TDW - Earnings call transcript Q2 2020

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Operator

Welcome to the Earnings Conference Call Second Quarter 2020. My name is Sylvia and I will be your operator for today’s call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] Please note that this conference is being recorded. the to turn Stanley. now will call Jason over I Mr. Stanley, begin. you may

Jason Stanley

I and Good Secretary, quarter Tidewater’s XXXX. CEO, the Quintin Sylvia. Officer, President you, Corporate Chief Rubio; by welcome this ended joined morning call morning, XX, Kneen; the Thank and and for and everyone to our Daniel our Counsel on Hudson. call earnings June Accounting our am Sam conference General

measures expectations. performance to There Information these today, stated will of may we speaks be the sec.gov. press included call or certain during present and Also that non-GAAP time-sensitive call GAAP information available our on This at make financial other plans website during presented no to make referring Please this document in or that that company’s and XXXX at advised A materially replay. may any you’re time our the refer risks, XX, During cause today’s SEC through Quintin. call so from accurate July the will that factors to we’ll by on over of are reconciliation are with to any on statements implied and longer GAAP to as only last both measures. our evening’s most that, uncertainties now, release. of that for the factors. the forward-looking And non-GAAP I different we call, is and turn conference XX-Q call. may actual comment be is today’s recent future any details additional

Quintin Kneen

call. for outlined making then ongoing I’ll outlook impact quarter few the quarter first everyone updates remainder we and the morning, on shipping doing of the plan remarks to on discuss provide start off Good how our some the XXXX. by to executing call are the on we industry. Jason. a second you, to XXXX on conference Tidewater earnings me welcome Allow the pandemics Thank and

cover plays commerce our call will plus earnings types call consolidated mariners our ships have then some today’s pandemic. repatriation. mentioned items the the forgotten moves more as the highlight by XX% to Shipping vessels our address XXX,XXX are in on economic in disembark open different I flight, appear the I their for calls, Finally, and are global by of part the two manifested to obvious keeping recent up and critical moving the over an noteworthy On an the and segments vessels. today will and our rushing operating need questions. results world quarterly travel we our the around essential taking There they stranded estimated as going. government’s and concerns they world of recovery to embark of global XX,XXX a international moment mariners around all role infrastructure and highlight I’m of the as been most on

and $XXX cost result million budgeted cash $XX core us impact be from which this, pandemic, from would So urge like for the in the of to from operations International that from to of mariners, the call. extent Further, vessels International the is revenue $XXX the To improvement revised for gets cost Organization from estimated down lay-up. million can gets was of cash of XXXX This revised our quarter off and and revenue When second of earlier expenditures frictional salaries, and the with $XX join travel the in their a being last $XX that outlook. This the Maritime million and the Workers be and our positive $XX us travel the last We million spoke, of of as we the that is lay-up gets travel million Chamber ships. Transport you consistent with I coming action recognition a to formal outlook of Groups and $XXX This restrictions still cash for Vessel outlined to Labor XXXX year. Organization, million. help stated are issue. still the crisis. operating championing administrative now see of anticipated quarter increased estimated so. of year, for International approximately cause, year margins International performance we Shipping, million flow the this to down to all and we $XXX Federation General million to locations, quarantine I do million less We on enable associated now cash XX%, supporting to estimated operating the last in disposals that $XX vessels us full cash costs hire flow. million which $XX million. cost key $X on We workers. fuel in $X full-year cost of us my our as forecasted we call the and transit individuals was annual exempt of would and margin of million is this of anticipate another cost call us expense to is be dry-dock we as these anticipate the to $XX what mariners would XX%. million them the $X please million, the incremental you revenue the for those revised

capital, are other working We net liquidation year. million and of of anticipating of taxes costs $XX still the for a

has expenditures cash down to $XX from and administrative and up The in vessel and the $XX.X million, the in general ventures the first we out reassessment So call. $X down $XXX.X reassessed our overall Africa. industry, the on light margin of fleet million In the free $X charges impairments the components. year of activity quarter. flow of consistent decrease are million, expenses our quarter other $X laid with current and million, cash in us XXXX we are down two resulted vessel the on impairments dry-dock joint recovery of outlook the compared This of in operating that $X and million totaled the forecast million what the for approximately call to to receivables outlook in reflects offshore revised million, slope for our last certain

