Tidewater Inc Stock Price, News & Analysis

Tidewater Inc. (NYSE:TDW) reported Q1 2022 revenue of $105.7 million, up from $83.5 million in Q1 2021. Although the company faced a net loss of $12.2 million ($0.29 per share), this is an improvement compared to the $35.3 million loss recorded last year. Vessel level gross margins rose from 24.7% to 34.0%, with active fleet utilization at 82.5%. The recent acquisition of Swire Pacific Offshore positions Tidewater as a market leader poised to exploit the growing demand for offshore vessels.

Tidewater Inc. (NYSE: TDW) has scheduled an earnings conference call for May 10, 2022, at 8:00 a.m. Central Time. CEO Quintin Kneen will discuss the company's financial results for the first quarter ending March 31, 2022. Investors can join the call by calling +1.888.770.7135 (U.S. and Canada) or +1.929.203.0820 (international), using Conference ID: 2444624. A live webcast will be available on Tidewater's Investor Relations website.

Tidewater Inc. (NYSE: TDW) has successfully completed its acquisition of Swire Pacific Offshore Holdings Limited (SPO) as of April 22, 2022. This strategic acquisition adds 50 vessels to Tidewater's fleet, reinforcing its status as the leading operator in the offshore support vessel (OSV) industry. CEO Quintin Kneen emphasized the acquisition as a milestone for strengthening Tidewater's leadership amid the recovering offshore vessel market. The company boasts over 65 years of experience in supporting various offshore energy activities.

Tidewater Inc. (NYSE:TDW) reported a revenue increase to $105.2 million for Q4 2021, up from $91.9 million in Q4 2020, while total revenue for 2021 was $371.0 million compared to $397.0 million in 2020. Despite revenue growth, net losses increased to $37.9 million for Q4 2021 from $29.2 million in Q4 2020. Included in these losses were significant impairment charges and expenses totaling $26.2 million for Q4 2021. However, the company reported margin improvement and a strong cash position, ending the year with $154.3 million in cash, signaling potential growth ahead.

Tidewater Inc. (NYSE: TDW) announced a definitive agreement to acquire Swire Pacific Offshore Holdings Limited (SPO) for approximately $190 million. This acquisition will create the industry's largest fleet of Offshore Support Vessels (OSVs), expanding Tidewater's fleet to 203 vessels. The company estimates $45 million in annual cost synergies post-transaction. Tidewater will maintain a strong balance sheet with $110 million in cash, enabling growth in earnings and cash flow generation amidst recovery in the offshore oil and gas market. The transaction is expected to close in Q2 2022.

Tidewater Inc. (NYSE: TDW) has appointed Melissa Cougle to its Board of Directors, effective immediately. Cougle, a seasoned business leader in the oil and gas sector, aims to guide the company in its strategic initiatives as the offshore oil market recovers. She previously served as CFO at Frank's International and brings extensive financial expertise, particularly in M&A transactions. Chairman Larry Rigdon expressed confidence in her contribution, highlighting her knowledge of the offshore industry. Tidewater operates one of the largest fleets of offshore support vessels, boasting over 65 years of experience.

Tidewater Inc. (NYSE: TDW) announced an acceleration in the termination of its Tax Benefits Preservation Plan to December 15, 2021, previously set to expire on April 13, 2023. The plan was established to protect the company's net operating loss carryforwards and foreign tax credits from ownership changes under the Internal Revenue Code. The Board deemed the tax attributes no longer require protection, citing a significant reduction in ownership change risks after its third anniversary of the 2018 acquisition of GulfMark Offshore, Inc.

Tidewater Inc. (NYSE: TDW) has successfully closed the offering of USD $175 million in senior secured bonds with an interest rate of 8.5%, maturing in 2026. The proceeds will be used to refinance existing debt and for general corporate purposes. The bonds were privately placed in the United States and are subject to U.S. securities laws. Tidewater operates one of the largest fleets of offshore support vessels, supporting energy exploration and production globally.

Tidewater Inc. (NYSE:TDW) reported revenue of $92.4 million and $265.9 million for Q3 and YTD 2021, respectively, marking increases from $86.5 million and $305.2 million in 2020. Despite net losses of $26.3 million for Q3 and $91.0 million YTD, improvements in operational metrics were noted. The company successfully refinanced $175 million in senior secured notes, enhancing liquidity. Tidewater's ongoing fleet reactivation and strategic agreements signal potential for growth, particularly in offshore renewables and the recovery in hydrocarbon demand.