1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 - For the Quarterly Period Ended June 30, 1996
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 - For the Transition Period From
to
------------------------------- ---------------------------------
Commission file number 1-6311
TIDEWATER INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 72-0487776
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
1440 Canal Street, Suite 2100, New Orleans, Louisiana 70112
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (504) 568-1010
----------------------------
NOT APPLICABLE
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Former name, former address and former fiscal year, if changed since
last report.
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or of such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
YES X NO
------- -------
62,007,469 shares of Tidewater Inc. common stock $.10 par value per share were
outstanding on July 23, 1996. Registrant has no other class of common stock
outstanding.
2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
- ------------------------------------------------------------------------------------------------------------------------
June 30, March 31,
ASSETS 1996 1996
- ------------------------------------------------------------------------------------------------------------------------
Current assets:
Cash, including temporary cash investments $ 33,970 28,768
Trade and other receivables 167,902 144,472
Inventories 31,581 31,346
Other current assets 4,369 4,350
- ------------------------------------------------------------------------------------------------------------------------
Total current assets 237,822 208,936
- ------------------------------------------------------------------------------------------------------------------------
Investments in, at equity, and advances to
unconsolidated companies 19,513 35,861
Properties and equipment:
Marine equipment 1,263,204 1,210,876
Compression equipment 315,902 324,069
Other 41,376 41,240
- ------------------------------------------------------------------------------------------------------------------------
1,620,482 1,576,185
Less accumulated depreciation 914,691 916,412
- ------------------------------------------------------------------------------------------------------------------------
Net properties and equipment 705,791 659,773
Other assets 71,513 73,630
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$1,034,639 978,200
========================================================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------------------------------------------------------------------------------------------
Current liabilities:
Current maturities of long-term debt 17,464 2,934
Accounts payable and accrued expenses 84,085 70,546
Accrued property and liability losses 13,645 10,844
Income taxes 8,772 1,356
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Total current liabilities 123,966 85,680
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Deferred income taxes 78,311 76,579
Accrued property and liability losses 30,924 34,206
Other liabilities and deferred credits 43,891 42,985
Stockholders' equity:
Common stock of $.10 par value; issued
61,998,233 shares at June and 61,882,695
shares at March 6,200 6,188
Additional paid-in capital 423,373 421,655
Retained earnings 339,362 322,736
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768,935 750,579
Less:
Cumulative foreign currency translation adjustment 10,375 10,771
Deferred compensation - restricted stock 1,013 1,058
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Total stockholders' equity 757,547 738,750
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$1,034,639 978,200
========================================================================================================================
See Notes to Unaudited Condensed Consolidated Financial Statements.
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3
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share and per share data)
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Three Months Ended
June 30,
---------------------------------------------
1996 1995
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Revenues:
Marine operations $ 146,639 128,054
Compression operations 29,255 27,039
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175,894 155,093
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Costs and expenses:
Marine operations 91,216 81,984
Compression operations 16,888 13,907
Depreciation 20,017 20,646
General and administrative 15,075 14,514
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143,196 131,051
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32,698 24,042
Other income (expenses):
Foreign exchange gain (loss) 143 (181)
Gain on sales of assets 1,434 3,389
Equity in net earnings of unconsolidated
companies 1,243 1,096
Minority interests (178) (467)
Interest and miscellaneous income 911 664
Interest and other debt costs (413) (2,465)
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3,140 2,036
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Earnings before income taxes 35,838 26,078
Income taxes 11,468 8,651
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Net earnings $ 24,370 17,427
========================================================================================================================
Primary and fully-diluted net earnings per
common share $ .39 .28
========================================================================================================================
Weighted average common shares and equivalents 62,660,947 62,011,490
========================================================================================================================
Cash dividends declared per common share $ .125 .10
========================================================================================================================
See Notes to Unaudited Condensed Consolidated Financial Statements.