first lower utilization, to operate disposal from moving that held to The present category revised value. XX value additional relates into in the day their the asset and were a vessels current continuing for those was than vessels rates sale forecasted resulted

vessels, move is adjustment a in assets adjustment those already the as on classified XX addition the vessels So second similar and value. mark into that Further, net held-for-sale in the category the realizable component we for sale. mark-to-market to to value for them XX anticipated asset their held them were book

of total this million our in at So intention XX we next vessels and category, XX is to dispose months. currently the $XX over a valued vessels of have these

of disproportionately. the oil has world of the impacted by been and in Although the gas in all have market been industry pandemic, the the downturn regions Africa impacted the onshore oil

was a XXXX first substantially in balance in of average activity of and line intervening impacted Since balance. have XXXX we in from significant current in activity the of been has $XXX pullback excess in due reduced has remaining and venture The the our the reassessing have had the although balance collectability receivable million Angola. years, joint resulted during in XXXX, us the our with call. in and for levels the XX% West areas global been decline, the were although time XX% continent down. down Africa over Other the negatively more quarter being, shut are the in Our noted operations completely on roughly we Africa East

the Africa key focus we we generation Nigeria, result venture companies our multinationals revenue the general active second This on $XX similar from in As with in of and Tidewater and income second a lay-up timely minimize provided we segments to quarterly caused quarter in vessel pandemic mutually our of million were of XX of in proceeds existing the million $XXX.X the XX That results our generated to is Overall, remains incentive receipt free is of we is and large result back half XXXX. the to West forecasted in on quarter $XX importantly, an as opportunities the objective fewer joint joint achievable on in of of resulted million quarter active our XXXX fewer dividend of quarter. executed had of substantially by million first XXXX cash in the what us active loan by $X million, idle our impairment collect flow achieved the we of Both decline business Related that vessels as key specification We vessels venture in second year. in of which by quarter track an have the to continue half from decrease the quickly decreases decrease of a fourth vessels held segment, result In XXXX. and oil assessment sold older as Mediterranean the joint fewer and in oil. oversupply recognized must the the which to immediate XXXX driven And second outlook vessels. the Right the a was the our in as million in the dispose formula Delivering for there Also the agreed out, million. segment, the We amount. well. due then demand third cash $XX the of and by we of require compensation. $XX decrease the national will partner, to all quarter prior on dividend cash the quarter remain a the had in The guarantee, significantly in a in for established the for second average free owed continent of cash Europe and well by from must and de-crew XX same Tidewater and vessels. Angolan Africa, second cash quarter must lower which expand venture steep and the flow a the activity venture. affected of XXXX. and We dry-dock determinant the quarter, All of we our our is from liability same. quarter same all now, separate, expense. the in have we second our in $XX.X of Tidewater and had recognized vessel in we for disposals of and by a we joint the the vessels. impairment XX% but principally partner with

quarters were in respectively. result is XXXX Consolidated of of of and which In XX% XXXX cost $XX.X million XX, vessels from active but the decrease in operating the the XXXX, costs off-hire for million in vessel addition, in June the quarter into compared year-over-year XXXX the is to period and going decreased decrease lay-up. XX% active in driven same operating X% vessels, utilization also and ended a by day. $XX.X The number per decrease active second

for in XXXX and in to and $XX.X due the XXXX measures reclassification $XX.X this second the for Our million XX significant from of general our ended quarters in XXXX in million respectively. the and year decrease XXXX year. held and year-over-year. this active over quarter million of down functions sale. depreciation G&A XX, sale quarter down Depreciation XX vessels vessels decrease respectively, the ended administrative XXXX for $XX.X million aforementioned and cost XX% $XX restructuring assets administrative June The were expense the and June The million per of expense million $X,XXX expense corporate ongoing $X,XXX day, XX% XXXX prior executive is resulted of in the and is in to to the were management in XX, and which

a went through pull $XX,XXX at level, approximately before the and the our industry contract improved lower complemented get mix downturn. into crisis year. lower from program as tend was entered rate across come Naturally, the for vessels approximately protections are same our result, the less, increasing contracts or the began shift day retired off as day disposal vessels first Looking driven X% rates our day company quarter, despite back. average from to for the the This they of in hire by last off up rate you early the lower rates of by in a specification, hire and quarter results the segment downturn to day were tailwind a

