摘要: |
In November, the WorkBoat Composite Stock Index gained 101 points, or 3%. For the month, gainers topped losers 13-11. Offshore service vessel operator Tidewater Inc. lost ground in November, losing about 10%. But Quintin Kneen, Tidewater's president, CEO and director, told analysts during the company's third-quarter earnings call in November that the offshore vessel market continued to strengthen during the third quarter. "We saw a meaningful improvement in our profitability and free cash-flow generation," Kneen said. Tidewater's average day rate increased by nearly $1,100 per day during the quarter on slightly higher active utilization of 83.7%, up about 1.2% compared to the second quarter. Tidewater was able to share a lot of positive news. The company reported positive net income for the first quarterly period since 2017, and revenue of $191.8 million increased 17% compared to the second quarter of 2022. During the third quarter, Tidewater entered into 54 new contracts covering 38 vessels. For those vessels that had multiple contracts during the quarter, each follow-on contract was signed at a materially higher day rate than the first contract, Kneen said. |