Tidewater says unable to provide guidance due to market volatility Says has not purchased any shares in 2016 from 2015 authorization. Says delivering shareholder value through efficient operations and attempts to grow market share. Says not giving guidance due to limited ability provided to do so, as well as market volatility and oil price volatility. Says will get "our share" of revenue "out there." Comments taken from Q3 earnings conference call. In morning trading, Tidewater shares gained 4.29% to $4.62.
Tidewater suspends dividend and repurchase program Tidewater announced that its Board of Directors has approved management's recommendation to suspend Tidewater's quarterly dividend and common stock repurchase program. The dividend and share repurchase program 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. By suspending what has been a $0.25 per share quarterly dividend, the company will preserve approximately $47 million of cash annually. No shares have been repurchased by the company under its share repurchase program this fiscal year and the remaining $100 million authorized under the current program was set to expire on June 30, 2016.