Tidewater (TDW) 9 May 232023 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Tidewater Incorporated.

First Quarter 2023 Earnings Conference Call. [Operator Instructions]

pleasure today's my Mr. over now is to call turn to It Gotcher, and Finance President Relations. West of Investor Vice Sir, please go ahead.

the Call. Thank and you, Quintin and joined Kneen; Conference Sam Financial and Piers Middleton. our welcome everyone, morning on I'm Rubio; to Tidewater's our our Brent. QX XXXX CEO, Good President call this morning, Chief Officer, Officer, by Chief Earnings Commercial

uncertainties and we'll There materially referring or certain performance are other and to are today's that comment plans call, statements actual make by are today's implied may forward-looking During different that making conference expectations. our and risks company's stated cause during and factors that call. any we from the that be to

XX-Q available these These speaks today, SEC this advised information for may XXXX, additional Please time only no our our the on at any on and of time-sensitive therefore, refer replay. or to details documents be sec.gov. factors. at and most through accurate are call at longer as XX-K recent tdw.com website presented the that X, Information on of May you're Form

measures is the be website release. both call, we'll financial non-GAAP on Quintin. that, call and measures. found And reconciliation included I'll and in during with of yesterday's to at to now non-GAAP GAAP tdw.com A our GAAP the over Also financial present can press turn

morning, Call. Good welcome quarter to and West. everyone, Conference you, Tidewater Thank the Earnings first XXXX

outlook Offshore industry. recently assessment by highest agreement the our the XX quarterly and updating to get into want Solstad our on market start volatility of PSVs the Before I announced from our classification the recent briefly we for to out you on results, call acquire

that cash hand. announce we led $XXX call acquisition plan debt bank Solstad and we we incremental through the by we acquiring the mentioned a to on $XXX for hosted on the As million. the finance DNB, of the We new about purchase acquisition, to PSV fleet million are talked facility

continue optimize and banking capital capital debt to flexibility. monitor We to of alternatives cost financial the the commercial and

finance acquisition in and our second by confident the quarter. acquisition the the ability expect We close are to end of the to

decisions the Since or The there it impact chartering anytime or reset that to short unique it a vessel the has that an or, discussions. price used world price and activity take This realize types price global all on been in very this been recent has delay competitors at in all least, aspect been sign our XXXX, not to more chartering hasn't good uncertainty of it time, oil is and a has economy, market volatility in talk. of our happened that customers we the the as has importantly, had pullback geographies.

positive for the $X,XXX XXXX. average first per recovery of business the day sequentially. are day day up per strength around important up began The The rate, our average the of first day vessel quarter business, period was indicator recovery the rapidly offshore momentum rates end since the most market. rates the day its continued approximately upward now quarter within in another unfolding in during $X,XXX with Average

year of customers. seasonality the of by experienced notable particularly region This contracting nature class, the vessel markets, expansion quite handlers, to smallest and quarter modest as Every due our certain our and first every in quarter. is the budgets during the class for is except first the to quarter day rate significant often of year calendar anchor slowest

of The average day against lack of up backdrop a continued available demand vessels rates. push to globally global growing

a is market $XX,XXX and contracts as this of vessels. term fleet. was for push XX into good again day entered these XX provides the which vessels off to subset average months, representation of rate continues we quarter, day opportunity the a was The associated these entire with contracts first rates that average into for the subset tighten. X.X contracts upward of the During The the to duration contracts over about roll

of $XX,XXX reason quarter guidance day why vessel the to is have and first we the average continue XX% for above leading for composite leading-edge per confidence The the day rate in rate the average gross revenue and day margin year. the

by While rate chartering quarter year. the the remained North that activity strong in mentioned Sea points to as X.X day during Mediterranean. Active seasonal and sequentially the earlier, percentage seasonality occurs about experience the the during principally calendar declined first we did XX.X%, utilization the performance and first quarter, expected driven factors of

is maximize took busier year the third the we second, a as chartering number calendar given quarter, vessels of to of first slower periods during dry quarters of what generally period those and the fourth customers, in so of this our to advantage the year. Further, budgeting for the and many prepare practices of docks

