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Tidewater Reports Results for the Three Months Ended March 31, 2022

Average Active Fleet Increases by 6 Vessels During the Quarter and Active Utilization Remains Strong at 82.5%

Average Day Rate Increases to $10,687; Highest Since Q4 2020

Vessel Level Gross Margin Increased From 24.7% to 34.0% and Global Fleet Utilization Increased From 52.9% to 70.9% Compared to the First Quarter of 2021

Following the Acquisition of Swire Pacific Offshore, Tidewater Now Operates the Premier Global Fleet Poised to Capitalize on the Significant Increase in Demand for High Quality Offshore Vessels

Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2022 of $105.7 million compared with $83.5 million for the three months ended March 31, 2021. Tidewater's net losses for the three months ended March 31, 2022, were $12.2 million ($0.29 per common share) compared with $35.3 million ($0.87 per common share) for the three months ended March 31, 2021. Included in the net losses for the three months ended March 31, 2022 were long-lived asset impairment credit, gain on bargain purchase and merger and severance expenses of $0.5 million. Excluding these items, we would have reported a net loss for the three months ended March 31, 2022 of $11.7 million ($0.28 per common share). Included in the net losses for the three months ending March 31, 2021 were severance expenses totaling $0.1 million; excluding these costs, we would have reported a net loss for the three months ending March 31, 2021 of $35.2 million ($0.86 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Tidewater is uniquely positioned to capitalize on what is looking to be a truly transformational period for vessel activity and day rate improvements over the next several quarters.

“Over the past several years we have been executing on a multi-faceted strategy to build significant and sustainable value at Tidewater. Recognizing the cyclicality of our highly fragmented, capital intensive industry, there were several priorities we focused on to prepare the company to successfully weather the lean times, while being well-positioned to capitalize on the inevitable upswings in the cycle when they occur. First and foremost, it starts with the people, and we are proud to say that we have built the strongest and most capable leadership and operational team in the industry, and that team will continue to get stronger as we move forward including as we welcome and integrate the talented team from Swire Pacific Offshore ("SPO") into our organization. Our team's initial focus was operational execution, including the integration of GulfMark into Tidewater, and driving efficiencies to weather the challenges the industry had experienced for many years while maximizing the operating leverage for the eventual recovery. With a strong team and efficient cost-structure and operations, we were then in a good position to address the company's balance sheet, and we are proud that Tidewater now has the strongest, most liquid and most flexible capital structure in the industry. Finally, with all of those pieces in place, Tidewater is well-positioned to act strategically, acquire the best assets to complement our global fleet and capitalize on improving industry dynamics and drive sustainable value. The acquisition of SPO that we closed in April is transformational as Tidewater is now the undisputed industry leader at a time when the demand for high quality offshore vessels is poised to significantly exceed the available supply.

"As an illustration of our progress in operational improvements, vessel level gross margins increased from 24.7% in the first quarter of 2021 to 34.0% in the first quarter of 2022. While some of this improvement is due to COVID related costs that impacted 2021, this trend reflects an overall company-wide focus on efficient operational execution. We do expect this positive trend to continue as we realize the full potential benefits of the changes we have put in place. We have also achieved significant savings in G&A expenses as illustrated by the reduction of approximately $80.0 million in G&A since the 2018 merger. To put all of this in perspective, our overall G&A cost structure in the first quarter of 2022 for the combined Tidewater and GulfMark is approximately 30% less than the stand-alone cost structure of Tidewater alone before the merger. We are now applying these techniques and processes to the integration of our latest acquisition of SPO, and we intend to continue the intense focus on efficient operational execution going forward.

“The SPO acquisition includes 50 high quality vessels which augments our already strong position in West Africa, a region that is just beginning to recover from the pandemic and which is likely to be a substantial beneficiary of the world’s search for hydrocarbons outside of Russia. The acquisition also gives us substantial leverage to the Southeast Asia and Australian markets, as well as adding vessels to areas of increasing activity, such as the Middle East. We remain confident that our combination synergies of $45.0 million can be achieved over the next 18 months.

“The OSV industry has historically experienced demand fluctuations that correlate with offshore oil and gas activity, but are impacted by other factors that are unique to our industry, such as shipbuilding and mariner labor cycles. Since the offshore energy downturn began in 2014, there have been very few new vessels enter the market, and existing vessels have aged or been taken out of service. Many operators in the industry have struggled to survive under the burden of high debt levels, low day rates, and inefficient operations. As a result, the available supply of high quality PSVs has declined substantially over the past 8 years such that only approximately 30 remain to be reactivated worldwide.

“The prolonged under-investment in offshore hydrocarbon infrastructure began to result in increased demand for offshore oil and gas activity in the second half of 2021, and that demand has been compounded by recent geopolitical issues. The demand for offshore wind energy infrastructure continues to accelerate as well. As a result, the outlook for OSV demand to support these offshore energy activities has begun to accelerate significantly. We are already seeing this impact in the market, but the most significant improvements will materialize over the next several quarters as this demand swiftly eclipses available supply. As an example, during the first quarter of 2022, we entered into contracts of various durations for 16 vessels with charter dates beginning after the first quarter. The average day rate improvement across these vessels’ contracts compared to their previous contracts is over 20%, with our largest PSVs in this group achieving average day rate improvement of nearly 30%. We believe the improvements in day rates are a clear signal of the fundamental shift in vessel supply and demand, and that as additional tendering continues and existing contracts roll-off, upward acceleration of day rates will continue.

“Everything we have been working on these past several years has positioned us to thrive under any market condition, and now that the market is rapidly improving, we are poised to capitalize. I want to take a moment to thank our employees for driving all the change and improvements that has prepared us for this opportunity. Finally, I want to welcome our 1,300 new employees from SPO to the Tidewater family. I look forward to your contributions and welcome you to the most exciting OSV company in the world.”

In addition to the number of outstanding shares, as of March 31, 2022, the company also has the following in-the-money warrants.

Common shares outstanding

 

 

41,716,885

 

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

 

 

465,398

 

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

 

 

429,812

 

Total

 

 

42,612,095

 

Tidewater will hold a conference call to discuss results for the three months ending March 31, 2022 on May 10, 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 May 10, 2022 and will continue until 11:59 p.m. Central Time on June 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 March 31, 2022 and December 31, 2021 as well as the Consolidated Statements of Operations, Consolidated Statements of Equity and Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and for the twelve months ended December 31, 2021. Extracts are drawn from the March 31, 2022 unaudited quarterly financial statements and the December 31, 2021 audited annual financial statements of Tidewater, Inc. All per-share amounts are stated on a diluted basis.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, except per share data)

 

Three Months Ended

 

March 31, 2022

 

March 31, 2021

Revenues:

 

 

 

 

 

 

 

Vessel revenues

$

103,876

 

 

$

80,993

 

Other operating revenues

 

1,853

 

 

 

2,511

 

Total revenues

 

105,729

 

 

 

83,504

 

Costs and expenses:

 

 

 

 

 

 

 

Vessel operating costs

 

68,511

 

 

 

61,020

 

Costs of other operating revenues

 

361

 

 

 

1,067

 

General and administrative

 

18,217

 

 

 

16,043

 

Depreciation and amortization

 

26,657

 

 

 

29,727

 

Long-lived asset impairment credit

 

(500

)

 

 

 

(Gain) loss on asset dispositions, net

 

(207

)

 

 

1,948

 

Total costs and expenses

 

113,039

 

 

 

109,805

 

Operating loss

 

(7,310

)

 

 

(26,301

)

Other income (expense):

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

946

 

 

 

(850

)

Equity in net losses of unconsolidated companies

 

 

 

 

(1,849

)

Interest income and other, net

 

3,486

 

 

 

23

 

Interest and other debt costs, net

 

(4,175

)

 

 

(4,541

)

Total other income (expense)

 

257

 

 

 

(7,217

)

Loss before income taxes

 

(7,053

)

 

 

(33,518

)

Income tax expense

 

5,218

 

 

 

2,009

 

Net loss

 

(12,271

)

 

 

(35,527

)

Less: Net loss attributable to noncontrolling interests

 

(103

)

 

 

(212

)

Net loss attributable to Tidewater Inc.

