UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 28, 2003
TIDEWATER INC.
(Exact name of registrant as specified in its charter)
Delaware 1-6311 72-0487776
(State of incorporation) (Commission File (IRS Employer
Number) Identification No.)
601 Poydras Street, Suite 1900 70130
(Address of principal executive offices) (Zip Code)
(504) 568-1010
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Item 5. Other Events
In accordance with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, the Company notes that certain statements set
forth in this Current Report on Form 8-K provide other than historical
information and are forward looking. The actual achievement of any forecasted
results, or the unfolding of future economic or business developments in a way
anticipated or projected by the Company, involve numerous risks and
uncertainties. Among those risks and uncertainties, many of which are beyond the
control of the Company, include, without limitation, fluctuations in oil and gas
prices; level of fleet additions by competitors and vessel overcapacity; changes
in capital spending by customers in the energy industry for exploration,
development and production; changing customer demands for different vessel
specifications; acts of terrorism; unsettled political conditions, war, civil
unrest and governmental actions, especially in higher risk countries of
operations; foreign currency fluctuations; and environmental and labor laws.
Readers should consider all of these risk factors as well as other information
contained in this report.
On August 28, 2003, the Company issued the following press release:
Tidewater Announces Renewal of Revolving Credit Facility and Commitments to
Build Eight New Vessels
NEW ORLEANS--(BUSINESS WIRE)--Aug. 28, 2003--Tidewater Inc. (NYSE:TDW)
announced today that it has completed an increase and extension of its current
Revolving Credit Facility. The current facility, which was set for expiration on
April 30, 2004, has been expanded by $95,000,000 to a new level of $295,000,000
with an extended maturity date of April 30, 2008.
Additionally, Tidewater also announced that it has entered into not
previously announced contracts for the building of an additional eight new
vessels at a total cost approximating $100,000,000. The vessels, to be built as
an integral part of Tidewater's ongoing vessel replacement program, consist of
six anchor handling towing supply vessels varying in size from 5500 BHP to 9000
BHP and an additional two of its next generation class of 175' fast supply
vessels. The towing supply vessels will be built at various international
shipyards while the fast supply vessels are to be built in the United States.
Options to build additional vessels at similar pricing are included in the
contracts.
"The renewal and increase of our Revolving Credit Facility in combination
with our recently announced placement of $300,000,000 of private placement notes
has secured Tidewater's ability to expeditiously respond to market opportunities
for many years to come," said Dean E. Taylor, chairman and CEO of Tidewater.
"Such a secure and solid financial position will enable Tidewater to
systematically replace its fleet on a timetable of its choosing, in response to
market opportunities."
Tidewater Inc. owns and operates a fleet of over 570 vessels, the world's
largest fleet of vessels serving the global offshore energy industry.
CONTACT: Tidewater Inc.
Keith Lousteau, 504-568-1010
www.tdw.com
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TIDEWATER INC
By: /s/ J. Keith Lousteau
J. Keith Lousteau
Chief Financial Officer, Executive Vice
President and Treasurer
Date: August 28, 2003