As dock were was such, dry about dock up days sequentially and XX% million. $XX dry expense

guidance unchanged at dry year remains dock calendar Our $XX million.

in the X% Average the fourth at X Vessel X% compared quarter. to cash million right first about increased up was day percentage For level margin million expanded revenue quarter, XX%. rate full $XXX sequentially. to to about points $XXX

the percentage active sequential the with Caribbean utilization Our improvement rate improvement and Mexico point way with strength. day an showing in Americas X% led sub-regions in fleet and particular X

points to Vessel XX%. margin considerably level quarter, improved percentage just up during the cash sequentially X under

improvements vessels this this requires show large activity. outlook excited is for particularly the near-term to both quite as about continues are a Caribbean and and market in material We long-term that region, the

in of global the the rest Pacific region the offshore lagged recovery has geographies. The other Asia

dock sequentially and by Active Asia but well. momentum frictional to XX% as decline improvements increasing and was did principally begun than this the revenue points that decline see the was significant days. Day XX%. rate market mobilizations XX increasing due dry during were we've unemployment in to due rates Australia. in more nearly offset with the intra-regional both and The margins quarter, with utilization around up operating quarter, this utilization to However, emerge increases vessel day to during in Southeast percentage XX%

the day now up the show day, margin per from over during XX% rates to to in strong to continued a days. ticked rate utilization an Day region of from quarter the prior just and X% dock down the increase handful to in drop year. within same XX% during Vessel as period XX% Africa dry in vessels $XX,XXX due cash level the sequentially was mobilizing This was utilization about in XXXX. active increases quarter. West essentially improved flat

along Guinea. expect of the We such the the in new year, on general, activity through Africa in rebound significant Equatorial Senegal areas and a we as to utilization greenfield market remain optimistic activities region and in development and combination West with existing Namibia

region. from prior XX% a about and with X%. cash vessel declined quarter. about dropping XX% in to and play X% utilization margin Turning Mediterranean factor Revenue first quarter European the to Seasonality did the nearly during active sequentially declined the

the about X%. during quarter However, the day average rate by improved

Interestingly, rates anchor vessels north achieving vessels day, day per during signaling $XXX,XXX spot anchor for rates day day spot the unusual strength rate general handler of the incidents tightness showed of with market. in the few quarter, a handler

You the experienced suspect to rates history last may increased record quarter recall anchor the Sea rates be during day tested. we on quarter of those third highest North the this year the in the based year, handler first and

East, we Furthermore, particularly current levels. recently incentive and enter their current XXXX scheme North capital E&P orders estimates the initiated the in as magnitude of spending a tax higher are in of result for Norway as than beyond

demand, few vessel Given market, for expected increases along next optimistic in quite the we this in with substantial years geography. are supply the tight

Lastly, region. turning to our Middle East

the XX%. rate cash X% day in about per at active by came right modestly average to to quarter, Special the During utilization third day margin $X,XXX improved dropped and XX.X%.

major the by spending capital region to operators expected forward, continues robust. remain Looking in this

been historically a global to market spending commodity inelastic is This where and have figuring capital prices. activity relative

meaningful As the Southeast And in direct spending and market impact the such, a the result, and the over years. Southeast should coming indirect in Asia to of resulting this this areas region of additional magnitude in vessels absorbing region as the activity like from benefits Asia. is activity be

quarter $XX.X costs in G&A with expenses Swire which acquisition. and professional approximately fees million, the the transaction-related included $X.X associated million Our other totaled during

basis. or an $XX items, Excluding million $XX.X about totaled G&A million on these annualized

successfully acquisition, into As it pertaining anticipated the transaction. and integrated originally the Tidewater we relates the say synergies of OpEx essentially business announced to acquired MMP, the G&A we when to I'm XX% to have pleased synergies we