$

(12,168

)

 

$

(35,315

)

Basic loss per common share

$

(0.29

)

 

$

(0.87

)

Diluted loss per common share

$

(0.29

)

 

$

(0.87

)

Weighted average common shares outstanding

 

41,412

 

 

 

40,716

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

Adjusted weighted average common shares

 

41,412

 

 

 

40,716

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

 

March 31, 2022

 

December 31, 2021

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

136,234

 

 

$

149,037

 

Restricted cash

 

4,958

 

 

 

1,240

 

Trade and other receivables, less allowance for credit losses of $1,987 and $1,948 as of March 31, 2022 and 2021, respectively

 

112,953

 

 

 

86,503

 

Due from affiliates, less allowance for credit losses of $12,812 and $72,456 as of March 31, 2022 and 2021, respectively

 

21,191

 

 

 

70,134

 

Marine operating supplies

 

13,252

 

 

 

12,606

 

Assets held for sale

 

8,591

 

 

 

14,421

 

Prepaid expenses and other current assets

 

12,012

 

 

 

8,731

 

Total current assets

 

309,191

 

 

 

342,672

 

Net properties and equipment

 

677,580

 

 

 

688,040

 

Deferred drydocking and survey costs

 

44,362

 

 

 

40,734

 

Other assets

 

22,997

 

 

 

24,334

 

Total assets

$

1,054,130

 

 

$

1,095,780

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

23,696

 

 

$

20,788

 

Accrued costs and expenses

 

55,141

 

 

 

51,734

 

Due to affiliates

 

21,191

 

 

 

61,555

 

Other current liabilities

 

25,471

 

 

 

23,865

 

Total current liabilities

 

125,499

 

 

 

157,942

 

Long-term debt

 

167,997

 

 

 

167,885

 

Other liabilities and deferred credits

 

70,892

 

 

 

68,184

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

Common stock

 

42

 

 

 

41

 

Additional paid-in-capital

 

1,376,934

 

 

 

1,376,494

 

Accumulated deficit

 

(690,068

)

 

 

(677,900

)

Accumulated other comprehensive loss

 

2,471

 

 

 

2,668

 

Total stockholders' equity

 

689,379

 

 

 

701,303

 

Noncontrolling interests

 

363

 

 

 

466

 

Total equity

 

689,742

 

 

 

701,769

 

Total liabilities and equity

$

1,054,130

 

 

$

1,095,780

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In Thousands)

 

Three Months Ended

 

March 31, 2022

 

March 31, 2021

Net loss

$

(12,271

)

 

$

(35,527

)

Other comprehensive loss:

 

 

 

 

 

 

 

Change in liability of pension plans

 

(197

)

 

 

(71

)

Total comprehensive loss

$

(12,468

)

 

$

(35,598

)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

 

Three Months

 

Three Months

 

Ended

 

Ended

 

March 31, 2022

 

March 31, 2021

Operating activities:

 

 

 

Net loss

$

(12,271

)

 

$

(35,527

)

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

 

 

 

Depreciation and amortization

 

17,673

 

 

 

18,470

 

Amortization of deferred drydocking and survey costs

 

8,984

 

 

 

11,257

 

Amortization of debt premiums and discounts

 

375

 

 

 

1,108

 

Provision for deferred income taxes

 

177

 

 

 

30

 

(Gain) loss on asset dispositions, net

 

(207

)

 

 

1,948

 

Gain on bargain purchase

 

(1,300

)

 

 

 

Loss on debt extinguishment

 

 

 

 

59

 

Long-lived asset impairment credit

 

(500

)

 

 

 

Stock-based compensation expense

 

1,458

 

 

 

1,172

 

Changes in operating assets and liabilities, net of effects of business acquisition:

 

 

 

Trade and other receivables

 

(15,570

)

 

 

12,758

 

Changes in due to/from affiliate, net

 

(20

)

 

 

2,738

 

Accounts payable

 

2,825

 

 

 

(2,359

)

Accrued expenses

 

3,207

 

 

 

(4,270

)

Deferred drydocking and survey costs

 

(12,612

)

 

 

(2,722

)

Other, net

 

(3,843

)

 

 

1,054

 

Net cash provided by (used in) operating activities

 

(11,624

)

 

 

5,716

 

Cash flows from investing activities:

 

 

 

Proceeds from sales of assets

 

4,628

 

 

 

10,983

 

Acquisition of joint venture, net of cash acquired

 

(1,039

)

 

 

 

Additions to properties and equipment

 

(1,229

)

 

 

(1,196

)

Net cash provided by investing activities

 

2,360

 

 

 

9,787

 

Cash flows from financing activities:

 

 

 

Principal payments on long-term debt

 

 

 

 

(26,414

)

Debt issuance and modification costs

 

(263

)

 

 

(725

)

Debt extinguishment premium

 

 

 

 

(59

)

Tax on share-based award

 

(1,017

)

 

 

(135

)

Net cash used in financing activities

 

(1,280

)

 

 

(27,333

)

Net change in cash, cash equivalents and restricted cash

 

(10,544

)

 

 

(11,830

)

Cash, cash equivalents and restricted cash at beginning of period

 

154,276

 

 

 

155,225

 

Cash, cash equivalents and restricted cash at end of period

$

143,732

 

 

$

143,395

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

Cash paid during the year for:

 

 

 

Interest, net of amounts capitalized

$

 

 

$

3,746

 

Income taxes

 

3,200

 

 

 

2,535

 

 

Note: Cash, cash equivalents and restricted cash at March 31, 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 December 31, 2021

 

$

41

 

 

$

1,376,494

 

 

$

(677,900

)

 

$

2,668

 

 

$

466

 

 

$

701,769

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

(12,168

)

 

 

(197

)

 

 

(103

)

 

 

(12,468

)

Issuance of common stock

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of share-based awards

 

 

 

 

 

441

 

 

 

 

 

 

 

 

 

 

 

 

441

 

Balance at March 31, 2022

 

$

42

 

 

$

1,376,934

 

 

$

(690,068

)

 

$

2,471

 

 

$

363

 

 

$

689,742

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

$

41

 

 

$

1,371,809

 

 

$

(548,931

)

 

$

(804

)

 

$

1,157

 

 

$

823,272

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

(35,315

)

 

 

(71

)

 

 

(212

)

 

 

(35,598

)

Amortization of share-based awards

 

 

 

 

 

1,037

 

 

 

 

 

 

 

 

 

 

 

 

1,037

 

Balance at March 31, 2021

 

$

41

 

 

$

1,372,846

 

 

$

(584,246

)

 

$

(875

)

 

$

945

 

 

$

788,711

 

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

 

 

 

March 31, 2022

 

 

March 31, 2021

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

28,444

 

 

 

27

%

 

$

26,224

 

 

 

32

%

Middle East/Asia Pacific

 

 

25,115

 

 

 

24

%

 

 

24,414

 

 

 

30

%

Europe/Mediterranean

 

