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Tidewater Reports Results for the Three-Months and Year Ended December 31, 2018
February 28, 2019 at 5:15 PM EST

HOUSTON--(BUSINESS WIRE)--Feb. 28, 2019-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three-months ended December 31, 2018, of $110.2 million and a net loss for the same period of $90.5 million (or $2.83 per common share), and revenue for the year ended December 31, 2018 of $406.5 million and a corresponding net loss of $171.5 million (or $6.45 per common share). Excluding certain costs outlined below, net loss for the three-months ended December 31, 2018 was $13.2 million (or $0.42 per common share) and net loss for the year ended December 31, 2018 was $65.5 million (or $2.45 per common share).

John T. Rynd, Tidewater’s President and Chief Executive Officer, commented, “Tidewater exhibited in 2018 key attributes that continue to demonstrate its leadership position in the global OSV industry. Our dedicated focus on maximizing revenue, cost control and capital discipline resulted in being both cash flow positive from operating activities and cash flow positive from investing activities for the full year 2018. In addition to these significant operational achievements, we completed the most noteworthy industry merger of the year. Tidewater’s platform enables value creation through its scalability and global position, and we will continue to look for opportunities to enhance these attributes in 2019.

“Our team has made substantial progress implementing our merger integration plan. Our operational shore based footprint has been rapidly reduced, with the closing of five overlapping facilities that included the consolidation of all corporate operations into the existing Tidewater headquarters in Houston. On announcement of the deal we committed to bringing the combined historical G&A run rate of $145 million down to $100 million on an annualized basis by the end of 2019. Based on the integration success we have achieved thus far and additional synergies we believe we can create by taking the best practices of both companies, we are committed to reducing that 2019 annualized exit run rate further, to $90 million, and we are continuing to look for additional savings. I am also very pleased that the optimization of the combined vessel fleet is progressing well, with several active and stacked vessels finding incremental employment at higher margins across the broader geographic footprint serviced by Tidewater – operating margin that could not have been captured by either company on its own.

“Our capital discipline focus, including fleet rationalization, working capital management, and disciplined investments in vessels, contributed significantly to our positive cash flow from operating and investing activities in 2018. We once again led our sector in selling stacked vessels out of the industry or to recycling yards in 2018. We will continue this commitment in 2019 and beyond to foster industry balance.”

Mr. Rynd concluded, “We are proud of our differentiated position as the strongest player in the OSV industry. Our 2019 goals reflect our commitment to value creation by exceeding our targeted merger synergies, growing our cash flow positive operations, maintaining our capital discipline, and continuing to provide our customers around the world with safe and reliable performance.”

As more fully explained in the company’s Form 10-K for the year ended December 31, 2018, on November 15, 2018 (the “Merger Date”), the company completed its merger with GulfMark Offshore, Inc. (“GulfMark”). GulfMark’s results are included in our consolidated results beginning on the Merger Date.

Included in the $90.5 million ($2.83 per common share) net loss for the three months ending December 31, 2018 and the $171.5 million ($6.45 per common share) net loss for the year ending December 31, 2018 were the following costs:

     
Three Months Year
Ended Ended
December 31, December 31,
2018     2018
(In millions, except per share data)           per share             per share

Non-cash long-lived asset impairments that resulted from impairment reviews

$ 36.9       1.15   61.1       2.30
Non-cash impairment to the due from affiliate balance 20.1 0.63 20.1 0.76

Make-whole premium related to the early repayment of the outstanding balance of GulfMark’s Term Loan Facility

8.1 0.25 8.1 0.31

General and administrative expenses related to the exit of leased offices in Houston, Texas; New Orleans and St. Rose, Louisiana; and Aberdeen, Scotland

5.5 0.17 5.5 0.21

General and administrative expenses related to professional services related to the business combination with GulfMark

4.5 0.14 9.0 0.34

General and administrative expenses for severance and similar expenses related to integrating Tidewater and GulfMark operations subsequent to the Merger Date

    2.2       0.07       2.2       0.08

Total

  $ 77.3       2.41       106.0       4.00

Common shares, New Creditor Warrants, GulfMark Creditor Warrants, and the sum of common shares, New Creditor Warrants and GulfMark Creditor Warrants outstanding at December 31, 2018 were 36,978,280, 2,220,857, 2,189,709 and 41,388,846, respectively. New Creditor Warrants and GulfMark Creditor Warrants are each exercisable to acquire one common share at strike prices of $0.001 and $0.01, respectively.

Tidewater will hold a conference call to discuss results for the three months and year ended December 31, 2018 on Friday, March 1, 2019 at 10:00 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 February 28, 2019, and will continue until 11:59 p.m. Central Time on March 3, 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 48102498.

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 March 28, 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 on the next page.

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

 
Successor  
Three Months   Three Months
Ended Ended
    December 31, 2018     December 31, 2017  
Revenues:  
Vessel revenues $ 108,527 101,313
Other operating revenues     1,707       3,140  
      110,234       104,453  
Costs and expenses:
Vessel operating costs 74,967 68,201
Costs of other operating revenues 733 1,519
General and administrative (A) 36,487 30,373
Vessel operating leases 91
Depreciation and amortization 20,101 12,195
Loss (gain) on asset dispositions, net (8,938 ) (6,612 )
Impairment of due from affiliate 20,083
Long-lived asset impairments     36,878       16,777  
      180,311       122,544  
Operating loss (70,077 ) (18,091 )
Other income (expenses):
Foreign exchange gain (loss) 1,455 (349 )
Equity in net earnings (losses) of unconsolidated companies (3,871 ) 825
Interest income and other, net 5,799 1,898
Reorganization items (2,419 )
Loss on early extinguishment of debt (8,119 )
Interest and other debt costs, net     (7,708 )     (7,769 )
      (12,444 )     (7,814 )
Loss before income taxes (82,521 ) (25,905 )
Income tax expense     7,856       (2,706 )
Net loss $ (90,377 ) (23,199 )
Less: Net income (loss) attributable to noncontrolling interests     132       374  
Net loss attributable to Tidewater Inc.   $ (90,509 )     (23,573 )
Basic loss per common share   $ (2.83 )     (1.02 )
Diluted loss per common share   $ (2.83 )     (1.02 )
Weighted average common shares outstanding (B) 31,974,802 23,137,909
Dilutive effect of stock options and restricted stock            
Adjusted weighted average common shares (B)     31,974,802       23,137,909  

