Tidewater’s string of losses continued in the first quarter, but the company believes the turning point is around the corner.
The Houston offshore support vessel (OSV) giant posted an $11.7m loss for the first three months of the year, lower than the $35.2m loss posted for the same period in 2021.
But day rates improved with the company fixing 16 ships for various durations at 20% higher rates, with earnings for its largest platform supply vessels (PSVs) jumping nearly 30%.
