Tidewater suspends dividend and stock repurchaseCompany News // February 2, 2016
Tidewater in the US says its Board of Directors has approved management's recommendation to suspend its quarterly dividend and common stock repurchase programme.
The dividend and share repurchase programme suspension is part of a broader plan of reducing costs and capital expenditures in order to preserve liquidity in an oilfield services market that has been negatively impacted by the precipitous drop in oil prices and corresponding reduction in global E&P spending.
Tidewater said that by suspending what has been a US$0.25 per share quarterly dividend, the company will preserve approximately US$47 million of cash annually. No shares have been repurchased by the company this fiscal year and the remaining US$100 million authorized under the current programme was set to expire on 30 June 2016.