Tidewater Reports Results for the Three-Months Ended March 31, 2019

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Tidewater Reports Results for the Three-Months Ended March 31, 2019

05/06/2019

HOUSTON--(BUSINESS WIRE)--May 6, 2019-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three-months ended March 31, 2019, of $122.1 million and a net loss for the same period of $21.7 million (or $0.58 per common share). Excluding certain costs outlined below, net loss for the three-months ended March 31, 2019 was $18.0 million (or $0.49 per common share).

John T. Rynd, Tidewater’s President and Chief Executive Officer, commented, “March 31 marked the first full quarter with Tidewater and GulfMark operating as a combined company and I’m pleased that the benefits of this merger are immediately evident. With a larger vessel fleet, revenues were up 33% as compared to the same period in 2018 and up 11% from the quarter ended December 31, 2018. Demonstrating the value of leveraging Tidewater’s existing global platform and our team’s progress towards meeting our merger synergy targets, G&A continued its downward trend during the quarter, reaching the same level as the quarter ended March 31, 2018. We continue to make progress in improving our shore base cost structure, and we are now positioning ourselves to exit 2019 with an annual G&A run rate of $87 million.

Capital discipline, both working capital discipline and capital expenditure discipline, is key to exceeding the return on capital objectives we have set for ourselves. The entire team is focused on obtaining these goals and our long-term compensation incentives are driven by return on capital targets. Discipline on the capital tied up in our fleet in lay-up is also part of that focus and considerable progress has been made towards meeting our ambitious goal of selling or recycling 40 additional vessels by the end of the year, with 16 vessel dispositions already completed in the first quarter and more in process.

There are strong indications that E&P spending offshore will increase this year, driving steadily improving drilling activity and the availability of OSVs in several key markets within which we have a large presence, such as the North Sea and West Africa, has shown signs of tightening as we enter the seasonally more active summer season. With strong OSV sector leadership positions in almost every market in the world, Tidewater is best-positioned to benefit from the upside as the market continues improves through 2019.”

Included in the $21.7 million ($0.58 per common share) net loss for the three months ended March 31, 2019 were the following costs were general and administrative expenses for severance and similar expenses related to integrating Tidewater and GulfMark operations of $3.7 million ($0.10 per common share).

Common shares, New Creditor Warrants, GulfMark Creditor Warrants, and the sum of common shares, New Creditor Warrants and GulfMark Creditor Warrants outstanding at March 31, 2019 were 37,381,954, 2,070,463, 2,046,795 and 41,499,212, 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 ended March 31, 2019 on Tuesday, May 7, 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 May 7, 2019, and will continue until 11:59 p.m. Central Time on May 9, 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 48556943.

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 June 7, 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)

	Three Months			Three Months
	Ended			Ended
	March 31, 2019			March 31, 2018
Revenues:
Vessel revenues	$	119,662			87,494
Other operating revenues		2,487			3,999
Total revenues		122,149			91,493
Costs and expenses:
Vessel operating costs		82,203			61,364
Costs of other operating revenues		764			2,474
General and administrative (A)		27,140			23,565
Depreciation and amortization		22,932			12,017
Gain on asset dispositions, net		(1,270	)		(1,919	)
Long-lived asset impairments		—			6,186
Total operating costs and expenses		131,769			103,687
Operating loss		(9,620	)		(12,194	)
Other income (expense):
Foreign exchange loss		(508	)		(348	)
Equity in net losses of unconsolidated companies		(62	)		(15,439	)
Interest income and other, net		2,470			(128	)
Interest and other debt costs, net		(7,736	)		(7,599	)
Total other income (expense)		(5,836	)		(23,514	)
Loss before income taxes		(15,456	)		(35,708	)
Income tax expense		5,830			3,321
Net loss	$	(21,286	)		(39,029	)
Less: Net income attributable to noncontrolling interests		445			143
Net loss attributable to Tidewater Inc.	$	(21,731	)		(39,172	)
Basic loss per common share		(0.58	)		(1.67	)
Diluted loss per common share		(0.58	)		(1.67	)
Weighted average common shares outstanding		37,179			23,425
Dilutive effect of stock options and restricted stock		—			—
Adjusted weighted average common shares		37,179			23,425

Total shares outstanding including warrants	March 31, 2019	March 31, 2018
Common shares outstanding	37,382	23,988
New Creditor Warrants (strike price $0.001 per common share)	2,070	6,022
GulfMark Creditor Warrants (strike price $0.01 per common share)	2,047	—
Total	41,499	30,010

Note (A): General and administrative expenses for the three months ended March 31, 2019 and March 31, 2018, included stock-based compensation of $5.6 million and $3.0 million, respectively. In addition, general and administrative costs for the three months ended March 31, 2019 include $3.7 million of severance and similar costs related to integrating Tidewater and GulfMark operations subsequent to the Merger Date.


TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value data)

	March 31,			December 31,
ASSETS	2019			2018
Current assets:
Cash and cash equivalents	$	391,060			371,791
Restricted cash		6,975			25,953
Trade and other receivables, net		112,853			111,266
Due from affiliates		119,049			132,951
Marine operating supplies		29,337			29,505
Other current assets		14,844			11,836
Total current assets		674,118			683,302
Investments in, at equity, and advances to unconsolidated companies		774			1,039
Properties and equipment, net		1,065,297			1,089,857
Deferred drydocking and survey costs		30,602			22,215
Other assets		38,507			31,326
Total assets	$	1,809,298			1,827,739

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	29,739			31,939
Accrued costs and expenses		56,025			61,784
Due to affiliates		40,245			34,972
Current portion of long-term debt		9,957			8,568
Other current liabilities		20,115			21,092
Total current liabilities		156,081			158,355
Long-term debt		427,436			430,436
Other liabilities		98,096			94,025

Contingencies

Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 37,381,954 and 36,978,280 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively		37			37
Additional paid-in capital		1,356,436			1,352,388
Accumulated deficit		(232,514	)		(210,783	)
Accumulated other comprehensive income		2,194			2,194
Total stockholders’ equity		1,126,153			1,143,836
Noncontrolling interests		1,532			1,087
Total equity		1,127,685			1,144,923
Total liabilities and equity	$	1,809,298			1,827,739


TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)

	Three Months Ended			Three Months Ended
	March 31, 2019			March 31, 2018
Net loss	$	(21,286	)		(39,029	)
Other comprehensive income:
Unrealized losses on available for sale securities, net of tax of $61		—			(299	)
Total comprehensive loss	$	(21,286	)		(39,328	)


TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

	Three Months Ended			Three Months Ended
	March 31, 2019			March 31, 2018
Operating activities:
Net loss	$	(21,286	)		(39,029	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		19,034			11,380
Amortization of deferred drydocking and survey costs		3,898			638
Amortization of debt premium and discounts		(505	)		(443	)
Provision for deferred income taxes		169			—
Gain on asset dispositions, net		(1,270	)		(1,919	)
Long-lived asset impairments		—			6,186
Changes in investments in, at equity, and advances to unconsolidated companies		265			15,713
Compensation expense - stock-based		5,627			2,956
Changes in assets and liabilities, net:
Trade and other receivables		(2,204	)		(1,662	)
Changes in due to/from affiliates, net		19,175			1,083
Accounts payable		(2,200	)		7,284
Accrued costs and expenses		(5,626	)		845
Cash paid for deferred drydocking and survey costs		(12,285	)		(8,860	)
Other, net		(5,949	)		(156	)
Net cash used in operating activities		(3,157	)		(5,984	)
Cash flows from investing activities:
Proceeds from sales of assets		9,651			9,492
Additions to properties and equipment		(3,116	)		(1,677	)
Net cash provided by investing activities		6,535			7,815
Cash flows from financing activities:
Principal payment on long-term debt		(1,509	)		(1,471	)
Payments to General Unsecured Creditors		—			(8,377	)
Taxes on share-based awards		(1,578	)		—
Other		—			1
Net cash used in financing activities		(3,087	)		(9,847	)
Net change in cash, cash equivalents and restricted cash		291			(8,016	)
Cash, cash equivalents and restricted cash at beginning of period		397,744			453,335
Cash, cash equivalents and restricted cash at end of period	$	398,035			445,319
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	8,319			8,152
Income taxes	$	4,415			6,429


TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands)

									Accumulated
			Additional						other		Non
	Common		paid-in			Accumulated			comprehensive		controlling
(In thousands)	stock		capital			deficit			income (loss)		interest	Total
Balance at December 31, 2018	$	37		1,352,388			(210,783	)	2,194		1,087	1,144,923
Total comprehensive loss		—		—			(21,731	)	—		445	(21,286	)
Issuance of common stock from exercise of warrants		—		1			—		—		—	1
Amortization/cancellation of restricted stock units		—		4,047			—		—		—	4,047
Balance at March 31, 2019	$	37		1,356,436			(232,514	)	2,194		1,532	1,127,685

Balance at December 31, 2017	$	22		1,059,120			(39,266	)	(147	)	2,215	1,021,944
Total comprehensive loss		—		—			(39,172	)	(299	)	143	(39,328	)
Stock option expense		—		(98	)		—		—		—	(98	)
Issuance of common stock		2		—			—		—		—	2
Amortization of restricted stock units		—		2,961			—		—		—	2,961
Balance at March 31, 2018		24		1,061,983			(78,438	)	(446	)	2,358	985,481

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

	Quarter Ended				Quarter Ended
	March 31, 2019				March 31, 2018
(In thousands)			%				%
Vessel revenues:
Americas	$	35,279	29	%	26,081			30	%
Middle East/Asia Pacific		20,456	17	%	18,388			21	%
Europe/Mediterranean Sea		28,558	24	%	9,623			11	%
West Africa		35,369	30	%	33,402			38	%
Total vessel revenues	$	119,662	100	%	87,494			100	%
Vessel operating costs:
Crew costs	$	48,145	40	%	34,224			39	%
Repair and maintenance		9,701	8	%	7,704			9	%
Insurance and loss reserves		2,178	2	%	(1,071	)		(1	%)
Fuel, lube and supplies		9,345	8	%	9,012			10	%
Other		12,834	11	%	11,495			13	%
Total vessel operating costs		82,203	69	%	61,364			70	%
Vessel operating margin (B)		37,459	31	%	26,130			30	%

Note (B): Vessel operating margin can be recalculated by adjusting vessel operating profit (loss) for 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:

	Quarter Ended					Quarter Ended
	March 31, 2019					March 31, 2018
(In thousands)				%				%
Vessel operating profit (loss):
Americas	$	(1,030	)	(1	%)	4,911		5	%
Middle East/Asia Pacific		(1,162	)	(1	%)	(2,253	)	(2	%)
Europe/Mediterranean Sea		(3,317	)	(3	%)	(3,554	)	(4	%)
West Africa		8,115		7	%	(1,753	)	(2	%)
Other operating profit		1,704		1	%	1,506		2	%
		4,310		3	%	(1,143	)	(1	%)
Corporate expenses (C)		(15,200	)	(12	%)	(6,784	)	(7	%)
Gain (loss) on asset dispositions, net		1,270		1	%	1,919		2	%
Long-lived asset impairments		—		—		(6,186	)	(7	%)
Operating loss		(9,620	)	(8	%)	(12,194	)	(13	%)

Note (C): The company incurred integration costs related to the combination with GulfMark during the three months ended March 31, 2019 of $3.7 million. General and administrative expenses for the quarter ended March 31, 2019 and March 31, 2018, included stock-based compensation of $5.6 million and $3.0 million, respectively.


