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Tidewater Reports Results for the Three and Nine Months Ended September 30, 2022

  • Reported positive net income for the first quarterly period since 2017
  • Revenue of $191.8 million increased 17% compared to the second quarter of 2022
  • Vessel level cash margin of 40.6% compared to 38.2% in the second quarter of 2022
  • Adjusted EBITDA of $52.1 million compared to $39.1 million in the second quarter of 2022
  • Free cash flow of $21.9 million compared to negative $14.9 million in the second quarter of 2022
  • Total fleet utilization of 77.8% compared to 75.5% in the second quarter of 2022
  • Active fleet utilization of 83.7% compared to 82.5% in the second quarter of 2022
  • Average active vessels of 181 compared to 172 in the second quarter of 2022

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2022 of $191.8 million and $460.9 million, respectively, compared with $92.4 million and $265.9 million, respectively, for the three and nine months ended September 30, 2021. Tidewater's net income (losses) for the three and nine months ended September 30, 2022, were $5.4 million ($0.10 per common share) and $(32.4) million ($0.76 per common share), respectively, compared with $(26.3) million ($0.64 per common share) and $(91.0) million ($2.22 per common share), respectively, for the three and nine months ended September 30, 2021. Included in the net income for the three months ended September 30, 2022 were merger and severance expenses of $4.3 million and long-lived asset impairment and other of $1.2 million. Included in the net losses for the nine months ended September 30, 2022 were long-lived asset impairment and other of $0.7 million; gain on bargain purchase of $1.3 million; loss on warrants of $14.2 million and merger and severance expenses of $14.0 million. Excluding these items, we would have reported a net income for the three months ended September 30, 2022 of $10.9 million ($0.21 per common share) and net loss for the nine months ended September 30, 2022 of $4.8 million ($0.11 per common share). Included in the net losses for the three and nine months ended September 30, 2021 were long-lived asset impairments, affiliate credit loss credit, and severance expenses of $2.3 and $2.1 million, respectively. Excluding these items, we would have reported a net loss for the three and nine months ended September 30, 2021 of $24.0 million ($0.58 per common share) and $88.9 million ($2.17 per common share), respectively.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Our third quarter performance reinforces our previous commentary that the offshore vessel industry had reached an inflection point. Revenue improved by 17% sequentially, partly driven by a full quarter of the Swire Pacific Offshore (SPO) acquisition. Active utilization increased from 82.5% in the second quarter of 2022 to 83.7% and our average day rate, despite a material strengthening of the U.S. dollar, improved by nearly $1,100 per day sequentially, or approximately 8.5%. The combined improvement in utilization and average day rate provided an approximately 11.5% improvement in revenue per average active vessel. Vessel level cash margin improved to nearly 41%, up 240 basis points. It is also worth mentioning that we generated net income during the third quarter, the first quarterly net income since emergence from bankruptcy in 2017, which represents a satisfying milestone in the continued recovery of our business.

“Along with the increase in revenue throughout the first half of this year we also saw an increase in working capital, which is expected during such a period. We are pleased to report that the investment in working capital moderated in the third quarter. In fact, although revenue increased 17% sequentially, our trade accounts receivable balance decreased from the second quarter. The improvement in working capital management combined with our improved profitability provided free cash flow of $21.9 million during the third quarter, representing a sequential improvement in free cash flow of $36.8 million.

“We continue to see day rate momentum across all of our regions, led by Asia Pacific, Europe and Mediterranean and West Africa. Asia Pacific and Europe and Mediterranean regions both benefitted from a strong anchor handling market as favorable conditions and robust drilling activity pushed day rates up to some of the highest levels ever realized in the North Sea. Moving forward, we do expect that the typical industry seasonality will moderate the day rates for the larger anchor handlers over the next two quarters, but the drilling activity driving the demand we saw for these vessels over the past summer will recur in 2023.

“As it pertains to synergies associated with the SPO transaction, we continue to work through our integration plan and have continued to hit internal milestones on our way to realizing our synergy targets. We remain confident that we will realize the $45.0 million of synergies contemplated in the transaction. We expect to realize the full run-rate of general and administrative synergies during the first quarter of 2023 and the full benefit of our operating expense synergy during the latter part of 2023.

“As we look forward to the remainder of 2022 and 2023, we remain confident that the fundamentals for the offshore vessel market will remain robust. The safety of our people and of our operations remains a critical focus for us as this robust activity unfolds, and we remain steadfast in our dedication to being the safest and most reliable offshore support vessel operator in the world.”

In addition to the number of outstanding shares, as of September 30, 2022, the company also has the following in-the-money warrants.

Common shares outstanding

 

 

46,494,323

 

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

 

 

119,215

 

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

 

 

185,126

 

SPO acquisition warrants (strike price $0.001 per common share)

 

 

4,003,299

 

Total

 

 

50,801,963

 

Tidewater will hold a conference call to discuss results for the three and nine months ending September 30, 2022 on November 4, 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 Conference ID: 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 November 4, 2022 and will continue until 11:59 p.m. Central Time on December 4, 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 September 30, 2022 and December 31, 2021; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and nine months ended September 30, 2022 and 2021; and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021. Extracts are drawn from the September 30, 2022 unaudited quarterly and year to date financial statements and the December 31, 2021 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

In conjunction with the acquisition of Swire Pacific Offshore (SPO), we realigned our reportable segments to better reflect the post-acquisition operating environment. The previous Middle East/Asia Pacific segment has been split into the Middle East segment and the Asia Pacific segment. Our previous operations in Southeast Asia and Australia, along with the legacy SPO operations in the Asia Pacific region, now form the new Asia Pacific segment. Our segment disclosures reflect the current segment alignment for all periods presented.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, except per share data)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

2022

 

 

September 30,

2021

 

 

September 30,

2022

 

 

September 30,

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

190,247

 

 

$

91,634

 

 

$

456,298

 

 

$

261,141

 

Other operating revenues

 

 

1,515

 

 

 

767

 

 

 

4,640

 

 

 

4,717

 

Total revenues

 

 

191,762

 

 

 

92,401

 

 

 

460,938

 

 

 

265,858

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

113,037

 

 

 

65,344

 

 

 

281,805

 

 

 

190,627

 

Costs of other operating revenues

 

 

592

 

 

 

355

 

 

 

1,436

 

 

 

2,003

 

General and administrative

 

 

27,267

 

 

 

18,045

 

 

 

73,288

 

 

 

50,875

 

Depreciation and amortization

 

 

30,856

 

 

 

27,980

 

 

 

89,279

 

 

 

86,256

 

Long-lived asset impairment and other

 

 

1,214

 

 

 

2,167

 

 

 

714

 

 

 

2,167

 

Affiliate credit loss impairment credit

 

 

 

 

 

 

 

 

 

 

 

(1,000

)

(Gain) loss on asset dispositions, net

 

 

(264

)

 

 

74

 

 

 

826

 

 

 

2,954

 

Total costs and expenses

 

 

172,702

 

 

 

113,965

 

 

 

447,348

 

 

 

333,882

 

Operating income (loss)

 

 

19,060

 

 

 

(21,564

)

 

 

13,590

 

 

 

(68,024

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange loss

 

 

(3,997

)

 

 

(523

)

 

 

(4,932

)

 

 

(951

)

Equity in net earnings (losses) of unconsolidated companies

 

 

9

 

 

 

100

 

 

 

(235

)

 

 

(1,697

)

Interest income and other, net

 

 

581

 

 

 

148

 

 

 

4,416

 

 

 

179

 

Loss on warrants

 

 

 

 

 

 

 

 

(14,175

)

 

 

 

Interest and other debt costs, net

 

 

(4,391

)

 

 

(3,681

)

 

 

(12,850

)

 

 

(12,166

)

Total other expense

 

 

(7,798

)

 

 

(3,956

)

 

 

(27,776

)

 

 

(14,635

)

Income (loss) before income taxes

 

 

11,262

 

 

 

(25,520

)

 

 

(14,186

)

 

 

(82,659

)

Income tax expense

 

 

6,352

 

 

 

887

 

 

 

18,189

 

 

 

8,922

 

Net income (loss)

 

 

4,910

 

 

 

(26,407

)

 

 

(32,375

)

 

 

(91,581

)

Less: Net loss attributable to noncontrolling interests

 

 

(470

)

 

 

(149

)

 

 

(6

)

 

 

(546

)

Net income (loss) attributable to Tidewater Inc.

 

$

5,380

 

 

$

(26,258

)

 

$

(32,369

)

 

$

(91,035

)

Basic income (loss) per common share

 

$

0.12

 

 

$

(0.64

)

 

$

(0.76

)

 

$

(2.22

)

Diluted income (loss) per common share

 

$

0.10

 

 

$

(0.64

)

 

$

(0.76

)

 

$

(2.22

)

Weighted average common shares outstanding

 

 

44,451

 

 

 

41,132

 

 

 

42,570

 

 

 

40,918

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

7,069

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

51,520

 

 

 

41,132

 

 

 

42,570

 

 

 

40,918

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

 

 

September 30, 2022

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

115,014

 

 

$

149,037

 

Restricted cash

 

 

4,965

 

 

 

1,240

 

Trade and other receivables, less allowance for credit losses of $2,568 and $1,948 at September 30, 2022 and December 31, 2021, respectively

 

 

181,646

 

 

 

86,503

 

Due from affiliates, less allowance for credit losses of $11,642 and $72,456 at September 30, 2022 and December 31, 2021, respectively

 

 

 

 

 

70,134

 

Marine operating supplies

 

 

20,764

 

 

 

12,606

 

Assets held for sale

 

 

6,815

 

 

 

14,421

 

Prepaid expenses and other current assets

 

 

17,509

 

 

 

8,731

 

Total current assets

 

 

346,713

 

 

 

342,672

 

Net properties and equipment

 

 

815,990

 

 

 

688,040

 

Deferred drydocking and survey costs

 

 

57,877

 

 

 

40,734

 

Indemnification assets

 

 

30,117

 

 

 

 

Other assets

 

 

32,364

 

 

 

24,334

 

Total assets

 

$

1,283,061

 

 

$

1,095,780

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

31,829

 

 

$

20,788

 

Accrued costs and expenses

 

 

105,945

 

 

 

51,734

 

Due to affiliates

 

 

 

 

 

61,555

 

Other current liabilities

 

 

46,629

 

 

 

23,865

 

Total current liabilities

 

 

184,403

 

 

 

157,942

 

Long-term debt

 

 

168,649

 

 

 

167,885

 

Other liabilities and deferred credits

 

 

82,910

 

 

 

68,184

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock

 

 

46

 

 

 

41

 

Additional paid-in-capital

 

 

1,555,388

 

 

 

1,376,494

 

Accumulated deficit

 

 

(710,269

)

 

 

(677,900

)

Accumulated other comprehensive loss

 

