Company at bottom of cycle: Tidewater, which provides vessel transport services for the offshore petroleum industry, says its fiscal first-quarter profit dropped 38%. But Tidewater chief executive Dean Taylor says the company had reached the bottom of its cycle and that he expects revenue to increase as new vessels commanding higher rates come online. For the three months ending June 30, New Orleans-based Tidewater earned $24.6 million, or 48 cents per share, on revenue of $254.6 million. In the year-ago quarter, Tidewater earned $39.8 million, or 77 cents per share, on revenue of $262.5 million. The company also continues its move to overseas markets and away from the Gulf of Mexico. For the latest quarter, 93% of Tidewater’s revenue came from international operations.
Dollar getting stronger: Oil is tumbling to the lowest level in more than a month as the dollar strengthened. Benchmark West Texas Intermediate crude for September delivery fell $1.51 to $90.41 in morning trading on the New York Mercantile Exchange. Brent crude, used to price many international oil varieties, dropped $2.03 to $111.20 per barrel on the ICE Futures exchange in London. Oil slipped early in the day as the dollar rose against other major currencies. Oil, which is priced in dollars, tends to fall as the dollar rises and makes crude more expensive for investors holding foreign money. The greenback was stronger versus the yen in particular, following a move by Japan’s central bank to weaken its currency.
