Tidewater acquires 37 PSVs from Solstad Offshore for $577M; updates 2023 guidance

TIDEWATER INC

Acquisition of 37 platform supply vessels for $577M cash; expected close Q2 2023.
Financing includes $325M senior secured credit facility from DNB-led group; financing contingency.
Updated 2023 revenue guidance to ~$1.03B; vessel operating margin guidance unchanged at ~50.0%.
Combined fleet of 228 vessels; 65% high-spec; includes 14 battery hybrid and 2 LNG vessels.
Acquired vessels have ~$620M total backlog; potential cash flow upside as contracts roll to higher rates.

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