UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED
IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. )
1
Tidewater Inc.
(Name
of Issuer)
Common Stock, $0.001 par value per share
(Title of Class of Securities)
88642R 10 9
(CUSIP Number)
STEVE
WOLOSKY, ESQ.
OLSHAN
FROME WOLOSKY LLP
1325
Avenue of the Americas
New
York, New York 10019
(212)
451-2300
(Name, Address and Telephone Number of Person
Authorized to Receive Notices
and Communications)
November 15, 2018
(Date of Event Which Requires
Filing of This Statement)
If
the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule
13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following
box
¨
.
Note:
Schedules
filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.
See
§ 240.13d-7 for other parties to whom copies are to be sent.
1
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided
in a prior cover page.
The information required
on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities
Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however,
see
the
Notes
).
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1
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NAME OF REPORTING PERSON
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Raging Capital Management, LLC
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) ☐
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(b) ☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
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OO
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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DELAWARE
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NUMBER OF
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7
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SOLE VOTING POWER
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SHARES
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BENEFICIALLY
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- 0 -
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OWNED BY
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8
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SHARED VOTING POWER
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EACH
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REPORTING
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2,584,354 (1)
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PERSON WITH
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9
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SOLE DISPOSITIVE POWER
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- 0 -
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10
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SHARED DISPOSITIVE POWER
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2,584,354 (1)
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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2,584,354 (1)
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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7.1%
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14
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TYPE OF REPORTING PERSON
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IA
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(1) Includes 164,889 Shares underlying Warrants.
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1
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NAME OF REPORTING PERSON
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William C. Martin
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) ☐
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(b) ☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
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OO
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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USA
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NUMBER OF
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7
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SOLE VOTING POWER
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SHARES
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BENEFICIALLY
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703 (1)
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OWNED BY
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8
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SHARED VOTING POWER
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EACH
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REPORTING
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2,584,354 (2)
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PERSON WITH
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9
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SOLE DISPOSITIVE POWER
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703 (1)
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10
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SHARED DISPOSITIVE POWER
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2,584,354 (2)
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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2,585,057 (1)(2)
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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7.1%
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14
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TYPE OF REPORTING PERSON
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HC
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(1) Includes 644 Shares underlying
Warrants.
(2) Includes 164,889 Shares underlying
Warrants.
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1
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NAME OF REPORTING PERSON
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Kenneth H. Traub
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) ☐
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(b) ☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
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OO
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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USA
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NUMBER OF
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7
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SOLE VOTING POWER
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SHARES
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BENEFICIALLY
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6,462
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OWNED BY
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8
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SHARED VOTING POWER
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EACH
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REPORTING
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- 0 -
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PERSON WITH
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9
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SOLE DISPOSITIVE POWER
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6,462
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10
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SHARED DISPOSITIVE POWER
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- 0 -
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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6,462
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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Less than 1%
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14
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TYPE OF REPORTING PERSON
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IN
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The following constitutes
the Schedule 13D filed by the undersigned (the “Schedule 13D”).
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Item 1.
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Security and Issuer
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This statement relates to
the Common Stock, $0.001 par value per share (the “Shares”), of Tidewater Inc., a Delaware corporation (the “Issuer”).
The address of the principal executive offices of the Issuer is 6002 Rogerdale Road, Suite 600, Houston, Texas 77072.
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Item 2.
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Identity and Background.
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(a) This
statement is filed by Raging Capital Management, LLC, a Delaware limited liability company (“Raging Capital”), William
C. Martin and Kenneth H. Traub. Each of the foregoing is referred to as a “Reporting Person” and collectively as the
“Reporting Persons.”
Raging Capital is
the General Partner of RC GLF 1, LP, a Delaware limited partnership (“RC GLF”), in whose name certain of the securities
of the Issuer are held. William C. Martin is the Chairman, Chief Investment Officer and Managing Member of Raging Capital. RC GLF
has delegated to Raging Capital sole investment authority with respect to the securities held by RC GLF pursuant to its Limited
Partnership Agreement, dated July 17, 2017 (the “LPA”), which authority may not be terminated by RC GLF upon less than
sixty-one days’ written notice to Raging Capital. As a result, each of Raging Capital and William C. Martin may be deemed
to beneficially own the securities of the Issuer held by RC GLF.
Raging Capital is
the Investment Manager of Raging Capital Offshore Fund, Ltd., a Cayman Islands exempted company (“Raging Capital Offshore
Fund”), and Raging Capital Fund (QP), LP, a Delaware limited partnership (“Raging Capital Fund QP” and together
with Raging Capital Offshore Fund, the “Raging Funds”), in whose names certain of the securities of the Issuer are
held. William C. Martin is the Chairman, Chief Investment Officer and Managing Member of Raging Capital. The Raging Funds have
delegated to Raging Capital sole investment authority with respect to the securities held by the Raging Funds pursuant to an Investment
Management Agreement, dated November 9, 2012 (the “IMA”). The IMA may be terminated by any party thereto effective
at the close of business on the last day of any fiscal quarter by giving the other party not less than sixty-one days’ written
notice. As a result, each of Raging Capital and William C. Martin may be deemed to beneficially own the securities of the Issuer
held by the Raging Funds.
