HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2022 of $163.4 million and $269.2 million, respectively, compared with $90.0 million and $173.5 million, respectively, for the three and six months ended June 30, 2021. Tidewater's net losses for the three and six months ended June 30, 2022, were $25.6 million ($0.61 per common share) and $37.7 million ($0.91 per common share), respectively, compared with $29.5 million ($0.72 per common share) and $64.8 million ($1.59 per common share), respectively, for the three and six months ended June 30, 2021. Included in the net losses for the three and six months ended June 30, 2022 were merger and severance expenses of $7.3 and $9.6 million, respectively; and loss on warrants of $14.2 million for both periods. Included in the net losses for the six months ended June 30, 2022 were long-lived asset impairment credit and gain on bargain purchase of $1.8 million. Excluding these items, we would have reported a net loss for the three and six months ended June 30, 2022 of $4.1 million ($0.10 per common share) and $15.7 million ($0.38 per common share), respectively. Included in the net losses for the three and six months ended June 30, 2021 were severance expenses of $0.8 and $0.9 million, respectively; and a credit loss impairment credit of $1.0 million for both periods. Excluding these items, we would have reported a net loss for the three and six months ended June 30, 2021 of $29.7 million ($0.73 per common share) and $64.9 million ($1.59 per common share), respectively.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “We believe the second quarter of 2022 marks the inflection point in the industry that we have long awaited and is now evident in our financial performance. Revenue, gross margin, average day rate and utilization all improved meaningfully during the second quarter as the building momentum in offshore vessel activity reached critical mass. The second quarter results reflect the impact of the Swire Pacific Offshore (SPO) acquisition, necessarily showing a large jump in revenue and vessels worked, but when viewing the quarter on relative metrics, the improvement is clear. The average day rate improved by nearly $1,900 per day sequentially, which is in excess of the improvement we would typically expect to realize over the course of an entire year in a normal market upcycle. Vessel level cash margin improved to 38%, up approximately four percentage points and continuing to meaningfully outperform the 30% target we have discussed in recent quarters. These improvements during the quarter, particularly the move in day rates, speak to continued demand growth as offshore activity continues to increase and as the vessel supply fundamentals continue to work in our favor given the shortage of available vessels on the market today. We expect activity to continue to improve throughout the remainder of 2022 with another likely step-up in 2023.
“As previously mentioned, we closed on the SPO acquisition on April 22, 2022. Post-closing of the transaction, the legacy SPO fleet contributed approximately $43.2 million of revenue during the second quarter and generated a vessel level cash margin in line with the total fleet vessel level cash margin of 38%. The legacy SPO business incurred approximately $3.9 million of general and administrative expense during the second quarter, down meaningfully from the pre-close run rate as we achieved some early successes in reducing general and administrative expenses as we continue to target $20.0 million in annual general and administrative costs synergies. Overall, we remain confident in our ability to realize total annual cost synergies of $45.0 million, including $25.0 million in annual synergies from operating expenses.
"While there are a variety of macroeconomic factors driving recent market volatility, the current commercial environment for offshore vessel activity remains robust. Commodity prices remain at attractive levels, recent volatility notwithstanding, providing a compelling economic rationale for our customers to continue driving their spending plans and operational goals. The supply of capable and available vessels continues to tighten. As our vessels continue to roll off older contracts, we are taking advantage of the tight supply environment to drive day rates in a strong demand environment. To illustrate this point, during the second quarter, 24 of our vessels entered new contracts of various duration that will ultimately provide a nearly 50% aggregate uplift in day rate as compared to the previous aggregate contracted day rates. Commercial momentum for new contracts is broad-based, evident in all of our operating regions and in all of our vessel classes, with West Africa and our largest PSV class notable drivers of this improvement. We remain mindful of inflation pressures that inevitably impact our business in our commercial strategy and believe that the market tightness will allow for net pricing improvements well in-excess of the impact of any inflation we may incur.
“The various initiatives we have executed over the past several years have prepared us to reap the benefits of the rapidly improving market we are currently experiencing. Building a strong leadership team positioned us to weather market challenges and position the company to take advantage of improved market fundamentals. Optimizing the organizational cost structure positioned us to maximize margins. Streamlining the fleet positioned us to offer the highest quality vessels to the market that can command the best pricing. Addressing the balance sheet positioned us to operate with a high degree of financial flexibility. Acquiring SPO positioned us to transform the company into a global leader in offshore support vessels with additional exposure to the world’s highest growth markets.
“The combination of initiatives we have successfully executed, combined with the market dynamics we are currently experiencing, has set up Tidewater as one of the largest and most efficient OSV operators globally, and has the company poised to create significant value over the coming quarters and years. The combination of high operating leverage and low financial leverage positions Tidewater to generate significant cash returns from its operating activities and the option to further leverage those returns. We remain committed to pursuing executional excellence in all facets of our business. Moving forward, we expect to continue to drive utilization and day rates, execute on realizing continued efficiencies within the business, including our commitment to realizing the synergies associated with SPO, and to opportunistically pursue platform-enhancing, value accretive strategic transactions.
“This is an exciting time for the company, and we expect all of Tidewater’s stakeholders to benefit from the continued improvement in the business. I want to thank all of our employees, including our new employees from SPO, for their continued hard work to position Tidewater to capitalize on what looks to be the best market for offshore vessels in recent memory.”
In addition to the number of outstanding shares, as of June 30, 2022, the company also has the following in-the-money warrants.
Common shares outstanding |
|
|
42,029,882 |
|
New Creditor Warrants (strike price $0.001 per common share) |
|
|
395,401 |
|
GulfMark Creditor Warrants (strike price $0.01 per common share) |
|
|
309,351 |
|
SPO acquisition warrants (strike price $0.001 per common share) |
|
|
8,100,000 |
|
Total |
|
|
50,834,634 |
|
Tidewater will hold a conference call to discuss results for the three and six months ending June 30, 2022 on August 5, 2022, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.888.770.7135 if calling from the U.S. or Canada (+1.929.203.0820 if calling from outside the U.S.) and provide Access Code: 2444624 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.
A replay of the conference call will be available beginning at 11:00 a.m. Central Time on August 5, 2022 and will continue until 11:59 p.m. Central Time on September 10, 2022. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.
The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involves numerous risks and uncertainties that may cause the company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.
Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.
Financial information is displayed beginning on the next page.
The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at June 30, 2022 and December 31, 2021; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and six months ended June 30, 2022 and 2021; and the Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021. Extracts are drawn from the June 30, 2022 unaudited quarterly and year to date financial statements and the December 31, 2021 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.
In conjunction with the acquisition of Swire Pacific Offshore (SPO), we realigned our reportable segments to better reflect the post-acquisition operating environment. The previous Middle East/Asia Pacific segment has been split into the Middle East segment and the Asia Pacific segment. Our previous operations in Southeast Asia and Australia, along with the legacy SPO operations in the Asia Pacific region, now form the new Asia Pacific segment. Our segment disclosures reflect the current segment alignment for all periods presented.
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, except per share data) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
162,175 |
|
|
$ |
88,514 |
|
|
$ |
266,051 |
|
|
$ |
169,507 |
|
Other operating revenues |
|
|
1,272 |
|
|
|
1,439 |
|
|
|
3,125 |
|
|
|
3,950 |
|
Total revenues |
|
|
163,447 |
|
|
|
89,953 |
|
|
|
269,176 |
|
|
|
173,457 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs |
|
|
100,257 |
|
|
|
64,263 |
|
|
|
168,768 |
|
|
|
125,283 |
|
Costs of other operating revenues |
|
|
483 |
|
|
|
581 |
|
|
|
844 |
|
|
|
1,648 |
|
General and administrative |
|
|
27,804 |
|
|
|
16,787 |
|
|
|
46,021 |
|
|
|
32,830 |
|
Depreciation and amortization |
|
|
31,766 |
|
|
|
28,549 |
|
|
|
58,423 |
|
|
|
58,276 |
|
Long-lived asset impairment credit |
|
|
— |
|
|
|
— |
|
|
|
(500 |
) |
|
|
— |
|
Affiliate credit loss impairment credit |
|
|
— |
|
|
|
(1,000 |
) |
|
|
— |
|
|
|
(1,000 |
) |
Loss on asset dispositions, net |
|
|
1,297 |
|
|
|
932 |
|
|
|
1,090 |
|
|
|
2,880 |
|
Total costs and expenses |
|
|
161,607 |
|
|
|
110,112 |
|
|
|
274,646 |
|
|
|
219,917 |
|
Operating income (loss) |
|
|
1,840 |
|
|
|
(20,159 |
) |
|
|
(5,470 |
) |
|
|
(46,460 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
(1,881 |
) |
|
|
422 |
|
|
|
(935 |
) |
|
|
(428 |
) |
Equity in net earnings (losses) of unconsolidated companies |
|
|
(244 |
) |
|
|
52 |
|
|
|
(244 |
) |
|
|
(1,797 |
) |
Interest income and other, net |
|
|
349 |
|
|
|
8 |
|
|
|
3,835 |
|
|
|
31 |
|
Loss on warrants |
|
|
(14,175 |
) |
|
|
— |
|
|
|
(14,175 |
) |
|
|
— |
|
Interest and other debt costs, net |
|
|
(4,284 |
) |
|
|
(3,944 |
) |
|
|
(8,459 |
) |
|
|
(8,485 |
) |
Total other expense |
|
|
(20,235 |
) |
|
|
(3,462 |
) |
|
|
(19,978 |
) |
|
|
(10,679 |
) |
Loss before income taxes |
|
|
(18,395 |
) |
|
|
(23,621 |
) |
|
|
(25,448 |
) |
|
|
(57,139 |
) |
Income tax expense |
|
|
6,619 |
|
|
|
6,026 |
|
|
|
11,837 |
|
|
|
8,035 |
|
Net loss |
|
|
(25,014 |
) |
|
|
(29,647 |
) |
|
|
(37,285 |
) |
|
|
(65,174 |
) |
Less: Net income (loss) attributable to noncontrolling interests |
|
|
567 |
|
|
|
(185 |
) |
|
|
464 |
|
|
|
(397 |
) |
Net loss attributable to Tidewater Inc. |
|
$ |
(25,581 |
) |
|
$ |
(29,462 |
) |
|
$ |
(37,749 |
) |
|
$ |
(64,777 |
) |
Basic loss per common share |
|
$ |
(0.61 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.91 |
) |
|
$ |
(1.59 |
) |
Diluted loss per common share |
|
$ |
(0.61 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.91 |
) |
|
$ |
(1.59 |
) |
Weighted average common shares outstanding |
|
|
41,814 |
|
|
|
40,899 |
|
|
|
41,614 |
|
|
|
40,808 |
|
Adjusted weighted average common shares |
|
|
41,814 |
|
|
|
40,899 |
|
|
|
41,614 |
|
|
|
40,808 |
|
TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data) |
||||||||
|
|
June 30, 2022 |
|
|
December 31, 2021 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
87,981 |
|
|
$ |
149,037 |
|
Restricted cash |
|
|
1,240 |
|
|
|
1,240 |
|
Trade and other receivables, less allowance for credit losses of $2,288 and $1,948 as of June 30, 2022 and 2021, respectively |
|
|
189,259 |
|
|
|
86,503 |
|
Due from affiliates, less allowance for credit losses of $12,215 and $72,456 as of June 30, 2022 and 2021, respectively |
|
|
— |
|
|
|
70,134 |
|
Marine operating supplies |
|
|
21,182 |
|
|
|
12,606 |
|
Assets held for sale |
|
|
6,862 |
|
|
|
14,421 |
|
Prepaid expenses and other current assets |
|
|
23,259 |
|
|
|
8,731 |
|
Total current assets |
|
|
329,783 |
|
|
|
342,672 |
|
Net properties and equipment |
|
|
838,612 |
|
|
|
688,040 |
|
Deferred drydocking and survey costs |
|
|
53,661 |
|
|
|
40,734 |
|
Indemnification assets |
|
|
30,269 |
|
|
|
— |
|
Other assets |
|
|
30,410 |
|
|
|
24,334 |
|
Total assets |
|
$ |
1,282,735 |
|
|
$ |
1,095,780 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
30,537 |
|
|
$ |
20,788 |
|
Accrued costs and expenses |
|
|
109,212 |
|
|
|
51,734 |
|
Due to affiliates |
|
|
— |
|
|
|
61,555 |
|
Other current liabilities |
|
|
47,872 |
|
|
|
23,865 |
|
Total current liabilities |
|
|
187,621 |
|
|
|
157,942 |
|
Long-term debt |
|
|
168,279 |
|
|
|
167,885 |
|
Other liabilities and deferred credits |
|
|
85,188 |
|
|
|
68,184 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
42 |
|
|
|
41 |
|
Additional paid-in-capital |
|
|
1,554,561 |
|
|
|
1,376,494 |
|
Accumulated deficit |
|
|
(715,649 |
) |
|
|
(677,900 |
) |
Accumulated other comprehensive loss |
|
|
1,763 |
|
|
|
2,668 |
|
Total stockholders' equity |
|
|
840,717 |
|
|
|
701,303 |
|
Noncontrolling interests |
|
|
930 |
|
|
|
466 |
|
Total equity |
|
|
841,647 |
|
|
|
701,769 |
|
Total liabilities and equity |
|
$ |
1,282,735 |
|
|
$ |
1,095,780 |
|
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In Thousands) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
||||
Net loss |
|
$ |
(25,014 |
) |
|
$ |
(29,647 |
) |
|
$ |
(37,285 |
) |
|
$ |
(65,174 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on note receivable |
|
|
(846 |
) |
|
|
— |
|
|
|
(846 |
) |
|
|
— |
|
Change in liability of pension plans |
|
|
138 |
|
|
|
(207 |
) |
|
|
(59 |
) |
|
|
(278 |
) |
Total comprehensive loss |
|
$ |
(25,722 |
) |
|
$ |
(29,854 |
) |
|
$ |
(38,190 |
) |
|
$ |
(65,452 |
) |
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) |
||||||||
|
|
Six Months |
|
|
Six Months |
|
||
|
|
Ended |
|
|
Ended |
|
||
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
||
Operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(37,285 |
) |
|
$ |
(65,174 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
40,287 |
|
|
|
36,694 |
|
Amortization of deferred drydocking and survey costs |
|
|
18,136 |
|
|
|
21,582 |
|
Amortization of debt premiums and discounts |
|
|
765 |
|
|
|
1,986 |
|
Provision for deferred income taxes |
|
|
145 |
|
|
|
648 |
|
Loss on asset dispositions, net |
|
|
1,090 |
|
|
|
2,880 |
|
Gain on bargain purchase |
|
|
(1,300 |
) |
|
|
— |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
59 |
|
Affiliate credit loss impairment credit |
|
|
— |
|
|
|
(1,000 |
) |
Long-lived asset impairment credit |
|
|
(500 |
) |
|
|
— |
|
Loss on warrants |
|
|
14,175 |
|
|
|
— |
|
Stock-based compensation expense |
|
|
3,421 |
|
|
|
2,676 |
|
Changes in assets and liabilities, net of effects of business acquisition: |
|
|
|
|
|
|
|
|
Trade and other receivables |
|
|
(35,085 |
) |
|
|
22,394 |
|
Changes in due to/from affiliate, net |
|
|
(20 |
) |
|
|
4,693 |
|
Accounts payable |
|
|
8,072 |
|
|
|
(792 |
) |
Accrued expenses |
|
|
2,354 |
|
|
|
(2,074 |
) |
Deferred drydocking and survey costs |
|
|
(31,063 |
) |
|
|
(6,771 |
) |
Other, net |
|
|
(16,419 |
) |
|
|
(7,234 |
) |
Net cash provided by (used in) operating activities |
|
|
(33,227 |
) |
|
|
10,567 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Proceeds from sales of assets |
|
|
8,163 |
|
|
|
29,560 |
|
Acquisitions, net of cash acquired |
|
|
(29,525 |
) |
|
|
— |
|
Additions to properties and equipment |
|
|
(5,380 |
) |
|
|
(1,861 |
) |
Net cash provided by (used in) investing activities |
|
|
(26,742 |
) |
|
|
27,699 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Principal payments on long-term debt |
|
|
— |
|
|
|
(37,901 |
) |
Debt issuance and modification costs |
|
