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Tidewater Reports Results for the Three and Six Months Ended June 30, 2022

  • Completed Acquisition of Swire Pacific Offshore
  • Adjusted EBITDA Increased From $8.7 million to $39.1 million Compared to the Second Quarter of 2021
  • Average Day Rate Increases to $12,544; Up 17% sequentially; Highest since Q3 2016
  • Vessel Level Cash Margin Increased From 27.4% to 38.2% and Global Fleet Utilization Increased From 57.0% to 75.5% Compared to the Second Quarter of 2021
  • Average Active Vessels Increased From 118 to 172 Compared to the Second Quarter of 2021, Inclusive of the Swire Pacific Offshore Fleet

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2022 of $163.4 million and $269.2 million, respectively, compared with $90.0 million and $173.5 million, respectively, for the three and six months ended June 30, 2021. Tidewater's net losses for the three and six months ended June 30, 2022, were $25.6 million ($0.61 per common share) and $37.7 million ($0.91 per common share), respectively, compared with $29.5 million ($0.72 per common share) and $64.8 million ($1.59 per common share), respectively, for the three and six months ended June 30, 2021. Included in the net losses for the three and six months ended June 30, 2022 were merger and severance expenses of $7.3 and $9.6 million, respectively; and loss on warrants of $14.2 million for both periods. Included in the net losses for the six months ended June 30, 2022 were long-lived asset impairment credit and gain on bargain purchase of $1.8 million. Excluding these items, we would have reported a net loss for the three and six months ended June 30, 2022 of $4.1 million ($0.10 per common share) and $15.7 million ($0.38 per common share), respectively. Included in the net losses for the three and six months ended June 30, 2021 were severance expenses of $0.8 and $0.9 million, respectively; and a credit loss impairment credit of $1.0 million for both periods. Excluding these items, we would have reported a net loss for the three and six months ended June 30, 2021 of $29.7 million ($0.73 per common share) and $64.9 million ($1.59 per common share), respectively.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “We believe the second quarter of 2022 marks the inflection point in the industry that we have long awaited and is now evident in our financial performance. Revenue, gross margin, average day rate and utilization all improved meaningfully during the second quarter as the building momentum in offshore vessel activity reached critical mass. The second quarter results reflect the impact of the Swire Pacific Offshore (SPO) acquisition, necessarily showing a large jump in revenue and vessels worked, but when viewing the quarter on relative metrics, the improvement is clear. The average day rate improved by nearly $1,900 per day sequentially, which is in excess of the improvement we would typically expect to realize over the course of an entire year in a normal market upcycle. Vessel level cash margin improved to 38%, up approximately four percentage points and continuing to meaningfully outperform the 30% target we have discussed in recent quarters. These improvements during the quarter, particularly the move in day rates, speak to continued demand growth as offshore activity continues to increase and as the vessel supply fundamentals continue to work in our favor given the shortage of available vessels on the market today. We expect activity to continue to improve throughout the remainder of 2022 with another likely step-up in 2023.

“As previously mentioned, we closed on the SPO acquisition on April 22, 2022. Post-closing of the transaction, the legacy SPO fleet contributed approximately $43.2 million of revenue during the second quarter and generated a vessel level cash margin in line with the total fleet vessel level cash margin of 38%. The legacy SPO business incurred approximately $3.9 million of general and administrative expense during the second quarter, down meaningfully from the pre-close run rate as we achieved some early successes in reducing general and administrative expenses as we continue to target $20.0 million in annual general and administrative costs synergies. Overall, we remain confident in our ability to realize total annual cost synergies of $45.0 million, including $25.0 million in annual synergies from operating expenses.

"While there are a variety of macroeconomic factors driving recent market volatility, the current commercial environment for offshore vessel activity remains robust. Commodity prices remain at attractive levels, recent volatility notwithstanding, providing a compelling economic rationale for our customers to continue driving their spending plans and operational goals. The supply of capable and available vessels continues to tighten. As our vessels continue to roll off older contracts, we are taking advantage of the tight supply environment to drive day rates in a strong demand environment. To illustrate this point, during the second quarter, 24 of our vessels entered new contracts of various duration that will ultimately provide a nearly 50% aggregate uplift in day rate as compared to the previous aggregate contracted day rates. Commercial momentum for new contracts is broad-based, evident in all of our operating regions and in all of our vessel classes, with West Africa and our largest PSV class notable drivers of this improvement. We remain mindful of inflation pressures that inevitably impact our business in our commercial strategy and believe that the market tightness will allow for net pricing improvements well in-excess of the impact of any inflation we may incur.

“The various initiatives we have executed over the past several years have prepared us to reap the benefits of the rapidly improving market we are currently experiencing. Building a strong leadership team positioned us to weather market challenges and position the company to take advantage of improved market fundamentals. Optimizing the organizational cost structure positioned us to maximize margins. Streamlining the fleet positioned us to offer the highest quality vessels to the market that can command the best pricing. Addressing the balance sheet positioned us to operate with a high degree of financial flexibility. Acquiring SPO positioned us to transform the company into a global leader in offshore support vessels with additional exposure to the world’s highest growth markets.

“The combination of initiatives we have successfully executed, combined with the market dynamics we are currently experiencing, has set up Tidewater as one of the largest and most efficient OSV operators globally, and has the company poised to create significant value over the coming quarters and years. The combination of high operating leverage and low financial leverage positions Tidewater to generate significant cash returns from its operating activities and the option to further leverage those returns. We remain committed to pursuing executional excellence in all facets of our business. Moving forward, we expect to continue to drive utilization and day rates, execute on realizing continued efficiencies within the business, including our commitment to realizing the synergies associated with SPO, and to opportunistically pursue platform-enhancing, value accretive strategic transactions.

“This is an exciting time for the company, and we expect all of Tidewater’s stakeholders to benefit from the continued improvement in the business. I want to thank all of our employees, including our new employees from SPO, for their continued hard work to position Tidewater to capitalize on what looks to be the best market for offshore vessels in recent memory.”

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

Common shares outstanding

 

 

42,029,882

 

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

 

 

395,401

 

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

 

 

309,351

 

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

 

 

8,100,000

 

Total

 

 

50,834,634

 

Tidewater will hold a conference call to discuss results for the three and six months ending June 30, 2022 on August 5, 2022, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.888.770.7135 if calling from the U.S. or Canada (+1.929.203.0820 if calling from outside the U.S.) and provide Access Code: 2444624 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on August 5, 2022 and will continue until 11:59 p.m. Central Time on September 10, 2022. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involves numerous risks and uncertainties that may cause the company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

Financial information is displayed beginning on the next page.

The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at June 30, 2022 and December 31, 2021; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and six months ended June 30, 2022 and 2021; and the Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021. Extracts are drawn from the June 30, 2022 unaudited quarterly and year to date financial statements and the December 31, 2021 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

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

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, except per share data)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2022

 

 

June 30, 2021

 

 

June 30, 2022

 

 

June 30, 2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

162,175

 

 

$

88,514

 

 

$

266,051

 

 

$

169,507

 

Other operating revenues

 

 

1,272

 

 

 

1,439

 

 

 

3,125

 

 

 

3,950

 

Total revenues

 

 

163,447

 

 

 

89,953

 

 

 

269,176

 

 

 

173,457

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

100,257

 

 

 

64,263

 

 

 

168,768

 

 

 

125,283

 

Costs of other operating revenues

 

 

483

 

 

 

581

 

 

 

844

 

 

 

1,648

 

General and administrative

 

 

27,804

 

 

 

16,787

 

 

 

46,021

 

 

 

32,830

 

Depreciation and amortization

 

 

31,766

 

 

 

28,549

 

 

 

58,423

 

 

 

58,276

 

Long-lived asset impairment credit

 

 

 

 

 

 

 

 

(500

)

 

 

 

Affiliate credit loss impairment credit

 

 

 

 

 

(1,000

)

 

 

 

 

 

(1,000

)

Loss on asset dispositions, net

 

 

1,297

 

 

 

932

 

 

 

1,090

 

 

 

2,880

 

Total costs and expenses

 

 

161,607

 

 

 

110,112

 

 

 

274,646

 

 

 

219,917

 

Operating income (loss)

 

 

1,840

 

 

 

(20,159

)

 

 

(5,470

)

 

 

(46,460

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(1,881

)

 

 

422

 

 

 

(935

)

 

 

(428

)

Equity in net earnings (losses) of unconsolidated companies

 

 

(244

)

 

 

52

 

 

 

(244

)

 

 

(1,797

)

Interest income and other, net

 

 

349

 

 

 

8

 

 

 

3,835

 

 

 

31

 

Loss on warrants

 

 

(14,175

)

 

 

 

 

 

(14,175

)

 

 

 

Interest and other debt costs, net

 

 

(4,284

)

 

 

(3,944

)

 

 

(8,459

)

 

 

(8,485

)

Total other expense

 

 

(20,235

)

 

 

(3,462

)

 

 

(19,978

)

 

 

(10,679

)

Loss before income taxes

 

 

(18,395

)

 

 

(23,621

)

 

 

(25,448

)

 

 

(57,139

)

Income tax expense

 

 

6,619

 

 

 

6,026

 

 

 

11,837

 

 

 

8,035

 

Net loss

 

 

(25,014

)

 

 

(29,647

)

 

 

(37,285

)

 

 

(65,174

)

Less: Net income (loss) attributable to noncontrolling interests

 

 

567

 

 

 

(185

)

 

 

464

 

 

 

(397

)

Net loss attributable to Tidewater Inc.

