Tidewater results show effect of oil priceCompany News // February 11, 2015
Tidewater has announced a third quarter net loss for the period ended 31 December 2014 of US$160.7 million, or US$3.31 per common share, on revenues of US$387.6 million.
Included in the current fiscal quarter's net loss is a non-cash goodwill impairment charge of US$283.7 million (US$214.9 million after tax, or US$4.43 per share) resulting from the company's annual goodwill impairment assessment.
This period's goodwill impairment assessment took into account the significant recent reductions in oil and natural gas prices, the expected impact that a continuation of these lower oil and natural gas prices will have on levels of exploration and production spending by our customers globally, and the resulting expected negative impact that lower customer spending levels will have on future average day rates and utilization of the company's vessels
For the same quarter last year, net earnings were US$12.6 million, or US$0.25 per common share, on revenues of US$365.2 million. Included in the prior fiscal year's net earnings for the quarter ended 31 December 2013 was a non-cash goodwill impairment charge of US$56.3 million (US$43.4 million after tax, or US$0.87 per share) resulting from the company's annual goodwill assessment performed during that quarter.
As a result of the general reduction in the level of business in the company's Asia/Pacific region last year, the entire amount of goodwill previously allocated to the Asia/Pacific region was impaired during the December 2013 quarter.
The immediately preceding quarter ended 30 September 2014 had net earnings of US$60.9 million, or US$1.22 per common share, on revenues of US$397.5 million.