|
(371 |
) |
|
|
(855 |
) |
Debt extinguishment premium |
|
|
— |
|
|
|
(59 |
) |
Tax on share-based award |
|
|
(2,176 |
) |
|
|
(758 |
) |
Net cash used in financing activities |
|
|
(2,547 |
) |
|
|
(39,573 |
) |
Net change in cash, cash equivalents and restricted cash |
|
|
(62,516 |
) |
|
|
(1,307 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
154,276 |
|
|
|
155,225 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
91,760 |
|
|
$ |
153,918 |
|
|
|
|
|
|
|
|
||
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid during the year for: |
|
|
|
|
|
|
|
|
Interest, net of amounts capitalized |
|
$ |
7,626 |
|
|
$ |
7,028 |
|
Income taxes |
|
$ |
9,330 |
|
|
$ |
6,609 |
|
Supplemental disclosure of noncash investing activities: |
|
|
|
|
|
|
|
|
Acquisition of SPO |
|
$ |
162,648 |
|
|
$ |
— |
|
Supplemental disclosure of noncash financing activities: |
|
|
|
|
|
|
|
|
Warrants issued for SPO acquisition |
|
$ |
162,648 |
|
|
$ |
— |
|
Note: Cash, cash equivalents and restricted cash at June 30, 2022 includes $2.5 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet. |
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In Thousands) |
||||||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
other |
|
|
Non |
|
|
|
|
|
|||
|
|
Common |
|
|
paid-in |
|
|
Accumulated |
|
|
comprehensive |
|
|
controlling |
|
|
|
|
|
|||||
|
|
stock |
|
|
capital |
|
|
(deficit) |
|
|
loss |
|
|
interest |
|
|
Total |
|
||||||
Balance at March 31, 2022 |
|
$ |
42 |
|
|
$ |
1,376,934 |
|
|
$ |
(690,068 |
) |
|
$ |
2,471 |
|
|
$ |
363 |
|
|
$ |
689,742 |
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
(25,581 |
) |
|
|
(708 |
) |
|
|
567 |
|
|
|
(25,722 |
) |
SPO acquisition warrants |
|
|
— |
|
|
|
176,823 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
176,823 |
|
Amortization of share-based awards |
|
|
— |
|
|
|
804 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
804 |
|
Balance at June 30, 2022 |
|
$ |
42 |
|
|
$ |
1,554,561 |
|
|
$ |
(715,649 |
) |
|
$ |
1,763 |
|
|
$ |
930 |
|
|
$ |
841,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2021 |
|
$ |
41 |
|
|
$ |
1,372,846 |
|
|
$ |
(584,246 |
) |
|
$ |
(875 |
) |
|
$ |
945 |
|
|
$ |
788,711 |
|
Total comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
(29,462 |
) |
|
|
(207 |
) |
|
|
(185 |
) |
|
|
(29,854 |
) |
Amortization of share-based awards |
|
|
— |
|
|
|
881 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
881 |
|
Balance at June 30, 2021 |
|
$ |
41 |
|
|
$ |
1,373,727 |
|
|
$ |
(613,708 |
) |
|
$ |
(1,082 |
) |
|
$ |
760 |
|
|
$ |
759,738 |
|
|
|
Six Months Ended |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
other |
|
|
Non |
|
|
|
|
|
|||
|
|
Common |
|
|
paid-in |
|
|
Accumulated |
|
|
comprehensive |
|
|
controlling |
|
|
|
|
|
|||||
|
|
stock |
|
|
capital |
|
|
deficit |
|
|
income (loss) |
|
|
interest |
|
|
Total |
|
||||||
Balance at December 31, 2021 |
|
$ |
41 |
|
|
$ |
1,376,494 |
|
|
$ |
(677,900 |
) |
|
$ |
2,668 |
|
|
$ |
466 |
|
|
$ |
701,769 |
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
(37,749 |
) |
|
|
(905 |
) |
|
|
464 |
|
|
|
(38,190 |
) |
Issuance of common stock |
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
SPO acquisition warrants |
|
|
— |
|
|
|
176,823 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
176,823 |
|
Amortization of share-based awards |
|
|
— |
|
|
|
1,245 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,245 |
|
Balance at June 30, 2022 |
|
$ |
42 |
|
|
$ |
1,554,561 |
|
|
$ |
(715,649 |
) |
|
$ |
1,763 |
|
|
$ |
930 |
|
|
$ |
841,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2020 |
|
$ |
41 |
|
|
$ |
1,371,809 |
|
|
$ |
(548,931 |
) |
|
$ |
(804 |
) |
|
$ |
1,157 |
|
|
$ |
823,272 |
|
Total comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
(64,777 |
) |
|
|
(278 |
) |
|
|
(397 |
) |
|
|
(65,452 |
) |
Amortization of share-based awards |
|
|
— |
|
|
|
1,918 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,918 |
|
Balance at June 30, 2021 |
|
$ |
41 |
|
|
$ |
1,373,727 |
|
|
$ |
(613,708 |
) |
|
$ |
(1,082 |
) |
|
$ |
760 |
|
|
$ |
759,738 |
|
The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
(In Thousands) |
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||||||||||||||||||
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
||||||||||||||||||||
Vessel revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
37,520 |
|
|
|
23 |
% |
|
$ |
23,481 |
|
|
|
27 |
% |
|
$ |
65,964 |
|
|
|
25 |
% |
|
$ |
49,705 |
|
|
|
29 |
% |
Asia Pacific |
|
|
16,362 |
|
|
|
10 |
% |
|
|
4,870 |
|
|
|
6 |
% |
|
|
21,259 |
|
|
|
8 |
% |
|
|
8,442 |
|
|
|
5 |
% |
Middle East |
|
|
28,396 |
|
|
|
18 |
% |
|
|
20,758 |
|
|
|
23 |
% |
|
|
48,614 |
|
|
|
18 |
% |
|
|
41,600 |
|
|
|
25 |
% |
Europe/Mediterranean |
|
|
32,475 |
|
|
|
20 |
% |
|
|
22,467 |
|
|
|
25 |
% |
|
|
56,394 |
|
|
|
21 |
% |
|
|
37,216 |
|
|
|
22 |
% |
West Africa |
|
|
47,422 |
|
|
|
29 |
% |
|
|
16,938 |
|
|
|
19 |
% |
|
|
73,820 |
|
|
|
28 |
% |
|
|
32,544 |
|
|
|
19 |
% |
Total vessel revenues |
|
$ |
162,175 |
|
|
|
100 |
% |
|
$ |
88,514 |
|
|
|
100 |
% |
|
$ |
266,051 |
|
|
|
100 |
% |
|
$ |
169,507 |
|
|
|
100 |
% |
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
$ |
60,639 |
|
|
|
37 |
% |
|
$ |
37,685 |
|
|
|
43 |
% |
|
$ |
101,476 |
|
|
|
38 |
% |
|
$ |
72,847 |
|
|
|
43 |
% |
Repair and maintenance |
|
|
13,477 |
|
|
|
8 |
% |
|
|
9,534 |
|
|
|
11 |
% |
|
|
22,938 |
|
|
|
9 |
% |
|
|
18,971 |
|
|
|
11 |
% |
Insurance |
|
|
1,366 |
|
|
|
1 |
% |
|
|
(137 |
) |
|
|
(0 |
)% |
|
|
2,750 |
|
|
|
1 |
% |
|
|
486 |
|
|
|
1 |
% |
Fuel, lube and supplies |
|
|
11,521 |
|
|
|
7 |
% |
|
|
6,541 |
|
|
|
7 |
% |
|
|
18,597 |
|
|
|
7 |
% |
|
|
12,401 |
|
|
|
7 |
% |
Other |
|
|
13,254 |
|
|
|
8 |
% |
|
|
10,640 |
|
|
|
12 |
% |
|
|
23,007 |
|
|
|
9 |
% |
|
|
20,578 |
|
|
|
12 |
% |
Total vessel operating costs |
|
|
100,257 |
|
|
|
62 |
% |
|
|
64,263 |
|
|
|
73 |
% |
|
|
168,768 |
|
|
|
63 |
% |
|
|
125,283 |
|
|
|
74 |
% |
Vessel operating margin (A) |
|
$ |
61,918 |
|
|
|
38 |
% |
|
$ |
24,251 |
|
|
|
27 |
% |
|
$ |
97,283 |
|
|
|
37 |
% |
|
$ |
44,224 |
|
|
|
26 |
% |
Note (A): Vessel operating margin equals revenues less vessel operating costs and excludes general and administrative expenses and depreciation and amortization. |
The company’s operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:
(In Thousands) |
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||||||||||||||||||
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
||||||||||||||||||||
Vessel operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
5,930 |
|
|
|
4 |
% |
|
$ |
(4,940 |
) |
|
|
(5 |
)% |
|
$ |
5,848 |
|
|
|
2 |
% |
|
$ |
(6,591 |
) |
|
|
(4 |
)% |
Asia Pacific |
|
|
(899 |
) |
|
|
(1 |
)% |
|
|
1,722 |
|
|
|
2 |
% |
|
|
1,274 |
|
|
|
0 |
% |
|
|
1,667 |
|
|
|
1 |
% |
Middle East |
|
|
(307 |
) |
|
|
(0 |
)% |
|
|
(1,456 |
) |
|
|
(2 |
)% |
|
|
(2,190 |
) |
|
|
(1 |
)% |
|
|
(3,254 |
) |
|
|
(2 |
)% |
Europe/Mediterranean |
|
|
4,262 |
|
|
|
3 |
% |
|
|
(1,986 |
) |
|
|
(2 |
)% |
|
|
1,833 |
|
|
|
1 |
% |
|
|
(10,007 |
) |
|
|
(6 |
)% |
West Africa |
|
|
9,270 |
|
|
|
6 |
% |
|
|
(5,355 |
) |
|
|
(6 |
)% |
|
|
12,485 |
|
|
|
5 |
% |
|
|
(12,122 |
) |
|
|
(7 |
)% |
Other operating profit |
|
|
790 |
|
|
|
0 |
% |
|
|
858 |
|
|
|
1 |
% |
|
|
2,282 |
|
|
|
1 |
% |
|
|
2,302 |
|
|
|
1 |
% |
|
|
|
19,046 |
|
|
|
12 |
% |
|
|
(11,157 |
) |
|
|
(12 |
)% |
|
|
21,532 |
|
|
|
8 |
% |
|
|
(28,005 |
) |
|
|
(16 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses (A) |
|
|
(15,909 |
) |
|
|
(10 |
)% |
|
|
(9,070 |
) |
|
|
(10 |
)% |
|
|
(26,412 |
) |
|
|
(10 |
)% |
|
|
(16,575 |
) |
|
|
(10 |
)% |
Loss on asset dispositions, net |
|
|
(1,297 |
) |
|
|
(1 |
)% |
|
|
(932 |
) |
|
|
(1 |
)% |
|
|
(1,090 |
) |
|
|
(0 |
)% |
|
|
(2,880 |
) |
|
|
(2 |
)% |
Affiliate credit loss impairment credit |
|
|
— |
|
|
|
0 |
% |
|
|
1,000 |
|
|
|
1 |
% |
|
|
— |
|
|
|
0 |
% |
|
|
1,000 |
|
|
|
1 |
% |
Long-lived asset impairments and other |
|
|
— |
|
|
|
0 |
% |
|
|
— |
|
|
|
0 |
% |
|
|
500 |
|
|
|
0 |
% |
|
|
— |
|
|
|
0 |
% |
Operating loss |
|
$ |
1,840 |
|
|
|
1 |
% |
|
$ |
(20,159 |
) |
|
|
(22 |
)% |
|
$ |
(5,470 |
) |
|
|
(2 |
)% |
|
$ |
(46,460 |
) |
|
|
(27 |
)% |
