The rising tide of energy prices is lifting Tidewater's boats. With more than 450 active vessels, Tidewater operates the world's largest offshore-energy service fleet. The company's vessels transport crews and supplies to offshore oil and gas platforms, tow oil rigs, and anchor rigs and equipment. The fleet includes towing-supply and supply vessels, deepwater vessels, and offshore tugs.
Because of its large amount of fixed costs, Tidewater enjoys a great deal of operating leverage. When times are good - such as the cycle over the past few years - the company
enjoys operating margins north of 30%.