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rising demand within the rapidly expanding, ultra-deep water drilling market.? They predicted that Tidewater?s earnings will grow, driven by 15 percent to 20 percent increases in deepwater vessel rates and by the contribution of 25 new vessels to its eet.On Aug. 8, TheStreet Ratings, from TheStreet Inc. in New York, upgraded Tidewater?s stock from ?hold? to ?buy,? based on a computer metrics program. TheStreet pointed to multiple strengths, including revenue growth which has slightly outpaced the industry average; a largely- solid nancial position, with reasonable debt levels by most measures; increased net income; good cash ow from operations; and expanding pro t margins. Those strengths outweigh the fact that performance of the company?s stock has been lackluster, TheStreet Ratings said. Tidewater Buoyed by International Focus Tidewater has hedged its bets through geographic diversi cation. The company started in the Gulf of Mexico in 1956, began operating in Venezuela in 1958 and by 1966 had expanded through South America and into Central America and West Africa. Bennett said ?we have management teams in many different regions around the world. Most of our competitors are regional or local, however. If the area they are in isn?t doing well, they could have a dif cult time without infrastructure in other markets to redeploy their vessels to. We saw how Gulf of Mexico-based operators struggled after the Macondo incident in 2010.? Bennett perhaps said it best when he concluded, ?one of Tidewater?s real strengths is that we?ve been international, with a large overseas presence, for over 50 years.? It?s hard to argue with that, especially given the events of the past three years here in the U.S. markets. Positioned to take advantage of an energy recovery ? happening here and abroad ? and using a eet that becomes, on average, more modern every day, it isn?t hard to see why analysts are bullish on TDW. And, if ?all the boats oat on a rising tide,? then it could also be argued that those with the largest number(s) of assets will be especially blessed. Only time will tell.Grand Bahama Shipyard L I M I T E D 6 H U Y L F H V 2 I I H U H G $ R Y $ O C K I N G & A B R I C A T I O N s 3 T E E L s 3 T R U C T U R A L 0 I P I N G s % L E C T R I C A L " L A S T I N G # O A T I N G % N G I N E E R I N G s 3 U R V E Y I N G ) N S P E C T I O N S ) U H H S R U W * U D Q G % D K D P D , V O D Q G % D K D P D V 0 H s & 8 % M A I L E N Q U I R I E S G B S H I P Y A R D C O MWebsite: www.grandbahamashipyard.com + 1 / 9 Ê U Ê , / 9 Ê U Ê " / " Susan Buchanan , is a New Orleans-based business writer, specializing in energy, maritime matters, agriculture, the environment and construction. She holds a master?s degree from Cornell University in agricultural economics and an undergraduate degree from the University of Pennsylvania. MNNov2012 Layout 66-81.indd 73MNNov2012 Layout 66-81.indd 7311/7/2012 11:15:14 AM11/7/2012 11:15:14 AM
