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Tidewater Reports Results for the Three Months Ended March 31, 2024

First Quarter 2024 Highlights

  • Revenue of $321.2 million, an increase of $18.5 million, or 6.1%, from the fourth quarter of 2023
  • Average day rate increased to $19,563 per day, $1,497 higher than the fourth quarter of 2023
  • Composite leading edge term contract day rate increased to $30,641
  • Net income of $47.0 million, an increase of $9.4 million from the fourth quarter of 2023
  • Adjusted EBITDA of $139.0 million, an increase of $7.7 million from the fourth quarter of 2023
  • Net cash provided by operating activities of $54.8 million, an increase of $7.5 million from the fourth quarter of 2023
  • Free cash flow of $69.4 million, an increase of $8.4 million from the fourth quarter of 2023

Share Count Reduction and 2024 Guidance

  • Share count was reduced by 171,399 shares through year-to-date share repurchases of $16.0 million at an average price of $93.34 per share
  • Share count was further reduced by 320,859 shares in exchange for paying $28.5 million of employee taxes on the vesting of equity compensation at an average price of $88.95 per share
  • Board approves additional share repurchase authorization of $18.1 million, for a total outstanding authorization of $50.7 million, the maximum permissible amount under existing debt agreements
  • Reiterating 2024 revenue guidance of $1.40 to $1.45 billion and 2024 gross margin guidance of 52%

Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2024 of $321.2 million, compared with $193.1 million, for the three months ended March 31, 2023. Tidewater's net income for the three months ended March 31, 2024, was $47.0 million ($0.89 per common share), compared with net income of $10.7 million ($0.21 per common share), for the three months ended March 31, 2023.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “First quarter results came in nicely above our expectations, especially for a period that is typically the slowest quarter of the year due to seasonality in certain markets and a front-loaded drydock schedule. Our consolidated global average day rate continued the upward trend we saw throughout 2023, with the average day rate increasing nearly $1,500 per day sequentially, an increase of over 8%. Each of our classes of vessels saw day rate expansion during the first quarter, with material improvements in each of our large vessel classes and particular strength in our >16K AHTS class vessels. This is notable as the busiest time of the calendar year for AHTS vessels is typically during the second and third quarters, a seasonably favorable time of year for AHTS activity. We believe the strength shown in our large AHTS vessels is a leading indicator for the relative strength of the market as we progress through 2024.

“Vessel revenue in the first quarter came in at $321.2 million with a gross margin of 47.5%, both of which nicely exceeded our expectations. The improvements in day rates offset the normal first quarter seasonality. Seasonality did play a factor in the first quarter, with activity down modestly in the Europe and Mediterranean segment sequentially, but this was offset by improvements in activity in other regions of the world. Additionally, our front-loaded drydock schedule consumed nearly six percentage points of utilization during the quarter. The improvement in day rates drove the revenue growth and margin performance in the first quarter and we expect as the typical seasonal factors abate and as we progress through our front-loaded drydock schedule, that quarterly revenue will continue to improve throughout the year through a combination of continued increases in day rates and improved utilization.

“We generated $69.4 million of free cash flow and we currently retain the unused capacity under the previously announced share repurchase authorization and are pleased to announce the Board has authorized an additional $18.1 million of additional share repurchase capacity, for a total share repurchase capacity of $50.7 million. The outstanding authorization represents the maximum permissible amount of share repurchases under our existing debt agreements. We will continue to weigh the value of share repurchases against other capital allocation opportunities so as to maximize shareholder value.

“We remain encouraged by the outlook for demand over the coming years and by the persistent tightness in vessel supply. Newbuilding vessel orders still have not materialized in any meaningful way, providing for a significant runway of time before new vessel supply can enter the market. We reiterate our full-year revenue guidance of $1.40 to $1.45 billion and gross margin guidance of 52.0% and we remain optimistic on the continued pace of offshore activity acceleration as a result of the constructive leading indicators we observed during the first quarter.”

In addition to the number of outstanding shares, as of March 31, 2024, the Company also has the following in-the-money warrants.

Common shares outstanding

 

 

52,759,223

 

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

 

 

81,244

 

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

 

 

88,887

 

Total

 

 

52,929,354

 

Tidewater will hold a conference call to discuss results for the three months ending March 31, 2024 on May 3, 2024, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 6663124 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on May 3, 2024. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

About Tidewater

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.

Cautionary Statement

This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”).

These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.

If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Financial information is displayed beginning on the next page.

The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at March 31, 2024 and December 31, 2023; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023; and the Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023. Extracts are drawn from the December 31, 2023 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

 

TIDEWATER INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS

(In Thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

March 31, 2024

 

 

March 31, 2023

 

Revenues:

 

 

 

 

 

 

 

 

Vessel revenues

 

$

318,686

 

 

$

191,180

 

Other operating revenues

 

 

2,478

 

 

 

1,924

 

Total revenues

 

 

321,164

 

 

 

193,104

 

Costs and expenses:

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

167,556

 

 

 

115,459

 

Costs of other operating revenues

 

 

1,150

 

 

 

1,151

 

General and administrative

 

 

25,329

 

 

 

23,545

 

Depreciation and amortization

 

 

56,270

 

 

 

30,666

 

Gain on asset dispositions, net

 

 

(11,039

)

