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Tidewater Reports Results for the Three and Nine-Months Ended September 30, 2019
November 11, 2019 at 6:00 PM EST

HOUSTON--(BUSINESS WIRE)--Nov. 11, 2019-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2019, of $119.8 million and $367.8 million, and net losses for the same periods of $44.2 million (or $1.15 per common share) and $81.9 million (or $2.17 per common share), respectively. Excluding certain costs outlined below, net losses for the three and nine months ended September 30, 2019 were $37.9 million (or $0.99 per common share) and $71.4 million (or $1.89 per common share), respectively. Highlights for the three months ended September 30, 2019: 

  • Significant streamlining of shore base operations underway
  • Adjusted EBITDA for the trailing twelve months of $80.5 million
  • Initiated bond consent and $125 million tender to improve debt capital structure, reduce negative interest carry and improve operational efficiency
  • Third quarter general and administrative expense includes $6.3 million of severance and similar expenses related to significant reduction in force
  • Fourth quarter general and administrative expense will also include charges for severance and similar expenses related to further reductions in force
  • Rollout of SAP enterprise resource planning system occurred as scheduled on October 1; the third quarter includes approximately $0.7 million of general and administrative expense related to third party cost associated with the implementation
  • Generated revenue of $119.8 million, a $20.6 million increase from the same period in the prior year as a result of the 2018 acquisition of GulfMark Offshore, Inc.
  • High-grading active fleet through the stacking of eight vessels, disposing of three smaller, low specification vessels and reactivating of five larger, high specification vessels
  • Active utilization increased to 80.4% from 79.3% in the second quarter

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “We continue to be disciplined with respect to our fleet composition by maintaining the fleet size in certain regions and reactivating capacity in other regions when returns on investment are acceptable. Likewise, we won’t hesitate to remove smaller, lower specification vessels that do not have acceptable returns on investment from our active fleet. While underlying market conditions remain challenging, they are improving, and Tidewater’s strong balance sheet and focus on increasing organizational efficiency and scalability supports our growth initiatives and the expansion of our leadership position in the market.”

Included in the net loss for the three months and nine months ended September 30, 2019 were general and administrative expenses for severance and similar expenses related to integrating Tidewater and GulfMark operations of $6.3 million ($0.16 per common share) and $10.5 million ($0.28 per common share), respectively.

The fully diluted number of shares, as of September 30, 2019, assuming exercise of all outstanding warrants is as follows:

Common shares outstanding

 

 

39,110,938

 

 

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

 

 

1,329,884

 

 

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

 

 

1,300,359

 

 

Total

 

 

41,741,181

 

 

Tidewater will hold a conference call to discuss results for the three months ended September 30, 2019 on Tuesday, November 12, 2019 at 8:00 a.m. Central Time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405 if calling from outside the U.S.) and ask for the “Tidewater” call just prior to the scheduled start. A replay of the conference call will be available beginning at 12:00 p.m. Central Time on November 12, 2019, and will continue until 11:59 p.m. Central Time on December 12, 2019. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 49155275.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, www.tdw.com. The online replay will be available until December 12, 2019.

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 over 60 years of experience supporting offshore energy exploration and production activities worldwide.

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

Financial information is displayed beginning on the next page.

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,
2019

 

 

September 30,
2018

 

 

September 30,
2019

 

 

September 30,
2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

117,173

 

 

 

97,011

 

 

 

360,476

 

 

 

288,679

 

Other operating revenues

 

 

2,592

 

 

 

2,181

 

 

 

7,296

 

 

 

7,607

 

Total revenues

 

 

119,765

 

 

 

99,192

 

 

 

367,772

 

 

 

296,286

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

80,619

 

 

 

65,237

 

 

 

243,261

 

 

 

194,613

 

Costs of other operating revenues

 

 

534

 

 

 

1,681

 

 

 

1,884

 

 

 

4,797

 

General and administrative (A)

 

 

30,474

 

 

 

25,546

 

 

 

81,310

 

 

 

73,536

 

Depreciation and amortization

 

 

25,735

 

 

 

13,390

 

 

 

73,705

 

 

 

38,192

 

Loss (gain) on asset dispositions, net

 

 

(270

)

 

 

1,571

 

 

 

(1,047

)

 

 

(1,686

)

Long-lived asset impairments

 

 

5,224

 

 

 

16,853

 

 

 

5,224

 

 

 

24,254

 

Total operating costs and expenses

 

 

142,316

 

 

 

124,278

 

 

 

404,337

 

 

 

333,706

 

Operating loss

 

 

(22,551

)

 

 

(25,086

)

 

 

(36,565

)

 

 

(37,420

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

173

 

 

 

1

 

 

 

(324

)

 

 

(1,349

)

Equity in net earnings (losses) of unconsolidated companies

 

 

(468

)

 

 

56

 

 

 

(435

)

 

 

(14,993

)

Interest income and other, net

 

 

1,579

 

 

 

2,709

 

 

 

5,908

 

 

 

5,495

 

