Tidewater Reports Results for the Three and Six-Months Ended June 30, 2019

08/12/2019

HOUSTON--(BUSINESS WIRE)--Aug. 12, 2019-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2019, of $125.9 million and $248.0 million, and net losses for the same periods of $16.0 million (or $0.42 per common share) and $37.7 million (or $1.01 per common share), respectively. Excluding certain costs outlined below, net losses for the three and six months ended June 30, 2019 were $15.5 million (or $0.41 per common share) and $33.5 million (or $0.90 per common share), respectively.

John T. Rynd, Tidewater’s President and Chief Executive Officer, commented, “The second quarter results help solidify our growing sense of an improving market and demonstrates our ability to execute on the business objectives that we have set forth. We saw revenue increase from the prior quarter driven largely by a North Sea market that was seasonally stronger than anticipated for this time of year and a global improvement in demand for deepwater vessels.

We remain focused on being the most cost efficient operator in our industry and have shown further progress towards reducing our general and administrative costs, which remain on track for an $87 million fourth quarter exit run rate. Additionally, we are committed to maintaining a fleet of vessels that are in demand by our customers, which will lead to higher regulatory drydock costs and downtime over the near-to-intermediate term, but we will only invest in the maintenance to the extent we have an adequate return on capital.

We do not envision significant market advancement over the second half of 2019, but we do see ongoing signs of improvement, and our outlook for the offshore market remains on a positive long-term slope with reasons for optimism in each of our primary markets. Our existing market position coupled with our continued efforts to differentiate ourselves will drive ongoing financial improvements and best position us through this slowly improving market.”

Included in the $16.0 million ($0.42 per common share) net loss for the three months and six months ended June 30, 2019 were general and administrative expenses for severance and similar expenses related to integrating Tidewater and GulfMark operations of $0.5 million ($0.01 per common share) and $4.2 million ($0.11 per common share), respectively.

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

Common shares outstanding			37,845,158
New Creditor Warrants (strike price $0.001 per common share)			2,034,235
GulfMark Creditor Warrants (strike price $0.01 per common share)			1,683,147
Total			41,562,540

Tidewater will hold a conference call to discuss results for the three months ended June 30, 2019 on Tuesday, August 13, 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 August 13, 2019, and will continue until 11:59 p.m. Central Time on September 13, 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 48850067.

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 September 13, 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 per share data)

	Three Months Ended						Six Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Revenues:
Vessel revenues	$	123,641			104,174			243,303			191,668
Other operating revenues		2,218			1,427			4,705			5,426
Total revenues		125,859			105,601			248,008			197,094
Costs and expenses:
Vessel operating costs		80,439			68,012			162,642			129,376
Costs of other operating revenues		586			642			1,350			3,116
General and administrative (A)		23,696			24,425			50,836			47,990
Depreciation and amortization		25,038			12,785			47,970			24,802
Loss (gain) on asset dispositions, net		494			(1,338	)		(776	)		(3,257	)
Long-lived asset impairments		—			1,215			—			7,401
Total operating costs and expenses		130,253			105,741			262,022			209,428
Operating loss		(4,394	)		(140	)		(14,014	)		(12,334	)
Other income (expense):
Foreign exchange gain (loss)		11			(1,002	)		(497	)		(1,350	)
Equity in net earnings (losses) of unconsolidated companies		95			390			33			(15,049	)
Interest income and other, net		1,859			2,914			4,329			2,786
Interest and other debt costs, net		(7,582	)		(7,547	)		(15,318	)		(15,146	)
Total other expense		(5,617	)		(5,245	)		(11,453	)		(28,759	)
Loss before income taxes		(10,011	)		(5,385	)		(25,467	)		(41,093	)
Income tax expense		5,542			5,797			11,372			9,118
Net loss	$	(15,553	)		(11,182	)		(36,839	)		(50,211	)
Less: Net income attributable to noncontrolling interests		406			(242	)		851			(99	)
Net loss attributable to Tidewater Inc.	$	(15,959	)		(10,940	)		(37,690	)		(50,112	)
Basic loss per common share		(0.42	)		(0.44	)		(1.01	)		(2.09	)
Diluted loss per common share		(0.42	)		(0.44	)		(1.01	)		(2.09	)
Weighted average common shares outstanding		37,571			25,654			37,369			23,989
Dilutive effect of stock options and restricted stock		—			—			—			—
Adjusted weighted average common shares		37,571			25,654			37,369			23,989