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4
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
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Three Months Ended
June 30,
-------------------------------------------
1996 1995
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Net cash provided by operating activities $ 45,667 42,584
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Cash flows from investing activities:
Proceeds from sales of assets 5,079 6,038
Additions to properties and equipment (12,826) (5,919)
Acquisition of joint-venture interest, net of
cash acquired (3,435) ---
Dividends received from unconsolidated companies
net of additional investments 2,943 1,312
Dividends paid to minority interest (658) (826)
Increase in reserve funds --- (256)
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Net cash (used in) provided by investing activities (8,897) 349
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Cash flows from financing activities:
Principal payments on long-term debt (25,554) (40,882)
Proceeds from issuance of common stock 1,730 360
Dividends paid (7,744) (5,324)
- ------------------------------------------------------------------------------------------------------------------------
Net cash used in financing activities (31,568) (45,846)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in cash, including
temporary cash investments 5,202 (2,913)
Net increase in cash for Hornbeck Offshore Services
for the quarter ended March 31, 1995 --- 4,980
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Cash, including temporary cash investments at
beginning of period 28,768 23,274
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Cash, including temporary cash investments at
end of period $ 33,970 25,341
========================================================================================================================
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $ 352 2,935
Income taxes $ 1,411 1,814
========================================================================================================================
Supplemental noncash investing activity:
Joint-venture interest acquired:
Fair value of assets acquired $ 51,305 ---
Fair value of liabilities assumed (47,870) ---
- ------------------------------------------------------------------------------------------------------------------------
Net cash payment $ 3,435 ---
========================================================================================================================
See Notes to Unaudited Condensed Consolidated Financial Statements.
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5
TIDEWATER INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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(1) Interim Financial Statements
The consolidated financial information for the interim periods
presented herein has not been audited by independent accountants, but
in the opinion of management, all adjustments (consisting only of
normal recurring adjustments) necessary for a fair presentation of the
condensed consolidated balance sheets and the condensed consolidated
statements of earnings and cash flows at the dates and for the periods
indicated have been made. Results of operations for interim periods
are not necessarily indicative of results of operations for the
respective full years.
(2) Earnings per Share Data
Primary and fully diluted earnings per share data are computed on the
weighted average number of shares and dilutive equivalent shares of
common stock (stock options and restricted stock grants) outstanding
during each period using the treasury stock method.
(3) Income Taxes
Income tax expense for interim periods is based on estimates of the
effective tax rate for the entire fiscal year. The effective tax rate
was 32% and 33% for the quarters ended June 30, 1996 and 1995,
respectively.
(4) Acquisition of Marine Joint-Venture
On May 31, 1996 the company acquired for $12.4 million cash the
remaining 50.1% equity interest in 22 of 29 safety/standby vessels
previously owned and operated by joint-venture companies in the North
Sea. The acquisition was accounted for by the purchase method and
accordingly, the fair value of the assets acquired and liabilities
assumed and results of operations have been included in the condensed
consolidated financial statements effective June 1, 1996.
(5) New Accounting Pronouncements
On April 1, 1996 the company adopted the provisions of Statement of
Financial Accounting Standards (SFAS) No. 121 "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to be
Disposed Of." The adoption had no impact on the company's results of
operations or financial position.
On April 1, 1996 the company elected to continue to use the intrinsic
value method of accounting for stock-based compensation prescribed by
Accounting
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6
Principles Board Opinion No. 25 and, accordingly, adopted the
disclosure provisions of SFAS No. 123 "Accounting for Stock-based
Compensation."
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7
INDEPENDENT AUDITORS' REVIEW REPORT
The Board of Directors and Shareholders
of Tidewater Inc.:
We have reviewed the condensed consolidated balance sheet of Tidewater Inc. and
subsidiaries as of June 30, 1996 and the related condensed consolidated
statements of earnings and cash flows for the three-month periods ended June
30, 1996 and 1995. These condensed consolidated financial statements are the
responsibility of the Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted
in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to the condensed consolidated financial statements referred to above
for them to be in conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of Tidewater Inc. and subsidiaries as
of March 31, 1996, and the related consolidated statements of earnings,
stockholders' equity, and cash flows for the year then ended (not presented
herein); and in our report dated April 29, 1996 we expressed an unqualified
opinion on those consolidated financial statements. In our opinion the
information set forth in the accompanying condensed consolidated balance sheet
as of March 31, 1996 is fairly presented, in all material respects, in relation
to the consolidated balance sheet from which it has been derived.