 

1,474

 

 

 

2,668

 

Total stockholders' equity

 

 

846,639

 

 

 

701,303

 

Noncontrolling interests

 

 

460

 

 

 

466

 

Total equity

 

 

847,099

 

 

 

701,769

 

Total liabilities and equity

 

$

1,283,061

 

 

$

1,095,780

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In Thousands)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

2022

 

 

September 30,

2021

 

 

September 30,

2022

 

 

September 30,

2021

 

Net income (loss)

 

$

4,910

 

 

$

(26,407

)

 

$

(32,375

)

 

$

(91,581

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on note receivable

 

 

(429

)

 

 

 

 

 

(1,275

)

 

 

 

Change in liability of pension plans

 

 

140

 

 

 

(207

)

 

 

81

 

 

 

(485

)

Total comprehensive income (loss)

 

$

4,621

 

 

$

(26,614

)

 

$

(33,569

)

 

$

(92,066

)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

 

 

Nine Months

 

 

Nine Months

 

 

 

Ended

 

 

Ended

 

 

 

September 30, 2022

 

 

September 30, 2021

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(32,375

)

 

$

(91,581

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

62,539

 

 

 

54,605

 

Amortization of deferred drydocking and survey costs

 

 

26,740

 

 

 

31,651

 

Amortization of debt premiums and discounts

 

 

1,157

 

 

 

2,662

 

Provision for deferred income taxes

 

 

134

 

 

 

167

 

Loss on asset dispositions, net

 

 

826

 

 

 

2,954

 

Gain on bargain purchase

 

 

(1,300

)

 

 

 

Loss on debt extinguishment

 

 

 

 

 

59

 

Affiliate credit loss impairment credit

 

 

 

 

 

(1,000

)

Long-lived asset impairment and other

 

 

714

 

 

 

2,167

 

Loss on warrants

 

 

14,175

 

 

 

 

Stock-based compensation expense

 

 

5,344

 

 

 

4,199

 

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

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(30,301

)

 

 

26,608

 

Changes in due to/from affiliate, net

 

 

(20

)

 

 

1,210

 

Accounts payable

 

 

9,364

 

 

 

1,061

 

Accrued expenses

 

 

(913

)

 

 

(473

)

Deferred drydocking and survey costs

 

 

(43,883

)

 

 

(17,388

)

Other, net

 

 

(17,315

)

 

 

(8,833

)

Net cash provided by (used in) operating activities

 

 

(5,114

)

 

 

8,068

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

8,475

 

 

 

33,956

 

Acquisitions, net of cash acquired

 

 

(20,740

)

 

 

 

Additions to properties and equipment

 

 

(11,708

)

 

 

(2,583

)

Net cash provided by (used in) investing activities

 

 

(23,973

)

 

 

31,373

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from stock offering

 

 

70,630

 

 

 

 

Repurchase of SPO acquisition warrants

 

 

(70,630

)

 

 

 

Principal payments on long-term debt

 

 

 

 

 

(39,259

)

Debt issuance and modification costs

 

 

(393

)

 

 

(855

)

Debt extinguishment premium

 

 

 

 

 

(59

)

Tax on share-based awards

 

 

(2,276

)

 

 

(793

)

Net cash used in financing activities

 

 

(2,669

)

 

 

(40,966

)

Net change in cash, cash equivalents and restricted cash

 

 

(31,756

)

 

 

(1,525

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

154,276

 

 

 

155,225

 

Cash, cash equivalents and restricted cash at end of period

 

$

122,520

 

 

$

153,700

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

7,979

 

 

$

10,083

 

Income taxes

 

$

16,143

 

 

$

14,735

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

Acquisition of SPO

 

$

162,648

 

 

$

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

Warrants issued for SPO acquisition

 

$

162,648

 

 

$

 

Repurchase of SPO acquisition warrants

 

$

992

 

 

$

 

Note:  Cash, cash equivalents and restricted cash at September 30, 2022 includes $2.5 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In Thousands)

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

deficit

 

 

income (loss)

 

 

interest

 

 

Total

 

Balance at June 30, 2022

 

$

42

 

 

$

1,554,561

 

 

$

(715,649

)

 

$

1,763

 

 

$

930

 

 

$

841,647

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

5,380

 

 

 

(289

)

 

 

(470

)

 

 

4,621

 

Issuance of common stock

 

 

4

 

 

 

72,253

 

 

 

 

 

 

 

 

 

 

 

 

72,257

 

Repurchase of SPO acquisition warrants

 

 

 

 

 

(73,249

)

 

 

 

 

 

 

 

 

 

 

 

(73,249

)

Amortization of share-based awards

 

 

 

 

 

1,823

 

 

 

 

 

 

 

 

 

 

 

 

1,823

 

Balance at September 30, 2022

 

$

46

 

 

$

1,555,388

 

 

$

(710,269

)

 

$

1,474

 

 

$

460

 

 

$

847,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2021

 

$

41

 

 

$

1,373,727

 

 

$

(613,708

)

 

$

(1,082

)

 

$

760

 

 

$

759,738

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(26,258

)

 

 

(207

)

 

 

(149

)

 

 

(26,614

)

Amortization of share-based awards

 

 

 

 

 

1,488

 

 

 

 

 

 

 

 

 

 

 

 

1,488

 

Balance at September 30, 2021

 

$

41

 

 

$

1,375,215

 

 

$

(639,966

)

 

$

(1,289

)

 

$

611

 

 

$

734,612

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

deficit

 

 

income (loss)

 

 

interest

 

 

Total

 

Balance at December 31, 2021

 

$

41

 

 

$

1,376,494

 

 

$

(677,900

)

 

$

2,668

 

 

$

466

 

 

$

701,769

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

(32,369

)

 

 

(1,194

)

 

 

(6

)

 

 

(33,569

)

Issuance of common stock

 

 

5

 

 

 

72,252

 

 

 

 

 

 

 

 

 

 

 

 

72,257

 

SPO acquisition warrants

 

 

 

 

 

176,823

 

 

 

 

 

 

 

 

 

 

 

 

176,823

 

Repurchase of SPO acquisition warrants

 

 

 

 

 

(73,249

)

 

 

 

 

 

 

 

 

 

 

 

(73,249

)

Amortization of share-based awards

 

 

 

 

 

3,068

 

 

 

 

 

 

 

 

 

 

 

 

3,068

 

Balance at September 30, 2022

 

$

46

 

 

$

1,555,388

 

 

$

(710,269

)

 

$

1,474

 

 

$

460

 

 

$

847,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

$

41

 

 

$

1,371,809

 

 

$

(548,931

)

 

$

(804

)

 

$

1,157

 

 

$

823,272

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(91,035

)

 

 

(485

)

 

 

(546

)

 

 

(92,066

)

Amortization of share-based awards

 

 

 

 

 

3,406

 

 

 

 

 

 

 

 

 

 

 

 

3,406

 

Balance at September 30, 2021

 

$

41

 

 

$

1,375,215

 

 

$

(639,966

)

 

$

(1,289

)

 

$

611

 

 

$

734,612

 

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

 

 

Nine Months Ended

 

 

 

September 30, 2022

 

 

September 30, 2021

 

 

September 30, 2022

 

 

September 30, 2021

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

39,122

 

 

 

21

%

 

$

24,564

 

 

 

27

%

 

$

105,086

 

 

 

23

%

 

$

74,269

 

 

 

29

%

Asia Pacific

 

 

23,902

 

 

 

12

%

 

 

4,786

 

 

 

5

%

 

 

45,161

 

 

 

10

%

 

 

13,228

 

 

 

5

%

Middle East

 

 

31,186

 

 

 

16

%

 

 

20,847

 

 

 

23

%

 

 

79,800

 

 

 

17

%

 

 

62,447

 

 

 

24

%

Europe/Mediterranean

 

 

39,702

 

 

 

21

%

 

 

21,197

 

 

 

23

%

 

 

96,096

 

 

 

21

%

 

 

58,413

 

 

 

22

%

West Africa

 

 

56,335

 

 

 

30

%

 

 

20,240

 

 

 

22

%

 

 

130,155

 

 

 

29

%

 

 

52,784

 

 

 

20

%

Total vessel revenues

 

$

190,247

 

 

 

100

%

 

$

91,634

 

 

 

100

%

 

$

456,298

 

 

 

100

%

 

$

261,141

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

71,189

 

 

 

37

%

 

$

35,609

 

 

 

39

%

 

$

172,665

 

 

 

38

%

 

$

108,456

 

 

 

42

%

Repair and maintenance

 

 

13,544

 

 

 

7

%

 

 

10,497

 

 

 

11

%

 

 

36,482

 

 

 

8

%

 

 

29,468

 

 

 

11

%

Insurance

 

 

1,988

 

 

 

1

%

 

 

812

 

 

 

1

%

 

 

4,738

 

 

 

1

%

 

 

1,298

 

 

 

1

%

Fuel, lube and supplies

 

 

12,291

 

 

 

7

%

 

 

6,751

 

 

 

7

%

 

 

30,888

 

 

 

7

%

 

 

19,152

 

 

 

7

%

Other

 

 

14,025

 

 

 

7

%

 

 

11,675

 

 

 

13

%

 

 

37,032

 

 

 

8

%

 

 

32,253

 

 

 

12

%

Total vessel operating costs

 

 

113,037

 

 

 

59

%

 

 

65,344

 

 

 

71

%

 

 

281,805

 

 

 

62

%

 

 

190,627

 

 

 

73

%

Vessel operating margin (A)

 

$

77,210

 

 

 

41

%

 

$

26,290

 

 

 

29

%

 

$

174,493

 

 

 

38

%

 

$

70,514

 

 

 

27

%

Note (A):  Vessel operating margin equals vessel revenues less vessel operating costs.