Note (A): General and administrative expenses for the three months and six months ended June 30, 2022 include stock-based compensation of $1.9 million and $3.4 million, respectively. General and administrative expenses for the three and six months ended June 30, 2021 include stock-based compensation of $1.5 million and $2.7 million, respectively. In addition, vessel operating and general and administrative costs for the three months and six months ended June 30, 2022, include $7.3 million and $9.6 million in one-time acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and six months ended June 30, 2021, include $0.8 million and $0.9 million in one-time restructuring and integration related costs, respectively. |
TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA (In Thousands, except per share data) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
162,175 |
|
|
$ |
103,876 |
|
|
$ |
100,428 |
|
|
$ |
91,634 |
|
|
$ |
88,514 |
|
Other operating revenues |
|
|
1,272 |
|
|
|
1,853 |
|
|
|
4,747 |
|
|
|
767 |
|
|
|
1,439 |
|
Total revenues |
|
|
163,447 |
|
|
|
105,729 |
|
|
|
105,175 |
|
|
|
92,401 |
|
|
|
89,953 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs (A) |
|
|
100,257 |
|
|
|
68,511 |
|
|
|
71,187 |
|
|
|
65,344 |
|
|
|
64,263 |
|
Costs of other operating revenue |
|
|
483 |
|
|
|
361 |
|
|
|
228 |
|
|
|
355 |
|
|
|
581 |
|
General and administrative (A) |
|
|
27,804 |
|
|
|
18,217 |
|
|
|
17,641 |
|
|
|
18,045 |
|
|
|
16,787 |
|
Depreciation and amortization |
|
|
31,766 |
|
|
|
26,657 |
|
|
|
28,288 |
|
|
|
27,980 |
|
|
|
28,549 |
|
Long-lived asset impairment (credit) and other |
|
|
— |
|
|
|
(500 |
) |
|
|
13,476 |
|
|
|
2,167 |
|
|
|
— |
|
Affiliate credit loss impairment expense (credit) |
|
|
— |
|
|
|
— |
|
|
|
1,400 |
|
|
|
— |
|
|
|
(1,000 |
) |
(Gain) loss on asset dispositions, net |
|
|
1,297 |
|
|
|
(207 |
) |
|
|
(53 |
) |
|
|
74 |
|
|
|
932 |
|
Total operating costs and expenses |
|
|
161,607 |
|
|
|
113,039 |
|
|
|
132,167 |
|
|
|
113,965 |
|
|
|
110,112 |
|
Operating loss |
|
|
1,840 |
|
|
|
(7,310 |
) |
|
|
(26,992 |
) |
|
|
(21,564 |
) |
|
|
(20,159 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
(1,881 |
) |
|
|
946 |
|
|
|
582 |
|
|
|
(523 |
) |
|
|
422 |
|
Equity in net earnings (losses) of unconsolidated companies |
|
|
(244 |
) |
|
|
— |
|
|
|
(1,625 |
) |
|
|
100 |
|
|
|
52 |
|
Interest income and other, net |
|
|
349 |
|
|
|
3,486 |
|
|
|
1,426 |
|
|
|
148 |
|
|
|
8 |
|
Loss on early extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(11,100 |
) |
|
|
— |
|
|
|
— |
|
Loss on warrants |
|
|
(14,175 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest and other debt costs, net |
|
|
(4,284 |
) |
|
|
(4,175 |
) |
|
|
(3,417 |
) |
|
|
(3,681 |
) |
|
|
(3,944 |
) |
Total other expense |
|
|
(20,235 |
) |
|
|
257 |
|
|
|
(14,134 |
) |
|
|
(3,956 |
) |
|
|
(3,462 |
) |
Loss before income taxes |
|
|
(18,395 |
) |
|
|
(7,053 |
) |
|
|
(41,126 |
) |
|
|
(25,520 |
) |
|
|
(23,621 |
) |
Income tax (benefit) expense |
|
|
6,619 |
|
|
|
5,218 |
|
|
|
(3,047 |
) |
|
|
887 |
|
|
|
6,026 |
|
Net loss |
|
|
(25,014 |
) |
|
|
(12,271 |
) |
|
|
(38,079 |
) |
|
|
(26,407 |
) |
|
|
(29,647 |
) |
Net loss attributable to noncontrolling interests |
|
|
567 |
|
|
|
(103 |
) |
|
|
(145 |
) |
|
|
(149 |
) |
|
|
(185 |
) |
Net loss attributable to Tidewater Inc. |
|
$ |
(25,581 |
) |
|
$ |
(12,168 |
) |
|
$ |
(37,934 |
) |
|
$ |
(26,258 |
) |
|
$ |
(29,462 |
) |
Basic loss per common share |
|
$ |
(0.61 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.92 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.72 |
) |
Diluted loss per common share |
|
$ |
(0.61 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.92 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.72 |
) |
Weighted average common shares outstanding |
|
|
41,814 |
|
|
|
41,412 |
|
|
|
41,280 |
|
|
|
41,132 |
|
|
|
40,899 |
|
Adjusted weighted average common shares |
|
|
41,814 |
|
|
|
41,412 |
|
|
|
41,280 |
|
|
|
41,132 |
|
|
|
40,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin |
|
$ |
61,918 |
|
|
$ |
35,365 |
|
|
$ |
29,241 |
|
|
$ |
26,290 |
|
|
$ |
24,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (A): One-time acquisition, restructuring and integration related costs |
|
$ |
7,314 |
|
|
$ |
2,305 |
|
|
$ |
221 |
|
|
$ |
112 |
|
|
$ |
795 |
|
TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands) |
||||||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
87,981 |
|
|
$ |
136,234 |
|
|
$ |
149,037 |
|
|
$ |
127,414 |
|
|
$ |
131,157 |
|
Restricted cash |
|
|
1,240 |
|
|
|
4,958 |
|
|
|
1,240 |
|
|
|
24,092 |
|
|
|
20,284 |
|
Trade and other receivables, net |
|
|
189,259 |
|
|
|
112,953 |
|
|
|
86,503 |
|
|
|
86,015 |
|
|
|
90,229 |
|
Due from affiliates, less allowances |
|
|
— |
|
|
|
21,191 |
|
|
|
70,134 |
|
|
|
68,217 |
|
|
|
64,922 |
|
Marine operating supplies |
|
|
21,182 |
|
|
|
13,252 |
|
|
|
12,606 |
|
|
|
13,335 |
|
|
|
15,404 |
|
Assets held for sale |
|
|
6,862 |
|
|
|
8,591 |
|
|
|
14,421 |
|
|
|
17,891 |
|
|
|
17,214 |
|
Prepaid expenses and other current assets |
|
|
23,259 |
|
|
|
12,012 |
|
|
|
8,731 |
|
|
|
13,129 |
|
|
|
15,953 |
|
Total current assets |
|
|
329,783 |
|
|
|
309,191 |
|
|
|
342,672 |
|
|
|
350,093 |
|
|
|
355,163 |
|
Net properties and equipment |
|
|
838,612 |
|
|
|
677,580 |
|
|
|
688,040 |
|
|
|
709,324 |
|
|
|
731,659 |
|
Deferred drydocking and survey costs |
|
|
53,661 |
|
|
|
44,362 |
|
|
|
40,734 |
|
|
|
40,510 |
|
|
|
40,372 |
|
Indemnification assets |
|
|
30,269 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other assets |
|
|
30,410 |
|
|
|
22,997 |
|
|
|
24,334 |
|
|
|
23,146 |
|
|
|
24,539 |
|
Total assets |
|
$ |
1,282,735 |
|
|
$ |
1,054,130 |
|
|
$ |
1,095,780 |
|
|
$ |
1,123,073 |
|
|
$ |
1,151,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
30,537 |
|
|
$ |
23,696 |
|
|
$ |
20,788 |
|
|
$ |
18,042 |
|
|
$ |
16,189 |
|
Accrued costs and expenses |
|
|
109,212 |
|
|
|
55,141 |
|
|
|
51,734 |
|
|
|
52,133 |
|
|
|
50,532 |
|
Due to affiliates |
|
|
— |
|
|
|
21,191 |
|
|
|
61,555 |
|
|
|
59,571 |
|
|
|
59,759 |
|
Current portion of long-term debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
140,995 |
|
|
|
7,355 |
|
Other current liabilities |
|
|
47,872 |
|
|
|
25,471 |
|
|
|
23,865 |
|
|
|
29,139 |
|
|
|
28,825 |
|
Total current liabilities |
|
|
187,621 |
|
|
|
125,499 |
|
|
|
157,942 |
|
|
|
299,880 |
|
|
|
162,660 |
|
Long-term debt |
|
|
168,279 |
|
|
|
167,997 |
|
|
|
167,885 |
|
|
|
14,139 |
|
|
|
148,612 |
|
Other liabilities and deferred credits |
|
|
85,188 |
|
|
|
70,892 |
|
|
|
68,184 |
|
|
|
74,442 |
|
|
|
80,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
42 |
|
|
|
42 |
|
|
|
41 |
|
|
|
41 |
|
|
|
41 |
|
Additional paid-in-capital |
|
|
1,554,561 |
|
|
|
1,376,934 |
|
|
|
1,376,494 |
|
|
|
1,375,215 |
|
|
|
1,373,727 |
|
Accumulated deficit |
|
|
(715,649 |
) |
|
|
(690,068 |
) |
|
|
(677,900 |
) |
|
|
(639,966 |
) |
|
|
(613,708 |
) |
Accumulated other comprehensive income (loss) |
|
|
1,763 |
|
|
|
2,471 |
|
|
|
2,668 |
|
|
|
(1,289 |
) |
|
|
(1,082 |
) |
Total stockholders' equity |
|
|
840,717 |
|
|
|
689,379 |
|
|
|
701,303 |
|
|
|
734,001 |
|
|
|
758,978 |
|
Noncontrolling interests |
|
|
930 |
|
|
|
363 |
|
|
|
466 |
|
|
|
611 |
|
|
|
760 |
|
Total equity |
|
|
841,647 |
|
|
|
689,742 |
|
|
|
701,769 |
|
|
|
734,612 |
|
|
|
759,738 |
|
Total liabilities and equity |
|
$ |
1,282,735 |
|
|
$ |
1,054,130 |
|
|
$ |
1,095,780 |
|
|
$ |
1,123,073 |
|
|
$ |
1,151,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due from related parties, net of due to related parties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonatide (Angola) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,579 |
|
|
$ |
8,646 |
|
|
$ |
5,163 |
|
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
VESSEL REVENUE BY VESSEL CLASS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
$ |
30,768 |
|
|
$ |
21,711 |
|
|
$ |
21,658 |
|
|
$ |
18,961 |
|
|
$ |
17,796 |
|
Towing-supply |
|
|
4,864 |
|
|
|
5,596 |
|
|
|
5,062 |
|
|
|
4,440 |
|
|
|
4,535 |
|
Other |
|
|
1,888 |
|
|
|
1,137 |
|
|
|
1,162 |
|
|
|
1,163 |
|
|
|
1,150 |
|
Total |
|
|
37,520 |
|
|
|
28,444 |
|
|
|
27,882 |
|
|
|
24,564 |
|
|
|
23,481 |
|
Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
11,769 |
|
|
|
3,923 |
|
|
|
3,951 |
|
|
|
3,899 |
|
|
|
3,897 |
|
Towing-supply |
|
|
4,372 |
|
|
|
974 |
|
|
