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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 20, 2000
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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)
601 Poydras Street, Suite 1900, New Orleans, LA 70130
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (504) 568-1010
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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.
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On January 20, 2000, the Company announced plans to begin a new-build program
estimated to cost in the range of $300 million. The company stated that the new-
build program will be directed to the highest end of the market and would
include very large Anchor Handling Towing Supply vessels and large Platform
Supply vessels capable of working anywhere in the world. The new vessels will be
designed to cover operational capabilities the Company does not presently
possess. The vessels are being built so that the Company can meet and service
all the needs of its customers. The Company expects to fund the program from its
current cash balances which exceed $150 million, its projected cash flow and its
existing $200 million line of credit. Deliveries on the new vessels are expected
to commence in about two years.
Item 7. EXHIBITS
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99 Press Release dated January 20, 2000
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 21, 2000 /s/ Cliffe F. Laborde
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Cliffe F. Laborde
Senior Vice President, Secretary and
General Counsel
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Exhibit 99
Tidewater Press Release
FOR IMMEDIATE RELEASE
TIDEWATER ANNOUNCES NEW BUILD PROGRAM
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NEW ORLEANS, JANUARY 20, 2000 -- Tidewater Inc. (NYSE: TDW) announced today
that it is preparing to embark on a modest new-build program, estimated to cost
in the range of $300 million.
William C. O'Malley, Tidewater's chairman, president and chief executive
officer, stated that this new-build initiative will be "directed to the highest
end of the market and would include very large Anchor Handling Towing Supply
vessels and large Platform Supply vessels capable of working anywhere in the
world."
Continuing, O'Malley said: "These new vessels will be designed to cover
operational capabilities the Company does not presently possess. They are being
built so that Tidewater can meet and service all the needs of its customers."
The Company expects to fund this program from its current cash balances
which exceed $150 million, its projected cash flow and its existing $200 million
line of credit. Currently, the Company is debt-free.
"We believe the timing of this program is advantageous in that we
anticipate that shipyard prices, delivery schedules and the quality of
craftsmanship will be better than what we have witnessed over the past few
years," O'Malley said, adding: "Deliveries on these new vessels are expected to
commence in about two years, and I am confident that these new vessels will,
upon their completion, service the needs of our customers which we currently are
unable to fulfill."
Tidewater owns and operates approximately 625 support vessels, the world's
largest fleet serving the international energy industry.
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Contact: Ken C. Tamblyn
504-568-1010
