Tidewater Inc Stock Price, News & Analysis

Tidewater Inc. (NYSE: TDW) has announced the promotions of Sam R. Rubio to Chief Financial Officer and David E. Darling to Chief Operating Officer. These promotions recognize their leadership in reshaping operations post-pandemic. Rubio, with over 40 years in finance, has driven costs savings exceeding $250 million since the 2018 merger with GulfMark Offshore. Darling brings over 30 years of industry experience, achieving the best safety record in 2020. These appointments are expected to enhance Tidewater's operational efficiency and financial performance.

Tidewater Inc. (NYSE:TDW) reported revenues of $91.9 million and $397.0 million for Q4 and 2020, down from $118.8 million and $486.5 million respectively in 2019. The net losses were $29.2 million ($0.72 per share) for Q4 and $196.2 million ($4.86 per share) for the year. Excluding certain charges, adjusted losses were $23.1 million for Q4 and $65.6 million for 2020. The company generated $52.7 million in free cash flow and reduced debt by $96.2 million. Tidewater also focused on sustainability, achieving up to 18% emissions reduction through hybrid technologies.

Tidewater Inc. (NYSE: TDW) announced an earnings conference call scheduled for March 5, 2021, at 8:00 a.m. Central Time. President and CEO Quintin Kneen will discuss the financial results for the year ending December 31, 2020. Investors can join the call via telephone or listen to a live webcast on the company’s website. A replay will be available from March 5 through April 4, 2021. The call will include forward-looking statements and discuss risks associated with the oilfield service industry.

Tidewater Inc. (NYSE: TDW) has joined over 400 global companies by signing the Neptune Declaration on Seafarer Wellbeing and Crew Change, aimed at resolving the crew change crisis exacerbated by COVID-19. The declaration focuses on four key objectives:

• Recognizing seafarers as key workers for priority vaccination
• Implementing high-standard health protocols
• Enhancing collaboration for crew changes
• Improving airline connectivity for seafarers

The initiative highlights the importance of regulations to ensure seafarer welfare and safe transport of essential goods.

Tidewater Inc. (NYSE:TDW) announced a successful consent solicitation from holders of its 8.00% Senior Secured Notes due 2022, obtaining the requisite consents on November 17, 2020. The company conducted a cash tender offer for up to $50 million in notes, with approximately $145.1 million tendered by the early deadline. The Asset Sale Offer was terminated due to the successful solicitation. Holders who participated in the tender offer will receive a total consideration of $1,005 per $1,000 principal, with settlement expected on November 19, 2020.

Tidewater Inc. (NYSE:TDW) is seeking consents from holders of its 8.00% Senior Secured Notes due 2022 to approve proposed amendments aimed at enhancing financial flexibility. The consent solicitation requires majority approval and expires on November 17, 2020. Concurrently, Tidewater is launching a tender offer to purchase up to $50 million of the notes and an asset sale offer of approximately $28.7 million due to recent asset sales exceeding $25 million. The tender offer expires on December 2, 2020. Details regarding the proposed amendments and offers can be found in the relevant documents.

Tidewater Inc. (NYSE: TDW) has scheduled an earnings conference call for November 6, 2020, at 8:00 a.m. CT. CEO Quintin Kneen will discuss the company's second-quarter results ending September 30, 2020. Interested parties can join the call by dialing +1-888-771-4371 from the U.S. or Canada or +1-847-585-4405 from outside the U.S. A live webcast will also be available on the investor relations section of Tidewater’s website. A replay of the call will be accessible starting October 30, 2020, until November 30, 2020.