|
963 |
|
|
|
887 |
|
|
|
973 |
|
Other |
|
|
221 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
16,362 |
|
|
|
4,897 |
|
|
|
4,914 |
|
|
|
4,786 |
|
|
|
4,870 |
|
Middle East fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
19,744 |
|
|
|
12,599 |
|
|
|
13,360 |
|
|
|
13,393 |
|
|
|
13,367 |
|
Towing-supply |
|
|
8,652 |
|
|
|
7,619 |
|
|
|
8,588 |
|
|
|
7,454 |
|
|
|
7,391 |
|
Total |
|
|
28,396 |
|
|
|
20,218 |
|
|
|
21,948 |
|
|
|
20,847 |
|
|
|
20,758 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
32,328 |
|
|
|
23,765 |
|
|
|
22,344 |
|
|
|
21,037 |
|
|
|
22,293 |
|
Towing-supply |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
Other |
|
|
147 |
|
|
|
154 |
|
|
|
157 |
|
|
|
160 |
|
|
|
163 |
|
Total |
|
|
32,475 |
|
|
|
23,919 |
|
|
|
22,501 |
|
|
|
21,197 |
|
|
|
22,467 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
27,699 |
|
|
|
14,746 |
|
|
|
13,658 |
|
|
|
10,967 |
|
|
|
8,814 |
|
Towing-supply |
|
|
14,464 |
|
|
|
6,597 |
|
|
|
5,807 |
|
|
|
5,474 |
|
|
|
5,564 |
|
Other |
|
|
5,259 |
|
|
|
5,055 |
|
|
|
3,718 |
|
|
|
3,799 |
|
|
|
2,560 |
|
Total |
|
|
47,422 |
|
|
|
26,398 |
|
|
|
23,183 |
|
|
|
20,240 |
|
|
|
16,938 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
122,308 |
|
|
|
76,744 |
|
|
|
74,971 |
|
|
|
68,257 |
|
|
|
66,167 |
|
Towing-supply |
|
|
32,352 |
|
|
|
20,786 |
|
|
|
20,420 |
|
|
|
18,255 |
|
|
|
18,474 |
|
Other |
|
|
7,515 |
|
|
|
6,346 |
|
|
|
5,037 |
|
|
|
5,122 |
|
|
|
3,873 |
|
Total |
|
$ |
162,175 |
|
|
$ |
103,876 |
|
|
$ |
100,428 |
|
|
$ |
91,634 |
|
|
$ |
88,514 |
|
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
AVERAGE NUMBER OF VESSELS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
25 |
|
|
|
24 |
|
|
|
25 |
|
|
|
25 |
|
|
|
27 |
|
Towing-supply |
|
|
8 |
|
|
|
8 |
|
|
|
8 |
|
|
|
8 |
|
|
|
8 |
|
Other |
|
|
1 |
|
|
|
2 |
|
|
|
2 |
|
|
|
3 |
|
|
|
3 |
|
Total |
|
|
34 |
|
|
|
34 |
|
|
|
35 |
|
|
|
36 |
|
|
|
38 |
|
Stacked vessels |
|
|
(5 |
) |
|
|
(7 |
) |
|
|
(9 |
) |
|
|
(11 |
) |
|
|
(13 |
) |
Active vessels |
|
|
29 |
|
|
|
27 |
|
|
|
26 |
|
|
|
25 |
|
|
|
25 |
|
Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
10 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
Towing-supply |
|
|
5 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
Other |
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
19 |
|
|
|
5 |
|
|
|
5 |
|
|
|
5 |
|
|
|
5 |
|
Stacked vessels |
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Active vessels |
|
|
18 |
|
|
|
5 |
|
|
|
5 |
|
|
|
5 |
|
|
|
5 |
|
Middle East fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
24 |
|
|
|
17 |
|
|
|
17 |
|
|
|
17 |
|
|
|
17 |
|
Towing-supply |
|
|
17 |
|
|
|
16 |
|
|
|
16 |
|
|
|
16 |
|
|
|
16 |
|
Total |
|
|
41 |
|
|
|
33 |
|
|
|
33 |
|
|
|
33 |
|
|
|
33 |
|
Stacked vessels |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
Active vessels |
|
|
41 |
|
|
|
33 |
|
|
|
32 |
|
|
|
32 |
|
|
|
32 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
27 |
|
|
|
28 |
|
|
|
28 |
|
|
|
28 |
|
|
|
29 |
|
Total |
|
|
27 |
|
|
|
28 |
|
|
|
28 |
|
|
|
28 |
|
|
|
29 |
|
Stacked vessels |
|
|
(2 |
) |
|
|
(4 |
) |
|
|
(5 |
) |
|
|
(7 |
) |
|
|
(8 |
) |
Active vessels |
|
|
25 |
|
|
|
24 |
|
|
|
23 |
|
|
|
21 |
|
|
|
21 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
25 |
|
|
|
17 |
|
|
|
18 |
|
|
|
19 |
|
|
|
20 |
|
Towing-supply |
|
|
16 |
|
|
|
9 |
|
|
|
10 |
|
|
|
11 |
|
|
|
11 |
|
Other |
|
|
26 |
|
|
|
26 |
|
|
|
24 |
|
|
|
25 |
|
|
|
26 |
|
Total |
|
|
67 |
|
|
|
52 |
|
|
|
52 |
|
|
|
55 |
|
|
|
57 |
|
Stacked vessels |
|
|
(8 |
) |
|
|
(10 |
) |
|
|
(13 |
) |
|
|
(19 |
) |
|
|
(22 |
) |
Active vessels |
|
|
59 |
|
|
|
42 |
|
|
|
39 |
|
|
|
36 |
|
|
|
35 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
111 |
|
|
|
89 |
|
|
|
91 |
|
|
|
92 |
|
|
|
96 |
|
Towing-supply |
|
|
46 |
|
|
|
35 |
|
|
|
36 |
|
|
|
37 |
|
|
|
37 |
|
Other |
|
|
31 |
|
|
|
28 |
|
|
|
26 |
|
|
|
28 |
|
|
|
29 |
|
Total |
|
|
188 |
|
|
|
152 |
|
|
|
153 |
|
|
|
157 |
|
|
|
162 |
|
Stacked vessels |
|
|
(16 |
) |
|
|
(21 |
) |
|
|
(28 |
) |
|
|
(38 |
) |
|
|
(44 |
) |
Active vessels |
|
|
172 |
|
|
|
131 |
|
|
|
125 |
|
|
|
119 |
|
|
|
118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total active |
|
|
172 |
|
|
|
131 |
|
|
|
125 |
|
|
|
119 |
|
|
|
118 |
|
Total stacked |
|
|
16 |
|
|
|
21 |
|
|
|
28 |
|
|
|
38 |
|
|
|
44 |
|
Total joint venture |
|
|
1 |
|
|
|
1 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
Total |
|
|
189 |
|
|
|
153 |
|
|
|
156 |
|
|
|
160 |
|
|
|
165 |
|
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
AVAILABLE DAYS - TOTAL FLEET: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,278 |
|
|
|
2,160 |
|
|
|
2,269 |
|
|
|
2,300 |
|
|
|
2,497 |
|
Towing-supply |
|
|
701 |
|
|
|
720 |
|
|
|
736 |
|
|
|
736 |
|
|
|
728 |
|
Other |
|
|
121 |
|
|
|
145 |
|
|
|
184 |
|
|
|
244 |
|
|
|
273 |
|
Total |
|
|
3,100 |
|
|
|
3,025 |
|
|
|
3,189 |
|
|
|
3,280 |
|
|
|
3,498 |
|
Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
873 |
|
|
|
270 |
|
|
|
276 |
|
|
|
276 |
|
|
|
273 |
|
Towing-supply |
|
|
487 |
|
|
|
180 |
|
|
|
184 |
|
|
|
184 |
|
|
|
182 |
|
Other |
|
|
392 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
1,752 |
|
|
|
450 |
|
|
|
460 |
|
|
|
460 |
|
|
|
455 |
|
Middle East fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,156 |
|
|
|
1,539 |
|
|
|
1,564 |
|
|
|
1,564 |
|
|
|
1,547 |
|
Towing-supply |
|
|
1,547 |
|
|
|
1,448 |
|
|
|
1,472 |
|
|
|
1,472 |
|
|
|
1,485 |
|
Total |
|
|
3,703 |
|
|
|
2,987 |
|
|
|
3,036 |
|
|
|
3,036 |
|
|
|
3,032 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,486 |
|
|
|
2,536 |
|
|
|
2,607 |
|
|
|
2,612 |
|
|
|
2,672 |
|
Total |
|
|
2,486 |
|
|
|
2,536 |
|
|
|
2,607 |
|
|
|
2,612 |
|
|
|
2,672 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,260 |
|
|
|
1,553 |
|
|
|
1,656 |
|
|
|
1,718 |
|
|
|
1,853 |
|
Towing-supply |
|
|
1,460 |
|
|
|
815 |
|
|
|
920 |
|
|
|
1,011 |
|
|
|
1,001 |
|
Other |
|
|
2,366 |
|
|
|
2,340 |
|
|
|
2,208 |
|
|
|
2,328 |
|
|
|
2,366 |
|
Total |
|
|
6,086 |
|
|
|
4,708 |
|
|
|
4,784 |
|
|
|
5,057 |
|
|
|
5,220 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
10,053 |
|
|
|
8,058 |
|
|
|
8,372 |
|
|
|
8,470 |
|
|
|
8,842 |
|
Towing-supply |
|
|
4,195 |
|
|
|
3,163 |
|
|
|
3,312 |
|
|
|
3,403 |
|
|
|
3,396 |
|
Other |
|
|
2,879 |
|
|
|
2,485 |
|
|
|
2,392 |
|
|
|
2,572 |
|
|
|
2,639 |
|
Total |
|
|
17,127 |
|
|
|
13,706 |
|
|
|
14,076 |
|
|
|
14,445 |
|
|
|
14,877 |
|
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
OUT-OF-SERVICE - STACKED DAYS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
428 |
|
|
|
450 |
|
|
|
621 |
|
|
|
814 |
|
|
|
889 |
|
Towing-supply |
|
|
64 |
|
|
|
90 |
|
|
|
92 |
|
|
|
92 |
|
|
|
91 |
|
Other |
|
|
— |
|
|
|
55 |
|
|
|
92 |
|
|
|
152 |
|
|
|
182 |
|
Total |
|
|
492 |
|
|
|
595 |
|
|
|
805 |
|
|
|
1,058 |
|
|
|
1,162 |
|
Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
61 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
61 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Middle East fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
— |
|
|
|
25 |
|
|
|
92 |
|
|
|
92 |
|
|
|
91 |
|
Towing-supply |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29 |
|
Total |
|
|
— |
|
|
|
25 |
|
|
|
92 |
|
|
|
92 |
|
|
|
120 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
150 |
|
|
|
376 |
|
|
|
474 |
|
|
|
641 |
|
|
|
766 |
|
Total |
|
|
150 |
|
|
|
376 |
|
|
|
474 |
|
|
|
641 |
|
|
|
766 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
18 |
|
|
|
203 |
|
|
|
307 |
|
|
|
537 |
|
|
|
852 |
|
Towing-supply |
|
|
238 |
|
|
|
275 |
|
|
|
382 |
|
|
|
551 |
|
|
|
516 |
|
Other |
|
|
496 |
|
|
|
450 |
|
|
|
506 |
|
|
|
655 |
|
|
|
637 |
|
Total |
|
|
752 |
|
|
|
928 |
|
|
|
1,195 |
|
|
|
1,743 |
|
|
|
2,005 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
657 |
|
|
|
1,054 |
|
|
|
1,494 |
|
|
|
2,084 |
|
|
|
2,598 |
|
Towing-supply |
|
|
302 |
|
|
|
365 |
|
|
|
474 |
|
|
|
643 |
|
|
|
636 |
|
Other |
|
|
496 |
|
|
|
505 |
|
|
|
598 |
|
|
|
807 |
|
|
|
819 |
|
Total |
|
|
1,455 |
|
|
|
1,924 |
|
|
|
2,566 |
|
|
|
3,534 |
|
|
|
4,053 |
|
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
AVAILABLE DAYS - ACTIVE FLEET: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
1,850 |
|
|
|
1,710 |
|
|
|
1,648 |
|
|
|
1,486 |
|
|
|
1,608 |
|
Towing-supply |
|