G&A synergies success. remainder of to making I'm achieved our the achieved thankful team the of to fully fact, In over been XXXX. for operating big be have transition expense additional with some this and synergies transaction

naturally quarter the collection for quarter. although our the as In as working that fourth first quarter the Overall, improving collections. the customers. remained the receivable to relative customer accounts flow to slower-than-anticipated working we in free flat increases capital well of due revenue with remain $XX.X talked $X.X capital focused cash on to actually million in build times flow quarter, fairly cash as occurs build that's the in was we've about the Free compared prior fourth million quarters,

was remaining cash tax nature flow year materially expenditures primarily and remaining cash generation of attributable quarter dry payments the the rest performance expect relatively over the to the and quarter, cash lower lower in of spend The few the a for of of given dock to and tax-related we the of the year. during quarters million about onetime the capital first improve the items the $XX capital

with three vessels the We the quarter in ended category. remaining held-for-sale

classified stacked. We as also vessels have five

of vessels. the any will evaluate stacked We possibility remaining reactivating of the

layup of and For on sale, active in vessels the we the the are quarter. close Vessel in vessels these negotiations quarter. costs first were the the $XXX,XXX sale for second held during of remaining two to expect

call In our overview global quarter. turn an summary, that, the the during continued are we geographic across performance to let markets the regions the our and very vessel and And with the classes with company's Piers within. momentum first me of for pleased over

about larger during upturn you, that take saw of and are strengthening we constraints in to and quarter, we XXXX. those continuing of Quintin, global well talked placed availability morning, modern fleet the PSVs same Last and expect OSV to everyone. advantage of follow some into market. through AHTS, market constraints And with good our the the why we this Thank XXXX we

the larger dry vessel come exacerbate are supply-demand which in larger classes. equipment the space globally already further these docking balance we where where vessel tight will in greater limited the of PSV for long limited still and AHTS major smaller particular, believe items in seeing basically than also parity back significant the into classes. to supply-demand vessel vessels of to with balance numbers We're These lead times and marketplace in classes the entry barriers is and expected

the will regional performance more some expected what to demand side our This quarter, demand are drivers I the of and of forward. QX the globally on focus in going in context be

the remains according well against months coming who continued the [indiscernible] set the by rising positive remain Expectations in set by to operators sector vessel in for driven to by demand markets side beyond. outlook year. to in of CapEx compared offshore for backdrop that supply, with to further offshore improvement and XX% the the and offshore are improvement XXXX Overall, last constraints another XXXX further $XXX the in are expected billion investment market tighten to E&P lift

On the Triangle East of Middle underpinned and to floater Research, rig Atlantic the according across demand Basin. commencements XX% contract of increase back grow side, expected is by the to to XXXX elevated by X% by the projected various activity in in in XXXX, with Golden demand jackup on Clarksons the

end XXX $XX addition, was projected rig grow year. a units XXXX new X% rig Norway, reaching increase expected is XXXX. Overall, global the CapEx to in in XXXX, deployment last In driven to committed Europe Northwest primarily billion XX%, by to by record by in is offshore significantly demand of also where in

Next increase XXXX. demand X%, the to units expected of year, by end rig XXX by further reaching is

indicators ultra-deepwater XX% day robust seen since level future QX the during for for year-on-year and offshore all a XXXX, QX of positive increase for space. $XXX,XXX XXXX, very highest per floaters Rates averaged the an

increase is per fleet, composite QX compared still XXXX. and even per the by related to our shortness we historically jumped softer managed fleet day composite $X,XXX to QX as up impressively, And XXXX $X,XXX positively our to push the over impact and see almost rate just our compared rates QX day the started to Specifically quarter, a on rate day supply in team to upside. demand own have though and

Rates QX with Working across by the through still to $XX,XXX Europe. regions XXXX day $XX,XXX region. Whilst have we compared XXXX. from to and managed and to seasonal our our starting quarter, per QX to day the composite day whole improve normal softer compared $X,XXX per per fleet various team improved a rates

months few market U.K. to a PSV The of first up slow little pick was the year. the in

than keep compared was larger offset the stronger owners market by balanced PSV in that PSVs to by being to which all in to better well Norway hold as However, being demand all managed prepared as rates for QX all held XXXX.

rates break On that XXXX. again was over as side, coming large indicators QX season leading-edge summer to than day course also which GBP we market higher day QX XX% the expect saw by recorded the AHTS per XXX,XXX can strong positive level AHTS at we a compared in in about

