T Rowe Price has bumped up its holding in Tidewater, crossing the 10% threshold and leapfrogging into the top spot.

The asset manager now owns 3.9 million shares in the Houston offshore player, up from 2.3 million.

T Rowe Price now owns 10.1% of all shares, up from 8.6%.

It was previously the fourth-largest shareholder behind BlackRock's 2.7 million share stake, Third Avenue Management's 2.6 million shares and American International Group's 2.4 million.

In midday trading Thursday, Tidewater shares were up $0.28, or 2%, to $14.16.

The company recently reshuffled its leadership, with former chief executive John Rynd retiring 4 September and replaced by former finance chief Quintin Kneen.

On 27 September the company reached agreements with chief operations officer Jeffrey Gorski and general counsel Bruce Lundstrom that saw the duo depart.