Tidewater Completes $650 Million Notes Offering, Expands Offshore Support Fleet

Tidewater Inc. closed a $650 million notes offering. The company, which operates offshore support vessels, offers transportation services for oil and gas exploration activities, field development, production, and maintenance. Its fleet of 217 vessels serves customers in over 30 countries.

HOUSTON, July 07, 2025—In a significant financial move, Tidewater Inc. (NYSE: TDW) has successfully closed a $650 million offering of 9.125% senior unsecured notes due 2030 [1]. The company utilized the proceeds to repay existing senior secured term loans, fund the redemption of outstanding 8.50% Senior Secured Bonds due 2026 and 10.375% Senior Unsecured Bonds due 2028, and cover related expenses. Additionally, Tidewater entered into a senior secured five-year credit agreement, providing a new $250 million revolving credit facility [1].

Tidewater Inc. operates the largest fleet of offshore support vessels in the industry, with 65 years of experience in supporting offshore energy exploration, production, and offshore wind activities worldwide [1]. The company's fleet of 217 vessels serves customers in over 30 countries, offering transportation services for oil and gas exploration activities, field development, production, and maintenance [1].

The closure of the notes offering and the new credit facility reflect Tidewater's strategic efforts to optimize its financial position and strengthen its operational capabilities. The company's forward-looking statements, including those regarding the new credit agreement, are subject to various risks and uncertainties, as detailed in its recent filings with the SEC [1].

While the U.S. offshore wind development market faces an indefinite pause, the global offshore oil and gas exploration and production market remains robust, particularly in Brazil [2]. Orders for newbuild platform supply vessels (PSVs) in Brazil are on the rise, with significant contracts awarded to companies like Edison Chouest Offshore and Starnav Serviços Marítimos. This trend presents opportunities for Tidewater and other offshore support vessel operators to expand their services and diversify their customer base.

The company's strategic focus on versatile vessel designs that can serve both the oil and gas, and renewable energy sectors, aligns with broader market trends. Norwegian designers like Kongsberg Maritime and Sea1 Offshore are developing designs that cater to the evolving needs of the industry, including vessels equipped with advanced technologies and fuel-efficient solutions [2].

References:
[1] https://finance.yahoo.com/news/tidewater-announces-closing-650-million-202400312.html
[2] https://www.marinelog.com/offshore/offshore-vessel-design-eyes-market-trends/