 

 

(2,216

)

Total costs and expenses

 

 

239,266

 

 

 

168,605

 

Operating income

 

 

81,898

 

 

 

24,499

 

Other income (expense):

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(4,085

)

 

 

2,348

 

Equity in net earnings (losses) of unconsolidated companies

 

 

(5

)

 

 

 

Interest income and other, net

 

 

1,483

 

 

 

130

 

Interest and other debt costs, net

 

 

(19,476

)

 

 

(4,190

)

Total other expense

 

 

(22,083

)

 

 

(1,712

)

Income before income taxes

 

 

59,815

 

 

 

22,787

 

Income tax expense

 

 

13,070

 

 

 

11,971

 

Net income

 

 

46,745

 

 

 

10,816

 

Less: Net income (loss) attributable to noncontrolling interests

 

 

(281

)

 

 

78

 

Net income attributable to Tidewater Inc.

 

$

47,026

 

 

$

10,738

 

Basic income per common share

 

$

0.90

 

 

$

0.21

 

Diluted income per common share

 

$

0.89

 

 

$

0.21

 

Weighted average common shares outstanding

 

 

52,320

 

 

 

50,604

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

580

 

 

 

1,368

 

Adjusted weighted average common shares

 

 

52,900

 

 

 

51,972

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

 

 

 

March 31, 2024

 

 

December 31, 2023

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

280,853

 

 

$

274,437

 

Restricted cash

 

 

6,474

 

 

 

1,241

 

Trade and other receivables, net of allowance for credit losses of $3,687 and $15,914 at March 31, 2024 and December 31, 2023, respectively

 

 

285,968

 

 

 

268,352

 

Marine operating supplies

 

 

24,767

 

 

 

31,933

 

Prepaid expenses and other current assets

 

 

17,447

 

 

 

15,172

 

Total current assets

 

 

615,509

 

 

 

591,135

 

Net properties and equipment

 

 

1,286,618

 

 

 

1,315,122

 

Deferred drydocking and survey costs

 

 

128,639

 

 

 

106,698

 

Indemnification assets

 

 

16,642

 

 

 

17,370

 

Other assets

 

 

30,408

 

 

 

32,449

 

Total assets

 

$

2,077,816

 

 

$

2,062,774

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

51,774

 

 

$

44,931

 

Accrued expenses

 

 

132,190

 

 

 

125,590

 

Current portion of long-term debt

 

 

103,009

 

 

 

103,077

 

Other current liabilities

 

 

52,164

 

 

 

55,133

 

Total current liabilities

 

 

339,137

 

 

 

328,731

 

Long-term debt

 

 

620,329

 

 

 

631,361

 

Other liabilities

 

 

63,197

 

 

 

64,985

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock of $0.001 par value, 125,000,000 shares authorized, 52,759,223 and 52,259,303 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively

 

 

53

 

 

 

52

 

Additional paid-in-capital

 

 

1,646,061

 

 

 

1,671,759

 

Accumulated deficit

 

 

(594,347

)

 

 

(637,838

)

Accumulated other comprehensive loss

 

 

5,209

 

 

 

5,266

 

Total stockholders' equity

 

 

1,056,976

 

 

 

1,039,239

 

Noncontrolling interests

 

 

(1,823

)

 

 

(1,542

)

Total equity

 

 

1,055,153

 

 

 

1,037,697

 

Total liabilities and equity

 

$

2,077,816

 

 

$

2,062,774

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands)

 

 

 

Three Months Ended

 

 

 

March 31, 2024

 

 

March 31, 2023

 

Net income

 

$

46,745

 

 

$

10,816

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Unrealized gain (loss) on note receivable

 

 

80

 

 

 

(132

)

Change in liability of pension plans

 

 

(137

)

 

 

(190

)

Total comprehensive income

 

$

46,688

 

 

$

10,494

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

 

 

 

Three Months

 

 

Three Months

 

 

 

Ended

 

 

Ended

 

 

 

March 31, 2024

 

 

March 31, 2023

 

Operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

46,745

 

 

$

10,816

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

38,811

 

 

 

21,048

 

Amortization of deferred drydocking and survey costs

 

 

17,459

 

 

 

9,618

 

Amortization of debt premiums and discounts

 

 

1,814

 

 

 

420

 

Amortization of below market contracts

 

 

(1,206

)

 

 

 

Provision for deferred income taxes

 

 

73

 

 

 

35

 

Gain on asset dispositions, net

 

 

(11,039

)

 

 

(2,216

)

Stock-based compensation expense

 

 

2,766

 

 

 

2,103

 

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

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(17,616

)

 

 

(25,733

)

Accounts payable

 

 

6,843

 

 

 

25,829

 

Accrued expenses

 

 

6,600

 

 

 

1,830

 

Deferred drydocking and survey costs

 

 

(40,018

)

 

 

(31,325

)

Other, net

 

 

3,533

 

 

 

369

 

Net cash provided by operating activities

 

 

54,765

 

 

 

12,794

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from asset dispositions

 

 

12,463

 

 

 

5,716

 

Additions to properties and equipment

 

 

(10,942

)

 

 

(8,651

)

Net cash provided by (used in) investing activities

 

 

1,521

 

 

 

(2,935

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Principal payments on long-term debt

 

