneen, President, CEO and director of Tidewater. “Our Company has been positively transformed over the past couple of years with strong new leadership at both the board and management levels, streamlined cost structure, improved operational efficiency and a strengthened balance sheet – which all position Tidewater well to address both the ongoing challenges and emerging opportunities in the OSV industry. We look forward to the contributions Bob can make to our future success and value creation.”

Mr. Robotti stated, “I have been a large and long-term investor in Tidewater because I believe in the potential of the Company, its assets and its current leadership team. I would like to thank the Board for its constructive approach to our discussions, and I am excited about the future for Tidewater and bringing value to its shareholders.”

The Robotti Group will not be submitting a Proxy Card for tabulation at the 2021 Annual Meeting of Shareholders and will be voting for the Company’s full slate of nominees.


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