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    Natural gas market adversely affecting rates, says Tidewater

    News // March 19, 2004
    US operator Tidewater says the prolonged weakness in the natural gas drilling market in the Gulf of Mexico continues to have an adverse impact on domestic operations.

    With the addition of several new-build vessels delivered to the domestic fleet in the last year and additional vessels acquired from Ensco in April 2003, domestic-based vessel revenues increased from prior year levels, but utilisation rates, especially for the company's towing supply/supply vessels, remain at a depressed level.

    Strong natural gas commodity prices and tight inventory levels for the majority of calendar year 2003 did not result in an increase in gas drilling in the Gulf of Mexico market.

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