 

23,919

 

 

 

23

%

 

 

14,749

 

 

 

18

%

West Africa

 

 

26,398

 

 

 

26

%

 

 

15,606

 

 

 

19

%

Total vessel revenues

 

$

103,876

 

 

 

100

%

 

$

80,993

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

40,837

 

 

 

39

%

 

$

35,162

 

 

 

43

%

Repair and maintenance

 

 

9,461

 

 

 

9

%

 

 

9,437

 

 

 

12

%

Insurance

 

 

1,384

 

 

 

1

%

 

 

623

 

 

 

1

%

Fuel, lube and supplies

 

 

7,076

 

 

 

7

%

 

 

5,860

 

 

 

7

%

Other

 

 

9,753

 

 

 

9

%

 

 

9,938

 

 

 

12

%

Total vessel operating costs

 

 

68,511

 

 

 

66

%

 

 

61,020

 

 

 

75

%

Vessel operating margin (A)

 

$

35,365

 

 

 

34

%

 

$

19,973

 

 

 

25

%

 

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

 

 

 

March 31, 2022

 

 

March 31, 2021

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

(82

)

 

 

(0

)%

 

$

(1,651

)

 

 

(2

)%

Middle East/Asia Pacific

 

 

290

 

 

 

0

%

 

 

(1,853

)

 

 

(2

)%

Europe/Mediterranean

 

 

(2,429

)

 

 

(2

)%

 

 

(8,021

)

 

 

(10

)%

West Africa

 

 

3,215

 

 

 

3

%

 

 

(6,767

)

 

 

(8

)%

Other operating profit

 

 

1,492

 

 

 

1

%

 

 

1,444

 

 

 

2

%

 

 

 

2,486

 

 

 

2

%

 

 

(16,848

)

 

 

(20

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(10,503

)

 

 

(10

)%

 

 

(7,505

)

 

 

(9

)%

Gain (loss) on asset dispositions, net

 

 

207

 

 

 

0

%

 

 

(1,948

)

 

 

(2

)%

Long-lived asset impairments and other

 

 

500

 

 

 

1

%

 

 

 

 

 

0

%

Operating loss

 

$

(7,310

)

 

 

(7

)%

 

$

(26,301

)

 

 

(31

)%

 

Note (A): General and administrative expenses for the three months ended March 31, 2022 and 2021 include stock-based compensation of $1.5 million and $1.2 million, respectively. In addition, vessel operating and general and administrative costs for the three months ended March 31, 2022 and 2021, include $0.1 million and $0.1 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

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

103,876

 

 

$

100,428

 

 

$

91,634

 

 

$

88,514

 

 

$

80,993

 

Other operating revenues

 

 

1,853

 

 

 

4,747

 

 

 

767

 

 

 

1,439

 

 

 

2,511

 

Total revenues

 

 

105,729

 

 

 

105,175

 

 

 

92,401

 

 

 

89,953

 

 

 

83,504

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

68,511

 

 

 

71,187

 

 

 

65,344

 

 

 

64,263

 

 

 

61,020

 

Costs of other operating revenue

 

 

361

 

 

 

228

 

 

 

355

 

 

 

581

 

 

 

1,067

 

General and administrative (A)

 

 

18,217

 

 

 

17,641

 

 

 

18,045

 

 

 

16,787

 

 

 

16,043

 

Depreciation and amortization

 

 

26,657

 

 

 

28,288

 

 

 

27,980

 

 

 

28,549

 

 

 

29,727

 

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

 

 

(207

)

 

 

(53

)

 

 

74

 

 

 

932

 

 

 

1,948

 

Total operating costs and expenses

 

 

113,039

 

 

 

132,167

 

 

 

113,965

 

 

 

110,112

 

 

 

109,805

 

Operating loss

 

 

(7,310

)

 

 

(26,992

)

 

 

(21,564

)

 

 

(20,159

)

 

 

(26,301

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

946

 

 

 

582

 

 

 

(523

)

 

 

422

 

 

 

(850

)

Equity in net earnings (losses) of unconsolidated companies

 

 

 

 

 

(1,625

)

 

 

100

 

 

 

52

 

 

 

(1,849

)

Interest income and other, net

 

 

3,486

 

 

 

1,426

 

 

 

148

 

 

 

8

 

 

 

23

 

Loss on early extinguishment of debt

 

 

 

 

 

(11,100

)

 

 

 

 

 

 

 

 

 

Interest and other debt costs, net

 

 

(4,175

)

 

 

(3,417

)

 

 

(3,681

)

 

 

(3,944

)

 

 

(4,541

)

Total other expense

 

 

257

 

 

 

(14,134

)

 

 

(3,956

)

 

 

(3,462

)

 

 

(7,217

)

Loss before income taxes

 

 

(7,053

)

 

 

(41,126

)

 

 

(25,520

)

 

 

(23,621

)

 

 

(33,518

)

Income tax (benefit) expense

 

 

5,218

 

 

 

(3,047

)

 

 

887

 

 

 

6,026

 

 

 

2,009

 

Net loss

 

 

(12,271

)

 

 

(38,079

)

 

 

(26,407

)

 

 

(29,647

)

 

 

(35,527

)

Net loss attributable to noncontrolling interests

 

 

(103

)

 

 

(145

)

 

 

(149

)

 

 

(185

)

 

 

(212

)

Net loss attributable to Tidewater Inc.

 

$

(12,168

)

 

$

(37,934

)

 

$

(26,258

)

 

$

(29,462

)

 

$

(35,315

)

Basic loss per common share

 

$

(0.29

)

 

$

(0.92

)

 

$

(0.64

)

 

$

(0.72

)

 

$

(0.87

)

Diluted loss per common share

 

$

(0.29

)

 

$

(0.92

)

 

$

(0.64

)

 

$

(0.72

)

 

$

(0.87

)

Weighted average common shares outstanding

 

 

41,412

 

 

 

41,280

 

 

 

41,132

 

 

 

40,899

 

 

 

40,716

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

41,412

 

 

 

41,280

 

 

 

41,132

 

 

 

40,899

 

 

 

40,716

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin

 

$

35,365

 

 

$

29,241

 

 

$

26,290

 

 

$

24,251

 

 

$

19,973

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

2,305

 

 

$

221

 

 

$

112

 

 

$

795

 

 

$

103

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

136,234

 

 

$

149,037

 

 

$

127,414

 

 

$

131,157

 

 

$

131,858

 

Restricted cash

 

 

4,958

 

 

 

1,240

 

 

 

24,092

 

 

 

20,284

 

 

 

9,061

 

Trade and other receivables, net

 

 

112,953

 

 

 

86,503

 

 

 

86,015

 

 

 

90,229

 

 

 

99,865

 

Due from affiliates, less allowances

 

 

21,191

 

 

 

70,134

 

 

 

68,217

 

 

 

64,922

 

 

 

62,474

 

Marine operating supplies

 

 

13,252

 

 

 

12,606

 

 

 

13,335

 

 

 

15,404

 

 

 

15,676

 

Assets held for sale

 

 

8,591

 

 

 

14,421

 

 

 

17,891

 

 

 

17,214

 

 

 

31,214

 

Prepaid expenses and other current assets

 

 

12,012

 

 

 

8,731

 

 

 

13,129

 

 

 

15,953

 

 

 

13,594

 

Total current assets

 

 

309,191

 

 

 

342,672

 

 

 

350,093

 

 

 

355,163

 

 

 

363,742

 

Net properties and equipment

 

 

677,580

 

 

 

688,040

 

 

 

