Oct 5, 7:00 AM ET
Tidewater became the guarantor of the BNDES Construction Loans on October 1, 2026, replacing guarantees previously given by the sellers of Wilson Sons Ultratug and Atlantic Offshore Services. The amended loans carry higher interest rates and a higher collateral coverage ratio, and the lender gained broader rights to accelerate repayment. The filing does not state the total outstanding loan balance.
- Tidewater guarantees the full payment of borrower obligations under the BNDES Construction Loans, under an agreement dated September 21, 2026.
- Interest rates rose to 3.21% on four loan agreements and 3.77% on one; collateral coverage ratio increased to 130%.
- Seller guarantees were terminated and Replacement LCs from DNB Bank ASA, capped at $170,458,000, were cancelled effective October 2, 2026.
- Full loan agreements will be filed with the Form 10-Q for the quarter ended September 30, 2026.
Read the filing on SEC.gov ↗
Sep 25, 5:29 PM ET
Tidewater Inc. entered into a Guarantee Agreement with Brazil's BNDES on September 21, 2026, agreeing to guarantee full and timely payment of its subsidiary's obligations under five BNDES construction loans. The filing states the guarantee is unsecured and ranks pari passu with Tidewater's other unsecured and unsubordinated obligations, and that the company is working with BNDES to release Wilson Sons and Remolcadores as guarantors.
- Guarantee dated September 21, 2026, covers obligations of Wilson Sons Offshore S.A. (now Tidewater do Brasil S.A.) as borrower
- Covers five BNDES Construction Loans entered into between 2007 and 2012, under Credit Facility Agreements Nos. 07.2.0417.1 through 12.2.0434.1
- Guarantee is unsecured and ranks pari passu with Tidewater's other unsecured, unsubordinated obligations
- Filing does not state a loan amount; Tidewater is working with BNDES to finalize release of Wilson Sons and Remolcadores as guarantors
Read the filing on SEC.gov ↗
Aug 31, 5:23 PM ET
Tidewater completed its acquisition of Wilson, Sons Ultratug and affiliate Atlantic Offshore Services effective August 31, 2026, for an aggregate purchase price of $500 million on a debt-free, cash-free basis. The company paid about $283.1 million in cash and assumed about $229.3 million of existing target debt, and it took on new guarantee and liquidity obligations tied to the target's BNDES loans.
- Tidewater paid approximately $283.1 million in cash and acquired the targets subject to about $229.3 million of existing debt; the price remains subject to a post-closing adjustment.
- Tidewater procured unsecured bank guarantees from DNB Bank ASA of up to $170,458,000 and must maintain minimum liquidity of at least 1.25x the outstanding Replacement LCs.
- Tidewater must use best endeavors to replace or repay BNDES parent company guarantees before December 31, 2026; the BNDES construction loans total about $170.1 million outstanding.
- The deal adds a fleet of 22 PSVs, and the company's BB Loan guarantee was replaced by Tidewater at closing, with the BB Loan outstanding principal of about $22.5 million.
Read the filing on SEC.gov ↗
Aug 3, 4:28 PM ET
Tidewater reported second-quarter 2026 revenue of $342.3 million, roughly flat from $341.4 million a year earlier, but net income fell to $21.7 million ($0.43 per diluted share) from $72.9 million ($1.46) in the same quarter of 2025. The company also revised its 2026 revenue guidance to $1.42 billion to $1.47 billion and gross margin guidance to 49% to 50%, reflecting a delayed closing of the WSUT acquisition and Middle East conflict costs.
- Q2 2026 revenue $342.3 million versus $341.4 million in Q2 2025; up 4.9% from Q1 2026.
- Q2 2026 net income $21.7 million ($0.43 diluted) versus $72.9 million ($1.46 diluted) a year earlier.
- Average day rate rose $655 per day (2.9%) from Q1 2026 to $22,938; weighted average leading edge day rate was $24,341.
- 2026 revenue guidance set at $1.42 billion to $1.47 billion; WSUT acquisition now expected to close around September 1, 2026; about $13.1 million of conflict-related costs expected in 2026.
Read the filing on SEC.gov ↗
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.