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Tidewater Reports Results for the Three and Six Months Ended June 30, 2021

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2021 of $90.0 million and $173.5 million, respectively, compared with $102.3 million and $218.7 million, respectively, for the three and six months ended June 30, 2020. Tidewater's net losses for the three and six months ended June 30, 2021, were $29.5 million ($0.72 per common share) and $64.8 million ($1.59 per common share), respectively, compared with $110.6 million ($2.74 per common share) and $129.1 million ($3.21 per common share) for the three and six months ended June 30, 2020. 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. Included in the net losses for the three and six months ended June 30, 2020 were $111.5 million and $121.8 million, respectively, in long-lived asset impairments, affiliate credit losses, affiliate guarantee obligations, and one-time severance expenses. Excluding these costs, we would have reported net income for the three months ended June 30, 2020 of $0.9 million ($0.02 per common share) and a net loss for the six months ended June 30, 2020 of $7.3 million (or $0.18 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Revenue, active vessels, average day rate, active utilization, and operating margin were all up on a consolidated basis in the second quarter. Individual geographic segments were mixed, but the overall trend and our outlook are constructive as we proceed through the remainder of the year. We continued our track record of generating meaningful free cash flow during the second quarter of 2021. During the second quarter, we generated $26.0 million of free cash flow, and over the trailing 12 months we have generated $84.0 million. The scalable shore base infrastructure we built over the past few years is helping us drive reliable and increasing free cash flow generation, as demonstrated by the substantial incremental operating income margins in the quarter.

“During the second quarter of 2021, revenue improved 7.7% sequentially, driven primarily by vessels reactivated in response to the increase in activity in the Europe and Mediterranean and West Africa regions. During the second quarter, we reactivated seven vessels, bringing the total number of vessel reactivations to 12 during the first six months of 2021.

“At the end of the second quarter, we had $135.2 million of principal outstanding on our senior secured notes, which are scheduled to mature in August 2022, along with $151.4 million of cash on the balance sheet. We continue to monitor the debt capital markets for the optimal timing of a potential refinance of all or a portion of these notes, as early repayment of this debt carries a significant pre-payment penalty. During the quarter, we decreased our net debt position by $21.1 million, ending the second quarter with $4.5 million of net debt on the balance sheet. We remain dedicated to our objective of meaningful free cash flow generation though the maturity of these notes and thereafter.

“Our ongoing fleet development program includes the sale or responsible recycling of vessels that are deemed uneconomic or which otherwise do not meet our future strategic goals, and during the second quarter we disposed of seven vessels and other assets for $18.6 million. We expect both the sale and recycling of vessels to taper off in the next 12 months as we work through the 14 vessels remaining in assets held for sale.

“Lastly, we continue to monitor the COVID-19 Delta variant. Similar to the steps we took in 2020 to protect our employees and our cash generation capability, we will take appropriate steps to continue to safeguard our employees and optimize our business as these later phases of the pandemic unfold. We have not seen a significant impact to our operations due to the Delta variant, although we were originally anticipating the additional costs of the pandemic to wane throughout 2021 and we now anticipate those costs to continue at the same level for the next few quarters. The new phase of the pandemic, however, doesn’t seem to be limiting broader market inertia and, in fact, we continue to see activity increase in most geographic regions.”

In addition to the number of outstanding shares, as of June 30, 2021, the company also has the following in-the-money warrants.

Common Shares Outstanding

 

 

41,000,575

 

New Creditor Warrants (strike price $0.001 per common share)

 

 

639,354

 

GulfMark Creditor Warrants (strike price $0.01 per common share)

 

 

669,601

 

Total

 

 

42,309,530

 

Tidewater will hold a conference call to discuss results for the three months ending June 30, 2021 on August 10, 2021, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1-888-771-4371 if calling from the U.S. or Canada (+1-847-585-4405 if calling from outside the U.S.) and asking for the “Tidewater” call just 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 10:30 a.m. Central Time on August 10, 2021 and will continue until 11:59 p.m. Central Time on September 10, 2021. 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 one of the largest fleets of offshore support vessels in the industry, with more than 65 years of experience supporting offshore energy exploration, production, and generation activities worldwide.

Note: All per-share amounts are stated on a diluted basis.

Financial information is displayed beginning on the next page.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

June 30,

 

June 30,

 

 

2021

 

2020

 

2021

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

$

88,514

 

$

100,975

 

$

169,507

 

$

212,949

 

Other operating revenues

 

1,439

 

 

1,369

 

 

3,950

 

 

5,763

 

Total revenues

 

89,953

 

 

102,344

 

 

173,457

 

 

218,712

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

64,263

 

 

64,774

 

 

125,283

 

 

143,599

 

Costs of other operating revenues

 

581

 

 

171

 

 

1,648

 

 

2,844

 

General and administrative

 

16,787

 

 

17,597

 

 

32,830

 

 

39,017

 

Depreciation and amortization

 

28,549

 

 

28,144

 

 

58,276

 

 

55,251

 

Long-lived asset impairments and other

 

 

 

55,482

 

 

 

 

65,689

 

Affiliate credit loss impairment expense (credit)

 

(1,000

)

 

53,581

 

 

(1,000

)

 

53,581

 

Affiliate guarantee obligation

 

 

 

2,000

 

 

 

 

2,000

 

(Gain) loss on asset dispositions, net

 

932

 

 

(1,660

)

 

2,880

 

 

(6,991

)

 

 

110,112

 

 

220,089

 

 

219,917

 

 

354,990

 

Operating loss

 

(20,159

)

 

(117,745

)

 

(46,460

)

 

(136,278

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

422

 

 

(2,076

)

 

(428

)

 

(1,212

)

Equity in net earnings (losses) of unconsolidated companies

 

52

 

 

 

 

(1,797

)

 

 

Dividend income from unconsolidated company

 

 

 

17,150

 

 

 

 

17,150

 

Interest income and other, net

 

8

 

 

696

 

 

31

 

 

812

 

Interest and other debt costs, net

 

(3,944

)

 

(5,959

)

 

(8,485

)

 

(12,101

)

Total other expense

 

(3,462

)

 

9,811

 

 

(10,679

)

 

4,649

 

Loss before income taxes

 

(23,621

)

 

(107,934

)

 

(57,139

)

 

(131,629

)

Income tax (benefit) expense

 

6,026

 

 

2,730

 

 

8,035

 

 

(2,441

)

Net loss

$

(29,647

)

$

(110,664

)

$

(65,174

)

$

(129,188

)

Less: Net loss attributable to noncontrolling interests

 

(185

)

 

(41

)

 

(397

)

 

(120

)

Net loss attributable to Tidewater Inc.

$

(29,462

)

$

(110,623

)

$

(64,777

)

$

(129,068

)

Basic loss per common share

$

(0.72

)

$

(2.74

)

$

(1.59

)

$

(3.21

)

Diluted loss per common share

$

(0.72

)

$

(2.74

)

$

(1.59

)

$

(3.21

)

Weighted average common shares outstanding

 

40,899

 

 

40,306

 

 

40,808

 

 

40,203

 

Adjusted weighted average common shares

 

40,899

 

 

40,306

 

 

40,808

 

 

40,203

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

 

 

 

June 30,

 

 

December 31,

 

ASSETS

 

2021

 

 

2020

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

131,157

 

 

$

149,933

 

Restricted cash

 

 

20,284

 

 

 

2,079

 

Trade and other receivables, less allowance for credit losses of $2,099 and $1,516 at June 30, 2021 and December 31, 2020, respectively

 

 

90,229

 

 

 

112,623

 

Due from affiliates, less allowance for credit losses of $70,695 and $71,800 at June 30, 2021 and December 31, 2020, respectively

 

 

64,922

 

 

 

62,050

 

Marine operating supplies

 

 

15,404

 

 

 

15,876

 

Assets held for sale

 

