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Tidewater Reports Results for the Three and Nine Months Ended September 30, 2020

11/05/2020

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2020, of $86.5 million and $305.2 million, respectively compared with $119.8 million and $367.8 million, respectively, for the three and nine months ended September 30, 2019. Tidewater also reported net losses for the three and nine months ended September 30, 2020, of $37.9 million ($0.94 per share) and $167.0 million ($4.15 per share), respectively, compared with $44.2 million ($1.15 per share) and $81.9 million ($2.17 per share), respectively, for the three and nine months ended September 30, 2019. Included in the net losses for the three and nine months ended September 30, 2020 were impairment charges related to assets held for sale, affiliate credit losses, affiliate guaranteed obligation, inventory obsolescence and general and administrative severance expenses totaling $2.6 million and $124.4 million, respectively. Excluding these costs, we would have reported a net loss for the three months ended September 30, 2020 of $35.3 million ($0.87 per common share) and a net loss for the nine months ended September 30, 2020 of $42.6 million ($1.06 per common share). Included in the net losses for the three and nine months ended September 30, 2019 were general and administrative expenses for severance and similar expenses related to integrating Tidewater and GulfMark operations of $6.3 million and $10.5 million, respectively. Excluding these costs, net losses for the three and nine months ended September 30, 2019 were $37.9 million (or $0.98 per common share) and $71.4 million (or $1.89 per common share), respectively.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, "Tidewater generated $30.0 million of free cash flow in the third-quarter, its best quarterly performance since its restructuring in 2017. That cash was used to repurchase $27.7 million of our outstanding bonds at 95% of par, and we completed the quarter with $33.7 million of net debt. We recently launched a tender for another $50.0 million of the bonds at 100.5% of par, and we simultaneously launched a consent to relax the financial covenants in 2021.

“We are executing on the plan we laid out on the first quarter call after reassessing our business outlook as a result of the pandemic. As of the third quarter we were positive cash flow from operations and free cash flow positive for the nine-month period. We are dedicated to remaining free cash flow positive for the year, and we are repositioning our shore base operations and our fleet so our business can remain free cash flow positive under the currently depressed market conditions.

“Our quarterly cash generation performance is both important and noteworthy, but the operational impact of the pandemic and overall lower market demand have been both severe and challenging. The Tidewater team is dedicated to our objectives of capital expenditure management, working capital management, and the restructure of our business to accommodate the lower level of demand around the world for our vessels.

“Domestic and international travel restrictions have started to ease in some regions, and as a result we have been able to improve the frequency of crew changes and allow our mariners to return home safely to their families and to more easily return to work. The situation remains far from solved, however, and we continue to urge global government coordination to support open travel for seafarers as designated key workers. For 2020, we continue to see the additional costs associated with managing the travel inefficiencies to be approximately $20.0 million, and this is in addition to the decreased level of profitability from lower overall demand.

“Another key element to our strategy is high-grading our fleet through strategic acquisitions and disposals. We disposed of 22 vessels in the third quarter for $10.6 million and early in the fourth quarter we made an acquisition of 11 modern crew boats for $5.3 million.

“I continue to be humbled by the commitment and resilience of the dedicated women and men across the company during these arduous times. These individuals are who enabled the company to so readily adapt and to progress as much as it has towards achieving its goals in today’s challenging environment.”

In addition to the number of outstanding shares, as of September 30, 2020, the company also has the following in the money warrants.

Common shares outstanding

 

 

40,460,982

 

New Creditor Warrants (strike price $0.001 per common share)

 

 

761,395

 

GulfMark Creditor Warrants (strike price $0.01 per common share)

 

 

930,027

 

Total

 

 

42,152,404

 

Tidewater will hold a conference call to discuss results for the three and nine months ended September 30, 2020 on Friday, November 6, 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 November 6, 2020 and will continue until 11:59 p.m. Central Time on December 6, 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 Ended

 

 

Nine Months Ended

 

 

 

September 30, 2020

 

 

September 30, 2019

 

 

September 30, 2020

 

 

September 30, 2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

85,395

 

 

$

117,173

 

 

$

298,344

 

 

$

360,476

 

Other operating revenues

 

 

1,072

 

 

 

2,592

 

 

 

6,835

 

 

 

7,296

 

Total revenues

 

 

86,467

 

 

 

119,765

 

 

 

305,179

 

 

 

367,772

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

61,784

 

 

 

80,619

 

 

 

205,383

 

 

 

243,261

 

Costs of other operating revenue

 

 

219

 

 

 

534

 

 

 

3,063

 

 

 

1,884

 

General and administrative

 

 

17,438

 

 

 

30,474

 

 

 

56,455

 

 

 

81,310

 

Depreciation and amortization

 

 

30,777

 

 

 

25,735

 

 

 

86,028

 

 

 

73,705

 

Long-lived asset impairments

 

 

1,945

 

