Tidewater saw its shares plunge by nearly 44.2% Monday after the offshore vessel giant warned that it could file for Chapter 11 bankruptcy.

The company's shares reached $1.67 on the New York Stock Exchange today, down from $2.99 Friday.

The fall came after the New Orleans outfit said that market data spurred it to expand negotiations with creditors to cover proposed amendments for more debt terms.

TIDEWATER: Chief executive Jeff Platt told analysts that it ‘continues to work with lenders to achieve a good outcome.

Tidewater,