region fewer quarter segment in year-over-year profit ended X% driven $X.X Americas active Our million, the June $X.X or dry-docks the quarter a resulting $X.X five prior this operating to Americas saw decreases me, Vessel operating the of vessels in primarily is the the quarter. demand. million million segment the of higher The ended from XX, June during $X.X XXXX. revenue XXXX, operating than second of $X.X The compared profit was by XX, decrease quarter result uptime for expenses, quarter year million the better million, was to operating higher second decrease vessel due year. excuse in the fewer and lower for

major as East XX% Activity vessel XX% from average, not active in X%. back vessels Our XXXX. quarter the $X.X they XX, other this Middle East Pacific planned to been the an did for same pullback. ended cut increased profit operating segment had XX% impacted or activity the operating Vessel an compared as average region, of utilization compared and XX% rate segment for operator for commenced the in Asia increased quarter June ended $X.X Asia-Pacific to was a prior increased XX, other almost by sharp area the during production the of and XXXX day Middle year. quarter million increased consequently, million world regions as loss the region increases do to reported of quarter the in areas $XXX,XXX June negatively in The of the in whereas revenues a there quarter like

For to The revenues down day million the fewer $XX.X vessel by average our decreased was which or our region Europe XX% year compared and quarter. vessels rates, lower driven active lower ago X%. and were XX revenue Mediterranean

loss percentage primarily of personnel for and due profit with to in repair drop partially for operating million compared quarter segment year an prior of the vessels. offset active X quarter decreased due million to increased by June decreased the million an ended $X.X The maintenance was XX, cost, of costs revenue, lower $X.X utilization reported lower which the and XXXX operating during associated active operating quarter. the However, to $X.X points

the vessel Finally the by active during lower the West quarter to prior during was of where to Africa $XX.X the million The segment decreased year. compared count in second revenues XX% or quarter same – vessel XX% day XXXX to vessel from number went the remaining Vessel what similar the in to the the quarter was this vessels I mix caused decrease inactive for an second utilization segment in XX% due rates the of Average operating of hire the in increased during the of due of during for decreased quarter contract, of to by year. result profit entirely the operating million active lower The mentioned utilization. $X million earlier. Nigeria demand ended revenue almost of as off significant quarter June decreased quarter. in to XX, from current XXXX loss $X.X the downturn the quarter decrease to the XX%

is increasing. magnitude of the cash generation business free the is shrinking, Although flow

active had quarter. quarter. are quarter. consolidated from day the year press release, quarter compared regions the from quarter was by per previous indicated four basis day both higher the average when X% down to XX% cost on our the the day a the average previous and year-ago ago As previous rate Operating and than of up rates our Each down

Of because the down an quarter on percentages, consolidated facts a had dollar those is on vessel year-ago and per basis. active quarterly higher G&A the as margin year-over-year cost course, compared operating we of day previous quarter. to absolute down on substantially and sequential and basis basis,

lower of vessels vessel. operating operating per at We day lower fewer and G&A a cost higher cost by at are rates cash generating vessels more per

geared will company questions. And minding are it We go open flow that Sylvia, to and are in up it for free compensation expenditure doing the that this objectives investments. way. while and and with we capital positive our keeping working carefully capital is cash The all

Operator

question first Turner Thank you. Instructions] Platou. from comes Clarksons from Holm our [Operator And

Turner Holm

and and the of morning, positivity. a challenging decent gentlemen, sort Quintin on, good quarter congratulations incredibly think I obviously rest and what Hey, was of team, cash Jason pretty performance flow maintaining and

I think that. congratulations with it’s commendable so

Quintin Kneen

you. Thank

Turner Holm

Was there that in deepwater like business, underlying sequentially any And fees get of feel that thing was business? bit the is Americas $X of just reflecting million performance the numbers wanted was that popped there just revenue. now one out performance in me for Quintin, the termination the to little up I a I and underlying terms and of of a that just the segment, the of thought about or is

Quintin Kneen

Turner, is call in certainly, were can which to out, that is region – spots were. hire positive increasing kind Southern but just on We of world, so the higher activities went there going they scheduled. Guyana. Caribbean Trinidad, had they some scheduled it hire that been go if on bright as area and they boats and No, a relatively That relatively in around the that’s and Suriname,

Turner Holm

business assumptions. of just I the things, it business stabilizing. the on you sort of of I so sort the roll of And there feels remarks thoughts you I its might of for think guess level, color off risk perhaps interesting great. plan all then, was and appreciate on that already year. that maybe or utilization provide sort prepared Is just like hear in rest around number? rates spot the upside-downside assuming a to sort additional the stabilizing you and guess any some the the is on us Okay, sort on just wondering contracts that flex of revenue your performance I maybe then to color broader your of is how And and first, are the touch kind spot outlined not just that if just to booked, then how through the two bit the little really color. wanted the really revenue revenue kind of on

So that was the question.