 

17,214

 

 

 

34,396

 

Prepaid expenses and other current assets

 

 

15,953

 

 

 

11,692

 

Total current assets

 

 

355,163

 

 

 

388,649

 

Net properties and equipment

 

 

731,659

 

 

 

780,318

 

Deferred drydocking and survey costs

 

 

40,372

 

 

 

56,468

 

Other assets

 

 

24,539

 

 

 

25,742

 

Total assets

 

$

1,151,733

 

 

$

1,251,177

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

16,189

 

 

$

16,981

 

Accrued expenses

 

 

50,532

 

 

 

52,422

 

Due to affiliates

 

 

59,759

 

 

 

53,194

 

Current portion of long-term debt

 

 

7,355

 

 

 

27,797

 

Other current liabilities

 

 

28,825

 

 

 

32,785

 

Total current liabilities

 

 

162,660

 

 

 

183,179

 

Long-term debt

 

 

148,612

 

 

 

164,934

 

Other liabilities and deferred credits

 

 

80,723

 

 

 

79,792

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock

 

 

41

 

 

 

41

 

Additional paid-in-capital

 

 

1,373,727

 

 

 

1,371,809

 

Accumulated deficit

 

 

(613,708

)

 

 

(548,931

)

Accumulated other comprehensive loss

 

 

(1,082

)

 

 

(804

)

Total stockholder's equity

 

 

758,978

 

 

 

822,115

 

Noncontrolling interests

 

 

760

 

 

 

1,157

 

Total equity

 

 

759,738

 

 

 

823,272

 

Total liabilities and equity

 

$

1,151,733

 

 

$

1,251,177

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(29,647

)

 

$

(110,664

)

 

$

(65,174

)

 

$

(129,188

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in pension plan and supplemental pension plan liability, net of tax of $0, $0.2 million, $0 and $0.2 million, respectively

 

 

(207

)

 

 

448

 

 

 

(278

)

 

 

817

 

Total comprehensive loss

 

$

(29,854

)

 

$

(110,216

)

 

$

(65,452

)

 

$

(128,371

)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

 

Six Months

 

 

Six Months

 

 

 

Ended

 

 

Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(65,174

)

 

$

(129,188

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

36,694

 

 

 

34,271

 

Amortization of deferred drydocking and survey costs

 

 

21,582

 

 

 

20,980

 

Amortization of debt premiums and discounts

 

 

1,986

 

 

 

1,357

 

Provision for deferred income taxes

 

 

648

 

 

 

206

 

(Gain) loss on asset dispositions, net

 

 

2,880

 

 

 

(6,991

)

Loss on debt extinguishment

 

 

59

 

 

 

 

Affiliate credit loss impairment expense (credit)

 

 

(1,000

)

 

 

53,581

 

Affiliate guarantee obligation

 

 

 

 

 

2,000

 

Long-lived asset impairments and other

 

 

 

 

 

65,689

 

Stock-based compensation expense

 

 

2,676

 

 

 

2,736

 

Changes in operating assets and liabilities, net:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

22,394

 

 

 

(4,991

)

Changes in due to/from affiliates, net

 

 

4,693

 

 

 

3,242

 

Accounts payable

 

 

(792

)

 

 

(10,390

)

Accrued expenses

 

 

(2,074

)

 

 

(13,007

)

Deferred drydocking and survey costs

 

 

(6,771

)

 

 

(28,964

)

Other, net

 

 

(7,234

)

 

 

(3,354

)

Net cash provided by (used in) operating activities

 

 

10,567

 

 

 

(12,823

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from asset dispositions

 

 

29,560

 

 

 

20,906

 

Additions to properties and equipment

 

 

(1,861

)

 

 

(4,075

)

Net cash provided by investing activities

 

 

27,699

 

 

 

16,831

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Principal payments on long-term debt

 

 

(37,901

)

 

 

(4,742

)

Debt modification costs

 

 

(855

)

 

 

(612

)

Debt extinguishment premium

 

 

(59

)

 

 

 

Tax on share-based awards

 

 

(758

)

 

 

 

Net cash used in financing activities

 

 

(39,573

)

 

 

(5,354

)

Net change in cash, cash equivalents and restricted cash

 

 

(1,307

)

 

 

(1,346

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

155,225

 

 

 

227,608

 

Cash, cash equivalents and restricted cash at end of period

 

$

153,918

 

 

$

226,262

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

 

7,028

 

 

 

10,734

 

Income taxes

 

 

6,609

 

 

 

6,461

 

Note (A):  Cash, cash equivalents and restricted cash at June 30, 2021 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

 

 

income (loss)

 

 

interest

 

 

Total

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2020

 

$

40

 

 

 

1,368,325

 

 

 

(371,134

)

 

 

133

 

 

 

1,532

 

 

 

998,896

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

(110,623

)

 

 

448

 

 

 

(41

)

 

 

(110,216

)

Amortization of share-based awards

 

 

 

 

 

1,320

 

 

 

 

 

 

 

 

 

 

 

 

1,320

 

Balance at June 30, 2020

 

$

40

 

 

 

1,369,645

 

 

 

(481,757

)

 

 

581

 

 

 

1,491

 

 

 

890,000

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

deficit

 

 

income (loss)

 

 

interest

 

 

Total

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

$

40

 

 

 

1,367,521

 

 

 

(352,526

)

 

 

(236

)

 

 

1,611

 

 

 

1,016,410

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

(129,068

)

 

 

817

 

 

 

(120

)

 

 

(128,371

)

Adoption of credit loss accounting standard

 

 

 

 

 

 

 

 

(163

)

 

 

 

 

 

 

 

 

(163

)

Amortization of share-based awards

 

 

 

 

 

2,124

 

 

 

 

 

 

 

 

 

 

 

 

2,124

 

Balance at June 30, 2020

 

$

40

 

 

 

1,369,645

 

 

 

(481,757

)

 

 

581

 

 

 

1,491

 

 

 

890,000

 

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

(In thousands)

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

23,481

 

 

 

27

%

 

$

34,044

 

 

 

34

%

 

$

49,705

 

 

 

29

%

 

$

65,903

 

 

 

31

%

Middle East/Asia Pacific

 

 

25,628

 

 

 

29

%

 

 

23,983

 

 

 

24

%

 

 

50,042

 

 

 

30

%

 

 

48,811

 

 

 

23

%

Europe/Mediterranean

 

 

22,467

 

 

 

25

%

 

 

20,620

 

 

 

20

%

 

 

37,216

 

 

 

22

%

 

 

50,111

 

 

 

24

%

West Africa

 

 

16,938

 

 

 

19

%

 

 

22,328

 

 

 

22

%

 

 

32,544

 

 

 

19

%

 

 

48,124

 

 

 

23

%

Total vessel revenues

 

$

88,514

 

 

 

100

%

 

$

100,975

 

 

 

100

%

 

$

169,507

 

 

 

100

%

 

$

212,949

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

37,685

 

 

 

43

%

 

$

38,691

 

 

 

38

%

 

$

72,847

 

 

 

43

%

 

$

83,178

 

 

 

39

%

Repair and maintenance

 

 

9,534

 

 

 

11

%

 

 

6,656

 

 

 

7

%

 

 

18,971

 

 

 

11

%

 

 

17,254

 

 

 

8

%

Insurance

 

 

(137

)

 

 

(0

)%

 

 

2,010

 

 

 

2

%

 

 

486

 

 

 

1

%

 

 

3,795

 

 

 

2

%

Fuel, lube and supplies

 

 

6,541

 

 

 

7

%

 

 

6,383

 

 

 

6

%

 

 

12,401

 

 

 

7

%

 

 

16,135

 

 

 

8

%

Other

 

 

10,640

 

 

 

12

%

 

 

11,034

 

 

 

11

%

 

 

20,578

 

 

 

12

%

 

 

23,237

 

