Tidewater nominates Bob Robotti for election to its Board of Directors

– USA, TX –  Tidewater Inc. (NYSE: TDW), a leading owner and operator of offshore support vessels providing offshore energy transportation services worldwide, today announced the nomination of Robert Robotti for election to its Board of Directors at the 2021 AGM, increasing the Board from seven to eight directors.

This nomination follows the Cooperation Agreement with Robert Robotti and his affiliated and controlled entities to vote in favor of the nominees and proposals at the 2021 AGM, as well as to abide by certain customary standstill provisions.

“We are pleased to welcome Bob to the Tidewater Board of Directors,” said CEO, Quintin Kneen. “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.”

About Bob Robotti

Mr. Robotti has been the president of Robotti & Company Advisors, LLC and Robotti Securities, LLC, and their predecessors, since 1983. Robotti & Company Advisors’ investment approach is guided by the classic tenets of value investing. Robotti & Company Advisors believes that the market price of a security does not necessarily indicate its true economic value. Robotti & Company Advisors’ analysts identify and research companies with solid balance sheets, the ability to generate significant amounts of free cash flow, and yet are misunderstood, neglected, or just out-of-favor with Wall Street. Robotti & Company Advisors has followed this investment philosophy since its inception over 35 years ago to meet its goal of providing risk-adjusted returns greater than the general market. Robotti & Company Advisors LLC frequently is a constructive and actively engaged owner with many of its portfolio companies.

Mr. Robotti has been the Managing Director of Ravenswood Management Company, LLC since 1980, which serves as the general partner of The Ravenswood Investment Company, L.P. and Ravenswood Investments III, L.P. Mr. Robotti served as a portfolio manager of Robotti Global Fund, LLC, a global equity fund, from 2007 to March 2015. He currently serves as a director and Chairman of the Board of Pulse Seismic Inc., a seismic data licensing business, and has held these positions for more than the past five years. Mr. Robotti has served as a director on the board of directors of AMREP Corporation (NYSE: AXR) since September 2016 and on the Board of PrairieSky since October 2019. Mr. Robotti was a director of PHX Minerals Inc. (NYSE: PHX), formerly known as Panhandle Oil & Gas Inc. and Panhandle Royalty Company, from 2004 to May 2020 and was a director of BMC Building Materials Holding Corporation from 2012 to December 2015.

Mr. Robotti was a member of the SEC’s Advisory Committee of Smaller Public Companies from 2005 to 2006 and served on its corporate governance subcommittee.

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.”

He has an MBA in Accounting and was a certified public accountant earlier in his career, which license is currently inactive.

About Tidewater

Tidewater owns and operates the largest fleets of offshore support vessels in the industry, with over 65 years of experience supporting offshore energy exploration and production activities worldwide.

For more information: https://www.tdw.com/