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

 

 

Nine Months Ended

 

 

 

September 30, 2022

 

 

September 30, 2021

 

 

September 30, 2022

 

 

September 30, 2021

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

2,952

 

 

 

2

%

 

$

(1,770

)

 

 

(2

)%

 

$

8,800

 

 

 

2

%

 

$

(8,361

)

 

 

(3

)%

Asia Pacific

 

 

3,260

 

 

 

2

%

 

 

1,357

 

 

 

1

%

 

 

4,534

 

 

 

1

%

 

 

3,023

 

 

 

1

%

Middle East

 

 

605

 

 

 

0

%

 

 

(2,070

)

 

 

(2

)%

 

 

(1,585

)

 

 

(0

)%

 

 

(5,323

)

 

 

(2

)%

Europe/Mediterranean

 

 

13,137

 

 

 

7

%

 

 

(2,866

)

 

 

(3

)%

 

 

14,970

 

 

 

3

%

 

 

(12,873

)

 

 

(5

)%

West Africa

 

 

12,322

 

 

 

6

%

 

 

(3,724

)

 

 

(4

)%

 

 

24,807

 

 

 

5

%

 

 

(15,846

)

 

 

(6

)%

Other operating profit

 

 

922

 

 

 

0

%

 

 

412

 

 

 

0

%

 

 

3,204

 

 

 

1

%

 

 

2,714

 

 

 

1

%

 

 

 

33,198

 

 

 

17

%

 

 

(8,661

)

 

 

(9

)%

 

 

54,730

 

 

 

12

%

 

 

(36,666

)

 

 

(14

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(13,188

)

 

 

(7

)%

 

 

(10,662

)

 

 

(12

)%

 

 

(39,600

)

 

 

(9

)%

 

 

(27,237

)

 

 

(10

)%

Gain (loss) on asset dispositions, net

 

 

264

 

 

 

0

%

 

 

(74

)

 

 

(0

)%

 

 

(826

)

 

 

(0

)%

 

 

(2,954

)

 

 

(1

)%

Affiliate credit loss impairment credit

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

1,000

 

 

 

0

%

Long-lived asset impairments and other

 

 

(1,214

)

 

 

0

%

 

 

(2,167

)

 

 

(2

)%

 

 

(714

)

 

 

(0

)%

 

 

(2,167

)

 

 

(1

)%

Operating income (loss)

 

$

19,060

 

 

 

10

%

 

$

(21,564

)

 

 

(23

)%

 

$

13,590

 

 

 

3

%

 

$

(68,024

)

 

 

(26

)%

Note (A):  General and administrative expenses for the three months and nine months ended September 30, 2022 include stock-based compensation of $1.9 million and $5.3 million, respectively. General and administrative expenses for the three and nine months ended September 30, 2021 include stock-based compensation of $1.5 million and $4.2 million, respectively. In addition, vessel operating and general and administrative costs for the three months and nine months ended September 30, 2022, include $4.3 million and $14.0 million in one-time acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and nine months ended September 30, 2021, include $0.1 million and $1.0 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

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

190,247

 

 

$

162,175

 

 

$

103,876

 

 

$

100,428

 

 

$

91,634

 

Other operating revenues

 

 

1,515

 

 

 

1,272

 

 

 

1,853

 

 

 

4,747

 

 

 

767

 

Total revenues

 

 

191,762

 

 

 

163,447

 

 

 

105,729

 

 

 

105,175

 

 

 

92,401

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

113,037

 

 

 

100,257

 

 

 

68,511

 

 

 

71,187

 

 

 

65,344

 

Costs of other operating revenue

 

 

592

 

 

 

483

 

 

 

361

 

 

 

228

 

 

 

355

 

General and administrative (A)

 

 

27,267

 

 

 

27,804

 

 

 

18,217

 

 

 

17,641

 

 

 

18,045

 

Depreciation and amortization

 

 

30,856

 

 

 

31,766

 

 

 

26,657

 

 

 

28,288

 

 

 

27,980

 

Long-lived asset impairment (credit)

 

 

1,214

 

 

 

 

 

 

(500

)

 

 

13,476

 

 

 

2,167

 

Affiliate credit loss impairment expense

 

 

 

 

 

 

 

 

 

 

 

1,400

 

 

 

 

(Gain) loss on asset dispositions, net

 

 

(264

)

 

 

1,297

 

 

 

(207

)

 

 

(53

)

 

 

74

 

Total operating costs and expenses

 

 

172,702

 

 

 

161,607

 

 

 

113,039

 

 

 

132,167

 

 

 

113,965

 

Operating income (loss)

 

 

19,060

 

 

 

1,840

 

 

 

(7,310

)

 

 

(26,992

)

 

 

(21,564

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(3,997

)

 

 

(1,881

)

 

 

946

 

 

 

582

 

 

 

(523

)

Equity in net earnings (losses) of unconsolidated companies

 

 

9

 

 

 

(244

)

 

 

 

 

 

(1,625

)

 

 

100

 

Interest income and other, net

 

 

581

 

 

 

349

 

 

 

3,486

 

 

 

1,426

 

 

 

148

 

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

(11,100

)

 

 

 

Loss on warrants

 

 

 

 

 

(14,175

)

 

 

 

 

 

 

 

 

 

Interest and other debt costs, net

 

 

(4,391

)

 

 

(4,284

)

 

 

(4,175

)

 

 

(3,417

)

 

 

(3,681

)

Total other expense

 

 

(7,798

)

 

 

(20,235

)

 

 

257

 

 

 

(14,134

)

 

 

(3,956

)

Income (loss) before income taxes

 

 

11,262

 

 

 

(18,395

)

 

 

(7,053

)

 

 

(41,126

)

 

 

(25,520

)

Income tax (benefit) expense

 

 

6,352

 

 

 

6,619

 

 

 

5,218

 

 

 

(3,047

)

 

 

887

 

Net income (loss)

 

 

4,910

 

 

 

(25,014

)

 

 

(12,271

)

 

 

(38,079

)

 

 

(26,407

)

Net income (loss) attributable to noncontrolling interests

 

 

(470

)

 

 

567

 

 

 

(103

)

 

 

(145

)

 

 

(149

)

Net income (loss) attributable to Tidewater Inc.

 

$

5,380

 

 

$

(25,581

)

 

$

(12,168

)

 

$

(37,934

)

 

$

(26,258

)

Basic income (loss) per common share

 

$

0.12

 

 

$

(0.61

)

 

$

(0.29

)

 

$

(0.92

)

 

$

(0.64

)

Diluted income (loss) per common share

 

$

0.10

 

 

$

(0.61

)

 

$

(0.29

)

 

$

(0.92

)

 

$

(0.64

)

Weighted average common shares outstanding

 

 

44,451

 

 

 

41,814

 

 

 

41,412

 

 

 

41,280

 

 

 

41,132

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

7,069

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

51,520

 

 

 

41,814

 

 

 

41,412

 

 

 

41,280

 

 

 

41,132

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin

 

$

77,210

 

 

$

61,918

 

 

$

35,365

 

 

$

29,241

 

 

$

26,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

4,332

 

 

$

7,314

 

 

$

2,305

 

 

$

221

 

 

$

112

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

115,014

 

 

$

87,981

 

 

$

136,234

 

 

$

149,037

 

 

$

127,414

 

Restricted cash

 

 

4,965

 

 

 

1,240

 

 

 

4,958

 

 

 

1,240

 

 

 

24,092

 

Trade and other receivables, net

 

 

181,646

 

 

 

189,259

 

 

 

112,953

 

 

 

86,503

 

 

 

86,015

 

Due from affiliates, net

 

 

 

 

 

 

 

 

21,191

 

 

 

70,134

 

 

 

68,217

 

Marine operating supplies

 

 

20,764

 

 

 

21,182

 

 

 

13,252

 

 

 

12,606

 

 

 

13,335

 

Assets held for sale

 

 

6,815

 

 

 

6,862

 

 

 

8,591

 

 

 

14,421

 

 

 

17,891

 

Prepaid expenses and other current assets

 

 

17,509

 

 

 

23,259

 

 

 

12,012

 

 

 

8,731

 

 

 

13,129

 

Total current assets

 

 

346,713

 

 

 

329,783

 

 

 

309,191

 

 

 

342,672

 

 

 

350,093

 

Net properties and equipment

 

 

815,990

 

 

 

838,612

 

 

 

677,580

 

 

 

688,040

 

 

 

709,324

 

Deferred drydocking and survey costs

 

 

57,877

 

 

 

53,661

 

 

 

44,362

 

 

 

40,734

 

 

 

40,510

 

Indemnification assets

 

 

30,117

 

 

 

30,269

 

 

 

 

 

 

 

 

 

 

Other assets

 

 

32,364

 

 

 

30,410

 

 

 

22,997

 

 

 

24,334

 

 

 

23,146

 

Total assets

 

$

1,283,061

 

 

$

1,282,735

 

 

$

1,054,130

 

 

$

1,095,780

 

 

$

1,123,073

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

31,829

 

 

$

30,537

 

 

$

23,696

 

 

$

20,788

 

 

$

18,042

 

Accrued costs and expenses

 

 

105,945

 

 

 

109,212

 

 

 

55,141

 

 

 

51,734

 

 

 

52,133

 

Due to affiliates

 

 

 

 

 

 

 

 

21,191

 

 

 

61,555

 

 

 

59,571

 

Current portion of long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

140,995

 

Other current liabilities

 

 

46,629

 

 

 

47,872

 

 

 

25,471

 

 

 

23,865

 

 

 

29,139

 

Total current liabilities

 

 

184,403

 

 

 

187,621

 

 

 

125,499

 

 

 

157,942

 

 

 

299,880

 

Long-term debt

 

 

168,649

 

 

 

168,279

 

 

 

167,997

 

 

 

167,885

 

 

 

14,139

 

Other liabilities and deferred credits

 

 

82,910

 

 

 

85,188

 

 

 

70,892

 

 

 

68,184

 

 

 

74,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

46

 

 

 

42

 

 

 

42

 

 

 

41

 

 

 

41

 

Additional paid-in-capital

 

 

1,555,388

 

 

 

1,554,561

 

 

 

1,376,934

 

 

 

1,376,494

 

 

 

1,375,215

 

Accumulated deficit

 

 

(710,269

)

 

 

(715,649

)

 

 

(690,068

)

 

 

(677,900

)

 

 

(639,966

)

Accumulated other comprehensive income (loss)

 

 

1,474

 

 

 

1,763

 

 

 

2,471

 

 

 

2,668

 

 

 

(1,289

)

Total stockholders' equity

 

 

846,639

 

 

 

840,717

 

 

 

689,379

 

 

 

701,303

 

 

 

734,001

 

Noncontrolling interests

 

 

460

 

 

 

930

 

 

 

363

 

 

 

466

 

 

 

611

 

Total equity

 

 

847,099

 

 

 

841,647

 

 

 

689,742

 

 

 

701,769

 

 

 

734,612

 

Total liabilities and equity

 

$

1,283,061

 

 

$

1,282,735

 

 

$

1,054,130

 

 

$

1,095,780

 

 

$

1,123,073

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonatide (Angola)

 

$

 

 

$

 

 

$

 

 

$

8,579

 

 

$

8,646

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

$

15,676

 

 

$

15,204

 

 

$

9,462

 

 

$

10,491

 

 

$

8,447

 

PSV < 900

 

 

16,460

 

 

 

15,470

 

 

 

14,628

 

 

 

14,261

 

 

 

11,217

 

AHTS > 16K

 

 

3,429

 

 

 

2,390

 

 

 

971

 

 

 

409

 

 

 

1,633

 

AHTS 8 - 16K

 

 

1,601

 

 

 

1,130

 

 

 

774

 

 

 

683

 

 

 

890

 

AHTS 4 - 8K

 

 

1,185

 

 

 

1,438

 

 

 

1,472

 

 

 