KPMG PEAT MARWICK LLP
New Orleans, Louisiana
July 17, 1996
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8
MANAGEMENT'S DISCUSSION AND ANALYSIS
The company provides services and equipment to the international energy
industry through its marine and compression divisions. Company revenues, net
earnings and cash flows from operations are dependent upon activity levels of
the marine vessel fleet and the natural gas compression rental fleet. Activity
levels for the marine vessel fleet and the natural gas compression rental fleet
are ultimately dependent upon oil and natural gas prices which, in turn, are
determined by the supply/demand relationship for oil and natural gas. The
following discussion should be read in conjunction with the unaudited condensed
consolidated financial statements and related disclosures.
MARINE DIVISION
The Marine division provides a diverse range of services and equipment to the
offshore oil and gas industry. Fleet size, utilization and vessel day rates
primarily determine the amount of revenues and operating profit because
operating costs and depreciation do not change proportionally with changes in
revenues. Operating costs principally consist of crew costs, repair and
maintenance, insurance, fuel, lube and supplies. Fleet size and utilization
are the major factors which affect crew costs. The timing and amount of repair
and maintenance costs are influenced by vessel age and scheduled drydockings to
satisfy safety and inspection requirements mandated by regulatory agencies.
Whenever possible, vessel drydockings are done during seasonally slow periods
to minimize any impact on vessel operations and are only done if economically
justified given the vessel's age, and physical condition. The following tables
compare revenues, operating expenses (excluding general and administrative
expense and depreciation expense) and operating margins of the Marine division
and provide a breakdown of Marine operating profit for the quarters ended June
30, 1996 and 1995 and March 31, 1996.
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9
(In thousands)
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June March
--------------------------- -------
1996 1995 1996
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Revenues:
Owned and chartered vessels:
United States $ 68,196 56,454 62,868
International 70,353 63,464 68,403
- ------------------------------------------------------------------------------------------------------------------------
138,549 119,918 131,271
Brokered vessels, shipyard sales and other 8,090 8,136 4,260
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146,639 128,054 135,531
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Expenses:
Owned and chartered vessels:
Crew costs 37,884 34,524 36,849
Repair and maintenance 26,658 22,199 23,778
Insurance 7,931 8,143 8,881
Fuel, lube and supplies 7,181 5,771 6,262
Other 4,787 4,722 5,658
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84,441 75,359 81,428
Brokered vessels, shipyard sales and other 6,775 6,625 3,400
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91,216 81,984 84,828
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Operating margins $ 55,423 46,070 50,703
========================================================================================================================
For owned and chartered vessels:
- -------------------------------
Operating margins as a percent
of revenues 39.1% 37.2% 38.0%
Percentage rise in operating costs
compared to same period of prior
fiscal year 12.1% 8.0% 14.0%
========================================================================================================================
Marine operating profit:
Owned and chartered vessels:
United States $ 15,862 8,513 12,380
International 16,349 12,823 14,496
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32,211 21,336 26,876
Gains from asset sales 716 3,115 625
Brokered vessels, shipyard sales and other 1,118 1,356 629
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$ 34,045 25,807 28,130
========================================================================================================================
Current quarter operating margins rose above fiscal 1996 first and fourth
quarter levels as a result of higher fleet utilization and higher average
vessel day rates for supply and towing-supply vessels working in the U.S. Gulf
of Mexico. Higher crew and repair and maintenance costs partially offset the
growth in operating margins. Higher utilization of the domestic-based vessel
fleet is the result of increased demand for offshore marine services due to
increased natural gas drilling and exploration activity in the U.S. Gulf of
Mexico. Significantly higher average vessel day rates for supply and
towing-supply vessels working in the U.S. Gulf of Mexico resulted from a much
more favorable supply/demand relationship for offshore marine services.
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10
Higher crew costs are the result of increased fleet activity and higher repair
and maintenance costs are the result of a greater number of vessel drydockings.
