Page 68: of Marine News Magazine (November 2012)

Bennett also said. Tidewater?s vessel revenues for its  rst 2013  scal quarter, ended in June 2012, were 44% from Sub-Saharan Africa, 27% from the Americas ? including about 6% from the Gulf of Mexico, 18% from Asia-Paci c and 11% from the Middle East/North Africa. In Sub-Saharan Africa, the company?s activity is concentrated in Angola, where a number of big deep water oil and gas discoveries occurred in the last four years. Tidewater?s Angolan operations have typically generated about a fourth of its vessel revenue. Fleet Renewed Since Year 2000 In the  rst quarter of 2013, 91% of Tidewater?s vessel revenues and 98% of its vessel revenues less vessel operating costs were generated by boats added since the company?s  eet renewal and expansion program began in  scal 2000, Bennett said. The company reported $0.65 in earnings per share for the  rst quarter, beating the consensus estimate of $0.60. Tidewater?s revenue was up 15.6% versus the same quarter a year earlier. First quarter 2013 earnings were reported on Aug. 8 and second quarter earnings will be announced on Nov. 6. ?Our new boats, built or acquired since year 2000, are providing good pro ts and are driving the company?s pro tability,? Bennett said. ?New boats have provided reasonable returns on our investments over the past few dif cult years. We?re operating in an industry that is volatile, with good and bad years, and we?re currently in a cycle that?s turning around and improving. The tide is turning from a dif cult market to a much better one.? Bennett was frank about Tidewater?s performance. ?We aren?t November 201268 MNMNNov2012 Layout 66-81.indd 68MNNov2012 Layout 66-81.indd 6811/7/2012 11:13:21 AM11/7/2012 11:13:21 AM