709,324

 

 

 

731,659

 

 

 

754,707

 

Deferred drydocking and survey costs

 

 

44,362

 

 

 

40,734

 

 

 

40,510

 

 

 

40,372

 

 

 

46,648

 

Other assets

 

 

22,997

 

 

 

24,334

 

 

 

23,146

 

 

 

24,539

 

 

 

23,833

 

Total assets

 

$

1,054,130

 

 

$

1,095,780

 

 

$

1,123,073

 

 

$

1,151,733

 

 

$

1,188,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

23,696

 

 

$

20,788

 

 

$

18,042

 

 

$

16,189

 

 

$

14,622

 

Accrued costs and expenses

 

 

55,141

 

 

 

51,734

 

 

 

52,133

 

 

 

50,532

 

 

 

48,466

 

Due to affiliates

 

 

21,191

 

 

 

61,555

 

 

 

59,571

 

 

 

59,759

 

 

 

56,356

 

Current portion of long-term debt

 

 

 

 

 

 

 

 

140,995

 

 

 

7,355

 

 

 

18,201

 

Other current liabilities

 

 

25,471

 

 

 

23,865

 

 

 

29,139

 

 

 

28,825

 

 

 

35,003

 

Total current liabilities

 

 

125,499

 

 

 

157,942

 

 

 

299,880

 

 

 

162,660

 

 

 

172,648

 

Long-term debt

 

 

167,997

 

 

 

167,885

 

 

 

14,139

 

 

 

148,612

 

 

 

148,337

 

Other liabilities and deferred credits

 

 

70,892

 

 

 

68,184

 

 

 

74,442

 

 

 

80,723

 

 

 

79,234

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

42

 

 

 

41

 

 

 

41

 

 

 

41

 

 

 

41

 

Additional paid-in-capital

 

 

1,376,934

 

 

 

1,376,494

 

 

 

1,375,215

 

 

 

1,373,727

 

 

 

1,372,846

 

Accumulated deficit

 

 

(690,068

)

 

 

(677,900

)

 

 

(639,966

)

 

 

(613,708

)

 

 

(584,246

)

Accumulated other comprehensive income (loss)

 

 

2,471

 

 

 

2,668

 

 

 

(1,289

)

 

 

(1,082

)

 

 

(875

)

Total stockholders' equity

 

 

689,379

 

 

 

701,303

 

 

 

734,001

 

 

 

758,978

 

 

 

787,766

 

Noncontrolling interests

 

 

363

 

 

 

466

 

 

 

611

 

 

 

760

 

 

 

945

 

Total equity

 

 

689,742

 

 

 

701,769

 

 

 

734,612

 

 

 

759,738

 

 

 

788,711

 

Total liabilities and equity

 

$

1,054,130

 

 

$

1,095,780

 

 

$

1,123,073

 

 

$

1,151,733

 

 

$

1,188,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonatide (Angola)

 

$

 

 

$

8,579

 

 

$

8,646

 

 

$

5,163

 

 

$

6,118

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

21,711

 

 

$

21,658

 

 

$

18,961

 

 

$

17,796

 

 

$

19,876

 

Towing-supply

 

 

5,596

 

 

 

5,062

 

 

 

4,440

 

 

 

4,535

 

 

 

4,817

 

Other

 

 

1,137

 

 

 

1,162

 

 

 

1,163

 

 

 

1,150

 

 

 

1,531

 

Total

 

 

28,444

 

 

 

27,882

 

 

 

24,564

 

 

 

23,481

 

 

 

26,224

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

16,522

 

 

 

17,311

 

 

 

17,292

 

 

 

17,264

 

 

 

15,931

 

Towing-supply

 

 

8,593

 

 

 

9,551

 

 

 

8,341

 

 

 

8,364

 

 

 

8,483

 

Total

 

 

25,115

 

 

 

26,862

 

 

 

25,633

 

 

 

25,628

 

 

 

24,414

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

23,765

 

 

 

22,344

 

 

 

21,037

 

 

 

22,293

 

 

 

14,588

 

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

 

Other

 

 

154

 

 

 

157

 

 

 

160

 

 

 

163

 

 

 

161

 

Total

 

 

23,919

 

 

 

22,501

 

 

 

21,197

 

 

 

22,467

 

 

 

14,749

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

14,746

 

 

 

13,658

 

 

 

10,967

 

 

 

8,814

 

 

 

7,909

 

Towing-supply

 

 

6,597

 

 

 

5,807

 

 

 

5,474

 

 

 

5,564

 

 

 

4,879

 

Other

 

 

5,055

 

 

 

3,718

 

 

 

3,799

 

 

 

2,560

 

 

 

2,818

 

Total

 

 

26,398

 

 

 

23,183

 

 

 

20,240

 

 

 

16,938

 

 

 

15,606

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

76,744

 

 

 

74,971

 

 

 

68,257

 

 

 

66,167

 

 

 

58,304

 

Towing-supply

 

 

20,786

 

 

 

20,420

 

 

 

18,255

 

 

 

18,474

 

 

 

18,179

 

Other

 

 

6,346

 

 

 

5,037

 

 

 

5,122

 

 

 

3,873

 

 

 

4,510

 

Total

 

$

103,876

 

 

$

100,428

 

 

$

91,634

 

 

$

88,514

 

 

$

80,993

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

24

 

 

 

25

 

 

 

25

 

 

 

27

 

 

 

29

 

Towing-supply

 

 

8

 

 

 

8

 

 

 

8

 

 

 

8

 

 

 

8

 

Other

 

 

2

 

 

 

2

 

 

 

3

 

 

 

3

 

 

 

3

 

Total

 

 

34

 

 

 

35

 

 

 

36

 

 

 

38

 

 

 

40

 

Stacked vessels

 

 

(7

)

 

 

(9

)

 

 

(11

)

 

 

(13

)

 

 

(12

)

Active vessels

 

 

27

 

 

 

26

 

 

 

25

 

 

 

25

 

 

 

28

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

20

 

 

 

20

 

 

 

20

 

 

 

20

 

 

 

21

 

Towing-supply

 

 

18

 

 

 

18

 

 

 

18

 

 

 

18

 

 

 

20

 

Total

 

 

38

 

 

 

38

 

 

 

38

 

 

 

38

 

 

 

41

 

Stacked vessels

 

 

 

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(3

)

Active vessels

 

 

38

 

 

 

37

 

 

 

37

 

 

 

37

 

 

 

38

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

28

 

 

 

28

 

 

 

28

 

 

 

29

 

 

 

31

 

Total

 

 

28

 

 

 

28

 

 

 

28

 

 

 

29

 

 

 

31

 

Stacked vessels

 

 

(4

)

 

 

(5

)

 

 

(7

)

 

 

(8

)

 

 

(14

)

Active vessels

 

 

24

 

 

 

23

 

 

 

21

 

 

 

21

 

 

 

17

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

17

 

 

 

18

 

 

 

19

 

 

 

20

 

 

 

20

 

Towing-supply

 

 

9

 

 

 

10

 

 

 

11

 

 

 

11

 

 

 

12

 

Other

 

 

26

 

 

 

24

 

 

 

25

 

 

 

26

 

 

 

26

 

Total

 

 

52

 

 

 

52

 

 

 

55

 

 

 

57

 

 

 

58

 

Stacked vessels

 

 

(10

)

 

 

(13

)

 

 

(19

)

 

 

(22

)

 

 

(25

)

Active vessels

 

 

42

 

 

 

39

 

 

 

36

 

 

 

35

 

 

 

33

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

89

 

 

 

91

 