TIDEWATER INC.
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA
(Unaudited)
(In thousands, except share and per share data)

		Three Months Ended

		March 31,		December 31,		September 30,		June 30,		March 31,
		2019		2018		2018		2018		2018
Revenues:
Vessel revenues	$	119,662		108,527		97,011		104,174		87,494
Other operating revenues		2,487		1,707		2,181		1,427		3,999
Total revenues		122,149		110,234		99,192		105,601		91,493
Costs and expenses:
Vessel operating costs		82,203		74,967		65,237		68,012		61,364
Costs of other operating revenues		764		733		1,681		642		2,474
General and administrative (D)		27,140		36,487		25,546		24,425		23,565
Depreciation and amortization		22,932		20,101		13,390		12,785		12,017
Gain on asset dispositions, net		(1,270	)	(8,938	)	1,571		(1,338	)	(1,919	)
Impairment of due from affiliate		—		20,083		—		—		—
Asset impairments		—		36,878		16,853		1,215		6,186
Total operating costs and expenses		131,769		180,311		124,278		105,741		103,687
Operating loss		(9,620	)	(70,077	)	(25,086	)	(140	)	(12,194	)
Other income (expense):
Foreign exchange gain (loss)		(508	)	1,455		1		(1,002	)	(348	)
Equity in net earnings (losses) of unconsolidated companies		(62	)	(3,871	)	56		390		(15,439	)
Interest income and other		2,470		5,799		2,709		2,914		(128	)
Loss on debt extinguishment		—		(8,119	)	—		—		—
Interest and other debt costs		(7,736	)	(7,708	)	(7,585	)	(7,547	)	(7,599	)
Total other income (expense)		(5,836	)	(12,444	)	(4,819	)	(5,245	)	(23,514	)
Loss before income taxes		(15,456	)	(82,521	)	(28,905	)	(5,385	)	(35,708	)
Income tax expense		5,830		7,856		1,278		5,797		3,321
Net loss	$	(21,286	)	(90,377	)	(31,183	)	(11,182	)	(39,029	)
Less: Net income (loss) attributable to noncontrolling interests		445		132		(287	)	(242	)	143
Net loss attributable to Tidewater Inc.	$	(21,731	)	(90,509	)	(30,896	)	(10,940	)	(39,172	)
Basic loss per common share	$	(0.58	)	(2.83	)	(1.16	)	(0.44	)	(1.67	)
Diluted loss per common share	$	(0.58	)	(2.83	)	(1.16	)	(0.44	)	(1.67	)
Weighted average common shares outstanding (E)		37,178,580		31,974,802		26,614,507		24,654,220		23,424,943
Dilutive effect of stock options and restricted stock		—		—		—		—		—
Adjusted weighted average common shares		37,178,580		31,974,802		26,614,507		24,654,220		23,424,943

Vessel operating margin	$	37,459		33,560		31,774		36,162		26,130

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		1,547		—
Integration related costs related to the business combination with GulfMark		3,651		—		—		—		—
Total	$	3,739		4,465		3,036		1,547		—

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		—		108,044

Total shares outstanding including warrants
Common shares outstanding		37,381,954		36,978,280		26,815,991		26,085,274		23,988,075
New Creditor Warrants (strike price $0.001 per common share)		2,070,463		2,220,857		3,512,416		3,924,441		6,021,696
GulfMark Creditor Warrants (strike price $0.01 per common share)		2,046,795		2,189,709		—		—		—
Total		41,499,212		41,388,846		30,328,407		30,009,715		30,009,771


TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)

		March 31,		December 31,		September 30,		June 30,		March 31,
ASSETS		2019		2018		2018		2018		2018
Current assets:
Cash and cash equivalents	$	391,060		371,791		461,088		459,286		442,472
Restricted cash		6,975		25,953		7,466		5,213		2,847
Trade and other receivables, net (F)		112,853		111,266		88,013		96,630		115,754
Due from affiliates		119,049		132,951		174,349		197,059		207,919
Marine operating supplies		29,337		29,505		27,591		28,930		28,896
Other current assets		14,844		11,836		9,880		10,213		18,181
Total current assets		674,118		683,302		768,387		797,331		816,069
Investments in, at equity, and advances to unconsolidated companies		774		1,039		1,129		1,335		13,503
Net properties and equipment		1,065,297		1,089,857		790,055		817,140		827,678
Deferred drydocking and survey costs		30,602		22,215		16,053		14,372		11,430
Other assets		38,507		31,326		28,700		26,779		30,783
Total assets	$	1,809,298		1,827,739		1,604,324		1,656,957		1,699,463

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable (F)	$	29,739		31,939		30,571		30,561		45,781
Accrued costs and expenses		56,025		61,784		46,060		49,312		56,408
Due to affiliates		40,245		34,972		48,064		62,353		78,135
Current portion of long-term debt		9,957		8,568		7,671		6,290		5,215
Other current liabilities		20,115		21,092		21,341		20,605		11,678
Total current liabilities		156,081		158,355		153,707		169,121		197,217
Long-term debt		427,436		430,436		435,301		438,559		442,729
Other liabilities and deferred credits		98,096		94,025		71,408		73,751		74,036