Interest and other debt costs, net

 

 

(7,468

)

 

 

(7,585

)

 

 

(22,786

)

 

 

(22,731

)

Total other expense

 

 

(6,184

)

 

 

(4,819

)

 

 

(17,637

)

 

 

(33,578

)

Loss before income taxes

 

 

(28,735

)

 

 

(29,905

)

 

 

(54,202

)

 

 

(70,998

)

Income tax expense

 

 

15,071

 

 

 

1,278

 

 

 

26,443

 

 

 

10,396

 

Net loss

 

$

(43,806

)

 

 

(31,183

)

 

 

(80,645

)

 

 

(81,394

)

Less: Net income attributable to noncontrolling interests

 

 

394

 

 

 

(287

)

 

 

1,245

 

 

 

(386

)

Net loss attributable to Tidewater Inc.

 

$

(44,200

)

 

 

(30,896

)

 

 

(81,890

)

 

 

(81,008

)

Basic loss per common share

 

 

(1.15

)

 

 

(1.16

)

 

 

(2.17

)

 

 

(3.23

)

Diluted loss per common share

 

 

(1.15

)

 

 

(1.16

)

 

 

(2.17

)

 

 

(3.23

)

Weighted average common shares outstanding

 

 

38,537

 

 

 

26,615

 

 

 

37,767

 

 

 

25,073

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

38,537

 

 

 

26,615

 

 

 

37,767

 

 

 

25,073

 

Total shares outstanding including warrants

 

 

 

 

 

September 30, 2019

 

 

September 30, 2018

 

Common shares outstanding

 

 

 

 

 

 

39,111

 

 

 

26,816

 

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

 

 

 

 

 

 

1,330

 

 

 

3,512

 

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

 

 

 

 

 

 

1,300

 

 

 

 

Total

 

 

 

 

 

 

41,741

 

 

 

30,328

 

Note (A):  General and administrative expenses for the three and nine months ended September 30, 2019 included stock-based compensation of $7.4 million and $16.6 million, respectively, and general and administrative expenses for the three and nine months ended September 30, 2018 included stock-based compensation of $3.8 million and $10.0 million, respectively. In addition, general and administrative costs for the three and nine months ended September 30, 2019 includes $6.3 million and $10.5 million of severance and similar costs related to integrating Tidewater and GulfMark operations.

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

 

 

September 30,

 

 

December 31,

 

ASSETS

 

2019

 

 

2018

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

359,332

 

 

 

371,791

 

Restricted cash

 

 

3,300

 

 

 

25,953

 

Trade and other receivables, net

 

 

123,133

 

 

 

111,266

 

Due from affiliates

 

 

124,757

 

 

 

132,951

 

Marine operating supplies

 

 

21,303

 

 

 

29,505

 

Other current assets

 

 

13,116

 

 

 

11,836

 

Total current assets

 

 

644,941

 

 

 

683,302

 

Investments in, at equity, and advances to unconsolidated companies

 

 

 

 

 

1,039

 

Properties and equipment, net

 

 

1,022,786

 

 

 

1,089,857

 

Deferred drydocking and survey costs

 

 

49,025

 

 

 

22,215

 

Other assets

 

 

37,269

 

 

 

31,326

 

Total assets

 

$

1,754,021

 

 

 

1,827,739

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

23,672

 

 

 

31,939

 

Accrued costs and expenses

 

 

54,792

 

 

 

61,784

 

Due to affiliates

 

 

41,676

 

 

 

34,972

 

Current portion of long-term debt

 

 

9,689

 

 

 

8,568

 

Other current liabilities

 

 

30,024

 

 

 

21,092

 

Total current liabilities

 

 

159,853

 

 

 

158,355

 

Long-term debt

 

 

419,905

 

 

 

430,436

 

Other liabilities

 

 

96,499

 

 

 

94,025

 

 

 

 

 

 

 

 

 

 

Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock of $0.001 par value, 125,000,000 shares authorized,

39,110,938 and 36,978,280 shares issued and outstanding

at September 30, 2019 and December 31, 2018, respectively

 

 

39

 

 

 

37

 

Additional paid-in capital

 

 

1,365,872

 

 

 

1,352,388

 

Accumulated deficit

 

 

(292,673

)

 

 

(210,783

)

Accumulated other comprehensive income

 

 

2,194

 

 

 

2,194

 

Total stockholders’ equity

 

 

1,075,432

 

 

 

1,143,836

 

Noncontrolling interests

 

 

2,332

 

 

 

1,087

 

Total equity

 

 

1,077,764

 

 

 

1,144,923

 

Total liabilities and equity

 

$

1,754,021

 

 

 

1,827,739

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,
2019

 

 

September 30,
2018

 

 

September 30,
2019

 

 

September 30,
2018

 

Net loss

 

$

(43,806

)

 

 

(31,183

)

 

$

(80,645

)

 

 

(81,394

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized losses on available for sale

securities, net of tax of $0, $0, $0 and $0

 

 

 