Total shares outstanding including warrants	June 30, 2019		June 30, 2018
Common shares outstanding		37,845		26,085
New Creditor Warrants (strike price $0.001 per common share)		2,034		3,925
GulfMark Creditor Warrants (strike price $0.01 per common share)		1,683		—
Total		41,563		30,010


Note (A): General and administrative expenses for the three and six months ended June 30, 2019 included stock-based compensation of $3.6 million and $9.2 million, respectively, and expenses for the three and six months ended June 30, 2018 included stock-based compensation of $3.2 million and $6.1 million, respectively. In addition, general and administrative costs for the three and six months ended June 30, 2019 includes $0.5 million and $4.2 million of severance and similar costs related to integrating Tidewater and GulfMark operations.





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

	June 30,			December 31,
ASSETS	2019			2018
Current assets:
Cash and cash equivalents	$	369,549			371,791
Restricted cash		13,614			25,953
Trade and other receivables, net		121,155			111,266
Due from affiliates		121,959			132,951
Marine operating supplies		29,141			29,505
Other current assets		14,460			11,836
Total current assets		669,878			683,302
Investments in, at equity, and advances to unconsolidated companies		658			1,039
Properties and equipment, net		1,041,054			1,089,857
Deferred drydocking and survey costs		41,029			22,215
Other assets		39,651			31,326
Total assets	$	1,792,270			1,827,739

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	24,170			31,939
Accrued costs and expenses		56,675			61,784
Due to affiliates		39,060			34,972
Current portion of long-term debt		10,002			8,568
Other current liabilities		24,442			21,092
Total current liabilities		154,349			158,355
Long-term debt		424,911			430,436
Other liabilities		97,471			94,025

Contingencies

Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 37,845,158 and 36,978,280 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively		38			37
Additional paid-in capital		1,359,842			1,352,388
Accumulated deficit		(248,473	)		(210,783	)
Accumulated other comprehensive income		2,194			2,194
Total stockholders’ equity		1,113,601			1,143,836
Noncontrolling interests		1,938			1,087
Total equity		1,115,539			1,144,923
Total liabilities and equity	$	1,792,270			1,827,739





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

	Three Months Ended						Six Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Net loss	$	(15,553	)		(11,182	)	$	(36,839	)		(50,211	)
Other comprehensive income:
Unrealized losses on available for sale securities, net of tax of $0, $0, $0 and $0		—			43			—			(256	)
Total comprehensive loss	$	(15,553	)		(11,139	)	$	(36,839	)		(50,467	)





