Tidewater Reports Results for the Three Months Ended March 31, 2020

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Tidewater Reports Results for the Three Months Ended March 31, 2020

05/11/2020

HOUSTON--(BUSINESS WIRE)--May 11, 2020-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2020, of $116.4 million compared with $122.1 million for the three months ended March 31, 2019, and net losses for the same periods of $18.4 million (or $0.46 per common share) and $21.7 million (or $0.58 per common share), respectively. Excluding long-lived asset impairments and one-time expenses, net losses for the three months ended March 31, 2020 and 2019 were $8.1 million (or $0.20 per common share) and $18.0 million (or $0.48) per common share), respectively.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “For the first quarter, we achieved higher day rates in all regions, lower operating costs in all regions, consequently, higher operating margins in all regions, and we achieved this at the lowest general and administrative cost level we have ever attained. That was last quarter, but it already feels like it was years ago.

“Adjusted EBITDA for the quarter was $20 million, but free cash flow for the quarter was negative $15 million as we invested $25 million in drydocks during the quarter, as previously planned, and invested $18 million in working capital. We still anticipate being free cash flow positive for the year even with the sharp downturn in the business due to a higher liquidation of working capital as the business contracts and a significant reduction in spending on drydocks, which we now anticipate to be down $20 million, to $33 million for the year.

“Tidewater has always been dedicated to getting our employees home safe. Although this philosophy developed due to the inherently dangerous nature of offshore work, it has resulted in the ability to address worker health from the current pandemic as second nature to us. Our employees know how to take care of each other and themselves, and it has been humbling to observe since the crisis began how ingenious, brave, and focused our employees have remained through this difficult time.

“The combined impact of a significant decrease in hydrocarbon demand resulting from the actions to curb the COVID-19 pandemic and the inability of global hydrocarbon producers to commensurately curtail production has resulted in a significant oversupply of oil that will take many months to balance. Unlike the previous unpleasantness that began in 2014, contracts for offshore equipment, both rigs and boats, are this time cancelable over much shorter periods, and we have begun to see operators quickly exercise these shorter termination provisions around the world. These cancelations have resulted in a swift reduction in drilling activity, both onshore and offshore, and has swiftly reduced the demand for vessels once again.

“The long-term view on the demand for offshore hydrocarbons is still robust, and the underinvestment since 2014 has shrunk offshore production capacity to the point where we expect to see a resurgence in offshore activity in the next few years as demand recovers. Prior to the recent pullback, we were suggesting that it would be in 2021, and now we are focused on 2023.

“The team at Tidewater is mobilizing, in a virtual manner, to reduce the scale of our current operations to match the needs of the industry. Having just completed a significant reduction in our operations, the team is well prepared to make further changes to once again match the needs of the current market.

“Adjusting to a swift reduction in activity requires the organization to quickly, and cost efficiently, remove capacity from the market. The first stage of capacity reduction takes the form of de-crewing vessels and putting them into lay-up. This industry has a very high degree of operating leverage and eliminating operating costs on idle vessels is key to addressing the reduction in revenue. There are frictional costs to do this, including severance costs in certain geographies as well as the fuel to relocate the vessels to their lay-up location. And then there is the cost, albeit modest, of keeping the vessel in lay-up. In addition, the shore base operations in the markets in which we operate must be re-envisioned and matched to current market demand. The second stage of removing capacity from the market is for the least capable vessels in the idle fleet to be scrapped though the recycling of their steel in an environmentally responsible manner. We accelerated our capacity reduction process in the fourth quarter of last year and it has become even more relevant and urgent given the current situation.

“As we mentioned on the last earnings call, this industry needs to use the tools available to foster consolidation, whether virtual through the use of shipping pools, joint ship management, or through outright consolidation, to reduce fragmentation so that appropriate terms and pricing can be established. We mentioned on the previous earnings conference call that capital providers are holding up consolidation in their quest for par returns on investments made before 2014. It’s even more evident now than it was three months ago that now is the time to act.

“We find ourselves again in a period of significant transition. We are dedicated to generating free cash flow and adjusting our business to align it with that key objective. Tidewater, due to its resilient and dedicated employees, is better positioned than any other offshore vessel company to lead this industry through another challenging period.”

In addition to the number of outstanding shares, as of March 31, 2020, the company also has the following in the money warrants.

Common shares outstanding			40,259,917
New Creditor Warrants (strike price $0.001 per common share)			821,308
GulfMark Creditor Warrants (strike price $0.01 per common share)			952,154
Total			42,033,379

Tidewater will hold a conference call to discuss results for the three months ended March 31, 2020 on Tuesday, May 12, 2020 at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call 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 asking for the “Tidewater” call just prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 10:30 a.m. Central Time on May 12, 2020 and will continue until 11:59 p.m. Central Time on June 12, 2020. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involves numerous risks and uncertainties that may cause the company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.

Tidewater owns and operates the largest fleet of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.

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

Financial information is displayed beginning on the next page.




TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)

	Three Months			Three Months
	Ended			Ended
	March 31, 2020			March 31, 2019
Revenues:
Vessel revenues	$	111,974		$	119,662
Other operating revenues		4,394			2,487
Total revenues		116,368			122,149
Costs and expenses:
Vessel operating costs		78,825			82,203
Costs of other operating revenue		2,673			764
General and administrative		21,420			27,140
Depreciation and amortization		27,107			22,932
Long-lived asset impairments		10,207			—
Gain on asset dispositions, net		(5,331	)		(1,270	)
		134,901			131,769
Operating loss		(18,533	)		(9,620	)
Other income (expense):
Foreign exchange gain (loss)		864			(508	)
Equity in net losses of unconsolidated companies		—			(62	)
Interest income and other, net		116			2,470
Interest and other debt costs, net		(6,142	)		(7,736	)
		(5,162	)		(5,836	)
Loss before income taxes		(23,695	)		(15,456	)
Income tax (benefit) expense		(5,171	)		5,830
Net loss	$	(18,524	)	$	(21,286	)
Net income (loss) attributable to noncontrolling interests		(79	)		445
Net loss attributable to Tidewater Inc.	$	(18,445	)	$	(21,731	)
Basic loss per common share	$	(0.46	)	$	(0.58	)
Diluted loss per common share	$	(0.46	)	$	(0.58	)
Weighted average common shares outstanding		40,101			37,179
Adjusted weighted average common shares		40,101			37,179





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

	March 31,			December 31,
ASSETS	2020			2019

Current assets:
Cash and cash equivalents	$	187,802		$	218,290
Restricted cash		12,461			5,755
Trade and other receivables, less allowance for credit losses of $579 as of March 31, 2020 and less allowance for doubtful accounts of $70 as of December 31, 2019.		119,455			110,180
Due from affiliate		128,204			125,972
Marine operating supplies		21,944			21,856
Assets held for sale		26,142			39,287
Prepaid expenses and other current assets		22,185			15,956
Total current assets		518,193			537,296
Net properties and equipment		922,979			938,961
Deferred drydocking and survey costs		81,981			66,936
Other assets		29,971			36,335
Total assets	$	1,553,124		$	1,579,528

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	30,711		$	27,501
Accrued costs and expenses		72,854			74,000
Due to affiliates		50,013			50,186
Current portion of long-term debt		9,104			9,890
Other current liabilities		26,953			24,100
Total current liabilities		189,635			185,677
Long-term debt		273,015			279,044
Other liabilities and deferred credits		91,578			98,397

Contingencies

Equity:
Common stock		40			40
Additional paid-in-capital		1,368,325			1,367,521
Accumulated deficit		(371,134	)		(352,526	)
Accumulated other comprehensive income (loss)		133			(236	)
Total stockholder's equity		997,364			1,014,799
Noncontrolling interests		1,532			1,611
Total equity		998,896			1,016,410
Total liabilities and equity	$	1,553,124		$	1,579,528





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

	Three Months			Three Months
	Ended			Ended
	March 31, 2020			March 31, 2019
Net loss	$	(18,524	)	$	(21,286	)
Other comprehensive income:
Change in pension plan and supplemental pension plan liability, net of tax of $0 and $0, respectively		369			—
Total comprehensive loss	$	(18,155	)	$	(21,286	)





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

	Three Months			Three Months
	Ended			Ended
	March 31, 2020			March 31, 2019
Operating activities:
Net loss	$	(18,524	)	$	(21,286	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation		17,285			19,034
Amortization of deferred drydocking and survey costs		9,822			3,898
Amortization of debt premiums and discounts		675			(505	)
Provision (benefit) for deferred income taxes		—			169
Gain on asset dispositions, net		(5,331	)		(1,270	)
Long-lived asset impairments		10,207			—
Changes in investments in, at equity, and advances to unconsolidated companies		—			265
Compensation expense - stock based		1,335			5,627
Changes in operating assets and liabilities, net:
Trade and other receivables		(9,438	)		(2,204	)
Changes in due to/from affiliate, net		(2,405	)		19,175
Accounts payable		3,210			(2,200	)
Accrued costs and expenses		(1,146	)		(5,626	)
Cash paid for deferred drydocking and survey costs		(24,867	)		(12,285	)
Other, net		(8,348	)		(5,949	)
Net cash used in operating activities		(27,525	)		(3,157	)
Cash flows from investing activities:
Proceeds from sales of assets		9,452			9,651
Additions to property and equipment		(2,449	)		(3,116	)
Net cash provided by investing activities		7,003			6,535
Cash flows from financing activities:
Principal payments on long-term debt		(2,600	)		(1,509	)
Taxes on share-based awards		(531	)		(1,578	)
Net cash used in financing activities		(3,131	)		(3,087	)
Net change in cash, cash equivalents and restricted cash		(23,653	)		291
Cash, cash equivalents and restricted cash at beginning of period		227,608			397,744
Cash, cash equivalents and restricted cash at end of period (A)	$	203,955		$	398,035
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized	$	5,442		$	8,319
Income taxes	$	2,550		$	4,415

(A) Cash, cash equivalents and restricted cash at March 31, 2020 includes $3.6 million in long-term restricted cash.





TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In thousands)
	Common stock		Additional paid-in capital		Accumulated deficit			Accumulated other comprehensive income (loss)			Non controlling interest			Total
Balance at December 31, 2019	$	40		1,367,521		(352,526	)		(236	)		1,611			1,016,410
Total comprehensive loss		—		—		(18,445	)		369			(79	)		(18,155	)
Adoption of credit loss accounting standard		—		—		(163	)		—			—			(163	)
Amortization of restricted stock units		—		804		—			—			—			804
Balance at March 31, 2020	$	40		1,368,325		(371,134	)		133			1,532			998,896


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

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, 2020					March 31, 2019
(In thousands)			%					%
Vessel revenues:
Americas	$	31,859		28	%		35,279		29	%
Middle East/Asia Pacific		24,828		22	%		20,456		17	%
Europe/Mediterranean		29,491		26	%		28,558		24	%
West Africa		25,796		23	%		35,369		30	%
Total vessel revenues	$	111,974		100	%		119,662		100	%
Vessel operating costs:
Crew costs	$	44,487		40	%		48,145		40	%
Repair and maintenance		10,598		9	%		9,701		8	%
Insurance		1,785		2	%		2,178		2	%
Fuel, lube and supplies		9,752		9	%		9,345		8	%
Other		12,203		11	%		12,834		11	%
Total vessel operating costs		78,825		70	%		82,203		69	%
Vessel operating margin (A)	$	33,149		30	%		37,459		31	%

Note (A): Vessel operating margin equals revenues less vessel operating costs and excludes general and administrative expenses and depreciation and amortization.

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, 2020						March 31, 2019
(In thousands)	2020			%			2019			%
Vessel operating profit (loss):
Americas	$	(1,164	)		(2	%)		(1,030	)		(1	%)
Middle East/Asia Pacific		(856	)		(0	%)		(1,162	)		(1	%)
Europe/Mediterranean		1,547			1	%		(3,317	)		(3	%)
West Africa		(4,863	)		(4	%)		8,115			7	%
Other operating profit		1,721			1	%		1,704			1	%
		(3,615	)		(3	%)		4,310			3	%

Corporate expenses (A)		(10,042	)		(9	%)		(15,200	)		(12	%)
Gain (loss) on asset dispositions, net		5,331			5	%		1,270			1	%
Long-lived asset impairments		(10,207	)		(9	%)		—			—
Operating loss	$	(18,533	)		(16	%)		(9,620	)		(8	%)

Note (A): General and administrative expenses for the three months ended March 31, 2020 includes stock-based compensation of $1.3 million. General and administrative expenses for the three months ended March 31, 2019 includes stock-based compensation of $5.6 million. In addition, general and administrative costs for the three months ended March 31, 2020 and 2019 includes $0.1 million and $3.7 million, of severance and similar costs related to integrating Tidewater and GulfMark operations.





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

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Revenues:
Vessel revenues	$	111,974		$	116,539		$	117,173		$	123,641		$	119,662
Other operating revenues		4,394			2,237			2,592			2,218			2,487
Total revenues		116,368			118,776			119,765			125,859			122,149
Costs and expenses:
Vessel operating costs		78,825			85,935			80,619			80,439			82,203
Costs of other operating revenue		2,673			916			534			586			764
General and administrative (A)		21,420			22,406			30,474			23,696			27,140
Depreciation and amortization		27,107			28,226			25,735			25,038			22,932
(Gain) loss on asset dispositions, net		(5,331	)		(1,217	)		(270	)		494			(1,270	)
Asset impairments and other		10,207			32,549			5,224			—			—
Total operating costs and expenses		134,901			168,815			142,316			130,253			131,769
Operating loss		(18,533	)		(50,039	)		(22,551	)		(4,394	)		(9,620	)
Other income (expense):
Foreign exchange gain (loss)		864			(945	)		173			11			(508	)
Equity in net (losses) earnings of unconsolidated companies					(2,717	)		(468	)		95			(62	)
Interest income and other, net		116			690			1,579			1,859			2,470
Interest and other debt costs, net		(6,142	)		(6,282	)		(7,468	)		(7,582	)		(7,736	)
Total other expense		(5,162	)		(9,254	)		(6,184	)		(5,617	)		(5,836	)
Loss before income taxes		(23,695	)		(59,293	)		(28,735	)		(10,011	)		(15,456	)
Income tax (benefit) expense		(5,171	)		1,281			15,071			5,542			5,830
Net loss	$	(18,524	)	$	(60,574	)	$	(43,806	)	$	(15,553	)	$	(21,286	)
Net income (loss) attributable to noncontrolling interests		(79	)		(721	)		394			406			445
Net loss attributable to Tidewater Inc.	$	(18,445	)	$	(59,853	)	$	(44,200	)	$	(15,959	)	$	(21,731	)
Basic loss per common share	$	(0.46	)	$	(1.52	)	$	(1.15	)	$	(0.42	)	$	(0.58	)
Diluted loss per common share	$	(0.46	)	$	(1.52	)	$	(1.15	)	$	(0.42	)	$	(0.58	)
Weighted average common shares outstanding		40,100,744			39,504,154			38,537,165			37,570,629			37,178,580
Dilutive effect of stock options and restricted stock		—			—			—			—			—
Adjusted weighted average common shares		40,100,744			39,504,154			38,537,165			37,570,629			37,178,580
Vessel operating margin	$	33,149			30,604			36,554			43,202			37,459


Note (A): Restructuring and merger-related items:
Professional service costs included in general and administrative expenses related to the business combination with GulfMark	$	—			—			—			—			88
Integration related costs related to the business combination with GulfMark		129			2,123			6,293			460			3,651
Total	$	129			2,123			6,293			460			3,739