 

 

 

 

 

 

 

 

(256

)

Total comprehensive loss

 

$

(43,806

)

 

 

(31,183

)

 

$

(80,645

)

 

 

(81,650

)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

 

 

 

Six Months Ended

 

 

 

September 30, 2019

 

 

September 30, 2018

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(80,645

)

 

 

(81,394

)

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

activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

57,629

 

 

 

33,949

 

Amortization of deferred drydocking and survey costs

 

 

16,076

 

 

 

4,243

 

Amortization of debt premium and discounts

 

 

(1,562

)

 

 

(1,371

)

Provision for deferred income taxes

 

 

759

 

 

 

 

Gain on asset dispositions, net

 

 

(1,047

)

 

 

(1,686

)

Long-lived asset impairments

 

 

5,224

 

 

 

24,254

 

Changes in investments in, at equity, and advances

to unconsolidated companies

 

 

435

 

 

 

28,087

 

Compensation expense - stock-based

 

 

16,599

 

 

 

9,967

 

Changes in assets and liabilities, net:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(11,796

)

 

 

(10,744

)

Changes in due to/from affiliates, net

 

 

14,898

 

 

 

28,290

 

Accounts payable

 

 

(8,267

)

 

 

1,719

 

Accrued costs and expenses

 

 

(10,574

)

 

 

(10,857

)

Cash paid for deferred drydocking and survey costs

 

 

(43,701

)

 

 

(17,088

)

Other, net

 

 

9,268

 

 

 

14,861

 

Net cash provided by (used in) operating activities

 

 

(36,704

)

 

 

22,230

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

25,092

 

 

 

16,499

 

Additions to properties and equipment

 

 

(13,931

)

 

 

(9,116

)

Net cash provided by investing activities

 

 

11,161

 

 

 

7,383

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Principal payment on long-term debt

 

 

(6,458

)

 

 

(4,020

)

Payments to General Unsecured Creditors

 

 

 

 

 

(8,377

)

Taxes on share-based awards

 

 

(3,112

)

 

 

 

Other

 

 

1

 

 

 

(1,997

)

Net cash used in financing activities

 

 

(9,569

)

 

 

(14,394

)

Net change in cash, cash equivalents and restricted cash

 

 

(35,112

)

 

 

15,219

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

397,744

 

 

 

453,335

 

Cash, cash equivalents and restricted cash at end of period

 

$

362,632

 

 

 

468,554

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

24,482

 

 

 

24,218

 

Income taxes

 

$

10,386

 

 

 

13,679

 

 

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 June 30, 2019

 

$

38

 

 

 

 

 

1,359,842

 

 

 

 

 

(248,473

)

 

 

 

 

2,194

 

 

 

 

 

1,938

 

 

 

 

 

1,115,539

 

Total comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

(44,200

)

 

 

 

 

 

 

 

 

 

394

 

 

 

 

 

(43,806

)

Issuance of common stock from exercise of warrants

 

 

1

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization/cancellation of restricted stock units

 

 

 

 

 

 

 

6,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,031

 

Balance at September 30, 2019

 

$

39

 

 

 

 

 

1,365,872

 

 

 

 

 

(292,673

)

 

 

 

 

2,194

 

 

 

 

 

2,332

 

 

 

 

 

1,077,764

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2018

 

$

26

 

 

 

 

 

1,064,039

 

 

 

 

 

(89,378

)

 

 

 

 

(403

)

 

 

 

 

1,242

 

 

 

 

 

975,526

 

Total comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

(30,896

)

 

 

 

 

 

 

 

 

 

(287

)

 

 

 

 

(31,183

)

Issuance of common stock

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Amortization of restricted stock units

 

 

 

 

 

 

 

(436

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(436

)

Balance at September 30, 2018

 

$

27

 

 

 

 

 

1,063,603

 

 

 

 

 

(120,274

)

 

 

 

 

(403

)

 

 

 

 

955

 

 

 

 

 

943,908

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

other

 

 

 

 

Non

 

 

 

 

 

 

 

 

 

Common

 

 

 

 

paid-in

 

 

 

 

Accumulated

 

 

 

 

comprehensive

 

 

 

 

controlling

 

 

 

 

 

 

 

 

 

stock

 

 

 

 

capital

 

 

 

 

deficit

 

 

 

 

loss

 

 

 

 

interest

 

 

 

 

Total

 

Balance at December 31, 2018

 

$

37

 

 

 

 

 

1,352,388

 

 

 

 

 

(210,783

)

 

 

 

 

2,194

 

 

 

 

 

1,087

 

 

 

 

 

1,144,923

 

Total comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

(81,890

)

 

 

 

 

 

 

 

 

 

1,245

 

 

 

 

 

(80,645

)

Issuance of common stock from exercise of warrants

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Amortization/cancellation of restricted stock units

 

 

 

 

 

 

 

13,484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,484

 

Balance at September 30, 2019

 

$

39

 

 

 

 

 

1,365,872

 

 

 

 

 

