HOUSTON, March 14, 2018 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a net loss for the three months ended December 31, 2017 (Successor), of $23.6 million, or $1.02 per common share, on revenues of $104.5 million. For the five month period from August 1, 2017 through December 31, 2017 (Successor), the net loss was $39.3 million, or $1.82 per common share, on revenues of $178.8 million.
As more fully explained in the company's Form 10-K for the nine month transition period ended December 31, 2017, upon emergence from Chapter 11 bankruptcy on July 31, 2017, the company adopted fresh start accounting in accordance with applicable accounting and reporting regulations, which resulted in the company becoming a new entity for financial reporting purposes on July 31, 2017. References herein to "Successor" relate to the financial position and results of operations of the reorganized company subsequent to July 31, 2017, while references to "Predecessor" relate to the financial position and results of operations of the company through July 31, 2017.
Included in the $23.6 million ($1.02 per common share) net loss for the three months ending December 31, 2017 (Successor) were the following:
- $16.8 million ($0.72 per common share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the three months ended December 31, 2017.
- $2.4 million ($0.10 per common share) of reorganization items related to the company's Chapter 11 proceedings.
Included in the $39.3 million ($1.82 per common share) net loss for the five month period from August 1, 2017 through December 31, 2017 (Successor) were the following:
- $16.8 million ($0.78 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the five month period ended December 31, 2017.
- $4.3 million ($0.20 per share) of reorganization items related to the company's Chapter 11 proceedings.
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months ended December 31, 2017 (Successor), which excludes reorganization items and asset impairment charges, but includes $2.6 million of stock-based compensation expense, was $13.3 million. EBITDA for the five month period from August 1, 2017 through December 31, 2017 (Successor), which excludes reorganization items and asset impairment charges, but includes $3.7 million of stock-based compensation expense and $1.2 million of vessel operating lease expense for vessels returned to their respective owners in connection with the company's Plan of Reorganization, was $17.7 million. (See disclosures related to Non-GAAP measures in other fleet and financial data beginning on page 13 herein.)
John Rynd, President and Chief Executive Officer of Tidewater stated, "The extended weakness in the offshore supply vessel market continued to be reflected in our fourth quarter financial results. While improvements in oil prices are encouraging, our customers have not yet committed to a meaningful increase in offshore exploration and development spending. As we continue to navigate a market that we expect to remain challenging in 2018, the management team remains focused on executing its post-restructuring business plan, including additional cost reductions, a targeted rationalization of the owned fleet, preserving a low-leverage balance sheet and maintaining a strong liquidity position."
Tom Bates, Chairman of the Board of Directors, added, "I would like to again thank Larry Rigdon for his leadership of the business during his tenure as interim President and Chief Executive Officer. Significant progress has been made in achieving the company's near-term objective of reaching a cash flow breakeven. John, Larry and I look forward to working with our fellow directors on behalf of all Tidewater stakeholders."
Tidewater will hold a conference call to discuss results for the three months ended December 31, 2017 on Thursday, March 15, 2018, 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 March 15, 2018, and will continue until 11:59 p.m. Central Time on March 17, 2018. 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 46593166.
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 April 15, 2018.
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 involve 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 recent Forms 10-Q and 10-K.
Tidewater owns and operates one of the largest fleets 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.
