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Tidewater OKs buyback of up to $200M shares

NEW ORLEANS (AP) -- Tidewater approved the repurchase of up to $200 million shares of its stock, the offshore fleet services provider said Friday.

The shares would be bought back between July 1 and June 30 of next year, using cash on hand or the company's existing revolving credit facility.

An existing buyback runs through June 30. Tidewater has purchased 456,400 shares under the program for a total of $20 million. It has $180 million left under the current buyback program.

Tidewater Inc. also declared a quarterly dividend of 25 cents per share. The dividend will be paid on June 14 to shareholders of record on June 4.