(292,673

)

 

 

 

 

2,194

 

 

 

 

 

2,332

 

 

 

 

 

1,077,764

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2017

 

$

22

 

 

 

 

 

1,059,120

 

 

 

 

 

(39,266

)

 

 

 

 

(147

)

 

 

 

 

2,215

 

 

 

 

 

1,021,944

 

Total comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

(81,008

)

 

 

 

 

(256

)

 

 

 

 

(386

)

 

 

 

 

(81,650

)

Issuance of common stock

 

 

5

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

Amortization of restricted stock units

 

 

 

 

 

 

 

5,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,611

 

Acquisition of non-controlling interests

 

 

 

 

 

 

 

(1,126

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(874

)

 

 

 

 

(2,000

)

Balance at September 30, 2018

 

$

27

 

 

 

 

 

1,063,603

 

 

 

 

 

(120,274

)

 

 

 

 

(403

)

 

 

 

 

955

 

 

 

 

 

943,908

 

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

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,
2019

 

 

September 30,
2018

 

 

September 30,
2019

 

 

September 30,
2018

 

(In thousands)

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

 

33,147

 

 

 

28

%

 

 

28,039

 

 

 

29

%

 

 

103,624

 

 

 

29

%

 

 

86,721

 

 

 

30

%

Middle East/Asia Pacific

 

 

22,765

 

 

 

19

%

 

 

19,927

 

 

 

21

%

 

 

63,670

 

 

 

18

%

 

 

60,721

 

 

 

21

%

Europe/Mediterranean Sea

 

 

30,946

 

 

 

26

%

 

 

12,566

 

 

 

13

%

 

 

94,531

 

 

 

26

%

 

 

35,546

 

 

 

12

%

West Africa

 

 

30,315

 

 

 

26

%

 

 

36,479

 

 

 

38

%

 

 

98,651

 

 

 

27

%

 

 

105,691

 

 

 

37

%

Total vessel revenues

 

$

 

117,173

 

 

 

100

%

 

 

97,011

 

 

 

100

%

 

 

360,476

 

 

 

100

%

 

 

288,679

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

 

46,193

 

 

 

39

%

 

 

37,615

 

 

 

39

%

 

 

141,528

 

 

 

39

%

 

 

108,207

 

 

 

37

%

Repair and maintenance

 

 

11,967

 

 

 

10

%

 

 

8,634

 

 

 

9

%

 

 

32,579

 

 

 

9

%

 

 

24,316

 

 

 

8

%

Insurance and loss reserves

 

 

2,027

 

 

 

2

%

 

 

(1,706

)

 

 

(2

)%

 

 

4,955

 

 

 

1

%

 

 

(586

)

 

 

(<1

%)

Fuel, lube and supplies

 

 

8,781

 

 

 

7

%

 

 

7,980

 

 

 

8

%

 

 

26,577

 

 

 

7

%

 

 

25,174

 

 

 

9

%

Other

 

 

11,651

 

 

 

10

%

 

 

12,714

 

 

 

13

%

 

 

37,622

 

 

 

10

%

 

 

37,502

 

 

 

13

%

Total vessel operating costs

 

 

80,619

 

 

 

69

%

 

 

65,237

 

 

 

67

%

 

 

243,261

 

 

 

68

%

 

 

194,613

 

 

 

67

%

Vessel operating margin (B)

 

$

 

36,554

 

 

 

31

%

 

 

31,774

 

 

 

33

%

 

 

117,215

 

 

 

32

%

 

 

94,066

 

 

 

33

%

Note (B):  Vessel operating margin can be recalculated by adjusting vessel operating profit (loss) before general and administrative expenses and depreciation and amortization expenses.

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

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,
2019

 

 

September 30,
2018

 

 

September 30,
2019

 

 

September 30,
2018

 

(In thousands)

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

 

(168

)

 

 

(<1

%)

 

 

1,212

 

 

 

1

%

 

 

1,702

 

 

 

<1

%

 

 

11,804

 

 

 

4

%

Middle East/Asia Pacific

 

 

(809

)

 

 

(1

%)

 

 

(701

)

 

 

(1

%)

 

 

(4,098

)

 

 

(1

%)

 

 

(2,329

)

 

 

(1

%)

Europe/Mediterranean Sea

 

 

(276

)

 

 

(<1

%)

 

 

(2,056

)

 

 

(2

%)

 

 

(768

)

 

 

(<1

%)

 

 

(6,753

)

 

 

(2

%)

West Africa

 

 

678

 

 

 

1

%

 

 

3,912

 

 

 

4

%

 

 

11,891

 

 

 

3

%

 

 

3,867

 

 

 

1

%

Other operating profit

 

 

2,052

 

 

 

2

%

 

 

485

 

 

 

(<1

%)

 

 

5,381

 

 

 

1

%

 

 

2,767

 

 

 

1

%

 

 

 

1,477

 

 

 

1

%

 

 

2,852

 

 

 

3

%

 

 

14,108

 

 

 