 

 

5,224

 

 

 

67,634

 

 

 

5,224

 

Affiliate credit loss impairment expense

 

 

 

 

 

 

 

 

53,581

 

 

 

 

Affiliate guarantee obligation

 

 

 

 

 

 

 

 

2,000

 

 

 

 

(Gain) loss on asset dispositions, net

 

 

(520

)

 

 

(270

)

 

 

(7,511

)

 

 

(1,047

)

 

 

 

111,643

 

 

 

142,316

 

 

 

466,633

 

 

 

404,337

 

Operating loss

 

 

(25,176

)

 

 

(22,551

)

 

 

(161,454

)

 

 

(36,565

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(1,153

)

 

 

173

 

 

 

(2,365

)

 

 

(324

)

Equity in net losses of unconsolidated companies

 

 

 

 

 

(468

)

 

 

 

 

 

(435

)

Dividend income from unconsolidated company

 

 

 

 

 

 

 

 

17,150

 

 

 

 

Interest income and other, net

 

 

272

 

 

 

1,579

 

 

 

1,084

 

 

 

5,908

 

Interest and other debt costs, net

 

 

(6,071

)

 

 

(7,468

)

 

 

(18,172

)

 

 

(22,786

)

 

 

 

(6,952

)

 

 

(6,184

)

 

 

(2,303

)

 

 

(17,637

)

Loss before income taxes

 

 

(32,128

)

 

 

(28,735

)

 

 

(163,757

)

 

 

(54,202

)

Income tax (benefit) expense

 

 

5,953

 

 

 

15,071

 

 

 

3,512

 

 

 

26,443

 

Net loss

 

$

(38,081

)

 

$

(43,806

)

 

$

(167,269

)

 

$

(80,645

)

Net income (loss) attributable to noncontrolling interests

 

 

(154

)

 

 

394

 

 

 

(274

)

 

 

1,245

 

Net loss attributable to Tidewater Inc.

 

$

(37,927

)

 

$

(44,200

)

 

$

(166,995

)

 

$

(81,890

)

Basic loss per common share

 

$

(0.94

)

 

$

(1.15

)

 

$

(4.15

)

 

$

(2.17

)

Diluted loss per common share

 

$

(0.94

)

 

$

(1.15

)

 

$

(4.15

)

 

$

(2.17

)

Weighted average common shares outstanding

 

 

40,405

 

 

 

38,537

 

 

 

40,271

 

 

 

37,767

 

Adjusted weighted average common shares

 

 

40,405

 

 

 

38,537

 

 

 

40,271

 

 

 

37,767

 

 
 
 
 
 

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

 

 

September 30,

 

 

December 31,

 

ASSETS

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

192,243

 

 

$

218,290

 

Restricted cash

 

 

26,401

 

 

 

5,755

 

Trade and other receivables, less allowance for credit losses of $651 as of September 30, 2020 and less allowance for doubtful accounts of $70 as of December 31, 2019.

 

 

100,583

 

 

 

110,180

 

Due from affiliate, less allowance for credit losses of $72,696 as of September 30, 2020 and less due from affiliate allowance of $20,083 as of December 31, 2019

 

 

65,692

 

 

 

125,972

 

Marine operating supplies

 

 

17,808

 

 

 

21,856

 

Assets held for sale

 

 

19,163

 

 

 

39,287

 

Prepaid expenses and other current assets

 

 

18,925

 

 

 

15,956

 

Total current assets

 

 

440,815

 

 

 

537,296

 

Net properties and equipment

 

 

820,876

 

 

 

938,961

 

Deferred drydocking and survey costs

 

 

63,975

 

 

 

66,936

 

Other assets

 

 

25,108

 

 

 

36,335

 

Total assets

 

$

1,350,774

 

 

$

1,579,528

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

12,953

 

 

$

27,501

 

Accrued costs and expenses

 

 

55,811

 

 

 

74,000

 

Due to affiliates

 

 

53,355

 

 

 

50,186

 

Current portion of long-term debt

 

 

9,576

 

 

 

9,890

 

Other current liabilities

 

 

31,599

 

 

 

24,100

 

Total current liabilities

 

 

163,294

 

 

 

185,677

 

Long-term debt

 

 

246,179

 

 

 

279,044

 

Other liabilities and deferred credits

 

 

87,724

 

 

 

98,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock

 

 

40

 

 

 

40

 

Additional paid-in-capital

 

 

1,370,778

 

 

 

1,367,521

 

Accumulated deficit

 

 

(519,684

)

 

 

(352,526

)

Accumulated other comprehensive income (loss)

 

 

1,106

 

 

 

(236

)

Total stockholder's equity

 

 

852,240

 

 

 

1,014,799

 

Noncontrolling interests

 

 

1,337

 

 

 

1,611

 

Total equity

 

 

853,577

 

 

 

1,016,410

 

Total liabilities and equity

 

