Houston headquartered offshore service vessel giant Tidewater (NYSE:TDW) has released its second formal sustainability report, disclosing its environmental, social, and governance (ESG) performance in 2021.
In his introduction to the report, Tidewater CEO Quintin Kneen says that “climate change is Important to us.”
“When it comes to addressing climate and our related impacts and opportunities, the pace of change remains one of our biggest challenges, as it is for the broader energy industry.
We are responsible for the full lifecycle of our vessels, including the building, owning, operating, and recycling at the end of life. We actively manage climate change risks through this lifecycle, including greenhouse gas (GHG) emissions.
We take all challenges and opportunities into consideration as we look to achieve substantial reductions in our carbon footprint, and this includes the carbon impacts associated with building new vessels.”
Noting that Tidewater’s current fleet is young, efficient, and specifically configured to suit the needs of its clients around the world, Kneen says that “this includes ensuring that the vessels are prepared to efficiently use the fuel provided by our clients, where it is supplied.
“In 2021, we upgraded an additional vessel with hybrid power and two vessels with shore power capabilities. This battery and shore power technology has consistently demonstrated its effectiveness in reducing emissions, and where the commercial and port infrastructure environment can support these types of upgrades, we intend to continue its implementation.”
Kneen says that investments in data capture, analysis, and reporting systems continued throughout 2021.
“These systems are providing us with the information necessary to make data-driven decisions about our operations, investments, and all aspects of the business, in a similar fashion to our financial analysis process,” he says.
Tidewater Inc. has more than 65 years of experience supporting offshore energy exploration, production, generation, and offshore wind activities worldwide.
The company intends to expand its geographic operating footprint in the offshore vessel industry through the purchase of Swire Pacific Offshore.
This acquisition also places Tidewater to be the largest offshore support vessel fleet in the world with a fleet size of 203 vessels, including crew boats, tugboats, and maintenance vessels.