Set forth on
Schedule
A
annexed hereto (“
Schedule A
”) is the name and present principal business, occupation or employment and
the name, principal business and address of any corporation or other organization in which such employment is conducted of the
executive officers of Raging Capital. To the best of the Reporting Persons’ knowledge, except as otherwise set forth herein,
none of the persons listed on
Schedule A
beneficially owns any securities of the Issuer or is a party to any contract, agreement
or understanding required to be disclosed herein.
(b) The
address of the principal office of each of the Reporting Persons is Ten Princeton Avenue, P.O. Box 228, Rocky Hill, New Jersey
08553.
(c) The
principal business of Raging Capital is serving as the General Partner of RC GLF and the Investment Manager of the Raging Funds
and other affiliated entities. The principal occupation of William C. Martin is serving as the Chairman, Chief Investment Officer
and Managing Member of Raging Capital. The principal occupation of Kenneth H. Traub is serving as a Managing Partner at Raging
Capital. Mr. Traub is also a director of the Issuer.
(d) No
Reporting Person nor any person listed on
Schedule A
has, during the last five years, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
(e) No
Reporting Person nor any person listed on
Schedule A
has, during the last five years, been party to a civil proceeding of
a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.
(f) Raging
Capital is organized under the laws of the State of Delaware. Each of William C. Martin and Kenneth H. Traub is a citizen of the
United States of America.
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Item 3.
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Source and Amount of Funds or Other Consideration
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The Shares and Warrants
(as defined in Item 4) of the Issuer owned by each Reporting Person were acquired pursuant to the Business Combination (as defined
in Item 4) in consideration of the following securities of GulfMark Offshore, Inc. (“GulfMark”) owned by the Reporting
Persons immediately prior to the closing of the Business Combination: RC GLF (2,193,981 shares of common stock); Raging Capital
Offshore Fund (5,533 shares of common stock and warrants to purchase 59,811 shares of common stock); Raging Capital Fund QP (warrants
to purchase 90,089 shares of common stock); William C. Martin (54 shares of common stock and warrants to purchase 586 shares of
common stock); and Kenneth H. Traub (vested restricted stock units representing the right to receive 5,875 shares of common stock).
Reference is made to the Schedules 13D filed by the Reporting Persons with respect to their ownership of such securities of GulfMark,
and the source and amount of funds used to acquire such securities, prior to the closing of the Business Combination.
RC GLF and the Raging
Funds effect purchases of securities primarily through margin accounts maintained for them with prime brokers, which may extend
margin credit to them as and when required to open or carry positions in the margin accounts, subject to applicable federal margin
regulations, stock exchange rules and the prime brokers’ credit policies. In such instances, the positions held in the margin
accounts are pledged as collateral security for the repayment of debit balances in the accounts.
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Item 4.
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Purpose of Transaction
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On November 15, 2018,
the Issuer completed its previously-announced business combination (the “Business Combination”) with GulfMark pursuant
to the Agreement and Plan of Merger (the “Merger Agreement”), dated July 15, 2018, between the Issuer and GulfMark.
Pursuant to the terms of the Merger Agreement, (i) each issued and then-outstanding share of common stock or right to receive a
share of common stock of GulfMark was automatically converted into the right to receive 1.100 Shares of the Issuer, with cash paid
in lieu of any fractional Share and (ii) each then-outstanding GulfMark warrant was automatically converted into the right to receive
1.100 Shares of the Issuer upon payment to the Issuer of the applicable exercise price ($100 per Share), subject to all other terms
and conditions of the applicable GulfMark warrant agreement, including cash paid in lieu of any fractional Share the (“Warrants”).
The Shares and Warrants of the Issuer owned by each Reporting Person were acquired pursuant to the Business Combination.
Depending upon overall
market conditions, other investment opportunities available to the Reporting Persons, and the availability of securities of the
Issuer at prices that would make the purchase or sale of securities of the Issuer desirable, the Reporting Persons may endeavor
to increase or decrease their respective positions in the Issuer, directly or through their affiliates, through, among other things,
the purchase or sale of securities of the Issuer on the open market or in private transactions or otherwise, on such terms and
at such times as the Reporting Persons may deem advisable and subject to any applicable rules or Issuer policies.