Note (A):  The company did not incur any restructuring-related professional services costs during the three months ended December 31, 2018 (Successor), but did incur professional services costs related to the combination with GulfMark during the three months ended December 31, 2018 of $4.5 million. General and administrative expenses for the three months ended December 31, 2018 (Successor) and December 31, 2017 (Successor), included stock-based compensation of $3.4 million and $2.6 million, respectively. In addition, general and administrative costs for the three months ended December 31, 2018 include $5.5 million in lease exit costs and $2.2 million of  severance and similar costs related to integrating Tidewater and GulfMark operations subsequent to the Merger Date.

 

Note (B):  Common shares, New Creditor Warrants, GulfMark Creditor Warrants, and the sum of common shares, New Creditor Warrants and GulfMark Creditor Warrants outstanding at December 31, 2018 were 36,978,280, 2,220,857, 2,189,709 and 41,388,846, respectively. New Creditor Warrants and GulfMark Creditor Warrants are each exercisable to acquire one common share at strike prices of $0.001 and $0.01, respectively.

     

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

Successor   Predecessor  
  Period from Period from
Year August 1, 2017 January 1, 2017
Ended through through
    December 31, 2018     December 31, 2017   July 31, 2017  
Revenues:    
Vessel revenues $ 397,206 171,884 303,501
Other operating revenues     9,314       6,869     8,617  
      406,520       178,753     312,118  
Costs and expenses:
Vessel operating costs 269,580 120,502 197,283
Costs of other operating revenues 5,530 3,792 5,037
General and administrative (C) 110,023 46,619 83,559
Vessel operating leases 1,215 14,607
Depreciation and amortization 58,293 20,337 85,039
Gain on asset dispositions, net (10,624 ) (6,616 ) (9,625 )
Impairment of due from affiliate 20,083
Long-lived asset impairments     61,132       16,777     249,606  
      514,017       202,626     625,506  
Operating loss (107,497 ) (23,873 ) (313,388 )
Other income (expenses):
Foreign exchange loss 106 (407 ) (2,516 )
Equity in net earnings (losses) of unconsolidated companies (18,864 ) 2,130 7,627
Interest income and other, net 11,294 2,771 3,974
Reorganization items (4,299 ) (1,396,905 )
Loss on early extinguishment of debt (8,119 )
Interest and other debt costs, net     (30,439 )     (13,009 )   (32,188 )
      (46,022 )     (12,814 )   (1,420,008 )
Loss before income taxes (153,519 ) (36,687 ) (1,733,396 )
Income tax expense     18,252       2,039     483  
Net loss $ (171,771 ) (38,729 ) (1,733,879 )
Less: Net income (loss) attributable to noncontrolling interests     (254 )     540     7,884  
Net loss attributable to Tidewater Inc.   $ (171,517 )     (39,266 )   (1,741,763 )
Basic loss per common share   $ (6.45 )     (1.82 )   (36.98 )
Diluted loss per common share   $ (6.45 )     (1.82 )   (36.98 )
Weighted average common shares outstanding (D) 26,589,883 21,539,143 47,104,117
Dilutive effect of stock options and restricted stock                
Adjusted weighted average common shares (D)     26,589,883       21,539,143     47,104,117  

Note (C):  The company did not incur any restructuring-related professional services costs during the year ended December 31, 2018 (Successor), but did incur professional services costs related to the combination with GulfMark during the year ended December 31, 2018 of $9.0 million. Restructuring-related professional services costs included in general and administrative expenses for the period from January 1, 2017 through July 31, 2017 (Predecessor), were $23.4 million. General and administrative expenses for the year ended December 31, 2018 (Successor), the period from August 1, 2017 through December 31, 2017 (Successor) and the period from January 1, 2017 through July 31, 2017 (Predecessor), included stock-based compensation of $13.4 million, $1.2 million and $0.8 million, respectively. In addition, general and administrative costs for the year ended December 31, 2018 includes $5.5 million in lease exit costs and $2.2 million of severance and similar costs related to integrating Tidewater and GulfMark operations subsequent to the Merger Date.

 

Note (D):  Common shares, New Creditor Warrants, GulfMark Creditor Warrants, and the sum of common shares, New Creditor Warrants and GulfMark Creditor Warrants outstanding at December 31, 2018 were 36,978,280, 2,220,857, 2,189,709 and 41,388,846, respectively. New Creditor Warrants and GulfMark Creditor Warrants are each exercisable to acquire one common share at strike prices of $0.001 and $0.01, respectively.

