Tidewater, Inc. (NYSE:TDW) has declared a quarterly dividend of $0.25 per share. Tidewater currently holds 51.9 million shares of common stock outstanding. The dividend will be paid on June 15, 2010 to shareholders of record as of June 4, 2010.
Tidewater has also announced the extension of its program for the repurchase of shares of its common stock in open-market or privately negotiated transactions. The company’s Board of Directors has approved $200 million for the repurchase of the company’s common stock. The program will expire on June 30, 2011. As of June 30, 2009, Tidewater has repurchased 9,458,700 common shares for a total cost of 4516.2 million.
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Tidewater Inc. provides offshore supply vessels and marine support services to the offshore energy industry through the operation of offshore marine service vessels. As of March 31, 2008, the Company had a total of 430 vessels, of which 10 were operated through joint ventures, 61 were stacked and 11 vessels withdrawn from service. The Company provides services supporting all phases of offshore exploration, development and production, including towing of and anchor handling of mobile drilling rigs and equipment; transporting supplies and personnel necessary to sustain drilling, workover and production activities; assisting in offshore construction activities, and a variety of specialized services, including pipe laying, cable laying and three-dimensional (3-D) seismic work. The Company operates in two segments: United States and International.
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