Welcome to our dedicated page for Tidewater news (Ticker: TDW), a resource for investors and traders seeking the latest updates and insights on Tidewater stock.
Tidewater Inc. reports developments in its offshore support vessel business serving offshore energy exploration, field development, production, maintenance and offshore wind activity worldwide. Company updates commonly address vessel utilization, average day rates, revenue guidance, gross margin trends and demand from production support, offshore construction, subsea and EPCI work, drilling support and renewable energy projects.
Recurring news also covers capital allocation and balance-sheet actions, including debt refinancing, share repurchase authorization, internal vessel-ownership restructuring and material agreements involving fleet expansion. Tidewater manages activity across the Americas, Asia Pacific, the Middle East, Europe/Mediterranean and West Africa, so regional demand, foreign exchange effects and fleet repositioning are frequent themes in its results coverage.
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Tidewater Inc. (NYSE: TDW) announced an agreement to acquire 37 platform supply vessels (PSVs) from Solstad Offshore ASA for $577 million. This acquisition positions Tidewater as the largest operator of high-specification PSVs, enhancing its fleet to a total of 228 vessels, with a focus on sustainability through a hybrid fleet that includes battery and LNG-capable vessels. The acquired vessels have a backlog of approximately $620 million, expected to contribute to cash flow as contracts mature. The transaction, approved by Tidewater’s Board, is set to close in Q2 2023, subject to regulatory approvals.
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Tidewater Inc. (TDW) reported a strong performance for full-year 2022, with revenue increasing 74.6% to $647.7 million compared to 2021. The company achieved a vessel operating margin of 38.1%, an improvement of 10.5 percentage points. Operating income surged to $26.7 million from a loss of $95 million in 2021. Projecting for 2023, Tidewater forecasts revenue of approximately $900 million, marking a 39% increase, with a vessel operating margin expected at 50%. The positive trend is attributed to the acquisition of Swire Pacific Offshore and growing demand for offshore services. The firm ended 2022 with a net debt of only $9.6 million.