Tidewater Reports 1Q Results

Thursday, July 26, 2007
Tidewater Inc. announced first quarter net earnings for the period ended June 30, 2007, of $87.5 million, or $1.55 per common share, on revenues of $305.5 million. Included in the current quarter's net earnings are after-tax charges totaling $3.5 million, or $.06 per common share, related to the settlement of a recent class action in California related to certain wage and hour claims of certain former and current employees, retirement costs of a senior executive and legal costs associated with the company's ongoing previously disclosed investigation of its Nigerian operations.

For the same quarter last year, net earnings were $71.4 million, or $1.23 per common share, on revenues of $269.8 million. The immediately preceding quarter ended March 31, 2007, had net earnings of $87.6 million, or $1.56 per common share, on revenues of $293.5 million. Included in the March 31, 2007, quarterly earnings was a $3.5 million pre-tax charge to vessel operating costs for the Company's share of a deficit in an industry-wide multi-employer retirement fund in the United Kingdom, the Merchants Navy Officers Pension Fund (MNOPF).

Tidewater Inc. owns 455 vessels, the world's largest fleet of vessels serving the global offshore energy industry.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

China Merchants Profit up 29pct

While China’s ports continue to face growth pressure, the country’s largest port operator is reaping the rewards of years of investments in overseas projects.   China

Baltimore Port Shipments Hit New Record

Helen Delich Bentley Port of Baltimore's public terminals shipped a record 9.74 million tons of general cargo in the 2015 fiscal year ending June 30, it said Monday.

Alaska Marine Lines Reduces Fuel Surcharge

Alaska Marine Lines, a marine transportation company providing barge service to and from Alaska and Hawaii, informs it has filed with the U.S. Surface Transportation

Environmental

The Hour of Power

Hybrid Marine Technology and Green Ports In 2015 two significant developments are going to make many operators, owners and builders of professional vessels consider hybrid marine power.

Hurricane Fred Strengthens in Eastern Atlantic

Hurricane Fred strengthened early Monday in the eastern Atlantic as it approached the Cape Verde Islands, while the remnants of Tropical Storm Erika brought flooding to parts of South Carolina,

TOTE’s 2nd LNG Containership Launched

Shipping company TOTE and shipbuilder NASSCO on Saturday launched Perla del Caribe, the second of two Marlin Class ships – the first containerships in the world to be powered by natural gas.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.4972 sec (2 req/sec)