|
|
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
|
|
(In thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Three Months
|
|
|
|
Three Months
|
|
|
|
Ended
|
|
|
|
Ended
|
|
|
|
December 31, 2017
|
|
|
|
December 31, 2016
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues
|
|
$
|
101,313
|
|
|
|
|
125,120
|
|
|
Other operating revenues
|
|
|
3,140
|
|
|
|
|
4,095
|
|
|
|
|
104,453
|
|
|
|
|
129,215
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs
|
|
|
68,201
|
|
|
|
|
82,358
|
|
|
Costs of other operating revenues
|
|
|
1,519
|
|
|
|
|
2,714
|
|
|
General and administrative (A)
|
|
|
30,373
|
|
|
|
|
34,151
|
|
|
Vessel operating leases
|
|
|
91
|
|
|
|
|
8,441
|
|
|
Depreciation and amortization
|
|
|
12,195
|
|
|
|
|
41,302
|
|
|
Gain on asset dispositions, net
|
|
|
(6,612)
|
|
|
|
|
(6,139)
|
|
|
Asset impairments
|
|
|
16,777
|
|
|
|
|
253,422
|
|
|
|
|
122,544
|
|
|
|
|
416,249
|
|
|
Operating loss
|
|
|
(18,091)
|
|
|
|
|
(287,034)
|
|
|
Other income (expenses):
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss)
|
|
|
(349)
|
|
|
|
|
2,970
|
|
|
Equity in net earnings of unconsolidated companies
|
|
|
825
|
|
|
|
|
1,557
|
|
|
Interest income and other
|
|
|
1,898
|
|
|
|
|
1,437
|
|
|
Reorganization items (B)
|
|
|
(2,419)
|
|
|
|
|
—
|
|
|
Interest and other debt costs
|
|
|
(7,769)
|
|
|
|
|
(18,587)
|
|
|
|
|
(7,814)
|
|
|
|
|
(12,623)
|
|
|
Loss before income taxes
|
|
|
(25,905)
|
|
|
|
|
(299,657)
|
|
|
Income tax (benefit) expense
|
|
|
(2,706)
|
|
|
|
|
(2,884)
|
|
|
Net loss
|
|
$
|
(23,199)
|
|
|
|
|
(296,773)
|
|
|
Less: Net income (loss) attributable to noncontrolling interests
|
|
|
374
|
|
|
|
|
903
|
|
|
Net loss attributable to Tidewater Inc.
|
|
$
|
(23,573)
|
|
|
|
|
(297,676)
|
|
|
Basic loss per common share
|
|
$
|
(1.02)
|
|
|
|
|
(6.32)
|
|
|
Diluted loss per common share
|
|
$
|
(1.02)
|
|
|
|
|
(6.32)
|
|
|
Weighted average common shares outstanding (C)
|
|
|
23,137,909
|
|
|
|
|
47,068,079
|
|
|
Dilutive effect of stock options and restricted stock
|
|
|
—
|
|
|
|
|
—
|
|
|
Adjusted weighted average common shares
|
|
|
23,137,909
|
|
|
|
|
47,068,079
|
|
Note (A): Restructuring-related professional services costs for the three months ended December 31, 2017 (Successor) are included in reorganization items. Restructuring-related professional services costs included in general and administrative expenses for the three months ended December 31, 2016 (Predecessor), were $5.2 million.
Note (B): Restructuring-related professional services and sale leaseback redelivery costs included in reorganization items for the three months ended December 31, 2017 (Successor) were $2.0 million and $0.4 million, respectively.
Note (C): Weighted average shares outstanding include 924,125 shares issuable upon the exercise of Jones Act-related New Creditor Warrants held by U.S. citizens.
|
TIDEWATER INC.
