Shearman And Sterling

News August 12, 2022

Tidewater’s Follow-On Public Offering

Shearman & Sterling advised Morgan Stanley as the sole book-running manager in connection with Tidewater’s follow-on public offering of 4,048,000 shares of common stock at a public offering price of $17.85 per share, resulting in gross proceeds to Tidewater of approximately $72.3 million, before deducting underwriting discounts and commissions and offering expenses. The offering included 528,000 shares sold pursuant to the exercise in full of the option to purchase additional shares granted to Morgan Stanley by Tidewater in connection with the offering.

The net proceeds from the offering were used to repurchase certain warrants from Banyan Overseas Limited that were issued in connection with Tidewater’s acquisition of Swire Pacific Offshore Holdings Limited (now known as Tidewater Pacific Offshore Holdings Limited).

Tidewater provides offshore marine support and transportation services to the global offshore energy industry through the operation of a diversified fleet of marine service vessels. Tidewater’s vessels and associated vessel services provide support for all phases of offshore oil and natural gas exploration, field development and production as well as windfarm development and maintenance.

The Shearman & Sterling team below included associates Eric Dunbar, Austin Grossfeld (both NY—IP Transactional), Jordan Briggs (NY—Financial Institutions Advisory & Financial Regulatory, and Karen Huber (NY—Litigation).

The Team