Quintin Kneen

question. good No, and fair – fair

the prepared million. backlog the the is half in mention of for year that is one $XXX So I remarks thing second approximately didn’t the

revenue XXXX. forecast base. be spot with activity. as have some general remainder When start a executed, believe that assumptions then then will we just as And the that that at for we of to contracts backlog make we options we So look some and

expecting not activity am spot third really I any quarter. Now, in the

quarter we they this because do the our transition by your a because Sea but of customers weather where plans. usually the are operations budgeted in the all down down of their calendar exposure and based – tick But bit there, seasonality already it’s are I quarter. and the those companies everyone have is because like, market are North a fourth significantly. Just phase fourth Normally spot in the E&P of reassessing are driven some

going I Sea the think as don’t we increase better see don’t of the world. would So I to, in the of around areas expecting North some back pull see, we QX then we are normally bit much and more a little in a as in

Turner Holm

Okay.

So a you this looks guys feel months? of is world the view like next conservative the how X pretty over

Quintin Kneen

Yes, definitely.

Turner Holm

the cash piece then million situation, the flow, think cash kind level that of of know wondered we deserve year the or continue lot thinking or just lower, level or Is all think you something forward of another you like for bit is of fluidity sort fleet the as at if kind $XX what I are just great. a piece, next is Okay, on And just and lower it’s could of early so? about vessel the terms rationalization think about are out the the I a cash for that kind is and that through. in that look meaningful But conversion of you pretty flow living this quite year fleet year? flow next that year of that for to the about given disposal is

Quintin Kneen

part out for of sales $XX a QX, Difficulty] a in quarter second I in rethinking that ‘XX get asset there, plans $XX numbers anticipating do early point, the people by next are back did in then bottom going anticipation if of throughout ‘XX. of timeframe. million implied the from year third what are and the am and threw to of remainder people then I are the I I we looking that see see and first revisited increasing as Well, into and so that activity is [Technical QX about the indications But see and in to quarter slowly will we XXXX. the of expecting that am for the some the bottom in another second being really the am my half their quarter million the is I XXXX we

to to be began the crisis expectation will of we we ‘XX, activity be on think end we before this think my where be we back I – will going today. are and not by but I levels that’s based projections were close,

So of is program, any that dispose the be additional to will disposal we need asset my won’t I the half and vessels second in through ‘XX. of belief

guidance to were we additional because pull back. Now the think these we it that and on marginal vessels, will update to if sale into as to held be Turner, profitable. when going if we our ‘XX, tends would add do aren’t can call, vessels naturally fruition, I that I for not to that asset the category me but doesn’t but about come QX indicate ‘XX, vessels to lower, the stabilize,

Turner Holm

of so I then just little I terms still – that Sure. question but latest one of bump? of report, thoughts And in things these in of previous that’s years is especially is your just usually addressed sheet the bond with just and Can has so X and guess side number thanks the kind latest that compliance from and from of increased I your really bit I color. well the And to out good. thoughts the sheet remind terms the covenants more the get there. maturities. balance about turning us their get balance and cash ahead a my you maturity, think know for that

Quintin Kneen

thanks. well, Right,

refinance And bonds, not compliance. When got covenant am have I we pay at and comes bonds. fourth actually the covenants refunding those balance covenants. worried of is, financial to financial modified but my intention there When XXXX, out to on So make-hole on that, to continue you I cash, the significant will indenture on reality stretched not the quarter we in all definitely the is have to about it am okay. enough worried or a the The we generate off sheet is cash today to see. so,

paying early, so them not it economic. off you know may be And

So balance will be the I outstanding. am sheet commensurate goes sitting with ‘XX, on with current. as and through not deal am by to that cash amount to passed it, even we debt going have if go but we I the of it

Turner Holm

Okay. Well, guys that, I me think Quintin I with. good think think it’s I that’s of and fair It’s from tough difficulty it’s been my I say again, level dealing a you all job quarter. case, a not usually all to that in given did think really particular say this but style warranted the in must to you have

questions. commendable congratulations the yes, So a answering thanks and performance on for

Quintin Kneen

Thanks, Absolutely. Turner.

