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Tidewater renegotiates its joint venture with Sonangol. ?Nonetheless, Sonangol still needs Tidewater,? he insists. Stock Analysts: Much to Like in TDWGregory Lewis, Credit Suisse shipping analyst, said that Tidewater still has lots of older boats in its eet but its newer equipment generates much of the pro ts. He noted that ?the company?s deepwater eet represents roughly 25 percent of boats on the water but generated 45 percent of revenue in FY 2012.? ?Tidewater?s eet renewal has absolutely helped the company transform its eet,? Lewis said. He added ?it?s important to note that Tidewater had an older eet heading into the last upcycle. The company has generated almost $700 million in cash from vessel sales of non-core tonnage, which has translated into gains from sale of about $250 million.? Tidewater stock (NYSE: TDW) peaked at over $65 a share in August 2007 and retreated to below $35 in March 2009. It has since recovered, however, and hovered between $47 and $48 in late September. On Sept. 18, Wells Fargo equities analysts said in a research note, ?TDW is the largest, publicly traded operator of offshore service vessels in terms of eet size, geographic footprint and market capitalization. The company is nearing completion of a 12-plus year effort to replace its 500-vessel, traditional eet with a new, more capable eet of 225 to 250 vessels that contains even greater revenue and earnings potential.? Wells Fargo went on to say, ?we believe this $4.1 billion eet transformation positions TDW especially well for SEA READY ? SEA TOUGHSEE SILVERSHIPS.COM s S I L V E R S H I P S C O M DESIGNERS AND BUILDERS OF ALUMINUM BOATS VISIT US AT THE INTERNATIONAL WORKBOAT SHOW BOOTH # 126 November 201272 MNMNNov2012 Layout 66-81.indd 72MNNov2012 Layout 66-81.indd 7211/7/2012 11:15:01 AM11/7/2012 11:15:01 AM
