Tidewater Reports Results for 1st Quarter, 2018

(Image Courtesy: gCaptain)

Tidewater Inc. announced a net loss for the three months ended March 31, 2018, of USD 39.2 million, or USD 1.67 per common share, on revenues of USD 91.5 million.

As more fully explained in the company’s Form 10-Q for the quarter ended March 31, 2018, upon emergence from Chapter 11 bankruptcy on July 31, 2017, the company adopted fresh start accounting in accordance with applicable accounting and reporting regulations, which resulted in the company becoming a new entity for financial reporting purposes on July 31, 2017.

Included in the USD 39.2 million (USD 1.67 per common share) net loss for the three months ending March 31, 2018 were the following:

  • USD 15.2 million (USD 0.65 per common share) of foreign exchange losses, USD 14.8 million of which (USD 0.63 per common share) is included in Equity in net earnings (losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.
  • USD 6.2 million (USD 0.26 per common share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the three months ended March 31, 2018.

Consolidated earnings (loss) before interest, taxes, depreciation and amortization (EBITDA) for the three months ended March 31, 2018, which excludes asset impairment charges, but includes USD 3.0 million of stock-based compensation expense and USD 15.2 million of foreign exchange losses, was (USD 9.9) million.  (See disclosures related to Non-GAAP measures in other fleet and financial data beginning on page 10 herein.)

Tidewater owns and operates one of the largest fleets of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.

Sea News, May 15