Tidewater files Solstad vessel acquisition financials; 2022 pro forma net loss $110M

TIDEWATER INC

Acquired 37 PSVs for $596.2M cash; financed via $325M DnB term loan and $250M 10.375% bonds due 2028.
Pro forma FY2022: rev $829M, net loss $110M, EPS ($2.48); Solstad vessels contributed $174M rev and $85M loss.
Pro forma H1 2023: rev $514M, net income $1.3M, EPS $0.03; Solstad vessels contributed $104M rev and $27M loss.
Audited carve-out financials of Solstad PSV for FY2021-22 provided with a qualified opinion on IFRS 1 omission.
No synergy assumptions included; pro forma reflects preliminary asset acquisition accounting.

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