875

 

 

 

1,214

 

Other

 

 

771

 

 

 

1,888

 

 

 

1,137

 

 

 

1,163

 

 

 

1,163

 

Total

 

 

39,122

 

 

 

37,520

 

 

 

28,444

 

 

 

27,882

 

 

 

24,564

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

10,896

 

 

 

7,258

 

 

 

3,923

 

 

 

3,951

 

 

 

3,899

 

PSV < 900

 

 

3,891

 

 

 

3,006

 

 

 

 

 

 

 

 

 

 

AHTS > 16K

 

 

3,128

 

 

 

1,504

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

4,333

 

 

 

2,940

 

 

 

 

 

 

 

 

 

 

AHTS 4 - 8K

 

 

1,605

 

 

 

1,433

 

 

 

974

 

 

 

963

 

 

 

887

 

Other

 

 

49

 

 

 

221

 

 

 

 

 

 

 

 

 

 

Total

 

 

23,902

 

 

 

16,362

 

 

 

4,897

 

 

 

4,914

 

 

 

4,786

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

2,771

 

 

 

2,814

 

 

 

1,183

 

 

 

1,203

 

 

 

1,130

 

PSV < 900

 

 

16,063

 

 

 

13,798

 

 

 

9,559

 

 

 

10,279

 

 

 

10,384

 

AHTS > 16K

 

 

2,350

 

 

 

1,750

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

3,397

 

 

 

3,808

 

 

 

4,137

 

 

 

4,076

 

 

 

3,592

 

AHTS 4 - 8K

 

 

6,605

 

 

 

6,226

 

 

 

5,339

 

 

 

6,390

 

 

 

5,741

 

Total

 

 

31,186

 

 

 

28,396

 

 

 

20,218

 

 

 

21,948

 

 

 

20,847

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

27,167

 

 

 

23,684

 

 

 

18,390

 

 

 

17,993

 

 

 

15,961

 

PSV < 900

 

 

7,092

 

 

 

6,868

 

 

 

5,375

 

 

 

4,351

 

 

 

5,076

 

AHTS > 16K

 

 

5,251

 

 

 

1,776

 

 

 

 

 

 

 

 

 

 

Other

 

 

192

 

 

 

147

 

 

 

154

 

 

 

157

 

 

 

160

 

Total

 

 

39,702

 

 

 

32,475

 

 

 

23,919

 

 

 

22,501

 

 

 

21,197

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

8,041

 

 

 

6,487

 

 

 

3,987

 

 

 

4,011

 

 

 

2,940

 

PSV < 900

 

 

18,249

 

 

 

13,801

 

 

 

8,499

 

 

 

8,076

 

 

 

6,815

 

AHTS > 16K

 

 

6,152

 

 

 

4,315

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

11,236

 

 

 

10,724

 

 

 

5,049

 

 

 

4,388

 

 

 

3,390

 

AHTS 4 - 8K

 

 

6,445

 

 

 

4,576

 

 

 

1,547

 

 

 

782

 

 

 

782

 

Other

 

 

6,212

 

 

 

7,519

 

 

 

7,316

 

 

 

5,926

 

 

 

6,313

 

Total

 

 

56,335

 

 

 

47,422

 

 

 

26,398

 

 

 

23,183

 

 

 

20,240

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

64,551

 

 

 

55,447

 

 

 

36,945

 

 

 

37,649

 

 

 

32,377

 

PSV < 900

 

 

61,755

 

 

 

52,943

 

 

 

38,061

 

 

 

36,967

 

 

 

33,492

 

AHTS > 16K

 

 

20,310

 

 

 

11,735

 

 

 

971

 

 

 

409

 

 

 

1,633

 

AHTS 8 - 16K

 

 

20,567

 

 

 

18,602

 

 

 

9,960

 

 

 

9,147

 

 

 

7,872

 

AHTS 4 - 8K

 

 

15,840

 

 

 

13,673

 

 

 

9,332

 

 

 

9,010

 

 

 

8,624

 

Other

 

 

7,224

 

 

 

9,775

 

 

 

8,607

 

 

 

7,246

 

 

 

7,636

 

Total

 

$

190,247

 

 

$

162,175

 

 

$

103,876

 

 

$

100,428

 

 

$

91,634

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

11

 

 

 

10

 

 

 

10

 

 

 

11

 

 

 

11

 

PSV < 900

 

 

17

 

 

 

17

 

 

 

17

 

 

 

17

 

 

 

17

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

1

 

AHTS 8 - 16K

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

AHTS 4 - 8K

 

 

2

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

Other

 

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

 

 

3

 

Total

 

 

34

 

 

 

34

 

 

 

34

 

 

 

35

 

 

 

36

 

Stacked vessels

 

 

(3

)

 

 

(5

)

 

 

(7

)

 

 

(9

)

 

 

(11

)

Active vessels

 

 

31

 

 

 

29

 

 

 

27

 

 

 

26

 

 

 

25

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

5

 

 

 

6

 

 

 

3

 

 

 

3

 

 

 

3

 

PSV < 900

 

 

2

 

 

 

2

 

 

 

 

 

 

 

 

 

 

AHTS > 16K

 

 

2

 

 

 

1

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

3

 

 

 

2

 

 

 

 

 

 

 

 

 

 

AHTS 4 - 8K

 

 

4

 

 

 

3

 

 

 

2

 

 

 

2

 

 

 

2

 

Other

 

 

1

 

 

 

5

 

 

 

 

 

 

 

 

 

 

Total

 

 

17

 

 

 

19

 

 

 

5

 

 

 

5

 

 

 

5

 

Stacked vessels

 

 

(2

)

 

 

(1

)

 

 

 

 

 

 

 

 

 

Active vessels

 

 

15

 

 

 

18

 

 

 

5

 

 

 

5

 

 

 

5

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

2

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

1

 

PSV < 900

 

 

20

 

 

 

19

 

 

 

14

 

 

 

14

 

 

 

14

 

AHTS > 16K

 

 

2

 

 

 

1

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

5

 

 

 

6

 

 

 

5

 

 

 

5

 

 

 

5

 

AHTS 4 - 8K

 

 

13

 

 

 

13

 

 

 

13

 

 

 

13

 

 

 

13

 

Total

 

 

42

 

 

 

41

 

 

 

33

 

 

 

33

 

 

 

33

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

Active vessels

 

 

42

 

 

 

41

 

 

 

33

 

 

 

32

 

 

 

32

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

19

 

 

 

19

 

 

 

19

 

 

 

18

 

 

 

18

 

PSV < 900

 

 

6

 

 

 

7

 

 

 

9

 

 

 

10

 

 

 

10

 

AHTS > 16K

 

 

1

 

 

 

1

 

 

 

 

 

 

 

 

 

 

Total

 

 

26

 

 

 

27

 

 

 

28

 

 

 

28

 

 

 

28

 

Stacked vessels

 

 

 

 

 

(2

)

 

 

(4

)

 

 

(5

)

 

 

(7

)

Active vessels

 

 

26

 

 

 

25

 

 

 

24

 

 

 

23

 

 

 

21

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

6

 

 

 

4

 

 

 

3

 

 

 

3

 

 

 

3

 

PSV < 900

 

 

18

 

 

 

15

 

 

 

12

 

 

 

13

 

 

 

14

 

AHTS > 16K

 

 

4

 

 

 

3

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

12

 

 

 

10

 

 

 

5

 

 

 

6

 

 

 

6

 

AHTS 4 - 8K

 

 

8

 

 

 

6

 

 

 

3

 

 

 

3

 

 

 

4

 

Other

 

 

28

 

 

 

29

 

 

 

29

 

 

 

27

 

 

 

28

 

Total

 

 

76

 

 

 

67

 

 

 

52

 

 

 

52

 

 

 

55

 

Stacked vessels

 

 

(9

)

 

 

(8

)

 

 

(10

)

 

 

(13

)

 

 

(19

)

Active vessels

 

 

67

 

 

 

59

 

 

 

42

 

 

 

39

 

 

 

36

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

43

 

 

 

41

 

 

 

36

 

 

 

36

 

 

 

36

 

PSV < 900

 

 

63

 

 

 

60

 

 

 

52

 

 

 

54

 

 

 

55

 

AHTS > 16K

 

 

11

 

 

 

8

 

 

 

1

 

 

 

1

 

 

 

1

 

AHTS 8 - 16K

 

 

21

 

 

 

19

 

 

 

11

 

 

 

12

 

 

 

12

 

AHTS 4 - 8K

 

 

27

 

 

 

25

 

 

 

21

 

 

 

21

 

 

 

22

 

Other

 

 

30

 

 

 

35

 

 

 

31

 

 

 

29

 

 

 

31

 

Total

 

 

195

 

 

 

188

 

 

 

152

 

 

 

153

 

 

 

157

 

Stacked vessels

 

 

(14

)

 

 

(16

)

 

 

(21

)

 

 

(28

)

 

 

(38

)

Active vessels

 

 

181

 

 

 

172

 

 

 

131

 

 

 

125

 

 

 

119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

181

 

 

 

172

 

 

 

131

 

 

 

125

 

 

 

119

 

Total stacked

 

 

14

 

 

 

16

 

 

 

21

 

 

 

28

 

 

 

38

 

Total joint venture

 

 

1

 

 

 

1

 

 

 

1

 

 

 

3

 

 

 

3

 

Total

 

 

196

 

 

 

189

 

 

 

153

 

 

 

156

 

 

 

160

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,012

 

 

 

943

 

 

 

900

 

 

 

981

 

 

 

1,012

 

PSV < 900

 

 

1,564

 

 

 

1,547

 

 

 

1,530

 

 

 

1,564

 

 

 

1,564

 

AHTS > 16K

 

 

184

 

 

 

152

 

 

 

90

 

 

 

92

 

 

 

92

 

AHTS 8 - 16K

 

 

122

 

 

 

91

 

 

 

90

 

 

 

92

 

 

 

92

 

AHTS 4 - 8K

 

 

184

 

 

 

246

 

 

 

270

 

 

 

276

 

 

 

276

 

Other

 

 

92

 

 

 

121

 

 

 

145

 

 

 

184

 

 

 

244

 

Total

 

 

3,158

 

 

 

3,100

 

 

 

3,025

 

 

 

3,189

 

 

 

3,280

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

460

 

 

 

507

 

 

 

270

 

 

 

276

 

 

 

276

 

PSV < 900

 

 

184

 

 

 

183

 

 

 

 

 

 

 

 

 

 

AHTS > 16K

 

 

184

 

 

 

122

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

276

 

 

 

183

 

 

 

 

 

 

 

 

 

 

AHTS 4 - 8K

 

 

368

 

 

 

304

 

 

 

180

 

 

 

184

 

 

 

184

 

Other

 

 

92

 

 

 

453

 

 

 

 

 

 

 

 

 

 