|
|
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
|
|
(In thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Period from
|
|
|
|
Period from
|
|
|
|
|
|
|
|
August 1, 2017
|
|
|
|
April 1, 2017
|
|
|
Nine Months
|
|
|
|
through
|
|
|
|
through
|
|
|
Ended
|
|
|
|
December 31, 2017
|
|
|
|
July 31, 2017
|
|
|
December 31, 2016
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues
|
|
$
|
171,884
|
|
|
|
|
146,597
|
|
|
|
426,911
|
|
|
Other operating revenues
|
|
|
6,869
|
|
|
|
|
4,772
|
|
|
|
13,951
|
|
|
|
|
178,753
|
|
|
|
|
151,369
|
|
|
|
440,862
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs
|
|
|
120,502
|
|
|
|
|
116,438
|
|
|
|
278,326
|
|
|
Costs of other operating revenues
|
|
|
3,792
|
|
|
|
|
2,348
|
|
|
|
10,040
|
|
|
General and administrative (D)
|
|
|
46,619
|
|
|
|
|
41,832
|
|
|
|
104,152
|
|
|
Vessel operating leases
|
|
|
1,215
|
|
|
|
|
6,165
|
|
|
|
25,323
|
|
|
Depreciation and amortization
|
|
|
20,337
|
|
|
|
|
47,447
|
|
|
|
129,699
|
|
|
Gain on asset dispositions, net
|
|
|
(6,616)
|
|
|
|
|
(3,561)
|
|
|
|
(18,035)
|
|
|
Asset impairments
|
|
|
16,777
|
|
|
|
|
184,748
|
|
|
|
419,870
|
|
|
|
|
202,626
|
|
|
|
|
395,417
|
|
|
|
949,375
|
|
|
Operating loss
|
|
|
(23,873)
|
|
|
|
|
(244,048)
|
|
|
|
(508,513)
|
|
|
Other income (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange loss
|
|
|
(407)
|
|
|
|
|
(3,181)
|
|
|
|
(2,302)
|
|
|
Equity in net earnings of unconsolidated companies
|
|
|
2,130
|
|
|
|
|
4,786
|
|
|
|
2,869
|
|
|
Interest income and other
|
|
|
2,771
|
|
|
|
|
2,384
|
|
|
|
3,605
|
|
|
Reorganization items (E)
|
|
|
(4,299)
|
|
|
|
|
(1,396,905)
|
|
|
|
—
|
|
|
Interest and other debt costs
|
|
|
(13,009)
|
|
|
|
|
(11,179)
|
|
|
|
(54,018)
|
|
|
|
|
(12,814)
|
|
|
|
|
(1,404,095)
|
|
|
|
(49,846)
|
|
|
Loss before income taxes
|
|
|
(36,687)
|
|
|
|
|
(1,648,143)
|
|
|
|
(558,359)
|
|
|
Income tax (benefit) expense
|
|
|
2,039
|
|
|
|
|
(1,234)
|
|
|
|
4,680
|
|
|
Net loss
|
|
$
|
(38,726)
|
|
|
|
|
(1,646,909)
|
|
|
|
(563,039)
|
|
|
Less: Net income attributable to noncontrolling interests
|
|
|
540
|
|
|
|
|
—
|
|
|
|
2,224
|
|
|
Net loss attributable to Tidewater Inc.
|
|
$
|
(39,266)
|
|
|
|
|
(1,646,909)
|
|
|
|
(565,263)
|
|
|
Basic loss per common share
|
|
$
|
(1.82)
|
|
|
|
|
(34.95)
|
|
|
|
(12.01)
|
|
|
Diluted loss per common share
|
|
$
|
(1.82)
|
|
|
|
|
(34.95)
|
|
|
|
(12.01)
|
|
|
Weighted average common shares outstanding (F)
|
|
|
21,539,143
|
|
|
|
|
47,121,330
|
|
|
|
47,067,887
|
|
|
Dilutive effect of stock options and restricted stock
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
Adjusted weighted average common shares
|
|
|
21,539,143
|
|
|
|
|
47,121,330
|
|
|
|
47,067,887
|
|
Note (D): Restructuring-related professional services costs for the five month period from August 1, 2017 through December 31, 2017 (Successor) are included in reorganization items. Restructuring-related professional services costs included in general and administrative expenses for the four month period from April 1, 2017 through July 31, 2017 (Predecessor), and for the nine months ended December 31, 2016 (Predecessor), were $6.7 million and $12.2 million, respectively.
Note (E): Reorganization items for the five month period from August 1, 2017 through December 31, 2017 (Successor) of $4.3 million include (i) $1.6 million related to re-delivery of sale leaseback vessels to their respective owners and (ii) $2.7 million of restructuring-related professional services costs.
Reorganization items for the four month period from April 1, 2017 through July 31, 2017 (Predecessor) of $1.4 billion include (i) $1.8 billion of fresh start accounting adjustments, (ii) the establishment of a reserve in regards to sale leaseback claims of $323.6 million and the write-off of leasehold improvements to vessels underlying sale leaseback transactions of $1.7 million, partially offset by the recognition of sale leaseback-related deferred gains of $105.9 million and accrued liabilities associated with the recognition of lease expense on a straight-line basis of $11.3 million, (iii) $94.8 million of make-whole claims on the Senior Notes and $5.2 million of debt issue costs and (iv) restructuring-related professional services costs incurred subsequent to the Petition Date of $28.0 million. Offsetting these reorganization charges is a gain on settlement of liabilities subject to compromise of $767.6 million.
