Company profile

Ticker
TDW
Exchange
Website
CEO
Quintin Venable Kneen
Employees
Incorporated in
Location
Fiscal year end
Industry (SEC)
SEC CIK
IRS number
720487776

TDW stock data

(
)

Calendar

11 May 20
15 Jul 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 116.37M 118.78M 119.77M 125.86M
Net income -18.52M -60.57M -43.81M -15.55M
Diluted EPS -0.46 -1.52 -1.15 -0.42
Net profit margin -15.92% -51.00% -36.58% -12.36%
Operating income -18.53M -50.04M -22.55M -4.39M
Net change in cash -30.49M -141.04M -10.22M -21.51M
Cash on hand 187.8M 218.29M 359.33M 369.55M
Cost of revenue
Annual (USD) Dec 19 Dec 18
Revenue 486.55M 406.52M
Net income -141.22M -171.77M
Diluted EPS -3.71 -6.45
Net profit margin -29.02% -42.25%
Operating income -86.6M -107.5M
Net change in cash -153.5M
Cash on hand 218.29M 371.79M
Cost of revenue

Financial data from Tidewater earnings reports

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
20 Apr 20 Darling David E Common Stock Grant Aquire A No 0 30,021 0 73,259
20 Apr 20 Kneen Quintin Common Stock Grant Aquire A No 0 113,717 0 221,853
20 Apr 20 Kneen Quintin Options Common Stock Grant Aquire A No 6.475 344,598 2.23M 344,598
20 Apr 20 Hudson Daniel A. Common Stock Grant Aquire A No 0 30,021 0 38,708
20 Apr 20 Rubio Samuel R Common Stock Grant Aquire A No 0 30,021 0 63,431
15 Apr 20 Darling David E Common Stock Payment of exercise Dispose F No 5.81 272 1.58K 43,238
86.8% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 101 101
Opened positions 17 8 +112.5%
Closed positions 17 22 -22.7%
Increased positions 35 35
Reduced positions 25 29 -13.8%
13F shares
Current Prev Q Change
Total value 334.28M 846.61M -60.5%
Total shares 35.02M 33.85M +3.4%
Total puts 147.7K 117.9K +25.3%
Total calls 58.1K 71.4K -18.6%
Total put/call ratio 2.5 1.7 +54.0%
Largest owners
Shares Value Change
N Price T Rowe Associates 5.74M $40.61M +44.6%
BLK BlackRock 2.93M $20.75M +1.8%
Third Avenue Management 2.77M $19.63M +0.6%
Robert Robotti 2.62M $18.53M +29.4%
AIG American International 2.36M $16.74M -0.1%
Moerus Capital Management 2.05M $14.51M +6.2%
First Pacific Advisors 1.93M $13.68M +35.4%
Vanguard 1.9M $13.44M +3.9%
Canyon Capital Advisors 1.12M $7.94M 0.0%
Dimensional Fund Advisors 1.09M $7.7M +9.2%
Largest transactions
Shares Bought/sold Change
Raging Capital Management 0 -1.94M EXIT
N Price T Rowe Associates 5.74M +1.77M +44.6%
CPMG 1.01M +644.29K +176.3%
Southpaw Asset Management 159.6K -599.03K -79.0%
Robert Robotti 2.62M +594.72K +29.4%
First Pacific Advisors 1.93M +505.3K +35.4%
O'Keefe Stevens Advisory 0 -206.78K EXIT
Moerus Capital Management 2.05M +120.4K +6.2%
Parametric Portfolio Associates 185.01K +119.56K +182.7%
MS^L Morgan Stanley 20.13K -114.12K -85.0%