Contingencies

Equity:
Common stock		37		37		27		26		24
Additional paid-in capital		1,356,436		1,352,388		1,063,603		1,064,039		1,061,983
Accumulated deficit		(232,514	)	(210,783	)	(120,274	)	(89,378	)	(78,438	)
Accumulated other comprehensive income (loss)		2,194		2,194		(403	)	(403	)	(446	)
Total stockholders’ equity		1,126,153		1,143,836		942,953		974,284		983,123
Noncontrolling interests		1,532		1,087		955		1,242		2,358
Total equity		1,127,685		1,144,923		943,908		975,526		985,481
Total liabilities and equity	$	1,809,298		1,827,739		1,604,324		1,656,957		1,699,463


Supplemental Information
Due from related parties, net of due to related parties:
Sonatide (Angola)	$	62,591		79,829		102,512		106,084		129,784
DTDW (Nigeria)		16,213		18,150		23,773		28,622		25,184
Total	$	78,804		97,979		126,285		134,706		154,968
Note (F): Included in Trade and other receivables, net, for the quarter ended March 31, 2018 is $37,761 of amounts due from our DTDW (Nigeria) joint venture. Included in accounts payable for the quarter ended March 31, 2018 is $12,577 of amounts due to our DTDW (Nigeria) joint venture.


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,	December 31,		September 30,	June 30,	March 31,
		2019	2018		2018	2018	2018
VESSEL REVENUE BY VESSEL CLASS (In thousands):

Americas fleet:
Deepwater	$	25,214	21,412		19,513	22,661	16,205
Towing-supply		8,576	8,283		6,417	7,560	6,846
Other		1,489	2,118		2,109	2,380	3,030
Total	$	35,279	31,813		28,039	32,601	26,081
Middle East/Asia Pacific fleet:
Deepwater	$	10,502	8,705		7,607	9,603	9,564
Towing-supply		9,954	10,959		12,156	12,783	8,824
Other		-	(190	)	164	20	—
Total	$	20,456	19,474		19,927	22,406	18,388
Europe/Mediterranean Sea fleet:
Deepwater	$	27,577	19,876		11,643	12,596	9,020
Towing-supply		981	841		923	761	603
Total	$	28,558	20,717		12,566	13,357	9,623
West Africa fleet:
Deepwater	$	15,949	15,287		15,101	14,314	13,938
Towing-supply		15,184	16,807		17,805	17,321	16,139
Other		4,236	4,429		3,573	4,175	3,325
Total	$	35,369	36,523		36,479	35,810	33,402
Worldwide fleet:
Deepwater	$	79,242	65,278		53,864	59,174	48,727
Towing-supply		34,695	36,890		37,301	38,425	32,412
Other		5,725	6,359		5,846	6,575	6,355
Total	$	119,662	108,527		97,011	104,174	87,494


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2019		2018		2018		2018		2018
AVERAGE NUMBER OF VESSELS (G):

Americas fleet:
Deepwater	37		35		26		25		26
Towing-supply	27		20		15		15		15
Other	7		7		6		6		6
Total	71		62		47		46		47
Stacked vessels	(32	)	(27	)	(20	)	(19	)	(20	)
Active vessels	39		35		27		27		27
Middle East/Asia Pacific fleet:
Deepwater	24		20		17		18		19
Towing-supply	27		28		32		35		37
Other	—		—		—		—		—
Total	51		48		49		53		56
Stacked vessels	(10	)	(11	)	(9	)	(12	)	(15	)
Active vessels	41		37		40		41		41
Europe/Mediterranean Sea fleet:
Deepwater	45		31		18		18		17
Towing-supply	3		4		4		4		4
Other	—		—		—		—		—
Total	48		35		22		22		21
Stacked vessels	(14	)	(10	)	(4	)	(4	)	(5	)
Active vessels	34		25		18		18		16
West Africa fleet:
Deepwater	30		28		27		26		27
Towing-supply	31		31		31		31		35
Other	22		23		25		27		31
Total	83		82		83		84		93
Stacked vessels	(29	)	(29	)	(28	)	(29	)	(39	)
Active vessels	54		53		55		55		54
Worldwide fleet:
Deepwater	136		114		88		87		89
Towing-supply	88		83		82		85		91
Other	29		30		31		33		37
Total	253		227		201		205		217
Stacked vessels	(85	)	(77	)	(61	)	(64	)	(79	)
Active vessels	168		150		140		141		138

Total active	168		150		140		141		138
Total stacked	85		77		61		64		79
Total joint venture and other vessels	4		5		7		8		8
Total	257		232		208		213		225
Note (G): Included in total owned or chartered vessels at March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, were 71, 92, 62, 66 and 70 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 March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, were 1, 2, 2, 5 and 4 vessels, respectively, which were stacked by the company.


