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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 10, 2001
TIDEWATER INC.
(Exact name of registrant as specified in its charter)
Delaware 1-6311 72-0487776
(State of incorporation) (Commission File Number) (IRS Employer
Identification No.)
601 Poydras Street, Suite 1900 70130
(Address of principal executive offices) (Zip Code)
(504) 568-1010
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On January 10, 2001, the Company issued the following press release:
FOR IMMEDIATE RELEASE
TIDEWATER COMMITS TO THE CONSTRUCTION OF TWELVE NEW VESSELS
NEW ORLEANS - Tidewater Inc. (NYSE: TDW) announced today that it has signed
contracts with two Far East shipyards for the construction of eight vessels as
part of Tidewater's new build program announced in January 2000. It has also
announced that its subsidiary, Quality Shipyard L.L.C., will build a total of
four vessels.
The $305 million in new build commitments falls on the heels of Tidewater's
recent purchase of eight similar vessels from The Sanko Steamship Co., Ltd.
The eight vessels to be built outside the United States will be comprised of
five large 280-foot anchor handling towing supply vessels with greater than
20,000 horsepower and three 260-foot platform supply vessels. The four vessels
being built at Quality Shipyard will be similar platform supply vessels and will
be built to full Jones Act compliance.
"We are looking forward to introducing a state-of-the-art Tidewater fleet to the
world through this new build program," said Chief Financial Officer Keith
Lousteau. "The overall new build program is priced exactly in line with our
budgeted goal of approximately $300 million in commitments. We anticipate being
able to pay for these new boats through present and forecasted cash flows
without the need to take on any long-term debt."
Scheduled delivery of the new vessels will commence in December of 2001 and will
continue throughout 2002, with the final delivery expected in January of 2003.
"This is an exciting time at Tidewater, with new vessels being purchased and
built over the next few years," said Tidewater's Chairman, President and Chief
Executive Officer William C. O'Malley. "The demand for the vessels we have
previously purchased and that are already operational has been strong. We
anticipate that these new ships will be working from delivery if market
conditions remain stable or continue to improve as we anticipate."
Tidewater Inc. owns and operates over 570 vessels, the world's largest fleet of
vessels serving the international offshore energy industry.
Contact: Keith Lousteau
Phone: (504) 568-1010
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TIDEWATER INC.
By: s/ Cliffe F. Laborde
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Cliffe F. Laborde
Executive Vice President, General
Counsel and Secretary
Date: January 10, 2001