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

	March 31,			December 31,			September 30,			June 30,			March 31,
ASSETS	2020			2019			2019			2019			2019

Current assets:
Cash and cash equivalents	$	187,802			218,290			359,332			369,549			391,060
Restricted cash		12,461			5,755			3,300			13,614			6,975
Trade and other receivables, net		119,455			110,180			123,133			121,155			112,853
Due from affiliate		128,204			125,972			124,757			121,959			119,049
Marine operating supplies		21,944			21,856			21,303			29,141			29,337
Assets held for sale		26,142			39,287			—			—			—
Prepaid expenses and other current assets		22,185			15,956			13,116			14,460			14,844
Total current assets		518,193			537,296			644,941			669,878			674,118
Investments in, at equity, and advances to unconsolidated companies											658			774
Net properties and equipment		922,979			938,961			1,022,786			1,041,054			1,065,297
Deferred drydocking and survey costs		81,981			66,936			49,025			41,029			30,602
Other assets		29,971			36,335			37,269			39,651			38,507
Total assets	$	1,553,124			1,579,528			1,754,021			1,792,270			1,809,298

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	30,711			27,501			23,672			24,170			29,739
Accrued costs and expenses		72,854			74,000			54,792			56,675			56,025
Due to affiliates		50,013			50,186			41,676			39,060			40,245
Current portion of long-term debt		9,104			9,890			9,689			10,002			9,957
Other current liabilities		26,953			24,100			30,024			24,442			20,115
Total current liabilities		189,635			185,677			159,853			154,349			156,081
Long-term debt		273,015			279,044			419,905			424,911			427,436
Other liabilities and deferred credits		91,578			98,397			96,499			97,471			98,096

Contingencies

Equity:
Common stock		40			40			39			38			37
Additional paid-in-capital		1,368,325			1,367,521			1,365,872			1,359,842			1,356,436
Accumulated deficit		(371,134	)		(352,526	)		(292,673	)		(248,473	)		(232,514	)
Accumulated other comprehensive income (loss)		133			(236	)		2,194			2,194			2,194
Total stockholder's equity		997,364			1,014,799			1,075,432			1,113,601			1,126,153
Noncontrolling interests		1,532			1,611			2,332			1,938			1,532
Total equity		998,896			1,016,410			1,077,764			1,115,539			1,127,685
Total liabilities and equity	$	1,553,124			1,579,528			1,754,021			1,792,270			1,809,298

Supplemental information
Due from related parties, net of due to related parties:
Sonatide (Angola)	$	64,184			57,771			64,660			66,690			62,591
DTDW (Nigeria)		14,007			18,015			18,421			16,209			16,213
Total		78,191			75,786			83,081			82,899			78,804





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2020		2019		2019		2019		2019
VESSEL REVENUE BY VESSEL CLASS

Americas fleet:
Deepwater	$	22,882		22,883		24,575		26,991		25,214
Towing-supply		7,243		8,639		7,831		7,448		8,576
Other		1,734		1,811		741		760		1,489
Total	$	31,859		33,333		33,147		35,199		35,279
Middle East/Asia Pacific fleet:
Deepwater	$	14,326		16,015		14,960		12,130		10,502
Towing-supply		10,502		10,636		7,805		8,319		9,954
Other		—		—				—		—
Total	$	24,828		26,651		22,765		20,449		20,456
Europe/Mediterranean fleet:
Deepwater	$	29,163		28,652		30,608		34,104		27,577
Towing-supply		179		528		338		923		981
Other		149		—				—		—
Total	$	29,491		29,180		30,946		35,027		28,558
West Africa fleet:
Deepwater	$	12,102		14,066		14,923		14,977		15,949
Towing-supply		10,521		9,981		11,598		14,015		15,184
Other		3,173		3,328		3,794		3,974		4,236
Total	$	25,796		27,375		30,315		32,966		35,369
Worldwide fleet:
Deepwater	$	78,473		81,616		85,066		88,202		79,242
Towing-supply		28,445		29,784		27,572		30,705		34,695
Other		5,056		5,139		4,535		4,734		5,725
Total	$	111,974		116,539		117,173		123,641		119,662





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
AVERAGE NUMBER OF VESSELS:

Americas fleet:
Deepwater		32			31			32			34			37
Towing-supply		17			17			17			18			27
Other		3			4			5			6			7
Total		52			52			54			58			71
Stacked vessels		(17	)		(15	)		(17	)		(20	)		(32	)
Active vessels		35			37			37			38			39
Middle East/Asia Pacific fleet:
Deepwater		27			27			26			24			24
Towing-supply		28			28			26			26			27
Other		—			—			—			—			—
Total		55			55			52			50			51
Stacked vessels		(10	)		(10	)		(11	)		(9	)		(10	)
Active vessels		45			44			41			41			41
Europe/Mediterranean fleet:
Deepwater		39			42			42			44			45
Towing-supply		2			3			3			3			3
Other		—			—			—			—			—
Total		41			45			45			47			48
Stacked vessels		(11	)		(15	)		(13	)		(13	)		(14	)
Active vessels		30			30			32			34			34
West Africa fleet:
Deepwater		26			27			29			30			30
Towing-supply		19			19			20			22			31
Other		20			21			21			21			22
Total		65			67			70			73			83
Stacked vessels		(21	)		(22	)		(22	)		(23	)		(29	)
Active vessels		44			45			48			50			54
Worldwide fleet:
Deepwater		124			126			129			132			136
Towing-supply		66			68			66			69			88
Other		23			25			26			27			29
Total		213			219			221			228			253
Stacked vessels		(60	)		(62	)		(63	)		(65	)		(85	)
Active vessels		153			157			158			163			168

