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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) January 5, 1995
TIDEWATER INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-6311 72-0487776
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification
Incorporation) Number)
1440 Canal Street, Suite 2100, New Orleans, LA 70112
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (504) 568-1010
NOT APPLICABLE
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Former name, former address and former fiscal year,
if changed since last report.
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ITEM 5. OTHER EVENTS.
(A) On January 5, 1995, the Company announced a corporate restructuring in
order to increase margins, sharpen the focus of management and to
better respond to customer needs. The first phase of the program
involves the elimination of approximately 60 out of a total of 160
positions in the Company's headquarters in New Orleans. In addition,
selected management personnel will be transferred to field support
locations. These headquarters changes will result in the streamlining
of administrative functions, with an annual payroll savings of
approximately $3.3 million. The second phase of the program involves
a streamlining of marine operations at U.S. and foreign locations. It
is expected to be completed by the close of the fiscal year ended
March 31, 1995. A non-recurring charge, relating to the full
restructuring, will be made in the March 31 quarter. The announced
restructuring is in addition to the significant consolidation savings
achieved upon the acquisition of Halliburton Compression Services,
which was closed on November 30, 1994.
(B) Victor I. Koock, Senior Vice President, Secretary, and Co-General
Counsel, and Gary D. Pope, Vice President, have elected to terminate
their employment from the Company effective March 15, 1995, and March
7, 1995, respectively, in connection with the restructuring announced
by the Company on January 5, 1995.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TIDEWATER INC.
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(Registrant)
Date: January 11, 1995 /s/ Cliffe F. Laborde
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Cliffe F. Laborde
Senior Vice President and
Co-General Counsel
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