Tidewater Inc. (NYSE:TDW) (the “Company” or “Tidewater”) today announced the pricing of its registered underwritten public offering of 3,520,000 shares of its common stock at a public offering price of $17.85 per share. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $62,832,000. In addition, the Company has granted the underwriter a 30-day option to purchase up to an additional 528,000 shares of its common stock at the public offering price, less the underwriting discounts. The Company intends to use the net proceeds from the offering (before expenses) to repurchase from Banyan Overseas Limited (“Banyan”) a number of warrants exercisable for shares of the Company’s common stock (“Warrants”) equal to the number of shares of the Company’s common stock sold in the offering (including any shares sold pursuant to the underwriter’s option to purchase additional shares of the Company’s common stock). The Warrants were issued to Banyan in connection with the Company’s acquisition of all of the issued and outstanding shares of Swire Pacific Offshore Holdings Limited (now known as Tidewater Pacific Offshore Holdings Limited) from Banyan.
Morgan Stanley is acting as the sole underwriter for the offering. The offering is expected to close on August 12, 2022 subject to the satisfaction of customary closing conditions.
