Strategic Rationale for Tidewater's Acquisition of SPO Fleet
Transaction Summary
Consideration
Details
Management and
Governance
▪ Tidewater Inc. (“TDW” or the “Company”) has entered into a definitive agreement to
acquire Swire Pacific Offshore Holdings Limited ("SPO”) from a subsidiary of Swire
Pacific Limited ("SPL”) for total consideration of approximately $190 million
■ SPL will receive a combination of i) Jones Act warrants and ii) cash
consideration
■ The consideration consists of the following:
■ 8.1 million Jones Act warrants
■ $42 million in cash
■ The Jones Act warrants, upon exercise, would represent approximately 15.6% of
TDW's outstanding share
TDW will use available cash on-hand to fund the cash portion of the consideration
The combined businesses will operate under the Tidewater brand and will
continue to be led by TDW CEO Quintin Kneen
The Board of Directors structure for TDW will remain unchanged upon
completion of the transaction
■ The transaction does not require a shareholder vote and has been unanimously
approved by the Company's Board of Directors
tdw.com
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