Tidewater enters guarantee agreement for BNDES construction loans

Tidewater Inc. (NYSE:TDW) has entered into a Guarantee Agreement with the Brazilian Development Bank (BNDES) for a set of construction loans, according to a press release filed with the Securities and Exchange Commission. The agreement, signed on Monday, sees Tidewater guarantee the full and timely payment of all obligations under these loans, which were originally established between 2007 and 2012 under credit facility agreements.

Tidewater's guarantee is classified as an unsecured obligation with equal payment priority to its other unsecured and unsubordinated obligations. The company is working to release Wilson Sons S.A. and Remolcadores Ultratug Limitada, the previous guarantors, from their roles. The Guarantee Agreement details are included in the SEC filing, and stakeholders are referred to the company's previous filing for more information.

Meanwhile, Tidewater reported second-quarter revenue exceeding Wall Street expectations, aided by higher day rates and stronger vessel utilization. BTIG upgraded the stock rating to Buy with a price target of $120.00, citing an expected tightening offshore supply vessel market.

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