$

1,350,774

 

 

$

1,579,528

 

 
 
 
 
 

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

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2020

 

 

September 30, 2019

 

 

September 30, 2020

 

 

September 30, 2019

 

Net loss

 

$

(38,081

)

 

$

(43,806

)

 

$

(167,269

)

 

$

(80,645

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in pension plan and supplemental pension plan liability, net of tax of $0.2 million and $0.4 million, respectively

 

 

525

 

 

 

 

 

 

1,342

 

 

 

 

Total comprehensive loss

 

$

(37,556

)

 

$

(43,806

)

 

$

(165,927

)

 

$

(80,645

)

 
 
 
 
 

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

 

 

Nine Months

 

 

Nine Months

 

 

 

Ended

 

 

Ended

 

 

 

September 30, 2020

 

 

September 30, 2019

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(167,269

)

 

$

(80,645

)

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

 

 

 

 

 

 

 

 

Depreciation

 

 

53,614

 

 

 

57,629

 

Amortization of deferred drydocking and survey costs

 

 

32,414

 

 

 

16,076

 

Amortization of debt premiums and discounts

 

 

2,418

 

 

 

(1,562

)

Provision (benefit) for deferred income taxes

 

 

107

 

 

 

759

 

Gain on asset dispositions, net

 

 

(7,511

)

 

 

(1,047

)

Affiliate credit loss impairment expense

 

 

53,581

 

 

 

 

Affiliate guarantee obligation

 

 

2,000

 

 

 

 

Long-lived asset impairments

 

 

67,634

 

 

 

5,224

 

Changes in investments in unconsolidated companies

 

 

 

 

 

435

 

Compensation expense - stock based

 

 

3,959

 

 

 

16,599

 

Changes in operating assets and liabilities, net:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

9,434

 

 

 

(11,796

)

Changes in due to/from affiliate, net

 

 

9,852

 

 

 

14,898

 

Accounts payable

 

 

(14,548

)

 

 

(8,267

)

Accrued costs and expenses

 

 

(18,189

)

 

 

(10,574

)

Cash paid for deferred drydocking and survey costs

 

 

(29,499

)

 

 

(43,701

)

Other, net

 

 

3,809

 

 

 

9,268

 

Net cash used in operating activities

 

 

1,806

 

 

 

(36,704

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

31,498

 

 

 

25,092

 

Additions to property and equipment

 

 

(4,682

)

 

 

(13,931

)

Net cash provided by investing activities

 

 

26,816

 

 

 

11,161

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Principal payments on long-term debt

 

 

(33,520

)

 

 

(6,458

)

Taxes on share-based awards

 

 

(702

)

 

 

(3,112

)

Other

 

 

 

 

 

1

 

Net cash used in financing activities

 

 

(34,222

)

 

 

(9,569

)

Net change in cash, cash equivalents and restricted cash

 

 

(5,600

)

 

 

(35,112

)

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)

 

$

222,008

 

 

$

362,632

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

16,169

 

 

$

24,482

 

Income taxes

 

$

9,940

 

 

$

10,386

 

 

Note (A):  Cash, cash equivalents and restricted cash at September 30, 2020 includes $3.4 million in long-term restricted cash.

 
 
 
 

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

 

 

income (loss)

 

 

interest

 

 

Total

 

Balance at June 30,2020

 

$

40

 

 

 

1,369,645

 

 

 

(481,757

)

 

 

581

 

 

 

1,491

 

 

 

890,000

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(37,927

)

 

 

525

 

 

 

(154

)

 

 

(37,556

)

Amortization, net of taxes, on share-based awards

 

 

 

 

 

1,133

 

 

 

 

 

 

 

 

 

 

 

 

1,133

 

Balance at September 30, 2020

 

$

40

 

 

 

1,370,778

 

 

 

(519,684

)

 

 

1,106

 

 

 

1,337

 

 

 

853,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2019

 

$

38

 

 

 

1,359,842

 

 

 

(248,473

)

 

 

2,194

 

 

 

1,938

 

 

 

1,115,539

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(44,200

)

 

 

 

 

 

394

 

 

 

(43,806

)

Issuance of common stock from exercise of warrants

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Amortization/cancellation of restricted stock units

 

 

 

 

 

6,031

 

 

 

 

 

 

 

 

 

 

 

 

6,031

 

Balance at September 30, 2019

 

$

39

 

 

 

1,365,872

 

 

 

(292,673

)

 

 

2,194

 

 

 

2,332

 

 

 

1,077,764

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

deficit

 

 

income (loss)

 

 

interest

 

 

Total

 

Balance at December 31, 2019

 

$

40

 

 

 

1,367,521

 

 

 

(352,526

)

 

 

(236

)

 

 

1,611

 

 

 

1,016,410

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(166,995

)

 

 

1,342

 

 

 

(274

)

 

 

(165,927

)