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,	December 31,	September 30,	June 30,	March 31,
	2019	2018	2018	2018	2018
AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:
Deepwater	3,332	3,271	2,392	2,275	2,309
Towing-supply	2,426	1,806	1,422	1,399	1,350
Other	619	644	552	546	540
Total	6,377	5,721	4,366	4,220	4,199
Middle East/Asia Pacific fleet:
Deepwater	2,160	1,840	1,534	1,611	1,738
Towing-supply	2,457	2,588	2,950	3,203	3,348
Other	—	—	—	3	—
Total	4,617	4,428	4,484	4,817	5,086
Europe/Mediterranean Sea fleet:
Deepwater	4,040	2,806	1,649	1,638	1,527
Towing-supply	294	368	368	364	360
Total	4,334	3,174	2,017	2,002	1,887
West Africa fleet:
Deepwater	2,668	2,606	2,491	2,393	2,470
Towing-supply	2,790	2,852	2,852	2,821	3,123
Other	1,980	2,122	2,297	2,417	2,745
Total	7,438	7,580	7,640	7,631	8,338
Worldwide fleet:
Deepwater	12,200	10,523	8,066	7,917	8,044
Towing-supply	7,967	7,614	7,592	7,787	8,181
Other	2,599	2,766	2,849	2,966	3,285
Total	22,766	20,903	18,507	18,670	19,510


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,	December 31,	September 30,	June 30,	March 31,
	2019	2018	2018	2018	2018
OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:
Deepwater	992	1,288	858	819	898
Towing-supply	1,467	932	736	728	720
Other	380	296	276	182	180
Total	2,839	2,516	1,870	1,729	1,798
Middle East/Asia Pacific fleet:
Deepwater	617	572	338	364	478
Towing-supply	270	391	508	780	873
Other	—	—	—	—	—
Total	887	963	846	1,144	1,351
Europe/Mediterranean Sea fleet:
Deepwater	1,122	736	170	91	167
Towing-supply	114	184	184	243	270
Total	1,236	920	354	334	437
West Africa fleet:
Deepwater	630	625	552	590	744
Towing-supply	1,486	1,361	1,196	1,183	1,463
Other	540	681	799	878	1,305
Total	2,656	2,667	2,547	2,652	3,512
Worldwide fleet:
Deepwater	3,361	3,221	1,918	1,864	2,287
Towing-supply	3,337	2,868	2,624	2,934	3,326
Other	920	977	1,075	1,060	1,485
Total	7,618	7,066	5,617	5,859	7,098


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,	December 31,	September 30,	June 30,	March 31,
	2019	2018	2018	2018	2018
AVAILABLE DAYS - ACTIVE FLEET: (H)

Americas fleet:
Deepwater	2,340	1,983	1,534	1,456	1,411
Towing-supply	959	874	686	671	630
Other	239	348	276	364	360
Total	3,538	3,205	2,496	2,491	2,401
Middle East/Asia Pacific fleet:
Deepwater	1,543	1,268	1,196	1,247	1,260
Towing-supply	2,187	2,197	2,442	2,423	2,475
Other	—	—	—	3	—
Total	3,730	3,465	3,638	3,673	3,735
Europe/Mediterranean Sea fleet:
Deepwater	2,918	2,070	1,479	1,547	1,360
Towing-supply	180	184	184	121	90
Total	3,098	2,254	1,663	1,668	1,450
West Africa fleet:
Deepwater	2,038	1,981	1,939	1,803	1,726
Towing-supply	1,304	1,491	1,656	1,638	1,660
Other	1,440	1,441	1,498	1,539	1,440
Total	4,782	4,913	5,093	4,979	4,826
Worldwide fleet:
Deepwater	8,839	7,302	6,148	6,053	5,757
Towing-supply	4,630	4,746	4,968	4,853	4,855
Other	1,679	1,789	1,774	1,906	1,800
Total	15,148	13,837	12,890	12,811	12,412
Note (H): 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
	March 31,		December 31,		September 30,		June 30,		March 31,
	2019		2018		2018		2018		2018
UTILIZATION - TOTAL FLEET: (I)

Americas fleet:
Deepwater	61.9	%	49.9	%	50.6	%	54.8	%	42.2	%
Towing-supply	35.4		42.8		40.6		37.7		35.7
Other	26.3		35.3		41.2		48.3		61.9
Total	48.4	%	46.0	%	46.1	%	48.3	%	42.7	%
Middle East/Asia Pacific fleet:
Deepwater	57.8	%	57.6	%	59.0	%	64.2	%	54.4	%
Towing-supply	64.8		62.3		64.2		60.2		40.0
Other	—		—		—		100.0		—
Total	61.5	%	60.3	%	62.4	%	61.6	%	44.9	%
Europe/Mediterranean Sea fleet:
Deepwater	60.1	%	66.2	%	72.0	%	79.5	%	64.7	%
Towing-supply	59.9		39.0		44.3		29.0		25.0
Total	60.1	%	63.1	%	67.0	%	70.3	%	57.1	%
West Africa fleet:
Deepwater	52.9	%	58.5	%	61.9	%	60.2	%	52.3	%
Towing-supply	40.0		46.5		48.0		47.0		39.0
Other	57.9		57.3		44.2		49.2		36.6
Total	49.4	%	53.6	%	51.4	%	51.9	%	42.2	%
Worldwide fleet:
Deepwater	58.6	%	57.7	%	60.0	%	63.5	%	52.2	%
Towing-supply	47.0		50.6		52.7		49.9		38.3
Other	50.4		52.2		43.6		49.1		40.8
Total	53.6	%	54.4	%	54.5	%	55.5	%	44.4	%
Note (I): Utilization Total Fleet equals Days Worked / Available Days Total Fleet.


