Tidewater Inc. (NYSE:TDW), on Monday announced revenue for the three and six months ended June 30, 2019, of $125.9 million and $248.0 million, and net losses for the same periods of $16.0 million (or $0.42 per common share) and $37.7 million (or $1.01 per common share), respectively. Excluding certain costs outlined below, net losses for the three and six months ended June 30, 2019 were $15.5 million (or $0.41 per common share) and $33.5 million (or $0.90 per common share), respectively.
John T. Rynd, Tidewater’s President and Chief Executive Officer, commented, “The second quarter results help solidify our growing sense of an improving market and demonstrates our ability to execute on the business objectives that we have set forth. We saw revenue increase from the prior quarter driven largely by a North Sea market that was seasonally stronger than anticipated for this time of year and a global improvement in demand for deepwater vessels.
We remain focused on being the most cost efficient operator in our industry and have shown further progress towards reducing our general and administrative costs, which remain on track for an $87 million fourth quarter exit run rate. Additionally, we are committed to maintaining a fleet of vessels that are in demand by our customers, which will lead to higher regulatory drydock costs and downtime over the near-to-intermediate term, but we will only invest in the maintenance to the extent we have an adequate return on capital.
We do not envision significant market advancement over the second half of 2019, but we do see ongoing signs of improvement, and our outlook for the offshore market remains on a positive long-term slope with reasons for optimism in each of our primary markets. Our existing market position coupled with our continued efforts to differentiate ourselves will drive ongoing financial improvements and best position us through this slowly improving market.”
Included in the $16.0 million ($0.42 per common share) net loss for the three months and six months ended June 30, 2019 were general and administrative expenses for severance and similar expenses related to integrating Tidewater and GulfMark operations of $0.5 million ($0.01 per common share) and $4.2 million ($0.11 per common share), respectively.
Sea News, August 14