Adoption of credit loss accounting standard

 

 

 

 

 

 

 

 

(163

)

 

 

 

 

 

 

 

 

(163

)

Amortization, net of taxes, on share-based awards

 

 

 

 

 

3,257

 

 

 

 

 

 

 

 

 

 

 

 

3,257

 

Balance at September 30, 2020

 

$

40

 

 

 

1,370,778

 

 

 

(519,684

)

 

 

1,106

 

 

 

1,337

 

 

 

853,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

$

37

 

 

 

1,352,388

 

 

 

(210,783

)

 

 

2,194

 

 

 

1,087

 

 

 

1,144,923

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(81,890

)

 

 

 

 

 

1,245

 

 

 

(80,645

)

Issuance of common stock from exercise of warrants

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Amortization/cancellation of restricted stock units

 

 

 

 

 

13,484

 

 

 

 

 

 

 

 

 

 

 

 

13,484

 

Balance at September 30, 2019

 

$

39

 

 

 

1,365,872

 

 

 

(292,673

)

 

 

2,194

 

 

 

2,332

 

 

 

1,077,764

 

 
 
 
 
 

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

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2020

 

 

September 30, 2019

 

 

September 30, 2020

 

 

September 30, 2019

 

(In thousands)

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

28,705

 

 

 

34

%

 

$

33,147

 

 

 

28

%

 

$

94,608

 

 

 

32

%

 

$

103,624

 

 

 

29

%

Middle East/Asia Pacific

 

 

23,280

 

 

 

27

%

 

 

22,765

 

 

 

19

%

 

 

72,091

 

 

 

24

%

 

 

63,670

 

 

 

18

%

Europe/Mediterranean

 

 

17,716

 

 

 

21

%

 

 

30,946

 

 

 

26

%

 

 

67,827

 

 

 

23

%

 

 

94,531

 

 

 

26

%

West Africa

 

 

15,694

 

 

 

18

%

 

 

30,315

 

 

 

26

%

 

 

63,818

 

 

 

21

%

 

 

98,651

 

 

 

27

%

Total vessel revenues

 

$

85,395

 

 

 

100

%

 

$

117,173

 

 

 

100

%

 

$

298,344

 

 

 

100

%

 

$

360,476

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

36,686

 

 

 

43

%

 

$

46,193

 

 

 

39

%

 

$

119,864

 

 

 

40

%

 

$

141,528

 

 

 

39

%

Repair and maintenance

 

 

5,932

 

 

 

7

%

 

 

11,967

 

 

 

10

%

 

 

23,186

 

 

 

8

%

 

 

32,579

 

 

 

9

%

Insurance

 

 

1,953

 

 

 

2

%

 

 

2,027

 

 

 

2

%

 

 

5,748

 

 

 

2

%

 

 

4,955

 

 

 

1

%

Fuel, lube and supplies

 

 

6,757

 

 

 

8

%

 

 

8,781

 

 

 

7

%

 

 

22,892

 

 

 

8

%

 

 

26,577

 

 

 

7

%

Other

 

 

10,456

 

 

 

12

%

 

 

11,651

 

 

 

10

%

 

 

33,693

 

 

 

11

%

 

 

37,622

 

 

 

10

%

Total vessel operating costs

 

 

61,784

 

 

 

72

%

 

 

80,619

 

 

 

69

%

 

 

205,383

 

 

 

69

%

 

 

243,261

 

 

 

67

%

Vessel operating margin (A)

 

$

23,611

 

 

 

28

%

 

$

36,554

 

 

 

31

%

 

$

92,961

 

 

 

31

%

 

$

117,215

 

 

 

33

%

 

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:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2020

 

 

September 30, 2019

 

 

September 30, 2020

 

 

September 30, 2019

 

(In thousands)

 

 

 

 

%

 

 

 

 

 

%

 

 

 

 

 

%

 

 

 

 

 

%

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

107

 

 

 

0

%

 

$

(168

)

 

 

(0

)%

 

$

3,448

 

 

 

1

%

 

$

1,702

 

 

 

0

%

Middle East/Asia Pacific

 

 

(2,222

)

 

 

(3

)%

 

 

(809

)

 

 

(1

)%

 

 

(2,479

)

 

 

(1

)%

 

 

(4,098

)

 

 

(1

)%

Europe/Mediterranean

 

 

(3,883

)

 

 

(4

)%

 

 

(276

)

 

 

(0

)%

 

 

(4,086

)

 

 

(1

)%

 

 

(768

)

 

 

(0

)%

West Africa

 

 

(10,168

)

 

 

(12

)%

 

 

678

 

 

 

1

%

 

 

(19,015

)

 

 

(6

)%

 

 

11,891

 

 

 

3

%

Other operating profit

 

 

853

 

 

 

1

%

 

 

2,052

 

 

 

2

%

 

 

3,772

 

 

 

1

%

 

 

