Tidewater plunged deep into the red with a loss of $89.1m in the first quarter ended 30 June 2016, widening from the loss of $15.05m in the same period of 2015.
Revenue for the quarter was sliced to $167.93m from $304.77m in the previous corresponding period.
During the June 2016 quarter, Tidewater took a $36.9m non-cash asset impairment charges as a result of the depressed offshore market.
“The decrease in oil and gas prices that began in the second half of fiscal 2015 and continued throughout fiscal 2016 has led to materially lower levels of spending for offshore exploration and development by the company's customers globally,” Tidewater commented.
“In addition, newly constructed vessels have been delivered over the last several years, exacerbating weak vessel utilization. With reduced demand for offshore support vessels along with increased supply, the company has experienced a significant decline in the utilization of its vessels, average day rates received and vessel revenue,” it said.
As at 30 June 2016, Tidewater has 181 active owned or chartered OSVs and 87 stacked, compared to 245 active owned or chartered vessels and 28 stacked in the year-ago period.
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