 

 

11

%

Total vessel operating costs

 

 

64,263

 

 

 

73

%

 

 

64,774

 

 

 

64

%

 

 

125,283

 

 

 

74

%

 

 

143,599

 

 

 

67

%

Vessel operating margin (A)

 

$

24,251

 

 

 

27

%

 

$

36,201

 

 

 

36

%

 

$

44,224

 

 

 

26

%

 

$

69,350

 

 

 

33

%

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:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

(In thousands)

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

(4,940

)

 

 

(5

)%

 

$

4,505

 

 

 

4

%

 

$

(6,591

)

 

 

(4

)%

 

$

3,341

 

 

 

2

%

Middle East/Asia Pacific

 

 

266

 

 

 

0

%

 

 

599

 

 

 

1

%

 

 

(1,587

)

 

 

(1

)%

 

 

(257

)

 

 

(0

)%

Europe/Mediterranean

 

 

(1,986

)

 

 

(2

)%

 

 

(1,750

)

 

 

(2

)%

 

 

(10,007

)

 

 

(6

)%

 

 

(203

)

 

 

(0

)%

West Africa

 

 

(5,355

)

 

 

(6

)%

 

 

(3,984

)

 

 

(4

)%

 

 

(12,122

)

 

 

(7

)%

 

 

(8,847

)

 

 

(4

)%

Other operating profit

 

 

858

 

 

 

1

%

 

 

1,198

 

 

 

1

%

 

 

2,302

 

 

 

1

%

 

 

2,919

 

 

 

1

%

 

 

 

(11,157

)

 

 

(12

)%

 

 

568

 

 

 

1

%

 

 

(28,005

)

 

 

(16

)%

 

 

(3,047

)

 

 

(1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(9,070

)

 

 

(10

)%

 

 

(8,910

)

 

 

(9

)%

 

 

(16,575

)

 

 

(10

)%

 

 

(18,952

)

 

 

(9

)%

Gain (loss) on asset dispositions, net

 

 

(932

)

 

 

(1

)%

 

 

1,660

 

 

 

2

%

 

 

(2,880

)

 

 

(2

)%

 

 

6,991

 

 

 

3

%

Affiliate credit loss impairment (expense) credit

 

 

1,000

 

 

 

1

%

 

 

(53,581

)

 

 

(52

)%

 

 

1,000

 

 

 

1

%

 

 

(53,581

)

 

 

(24

)%

Affiliate guarantee obligation

 

 

 

 

 

0

%

 

 

(2,000

)

 

 

(2

)%

 

 

 

 

 

0

%

 

 

(2,000

)

 

 

(1

)%

Long-lived asset impairments and other

 

 

 

 

 

0

%

 

 

(55,482

)

 

 

(54

)%

 

 

 

 

 

0

%

 

 

(65,689

)

 

 

(30

)%

Operating loss

 

$

(20,159

)

 

 

(22

)%

 

$

(117,745

)

 

 

(115

)%

 

$

(46,460

)

 

 

(27

)%

 

$

(136,278

)

 

 

(62

)%

Note (A):  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. General and administrative expenses for the three and six months ended June 30, 2020 include stock-based compensation of $1.4 million and $2.7 million, respectively. In addition, 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. Vessel operating and general and administrative costs for the three and six months ended June 30, 2020, include $0.4 million and $0.6 million in one-time restructuring and integration related costs, respectively.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(Unaudited)

(In thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

88,514

 

 

 

80,993

 

 

 

87,830

 

 

 

85,395

 

 

 

100,975

 

Other operating revenues

 

 

1,439

 

 

 

2,511

 

 

 

4,029

 

 

 

1,072

 

 

 

1,369

 

Total revenues

 

 

89,953

 

 

 

83,504

 

 

 

91,859

 

 

 

86,467

 

 

 

102,344

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

64,263

 

 

 

61,020

 

 

 

63,397

 

 

 

61,784

 

 

 

64,774

 

Costs of other operating revenue

 

 

581

 

 

 

1,067

 

 

 

342

 

 

 

219

 

 

 

171

 

General and administrative (A)

 

 

16,787

 

 

 

16,043

 

 

 

16,992

 

 

 

17,438

 

 

 

17,597

 

Depreciation and amortization

 

 

28,549

 

 

 

29,727

 

 

 

30,681

 

 

 

30,777

 

 

 

28,144

 

Long-lived asset impairments and other

 

 

 

 

 

 

 

 

6,475

 

 

 

1,945

 

 

 

55,482

 

Affiliate credit loss impairment expense (credit)

 

 

(1,000

)

 

 

 

 

 

(600

)

 

 

 

 

 

53,581

 

Affiliate guarantee obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,000

 

(Gain) loss on asset dispositions, net

 

 

932

 

 

 

1,948

 

 

 

(80

)

 

 

(520

)

 

 

(1,660

)

Total operating costs and expenses

 

 

110,112

 

 

 

109,805

 

 

 

117,207

 

 

 

111,643

 

 

 

220,089

 

Operating loss

 

 

(20,159

)

 

 

(26,301

)

 

 

(25,348

)

 

 

(25,176

)

 

 

(117,745

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

422

 

 

 

(850

)

 

 

(2,880

)

 

 

(1,153

)

 

 

(2,076

)

Equity in net earnings (losses) of unconsolidated companies

 

 

52

 

 

 

(1,849

)

 

 

164

 

 

 

 

 

 

 

Dividend income from unconsolidated company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,150

 

Interest income and other, net

 

 

8

 

 

 

23

 

 

 

144

 

 

 

272

 

 

 

696

 

Interest and other debt costs, net

 

 

(3,944

)

 

 

(4,541

)

 

 

(5,984

)

 

 

(6,071

)

 

 

(5,959

)

Total other expense

 

 

(3,462

)

 

 

(7,217

)

 

 

(8,556

)

 

 

(6,952

)

 

 

9,811

 

Loss before income taxes

 

 

(23,621

)

 

 

(33,518

)

 

 

(33,904

)

 

 

(32,128

)

 

 

(107,934

)

Income tax (benefit) expense

 

 

6,026

 

 

 

2,009

 

 

 

(4,477

)

 

 

5,953

 

 

 

2,730

 

Net loss

 

 

(29,647

)

 

 

(35,527

)

 

 

(29,427

)

 

 

(38,081

)

 

 

(110,664

)

Net loss attributable to noncontrolling interests

 

 

(185

)

 

 

(212

)

 

 

(180

)

 

 

(154

)

 

 

(41

)

Net loss attributable to Tidewater Inc.

 

$

(29,462

)

 

 

(35,315

)

 

 

(29,247

)

 

 

(37,927

)

 

 

(110,623

)

Basic loss per common share

 

(0.72

)

 

 

(0.87

)

 

 

(0.72

)

 

 

(0.94

)

 

 

(2.74

)

Diluted loss per common share

 

(0.72

)

 

 

(0.87

)

 

 

(0.72

)

 

 

(0.94

)

 

 

(2.74

)

Weighted average common shares outstanding

 

 

40,899

 

 

 

40,716

 

 

 

40,604

 

 

 

40,405

 

 

 

40,306

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

40,899

 

 

 

40,716

 

 

 

40,604

 

 

 

40,405

 

 

 

40,306

 

Vessel operating margin

 

$

24,251

 

 

 

19,973

 

 

 

24,433

 

 

 

23,611

 

 

 

36,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note (A)  One-time restructuring and integration related costs

 

$

795

 

 

 

103

 

 

 

291

 

 

 

641

 

 

 

446

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

ASSETS

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

131,157

 

 

 

131,858

 

 

 

149,933

 

 

 

192,243

 

 

 

203,119

 

Restricted cash

 

 

20,284

 

 

 

9,061

 

 

 

2,079

 

 

 

26,401

 

 

 

19,880

 

Trade and other receivables, net

 

 