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

Successor  
December 31,   December 31,
ASSETS   2018     2017  
Current assets:  
Cash and cash equivalents $ 371,791 432,035
Restricted cash 25,953 21,300
Trade and other receivables, net 111,266 114,184
Due from affiliates 132,951 230,315
Marine operating supplies 29,505 28,220
Other current assets     11,836       19,130  
Total current assets     683,302       845,184  
Investments in, at equity, and advances to unconsolidated companies 1,039 29,216
Net properties and equipment 1,089,857 850,935
Deferred drydocking and survey costs 22,215 3,208
Other assets     31,326       31,052  
Total assets   $ 1,827,739       1,759,595  
 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 31,939 38,497
Accrued expenses 61,784 54,806
Due to affiliates 34,972 99,448
Accrued property and liability losses 2,726 2,585
Current portion of long-term debt 8,568 5,103
Other current liabilities     18,366       19,693  
Total current liabilities     158,355       220,132  
Long-term debt 430,436 443,057
Accrued property and liability losses 4,123 2,471
Other liabilities and deferred credits 89,902 71,991
 

Commitments and contingencies

 
Equity:

Common stock of $0.001 par value, 125,000,000 shares authorized, 36,978,280 and 22,115,916 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively

37 22
Additional paid-in capital 1,352,388 1,059,120

Accumulated deficit

(210,783 ) (39,266 )

Accumulated other comprehensive income (loss)

    2,194       (147 )
Total stockholders’ equity 1,143,836 1,019,729
Noncontrolling interests     1,087       2,215  
Total equity 1,144,923 1,021,944
Total liabilities and equity   $ 1,827,739       1,759,595  
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

Successor  
Three Months   Three Months
Ended Ended
    December 31, 2018     December 31, 2017  
Net loss $

(90,377

)   (23,199 )
Other comprehensive income:

Unrealized gains (losses) on available for sale securities, net of tax of $0 and $0

 

 

174

Change in supplemental executive retirement plan liability, net of tax of $0 and $0

2,214 (1,582 )

Change in pension plan minimum liability, net of tax of $0 and $0

1,919 (357 )

Change in other benefit plan minimum liability, net of tax of $0 and $0

    (1,536 )     1,536  

Total comprehensive loss

  $

(87,780

)     (23,428 )
     
Successor   Predecessor  
  Period from Period from
Year August 1, 2017 January 1, 2017
Ended through through
    December 31, 2018     December 31, 2017   July 31, 2017  
Net loss $ (171,771 )   (38,726 )   (1,733,879 )
Other comprehensive income:

Unrealized gains (losses) on available for sale securities, net of tax of $0, $0 and $61

(256 ) 256 67

Change in loss on derivative contract, net of tax of $0, $0 and $823

1,317

Change in supplemental executive retirement plan liability, net of tax of $0, $0 and ($927)

2,214 (1,582 ) (2,257 )

Change in pension plan minimum liability, net of tax of $0, $0 and $215

1,919 (357 ) (195 )

Change in other benefit plan minimum liability, net of tax of $0, $0 and ($2,046)

    (1,536 )     1,536     (5,267 )
Total comprehensive loss   $ (169,430 )     (38,873 )   (1,740,214 )
     

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Successor   Predecessor  
  Period from Period from
Year

August 1, 2017

January 1, 2017
Ended through through
    December 31, 2018     December 31, 2017   July 31, 2017  
Operating activities:    
Net loss $ (171,771 ) (38,726 ) (1,733,879 )

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

Reorganization items 1,368,882
Depreciation and amortization 51,332 20,131 85,039
Amortization of deferred drydocking and survey costs 6,961 206
Amortization of debt premium and discounts (1,856 ) (715 )
Provision for deferred income taxes 572 (7,743 )
Gain on asset dispositions, net (10,624 ) (6,616 ) (9,625 )
Impairment of due from affiliate 20,083
Long-lived asset impairments 61,132 16,777 249,606
Loss on debt extinguishment 8,119

Changes in investments in, at equity, and advances to unconsolidated companies

28,177 (4,531 ) (9,314 )
Compensation expense - stock-based 13,406 3,731 819
Excess tax liability on stock option activity 4,927
Changes in assets and liabilities, net:
Trade and other receivables 9,088 2,312 57,337
Changes in due to/from related parties, net 28,644 (2,373 ) 26,262
Marine operating supplies (1,955 ) 1,229 (320 )
Other current assets 10,893 10,305 (8,298 )
Accounts payable (15,174 ) (1,259 ) (10,715 )
Accrued expenses (13,489 ) (24,896 ) 24,339
Accrued property and liability losses 141 (176 ) (813 )
Other current liabilities 1,332 (4,026 ) (7,131 )
Other liabilities (2,023 ) (1,089 ) 4,768
Cash paid for deferred drydocking and survey costs (25,968 ) (3,414 )
Other, net     6,921       (2,416 )   14,422  
Net cash provided by (used in) operating activities     3,941       (35,546 )   48,563  
Cash flows from investing activities:
Proceeds from sales of assets 46,115 32,742 4,636
Additions to properties and equipment (21,391 ) (9,834 ) (10,620 )
Proceeds related to novated vessel construction contract 5,272
Cash and cash equivalents from stock based merger     43,806            
Net cash provided by (used in) investing activities     68,530       22,908     (712 )
Cash flows from financing activities:
Principal payment on long-term debt (105,169 ) (1,176 ) (7,856 )
Payments to General Unsecured Creditors (8,377 ) (93,719 ) (122,806 )
Debt extinguishment (8,119 )
Cash received for issuance of common stock 3 2
Tax on share-based award (4,400 )
Other     (2,000 )         (6,127 )
Net cash used in financing activities     (128,062 )     (94,893 )   (136,789 )
Net change in cash, cash equivalents and restricted cash (55,591 ) (107,531 ) (88,938 )
Cash, cash equivalents and restricted cash at beginning of period     453,335       560,866     649,804  
Cash, cash equivalents and restricted cash at end of period   $ 397,744       453,335     560,866  
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized $ 32,326 8,223 9,795
Income taxes $ 16,828 4,654 9,607
Supplemental disclosure of noncash investing activities:
Merger with GulfMark $

285,492

Supplemental disclosure of noncash financing activities:
Common stock issued for GulfMark merger   $ 285,492            
           

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

 
(In thousands)  

Common
stock

   

Additional
paid-in
capital

   

Retained
earnings
(deficit)

   

Accumulated
other
comprehensive

income (loss)

   

Non
controlling
interest

    Total  

Balance at April 1, 2016 (Predecessor)