Moving to biggest XXXX Africa, across continent Angola, our XX by the see count with We demand further region. region. and Congo whole Namibia, Senegal, again rig units the particular end increase expect which are and remains we seeing focus floating a of rising the by the in in to

PSV. BHP In QX day improved and rate of with AHTS fleet $XX,XXX XX,XXX quarter rate the class XXX per improvement to sub by in coming day in up from day, from the XXXX, square class the per QX per composite XXXX the $XXX larger majority $XX,XXX our meter day

by the QX contributing. per XXXX, we to class over increased with compared However, XXXX $X,XXX of every rate total vessel composite in fleet day QX saw

a of XX% gains East remains In more as in to fleet. X% add are by continue as currently including further units in demand and focus an demand India commence the activity East in at of of with by additional Middle rest XXXX to our Middle Jackup But grown year The country the the since well as XXX Saudi region last fixed we start an grow rig the as has region, looks units the dominant stands contracts. to one their seeing expected the for XXXX. key the Middle the in for projected region, record Arabia increase whole of a in in areas also East, production. the

to challenging $X,XXX up QX per per to increase rate in XXXX, also region fleet In the $X,XXX in what total most which our XXXX over from day X% competition-wise, compared still XXXX. our per is team managed is composite QX day by day to QX $X,XXX

Brazil to XX the the saw with a in Americas, in year-end. be further Petrobras by new of expectation to in from to PSV lot contracts a QX In the we report of demand NOC with awarded up have contracts XX-plus QX awarded

recurring in Suriname from Elsewhere of theme first tonnage the of of the going strong we world. PSVs to the for do this into rigs and see in see and domestic forward. to sucked other With vessels, larger and region, expect demand and year regions half demand, limited the AHTS continues to meet both Brazil the Guyana

able perform $X,XXX composite to QX from and Americas push X% In per fleet XXXX, which strongly QX rates XXXX, day XXXX. fleet XXXX, QX our in over up continued $XX,XXX by $XX,XXX to were day compared to the team to per QX in up per was day

supply countries driven into a in to we Lastly, drive move in the rest the tighten and in in seven-year further [Indiscernible] beyond nearly see of and Asia demand expect XXXX, continue key and sanctioning Brunei activity Taiwan XXXX. those said, do by the as a billion we which Australia XXXX to in Pacific, rebound out in drivers the the and to the region QX, in high investments Indonesia, region to Vietnam through we $XX of were will expect of year. demand of Malaysia, region

to Asia the also XXXX. all, In team QX composite increased day impressive day $XX,XXX the to per XXXX, a for in the strongly perform QX quarter from Pacific rates in QX XXXX, performance in in region $XX,XXX very up and All per XX% continued

pleased right continued all which market that significant very expect in regions not the with slowdown And direction to in of are subsequent see in we and we has Quintin, by momentum any we with signs mentioned do XXXX. move that to that we quarters operate. into in being as continue demand positive the Overall, how QX the in any

Sam. Thank over to hand I'll you. that, With

you In Thank time, first XXXX Piers, the At morning, XXXX. the good quarter our financial to quarter-to-quarter I fourth on everyone. would primarily discussion, this take like and through focus you, quarter results. my to the compared we'll of of of results

the of from current day million 'XX per the XXXX, $XX.X an of the increase in of first Average decrease As press the we day XXXX, fourth to rates per XX.X% operating release in was first day which utilization driver net less two fourth of utilization in $XX,XXX in the in for quarter in QX marginally income million in and $XX,XXX significantly our per to generated noted from compared quarter. quarter XX.X% quarter $XXX.X increase $X.XX the million yesterday, decreased we quarter. share. of quarter the $XXX.X to increased quarter, revenue, the or In for considering Active revenue reported in X.X%. the main filed in the days

in in million, QX to Adjusted in margin in $XX.X in Vessel was This a quarter 'XX traditionally was fiscal the $XX.X the in Vessel Sea. to QX margin 'XX. is million increased year our the QX due positive million XX% $XX.X QX EBITDA compared $XX.X from result mainly is weakest QX 'XX. quarter for million to the first XX% as weakness North QX. percentage to seasonal in compared

which resulted amount for saw operating the to mobilization crew synergies XXX the as the travel vessels, in days. part and to as an was were related of by we salaries XX costs costs of decrease in QX. Vessel fuel in we offset R&M mobilization realize quarter acquisition. which the Swire $XXX.X increase same in million, the the In costs and costs quarter, continue was increase This

