Tidewater has appointed Dick H. Fagerstal non-executive Chairman of the Board.
In addition, the Board has reduced the size of the Board from nine to eight members.
Fagerstal stated, “I am honored to assume the role of Chairman of the Board of Tidewater at such an exciting time for our industry. I believe the company is well positioned to capitalize on the increasing global offshore activity with recently closed (and pending) additions to its fleet of offshore vessels.
“Having been associated with the offshore service industry for the past 35+ years and having served on the Tidewater board for the past six years, I am especially pleased to work closely with the company’s senior leadership team and the many talented employees of Tidewater – both onshore and offshore – throughout the world.”
Fagerstal serves as the Independent Director, Chairman of the Audit Committee, member of the ESG Committee of Valaris Limited since April 2021. He previously served as Executive Chairman of the Global Marine Group, based in Chelmsford, United Kingdom, a subsea cable installation and maintenance business operating globally in the telecoms, offshore renewables, and oil and gas sectors, from February 2020 to March 2023.
From 2014 to 2020, Fagerstal served as Chairman & Chief Executive Officer of Global Marine Holdings LLC, which was the prior owner of the business. He served as an Independent Director of Frontier Oil Corporation, Manila, Philippines, from 2014 to 2017.
Before he started his business career, Fagerstal served as an officer in the Special Air Service unit of the Swedish Special Forces from 1979 to 1983. He received a B.S. in Economics and Law from the University of Gothenburg and an M.B.A. in Finance from New York University, as a Fulbright Scholar.
In April, Tidewater announced that Larry T. Rigdon, who has served as a member of the company's Board of Directors since July 2017, and as non-executive Chairman of the Board since October 2019, would not stand for reelection and will retire from the Board in June.