5,381

 

 

 

1

%

 

 

 

(15,313

)

 

 

(18

)%

 

 

1,477

 

 

 

1

%

 

 

(18,360

)

 

 

(6

)%

 

 

14,108

 

 

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(8,438

)

 

 

(10

)%

 

 

(19,074

)

 

 

(16

)%

 

 

(27,390

)

 

 

(9

)%

 

 

(46,496

)

 

 

(13

)%

Gain (loss) on asset dispositions, net

 

 

520

 

 

 

1

%

 

 

270

 

 

 

0

%

 

 

7,511

 

 

 

2

%

 

 

1,047

 

 

 

1

%

Affiliate credit loss impairment expense

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

(53,581

)

 

 

(18

)%

 

 

 

 

 

0

%

Affiliate guarantee obligation

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

(2,000

)

 

 

(1

)%

 

 

 

 

 

0

%

Long-lived asset impairments

 

 

(1,945

)

 

 

(2

)%

 

 

(5,224

)

 

 

(4

)%

 

 

(67,634

)

 

 

(22

)%

 

 

(5,224

)

 

 

(1

)%

Operating loss

 

$

(25,176

)

 

 

(29

)%

 

$

(22,551

)

 

 

(19

)%

 

$

(161,454

)

 

 

(53

)%

 

$

(36,565

)

 

 

(9

)%

 

Note (A):  General and administrative expenses for the three and nine months ended September 30, 2020 include stock-based compensation of $1.3 million and $4.0 million, respectively. General and administrative expenses for the three and nine months ended September 30, 2019 includes stock-based compensation of $7.4 million and $16.6 million, respectively. In addition, general and administrative costs for the three months and nine ended September 30, 2020 include $0.6 million and $1.2 million, respectively, of severance and similar costs related to integrating Tidewater and GulfMark operations. General and administrative expenses for the three and nine months ended September 30, 2019 include $6.3 million and $10.5 million, respectively, of severance and other 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

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

85,395

 

 

$

100,975

 

 

$

111,974

 

 

$

116,539

 

 

$

117,173

 

Other operating revenues

 

 

1,072

 

 

 

1,369

 

 

 

4,394

 

 

 

2,237

 

 

 

2,592

 

Total revenues

 

 

86,467

 

 

 

102,344

 

 

 

116,368

 

 

 

118,776

 

 

 

119,765

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

61,784

 

 

 

64,774

 

 

 

78,825

 

 

 

85,935

 

 

 

80,619

 

Costs of other operating revenue

 

 

219

 

 

 

171

 

 

 

2,673

 

 

 

916

 

 

 

534

 

General and administrative (A)

 

 

17,438

 

 

 

17,597

 

 

 

21,420

 

 

 

22,406

 

 

 

30,474

 

Depreciation and amortization

 

 

30,777

 

 

 

28,144

 

 

 

27,107

 

 

 

28,226

 

 

 

25,735

 

(Gain) loss on asset dispositions, net

 

 

1,945

 

 

 

(1,660

)

 

 

(5,331

)

 

 

(1,217

)

 

 

(270

)

Affiliate credit loss impairment expense

 

 

 

 

 

53,581

 

 

 

 

 

 

 

 

 

 

Affiliate guarantee obligation

 

 

 

 

 

2,000

 

 

 

 

 

 

 

 

 

 

Asset impairments and other

 

 

(520

)

 

 

55,482

 

 

 

10,207

 

 

 

32,549

 

 

 

5,224

 

Total operating costs and expenses

 

 

111,643

 

 

 

220,089

 

 

 

134,901

 

 

 

168,815

 

 

 

142,316

 

Operating loss

 

 

(25,176

)

 

 

(117,745

)

 

 

(18,533

)

 

 

(50,039

)

 

 

(22,551

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(1,153

)

 

 

(2,076

)

 

 

864

 

 

 

(945

)

 

 

173

 

Equity in net (losses) earnings of unconsolidated companies

 

 

 

 

 

 

 

 

 

 

 

(2,717

)

 

 

(468

)

Dividend income from unconsolidated company

 

 

 

 

 

17,150

 

 

 

 

 

 

 

 

 

 

Interest income and other, net

 

 

272

 

 

 

696

 

 

 

116

 

 

 

690

 

 

 

1,579

 

Interest and other debt costs, net

 

 

(6,071

)

 

 

(5,959

)

 

 

(6,142

)

 

 

(6,282

)

 

 

(7,468

)

Total other expense

 

 

(6,952

)

 

 

9,811

 

 

 

(5,162

)

 

 

(9,254

)

 

 

(6,184

)

Loss before income taxes

 

 

(32,128

)

 

 

(107,934

)

 

 

(23,695

)

 

 

(59,293

)

 

 

(28,735

)

Income tax (benefit) expense

 

 

5,953

 

 

 

2,730

 

 

 

(5,171

)

 

 

1,281

 

 

 

15,071

 

Net loss

 

$

(38,081

)

 

$

(110,664

)

 

$

(18,524

)

 

$

(60,574

)

 

$

(43,806

)

Net income (loss) attributable to noncontrolling interests

 

 

(154

)

 

 

(41

)

 

 

(79

)

 

 

(721

)

 

 

394

 

Net loss attributable to Tidewater Inc.

