Tidewater Reports Q2 Results for 2010

October 29, 2009

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.

(www.tdw.com)
 

Logistics News

DP World, Asian Terminals Inc. Invest $100M to Boost Capacity at Manila South Harbor

DP World, Asian Terminals Inc. Invest $100M to Boost Capacity at Manila South Harbor

PD Ports Outlines Plans to Develop UK Offshore Wind Hub

PD Ports Outlines Plans to Develop UK Offshore Wind Hub

DP World Begins $165 Million Expansion of Maputo Container Terminal Capacity

DP World Begins $165 Million Expansion of Maputo Container Terminal Capacity

Port Canaveral Invests $500 Million in Five-Year Port-Wide Improvement Plan

Port Canaveral Invests $500 Million in Five-Year Port-Wide Improvement Plan

Subscribe for Maritime Logistics Professional E‑News

Four US LNG cargos diverted from Europe to Asia
Adani Ports in India beats its quarterly profit forecast on the back of higher cargo growth
Russian ESPO Blend oil shipping rates are at their lowest level since January, traders report