Tidewater Reports Q2 Results for 2010

Tidewater Inc. (NYSE:TDW) announced its second quarter net earnings for the period ended September 30, 2009, of $98.2m, or $1.90 per common share, on revenues of $295.5m. Included in net earnings for the September 30, 2009 quarter is a $34.3m, or $0.66 per common share, tax benefit resulting from a favorable resolution of tax litigation. For the same quarter last year, net earnings were $95.4m, or $1.85 per common share, on revenues of $346.8m. The immediately preceding quarter ended June 30, 2009, had net earnings of $44.5m, or $0.86 per common share, on revenues of $ 326.6m. Included in net earnings for the June 30, 2009 quarter was 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 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 in the June 2009 quarter 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.

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