 

$

(25,581

)

 

$

(29,462

)

 

$

(37,749

)

 

$

(64,777

)

Basic loss per common share

 

$

(0.61

)

 

$

(0.72

)

 

$

(0.91

)

 

$

(1.59

)

Diluted loss per common share

 

$

(0.61

)

 

$

(0.72

)

 

$

(0.91

)

 

$

(1.59

)

Weighted average common shares outstanding

 

 

41,814

 

 

 

40,899

 

 

 

41,614

 

 

 

40,808

 

Adjusted weighted average common shares

 

 

41,814

 

 

 

40,899

 

 

 

41,614

 

 

 

40,808

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

 

 

 

June 30, 2022

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

87,981

 

 

$

149,037

 

Restricted cash

 

 

1,240

 

 

 

1,240

 

Trade and other receivables, less allowance for credit losses of $2,288 and $1,948 as of June 30, 2022 and 2021, respectively

 

 

189,259

 

 

 

86,503

 

Due from affiliates, less allowance for credit losses of $12,215 and $72,456 as of June 30, 2022 and 2021, respectively

 

 

 

 

 

70,134

 

Marine operating supplies

 

 

21,182

 

 

 

12,606

 

Assets held for sale

 

 

6,862

 

 

 

14,421

 

Prepaid expenses and other current assets

 

 

23,259

 

 

 

8,731

 

Total current assets

 

 

329,783

 

 

 

342,672

 

Net properties and equipment

 

 

838,612

 

 

 

688,040

 

Deferred drydocking and survey costs

 

 

53,661

 

 

 

40,734

 

Indemnification assets

 

 

30,269

 

 

 

 

Other assets

 

 

30,410

 

 

 

24,334

 

Total assets

 

$

1,282,735

 

 

$

1,095,780

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

30,537

 

 

$

20,788

 

Accrued costs and expenses

 

 

109,212

 

 

 

51,734

 

Due to affiliates

 

 

 

 

 

61,555

 

Other current liabilities

 

 

47,872

 

 

 

23,865

 

Total current liabilities

 

 

187,621

 

 

 

157,942

 

Long-term debt

 

 

168,279

 

 

 

167,885

 

Other liabilities and deferred credits

 

 

85,188

 

 

 

68,184

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock

 

 

42

 

 

 

41

 

Additional paid-in-capital

 

 

1,554,561

 

 

 

1,376,494

 

Accumulated deficit

 

 

(715,649

)

 

 

(677,900

)

Accumulated other comprehensive loss

 

 

1,763

 

 

 

2,668

 

Total stockholders' equity

 

 

840,717

 

 

 

701,303

 

Noncontrolling interests

 

 

930

 

 

 

466

 

Total equity

 

 

841,647

 

 

 

701,769

 

Total liabilities and equity

 

$

1,282,735

 

 

$

1,095,780

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In Thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2022

 

 

June 30, 2021

 

 

June 30, 2022

 

 

June 30, 2021

 

Net loss

 

$

(25,014

)

 

$

(29,647

)

 

$

(37,285

)

 

$

(65,174

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on note receivable

 

 

(846

)

 

 

 

 

 

(846

)

 

 

 

Change in liability of pension plans

 

 

138

 

 

 

(207

)

 

 

(59

)

 

 

(278

)

Total comprehensive loss

 

$

(25,722

)

 

$

(29,854

)

 

$

(38,190

)

 

$

(65,452

)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

 

 

 

Six Months

 

 

Six Months

 

 

 

Ended

 

 

Ended

 

 

 

June 30, 2022

 

 

June 30, 2021

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(37,285

)

 

$

(65,174

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

40,287

 

 

 

36,694

 

Amortization of deferred drydocking and survey costs

 

 

18,136

 

 

 

21,582

 

Amortization of debt premiums and discounts

 

 

765

 

 

 

1,986

 

Provision for deferred income taxes

 

 

145

 

 

 

648

 

Loss on asset dispositions, net

 

 

1,090

 

 

 

2,880

 

Gain on bargain purchase

 

 

(1,300

)

 

 

 

Loss on debt extinguishment

 

 

 

 

 

59

 

Affiliate credit loss impairment credit

 

 

 

 

 

(1,000

)

Long-lived asset impairment credit

 

 

(500

)

 

 

 

Loss on warrants

 

 

14,175

 

 

 

 

Stock-based compensation expense

 

 

3,421

 

 

 

2,676

 

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

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(35,085

)

 

 

22,394

 

Changes in due to/from affiliate, net

 

 

(20

)

 

 

4,693

 

Accounts payable

 

 

8,072

 

 

 

(792

)

Accrued expenses

 

 

2,354

 

 

 

(2,074

)

Deferred drydocking and survey costs

 

 

(31,063

)

 

 

(6,771

)

Other, net

 

 

(16,419

)

 

 

(7,234

)

Net cash provided by (used in) operating activities

 

 

(33,227

)

 

 

10,567

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

8,163

 

 

 

29,560

 

Acquisitions, net of cash acquired

 

 

(29,525

)

 

 

 

Additions to properties and equipment

 

 

(5,380

)

 

 

(1,861

)

Net cash provided by (used in) investing activities

 

 

(26,742

)

 

 

27,699

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Principal payments on long-term debt

 

 

 

 

 

(37,901

)

Debt issuance and modification costs

 

 

(371

)

 

 

(855

)

Debt extinguishment premium

 

 

 

 

 

(59

)

Tax on share-based award

 

 

(2,176

)

 

 

(758

)

Net cash used in financing activities

 

 

(2,547

)

 

 

(39,573

)

Net change in cash, cash equivalents and restricted cash

 

 

(62,516

)

 

 

(1,307

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

154,276

 

 

 

155,225

 

Cash, cash equivalents and restricted cash at end of period

 

$

91,760

 

 

$

153,918

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

7,626

 

 

$

7,028

 

Income taxes

 

$

9,330

 

 

$

6,609

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

Acquisition of SPO

 

$

162,648

 

 

$

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

Warrants issued for SPO acquisition

 

$

162,648

 

 

$

 

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

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In Thousands)

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

(deficit)

 

 

loss

 

 

interest

 

 

Total

 

Balance at March 31, 2022

 

$

42

 

 

$

1,376,934

 

 

$

(690,068

)

 

$

2,471

 

 

$

363

 

 

$

689,742

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

(25,581

)

 

 

(708

)

 

 

567

 

 

 

(25,722

)

SPO acquisition warrants

 

 

 

 

 

176,823

 

 

 

 

 

 

 

 

 

 

 

 

176,823

 

Amortization of share-based awards

 

 

 

 

 

804

 

 

 

 

 

 

 

 

 

 

 

 

804

 

Balance at June 30, 2022

 

$

42

 

 

$

1,554,561

 

 

$

(715,649

)

 

$

1,763

 

 

$

930

 

 

$

841,647

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2021

 

$

41

 

 

$

1,372,846

 

 

$

(584,246

)

 

$

(875

)

 

$

945

 

 

$

788,711

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(29,462

)

 

 

(207

)

 

 

(185

)

 

 

(29,854

)

Amortization of share-based awards

 

 

 

 

 

881

 

 

 

 

 

 

 

 

 

 

 

 

881

 

Balance at June 30, 2021

 

$

41

 

 

$

1,373,727

 

 

$

(613,708

)

 

$

(1,082

)

 

$

760

 

 

$

759,738

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

deficit

 

 

income (loss)

 

 

interest

 

 

Total

 

Balance at December 31, 2021

 

$

41

 

 

$

1,376,494

 

 

$

(677,900

)

 

$

2,668

 

 

$

466

 

 

$

701,769

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

(37,749

)

 

 

(905

)

 

 

464

 

 

 

(38,190

)

Issuance of common stock

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

SPO acquisition warrants

 

 

 

 

 

176,823

 

 

 

 

 

 

 

 

 

 

 

 

176,823

 

Amortization of share-based awards

 

 

 

 

 

1,245

 

 

 

 

 

 

 

 

 

 

 

 

1,245

 

Balance at June 30, 2022

 

$

42

 

 

$

1,554,561

 

 

$

(715,649

)

 

$

1,763

 

 

$

930

 

 

$

841,647

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

$

41

 

 

$

1,371,809

 

 

$

(548,931

)

 

$

(804

)

 

$

1,157

 

 

$

823,272

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(64,777

)

 

 

(278

)

 

 

(397

)

 

 