$ 4,707   166,604   2,121,660   (6,866 )   6,034   2,292,139
Total comprehensive loss (660,118 ) (3,478 ) 10,107 (653,489 )
Stock option activity 1,146 1,146
Amortization/cancellation of restricted stock units     5       (2,529 )     372                   (2,152 )
Balance at March 31, 2017 (Predecessor) $ 4,712 165,221 1,461,914 (10,344 ) 16,141 1,637,644
Total comprehensive loss (1,646,909 ) (2,435 ) (1,649,344 )
Stock option expense 390 390
Cancellation/forfeiture of restricted stock units 1,254 1,254
Amortization of restricted stock units 2 2
Cash paid to noncontrolling interests                             (1,200 )     (1,200 )
Balance at July 31, 2017 (Predecessor)   $ 4,712       166,867       (184,995 )     (12,779 )     14,941       (11,254 )
Cancellation of Predecessor equity     (4,712 )     (166,867 )     184,995       12,779       (13,266 )     12,929  
Balance at July 31, 2017 (Predecessor)   $                         1,675       1,675  
                                                 
Issuance of Successor common stock and warrants $ 18 1,055,391 1,055,409
 
Balance at August 1, 2017 (Successor) $ 18 1,055,391 1,675 1,057,084
Total comprehensive loss (39,266 ) (147 ) 540 (38,873 )
Issuance of common stock 4 (2 ) 2
Amortization/cancellation of restricted stock units           3,731                         3,731  
Balance at December 31, 2017 (Successor) $ 22 1,059,120 (39,266 ) (147 ) 2,215 1,021,944
Total comprehensive loss (171,517 ) 2,341 (254 ) (169,430 )
Issuance of common stock from exercise of warrants 6 (3 ) 3
Issuance of common stock for GulfMark merger 9 285,483 285,492
Amortization of restricted stock units 8,914 8,914
Cash paid to noncontrolling interests           (1,126 )                 (874 )     (2,000 )
Balance at December 31, 2018 (Successor)   $ 37       1,352,388       (210,783 )     2,194       1,087       1,144,923  

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

  Successor  
Three Months   Three Months
Ended Ended
December 31, 2018     December 31, 2017  
(In thousands)           %             %  
Vessel revenues:              
Americas $ 31,813 29 % 28,335 28 %
Middle East/Asia Pacific 19,474 20 % 23,176 23 %
Europe/Mediterranean Sea 20,717 13 % 11,035 11 %
West Africa     36,523       38 %     38,767       38 %
Total vessel revenues   $ 108,527       100 %     101,313       100 %
Vessel operating costs:
Crew costs $ 45,133 39 % 37,149 37 %
Repair and maintenance 9,405 9 % 7,709 7 %
Insurance and loss reserves 637 2 % 2,946 3 %
Fuel, lube and supplies 9,315 8 % 9,400 9 %
Other 10,477 13 % 10,997 11 %

Total vessel operating costs

    74,967       67 %     68,201       67 %
Vessel operating margin (F)     33,560       33 %     33,112       33 %
     
Successor   Predecessor  
        Period from Period from
Year August 1, 2017 January 1, 2017
Ended through through
December 31, 2018     December 31, 2017   July 31, 2017  
(In thousands)           %             %           %  
Vessel revenues:                
Americas (E) $ 118,534 30 % 45,784 27 % 121,380 40 %
Middle East/Asia Pacific 80,195 20 % 39,845 23 % 62,991 21 %
Europe/Mediterranean Sea 56,263 14 % 19,895 11 % 25,631 8 %
West Africa     142,214       36 %     66,360       39 %   93,499       31 %
Total vessel revenues (E)   $ 397,206       100 %     171,884       100 %   303,501       100 %
Vessel operating costs:
Crew costs $ 153,340 39 % 64,854 38 % 98,482 32 %
Repair and maintenance 33,721 8 % 14,082 8 % 40,112 13 %
Insurance and loss reserves 51 <1 % 4,625 3 % 2,183 1 %
Fuel, lube and supplies 34,489 9 % 16,390 9 % 21,558 7 %
Other     47,979       12 %     20,551       12 %   34,948       12 %
Total vessel operating costs 269,580 68 % 120,502 70 % 197,283 65 %
Vessel operating margin (F)   $ 127,626       32 %     51,382       30 %   106,218       35 %

 

Note (E):  Included in Americas and total vessel revenues for the period January 1, 2017 through July 31, 2017 (Predecessor), is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.

 

Note (F):  Vessel operating margin equals vessel revenues less vessel operating costs and excludes general and administrative expenses, vessel operating leases and depreciation and amortization expenses. The following tables reconcile vessel operating margin as presented above to vessel operating profit (loss):

  Successor  
Three Months   Three Months
Ended Ended
(In thousands)   December 31, 2018     December 31, 2017  
Vessel operating margin $ 33,560   33,112
General and administrative expenses - vessel operations (19,786 ) (19,946 )
Vessel operating leases (91 )
Depreciation and amortization - vessel operations    

(18,039

)     (11,681 )
Vessel operating profit (loss)   $

(4,265

)     1,394  
     
Successor   Predecessor  
  Period from Period from
Year August 1, 2017 January 1, 2017
Ended through through
(In thousands)   December 31, 2018     December 31, 2017   July 31, 2017  
Vessel operating margin $ 127,626   51,382   106,218
General and administrative expenses - vessel operations (69,386 ) (31,160 ) (43,326 )
Vessel operating leases (1,215 ) (14,607 )
Depreciation and amortization - vessel operations     (55,915 )     (19,344 )   (81,776 )
Vessel operating profit (loss)   $ 2,325       (337 )   (33,491 )

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

  Successor  
Three Months   Three Months
Ended Ended
December 31, 2018     December 31, 2017  
(In thousands)           %           %
Vessel operating profit (loss):          
Americas $ (2,944 ) (3 %) 1,052 1 %
Middle East/Asia Pacific (2,088 ) (2 %) (493 ) (<1 %)
Europe/Mediterranean Sea (2,606 ) (2 %) (785 ) (1 %)
West Africa     3,373       3 %     1,620       2 %
(4,265 ) (4 %) 1,394 1 %
Other operating profit     975       1 %     805       1 %
(3,290 ) (3 %) 2,199 2 %
 
