Tidewater Projects Lower than Expected Revenues

(Press Release)
Friday, September 23, 2011

Tidewater Inc. (NYSE: TDW) said that fiscal second quarter financial results for the three months ending September 30, 2011, are currently expected to reflect vessel revenues that are below the $255 million to $260 million range provided by the Company during its August 4, 2011, earnings conference call and actual vessel revenues of $253 million that were reported for the June quarter. Tidewater does not provide its own earnings forecast or endorse forecasts prepared by others, but notes that the Thomson First Call consensus estimate for the September 2011 quarter is currently $0.52 per share.  Most significantly, the Company has experienced delays in acceptance of the initial vessels that form a part of a nine vessel package that were committed to multi-year term charters with Saudi Aramco, largely because the vessels have yet to meet certain performance standards. In addition, start up delays on other projects are expected to result in unanticipated vessel downtime and lower vessel revenue than originally anticipated in the September quarter. These two items are expected to cumulatively result in lower than previously expected vessel revenue in the September quarter of $6 million to $8 million.  The Company is working with Saudi Aramco to develop a mutually acceptable resolution of the performance standards, and although discussions are still progressing, such a resolution may involve, among other possible outcomes, modifications to the vessels, possible rate reductions during the charter period and further delays before the vessels are on charter. At this time, it is unknown when these issues with Saudi Aramco will be resolved. With regard to the vessels supporting the other projects that were delayed during the September quarter, the Company expects that the vessels will commence charters during the December quarter.
In addition, based on actual results through August, the Company expects that both vessel operating expenses and general and administrative expenses for the September quarter will be above the general guidance that was provided on its August 4, 2011, earnings conference call. Our revised estimates are that vessel operating expenses will be in the range of $158 million to $160 million and that general and administrative expenses will be in the range of $38 million to $40 million.
Tidewater further announced that its fiscal 2012 second quarter (ending September 30, 2011) earnings release and conference call have been scheduled for Wednesday, November 2, 2011.

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

Offshore

BW Offshore Awards SatCom Contract to Orange

Provider of floating production services to the oil and gas industry, BW Offshore, says it has signed a 5-year, $12 million contract with Orange Business Services

N-KOM Lays Keel for Qatar’s First Liftboat

Nakilat-Keppel Offshore & Marine (N-KOM) has achieved another milestone with the keel laying of its first liftboat newbuild project, awarded in July 2014 by long-time

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

Workboats

MN 100: Eastern Shipbuilding Group, Inc.

13300 Allanton Road Panama City, FL 32404 Tel: (850) 522-7400  Email: info@easternshipbuilding.com Website: www.easternshipbuilding.com President: Brian

MN 100: Horizon Shipbuilding, Inc.

13980 Shell Belt Road Bayou La Batre, AL 36509 E-mail: trshort@horizonshipbuilding.com Website: www.horizonshipbuilding.com President and General Manager: Travis R.

MN 100: Kvichak Marine Industries, Inc.

469 NW Bowdoin Place Seattle, WA 98107 Telephone: 206 545 8485 E-mail: sales@kvichak.com Website: www.kvichak.com CEO/President: Keith Whittemore Number of

Finance

Panama Canal Infrastructure to be Valued by VRC

Leading provider of independent valuations, Valuation Research Corporation (VRC) says it has been engaged by the Panama Canal Authority to value the locks, dams,

Box Ships on Slippery Containership Slope in Q2

"The reduced charters on the 'Box Queen', 'CMA CGM Marlin' and 'CMA CGM Kingfish' were the contributing factors to the 24% decline in our adjusted time charter revenues year over year,

Norwegian to Buy Prestige Cruises in $3b Deal

Norwegian Cruise Line Holdings Ltd (NCLH.O) said it would buy Prestige Cruises International Inc from its owner Apollo Global Management LLC (APO.N) in a $3 billion

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction 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: 0.2169 sec (5 req/sec)