 

 

92

 

 

 

96

 

 

 

101

 

Towing-supply

 

 

35

 

 

 

36

 

 

 

37

 

 

 

37

 

 

 

40

 

Other

 

 

28

 

 

 

26

 

 

 

28

 

 

 

29

 

 

 

29

 

Total

 

 

152

 

 

 

153

 

 

 

157

 

 

 

162

 

 

 

170

 

Stacked vessels

 

 

(21

)

 

 

(28

)

 

 

(38

)

 

 

(44

)

 

 

(54

)

Active vessels

 

 

131

 

 

 

125

 

 

 

119

 

 

 

118

 

 

 

116

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

131

 

 

 

125

 

 

 

119

 

 

 

118

 

 

 

116

 

Total stacked

 

 

21

 

 

 

28

 

 

 

38

 

 

 

44

 

 

 

54

 

Total joint venture

 

 

1

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

Total

 

 

153

 

 

 

156

 

 

 

160

 

 

 

165

 

 

 

173

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,160

 

 

 

2,269

 

 

 

2,300

 

 

 

2,497

 

 

 

2,627

 

Towing-supply

 

 

720

 

 

 

736

 

 

 

736

 

 

 

728

 

 

 

720

 

Other

 

 

145

 

 

 

184

 

 

 

244

 

 

 

273

 

 

 

270

 

Total

 

 

3,025

 

 

 

3,189

 

 

 

3,280

 

 

 

3,498

 

 

 

3,617

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,809

 

 

 

1,840

 

 

 

1,840

 

 

 

1,820

 

 

 

1,863

 

Towing-supply

 

 

1,628

 

 

 

1,656

 

 

 

1,656

 

 

 

1,667

 

 

 

1,822

 

Total

 

 

3,437

 

 

 

3,496

 

 

 

3,496

 

 

 

3,487

 

 

 

3,685

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,536

 

 

 

2,607

 

 

 

2,612

 

 

 

2,672

 

 

 

2,756

 

Total

 

 

2,536

 

 

 

2,607

 

 

 

2,612

 

 

 

2,672

 

 

 

2,756

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,553

 

 

 

1,656

 

 

 

1,718

 

 

 

1,853

 

 

 

1,827

 

Towing-supply

 

 

815

 

 

 

920

 

 

 

1,011

 

 

 

1,001

 

 

 

1,084

 

Other

 

 

2,340

 

 

 

2,208

 

 

 

2,328

 

 

 

2,366

 

 

 

2,340

 

Total

 

 

4,708

 

 

 

4,784

 

 

 

5,057

 

 

 

5,220

 

 

 

5,251

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

8,058

 

 

 

8,372

 

 

 

8,470

 

 

 

8,842

 

 

 

9,073

 

Towing-supply

 

 

3,163

 

 

 

3,312

 

 

 

3,403

 

 

 

3,396

 

 

 

3,626

 

Other

 

 

2,485

 

 

 

2,392

 

 

 

2,572

 

 

 

2,639

 

 

 

2,610

 

Total

 

 

13,706

 

 

 

14,076

 

 

 

14,445

 

 

 

14,877

 

 

 

15,309

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

OUT-OF-SERVICE - STACKED DAYS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

450

 

 

 

621

 

 

 

814

 

 

 

889

 

 

 

923

 

Towing-supply

 

 

90

 

 

 

92

 

 

 

92

 

 

 

91

 

 

 

90

 

Other

 

 

55

 

 

 

92

 

 

 

152

 

 

 

182

 

 

 

90

 

Total

 

 

595

 

 

 

805

 

 

 

1,058

 

 

 

1,162

 

 

 

1,103

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

25

 

 

 

92

 

 

 

92

 

 

 

91

 

 

 

90

 

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

180

 

Total

 

 

25

 

 

 

92

 

 

 

92

 

 

 

120

 

 

 

270

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

376

 

 

 

474

 

 

 

641

 

 

 

766

 

 

 

1,238

 

Total

 

 

376

 

 

 

474

 

 

 

641

 

 

 

766

 

 

 

1,238

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

203

 

 

 

307

 

 

 

537

 

 

 

852

 

 

 

1,104

 

Towing-supply

 

 

275

 

 

 

382

 

 

 

551

 

 

 

516

 

 

 

544

 

Other

 

 

450

 

 

 

506

 

 

 

655

 

 

 

637

 

 

 

599

 

Total

 

 

928

 

 

 

1,195

 

 

 

1,743

 

 

 

2,005

 

 

 

2,247

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,054

 

 

 

1,494

 

 

 

2,084

 

 

 

2,598

 

 

 

3,355

 

Towing-supply

 

 

365

 

 

 

474

 

 

 

643

 

 

 

636

 

 

 

814

 

Other

 

 

505

 

 

 

598

 

 

 

807

 

 

 

819

 

 

 

689

 

Total

 

 

1,924

 

 

 

2,566

 

 

 

3,534

 

 

 

4,053

 

 

 

4,858

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

AVAILABLE DAYS - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,710

 

 

 

1,648

 

 

 

1,486

 

 

 

1,608

 

 

 

1,704

 

Towing-supply

 

 

630

 

 

 

644

 

 

 

644

 

 

 

637

 

 

 

630

 

Other

 

 

90

 

 

 

92

 

 

 

92

 

 

 

91

 

 

 

180

 

Total

 

 

2,430

 

 

 

2,384

 

 

 

2,222

 

 

 

2,336

 

 

 

2,514

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,784

 

 

 

1,748

 

 

 

1,748

 

 

 

1,729

 

 

 

1,773

 

Towing-supply

 

 

1,628

 

 

 

1,656

 

 

 

1,656

 

 

 

1,638

 

 

 

1,642

 

Total

 

 

3,412

 

 

 

3,404

 

 

 

3,404

 

 

 

3,367

 

 

 

3,415

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,160

 

 

 

2,133

 

 

 

1,971

 

 

 

1,906

 

 

 

1,518

 

Total

 

 

2,160

 

 

 

2,133

 

 

 

1,971

 

 

 

1,906

 

 

 

1,518

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,350

 

 

 

1,349

 

 

 

1,181

 

 

 

1,001

 

 

 

723

 

Towing-supply

 

 

540

 

 

 

538

 

 

 

460

 

 

 

485

 

 

 

540

 

Other

 

 

1,890

 

 

 

1,702

 

 

 

1,673

 

 

 

1,729

 

 

 

1,741

 

Total

 

 

3,780

 

 

 

3,589

 

 

 

3,314

 

 

 

3,215

 

 

 

3,004

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

7,004

 

 

 

6,878

 

 

 

6,386

 

 

 

6,244

 

 

 

5,718

 

Towing-supply

 

 

2,798

 

 

 

2,838

 

 

 

2,760

 

 

 

2,760

 

 

 

2,812

 

Other

 

 

1,980

 

 

 

1,794

 

 

 

1,765

 

 

 

1,820

 

 

 

1,921

 

Total

 

 

11,782

 

 

 

11,510

 

 

 

10,911

 

 

 

10,824

 

 

 

10,451

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

UTILIZATION - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

59.3

%

 

 

57.0

%

 

 

53.0

%

 

 

45.6

%

 

 

55.6

%

Towing-supply

 

 

64.6

 

 

 

71.4

 

 

 

64.9

 

 

 

76.3

 

 

 

83.2

 

Other

 

 

62.1

 

 

 

50.0

 

 

 

37.7

 

 

 

33.3

 

 

 

55.7

 

Total

 

 

60.7

%

 

 

59.9

%

 

 