 

(12,500

)

 

 

 

Purchase of common stock

 

 

(3,501

)

 

 

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

 

 

 

(1,427

)

Debt issuance costs

 

 

(135

)

 

 

 

Share based awards reacquired to pay taxes

 

 

(28,462

)

 

 

(3,747

)

Net cash used in financing activities

 

 

(44,598

)

 

 

(5,174

)

Net change in cash, cash equivalents and restricted cash

 

 

11,688

 

 

 

4,685

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

277,965

 

 

 

167,977

 

Cash, cash equivalents and restricted cash at end of period

 

$

289,653

 

 

$

172,662

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

15,621

 

 

$

98

 

Income taxes

 

$

15,603

 

 

$

17,057

 

Note:  Cash, cash equivalents and restricted cash at March 31, 2024 includes $2.3 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

 

 

interest

 

 

Total

 

Balance at December 31, 2023

 

$

52

 

 

$

1,671,759

 

 

$

(637,838

)

 

$

5,266

 

 

$

1,542

 

 

$

1,040,781

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

47,026

 

 

 

(57

)

 

 

(281

)

 

 

46,688

 

Amortization of share-based awards

 

 

 

 

 

(25,697

)

 

 

 

 

 

 

 

 

 

 

 

(25,697

)

Balance at March 31, 2024

 

$

53

 

 

$

1,647,488

 

 

$

(594,347

)

 

$

5,209

 

 

$

1,261

 

 

$

1,059,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

$

51

 

 

$

1,556,990

 

 

$

(699,649

)

 

$

8,576

 

 

$

22

 

 

$

865,990

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

10,738

 

 

 

(322

)

 

 

78

 

 

 

10,494

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

 

 

 

(1,427

)

 

 

 

 

 

 

 

 

 

 

 

(1,427

)

Amortization of share-based awards

 

 

 

 

 

(1,644

)

 

 

 

 

 

 

 

 

 

 

 

(1,644

)

Balance at March 31, 2023

 

$

51

 

 

$

1,553,919

 

 

$

(688,911

)

 

$

8,254

 

 

$

100

 

 

$

873,413

 

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

(In Thousands)

 

Three Months Ended

 

 

 

March 31, 2024

 

 

March 31, 2023

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

63,941

 

 

 

20

%

 

$

47,687

 

 

 

25

%

Asia Pacific

 

 

47,781

 

 

 

15

%

 

 

22,024

 

 

 

12

%

Middle East

 

 

37,932

 

 

 

12

%

 

 

30,762

 

 

 

16

%

Europe/Mediterranean

 

 

80,381

 

 

 

25

%

 

 

31,250

 

 

 

16

%

West Africa

 

 

88,651

 

 

 

28

%

 

 

59,457

 

 

 

31

%

Total vessel revenues

 

$

318,686

 

 

 

100

%

 

$

191,180

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

102,352

 

 

 

32

%

 

$

66,643

 

 

 

35

%

Repair and maintenance

 

 

21,348

 

 

 

7

%

 

 

16,652

 

 

 

9

%

Insurance

 

 

2,580

 

 

 

1

%

 

 

2,005

 

 

 

1

%

Fuel, lube and supplies

 

 

17,318

 

 

 

5

%

 

 

13,555

 

 

 

7

%

Other

 

 

23,958

 

 

 

8

%

 

 

16,604

 

 

 

9

%

Total vessel operating costs

 

 

167,556

 

 

 

53

%

 

 

115,459

 

 

 

60

%

Vessel operating margin (A)

 

$

151,130

 

 

 

47

%

 

$

75,721

 

 

 

40

%

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

 

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

 

(In Thousands)

 

Three Months Ended

 

 

 

March 31, 2024

 

 

March 31, 2023

 

Vessel operating profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

10,126

 

 

 

3

%

 

$

7,962

 

 

 

4

%

Asia Pacific

 

 

14,847

 

 

 

5

%

 

 

5,568

 

 

 

3

%

Middle East

 

 

1,529

 

 

 

0

%

 

 

(344

)

 

 

(0

)%

Europe/Mediterranean

 

 

14,757

 

 

 

5

%

 

 

2,036

 

 

 

1

%

West Africa

 

 

41,010

 

 

 

13

%

 

 

17,221

 

 

 

9

%

Other operating profit

 

 

1,328

 

 

 

0

%

 

 

773

 

 

 

0

%

 

 

 

83,597

 

 

 

26

%

 

 

33,216

 

 

 

17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(12,738

)

 

 

(4

)%

 

 

(10,933

)

 

 

(6

)%

Gain on asset dispositions, net

 

 

11,039

 

 

 

3

%

 

 

2,216

 

 

 

1

%

Operating income

 

$

81,898

 

 

 

26

%

 

$

24,499

 

 

 

13

%

Note (A):  General and administrative expenses for the three months ended March 31, 2024 and 2023 include stock-based compensation of $2.8 million and $2.1 million, respectively. In addition, vessel operating and general and administrative costs for the three months March 31, 2024 and 2023, include $0.7 million and $1.4 million in acquisition, restructuring and integration related costs, respectively.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA

(In Thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

318,686

 

 

$

300,515

 

 

$

296,975

 

 

$

210,323

 

 

$

191,180

 

Other operating revenues

 

 

