CALGARY, AB, Jan. 22, 2024 /CNW/ - Tidewater Midstream and Infrastructure Ltd. ("Tidewater Midstream") (TSX: TWM) and Tidewater Renewables Ltd. ("Tidewater Renewables") (TSX: LCFS) Boards of Directors have jointly announced the appointment of Jeremy Baines as the Chief Executive Officer and to the Boards of both companies, effective immediately. The Board of Tidewater Midstream also announces Aaron Ames as interim Chief Financial Officer for Tidewater Midstream, also effective immediately. This has followed the departure of Robert Colcleugh from the management teams of Tidewater Midstream and Tidewater Renewables and from the board of Tidewater Renewables.

With over 27 years of midstream and infrastructure business experience, and a strong background in operations, finance, and corporate development, Mr. Baines brings a deep understanding of the business and industry. Under his leadership, Tidewater Midstream remains committed to building a profitable, diversified midstream and infrastructure company, and Tidewater Renewables will continue to focus on delivering on its commitment to being a leader in the North American energy transition.

"As a result of his specific industry experience and significant operational expertise, Mr. Baines is ideally suited to lead the Tidewater team," said Thomas Dea, Chairman of the Board of Tidewater Midstream. "We are entering a new phase focused on operations, cash flow, prudent capital allocation, and return on capital, with safety remaining at the top of our list."

"With construction and operations being at the forefront of our business needs, we believe Mr. Baines' valuable operational and industry experience is well-suited for Tidewater Renewables.  Under Mr. Baines, the organization will work to optimize operational performance of our Renewable Diesel Facility and continue to pursue our strong pipeline of renewable projects currently being reviewed," said John Adams, Lead Independent Director of Tidewater Renewables.

Mr. Baines said, "I am excited about the opportunities ahead at Tidewater Midstream and Tidewater Renewables. With the strong team, solid asset base and supportive environment for energy and decarbonization, Tidewater has an important role to play, and a significant opportunity to generate value for all of our stakeholders, providing energy not only to Western Canada, but to the world."

"I am proud and excited to lead the exceptional teams at Tidewater Midstream and Tidewater Renewables. Their dedication, and unwavering focus on safety, customer service and operational excellence has laid a solid foundation for our future. I am eager to build on their success and deliver for our valued customers, partners, and shareholders," added Mr. Baines.

Mr. Baines has held various operational, financial, and board roles in domestic and global Canadian infrastructure companies over the last 27 years.

Tidewater Renewables Update

Additionally, Simon Bregazzi has resigned from the Tidewater Renewables Board and Tidewater Renewables intends to conduct a search for an appropriate replacement.

ABOUT TIDEWATER MIDSTREAM

Tidewater is traded on the TSX under the symbol "TWM". Tidewater's business objective is to build a diversified midstream and infrastructure company in the North American natural gas, natural gas liquids, crude oil, refined product, and renewable energy value chain. Its strategy is to profitably grow and create shareholder value through the acquisition and development of conventional and renewable energy infrastructure. To achieve its business objective, Tidewater is focused on providing customers with a full service, vertically integrated value chain through the acquisition and development of energy infrastructure, including downstream facilities, natural gas processing facilities, natural gas liquids infrastructure, pipelines, railcars, export terminals, storage, and various renewable initiatives. To complement its infrastructure asset base, the Company also markets crude, refined product, natural gas, NGLs and renewable products and services to customers across North America.

Tidewater is a majority shareholder in Tidewater Renewables Ltd., a multi-faceted, energy transition company focusing on the production of low carbon fuels. Tidewater Renewables' common shares are publicly traded on the TSX under the symbol "LCFS".

ABOUT TIDEWATER RENEWABLES

Tidewater Renewables is traded on the TSX under the symbol "LCFS". Tidewater Renewables is a renewable fuel producer and energy transition leader.  Tidewater Renewables provides alternative low-carbon and clean-fuel solutions at scale through commercially proven technology and a dedicated focus on making change happen. In addition to Canada's first renewable diesel facility, Tidewater Renewables is invested in renewable natural gas and renewable hydrogen, all of which offer an alternative to fossil fuels.  Tidewater Renewables has invested in all aspects of the value chain as a vertically integrated renewable and profitable energy company, led by a highly experienced team and backed by significant government support.  With a competitive advantage, a clear purpose, and a genuine commitment to a more sustainable future, Tidewater Renewables turns waste into value and creates the clean energy our world needs today.  Additional information relating to Tidewater Renewables is available on SEDAR+ at www.sedarplus.com and at www.tidewater-renewables.com.

For additional information, please see the full press release.

Media Contact
Heather Ritzer
Edelman Smithfield Canada
(416) 894-6848
heather.ritzer@edelmansmithfield.com