Our marketing $X,XXX to fourth first the costs $X,XXX vessel in operating was quarter. per in today day compared the quarter

fuel to for day to good cost vessels operating Additional added of customer. fuel per a portion mobilizing and $XXX is back that our our our incurred cost, approximately spilled

operating we associated realize the acquisition. identified previously, to mentioned with continue SPO As synergies

be We anticipate goal. of original realized million by the of date, remaining and $XX was to target have end to synergies the that realized XX% Our XXXX. we

continue forecast, revenues on be the to range million estimate total year, the between XXXX margins based of and be to in XX%. $XXX to of $XXX As our our most remainder we million to we the to and vessel look recent XX%

In assets all held five for sale. the quarter, of our vessels, we sold

our We of gain generated million in to increase with the is operating of net $X.X $X.X lower the All sale vessels. assets to compared first income for these sale 'XX. general higher a on million 'XX $XX.X due million proceeds administrative QX primarily held net coupled of of the quarter million of revenue, and for recorded $XX.X and for of costs. The

G&A the million costs costs for first costs. lower The quarter Legacy acquisition. than million, be which in for the million, continues in million well quarter SPO included $X.X about transaction with the associated for quarter $X.X SPO transaction G&A to $X.X $X.X $X.X costs costs G&A million 'XX. included million quarter quarter. per was the G&A was of QX fourth expectations below of our the $XX.X

equates basis, to approximately million our -- an On above million savings synergy $XX annual which is target. that in $XX

million We to In expect dock G&A be the compared deferred in our costs for $XX approximately we million dry quarter, $XX.X in QX. million. costs incurred to $XX.X XXXX

as is dry The future be performed first heaviest year. includes dry take seasonality. later for also quarter The to advantage approximately of our spend $X traditionally docks quarter pulled forward of purchases dock more million we quarter in the

battery dock to by one fuel million. $X.X of In to be is The related and we for dry X%. approximately on also utilization in about the million approximately future of done additional we dock be Dry the reimbursed vessel $XXX,XXX full upgrades customer. expenditures be our modifications, projects costs systems. modifications dock incurred our capital In spend, $XX incurred of XXXX vessels. an installation $XXX,XXX monitoring year of installations, customers by million incurred to dry costs Similar still expected will XXX the will to that and for days, by battery our reimbursed to which IT including related affected QX, $X.X we about quarter, costs

to the $XX and free dry cash incur expenditures. QX million higher for We spend. year this For we full in 'XX, $X.X primarily CapEx affected approximately quarter dock in cash capital generated by flow expect of was the flow million as

in be will $X.X paid million approximately in million related of by $X.X operations, QX. taxes In SPO to addition, we reimbursed historical which

expect do this SPO to investment remained capital paid dry grow, capital quarter, spend payments. tax and Working even we invest possible. the we manage in a see revenue continues higher-than-normal due We quarter. as And in dock for will as the legacy were to this though to also working in taxes high relatively did flat as CapEx tightly

flow to However, accelerate. we to the the significantly continues performance expect cash as improve business

from we sheet vessels XXXX, began balance and held to sale. QX equipment reclassifying for the on assets In property

three sale We have for assets run this vessels QX to in of about since program. the end At of vessels a XX had through value remaining at we $XXX,XXX. 'XX, held

held as sale million. mentioned the for proceeds vessels previously, sold During from X we for of assets $X.X quarter,

now would the focus like I to of the on performance regions.