Total active		153			157			158			163			168
Total stacked		60			62			63			65			85
Total joint venture and other vessels		3			4			4			4			4
Total		216			223			225			232			257





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2020		2019		2019		2019		2019
AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:
Deepwater		2,873		2,852		2,932		3,112		3,332
Towing-supply		1,547		1,580		1,552		1,638		2,426
Other		285		368		460		484		619
Total		4,705		4,800		4,944		5,234		6,377
Middle East/Asia Pacific fleet:
Deepwater		2,496		2,453		2,370		2,184		2,160
Towing-supply		2,512		2,576		2,392		2,369		2,457
Other		—		—		—		—		—
Total		5,008		5,029		4,762		4,553		4,617
Europe/Mediterranean fleet:
Deepwater		3,581		3,848		3,874		4,024		4,040
Towing-supply		122		276		276		273		294
Other		—		—		—		—		—
Total		3,703		4,124		4,150		4,297		4,334
West Africa fleet:
Deepwater		2,366		2,439		2,723		2,730		2,668
Towing-supply		1,729		1,779		1,840		1,974		2,790
Other		1,820		1,932		1,932		1,976		1,980
Total		5,915		6,150		6,495		6,680		7,438
Worldwide fleet:
Deepwater		11,316		11,592		11,899		12,050		12,200
Towing-supply		5,910		6,211		6,060		6,254		7,967
Other		2,105		2,300		2,392		2,460		2,599
Total		19,331		20,103		20,351		20,764		22,766





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2020		2019		2019		2019		2019
OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:
Deepwater		873		656		723		798		992
Towing-supply		593		568		632		728		1,467
Other		103		184		184		241		380
Total		1,569		1,408		1,539		1,767		2,839
Middle East/Asia Pacific fleet:
Deepwater		546		552		552		494		617
Towing-supply		396		399		460		303		270
Other		—		—		—		—		—
Total		942		951		1,012		797		887
Europe/Mediterranean fleet:
Deepwater		1,004		1,196		1,104		1,092		1,122
Towing-supply		—		153		92		91		114
Other		—		—		—		—		—
Total		1,004		1,349		1,196		1,183		1,236
West Africa fleet:
Deepwater		819		766		768		698		630
Towing-supply		469		583		552		700		1,486
Other		637		643		736		689		540
Total		1,925		1,992		2,056		2,087		2,656
Worldwide fleet:
Deepwater		3,242		3,170		3,147		3,082		3,361
Towing-supply		1,458		1,703		1,736		1,822		3,337
Other		740		827		920		930		920
Total		5,440		5,700		5,803		5,834		7,618





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2020		2019		2019		2019		2019
AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:
Deepwater		2,000		2,196		2,209		2,314		2,340
Towing-supply		954		1,012		920		910		959
Other		182		184		276		243		239
Total		3,136		3,392		3,405		3,467		3,538
Middle East/Asia Pacific fleet:
Deepwater		1,950		1,901		1,818		1,690		1,543
Towing-supply		2,116		2,177		1,932		2,066		2,187
Other		—		—		—		—		—
Total		4,066		4,078		3,750		3,756		3,730
Europe/Mediterranean fleet:
Deepwater		2,577		2,652		2,770		2,932		2,918
Towing-supply		122		123		184		182		180
Other		—		—		—		—		—
Total		2,699		2,775		2,954		3,114		3,098
West Africa fleet:
Deepwater		1,547		1,673		1,955		2,032		2,038
Towing-supply		1,260		1,196		1,288		1,274		1,304
Other		1,183		1,289		1,196		1,287		1,440
Total		3,990		4,158		4,439		4,593		4,782
Worldwide fleet:
Deepwater		8,074		8,422		8,752		8,968		8,839
Towing-supply		4,452		4,508		4,324		4,432		4,630
Other		1,365		1,473		1,472		1,530		1,679
Total		13,891		14,403		14,548		14,930		15,148





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
UTILIZATION - TOTAL FLEET:

Americas fleet:
Deepwater		57.7	%		61.7	%		64.5	%		65.8	%		61.9	%
Towing-supply		54.9			58.6			53.1			43.5			35.4
Other		63.1			50.0			21.0			19.0		26.3
Total		57.1	%		59.8	%		56.9	%		54.5	%		48.4	%
Middle East/Asia Pacific fleet:
Deepwater		56.8	%		66.7	%		65.4	%		62.1	%		57.8	%
Towing-supply		69.2			70.0		61.7			61.1			64.8
Other		—			—			—			—			—
Total		63.0	%		68.4	%		63.6	%		61.6	%		61.5	%
Europe/Mediterranean fleet:
Deepwater		64.2	%		60.0	%		64.0	%		63.0	%		60.1	%
Towing-supply		46.7		31.6			24.5			56.9			59.9
Other		—			—			—			—			—
Total		63.6	%		58.1	%		61.4	%		62.7	%		60.1	%
West Africa fleet:
Deepwater		41.5	%		46.9	%		50.6	%		51.7	%		52.9	%
Towing-supply		45.5			43.8			46.3			50.3			40.0
Other		51.5			56.6			55.6			55.1			57.9
Total		45.7	%		49.1	%		50.9	%		52.3	%		49.4	%
Worldwide fleet:
Deepwater		56.2	%		59.1	%		61.4	%		61.0	%		58.6	%
Towing-supply		58.0			57.9			53.1			52.9			47.0
Other		53.1			55.6			49.0			48.0			50.4
Total		56.4	%		58.3	%		57.5	%		57.0	%		53.6	%