Corporate expenses (G) (18,764 ) (17 %) (10,125 ) (10 %)
 
Gain (loss) on asset dispositions, net 8,938 8 % 6,612 6 %
Impairment of due from affiliate (20,083 ) (18 %)
Long-lived asset impairments     (36,878 )     (33 %)     (16,777 )     (15 %)
Operating loss   $ (70,077 )     (64 %)     (18,091 )     (17 %)
Foreign exchange gain (loss) 1,455 1 % (349 ) (<1 %)
Equity in net earnings (losses) of unconsolidated companies (3,871 ) (4 %) 825 <1 %
Interest income and other, net 5,799 5 % 1,898 2 %
Reorganization items (2,419 ) (2 %)
Loss on early extinguishment of debt (8,119 ) (7 %)
Interest and other debt costs, net     (7,708 )     (7 %)     (7,769 )     (8 %)
Loss before income taxes   $ (82,521 )     (75 %)     (25,905 )     (25 %)

Note (G):  The company did not incur any restructuring-related professional services costs during the three months ended December 31, 2018 (Successor), but did incur professional services costs related to the combination with GulfMark during the three months ended December 31, 2018 of $4.5 million. General and administrative expenses for the three months ended December 31, 2018 (Successor) and December 31, 2017 (Successor), included stock-based compensation of $3.4 million and $2.6 million, respectively.

     
Successor Predecessor
      Period from Period from
Year August 1, 2017 January 1, 2017
Ended through through
December 31, 2018   December 31, 2017 July 31, 2017
(In thousands)           %           %         %
Vessel operating profit (loss):            
Americas (H) $ 8,860 2 % (1,599 ) (1 %) 8,069 3 %
Middle East/Asia Pacific (4,417 ) (1 %) 451

<1

%

(7,597 ) (2 %)
Europe/Mediterranean Sea (9,359 ) (2 %) (1,497 )

(1

%) (19,783 ) (6 %)
West Africa     7,240       2 %     2,308      

1

%   (14,180 )     (5 %)
2,324 1 % (337 ) (<1 %) (33,491 ) (10 %)
Other operating profit     3,742       1 %     1,614       1 %   651       <1 %
6,066

2

% 1,277 1 % (32,840 ) (10 %)
 
Corporate expenses (I) (42,972 ) (11 %) (14,989 ) (8 %) (40,567 ) (13 %)
 
Gain on asset dispositions, net 10,624 3 % 6,616 3 % 9,625 3 %
Impairment of due from affiliate (20,083 )

5

%

Long-lived asset impairments     (61,132 )     (15 %)     (16,777 )     (9 %)   (249,606 )     (80 %)
Operating loss   $ (107,497 )    

(25

%)     (23,873 )     (13 %)   (313,388 )     (100 %)
Foreign exchange loss 106 <1 % (407 ) (<1 %) (2,516 ) (<1 %)
Equity in net earnings (losses) of unconsolidated companies (18,864 ) (5 %) 2,130 1 % 7,627 2 %
Interest income and other, net 11,294 3 % 2,771 1 % 3,974 1 %
Reorganization items (4,299 ) (3 %) (1,396,905 ) (448 %)
Loss on early extinguishment of debt (8,119 ) (2 %)
Interest and other debt costs, net     (30,439 )     (7 %)     (13,009 )     (7 %)   (32,188 )     (10 %)
Loss before income taxes   $ (153,519 )    

(37

%)     (36,687 )     (21 %)   (1,733,396 )     (555 %)

Note (H):  Americas segment vessel operating profit for the period from January 1, 2017 through July 31, 2017 (Predecessor), includes $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.

 

Note (I):  The company did not incur any restructuring-related professional services costs during the year ended December 31, 2018 (Successor), but did incur professional services costs related to the combination with GulfMark during the year ended December 31, 2018 of $9.0 million. Restructuring-related professional services costs included in general and administrative expenses for the period from January 1, 2017 through July 31, 2017 (Predecessor), were $23.4 million. General and administrative expenses for the year ended December 31, 2018 (Successor), the period from August 1, 2017 through September 30, 2017 (Successor) and the period from July 1, 2017 through July 31, 2017 (Predecessor), included stock-based compensation of $13.4 million, $1.2 million and $0.8 million, respectively.

       

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(Unaudited)

(In thousands, except share and per share data)

                   
Three Months Ended  
         

December 31,

September 30, June 30, March 31, December 31,
    2018     2018     2018     2018     2017  
Revenues:
Vessel revenues $ 108,527 97,011 104,174 87,494 101,313
Other operating revenues     1,707       2,181       1,427       3,999       3,140  
      110,234       99,192       105,601       91,493       104,453  
Costs and expenses:
Vessel operating costs 74,967 65,237 68,012 61,364 68,201
Costs of other operating revenues 733 1,681 642 2,474 1,519
General and administrative (J) 36,487 25,546 24,425 23,565 30,373
Vessel operating leases 91
Depreciation and amortization 20,101 13,390 12,785 12,017 12,195
Gain on asset dispositions, net (8,938 ) 1,571 (1,338 ) (1,919 ) (6,612 )
Impairment of due from affiliate 20,083
Asset impairments     36,878       16,853       1,215       6,186       16,777  
      180,311       124,278       105,741       103,687       122,544  
Operating loss (70,077 ) (25,086 ) (140 ) (12,194 ) (18,091 )
Other income (expenses):
Foreign exchange loss 1,455 1 (1,002 ) (348 ) (349 )
Equity in net earnings (losses) of unconsolidated companies (3,871 ) 56 390 (15,439 ) 825
Interest income and other 5,799 2,709 2,914 (128 ) 1,898
Reorganization items (J) (2,419 )
Loss on debt extinguishment (8,119 )