4

%

 

 

9,356

 

 

 

3

%

Corporate expenses (C)

 

 

(19,074

)

 

 

(16

%)

 

 

(9,514

)

 

 

(10

%)

 

 

(46,496

)

 

 

(13

%)

 

 

(24,208

)

 

 

(8

%)

Gain (loss) on asset dispositions, net

 

 

270

 

 

 

<1

%

 

 

(1,571

)

 

 

(2

%)

 

 

1,047

 

 

 

1

%

 

 

1,686

 

 

 

1

%

Long-lived asset impairments

 

 

(5,224

)

 

 

(4

%)

 

 

(16,853

)

 

 

(17

%)

 

 

(5,224

)

 

 

(1

%)

 

 

(24,254

)

 

 

(8

%)

Operating loss

 

 

(22,551

)

 

 

(19

%)

 

 

(25,086

)

 

 

(25

%)

 

 

(36,565

)

 

 

(9

%)

 

 

(37,420

)

 

 

(13

%)

Note (C):  General and administrative expenses for the three and nine months ended September 30, 2019 included stock-based compensation of $7.4 million and $16.6 million, respectively, and general and administrative expenses for the three and nine months ended September 30, 2018 included stock-based compensation of $3.8 million and $10.0 million, respectively. In addition, general and administrative costs for the three and nine months ended September 30, 2019 includes $6.3 million and $10.5 million of severance and similar costs related to integrating Tidewater and GulfMark operations.

 

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(Unaudited)

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

$

 

117,173

 

 

 

123,641

 

 

 

119,662

 

 

 

108,527

 

 

 

97,011

 

Other operating revenues

 

 

2,592

 

 

 

2,218

 

 

 

2,487

 

 

 

1,707

 

 

 

2,181

 

Total revenues

 

 

119,765

 

 

 

125,859

 

 

 

122,149

 

 

 

110,234

 

 

 

99,192

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

80,619

 

 

 

80,439

 

 

 

82,203

 

 

 

74,967

 

 

 

65,237

 

Costs of other operating revenues

 

 

534

 

 

 

586

 

 

 

764

 

 

 

733

 

 

 

1,681

 

General and administrative (D)

 

 

30,474

 

 

 

23,696

 

 

 

27,140

 

 

 

36,487

 

 

 

25,546

 

Depreciation and amortization

 

 

25,735

 

 

 

25,038

 

 

 

22,932

 

 

 

20,101

 

 

 

13,390

 

Loss (gain) on asset dispositions, net

 

 

(270

)

 

 

494

 

 

 

(1,270

)

 

 

(8,938

)

 

 

1,571

 

Impairment of due from affiliate

 

 

 

 

 

 

 

 

 

 

 

20,083

 

 

 

 

Asset impairments

 

 

5,224

 

 

 

 

 

 

 

 

 

36,878

 

 

 

16,853

 

Total operating costs and expenses

 

 

142,316

 

 

 

130,253

 

 

 

131,769

 

 

 

180,311

 

 

 

124,278

 

Operating loss

 

 

(22,551

)

 

 

(4,394

)

 

 

(9,620

)

 

 

(70,077

)

 

 

(25,086

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

173

 

 

 

11

 

 

 

(508

)

 

 

1,455

 

 

 

1

 

Equity in net earnings (losses) of unconsolidated companies

 

 

(468

)

 

 

95

 

 

 

(62

)

 

 

(3,871

)

 

 

56

 

Interest income and other

 

 

1,579

 

 

 

1,859

 

 

 

2,470

 

 

 

5,799

 

 

 

2,709

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

(8,119

)

 

 

 

Interest and other debt costs

 

 

(7,468

)

 

 

(7,582

)

 

 

(7,736

)

 

 

(7,708

)

 

 

(7,585

)

Total other expense

 

 

(6,184

)

 

 

(5,617

)

 

 

(5,836

)

 

 

(12,444

)

 

 

(4,819

)

Loss before income taxes

 

 

(28,735

)

 

 

(10,011

)

 

 

(15,456

)

 

 

(82,521

)

 

 

(28,905

)

Income tax expense

 

 

15,071

 

 

 

5,542

 

 

 

5,830

 

 

 

7,856

 

 

 

1,278

 

Net loss

$

 

(43,806

)

 

 

(15,553

)

 

 

(21,286

)

 

 

(90,377

)

 

 

(31,183

)

Less: Net income (loss) attributable to noncontrolling interests

 

 

394

 

 

 

406

 

 

 

445

 

 

 

132

 

 

 

(287

)

Net loss attributable to Tidewater Inc.