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2019		2018		2018		2018		2018
UTILIZATION - ACTIVE FLEET: (J)

Americas fleet:
Deepwater	88.2	%	82.3	%	78.8	%	85.7	%	69.1	%
Towing-supply	89.5		88.4		84.2		78.5		76.6
Other	68.2		65.4		82.3		72.4		92.9
Total	87.2	%	82.1	%	80.7	%	81.8	%	74.6	%
Middle East/Asia Pacific fleet:
Deepwater	80.9	%	83.6	%	75.6	%	82.9	%	75.0	%
Towing-supply	72.8		73.3		77.5		79.6		54.1
Other	—		—		—		100.0		—
Total	76.1	%	77.1	%	76.9	%	80.8	%	61.2	%
Europe/Mediterranean Sea fleet:
Deepwater	83.2	%	89.8	%	80.3	%	84.2	%	72.6	%
Towing-supply	97.8		78.0		88.7		87.4		100.0
Total	84.1	%	88.8	%	81.2	%	84.4	%	74.3	%
West Africa fleet:
Deepwater	69.2	%	77.0	%	79.5	%	79.9	%	74.8	%
Towing-supply	85.6		88.9		82.6		81.0		73.4
Other	79.7		84.3		67.8		77.3		69.9
Total	76.8	%	82.8	%	77.1	%	79.5	%	72.8	%
Worldwide fleet:
Deepwater	80.9	%	83.2	%	78.8	%	83.0	%	72.9	%
Towing-supply	80.8		81.2		80.5		80.1		64.5
Other	78.0		80.7		70.1		76.4		74.5
Total	80.6	%	82.2	%	78.3	%	80.9	%	69.8	%
Note (J): Utilization Active Fleet equals Days Worked / Available Days - Active Fleet.


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,	December 31,	September 30,	June 30,	March 31,
		2019	2018	2018	2018	2018
AVERAGE VESSEL DAY RATES: (K)

Americas fleet:
Deepwater	$	12,217	13,127	16,138	18,162	16,626
Towing-supply		9,993	10,722	11,115	14,349	14,191
Other		9,135	9,311	9,281	9,029	9,061
Total	$	11,436	12,091	13,924	15,995	14,558
Middle East/Asia Pacific fleet:
Deepwater	$	8,417	8,215	8,411	9,287	10,122
Towing-supply		6,255	6,801	6,422	6,627	6,589
Other		—	—	—	6,122	—
Total	$	7,205	7,291	7,123	7,554	8,051
Europe/Mediterranean Sea fleet:
Deepwater	$	11,356	10,696	9,802	9,676	9,132
Towing-supply		5,566	5,867	5,658	7,195	6,695
Total	$	10,964	10,350	9,302	9,489	8,928
West Africa fleet:
Deepwater	$	11,307	10,023	9,793	9,940	10,795
Towing-supply		13,601	12,675	13,019	13,054	13,245
Other		3,693	3,645	3,515	3,508	3,306
Total	$	9,627	8,982	9,291	9,050	9,501
Worldwide fleet:
Deepwater	$	11,082	10,747	11,121	11,779	11,606
Towing-supply		9,271	9,574	9,323	9,882	10,355
Other		4,370	4,407	4,701	4,513	4,742
Total	$	9,806	9,545	9,616	10,047	10,093
Note (K): Average Vessel Day Rates equals Vessel Revenue / Days Worked.


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
(In thousands)		2019		2018		2018		2018		2018
Americas
Vessel revenues	$	35,279		31,813		28,039		32,601		26,081

Vessel operating costs:
Crew costs	$	17,099		15,596		12,169		11,158		9,093
Routine repairs and maintenance		3,152		2,443		2,017		1,471		1,917
Major repairs		468		(5	)	554		58		(187	)
Insurance and loss reserves		741		(38	)	(488	)	1,031		(551	)
Fuel, lube and supplies		2,445		2,350		2,081		1,792		1,618
Other		2,771		2,523		1,787		2,790		406
Total vessel operating costs	$	26,676		22,869		18,120		18,300		12,296

Vessel operating margin ($)	$	8,603		8,944		9,919		14,301		13,785
Vessel operating margin (%)		24.4	%	28.1	%	35.4	%	43.9	%	52.9	%

Americas - Select operating statistics
Average vessels - Total fleet		71		62		47		46		47
Utilization - Total fleet		48.4	%	46.0	%	46.1	%	48.3	%	42.7	%

Average vessels - Active fleet		39		35		27		27		27
Utilization - Active fleet		87.2	%	82.1	%	80.7	%	81.8	%	74.6	%

Average day rates	$	11,436		12,091		13,924		15,995		14,558

Vessels commencing drydocks		6		3		11		2		7

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$	468		(5	)	554		58		(187	)
Cash paid for deferred drydocking and survey costs	$	2,178		3,406		1,099		1,097		2,775
	$	2,646		3,401		1,653		1,155		2,588

Deferred drydocking and survey costs - beginning balance	$	7,245		4,638		4,108		3,383		707
Cash paid for deferred drydocking and survey costs	$	2,178		3,406		1,099		1,097		2,775
Amortization of deferred drydocking and survey costs	$	(960	)	(799	)	(569	)	(389	)	(90	)
Net vessel transfers in/out of the segment	$	—		—		—		17		(9	)
Deferred drydocking and survey costs - ending balance	$	8,463		7,245		4,638		4,108		3,383


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
(In thousands)		2019		2018		2018		2018		2018
Middle East/Asia Pacific
Vessel revenues	$	20,456		19,474		19,927		22,406		18,388

Vessel operating costs:
Crew costs	$	8,627		8,372		8,412		8,596		8,108
Routine repairs and maintenance		1,581		2,377		1,898		1,558		1,209
Major repairs		—		—		(39	)	36		254
Insurance and loss reserves		589		154		(458	)	383		(150	)
Fuel, lube and supplies		2,335		2,402		1,394		2,221		2,339
Other		1,733		1,947		2,203		2,578		2,742
Total vessel operating costs	$	14,865		15,252		13,410		15,372		14,502

Vessel operating margin ($)	$	5,591		4,222		6,517		7,034		3,886
Vessel operating margin (%)		27.3	%	21.7	%	32.7	%	31.4	%	21.1	%

