US offshore carrier Tidewater is ready to take full advantage of a potential upswing in the offshore market after the company took over Swire Pacific Offshore in April. The first quarter ended with a loss, however.
The world’s largest offshore shipping company, Tidewater, prepares for a potential upswing in the market for offshore vessels.
But the first quarter ended with a deficit of USD 12.3m, which was, however, a marked improvement compared to the same period last year, when the loss came to USD 33.5m, according to the company’s Q1 interim report.
”The acquisition of SPO [Swire Pacific Offshore, -ed.] that we closed in April is transformational as Tidewater is now the undisputed industry leader at a time when the demand for high quality offshore vessels is poised to significantly exceed the available supply,” says Tidewater Chief Executive Quintin Kneen in a statement, adding:
”Everything we have been working on these past several years has positioned us to thrive under any market condition, and now that the market is rapidly improving, we are poised to capitalize.”
The consolidation in the sector for offshore ships accelerated when Tidewater took over SPO, which created the best possible conditions for taking full advantage of a potential upswing, assessed VesselsValue.
Revenue increased slightly in this past quarter, growing to USD 105.7m against USD 83.5m last year.
