Tidewater to Continue to Repurchase Shares of Common Stock
Tidewater Inc. announced that its Board of Directors has authorized a new program for the Company to spend up to $200 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. The Company intends to use its available cash and, when considered advantageous, borrowings under its revolving credit facility, to fund share repurchases. The repurchase program will end on the earlier of the date that all authorized funds have been expended or June 30, 2008, unless extended by the Board of Directors.
On June 30, 2007, the company's previous share repurchase program expired with the Company having purchased from July 28, 2006 through June 30, 2007, for $154.1 million, a total of 2,560,500 of its common shares, at an average price paid per common share of $60.17. Included in these totals for the previous repurchase program are purchases during the quarter ended June 30, 2007, of 1,693,400 shares of its common shares at a total cost of $113.7 million, an average of $67.13 per share.