Marine fleet utilization is determined primarily by market conditions and to a
lesser extent by drydocking requirements. Utilization of the domestic-based
vessel fleet is primarily influenced by offshore activity related to the
exploration and production of natural gas in the U.S. Gulf of Mexico, whereas,
utilization of the international-based vessel fleet is primarily influenced by
offshore activity related to the exploration and production of oil.
Marine vessel day rates are determined by the demand created through the level
of offshore exploration, development and production spending by energy
exploration and production companies relative to the supply of offshore service
vessels. Suitability of equipment and the degree of service provided also
influence vessel day rates.
The following two tables compare day-based Marine fleet utilization percentages
and average day rates by vessel class and in total for the quarters ended June
30, 1996 and 1995 and for the quarter ended March 31, 1996:
June March
------------------------ -------
1996 1995 1996
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UTILIZATION:
- -----------
Domestic-based fleet (in U.S. waters):
--------------------
Towing-supply/supply 91.3% 86.8 91.1
Crew/utility 90.9 81.7 80.1
Offshore tugs 62.4 47.9 58.4
Other 48.8 44.9 43.3
Total 83.6% 77.0 81.0
International-based fleet (not in U.S. waters):
-------------------------
Towing-supply/supply 87.5% 86.7 85.3
Crew/utility 90.5 86.6 86.6
Offshore tugs 75.4 72.2 76.1
Safety/standby 84.4 --- ---
Other 76.2 37.3 77.5
Total 84.0% 76.1 82.6
Worldwide fleet:
---------------
Towing-supply/supply 89.2% 86.8 87.9
Crew/utility 90.7 83.6 82.8
Offshore tugs 69.7 60.6 69.0
Safety/standby 84.4 --- ---
Other 69.7 38.9 69.9
Total 83.8% 76.5 81.9
========================================================================================================================
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11
June March
------------------------ -------
1996 1995 1996
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AVERAGE VESSEL DAY RATES:
- ------------------------
Domestic-based fleet (in U.S. waters):
--------------------
Towing-supply/supply $4,278 3,351 3,880
Crew/utility 1,424 1,343 1,357
Offshore tugs 4,994 5,220 5,162
Other 3,158 3,118 2,762
Total $3,773 3,115 3,492
International-based fleet (not in U.S. waters):
-------------------------
Towing-supply/supply $3,695 3,644 3,713
Crew/utility 1,728 1,884 1,712
Offshore tugs 2,708 2,635 2,906
Safety/standby 5,194 --- ---
Other 719 726 631
Total $2,939 3,025 2,895
Worldwide fleet:
---------------
Towing-supply/supply $3,965 3,507 3,791
Crew/utility 1,562 1,567 1,514
Offshore tugs 3,602 3,609 3,674
Safety/standby 5,194 --- ---
Other 1,123 1,298 923
Total $3,298 3,067 3,153
========================================================================================================================
Fluctuation of average vessel day rates for the international-based fleet for
the periods shown above is the result of the mix of vessels working.
Additional investment in the vessel fleet for the current quarter totaled $9.3
million. At the end of the quarter two offshore tugs were purchased for $4.7
million with the remaining amount being used for additions and/or modifications
to the existing vessel fleet. During the current quarter the remaining 50.1%
equity interest in 22 of 29 vessels being operated previously through
joint-venture companies in the North Sea was acquired and increased the size of
the international-based fleet. In prior periods these vessels were classified
as joint-venture owned. The average size of the domestic-based fleet fell from
June 1995 to June 1996 as a result of the sale of vessels and the return of
vessels to their owners which were previously leased. During the current
quarter several vessels were withdrawn from active fleet service due to age and
anticipated high repair and maintenance costs. The following table compares
the average number of vessels by class and geographic distribution for the
quarters ended June 30, 1996 and 1995 and for the quarter ended March 31, 1996:
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Average Number of Vessels
During Quarter Ended
June 30, March 31,
- ------------------------------------------------------------------------------------------------------------------------
1996 1995 1996
---- ---- ----
Domestic-based fleet:
- --------------------
Towing-supply/supply 139 150 143
Crew/utility 43 52 49
Offshore tugs 41 44 39
Other 15 13 14
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Total 238 259 245
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International-based fleet:
-------------------------
Towing-supply/supply 169 170 173
Crew/utility 35 34 36
Offshore tugs 53 48 57
Safety/standby 9 --- ---
Other 47 51 48
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Total 313 303 314
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Owned or chartered vessels
included in marine revenues 551 562 559
Vessels withdrawn from
active service 24 18 15
Joint-venture owned vessels 66 76 76
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Total 641 656 650
========================================================================================================================
Worldwide fleet:
---------------
Towing-supply/supply 351 358 355
Crew/utility 91 95 93
Offshore tugs 100 95 98
Safety/standby 24 29 29
Other 75 79 75
- ------------------------------------------------------------------------------------------------------------------------
Total 641 656 650
========================================================================================================================
COMPRESSION DIVISION
The Compression division provides natural gas compression services and
equipment for a variety of applications primarily in the energy industry.
