July 28, 2006
Tidewater profit surges
Tidewater Inc. (NYSE:TDW) reported first quarter net earnings for the period ended June 30, 2006, of $71.4 million, or $1.23 per common share, on revenues of $269.8 million. For the same quarter last year, net earnings were $28.9 million, or $.50 per common share, on revenues of $192.2 million. The immediately preceding quarter ended March 31, 2006, had net earnings of $64.7 million, or $1.11 per common share, on revenues of $246.5 million.
FLEET MODERNIZATION CONTINUES
In its quarterly report, Tidewater notes that it is constructing 16 anchor handling towing supply vessels varying in size from 5,000 brake horsepower (BHP) to 10,000 BHP for a total commitment cost of approximately $251.2 million.
Four different international shipyards are constructing the vessels.
Scheduled delivery for the 16 vessels will begin in August 2006, with the last vessel scheduled for delivery in September 2008. As of June 30, 2006, $42.6 million has been expended on the vessels.
Tidewater is also committed to the construction of three 220-foot and three 250-foot supply vessels for approximately $91.4 million. The company's shipyard, Quality Shipyard, LLC, is constructing the three 220-foot vessels while a different U.S. shipyard is constructing the 250-foot vessels.
Scheduled delivery of the three 220-foot vessels is expected in August 2006, July of 2007 and September 2007 while the three 250-foot vessels are expected to be delivered in March, June and September of 2007. As of June 30, 2006, $31.1 million has been expended on these six vessels.
The company is also committed to the construction of three 175-foot, state-of-the-art, fast, crew/supply boats, and two tugboats for an approximate total cost of $33.3 million.
A U.S. shipyard is constructing the 175-foot crewboats, while two international shipyards are each constructing one tugboat. Scheduled delivery of the 175-foot crewboats is expected to begin in late July 2006 with final delivery of the last crewboat in October 2007.
The tugboats are expected to be delivered in February and April of 2007. As of June 30, 2006, $6.9 million has been expended on these five vessels.