New Orleans-headquartered offshore support vessel (OSV) provider Tidewater has received an extension of a limited waiver from its creditors as it continues to seek ways to amend its debt arrangements.
The latest extension is a brief relief, good to only next Monday (13 March). It is the latest of a series of limited waivers going back to March 2016.
Tidewater is a leading player in the OSV field but its revenues dipped precipitously with the oil-price plunge of the past two years. Fewer vessels were deployed and day rates fell.
The company has been cutting its operating costs along with continuing efforts to obtain relief from some of its covenants, while holding out for an industry upturn.
As the US offshore rig count has shown signs of recovery in the past three months, Tidewater is hoping better revenue will improve its ability to service debt repayments.