Tidewater has announced that its net income for the 12 months ended December 31, 2024 was $180.7 million, compared to $97.2 million for the previous year.The company’s revenue for the three and
Tidewater has announced that its net income for the 12 months ended December 31, 2024 was $180.7 million, compared to $97.2 million for the previous year.
The company’s revenue for the three and 12 months ended December 31, 2024 of $345.1 million and $1,345.8 million respectively, compared with $302.7 million and $1,010.0 million, respectively, for the previous year.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, said: “2024 proved to be a successful year by all measures. Revenue, gross margin, earnings and free cash flow all increased significantly as the fundamental supply and demand imbalance in the offshore vessel market persisted.
“Day rate progression realized during the year is the most substantial we’ve experienced since the offshore recovery began and well-beyond the historical rate of annual day rate progression we’ve seen in prior cycles.”
He attributes the financial successes realized during 2024 to a multi-year effort to high-grade the fleet through the disposal of older, smaller vessels and through the acquisition of younger, higher-specification vessels, along with a short-term contracting strategy that has allowed the company to realize the day rate benefits of vessel scarcity in a healthy demand environment.
“Free cash flow for the year was $331.0 million, a
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