Note (F): Weighted average shares outstanding include 924,125 shares issuable upon the exercise of Jones Act-related New Creditor Warrants held by U.S. citizens.
|
TIDEWATER INC.
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(In thousands, except share and par value data)
|
|
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
December 31,
|
|
|
|
March 31,
|
|
|
ASSETS
|
|
2017
|
|
|
|
2017
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
432,035
|
|
|
|
|
706,404
|
|
|
Restricted cash
|
|
|
21,300
|
|
|
|
|
—
|
|
|
Trade and other receivables, less allowance for doubtful accounts of $1,800
and $16,165 as of December 31, 2017 and March 31, 2017, respectively
|
|
|
114,184
|
|
|
|
|
123,262
|
|
|
Due from affiliate
|
|
|
230,315
|
|
|
|
|
262,652
|
|
|
Marine operating supplies
|
|
|
28,220
|
|
|
|
|
30,560
|
|
|
Other current assets
|
|
|
19,130
|
|
|
|
|
18,409
|
|
|
Total current assets
|
|
|
845,184
|
|
|
|
|
1,141,287
|
|
|
Investments in, at equity, and advances to unconsolidated companies
|
|
|
29,216
|
|
|
|
|
45,115
|
|
|
Net properties and equipment
|
|
|
837,520
|
|
|
|
|
2,864,762
|
|
|
Deferred drydocking and survey costs
|
|
|
3,208
|
|
|
|
|
—
|
|
|
Other assets
|
|
|
31,052
|
|
|
|
|
139,535
|
|
|
Total assets
|
|
$
|
1,746,180
|
|
|
|
|
4,190,699
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
38,497
|
|
|
|
|
31,599
|
|
|
Accrued expenses
|
|
|
54,806
|
|
|
|
|
78,121
|
|
|
Due to affiliate
|
|
|
99,448
|
|
|
|
|
132,857
|
|
|
Accrued property and liability losses
|
|
|
2,585
|
|
|
|
|
3,583
|
|
|
Current portion of long-term debt
|
|
|
5,103
|
|
|
|
|
2,034,124
|
|
|
Other current liabilities
|
|
|
19,693
|
|
|
|
|
48,429
|
|
|
Total current liabilities
|
|
|
220,132
|
|
|
|
|
2,328,713
|
|
|
Long-term debt
|
|
|
443,057
|
|
|
|
|
—
|
|
|
Deferred income taxes
|
|
|
—
|
|
|
|
|
46,013
|
|
|
Accrued property and liability losses
|
|
|
2,471
|
|
|
|
|
10,209
|
|
|
Other liabilities and deferred credits
|
|
|
58,576
|
|
|
|
|
154,705
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
Predecessor Common stock of $0.10 par value, 125,000,000 shares authorized,
47,121,304 shares issued and outstanding at March 31, 2017
|
|
|
—
|
|
|
|
|
4,712
|
|
|
Predecessor Additional paid-in capital
|
|
|
—
|
|
|
|
|
165,221
|
|
|
Successor Common stock of $0.001 par value, 125,000,000 shares authorized,
22,115,916 shares issued and outstanding at December 31, 2017
|
|
|
22
|
|
|
|
|
—
|
|
|
Successor Additional paid-in capital
|
|
|
1,059,120
|
|
|
|
|
—
|
|
|
Retained (deficit) earnings
|
|
|
(39,266)
|
|
|
|
|
1,475,329
|
|
|
Accumulated other comprehensive loss
|
|
|
(147)
|
|
|
|
|
(10,344)
|
|
|
Total stockholders' equity
|
|
|
1,019,729
|
|
|
|
|
1,634,918
|
|
|
Noncontrolling interests
|
|
|
2,215
|
|
|
|
|
16,141
|
|
|
Total equity
|
|
|
1,021,944
|
|
|
|
|
1,651,059
|
|
|
Total liabilities and equity
|
|
$
|
1,746,180
|
|
|
|
|
4,190,699
|
|
|
TIDEWATER INC.