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

	Six Months Ended
	June 30, 2019			June 30, 2018
Operating activities:
Net loss	$	(36,839	)		(50,211	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		38,582			22,572
Amortization of deferred drydocking and survey costs		9,388			2,230
Amortization of debt premium and discounts		(1,019	)		(900	)
Provision for deferred income taxes		6			—
Gain on asset dispositions, net		(776	)		(3,257	)
Long-lived asset impairments		—			7,401
Changes in investments in, at equity, and advances to unconsolidated companies		381			27,881
Compensation expense - stock-based		9,215			6,139
Changes in assets and liabilities, net:
Trade and other receivables		(10,921	)		(15,097	)
Changes in due to/from affiliates, net		15,080			19,869
Accounts payable		(7,769	)		1,709
Accrued costs and expenses		(4,977	)		(6,652	)
Cash paid for deferred drydocking and survey costs		(28,688	)		(13,394	)
Other, net		(2,386	)		18,693
Net cash provided by (used in) operating activities		(20,723	)		16,983
Cash flows from investing activities:
Proceeds from sales of assets		20,566			12,968
Additions to properties and equipment		(8,873	)		(5,775	)
Net cash provided by investing activities		11,693			7,193
Cash flows from financing activities:
Principal payment on long-term debt		(3,792	)		(2,637	)
Payments to General Unsecured Creditors		—			(8,377	)
Taxes on share-based awards		(1,760	)		—
Other		1			(1,998	)
Net cash used in financing activities		(5,551	)		(13,012	)
Net change in cash, cash equivalents and restricted cash		(14,581	)		11,164
Cash, cash equivalents and restricted cash at beginning of period		397,744			453,335
Cash, cash equivalents and restricted cash at end of period	$	383,163			464,499
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	16,293			16,134
Income taxes	$	7,754			10,083





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

	Three Months Ended
									Accumulated
			Additional						other			Non
	Common		paid-in			Accumulated			comprehensive			controlling
	stock		capital			deficit			loss			interest			Total
Balance at March 31, 2019	$	37		1,356,436			(232,514	)		2,194			1,532			1,127,685
Total comprehensive loss		—		—			(15,959	)		—			406			(15,553	)
Issuance of common stock from exercise of warrants		1		—			—			—			—			1
Amortization/cancellation of restricted stock units		—		3,406			—			—			—			3,406
Balance at June 30, 2019	$	38		1,359,842			(248,473	)		2,194			1,938			1,115,539

Balance at March 31, 2018	$	24		1,061,983			(78,438	)		(446	)		2,358			985,481
Total comprehensive loss		—		—			(10,940	)		43			(242	)		(11,139	)
Issuance of common stock		2		(2	)		—			—			—			—
Amortization of restricted stock units		—		3,184			—			—			—			3,184
Acquisition of non-controlling interests		—		(1,126	)		—			—			(874	)		(2,000	)
Balance at June 30, 2018	$	26		1,064,039			(89,378	)		(403	)		1,242			975,526


	Six Months Ended
									Accumulated
			Additional						other			Non
	Common		paid-in			Accumulated			comprehensive			controlling
	stock		capital			deficit			loss			interest			Total
Balance at December 31, 2018	$	37		1,352,388			(210,783	)		2,194			1,087			1,144,923
Total comprehensive loss		—		—			(37,690	)		—			851			(36,839	)
Issuance of common stock from exercise of warrants		1		1			—			—			—			2
Amortization/cancellation of restricted stock units		—		7,453			—			—			—			7,453
Balance at June 30, 2019	$	38		1,359,842			(248,473	)		2,194			1,938			1,115,539

Balance at December 31, 2017	$	22		1,059,120			(39,266	)		(147	)		2,215			1,021,944
Total comprehensive loss		—		—			(50,112	)		(256	)		(99	)		(50,467	)
Issuance of common stock		4		(2	)		—			—			—			2
Amortization of restricted stock units		—		6,047			—			—			—			6,047
Acquisition of non-controlling interests		—		(1,126	)		—			—			(874	)		(2,000	)
Balance at June 30, 2018	$	26		1,064,039			(89,378	)		(403	)		1,242			975,526





