Latham & Watkins Advises on Tidewater Inc.’s US$650 Million Senior Notes Offering

Tidewater Inc. (NYSE: TDW) (the Company) has announced the pricing of its previously announced private offering (the Offering) of US$650 million aggregate principal amount of unsecured senior notes due 2030 (the Notes). The Notes will bear interest at a rate of 9.125% per year and will mature on July 15, 2030. The Notes will be issued at par. The sale of the Notes to the initial purchasers is expected to settle on July 7, 2025, subject to customary closing conditions.

The Company expects to use the net proceeds from the Offering to repay in full the Company’s existing senior secured term loan, to redeem all of the Company’s outstanding 8.50% Senior Secured Bonds due 2026, and to redeem all of the Company’s outstanding 10.375% Senior Unsecured Bonds due 2028. Any excess proceeds will be used for general corporate purposes.

Latham & Watkins LLP represents the initial purchasers in the Offering with a Capital Markets team led by Austin/Houston partner David Miller and Houston partner Monica White, with associates Rachel Collier, Mary Kline, and Don Izekor. Advice was also provided on tax matters by Houston partner Bryant Lee and on environmental matters by Century City/Houston partner Joshua Marnitz, with associate Bruce Johnson.