Tidewater shipowner of offshore support ships appoints Dick H. Fagerstal as non-executive Chairman of the board.
The Houston-based offshore giant gives the new role to the 35+ years veteran in offshore service industry Mr. Fagerstal.
The company has also decided to reduce the size of the Board from nine to eight members.
Mr. Fagerstal has a “rich” business profile as he served as an 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.
Before this period, from 2014 to 2020, Mr. Fagerstal served as chairman and chief executive officer of Global Marine Holdings, which was the prior owner of the business. He served as an independent director of Frontier Oil Corporation in Manila, Philippines, from 2014 to 2017.
Mr. Fagerstal previously held the positions of senior vice president, finance and corporate development from 2003 to 2014 and vice president finance and treasurer from 1997 to 2003 at Seacor Holdings. He held the positions of executive vice president, chief financial officer and director of Era Group from 2011 to 2012 and was the senior vice president, chief financial officer, and director of Chiles Offshore from 1997 to 2002.
He also served from 1986 to 1997 as a senior banker at DNB ASA in New York with a focus on the maritime and energy services industries, and before he started his business career, Mr. Fagerstal served as an officer in the Special Air Service unit of the Swedish Special Forces from 1979 to 1983.
Mr. Fagerstal said, “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,” he added.