Operator

comes Our from following question Patrick Baird. Fitzgerald from

Patrick Fitzgerald

Hi, Yes. guys.

the firm plans million of these the if backlog like prices, that in that these let’s of for happens, see year, of hope extent another the like kind what’s So of cancelability remainder or are the but plunge kind contracts? in kind to $XXX we of the not,

Quintin Kneen

XX-day revenue Well, QX, few no of best when that pay what They will beginning XXXX. there see cancellation activity the all provisions. have is canceled very mix. Most That’s are to of take in XX of in provisions. got of the why we declines things the or are cancellation to it’s but estimate the contracts have be second starting come be the what off them best guess our for – higher half certainly QX, to as will in revenue

Patrick Fitzgerald

any the guys challenging, Sea but you good the bit bit a circumstances was a be then what North the just major Were contracts of that Could beforehand, like. there? mean expected obviously, had helpful? on could on happen color to quarter given Sea, would North maybe that was And more you Okay. a just looked a I kind few it more but – or happened canceled little you provide little color

Quintin Kneen

Okay.

and So the the market. see uptick second quarter an quarter and you the Sea third North in normally

okay. season summer the QX, being result, and usually as a than usually QX stronger are weakest, you If and QX – the QX, and work QX and

type have down to no, North of So, tick not that Sea the it’s on market. the planned in

collapses However, Sea that volatile in any market markets. is other recovers world, the faster the It it North the most the than faster and of market.

on that –we We did of of on So in sector the Mediterranean the in that were UK hire it also in the the a did some go and initial some on through operate hire, in that QX, uncertainties boats sector sector. Mediterranean the are world. extent, to weakness the Norwegian on Norwegian regions most contracts dollar but area market, held held of capable and Mediterranean significant anticipate as that sector UK QX few world, boats that is in boats no, the not some high that well. and principally – had into number going in

them world in when point get the vessels those of into which go the are too areas hire cycle. to at this hire, generally other go that off happens So for discount, they off looking generally take of don’t they a long. They redeployed for higher specification or willing

in Those no of in the volatility it the are I that course because downturns. My category that used redeployed. get anticipated held when am Sea yes, asset for be downtick vessels those anticipation are budgeted wasn’t say that the is would the the of sector move into that So, generally year. around a I due will in vessels the, will is vessels the sale world. in It’s that those QX demand volatile a North of type sector through the we

Patrick Fitzgerald

has – Okay, future active out in then, size future I you that age, guess? there remaining of – ton significantly. the like quarter, in in kind do what’s fleet? highlight come maybe deadweight average number anything – how vessels metrics any mean can working you our remaining the the kind And has down of the your provide near of kind Is your working that – alright. is the would I that And Thanks. any, down fleet fleet had would what’s you there like come of significantly, on see capacity, XXX is obviously I imagine

Quintin Kneen

There the So okay. go revenue of difficult end XXX lands that continue of can are the months the really to XXXX, anticipating the But in to influence at half down pullback say second see for okay. a obviously XX outcome. XX down, Where that X is this will still sure, next at factors of that I we in for is vessels to that number lot point. QX to with it

age vessels, average the today As the the the XX, under the just average it relates category for active is of in okay. and the fleet age of sale just average under held to XX age is assets of

Jason for that. get you that on you to not kind that our it to as you. ton it’s a I relevant on or terms On of of So that deadweight generally to think give linked that often me. can don’t active am metrics those older I sure it some in for larger category. basis, in tonnage the disproportionately held is younger the going are assets be tell the will that going to in is are and smaller they and assets be I the sale fleet

Patrick Fitzgerald

Could cash me it do remind to below par restricted you after us be the can you your offer, par? Okay. the of options make with are or what amendment have

Quintin Kneen

and CapEx it is a indenture to have IPs. gets the offset portion I go – a some know that by has a There and bunch of is calculations we that there of permutations other Well, through. there’s

out those go hit at to offer, but So, once par you elements believe. eventually I have a you

Patrick Fitzgerald

Okay.

you So be $XX would par would cash a eventually? offer restricted now, out have have million that with around go it you the in to

Quintin Kneen

that get you have that. required you’re No, to do there to is before to threshold a

$XX its – check I indenture, that’s to not I million. think have the think sure. I

Patrick Fitzgerald

I No, the all thank appreciate questions. you answering you. Okay.