2,478

 

 

 

2,143

 

 

 

2,287

 

 

 

4,638

 

 

 

1,924

 

Total revenues

 

 

321,164

 

 

 

302,658

 

 

 

299,262

 

 

 

214,961

 

 

 

193,104

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

167,556

 

 

 

158,553

 

 

 

164,239

 

 

 

118,264

 

 

 

115,459

 

Costs of other operating revenue

 

 

1,150

 

 

 

1,337

 

 

 

1,481

 

 

 

373

 

 

 

1,151

 

General and administrative (A)

 

 

25,329

 

 

 

24,724

 

 

 

21,001

 

 

 

26,013

 

 

 

23,545

 

Depreciation and amortization

 

 

56,270

 

 

 

59,167

 

 

 

57,730

 

 

 

32,768

 

 

 

30,666

 

Gain on asset dispositions, net

 

 

(11,039

)

 

 

(4,218

)

 

 

(863

)

 

 

(1,404

)

 

 

(2,216

)

Total operating costs and expenses

 

 

239,266

 

 

 

239,563

 

 

 

243,588

 

 

 

176,014

 

 

 

168,605

 

Operating income

 

 

81,898

 

 

 

63,095

 

 

 

55,674

 

 

 

38,947

 

 

 

24,499

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(4,085

)

 

 

2,250

 

 

 

(2,149

)

 

 

(3,819

)

 

 

2,348

 

Equity in net earnings (losses) of unconsolidated companies

 

 

(5

)

 

 

10

 

 

 

4

 

 

 

25

 

 

 

 

Interest income and other, net

 

 

1,483

 

 

 

3,029

 

 

 

568

 

 

 

2,790

 

 

 

130

 

Interest and other debt costs, net

 

 

(19,476

)

 

 

(20,263

)

 

 

(19,288

)

 

 

(4,731

)

 

 

(4,190

)

Total other expense

 

 

(22,083

)

 

 

(14,974

)

 

 

(20,865

)

 

 

(5,735

)

 

 

(1,712

)

Income before income taxes

 

 

59,815

 

 

 

48,121

 

 

 

34,809

 

 

 

33,212

 

 

 

22,787

 

Income tax expense

 

 

13,070

 

 

 

10,793

 

 

 

9,260

 

 

 

11,284

 

 

 

11,971

 

Net income

 

 

46,745

 

 

 

37,328

 

 

 

25,549

 

 

 

21,928

 

 

 

10,816

 

Net income (loss) attributable to noncontrolling interests

 

 

(281

)

 

 

(336

)

 

 

(650

)

 

 

(656

)

 

 

78

 

Net income attributable to Tidewater Inc.

 

$

47,026

 

 

$

37,664

 

 

$

26,199

 

 

$

22,584

 

 

$

10,738

 

Basic income per common share

 

$

0.90

 

 

$

0.72

 

 

$

0.50

 

 

$

0.44

 

 

$

0.21

 

Diluted income per common share

 

$

0.89

 

 

$

0.70

 

 

$

0.49

 

 

$

0.43

 

 

$

0.21

 

Weighted average common shares outstanding

 

 

52,320

 

 

 

52,648

 

 

 

52,230

 

 

 

50,857

 

 

 

50,604

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

580

 

 

 

1,351

 

 

 

1,380

 

 

 

1,148

 

 

 

1,368

 

Adjusted weighted average common shares

 

 

52,900

 

 

 

53,999

 

 

 

53,610

 

 

 

52,005

 

 

 

51,972

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin

 

$

151,130

 

 

$

141,962

 

 

$

132,736

 

 

$

92,059

 

 

$

75,721

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note (A): Acquisition, restructuring and integration related costs

 

$

709

 

 

$

2,177

 

 

$

6,079

 

 

$

1,242

 

 

$

1,426

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

 
 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

280,853

 

 

$

274,437

 

 

$

275,070

 

 

$

171,261

 

 

$

165,145

 

Restricted cash

 

 

6,474

 

 

 

1,241

 

 

 

4,973

 

 

 

1,242

 

 

 

4,972

 

Trade and other receivables, net

 

 

285,968

 

 

 

268,352

 

 

 

250,671

 

 

 

195,906

 

 

 

182,198

 

Marine operating supplies

 

 

24,767

 

 

 

31,933

 

 

 

27,489

 

 

 

22,495

 

 

 

24,448

 

Assets held for sale

 

 

 

 

 

 

 

 

565

 

 

 

630

 

 

 

695

 

Prepaid expenses and other current assets

 

 

17,447

 

 

 

15,172

 

 

 

16,598

 

 

 

18,958

 

 

 

18,978

 

Total current assets

 

 

615,509

 

 

 

591,135

 

 

 

575,366

 

 

 

410,492

 

 

 

396,436

 

Net properties and equipment

 

 

1,286,618

 

 

 

1,315,122

 

 

 

1,348,001

 

 

 

784,873

 

 

 

786,168

 

Deferred drydocking and survey costs

 

 

128,639

 

 

 

106,698

 

 

 

99,215

 

 

 

92,481

 

 

 

82,787

 

Indemnification assets

 

 

16,642

 

 

 

17,370

 

 

 

18,648

 

 

 

22,678

 

 

 

27,698

 

Other assets

 

 

30,408

 

