An analyst boosted her outlook for Tidewater after it narrowed its loss in the first quarter by 59% from last year and cut vessel operating costs by 24%.
The New York-listed offshore supply vessel owner also scrapped 16 more ships, and said it had sent a total of 31 vessels to the breakers since March 2017.
Pareto Securities analyst Synnove Gjonnes commented that Tidewater “continues to deliver on cost reductions”, which prompted her to increase Ebitda estimates on the back of the new cost base.