 

$

(37,927

)

 

$

(110,623

)

 

$

(18,445

)

 

$

(59,853

)

 

$

(44,200

)

Basic loss per common share

 

$

(0.94

)

 

$

(2.74

)

 

$

(0.46

)

 

$

(1.52

)

 

$

(1.15

)

Diluted loss per common share

 

$

(0.94

)

 

$

(2.74

)

 

$

(0.46

)

 

$

(1.52

)

 

$

(1.15

)

Weighted average common shares outstanding

 

 

40,405

 

 

 

40,306

 

 

 

40,101

 

 

 

39,504

 

 

 

38,537

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

40,405

 

 

 

40,306

 

 

 

40,101

 

 

 

39,504

 

 

 

38,537

 

Vessel operating margin

 

$

23,611

 

 

$

36,201

 

 

$

33,149

 

 

$

30,604

 

 

$

36,554

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note (A) Integration related costs related to the business combination with GulfMark

 

 

641

 

 

 

446

 

 

 

129

 

 

 

2,123

 

 

 

6,293

 

 
 
 
 

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

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

ASSETS

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

192,243

 

 

 

203,119

 

 

 

187,802

 

 

 

218,290

 

 

 

359,332

 

Restricted cash

 

 

26,401

 

 

 

19,880

 

 

 

12,461

 

 

 

5,755

 

 

 

3,300

 

Trade and other receivables, net

 

 

100,583

 

 

 

115,008

 

 

 

119,455

 

 

 

110,180

 

 

 

123,133

 

Due from affiliate, less allowances

 

 

65,692

 

 

 

65,766

 

 

 

128,204

 

 

 

125,972

 

 

 

124,757

 

Marine operating supplies

 

 

17,808

 

 

 

20,580

 

 

 

21,944

 

 

 

21,856

 

 

 

21,303

 

Assets held for sale

 

 

19,163

 

 

 

29,064

 

 

 

26,142

 

 

 

39,287

 

 

 

 

Prepaid expenses and other current assets

 

 

18,925

 

 

 

20,350

 

 

 

22,185

 

 

 

15,956

 

 

 

13,116

 

Total current assets

 

 

440,815

 

 

 

473,767

 

 

 

518,193

 

 

 

537,296

 

 

 

644,941

 

Net properties and equipment

 

 

820,876

 

 

 

839,912

 

 

 

922,979

 

 

 

938,961

 

 

 

1,022,786

 

Deferred drydocking and survey costs

 

 

63,975

 

 

 

74,585

 

 

 

81,981

 

 

 

66,936

 

 

 

49,025

 

Other assets

 

 

25,108

 

 

 

27,411

 

 

 

29,971

 

 

 

36,335

 

 

 

37,269

 

Total assets

 

$

1,350,774

 

 

 

1,415,675

 

 

 

1,553,124

 

 

 

1,579,528

 

 

 

1,754,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

12,953

 

 

 

17,111

 

 

 

30,711

 

 

 

27,501

 

 

 

23,672

 

Accrued costs and expenses

 

 

55,811

 

 

 

60,993

 

 

 

72,854

 

 

 

74,000

 

 

 

54,792

 

Due to affiliates

 

 

53,355

 

 

 

48,803

 

 

 

50,013

 

 

 

50,186

 

 

 

41,676

 

Current portion of long-term debt

 

 

9,576

 

 

 

9,437

 

 

 

9,104

 

 

 

9,890

 

 

 

9,689

 

Other current liabilities

 

 

31,599

 

 

 

25,815

 

 

 

26,953

 

 

 

24,100

 

 

 

30,024

 

Total current liabilities

 

 

163,294

 

 

 

162,159

 

 

 

189,635

 

 

 

185,677

 

 

 

159,853

 

Long-term debt

 

 

246,179

 

 

 

273,215

 

 

 

273,015

 

 

 

279,044

 

 

 

419,905

 

Other liabilities and deferred credits

 

 

87,724

 

 

 

90,301

 

 

 

91,578

 

 

 

98,397

 

 

 

96,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

40

 

 

 

40

 

 

 

40

 

 

 

40

 

 

 

39

 

Additional paid-in-capital

 

 

1,370,778

 

 

 

1,369,645

 

 

 

1,368,325

 

 

 

1,367,521

 

 

 

1,365,872

 

Accumulated deficit

 

 

(519,684

)

 

 

(481,757

)

 

 

(371,134

)

 

 

(352,526

)

 

 

(292,673

)