54.5

%

 

 

51.0

%

 

 

61.1

%

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

84.5

%

 

 

85.4

%

 

 

86.2

%

 

 

88.3

%

 

 

80.1

%

Towing-supply

 

 

85.7

 

 

 

94.2

 

 

 

83.7

 

 

 

82.5

 

 

 

75.6

 

Total

 

 

85.1

%

 

 

89.6

%

 

 

85.0

%

 

 

85.5

%

 

 

77.9

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

77.8

%

 

 

72.4

%

 

 

68.3

%

 

 

64.7

%

 

 

44.7

%

Total

 

 

77.8

%

 

 

72.4

%

 

 

68.3

%

 

 

64.7

%

 

 

44.7

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

75.9

%

 

 

65.7

%

 

 

54.6

%

 

 

42.3

%

 

 

36.2

%

Towing-supply

 

 

65.9

 

 

 

50.0

 

 

 

40.0

 

 

 

38.4

 

 

 

30.1

 

Other

 

 

54.4

 

 

 

45.9

 

 

 

43.9

 

 

 

34.6

 

 

 

34.4

 

Total

 

 

63.5

%

 

 

53.5

%

 

 

46.7

%

 

 

38.1

%

 

 

34.1

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

74.0

%

 

 

69.7

%

 

 

65.2

%

 

 

59.4

%

 

 

53.4

%

Towing-supply

 

 

75.8

 

 

 

76.9

 

 

 

66.6

 

 

 

68.2

 

 

 

63.5

 

Other

 

 

54.8

 

 

 

46.2

 

 

 

43.3

 

 

 

34.5

 

 

 

36.6

 

Total

 

 

70.9

%

 

 

67.4

%

 

 

61.7

%

 

 

57.0

%

 

 

52.9

%

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

UTILIZATION - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

74.8

%

 

 

78.4

%

 

 

82.0

%

 

 

70.7

%

 

 

85.7

%

Towing-supply

 

 

73.8

 

 

 

81.5

 

 

 

74.1

 

 

 

87.2

 

 

 

95.1

 

Other

 

 

100.0

 

 

 

100.0

 

 

 

100.0

 

 

 

100.0

 

 

 

83.6

 

Total

 

 

75.5

%

 

 

80.1

%

 

 

80.4

%

 

 

76.4

%

 

 

87.9

%

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

85.7

%

 

 

89.9

%

 

 

90.8

%

 

 

92.9

%

 

 

84.2

%

Towing-supply

 

 

85.7

 

 

 

94.2

 

 

 

83.7

 

 

 

84.0

 

 

 

83.9

 

Total

 

 

85.7

%

 

 

92.0

%

 

 

87.3

%

 

 

88.6

%

 

 

84.0

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

91.3

%

 

 

88.5

%

 

 

90.5

%

 

 

90.6

%

 

 

81.3

%

Total

 

 

91.3

%

 

 

88.5

%

 

 

90.5

%

 

 

90.6

%

 

 

81.3

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

87.3

%

 

 

80.7

%

 

 

79.4

%

 

 

78.3

%

 

 

91.4

%

Towing-supply

 

 

99.5

 

 

 

85.5

 

 

 

87.9

 

 

 

79.2

 

 

 

60.4

 

Other

 

 

67.3

 

 

 

59.5

 

 

 

61.1

 

 

 

47.4

 

 

 

46.2

 

Total

 

 

79.1

%

 

 

71.4

%

 

 

71.3

%

 

 

61.8

%

 

 

59.6

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

85.1

%

 

 

84.9

%

 

 

86.5

%

 

 

84.2

%

 

 

84.8

%

Towing-supply

 

 

85.7

 

 

 

89.7

 

 

 

82.2

 

 

 

83.9

 

 

 

81.9

 

Other

 

 

68.8

 

 

 

61.6

 

 

 

63.1

 

 

 

50.0

 

 

 

49.7

 

Total

 

 

82.5

%

 

 

82.4

%

 

 

81.6

%

 

 

78.4

%

 

 

77.6

%

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

AVERAGE VESSEL DAY RATES: (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

16,964

 

 

$

16,760

 

 

$

15,568

 

 

$

15,646

 

 

$

13,608

 

Towing-supply

 

 

12,030

 

 

 

9,638

 

 

 

9,298

 

 

 

8,162

 

 

 

8,040

 

Other

 

 

12,633

 

 

 

12,644

 

 

 

12,640

 

 

 

12,634

 

 

 

10,179

 

Total

 

 

15,501

 

 

 

14,603

 

 

 

13,742

 

 

 

13,162

 

 

 

11,865

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

10,809

 

 

 

11,021

 

 

 

10,899

 

 

 

10,743

 

 

 

10,670

 

Towing-supply

 

 

6,158

 

 

 

6,121

 

 

 

6,018

 

 

 

6,080

 

 

 

6,159

 

Total

 

 

8,589

 

 

 

8,580

 

 

 

8,623

 

 

 

8,593

 

 

 

8,506

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

12,046

 

 

 

11,834

 

 

 

11,800

 

 

 

12,905

 

 

 

11,829

 

Total

 

 

12,124

 

 

 

11,917

 

 

 

11,890

 

 

 

13,005

 

 

 

11,960

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

12,516

 

 

 

12,553

 

 

 

11,700

 

 

 

11,242

 

 

 

11,972

 

Towing-supply

 

 

12,275

 

 

 

12,624

 

 

 

13,536

 

 

 

14,480

 

 

 

14,967

 

Other

 

 

3,972

 

 

 

3,669

 

 

 

3,717

 

 

 

3,124

 

 

 

3,501

 

Total

 

 

8,834

 

 

 

9,052

 

 

 

8,562

 

 

 

8,521

 

 

 

8,711

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

12,878

 

 

 

12,840

 

 

 

12,355

 

 

 

12,589

 

 

 

12,028

 

Towing-supply

 

 

8,668

 

 

 

8,022

 

 

 

8,049

 

 

 

7,978

 

 

 

7,896

 

Other

 

 

4,657

 

 

 

4,558

 

 

 

4,598

 

 

 

4,253

 

 

 

4,721

 

Total

 

$

10,687

 

 

$

10,583

 

 

$

10,288

 

 

$

10,435

 

 

$

9,993

 

 

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

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

28,444

 

 

$

27,882

 

 

$

24,564

 

 

$

23,481

 

 

$

26,224

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

11,252

 

 

 

11,080

 

 

 

8,535

 

 

 

11,132

 

 

 

10,594

 

Repair and maintenance

 

 

2,627

 

 

 

2,487

 

 

 

2,951

 

 

 

2,192

 

 

 

2,714

 

Insurance

 

 

367

 

 

 

161

 

 

 

219

 

 

 

(30

)

 

 

200

 

Fuel, lube and supplies

 

 

2,385

 

 

 

2,019

 

 

 

2,028

 

 

 

1,952

 

 

 

1,774

 

Other

 

 

2,196

 

 

 

4,347

 

 

 

3,008

 

 

 

2,972

 

 

 

1,980

 

Total vessel operating costs

 

 

18,827

 

 

 

20,094

 

 

 

16,741

 

 

 

18,218

 

 

 

17,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

9,617

 

 

 

7,788

 

 

 

7,823

 

 

 

5,263

 

 

 

8,962

 

Vessel operating margin (%)

 

 

33.8

%

 

 

27.9

%

 

 

31.8

%

 

 

22.4

%

 

 

34.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

34

 

 

 

35

 

 

 

36

 

 

 

38

 

 

 

40

 

Utilization - Total fleet

 

