Tidewater signs strategic partnership with Tero Marine for a fleetwide vessel maintenance transformation

PRESS RELEASE

Tidewater, a leading provider of Offshore Service Vessels (OSVs) to the global energy industry, has initiated a transformation project to optimize the lifecycle of its assets through the implementation of a harmonized Fleet Management System (FMS) across its entire fleet.

To help drive this digitalization journey, Tidewater has signed a partnership agreement with Tero Marine to provide best practice consultancy services and the fleetwide implementation of Tero Marine’s TM Master fleet management software suite.

Part of the Ocean Technologies Group (OTG) since 2020, Tero Marine is an established and highly regarded fleet management software and services provider, with an unrivalled understanding and appreciation of the operational challenges facing ship management. Its TM Master and TM Insights applications are an integral part of OTG’s compelling suite of complementary services and expertise across learning, fleet and crew management.

The strategic move is part of a wider Operations Excellence initiative from Tidewater to transform their fleet to global systems and processes, create efficiencies through automation, digitalization to connect and integrate onshore and offshore, and scalability to optimize fleet efficiency for new acquisitions. On March 9, 2022 Tidewater announced the acquisition of Swire Pacific Offshore creating the world’s leading OSV Operator.

The initiative is intended to strategically unify processes and best practice across the group, eliminating fragmentation and reducing the administrative burden on the ship and shore-based teams. This centralised approach will also provide increased data transparency making it easier to verify safety-critical checks onboard and provide real-time oversight and control over their operations.

Tero Marine has been selected as a trusted and reliable partner that can be instrumental in driving change management and implementation of best practices.

Lee Johnson, Senior Vice President and Chief Information Officer explained: “Tero Marine is an excellent partner for Tidewater and has outperformed in past TM Master conversion projects. Tero Marine has an expert team with extensive experience in delivering quality data conversions with the highest level of data integrity and efficiency.”

Tidewater also expects the new direction to yield significant financial gains, with change management seen as critical to unlocking considerable potential for return on investment. Executive Vice President and Chief Financial Officer Sam R Rubio elaborates:

“The financial drivers for these savings are based on achieving industry best in class practices. Savings will only be achieved by optimizing processes and securing acceptance across the fleet. TM Master software is an enabler, but it is our crews and onshore resources that will make this a successful transition. Change management is a critical success factor for any transformation.”

“We are delighted to enter into this partnership with Tidewater and are deeply proud of the confidence they have shown in our team and our ability to play an important part in delivering the organisational change they envisage,” said Rune Lyngaas Chief Executive Officer, Tero Marine.

“It is highly motivating for us to work with such a forward-looking customer that recognises that fleet management systems are not only a tool for compliance but a means to transform the way we do business, finding greater efficiencies and enabling informed strategic decisions. Tidewater has the courage to question the way they do things and adopting the TM Master suite will empower their organisation with the tool and information to realise broader transformational change,” he added.

About Tidewater

Tidewater owns and operates one of the largest fleets of offshore support vessels in the industry, with over 65 years of experience supporting offshore energy exploration and production activities worldwide. To learn more, visit www.tdw.com.

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