Page 66: of Marine News Magazine (November 2012)

Tidewater Well Positioned Tidewater Well Positioned After Spending On Deepwater Vessels After Spending On Deepwater Vessels Global demand driving consistent year-over-year pro Þ ts for Tidewater. A more modern ß eet riding a rising tide should continue that trend, analysts and company of Þ cials say. By Susan Buchanan Tidewater Inc., based in New Orleans, has invested in deepwater, platform supply vessels in recent years, a move that looks to be paying off as demand for those boats improves during a rush to build deep-ocean rigs. The company provides offshore supply vessels and marine support services for the world?s energy industry. Tidewater?s replacement of old with new vessels since year 2000 was worth it, recent earnings reports show. The company?s stock has languished, however, partly because of uncertainty about its joint venture in Angola in southwest Africa. Tidewater has a new management team led by president and CEO Jeff Platt, following the retirement in May of his predecessor Dean Taylor after 34 years of service. Platt joined Tidewater in 1996. For this discussion, we interviewed Joe Bennett, Tidewater?s Executive Vice President and Chief Investor Relations Of cer, along with stock analysts following the company. Bennett said last month, ?we?re optimistic about deepwater for several reasons. Interest from our oil-company customers around the world in deepwater exploration and development is generally very strong. Primarily, that includes major oil companies and state-owned companies. For instance, Petrobras in Brazil is spending plenty of money both in and outside of Brazil.? Bennett added, ?Deepwater is heavily invested in, and November 201266 MNMNNov2012 Layout 66-81.indd 66MNNov2012 Layout 66-81.indd 6611/7/2012 11:48:04 AM11/7/2012 11:48:04 AM