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Three Months
|
|
|
|
Three Months
|
|
|
|
Ended
|
|
|
|
Ended
|
|
|
(In thousands)
|
|
December 31, 2017
|
|
|
|
December 31, 2016
|
|
|
Net loss
|
|
$
|
(23,199)
|
|
|
|
|
(296,773)
|
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains (losses) on available for sale securities,
net of tax of $0 and $0
|
|
|
174
|
|
|
|
|
(73)
|
|
|
Change in loss on derivative contract,
net of tax of $0 and $0
|
|
|
—
|
|
|
|
|
70
|
|
|
Changes in supplemental executive retirement plan
liability, net of tax of $0 and $0
|
|
|
(1,582)
|
|
|
|
|
—
|
|
|
Changes in pension plan minimum liability,
net of tax of $0 and $0
|
|
|
(357)
|
|
|
|
|
—
|
|
|
Change in other benefit plan minimum liability,
net of tax of $0 and $0
|
|
|
1,536
|
|
|
|
|
—
|
|
|
Total comprehensive loss
|
|
$
|
(23,428)
|
|
|
|
|
(296,776)
|
|
|
TIDEWATER INC.
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Period from
|
|
|
|
Period from
|
|
|
|
|
|
|
|
August 1, 2017
|
|
|
|
April 1, 2017
|
|
|
Nine Months
|
|
|
|
through
|
|
|
|
through
|
|
|
Ended
|
|
|
(In thousands)
|
|
December 31, 2017
|
|
|
|
July 31, 2017
|
|
|
December 31, 2016
|
|
|
Net loss
|
|
$
|
(38,726)
|
|
|
|
|
(1,646,909)
|
|
|
|
(563,039)
|
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains on available for sale securities,
net of tax of $0, $0 and $0
|
|
|
256
|
|
|
|
|
163
|
|
|
|
207
|
|
|
Change in loss on derivative contract,
net of tax of $0, $0 and $0
|
|
|
—
|
|
|
|
|
—
|
|
|
|
213
|
|
|
Changes in supplemental executive retirement plan
liability, net of tax of $0, $0 and $0
|
|
|
(1,582)
|
|
|
|
|
(536)
|
|
|
|
—
|
|
|
Changes in pension plan minimum liability,
net of tax of $0, $0 and $0
|
|
|
(357)
|
|
|
|
|
(594)
|
|
|
|
—
|
|
|
Change in other benefit plan minimum liability,
net of tax of $0, $0 and $0
|
|
|
1,536
|
|
|
|
|
(1,468)
|
|
|
|
—
|
|
|
Total comprehensive loss
|
|
$
|
(38,873)
|
|
|
|
|
(1,649,344)
|
|
|
|
(562,619)
|
|
|
TIDEWATER INC.
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Period from
|
|
|
|
Period from
|
|
|
|
|
|
|
|
August 1, 2017
|
|
|
|
April 1, 2017
|
|
|
Nine Months
|
|
|
|
through
|
|
|
|
through
|
|
|
Ended
|
|
|
(In thousands)
|
|
December 31, 2017
|
|
|
|
July 31, 2017
|
|
|
December 31, 2016
|
|
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (G)
|
|
$
|
(38,726)
|
|
|
|
|
(1,646,909)
|
|
|
|
(563,039)
|
|
|
Adjustments to reconcile net loss to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reorganization items (non-cash)
|
|
|
—
|
|
|
|
|
1,368,882
|
|
|
|
—
|
|
|
Depreciation and amortization
|
|
|
20,131
|
|
|
|
|
47,447
|
|
|
|
129,699
|
|
|
Amortization of deferred drydocking and survey costs
|
|
|
206
|
|
|
|
|
—
|
|
|
|
—
|
|
|
Amortization of debt premiums and discounts
|
|
|
(715)
|
|
|
|
|
—
|
|
|
|
—
|
|
|
Provision for deferred income taxes
|
|
|
—
|
|
|
|
|
(5,543)
|
|
|
|
—
|
|
|
Gain on asset dispositions, net
|
|
|
(6,616)
|
|
|
|
|
(3,561)
|
|
|
|
(18,035)
|
|
|
Asset impairments
|
|
|
16,777
|
|
|
|
|
184,748
|
|
|
|
419,870
|
|
|
Changes in investments in, at equity, and advances tounconsolidated companies
|
|
|
(4,531)
|
|
|
|
