July 10, 2009 (FinancialWire) — Tidewater Inc.’s (NYSE: TDW) board has authorized the company to spend up to $200 million to repurchase shares of its common stock in open-market or privately-negotiated transactions.

The company said it would use its available cash and borrowings under its revolving credit facility, or other borrowings to fund any share repurchases. The program will end when all authorized funds have been expended or June 30, 2010, whichever comes first.

Tidewater said that no shares were repurchased under its most recent share repurchase authorization, which ended on June 30. The company’s last four repurchase programs, beginning in August 2005 and ending on June 30, 2009, have cumulatively resulted in the repurchase of a total of 9,458,700 common shares at a total cost of $516.2 million.

New Orleans-based Tidewater owns 404 vessels serving the global offshore energy industry.

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