NEW ORLEANS, March 15, 2016 /PRNewswire/ -- Tidewater Inc. (NYSE: TDW ) announced today that it has borrowed $600 million under its revolving credit facility, the maximum amount available under the facility. The funds are intended to be used for general corporate purposes and to enhance the company's liquidity position and financial flexibility. Jeff Platt, President and Chief Executive Officer of Tidewater, remarked "Like the entire energy services industry, Tidewater continues to face challenges arising from the decline in the level of offshore oil and gas drilling and development activity around the world. Moreover, the uncertainty surrounding the future direction in oil and gas prices has resulted in our clients' continued reduction in their capital budgets, spending and activity levels. Tidewater previously announced the suspension of its quarterly dividend and common stock repurchase program and the realignment of its operating structure.