|
(4,252)
|
|
|
|
(2,551)
|
|
|
Compensation expense - stock-based
|
|
|
3,731
|
|
|
|
|
1,707
|
|
|
|
4,166
|
|
|
Changes in operating assets and liabilities, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables
|
|
|
2,312
|
|
|
|
|
6,286
|
|
|
|
53,778
|
|
|
Changes in due to/from affiliate, net
|
|
|
(2,373)
|
|
|
|
|
1,301
|
|
|
|
(4,132)
|
|
|
Marine operating supplies
|
|
|
1,229
|
|
|
|
|
88
|
|
|
|
2,693
|
|
|
Other current assets
|
|
|
10,305
|
|
|
|
|
(1,840)
|
|
|
|
(6,065)
|
|
|
Accounts payable
|
|
|
(1,259)
|
|
|
|
|
8,157
|
|
|
|
1,341
|
|
|
Accrued expenses
|
|
|
(24,896)
|
|
|
|
|
17,245
|
|
|
|
(27,954)
|
|
|
Accrued property and liability losses
|
|
|
(176)
|
|
|
|
|
(822)
|
|
|
|
253
|
|
|
Other current liabilities
|
|
|
(4,026)
|
|
|
|
|
(2,337)
|
|
|
|
(22,798)
|
|
|
Other liabilities and deferred credits
|
|
|
(1,089)
|
|
|
|
|
2,884
|
|
|
|
(4,541)
|
|
|
Other, net
|
|
|
(5,830)
|
|
|
|
|
4,932
|
|
|
|
(3,014)
|
|
|
Net cash used in operating activities
|
|
|
(35,546)
|
|
|
|
|
(21,587)
|
|
|
|
(40,329)
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of assets
|
|
|
32,742
|
|
|
|
|
2,172
|
|
|
|
12,333
|
|
|
Additions to properties and equipment
|
|
|
(9,834)
|
|
|
|
|
(2,265)
|
|
|
|
(17,144)
|
|
|
Payments related to novated vessel construction contract
|
|
|
—
|
|
|
|
|
5,272
|
|
|
|
—
|
|
|
Refunds from cancelled vessel construction contracts
|
|
|
—
|
|
|
|
|
—
|
|
|
|
25,565
|
|
|
Net cash provided by investing activities
|
|
|
22,908
|
|
|
|
|
5,179
|
|
|
|
20,754
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal payment on long-term debt
|
|
|
(1,176)
|
|
|
|
|
(5,124)
|
|
|
|
(7,337)
|
|
|
Cash payments to creditors pursuant to the plan of reorganization
|
|
|
(93,719)
|
|
|
|
|
(122,806)
|
|
|
|
—
|
|
|
Cash received for issuance of common stock
|
|
|
2
|
|
|
|
|
—
|
|
|
|
—
|
|
|
Other
|
|
|
—
|
|
|
|
|
(1,200)
|
|
|
|
(1,722)
|
|
|
Net cash used in financing activities
|
|
|
(94,893)
|
|
|
|
|
(129,130)
|
|
|
|
(9,059)
|
|
|
Net change in cash and cash equivalents
|
|
|
(107,531)
|
|
|
|
|
(145,538)
|
|
|
|
(28,634)
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
560,866
|
|
|
|
|
706,404
|
|
|
|
678,438
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
453,335
|
|
|
|
|
560,866
|
|
|
|
649,804
|
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest, net of amounts capitalized
|
|
$
|
8,223
|
|
|
|
|
1,577
|
|
|
|
62,469
|
|
|
Income taxes
|
|
$
|
4,654
|
|
|
|
|
4,740
|
|
|
|
24,749
|
|
|
Supplemental disclosure of non-cash investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to properties and equipment
|
|
$
|
—
|
|
|
|
|
—
|
|
|
|
5,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (G): Net loss includes restructuring-related professional services costs and costs related to the re-delivery of sale leaseback vessels to their respective owners for the five month period from August 1, 2017 through December 31, 2017 (Successor), the four month period from April 1, 2017 through July 31, 2017 (Predecessor), and for the nine months ended December 31, 2016 (Predecessor), of $4.3 million, $34.7 million and $12.2 million, respectively.