90,229

 

 

 

99,865

 

 

 

112,623

 

 

 

100,583

 

 

 

115,008

 

Due from affiliate, net

 

 

64,922

 

 

 

62,474

 

 

 

62,050

 

 

 

65,692

 

 

 

65,766

 

Marine operating supplies

 

 

15,404

 

 

 

15,676

 

 

 

15,876

 

 

 

17,808

 

 

 

20,580

 

Assets held for sale

 

 

17,214

 

 

 

31,214

 

 

 

34,396

 

 

 

19,163

 

 

 

29,064

 

Prepaid expenses and other current assets

 

 

15,953

 

 

 

13,594

 

 

 

11,692

 

 

 

18,925

 

 

 

20,350

 

Total current assets

 

 

355,163

 

 

 

363,742

 

 

 

388,649

 

 

 

440,815

 

 

 

473,767

 

Net properties and equipment

 

 

731,659

 

 

 

754,707

 

 

 

780,318

 

 

 

820,876

 

 

 

839,912

 

Deferred drydocking and survey costs

 

 

40,372

 

 

 

46,648

 

 

 

56,468

 

 

 

63,975

 

 

 

74,585

 

Other assets

 

 

24,539

 

 

 

23,833

 

 

 

25,742

 

 

 

25,108

 

 

 

27,411

 

Total assets

 

$

1,151,733

 

 

 

1,188,930

 

 

 

1,251,177

 

 

$

1,350,774

 

 

$

1,415,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

16,189

 

 

 

14,622

 

 

 

16,981

 

 

 

12,953

 

 

 

17,111

 

Accrued expenses

 

 

50,532

 

 

 

48,466

 

 

 

52,422

 

 

 

55,811

 

 

 

60,993

 

Due to affiliates

 

 

59,759

 

 

 

56,356

 

 

 

53,194

 

 

 

53,355

 

 

 

48,803

 

Current portion of long-term debt

 

 

7,355

 

 

 

18,201

 

 

 

27,797

 

 

 

9,576

 

 

 

9,437

 

Other current liabilities

 

 

28,825

 

 

 

35,003

 

 

 

32,785

 

 

 

31,599

 

 

 

25,815

 

Total current liabilities

 

 

162,660

 

 

 

172,648

 

 

 

183,179

 

 

 

163,294

 

 

 

162,159

 

Long-term debt

 

 

148,612

 

 

 

148,337

 

 

 

164,934

 

 

 

246,179

 

 

 

273,215

 

Other liabilities and deferred credits

 

 

80,723

 

 

 

79,234

 

 

 

79,792

 

 

 

87,724

 

 

 

90,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

41

 

 

 

41

 

 

 

41

 

 

 

40

 

 

 

40

 

Additional paid-in-capital

 

 

1,373,727

 

 

 

1,372,846

 

 

 

1,371,809

 

 

 

1,370,778

 

 

 

1,369,645

 

Accumulated deficit

 

 

(613,708

)

 

 

(584,246

)

 

 

(548,931

)

 

 

(519,684

)

 

 

(481,757

)

Accumulated other comprehensive income (loss)

 

 

(1,082

)

 

 

(875

)

 

 

(804

)

 

 

1,106

 

 

 

581

 

Total stockholder's equity

 

 

758,978

 

 

 

787,766

 

 

 

822,115

 

 

 

852,240

 

 

 

888,509

 

Noncontrolling interests

 

 

760

 

 

 

945

 

 

 

1,157

 

 

 

1,337

 

 

 

1,491

 

Total equity

 

 

759,738

 

 

 

788,711

 

 

 

823,272

 

 

 

853,577

 

 

 

890,000

 

Total liabilities and equity

 

$

1,151,733

 

 

 

1,188,930

 

 

 

1,251,177

 

 

 

1,350,774

 

 

 

1,415,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Due from related parties, net of due to related parties:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonatide (Angola)

 

$

5,163

 

 

 

6,118

 

 

 

8,856

 

 

 

12,337

 

 

 

16,963

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

17,796

 

 

 

19,876

 

 

 

25,706

 

 

 

22,836

 

 

 

27,858

 

Towing-supply

 

 

4,535

 

 

 

4,817

 

 

 

4,603

 

 

 

4,119

 

 

 

4,455

 

Other

 

 

1,150

 

 

 

1,531

 

 

 

1,759

 

 

 

1,750

 

 

 

1,731

 

Total

 

 

23,481

 

 

 

26,224

 

 

 

32,068

 

 

 

28,705

 

 

 

34,044

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

17,264

 

 

 

15,931

 

 

 

16,822

 

 

 

13,819

 

 

 

14,195

 

Towing-supply

 

 

8,364

 

 

 

8,483

 

 

 

8,220

 

 

 

9,461

 

 

 

9,788

 

Total

 

 

25,628

 

 

 

24,414

 

 

 

25,042

 

 

 

23,280

 

 

 

23,983

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

22,293

 

 

 

14,588

 

 

 

15,621

 

 

 

17,578

 

 

 

20,476

 

Towing-supply

 

 

11

 

 

 

 

 

 

 

 

 

(13

)

 

 

 

Other

 

 

163

 

 

 

161

 

 

 

154

 

 

 

151

 

 

 

144

 

Total

 

 

22,467

 

 

 

14,749

 

 

 

15,775

 

 

 

17,716

 

 

 

20,620

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

8,814

 

 

 

7,909

 

 

 

6,237

 

 

 

4,905

 

 

 

8,748

 

Towing-supply

 

 

5,564

 

 

 

4,879

 

 

 

5,202

 

 

 

7,711

 

 

 

11,029

 

Other

 

 

2,560

 

 

 

2,818

 

 

 

3,506

 

 

 

3,078

 

 

 

2,552

 

Total

 

$

16,938

 

 

 

15,606

 

 

 

14,945

 

 

 

15,694

 

 

 

22,329

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

66,167

 

 

 

58,304

 

 

 

64,386

 

 

 

59,137

 

 

 

71,277

 

Towing-supply

 

 

18,474

 

 

 

18,179

 

 

 

18,025

 

 

 

21,278

 

 

 

25,271

 

Other

 

 

3,873

 

 

 

4,510

 

 

 

5,419

 

 

 

4,980

 

 

 

4,427

 

Total

 

$

88,514

 

 

 

80,993

 

 

 

87,830

 

 

 

85,395

 

 

 

100,975

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

27

 

 

 

29

 

 

 

32

 

 

 

32

 

 

 

32

 

Towing-supply

 

 

8

 

 

 

8

 

 

 

10

 

 

 

12

 

 

 

15

 

Other

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

Total

 

 

38

 

 

 

40

 

 

 

45

 

 

 

47

 

 

 

50

 

Stacked vessels

 

 

(13

)

 

 

(12

)

 

 

(15

)

 

 

(17

)

 

 

(17

)

Active vessels

 

 

25

 

 

 

28

 

 

 

30

 

 

 

30

 

 

 

33

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

20

 

 

 

21

 

 

 

21

 

 

 

22

 

 

 

26

 

Towing-supply

 

 

18

 

 

 

20

 

 

 

22

 

 

 

23

 

 

 

26

 

Total

 

 

38

 

 

 

41

 

 

 

43

 

 

 

45

 

 

 

52

 

Stacked vessels

 

 

(1

)

 

 

(3

)

 

 

(3

)

 

 

(4

)

 

 

(9

)

Active vessels

 

 

37

 

 

 

38

 

 

 

40

 

 

 

41

 

 

 

43

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

29

 

 

 

31

 

 

 

31

 

 

 

32

 

 

 

36

 

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Total

 

 

29

 

 

 

31

 

 

 

31

 

 

 

32

 

 

 

37

 

Stacked vessels

 

 

(8

)

 

 

(14

)

 

 

(16

)

 

 

(17

)

 

 

(17

)

Active vessels

 

