International Markets Keep Tidewater Earnings Strong
Wednesday, October 31, 2007
New Orleans-based Tidewater Inc. reported its second quarter earnings recently, citing improving rental rates throughout international markets.
During the quarter that ended Sept. 30, Tidewater posted net earnings of $86.5m, or $1.56 per share. In the same period a year ago, the company reported net earnings of $104.2m, or $1.86 per share. The higher earnings a year ago were boosted by the sale of 11 vessels.
Tidewater officials said improving rental rates are keeping the company on a growth track now.
“This trend should be a positive for Tidewater’s outlook, because over 85 percent of our revenues come from international markets,” said Dean Taylor, the company’s chairman and CEO.
The average daily rental rate for the company’s fleet was $10,064, up 2 percent from the first quarter of this year.
Tidewater owns the largest fleet of vessels serving the offshore energy sector and currently has 50 vessels under construction, collectively valued at about $851m.