Tidewater
How The Tide Has Changed Since 2014
Market Cap: $2,218,520,000
P/B: 1.99x (understated book value)
Net Debt: $294,000,000
EV: $2,512,520,000
Shares Outstanding: 49,480,000
Business Overview
Tidewater is the owner of the largest fleet of Offshore Support Vessels (OSV) in the world with 190 vessels across Europe, Africa, Middle East, Americas, and APAC. OSV’s complete two major functions in what the business calls Conventional Services & Harsh Environment Services. Conventional Services includes transporting and supplying offshore materials, anchor handling & positioning for towing, construction support, well stimulation, seismic support, etc. The other piece of the business is Harsh Environment Services which deal with waters such as Greenland, the North Sea, or Canada and include oil recovery operations, rescue operations, polar code compliant vessels that are equipped with winterization capabilities. The vessels Tidewater owns are very versatile and about 60-70% of the work they do are what the company refers to as a “milk run” where they are moving materials and people around the ocean to support critical infrastructure projects, for example. The other 30% of the business is directly tied to drilling, which is the portion of the business that drives day rates to peak levels.