 

21

 

 

 

17

 

 

 

15

 

 

 

15

 

 

 

20

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

20

 

 

 

20

 

 

 

20

 

 

 

25

 

 

 

26

 

Towing-supply

 

 

11

 

 

 

12

 

 

 

13

 

 

 

17

 

 

 

18

 

Other

 

 

26

 

 

 

26

 

 

 

23

 

 

 

16

 

 

 

19

 

Total

 

 

57

 

 

 

58

 

 

 

56

 

 

 

58

 

 

 

63

 

Stacked vessels

 

 

(22

)

 

 

(25

)

 

 

(26

)

 

 

(31

)

 

 

(21

)

Active vessels

 

 

35

 

 

 

33

 

 

 

30

 

 

 

27

 

 

 

42

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

96

 

 

 

101

 

 

 

104

 

 

 

111

 

 

 

120

 

Towing-supply

 

 

37

 

 

 

40

 

 

 

45

 

 

 

52

 

 

 

60

 

Other

 

 

29

 

 

 

29

 

 

 

26

 

 

 

19

 

 

 

22

 

Total

 

 

162

 

 

 

170

 

 

 

175

 

 

 

182

 

 

 

202

 

Stacked vessels

 

 

(44

)

 

 

(54

)

 

 

(60

)

 

 

(69

)

 

 

(64

)

Active vessels

 

 

118

 

 

 

116

 

 

 

115

 

 

 

113

 

 

 

138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

118

 

 

 

116

 

 

 

115

 

 

 

113

 

 

 

138

 

Total stacked

 

 

44

 

 

 

54

 

 

 

60

 

 

 

69

 

 

 

64

 

Total joint venture and other vessels

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

Total

 

 

165

 

 

 

173

 

 

 

178

 

 

 

185

 

 

 

205

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,497

 

 

 

2,627

 

 

 

2,944

 

 

 

2,996

 

 

 

2,940

 

Towing-supply

 

 

728

 

 

 

720

 

 

 

898

 

 

 

1,098

 

 

 

1,329

 

Other

 

 

273

 

 

 

270

 

 

 

276

 

 

 

276

 

 

 

273

 

Total

 

 

3,498

 

 

 

3,617

 

 

 

4,118

 

 

 

4,370

 

 

 

4,542

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,820

 

 

 

1,863

 

 

 

1,932

 

 

 

2,025

 

 

 

2,411

 

Towing-supply

 

 

1,667

 

 

 

1,822

 

 

 

2,032

 

 

 

2,118

 

 

 

2,342

 

Total

 

 

3,487

 

 

 

3,685

 

 

 

3,964

 

 

 

4,143

 

 

 

4,753

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,672

 

 

 

2,756

 

 

 

2,852

 

 

 

2,916

 

 

 

3,256

 

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

24

 

 

 

91

 

Total

 

 

2,672

 

 

 

2,756

 

 

 

2,852

 

 

 

2,940

 

 

 

3,347

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,853

 

 

 

1,827

 

 

 

1,840

 

 

 

2,269

 

 

 

2,366

 

Towing-supply

 

 

1,001

 

 

 

1,084

 

 

 

1,196

 

 

 

1,588

 

 

 

1,654

 

Other

 

 

2,366

 

 

 

2,340

 

 

 

2,095

 

 

 

1,469

 

 

 

1,698

 

Total

 

 

5,220

 

 

 

5,251

 

 

 

5,131

 

 

 

5,326

 

 

 

5,718

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

8,842

 

 

 

9,073

 

 

 

9,568

 

 

 

10,206

 

 

 

10,973

 

Towing-supply

 

 

3,396

 

 

 

3,626

 

 

 

4,126

 

 

 

4,828

 

 

 

5,416

 

Other

 

 

2,639

 

 

 

2,610

 

 

 

2,371

 

 

 

1,745

 

 

 

1,971

 

Total

 

 

14,877

 

 

 

15,309

 

 

 

16,065

 

 

 

16,779

 

 

 

18,360

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

OUT-OF-SERVICE - STACKED DAYS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

889

 

 

 

923

 

 

 

1,105

 

 

 

1,134

 

 

 

863

 

Towing-supply

 

 

91

 

 

 

90

 

 

 

189

 

 

 

362

 

 

 

601

 

Other

 

 

182

 

 

 

90

 

 

 

92

 

 

 

92

 

 

 

91

 

Total

 

 

1,162

 

 

 

1,103

 

 

 

1,386

 

 

 

1,588

 

 

 

1,555

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

91

 

 

 

90

 

 

 

92

 

 

 

185

 

 

 

500

 

Towing-supply

 

 

29

 

 

 

180

 

 

 

177

 

 

 

186

 

 

 

310

 

Total

 

 

120

 

 

 

270

 

 

 

269

 

 

 

371

 

 

 

810

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

766

 

 

 

1,238

 

 

 

1,448

 

 

 

1,522

 

 

 

1,422

 

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

24

 

 

 

91

 

Total

 

 

766

 

 

 

1,238

 

 

 

1,448

 

 

 

1,546

 

 

 

1,513

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

852

 

 

 

1,104

 

 

 

1,288

 

 

 

1,809

 

 

 

919

 

Towing-supply

 

 

516

 

 

 

544

 

 

 

644

 

 

 

882

 

 

 

563

 

Other

 

 

637

 

 

 

599

 

 

 

417

 

 

 

181

 

 

 

446

 

Total

 

 

2,005

 

 

 

2,247

 

 

 

2,349

 

 

 

2,872

 

 

 

1,928

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,598

 

 

 

3,355

 

 

 

3,933

 

 

 

4,650

 

 

 

3,704

 

Towing-supply

 

 

636

 

 

 

814

 

 

 

1,010

 

 

 

1,454

 

 

 

1,565

 

Other

 

 

819

 

 

 

689

 

 

 

509

 

 

 

273

 

 

 

537

 

Total

 

 

4,053

 

 

 

4,858

 

 

 

5,452

 

 

 

6,377

 

 

 

5,806

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

AVAILABLE DAYS - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,608

 

 

 

1,704

 

 

 

1,839

 

 

 

1,862

 

 

 

2,077

 

Towing-supply

 

 

637

 

 

 

630

 

 

 

709

 

 

 

736

 

 

 

728

 

Other

 

 

91

 

 

 

180

 

 

 

184

 

 

 

184

 

 

 

182

 

Total

 

 

2,336

 

 

 

2,514

 

 

 

2,732

 

 

 

2,782

 

 

 

2,987

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,729

 

 

 

1,773

 

 

 

1,840

 

 

 

1,840

 

 

 

1,911

 

Towing-supply

 

 

1,638

 

 

 

1,642

 

 

 

1,855

 

 

 

1,932

 

 

 

2,032

 

Total

 

 

3,367

 

 

 

3,415

 

 

 

3,695

 

 

 

3,772

 

 

 

3,943

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,906

 

 

 

1,518

 

 

 

1,404

 

 

 

1,394

 

 

 

1,834

 

Total

 

 

1,906

 

 

 

1,518

 

 

 

1,404

 

 

 

1,394

 

 

 

1,834

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,001

 

 

 

723

 

 

 

552

 

 

 

460

 

 

 

1,447

 

Towing-supply

 

 

485

 

 

 

540

 

 

 

552

 

 

 

706

 

 

 

1,091

 

Other

 

 

1,729

 

 

 

1,741

 

 

 

1,678

 

 

 

1,288

 

 

 

1,252

 

Total

 

 

3,215

 

 

 

3,004

 

 

 

2,782

 

 

 

2,454

 

 

 

3,790

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

6,244

 

 

 

5,718

 

 

 

5,635

 

 

 

5,556

 

 

 

7,269

 

Towing-supply

 

 

2,760

 

 

 

2,812

 

 

 

3,116

 

 

 

3,374

 

 

 

3,851

 