 

60.7

%

 

 

59.9

%

 

 

54.5

%

 

 

51.0

%

 

 

61.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

27

 

 

 

26

 

 

 

25

 

 

 

25

 

 

 

28

 

Utilization - Active fleet

 

 

75.5

%

 

 

80.1

%

 

 

80.4

%

 

 

76.4

%

 

 

87.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

15,501

 

 

$

14,603

 

 

$

13,742

 

 

$

13,162

 

 

$

11,865

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

5

 

 

 

5

 

 

 

4

 

 

 

3

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

16,270

 

 

$

13,124

 

 

$

12,919

 

 

$

11,813

 

 

$

15,440

 

Cash paid for deferred drydocking and survey costs

 

 

5,060

 

 

 

6,470

 

 

 

4,906

 

 

 

2,157

 

 

 

881

 

Amortization of deferred drydocking and survey costs

 

 

(2,908

)

 

 

(2,909

)

 

 

(2,936

)

 

 

(2,753

)

 

 

(3,222

)

Disposals, intersegment transfers and other

 

 

 

 

 

(415

)

 

 

(1,765

)

 

 

1,702

 

 

 

(1,286

)

Deferred drydocking and survey costs - ending balance

 

$

18,422

 

 

$

16,270

 

 

$

13,124

 

 

$

12,919

 

 

$

11,813

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East/Asia Pacific

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

25,115

 

 

$

26,862

 

 

$

25,633

 

 

$

25,628

 

 

$

24,414

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

9,253

 

 

 

9,710

 

 

 

9,950

 

 

 

9,910

 

 

 

9,639

 

Repair and maintenance

 

 

2,408

 

 

 

3,146

 

 

 

2,944

 

 

 

2,632

 

 

 

2,659

 

Insurance

 

 

351

 

 

 

203

 

 

 

60

 

 

 

37

 

 

 

(224

)

Fuel, lube and supplies

 

 

1,664

 

 

 

1,314

 

 

 

1,747

 

 

 

1,494

 

 

 

1,569

 

Other

 

 

2,879

 

 

 

3,167

 

 

 

3,334

 

 

 

2,692

 

 

 

2,959

 

Total vessel operating costs

 

 

16,555

 

 

 

17,540

 

 

 

18,035

 

 

 

16,765

 

 

 

16,602

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

8,560

 

 

 

9,322

 

 

 

7,598

 

 

 

8,863

 

 

 

7,812

 

Vessel operating margin (%)

 

 

34.1

%

 

 

34.7

%

 

 

29.6

%

 

 

34.6

%

 

 

32.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East/Asia Pacific - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

38

 

 

 

38

 

 

 

38

 

 

 

38

 

 

 

41

 

Utilization - Total fleet

 

 

85.1

%

 

 

89.6

%

 

 

85.0

%

 

 

85.5

%

 

 

77.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

38

 

 

 

37

 

 

 

37

 

 

 

37

 

 

 

38

 

Utilization - Active fleet

 

 

85.7

%

 

 

92.0

%

 

 

87.3

%

 

 

88.6

%

 

 

84.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

8,589

 

 

$

8,580

 

 

$

8,623

 

 

$

8,593

 

 

$

8,506

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

2

 

 

 

2

 

 

 

1

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

9,704

 

 

$

11,828

 

 

$

12,124

 

 

$

13,989

 

 

$

17,031

 

Cash paid for deferred drydocking and survey costs

 

 

3,855

 

 

 

327

 

 

 

2,441

 

 

 

1,354

 

 

 

72

 

Amortization of deferred drydocking and survey costs

 

 

(2,352

)

 

 

(2,451

)

 

 

(2,669

)

 

 

(2,820

)

 

 

(3,114

)

Disposals, intersegment transfers and other

 

 

 

 

 

 

 

 

(68

)

 

 

(399

)

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

11,207

 

 

$

9,704

 

 

$

11,828

 

 

$

12,124

 

 

$

13,989

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Mediterranean

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

23,919

 

 

$

22,501

 

 

$

21,197

 

 

$

22,467

 

 

$

14,749

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

12,003

 

 

 

11,235

 

 

 

10,541

 

 

 

10,519

 

 

 

9,022

 

Repair and maintenance

 

 

2,106

 

 

 

3,562

 

 

 

1,754

 

 

 

2,244

 

 

 

1,673

 

Insurance

 

 

309

 

 

 

38

 

 

 

208

 

 

 

(131

)

 

 

299

 

Fuel, lube and supplies

 

 

1,077

 

 

 

936

 

 

 

846

 

 

 

864

 

 

 

759

 

Other

 

 

2,026

 

 

 

1,919

 

 

 

1,926

 

 

 

1,803

 

 

 

1,707

 

Total vessel operating costs

 

 

17,521

 

 

 

17,690

 

 

 

15,275

 

 

 

15,299

 

 

 

13,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

6,398

 

 

 

4,811

 

 

 

5,922

 

 

 

7,168

 

 

 

1,289

 

Vessel operating margin (%)

 

 

26.7

%

 

 

21.4

%

 

 

27.9

%

 

 

31.9

%

 

 

8.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Mediterranean - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

28

 

 

 

28

 

 

 

28

 

 

 

29

 

 

 

31

 

Utilization - Total fleet

 

 

77.8

%

 

 

72.4

%

 

 

68.3

%

 

 

64.7

%

 

 

44.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

24

 

 

 

23

 

 

 

21

 

 

 

21

 

 

 

17

 

Utilization - Active fleet

 

 

91.3

%

 

 

88.5

%

 

 

90.5

%

 

 

90.6

%

 

 

81.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

12,124

 

 

$

11,917

 

 

$

11,890

 

 

$

13,005

 

 

$

11,960

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

1

 

 

 

1

 

 

 

1

 

 

 

2

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

4,983

 

 

$

5,571

 

 

$

6,340

 

 

$

7,731

 

 

$

7,317

 

Cash paid for deferred drydocking and survey costs

 

 

2,575

 

 

 

93

 

 

 

892

 

 

 

162

 

 

 

2,067

 

Amortization of deferred drydocking and survey costs

 

 

(1,133

)

 

 

(1,096

)

 

 

(1,316

)

 

 

(1,553

)

 

 

(1,653

)

Disposals, intersegment transfers and other

 

 

 

 

 

415

 

 

 

(345

)

 

 

 

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

6,425

 

 

$

4,983

 

 

$

5,571

 

 

$

6,340

 

 

$

7,731

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

26,398

 

 

$

23,183

 

 

$

20,240

 

 

$

16,938

 

 

$

15,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

8,329

 

 

 

7,690

 

 

 

6,583

 

 

 

6,124

 

 

 

5,907

 

Repair and maintenance

 

 

2,320

 

 

 

2,307

 

 

 

2,848

 

 

 

2,466

 

 

 

2,391

 

Insurance

 

 

357

 

 

 

115

 

 

 

325

 

 

 

(13

)

 

 

348

 

Fuel, lube and supplies

 

 

1,950

 

 

 

2,136

 

 

 

2,130

 

 

 

2,231

 

 

 

1,758

 

Other

 

 

2,652

 

 

 

3,615

 

 

 

3,407

 

 

 

3,173

 

 

 

3,292

 

Total vessel operating costs

 

 

15,608

 

 

 

15,863

 

 

 

15,293

 

 

 

13,981

 

 

 

13,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

10,790

 

 

 

7,320

 

 

 

4,947

 

 

 

2,957

 

 

 

1,910

 

Vessel operating margin (%)

 

 

40.9

%

 

 

