Houston’s GulfMark Offshore said it has a competing offer that’s possibly worth more than its pending acquisition by rival Tidewater Inc.
GulfMark said New Orleans-based Harvey Gulf International Marine, which just emerged from bankruptcy in early July, is proposing a reverse merger in which Harvey Gulf would be acquired by GulfMark, but the Harvey Gulf leadership and investors would control a majority of the combined company.
This would allow Harvey Gulf to go public under the GulfMark name and stock ticker.
Both potential deals would combine marine vessel support companies for the oil and gas industry in the Gulf of Mexico.
Tidewater, which relocated from New Orleans to Houston earlier this year, still plans to acquire GulfMark for about $340 million in stock, expanding its board from seven to 10 members to give GulfMark three seats. That deal was announced in mid-July.
However, GulfMark said Monday that the Harvey Gulf alternative could be worth more than $380 million to its investors. GulfMark said it will review the proposal in order to substantiate Harvey Gulf’s claims.
For now, GulfMark said its board of directors continues to believe the Tidewater merger is in the best interest of its shareholders, and will continue to progress with that deal while it investigates the Harvey Gulf proposal.
GulfMark’s shareholders would still own 41.2 percent of the combined GulfMark under the Harvey Gulf proposal.
The Tidewater deal is still expected – at least for now – to close by the end of the year.
This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.
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