Tidewater expects to be cash flow positive come year-end, despite charterers pulling out as the offshore sector heads back into a tailspin.
The Houston offshore giant started 2020 projecting a $440m charter backlog, but the oil price collapse wiped out $63m after oil company customers cut budgets, chief executive Quintin Kneen said Thursday.
Tidewater still expects to reach $65m in free cash flow for 2020, but will have to delay drydocking and scrap more ships than expected.