(65,452

)

Amortization of share-based awards

 

 

 

 

 

1,918

 

 

 

 

 

 

 

 

 

 

 

 

1,918

 

Balance at June 30, 2021

 

$

41

 

 

$

1,373,727

 

 

$

(613,708

)

 

$

(1,082

)

 

$

760

 

 

$

759,738

 

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

(In Thousands)

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2022

 

 

June 30, 2021

 

 

June 30, 2022

 

 

June 30, 2021

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

37,520

 

 

 

23

%

 

$

23,481

 

 

 

27

%

 

$

65,964

 

 

 

25

%

 

$

49,705

 

 

 

29

%

Asia Pacific

 

 

16,362

 

 

 

10

%

 

 

4,870

 

 

 

6

%

 

 

21,259

 

 

 

8

%

 

 

8,442

 

 

 

5

%

Middle East

 

 

28,396

 

 

 

18

%

 

 

20,758

 

 

 

23

%

 

 

48,614

 

 

 

18

%

 

 

41,600

 

 

 

25

%

Europe/Mediterranean

 

 

32,475

 

 

 

20

%

 

 

22,467

 

 

 

25

%

 

 

56,394

 

 

 

21

%

 

 

37,216

 

 

 

22

%

West Africa

 

 

47,422

 

 

 

29

%

 

 

16,938

 

 

 

19

%

 

 

73,820

 

 

 

28

%

 

 

32,544

 

 

 

19

%

Total vessel revenues

 

$

162,175

 

 

 

100

%

 

$

88,514

 

 

 

100

%

 

$

266,051

 

 

 

100

%

 

$

169,507

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

60,639

 

 

 

37

%

 

$

37,685

 

 

 

43

%

 

$

101,476

 

 

 

38

%

 

$

72,847

 

 

 

43

%

Repair and maintenance

 

 

13,477

 

 

 

8

%

 

 

9,534

 

 

 

11

%

 

 

22,938

 

 

 

9

%

 

 

18,971

 

 

 

11

%

Insurance

 

 

1,366

 

 

 

1

%

 

 

(137

)

 

 

(0

)%

 

 

2,750

 

 

 

1

%

 

 

486

 

 

 

1

%

Fuel, lube and supplies

 

 

11,521

 

 

 

7

%

 

 

6,541

 

 

 

7

%

 

 

18,597

 

 

 

7

%

 

 

12,401

 

 

 

7

%

Other

 

 

13,254

 

 

 

8

%

 

 

10,640

 

 

 

12

%

 

 

23,007

 

 

 

9

%

 

 

20,578

 

 

 

12

%

Total vessel operating costs

 

 

100,257

 

 

 

62

%

 

 

64,263

 

 

 

73

%

 

 

168,768

 

 

 

63

%

 

 

125,283

 

 

 

74

%

Vessel operating margin (A)

 

$

61,918

 

 

 

38

%

 

$

24,251

 

 

 

27

%

 

$

97,283

 

 

 

37

%

 

$

44,224

 

 

 

26

%

Note (A): Vessel operating margin equals revenues less vessel operating costs and excludes general and administrative expenses and depreciation and amortization.

The company’s operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:

(In Thousands)

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2022

 

 

June 30, 2021

 

 

June 30, 2022

 

 

June 30, 2021

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

5,930

 

 

 

4

%

 

$

(4,940

)

 

 

(5

)%

 

$

5,848

 

 

 

2

%

 

$

(6,591

)

 

 

(4

)%

Asia Pacific

 

 

(899

)

 

 

(1

)%

 

 

1,722

 

 

 

2

%

 

 

1,274

 

 

 

0

%

 

 

1,667

 

 

 

1

%

Middle East

 

 

(307

)

 

 

(0

)%

 

 

(1,456

)

 

 

(2

)%

 

 

(2,190

)

 

 

(1

)%

 

 

(3,254

)

 

 

(2

)%

Europe/Mediterranean

 

 

4,262

 

 

 

3

%

 

 

(1,986

)

 

 

(2

)%

 

 

1,833

 

 

 

1

%

 

 

(10,007

)

 

 

(6

)%

West Africa

 

 

9,270

 

 

 

6

%

 

 

(5,355

)

 

 

(6

)%

 

 

12,485

 

 

 

5

%

 

 

(12,122

)

 

 

(7

)%

Other operating profit

 

 

790

 

 

 

0

%

 

 

858

 

 

 

1

%

 

 

2,282

 

 

 

1

%

 

 

2,302

 

 

 

1

%

 

 

 

19,046

 

 

 

12

%

 

 

(11,157

)

 

 

(12

)%

 

 

21,532

 

 

 

8

%

 

 

(28,005

)

 

 

(16

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(15,909

)

 

 

(10

)%

 

 

(9,070

)

 

 

(10

)%

 

 

(26,412

)

 

 

(10

)%

 

 

(16,575

)

 

 

(10

)%

Loss on asset dispositions, net

 

 

(1,297

)

 

 

(1

)%

 

 

(932

)

 

 

(1

)%

 

 

(1,090

)

 

 

(0

)%

 

 

(2,880

)

 

 

(2

)%

Affiliate credit loss impairment credit

 

 

 

 

 

0

%

 

 

1,000

 

 

 

1

%

 

 

 

 

 

0

%

 

 

1,000

 

 

 

1

%

Long-lived asset impairments and other

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

500

 

 

 

0

%

 

 

 

 

 

0

%

Operating loss

 

$

1,840

 

 

 

1

%

 

$

(20,159

)

 

 

(22

)%

 

$

(5,470

)

 

 

(2

)%

 

$

(46,460

)

 

 

(27

)%

Note (A): General and administrative expenses for the three months and six months ended June 30, 2022 include stock-based compensation of $1.9 million and $3.4 million, respectively. General and administrative expenses for the three and six months ended June 30, 2021 include stock-based compensation of $1.5 million and $2.7 million, respectively. In addition, vessel operating and general and administrative costs for the three months and six months ended June 30, 2022, include $7.3 million and $9.6 million in one-time acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and six months ended June 30, 2021, include $0.8 million and $0.9 million in one-time restructuring and integration related costs, respectively.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(In Thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

162,175

 

 

$

103,876

 

 

$

100,428

 

 

$

91,634

 

 

$

88,514

 

Other operating revenues

 

 

1,272

 

 

 

1,853

 

 

 

4,747

 

 

 

767

 

 

 

1,439

 

Total revenues

 

 

163,447

 

 

 

105,729

 

 

 

105,175

 

 

 

92,401

 

 

 

89,953

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

100,257

 

 

 

68,511

 

 

 

71,187

 

 

 

65,344

 

 

 

64,263

 

Costs of other operating revenue

 

 

483

 

 

 

361

 

 

 

228

 

 

 

355

 

 

 

581

 

General and administrative (A)

 

 

27,804

 

 

 

18,217

 

 

 

17,641

 

 

 

18,045

 

 

 

16,787

 

Depreciation and amortization

 

 

31,766

 

 

 

26,657

 

 

 

28,288

 

 

 

27,980

 

 

 

28,549

 

Long-lived asset impairment (credit) and other

 

 

 

 

 

(500

)

 

 

13,476

 

 

 

2,167

 

 

 

 

Affiliate credit loss impairment expense (credit)

 

 

 

 

 

 

 

 

1,400

 

 

 

 

 

 

(1,000

)

(Gain) loss on asset dispositions, net

 

 

1,297

 

 

 

(207

)

 

 

(53

)

 

 

74

 

 

 

932

 

Total operating costs and expenses

 

 

161,607

 

 

 

113,039

 

 

 

132,167

 

 

 

113,965

 

 

 

110,112

 

Operating loss

 

 

1,840

 

 

 

(7,310

)

 

 

(26,992

)

 

 

(21,564

)

 

 

(20,159

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(1,881

)

 

 

946

 

 

 

582

 

 

 

(523

)

 

 

422

 

Equity in net earnings (losses) of unconsolidated companies

 

 

(244

)

 

 

 

 

 

(1,625

)

 

 

100

 

 

 

52

 

Interest income and other, net

 

 

349

 

 

 

3,486

 

 

 

1,426

 

 

 

148

 

 

 

8

 

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

(11,100

)

 

 

 

 

 

 

Loss on warrants

 

 

(14,175

)

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt costs, net

 

 

(4,284

)

 

 

(4,175

)

 

 

(3,417

)

 

 

(3,681

)

 

 

(3,944

)

Total other expense

 

 

(20,235

)

 

 

257

 

 

 

(14,134

)

 

 

(3,956

)

 

 

(3,462

)

Loss before income taxes

 

 

(18,395

)

 

 

(7,053

)

 

 

(41,126

)

 

 

(25,520

)

 

 

(23,621

)

Income tax (benefit) expense

 

 

6,619

 

 

 

5,218

 

 

 

(3,047

)

 

 

887

 

 

 

6,026

 

Net loss

 

 

(25,014

)

 

 

(12,271

)

 

 

(38,079

)

 

 

(26,407

)

 

 

(29,647

)

Net loss attributable to noncontrolling interests

 

 

567

 

 

 

(103

)

 

 

(145

)

 

 

(149

)

 

 

(185

)

Net loss attributable to Tidewater Inc.