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
UTILIZATION - ACTIVE FLEET:

Americas fleet:
Deepwater		72.8	%		80.1	%		85.7	%		88.4	%		88.2	%
Towing-supply		89.0			91.4			89.6			78.4			89.5
Other		98.8			100.0			35.0			37.9		68.2
Total		85.7	%		84.6	%		82.6	%		82.3	%		87.2	%
Middle East/Asia Pacific fleet:
Deepwater		72.8	%		86.1	%		85.3	%		80.3	%		80.9	%
Towing-supply		82.2			82.9		76.4			70.1			72.8
Other		—			—			—			—			—
Total		77.7	%		84.4	%		80.7	%		74.7	%		76.1	%
Europe/Mediterranean fleet:
Deepwater		89.2	%		87.1	%		89.5	%		86.5	%		83.2	%
Towing-supply		46.7		70.9			36.8			85.3			97.8
Other		—			—			—			—			—
Total		87.3	%		86.4	%		86.3	%		86.5	%		84.1	%
West Africa fleet:
Deepwater		63.4	%		68.3	%		70.5	%		69.4	%		69.2	%
Towing-supply		62.4			65.1			66.1			77.9			85.6
Other		79.2			84.9			89.9			84.6			79.7
Total		67.8	%		72.5	%		74.4	%		76.0	%		76.8	%
Worldwide fleet:
Deepwater		78.8	%		81.3	%		83.4	%		82.0	%		80.9	%
Towing-supply		77.0			79.8			74.5			74.7			80.8
Other		81.9			86.8			79.6			77.2			78.0
Total		78.5	%		81.4	%		80.4	%		79.3	%		80.6	%





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2020		2019		2019		2019		2019
AVERAGE VESSEL DAY RATES: (A)

Americas fleet:
Deepwater	$	13,793		13,001		12,986		13,186		12,217
Towing-supply		8,532		9,337		9,504		10,442		9,993
Other		9,638		9,838		7,674		8,259		9,135
Total	$	11,854		11,617		11,783		12,341		11,436
Middle East/Asia Pacific fleet:
Deepwater	$	10,097		9,784		9,648		8,942		8,417
Towing-supply		6,041		5,897		5,285		5,747		6,255
Other		—		—		—		—		—
Total	$	7,863		7,746		7,520		7,293		7,205
Europe/Mediterranean fleet:
Deepwater	$	12,682		12,336		12,342		13,443		11,356
Towing-supply		3,138		6,055		4,995		5,941		5,566
Other		—		—		—		—		—
Total	$	12,514		12,171		12,147		13,010		10,964
West Africa fleet:
Deepwater	$	12,337		12,304		10,827		10,615		11,307
Towing-supply		13,389		12,810		13,628		14,115		13,601
Other		3,384		3,041		3,530		3,650		3,693
Total	$	9,539		9,075		9,174		9,439		9,627
Worldwide fleet:
Deepwater	$	12,342		11,892		11,651		11,998		11,802
Towing-supply		8,292		8,284		8,564		9,279		9,271
Other		4,524		4,137		3,871		4,009		4,370
Total	$	10,267		9,940		10,021		10,442		9,806

Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Americas
Vessel revenues	$	31,859			33,333			33,147			35,199			35,279

Vessel operating costs:
Crew costs	$	14,186			15,307			15,108			16,008			17,099
Repair and maintenance		2,171			3,067			3,061			2,328			3,619
Insurance		417			299			305			(1,118	)		741
Fuel, lube and supplies		2,615			1,853			1,919			2,115			2,445
Other		2,673			4,082			2,461			2,772			2,772
Total vessel operating costs	$	22,062			24,608			22,854			22,105			26,676

Vessel operating margin ($)	$	9,797			8,726			10,293			13,094			8,603
Vessel operating margin (%)		30.8	%		26.2	%		31.1	%		37.2	%		24.4	%

Americas - Select operating statistics
Average vessels - Total fleet		52			52			54			58			71
Utilization - Total fleet		57.1	%		59.8	%		56.9	%		54.5	%		48.4	%

Average vessels - Active fleet		35			37			37			38			39
Utilization - Active fleet		85.7	%		84.6	%		82.6	%		82.3	%		87.2	%

Average day rates	$	11,854			11,617			11,783			12,341			11,436

Vessels commencing drydocks		5			1			4			6			6

Cash paid for deferred drydocking and survey costs	$	5,912			5,381			5,368			6,637			2,178

