Tidewater gets further waiver extension from lenders

U.S.-based offshore support vessel (OSV) provider Tidewater has received yet another limited waiver extension from its lenders and noteholders. 

With reduced demand for offshore support vessels along with a higher number of newer generation vessels, the company has experienced a significant decline in the utilization of its vessels, average day rates received and vessel revenue.

The company has implemented a number of cost reduction measures to mitigate the effects of significantly lower vessel revenue and, given the currently challenging offshore support vessel market and business outlook, continues its efforts to reduce its operating costs and preserve its liquidity.

As previously reported, Tidewater has been in discussions with its principal lenders and noteholders to amend its various debt arrangements to obtain relief from certain covenants.

Pending the resolution of those discussions, the company had previously received limited waivers from the necessary lenders and noteholders which waived compliance with these covenants. The most recent limited waiver, which took effect on January 27, 2017, extended the waiver of the unqualified audit opinion requirement and/or waived the minimum interest coverage ratio requirement until March 3, 2017.

Following the expiry on last Friday, the company has received another extension of those waivers until March 13, 2017.

Share this article

Follow Offshore Energy Today

Posted on March 6, 2017 with tags .

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GeoConvention 2019

GeoConvention offers some of the best local and international insights to efficient energy exploration…

read more >

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Erbil International Oil & Gas Exhibition 2019

The event will be held at the Erbil International Fair Ground which is one of the largest energy related events in Iraq…

read more >

THE 24 th IRAN INTERNATIONAL OIL , GAS , REFINING & PETROCHEMICAL EXHIBITION

The second largest OPEC producer, Iran sits atop 11 percent of oil and 18 percent of gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply