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Tidewater divests more vessels in major fleet clean-up

US-based offshore carrier Tidewater saw its performance taking a dip in the first quarter, with net losses landing at USD 35.5 million. The offshore carrier continued to trim its fleet by selling off vessels.

Photo: PR/Tidewater

US-based offshore company Tidewater faced a rough start to the year as the company's top and bottom line took a hit in the first quarter.

Like many other parts of the offshore industry, Tidewater has been hit hard by the tough market in recent years. This has led the carrier to probe its fleet and dispose of vessels that have been found unprofitable or ill-suited for the carrier's strategy.

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