 

$

(25,581

)

 

$

(12,168

)

 

$

(37,934

)

 

$

(26,258

)

 

$

(29,462

)

Basic loss per common share

 

$

(0.61

)

 

$

(0.29

)

 

$

(0.92

)

 

$

(0.64

)

 

$

(0.72

)

Diluted loss per common share

 

$

(0.61

)

 

$

(0.29

)

 

$

(0.92

)

 

$

(0.64

)

 

$

(0.72

)

Weighted average common shares outstanding

 

 

41,814

 

 

 

41,412

 

 

 

41,280

 

 

 

41,132

 

 

 

40,899

 

Adjusted weighted average common shares

 

 

41,814

 

 

 

41,412

 

 

 

41,280

 

 

 

41,132

 

 

 

40,899

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin

 

$

61,918

 

 

$

35,365

 

 

$

29,241

 

 

$

26,290

 

 

$

24,251

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

7,314

 

 

$

2,305

 

 

$

221

 

 

$

112

 

 

$

795

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

87,981

 

 

$

136,234

 

 

$

149,037

 

 

$

127,414

 

 

$

131,157

 

Restricted cash

 

 

1,240

 

 

 

4,958

 

 

 

1,240

 

 

 

24,092

 

 

 

20,284

 

Trade and other receivables, net

 

 

189,259

 

 

 

112,953

 

 

 

86,503

 

 

 

86,015

 

 

 

90,229

 

Due from affiliates, less allowances

 

 

 

 

 

21,191

 

 

 

70,134

 

 

 

68,217

 

 

 

64,922

 

Marine operating supplies

 

 

21,182

 

 

 

13,252

 

 

 

12,606

 

 

 

13,335

 

 

 

15,404

 

Assets held for sale

 

 

6,862

 

 

 

8,591

 

 

 

14,421

 

 

 

17,891

 

 

 

17,214

 

Prepaid expenses and other current assets

 

 

23,259

 

 

 

12,012

 

 

 

8,731

 

 

 

13,129

 

 

 

15,953

 

Total current assets

 

 

329,783

 

 

 

309,191

 

 

 

342,672

 

 

 

350,093

 

 

 

355,163

 

Net properties and equipment

 

 

838,612

 

 

 

677,580

 

 

 

688,040

 

 

 

709,324

 

 

 

731,659

 

Deferred drydocking and survey costs

 

 

53,661

 

 

 

44,362

 

 

 

40,734

 

 

 

40,510

 

 

 

40,372

 

Indemnification assets

 

 

30,269

 

 

 

 

 

 

 

 

 

 

 

 

 

Other assets

 

 

30,410

 

 

 

22,997

 

 

 

24,334

 

 

 

23,146

 

 

 

24,539

 

Total assets

 

$

1,282,735

 

 

$

1,054,130

 

 

$

1,095,780

 

 

$

1,123,073

 

 

$

1,151,733

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

30,537

 

 

$

23,696

 

 

$

20,788

 

 

$

18,042

 

 

$

16,189

 

Accrued costs and expenses

 

 

109,212

 

 

 

55,141

 

 

 

51,734

 

 

 

52,133

 

 

 

50,532

 

Due to affiliates

 

 

 

 

 

21,191

 

 

 

61,555

 

 

 

59,571

 

 

 

59,759

 

Current portion of long-term debt

 

 

 

 

 

 

 

 

 

 

 

140,995

 

 

 

7,355

 

Other current liabilities

 

 

47,872

 

 

 

25,471

 

 

 

23,865

 

 

 

29,139

 

 

 

28,825

 

Total current liabilities

 

 

187,621

 

 

 

125,499

 

 

 

157,942

 

 

 

299,880

 

 

 

162,660

 

Long-term debt

 

 

168,279

 

 

 

167,997

 

 

 

167,885

 

 

 

14,139

 

 

 

148,612

 

Other liabilities and deferred credits

 

 

85,188

 

 

 

70,892

 

 

 

68,184

 

 

 

74,442

 

 

 

80,723

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

42

 

 

 

42

 

 

 

41

 

 

 

41

 

 

 

41

 

Additional paid-in-capital

 

 

1,554,561

 

 

 

1,376,934

 

 

 

1,376,494

 

 

 

1,375,215

 

 

 

1,373,727

 

Accumulated deficit

 

 

(715,649

)

 

 

(690,068

)

 

 

(677,900

)

 

 

(639,966

)

 

 

(613,708

)

Accumulated other comprehensive income (loss)

 

 

1,763

 

 

 

2,471

 

 

 

2,668

 

 

 

(1,289

)

 

 

(1,082

)

Total stockholders' equity

 

 

840,717

 

 

 

689,379

 

 

 

701,303

 

 

 

734,001

 

 

 

758,978

 

Noncontrolling interests

 

 

930

 

 

 

363

 

 

 

466

 

 

 

611

 

 

 

760

 

Total equity

 

 

841,647

 

 

 

689,742

 

 

 

701,769

 

 

 

734,612

 

 

 

759,738

 

Total liabilities and equity

 

$

1,282,735

 

 

$

1,054,130

 

 

$

1,095,780

 

 

$

1,123,073

 

 

$

1,151,733

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonatide (Angola)

 

$

 

 

$

 

 

$

8,579

 

 

$

8,646

 

 

$

5,163

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

30,768

 

 

$

21,711

 

 

$

21,658

 

 

$

18,961

 

 

$

17,796

 

Towing-supply

 

 

4,864

 

 

 

5,596

 

 

 

5,062

 

 

 

4,440

 

 

 

4,535

 

Other

 

 

1,888

 

 

 

1,137

 

 

 

1,162

 

 

 

1,163

 

 

 

1,150

 

Total

 

 

37,520

 

 

 

28,444

 

 

 

27,882

 

 

 

24,564

 

 

 

23,481

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

11,769

 

 

 

3,923

 

 

 

3,951

 

 

 

3,899

 

 

 

3,897

 

Towing-supply

 

 

4,372

 

 

 

974

 

 

 

963

 

 

 

887

 

 

 

973

 

Other

 

 

221

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

16,362

 

 

 

4,897

 

 

 

4,914

 

 

 

4,786

 

 

 

4,870

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

19,744

 

 

 

12,599

 

 

 

13,360

 

 

 

13,393

 

 

 

13,367

 

Towing-supply

 

 

8,652

 

 

 

7,619

 

 

 

8,588

 

 

 

7,454

 

 

 

7,391

 

Total

 

 

28,396

 

 

 

20,218

 

 

 

21,948

 

 

 

20,847

 

 

 

20,758

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

32,328

 

 

 

23,765

 

 

 

22,344

 

 

 

21,037

 

 

 

22,293

 

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Other

 

 

147

 

 

 

154

 

 

 

157

 

 

 

160

 

 

 

163

 

Total

 

 

32,475

 

 

 

23,919

 

 

 

22,501

 

 

 

21,197

 

 

 

22,467

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

27,699

 

 

 

14,746

 

 

 

13,658

 

 

 

10,967

 

 

 

8,814

 

Towing-supply

 

 

14,464

 

 

 

6,597

 

 

 

5,807

 

 

 

5,474

 

 

 

5,564

 

Other

 

 

5,259

 

 

 

5,055

 

 

 

3,718

 

 

 

3,799

 

 

 

2,560

 

Total

 

 

47,422

 

 

 

26,398

 

 

 

23,183

 

 

 

20,240

 

 

 

16,938

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

122,308

 

 

 

76,744

 

 

 

74,971

 

 

 

68,257

 

 

 

66,167

 

Towing-supply

 

 

32,352

 

 

 

20,786

 

 

 

20,420

 

 

 

18,255

 

 

 

18,474

 

Other

 

 

7,515

 

 

 

6,346

 

 

 

5,037

 

 

 

5,122

 

 

 

3,873

 

Total

 

$

162,175

 

 

$

103,876

 

 

$

100,428

 

 

$

91,634

 

 

$

88,514

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

25

 

 

 

24

 

 

 

25

 

 

 

25

 

 

 

27

 

Towing-supply

 

 

8

 

 

 

8

 

 

 

8

 

 

 

8

 

 

 

8

 

Other

 

 

1

 

 

 

2

 

 

 

2

 

 

 

3

 

 

 

3

 

Total

 

 

34

 

 

 

34

 

 

 

35

 

 

 

36

 

 

 

38

 

Stacked vessels

 

 

(5

)

 

 

(7

)

 

 

(9

)

 

 

(11

)

 

 

(13

)

Active vessels

 

 

29

 

 

 

27

 

 

 

26

 

 

 

25

 

 

 

25

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

10

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

Towing-supply

 

 

5

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

Other

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

19

 

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

Stacked vessels

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Active vessels

 

 

