Tidewater Reports Q1 2010 Results

Thursday, July 30, 2009

Tidewater Inc. (NYSE:TDW) announced first quarter net earnings for the period ended June 30, 2009, of $44.5m, or $0.86 per share, on revenues of $326.6m. Included in net earnings for the June 2009 quarter is a non-cash charge totaling $48.6m ($47.7m after-tax, or $0.93 per common share) related to the company’s Venezuelan operations. As a result of the seizure of 11 vessels and certain other assets during the June quarter in Venezuela pursuant to a May 2009 Venezuelan law and the continued nonpayment of outstanding receivables from Petroleos de Venezuela, S.A. (PDVSA) and an affiliate of PDVSA, the company recorded a $3.8m charge equal to the net book value of the assets seized and a $44.8m provision to fully reserve accounts receivable due from PDVSA-related entities.

For the same quarter last year, net earnings were $84.8m, or $1.64 per share, on revenues of $340m. The immediately preceding quarter ended March 31, 2009, had net earnings of $109.7m, or $2.13 per common share, on revenues of $341.6m.

(www.tdw.com)

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Areva-Siemens Raises Claim Over Finnish Reactor Delays

The French-German consortium Areva-Siemens , the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO),

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0745 sec (13 req/sec)