Deferred drydocking and survey costs - beginning balance	$	18,561			15,678			12,154			8,463			7,245
Cash paid for deferred drydocking and survey costs		5,912			5,381			5,368			6,637			2,178
Amortization of deferred drydocking and survey costs		(2,874	)		(2,498	)		(1,964	)		(1,228	)		(960	)
Disposals, intersegment transfers and other		—			—			120			(1,718	)		—
Deferred drydocking and survey costs - ending balance	$	21,599			18,561			15,678			12,154			8,463





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Middle East/Asia Pacific
Vessel revenues	$	24,828			26,651			22,765			20,449			20,456

Vessel operating costs:
Crew costs	$	10,085			10,308			9,243			8,986			8,627
Repair and maintenance		2,586			3,838			2,317			1,673			1,581
Insurance		591			790			358			186			589
Fuel, lube and supplies		2,665			1,937			2,431			2,350			2,335
Other		1,696			2,864			1,318			1,844			1,733
Total vessel operating costs	$	17,623			19,737			15,667			15,039			14,865

Vessel operating margin ($)	$	7,205			6,913			7,100			5,410			5,591
Vessel operating margin (%)		29.0	%		25.9	%		31.2	%		26.5	%		27.3	%

Middle East/Asia Pacific - Select operating statistics
Average vessels - Total fleet		55			55			52			50			51
Utilization - Total fleet		63.0	%		68.4	%		63.6	%		61.6	%		61.5	%

Average vessels - Active fleet		45			44			41			41			41
Utilization - Active fleet		77.7	%		84.4	%		80.7	%		74.7	%		76.1	%

Average day rates	$	7,863			7,746			7,520			7,293			7,205

Vessels commencing drydocks		5			3			3			2			7

Cash paid for deferred drydocking and survey costs	$	8,897			6,072			2,269			4,324			4,481

Deferred drydocking and survey costs - beginning balance	$	16,513			12,572			11,961			9,178			5,961
Cash paid for deferred drydocking and survey costs		8,897			6,072			2,269			4,324			4,481
Amortization of deferred drydocking and survey costs		(2,271	)		(2,131	)		(1,911	)		(1,493	)		(1,264	)
Disposals, intersegment transfers and other		—			—			253			(48	)		—
Deferred drydocking and survey costs - ending balance	$	23,139			16,513			12,572			11,961			9,178





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Europe/Mediterranean
Vessel revenues	$	29,491			29,180			30,946			35,027			28,558

Vessel operating costs:
Crew costs	$	11,696			11,984			12,974			13,001			13,059
Repair and maintenance		3,141			3,617			3,307			3,914			2,578
Insurance		431			367			503			693			561
Fuel, lube and supplies		1,098			1,808			1,614			1,314			1,891
Other		2,522			2,098			2,658			2,902			2,994
Total vessel operating costs	$	18,888			19,874			21,056			21,824			21,083

Vessel operating margin ($)	$	10,603			9,306			9,890			13,203			7,475
Vessel operating margin (%)		36.0	%		31.9	%		32.0	%		37.7	%		26.2	%

Europe/Mediterrenean - Select operating statistics
Average vessels - Total fleet		41			45			45			47			48
Utilization - Total fleet		63.6	%		58.1	%		61.4	%		62.7	%		60.1	%

Average vessels - Active fleet		30			30			32			34			34
Utilization - Active fleet		87.3	%		86.4	%		86.3	%		86.5	%		84.1	%

Average day rates	$	12,514			12,171			12,147			13,010			10,964

Vessels commencing drydocks		2			3			1			—			6

Cash paid for deferred drydocking and survey costs	$	2,591			3,378			316			3,030			2,432

Deferred drydocking and survey costs - beginning balance	$	9,406			7,379			8,596			5,831			4,278
Cash paid for deferred drydocking and survey costs		2,591			3,378			316			3,030			2,432
Amortization of deferred drydocking and survey costs		(1,610	)		(1,335	)		(1,160	)		(1,448	)		(879	)
Disposals, intersegment transfers and other		—			(16	)		(373	)		1,183			—
Deferred drydocking and survey costs - ending balance	$	10,387			9,406			7,379			8,596			5,831





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
West Africa
Vessel revenues	$	25,796			27,375			30,315			32,966			35,369

Vessel operating costs:
Crew costs	$	8,520			8,472			8,868			9,196			9,360
Repair and maintenance		2,700			4,659			3,282			2,996			1,923
Insurance		346			(282	)		863			989			287
Fuel, lube and supplies		3,374			4,184			2,817			2,672			2,674
Other		5,312			4,682			5,214			5,618			5,335
Total vessel operating costs	$	20,252			21,715			21,044			21,471			19,579

Vessel operating margin ($)	$	5,544			5,660			9,271			11,495			15,790
Vessel operating margin (%)		21.5	%		20.7	%		30.6	%		34.9	%		44.6	%

West Africa - Select operating statistics
Average vessels - Total fleet		65			67			70			73			83
Utilization - Total fleet		45.7	%		49.1	%		50.9	%		52.3	%		49.4	%

Average vessels - Active fleet		44			45			48			50			54
Utilization - Active fleet		67.8	%		72.5	%		74.4	%		76.0	%		76.8	%

Average day rates	$	9,539			9,075			9,174			9,439			9,627

Vessels commencing drydocks		3			1			4			4			5

Cash paid for deferred drydocking and survey costs	$	7,468			11,905			7,060			2,412			3,194

