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    Tidewater issues earnings warning

    News // April 2, 2004
    Tidewater has issued an earnings warning and says it expects its fourth quarter financial results to be below analysts' earnings expectations.

    For the three months ending March 31st, 2004, the company now expects diluted earnings per share of US$0.17-0.22. The Thomson First Call consensus estimate is currently $0.30 per share.

    Tidewater said lower utilisation for the company's vessels in certain international markets, particularly West Africa and Southeast Asia, had a negative impact on revenues and profitability.

    In addition, continuing weakness in the Gulf of Mexico drilling market will result in an operating loss from domestic operations in the fourth fiscal quarter, despite significant cost cutting efforts.

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