Accumulated other comprehensive income (loss)

 

 

1,106

 

 

 

581

 

 

 

133

 

 

 

(236

)

 

 

2,194

 

Total stockholder's equity

 

 

852,240

 

 

 

888,509

 

 

 

997,364

 

 

 

1,014,799

 

 

 

1,075,432

 

Noncontrolling interests

 

 

1,337

 

 

 

1,491

 

 

 

1,532

 

 

 

1,611

 

 

 

2,332

 

Total equity

 

 

853,577

 

 

 

890,000

 

 

 

998,896

 

 

 

1,016,410

 

 

 

1,077,764

 

Total liabilities and equity

 

$

1,350,774

 

 

 

1,415,675

 

 

 

1,553,124

 

 

 

1,579,528

 

 

 

1,754,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Due from related parties, net of due to related parties:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonatide (Angola)

 

$

12,337

 

 

 

16,963

 

 

 

64,184

 

 

 

57,771

 

 

 

64,660

 

DTDW (Nigeria)

 

 

 

 

 

 

 

 

14,007

 

 

 

18,015

 

 

 

18,421

 

Total

 

$

12,337

 

 

 

16,963

 

 

 

78,191

 

 

 

75,786

 

 

 

83,081

 

 
 
 
 
 

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

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

22,836

 

 

 

27,858

 

 

 

22,882

 

 

 

22,883

 

 

 

24,575

 

Towing-supply

 

 

4,119

 

 

 

4,455

 

 

 

7,243

 

 

 

8,639

 

 

 

7,831

 

Other

 

 

1,750

 

 

 

1,731

 

 

 

1,734

 

 

 

1,811

 

 

 

741

 

Total

 

 

28,705

 

 

 

34,044

 

 

 

31,859

 

 

 

33,333

 

 

 

33,147

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

13,819

 

 

 

14,195

 

 

 

14,326

 

 

 

16,015

 

 

 

14,960

 

Towing-supply

 

 

9,461

 

 

 

9,788

 

 

 

10,502

 

 

 

10,636

 

 

 

7,805

 

Total

 

 

23,280

 

 

 

23,983

 

 

 

24,828

 

 

 

26,651

 

 

 

22,765

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

17,578

 

 

 

20,476

 

 

 

29,163

 

 

 

28,652

 

 

 

30,608

 

Towing-supply

 

 

(13

)

 

 

 

 

 

179

 

 

 

528

 

 

 

338

 

Other

 

 

151

 

 

 

144

 

 

 

149

 

 

 

 

 

 

 

Total

 

 

17,716

 

 

 

20,620

 

 

 

29,491

 

 

 

29,180

 

 

 

30,946

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

4,905

 

 

 

8,748

 

 

 

12,102

 

 

 

14,066

 

 

 

14,923

 

Towing-supply

 

 

7,711

 

 

 

11,029

 

 

 

10,521

 

 

 

9,981

 

 

 

11,598

 

Other

 

 

3,078

 

 

 

2,552

 

 

 

3,173

 

 

 

3,328

 

 

 

3,794

 

Total

 

$

15,694

 

 

 

22,329

 

 

 

25,796

 

 

 

27,375

 

 

 

30,315

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

59,137

 

 

 

71,277

 

 

 

78,473

 

 

 

81,616

 

 

 

85,066

 

Towing-supply

 

 

21,278

 

 

 

25,271

 

 

 

28,445

 

 

 

29,784

 

 

 

27,572

 

Other

 

 

4,980

 

 

 

4,427

 

 

 

5,056

 

 

 

5,139

 

 

 

4,535

 

Total

 

 

85,395

 

 

 

100,975

 

 

 

111,974

 

 

 

116,539

 

 

 

117,173

 

 
 
 
 
 

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

32

 

 

 

32

 

 

 

32

 

 

 

31

 

 

 

32

 

Towing-supply

 

 

12

 

 

 

15

 

 

 

17

 

 

 

17

 

 

 

17

 

Other

 

 

3

 

 

 

3

 

 

 

3

 

 

 

4

 

 

 

5

 

Total

 

 

47

 

 

 

50

 

 

 

52

 

 

 

52

 

 

 

54

 

Stacked vessels

 

 

(17

)

 

 

(17

)

 

 

(17

)

 

 

(15

)

 

 

(17

)

Active vessels

 

 

30

 

 

 

33

 

 

 

35

 

 

 

37

 

 

 

37

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

22

 

 

 

26

 

 

 

27

 

 

 

27

 

 

 

26

 

Towing-supply

 

 

23

 

 

 

26

 

 

 

28

 

 

 

28

 

 

 

26

 

Total

 

 

45

 

 

 

52

 

 

 

55

 

 

 

55

 

 

 

52

 

Stacked vessels

 

 

(4

)

 

 

(9

)

 

 

(10

)

 

 

(10

)

 

 

(11

)

Active vessels

 