Deferred drydocking and survey costs - beginning balance	$	22,456			13,397			8,318			7,129			4,731
Cash paid for deferred drydocking and survey costs		7,468			11,905			7,060			2,412			3,194
Amortization of deferred drydocking and survey costs		(3,067	)		(2,846	)		(1,653	)		(1,321	)		(796	)
Disposals, intersegment transfers and other		(1	)		—			(328	)		98			—
Deferred drydocking and survey costs - ending balance	$	26,856			22,456			13,397			8,318			7,129





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Worldwide
Vessel revenues	$	111,974			116,539			117,173			123,641			119,662

Vessel operating costs:
Crew costs	$	44,487			46,071			46,193			47,191			48,145
Repair and maintenance		10,598			15,181			11,967			10,911			9,701
Insurance		1,785			1,174			2,027			750			2,178
Fuel, lube and supplies		9,752			9,782			8,781			8,451			9,345
Other		12,203			13,726			11,651			13,136			12,834
Total vessel operating costs	$	78,825			85,934			80,619			80,439			82,203

Vessel operating margin ($)	$	33,149			30,604			36,554			43,202			37,459
Vessel operating margin (%)		29.6	%		26.3	%		31.2	%		34.9	%		31.3	%

Worldwide - Select operating statistics
Average vessels - Total fleet		213			219			220			228			253
Utilization - Total fleet		56.4	%		58.3	%		57.5	%		57.0	%		53.6	%

Average vessels - Active fleet		153			157			158			163			168
Utilization - Active fleet		78.5	%		81.4	%		80.4	%		79.3	%		80.6	%

Average day rates	$	10,267			9,940			10,021			10,442			9,806

Vessels commencing drydocks		15			8			12			12			24

Cash paid for deferred drydocking and survey costs	$	24,868			26,736			15,013			16,403			12,285

Deferred drydocking and survey costs - beginning balance	$	66,936			49,026			41,029			30,601			22,215
Cash paid for deferred drydocking and survey costs		24,868			26,736			15,013			16,403			12,285
Amortization of deferred drydocking and survey costs		(9,822	)		(8,810	)		(6,688	)		(5,490	)		(3,899	)
Disposals, intersegment transfers and other		(1	)		(16	)		(328	)		(485	)		—
Deferred drydocking and survey costs - ending balance	$	81,981			66,936			49,026			41,029			30,601





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Net loss	$	(18,524	)		(60,574	)		(43,806	)		(15,553	)		(21,286	)

Interest and other debt costs		6,142			6,282			7,468			7,582			7,736
Income tax (benefit) expense		(5,171	)		1,281			15,071			5,542			5,830
Depreciation		17,285			19,416			19,047			19,548			19,034
Amortization of deferred drydocking and survey costs		9,822			8,810			6,688			5,490			3,898
EBITDA (A), (B), (C)	$	9,554			(24,785	)		4,468			22,609			15,212

Long-lived asset impairments		10,207			32,549			5,224			—			—
One-time charges		129			2,123			6,293			460			3,739
Adjusted EBITDA (A), (B), (C)		19,890			9,887			15,985			23,069			18,951

Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs.

Note (B): EBITDA and Adjusted EBITDA for the three months ended March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019 includes non-cash, stock-based compensation expense of $1,335, $2,972, $7,384, $3,588, and $5,627, respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019 includes foreign exchange gains (losses) of $864, $(945), $173, $11, and $(508), respectively.

Non-GAAP Financial Measures

We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures 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 or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they 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 and Adjusted EBITDA are 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 provide 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 and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.

EBITDA and Adjusted EBITDA are also financial metrics 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 and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.





TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Net cash provided by (used in) operating activities (A)	$	(27,525	)		5,281			(15,981	)		(17,566	)		(3,157	)

Cash interest expense		5,442			8,205			8,189			7,974			8,319
Interest income and other		(116	)		(690	)		(1,579	)		(1,859	)		(2,470	)
Additions to property and equipment		(2,449	)		(4,067	)		(5,058	)		(5,757	)		(3,116	)
Free cash flow before proceeds from asset sales	$	(24,648	)		8,729			(14,429	)		(17,208	)		(424	)

Proceeds from asset sales		9,452			3,755			4,526			10,915			9,651

Free cash flow	$	(15,196	)		12,484			(9,903	)		(6,293	)		9,227

Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by (used in) operating activities adjusted for capital expenditures, proceeds from asset sales, cash interest expense and interest income. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.

Note (A): Net cash provided by (used in) operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	(18,127	)		32,826			4,502			(14,169	)		3,196
Cash paid for deferred drydocking and survey costs		(24,867	)		(26,736	)		(15,013	)		(16,403	)		(12,285	)
Total sources (uses) of cash for changes in assets and liabilities	$	(42,994	)		6,090			(10,511	)		(30,572	)		(9,089	)

View source version on businesswire.com: https://www.businesswire.com/news/home/20200511005899/en/

Tidewater Inc.
Jason Stanley
Vice President,
Investor Relations and Marketing
713-470-5300

SOURCE: Tidewater Inc.

Source: Tidewater Inc.

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Tidewater Reports Results for the Three Months Ended March 31, 2020

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