$TDW (Tidewater Inc.)

$TDW {{ '2016-05-25T22:05:28+0000' | timeago}} • Announcement

Petroleum service company $TDW reported a wider 4Q16 loss, mainly hurt by asset impairments and lower revenue. Net loss for the latest quarter was $81.8MM, or $1.74 per share, on revenues of $184.2MM. For the year ago quarter, net loss was $9.1MM, or $0.19 per share.

$TDW {{ '2017-07-13T20:55:51+0000' | timeago}} • Announcement

$TDW said the United States Bankruptcy Court for the District of Delaware has confirmed its ‘second amended joint pre-packaged Chapter-11 plan of reorganization.’ The company expects the court to issue a written confirmation order on the matter within a few days.

$TDW {{ '2017-06-13T10:59:22+0000' | timeago}} • Announcement

$TDW reported a wider net loss in 4Q17, hurt by asset impairment charges. Net loss widened to $94.86MM or $2.01 per share from $81.79MM or $1.74 per share in 4Q16. Revenues dropped 12.7% to $160.75MM. Tidewater said it is awaiting the court’s approval to implement its pre-packaged restructuring plan, under a bankruptcy petition.

$TDW {{ '2017-05-19T21:04:13+0000' | timeago}} • Announcement

$TDW said the approved motions authorize the Company to pay prepetition employee wages and benefits without interruption, maintain its insurance programs, utilize its current cash management system, and pay undisputed prepetition obligations owed to its vendors and trade creditors in the ordinary course of business.

$TDW {{ '2017-05-19T21:03:43+0000' | timeago}} • Announcement

$TDW said the United States Bankruptcy Court for the District of Delaware has granted the relief requested by the company in certain first day motions related to ordinary course business activities. The approved motions authorize the company to pay prepetition employee wages and benefits without interruption.

$TDW {{ '2017-05-18T13:15:02+0000' | timeago}} • Announcement

$TDW and certain of its subsidiaries have filed voluntary petitions under chapter 11 in the U.S. Bankruptcy Court for the District of Delaware to pursue a prepackaged plan of reorganization. This is in accordance with its previous restructuring support agreement with certain creditors to effectuate a comprehensive balance sheet restructuring.

$TDW {{ '2017-03-28T12:57:50+0000' | timeago}} • Announcement

$TDW announced the latest waiver of covenant default from its lenders and noteholders expired in accordance with its terms on Mar. 27, 2017, without a renewal being sought by the company. CEO Jeffrey M. Platt said, "negotiations with our lenders and noteholders are progressing well."

$TDW {{ '2017-03-14T15:58:50+0000' | timeago}} • Announcement

$TDW received limited waiver extensions from its principal lenders and noteholders until March 27, 2017. Tidewater has been in discussions with its lenders and noteholders to amend the company's various debt arrangements to obtain relief from certain covenants.

$TDW {{ '2016-11-08T21:15:41+0000' | timeago}} • Webcast

$TDW believes that there will be an offshore drilling industry recovery. The company added that many analysts expect that improving oil prices will lead to increased E&P spending as early as calendar 2017.

$TDW {{ '2016-11-08T20:53:17+0000' | timeago}} • Webcast

Globally, $TDW's average active vessel at 164 vessels was down 17 vessels QoverQ. During 3Q16, $TDW stacked 32 vessels, reactivated four previously stacked vessels and disposed of three vessels that were stacked on December 31, 2015.

$TDW {{ '2016-11-08T20:39:00+0000' | timeago}} • Webcast

Oil drilling company $TDW reported that 3Q16 results reflect professional services cost related to ongoing debt negotiations of approx. $3MM. The company has stacked previously active vessels that it expects to be underutilized in the coming quarters.

$TDW {{ '2016-11-08T20:20:55+0000' | timeago}} • Webcast

$TDW reported that offshore drilling activity was curtailed by lower oil prices, which affected its near term and intermediate business outlook. In spite of brief recovery in oil prices this year, and growing optimism that OPEC will agree to cap its production, cost cutting and cash preservation mentality still rules among the customers, $TDW said.

$TDW {{ '2016-11-08T12:17:57+0000' | timeago}} • Announcement

Offshore fleet services provider $TDW reported a wider 2Q17 loss due to higher non-cash asset impairment charges that resulted from impairment reviews undertaken during latest quarter. Net loss widened to $178.5MM or $3.79 per share from $43.84MM or $0.93 per share last year. Revenue dropped to $143.72MM from $271.92MM.

$TDW {{ '2016-09-19T09:12:20+0000' | timeago}} • Announcement

Petroleum services company $TDW said it has received extensions of some limited waivers of covenant noncompliance until Oct. 21. Company had been in discussions with its principal lenders and noteholders to amend some debt arrangements regarding some covenant noncompliance.

$TDW {{ '2016-05-26T19:05:49+0000' | timeago}} • Webcast

$TDW said CapEx for FY16 was approx. $194MM, $57MM of which was funded by proceeds from asset dispositions and the return by shipyards of milestone payments that were previously paid by the company pursuant to canceled vessel construction contracts. Relative to FY15, CapEx was down approx. $170MM YoverY.

$TDW {{ '2016-05-26T19:03:17+0000' | timeago}} • Webcast

$TDW said subsequent to the March 31, 2016 balance sheet date, it took delivery of one 310-foot US flag deepwater PSV. Payments on this vessel made subsequent to March 31, 2016 were approx. $5.5MM. The remaining payment on the five vessels currently under construction is now approx. $62MM.

$TDW {{ '2016-05-26T18:54:09+0000' | timeago}} • Webcast

$TDW said during 4Q16 it stacked 12 previously active vessels. The company also reactivated two previously stacked vessels and disposed of three vessels that were stacked at Dec. 31, 2015. As a result, the stacked fleet during 4Q16 averaged 73 vessels and was at 77 vessels at March 31, 2016 or up 7 vessels from 3Q16-end.

$TDW {{ '2016-05-26T18:50:41+0000' | timeago}} • Webcast

$TDW said lower vessel revenue in 4Q16 as a result of a 91-day quarter was largely offset by lower lost revenue due to fewer vessels that were drydocked. The average active vessel count at 198 vessels was down 17 vessels QoveQ.

$TDW {{ '2016-05-26T18:46:05+0000' | timeago}} • Webcast

New Orleans, Louisiana-based $TDW said it ended 4Q16 and FY16 with zero lost-time accidents. This marks the third time in the company's history that it completed a full FY without a lost-time accident. The company's total recordable incident ratio or TRIR for FY16 ended at 0.08 per 200,000 man-hours worked.

$TDW {{ '2016-05-25T22:20:53+0000' | timeago}} • Announcement

$TDW said it is engaged in discussions with its principal lenders and noteholders to amend and/or waive the company's 3.0x minimum interest coverage ratio covenant in advance of any such potential default occurring, with the goal of finalizing any amendments and/or waivers prior to the possible covenant breach.

$TDW {{ '2016-05-25T22:18:47+0000' | timeago}} • Announcement

If it breaches covenant, which could occur as early as mid-August 2016, $TDW said the lenders could declare it to be in default of the Bank Loan Agreement, the Troms Offshore Debt or the 2013 Note Agreement, as applicable, and accelerate the indebtedness thereunder. This will cause the company's senior notes issued in 2010 & 2011, to be in default.

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