Tidewater loss exceeds US$500 millionCompany News // August 10, 2017
Tidewater in the US has announced a first quarter net loss for the period ended 30 June 2017 of US$524.4 million on revenues of US$115.1 million.
For the same quarter last year, net loss was US$89.1 million on revenues of US$167.9 million. The immediately preceding quarter ended 31 March 2017 saw a net loss of US$94.9 million on revenues of US$160.7 million.
Included in the net loss for the quarter were US$313.2 million (US$313.2 million after-tax) of reorganization items related to the company's Chapter 11 proceedings and US$163.4 million (US$163.4 million after-tax) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the June 2017 quarter.