Intention to Repurchase Common Shares and Dividend Update Tidewater's Board of Directors ("Board") has authorized the application to the TSX to institute a normal course issuer bid ("NCIB") which will establish the ability to repurchase, for cancellation, up to 10% of the public float of the common shares of Tidewater (the "Common Shares"). The NCIB will be subject to the approval of the TSX and is intended to be effective in the first quarter of 2024 and will be made in accordance with the applicable rules and policies of the TSX and securities laws. Tidewater believes that following the closing of the Transaction the market price of the Common Shares may not reflect the Corporation's intrinsic value and future prospects, and that the purchase of Common Shares may represent an appropriate use of the Corporation's financial resources to enhance shareholder value.
Concurrent with the approval of the NCIB, the Board has elected to suspend its quarterly dividend of $.01 per Common Share to help fund the NCIB while enhancing the Corporation's financial flexibility. The Corporation believes that a combination of growth, Common Share buybacks and a conservative balance sheet can help increase shareholder value.