Interest and other debt costs     (7,708 )     (7,585 )     (7,547 )     (7,599 )     (7,769 )
      (12,444 )     (4,819 )     (5,245 )     (23,514 )     (7,814 )
Loss before income taxes (82,521 ) (28,905 ) (5,385 ) (35,708 ) (25,905 )
Income tax (benefit) expense     7,856       1,278       5,797       3,321       (2,706 )
Net loss $ (90,377 ) (31,183 ) (11,182 ) (39,029 ) (23,199 )
Less: Net income (loss) attributable to noncontrolling interests     132       (287 )     (242 )     143       374  
Net loss attributable to Tidewater Inc. $   (90,509 )     (30,896 )     (10,940 )     (39,172 )     (23,573 )
Basic loss per common share $   (2.83 )     (1.16 )     (0.44 )     (1.67 )     (1.02 )
Diluted loss per common share $   (2.83 )     (1.16 )     (0.44 )     (1.67 )     (1.02 )
Weighted average common shares outstanding (K) 31,974,802 26,614,507 24,654,220 23,424,943 23,137,909
Dilutive effect of stock options and restricted stock                              
Adjusted weighted average common shares     31,974,802       26,614,507       24,654,220       23,424,943       23,137,909  
                                         
Vessel operating margin $   33,560       31,774       36,162       26,130       33,112  
 

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

Professional services costs included in general and administrative expenses related to the business combination with GulfMark $ 4,465 3,036 1,547
Restructuring-related professional services costs included in reorganization items 2,031
Restructuring-related sale leaseback vessel redelivery costs included in reorganization items                               388  
Total $   4,465       3,036       1,547             2,419  
 

Note (K):  Weighted average shares outstanding for the quarters ended December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 2017 include 2,547, 300,646, 0, 108,044 and 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens. Common shares and Creditor Warrants and the sum of common shares and Creditor Warrants outstanding at December 31, 2018 were 36,978,280, 4,410,846 and 41,388,846, respectively. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at September 30, 2018 were 26,815,991, 3,512,416 and 30,328,407, respectively. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at June 30, 2018 were 26,085,274, 3,924,441 and 30,009,715, respectively. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 were 23,988,075, 6,021,696 and 30,009,771, respectively. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at December 31, 2017 were 22,115,916, 7,884,006 and 29,999,922, respectively.

                   

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

                                   
December 31, September 30, June 30, March 31, December 31,
ASSETS     2018     2018     2018     2018     2017  
Current assets:
Cash and cash equivalents $ 371,791 461,088 459,286 442,472 432,035
Restricted cash 25,953 7,466 5,213 2,847 21,300
Trade and other receivables, net (L) 111,266 88,013 96,630 115,754 114,184
Due from affiliates 132,951 174,349 197,059 207,919 230,315
Marine operating supplies 29,505 27,591 28,930 28,896 28,220
Other current assets       11,836       9,880       10,213       18,181       19,130  
Total current assets       683,302       768,387       797,331       816,069       845,184  
Investments in, at equity, and advances to unconsolidated companies 1,039 1,129 1,335 13,503 29,216
Net properties and equipment 1,089,857 790,055 817,140 827,678 850,935
Deferred drydocking and survey costs 22,215 16,053 14,372 11,430 3,208
Other assets       31,326       28,700       26,779       30,783       31,052  
Total assets   $   1,827,739       1,604,324       1,656,957       1,699,463       1,759,595  
 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable (L) $ 31,939 30,571 30,561 45,781 38,497
Accrued expenses 61,784 46,060 49,312 56,408 54,806
Due to affiliates 34,972 48,064 62,353 78,135 99,448
Accrued property and liability losses 2,726 2,447 2,790 2,852 2,585
Current portion of long-term debt 8,568 7,671 6,290 5,215 5,103
Other current liabilities       18,366       18,894       17,815       8,826       19,693  
Total current liabilities       158,355       153,707       169,121       197,217       220,132  
Long-term debt 430,436 435,301 438,559 442,729 443,057
Accrued property and liability losses 4,123 4,212 2,651 2,561 2,471
Other liabilities and deferred credits 89,902 67,196 71,100 71,475 71,991
 
Commitments and Contingencies
 
Equity:
Common stock 37 27 26 24 22
Additional paid-in capital 1,352,388 1,063,603 1,064,039 1,061,983 1,059,120
Retained earnings (210,783 ) (120,274 ) (89,378 ) (78,438 ) (39,266 )
Accumulated other comprehensive income (loss)       2,194       (403 )     (403 )     (446 )     (147 )
Total stockholders’ equity 1,143,836 942,953 974,284 983,123 1,019,729
Noncontrolling interests       1,087       955       1,242       2,358       2,215  
Total equity 1,144,923 943,908 975,526 985,481 1,021,944
Total liabilities and equity   $   1,827,739       1,604,324       1,656,957       1,699,463       1,759,595  
 
                                           
Supplemental Information
Due from related parties, net of due to related parties:
Sonatide (Angola) $ 79,829 102,512 106,084 129,784 130,867
DTDW (Nigeria)       18,150       23,773       28,622       25,184       23,708  
Total   $   97,979       126,285       134,706       154,968       154,575  

Note (L):  Included in Trade and other receivables, net, for the quarters ended March 31, 2018 and December 31, 2017 are $37,761 and $33,353, respectively, of amounts due from our DTDW (Nigeria) joint venture. Included in accounts payable for the quarters ended March 31, 2018 and December 31, 2017 are $12,577 and $9,645, respectively, of amounts due to our DTDW (Nigeria) joint venture.

