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Tidewater Inc. Announces Receipt of Requisite Consents with Respect to its Standalone Consent Solicitation and the Early Results of its Cash Tender Offer

November 25, 2019

HOUSTON--(BUSINESS WIRE)--Nov 25, 2019--

Tidewater Inc. (NYSE:TDW) (the “Company”) today announced that the Company’s consent solicitation of the holders (the “Holders”) of its 8.00% Senior Secured Notes due 2022 (the “Notes”) successfully received the consent of the Holders of a majority of the outstanding principal amount of the Notes on November 22, 2019 (the “Requisite Consents”).

The Company also announced today that pursuant to the previously announced cash tender offer (the “Tender Offer”) for up to $125,000,000 aggregate principal amount of the outstanding Notes (the “Tender Cap”), approximately $285.5 million in aggregate principal amount of the Notes were validly tendered and not validly withdrawn on or prior to 5:00 p.m., New York City time, on November 22, 2019 (the “Early Tender Time”).

The Consent Solicitation

The Company had previously announced a solicitation of consents from Holders of the Notes to certain proposed amendments (the “Proposed Amendments”) to the indenture governing the Notes (the “Indenture”) and the security and pledge agreement (the “Security Agreement”) entered into in connection with the issuance of the Notes (the “Consent Solicitation”).

Following the receipt of the Requisite Consents, the Company entered into a supplemental indenture to the Indenture and an amendment to the Security Agreement giving effect to the Proposed Amendments. However, the Proposed Amendments will not become operative until the consent payment for such Notes whose consents have been validly delivered is paid. The settlement date for the consent payment is expected to be November 26, 2019, assuming the satisfaction or waiver of certain conditions that are set forth in the consent solicitation statement, dated November 8, 2019 (the “Consent Solicitation Statement”),

For a complete statement of the terms and conditions of the Consent Solicitation and the Proposed Amendments, Holders should refer to the Consent Solicitation Statement. Questions concerning the terms of the Consent Solicitation should be directed to Deutsche Bank Securities Inc., the Solicitation Agent, at (toll-free) (855) 287-1922 or (collect) (212) 250-7527. D.F. King & Co., Inc. has been retained to serve as the information agent for the Consent Solicitation. Requests for copies of the Consent Solicitation Statement should be directed to D.F. King & Co., Inc. at (toll-free) (877) 361-7966 or (collect) (212) 269-5550 or email: tdw@dfking.com.

The Tender Offer

Holders of Notes that validly tendered and did not validly withdraw their Notes prior to the Early Tender Time are eligible to receive the “Total Consideration,” which is equal to $1,085 per $1,000 principal amount of Notes validly tendered. The Total Consideration is equal to the sum of (i) $1,055 per $1,000 in principal amount of Notes validly tendered, or the “Tender Offer Consideration,” plus (ii) $30.00 per $1,000 in principal amount of the Notes validly tendered, or the “Early Tender Premium.”

The settlement date for the Notes that were validly tendered and not validly withdrawn on or prior to the Early Tender Time is expected to be November 26, 2019, the second business day after the Early Tender Time, assuming the satisfaction or waiver of certain conditions that are set forth in the offer to purchase, dated November 8, 2019 (the “Offer to Purchase”).

As of the Early Tender Time, the Company had been advised by D.F. King & Co., Inc., as the tender agent for the Tender Offer, that Holders of $285,507,366 aggregate principal amount of the outstanding notes had validly tendered their Notes pursuant to the Offer. The amount of Notes accepted for purchase by each tendering Holder will be determined by multiplying each Holder’s tender of the Notes by the proration factor, and rounding the product down to the nearest $1.00. The proration factor for the Tender Offer will be approximately 43.78%.

The Company does not expect to accept for purchase any Notes tendered after the Early Tender Time because the aggregate principal amount of Notes tendered would result in an aggregate purchase price that exceeds the Tender Cap. The Tender Offer will expire at 11:59 p.m., New York City Time, on December 9, 2019 (such date and time, as it may be extended, the “Tender Offer Expiration Date”), unless earlier terminated.

