Tag Archives: TDW

Tidewater (TDW), mcap=$1.1bn, price $24.26 vs $20.00

Offshore support vessel operator with 174 vessels globally. Well-positioned play for a recovery in offshore activities – cleanest balance sheet of major competitors and one of the most modern fleets. Enormous operating leverage if industry economics return to 2014 levels. Tight vessel supply amidst growing demand and premium vessel fleet expected to shrink over the next few years given limited incoming new builds and age/emission restrictions from the clients.