Tidewater Middle East was registered in Tehran on May 14, 1968, under Reg. No. 12341, as Daryush Co., with a capital of 10 million IRR, divided into one thousand shares, aiming to provide maritime services to oil platforms and oil tankers, install and repair underwater piping, construct docks and dry docks for repairs, as well as to perform maritime transportation. A few months later, Tidewater Middle East Public Joint-stock Company was founded through a 49-51 percent partnership with the US-based company Tidewater. After the Islamic Revolution, the foreign managers and shareholders of the Company left Iran. After a period of time, the Company was brought under the supervision and control of the Revolutionary Prosecutor’s Office, and between 1359 (1980-1981) and 1368 (1989-1990), the administration of the Company’s affairs was transferred to various state organizations and authorities. In the year 1368 (1989-1990), by virtue of the settlement agreement dated May 4, 1985, the entirety of the 49 percent share of the US-based company Tidewater was transferred to the Government of the Islamic Republic of Iran, against a sum of 699 thousand USD, and the Cabinet of Iran transferred the aforementioned shares to the Ports and Shipping Organization by virtue of decision No. 754/T/5439 dated October 26, 1989. Tidewater entered port operations within this period, and was then able to enjoy considerable growth in its range of activities and revenue, and successfully became the leading container operator and one of the leading bulk cargo service providers in Iran. Tidewater’s dominance over container operations continued until the early 1390s (2010s). Tidewater’s participation in dredging projects increased considerably within this period. In the year 1383 (2004-2005), Tidewater Middle East was listed on the Security and Exchange Organization, and subsequently, initial public offering was made for a portion of the shares of the company on Dey 22  of the same year (January 11, 2005). In the year 1387 (2008-2009), the transfer of the shares of large state-owned enterprises to the private sector by the Privatization Organization was put on the agenda, and during this process, Mehr Eghtesad Iranian Investment Co. became the new owner of Tidewater. In the year 1395 (2016-2017), Mehr Eqtesad Financial Group decided to leave Tidewater completely. After this event, on June 7 of the same year, Kosar Financial and Credit Institution became the major shareholder of the Company by purchasing shares of Faraz Energy Dena Co. (as the holder of 63% of Tidewater shares). Kosar Financial and Credit Institution ultimately transferred the shares of Faraz Energy Dena Co. to Sima Marine Co., located in Bandar Abbas Port, in the year 1397 (2018-2019), so that the control of Tidewater may finally be transferred to the private sector after approximately 10 years. Sima Marine is among the active and experienced private companies in the field of ports and maritime services. Consequently, with the appointment of an experienced and professional management team in Tidewater, restructuring and diversification of the productive activities, as well as increase of focus on profitability and protection of shareholder rights were put on agenda.