Middle East/Asia Pacific - Select operating statistics
Average vessels - Total fleet		51		48		49		53		56
Utilization - Total fleet		61.5	%	60.3	%	62.4	%	61.6	%	44.9	%

Average vessels - Active fleet		41		37		40		41		41
Utilization - Active fleet		76.1	%	77.1	%	76.9	%	80.8	%	61.2	%

Average day rates	$	7,205		7,291		7,123		7,554		8,051

Vessels commencing drydocks		7		3		4		3		3

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$	-		-		(39	)	36		254
Cash paid for deferred drydocking and survey costs	$	4,481		2,459		1,219		1,813		1,728
	$	4,481		2,459		1,180		1,849		1,982

Deferred drydocking and survey costs - beginning balance	$	5,961		4,099		3,361		1,871		205
Cash paid for deferred drydocking and survey costs	$	4,481		2,459		1,219		1,813		1,728
Amortization of deferred drydocking and survey costs	$	(1,264	)	(597	)	(481	)	(323	)	(62	)
Deferred drydocking and survey costs - ending balance	$	9,178		5,961		4,099		3,361		1,871


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
(In thousands)		2019		2018		2018		2018		2018
Europe/Mediterranean Sea
Vessel revenues	$	28,558		20,717		12,566		13,357		9,623

Vessel operating costs:
Crew costs	$	13,059		9,271		5,642		5,777		4,991
Routine repairs and maintenance		2,404		1,799		1,645		1,083		1,240
Major repairs		174		550		192		900		338
Insurance and loss reserves		561		380		116		247		110
Fuel, lube and supplies		1,891		1,294		1,195		1,136		1,810
Other		2,994		2,008		1,838		1,459		1,606
Total vessel operating costs	$	21,083		15,302		10,628		10,602		10,095

Vessel operating margin ($)	$	7,475		5,415		1,938		2,755		(472	)
Vessel operating margin (%)		26.2	%	26.1	%	15.4	%	20.6	%	-4.9	%

Europe/Mediterranean Sea - Select operating statistics
Average vessels - Total fleet		48		35		22		22		21
Utilization - Total fleet		60.1	%	63.1	%	67.0	%	70.3	%	57.1	%

Average vessels - Active fleet		34		25		18		18		16
Utilization - Active fleet		84.1	%	88.8	%	81.2	%	84.4	%	74.3	%

Average day rates	$	10,964		10,350		9,302		9,489		8,928

Vessels commencing drydocks		6		2		2		6		6

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$	174		550		192		900		338
Cash paid for deferred drydocking and survey costs	$	2,432		1,635		383		1,271		2,633
	$	2,606		2,185		575		2,171		2,971

Deferred drydocking and survey costs - beginning balance	$	4,278		3,279		3,356		2,470		—
Cash paid for deferred drydocking and survey costs	$	2,432		1,635		383		1,271		2,633
Amortization of deferred drydocking and survey costs	$	(879	)	(636	)	(460	)	(385	)	(163	)
Deferred drydocking and survey costs - ending balance	$	5,831		4,278		3,279		3,356		2,470


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,		December 31,		September 30,		June 30,			March 31,
(In thousands)		2019		2018		2018		2018			2018
West Africa
Vessel revenues	$	35,369		36,523		36,479			35,810			33,402

Vessel operating costs:
Crew costs	$	9,360		11,894		11,392			10,837			12,032
Routine repairs and maintenance		1,734		1,826		2,382			2,263			2,816
Major repairs		189		415		(15	)		609			117
Insurance and loss reserves		287		141		(876	)		530			(480	)
Fuel, lube and supplies		2,674		3,272		3,310			3,032			3,245
Other		5,335		3,998		6,886			6,467			6,741
Total vessel operating costs	$	19,579		21,546		23,079			23,738			24,471

Vessel operating margin ($)	$	15,790		14,977		13,400			12,072			8,931
Vessel operating margin (%)		44.6	%	41.0	%	36.7	%		33.7	%		26.7	%

West Africa - Select operating statistics
Average vessels - Total fleet		83		82		83			84			93
Utilization - Total fleet		49.4	%	53.6	%	51.4	%		51.9	%		42.2	%

Average vessels - Active fleet		54		53		55			55			54
Utilization - Active fleet		76.8	%	82.8	%	77.1	%		79.5	%		72.8	%

Average day rates	$	9,627		8,982		9,291			9,050			9,501

Vessels commencing drydocks		5		4		2			3			3

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$	189		415		(15	)		609			117
Cash paid for deferred drydocking and survey costs	$	3,194		1,380		993			353			1,724
	$	3,383		1,795		978			962			1,841

Deferred drydocking and survey costs - beginning balance	$	4,731		4,037		3,547			3,706			2,296
Cash paid for deferred drydocking and survey costs	$	3,194		1,380		993			353			1,724
Amortization of deferred drydocking and survey costs	$	(796	)	(686	)	(503	)		(495	)		(323	)
Net vessel transfers in/out of the segment	$	—		—		—			(17	)		9
Deferred drydocking and survey costs - ending balance	$	7,129		4,731		4,037			3,547			3,706


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
(In thousands)		2019		2018		2018		2018		2018
Worldwide
Vessel revenues	$	119,662		108,527		97,011		104,174		87,494

Vessel operating costs:
Crew costs	$	48,145		45,133		37,615		36,368		34,224
Routine repairs and maintenance		8,871		8,445		7,942		6,375		7,182
Major repairs		830		960		692		1,603		522
Insurance and loss reserves		2,178		636		(1,706	)	2,191		(1,071	)
Fuel, lube and supplies		9,345		9,317		7,980		8,181		9,012
Other		12,834		10,476		12,714		13,294		11,495
Total vessel operating costs	$	82,203		74,967		65,237		68,012		61,364

