Tidewater Reports 2Q Results For FY-2012

press release
Wednesday, November 02, 2011

Tidewater Inc. announced today a second quarter net loss for the period ended September 30, 2011, of $4.9 million, or $0.09 per share, on revenues of $250.9 million.

 

For the same quarter last year, net earnings were $19.4 million, or $0.38 per share, on revenues of $267.1 million. The immediately preceding quarter ended June 30, 2011, had net earnings of $24.6 million, or $0.48 per common share, on revenues of $254.6 million. Included in the current fiscal quarter’s net loss is a non-cash goodwill impairment charge of $30.9 million ($22.1 million after tax, or $0.43 per share), resulting from the Company’s decision to change its reportable segments during the September 2011 quarter. Following the change in reportable segments from International and United States to Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe, the Company performed an interim goodwill impairment assessment which resulted in the non-cash goodwill impairment charge.


Included in the prior fiscal year’s net earnings for the quarter ended September 30, 2010, was a $4.35 million ($4.35 million after-tax, or $0.09 per common share) charge included in general and administrative expenses related to the settlement with the United States Department of Justice to resolve the previously disclosed Foreign Corrupt Practices Act investigation. As previously announced, Tidewater has been working with Saudi Aramco to resolve certain performance standards issues that were identified with respect to nine newbuild vessels previously committed to multi-year charters with Saudi Aramco. The Company is pleased to report that one of these vessels is now on hire with Saudi Aramco and other vessels continue with inspections associated with the on-hire process. Further, the Company has worked out an arrangement to use Tidewater substitute vessels for four of the remaining eight newbuild vessels, as necessary, until their construction is completed and they become available. Saudi Aramco has declined to accept the remaining four vessels of the nine-vessel package, and they will be redeployed by Tidewater in other operations outside Saudi Arabia. While Saudi Aramco has not indicated whether it will seek additional remedies with respect to these four vessels, the Company is pleased to have come to an acceptable resolution with respect to five of nine vessels and is focused on continuing to develop this important new relationship. The agreement with Saudi Aramco in regards to the five-vessel package includes dayrate discounts related to late delivery for a period of time. At this time, Tidewater believes that discounts with respect to these vessels will total approximately $1.5-$2.0 million and will be recognized as lower vessel revenue than was originally anticipated, spread over the next several quarters. 
 

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

People & Company News

US Navy: Future USS John Finn (DDG 113) Launched

The future USS John Finn (DDG 113) was launched at the Huntington Ingalls Industries (HII) shipyard March 28.  During launch the drydock was flooded allowing the

WISTA AGM to Address Emerging Shipping Challenges

WISTA USA (Women’s International Shipping and Trading Association) is putting the final touches on a high-profile speaker line-up that will headline its upcoming

WOW at USMMA

The United States Merchant Marine Academy Hosts 7th Annual Women on the Water Conference. Last week, The United States Merchant Marine Academy (USMMA) in conjunction with the U.

Contracts

U.S. Oil Train Traffic mostly from Midwest to East Coast

U.S. oil trains delivered more than 13.5 million barrels of crude oil from the Midwest to the East Coast in January, according to government data that gives a first

Maersk to Install Transas ECDIS on 100 Vessels

Maersk Line, the world's largest container company, has selected Transas Marine for ECDIS implementation on more than 100 vessels, Transas announced today. The

Baltic Sea Freight Index Edges Higher

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Monday as rates rose for vessels across all segments.

Legal

China's Air Drills Roil South China Sea Waters

China's air force conducted its first drill above the western Pacific Ocean on Monday, the Defence Ministry said, in a move that could exacerbate tensions with

Drydocks World, Maritime World Win Excellence Awards

Drydocks World and Maritime World have won the Excellence Award given by the International Maritime Club at the Golden Bells Awards 2015 - Middle East. Drydocks

Ocean 3 launched at the AGCT, Rijeka

China Shipping Container Line’s (CSCL) Xin Qin Huang Dao recently made its maiden call at the Adriatic Gate Container Terminal (AGCT), International Container Terminal Services, Inc.

Offshore

Keppel FELS Delivers 11th Jackup to Mexico

Keppel FELS Limited (Keppel FELS), a wholly owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered a KFELS B Class jackup rig to Mexican national oil company,

North Sea Oil: Harkand wins Maersk Oil North Sea Deal

Harkand won a multi-million contract with Maersk Oil North Sea Ltd for the provision of DSV services in the North Sea region. The 12-month contract will be serviced by Harkand’s two DSVs,

China's Air Drills Roil South China Sea Waters

China's air force conducted its first drill above the western Pacific Ocean on Monday, the Defence Ministry said, in a move that could exacerbate tensions with

Finance

Sea Star Continues Puerto Rico Investments

Sea Star Line, LLC has entered an agreement to on-hire another barge to add to its current service package for shipments from Jacksonville to Puerto Rico.   The

Rand Logistics Announces Debt Refinancing

Rand Logistics, Inc. announced today that it has closed a $170.0 million revolving loan facility which refinanced approximately $102.0 million of the company's

Baltic Sea Freight Index Edges Higher

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Monday as rates rose for vessels across all segments.

Energy

Methanol Powered Ferry Launched in Baltic Sea

Swedish ferry operator Stena Line has announced that it has converted the Stena Germanica to run on methanol, an industry first.   The company spent $24 million on converting the ship to methanol.

U.S. Oil Train Traffic mostly from Midwest to East Coast

U.S. oil trains delivered more than 13.5 million barrels of crude oil from the Midwest to the East Coast in January, according to government data that gives a first

Rotterdam Gate LNG Terminal Expansion Started

Dutch gas network operator Gasunie and tank storage service provider Vopak said on Monday that the expansion of their Gate liquefied natural gas (LNG) terminal in Rotterdam has begun.

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage 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: 0.1974 sec (5 req/sec)