Tidewater: Robust Demand, Supply Constraints, And Conservative Consensus Estimates

Sergei Dubrovskii Investment Thesis Demand for OSVs will remain robust as a result of healthy oil prices, peaking US shale production, and lower offshore breakeven levels. On the supply side, limited yard capacity, high newbuilding and secondhand prices, and ageing global fleet will retain day rates and utilization rates high. Lastly, we believe that the market is too conservative in anticipating TDW's future revenue. Our estimated fair value is between $125 and $163 per share (22% to 59% upside potential), ...