 

 

32,449

 

 

 

30,325

 

 

 

33,640

 

 

 

34,058

 

Total assets

 

$

2,077,816

 

 

$

2,062,774

 

 

$

2,071,555

 

 

$

1,344,164

 

 

$

1,327,147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

51,774

 

 

$

44,931

 

 

$

57,183

 

 

$

69,822

 

 

$

64,775

 

Accrued expenses

 

 

132,190

 

 

 

125,590

 

 

 

119,631

 

 

 

91,875

 

 

 

107,348

 

Current portion of long-term debt

 

 

103,009

 

 

 

103,077

 

 

 

102,369

 

 

 

2,441

 

 

 

 

Other current liabilities

 

 

52,164

 

 

 

55,133

 

 

 

53,301

 

 

 

42,305

 

 

 

43,220

 

Total current liabilities

 

 

339,137

 

 

 

328,731

 

 

 

332,484

 

 

 

206,443

 

 

 

215,343

 

Long-term debt

 

 

620,329

 

 

 

631,361

 

 

 

641,301

 

 

 

179,573

 

 

 

169,423

 

Other liabilities

 

 

63,197

 

 

 

64,985

 

 

 

66,246

 

 

 

65,621

 

 

 

68,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

53

 

 

 

52

 

 

 

53

 

 

 

51

 

 

 

51

 

Additional paid-in-capital

 

 

1,646,061

 

 

 

1,671,759

 

 

 

1,668,392

 

 

 

1,554,793

 

 

 

1,553,919

 

Accumulated deficit

 

 

(594,347

)

 

 

(637,838

)

 

 

(640,128

)

 

 

(666,327

)

 

 

(688,911

)

Accumulated other comprehensive income

 

 

5,209

 

 

 

5,266

 

 

 

4,413

 

 

 

4,566

 

 

 

8,254

 

Total stockholders' equity

 

 

1,056,976

 

 

 

1,039,239

 

 

 

1,032,730

 

 

 

893,083

 

 

 

873,313

 

Noncontrolling interests

 

 

(1,823

)

 

 

(1,542

)

 

 

(1,206

)

 

 

(556

)

 

 

100

 

Total equity

 

 

1,055,153

 

 

 

1,037,697

 

 

 

1,031,524

 

 

 

892,527

 

 

 

873,413

 

Total liabilities and equity

 

$

2,077,816

 

 

$

2,062,774

 

 

$

2,071,555

 

 

$

1,344,164

 

 

$

1,327,147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA

(In Thousands)

 
 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

46,745

 

 

$

37,328

 

 

$

25,549

 

 

$

21,928

 

 

$

10,816

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

38,811

 

 

 

42,788

 

 

 

43,845

 

 

 

21,096

 

 

 

21,048

 

Amortization of deferred drydocking and survey costs

 

 

17,459

 

 

 

16,379

 

 

 

13,885

 

 

 

11,672

 

 

 

9,618

 

Amortization of debt premiums and discounts

 

 

1,814

 

 

 

1,975

 

 

 

1,802

 

 

 

422

 

 

 

420

 

Amortization of below market contracts

 

 

(1,206

)

 

 

(1,894

)

 

 

(1,906

)

 

 

 

 

 

 

(Provision) benefit for deferred income taxes

 

 

73

 

 

 

23

 

 

 

35

 

 

 

(1

)

 

 

35

 

Gain on asset dispositions, net

 

 

(11,039

)

 

 

(4,218

)

 

 

(863

)

 

 

(1,404

)

 

 

(2,216

)

Gain on pension settlement

 

 

 

 

 

(506

)

 

 

 

 

 

(1,807

)

 

 

 

Stock-based compensation expense

 

 

2,766

 

 

 

3,508

 

 

 

2,496

 

 

 

2,648

 

 

 

2,103

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(17,616

)

 

 

(17,072

)

 

 

(54,765

)

 

 

(12,186

)

 

 

(25,733

)

Accounts payable

 

 

6,843

 

 

 

(12,252

)

 

 

(12,639

)

 

 

5,047

 

 

 

25,829

 

Accrued expenses

 

 

6,600

 

 

 

5,841

 

 

 

27,775

 

 

 

(15,374

)

 

 

1,830

 

Deferred drydocking and survey costs

 

 

(40,018

)

 

 

(24,069

)

 

 

(20,618

)

 

 

(21,366

)

 

 

(31,325

)

Other, net

 

 

3,533

 

 

 

(600

)

 

 

10,343

 

 

 

(934

)

 

 

369

 

Net cash provided by operating activities

 

 

54,765

 

 

 

47,231

 

 

 

34,939

 

 

 

9,741

 

 

 

12,794

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset dispositions

 

 

12,463

 

 

 

5,902

 

 

 

945

 

 

 

2,943

 

 

 

5,716

 

Acquisitions, net of cash acquired

 

 

 

 

 

 

 

 

(594,191

)

 

 

 

 

 

 

Additions to properties and equipment

 

 

(10,942

)

 

 

(8,386

)

 

 

(5,702

)

 

 

(8,849

)

 

 

(8,651

)

Net cash provided by (used in) investing activities

 

 

1,521

 

 

 

(2,484

)

 

 

(598,948

)

 

 

(5,906

)

 

 

(2,935

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of warrants

 