18

 

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

24

 

 

 

17

 

 

 

17

 

 

 

17

 

 

 

17

 

Towing-supply

 

 

17

 

 

 

16

 

 

 

16

 

 

 

16

 

 

 

16

 

Total

 

 

41

 

 

 

33

 

 

 

33

 

 

 

33

 

 

 

33

 

Stacked vessels

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

 

 

(1

)

Active vessels

 

 

41

 

 

 

33

 

 

 

32

 

 

 

32

 

 

 

32

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

27

 

 

 

28

 

 

 

28

 

 

 

28

 

 

 

29

 

Total

 

 

27

 

 

 

28

 

 

 

28

 

 

 

28

 

 

 

29

 

Stacked vessels

 

 

(2

)

 

 

(4

)

 

 

(5

)

 

 

(7

)

 

 

(8

)

Active vessels

 

 

25

 

 

 

24

 

 

 

23

 

 

 

21

 

 

 

21

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

25

 

 

 

17

 

 

 

18

 

 

 

19

 

 

 

20

 

Towing-supply

 

 

16

 

 

 

9

 

 

 

10

 

 

 

11

 

 

 

11

 

Other

 

 

26

 

 

 

26

 

 

 

24

 

 

 

25

 

 

 

26

 

Total

 

 

67

 

 

 

52

 

 

 

52

 

 

 

55

 

 

 

57

 

Stacked vessels

 

 

(8

)

 

 

(10

)

 

 

(13

)

 

 

(19

)

 

 

(22

)

Active vessels

 

 

59

 

 

 

42

 

 

 

39

 

 

 

36

 

 

 

35

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

111

 

 

 

89

 

 

 

91

 

 

 

92

 

 

 

96

 

Towing-supply

 

 

46

 

 

 

35

 

 

 

36

 

 

 

37

 

 

 

37

 

Other

 

 

31

 

 

 

28

 

 

 

26

 

 

 

28

 

 

 

29

 

Total

 

 

188

 

 

 

152

 

 

 

153

 

 

 

157

 

 

 

162

 

Stacked vessels

 

 

(16

)

 

 

(21

)

 

 

(28

)

 

 

(38

)

 

 

(44

)

Active vessels

 

 

172

 

 

 

131

 

 

 

125

 

 

 

119

 

 

 

118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

172

 

 

 

131

 

 

 

125

 

 

 

119

 

 

 

118

 

Total stacked

 

 

16

 

 

 

21

 

 

 

28

 

 

 

38

 

 

 

44

 

Total joint venture

 

 

1

 

 

 

1

 

 

 

3

 

 

 

3

 

 

 

3

 

Total

 

 

189

 

 

 

153

 

 

 

156

 

 

 

160

 

 

 

165

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,278

 

 

 

2,160

 

 

 

2,269

 

 

 

2,300

 

 

 

2,497

 

Towing-supply

 

 

701

 

 

 

720

 

 

 

736

 

 

 

736

 

 

 

728

 

Other

 

 

121

 

 

 

145

 

 

 

184

 

 

 

244

 

 

 

273

 

Total

 

 

3,100

 

 

 

3,025

 

 

 

3,189

 

 

 

3,280

 

 

 

3,498

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

873

 

 

 

270

 

 

 

276

 

 

 

276

 

 

 

273

 

Towing-supply

 

 

487

 

 

 

180

 

 

 

184

 

 

 

184

 

 

 

182

 

Other

 

 

392

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

1,752

 

 

 

450

 

 

 

460

 

 

 

460

 

 

 

455

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,156

 

 

 

1,539

 

 

 

1,564

 

 

 

1,564

 

 

 

1,547

 

Towing-supply

 

 

1,547

 

 

 

1,448

 

 

 

1,472

 

 

 

1,472

 

 

 

1,485

 

Total

 

 

3,703

 

 

 

2,987

 

 

 

3,036

 

 

 

3,036

 

 

 

3,032

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,486

 

 

 

2,536

 

 

 

2,607

 

 

 

2,612

 

 

 

2,672

 

Total

 

 

2,486

 

 

 

2,536

 

 

 

2,607

 

 

 

2,612

 

 

 

2,672

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,260

 

 

 

1,553

 

 

 

1,656

 

 

 

1,718

 

 

 

1,853

 

Towing-supply

 

 

1,460

 

 

 

815

 

 

 

920

 

 

 

1,011

 

 

 

1,001

 

Other

 

 

2,366

 

 

 

2,340

 

 

 

2,208

 

 

 

2,328

 

 

 

2,366

 

Total

 

 

6,086

 

 

 

4,708

 

 

 

4,784

 

 

 

5,057

 

 

 

5,220

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

10,053

 

 

 

8,058

 

 

 

8,372

 

 

 

8,470

 

 

 

8,842

 

Towing-supply

 

 

4,195

 

 

 

3,163

 

 

 

3,312

 

 

 

3,403

 

 

 

3,396

 

Other

 

 

2,879

 

 

 

2,485

 

 

 

2,392

 

 

 

2,572

 

 

 

2,639

 

Total

 

 

17,127

 

 

 

13,706

 

 

 

14,076

 

 

 

14,445

 

 

 

14,877

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

OUT-OF-SERVICE - STACKED DAYS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

428

 

 

 

450

 

 

 

621

 

 

 

814

 

 

 

889

 

Towing-supply

 

 

64

 

 

 

90

 

 

 

92

 

 

 

92

 

 

 

91

 

Other

 

 

 

 

 

55

 

 

 

92

 

 

 

152

 

 

 

182

 

Total

 

 

492

 

 

 

595

 

 

 

805

 

 

 

1,058

 

 

 

1,162

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

61

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

61

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

 

 

 

25

 

 

 

92

 

 

 

92

 

 

 

91

 

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

Total

 

 

 

 

 

25

 

 

 

92

 

 

 

92

 

 

 

120

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

150

 

 

 

376

 

 

 

474

 

 

 

641

 

 

 

766

 

Total

 

 

150

 

 

 

376

 

 

 

474

 

 

 

641

 

 

 

766

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

18

 

 

 

203

 

 

 

307

 

 

 

537

 

 

 

852

 

Towing-supply

 

 

238

 

 

 

275

 

 

 

382

 

 

 

551

 

 

 

516

 

Other

 

 

496

 

 

 

450

 

 

 

506

 

 

 

655

 

 

 

637

 

Total

 

 

752

 

 

 

928

 

 

 

1,195

 

 

 

1,743

 

 

 

2,005

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

657

 

 

 

1,054

 

 

 

1,494

 

 

 

2,084

 

 

 

2,598

 

Towing-supply

 

 

302

 

 

 

365

 

 

 

474

 

 

 

643

 

 

 

636

 

Other

 

 

496

 

 

 

505

 

 

 

598

 

 

 

807

 

 

 

819

 

Total

 

 

1,455

 

 

 

1,924

 

 

 

2,566

 

 

 

3,534

 

 

 

4,053

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

AVAILABLE DAYS - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,850

 

 

 

1,710

 

 

 

1,648

 

 

 

1,486

 

 

 

1,608

 

Towing-supply

 

 

637

 

 

 

630

 

 

 

644

 

 

 

644

 

 

 

637

 

Other

 

 

121

 

 

 

90

 

 

 

92

 

 

 

92

 

 

 

91

 

Total

 

 

2,608

 

 

 

2,430

 

 

 

2,384

 

 

 

2,222

 

 

 

2,336

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

812

 

 

 

270

 

 

 

276

 

 

 

276

 

 

 

273

 

Towing-supply

 

 

487

 

 

 

180

 

 

 

184

 

 

 

184

 

 

 

182

 

Other

 

 

392

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

1,691

 

 

 

450

 

 

 

460

 

 

 

460

 

 

 

455

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,156

 

 

 

1,514

 

 

 

1,472

 

 

 

1,472

 

 

 

1,456

 

Towing-supply

 

 

1,547

 

 

 

1,448

 

 

 

1,472

 

 

 

1,472

 

 

 

1,456

 

Total

 

 

3,703

 

 

 

2,962

 

 

 

2,944

 

 

 

2,944

 

 

 

2,912

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,336

 

 

 

2,160

 

 

 

2,133

 

 

 

1,971

 

 

 

1,906

 

Total

 

 

2,336

 

 

 

2,160

 

 

 

2,133

 

 

 

1,971

 

 

 

1,906

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,242

 

 

 

1,350

 

 

 

1,349

 

 

 

1,181

 

 

 

1,001

 

Towing-supply

 

 

1,222

 

 

 

540

 

 

 

538

 

 

 

460

 

 

 

485

 

Other

 

 

1,870

 

 

 

1,890

 

 

 

1,702

 

 

 

1,673

 

 

 

1,729

 

Total

 

 

5,334

 

 

 

3,780

 

 

 

3,589

 

 

 

3,314

 

 

 

3,215

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

9,396

 

 

 

7,004

 

 

 

6,878

 

 

 

6,386

 

 

 

6,244

 

