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…
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