WorkBoat Composite Index

WorkBoat stocks lose 2.4% in February

The WorkBoat Composite Index turned negative for the year, losing 82 points, or 2.4%, in February. For the month, losers topped winners by a 7-5 ratio.

The big percentage gainer in February was Tidewater Inc., which rose 12.5%. The Houston-based offshore service vessel operator announced that revenue for the three and 12 months ended Dec. 31, 2022, were $186.7 million and $647.7 million, respectively, compared with $105.2 million and $371 million, respectively, for the three and 12 months ended Dec. 31, 2021. Forecasted revenue for 2023 is approximately $900 million, an increase of 39% compared to 2022.

Last year “marked the long-awaited inflection point in the offshore vessel market,” Quint Kneen, Tidewater’s president and CEO, said during the company’s Feb. 28 earnings call with analysts. “Our revenue increased nearly 75% compared to 2021, driven by a major acquisition, but also a significant rise in average day rates. Average day rates improved over $2,400 per day for the full year, a pace of improvement we have not seen during the past 20 years, and we expect that 2023 will reflect a full year improvement of over $3,000 per day.

BY KEN HOCKE

For the complete up-to-date WorkBoat Stock Index, go to: www.workboat.com/resources/workboat-composite-index