 

41

 

 

 

43

 

 

 

45

 

 

 

44

 

 

 

41

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

32

 

 

 

36

 

 

 

39

 

 

 

42

 

 

 

42

 

Towing-supply

 

 

 

 

 

1

 

 

 

2

 

 

 

3

 

 

 

3

 

Total

 

 

32

 

 

 

37

 

 

 

41

 

 

 

45

 

 

 

45

 

Stacked vessels

 

 

(17

)

 

 

(17

)

 

 

(11

)

 

 

(15

)

 

 

(13

)

Active vessels

 

 

15

 

 

 

20

 

 

 

30

 

 

 

30

 

 

 

32

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

25

 

 

 

26

 

 

 

26

 

 

 

27

 

 

 

29

 

Towing-supply

 

 

17

 

 

 

18

 

 

 

19

 

 

 

19

 

 

 

20

 

Other

 

 

16

 

 

 

19

 

 

 

20

 

 

 

21

 

 

 

21

 

Total

 

 

58

 

 

 

63

 

 

 

65

 

 

 

67

 

 

 

70

 

Stacked vessels

 

 

(31

)

 

 

(21

)

 

 

(21

)

 

 

(22

)

 

 

(22

)

Active vessels

 

 

27

 

 

 

42

 

 

 

44

 

 

 

45

 

 

 

48

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

111

 

 

 

120

 

 

 

124

 

 

 

126

 

 

 

129

 

Towing-supply

 

 

52

 

 

 

60

 

 

 

66

 

 

 

68

 

 

 

66

 

Other

 

 

19

 

 

 

22

 

 

 

23

 

 

 

25

 

 

 

26

 

Total

 

 

182

 

 

 

202

 

 

 

213

 

 

 

219

 

 

 

221

 

Stacked vessels

 

 

(69

)

 

 

(64

)

 

 

(60

)

 

 

(62

)

 

 

(63

)

Active vessels

 

 

113

 

 

 

138

 

 

 

153

 

 

 

157

 

 

 

158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

113

 

 

 

138

 

 

 

153

 

 

 

157

 

 

 

158

 

Total stacked

 

 

69

 

 

 

64

 

 

 

60

 

 

 

62

 

 

 

63

 

Total joint venture and other vessels

 

 

3

 

 

 

3

 

 

 

3

 

 

 

4

 

 

 

4

 

Total

 

 

185

 

 

 

205

 

 

 

216

 

 

 

223

 

 

 

225

 

 
 
 
 
 

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,996

 

 

 

2,940

 

 

 

2,873

 

 

 

2,852

 

 

 

2,932

 

Towing-supply

 

 

1,098

 

 

 

1,329

 

 

 

1,547

 

 

 

1,580

 

 

 

1,552

 

Other

 

 

276

 

 

 

273

 

 

 

285

 

 

 

368

 

 

 

460

 

Total

 

 

4,370

 

 

 

4,542

 

 

 

4,705

 

 

 

4,800

 

 

 

4,944

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,025

 

 

 

2,411

 

 

 

2,496

 

 

 

2,453

 

 

 

2,370

 

Towing-supply

 

 

2,118

 

 

 

2,342

 

 

 

2,512

 

 

 

2,576

 

 

 

2,392

 

Total

 

 

4,143

 

 

 

4,753

 

 

 

5,008

 

 

 

5,029

 

 

 

4,762

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,916

 

 

 

3,256

 

 

 

3,581

 

 

 

3,848

 

 

 

3,874

 

Towing-supply

 

 

24

 

 

 

91

 

 

 

122

 

 

 

276

 

 

 

276

 

Total

 

 

2,940

 

 

 

3,347

 

 

 

3,703

 

 

 

4,124

 

 

 

4,150

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,269

 

 

 

2,366

 

 

 

2,366

 

 

 

2,439

 

 

 

2,723

 

Towing-supply

 

 

1,588

 

 

 

1,654

 

 

 

1,729

 

 

 

1,779

 

 

 

1,840

 

Other

 

 

1,469

 

 

 

1,698

 

 

 

1,820

 

 

 

1,932

 

 

 

1,932

 

Total

 

 

5,326

 

 

 

5,718

 

 

 

5,915

 

 

 

6,150

 

 

 

6,495

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

10,206

 

 

 

10,973

 

 

 

11,316

 

 

 

11,592

 

 

 

11,899

 

Towing-supply

 

 

4,828

 

 

 

5,416

 

 

 

5,910

 

 

 

6,211

 

 

 

6,060

 

Other

 

 

1,745

 

 

 

1,971

 

 

 

2,105

 

 

 

2,300

 

 

 

2,392

 

Total

 

 

16,779

 

 

 

18,360

 

 

 

19,331

 

 

 

20,103

 

 

 

20,351

 

 
 
 
 
 

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2020

 

 

2020

 

 

2020

 

 

2019