Tidewater to dispose of nearly 50 vessels this year

Offshore supply vessel operator Tidewater plans to dispose of 46 vessels in an attempt to improve its balance sheet. Despite improving market conditions and a 20% hike in revenue, the company recorded a net loss of USD 141.7 million in 2019. 

Revenue for the year amounted to USD 486.5 million reflecting an increase of 20% compared to 2018. For 2020, Tidewater wants to maintain that income but with fewer ships. The company wants to shed its “lower specification” tonnage and improve the active utilization percentage of its remaining vessels. The OSV-operator currently manages a fleet of 223 vessels, of which 62 vessels are in lay-up.

“Tidewater has taken a series of strategic actions to streamline our fleet and increase our efficiency across the entire organization. Our anticipated revenue for 2020 is similar to our total revenue for 2019 but with fewer ships, as we continue to high-grade the active fleet”, said Tidewater’s CEO Quintin Kneen.

He added that the market conditions around the world continue to improve. “As of now, we have USD 440 million of backlog for 2020, which is over 90% of the revenue we recorded for the prior year”, he said.

In addition to improving the utilization of its vessels, Tidewater will also lower its annual spend on dry docks and vessel modifications by over USD 20 million as compared to 2019.

With the actions, Tidewater wants to create a “nimble, efficient and scalable platform” that will establish the company as the “most profitable, most investable offshore vessel company in the world.”

morenews

Project Cargo Summit 2024 programme takes shape

Excitement is building for the Project Cargo Summit 2024 in Bilbao, Spain! The dates are locked in (September 17th and 18th), the speaker list is filling up fast, and preparations are underway to make the “Project Cargo Summit 2024: Mega Cargo, Mega Solutions” an unforgettable event.

Project Cargo Summit 2024 registrations open

The time has come, we have opened registrations for this year’s edition of the Project Cargo Summit. As it was previously unveiled, the Port of Bilbao will be our host on September 17 and 18. There have been some changes since the announcement. 

Project Cargo Summit goes to Bilbao

Following the successful outing in Bremen in 2023, ProMedia and its Project Cargo Summit team have turned their sights to a new adventure and have partnered with the Port of Bilbao. So for the 2024 edition of the Project Cargo Summit, project cargo, breakbulk and heavy lift industry specialists will gather in Bilbao for two… Read more ›