Total

 

 

1,564

 

 

 

1,752

 

 

 

450

 

 

 

460

 

 

 

460

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

123

 

 

 

152

 

 

 

90

 

 

 

92

 

 

 

92

 

PSV < 900

 

 

1,840

 

 

 

1,700

 

 

 

1,269

 

 

 

1,288

 

 

 

1,288

 

AHTS > 16K

 

 

184

 

 

 

122

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

465

 

 

 

546

 

 

 

458

 

 

 

460

 

 

 

460

 

AHTS 4 - 8K

 

 

1,217

 

 

 

1,183

 

 

 

1,170

 

 

 

1,196

 

 

 

1,196

 

Total

 

 

3,829

 

 

 

3,703

 

 

 

2,987

 

 

 

3,036

 

 

 

3,036

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,748

 

 

 

1,729

 

 

 

1,710

 

 

 

1,687

 

 

 

1,692

 

PSV < 900

 

 

552

 

 

 

696

 

 

 

826

 

 

 

920

 

 

 

920

 

AHTS > 16K

 

 

92

 

 

 

61

 

 

 

 

 

 

 

 

 

 

Total

 

 

2,392

 

 

 

2,486

 

 

 

2,536

 

 

 

2,607

 

 

 

2,612

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

613

 

 

 

406

 

 

 

270

 

 

 

276

 

 

 

276

 

PSV < 900

 

 

1,656

 

 

 

1,367

 

 

 

1,103

 

 

 

1,196

 

 

 

1,258

 

AHTS > 16K

 

 

368

 

 

 

244

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

1,074

 

 

 

882

 

 

 

470

 

 

 

552

 

 

 

552

 

AHTS 4 - 8K

 

 

736

 

 

 

548

 

 

 

255

 

 

 

276

 

 

 

367

 

Other

 

 

2,582

 

 

 

2,639

 

 

 

2,610

 

 

 

2,484

 

 

 

2,604

 

Total

 

 

7,029

 

 

 

6,086

 

 

 

4,708

 

 

 

4,784

 

 

 

5,057

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

3,956

 

 

 

3,737

 

 

 

3,240

 

 

 

3,312

 

 

 

3,348

 

PSV < 900

 

 

5,796

 

 

 

5,493

 

 

 

4,728

 

 

 

4,968

 

 

 

5,030

 

AHTS > 16K

 

 

1,012

 

 

 

701

 

 

 

90

 

 

 

92

 

 

 

92

 

AHTS 8 - 16K

 

 

1,937

 

 

 

1,702

 

 

 

1,018

 

 

 

1,104

 

 

 

1,104

 

AHTS 4 - 8K

 

 

2,505

 

 

 

2,281

 

 

 

1,875

 

 

 

1,932

 

 

 

2,023

 

Other

 

 

2,766

 

 

 

3,213

 

 

 

2,755

 

 

 

2,668

 

 

 

2,848

 

Total

 

 

17,972

 

 

 

17,127

 

 

 

13,706

 

 

 

14,076

 

 

 

14,445

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

OUT-OF-SERVICE - STACKED DAYS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

 

 

 

155

 

 

 

180

 

 

 

271

 

 

 

354

 

PSV < 900

 

 

276

 

 

 

273

 

 

 

270

 

 

 

350

 

 

 

460

 

AHTS 4 - 8K

 

 

 

 

 

64

 

 

 

90

 

 

 

92

 

 

 

92

 

Other

 

 

 

 

 

 

 

 

55

 

 

 

92

 

 

 

152

 

Total

 

 

276

 

 

 

492

 

 

 

595

 

 

 

805

 

 

 

1,058

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AHTS 4 - 8K

 

 

61

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

92

 

 

 

61

 

 

 

 

 

 

 

 

 

 

Total

 

 

153

 

 

 

61

 

 

 

 

 

 

 

 

 

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV < 900

 

 

 

 

 

 

 

 

25

 

 

 

92

 

 

 

92

 

Total

 

 

 

 

 

 

 

 

25

 

 

 

92

 

 

 

92

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

 

 

 

 

 

 

90

 

 

 

106

 

 

 

273

 

PSV < 900

 

 

 

 

 

150

 

 

 

286

 

 

 

368

 

 

 

368

 

Total

 

 

 

 

 

150

 

 

 

376

 

 

 

474

 

 

 

641

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

PSV < 900

 

 

 

 

 

18

 

 

 

203

 

 

 

307

 

 

 

492

 

AHTS 8 - 16K

 

 

 

 

 

 

 

 

20

 

 

 

92

 

 

 

123

 

AHTS 4 - 8K

 

 

92

 

 

 

56

 

 

 

75

 

 

 

106

 

 

 

275

 

Other

 

 

747

 

 

 

678

 

 

 

630

 

 

 

690

 

 

 

839

 

Total

 

 

839

 

 

 

752

 

 

 

928

 

 

 

1,195

 

 

 

1,743

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

 

 

 

155

 

 

 

270

 

 

 

377

 

 

 

641

 

PSV < 900

 

 

276

 

 

 

441

 

 

 

784

 

 

 

1,117

 

 

 

1,412

 

AHTS 8 - 16K

 

 

 

 

 

 

 

 

20

 

 

 

92

 

 

 

123

 

AHTS 4 - 8K

 

 

153

 

 

 

120

 

 

 

165

 

 

 

198

 

 

 

367

 

Other

 

 

839

 

 

 

739

 

 

 

685

 

 

 

782

 

 

 

991

 

Total

 

 

1,268

 

 

 

1,455

 

 

 

1,924

 

 

 

2,566

 

 

 

3,534

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

AVAILABLE DAYS - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,012

 

 

 

788

 

 

 

720

 

 

 

710

 

 

 

658

 

PSV < 900

 

 

1,288

 

 

 

1,274

 

 

 

1,260

 

 

 

1,214

 

 

 

1,104

 

AHTS > 16K

 

 

184

 

 

 

152

 

 

 

90

 

 

 

92

 

 

 

92

 

AHTS 8 - 16K

 

 

122

 

 

 

91

 

 

 

90

 

 

 

92

 

 

 

92

 

AHTS 4 - 8K

 

 

184

 

 

 

182

 

 

 

180

 

 

 

184

 

 

 

184

 

Other

 

 

92

 

 

 

121

 

 

 

90

 

 

 

92

 

 

 

92

 

Total

 

 

2,882

 

 

 

2,608

 

 

 

2,430

 

 

 

2,384

 

 

 

2,222

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

460

 

 

 

507

 

 

 

270

 

 

 

276

 

 

 

276

 

PSV < 900

 

 

184

 

 

 

183

 

 

 

 

 

 

 

 

 

 

AHTS > 16K

 

 

184

 

 

 

122

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

276

 

 

 

183

 

 

 

 

 

 

 

 

 

 

AHTS 4 - 8K

 

 

307

 

 

 

304

 

 

 

180

 

 

 

184

 

 

 

184

 

Other

 

 

 

 

 

392

 

 

 

 

 

 

 

 

 

 

Total

 

 

1,411

 

 

 

1,691

 

 

 

450

 

 

 

460

 

 

 

460

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

123

 

 

 

152

 

 

 

90

 

 

 

92

 

 

 

92

 

PSV < 900

 

 

1,840

 

 

 

1,700

 

 

 

1,244

 

 

 

1,196

 

 

 

1,196

 

AHTS > 16K

 

 

184

 

 

 

122

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

465

 

 

 

546

 

 

 

458

 

 

 

460

 

 

 

460

 

AHTS 4 - 8K

 

 

1,217

 

 

 

1,183

 

 

 

1,170

 

 

 

1,196

 

 

 

1,196

 

Total

 

 

3,829

 

 

 

3,703

 

 

 

2,962

 

 

 

2,944

 

 

 

2,944

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,748

 

 

 

1,729

 

 

 

1,620

 

 

 

1,581

 

 

 

1,419

 

PSV < 900

 

 

552

 

 

 

546

 

 

 

540

 

 

 

552

 

 

 

552

 

AHTS > 16K

 

 

92

 

 

 

61

 

 

 

 

 

 

 

 

 

 

Total

 

 

2,392

 

 

 

2,336

 

 

 

2,160

 

 

 

2,133

 

 

 

1,971

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

613

 

 

 

406

 

 

 

270

 

 

 

276

 

 

 

262

 

PSV < 900

 

 

1,656

 

 

 

1,349

 

 

 

900

 

 

 

889

 

 

 

766

 

AHTS > 16K

 

 

368

 

 

 

244

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

1,074

 

 

 

882

 

 

 

450

 

 

 

460

 

 

 

429

 

AHTS 4 - 8K

 

 

644

 

 

 

492

 

 

 

180

 

 

 

170

 

 

 

92

 

Other

 

 

1,835

 

 

 

1,961

 

 

 

1,980

 

 

 

1,794

 

 

 

1,765

 

Total

 

 

6,190

 

 

 

5,334

 

 

 

3,780

 

 

 

3,589

 

 

 

3,314

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

3,956

 

 

 

3,582

 

 

 

2,970

 

 

 

2,935

 

 

 

2,707

 

PSV < 900

 

 

5,520

 

 

 

5,052

 

 

 

3,944

 

 

 

3,851

 

 

 

3,618

 

AHTS > 16K

 

 

1,012

 

 

 

701

 

 

 

90

 

 

 

92

 

 

 

92

 

AHTS 8 - 16K

 

 

1,937

 

 

 

1,702

 

 

 

998

 

 

 

1,012

 

 

 

981

 

AHTS 4 - 8K

 

 

2,352

 

 

 

2,161

 

 

 

1,710

 

 

 

1,734

 

 

 

1,656

 

Other

 

 

1,927

 

 

 

2,474

 

 

 

2,070

 

 

 

1,886

 

 

 

1,857

 

Total

 

 

16,704

 

 

 

15,672

 

 

 

11,782

 

 

 

11,510

 

 

 

10,911

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

UTILIZATION - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

74.6

%

 

 

74.4

%

 

 

54.6

%

 

 

54.0

%

 

 

46.1

%

PSV < 900

 

 

69.3

 

 

 

67.7

 

 

 

63.3

 

 

 

69.2

 

 

 

60.1

 

AHTS > 16K

 

 

92.4

 

 

 

90.2

 

 

 

57.6

 

 

 

26.2

 

 

 

100.0

 

AHTS 8 - 16K

 

 

89.5

 

 

 

100.0

 

 

 

68.9

 

 

 

76.4

 

 

 

66.1

 

AHTS 4 - 8K

 

 

74.4

 

 

 

67.2

 

 

 

63.7

 

 

 

40.0

 

 

 

49.1

 

Other

 

 

66.5

 

 

 

100.0

 

 

 

62.1

 

 

 

50.0

 

 

 

37.7

 

Total

 

 

73.3

%

 

 

73.0

%

 