Towing-supply

 

 

3,893

 

 

 

2,798

 

 

 

2,838

 

 

 

2,760

 

 

 

2,760

 

Other

 

 

2,383

 

 

 

1,980

 

 

 

1,794

 

 

 

1,765

 

 

 

1,820

 

Total

 

 

15,672

 

 

 

11,782

 

 

 

11,510

 

 

 

10,911

 

 

 

10,824

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

UTILIZATION - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

71.3

%

 

 

59.3

%

 

 

57.0

%

 

 

53.0

%

 

 

45.6

%

Towing-supply

 

 

74.2

 

 

 

64.6

 

 

 

71.4

 

 

 

64.9

 

 

 

76.3

 

Other

 

 

100.0

 

 

 

62.1

 

 

 

50.0

 

 

 

37.7

 

 

 

33.3

 

Total

 

 

73.0

%

 

 

60.7

%

 

 

59.9

%

 

 

54.5

%

 

 

51.0

%

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

59.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

Towing-supply

 

 

69.8

 

 

 

97.9

 

 

 

100.0

 

 

 

90.2

 

 

 

100.0

 

Other

 

 

85.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

67.9

%

 

 

99.2

%

 

 

100.0

%

 

 

96.1

%

 

 

100.0

%

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

79.2

%

 

 

81.8

%

 

 

82.8

%

 

 

83.8

%

 

 

86.2

%

Towing-supply

 

 

83.0

 

 

 

84.2

 

 

 

93.5

 

 

 

82.9

 

 

 

80.4

 

Total

 

 

80.8

%

 

 

82.9

%

 

 

88.0

%

 

 

83.4

%

 

 

83.4

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

82.8

%

 

 

77.8

%

 

 

72.4

%

 

 

68.3

%

 

 

64.7

%

Total

 

 

82.8

%

 

 

77.8

%

 

 

72.4

%

 

 

68.3

%

 

 

64.7

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

87.4

%

 

 

75.9

%

 

 

65.7

%

 

 

54.6

%

 

 

42.3

%

Towing-supply

 

 

78.2

 

 

 

65.9

 

 

 

50.0

 

 

 

40.0

 

 

 

38.4

 

Other

 

 

55.2

 

 

 

54.4

 

 

 

45.9

 

 

 

43.9

 

 

 

34.6

 

Total

 

 

72.7

%

 

 

63.5

%

 

 

53.5

%

 

 

46.7

%

 

 

38.1

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

78.4

%

 

 

74.0

%

 

 

69.7

%

 

 

65.2

%

 

 

59.4

%

Towing-supply

 

 

78.4

 

 

 

75.8

 

 

 

76.9

 

 

 

66.6

 

 

 

68.2

 

Other

 

 

61.2

 

 

 

54.8

 

 

 

46.2

 

 

 

43.3

 

 

 

34.5

 

Total

 

 

75.5

%

 

 

70.9

%

 

 

67.4

%

 

 

61.7

%

 

 

57.0

%

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

UTILIZATION - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

87.7

%

 

 

74.8

%

 

 

78.4

%

 

 

82.0

%

 

 

70.7

%

Towing-supply

 

 

81.7

 

 

 

73.8

 

 

 

81.5

 

 

 

74.1

 

 

 

87.2

 

Other

 

 

100.0

 

 

 

100.0

 

 

 

100.0

 

 

 

100.0

 

 

 

100.0

 

Total

 

 

86.8

%

 

 

75.5

%

 

 

80.1

%

 

 

80.4

%

 

 

76.4

%

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

63.4

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

Towing-supply

 

 

69.8

 

 

 

97.9

 

 

 

100.0

 

 

 

90.2

 

 

 

100.0

 

Other

 

 

85.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

70.4

%

 

 

99.2

%

 

 

100.0

%

 

 

96.1

%

 

 

100.0

%

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

79.2

%

 

 

83.1

%

 

 

88.0

%

 

 

89.0

%

 

 

91.6

%

Towing-supply

 

 

83.0

 

 

 

84.2

 

 

 

93.5

 

 

 

82.9

 

 

 

82.0

 

Total

 

 

80.8

%

 

 

83.6

%

 

 

90.7

%

 

 

86.0

%

 

 

86.8

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

88.1

%

 

 

91.3

%

 

 

88.5

%

 

 

90.5

%

 

 

90.6

%

Total

 

 

88.1

%

 

 

91.3

%

 

 

88.5

%

 

 

90.5

%

 

 

90.6

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

88.1

%

 

 

87.3

%

 

 

80.7

%

 

 

79.4

%

 

 

78.3

%

Towing-supply

 

 

93.5

 

 

 

99.5

 

 

 

85.5

 

 

 

87.9

 

 

 

79.2

 

Other

 

 

69.8

 

 

 

67.3

 

 

 

59.5

 

 

 

61.1

 

 

 

47.4

 

Total

 

 

82.9

%

 

 

79.1

%

 

 

71.4

%

 

 

71.3

%

 

 

61.8

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

83.9

%

 

 

85.1

%

 

 

84.9

%

 

 

86.5

%

 

 

84.2

%

Towing-supply

 

 

84.4

 

 

 

85.7

 

 

 

89.7

 

 

 

82.2

 

 

 

83.9

 

Other

 

 

73.9

 

 

 

68.8

 

 

 

61.6

 

 

 

63.1

 

 

 

50.0

 

Total

 

 

82.5

%

 

 

82.5

%

 

 

82.4

%

 

 

81.6

%

 

 

78.4

%

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

AVERAGE VESSEL DAY RATES: (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

18,955

 

 

$

16,964

 

 

$

16,760

 

 

$

15,568

 

 

$

15,646

 

Towing-supply

 

 

9,350

 

 

 

12,030

 

 

 

9,638

 

 

 

9,298

 

 

 

8,162

 

Other

 

 

15,601

 

 

 

12,633

 

 

 

12,644

 

 

 

12,640

 

 

 

12,634

 

Total

 

 

16,569

 

 

 

15,501

 

 

 

14,603

 

 

 

13,742

 

 

 

13,162

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

22,844

 

 

 

14,529

 

 

 

14,315

 

 

 

14,126

 

 

 

14,275

 

Towing-supply

 

 

12,862

 

 

 

5,528

 

 

 

5,236

 

 

 

5,346

 

 

 

5,346

 

Total

 

 

13,748

 

 

 

10,975

 

 

 

10,683

 

 

 

10,830

 

 

 

10,704

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

11,561

 

 

 

10,011

 

 

 

10,319

 

 

 

10,219

 

 

 

10,020

 

Towing-supply

 

 

6,736

 

 

 

6,249

 

 

 

6,240

 

 

 

6,110

 

 

 

6,192

 

Total

 

 

9,490

 

 

 

8,160

 

 

 

8,217

 

 

 

8,238

 

 

 

8,213

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

15,705

 

 

 

12,046

 

 

 

11,834

 

 

 

11,800

 

 

 

12,905

 

Total

 

 

15,776

 

 

 

12,124

 

 

 

11,917

 

 

 

11,890

 

 

 

13,005

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

14,026

 

 

 

12,516

 

 

 

12,553

 

 

 

11,700

 

 

 

11,242

 

Towing-supply

 

 

12,661

 

 

 

12,275

 

 

 

12,624

 

 

 

13,536

 

 

 

14,480

 

Other

 

 

4,026

 

 

 

3,972

 

 

 

3,669

 

 

 

3,717

 

 

 

3,124

 

Total

 

 

10,721

 

 

 

8,834

 

 

 

9,052

 

 

 

8,562

 

 

 

8,521

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

15,522

 

 

 

12,878

 

 

 

12,840

 

 

 

12,355

 

 

 

12,589

 

Towing-supply

 

 

9,843

 

 

 

8,668

 

 

 

8,022

 

 

 

8,049

 

 

 

7,978

 

Other

 

 

4,264

 

 

 

4,657

 

 

 

4,558

 

 

 

4,598

 

 

 

4,253

 

Total

 

$

12,544

 

 

$

10,687

 

 

$

10,583

 

 

$

10,288

 

 

$

10,435

 

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

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

37,520

 

 

$

28,444

 

 

$

27,882

 

 

$

24,564

 

 

$

23,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

12,949

 

 

 

11,252

 

 

 

11,080

 

 

 

8,535

 

 

 

11,132

 

Repair and maintenance

 

 

2,866

 

 

 

2,627

 

 

 

2,487

 

 

 

2,951

 

 

 

2,192

 

Insurance

 

 

248

 

 

 

367

 

 

 

161

 

 

 

219

 

 

 

(30

)

Fuel, lube and supplies

 

 

2,326

 

 

 

2,385

 

 

 

2,019

 

 

 

2,028

 

 

 

1,952

 

Other

 

 

3,054

 

 

 

2,196

 

 

 

4,347

 

 

 

3,008

 

 

 

2,972

 

Total vessel operating costs

 

 

21,443

 

 

 

18,827

 

 

 

20,094

 

 

 