$

 

(44,200

)

 

 

(15,959

)

 

 

(21,731

)

 

 

(90,509

)

 

 

(30,896

)

Basic loss per common share

$

 

(1.15

)

 

 

(0.42

)

 

 

(0.58

)

 

 

(2.83

)

 

 

(1.16

)

Diluted loss per common share

$

 

(1.15

)

 

 

(0.42

)

 

 

(0.58

)

 

 

(2.83

)

 

 

(1.16

)

Weighted average common shares outstanding (E)

 

 

38,537,165

 

 

 

37,570,629

 

 

 

37,178,580

 

 

 

31,974,802

 

 

 

26,614,507

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

38,537,165

 

 

 

37,570,629

 

 

 

37,178,580

 

 

 

31,974,802

 

 

 

26,614,507

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin

$

 

36,554

 

 

 

43,202

 

 

 

37,459

 

 

 

33,560

 

 

 

31,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note (D):  Restructuring and merger-related items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional services costs included in general and administrative expenses related to the business combination with GulfMark

$

 

 

 

 

 

 

 

88

 

 

 

4,465

 

 

 

3,036

 

Integration related costs related to the business combination with GulfMark

 

 

1,686

 

 

 

460

 

 

 

3,651

 

 

 

 

 

 

 

Total

$

 

1,686

 

 

 

460

 

 

 

3,739

 

 

 

4,465

 

 

 

3,036

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note (E):  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens included in weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

2,547

 

 

 

300,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total shares outstanding including warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

39,110,938

 

 

 

37,845,158

 

 

 

37,381,954

 

 

 

36,978,280

 

 

 

26,815,991

 

New Creditor Warrants

(strike price $0.001 per common share)

 

 

1,329,884

 

 

 

2,034,235

 

 

 

2,070,463

 

 

 

2,220,857

 

 

 

3,512,416

 

GulfMark Creditor Warrants

(strike price $0.01 per common share)

 

 

1,300,359

 

 

 

1,683,147

 

 

 

2,046,795

 

 

 

2,189,709

 

 

 

 

Total

 

 

41,741,181

 

 

 

41,562,540

 

 

 

41,499,212

 

 

 

41,388,846

 

 

 

30,328,407

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

ASSETS

 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 

359,332

 

 

 

369,549

 

 

 

391,060

 

 

 

371,791

 

 

 

461,088

 

Restricted cash

 

 

3,300

 

 

 

13,614

 

 

 

6,975

 

 

 

25,953

 

 

 

7,466

 

Trade and other receivables, net (F)

 

 

123,133

 

 

 

121,155

 

 

 

112,853

 

 

 

111,266

 

 

 

88,013

 

Due from affiliates

 

 

124,757

 

 

 

121,959

 

 

 

119,049

 

 

 

132,951

 

 

 

174,349

 

Marine operating supplies

 

 

21,303

 

 

 

29,141

 

 

 

29,337

 

 

 

29,505

 

 

 

27,591

 

Other current assets

 

 

13,116

 

 

 

14,460

 

 

 

14,844

 

 

 

11,836

 

 

 

9,880

 

Total current assets

 

 

644,941

 

 

 

669,878

 

 

 

674,118

 

 

 

683,302

 

 

 

768,387

 

Investments in, at equity, and advances to unconsolidated companies

 

 

 

 

 

658

 

 

 

774

 

 

 

1,039

 

 

 

1,129

 

Net properties and equipment

 

 

1,022,786

 

 

 

1,041,054

 

 

 

1,065,297

 

 

 

1,089,857

 

 

 

790,055

 

Deferred drydocking and survey costs

 

 

49,025

 

 

 

41,029

 

 

 

30,602

 

 

 

22,215

 

 

 

16,053

 

Other assets

 

 

37,269

 

 

 

39,651

 

 

 

38,507

 

 

 

31,326

 

 

 

28,700

 

Total assets

$

 

1,754,021

 

 

 

1,792,270

 

 

 

1,809,298

 

 

 

1,827,739

 

 

 

1,604,324

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable (F)

$

 

23,672

 

 

 

24,170

 

 

 

29,739

 

 

 

31,939

 

 

 

30,571

 

Accrued costs and expenses

 

 

54,792

 

 

 

56,675

 

 

 

56,025

 

 

 

61,784

 

 

 

46,060

 

Due to affiliates

 

 

41,676

 

 

 

39,060

 

 

 

40,245

 

 

 

34,972

 

 

 

48,064

 

Current portion of long-term debt

 

 

9,689

 

 

 

10,002

 

 

 

9,957

 

 

 

8,568

 

 

 

7,671

 

Other current liabilities

 

 

30,024

 

 

 

24,442

 

 

 

20,115

 

 

 

21,092

 

 

 

21,341

 

Total current liabilities

 

 

159,853

 

 

 

154,349

 

 

 

156,081

 

 

 

158,355

 

 

 

153,707

 

Long-term debt

 

 

419,905

 

 

 

424,911

 

 

 

427,436

 

 

 

430,436

 

 

 

435,301

 

Other liabilities and deferred credits

 

 

96,499

 

 

 

97,471

 

 

 

98,096

 

 

 

94,025

 

 

 

71,408

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

39

 

 

 

38

 

 

 

37

 

 

 

37

 

 

 

27

 

Additional paid-in capital

 

 

1,365,872

 

 

 

1,359,842

 

 

 

