Tidewater Inc. Series B
TDW-WTB
New York Stock Exchange0.03
USD
-0.03
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Tidewater Inc. Series B
TDW-WTB
(New York Stock Exchange)
Recent
price
0.03
P/E
ratio
- -
div
yld
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ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Tidewater Inc. Series B (TDW-WTB) represents Series B warrants issued by Tidewater Inc., a leading provider of offshore support vessels and marine services to the global energy industry; the underlying company owns and operates one of the world's largest fleets of offshore service vessels, including platform supply vessels, anchor handling towing supply vessels, offshore tugs, specialty vessels, crewboats, and fast supply vessels, supporting all phases of offshore oil and gas exploration, field development, production, maintenance, decommissioning, and offshore windfarm installation, construction, and geotechnical surveys. Tidewater offers towing, anchor handling for mobile offshore drilling units; transportation of supplies, personnel, and equipment for drilling, workovers, production, field abandonment, dismantlement, and restoration activities; subsea support; seismic assistance; pipe and cable installation; and specialized services in harsh environments such as the North Sea, Barents Sea, Greenland, and Canada, including polar code-compliant vessels, oil recovery, and standby rescue operations. The company manages operations across five geographic segments--Americas, Asia Pacific, Middle East, Europe/Mediterranean, and West Africa--serving clients in over 60 countries with a fleet of approximately 211-216 vessels and around 7,700 employees; founded in 1956 and headquartered in Houston, Texas, Tidewater created the work boat industry with the launch of the Ebb Tide, the first vessel designed specifically for offshore oil and gas support. Tidewater's Series B warrants (CUSIP 88642R 125, ticker TDW-WTB or TDW.WS.B), issued upon the company's 2017 emergence from Chapter 11 reorganization, carry a strike price of $62.28 per share of common stock, subject to adjustment, with an original six-year term expiring July 31, 2023, though trading persists on OTC markets reflecting residual value tied to the common stock (NYSE: TDW). Recent major developments for Tidewater include a July 2025 refinancing of $650 million in debt via a 9.125% unsecured high-yield bond and $250 million revolving credit facility, boosting liquidity above $600 million, reducing interest rate exposure, and enhancing M&A flexibility; launch of a $500 million share repurchase program emphasizing shareholder returns amid low newbuild supply and high-demand conditions; Q3 2025 revenue of $341.1 million with 48% gross margins, driven by higher day rates and utilization despite a net loss from debt extinguishment charges; narrowed 2025 revenue guidance to $1.32-1.38 billion with 48-50% gross margins and conservative 2026 projections; strategic focus on M&A opportunities, particularly in the Americas following prior European, African, and Asian acquisitions; and a global fleet management agreement with Caterpillar in September 2023. These initiatives underscore Tidewater's disciplined capital allocation, operational efficiency, and positioning for sustained pricing power through aging fleets and energy transition demand into 2026 and beyond.