|
TIDEWATER INC.
|
|
CONSOLIDATED STATEMENTS OF EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Retained
|
|
|
other
|
|
|
Non
|
|
|
|
|
|
|
Common
|
|
|
paid-in
|
|
|
earnings
|
|
|
comprehensive
|
|
|
controlling
|
|
|
|
|
|
(In thousands)
|
|
stock
|
|
|
capital
|
|
|
(deficit)
|
|
|
loss
|
|
|
interest
|
|
|
Total
|
|
|
Balance at March 31, 2016 (Predecessor)
|
|
$
|
4,707
|
|
|
|
166,604
|
|
|
|
2,135,075
|
|
|
|
(6,866)
|
|
|
|
6,034
|
|
|
|
2,305,554
|
|
|
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
|
|
|
|
1,475,329
|
|
|
|
(10,344)
|
|
|
|
16,141
|
|
|
|
1,651,059
|
|
|
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
|
|
|
|
(171,580)
|
|
|
|
(12,779)
|
|
|
|
14,941
|
|
|
|
2,161
|
|
|
Cancellation of Predecessor equity
|
|
|
(4,712)
|
|
|
|
(166,867)
|
|
|
|
171,580
|
|
|
|
12,779
|
|
|
|
(13,266)
|
|
|
|
(486)
|
|
|
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
|
|
The company's vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Three Months
|
|
|
|
Three Months
|
|
|
|
Ended
|
|
|
|
Ended
|
|
|
|
December 31, 2017
|
|
|
|
December 31, 2016
|
|
|
(In thousands)
|
|
|
|
|
|
%
|
|
|
|
|
|
|
|
%
|
|
|
Vessel revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$
|
28,335
|
|
|
|
28%
|
|
|
|
|
45,577
|
|
|
|
36%
|
|
|
Middle East/Asia Pacific
|
|
|
23,176
|
|
|
|
23%
|
|
|
|
|
26,233
|
|
|
|
21%
|
|
|
Africa/Europe
|
|
|
49,802
|
|
|
|
49%
|
|
|
|
|
53,310
|
|
|
|
43%
|
|
|
Total vessel revenues
|
|
$
|
101,313
|
|
|
|
100%
|
|
|
|
|
125,120
|
|
|
|
100%
|
|
|
Vessel operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs
|
|
$
|
37,149
|
|
|
|
37%
|
|
|
|
|
43,384
|
|
|
|
35%
|
|
|
Repair and maintenance
|
|
|
7,709
|
|
|
|
7%
|
|
|
|
|
13,214
|
|
|
|
10%
|
|
|
Insurance and loss reserves
|
|
|
2,946
|
|
|
|
3%
|
|
|
|
|
2,142
|
|
|
|
2%
|
|
|
Fuel, lube and supplies
|
|
|
9,400
|
|
|
|
9%
|
|
|
|
|
7,782
|
|
|
|
6%
|
|
|
Other
|
|
|
10,997
|
|
|
|
11%
|
|
|
|
|
15,836
|
|
|
|
13%
|
|
|
Total vessel operating costs
|
|
|
68,201
|
|
|
|
67%
|
|
|
|
|
82,358
|
|
|
|
66%
|
|
|
Vessel operating margin (H)
|
|
$
|
33,112
|
|
|
|
33%
|
|
|
|
|
42,762
|
|
|
|
34%
|
|
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Period from
|
|
|
|
Period from
|
|
|
|
|
|
|
August 1, 2017
|
|
|
|
April 1, 2017
|
|
|
Nine Months
|
|
|
|
through
|
|
|
|
through
|
|
|
Ended
|
|
|
|
December 31, 2017
|
|
|
|
July 31, 2017
|
|
|
December 31, 2016
|
|
|
