Can you give us an overview of Tidewater’s history in Trinidad and Tobago?

Tidewater has been operating in Trinidad and Tobago for over 40 years and it was one of the first international locations the company expanded to. Despite having just four vessels in operation in Trinidad and Tobago, the area holds great strategic importance due to its proximity to Venezuela, Colombia, Suriname, and the Guyanas.

How do the vessel requirements for work in Trinidad and Tobago differ from those in other locations, considering the technical nature of the work being done offshore?

The work in Trinidad and Tobago is mostly off the east coast, where the water depth can be deep, the currents strong, and the waves high. As a result, most of Tidewater’s customers require Dynamic Positioning vessels or DP-2s, which have an onboard system that uses its thrusters and engines to maintain a fixed position either relative to a GPS or to a piece of drilling equipment. This allows maintained functionality even in the event of lost or damaged equipment.

Tidewater’s stocks have taken a dip recently despite the company’s good performance and revenues around the world. Do you attribute this to the general situation with the industry or something specific to Tidewater?

Like any stock, Tidewater tends to fluctuate along with the energy market. The company is performing well, with several new vessels and a high level of equipment and service, so the only reason for the dip in stocks is likely due to a general negative economic outlook within the industry. Unfortunately, all companies are susceptible to these influences.

How do you see the turning point in the gas market, with shale gas prices in the US, affecting Tidewater?

Tidewater expects to see more work off Trinidad and Tobago’s shores in the near future. However, the company must also examine the region as a whole, including the Guyanas. In Trinidad and Tobago, the price of gas and geographic isolation limit opportunities for growth. Nevertheless, Tidewater hopes to maintain and possibly increase its vessel count in the area and highlight the company’s top equipment in an exciting market.

In offshore markets, there is often a lack of a clear tax regime for support vessels. How does Trinidad and Tobago compare in this regard?

Seeking tax and legal advice from local professionals is sometimes necessary in Trinidad and Tobago, but the country has recently put an exemption for importation bonds on vessels over 200 feet long. This makes bringing boats in much easier and more appealing compared to other offshore markets, such as the Guyanas.

Is the market for specialized technology and services in Trinidad and Tobago very crowded or competitive for Tidewater?

While there are a number of companies that provide similar services, none offer the same degree of specialization as Tidewater. Over the last 20 years, the industry has shifted its focus towards reducing workplace injuries, which have dropped significantly, highlighting the improving standards governing work in the area.