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

	Three Months Ended										Six Months Ended
	June 30, 2019					June 30, 2018					June 30, 2019					June 30, 2018
(In thousands)			%					%					%					%
Vessel revenues:
Americas	$	35,199		28	%		32,601		31	%	$	70,477		29	%		58,682		31	%
Middle East/Asia Pacific		20,449		17	%		22,406		21	%		40,905		17	%		40,794		21	%
Europe/Mediterranean Sea		35,027		28	%		13,357		13	%		63,585		26	%		22,980		12	%
West Africa		32,966		27	%		35,810		35	%		68,336		28	%		69,212		36	%
Total vessel revenues	$	123,641		100	%		104,174		100	%	$	243,303		100	%		191,668		100	%
Vessel operating costs:
Crew costs	$	47,191		38	%		36,368		35	%	$	95,335		39	%		70,592		37	%
Repair and maintenance		10,911		9	%		7,978		8	%		20,612		9	%		15,682		8	%
Insurance and loss reserves		750		1	%		2,191		2	%		2,928		1	%		1,120		2	%
Fuel, lube and supplies		8,451		7	%		8,181		8	%		17,797		7	%		17,193		9	%
Other		13,136		10	%		13,294		13	%		25,970		11	%		24,789		13	%
Total vessel operating costs		80,439		65	%		68,012		65	%		162,642		67	%		129,376		69	%
Vessel operating margin (B)		43,202		35	%		36,162		35	%		80,661		33	%		62,292		31	%


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





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

	Three Months Ended												Six Months Ended
	June 30, 2019						June 30, 2018						June 30, 2019						June 30, 2018
(In thousands)				%						%						%						%
Vessel operating profit (loss):
Americas	$	2,900			2	%		5,681			5	%	$	1,870			<1	%		10,592			5	%
Middle East/Asia Pacific		(2,127	)		(1	%)		625			1	%		(3,289	)		(1	%)		(1,628	)		(1	%)
Europe/Mediterranean Sea		2,824			2	%		(1,142	)		(1	%)		(493	)		(<1	%)		(4,696	)		(2	%)
West Africa		3,099			3	%		1,705			2	%		11,214			5	%		(48	)		(<1	%)
Other operating profit		1,625			1	%		778			1	%		3,330			1	%		2,284			1	%
		8,321			7	%		7,647			7	%		12,632			5	%		6,504			2	%
Corporate expenses (C)		(12,221	)		(10	%)		(7,910	)		(7	%)		(27,422	)		(11	%)		(14,694	)		(7	%)
Gain (loss) on asset dispositions, net		(494	)		(<1	%)		1,338			1	%		776			<1	%		3,257			2	%
Long-lived asset impairments		—			—			(1,215	)		(1	%)		—			—			(7,401	)		(4	%)
Operating loss		(4,394	)		(3	%)		(140	)		(<1	%)		(14,014	)		(6	%)		(12,334	)		(6	%)


Note (C): The company incurred integration costs related to the combination with GulfMark during the three and six months ended June 30, 2019 of $0.5 million and $4.2 million, respectively. General and administrative expenses for the three and six months ended June 30, 2019 included stock-based compensation of $3.6 million and $9.2 million, respectively, and expenses for the three and six months ended June 30, 2018 included stock-based compensation of $3.2 million and $6.1 million, respectively.