(In thousands)
|
|
|
|
|
|
%
|
|
|
|
|
|
|
|
%
|
|
|
|
|
|
|
%
|
|
|
Vessel revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$
|
45,784
|
|
|
|
27%
|
|
|
|
|
40,848
|
|
|
|
28%
|
|
|
|
159,310
|
|
|
|
37%
|
|
|
Middle East/Asia Pacific
|
|
|
39,845
|
|
|
|
23%
|
|
|
|
|
36,313
|
|
|
|
25%
|
|
|
|
87,940
|
|
|
|
21%
|
|
|
Africa/Europe
|
|
|
86,255
|
|
|
|
50%
|
|
|
|
|
69,436
|
|
|
|
47%
|
|
|
|
179,661
|
|
|
|
42%
|
|
|
Total vessel revenues
|
|
$
|
171,884
|
|
|
|
100%
|
|
|
|
|
146,597
|
|
|
|
100%
|
|
|
|
426,911
|
|
|
|
100%
|
|
|
Vessel operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs
|
|
$
|
64,854
|
|
|
|
38%
|
|
|
|
|
56,653
|
|
|
|
39%
|
|
|
|
148,642
|
|
|
|
35%
|
|
|
Repair and maintenance
|
|
|
14,082
|
|
|
|
8%
|
|
|
|
|
23,040
|
|
|
|
16%
|
|
|
|
43,183
|
|
|
|
10%
|
|
|
Insurance and loss reserves
|
|
|
4,625
|
|
|
|
3%
|
|
|
|
|
3,949
|
|
|
|
3%
|
|
|
|
11,775
|
|
|
|
2%
|
|
|
Fuel, lube and supplies
|
|
|
16,390
|
|
|
|
9%
|
|
|
|
|
12,279
|
|
|
|
8%
|
|
|
|
28,730
|
|
|
|
7%
|
|
|
Other
|
|
|
20,551
|
|
|
|
12%
|
|
|
|
|
20,517
|
|
|
|
14%
|
|
|
|
45,996
|
|
|
|
11%
|
|
|
Total vessel operating costs
|
|
|
120,502
|
|
|
|
70%
|
|
|
|
|
116,438
|
|
|
|
80%
|
|
|
|
278,326
|
|
|
|
65%
|
|
|
Vessel operating margin (H)
|
|
$
|
51,382
|
|
|
|
30%
|
|
|
|
|
30,159
|
|
|
|
20%
|
|
|
|
148,585
|
|
|
|
35%
|
|
Note (H): 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
|
|
|
|
Predecessor
|
|
|
|
Three Months
|
|
|
|
Three Months
|
|
|
|
Ended
|
|
|
|
Ended
|
|
|
(In thousands)
|
|
December 31, 2017
|
|
|
|
December 31, 2016
|
|
|
Vessel operating margin
|
|
$
|
33,112
|
|
|
|
|
42,762
|
|
|
General and administrative expenses - vessel operations
|
|
|
(19,946)
|
|
|
|
|
(20,608)
|
|
|
Vessel operating leases
|
|
|
(91)
|
|
|
|
|
(8,441)
|
|
|
Depreciation and amortization - vessel operations
|
|
|
(11,681)
|
|
|
|
|
(39,882)
|
|
|
Vessel operating profit (loss)
|
|
$
|
1,394
|
|
|
|
|
(26,169)
|
|
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Period from
|
|
|
|
Period from
|
|
|
|
|
|
|
|
August 1, 2017
|
|
|
|
April 1, 2017
|
|
|
Nine Months
|
|
|
|
through
|
|
|
|
through
|
|
|
Ended
|
|
|
(In thousands)
|
|
December 31, 2017
|
|
|
|
July 31, 2017
|
|
|
December 31, 2016
|
|
|
Vessel operating margin
|
|
$
|
51,382
|
|
|
|
|
30,159
|
|
|
|
148,585
|
|
|
General and administrative expenses - vessel operations
|
|
|
(31,160)
|
|
|
|
|
(23,881) |