Financial report summary

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Competition
Secunda International
Risks
  • The prices for oil and natural gas affect the level of capital spending by our customers. A substantial or an extended decline in oil and natural gas prices could result in lower capital spending by our customers.
  • We derive a significant amount of revenue from a relatively small number of customers.
  • Our customer base has undergone consolidation and additional consolidation is possible.
  • The high level of competition on the offshore marine service industry could negatively impact pricing for our services.
  • The rise in production of unconventional crude oil and natural gas resources could increase supply without a commensurate growth in demand which would negatively impact oil and natural gas prices.
  • Uncertain economic conditions may lead our customers to postpone capital spending or jeopardize our customers’ or other counterparties’ ability to perform their obligations.
  • An increase in vessel supply without a corresponding increase in the working offshore rig count could exacerbate the industry’s currently oversupplied condition.
  • We operate in various regions throughout the world and are exposed to many risks inherent in doing business in countries other than the U.S.
  • Global or regional public health crises and other catastrophic events could reduce economic activity resulting in lower commodity prices and could affect our crew rotations and entry into ports.
  • We may not be able to generate sufficient cash flow to meet our debt service and other obligations.
  • Restrictive covenants in our Indenture and our amended and restated Troms credit agreement may restrict our ability to raise capital and pursue our business strategies.
  • The amount of our debt, including secured debt, and the restrictive covenants in our Indenture and the amended and restated Troms credit agreement could have significant consequences for our operations and future prospects.
  • We may not be able to obtain debt financing if and when needed with favorable terms, if at all.
  • Maintaining our current fleet size and configuration and acquiring vessels required for additional future growth require significant capital.
  • We may not be able to renew or replace expiring contracts for our vessels.
  • The early termination of contracts on our vessels could have an adverse effect on our operations and our backlog may not be converted to actual operating results for any future period.
  • We may record additional losses or impairment charges related to our vessels.
  • We may not be able to sell vessels to improve our cash flow and liquidity because we may be unable to locate buyers with access to financing or to complete any sales on acceptable terms or within a reasonable timeframe.
  • We may have difficulty attracting, motivating and retaining executives and other key personnel.
  • There are uncertainties in identifying and integrating acquisitions and mergers.
  • We may have disruptions or disagreements with our foreign joint venture partners, which could lead to an unwinding of the joint venture.
  • Our international operations expose us to currency devaluation and fluctuation risk.
  • With our extensive international operations, we are subject to certain compliance risks under the Foreign Corrupt Practices Act, the United Kingdom Bribery Act or similar worldwide anti-bribery laws.
  • There may be changes to complex and developing laws and regulations to which we are subject that would increase our cost of compliance and operational risk.
  • Changes in U.S. and international tax laws and policies could adversely affect our financial results.
  • Any changes in environmental regulations, including climate change and greenhouse gas restrictions, could increase the cost of energy and future production of oil and natural gas.
  • Increasing attention to environmental, social and governance (ESG) matters may impact our business and some institutional investors may be discouraged from investing in the industry in which we operate.
  • Our business could be negatively affected as a result of actions of activist shareholders.
  • We may be subject to additional unionization efforts, new collective bargaining agreements or work stoppages.
  • Our participation in industry-wide, multi-employer, defined benefit pension plans expose us to potential future losses.
  • Certain of our employees are covered by federal laws that may subject us to job-related claims in addition to those provided by state laws.
  • Our common stock is subject to restriction on foreign ownership and possible required divestiture by non-U.S. Citizen stockholders.
  • The market price of our securities is subject to volatility.
  • Because we currently have no plans to pay cash dividends or other distributions on our common stock, you may not receive any return on investment unless you sell your common stock for a price greater than that which you paid for it.
  • Our ability to raise capital in the future may be limited, which could make us unable to fund our capital requirements.
  • Anti-takeover provisions and limitations on foreign ownership in our organizational documents could delay or prevent a change of control.
  • There may be a limited trading market for our New Creditor Warrants and GLF Creditor Warrants, and you may have difficulty trading and obtaining quotations for New Creditor Warrants and GLF Creditor Warrants.
  • There is no guarantee that the Series A Warrants, Series B Warrants and GLF Equity Warrants issued by us or assumed by us will ever be in the money, and unexercised warrants may expire with limited or no value. Further, the terms of such warrants may be amended.
  • We may be unable to integrate successfully our business with GulfMark’s business and realize the anticipated benefits of the business combination.
Management Discussion
  • This section of this Form 10-K generally discusses 2019 and 2018 items and year-to-year comparisons between 2019 and 2018. Discussions of 2017 items and year-to-year comparisons between 2018 and 2017 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk” in Part II, Items 7. and 7A. of the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.
  • The above factors are discussed in more detail and in context in the consolidated and segment results of operations comparisons for the years ended December 31, 2019 and 2018 below.  
  • Our total revenues for the years ended December 31, 2019 and December 31, 2018 were $486.5 million and $406.5 million, respectively. Incremental revenues as a result of the business combination with GulfMark for the year ended December 31, 2019 were $92.0 million.
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