Tidewater Inc. (NYSE:TDW) Q2 2020 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 09:00 am ET


Tidewater Inc. (NYSE:TDW) Q2 2020 Earnings Conference Call - Final Transcript


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Welcome to the Earnings Conference Call Second Quarter 2020. My name is Sylvia and I'll be your operator for today's call. [Operator Instructions] Later, we will conduct a question-and-answer session. [Operator Instructions]

I will now turn the call over to Jason Stanley. Mr. Stanley, you may begin.

Jason Stanley

Thank you. Sylvia. Good morning everyone and welcome to Tidewater's earnings conference call for the quarter ended June 30, 2020. I'm joined on the call this morning by our President and CEO, Quintin Kneen; our Chief Accounting Officer, Sam Rubio; and our General Counsel and Corporate Secretary, Daniel Hudson. During today's call we will make certain statements that are forward-looking referring to our plans and expectations. There are risks, uncertainties and other factors that may cause the company's actual future performance to be materially different from that stated or implied by any comment that we may make during today's conference call.

Please refer to our most recent 10-Q for additional details on these factors. This document is available on our website or through the SEC at sec.gov. Information presented on this call speaks only as of today, July 31, 2020 and so you're advised that any time-sensitive information may no longer be accurate at the time of any replay. Also during the call, we'll present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in last evening's press release.

And now with that, I will turn the call over to Quintin.

Quintin V. Kneen

Thank you, Jason. Good morning, everyone and welcome to the second quarter 2020 Tidewater earnings conference call. Allow me to start off by making a few remarks on the ongoing pandemics impact on the shipping industry. I'll then discuss how we are doing on executing the plan we outlined on the first quarter call and provide some updates to our outlook for the remainder of 2020. Finally, I will cover our consolidated quarterly results highlight some noteworthy items in our operating segments and then we will open the call up for questions.

On our two most recent earnings calls, I mentioned the critical role the international travel infrastructure plays and moving our mariners around the world as they embark and disembark our vessels. There are over 50,000 ships around the world of all different types and today an estimated 200,000 plus mariners are stranded on vessels and in need of repatriation. I'm taking a moment on today's call to highlight their flight, as they appear to have been forgotten by the government's rushing to address the more obvious concerns manifested by pandemic.

Shipping moves 80% of the global commerce and as an essential part of keeping the global economic recovery going. So my call to action is this, please join us in supporting the formal recognition of these individuals as key workers. This would exempt mariners from travel restrictions and enable them to travel to and from ships. Groups like the International Chamber of Shipping, the International Maritime Organization, the International Labor Organization and the International Transport