Tidewater, Inc. (NYSE:TDW) Q2 2023 Earnings Conference Call August 8, 2023 9:00 AM ET

Company Participants

West Gotcher - VP, Finance & Investor Relations

Quintin Kneen - President, CEO & Director

Piers Middleton - VP Sales & Marketing

Samuel Rubio - EVP & CFO

Conference Call Participants

James Rollyson - Raymond James & Associates

Fredrik Stene - Clarksons Securities

Gregory Lewis - BTIG

Operator

Thank you for standing by. My name is Ian, and I will be your conference operator today. At this time, I would like to welcome everyone to the Tidewater Inc. Q2 2023 Earnings Call. [Operator Instructions].

I would like to hand the call over to West Gotcher, Vice President of Finance and Investor Relations. You may begin your conference.

West Gotcher

Thank you, Ian. Good morning, everyone, and welcome to Tidewater's Q2 2023 Earnings Conference Call. I'm joined on the call this morning by our President and CEO, Quintin Kneen; our Chief Financial Officer, Sam Rubio; and our Chief Commercial Officer, Piers Middleton.

During today's call, we'll make certain statements that are forward-looking and referring to our plans and expectations. There are risks and uncertainties and other factors that may cause the company's actual performance to be materially different from that stated or implied by any comment that we are making during today's conference call. Please refer to our most recent Form 10-K and 10-Q for additional details on these factors. These documents are available on our website at tdw.com or through the SEC at sec.gov. Information presented on this call speaks only as of today, August 8, 2023. Therefore, you're advised that any time-sensitive information may no longer be accurate at the time of any replay. Also during the call, we'll present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures can be found on our website at tdw.com and is included in yesterday's press release.

And now with that, I'll turn the call over to Quintin.

Quintin Kneen

Thank you, Wes. Good morning, everyone, and welcome to the Second Quarter 2023 Tidewater Earnings Conference Call. Before I turn the call over to Piers and Sam to discuss the quarterly results, I wanted to briefly review our integration of the 37 high specification PSVs from Solstad Offshore, discuss the results of our recent warrant expiration, and related to that, reiterate our philosophy on capital allocation.

We announced the completion of the Solstad vessel acquisition on July 5, shortly after the end of the second quarter. We believe this fleet will prove to be an accretive addition to the Tidewater fleet and will generate meaningful value for our shareholders over the coming years as the offshore up cycle continues. This acquisition is different from the last 2 in that it is largely an asset acquisition. So we have had to prepare the shore-based staff and staff up ahead of the closing to ensure the vessel operations were poised to accept the transfer of the vessels into the existing Tidewater operational and administrative infrastructure.