Tidewater is pushing its expectations for an offshore recovery back two years to 2023 thanks to the oil price collapse.
The Houston-based, New York-listed company said in its first quarter earnings report that it initially expected the sector to pull out of its six-year downturn next year.
However, the oil glut caused by March’s Saudi Arabia-Russia price war, plus oil demand destruction brought on by Covid-19 has put that off further.