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


		Three Months Ended

		June 30,			March 31,			December 31,			September 30,			June 30,
		2019			2019			2018			2018			2018
Revenues:
Vessel revenues	$		123,641			119,662			108,527			97,011			104,174
Other operating revenues			2,218			2,487			1,707			2,181			1,427
Total revenues			125,859			122,149			110,234			99,192			105,601
Costs and expenses:
Vessel operating costs			80,439			82,203			74,967			65,237			68,012
Costs of other operating revenues			586			764			733			1,681			642
General and administrative (D)			23,696			27,140			36,487			25,546			24,425
Depreciation and amortization			25,038			22,932			20,101			13,390			12,785
Loss (gain) on asset dispositions, net			494			(1,270	)		(8,938	)		1,571			(1,338	)
Impairment of due from affiliate			—			—			20,083			—			—
Asset impairments			—			—			36,878			16,853			1,215
Total operating costs and expenses			130,253			131,769			180,311			124,278			105,741
Operating loss			(4,394	)		(9,620	)		(70,077	)		(25,086	)		(140	)
Other income (expense):
Foreign exchange gain (loss)			11			(508	)		1,455			1			(1,002	)
Equity in net earnings (losses) of unconsolidated companies			95			(62	)		(3,871	)		56			390
Interest income and other			1,859			2,470			5,799			2,709			2,914
Loss on debt extinguishment			—			—			(8,119	)		—			—
Interest and other debt costs			(7,582	)		(7,736	)		(7,708	)		(7,585	)		(7,547	)
Total other expense			(5,617	)		(5,836	)		(12,444	)		(4,819	)		(5,245	)
Loss before income taxes			(10,011	)		(15,456	)		(82,521	)		(28,905	)		(5,385	)
Income tax expense			5,542			5,830			7,856			1,278			5,797
Net loss	$		(15,553	)		(21,286	)		(90,377	)		(31,183	)		(11,182	)
Less: Net income (loss) attributable to noncontrolling interests			406			445			132			(287	)		(242	)
Net loss attributable to Tidewater Inc.	$		(15,959	)		(21,731	)		(90,509	)		(30,896	)		(10,940	)
Basic loss per common share	$		(0.42	)		(0.58	)		(2.83	)		(1.16	)		(0.44	)
Diluted loss per common share	$		(0.42	)		(0.58	)		(2.83	)		(1.16	)		(0.44	)
Weighted average common shares outstanding (E)			37,570,629			37,178,580			31,974,802			26,614,507			24,654,220
Dilutive effect of stock options and restricted stock			—			—			—			—			—
Adjusted weighted average common shares			37,570,629			37,178,580			31,974,802			26,614,507			24,654,220

Vessel operating margin	$		43,202			37,459			33,560			31,774			36,162

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			460			3,651			—			—			—
Total	$		460			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			—

Total shares outstanding including warrants
Common shares outstanding			37,845,158			37,381,954			36,978,280			26,815,991			26,085,274
New Creditor Warrants (strike price $0.001 per common share)			2,034,235			2,070,463			2,220,857			3,512,416			3,924,441
GulfMark Creditor Warrants (strike price $0.01 per common share)			1,683,147			2,046,795			2,189,709			—			—
Total			41,562,540			41,499,212			41,388,846			30,328,407			30,009,715





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


		June 30,			March 31,			December 31,			September 30,			June 30,
ASSETS		2019			2019			2018			2018			2018
Current assets:
Cash and cash equivalents	$		369,549			391,060			371,791			461,088			459,286
Restricted cash			13,614			6,975			25,953			7,466			5,213
Trade and other receivables, net (F)			121,155			112,853			111,266			88,013			96,630
Due from affiliates			121,959			119,049			132,951			174,349			197,059
Marine operating supplies			29,141			29,337			29,505			27,591			28,930
Other current assets			14,460			14,844			11,836			9,880			10,213
Total current assets			669,878			674,118			683,302			768,387			797,331
Investments in, at equity, and advances to unconsolidated companies			658			774			1,039			1,129			1,335
Net properties and equipment			1,041,054			1,065,297			1,089,857			790,055			817,140
Deferred drydocking and survey costs			41,029			30,602			22,215			16,053			14,372
Other assets			39,651			38,507			31,326			28,700			26,779
Total assets	$		1,792,270			1,809,298			1,827,739			1,604,324			1,656,957

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable (F)	$		24,170			29,739			31,939			30,571			30,561
Accrued costs and expenses			56,675			56,025			61,784			46,060			49,312
Due to affiliates			39,060			40,245			34,972			48,064			62,353
Current portion of long-term debt			10,002			9,957			8,568			7,671			6,290
Other current liabilities			24,442			20,115			21,092			21,341			20,605
Total current liabilities			154,349			156,081			158,355			153,707			169,121
Long-term debt			424,911			427,436			430,436			435,301			438,559
Other liabilities and deferred credits			97,471			98,096			94,025			71,408			73,751

