Key Developments: Tidewater Inc (TDW.N)
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Latest Key Developments (Source: Significant Developments)
Tidewater Inc Declares Quarterly Dividend On Common Stock; Authorizes New Common Stock Repurchase Program
Tidewater Inc announced that its Board of Directors declared on May 15, 2013, a quarterly cash dividend of $0.25 per share of common stock payable June 14, 2013, to shareholders of record on June 4, 2013. Tidewater also announced that its Board of Directors has authorized a new program for the Company to spend up to $200 million, effective July 1, 2013 and through June 30, 2014, to repurchase shares of its common stock in open-market or privately-negotiated transactions. The Company would use its available cash and, when considered advantageous, borrowings under its revolving credit facility or other borrowings, to fund any share repurchases. The Company's current repurchase program will continue in effect through June 30, 2013, and, through May 16, 2013, a total of 456,400 of its common shares have been purchased by the Company under this program at a total cost of $20.0 million, or an average price paid per common share of $43.83. As of May 16, 2013, the Company had $180.0 million remaining authorized under the current repurchase program available to repurchase shares through June 30, 2013. The Company will continue to evaluate share repurchase opportunities relative to other investment opportunities and in the context of current conditions in the credit and capital markets. Full Article
Tidewater Inc's Subsidiary Announces Agreement To Acquire Troms Offshore Supply AS
Tidewater Inc through a wholly-owned subsidiary, has entered into an agreement with HitecVision to purchase Troms Offshore Supply AS (Troms Offshore) for approximately $395 million. The acquisition of Troms Offshore, headquartered in Tromsø, Norway, will expand Tidewater's global footprint into the Norwegian sector of the North Sea and supplement Tidewater`s experience and vessel fleet operating in harsh environments, including cold climates. The Troms Offshore-owned fleet is expected to include five large, modern and technically-advanced deepwater Platform Supply Vessels (PSVs) at closing. In addition, Troms Offshore has one additional deepwater PSV under construction at the VARD Aukra yard in Møre og Romsdal, Norway and an option to build a seventh vessel. Full Article
Tidewater Inc Declares Quarterly Dividend On Common Stock
Tidewater Inc announced that Board of Directors declared on February 7, 2013, a quarterly cash dividend of $0.25 per share of common stock payable March 15, 2013, to shareholders of record on March 5, 2013. Full Article
Tidewater Inc Declares Quarterly Dividend on Common Stock
Tidewater Inc announced that its board of directors have declared on November 14, 2012, a quarterly cash dividend of $0.25 per share of common stock payable December 14, 2012, to shareholders of record on December 4, 2012. Full Article
Shuman Law Firm Investigates Tidewater Inc
The Shuman Law Firm announced that it is investigating potential claims against certain officers and directors of Tidewater Inc. The Firm’s investigation primarily concerns alleged violations of the Foreign Corrupt Practices Act (“FCPA”). Recently, Tidewater disclosed that it would pay $11.4 million to settle a suit with the U.S. Securities Exchange Commission (“SEC”) relating to allegations that Tidewater illegally paid customs brokers in Nigeria and tax authorities in Azerbaijan. Tidewater also announced a deferred prosecution agreement with the Department of Justice wherein a Tidewater subsidiary agreed not to contest or contradict three criminal counts relating to the same allegations and pay a $7.35 million fine. The Company has also settled with the Federal Government of Nigeria for $6.3 million regarding these alleged illegal payments. No settlement with Azerbaijan has been announced. Full Article
Tidewater Inc Comments On Q2 2013 Revenue Guidance-Conference Call
Tidewater Inc announced that it expects that its quarter-over-quarter revenue progression will be positive for the second quarter of 2013. The Company reported revenue of $294.45 million in the first quarter of 2013. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $318.30 million for the second quarter of 2013. Full Article
Tidewater, Inc. Declares Quarterly Dividend On Common Stock
Tidewater, Inc. announced that its Board of Directors declared on July 19, 2012, a quarterly cash dividend of $0.25 per share of common stock payable September 14, 2012, to shareholders of record on September 4, 2012. Full Article
Tidewater, Inc. Declares Quarterly Dividend On Common Stock; Authorizes New Common Stock Repurchase Program
Tidewater, Inc. announced that its Board of Directors declared on May 17, 2012, a quarterly dividend of $0.25 per share on Tidewater`s approximately 51.2 million shares of common stock outstanding. The dividend is payable June 15, 2012, to shareholders of record on June 5, 2012. Tidewater also announced that its Board of Directors has authorized a new program for the Company to spend up to $200 million, effective July 1, 2012 and through June 30, 2013, to repurchase shares of its common stock in open-market or privately-negotiated transactions. The Company would use its available cash and, when considered advantageous, borrowings under its revolving credit facility or other borrowings, to fund any share repurchases. The Company`s current repurchase program will continue in effect through June 30, 2012, and, through May 15, 2012, a total of 1,174,531 of its common shares have been purchased by the Company under this program at a total cost of $56.5 million, or an average price paid per common share of $48.07. As of May 15, 2012, the Company had $143.5 million remaining authorized under the current repurchase program available to repurchase shares through June 30, 2012. The Company will continue to evaluate share repurchase opportunities relative to other investment opportunities and in the context of current conditions in the credit and capital markets. Full Article
Tidewater, Inc. Announces Leadership Changes
Tidewater, Inc. announced that Dean Taylor, its President and Chief Executive Officer since March 2002, will retire as an executive officer of the company effective May 31, 2012. Mr. Taylor will remain on the Board of Directors, and serve as Tidewater’s non-executive Chairman of the Board. Mr. Jeffrey M. Platt will become Tidewater’s new President and Chief Executive Officer effective June 1, 2012. Full Article
Tidewater, Inc. Issues Q4 2012 Revenue Guidance In line With Analysts' Estimates-Conference Call
Tidewater, Inc. announced that for the fourth quarter 2012, it expects quarter over quarter revenue progression will be positive and, the internal estimates peg the fourth quarter's vessel revenue somewhere between $280 million-$290 million. According to I/B/E/S Estimates, analysts are expecting the Company to report Revenue of $283 million for the fourth quarter of 2012. Full Article

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