|
637 |
|
|
|
630 |
|
|
|
644 |
|
|
|
644 |
|
|
|
637 |
|
Other |
|
|
121 |
|
|
|
90 |
|
|
|
92 |
|
|
|
92 |
|
|
|
91 |
|
Total |
|
|
2,608 |
|
|
|
2,430 |
|
|
|
2,384 |
|
|
|
2,222 |
|
|
|
2,336 |
|
Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
812 |
|
|
|
270 |
|
|
|
276 |
|
|
|
276 |
|
|
|
273 |
|
Towing-supply |
|
|
487 |
|
|
|
180 |
|
|
|
184 |
|
|
|
184 |
|
|
|
182 |
|
Other |
|
|
392 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
1,691 |
|
|
|
450 |
|
|
|
460 |
|
|
|
460 |
|
|
|
455 |
|
Middle East fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,156 |
|
|
|
1,514 |
|
|
|
1,472 |
|
|
|
1,472 |
|
|
|
1,456 |
|
Towing-supply |
|
|
1,547 |
|
|
|
1,448 |
|
|
|
1,472 |
|
|
|
1,472 |
|
|
|
1,456 |
|
Total |
|
|
3,703 |
|
|
|
2,962 |
|
|
|
2,944 |
|
|
|
2,944 |
|
|
|
2,912 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,336 |
|
|
|
2,160 |
|
|
|
2,133 |
|
|
|
1,971 |
|
|
|
1,906 |
|
Total |
|
|
2,336 |
|
|
|
2,160 |
|
|
|
2,133 |
|
|
|
1,971 |
|
|
|
1,906 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,242 |
|
|
|
1,350 |
|
|
|
1,349 |
|
|
|
1,181 |
|
|
|
1,001 |
|
Towing-supply |
|
|
1,222 |
|
|
|
540 |
|
|
|
538 |
|
|
|
460 |
|
|
|
485 |
|
Other |
|
|
1,870 |
|
|
|
1,890 |
|
|
|
1,702 |
|
|
|
1,673 |
|
|
|
1,729 |
|
Total |
|
|
5,334 |
|
|
|
3,780 |
|
|
|
3,589 |
|
|
|
3,314 |
|
|
|
3,215 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
9,396 |
|
|
|
7,004 |
|
|
|
6,878 |
|
|
|
6,386 |
|
|
|
6,244 |
|
Towing-supply |
|
|
3,893 |
|
|
|
2,798 |
|
|
|
2,838 |
|
|
|
2,760 |
|
|
|
2,760 |
|
Other |
|
|
2,383 |
|
|
|
1,980 |
|
|
|
1,794 |
|
|
|
1,765 |
|
|
|
1,820 |
|
Total |
|
|
15,672 |
|
|
|
11,782 |
|
|
|
11,510 |
|
|
|
10,911 |
|
|
|
10,824 |
|
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
UTILIZATION - TOTAL FLEET: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
71.3 |
% |
|
|
59.3 |
% |
|
|
57.0 |
% |
|
|
53.0 |
% |
|
|
45.6 |
% |
Towing-supply |
|
|
74.2 |
|
|
|
64.6 |
|
|
|
71.4 |
|
|
|
64.9 |
|
|
|
76.3 |
|
Other |
|
|
100.0 |
|
|
|
62.1 |
|
|
|
50.0 |
|
|
|
37.7 |
|
|
|
33.3 |
|
Total |
|
|
73.0 |
% |
|
|
60.7 |
% |
|
|
59.9 |
% |
|
|
54.5 |
% |
|
|
51.0 |
% |
Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
59.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
Towing-supply |
|
|
69.8 |
|
|
|
97.9 |
|
|
|
100.0 |
|
|
|
90.2 |
|
|
|
100.0 |
|
Other |
|
|
85.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
67.9 |
% |
|
|
99.2 |
% |
|
|
100.0 |
% |
|
|
96.1 |
% |
|
|
100.0 |
% |
Middle East fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
79.2 |
% |
|
|
81.8 |
% |
|
|
82.8 |
% |
|
|
83.8 |
% |
|
|
86.2 |
% |
Towing-supply |
|
|
83.0 |
|
|
|
84.2 |
|
|
|
93.5 |
|
|
|
82.9 |
|
|
|
80.4 |
|
Total |
|
|
80.8 |
% |
|
|
82.9 |
% |
|
|
88.0 |
% |
|
|
83.4 |
% |
|
|
83.4 |
% |
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
82.8 |
% |
|
|
77.8 |
% |
|
|
72.4 |
% |
|
|
68.3 |
% |
|
|
64.7 |
% |
Total |
|
|
82.8 |
% |
|
|
77.8 |
% |
|
|
72.4 |
% |
|
|
68.3 |
% |
|
|
64.7 |
% |
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
87.4 |
% |
|
|
75.9 |
% |
|
|
65.7 |
% |
|
|
54.6 |
% |
|
|
42.3 |
% |
Towing-supply |
|
|
78.2 |
|
|
|
65.9 |
|
|
|
50.0 |
|
|
|
40.0 |
|
|
|
38.4 |
|
Other |
|
|
55.2 |
|
|
|
54.4 |
|
|
|
45.9 |
|
|
|
43.9 |
|
|
|
34.6 |
|
Total |
|
|
72.7 |
% |
|
|
63.5 |
% |
|
|
53.5 |
% |
|
|
46.7 |
% |
|
|
38.1 |
% |
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
78.4 |
% |
|
|
74.0 |
% |
|
|
69.7 |
% |
|
|
65.2 |
% |
|
|
59.4 |
% |
Towing-supply |
|
|
78.4 |
|
|
|
75.8 |
|
|
|
76.9 |
|
|
|
66.6 |
|
|
|
68.2 |
|
Other |
|
|
61.2 |
|
|
|
54.8 |
|
|
|
46.2 |
|
|
|
43.3 |
|
|
|
34.5 |
|
Total |
|
|
75.5 |
% |
|
|
70.9 |
% |
|
|
67.4 |
% |
|
|
61.7 |
% |
|
|
57.0 |
% |
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
UTILIZATION - ACTIVE FLEET: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
87.7 |
% |
|
|
74.8 |
% |
|
|
78.4 |
% |
|
|
82.0 |
% |
|
|
70.7 |
% |
Towing-supply |
|
|
81.7 |
|
|
|
73.8 |
|
|
|
81.5 |
|
|
|
74.1 |
|
|
|
87.2 |
|
Other |
|
|
100.0 |
|
|
|
100.0 |
|
|
|
100.0 |
|
|
|
100.0 |
|
|
|
100.0 |
|
Total |
|
|
86.8 |
% |
|
|
75.5 |
% |
|
|
80.1 |
% |
|
|
80.4 |
% |
|
|
76.4 |
% |
Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
63.4 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
Towing-supply |
|
|
69.8 |
|
|
|
97.9 |
|
|
|
100.0 |
|
|
|
90.2 |
|
|
|
100.0 |
|
Other |
|
|
85.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
70.4 |
% |
|
|
99.2 |
% |
|
|
100.0 |
% |
|
|
96.1 |
% |
|
|
100.0 |
% |
Middle East fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
79.2 |
% |
|
|
83.1 |
% |
|
|
88.0 |
% |
|
|
89.0 |
% |
|
|
91.6 |
% |
Towing-supply |
|
|
83.0 |
|
|
|
84.2 |
|
|
|
93.5 |
|
|
|
82.9 |
|
|
|
82.0 |
|
Total |
|
|
80.8 |
% |
|
|
83.6 |
% |
|
|
90.7 |
% |
|
|
86.0 |
% |
|
|
86.8 |
% |
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
88.1 |
% |
|
|
91.3 |
% |
|
|
88.5 |
% |
|
|
90.5 |
% |
|
|
90.6 |
% |
Total |
|
|
88.1 |
% |
|
|
91.3 |
% |
|
|
88.5 |
% |
|
|
90.5 |
% |
|
|
90.6 |
% |
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
88.1 |
% |
|
|
87.3 |
% |
|
|
80.7 |
% |
|
|
79.4 |
% |
|
|
78.3 |
% |
Towing-supply |
|
|
93.5 |
|
|
|
99.5 |
|
|
|
85.5 |
|
|
|
87.9 |
|
|
|
79.2 |
|
Other |
|
|
69.8 |
|
|
|
67.3 |
|
|
|
59.5 |
|
|
|
61.1 |
|
|
|
47.4 |
|
Total |
|
|
82.9 |
% |
|
|
79.1 |
% |
|
|
71.4 |
% |
|
|
71.3 |
% |
|
|
61.8 |
% |
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
83.9 |
% |
|
|
85.1 |
% |
|
|
84.9 |
% |
|
|
86.5 |
% |
|
|
84.2 |
% |
Towing-supply |
|
|
84.4 |
|
|
|
85.7 |
|
|
|
89.7 |
|
|
|
82.2 |
|
|
|
83.9 |
|
Other |
|
|
73.9 |
|
|
|
68.8 |
|
|
|
61.6 |
|
|
|
63.1 |
|
|
|
50.0 |
|
Total |
|
|
82.5 |
% |
|
|
82.5 |
% |
|
|
82.4 |
% |
|
|
81.6 |
% |
|
|
78.4 |
% |
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
AVERAGE VESSEL DAY RATES: (A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
$ |
18,955 |
|
|
$ |
16,964 |
|
|
$ |
16,760 |
|
|
$ |
15,568 |
|
|
$ |
15,646 |
|
Towing-supply |
|
|
9,350 |
|
|
|
12,030 |
|
|
|
9,638 |
|
|
|
9,298 |
|
|
|
8,162 |
|
Other |
|
|
15,601 |
|
|
|
12,633 |
|
|
|
12,644 |
|
|
|
12,640 |
|
|
|
12,634 |
|
Total |
|
|
16,569 |
|
|
|
15,501 |
|
|
|
14,603 |
|
|
|
13,742 |
|
|
|
13,162 |
|
Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
22,844 |
|
|
|
14,529 |
|
|
|
14,315 |
|
|
|
14,126 |
|
|
|
14,275 |
|
Towing-supply |
|
|
12,862 |
|
|
|
5,528 |
|
|
|
5,236 |
|
|
|
5,346 |
|
|
|
5,346 |
|
Total |
|
|
13,748 |
|
|
|
10,975 |
|
|
|
10,683 |
|
|
|
10,830 |
|
|
|
10,704 |
|
Middle East fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
11,561 |
|
|
|
10,011 |
|
|
|
10,319 |
|
|
|
10,219 |
|
|
|
10,020 |
|
Towing-supply |
|
|
6,736 |
|
|
|
6,249 |
|
|
|
6,240 |
|
|
|
6,110 |
|
|
|
6,192 |
|
Total |
|
|
9,490 |
|
|
|
8,160 |
|
|
|
8,217 |
|
|
|
8,238 |
|
|
|
8,213 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
15,705 |
|
|
|
12,046 |
|
|
|
11,834 |
|
|
|
11,800 |
|
|
|
12,905 |
|
Total |
|
|
15,776 |
|
|
|
12,124 |
|
|
|
11,917 |
|
|
|
11,890 |
|
|
|
13,005 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
14,026 |
|
|
|
12,516 |
|
|
|
12,553 |
|
|
|
11,700 |
|
|
|
11,242 |
|
Towing-supply |
|
|
12,661 |
|
|
|
12,275 |
|
|
|
12,624 |
|
|
|
13,536 |
|
|
|
14,480 |
|
Other |
|
|
4,026 |
|
|
|
3,972 |
|
|
|
3,669 |
|
|
|
3,717 |
|
|
|
3,124 |
|
Total |
|
|
10,721 |
|
|
|
8,834 |
|
|
|
9,052 |
|
|
|
8,562 |
|
|
|
8,521 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
15,522 |
|
|
|
12,878 |
|
|
|
12,840 |
|
|
|
12,355 |
|
|
|
12,589 |
|
Towing-supply |
|
|
9,843 |
|
|
|
8,668 |
|
|
|
8,022 |
|
|
|
8,049 |
|
|
|
7,978 |
|
Other |
|
|
4,264 |
|
|
|
4,657 |
|
|
|
4,558 |
|
|
|
4,598 |
|
|
|
4,253 |
|
Total |
|
$ |
12,544 |
|
|
$ |
10,687 |
|
|
$ |
10,583 |
|
|
$ |
10,288 |
|
|
$ |
10,435 |
|
Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked. |
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
37,520 |
|
|
$ |
28,444 |
|
|
$ |
27,882 |
|
|
$ |
24,564 |
|
|
$ |
23,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
|
12,949 |
|
|
|
11,252 |
|
|
|
11,080 |
|
|
|
8,535 |
|
|
|
11,132 |
|
Repair and maintenance |
|
|
2,866 |
|
|
|
2,627 |
|
|
|
2,487 |
|
|
|
2,951 |
|
|
|
2,192 |
|
Insurance |
|
|
248 |
|
|
|
367 |
|
|
|
161 |
|
|
|
219 |
|
|
|
(30 |
) |
Fuel, lube and supplies |
|
|
2,326 |
|
|
|
2,385 |
|
|
|
2,019 |
|
|
|
2,028 |
|
|
|
1,952 |
|
Other |
