Offshore services giant Tidewater Inc. (NYSE:TDW) yesterday reported revenue for the three and six months ended June 30, 2020, of $102.3 million and $218.7 million, respectively compared with $125.9 million and $248.0 million, respectively, for the three months and six months ended June 30, 2019. Net losses for the three and six months ended June 30, 2020, were $110.6 million and $129.1 million, respectively, compared with $16.0 million and $37.7 million, respectively, for the three and six months ended June 30, 2019.
Included in the net losses for the three month six month periods were impairment charges totaling $111.5 million and $121.8 million, respectively. Excluding these, says Tidewater, it would have reported net income for the three months ended June 30, 2020 of $0.9 million and a net loss for the six months ended June 30, 2020 of $7.3 million Also included in the net losses for the three 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 and $4.2 million, respectively. Excluding these costs, net losses for the three and six months ended June 30, 2019 were $15.5 million and $33.5 million respectively.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “We are pleased that our performance for the quarter was consistent with the revised 2020 outlook we discussed on our last earnings call.” He added that “the environment remains very challenging.
Kneen then turned his attention to an issue facing all international maritime operators: the crew change crisis.
“The near complete shutdown of international air travel and of seemingly non-essential governmental services globally, such as visa processing, has resulted in over a quarter million seafarers stranded on all types of vessels around the globe, including Tidewater vessels.,” he said. “We are doing everything in our power to remedy the situation for our seafarers, but the problem demands global governmental coordination. The situation is an inadvertent consequence of policies meant to reduce the spread of COVID-19 by restricting international travel, but it has resulted in the inability to move crews around the world to relieve and to return home crews onboard vessels today. Tidewater has always been dedicated to getting our employees home safe. They remain safe, but we need to get them home.”