 

60.7

%

 

 

59.9

%

 

 

54.5

%

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

94.5

%

 

 

65.5

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

PSV < 900

 

 

100.0

 

 

 

66.7

 

 

 

 

 

 

 

 

 

 

AHTS > 16K

 

 

89.9

 

 

 

50.0

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

97.2

 

 

 

91.2

 

 

 

 

 

 

 

 

 

 

AHTS 4 - 8K

 

 

64.5

 

 

 

56.9

 

 

 

97.9

 

 

 

100.0

 

 

 

90.2

 

Other

 

 

 

 

 

74.0

 

 

 

 

 

 

 

 

 

 

Total

 

 

82.5

%

 

 

67.9

%

 

 

99.2

%

 

 

100.0

%

 

 

96.1

%

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

93.6

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

94.4

%

PSV < 900

 

 

84.1

 

 

 

76.5

 

 

 

78.0

 

 

 

79.3

 

 

 

80.8

 

AHTS > 16K

 

 

94.7

 

 

 

100.0

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

68.5

 

 

 

70.9

 

 

 

99.7

 

 

 

96.3

 

 

 

87.4

 

AHTS 4 - 8K

 

 

84.9

 

 

 

87.1

 

 

 

80.4

 

 

 

93.2

 

 

 

83.7

 

Total

 

 

83.3

%

 

 

80.8

%

 

 

82.9

%

 

 

88.0

%

 

 

83.4

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

95.8

%

 

 

88.4

%

 

 

84.7

%

 

 

85.8

%

 

 

77.1

%

PSV < 900

 

 

96.4

 

 

 

71.5

 

 

 

63.5

 

 

 

47.8

 

 

 

52.0

 

AHTS > 16K

 

 

76.9

 

 

 

53.4

 

 

 

 

 

 

 

 

 

��

 

Total

 

 

95.2

%

 

 

82.8

%

 

 

77.8

%

 

 

72.4

%

 

 

68.3

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

70.9

%

 

 

96.3

%

 

 

100.0

%

 

 

97.1

%

 

 

66.7

%

PSV < 900

 

 

86.6

 

 

 

80.6

 

 

 

66.0

 

 

 

57.8

 

 

 

52.6

 

AHTS > 16K

 

 

100.0

 

 

 

98.1

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

85.7

 

 

 

95.4

 

 

 

95.7

 

 

 

73.3

 

 

 

56.6

 

AHTS 4 - 8K

 

 

82.6

 

 

 

82.6

 

 

 

69.6

 

 

 

33.3

 

 

 

25.1

 

Other

 

 

44.4

 

 

 

52.9

 

 

 

52.2

 

 

 

44.5

 

 

 

42.8

 

Total

 

 

69.9

%

 

 

72.7

%

 

 

63.5

%

 

 

53.5

%

 

 

46.7

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

86.3

%

 

 

83.1

%

 

 

79.3

%

 

 

78.9

%

 

 

69.2

%

PSV < 900

 

 

82.5

 

 

 

74.1

 

 

 

67.9

 

 

 

65.1

 

 

 

62.0

 

AHTS > 16K

 

 

93.7

 

 

 

84.4

 

 

 

57.6

 

 

 

26.2

 

 

 

100.0

 

AHTS 8 - 16K

 

 

83.4

 

 

 

87.4

 

 

 

95.1

 

 

 

83.1

 

 

 

70.2

 

AHTS 4 - 8K

 

 

80.5

 

 

 

79.8

 

 

 

78.2

 

 

 

77.7

 

 

 

68.9

 

Other

 

 

43.7

 

 

 

57.7

 

 

 

52.7

 

 

 

44.9

 

 

 

42.3

 

Total

 

 

77.8

%

 

 

75.5

%

 

 

70.9

%

 

 

67.4

%

 

 

61.7

%

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

UTILIZATION - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

74.6

%

 

 

89.1

%

 

 

68.2

%

 

 

74.6

%

 

 

71.0

%

PSV < 900

 

 

84.1

 

 

 

82.3

 

 

 

76.8

 

 

 

89.2

 

 

 

85.2

 

AHTS > 16K

 

 

92.4

 

 

 

90.2

 

 

 

57.6

 

 

 

26.2

 

 

 

100.0

 

AHTS 8 - 16K

 

 

89.5

 

 

 

100.0

 

 

 

68.9

 

 

 

76.4

 

 

 

66.1

 

AHTS 4 - 8K

 

 

74.4

 

 

 

90.8

 

 

 

95.5

 

 

 

60.0

 

 

 

73.7

 

Other

 

 

66.5

 

 

 

100.0

 

 

 

100.0

 

 

 

100.0

 

 

 

100.0

 

Total

 

 

80.3

%

 

 

86.8

%

 

 

75.5

%

 

 

80.1

%

 

 

80.4

%

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

94.5

%

 

 

65.5

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

PSV < 900

 

 

100.0

 

 

 

66.7

 

 

 

 

 

 

 

 

 

 

AHTS > 16K

 

 

89.9

 

 

 

50.0

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

97.2

 

 

 

91.2

 

 

 

 

 

 

 

 

 

 

AHTS 4 - 8K

 

 

77.4

 

 

 

56.9

 

 

 

97.9

 

 

 

100.0

 

 

 

90.2

 

Other

 

 

 

 

 

85.5

 

 

 

 

 

 

 

 

 

 

Total

 

 

91.4

%

 

 

70.4

%

 

 

99.2

%

 

 

100.0

%

 

 

96.1

%

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

93.6

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

94.4

%

PSV < 900

 

 

84.1

 

 

 

76.5

 

 

 

79.6

 

 

 

85.3

 

 

 

87.0

 

AHTS > 16K

 

 

94.7

 

 

 

100.0

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

68.5

 

 

 

70.9

 

 

 

99.7

 

 

 

96.3

 

 

 

87.4

 

AHTS 4 - 8K

 

 

84.9

 

 

 

87.1

 

 

 

80.4

 

 

 

93.2

 

 

 

83.7

 

Total

 

 

83.3

%

 

 

80.8

%

 

 

83.6

%

 

 

90.7

%

 

 

86.0

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

95.8

%

 

 

88.4

%

 

 

89.4

%

 

 

91.6

%

 

 

91.9

%

PSV < 900

 

 

96.4

 

 

 

91.1

 

 

 

97.1

 

 

 

79.7

 

 

 

86.7

 

AHTS > 16K

 

 

76.9

 

 

 

53.4

 

 

 

 

 

 

 

 

 

 

Total

 

 

95.2

%

 

 

88.1

%

 

 

91.3

%

 

 

88.5

%

 

 

90.5

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

70.9

%

 

 

96.3

%

 

 

100.0

%

 

 

97.1

%

 

 

70.2

%

PSV < 900

 

 

86.6

 

 

 

81.7

 

 

 

80.9

 

 

 

77.8

 

 

 

86.3

 

AHTS > 16K

 

 

100.0

 

 

 

98.1

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

85.7

 

 

 

95.4

 

 

 

100.0

 

 

 

88.0

 

 

 

72.8

 

AHTS 4 - 8K

 

 

94.5

 

 

 

92.0

 

 

 

98.6

 

 

 

54.1

 

 

 

100.0

 

Other

 

 

62.5

 

 

 

71.2

 

 

 

68.8

 

 

 

61.6

 

 

 

63.1

 

Total

 

 

79.4

%

 

 

82.9

%

 

 

79.1

%

 

 

71.4

%

 

 

71.3

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

86.3

%

 

 

86.7

%

 

 

86.5

%

 

 

89.1

%

 

 

85.6

%

PSV < 900

 

 

86.6

 

 

 

80.6

 

 

 

81.4

 

 

 

84.0

 

 

 

86.3

 

AHTS > 16K

 

 

93.7

 

 

 

84.4

 

 

 

57.6

 

 

 

26.2

 

 

 

100.0

 

AHTS 8 - 16K

 

 

83.4

 

 

 

87.4

 

 

 

97.0

 

 

 

90.7

 

 

 

79.0

 

AHTS 4 - 8K

 

 

85.7

 

 

 

84.3

 

 

 

85.8

 

 

 

86.6

 

 

 

84.2

 

Other

 

 

62.7

 

 

 

74.9

 

 

 

70.2

 

 

 

63.5

 

 

 

64.9

 

Total

 

 

83.7

%

 

 

82.5

%

 

 

82.5

%

 

 

82.4

%

 

 

81.6

%

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

AVERAGE VESSEL DAY RATES: (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

$

20,775

 

 

$

21,658

 

 

$

19,265

 

 

$

19,806

 

 

$

18,087

 

PSV < 900

 

 

15,197

 

 

 

14,762

 

 

 

15,111

 

 

 

13,169

 

 

 

11,932

 

AHTS > 16K

 

 

20,175

 

 

 

17,430

 

 

 

18,745

 

 

 

16,942

 

 

 

17,750

 

AHTS 8 - 16K

 

 

14,668

 

 

 

12,424

 

 

 

12,480

 

 

 

9,724

 

 

 

14,636

 

AHTS 4 - 8K

 

 

8,654

 

 

 

8,701

 

 

 

8,562

 

 

 

7,929

 

 

 

8,955

 

Other

 

 

12,616

 

 

 

15,601

 

 

 

12,633

 

 

 

12,644

 

 

 

12,640

 

Total

 

 

16,901

 

 

 

16,569

 

 

 

15,501

 

 

 

14,603

 

 

 

13,742

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

25,072

 

 

 

21,850

 

 

 

14,529

 

 

 

14,315

 

 

 

14,126

 

PSV < 900

 

 

21,148

 

 

 

24,640

 

 

 

 

 

 

 

 

 

 

AHTS > 16K

 

 

18,902

 

 

 

24,664

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

16,144

 

 

 

17,609

 

 

 

 

 

 

 

 

 

 

AHTS 4 - 8K

 

 

6,759

 

 

 

8,281

 

 

 

5,528

 

 

 

5,236

 

 

 

5,346

 

Other

 

 

 

 

 

660

 

 

 

 

 

 

 

 

 

 

Total

 

 

18,530

 

 

 

13,748

 

 

 

10,975

 

 

 

10,683

 

 

 

10,830

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

24,061

 

 

 

18,513

 

 

 

13,147

 

 

 

13,071

 

 

 

13,011

 

PSV < 900

 

 

10,378

 

 

 

10,607

 

 

 

9,658

 

 

 

10,071

 

 

 

9,977

 

AHTS > 16K

 

 

13,487

 

 

 

14,348

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

10,666

 

 

 

9,832

 

 

 

9,058

 

 

 

9,201

 

 

 

8,938

 

AHTS 4 - 8K

 

 

6,396

 

 

 

6,044

 

 

 

5,672

 

 

 

5,730

 

 

 

5,734

 

Total

 

 

9,781

 

 

 

9,490

 

 

