Tidewater has seen first quarter losses increase by almost six-fold on the back of the depressed offshore market.
The US-listed company posted a loss of $88.6m for the quarter versus a loss of just $15.1m in the same period last year.
Revenue for the world’s largest operator of OSVs was down 45% year-on-year to $$162.4, while it was also forced to make an impairment charge of $36.8m.
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