Tidewater Expects Lower Earnings

Friday, October 19, 2007
New Orleans-based Tidewater Inc. reported its second quarter earnings could fall short of analyst expectations, due to higher vessel operational costs. Tidewater’s earnings for the latest quarter, which ended Sept. 30, are expected to be between $1.54 and $1.57 per share. Forecasts had called for the company to report earning $1.71 per share during the period. The company’s earnings will be released Oct. 26. Tidewater officials cite higher vessel operating costs and lower gains on asset sales compared to the prior quarter, in which Tidewater earned $1.55 per share. Tidewater owns more than 491 vessels – the world’s largest fleet – serving the global offshore energy industry.

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