|
|
3,054 |
|
|
|
2,196 |
|
|
|
4,347 |
|
|
|
3,008 |
|
|
|
2,972 |
|
Total vessel operating costs |
|
|
21,443 |
|
|
|
18,827 |
|
|
|
20,094 |
|
|
|
16,741 |
|
|
|
18,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
|
16,077 |
|
|
|
9,617 |
|
|
|
7,788 |
|
|
|
7,823 |
|
|
|
5,263 |
|
Vessel operating margin (%) |
|
|
42.8 |
% |
|
|
33.8 |
% |
|
|
27.9 |
% |
|
|
31.8 |
% |
|
|
22.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
34 |
|
|
|
34 |
|
|
|
35 |
|
|
|
36 |
|
|
|
38 |
|
Utilization - Total fleet |
|
|
73.0 |
% |
|
|
60.7 |
% |
|
|
59.9 |
% |
|
|
54.5 |
% |
|
|
51.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
29 |
|
|
|
27 |
|
|
|
26 |
|
|
|
25 |
|
|
|
25 |
|
Utilization - Active fleet |
|
|
86.8 |
% |
|
|
75.5 |
% |
|
|
80.1 |
% |
|
|
80.4 |
% |
|
|
76.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
16,569 |
|
|
$ |
15,501 |
|
|
$ |
14,603 |
|
|
$ |
13,742 |
|
|
$ |
13,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
3 |
|
|
|
5 |
|
|
|
5 |
|
|
|
4 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
18,422 |
|
|
$ |
16,270 |
|
|
$ |
13,124 |
|
|
$ |
12,919 |
|
|
$ |
11,813 |
|
Cash paid for deferred drydocking and survey costs |
|
|
3,857 |
|
|
|
5,060 |
|
|
|
6,470 |
|
|
|
4,906 |
|
|
|
2,157 |
|
Amortization of deferred drydocking and survey costs |
|
|
(3,071 |
) |
|
|
(2,908 |
) |
|
|
(2,909 |
) |
|
|
(2,936 |
) |
|
|
(2,753 |
) |
Disposals, intersegment transfers and other |
|
|
— |
|
|
|
— |
|
|
|
(415 |
) |
|
|
(1,765 |
) |
|
|
1,702 |
|
Deferred drydocking and survey costs - ending balance |
|
$ |
19,208 |
|
|
$ |
18,422 |
|
|
$ |
16,270 |
|
|
$ |
13,124 |
|
|
$ |
12,919 |
|
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
16,362 |
|
|
$ |
4,897 |
|
|
$ |
4,914 |
|
|
$ |
4,786 |
|
|
$ |
4,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
|
8,138 |
|
|
|
788 |
|
|
|
883 |
|
|
|
875 |
|
|
|
801 |
|
Repair and maintenance |
|
|
945 |
|
|
|
284 |
|
|
|
342 |
|
|
|
552 |
|
|
|
268 |
|
Insurance |
|
|
90 |
|
|
|
54 |
|
|
|
24 |
|
|
|
51 |
|
|
|
(10 |
) |
Fuel, lube and supplies |
|
|
1,590 |
|
|
|
105 |
|
|
|
166 |
|
|
|
211 |
|
|
|
205 |
|
Other |
|
|
1,176 |
|
|
|
422 |
|
|
|
459 |
|
|
|
500 |
|
|
|
459 |
|
Total vessel operating costs |
|
|
11,939 |
|
|
|
1,653 |
|
|
|
1,874 |
|
|
|
2,189 |
|
|
|
1,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
|
4,423 |
|
|
|
3,244 |
|
|
|
3,040 |
|
|
|
2,597 |
|
|
|
3,147 |
|
Vessel operating margin (%) |
|
|
27.0 |
% |
|
|
66.2 |
% |
|
|
61.9 |
% |
|
|
54.3 |
% |
|
|
64.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
19 |
|
|
|
5 |
|
|
|
5 |
|
|
|
5 |
|
|
|
5 |
|
Utilization - Total fleet |
|
|
67.9 |
% |
|
|
99.2 |
% |
|
|
100.0 |
% |
|
|
96.1 |
% |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
18 |
|
|
|
5 |
|
|
|
5 |
|
|
|
5 |
|
|
|
5 |
|
Utilization - Active fleet |
|
|
70.4 |
% |
|
|
99.2 |
% |
|
|
100.0 |
% |
|
|
96.1 |
% |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
13,748 |
|
|
$ |
10,975 |
|
|
$ |
10,683 |
|
|
$ |
10,830 |
|
|
$ |
10,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
542 |
|
|
$ |
710 |
|
|
$ |
1,019 |
|
|
$ |
1,352 |
|
|
$ |
1,848 |
|
Cash paid for deferred drydocking and survey costs |
|
|
1,262 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23 |
|
Amortization of deferred drydocking and survey costs |
|
|
(163 |
) |
|
|
(168 |
) |
|
|
(309 |
) |
|
|
(379 |
) |
|
|
(519 |
) |
Disposals, intersegment transfers and other |
|
|
(789 |
) |
|
|
— |
|
|
|
— |
|
|
|
46 |
|
|
|
— |
|
Deferred drydocking and survey costs - ending balance |
|
$ |
852 |
|
|
$ |
542 |
|
|
$ |
710 |
|
|
$ |
1,019 |
|
|
$ |
1,352 |
|
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Middle East |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
28,396 |
|
|
$ |
20,218 |
|
|
$ |
21,948 |
|
|
$ |
20,847 |
|
|
$ |
20,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
|
11,193 |
|
|
|
8,465 |
|
|
|
8,827 |
|
|
|
9,075 |
|
|
|
9,109 |
|
Repair and maintenance |
|
|
3,429 |
|
|
|
2,124 |
|
|
|
2,804 |
|
|
|
2,392 |
|
|
|
2,364 |
|
Insurance |
|
|
325 |
|
|
|
297 |
|
|
|
179 |
|
|
|
9 |
|
|
|
47 |
|
Fuel, lube and supplies |
|
|
2,700 |
|
|
|
1,559 |
|
|
|
1,148 |
|
|
|
1,536 |
|
|
|
1,289 |
|
Other |
|
|
2,249 |
|
|
|
2,457 |
|
|
|
2,708 |
|
|
|
2,834 |
|
|
|
2,233 |
|
Total vessel operating costs |
|
|
19,896 |
|
|
|
14,902 |
|
|
|
15,666 |
|
|
|
15,846 |
|
|
|
15,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
|
8,500 |
|
|
|
5,316 |
|
|
|
6,282 |
|
|
|
5,001 |
|
|
|
5,716 |
|
Vessel operating margin (%) |
|
|
29.9 |
% |
|
|
26.3 |
% |
|
|
28.6 |
% |
|
|
24.0 |
% |
|
|
27.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Middle East - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
41 |
|
|
|
33 |
|
|
|
33 |
|
|
|
33 |
|
|
|
33 |
|
Utilization - Total fleet |
|
|
80.8 |
% |
|
|
82.9 |
% |
|
|
88.0 |
% |
|
|
83.4 |
% |
|
|
83.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
41 |
|
|
|
33 |
|
|
|
32 |
|
|
|
32 |
|
|
|
32 |
|
Utilization - Active fleet |
|
|
80.8 |
% |
|
|
83.6 |
% |
|
|
90.7 |
% |
|
|
86.0 |
% |
|
|
86.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
9,490 |
|
|
$ |
8,160 |
|
|
$ |
8,217 |
|
|
$ |
8,238 |
|
|
$ |
8,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
7 |
|
|
|
2 |
|
|
|
2 |
|
|
|
1 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
10,665 |
|
|
$ |
8,994 |
|
|
$ |
10,809 |
|
|
$ |
10,772 |
|
|
$ |
12,141 |
|
Cash paid for deferred drydocking and survey costs |
|
|
6,362 |
|
|
|
3,855 |
|
|
|
327 |
|
|
|
2,441 |
|
|
|
1,331 |
|
Amortization of deferred drydocking and survey costs |
|
|
(2,308 |
) |
|
|
(2,184 |
) |
|
|
(2,142 |
) |
|
|
(2,290 |
) |
|
|
(2,301 |
) |
Disposals, intersegment transfers and other |
|
|
261 |
|
|
|
— |
|
|
|
— |
|
|
|
(114 |
) |
|
|
(399 |
) |
Deferred drydocking and survey costs - ending balance |
|
$ |
14,980 |
|
|
$ |
10,665 |
|
|
$ |
8,994 |
|
|
$ |
10,809 |
|
|
$ |
10,772 |
|
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe/Mediterranean |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
32,475 |
|
|
$ |
23,919 |
|
|
$ |
22,501 |
|
|
$ |
21,197 |
|
|
$ |
22,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
|
12,349 |
|
|
|
12,003 |
|
|
|
11,235 |
|
|
|
10,541 |
|
|
|
10,519 |
|
Repair and maintenance |
|
|
2,414 |
|
|
|
2,106 |
|
|
|
3,562 |
|
|
|
1,754 |
|
|
|
2,244 |
|
Insurance |
|
|
307 |
|
|
|
309 |
|
|
|
38 |
|
|
|
208 |
|
|
|
(131 |
) |
Fuel, lube and supplies |
|
|
1,740 |
|
|
|
1,077 |
|
|
|
936 |
|
|
|
846 |
|
|
|
864 |
|
Other |
|
|
2,468 |
|
|
|
2,026 |
|
|
|
1,919 |
|
|
|
1,926 |
|
|
|
1,803 |
|
Total vessel operating costs |
|
|
19,278 |
|
|
|
17,521 |
|
|
|
17,690 |
|
|
|
15,275 |
|
|
|
15,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
|
13,197 |
|
|
|
6,398 |
|
|
|
4,811 |
|
|
|
5,922 |
|
|
|
7,168 |
|
Vessel operating margin (%) |
|
|
40.6 |
% |
|
|
26.7 |
% |
|
|
21.4 |
% |
|
|
27.9 |
% |
|
|
31.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe/Mediterranean - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
27 |
|
|
|
28 |
|
|
|
28 |
|
|
|
28 |
|
|
|
29 |
|
Utilization - Total fleet |
|
|
82.8 |
% |
|
|
77.8 |
% |
|
|
72.4 |
% |
|
|
68.3 |
% |
|
|
64.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
25 |
|
|
|
24 |
|
|
|
23 |
|
|
|
21 |
|
|
|
21 |
|
Utilization - Active fleet |
|
|
88.1 |
% |
|
|
91.3 |
% |
|
|
88.5 |
% |
|
|
90.5 |
% |
|
|
90.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
15,776 |
|
|
$ |
12,124 |
|
|
$ |
11,917 |
|
|
$ |
11,890 |
|
|
$ |
13,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
3 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
6,425 |
|
|
$ |
4,983 |
|
|
$ |
5,571 |
|
|
$ |
6,340 |
|
|
$ |
7,731 |
|
Cash paid for deferred drydocking and survey costs |
|
|
4,206 |
|
|
|
2,575 |
|
|
|
93 |
|
|
|
892 |
|
|
|
162 |
|
Amortization of deferred drydocking and survey costs |
|
|
(1,400 |
) |
|
|
(1,133 |
) |
|
|
(1,096 |
) |
|
|
(1,316 |
) |
|
|
(1,553 |
) |
Disposals, intersegment transfers and other |
|
|
— |
|
|
|
— |
|
|
|
415 |
|
|
|
(345 |
) |
|
|
— |
|
Deferred drydocking and survey costs - ending balance |
|
$ |
9,231 |
|
|
$ |
6,425 |
|
|
$ |
4,983 |
|
|
$ |
5,571 |
|
|
$ |
6,340 |
|
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Africa |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
47,422 |
|
|
$ |
26,398 |
|
|
$ |
23,183 |
|
|
$ |
20,240 |
|
|
$ |
