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Tidewater loss exceeds US$500M

Thu 10 Aug 2017 by David Foxwell

Tidewater loss exceeds US$500M
Tidewater had reorganisation items amounting to more than US$300 million in the quarter

Tidewater, the US-based offshore vessel owner that is emerging from Chapter II proceedings, has announced a Q1 2018 net loss for the period ended 30 June 2017 of US$524.4M.

The company had revenues of US$115.1M in the quarter. For the same quarter last year, the net loss was US$89.1M on revenues of US$167.9M. The immediately preceding quarter ended 31 March 2017 saw a net loss of US$94.9M on revenues of US$160.7M.

Included in the net loss for the quarter were US$313.2M of reorganisation items related to the company’s Chapter 11 proceedings and US$163.4M in non-cash asset impairment charges that resulted from impairment reviews undertaken during the June 2017 quarter.