Rental revenues are determined, for the most part, by utilization and fleet
size. Utilization is affected by natural gas storage levels and by the number
and age of producing oil and natural gas wells which, in turn, are dependent
upon the price levels of oil and natural gas. Quality of service, availability
and rental rates for equipment are also major factors which affect utilization.
Operating expenses are generally consistent from period-to- period and usually
vary in the short-term due to fluctuations in the amount of repair and
maintenance expense. Long- term growth in operating expenses will occur
primarily as a result of increased fleet size and general inflationary factors.
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13
Compression division operating profit is primarily determined by operating
margins from rental gas compression operations.
The following tables compare revenues, operating expenses (excluding general
and administrative expense and depreciation expense), operating margins and
related statistics for gas compression operations for the quarters ended June
30, 1996 and 1995 and for the quarter ended March 31, 1996.
(In thousands, except statistics)
- ------------------------------------------------------------------------------------------------------------------------
June March
------------------------- ----------
1996 1995 1996
- ------------------------------------------------------------------------------------------------------------------------
Revenues:
Rentals $17,802 18,492 18,324
Repair, service and other 1,298 1,572 971
- ------------------------------------------------------------------------------------------------------------------------
19,100 20,064 19,295
- ------------------------------------------------------------------------------------------------------------------------
Expenses:
Wages and benefits 2,919 3,053 2,992
Repairs and maintenance 3,240 3,285 3,762
Other 2,003 2,048 2,089
- ------------------------------------------------------------------------------------------------------------------------
8,162 8,386 8,843
- ------------------------------------------------------------------------------------------------------------------------
Operating margins $10,938 11,678 10,452
========================================================================================================================
Operating margins as a percent
of revenues 57.3% 58.2% 54.2%
========================================================================================================================
Horsepower based statistics:
Utilization 75.5% 72.3% 75.1%
Average monthly rental rate $ 16.58 17.92 16.80
Average fleet size 472,108 475,757 470,030
========================================================================================================================
Compared to the corresponding quarter of fiscal 1996, fiscal 1997 first quarter
operating margins were negatively affected due to a drop in rental revenues.
Rental revenues for the current quarter fell below the fiscal 1996 first
quarter because greater market competition forced down rental rates which
offset the positive effect of higher utilization. Operating margins for the
current quarter were higher than the prior quarter due to lower repair and
maintenance expense. Fiscal 1996 fourth quarter repair and maintenance expense
included costs related to the preparation of equipment for new jobs.
The Compression division also designs, fabricates and installs engineered
compressor systems and sells, primarily to its customers, related parts and
equipment. The following table compares revenues, costs of sales and sales
margins for equipment and parts sales for the quarters ended June 30, 1996 and
1995 and for the quarter ended March 31, 1996.
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14
(In thousands)
- -------------------------------------------------------------------------------------------------------------
June March
------------------------- --------
1996 1995 1996
- -------------------------------------------------------------------------------------------------------------
Revenues $10,155 6,975 6,341
Costs of sales 8,726 5,521 5,090
- -------------------------------------------------------------------------------------------------------------
Gross profit margins $ 1,429 1,454 1,251
=============================================================================================================
Gross profit margins as a percent
of revenues 14.1% 20.8% 19.7%
=============================================================================================================
Fluctuations in the level of equipment and parts sales for the periods
presented are due to the timing of sales of engineered products. Fluctuations
in gross profit margin percentages are the result of competitive market forces.