 

 

 

 

 

 

 

111,483

 

 

 

 

 

 

 

Issuance of long-term debt

 

 

 

 

 

 

 

 

575,000

 

 

 

 

 

 

 

Principal payments on long-term debt

 

 

(12,500

)

 

 

(13,677

)

 

 

 

 

 

 

 

 

 

Purchase of common stock

 

 

(3,501

)

 

 

(35,025

)

 

 

 

 

 

 

 

 

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,427

)

Debt issuance costs

 

 

(135

)

 

 

 

 

 

(14,758

)

 

 

 

 

 

 

Share based awards reacquired to pay taxes

 

 

(28,462

)

 

 

(141

)

 

 

(378

)

 

 

(1,774

)

 

 

(3,747

)

Net cash provided by (used in) financing activities

 

 

(44,598

)

 

 

(48,843

)

 

 

671,347

 

 

 

(1,774

)

 

 

(5,174

)

Net change in cash, cash equivalents and restricted cash

 

 

11,688

 

 

 

(4,096

)

 

 

107,338

 

 

 

2,061

 

 

 

4,685

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

277,965

 

 

 

282,061

 

 

 

174,723

 

 

 

172,662

 

 

 

167,977

 

Cash, cash equivalents and restricted cash at end of period

 

$

289,653

 

 

$

277,965

 

 

$

282,061

 

 

$

174,723

 

 

$

172,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

15,621

 

 

$

18,186

 

 

$

606

 

 

$

7,748

 

 

$

98

 

Income taxes

 

$

15,603

 

 

$

7,295

 

 

$

9,384

 

 

$

10,144

 

 

$

17,057

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of vessels

 

$

 

 

$

2,067

 

 

$

27

 

 

$

12,171

 

 

$

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt incurred for purchase of vessels

 

$

 

 

$

3,037

 

 

$

27

 

 

$

12,171

 

 

$

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 
 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

$

29,924

 

 

$

28,714

 

 

$

29,270

 

 

$

20,316

 

 

$

20,556

 

PSV < 900

 

 

24,531

 

 

 

28,143

 

 

 

28,886

 

 

 

19,134

 

 

 

17,390

 

AHTS > 16K

 

 

2,036

 

 

 

4,034

 

 

 

3,584

 

 

 

3,425

 

 

 

3,395

 

AHTS 8 - 16K

 

 

2,476

 

 

 

2,316

 

 

 

2,064

 

 

 

2,807

 

 

 

2,807

 

AHTS 4 - 8K

 

 

945

 

 

 

1,428

 

 

 

1,570

 

 

 

1,480

 

 

 

1,521

 

Other

 

 

4,029

 

 

 

3,790

 

 

 

5,343

 

 

 

3,214

 

 

 

2,018

 

Total

 

 

63,941

 

 

 

68,425

 

 

 

70,717

 

 

 

50,376

 

 

 

47,687

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

23,210

 

 

 

19,485

 

 

 

20,159

 

 

 

9,648

 

 

 

9,101

 

PSV < 900

 

 

11,830

 

 

 

8,679

 

 

 

8,292

 

 

 

5,811

 

 

 

5,133

 

AHTS > 16K

 

 

4,555

 

 

 

3,759

 

 

 

3,271

 

 

 

2,065

 

 

 

1,342

 

AHTS 8 - 16K

 

 

4,507

 

 

 

4,706

 

 

 

5,287

 

 

 

5,001

 

 

 

5,397

 

AHTS 4 - 8K

 

 

1,576

 

 

 

1,601

 

 

 

1,582

 

 

 

8

 

 

 

998

 

Other

 

 

2,103

 

 

 

402

 

 

 

403

 

 

 

52

 

 

 

53

 

Total

 

 

47,781

 

 

 

38,632

 

 

 

38,994

 

 

 

22,585

 

 

 

22,024

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,365

 

 

 

1,378

 

 

 

1,088

 

 

 

1,211

 

 

 

1,192

 

PSV < 900

 

 

21,017

 

 

 

19,215

 

 

 

17,790

 

 

 

16,812

 

 

 

14,965

 

AHTS > 16K

 

 

287

 

 

 

1,178

 

 

 

1,196

 

 

 

1,217

 

 

 

2,316

 

AHTS 8 - 16K

 

 

2,397

 

 

 

3,094

 

 

 

3,420

 

 

 

4,276

 

 

 

4,593

 

AHTS 4 - 8K

 

 

12,866

 

 

 

13,207

 

 

 

11,191

 

 

 

8,340

 

 

 

7,696

 

Total

 

 

37,932

 

 

 

38,072

 

 

 

34,685

 

 

 

31,856

 

 

 

30,762

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

61,827

 

 

 

61,559

 

 

 

59,872

 

 

 

27,602

 

 

 

21,858

 

PSV < 900

 

 

14,126

 

 

 

15,356

 

 

 

14,039

 

 

 

9,195

 

 

 

6,663

 

AHTS > 16K

 

 

3,346

 

 

 

2,437

 

 

 

3,617

 

 

 

2,228

 

 

 

2,511

 

Other

 

 

1,082

 

 

 

1,391

 

 

 

1,401

 

 

 

270

 

 

 

218

 

Total

 

 

80,381

 

 

 

80,743

 

 

 

