Tidewater, Halliburton warn on earnings

New Orleans-based Tidewater, which serves the global offshore energy industry with some 570 vessels, warned Oct. 9 that earnings for the company’s 2003 fiscal second quarter ending Sept. 30, will fall short of analysts’ expectations, in part due to continued market weakness in the Gulf of Mexico drilling market.

Tidewater said it now expects to earn between 20 and 23 cents per share in the fiscal second quarter versus analysts’ consensus of 31 cents per share. The company earned 32 cents per share in the previous quarter. The company plans to report its fiscal second-quarter earnings on Oct. 23.

Tidewater said market softness in the gulf will result in an operating loss, despite “significant cost cutting efforts” during the company’s fiscal second quarter. The company said lower utilization for its supply and towing supply vessels in certain international markets, particularly in Nigeria, Venezuela and Brazil, also negatively affected vessel revenues and profits.

Meanwhile, big oilfield service company Halliburton, based in Houston, said that it expects to report Oct. 29 diluted earnings per share from continuing operations of at least 27 cents per share in the 2003 third quarter, down from its previous estimate of at least 32 cents per share.

The company attributed the revision to lower than expected operating results from joint ventures, and a significant increase in legal fees recorded during the third quarter.