Tidewater Inc Stock Price, News & Analysis

Tidewater Inc. (NYSE: TDW) has announced its offering of USD $175 million in senior secured bonds, set to mature in November 2026, with an interest rate of 8.5% per annum. The bond offering is expected to close on November 16, 2021, subject to customary conditions. Proceeds will be utilized for refinancing existing debt and other corporate purposes. The bonds will be listed on the Nordic ABM, and the offering complies with U.S. securities laws, being privately placed.

Tidewater Inc. (NYSE: TDW) announced plans to offer USD-denominated 5-year senior secured bonds, subject to market conditions. The net proceeds will be used for refinancing existing debt and general corporate purposes. The bonds will be privately placed in the U.S. and outside the U.S. under Regulation S of the Securities Act of 1933. This press release does not constitute an offer or solicitation related to the bonds. Tidewater operates one of the largest fleets of offshore support vessels with over 65 years of industry experience.

Tidewater Inc. (NYSE: TDW) announced that its President and CEO, Quintin V. Kneen, will present at the Pareto Securities’ 28th Energy Virtual Conference on September 16, 2021, at 3:40 a.m. Central Time. Following the presentation, a Form 8-K will be filed with the SEC, including the presentation slides, which will also be accessible on the Company’s Investor Relations website. Tidewater operates the largest fleet of offshore support vessels, boasting 65 years of experience in offshore energy exploration and production.

Tidewater reported revenue of $90.0 million and $173.5 million for the three and six months ended June 30, 2021, down from $102.3 million and $218.7 million in 2020. Net losses were $29.5 million ($0.72/share) and $64.8 million ($1.59/share), significantly improved from losses of $110.6 million and $129.1 million the previous year. Free cash flow reached $26.0 million, with a net debt reduction of $21.1 million. The company managed operational improvements but remains cautious regarding the ongoing impact of the COVID-19 Delta variant.

Tidewater Inc. (NYSE: TDW) has scheduled an earnings conference call for August 10, 2021, at 8:00 a.m. Central Time. CEO Quintin Kneen will discuss the Q2 2021 results. Investors can join via telephone or listen to a live webcast on Tidewater's investor relations website. A replay will be available from August 10 at 10:30 a.m. until September 10, 2021. The call will include forward-looking statements highlighting risks related to the oilfield service industry and other factors impacting future performance.

Tidewater announced that Quintin V. Kneen, the President and CEO, will join a virtual fireside chat at the UBS Global Energy Virtual Conference on May 25, 2021, at 11:00 a.m. CT. A link to the live webcast will be accessible on Tidewater’s website in the Investor Relations section. Tidewater boasts over 65 years of experience and operates one of the largest fleets of offshore support vessels, specializing in offshore energy exploration and production. Supplemental materials will also be available on the conference day.

Tidewater Inc. (NYSE:TDW) reported Q1 2021 revenue of $83.5 million, a 28% decline from Q1 2020's $116.4 million. Net losses for the quarter were $35.3 million ($0.87 per share), compared to $18.4 million ($0.46 per share) a year earlier. However, the company generated $19.2 million in free cash flow for Q1 and $87.1 million for the trailing twelve months. Operating costs decreased 23% year-over-year, and debt was reduced by $26.4 million. Tidewater also disposed of six vessels for $11 million as part of fleet development.

Tidewater Inc. (NYSE: TDW) has scheduled an earnings conference call for May 7, 2021, at 8:00 a.m. CT. During this call, CEO Quintin Kneen will review the financial results for the three months ending March 31, 2021. Interested parties can participate by calling +1.888.771.4371 from the U.S. or +1.847.585.4405 from international locations. A live webcast will be available on the company's Investor Relations website. A replay of the call will be accessible from 10:30 a.m. CT on May 7 until June 7, 2021. The call may contain forward-looking statements subject to risks and uncertainties.

Tidewater Inc. (NYSE: TDW) has entered a Cooperation Agreement with Robert E. Robotti, nominating him to its Board of Directors for the 2021 Annual Meeting. This addition increases the board from seven to eight members. Tidewater's leadership has transformed the company, enhancing operational efficiency and financial stability. Robotti, a long-term investor, expressed confidence in Tidewater's potential. He will vote in favor of the company’s nominees during the meeting. The full agreement will be filed with the SEC as an exhibit to Form 8-K.