Tidewater has two fresh sources of capital at the ready as it eyes acquisition targets.
The Houston offshore giant said in regulatory filings on Wednesday that it had registered up to $30m in new shares and secured a $25m revolving credit facility.
The company had said it was close to finalising those deals and refinancing its August 2020-due bonds in its third-quarter earnings report published last week.
On the quarterly call, chief executive Quintin Kneen said the new funds would allow it to pursue consolidation in the long-ailing offshore sector.
"Our new capital structure and liquidity position also enhances our ability to lean into acquisition opportunities," he said.
"Our commitment to a strong balance sheet will remain, but we are increasingly seeing organic and inorganic opportunities to sensibly grow the business."
Whether or not to push on with consolidation has been an issue at Tidewater for several years now.
The company became the largest OSV owner in 2018 after having acquired GulfMark Offshore in a $1.25bn merger.
In 2019, activist investor Bob Robotti of Robotti & Co grabbed 2.4m shares and implored Tidewater to continue with acquisitions.
In March, Robotti nominated himself and two others to Tidewater's board ahead of its annual meeting in June, pitching his slate as experienced in "consolidating fragmented, financially-troubled industries".
In May, Tidewater agreed to add Robotti to the board, while Robotti agreed to vote for Tidewater's board candidates.
In the quarterly earnings statement, Kneen said he did not expect to have to issue shares or pull from the revolver, given the company's $127m in cash on hand.
For the quarter, Tidewater posted a $24m adjusted loss.
The company said it saw increasing tightness in the market as of late, despite a dip in day rates for the quarter ending on 30 September.
The bond refinancing flipped the 2020-due bonds for $175m in new Oslo-traded senior secured notes due in 2026, which Kneen said would provide $150m in cash to the company.
Virtu Americas and DNB Markets will serve as agents on the at-the-market offering.
DNB Bank's New York branch is the revolving credit facility's agent and Nordic Trustee is the security trustee.
Loans under the facility will come with Libor or the published Wall Street Journal prime rate plus 4%.