Contingencies

Equity:
Common stock			38			37			37			27			26
Additional paid-in capital			1,359,842			1,356,436			1,352,388			1,063,603			1,064,039
Accumulated deficit			(248,473	)		(232,514	)		(210,783	)		(120,274	)		(89,378	)
Accumulated other comprehensive income (loss)			2,194			2,194			2,194			(403	)		(403	)
Total stockholders’ equity			1,113,601			1,126,153			1,143,836			942,953			974,284
Noncontrolling interests			1,938			1,532			1,087			955			1,242
Total equity			1,115,539			1,127,685			1,144,923			943,908			975,526
Total liabilities and equity	$		1,792,270			1,809,298			1,827,739			1,604,324			1,656,957


Supplemental Information
Due from related parties, net of due to related parties:
Sonatide (Angola)	$		66,690			62,591			79,829			102,512			106,084
DTDW (Nigeria)			16,209			16,213			18,150			23,773			28,622
Total	$		82,899			78,804			97,979			126,285			134,706





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA


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

Americas fleet:
Deepwater	$		26,991		25,214		21,412			19,513		22,661
Towing-supply			7,448		8,576		8,283			6,417		7,560
Other			760		1,489		2,118			2,109		2,380
Total	$		35,199		35,279		31,813			28,039		32,601
Middle East/Asia Pacific fleet:
Deepwater	$		12,130		10,502		8,705			7,607		9,603
Towing-supply			8,319		9,954		10,959			12,156		12,783
Other			-		-		(190	)		164		20
Total	$		20,449		20,456		19,474			19,927		22,406
Europe/Mediterranean Sea fleet:
Deepwater	$		34,104		27,577		19,876			11,643		12,596
Towing-supply			923		981		841			923		761
Total	$		35,027		28,558		20,717			12,566		13,357
West Africa fleet:
Deepwater	$		14,977		15,949		15,287			15,101		14,314
Towing-supply			14,015		15,184		16,807			17,805		17,321
Other			3,974		4,236		4,429			3,573		4,175
Total	$		32,966		35,369		36,523			36,479		35,810
Worldwide fleet:
Deepwater	$		88,202		79,242		65,278			53,864		59,174
Towing-supply			30,705		34,695		36,890			37,301		38,425
Other			4,734		5,725		6,359			5,846		6,575
Total	$		123,641		119,662		108,527			97,011		104,174





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA


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

Americas fleet:
Deepwater		34			37			35			26			25
Towing-supply		18			27			20			15			15
Other		6			7			7			6			6
Total		58			71			62			47			46
Stacked vessels		(20	)		(32	)		(27	)		(20	)		(19	)
Active vessels		38			39			35			27			27
Middle East/Asia Pacific fleet:
Deepwater		24			24			20			17			18
Towing-supply		26			27			28			32			35
Other		—			—			—			—			—
Total		50			51			48			49			53
Stacked vessels		(9	)		(10	)		(11	)		(9	)		(12	)
Active vessels		41			41			37			40			41
Europe/Mediterranean Sea fleet:
Deepwater		44			45			31			18			18
Towing-supply		3			3			4			4			4
Other		—			—			—			—			—
Total		47			48			35			22			22
Stacked vessels		(13	)		(14	)		(10	)		(4	)		(4	)
Active vessels		34			34			25			18			18
West Africa fleet:
Deepwater		30			30			28			27			26
Towing-supply		22			31			31			31			31
Other		21			22			23			25			27
Total		73			83			82			83			84
Stacked vessels		(23	)		(29	)		(29	)		(28	)		(29	)
Active vessels		50			54			53			55			55
Worldwide fleet:
Deepwater		132			136			114			88			87
Towing-supply		69			88			83			82			85
Other		27			29			30			31			33
Total		228			253			227			201			205
Stacked vessels		(65	)		(85	)		(77	)		(61	)		(64	)
Active vessels		163			168			150			140			141

News Details

Tidewater Reports Results for the Three and Six-Months Ended June 30, 2019