For a complete statement of the terms and conditions of the Tender Offer, Holders should refer to the Offer to Purchase. Questions concerning the terms of the Tender Offer should be directed to Deutsche Bank Securities Inc., the Dealer Manager, at (toll-free) (855) 287-1922 or (collect) (212) 250-7527. D.F. King & Co., Inc. has been retained to serve as tender agent for the Tender Offer. Requests for copies of the Offer to Purchase should be directed to D.F. King & Co., Inc. at (toll-free) (877) 361-7966 or (collect) (212) 269-5550 or email: tdw@dfking.com.

The Tender Offer and the Consent Solicitation are two separate transactions. Each of the transactions were, and the Tender Offer is still, open to all Holders, and each Holder was, and with respect to the Tender Offer is still, free to participate in the Tender Offer. Holders tendering Notes in the Tender Offer are not required to have provided a consent in the Consent Solicitation, and the Consent Solicitation was not conditioned on whether some, all or none of the Holders participate in the Tender Offer. However, the acceptance of any tendered Notes and the payment of the Tender Offer Consideration or the Total Consideration, as applicable, was conditioned upon the receipt by the Company of the requisite consents to approve the Proposed Amendments on or before the Tender Offer Expiration Date, which has been satisfied. In addition, the Tender Offer is not conditioned upon any minimum principal amount of Notes being tendered.

None of the Company, its subsidiaries or affiliates, the Solicitation Agent, the Dealer Manager, the Information Agent or the Tabulation and Payment Agent is making any recommendation as to whether holders of the Notes should participate in the Tender Offer. Holders must make their own decision as to whether to participate in the Tender Offer. This press release is not a solicitation of consents with respect to the Notes and does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. The Consent Solicitation was made solely by the Consent Solicitation Statement, which set forth the complete terms of the Consent Solicitation. The Tender Offer is being made solely by the Offer to Purchase, which sets forth the complete terms of the Tender Offer.

Cautionary Statement on Forward-Looking Language

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater notes that certain statements set forth in this presentation provide other than historical information and are forward looking. The unfolding of future economic or business developments may happen in a way not as anticipated or projected by Tidewater and may involve numerous risks and uncertainties that may cause Tidewater’s actual achievement of any forecasted results to be materially different from that stated or implied in the forward-looking statement. Among those risks and uncertainties, many of which are beyond the control of Tidewater include, without limitation, the risk that the cost savings and any other synergies from the business combination with GulfMark Offshore, Inc. (the “business combination”) may not be fully realized or may take longer to realize than expected; disruptions from the business combination making it more difficult to maintain relationships with customers, employees or suppliers; the possibility of litigation related to the business combination; the diversion of management’s time from day-to-day operations due to the business combination; incurrence of substantial transaction-related costs associated with the business combination; the possibility of unanticipated costs being incurred to effectuate the integration; new accounting policies and our consolidation activities; fluctuations in worldwide energy demand and oil and natural gas prices, and continuing depressed levels of oil and natural gas prices without a clear indication of if, or when, prices will recover to a level to support renewed offshore exploration activities; fleet additions by competitors and industry overcapacity; our limited capital resources available to replenish our asset base, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers in the energy industry and the industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel construction and maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; the risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; changes in law, economic and global financial market conditions, including the effect of enactment of U.S. tax reform or other tax law changes, trade policy and tariffs, interest and foreign currency exchange rate volatility, commodity and equity prices and the value of financial assets; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; and the effects of asserted and unasserted claims and the extent of available insurance coverage and the resolution of pending legal proceedings. Readers should consider all of these risk factors, as well as other information contained in Tidewater’s form 10-Ks and 10-Qs.

About Tidewater

Tidewater owns and operates one of the largest fleets of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.

To learn more, visit the Tidewater website at: www.tdw.com

View source version on businesswire.com:https://www.businesswire.com/news/home/20191125005790/en/

CONTACT: Tidewater Inc. Investor Relations

Quintin Kneen

+1-713-470-5300SOURCE: Tidewater Inc.

KEYWORD: UNITED STATES NORTH AMERICA TEXAS LOUISIANA

INDUSTRY KEYWORD: MARITIME ENERGY TRANSPORT OIL/GAS

SOURCE: Tidewater Inc.

Copyright Business Wire 2019.

PUB: 11/25/2019 04:09 PM/DISC: 11/25/2019 04:09 PM

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