Wells Fargo has bought more shares of US offshore player Tidewater.
The San Francisco-based bank now owns 2 million shares of the New Orleans-based company, up from 1.55 million last year, according to Securities and Exchange Commission filings.
The percentage of shares Wells Fargo owns in Tidewater dropped, however, from 7.11% to 5.6% due to liquidation.
Tuesday afternoon, Tidewater shares were trading at $22.04, down 1.39%.
In November, Tidewater sealed a merger with competitor GulfMark, creating a company with a 270-ship fleet.
Clarksons Platou Securities picked Tidewater as a company to watch Tuesday, as it expects an upturn in the offshore sector this year.
It forecast increased demand for rigs and OSVs driving up rates for the vessels as supply drops.