16,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
|
16,010 |
|
|
|
8,329 |
|
|
|
7,690 |
|
|
|
6,583 |
|
|
|
6,124 |
|
Repair and maintenance |
|
|
3,823 |
|
|
|
2,320 |
|
|
|
2,307 |
|
|
|
2,848 |
|
|
|
2,466 |
|
Insurance |
|
|
396 |
|
|
|
357 |
|
|
|
115 |
|
|
|
325 |
|
|
|
(13 |
) |
Fuel, lube and supplies |
|
|
3,165 |
|
|
|
1,950 |
|
|
|
2,136 |
|
|
|
2,130 |
|
|
|
2,231 |
|
Other |
|
|
4,307 |
|
|
|
2,652 |
|
|
|
3,615 |
|
|
|
3,407 |
|
|
|
3,173 |
|
Total vessel operating costs |
|
|
27,701 |
|
|
|
15,608 |
|
|
|
15,863 |
|
|
|
15,293 |
|
|
|
13,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
|
19,721 |
|
|
|
10,790 |
|
|
|
7,320 |
|
|
|
4,947 |
|
|
|
2,957 |
|
Vessel operating margin (%) |
|
|
41.6 |
% |
|
|
40.9 |
% |
|
|
31.6 |
% |
|
|
24.4 |
% |
|
|
17.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Africa - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
67 |
|
|
|
52 |
|
|
|
52 |
|
|
|
55 |
|
|
|
57 |
|
Utilization - Total fleet |
|
|
72.7 |
% |
|
|
63.5 |
% |
|
|
53.5 |
% |
|
|
46.7 |
% |
|
|
38.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
59 |
|
|
|
42 |
|
|
|
39 |
|
|
|
36 |
|
|
|
35 |
|
Utilization - Active fleet |
|
|
82.9 |
% |
|
|
79.1 |
% |
|
|
71.4 |
% |
|
|
71.3 |
% |
|
|
61.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
10,721 |
|
|
$ |
8,834 |
|
|
$ |
9,052 |
|
|
$ |
8,562 |
|
|
$ |
8,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
5 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
8,308 |
|
|
$ |
9,777 |
|
|
$ |
9,987 |
|
|
$ |
8,989 |
|
|
$ |
13,115 |
|
Cash paid for deferred drydocking and survey costs |
|
|
2,764 |
|
|
|
1,122 |
|
|
|
3,004 |
|
|
|
2,378 |
|
|
|
376 |
|
Amortization of deferred drydocking and survey costs |
|
|
(2,210 |
) |
|
|
(2,591 |
) |
|
|
(3,214 |
) |
|
|
(3,148 |
) |
|
|
(3,199 |
) |
Disposals, intersegment transfers and other |
|
|
528 |
|
|
|
— |
|
|
|
— |
|
|
|
1,768 |
|
|
|
(1,303 |
) |
Deferred drydocking and survey costs - ending balance |
|
$ |
9,390 |
|
|
$ |
8,308 |
|
|
$ |
9,777 |
|
|
$ |
9,987 |
|
|
$ |
8,989 |
|
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
162,175 |
|
|
$ |
103,876 |
|
|
$ |
100,428 |
|
|
$ |
91,634 |
|
|
$ |
88,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
|
60,639 |
|
|
|
40,837 |
|
|
|
39,715 |
|
|
|
35,609 |
|
|
|
37,685 |
|
Repair and maintenance |
|
|
13,477 |
|
|
|
9,461 |
|
|
|
11,502 |
|
|
|
10,497 |
|
|
|
9,534 |
|
Insurance |
|
|
1,366 |
|
|
|
1,384 |
|
|
|
517 |
|
|
|
812 |
|
|
|
(137 |
) |
Fuel, lube and supplies |
|
|
11,521 |
|
|
|
7,076 |
|
|
|
6,405 |
|
|
|
6,751 |
|
|
|
6,541 |
|
Other |
|
|
13,254 |
|
|
|
9,753 |
|
|
|
13,048 |
|
|
|
11,675 |
|
|
|
10,640 |
|
Total vessel operating costs |
|
|
100,257 |
|
|
|
68,511 |
|
|
|
71,187 |
|
|
|
65,344 |
|
|
|
64,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
|
61,918 |
|
|
|
35,365 |
|
|
|
29,241 |
|
|
|
26,290 |
|
|
|
24,251 |
|
Vessel operating margin (%) |
|
|
38.2 |
% |
|
|
34.0 |
% |
|
|
29.1 |
% |
|
|
28.7 |
% |
|
|
27.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
188 |
|
|
|
152 |
|
|
|
153 |
|
|
|
157 |
|
|
|
162 |
|
Utilization - Total fleet |
|
|
75.5 |
% |
|
|
70.9 |
% |
|
|
67.4 |
% |
|
|
61.7 |
% |
|
|
57.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
172 |
|
|
|
131 |
|
|
|
125 |
|
|
|
119 |
|
|
|
118 |
|
Utilization - Active fleet |
|
|
82.5 |
% |
|
|
82.5 |
% |
|
|
82.4 |
% |
|
|
81.6 |
% |
|
|
78.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
12,544 |
|
|
$ |
10,687 |
|
|
$ |
10,583 |
|
|
$ |
10,288 |
|
|
$ |
10,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
20 |
|
|
|
11 |
|
|
|
11 |
|
|
|
9 |
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
44,362 |
|
|
$ |
40,734 |
|
|
$ |
40,510 |
|
|
$ |
40,372 |
|
|
$ |
46,648 |
|
Cash paid for deferred drydocking and survey costs |
|
|
18,451 |
|
|
|
12,612 |
|
|
|
9,894 |
|
|
|
10,617 |
|
|
|
4,049 |
|
Amortization of deferred drydocking and survey costs |
|
|
(9,152 |
) |
|
|
(8,984 |
) |
|
|
(9,670 |
) |
|
|
(10,069 |
) |
|
|
(10,325 |
) |
Disposals, intersegment transfers and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(410 |
) |
|
|
— |
|
Deferred drydocking and survey costs - ending balance |
|
$ |
53,661 |
|
|
$ |
44,362 |
|
|
$ |
40,734 |
|
|
$ |
40,510 |
|
|
$ |
40,372 |
|
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(25,014 |
) |
|
$ |
(12,271 |
) |
|
$ |
(38,079 |
) |
|
$ |
(26,407 |
) |
|
$ |
(29,647 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other debt costs |
|
|
4,284 |
|
|
|
4,175 |
|
|
|
3,417 |
|
|
|
3,681 |
|
|
|
3,944 |
|
Income tax (benefit) expense |
|
|
6,619 |
|
|
|
5,218 |
|
|
|
(3,047 |
) |
|
|
887 |
|
|
|
6,026 |
|
Depreciation |
|
|
22,614 |
|
|
|
17,673 |
|
|
|
18,618 |
|
|
|
17,911 |
|
|
|
18,224 |
|
Amortization of deferred drydock and survey costs |
|
|
9,152 |
|
|
|
8,984 |
|
|
|
9,670 |
|
|
|
10,069 |
|
|
|
10,325 |
|
EBITDA (A), (B), (C) |
|
|
17,655 |
|
|
|
23,779 |
|
|
|
(9,421 |
) |
|
|
6,141 |
|
|
|
8,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived asset impairment (credit) and other |
|
|
— |
|
|
|
(500 |
) |
|
|
13,476 |
|
|
|
2,167 |
|
|
|
— |
|
Affiliate credit loss impairment expense (credit) |
|
|
— |
|
|
|
— |
|
|
|
1,400 |
|
|
|
— |
|
|
|
(1,000 |
) |
Loss on early extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
11,100 |
|
|
|
— |
|
|
|
— |
|
Loss on warrants |
|
|
14,175 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gain on bargain purchase |
|
|
— |
|
|
|
(1,300 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
One-time integration related costs |
|
|
7,314 |
|
|
|
2,305 |
|
|
|
221 |
|
|
|
112 |
|
|
|
795 |
|
Adjusted EBITDA (A), (B), (C) |
|
$ |
39,144 |
|
|
$ |
24,284 |
|
|
$ |
16,776 |
|
|
$ |
8,420 |
|
|
$ |
8,667 |
|
Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, loss on early extinguishment of debt, loss on warrants, gain on bargain purchase and merger and integration related costs. |
|
Note (B): EBITDA and Adjusted EBITDA for the three months ended June 30, 2022, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,963, $1,458, $1,439, $1,523, and $1,504, respectively. |
|
Note (C): EBITDA and Adjusted EBITDA for the three months ended June 30, 2022, and for each of the prior four quarters includes foreign exchange gain (losses) of $(1,881), $946, $582, $(523), and $422, respectively. |
Non-GAAP Financial Measures
We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.
Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.
EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.
EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities (A) |
|
$ |
(21,603 |
) |
|
$ |
(11,624 |
) |
|
$ |
6,938 |
|
|
$ |
(2,499 |
) |
|
$ |
4,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash interest expense |
|
|
7,626 |
|
|
|
— |
|
|
|
3,664 |
|
|
|
3,055 |
|
|
|
3,282 |
|
Interest income and other |
|
|
(349 |
) |
|
|
(2,186 |
) |
|
|
(1,426 |
) |
|
|
(148 |
) |
|
|
(8 |
) |
Additions to property and equipment |
|
|
(4,151 |
) |
|
|
(1,229 |
) |
|
|
(6,368 |
) |
|
|
(722 |
) |
|
|
(665 |
) |
Acquisitions |
|
|
(28,486 |
) |
|
|
(1,039 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Expansion capital |
|
|
28,486 |
|
|
|
1,039 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Free cash flow before proceeds from asset sales |
|
|
(18,477 |
) |
|
|
(15,039 |
) |
|
|
2,808 |
|
|
|
(314 |
) |
|
|
7,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from asset sales |
|
|
3,535 |
|
|
|
4,628 |
|
|
|
54 |
|
|
|
4,396 |
|
|
|
18,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow |
|
$ |
(14,942 |
) |
|
$ |
(10,411 |
) |
|
$ |
2,862 |
|
|
$ |
4,082 |
|
|
$ |
26,037 |
|
Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by (used in) operating activities adjusted for capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.
Note (A): Net cash provided by (used in) operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table: |
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments |
|
$ |
(27,697 |
) |
|
$ |
(13,401 |
) |
|
$ |
265 |
|
|
$ |
2,586 |
|
|
$ |
7,066 |
|
Cash paid for deferred drydock and survey costs |
|
|
(18,451 |
) |
|
|
(12,612 |
) |
|
|
(9,894 |
) |
|
|
(10,617 |
) |
|
|
(4,049 |
) |
Total sources (uses) of cash for changes in assets and liabilities |
|
$ |
(46,148 |
) |
|
$ |
(26,013 |
) |
|
$ |
(9,629 |
) |
|
$ |
(8,031 |
) |
|
$ |
3,017 |
|