1,356,436

 

 

 

1,352,388

 

 

 

1,063,603

 

Accumulated deficit

 

 

(292,673

)

 

 

(248,473

)

 

 

(232,514

)

 

 

(210,783

)

 

 

(120,274

)

Accumulated other comprehensive income (loss)

 

 

2,194

 

 

 

2,194

 

 

 

2,194

 

 

 

2,194

 

 

 

(403

)

Total stockholders’ equity

 

 

1,075,432

 

 

 

1,113,601

 

 

 

1,126,153

 

 

 

1,143,836

 

 

 

942,953

 

Noncontrolling interests

 

 

2,332

 

 

 

1,938

 

 

 

1,532

 

 

 

1,087

 

 

 

955

 

Total equity

 

 

1,077,764

 

 

 

1,115,539

 

 

 

1,127,685

 

 

 

1,144,923

 

 

 

943,908

 

Total liabilities and equity

$

 

1,754,021

 

 

 

1,792,270

 

 

 

1,809,298

 

 

 

1,827,739

 

 

 

1,604,324

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonatide (Angola)

$

 

64,660

 

 

 

66,690

 

 

 

62,591

 

 

 

79,829

 

 

 

102,512

 

DTDW (Nigeria)

 

 

18,421

 

 

 

16,209

 

 

 

16,213

 

 

 

18,150

 

 

 

23,773

 

Total

$

 

83,081

 

 

 

82,899

 

 

 

78,804

 

 

 

97,979

 

 

 

126,285

 

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

December 31,

 

 

September 30,

 

 

 

2019

 

 

2019

 

 

2019

 

 

 

2018

 

 

2018

 

VESSEL REVENUE BY VESSEL CLASS

(In thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

$

 

24,575

 

 

 

26,991

 

 

 

25,214

 

 

 

 

21,412

 

 

 

19,513

 

Towing-supply

 

 

7,831

 

 

 

7,448

 

 

 

8,576

 

 

 

 

8,283

 

 

 

6,417

 

Other

 

 

741

 

 

 

760

 

 

 

1,489

 

 

 

 

2,118

 

 

 

2,109

 

Total

$

 

33,147

 

 

 

35,199

 

 

 

35,279

 

 

 

 

31,813

 

 

 

28,039

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

$

 

14,960

 

 

 

12,130

 

 

 

10,502

 

 

 

 

8,705

 

 

 

7,607

 

Towing-supply

 

 

7,805

 

 

 

8,319

 

 

 

9,954

 

 

 

 

10,959

 

 

 

12,156

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

(190

)

 

 

164

 

Total

$

 

22,765

 

 

 

20,449

 

 

 

20,456

 

 

 

 

19,474

 

 

 

19,927

 

Europe/Mediterranean Sea fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

$

 

30,608

 

 

 

34,104

 

 

 

27,577

 

 

 

 

19,876

 

 

 

11,643

 

Towing-supply

 

 

338

 

 

 

923

 

 

 

981

 

 

 

 

841

 

 

 

923

 

Total

$

 

30,946

 

 

 

35,027

 

 

 

28,558

 

 

 

 

20,717

 

 

 

12,566

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

$

 

14,923

 

 

 

14,977

 

 

 

15,949

 

 

 

 

15,287

 

 

 

15,101

 

Towing-supply

 

 

11,598

 

 

 

14,015

 

 

 

15,184

 

 

 

 

16,807

 

 

 

17,805

 

Other

 

 

3,794

 

 

 

3,974

 

 

 

4,236

 

 

 

 

4,429

 

 

 

3,573

 

Total

$

 

30,315

 

 

 

32,966

 

 

 

35,369

 

 

 

 

36,523

 

 

 

36,479

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

$

 

85,066

 

 

 

88,202

 

 

 

79,242

 

 

 

 

65,278

 

 

 

53,864

 

Towing-supply

 

 

27,572

 

 

 

30,705

 

 

 

34,695

 

 

 

 

36,890

 

 

 

37,301

 

Other

 

 

4,535

 

 

 

4,734

 

 

 

5,725

 

 

 

 

6,359

 

 

 

5,846

 

Total

$

 

117,173

 

 

 

123,641

 

 

 

119,662

 

 

 

 

108,527

 

 

 

97,011

 

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

 

AVERAGE NUMBER OF VESSELS (G):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

32

 

 

 

34

 

 

 

37

 

 

 

35

 

 

 

26

 

Towing-supply

 

 

17

 

 

 

18

 

 

 

27

 

 

 

20

 

 

 

15

 

Other

 

 

5

 

 

 

6

 

 

 

7

 

 

 

7

 

 

 

6

 

Total

 

 

54

 

 

 

58

 

 

 

71

 

 

 

62

 

 

 

47

 

Stacked vessels

 

 

(17

)

 

 

(20

)

 

 

(32

)

 

 

(27

)

 

 

(20

)

Active vessels

 

 

37

 

 

 

38

 

 

 

39

 

 

 

35

 

 

 

