Tidewater merger: good chance for OSV sector to reduce oversupply

The merger between US OSV players Tidewater and GulfMark Offshore provides a "good chance" for the industry to shed more unneeded ships.

VesselsValue head of offshore Charlie Hockless said the $1.25bn deal is positive for a struggling sector.

"With Tidewater’s steadfast and unyielding attitude towards the scrapping of non-performing vessels, this is a good chance for the market to reduce some of its oversupply," he added.