Vessel operating margin ($)	$	37,459		33,560		31,774		36,162		26,130
Vessel operating margin (%)		31.3	%	30.9	%	32.8	%	34.7	%	29.9	%

Worldwide - Select operating statistics
Average vessels - Total fleet		253		227		201		205		217
Utilization - Total fleet		53.6	%	54.4	%	54.5	%	55.5	%	44.4	%

Average vessels - Active fleet		168		150		140		141		138
Utilization - Active fleet		80.6	%	82.2	%	78.3	%	80.9	%	69.8	%

Average day rates	$	9,806		9,545		9,616		10,047		10,093

Vessels commencing drydocks		24		12		19		14		19

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$	831		960		692		1,603		522
Cash paid for deferred drydocking and survey costs	$	12,285		8,880		3,694		4,534		8,860
	$	13,116		9,840		4,386		6,137		9,382

Deferred drydocking and survey costs - beginning balance	$	22,215		16,053		14,372		11,430		3,208
Cash paid for deferred drydocking and survey costs	$	12,285		8,880		3,694		4,534		8,860
Amortization of deferred drydocking and survey costs	$	(3,898	)	(2,718	)	(2,013	)	(1,592	)	(638	)
Deferred drydocking and survey costs - ending balance	$	30,602		22,215		16,053		14,372		11,430


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
(In thousands)		2019		2018		2018		2018		2018


Consolidated EBITDA (L) (M) (N) (O)	$	18,951		22,528		10,958		17,709		(9,905	)

Merger-related professional services costs		(88	)	(4,465	)	(3,036	)	(1,547	)	—
Merger-related lease exit costs				(5,538	)	—		—		—
Integration-related severance and similar costs		(3,651	)	(2,158	)	—		—		—
Impairment of due from affiliate		—		(20,083	)	—		—		—
Long-lived asset impairments		—		(36,878	)	(16,853	)	(1,215	)	(6,186	)
Sale leaseback redelivery costs		—		—		—		—		—
Loss on debt extinguishment		—		(8,119	)	—		—		—
Interest and other debt costs		(7,736	)	(7,707	)	(7,585	)	(7,547	)	(7,599	)
Income tax benefit (expense)		(5,830	)	(7,856	)	(1,278	)	(5,797	)	(3,321	)
Depreciation		(19,034	)	(17,383	)	(11,377	)	(11,192	)	(11,380	)
Amortization of deferred drydocking and survey costs		(3,898	)	(2,718	)	(2,012	)	(1,593	)	(638	)

Net loss	$	(21,286	)	(90,377	)	(31,183	)	(11,182	)	(39,029	)

		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
(In thousands)		2019		2018		2018		2018		2018


Consolidated EBITDA (L) (M) (N) (O)	$	18,951		22,528		10,958		17,709		(9,905	)

Restructuring-related professional service costs		—		—		—		—		—
Merger-related professional services costs		(88	)	(4,465	)	(3,036	)	(1,547	)	—
Merger-related lease exit costs		—		(5,538	)	—		—		—
Integration-related severance and similar costs		(3,651	)	(2,158	)	—		—		—
Cash paid for interest		(8,319	)	(8,108	)	(8,084	)	(7,982	)	(8,152	)
Cash paid for taxes		(4,415	)	(3,149	)	(3,596	)	(3,654	)	(6,429	)
Cash paid for deferred drydocking costs		(12,285	)	(8,880	)	(3,694	)	(4,534	)	(8,860	)
Change in net working capital, excluding cash		5,999		(11,181	)	8,678		7,466		8,649
Equity in net (earnings) losses of unconsolidated companies (O)		62		3,871		(56	)	(390	)	15,439
Stock-based compensation expense		5,627		3,439		3,828		3,183		2,956
Gain on asset disposition		(1,270	)	(8,938	)	1,571		(1,338	)	(1,919	)
Changes in other, net		(3,768	)	4,290		(1,322	)	14,054		2,237

Net cash provided (used) in operating activities	$	(3,157	)	(18,289	)	5,247		22,967		(5,984	)

Note (L): Consolidated EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization, asset impairment charges, restructuring-related professional services costs and costs related to the redelivery of sale leaseback vessels. Merger and integration related costs have been separately presented in the above table.

Note (M): Consolidated EBITDA for the three months ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018 includes non-cash, stock-based compensation expense of $5,627, $3,439, $3,828, $3,183 and $2,956, respectively.

Note (N): Consolidated EBITDA for the three months ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018 includes foreign exchange gains (losses) of $(508), $1,454, $1, $(1,002) and $(348), respectively.

Note (O): Consolidated EBITDA and equity in net (earnings) losses of unconsolidated companies for the three months ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018 includes foreign exchange gains (losses) of $0 $0, $0, $(5,767)and $(14,823), respectively.

Non-GAAP Financial Measures

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

We view EBITDA both as a performance and liquidity measure and, as such, we believe that the GAAP financial measures most directly comparable to it are net income and net cash provided (used) in operating activities, respectively. Because EBITDA is not a measure of financial performance calculated in accordance with GAAP, it should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

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

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20190506005747/en/

Source: Tidewater Inc.

Tidewater Inc.,
Quintin V. Kneen
Chief Financial Officer
713-470-5231

Jason Stanley
Director, Investor Relations
713-470-5292

SOURCE: Tidewater Inc.

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Tidewater Reports Results for the Three-Months Ended March 31, 2019

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