Tidewater Inc. has entered into a Guarantee Agreement with Banco Nacional de Desenvolvimento Econômico e Social (BNDES), a Brazilian development bank. The agreement, dated September 21, 2026, was filed with the Securities and Exchange Commission on September 25, 2026.
Under the terms of the Guarantee Agreement, Tidewater Inc. has agreed to guarantee the full and timely payment of all obligations owed by the borrower under the BNDES Construction Loans. The guarantee is unsecured and, subject to specific limitations, ranks pari passu in priority of payment with the company's other unsecured and unsubordinated obligations.
The BNDES Construction Loans referenced in the agreement consist of five specific loan facilities: Credit Facility Agreements Nos. 07.2.0417.1, 07.2.0418.1, 10.2.1621.1, 12.2.0433.1, and 12.2.0434.1. These loans were entered into between 2007 and 2012, originally involving Wilson Sons Offshore S.A. (now known as Tidewater do Brasil S.A.), Wilson Sons S.A., and Remolcadores Ultratug Limitada as guarantors.
Tidewater Inc. is currently working with BNDES to finalize the documentation for releasing Wilson Sons and Remolcadores Ultratug Limitada as guarantors of the BNDES Construction Loans. The company notes that further information regarding these loans is available in its Current Report on Form 8-K filed on August 31, 2026.
The Guarantee Agreement is filed as Exhibit 10.1 to this report.