Except in Kenneth
H. Traub’s capacity as a director of the Issuer, no Reporting Person has any present plan or proposal which would relate
to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D other than as set forth herein
or such as would occur upon completion of any of the actions discussed herein. The Reporting Persons intend to review their respective
investments in the Issuer on a continuing basis and may from time to time engage in discussions with management and the Board concerning,
among other things, the business, operations and future plans of the Issuer. Depending on various factors including, without limitation,
the Issuer’s financial position and investment strategy, the price levels of the securities of the Issuer, conditions in
the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions
with respect to their respective investments in the Issuer as they deem appropriate, directly or through their affiliates, including,
without limitation, making proposals concerning changes to the capitalization, ownership structure, Board composition or operations
of the Issuer, purchasing additional securities of the Issuer, selling some or all of their securities of the Issuer or engaging
in short selling of or any hedging or similar transaction with respect to the securities of the Issuer subject to any applicable
rules or Issuer policies, or changing their intention with respect to any and all matters referred to in Item 4.
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Item 5.
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Interest in Securities of the Issuer
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(a) The
aggregate percentage of Shares reported owned by each person named herein is based upon 36,308,743 Shares outstanding as of November
15, 2018, which is the estimated total number of Shares outstanding immediately after the Business Combination based on publicly
available information.
As of the close of
business on the date hereof, each of Raging Capital and William C. Martin may be deemed to beneficially own 2,584,354 Shares, consisting
of (i) 2,413,379 Shares held directly by RC GLF, (ii) 6,086 Shares and 65,792 Shares underlying Warrants held directly by Raging
Capital Offshore Fund and (iii) 99,097 Shares underlying Warrants held directly by Raging Capital Fund QP, by virtue of their relationships
with RC GLF and the Raging Funds discussed in further detail in Item 2, constituting approximately 7.1% of the Shares outstanding.
As of the close of
business on the date hereof, William C. Martin may be deemed to beneficially own an additional 59 Shares and 644 Shares underlying
Warrants held directly by him, which, together with the 2,419,465 Shares and 164,889 Shares underlying Warrants held directly by
RC GLF and the Raging Funds that he may also be deemed to beneficially own, constitute approximately 7.1% of the Shares outstanding.
As of the close of
business on the date hereof, Kenneth H. Traub directly owned 6,462 Shares, constituting less than 1% of the Shares outstanding.
Each of the Reporting
Persons, as a member of a “group” with the other Reporting Persons for purposes of Rule 13d-5(b)(1) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), may be deemed to beneficially own the securities of the Issuer
owned by the other Reporting Persons. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons
are, for purposes of Section 13(d) of the Exchange Act, the beneficial owners of any securities of the Issuer he or it does not
directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities of the Issuer reported
herein that he or it does not directly own. Without limiting the foregoing sentence, each of RC GLF and the Raging Funds specifically
disclaims beneficial ownership of the securities of the Issuer held by it by virtue of its inability to vote or dispose of such
securities as a result of the LPA or IMA, as applicable.
(b) Raging
Capital and William C. Martin may be deemed to share the power to vote and dispose of the Shares held by RC GLF and the Raging
Funds.
William C. Martin
has the sole power to vote and dispose of the Shares he directly owns.
Kenneth H. Traub has
the sole power to vote and dispose of the Shares he directly owns.
(c) On
November 15, 2018, Mr. Traub received in his capacity as a director of the Issuer restricted stock units representing the right
to receive 3,126 Shares. Except as set forth in Item 4, there have been no other transactions by the Reporting Persons in the securities
of the Issuer during the past 60 days.
(d) No
person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends
from, or proceeds from the sale of, the Shares.
(e) Not
applicable.
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Item 6.
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Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
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On November 26, 2018,
the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf
of each of them of statements on Schedule 13D with respect to the securities of the Issuer. A copy of this agreement is attached
as an exhibit hereto and is incorporated herein by reference.
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Item 7.
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Material to be Filed as Exhibits
.
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99.1
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Joint Filing Agreement by and between Raging Capital Management, LLC, William C. Martin and Kenneth
H. Traub, dated November 26, 2018.
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SIGNATURES
After reasonable inquiry
and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement
is true, complete and correct.
Dated: November 26, 2018
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Raging Capital Management, LLC
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By:
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/s/ Frederick C. Wasch
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Name:
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Frederick C. Wasch
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Title:
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Chief Financial Officer
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/s/ Frederick C. Wasch
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Frederick C. Wasch as attorney-in-fact for William C. Martin
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/s/ Kenneth H. Traub
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Kenneth H. Traub
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SCHEDULE A
Executive Officers of Raging Capital Management,
LLC
Name and Position
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Present Principal Occupation
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Business Address
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William C. Martin,
Chairman, Chief Investment Officer and Managing
Member
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Chairman, Chief Investment Officer and Managing Member of Raging Capital Management, LLC
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c/o Raging Capital Management, LLC
Ten Princeton Avenue, P.O. Box 228
Rocky Hill, New Jersey 08553
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Frederick C. Wasch,
Chief Financial Officer
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Chief Financial Officer of Raging Capital Management, LLC
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c/o Raging Capital Management, LLC
Ten Princeton Avenue, P.O. Box 228
Rocky Hill, New Jersey 08553
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