Tidewater Prices Public Offering Of Shares At $17.85/shr

Tidewater Inc. (TDW) that owns and operates fleets of offshore vessels for supporting energy exploration, production, generation and offshore wind activities worldwide, on Wednesday announced the pricing of its registered underwritten public offering of 3.52 million shares at $17.85 per share.

The gross proceeds from the offering are expected to be approximately $62.83 million. In addition, the company has granted the underwriter a 30-day option to purchase up to an additional 0.53 million shares of its common stock at the public offering price, less the underwriting discounts.

The net proceeds are intended to repurchase from Banyan Overseas Limited, 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.

Shares of Tidewater Inc. closed Tuesday's trading at $18.25, down $2.18 or 10.67 precent from the previous close.

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