Other

 

 

1,820

 

 

 

1,921

 

 

 

1,862

 

 

 

1,472

 

 

 

1,434

 

Total

 

 

10,824

 

 

 

10,451

 

 

 

10,613

 

 

 

10,402

 

 

 

12,554

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

UTILIZATION - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

45.6

%

 

 

55.6

%

 

 

53.2

%

 

 

51.7

%

 

 

64.3

%

Towing-supply

 

 

76.3

 

 

 

83.2

 

 

 

67.7

 

 

 

50.0

 

 

 

43.5

 

Other

 

 

33.3

 

 

 

55.7

 

 

 

66.7

 

 

 

66.7

 

 

 

65.2

 

Total

 

 

51.0

%

 

 

61.1

%

 

 

57.2

%

 

 

52.2

%

 

 

58.3

%

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

88.3

%

 

 

80.1

%

 

 

78.2

%

 

 

67.4

%

 

 

57.9

%

Towing-supply

 

 

82.5

 

 

 

75.6

 

 

 

62.5

 

 

 

72.3

 

 

 

68.2

 

Total

 

 

85.5

%

 

 

77.9

%

 

 

70.2

%

 

 

69.9

%

 

 

63.0

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

64.7

%

 

 

44.7

%

 

 

44.7

%

 

 

45.5

%

 

 

49.9

%

Total

 

 

64.7

%

 

 

44.7

%

 

 

44.7

%

 

 

45.1

%

 

 

48.6

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

42.3

%

 

 

36.2

%

 

 

27.2

%

 

 

17.5

%

 

 

31.1

%

Towing-supply

 

 

38.4

 

 

 

30.1

 

 

 

30.8

 

 

 

28.4

 

 

 

41.3

 

Other

 

 

34.6

 

 

 

34.4

 

 

 

42.3

 

 

 

53.1

 

 

 

39.2

 

Total

 

 

38.1

%

 

 

34.1

%

 

 

34.2

%

 

 

30.6

%

 

 

36.5

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

59.4

%

 

 

53.4

%

 

 

50.7

%

 

 

45.4

%

 

 

51.5

%

Towing-supply

 

 

68.2

 

 

 

63.5

 

 

 

54.4

 

 

 

52.4

 

 

 

52.8

 

Other

 

 

34.5

 

 

 

36.6

 

 

 

45.2

 

 

 

55.3

 

 

 

42.8

 

Total

 

 

57.0

%

 

 

52.9

%

 

 

50.9

%

 

 

48.5

%

 

 

50.9

%

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

UTILIZATION - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

70.7

%

 

 

85.7

%

 

 

85.1

%

 

 

83.2

%

 

 

91.0

%

Towing-supply

 

 

87.2

 

 

 

95.1

 

 

 

85.7

 

 

 

74.6

 

 

 

79.4

 

Other

 

 

100.0

 

 

 

83.6

 

 

 

100.0

 

 

 

100.0

 

 

 

97.8

 

Total

 

 

76.4

%

 

 

87.9

%

 

 

86.3

%

 

 

82.0

%

 

 

88.6

%

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

92.9

%

 

 

84.2

%

 

 

82.1

%

 

 

74.2

%

 

 

73.1

%

Towing-supply

 

 

84.0

 

 

 

83.9

 

 

 

68.5

 

 

 

79.2

 

 

 

78.6

 

Total

 

 

88.6

%

 

 

84.0

%

 

 

75.3

%

 

 

76.8

%

 

 

75.9

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

90.6

%

 

 

81.3

%

 

 

90.9

%

 

 

95.1

%

 

 

88.6

%

Total

 

 

90.6

%

 

 

81.3

%

 

 

90.9

%

 

 

95.1

%

 

 

88.6

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

78.3

%

 

 

91.4

%

 

 

90.8

%

 

 

86.2

%

 

 

50.9

%

Towing-supply

 

 

79.2

 

 

 

60.4

 

 

 

66.7

 

 

 

63.8

 

 

 

62.6

 

Other

 

 

47.4

 

 

 

46.2

 

 

 

52.9

 

 

 

60.6

 

 

 

53.2

 

Total

 

 

61.8

%

 

 

59.6

%

 

 

63.1

%

 

 

66.3

%

 

 

55.0

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

84.2

%

 

 

84.8

%

 

 

86.1

%

 

 

83.4

%

 

 

77.7

%

Towing-supply

 

 

83.9

 

 

 

81.9

 

 

 

72.1

 

 

 

75.0

 

 

 

74.2

 

Other

 

 

50.0

 

 

 

49.7

 

 

 

57.5

 

 

 

65.5

 

 

 

58.9

 

Total

 

 

78.4

%

 

 

77.6

%

 

 

77.0

%

 

 

78.2

%

 

 

74.5

%

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

AVERAGE VESSEL DAY RATES: (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

15,646

 

 

 

13,608

 

 

 

16,416

 

 

 

14,743

 

 

 

14,738

 

Towing-supply

 

 

8,162

 

 

 

8,040

 

 

 

7,576

 

 

 

7,506

 

 

 

7,707

 

Other

 

 

12,634

 

 

 

10,179

 

 

 

9,559

 

 

 

9,514

 

 

 

9,723

 

Total

 

$

13,162

 

 

 

11,865

 

 

 

13,602

 

 

 

12,581

 

 

 

12,865

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

10,743

 

 

 

10,670

 

 

 

11,129

 

 

 

10,127

 

 

 

10,161

 

Towing-supply

 

 

6,080

 

 

 

6,159

 

 

 

6,471

 

 

 

6,180

 

 

 

6,128

 

Total

 

$

8,593

 

 

 

8,506

 

 

 

9,002

 

 

 

8,040

 

 

 

8,009

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

12,905

 

 

 

11,829

 

 

 

12,368

 

 

 

13,257

 

 

 

12,600

 

Total

 

$

13,005

 

 

 

11,960

 

 

 

12,368

 

 

 

13,361

 

 

 

12,689

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

11,242

 

 

 

11,972

 

 

 

12,449

 

 

 

12,365

 

 

 

11,891

 

Towing-supply

 

 

14,480

 

 

 

14,967

 

 

 

14,136

 

 

 

17,122

 

 

 

16,158

 

Other

 

 

3,124

 

 

 

3,501

 

 

 

3,952

 

 

 

3,944

 

 

 

3,829

 

Total

 

$

8,521

 

 

 

8,711

 

 

 

8,510

 

 

 

9,643

 

 

 

10,711

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

12,589

 

 

 

12,028

 

 

 

13,265

 

 

 

12,756

 

 

 

12,620

 

Towing-supply

 

 

7,978

 

 

 

7,896

 

 

 

8,026

 

 

 

8,411

 

 

 

8,843

 

Other

 

 

4,253

 

 

 

4,721

 

 

 

5,059

 

 

 

5,163

 

 

 

5,243

 

Total

 

$

10,435

 

 

 

9,993

 

 

 

10,749

 

 

 

10,503

 

 

 

10,799

 

Note (A):  Average Vessel Day Rates equals Vessel Revenue / Days Worked.

