Tidewater (TDW) – can the announcement have been any worse!
The provider of offshore services tried to cunningly hide a profit warning in yesterday’s mayhem, without success!
The group appears to have suffered from a whole host of problems.
- Delays in acceptance of the initial vessels that form a part of a nine vessel package on multi-year term charters with Saudi Aramco
- Start up delays on other projects and
- Higher than previously guided vessel and SG&A costs.
In total TDW expect revenues some US$8-10m below previous guidance (US$255-260m), vessel opex to be in the range of US$158-160m (~US$157m) and SG&A in the range of US$38-40m (~US$37m). A total negative impact of ~US$11-15m.
Not great, to say the least!