27

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

26

 

 

 

24

 

 

 

24

 

 

 

20

 

 

 

17

 

Towing-supply

 

 

26

 

 

 

26

 

 

 

27

 

 

 

28

 

 

 

32

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

52

 

 

 

50

 

 

 

51

 

 

 

48

 

 

 

49

 

Stacked vessels

 

 

(11

)

 

 

(9

)

 

 

(10

)

 

 

(11

)

 

 

(9

)

Active vessels

 

 

41

 

 

 

41

 

 

 

41

 

 

 

37

 

 

 

40

 

Europe/Mediterranean Sea fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

42

 

 

 

44

 

 

 

45

 

 

 

31

 

 

 

18

 

Towing-supply

 

 

3

 

 

 

3

 

 

 

3

 

 

 

4

 

 

 

4

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

45

 

 

 

47

 

 

 

48

 

 

 

35

 

 

 

22

 

Stacked vessels

 

 

(13

)

 

 

(13

)

 

 

(14

)

 

 

(10

)

 

 

(4

)

Active vessels

 

 

32

 

 

 

34

 

 

 

34

 

 

 

25

 

 

 

18

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

29

 

 

 

30

 

 

 

30

 

 

 

28

 

 

 

27

 

Towing-supply

 

 

20

 

 

 

22

 

 

 

31

 

 

 

31

 

 

 

31

 

Other

 

 

21

 

 

 

21

 

 

 

22

 

 

 

23

 

 

 

25

 

Total

 

 

70

 

 

 

73

 

 

 

83

 

 

 

82

 

 

 

83

 

Stacked vessels

 

 

(22

)

 

 

(23

)

 

 

(29

)

 

 

(29

)

 

 

(28

)

Active vessels

 

 

48

 

 

 

50

 

 

 

54

 

 

 

53

 

 

 

55

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

129

 

 

 

132

 

 

 

136

 

 

 

114

 

 

 

88

 

Towing-supply

 

 

66

 

 

 

69

 

 

 

88

 

 

 

83

 

 

 

82

 

Other

 

 

26

 

 

 

27

 

 

 

29

 

 

 

30

 

 

 

31

 

Total

 

 

221

 

 

 

228

 

 

 

253

 

 

 

227

 

 

 

201

 

Stacked vessels

 

 

(63

)

 

 

(65

)

 

 

(85

)

 

 

(77

)

 

 

(61

)

Active vessels

 

 

158

 

 

 

163

 

 

 

168

 

 

 

150

 

 

 

140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

158

 

 

 

163

 

 

 

168

 

 

 

150

 

 

 

140

 

Total stacked

 

 

63

 

 

 

65

 

 

 

85

 

 

 

77

 

 

 

61

 

Total joint venture and other vessels

 

 

4

 

 

 

4

 

 

 

4

 

 

 

5

 

 

 

7

 

Total

 

 

225

 

 

 

232

 

 

 

257

 

 

 

232

 

 

 

208

 

Note (G):  Included in total owned or chartered vessels at September 30, 21019, June 30, 2019, March 31, 2019, December 31, 2018, and September 30, 2018, were 60, 60, 71, 92 and 62 vessels, respectively, which were stacked by the company. These vessels were considered to be in service and are included in the calculation of our total fleet utilization statistics. Included in total joint venture and other at September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, were 1, 1, 1, 2 and 2 vessels, respectively, which were stacked by the company.

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,932

 

 

 

3,112

 

 

 

3,332

 

 

 

3,271

 

 

 

2,392

 

Towing-supply

 

 

1,552

 

 

 

1,638

 

 

 

2,426

 

 

 

1,806

 

 

 

1,422

 

Other

 

 

460

 

 

 

484

 

 

 

619

 

 

 

644

 

 

 

552

 

Total

 

 

4,944

 

 

 

5,234

 

 

 

6,377

 

 

 

5,721

 

 

 

4,366

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,370

 

 

 

2,184

 

 

 

2,160

 

 

 

1,840

 

 

 

1,534

 

Towing-supply

 

 

2,392

 

 

 

2,369

 

 

 

2,457

 

 

 

2,588

 

 

 

2,950

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

4,762

 

 

 

4,553

 

 

 

4,617

 

 

 

4,428

 

 

 

4,484

 

Europe/Mediterranean Sea fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

3,874

 

 

 

4,024

 

 

 

4,040

 

 

 

2,806

 

 

 

1,649

 

Towing-supply

 

 

276

 

 

 

273

 

 

 

294

 

 

 

368

 

 

 

368

 

Total

 

 

4,150

 

 

 

4,297

 

 

 

4,334

 

 

 

3,174

 

 

 

2,017

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,723

 

 

 

2,730

 

 

 

2,668

 

 

 

2,606

 

 

 

2,491

 

Towing-supply

 

 

1,840

 

 

 

1,974

 

 

 

2,790

 

 

 

2,852

 

 

 

2,852

 

Other

 

 

1,932

 

 

 

1,976

 

 

 

1,980