16,741

 

 

 

18,218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

16,077

 

 

 

9,617

 

 

 

7,788

 

 

 

7,823

 

 

 

5,263

 

Vessel operating margin (%)

 

 

42.8

%

 

 

33.8

%

 

 

27.9

%

 

 

31.8

%

 

 

22.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

34

 

 

 

34

 

 

 

35

 

 

 

36

 

 

 

38

 

Utilization - Total fleet

 

 

73.0

%

 

 

60.7

%

 

 

59.9

%

 

 

54.5

%

 

 

51.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

29

 

 

 

27

 

 

 

26

 

 

 

25

 

 

 

25

 

Utilization - Active fleet

 

 

86.8

%

 

 

75.5

%

 

 

80.1

%

 

 

80.4

%

 

 

76.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

16,569

 

 

$

15,501

 

 

$

14,603

 

 

$

13,742

 

 

$

13,162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

3

 

 

 

5

 

 

 

5

 

 

 

4

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

18,422

 

 

$

16,270

 

 

$

13,124

 

 

$

12,919

 

 

$

11,813

 

Cash paid for deferred drydocking and survey costs

 

 

3,857

 

 

 

5,060

 

 

 

6,470

 

 

 

4,906

 

 

 

2,157

 

Amortization of deferred drydocking and survey costs

 

 

(3,071

)

 

 

(2,908

)

 

 

(2,909

)

 

 

(2,936

)

 

 

(2,753

)

Disposals, intersegment transfers and other

 

 

 

 

 

 

 

 

(415

)

 

 

(1,765

)

 

 

1,702

 

Deferred drydocking and survey costs - ending balance

 

$

19,208

 

 

$

18,422

 

 

$

16,270

 

 

$

13,124

 

 

$

12,919

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia Pacific

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

16,362

 

 

$

4,897

 

 

$

4,914

 

 

$

4,786

 

 

$

4,870

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

8,138

 

 

 

788

 

 

 

883

 

 

 

875

 

 

 

801

 

Repair and maintenance

 

 

945

 

 

 

284

 

 

 

342

 

 

 

552

 

 

 

268

 

Insurance

 

 

90

 

 

 

54

 

 

 

24

 

 

 

51

 

 

 

(10

)

Fuel, lube and supplies

 

 

1,590

 

 

 

105

 

 

 

166

 

 

 

211

 

 

 

205

 

Other

 

 

1,176

 

 

 

422

 

 

 

459

 

 

 

500

 

 

 

459

 

Total vessel operating costs

 

 

11,939

 

 

 

1,653

 

 

 

1,874

 

 

 

2,189

 

 

 

1,723

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

4,423

 

 

 

3,244

 

 

 

3,040

 

 

 

2,597

 

 

 

3,147

 

Vessel operating margin (%)

 

 

27.0

%

 

 

66.2

%

 

 

61.9

%

 

 

54.3

%

 

 

64.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia Pacific - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

19

 

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

Utilization - Total fleet

 

 

67.9

%

 

 

99.2

%

 

 

100.0

%

 

 

96.1

%

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

18

 

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

Utilization - Active fleet

 

 

70.4

%

 

 

99.2

%

 

 

100.0

%

 

 

96.1

%

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

13,748

 

 

$

10,975

 

 

$

10,683

 

 

$

10,830

 

 

$

10,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

542

 

 

$

710

 

 

$

1,019

 

 

$

1,352

 

 

$

1,848

 

Cash paid for deferred drydocking and survey costs

 

 

1,262

 

 

 

 

 

 

 

 

 

 

 

 

23

 

Amortization of deferred drydocking and survey costs

 

 

(163

)

 

 

(168

)

 

 

(309

)

 

 

(379

)

 

 

(519

)

Disposals, intersegment transfers and other

 

 

(789

)

 

 

 

 

 

 

 

 

46

 

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

852

 

 

$

542

 

 

$

710

 

 

$

1,019

 

 

$

1,352

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

28,396

 

 

$

20,218

 

 

$

21,948

 

 

$

20,847

 

 

$

20,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

11,193

 

 

 

8,465

 

 

 

8,827

 

 

 

9,075

 

 

 

9,109

 

Repair and maintenance

 

 

3,429

 

 

 

2,124

 

 

 

2,804

 

 

 

2,392

 

 

 

2,364

 

Insurance

 

 

325

 

 

 

297

 

 

 

179

 

 

 

9

 

 

 

47

 

Fuel, lube and supplies

 

 

2,700

 

 

 

1,559

 

 

 

1,148

 

 

 

1,536

 

 

 

1,289

 

Other

 

 

2,249

 

 

 

2,457

 

 

 

2,708

 

 

 

2,834

 

 

 

2,233

 

Total vessel operating costs

 

 

19,896

 

 

 

14,902

 

 

 

15,666

 

 

 

15,846

 

 

 

15,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

8,500

 

 

 

5,316

 

 

 

6,282

 

 

 

5,001

 

 

 

5,716

 

Vessel operating margin (%)

 

 

29.9

%

 

 

26.3

%

 

 

28.6

%

 

 

24.0

%

 

 

27.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

41

 

 

 

33

 

 

 

33

 

 

 

33

 

 

 

33

 

Utilization - Total fleet

 

 

80.8

%

 

 

82.9

%

 

 

88.0

%

 

 

83.4

%

 

 

83.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

41

 

 

 

33

 

 

 

32

 

 

 

32

 

 

 

32

 

Utilization - Active fleet

 

 

80.8

%

 

 

83.6

%

 

 

90.7

%

 

 

86.0

%

 

 

86.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

9,490

 

 

$

8,160

 

 

$

8,217

 

 

$

8,238

 

 

$

8,213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

7

 

 

 

2

 

 

 

2

 

 

 

1

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

10,665

 

 

$

8,994

 

 

$

10,809

 

 

$

10,772

 

 

$

12,141

 

Cash paid for deferred drydocking and survey costs

 

 

6,362

 

 

 

3,855

 

 

 

327

 

 

 

2,441

 

 

 

1,331

 

Amortization of deferred drydocking and survey costs

 

 

(2,308

)

 

 

(2,184

)

 

 

(2,142

)

 

 

(2,290

)

 

 

(2,301

)

Disposals, intersegment transfers and other

 

 

261

 

 

 

 

 

 

 

 

 

(114

)

 

 

(399

)

Deferred drydocking and survey costs - ending balance

 

$

14,980

 

 

$

10,665

 

 

$

8,994

 

 

$

10,809

 

 

$

10,772

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Mediterranean

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

32,475

 

 

$

23,919

 

 

$

22,501

 

 

$

21,197

 

 

$

22,467

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

12,349

 

 

 

12,003

 

 

 

11,235

 

 

 

10,541

 

 

 

10,519

 

Repair and maintenance

 

 

2,414

 

 

 

2,106

 

 

 

3,562

 

 

 

1,754

 

 

 

2,244

 

Insurance

 

 

307

 

 

 

309

 

 

 

38

 

 

 

208

 

 

 

(131

)

Fuel, lube and supplies

 

 

1,740

 

 

 

1,077

 

 

 

936

 

 

 

846

 

 

 

864

 

Other

 

 

2,468

 

 

 

2,026

 

 

 

1,919

 

 

 

1,926

 

 

 

1,803

 

Total vessel operating costs

 

 

19,278

 

 

 

17,521

 

 

 

17,690

 

 

 

15,275

 

 

 

15,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

13,197

 

 

 

6,398

 

 

 

4,811

 

 

 

5,922

 

 

 

7,168

 

Vessel operating margin (%)

 

 

40.6

%

 

 

26.7

%

 

 

21.4

%

 

 

27.9

%

 

 

31.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Mediterranean - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

27

 

 

 

28

 

 

 

28

 

 

 

28

 

 

 

29

 

Utilization - Total fleet

 

 

82.8

%

 

 

77.8

%

 

 

72.4

%

 

 

68.3

%

 

 

64.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

25

 

 

 

24

 

 

 

23

 

 

 

21

 

 

 

21

 

Utilization - Active fleet

 

 

88.1

%

 

 

91.3

%

 

 

88.5

%

 

 

90.5

%

 

 

90.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

15,776

 

 

$

12,124

 

 

$

11,917

 

 

$

11,890

 

 

$

13,005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

3

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

6,425

 

 

$

4,983

 

 

$

5,571

 

 

$

6,340

 

 

$

7,731

 

Cash paid for deferred drydocking and survey costs

 

 

4,206

 

 

 

2,575

 

 

 

93

 

 

 

892

 

 

 

162

 

Amortization of deferred drydocking and survey costs

 

 

(1,400

)

 

 

(1,133

)

 

 

(1,096

)

 

 

(1,316

)

 

 

(1,553

)

Disposals, intersegment transfers and other

 

 

 

 

 

 

 

 

415

 

 

 

(345

)

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

9,231

 

 

$

6,425

 

 

$

4,983

 

 

$

5,571

 

 

$

6,340

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

47,422

 

 