Costs of sales consist primarily of wages and benefits and material costs
associated with the design, fabrication and installation of packaged compressor
systems.
During the current quarter the Compression division disposed of all of its air
rental equipment which generated proceeds of $3.5 million and resulted in a
gain of $.5 million. Revenues from the rental of air equipment for the quarter
ended June 30, 1996 were $.7 million. Additional investment in the natural gas
compression rental fleet during the current quarter was $3.5 million and was
primarily for modifications of existing equipment to meet customer
requirements.
CORPORATE
On May 31, 1996 the company acquired for $12.4 million cash the remaining 50.1%
equity interest in 22 of 29 safety/standby vessels previously owned and
operated by joint-venture companies in the North Sea. The acquisition was
accounted for by the purchase method, and accordingly the fair value of the
assets acquired and liabilities assumed and results of operations have been
included in the condensed consolidated financial statements effective June 1,
1996.
Financing activities for the quarter ended June 30, 1996 consumed less cash
than for the corresponding quarter of fiscal 1996 due to lower principal
payments on long-term debt. Current quarter payments on long-term debt were
primarily for the repayment, prior to maturity, of outstanding bank debts
assumed in connection with the purchase of the remaining equity in the
joint-venture companies in the North Sea. Lower interest expense in the
current quarter compared to fiscal 1996's first quarter is due to the fiscal
1996 fourth quarter prepayments of debt assumed in connection with the fiscal
1996 fourth quarter merger with Hornbeck Offshore Services Inc.
- 14 -
15
General and administrative expenses for the quarters ended June 30, 1996 and
1995 and for the quarter ended March 31, 1996 consist of the following
components:
(In thousands)
- ------------------------------------------------------------------------------------------------------------------------
June March
------------------------- ------
1996 1995 1996
- ------------------------------------------------------------------------------------------------------------------------
Personnel $ 8,801 8,480 9,298
Office and property 2,641 2,365 2,638
Sales and marketing 933 852 937
Professional services 1,268 1,071 1,362
Other 1,432 1,746 1,361
- ------------------------------------------------------------------------------------------------------------------------
$15,075 14,514 15,596
========================================================================================================================
INFLATION AND CURRENCY FLUCTUATIONS
Because of its significant foreign operations, the company is exposed to
currency fluctuations and exchange risks. To minimize the financial impact of
these items the company attempts to contract a majority of its services in
United States dollars.
Day-to-day operating costs are generally affected by inflation. However,
because the energy services industry requires specialized goods and services,
general economic inflationary trends may not affect the company's operating
costs. The major impact on operating costs is the level of offshore
exploration and development spending by energy exploration and production
companies. As this spending increases, prices of goods and services used by
the oil and gas industry and the energy services industry will increase.
Future improvements in vessel day rates and compressor rental rates may buffer
the company from the inflationary effects on operating costs.
ENVIRONMENTAL MATTERS
During the ordinary course of business the company's operations are subject to
a wide variety of environmental laws and regulations. The company attempts to
comply with these laws and regulations in order to avoid costly accidents and
any related environmental damage.
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16
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
A. At page 18 of this report is the index for those exhibits required to be
filed as a part of this report.
B. The Company did not file any reports on Form 8-K during the quarter for
which this report is filed.
- 16 -
17
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
TIDEWATER INC.
----------------------------------------
(Registrant)
Date: July 23, 1996 /s/ William C. O'Malley
----------------------------------------
William C. O'Malley
Chairman of the Board, President
and Chief Executive Officer
Date: July 23, 1996 /s/ Ken C. Tamblyn
----------------------------------------
Ken C. Tamblyn
Executive Vice President and
Chief Financial Officer
- 17 -
18
EXHIBIT INDEX
Exhibit
Number
- --------
11 Statement - Computation of Per Share Earnings
27 Financial Data Schedule
- 18 -