 

8,160

 

 

 

8,217

 

 

 

8,238

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

16,229

 

 

 

15,496

 

 

 

12,697

 

 

 

12,426

 

 

 

12,238

 

PSV < 900

 

 

13,323

 

 

 

13,806

 

 

 

10,248

 

 

 

9,887

 

 

 

10,608

 

AHTS > 16K

 

 

74,231

 

 

 

54,472

 

 

 

 

 

 

 

 

 

 

Total

 

 

17,436

 

 

 

15,776

 

 

 

12,124

 

 

 

11,917

 

 

 

11,890

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

18,502

 

 

 

16,592

 

 

 

14,768

 

 

 

14,966

 

 

 

15,978

 

PSV < 900

 

 

12,721

 

 

 

12,528

 

 

 

11,672

 

 

 

11,682

 

 

 

10,303

 

AHTS > 16K

 

 

16,719

 

 

 

18,036

 

 

 

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

12,212

 

 

 

12,743

 

 

 

11,219

 

 

 

10,842

 

 

 

10,851

 

AHTS 4 - 8K

 

 

10,595

 

 

 

10,105

 

 

 

8,721

 

 

 

8,500

 

 

 

8,500

 

Other

 

 

5,415

 

 

 

5,381

 

 

 

5,368

 

 

 

5,362

 

 

 

5,668

 

Total

 

 

11,467

 

 

 

10,721

 

 

 

8,834

 

 

 

9,052

 

 

 

8,562

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

18,914

 

 

 

17,854

 

 

 

14,378

 

 

 

14,404

 

 

 

13,967

 

PSV < 900

 

 

12,915

 

 

 

13,008

 

 

 

11,855

 

 

 

11,427

 

 

 

10,732

 

AHTS > 16K

 

 

21,415

 

 

 

19,824

 

 

 

18,745

 

 

 

16,942

 

 

 

17,750

 

AHTS 8 - 16K

 

 

12,726

 

 

 

12,511

 

 

 

10,281

 

 

 

9,965

 

 

 

10,156

 

AHTS 4 - 8K

 

 

7,859

 

 

 

7,507

 

 

 

6,362

 

 

 

6,000

 

 

 

6,184

 

Other

 

 

5,979

 

 

 

5,275

 

 

 

5,924

 

 

 

6,053

 

 

 

6,332

 

Total

 

$

13,606

 

 

$

12,544

 

 

$

10,687

 

 

$

10,583

 

 

$

10,288

 

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

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

39,122

 

 

$

37,520

 

 

$

28,444

 

 

$

27,882

 

 

$

24,564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

16,080

 

 

 

12,949

 

 

 

11,252

 

 

 

11,080

 

 

 

8,535

 

Repair and maintenance

 

 

3,594

 

 

 

2,866

 

 

 

2,627

 

 

 

2,487

 

 

 

2,951

 

Insurance

 

 

414

 

 

 

248

 

 

 

367

 

 

 

161

 

 

 

219

 

Fuel, lube and supplies

 

 

2,557

 

 

 

2,326

 

 

 

2,385

 

 

 

2,019

 

 

 

2,028

 

Other

 

 

3,090

 

 

 

3,054

 

 

 

2,196

 

 

 

4,347

 

 

 

3,008

 

Total vessel operating costs

 

 

25,735

 

 

 

21,443

 

 

 

18,827

 

 

 

20,094

 

 

 

16,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

13,387

 

 

 

16,077

 

 

 

9,617

 

 

 

7,788

 

 

 

7,823

 

Vessel operating margin (%)

 

 

34.2

%

 

 

42.8

%

 

 

33.8

%

 

 

27.9

%

 

 

31.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

34

 

 

 

34

 

 

 

34

 

 

 

35

 

 

 

36

 

Utilization - Total fleet

 

 

73.3

%

 

 

73.0

%

 

 

60.7

%

 

 

59.9

%

 

 

54.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

31

 

 

 

29

 

 

 

27

 

 

 

26

 

 

 

25

 

Utilization - Active fleet

 

 

80.3

%

 

 

86.8

%

 

 

75.5

%

 

 

80.1

%

 

 

80.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

16,901

 

 

$

16,569

 

 

$

15,501

 

 

$

14,603

 

 

$

13,742

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

4

 

 

 

3

 

 

 

5

 

 

 

5

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

19,208

 

 

$

18,422

 

 

$

16,270

 

 

$

13,124

 

 

$

12,919

 

Cash paid for deferred drydocking and survey costs

 

 

5,678

 

 

 

3,857

 

 

 

5,060

 

 

 

6,470

 

 

 

4,906

 

Amortization of deferred drydocking and survey costs

 

 

(2,932

)

 

 

(3,071

)

 

 

(2,908

)

 

 

(2,909

)

 

 

(2,936

)

Disposals, intersegment transfers and other

 

 

(182

)

 

 

 

 

 

 

 

 

(415

)

 

 

(1,765

)

Deferred drydocking and survey costs - ending balance

 

$

21,772

 

 

$

19,208

 

 

$

18,422

 

 

$

16,270

 

 

$

13,124

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia Pacific

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

23,902

 

 

$

16,362

 

 

$

4,897

 

 

$

4,914

 

 

$

4,786

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

10,631

 

 

 

8,138

 

 

 

788

 

 

 

883

 

 

 

875

 

Repair and maintenance

 

 

947

 

 

 

945

 

 

 

284

 

 

 

342

 

 

 

552

 

Insurance

 

 

189

 

 

 

90

 

 

 

54

 

 

 

24

 

 

 

51

 

Fuel, lube and supplies

 

 

1,145

 

 

 

1,590

 

 

 

105

 

 

 

166

 

 

 

211

 

Other

 

 

1,909

 

 

 

1,176

 

 

 

422

 

 

 

459

 

 

 

500

 

Total vessel operating costs

 

 

14,821

 

 

 

11,939

 

 

 

1,653

 

 

 

1,874

 

 

 

2,189

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

9,081

 

 

 

4,423

 

 

 

3,244

 

 

 

3,040

 

 

 

2,597

 

Vessel operating margin (%)

 

 

38.0

%

 

 

27.0

%

 

 

66.2

%

 

 

61.9

%

 

 

54.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia Pacific - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

17

 

 

 

19

 

 

 

5

 

 

 

5

 

 

 

5

 

Utilization - Total fleet

 

 

82.5

%

 

 

67.9

%

 

 

99.2

%

 

 

100.0

%

 

 

96.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

15

 

 

 

18

 

 

 

5

 

 

 

5

 

 

 

5

 

Utilization - Active fleet

 

 

91.4

%

 

 

70.4

%

 

 

99.2

%

 

 

100.0

%

 

 

96.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

18,530

 

 

$

13,748

 

 

$

10,975

 

 

$

10,683

 

 

$

10,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

852

 

 

$

542

 

 

$

710

 

 

$

1,019

 

 

$

1,352

 

Cash paid for deferred drydocking and survey costs

 

 

702

 

 

 

1,262

 

 

 

 

 

 

 

 

 

 

Amortization of deferred drydocking and survey costs

 

 

(139

)

 

 

(163

)

 

 

(168

)

 

 

(309

)

 

 

(379

)

Disposals, intersegment transfers and other

 

 

(436

)

 

 

(789

)

 

 

 

 

 

 

 

 

46

 

Deferred drydocking and survey costs - ending balance

 

$

979

 

 

$

852

 

 

$

542

 

 

$

710

 

 

$

1,019

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

31,186

 

 

$

28,396

 

 

$

20,218

 

 

$

21,948

 

 

$

20,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

12,814

 

 

 

11,193

 

 

 

8,465

 

 

 

8,827

 

 

 

9,075

 

Repair and maintenance

 

 

3,441

 

 

 

3,429

 

 

 

2,124

 

 

 

2,804

 

 

 

2,392

 

Insurance

 

 

406

 

 

 

325

 

 

 

297

 

 

 

179

 

 

 

9

 

Fuel, lube and supplies

 

 

3,281

 

 

 

2,700

 

 

 

1,559

 

 

 

1,148

 

 

 

1,536

 

Other

 

 

1,804

 

 

 

2,249

 

 

 

2,457

 

 

 

2,708

 

 

 

2,834

 

Total vessel operating costs

 

 

21,746

 

 

 

19,896

 

 

 

14,902

 

 

 

15,666

 

 

 

15,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

9,440

 

 

 

8,500

 

 

 

5,316

 

 

 

6,282

 

 

 

5,001

 

Vessel operating margin (%)

 

 

30.3

%

 

 

29.9

%

 

 

26.3

%

 

 

28.6

%

 

 

24.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

42

 

 

 

41

 

 

 

33

 

 

 

33

 

 

 

33

 

Utilization - Total fleet

 

 

83.3

%

 

 

80.8

%

 

 

82.9

%

 

 

88.0

%

 

 

83.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

42

 

 

 

41

 

 

 

33

 

 

 

32

 

 

 

32

 

Utilization - Active fleet

 

 

83.3

%

 

 

80.8

%

 

 

83.6

%

 

 

90.7

%

 

 

86.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

9,781

 

 

$

9,490

 

 

$

8,160

 

 

$

8,217

 

 

$

8,238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

5

 

 

 

7

 

 

 

2

 

 

 

2

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

14,980

 

 

$

10,665

 

 

$

8,994

 

 

$

10,809

 

 

$

10,772

 

Cash paid for deferred drydocking and survey costs

 

 

2,345

 

 

 

6,362

 

 

 

3,855

 

 

 

327

 

 

 

2,441

 

Amortization of deferred drydocking and survey costs

 

 

(2,346

)

 

 

(2,308

)

 

 

(2,184

)

 

 

(2,142

)

 

 

(2,290

)

Disposals, intersegment transfers and other

 

 

14

 

 

 

261

 

 

 

 

 

 

 

 

 

(114

)

Deferred drydocking and survey costs - ending balance

 

$

14,993

 

 

$

14,980

 

 

$

10,665

 

 

$

8,994

 

 

$

10,809

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Mediterranean

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

39,702

 

 

$

32,475

 

 

$

23,919

 

 

$

22,501

 

 

$

21,197

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

12,347

 

 

 

12,349

 

 

 

12,003

 

 

 

11,235

 

 

 

10,541

 

Repair and maintenance

 

 

1,652

 

 

 

2,414

 

 

 

2,106

 

 

 

3,562

 

 

 

1,754

 

Insurance

 

 

440

 

 

 

307

 

 

 

309

 

 

 

38

 

 

 

208

 

Fuel, lube and supplies

 

 

1,158

 

 

 

1,740

 

 

 

1,077

 

 

 

936

 

 

 

846

 

Other

 

 

2,170

 

 

 

2,468

 

 

 

2,026

 

 

 

1,919

 

 

 

1,926

 

Total vessel operating costs

 

 

17,767

 

