Tidewater Inc., a provider of towing rigs, supply boats and other vessels for offshore oil drillers, filed for bankruptcy, just hours after GulfMark Offshore Inc., another ship operator serving the energy industry, put itself into Chapter 11.
Tidewater announced a restructuring agreement with creditors on May 12 and said it will use the bankruptcy process to continue operating while it gets its financial house in order.
It listed total assets of $4.32 billion and debts of $2.34 billion, according to a May 17 filing in Delaware bankruptcy court.
The worldwide energy glut and shale oil’s cheaper break-even price have cut ...
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