           

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

                 
Three Months Ended
December 31, September 30, June 30,     March 31,     December 31,
    2018     2018     2018     2018     2017

VESSEL REVENUE BY VESSEL CLASS

(In thousands):

     
 

Americas fleet:

Deepwater $ 21,412 19,513 22,661 16,205 17,062
Towing-supply

8,283

6,417 7,560 6,846 8,263

Other

   

2,118

      2,109       2,380       3,030       3,010
Total $ 31,813 28,039 32,601 26,081 28,335

Middle East/Asia Pacific fleet:

Deepwater $ 8,705 7,607 9,603 9,564 9,066
Towing-supply 10,959 12,156 12,783 8,824 14,110

Other

    (190 )     164       20            
Total $ 19,474 19,927 22,406 18,388 23,176

Europe/Mediterranean Sea fleet:

Deepwater $

19,876

11,643 12,596 9,020 10,395

Towing-supply

   

841

      923       761       603       641
Total $ 20,717 12,566 13,357 9,623 11,036

West Africa fleet:

Deepwater $

15,287

15,101 14,314 13,938 14,358
Towing-supply 16,807 17,805 17,321 16,139 19,807

Other

   

4,429

      3,573       4,175       3,325       4,601
Total $ 36,523 36,479 35,810 33,402 38,766

Worldwide fleet:

Deepwater $

65,278

53,864 59,174 48,727 50,881
Towing-supply

36,890

37,301 38,425 32,412 42,821

Other

   

6,359

      5,846       6,575       6,355       7,611
Total   $   108,527       97,011       104,174       87,494       101,313
                   

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

                                     
Three Months Ended  
December 31, September 30, June 30, March 31, December 31,
    2018     2018     2018     2018     2017  

AVERAGE NUMBER OF VESSELS (M):

 

Americas fleet:

Deepwater 35 26 25 26 31
Towing-supply 20 15 15 15 16
Other     7       6       6       6       6  
Total 62 47 46 47 53
Stacked vessels     (27 )     (20 )     (19 )     (20 )     (27 )
Active vessels     35       27       27       27       26  

Middle East/Asia Pacific fleet:

Deepwater 20 17 18 19 21
Towing-supply 28 32 35 37 39
Other                              
Total 48 49 53 56 60
Stacked vessels     (11 )     (9 )     (12 )     (15 )     (20 )
Active vessels     37       40       41       41       40  

Europe/Mediterranean Sea fleet:

Deepwater 31 18 18 17 17
Towing-supply 4 4 4 4 4
Other                              
Total 35 22 22 21 21
Stacked vessels     (10 )     (4 )     (4 )     (5 )     (5 )
Active vessels     25       18       18       16       16  

West Africa fleet:

Deepwater 28 27 26 27 27
Towing-supply 31 31 31 35 37
Other     23       25       27       31       31  
Total 82 83 84 93 95
Stacked vessels     (29 )     (28 )     (29 )     (39 )     (37 )
Active vessels     53       55       55       54       58  

Worldwide fleet:

Deepwater 114 88 87 89 96
Towing-supply 83 82 85 91 96
Other     30       31       33       37       37  
Total 227 201 205 217 229
Stacked vessels     (77 )     (61 )     (64 )     (79 )     (89 )
Active vessels     150       140       141       138       140  
 
Total active 150 140 141 138 140
Total stacked 77 61 64 79 89
Total joint venture and other vessels     5       7       8       8       8  
Total     232       208       213       225       237  

Note (M):  Included in total owned or chartered vessels at December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 2017, were 92, 62, 66, 70 and 89 vessels, respectively, that 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 December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 2017, were 2, 2, 5, 4, and 4 vessels, respectively, that were stacked by the company.

                           

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

                                   
Three Months Ended
December 31, September 30, June 30, March 31, December 31,
    2018     2018     2018     2018     2017

AVAILABLE DAYS - TOTAL FLEET:

 

Americas fleet:

Deepwater 3,271 2,392 2,275 2,309 2,893
Towing-supply 1,806 1,422 1,399 1,350 1,441
Other     644       552       546       540       574
Total 5,721 4,366 4,220 4,199 4,908

Middle East/Asia Pacific fleet:

Deepwater 1,840 1,534 1,611 1,738 1,908
Towing-supply 2,588 2,950 3,203 3,348 3,604
Other                 3             3
Total 4,428 4,484 4,817 5,086 5,515

Europe/Mediterranean Sea fleet:

Deepwater 2,806 1,649 1,638 1,527 1,588
Towing-supply     368       368       364       360       379
Total 3,174 2,017 2,002 1,887 1,967

West Africa fleet:

Deepwater 2,606 2,491 2,393 2,470 2,484
Towing-supply 2,852 2,852 2,821 3,123 3,340
Other     2,122       2,297       2,417       2,745       2,852
Total 7,580 7,640 7,631 8,338 8,676

Worldwide fleet:

Deepwater 10,523 8,066 7,917 8,044 8,873
Towing-supply 7,614 7,592 7,787 8,181 8,764

Other

    2,766       2,849       2,966       3,285       3,429
Total     20,903       18,507       18,670       19,510       21,066
                           

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

                                   
Three Months Ended
December 31, September 30, June 30, March 31, December 31,
    2018     2018     2018     2018     2017
OUT-OF-SERVICE - STACKED DAYS:
 

Americas fleet:

Deepwater 1,288 858 819 898 1,565
Towing-supply 932 736 728 720 705
Other     296       276       182       180       206
Total 2,516 1,870 1,729 1,798 2,476

Middle East/Asia Pacific fleet:

Deepwater 572 338 364 478 705
Towing-supply 391 508 780 873 1,089
Other                             3
Total 963 846 1,144 1,351 1,797

Europe/Mediterranean Sea fleet:

Deepwater 736 170 91 167 276
Towing-supply     184       184       243       270       180
Total 920 354 334 437 456

West Africa fleet:

Deepwater 625 552 590 744 671
Towing-supply 1,361 1,196 1,183 1,463 1,472
Other     681       799       878       1,305       1,295
Total 2,667 2,547 2,652 3,512 3,438