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

23,481

 

 

 

26,224

 

 

 

32,068

 

 

 

28,705

 

 

 

34,044

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

11,132

 

 

 

10,594

 

 

 

12,795

 

 

 

11,711

 

 

 

13,138

 

Repair and maintenance

 

 

2,192

 

 

 

2,714

 

 

 

2,065

 

 

 

1,259

 

 

 

1,703

 

Insurance

 

 

(30

)

 

 

200

 

 

 

402

 

 

 

426

 

 

 

427

 

Fuel, lube and supplies

 

 

1,952

 

 

 

1,774

 

 

 

1,822

 

 

 

1,754

 

 

 

1,373

 

Other

 

 

2,972

 

 

 

1,980

 

 

 

2,306

 

 

 

2,486

 

 

 

1,956

 

Total vessel operating costs

 

$

18,218

 

 

 

17,262

 

 

 

19,390

 

 

 

17,636

 

 

 

18,597

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

$

5,263

 

 

 

8,962

 

 

 

12,678

 

 

 

11,069

 

 

 

15,447

 

Vessel operating margin (%)

 

 

22.4

%

 

 

34.2

%

 

 

39.5

%

 

 

38.6

%

 

 

45.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

38

 

 

 

40

 

 

 

45

 

 

 

47

 

 

 

50

 

Utilization - Total fleet

 

 

51.0

%

 

 

61.1

%

 

 

57.2

%

 

 

52.2

%

 

 

58.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

25

 

 

 

28

 

 

 

30

 

 

 

30

 

 

 

33

 

Utilization - Active fleet

 

 

76.4

%

 

 

87.9

%

 

 

86.3

%

 

 

82.0

%

 

 

88.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

13,162

 

 

 

11,865

 

 

 

13,602

 

 

 

12,581

 

 

 

12,865

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

3

 

 

 

1

 

 

 

1

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

11,813

 

 

 

15,440

 

 

 

17,774

 

 

 

20,024

 

 

 

21,599

 

Cash paid for deferred drydocking and survey costs

 

 

2,157

 

 

 

881

 

 

 

1,015

 

 

 

1,086

 

 

 

1,819

 

Amortization of deferred drydocking and survey costs

 

 

(2,753

)

 

 

(3,222

)

 

 

(3,349

)

 

 

(3,336

)

 

 

(3,394

)

Disposals, intersegment transfers and other

 

 

1,702

 

 

 

(1,286

)

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

12,919

 

 

 

11,813

 

 

 

15,440

 

 

 

17,774

 

 

 

20,024

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East/Asia Pacific

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

25,628

 

 

 

24,414

 

 

 

25,042

 

 

 

23,280

 

 

 

23,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

9,910

 

 

 

9,639

 

 

 

9,982

 

 

 

10,468

 

 

 

8,726

 

Repair and maintenance

 

 

2,632

 

 

 

2,659

 

 

 

2,899

 

 

 

2,385

 

 

 

2,196

 

Insurance

 

 

37

 

 

 

(224

)

 

 

452

 

 

 

562

 

 

 

739

 

Fuel, lube and supplies

 

 

1,494

 

 

 

1,569

 

 

 

1,924

 

 

 

1,783

 

 

 

1,405

 

Other

 

 

2,692

 

 

 

2,959

 

 

 

3,532

 

 

 

2,057

 

 

 

2,412

 

Total vessel operating costs

 

$

16,765

 

 

 

16,602

 

 

 

18,789

 

 

 

17,255

 

 

 

15,478

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

$

8,863

 

 

 

7,812

 

 

 

6,253

 

 

 

6,025

 

 

 

8,505

 

Vessel operating margin (%)

 

 

34.6

%

 

 

32.0

%

 

 

25.0

%

 

 

25.9

%

 

 

35.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East/Asia Pacific - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

38

 

 

 

41

 

 

 

43

 

 

 

45

 

 

 

52

 

Utilization - Total fleet

 

 

85.5

%

 

 

77.9

%

 

 

70.2

%

 

 

69.9

%

 

 

63.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

37

 

 

 

38

 

 

 

40

 

 

 

41

 

 

 

43

 

Utilization - Active fleet

 

 

88.6

%

 

 

84.0

%

 

 

75.3

%

 

 

76.8

%

 

 

75.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

8,593

 

 

 

8,506

 

 

 

9,002

 

 

 

8,040

 

 

 

8,009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

4

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

13,989

 

 

 

17,031

 

 

 

18,666

 

 

 

21,116

 

 

 

23,139

 

Cash paid for deferred drydocking and survey costs

 

 

1,354

 

 

 

72

 

 

 

1,447

 

 

 

386

 

 

 

850

 

Amortization of deferred drydocking and survey costs

 

 

(2,820

)

 

 

(3,114

)

 

 

(3,082

)

 

 

(3,036

)

 

 

(2,589

)

Disposals, intersegment transfers and other

 

 

(399

)

 

 

 

 

 

 

 

 

200

 

 

 

(284

)

Deferred drydocking and survey costs - ending balance

 

 

12,124

 

 

 

13,989

 

 

 

17,031

 

 

 

18,666

 

 

 

21,116

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Mediterranean

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

22,467

 

 

 

14,749

 

 

 

15,775

 

 

 

17,716

 

 

 

20,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

10,519

 

 

 

9,022

 

 

 

8,179

 

 

 

7,952

 

 

 

9,707

 

Repair and maintenance

 

 

2,244

 

 

 

1,673

 

 

 

1,133

 

 

 

869

 

 

 

1,278

 

Insurance

 

 

(131

)

 

 

299

 

 

 

297

 

 

 

448

 

 

 

420

 

Fuel, lube and supplies

 

 

864

 

 

 

759

 

 

 

710

 

 

 

592

 

 

 

924

 

Other

 

 

1,803

 

 

 

1,707

 

 

 

1,214

 

 

 

1,274

 

 

 

1,547

 

Total vessel operating costs

 

$

15,299

 

 

 

13,460

 

 

 

11,533

 

 

 

11,135

 

 

 

13,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

$

7,168

 

 

 

1,289

 

 

 

4,243

 

 

 

6,581

 

 

 

6,744

 

Vessel operating margin (%)

 

 

31.9

%

 

 

8.7

%

 

 

26.9

%

 

 

37.1

%

 

 

32.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Mediterranean - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

29

 

 

 

31

 

 

 

31

 

 

 

32

 

 

 

37

 

Utilization - Total fleet

 

 

64.7

%

 

 

44.7

%

 

 

44.7

%

 

 

45.1

%

 

 

48.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

21

 

 

 

17

 

 

 

15

 

 

 

15

 

 

 

20

 

Utilization - Active fleet

 

 

90.6

%

 

 

81.3

%

 

 

90.9

%

 

 

95.1

%

 

 

88.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

13,005

 

 

 

11,960

 

 

 

12,368

 

 

 

13,361

 

 

 

12,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

2

 

 

 

3

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

7,731

 

 

 

7,317

 

 

 

7,147

 

 

 

9,143

 

 

 

10,387

 

Cash paid for deferred drydocking and survey costs

 

 

162

 

 

 

2,067

 

 

 

1,710

 

 

 

(361

)

 

 

517

 

Amortization of deferred drydocking and survey costs

 

 

(1,553

)

 

 

(1,653

)

 

 

(1,540

)

 

 

(1,635

)

 

 

(1,710

)

Disposals, intersegment transfers and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(51

)

Deferred drydocking and survey costs - ending balance

 

$

6,340

 

 

 

7,731

 

 

 

7,317

 

 

 

7,147

 

 

 

9,143

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

16,938

 

 

 

15,606

 

 

 

14,945

 

 

 

15,694

 

 

 

22,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

6,124

 

 

 

5,907

 

 

 

5,804

 

 

 

6,555

 

 

 

7,120

 

Repair and maintenance

 

 

2,466

 

 

 

2,391

 

 

 

1,930

 

 

 

1,419

 

 

 

1,479

 

Insurance

 

 

(13

)

 

 

348

 

 

 

296

 

 

 

517

 

 

 

424

 

Fuel, lube and supplies

 

 

2,231

 

 

 

1,758

 

 

 

1,765

 

 

 

2,628

 

 

 

2,681

 

Other

 

 

3,173

 

 

 

3,292

 

 

 

3,890

 

 

 

4,639

 

 

 

5,119

 

Total vessel operating costs

 

$

13,981

 

 

 

13,696

 

 

 

13,685

 

 

 

15,758

 

 

 

16,823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

$

2,957

 

 

 

1,910

 

 

 

1,260

 

 

 

(64

)

 

 