$

26,398

 

 

$

23,183

 

 

$

20,240

 

 

$

16,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

16,010

 

 

 

8,329

 

 

 

7,690

 

 

 

6,583

 

 

 

6,124

 

Repair and maintenance

 

 

3,823

 

 

 

2,320

 

 

 

2,307

 

 

 

2,848

 

 

 

2,466

 

Insurance

 

 

396

 

 

 

357

 

 

 

115

 

 

 

325

 

 

 

(13

)

Fuel, lube and supplies

 

 

3,165

 

 

 

1,950

 

 

 

2,136

 

 

 

2,130

 

 

 

2,231

 

Other

 

 

4,307

 

 

 

2,652

 

 

 

3,615

 

 

 

3,407

 

 

 

3,173

 

Total vessel operating costs

 

 

27,701

 

 

 

15,608

 

 

 

15,863

 

 

 

15,293

 

 

 

13,981

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

19,721

 

 

 

10,790

 

 

 

7,320

 

 

 

4,947

 

 

 

2,957

 

Vessel operating margin (%)

 

 

41.6

%

 

 

40.9

%

 

 

31.6

%

 

 

24.4

%

 

 

17.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Africa - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

67

 

 

 

52

 

 

 

52

 

 

 

55

 

 

 

57

 

Utilization - Total fleet

 

 

72.7

%

 

 

63.5

%

 

 

53.5

%

 

 

46.7

%

 

 

38.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

59

 

 

 

42

 

 

 

39

 

 

 

36

 

 

 

35

 

Utilization - Active fleet

 

 

82.9

%

 

 

79.1

%

 

 

71.4

%

 

 

71.3

%

 

 

61.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

10,721

 

 

$

8,834

 

 

$

9,052

 

 

$

8,562

 

 

$

8,521

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

5

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

8,308

 

 

$

9,777

 

 

$

9,987

 

 

$

8,989

 

 

$

13,115

 

Cash paid for deferred drydocking and survey costs

 

 

2,764

 

 

 

1,122

 

 

 

3,004

 

 

 

2,378

 

 

 

376

 

Amortization of deferred drydocking and survey costs

 

 

(2,210

)

 

 

(2,591

)

 

 

(3,214

)

 

 

(3,148

)

 

 

(3,199

)

Disposals, intersegment transfers and other

 

 

528

 

 

 

 

 

 

 

 

 

1,768

 

 

 

(1,303

)

Deferred drydocking and survey costs - ending balance

 

$

9,390

 

 

$

8,308

 

 

$

9,777

 

 

$

9,987

 

 

$

8,989

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

162,175

 

 

$

103,876

 

 

$

100,428

 

 

$

91,634

 

 

$

88,514

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

60,639

 

 

 

40,837

 

 

 

39,715

 

 

 

35,609

 

 

 

37,685

 

Repair and maintenance

 

 

13,477

 

 

 

9,461

 

 

 

11,502

 

 

 

10,497

 

 

 

9,534

 

Insurance

 

 

1,366

 

 

 

1,384

 

 

 

517

 

 

 

812

 

 

 

(137

)

Fuel, lube and supplies

 

 

11,521

 

 

 

7,076

 

 

 

6,405

 

 

 

6,751

 

 

 

6,541

 

Other

 

 

13,254

 

 

 

9,753

 

 

 

13,048

 

 

 

11,675

 

 

 

10,640

 

Total vessel operating costs

 

 

100,257

 

 

 

68,511

 

 

 

71,187

 

 

 

65,344

 

 

 

64,263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

61,918

 

 

 

35,365

 

 

 

29,241

 

 

 

26,290

 

 

 

24,251

 

Vessel operating margin (%)

 

 

38.2

%

 

 

34.0

%

 

 

29.1

%

 

 

28.7

%

 

 

27.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

188

 

 

 

152

 

 

 

153

 

 

 

157

 

 

 

162

 

Utilization - Total fleet

 

 

75.5

%

 

 

70.9

%

 

 

67.4

%

 

 

61.7

%

 

 

57.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

172

 

 

 

131

 

 

 

125

 

 

 

119

 

 

 

118

 

Utilization - Active fleet

 

 

82.5

%

 

 

82.5

%

 

 

82.4

%

 

 

81.6

%

 

 

78.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

12,544

 

 

$

10,687

 

 

$

10,583

 

 

$

10,288

 

 

$

10,435

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

20

 

 

 

11

 

 

 

11

 

 

 

9

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

44,362

 

 

$

40,734

 

 

$

40,510

 

 

$

40,372

 

 

$

46,648

 

Cash paid for deferred drydocking and survey costs

 

 

18,451

 

 

 

12,612

 

 

 

9,894

 

 

 

10,617

 

 

 

4,049

 

Amortization of deferred drydocking and survey costs

 

 

(9,152

)

 

 

(8,984

)

 

 

(9,670

)

 

 

(10,069

)

 

 

(10,325

)

Disposals, intersegment transfers and other

 

 

 

 

 

 

 

 

 

 

 

(410

)

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

53,661

 

 

$

44,362

 

 

$

40,734

 

 

$

40,510

 

 

$

40,372

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(25,014

)

 

$

(12,271

)

 

$

(38,079

)

 

$

(26,407

)

 

$

(29,647

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt costs

 

 

4,284

 

 

 

4,175

 

 

 

3,417

 

 

 

3,681

 

 

 

3,944

 

Income tax (benefit) expense

 

 

6,619

 

 

 

5,218

 

 

 

(3,047

)

 

 

887

 

 

 

6,026

 

Depreciation

 

 

22,614

 

 

 

17,673

 

 

 

18,618

 

 

 

17,911

 

 

 

18,224

 

Amortization of deferred drydock and survey costs

 

 

9,152

 

 

 

8,984

 

 

 

9,670

 

 

 

10,069

 

 

 

10,325

 

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

 

 

17,655

 

 

 

23,779

 

 

 

(9,421

)

 

 

6,141

 

 

 

8,872

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-lived asset impairment (credit) and other

 

 

 

 

 

(500

)

 

 

13,476

 

 

 

2,167

 

 

 

 

Affiliate credit loss impairment expense (credit)

 

 

 

 

 

 

 

 

1,400

 

 

 

 

 

 

(1,000

)

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

11,100

 

 

 

 

 

 

 

Loss on warrants

 

 

14,175

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on bargain purchase

 

 

 

 

 

(1,300

)

 

 

 

 

 

 

 

 

 

One-time integration related costs

 

 

7,314

 

 

 

2,305

 

 

 

221

 

 

 

112

 

 

 

795

 

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

 

$

39,144

 

 

$

24,284

 

 

$

16,776

 

 

$

8,420

 

 

$

8,667

 

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

 

Note (B): EBITDA and Adjusted EBITDA for the three months ended June 30, 2022, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,963, $1,458, $1,439, $1,523, and $1,504, respectively.

 

Note (C): EBITDA and Adjusted EBITDA for the three months ended June 30, 2022, and for each of the prior four quarters includes foreign exchange gain (losses) of $(1,881), $946, $582, $(523), and $422, respectively.

Non-GAAP Financial Measures

We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.

EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(21,603

)

 

$

(11,624

)

 

$

6,938

 

 

$

(2,499

)

 

$

4,851

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest expense

 

 

7,626

 

 

 

 

 

 

3,664

 

 

 

3,055

 

 

 

3,282

 

Interest income and other

 

 

(349

)

 

 

(2,186

)

 

 

(1,426

)

 

 

(148

)

 

 

(8

)

Additions to property and equipment

 

 

(4,151

)

 

 

(1,229

)

 

 

(6,368

)

 

 

(722

)

 

 

(665

)

Acquisitions

 

 

(28,486

)

 

 

(1,039

)

 

 

 

 

 

 

 

 

 

Expansion capital

 

 

28,486

 

 

 

1,039

 

 

 

 

 

 

 

 

 

 

Free cash flow before proceeds from asset sales

 

 

(18,477

)

 

 

(15,039

)

 

 

2,808

 

 

 

(314

)

 

 

7,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset sales

 

 

3,535

 

 

 

4,628

 

 

 

54

 

 

 

4,396

 

 

 

18,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Free cash flow

 

$

(14,942

)

 

$

(10,411

)

 

$

2,862

 

 

$

4,082

 

 

$

26,037

 

Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by (used in) operating activities adjusted for capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.

Note (A): Net cash provided by (used in) operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

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

 

$

(27,697

)

 

$

(13,401

)

 

$

265

 

 

$

2,586

 

 

$

7,066

 

Cash paid for deferred drydock and survey costs

 

 

(18,451

)

 

 

(12,612

)

 

 

(9,894

)

 

 

(10,617

)

 

 

(4,049

)

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

 

$

(46,148

)

 

$

(26,013

)

 

$

(9,629

)

 

$

(8,031

)

 

$

3,017

 

 

Contacts

Tidewater Inc.

West Gotcher

Vice President,

Finance and Investor Relations

+1.713.470.5285

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