Worldwide fleet:

Deepwater 3,221 1,918 1,864 2,287 3,217
Towing-supply 2,868 2,624 2,934 3,326 3,446
Other     977       1,075       1,060       1,485       1,504
Total     7,066       5,617       5,859       7,098       8,167
                   

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

                         
Three Months Ended
December 31, September 30, June 30,

March 31,

    December 31,
    2018     2018     2018     2018     2017
AVAILABLE DAYS - ACTIVE FLEET: (N)    
 

Americas fleet:

Deepwater 1,983 1,534 1,456 1,411 1,328
Towing-supply 874 686 671 630 736
Other     348       276       364       360       368
Total 3,205 2,496 2,491 2,401 2,432

Middle East/Asia Pacific fleet:

Deepwater 1,268 1,196 1,247 1,260 1,203
Towing-supply 2,197 2,442 2,423 2,475 2,515
Other                 3            
Total 3,465 3,638 3,673 3,735 3,718

Europe/Mediterranean Sea fleet:

Deepwater 2,070 1,479 1,547 1,360 1,312
Towing-supply     184       184       121       90       199
Total 2,254 1,663 1,668 1,450 1,511

West Africa fleet:

Deepwater 1,981 1,939 1,803 1,726 1,813
Towing-supply 1,491 1,656 1,638 1,660 1,868
Other     1,441       1,498       1,539       1,440       1,557
Total 4,913 5,093 4,979 4,826 5,238

Worldwide fleet:

Deepwater 7,302 6,148 6,053 5,757 5,656
Towing-supply 4,746 4,968 4,853 4,855 5,318
Other     1,789       1,774       1,906       1,800       1,925
Total     13,837       12,890       12,811       12,412       12,899
 

Note (N):  Available Days - Active Fleet equals Available Days - Total Fleet less Out-Of-Service - Stacked Days.

                   

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

                                     
Three Months Ended  
December 31, September 30, June 30, March 31, December 31,
    2018     2018     2018     2018     2017  
UTILIZATION - TOTAL FLEET: (O)
 

Americas fleet:

Deepwater 49.9 % 50.6 % 54.8 % 42.2 % 32.2 %
Towing-supply 42.8 40.6 37.7 35.7 39.0
Other     35.3       41.2       48.3       61.9       60.8  
Total 46.0 % 46.1 % 48.3 % 42.7 % 37.6 %

Middle East/Asia Pacific fleet:

Deepwater 57.6 % 59.0 % 64.2 % 54.4 % 48.7 %
Towing-supply 62.3 64.2 60.2 40.0 57.7
Other                 100.0              
Total 60.3 % 62.4 % 61.6 % 44.9 % 54.5 %

Europe/Mediterranean Sea fleet:

Deepwater 66.2 % 72.0 % 79.5 % 64.7 % 69.4 %
Towing-supply     39.0       44.3       29.0       25.0       24.1  
Total 63.1 % 67.0 % 70.3 % 57.1 % 60.7 %

West Africa fleet:

Deepwater 58.5 % 61.9 % 60.2 % 52.3 % 49.4 %
Towing-supply 46.5 48.0 47.0 39.0 45.7
Other     57.3       44.2       49.2       36.6       44.8  
Total 53.6 % 51.4 % 51.9 % 42.2 % 46.5 %

Worldwide fleet:

Deepwater 57.7 % 60.0 % 63.5 % 52.2 % 47.2 %
Towing-supply 50.6 52.7 49.9 38.3 48.6
Other     52.2       43.6       49.1       40.8       47.4  
Total     54.4 %     54.5 %     55.5 %     44.4 %     47.8 %
 

Note (O):  Utilization Total Fleet equals Days Worked / Available Days Total Fleet.

                   

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

                                     
Three Months Ended  
December 31, September 30, June 30, March 31, December 31,
    2018     2018     2018     2018     2017  

UTILIZATION - ACTIVE FLEET: (P)

 

Americas fleet:

Deepwater 82.3 % 78.8 % 85.7 % 69.1 % 70.2 %
Towing-supply 88.4 84.2 78.5 76.6 76.4
Other     65.4       82.3       72.4       92.9       94.8  
Total 82.1 % 80.7 % 81.8 % 74.6 % 75.8 %

Middle East/Asia Pacific fleet:

Deepwater 83.6 % 75.6 % 82.9 % 75.0 % 77.2 %
Towing-supply 73.3 77.5 79.6 54.1 82.7
Other                 100.0              
Total 77.1 % 76.9 % 80.8 % 61.2 % 80.9 %

Europe/Mediterranean Sea fleet:

Deepwater 89.8 % 80.3 % 84.2 % 72.6 % 84.0 %
Towing-supply     78.0       88.7       87.4       100.0       45.8  
Total 88.8 % 81.2 % 84.4 % 74.3 % 79.0 %

West Africa fleet:

Deepwater 77.0 % 79.5 % 79.9 % 74.8 % 67.7 %
Towing-supply 88.9 82.6 81.0 73.4 81.7
Other     84.3       67.8       77.3       69.9       82.0  
Total 82.8 % 77.1 % 79.5 % 72.8 % 76.9 %

Worldwide fleet:

Deepwater 83.2 % 78.8 % 83.0 % 72.9 % 74.1 %
Towing-supply 81.2 80.5 80.1 64.5 80.1
Other     80.7       70.1       76.4       74.5       84.5  
Total     82.2 %     78.3 %     80.9 %     69.8 %     78.1 %
 

Note (P):  Utilization Active Fleet equals Days Worked / Available Days - Active Fleet.

                         

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

                                   
Three Months Ended
December 31, September 30, June 30, March 31, December 31,
    2018     2018     2018     2018     2017

AVERAGE VESSEL DAY RATES: (Q)

 

Americas fleet:

Deepwater $ 13,127 16,138 18,162 16,626