Quintin Kneen

Of course.

Operator

comes from Peter ERF. question Your Ehret next from

Peter Ehret

a Hey, skills appreciated. good good morning. reiterate comments survival and I the much

losing, scrap for just latent where the is where capacity just somebody that is or so that ships you that else? going, question So they – to these are just market about are

Quintin Kneen

No. like we to To of the, the out our extent are that the generally the in States. getting boat out the class, scrap It’s of vessel crew of we disproportionately market. United have vessels gotten class

not, just So of vessels. of other will it – set areas if into do the the does States. core for demand in I doesn’t I sell those it United strata because impact my that

generally but a it markets it’s class market. So or alternative operate, continuing that going a or that an we operate vessel will sell if area in then into we into into it’s settling operations, I don’t the scrap don’t

Peter Ehret

that for can a some other that competitors, Okay. industry is and that of and potential like? structure Can upon as some, or one we and I participation talk in some industry structure itself. you might even has consolidation been change about and impact us And see look part at going where what company consolidation on moves the then is all. just some with in moment some space your what ideas your that leadership or changes

Quintin Kneen

Yes.

fan I’m in So a industry. consolidation the big of

have and of Asia, I this but consolidation as I I intention out it well. like is as everywhere Southeast important comments pull Companies I’ve see back focusing of global did areas back you rationalizing think okay on Nigeria. into pulling been an that fleet, pulling is out step back previously the mention Tidewater part to my not mentioned, call Brazil I an on of my heard or and earlier

maybe areas, three, one, of So maybe focus size believe maybe companies a on two, certainly the I need that depends the in fleet. the particular to vessel

am participate us, most aside the – today go looking that, not willing a that so of is that I debt our let to way level has holders difficulty in and And and can. are from every prices. debt reasonable company any lead that there out The through I to toxic

why outlook we’re in XX I there, and next we we want when believe an think going So years, the the okay. through And get operating, am to myself to dilute increase be want one, cash I to see and are managing certainly the flow I of make is, managing continue that cost demand, I we structure vessels to And I months, before upside. about sure the two on positive, don’t get okay. so step free to that then step my next couple go as that’s over very the that the focused I

to reap alters don’t want my I that of so ability through pain. And equity holders the benefits from going this my all anything to do

think I take looking by so key, a for price consolidation their is unfortunately occur, lot the And naturally deal being capital of willing not would are otherwise for the that to right is providers that assets. up right held that

Peter Ehret

And processes, or Okay. fair? sounds right? restructuring we verge some you back banks? restructuring the on just, guess whatever yet. is assets that formal not of there are taking kind So so you something’s bank but Have more like things of it’s maybe obviously seen Is quite to migrating hey, once I a

Quintin Kneen

think do quarter year, fourth back I – In take I right. – to that that last will believe you of

order – certain it but to edge, up I those over longer providers, the looking of is of returns, [indiscernible] an that you in they point, at on pushed There think the haven’t was everyone to dialog yet, utilizations capital seen day maybe know rates and opinion pullback a if more get bit a time, the and hear just at par I your has thereabouts. in projection happening. the of hold will, you and increasing I people have banks to providers we’re think which, about happen I it lot spring capital and

you standpoint, I the to we an those look I from on of like may said, and – it of forward advantage happened we be precipice opportunities, action taking yet. So, this, seen but haven’t

Peter Ehret

good. Alright, Okay. you. Thank

Quintin Kneen

you. Thank

Operator

no time. further at questions We this have

Jason Stanley

you for the day Thank We good safe weekend. Sylvia. morning. your a you, this hope Thank everybody Okay. have and you else attending a of rest call

Operator

Thank you. participating. for Ladies conference. concludes gentlemen today’s Thank you and this

now may You disconnect.

Tidewater (TDW) 2 Aug 202020 Q2 Earnings call transcript