5,505

 

Vessel operating margin (%)

 

 

17.5

%

 

 

12.2

%

 

 

8.4

%

 

 

(0.4

)%

 

 

24.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Africa - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

57

 

 

 

58

 

 

 

56

 

 

 

58

 

 

 

63

 

Utilization - Total fleet

 

 

38.1

%

 

 

34.1

%

 

 

34.2

%

 

 

30.6

%

 

 

36.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

35

 

 

 

33

 

 

 

30

 

 

 

27

 

 

 

42

 

Utilization - Active fleet

 

 

61.8

%

 

 

59.6

%

 

 

63.1

%

 

 

66.3

%

 

 

55.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

8,521

 

 

 

8,711

 

 

 

8,510

 

 

 

9,643

 

 

 

10,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

13,115

 

 

 

16,680

 

 

 

20,388

 

 

 

24,301

 

 

 

26,856

 

Cash paid for deferred drydocking and survey costs

 

 

376

 

 

 

(298

)

 

 

(400

)

 

 

(576

)

 

 

911

 

Amortization of deferred drydocking and survey costs

 

 

(3,199

)

 

 

(3,268

)

 

 

(3,294

)

 

 

(3,426

)

 

 

(3,466

)

Disposals, intersegment transfers and other

 

 

(1,303

)

 

 

1

 

 

 

(14

)

 

 

89

 

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

8,989

 

 

 

13,115

 

 

 

16,680

 

 

 

20,388

 

 

 

24,301

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

88,514

 

 

 

80,993

 

 

 

87,830

 

 

 

85,395

 

 

 

100,975

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

37,685

 

 

 

35,162

 

 

 

36,760

 

 

 

36,686

 

 

 

38,691

 

Repair and maintenance

 

 

9,534

 

 

 

9,437

 

 

 

8,027

 

 

 

5,932

 

 

 

6,656

 

Insurance

 

 

(137

)

 

 

623

 

 

 

1,447

 

 

 

1,953

 

 

 

2,010

 

Fuel, lube and supplies

 

 

6,541

 

 

 

5,860

 

 

 

6,221

 

 

 

6,757

 

 

 

6,383

 

Other

 

 

10,640

 

 

 

9,938

 

 

 

10,942

 

 

 

10,456

 

 

 

11,034

 

Total vessel operating costs

 

$

64,263

 

 

 

61,020

 

 

 

63,397

 

 

 

61,784

 

 

 

64,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

$

24,251

 

 

 

19,973

 

 

 

24,434

 

 

 

23,611

 

 

 

36,201

 

Vessel operating margin (%)

 

 

27.4

%

 

 

24.7

%

 

 

27.8

%

 

 

27.6

%

 

 

35.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

162

 

 

 

170

 

 

 

175

 

 

 

182

 

 

 

202

 

Utilization - Total fleet

 

 

57.0

%

 

 

52.9

%

 

 

50.9

%

 

 

48.5

%

 

 

50.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

118

 

 

 

116

 

 

 

115

 

 

 

113

 

 

 

138

 

Utilization - Active fleet

 

 

78.4

%

 

 

77.6

%

 

 

77.0

%

 

 

78.2

%

 

 

74.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

10,435

 

 

 

9,993

 

 

 

10,749

 

 

 

10,503

 

 

 

10,799

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

11

 

 

 

4

 

 

 

8

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

46,648

 

 

 

56,468

 

 

 

63,975

 

 

 

74,584

 

 

 

81,981

 

Cash paid for deferred drydocking and survey costs

 

 

4,049

 

 

 

2,722

 

 

 

3,772

 

 

 

535

 

 

 

4,097

 

Amortization of deferred drydocking and survey costs

 

 

(10,325

)

 

 

(11,257

)

 

 

(11,265

)

 

 

(11,433

)

 

 

(11,159

)

Disposals, intersegment transfers and other

 

 

 

 

 

(1,285

)

 

 

(14

)

 

 

289

 

 

 

(335

)

Deferred drydocking and survey costs - ending balance

 

$

40,372

 

 

 

46,648

 

 

 

56,468

 

 

 

63,975

 

 

 

74,584

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

Net loss

 

$

(29,647

)

 

 

(35,527

)

 

 

(29,427

)

 

 

(38,081

)

 

 

(110,664

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt costs

 

 

3,944

 

 

 

4,541

 

 

 

5,984

 

 

 

6,071

 

 

 

5,959

 

Income tax (benefit) expense

 

 

6,026

 

 

 

2,009

 

 

 

(4,477

)

 

 

5,953

 

 

 

2,730

 

Depreciation

 

 

18,224

 

 

 

18,470

 

 

 

19,416

 

 

 

19,343

 

 

 

16,986

 

Amortization of deferred drydock and survey costs

 

 

10,325

 

 

 

11,257

 

 

 

11,265

 

 

 

11,434

 

 

 

11,158

 

EBITDA (A), (B), (C)

 

$

8,872

 

 

 

750

 

 

 

2,761

 

 

 

4,720

 

 

 

(73,831

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-lived asset impairments and other

 

 

 

 

 

 

 

 

6,475

 

 

 

1,945

 

 

 

55,482

 

Affiliate credit loss impairment expense (credit)

 

 

(1,000

)

 

 

 

 

 

(600

)

 

 

 

 

 

53,581

 

Affiliate guarantee obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,000

 

One-time integration related costs

 

 

795

 

 

 

103

 

 

 

291

 

 

 

641

 

 

 

446

 

Adjusted EBITDA (A), (B), (C)

 

$

8,667

 

 

 

853

 

 

 

8,927

 

 

 

7,306

 

 

 

37,678

 

Note (A):  EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs.

Note (B):  EBITDA and Adjusted EBITDA for the three months ended June 30, 2021, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,504, $1,172, $1,158, $1,223, and $1,401, respectively.

Note (C):  EBITDA and Adjusted EBITDA for the three months ended June 30, 2021, and for each of the prior four quarters includes foreign exchange gain (losses) of $422, $(850), $(2,880), $(1,153), and $(2,076), 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,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

Net cash provided by (used in) operating activities (A)

 

$

4,851

 

 

 

5,716

 

 

 

2,180

 

 

 

14,629

 

 

 

14,702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest expense

 

 

3,282

 

 

 

3,746

 

 

 

5,066

 

 

 

5,435

 

 

 

5,292

 

Interest income and other

 

 

(8

)

 

 

(23

)

 

 

(144

)

 

 

(272

)

 

 

(696

)

Additions to property and equipment

 

 

(665

)

 

 

(1,196

)

 

 

(10,218

)

 

 

(607

)

 

 

(1,626

)

Expansion capital

 

 

 

 

 

 

 

 

5,300

 

 

 

 

 

 

 

Free cash flow before proceeds from asset sales

 

 

7,460

 

 

 

8,243

 

 

 

2,184

 

 

 

19,185

 

 

 

17,672

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset sales

 

 

18,577

 

 

 

10,983

 

 

 

6,798

 

 

 

10,592

 

 

 

11,454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Free cash flow

 

$

26,037

 

 

 

19,226

 

 

 

8,982

 

 

 

29,777

 

 

 

29,126

 

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,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

Cash provided by (used in) changes in assets and liabilities, excluding drydock payments

 

$

7,066

 

 

 

9,921

 

 

 

(4,915

)

 

 

18,858

 

 

 

(10,373

)

Cash paid for deferred drydock and survey costs

 

 

(4,049

)

 

 

(2,722

)

 

 

(3,772

)

 

 

(535

)

 

 

(4,097

)

Total sources (uses) of cash for changes in assets and liabilities

 

$

3,017

 

 

 

7,199

 

 

 

(8,687

)

 

 

18,323

 

 

 

(14,470

)

 

Contacts

Tidewater Inc.

West Gotcher

Vice President, Finance and Investor Relations

+1.713.470.5285

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