 

 

19,278

 

 

 

17,521

 

 

 

17,690

 

 

 

15,275

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

21,935

 

 

 

13,197

 

 

 

6,398

 

 

 

4,811

 

 

 

5,922

 

Vessel operating margin (%)

 

 

55.2

%

 

 

40.6

%

 

 

26.7

%

 

 

21.4

%

 

 

27.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Mediterranean - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

26

 

 

 

27

 

 

 

28

 

 

 

28

 

 

 

28

 

Utilization - Total fleet

 

 

95.2

%

 

 

82.8

%

 

 

77.8

%

 

 

72.4

%

 

 

68.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

26

 

 

 

25

 

 

 

24

 

 

 

23

 

 

 

21

 

Utilization - Active fleet

 

 

95.2

%

 

 

88.1

%

 

 

91.3

%

 

 

88.5

%

 

 

90.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

17,436

 

 

$

15,776

 

 

$

12,124

 

 

$

11,917

 

 

$

11,890

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

1

 

 

 

3

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

9,231

 

 

$

6,425

 

 

$

4,983

 

 

$

5,571

 

 

$

6,340

 

Cash paid for deferred drydocking and survey costs

 

 

315

 

 

 

4,206

 

 

 

2,575

 

 

 

93

 

 

 

892

 

Amortization of deferred drydocking and survey costs

 

 

(1,244

)

 

 

(1,400

)

 

 

(1,133

)

 

 

(1,096

)

 

 

(1,316

)

Disposals, intersegment transfers and other

 

 

286

 

 

 

 

 

 

 

 

 

415

 

 

 

(345

)

Deferred drydocking and survey costs - ending balance

 

$

8,588

 

 

$

9,231

 

 

$

6,425

 

 

$

4,983

 

 

$

5,571

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

56,335

 

 

$

47,422

 

 

$

26,398

 

 

$

23,183

 

 

$

20,240

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

19,317

 

 

 

16,010

 

 

 

8,329

 

 

 

7,690

 

 

 

6,583

 

Repair and maintenance

 

 

3,910

 

 

 

3,823

 

 

 

2,320

 

 

 

2,307

 

 

 

2,848

 

Insurance

 

 

539

 

 

 

396

 

 

 

357

 

 

 

115

 

 

 

325

 

Fuel, lube and supplies

 

 

4,150

 

 

 

3,165

 

 

 

1,950

 

 

 

2,136

 

 

 

2,130

 

Other

 

 

5,052

 

 

 

4,307

 

 

 

2,652

 

 

 

3,615

 

 

 

3,407

 

Total vessel operating costs

 

 

32,968

 

 

 

27,701

 

 

 

15,608

 

 

 

15,863

 

 

 

15,293

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

23,367

 

 

 

19,721

 

 

 

10,790

 

 

 

7,320

 

 

 

4,947

 

Vessel operating margin (%)

 

 

41.5

%

 

 

41.6

%

 

 

40.9

%

 

 

31.6

%

 

 

24.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Africa - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

76

 

 

 

67

 

 

 

52

 

 

 

52

 

 

 

55

 

Utilization - Total fleet

 

 

69.9

%

 

 

72.7

%

 

 

63.5

%

 

 

53.5

%

 

 

46.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

67

 

 

 

59

 

 

 

42

 

 

 

39

 

 

 

36

 

Utilization - Active fleet

 

 

79.4

%

 

 

82.9

%

 

 

79.1

%

 

 

71.4

%

 

 

71.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

11,467

 

 

$

10,721

 

 

$

8,834

 

 

$

9,052

 

 

$

8,562

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

5

 

 

 

5

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

9,390

 

 

$

8,308

 

 

$

9,777

 

 

$

9,987

 

 

$

8,989

 

Cash paid for deferred drydocking and survey costs

 

 

3,780

 

 

 

2,764

 

 

 

1,122

 

 

 

3,004

 

 

 

2,378

 

Amortization of deferred drydocking and survey costs

 

 

(1,943

)

 

 

(2,210

)

 

 

(2,591

)

 

 

(3,214

)

 

 

(3,148

)

Disposals, intersegment transfers and other

 

 

318

 

 

 

528

 

 

 

 

 

 

 

 

 

1,768

 

Deferred drydocking and survey costs - ending balance

 

$

11,545

 

 

$

9,390

 

 

$

8,308

 

 

$

9,777

 

 

$

9,987

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

190,247

 

 

$

162,175

 

 

$

103,876

 

 

$

100,428

 

 

$

91,634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

71,189

 

 

 

60,639

 

 

 

40,837

 

 

 

39,715

 

 

 

35,609

 

Repair and maintenance

 

 

13,544

 

 

 

13,477

 

 

 

9,461

 

 

 

11,502

 

 

 

10,497

 

Insurance

 

 

1,988

 

 

 

1,366

 

 

 

1,384

 

 

 

517

 

 

 

812

 

Fuel, lube and supplies

 

 

12,291

 

 

 

11,521

 

 

 

7,076

 

 

 

6,405

 

 

 

6,751

 

Other

 

 

14,025

 

 

 

13,254

 

 

 

9,753

 

 

 

13,048

 

 

 

11,675

 

Total vessel operating costs

 

 

113,037

 

 

 

100,257

 

 

 

68,511

 

 

 

71,187

 

 

 

65,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

77,210

 

 

 

61,918

 

 

 

35,365

 

 

 

29,241

 

 

 

26,290

 

Vessel operating margin (%)

 

 

40.6

%

 

 

38.2

%

 

 

34.0

%

 

 

29.1

%

 

 

28.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

195

 

 

 

188

 

 

 

152

 

 

 

153

 

 

 

157

 

Utilization - Total fleet

 

 

77.8

%

 

 

75.5

%

 

 

70.9

%

 

 

67.4

%

 

 

61.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

181

 

 

 

172

 

 

 

131

 

 

 

125

 

 

 

119

 

Utilization - Active fleet

 

 

83.7

%

 

 

82.5

%

 

 

82.5

%

 

 

82.4

%

 

 

81.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

13,606

 

 

$

12,544

 

 

$

10,687

 

 

$

10,583

 

 

$

10,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

15

 

 

 

20

 

 

 

11

 

 

 

11

 

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

53,661

 

 

$

44,362

 

 

$

40,734

 

 

$

40,510

 

 

$

40,372

 

Cash paid for deferred drydocking and survey costs

 

 

12,820

 

 

 

18,451

 

 

 

12,612

 

 

 

9,894

 

 

 

10,617

 

Amortization of deferred drydocking and survey costs

 

 

(8,604

)

 

 

(9,152

)

 

 

(8,984

)

 

 

(9,670

)

 

 

(10,069

)

Disposals, intersegment transfers and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(410

)

Deferred drydocking and survey costs - ending balance

 

$

57,877

 

 

$

53,661

 

 

$

44,362

 

 

$

40,734

 

 

$

40,510

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

4,910

 

 

$

(25,014

)

 

$

(12,271

)

 

$

(38,079

)

 

$

(26,407

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt costs

 

 

4,391

 

 

 

4,284

 

 

 

4,175

 

 

 

3,417

 

 

 

3,681

 

Income tax (benefit) expense

 

 

6,352

 

 

 

6,619

 

 

 

5,218

 

 

 

(3,047

)

 

 

887

 

Depreciation

 

 

22,252

 

 

 

22,614

 

 

 

17,673

 

 

 

18,618

 

 

 

17,911

 

Amortization of deferred drydock and survey costs

 

 

8,604

 

 

 

9,152

 

 

 

8,984

 

 

 

9,670

 

 

 

10,069

 

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

 

 

46,509

 

 

 

17,655

 

 

 

23,779

 

 

 

(9,421

)

 

 

6,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-lived asset impairment (credit) and other

 

 

1,214

 

 

 

 

 

 

(500

)

 

 

13,476

 

 

 

2,167

 

Affiliate credit loss impairment expense (credit)

 

 

 

 

 

 

 

 

 

 

 

1,400

 

 

 

 

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

11,100

 

 

 

 

Loss on warrants

 

 

 

 

 

14,175

 

 

 

 

 

 

 

 

 

 

Gain on bargain purchase

 

 

 

 

 

 

 

 

(1,300

)

 

 

 

 

 

 

One-time acquisition, restructuring and integration related costs

 

 

4,332

 

 

 

7,314

 

 

 

2,305

 

 

 

221

 

 

 

112

 

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

 

$

52,055

 

 

$

39,144

 

 

$

24,284

 

 

$

16,776

 

 

$

8,420

 

Note (A):  EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, loss on early extinguishment of debt, loss on warrants, gain on bargain purchase and acquisition, restructuring and integration related costs.

 

Note (B):  EBITDA and Adjusted EBITDA for the three months ended September 30, 2022, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,923, $1,963, $1,458, $1,439 and $1,523 respectively.

 

Note (C):  EBITDA and Adjusted EBITDA for the three months ended September 30, 2022, and for each of the prior four quarters includes foreign exchange gain (losses) of $(3,997), $(1,881), $946, $582 and $(523) 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

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

28,113

 

 

$

(21,603

)

 

$

(11,624

)

 

$

6,938

 

 

$

(2,499

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest expense

 

 

353

 

 

 

7,626

 

 

 

 

 

 

3,664

 

 

 

3,055

 

Interest income and other

 

 

(581

)

 

 

(349

)

 

 

(2,186

)

 

 

(1,426

)

 

 

(148

)

Additions to property and equipment

 

 

(6,328

)

 

 

(4,151

)

 

 

(1,229

)

 

 

(6,368

)

 

 

(722

)

Acquisitions

 

 

8,785

 

 

 

(28,486

)

 

 

(1,039

)

 

 

 

 

 

 

Expansion capital

 

 

(8,785

)

 

 

28,486

 

 

 

1,039

 

 

 

 

 

 

 

Free cash flow before proceeds from asset sales

 

 

21,557

 

 

 

(18,477

)

 

 

(15,039

)

 

 

2,808

 

 

 

(314

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset sales

 

 

312

 

 

 

3,535

 

 

 

4,628

 

 

 

54

 

 

 

4,396

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Free cash flow

 

$

21,869

 

 

$

(14,942

)

 

$

(10,411

)

 

$

2,862

 

 

$

4,082

 

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

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

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

 

$

1,913

 

 

$

(27,697

)

 

$

(13,401

)

 

$

265

 

 

$

2,586

 

Cash paid for deferred drydock and survey costs

 

 

(12,820

)

 

 

(18,451

)

 

 

(12,612

)

 

 

(9,894

)

 

 

(10,617

)

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

 

$

(10,907

)

 

$

(46,148

)

 

$

(26,013

)

 

$

(9,629

)

 

$

(8,031

)

 

Contacts

Tidewater Inc.

West Gotcher

Vice President,

Finance and Investor Relations

+1.713.470.5285

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