the $XX.X $X.X from region QX. Active quarter income for QX Our X.X% increased $XX.X to of revenue. revenue million vessels from unchanged due for in operated in to income the operating of region increase operating active which in utilization 'XX. QX. Americas was reported quarter compared operating in $XX,XXX $X higher in The in points improvement region to QX. million The in The QX was per was primarily XX rates compared the percentage million to Day of million day quarter, QX. income $XX,XXX than X per the XX.X%, day reported

million reported average million region Active impacted higher down compared a QX. operated of to to dock in XX.X% contributing days, compared costs on utilization. XX to $XXX,XXX operating in one profit X% in was quarter, the region. dry reduction to decreased compared the region reported less The as XX.X% region revenue, and by the loss operating quarter. active quarter The first coupled reduction XX For to The with due was one vessels, in QX. operated income utilization the the QX. an $XX.X vessel compared Pacific the operating Asia the revenue operating region in prior is first in to $XX to The increase of million in vessel in the an which $X.X quarter of in

in QX per is day which increase compared XX%, $XX,XXX per to a by QX. increased day rates in day substantial However, $XX,XXX to

compared The compared first compared remained region utilization the QX. in to $XX.X same first region an For the in $XXX,XXX XX the quarter. operated $X,XXX the $XXX,XXX in and million XX% QX. modified increased in of quarter-over-quarter per expenses, increase was quarter. in as expense vessels, at per to Day in to Middle million Active we QX remained region decrease of loss operating the The $X,XXX in particular, reported QX. operating day the our operating profit $XX.X steady in rates same East The the vessel some due day reported higher work an of costs substitute prior to in operating in and the as incurred of revenue primarily quarter, income quarter the mobilization the own vessels for region.

to Our compared we QX of in QX. operating to The less million in XX as region The revenue to is $X compared million QX. The QX. typical million in Active operating to occurred million XX.X% saw income decrease reported vessels compared in operated quarter, Mediterranean Europe due there months. in was $XX.X QX. income region seasonality decreased decrease QX in in seasonality to the $X.X to of $XX.X activity utilization XX.X% the utilization the in as same as and

had days quarter. we addition, dry In XX dock the in additional

mainly $XX,XXX QX. for driven in was offset quarter slight However, expenses. operating day at The by rates in day income per saw X% revenue, even seasonality, in increase per in $XX,XXX by to the the compared the decrease an we with day to decline operating lower

in $XX.X than region average $XX.X for QX. $XX.X to operating in on vessels was million of income million of in QX, more compared XX operated Our compared million QX. to in QX reported Revenue operating million region QX. QX income X $XX.X The West in Africa

million to The in contributed Active to and dock the The which dry in incurred Day utilization region million $XX,XXX operating additional additional to in from decreased QX. mobilization as from revenue. quarter XX lower days rates a decrease the utilization. $XX,XXX from QX per $XX.X to decrease XXX saw QX slight days $XX.X per we in increase income continue in in the increase from QX in QX. day X.X% resulted day

In QX our we QX results. affected will our XX occurs North that dry In expected results summary, number lower, of overall we're days also results. as be pleased high had and typically quarter, mobilized in Sea. the is with vessels a the which dock seasonality the

We continuing the are encouraged revenue increases to by driven see throughout day rates. higher in year the

many to in Tidewater reactivated a Swire take of legacy vessels the acquired advantage industry. vessels of the we position which us in stacked now previously upturn transaction, all and XXXX, put with During the our will strong of XX

remain the for the turn back I'll We to over beyond. XXXX Quintin. see by indicators we of encouraged leading remainder that, it and With

what Sam. closing, In you, remainder Thank for see mention to I of some want of the XXXX. we

For revenue our million vessel full margin we reiterate guidance for $XXX Tidewater, XXXX year and legacy the XX%. of operating of

We are in outstripping be seasonality. a will unique period each of year, the of accelerating quarter year impact calendar where revenue typical the

revenue anticipate approximately Relative $XX to we quarter, quarter. third the first million the $XX increasing in second and quarter the million in

about availability, being where it hire for have classes the anticipate the the booked charter quarter, we both anchor XX% second vessel for very the in and larger in the PSV of is we and third revenue quarter classes larger handler XX% about have already quarter. We third strong and do

remainder moving strength our the vessel outlook for of we the forward, ability in business continue the Given the market, improvement incremental XXXX our the current remain quite confident tight to of about excited outlook supply in this and level feel XXXX. of and

