Tidewater reports second quarter results for fiscal 2006

Company News - October 28, 2005

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Tidewater in the US has announced second quarter net earnings for the period ended September 30th 2005 of US$82.2 million, or US$1.42 per share, on revenues of US$204.4 million.

For the same quarter last year, net earnings were US$16.3 million, or US$.29 per share, on revenues of US$166.8 million.

Net earnings in the immediately preceding quarter ended June 30th 2005, were US$28.9 million, or US$.50 per share, on revenues of US$192.2 million.

As previously reported, included in the current quarter's net earnings is an after-tax gain of US$42.8 million, or US$.74 per common share, related to the sale of six of its KMAR 404 class anchor handlers to Deep Sea Supply ASA for a total cash price of US$188 million.

The company used a portion of the proceeds of the sale to repay US$95 million of outstanding borrowings under its revolving credit agreement.

 

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