Tidewater posts third quarter loss after oil slump write-downs
Tidewater Inc. lost $160.7 million in the third quarter, after posting a net gain in earnings during the same period last year. Revenues were up for the quarter.
Tidewater, based in New Orleans, provides supply boats for the offshore oil and gas industry in the Gulf of Mexico and around the world. The company is bracing for a reduction in work due to slumping oil prices.
On a per-share basis, Tidewater reported a $3.31 loss compared with a 25-cent gain a year ago. The company ends its fiscal year March 30.
Tidewater took a $283.7 million write-down during the quarter to account for falling oil and natural gas prices, the expected impact on offshore drilling, and, in turn, lower daily rental rates for its supply boats.
Chief Investor Relations Officer Joe Bennett told NOLA.com | The Times-Picayune last week Tidewater is weighing cost cuts in its global operations, including possible layoffs. Tidewater employs 9,000 world....
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