Tidewater Inc. Announces Board Approval of $10.1 Million Share Repurchase Program Increase

Tidewater Inc. (NYSE: TDW) recently disclosed that its Board of Directors has sanctioned an additional $10.1 million extension to its existing share repurchase program. As of November 7, 2024, the company had repurchased about $47.9 million of its common stock under this initiative, resulting in approximately $42.8 million of remaining authorization for share repurchases following the recent increment. The corporation retains the discretion to determine the timing, manner, price, and volume of any repurchases conducted within this program, which may include transactions executed through different channels such as open market purchases, private negotiations, or structured dealings via investment banking entities. It’s essential to note that Tidewater is under no obligation to repurchase a specific number of shares, and the program is subject to modification, suspension, or termination at the company’s discretion.

In a separate report, Tidewater released an earnings statement on November 7, 2024, pertaining to its financial outcomes for the quarter concluding on September 30, 2024. The company highlighted that the earnings release, accessible as Exhibit 99.1 to the Current Report, contains forward-looking statements. These statements encompass predictions with regard to forthcoming events and financial performance, incorporating various risks and uncertainties beyond the company’s control that could potentially lead to discrepancies between past results and anticipated outcomes.

The documents linked to the financial outcomes announcement and the share repurchase program enhancement, shared by Tidewater under Form 8-K, are not considered “filed” for regulatory purposes or subject to the Exchange Act’s liabilities. Moreover, these disclosures are excluded from being incorporated by reference into any filings under the Exchange Act or Securities Act of 1933, except when specifically indicated in any such filing.

As of the same date, Tidewater provided information in the Form 8-K submission about the increase in its share repurchase program and the earnings statement. The registrant ensured compliance with the Securities Act of 1934 by endorsing the report through the appointed executive representative, Samuel R. Rubio, Executive Vice President and Chief Financial Officer, on November 7, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Tidewater’s 8K filing here.

About Tidewater

Tidewater Inc, together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore oil and gas exploration, field development, and production, as well as windfarm development and maintenance, including towing of and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover, and production activities; offshore construction, and seismic and subsea support; geotechnical survey support for windfarm construction; and various specialized services, such as pipe and cable laying.