Item 2.02. Results of Operations and Financial Condition.
In accordance with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, Tidewater Inc. (the "Company") notes that certain
statements set forth in this Current Report on Form 8-K provide other than
historical information and are forward looking. The actual achievement of any
forecasted results, or the unfolding of future economic or business developments
in a way anticipated or projected by the Company, involve numerous risks and
uncertainties that may cause the Company's actual performance to be materially
different from that stated or implied in the forward-looking statement. Among
those risks and uncertainties, many of which are beyond the control of the
Company, include, without limitation, the risk that the cost savings and any
other synergies from the business combination with GulfMark Offshore, Inc. (the
"business combination") may not be fully realized or may take longer to realize
than expected; the possibility of unanticipated costs being incurred to
effectuate the integration; new accounting policies and our consolidation
activities; fluctuations in worldwide energy demand and oil and natural gas
prices, and continuing depressed levels of oil and natural gas prices without a
clear indication of if, or when, prices will recover to a level to support
renewed offshore exploration activities; fleet additions by competitors and
industry overcapacity; our limited capital resources available to replenish our
asset base, including through acquisitions or vessel construction, and to fund
our capital expenditure needs; uncertainty of global financial market conditions
and potential constraints in accessing capital or credit if and when needed with
favorable terms, if at all; changes in decisions and capital spending by
customers in the energy industry and the industry expectations for offshore
exploration, field development and production; consolidation of our customer
base; loss of a major customer; changing customer demands for vessel
specifications, which may make some of our older vessels technologically
obsolete for certain customer projects or in certain markets; rapid
technological changes; delays and other problems associated with vessel
construction and maintenance; the continued availability of qualified personnel
and our ability to attract and retain them; the operating risks normally
incident to our lines of business, including the potential impact of liquidated
counterparties; our ability to comply with covenants in our indentures and other
debt instruments; acts of terrorism and piracy; the impact of regional or global
health crises or pandemics; the impact of potential information technology,
cybersecurity or data security breaches; integration of acquired businesses and
entry into new lines of business; disagreements with our joint venture partners;
significant weather conditions; unsettled political conditions, war, civil
unrest and governmental actions, such as expropriation or enforcement of customs
or other laws that are not well developed or consistently enforced; the risks
associated with our international operations, including local content, local
currency or similar requirements especially in higher political risk countries
where we operate; interest rate and foreign currency fluctuations; labor changes
proposed by international conventions; increased regulatory burdens and
oversight; changes in laws governing the taxation of foreign source income;
retention of skilled workers; enforcement of laws related to the environment,
labor and foreign corrupt practices; the effects of asserted and unasserted
claims and the extent of available insurance coverage; and the resolution of
pending legal proceedings.
On March 2, 2020, the Company issued an earnings release announcing its
financial results for the year ended December 31, 2019.
The press release is furnished as Exhibit 99.1 to this Current Report and is
incorporated herein by reference as if fully set forth under this item.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is furnished with this Form 8-K:
Exhibit
Number Description
99.1 Press Release dated March 2, 2020
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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