78,929

 

 

 

39,295

 

 

 

31,250

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

21,743

 

 

 

15,478

 

 

 

17,566

 

 

 

11,550

 

 

 

9,900

 

PSV < 900

 

 

31,812

 

 

 

31,893

 

 

 

26,396

 

 

 

25,419

 

 

 

24,835

 

AHTS > 16K

 

 

8,048

 

 

 

6,994

 

 

 

7,138

 

 

 

9,129

 

 

 

6,237

 

AHTS 8 - 16K

 

 

16,316

 

 

 

11,219

 

 

 

11,917

 

 

 

9,870

 

 

 

9,827

 

AHTS 4 - 8K

 

 

2,370

 

 

 

2,126

 

 

 

2,745

 

 

 

3,496

 

 

 

2,360

 

Other

 

 

8,362

 

 

 

6,933

 

 

 

7,888

 

 

 

6,747

 

 

 

6,298

 

Total

 

 

88,651

 

 

 

74,643

 

 

 

73,650

 

 

 

66,211

 

 

 

59,457

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

138,069

 

 

 

126,614

 

 

 

127,955

 

 

 

70,327

 

 

 

62,607

 

PSV < 900

 

 

103,316

 

 

 

103,286

 

 

 

95,403

 

 

 

76,371

 

 

 

68,986

 

AHTS > 16K

 

 

18,272

 

 

 

18,402

 

 

 

18,806

 

 

 

18,064

 

 

 

15,801

 

AHTS 8 - 16K

 

 

25,696

 

 

 

21,335

 

 

 

22,688

 

 

 

21,954

 

 

 

22,624

 

AHTS 4 - 8K

 

 

17,757

 

 

 

18,362

 

 

 

17,088

 

 

 

13,324

 

 

 

12,575

 

Other

 

 

15,576

 

 

 

12,516

 

 

 

15,035

 

 

 

10,283

 

 

 

8,587

 

Total

 

$

318,686

 

 

$

300,515

 

 

$

296,975

 

 

$

210,323

 

 

$

191,180

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

11

 

 

 

12

 

 

 

12

 

 

 

10

 

 

 

10

 

PSV < 900

 

 

18

 

 

 

18

 

 

 

18

 

 

 

15

 

 

 

15

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

AHTS 8 - 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

AHTS 4 - 8K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

Other

 

 

1

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

1

 

Total

 

 

36

 

 

 

38

 

 

 

38

 

 

 

33

 

 

 

32

 

Stacked vessels

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

Active vessels

 

 

35

 

 

 

37

 

 

 

37

 

 

 

32

 

 

 

31

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

8

 

 

 

8

 

 

 

8

 

 

 

6

 

 

 

5

 

PSV < 900

 

 

5

 

 

 

5

 

 

 

4

 

 

 

2

 

 

 

2

 

AHTS > 16K

 

 

3

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

1

 

AHTS 8 - 16K

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

AHTS 4 - 8K

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

2

 

Other

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Total

 

 

21

 

 

 

19

 

 

 

18

 

 

 

14

 

 

 

14

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

Active vessels

 

 

21

 

 

 

19

 

 

 

18

 

 

 

14

 

 

 

13

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

PSV < 900

 

 

20

 

 

 

20

 

 

 

20

 

 

 

20

 

 

 

21

 

AHTS > 16K

 

 

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

2

 

AHTS 8 - 16K

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

AHTS 4 - 8K

 

 

17

 

 

 

18

 

 

 

18

 

 

 

17

 

 

 

14

 

Total

 

 

43

 

 

 

45

 

 

 

45

 

 

 

44

 

 

 

43

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active vessels

 

 

43

 

 

 

45

 

 

 

45

 

 

 

44

 

 

 

43

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

40

 

 

 

39

 

 

 

38

 

 

 

18

 

 

 

19

 

PSV < 900

 

 

9

 

 

 

10

 

 

 

10

 

 

 

7

 

 

 

7

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

1

 

 

 

1

 

Total

 

 

51

 

 

 

51

 

 

 

50

 

 

 

26

 

 

 

27

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active vessels

 

 

51

 

 

 

51

 

 

 

50

 

 

 

26

 

 

 

27

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

9

 

 

 

9

 

 

 

9

 

 

 

7

 

 

 

7

 

PSV < 900

 

 

19

 

 

 

19

 

 

 

19

 

 

 

18

 

 

 

18

 

AHTS > 16K

 

 

4

 

 

 

4

 

 

 

4

 

 

 

5

 

 

 

5

 

AHTS 8 - 16K

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

AHTS 4 - 8K

 

 

4

 

 

 

4

 

 

 

5

 

 

 

6

 

 

 

8

 

Other

 

 

21

 

 

 

21

 

 

 

24

 

 

 

23

 

 

 

25

 

Total

 

 

68

 

 

 

68

 

 

 

72

 

 

 

70

 

 

 

74

 

Stacked vessels

 

 

(1

)

 

 

(1

)

 

 

(3

)

 

 

(5

)

 

 

(8

)

Active vessels

 

 

67

 

 

 

67

 

 

 

69

 

 

 

65

 

 

 

66

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

69

 

 

 

69

 

 

 

68

 

 

 

42

 

 

 

42

 

PSV < 900

 

 

71

 

 

 