And with questions. will it up that, for open Brent, we

the Fearnley first [Operator Your Securities. question line with Instructions] of Ina Golikja is from

open. is Your line

to And everyone. Solstad. PSVs acquired had start quarter, a regarding very with as -- couple be the congratulation mentioned, morning, XX from for let's well, seasonality. despite strong I Good of questions you

acceptable was at you you you could options. different that wondering I what are on give financing. And just a if You mentioned looking just color call little more

the for quarter. Thank you

can the capital course, to of things we'll best is the continue rates markets, U.S. judgmental the Norwegian term, of and those as looking the for opportunities capital also with arrangements acceptable, a in debt So the seeking as markets type we're We're and well are flexibility there. find. active bilateral but in best we evaluate debt available that

on a the So they open wider are even capital debt much when the we were would I Norwegian XXXX compared to say ago, refinancing than did that year markets bond. the

So the look debt markets good. capital

the based been a out chaotic financing through gone see weeks an we last will that we've find today solution particular sector there But feel over banking certainly we I as acceptable few this There's crisis. what that do little for this transaction. on

you reiterated the day an I guidance, comes mentioned Thank guidance revenues $X,XXX previous wondering it previous -- you. around little bit uptick in gave a conference the the expect, And to that rates say, per day. when and year-on-year previously was you calls, in the your you of have

account into that keeping you're if looking the kind for rates? incremental 'XX? day PSV at acquired wondering if was I So Let's of Solstad still be say yearly to 'XX, fleet

Yes.

So would transaction acquire Solstad day that XXXX. are the very the see for we the is what consistent as all-in go with average of we through the is we anticipating business Tidewater with what remainder we rates

consistent very 'XX. up They and into 'XX are to 'XX some So units locked at certainly there.

up. And will fleet so overall than those are the as accelerate a result, I day expect locked faster rates already that that

time and But them by excited there, to over and roll we in get the 'XX really those I'm renegotiate 'XX. contracts

'XX, for with has as yes, guidance. the stand-alone. we the anticipate very up I locked been at for what doing -- is what ourselves I look -- no in change So consistent at Tidewater but see Solstad

Solstad. up 'XX, locked for and will not much we booked As into accelerate 'XX the than go already faster what's that's probably fleet

Thank the you. North of spot in second much the say, in could And you for if roughly. you and side me give do as third was just and have Sea. you both North the Sea, how let's some in quarter, Norwegian indication market mentioned, wondering U.K. available strong I

do. on going to over lot All right. got that I Piers Well, I'm because hand he's a a more this of handle to one, than

for let it hand what's Piers to update on So available. me over an

to that is the anchor related sorry, -- you handler? Do just

Yes, summer. mostly anchor as are which is we another expecting, handler strong

nothing all handler in are the So North on have Sea locked the we up. anchor spot, so is

available the at have work they're moment, at So year. for They whole it's some on spot but type all moment. the work the

that hopefully, yes, So question. answers the

my specific terms in give more big that can just in little or you comment you. thank of you one average a was was we Yes, wondering noticed color on had And increase region. Asia if Pacific. rate a that very day last I

that take So I again, Quintin?

Yes.

Yes.

by we Australia vessels lot We Taiwan contracts. rolling which of -- saw a fixed some also we've off vessels a driven primarily, So and had as that's well. older number and been into

reset a larger PSVs together it the right timing got Arkansan we've So time. came just just It's to able in we also piece, were the region. at rates. much all And

start to as into we that in regions the same Africa, other seeing to to Asia so Pacific rates we're instance, charging the those well. rates into well able start push we're starting we're So globalize for as vessels for

So as went came into together we QX. it also

you have into one that I XX last new for me very got the the it said just correctly, And Great. vessels. entered quarter, for is XX contracts you in if

Yes.

an rate $XX,XXX of At day. average per

Yes.

rates edge seeing leading you're that the And Okay. around XX?

is the leading So for a of the for composite edge round all the is XX,XXX what very for the vessels. number good fleet, XXX

the On the -- out over topping even larger even vessels, into high we're XXs certainly yes.

Thank me. you. for it That’s

There Kneen. are no further today's questions Mr. Quintin turn I at this will to time. now back call over

Well, everyone, look and forward August. again Goodbye. thank to we you you, updating in

today's concludes you thank call. participating. gentlemen, conference and for Ladies This

disconnect. may You now