31.6

%

 

 

24.4

%

 

 

17.5

%

 

 

12.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Africa - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

52

 

 

 

52

 

 

 

55

 

 

 

57

 

 

 

58

 

Utilization - Total fleet

 

 

63.5

%

 

 

53.5

%

 

 

46.7

%

 

 

38.1

%

 

 

34.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

42

 

 

 

39

 

 

 

36

 

 

 

35

 

 

 

33

 

Utilization - Active fleet

 

 

79.1

%

 

 

71.4

%

 

 

71.3

%

 

 

61.8

%

 

 

59.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

8,834

 

 

$

9,052

 

 

$

8,562

 

 

$

8,521

 

 

$

8,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

3

 

 

 

3

 

 

 

3

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

9,777

 

 

$

9,987

 

 

$

8,989

 

 

$

13,115

 

 

$

16,680

 

Cash paid for deferred drydocking and survey costs

 

 

1,122

 

 

 

3,004

 

 

 

2,378

 

 

 

376

 

 

 

(298

)

Amortization of deferred drydocking and survey costs

 

 

(2,591

)

 

 

(3,214

)

 

 

(3,148

)

 

 

(3,199

)

 

 

(3,268

)

Disposals, intersegment transfers and other

 

 

 

 

 

 

 

 

1,768

 

 

 

(1,303

)

 

 

1

 

Deferred drydocking and survey costs - ending balance

 

$

8,308

 

 

$

9,777

 

 

$

9,987

 

 

$

8,989

 

 

$

13,115

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

103,876

 

 

$

100,428

 

 

$

91,634

 

 

$

88,514

 

 

$

80,993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

40,837

 

 

 

39,715

 

 

 

35,609

 

 

 

37,685

 

 

 

35,162

 

Repair and maintenance

 

 

9,461

 

 

 

11,502

 

 

 

10,497

 

 

 

9,534

 

 

 

9,437

 

Insurance

 

 

1,384

 

 

 

517

 

 

 

812

 

 

 

(137

)

 

 

623

 

Fuel, lube and supplies

 

 

7,076

 

 

 

6,405

 

 

 

6,751

 

 

 

6,541

 

 

 

5,860

 

Other

 

 

9,753

 

 

 

13,048

 

 

 

11,675

 

 

 

10,640

 

 

 

9,938

 

Total vessel operating costs

 

 

68,511

 

 

 

71,187

 

 

 

65,344

 

 

 

64,263

 

 

 

61,020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

35,365

 

 

 

29,241

 

 

 

26,290

 

 

 

24,251

 

 

 

19,973

 

Vessel operating margin (%)

 

 

34.0

%

 

 

29.1

%

 

 

28.7

%

 

 

27.4

%

 

 

24.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

152

 

 

 

153

 

 

 

157

 

 

 

162

 

 

 

170

 

Utilization - Total fleet

 

 

70.9

%

 

 

67.4

%

 

 

61.7

%

 

 

57.0

%

 

 

52.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

131

 

 

 

125

 

 

 

119

 

 

 

118

 

 

 

116

 

Utilization - Active fleet

 

 

82.5

%

 

 

82.4

%

 

 

81.6

%

 

 

78.4

%

 

 

77.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

10,687

 

 

$

10,583

 

 

$

10,288

 

 

$

10,435

 

 

$

9,993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

11

 

 

 

11

 

 

 

9

 

 

 

11

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

40,734

 

 

$

40,510

 

 

$

40,372

 

 

$

46,648

 

 

$

56,468

 

Cash paid for deferred drydocking and survey costs

 

 

12,612

 

 

 

9,894

 

 

 

10,617

 

 

 

4,049

 

 

 

2,722

 

Amortization of deferred drydocking and survey costs

 

 

(8,984

)

 

 

(9,670

)

 

 

(10,069

)

 

 

(10,325

)

 

 

(11,257

)

Disposals, intersegment transfers and other

 

 

 

 

 

 

 

 

(410

)

 

 

 

 

 

(1,285

)

Deferred drydocking and survey costs - ending balance

 

$

44,362

 

 

$

40,734

 

 

$

40,510

 

 

$

40,372

 

 

$

46,648

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(12,271

)

 

$

(38,079

)

 

$

(26,407

)

 

$

(29,647

)

 

$

(35,527

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt costs

 

 

4,175

 

 

 

3,417

 

 

 

3,681

 

 

 

3,944

 

 

 

4,541

 

Income tax (benefit) expense

 

 

5,218

 

 

 

(3,047

)

 

 

887

 

 

 

6,026

 

 

 

2,009

 

Depreciation

 

 

17,673

 

 

 

18,618

 

 

 

17,911

 

 

 

18,224

 

 

 

18,470

 

Amortization of deferred drydock and survey costs

 

 

8,984

 

 

 

9,670

 

 

 

10,069

 

 

 

10,325

 

 

 

11,257

 

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

 

 

23,779

 

 

 

(9,421

)

 

 

6,141

 

 

 

8,872

 

 

 

750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

Gain on bargain purchase

 

 

(1,300

)

 

 

 

 

 

 

 

 

 

 

 

 

One-time integration related costs

 

 

2,305

 

 

 

221

 

 

 

112

 

 

 

795

 

 

 

103

 

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

 

$

24,284

 

 

$

16,776

 

 

$

8,420

 

 

$

8,667

 

 

$

853

 

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, gain on bargain purchase and merger and integration related costs.

 

Note (B): EBITDA and Adjusted EBITDA for the three months ended March 31, 2022, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,458, $1,439, $1,523, $1,504, and $1,172, respectively.

 

Note (C): EBITDA and Adjusted EBITDA for the three months ended March 31, 2022, and for each of the prior four quarters includes foreign exchange gain (losses) of $946, $582, $(523), $422 and $(850), 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

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(11,624

)

 

$

6,938

 

 

$

(2,499

)

 

$

4,851

 

 

$

5,716

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest expense

 

 

 

 

 

3,664

 

 

 

3,055

 

 

 

3,282

 

 

 

3,746

 

Interest income and other

 

 

(2,186

)

 

 

(1,426

)

 

 

(148

)

 

 

(8

)

 

 

(23

)

Additions to property and equipment

 

 

(1,229

)

 

 

(6,368

)

 

 

(722

)

 

 

(665

)

 

 

(1,196

)

Acquisition of joint venture

 

 

(1,039

)

 

 

 

 

 

 

 

 

 

 

 

 

Expansion capital

 

 

1,039

 

 

 

 

 

 

 

 

 

 

 

 

 

Free cash flow before proceeds from asset sales

 

 

(15,039

)

 

 

2,808

 

 

 

(314

)

 

 

7,460

 

 

 

8,243

 

 

Proceeds from asset sales

 

 

4,628

 

 

 

54

 

 

 

4,396

 

 

 

18,577

 

 

 

10,983

 

 

Free cash flow

 

$

(10,411

)

 

$

2,862

 

 

$

4,082

 

 

$

26,037

 

 

$

19,226

 

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

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

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

 

$

(13,401

)

 

$

265

 

 

$

2,586

 

 

$

7,066

 

 

$

9,921

 

Cash paid for deferred drydock and survey costs

 

 

(12,612

)

 

 

(9,894

)

 

 

(10,617

)

 

 

(4,049

)

 

 

(2,722

)

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

 

$

(26,013

)

 

$

(9,629

)

 

$

(8,031

)

 

$

3,017

 

 

$

7,199

 

 

Contacts

Tidewater Inc.

West Gotcher

Vice President, Finance and Investor Relations

+1.713.470.5285

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