72

 

 

 

71

 

 

 

62

 

 

 

63

 

AHTS > 16K

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

AHTS 8 - 16K

 

 

21

 

 

 

21

 

 

 

21

 

 

 

21

 

 

 

21

 

AHTS 4 - 8K

 

 

24

 

 

 

25

 

 

 

26

 

 

 

26

 

 

 

26

 

Other

 

 

23

 

 

 

23

 

 

 

26

 

 

 

25

 

 

 

27

 

Total

 

 

219

 

 

 

221

 

 

 

223

 

 

 

187

 

 

 

190

 

Stacked vessels

 

 

(2

)

 

 

(2

)

 

 

(4

)

 

 

(6

)

 

 

(10

)

Active vessels

 

 

217

 

 

 

219

 

 

 

219

 

 

 

181

 

 

 

180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

217

 

 

 

219

 

 

 

219

 

 

 

181

 

 

 

180

 

Total stacked

 

 

2

 

 

 

2

 

 

 

4

 

 

 

6

 

 

 

10

 

Total

 

 

219

 

 

 

221

 

 

 

223

 

 

 

187

 

 

 

190

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,001

 

 

 

1,104

 

 

 

1,095

 

 

 

910

 

 

 

907

 

PSV < 900

 

 

1,631

 

 

 

1,675

 

 

 

1,730

 

 

 

1,365

 

 

 

1,359

 

AHTS > 16K

 

 

182

 

 

 

184

 

 

 

184

 

 

 

182

 

 

 

180

 

AHTS 8 - 16K

 

 

182

 

 

 

184

 

 

 

184

 

 

 

182

 

 

 

180

 

AHTS 4 - 8K

 

 

182

 

 

 

184

 

 

 

184

 

 

 

182

 

 

 

180

 

Other

 

 

128

 

 

 

184

 

 

 

184

 

 

 

182

 

 

 

121

 

Total

 

 

3,306

 

 

 

3,515

 

 

 

3,561

 

 

 

3,003

 

 

 

2,927

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

765

 

 

 

736

 

 

 

726

 

 

 

559

 

 

 

481

 

PSV < 900

 

 

455

 

 

 

454

 

 

 

358

 

 

 

182

 

 

 

180

 

AHTS > 16K

 

 

241

 

 

 

184

 

 

 

184

 

 

 

182

 

 

 

90

 

AHTS 8 - 16K

 

 

273

 

 

 

276

 

 

 

276

 

 

 

273

 

 

 

270

 

AHTS 4 - 8K

 

 

91

 

 

 

92

 

 

 

92

 

 

 

91

 

 

 

180

 

Other

 

 

54

 

 

 

 

 

 

 

 

 

 

 

 

48

 

Total

 

 

1,879

 

 

 

1,742

 

 

 

1,636

 

 

 

1,287

 

 

 

1,249

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

91

 

 

 

92

 

 

 

92

 

 

 

91

 

 

 

90

 

PSV < 900

 

 

1,820

 

 

 

1,840

 

 

 

1,840

 

 

 

1,820

 

 

 

1,842

 

AHTS > 16K

 

 

32

 

 

 

92

 

 

 

92

 

 

 

91

 

 

 

180

 

AHTS 8 - 16K

 

 

455

 

 

 

460

 

 

 

460

 

 

 

455

 

 

 

450

 

AHTS 4 - 8K

 

 

1,547

 

 

 

1,615

 

 

 

1,640

 

 

 

1,556

 

 

 

1,291

 

Total

 

 

3,945

 

 

 

4,099

 

 

 

4,124

 

 

 

4,013

 

 

 

3,853

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

3,603

 

 

 

3,588

 

 

 

3,492

 

 

 

1,638

 

 

 

1,672

 

PSV < 900

 

 

838

 

 

 

920

 

 

 

907

 

 

 

637

 

 

 

630

 

AHTS > 16K

 

 

182

 

 

 

184

 

 

 

184

 

 

 

139

 

 

 

90

 

Total

 

 

4,623

 

 

 

4,692

 

 

 

4,583

 

 

 

2,414

 

 

 

2,392

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

819

 

 

 

828

 

 

 

819

 

 

 

637

 

 

 

630

 

PSV < 900

 

 

1,729

 

 

 

1,735

 

 

 

1,744

 

 

 

1,638

 

 

 

1,620

 

AHTS > 16K

 

 

364

 

 

 

368

 

 

 

368

 

 

 

407

 

 

 

450

 

AHTS 8 - 16K

 

 

1,001

 

 

 

1,012

 

 

 

1,012

 

 

 

1,001

 

 

 

990

 

AHTS 4 - 8K

 

 

364

 

 

 

385

 

 

 

476

 

 

 

546

 

 

 

720

 

Other

 

 

1,875

 

 

 

1,899

 

 

 

2,184

 

 

 

2,099

 

 

 

2,256

 

Total

 

 

6,152

 

 

 

6,227

 

 

 

6,603

 

 

 

6,328

 

 

 

6,666

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

6,279

 

 

 

6,348

 

 

 

6,224

 

 

 

3,835

 

 

 

3,780

 

PSV < 900

 

 

6,473

 

 

 

6,624

 

 

 

6,579

 

 

 

5,642

 

 

 

5,631

 

AHTS > 16K