Tidewater Reports Results for the Three and Twelve -Months Ended December 31, 2019

03/02/2020

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2019, of $118.8 million and $486.5 million, and net losses for the same periods of $59.9 million (or $1.52 per common share) and $141.7 million (or $3.71 per common share), respectively. Excluding long-lived asset impairments and one time expenses, net losses for the three and twelve months ended December 31, 2019 were $25.2 million (or $0.64 per common share) and $91.4 million (or $2.39) per common share), respectively. Highlights for the three months ended December 31, 2019:

Generated revenue of $118.8 million, an 8%, or $8.5 million, increase from the same period in the prior year; driven by a 4% increase in average day rate and a 4% increase in active vessel days.
Continued significant streamlining of shore-based operations resulted in a pro forma run rate for general and administrative expense of $81.0 million.
Active utilization increased to 81.4% for the fourth quarter, up from 80.4% in the third quarter.
Net cash flows provided by operating activities for the quarter was a positive of $5.3 million, and free cash flow for the quarter was a positive $12.5 million.
Completed a bond consent and $125 million tender to improve debt covenants, lower overall debt, and reduce pro-forma negative interest carry by $8.0 million.
Continued high-grading active fleet by identifying 46 lower specification vessels to be disposed of in 2020.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Over the course of 2019, Tidewater has taken a series of strategic actions to streamline our fleet and increase our efficiency across the entire organization. These actions were part of our continuing efforts to achieve our near-term goal of becoming free cash flow positive and part of our longer-term goal of attaining an acceptable free cash flow return on our assets.

“The team made significant strides in the fourth quarter and we are pleased to report that the business had positive operating cash flow in the fourth quarter, was free cash flow positive in the fourth quarter, and the strong performance in the fourth quarter also resulted in the business being free cash flow positive for the entire year of 2019. Free cash flow for the quarter was $12.5 million and $5.5 million for the year.

“Market conditions around the world continue to improve. Our anticipated revenue for 2020 is similar to our total revenue for 2019, but with fewer ships as we continue to high-grade the active fleet. As of this call, we have $440 million of backlog for 2020, which is over 90% of the revenue we recorded for the prior year. Key operational objectives for 2020 are to continue to improve our active utilization percentage, which results in higher profitability per vessel day, and to lower our annual spend on dry docks and vessel modifications by over $20 million as compared to 2019.

“Through process improvements, headcount reductions and technology implementation, the team successfully achieved merger-related general and administrative cost synergies of $65 million, significantly exceeding the original target of $45 million. We finished 2019 with an annual general and administrative spend run rate of $81 million, which was $19 million lower than our original $100 million target, and substantially lower than Tidewater’s pre-merger general and administrative spend on a stand-alone basis. The improvement in active utilization, reduced spend on drydocks and vessel modifications, and reduced spend on general and administrative costs should result in us nearing our longer-term goal of attaining an acceptable free cash flow return on our assets.

“Part of achieving our return objectives is positioning the Tidewater fleet for the future by obtaining the highest disposal value for our fleet in lay-up. You will notice that we took the step of separating the value of the ongoing fleet from the value of the fleet we intend to sell or scrap, which we are now presenting on the balance sheet as ‘assets held for sale’, which is stated at our expected net realizable value. Marking that portion of the fleet to net realizable value resulted in an impairment in the fourth quarter of $26.7 million, and results in a value of assets to be disposed of totaling $39.3 million. The value that remains on the balance sheet as Net Property and Equipment reflects the book value of the fleet we intend to remain operational.”

Kneen concluded, “All of these actions are part of our efforts to achieve our goal of maximizing free cash flow generation while preserving our pristine balance sheet. We believe the result is a nimble, efficient and scalable platform that will enable us to support our growth initiatives and further advance our leadership position in the offshore industry. This accomplishment was the result of our more than 5,000 employees pulling together to create a new culture focused on establishing the safest, most profitable, most investable offshore vessel company in the world.”

Included in the net loss for the three months and nine months ended December 31, 2019 were general and administrative expenses of $2.1 million ($0.05 per common share) and $12.6 million ($0.33 per common share), respectively, for severance and similar expenses related to integrating Tidewater and GulfMark operations.

In addition to the number of outstanding shares, as of December 31, 2019, the company also has the following in the money warrants.

Common shares outstanding			39,941,327
New Creditor Warrants (strike price $0.001 per common share)			821,308
GulfMark Creditor Warrants (strike price $0.01 per common share)			1,165,066
Total			41,927,701

Tidewater will hold a conference call to discuss results for the three and twelve months ended December 31, 2019 on Tuesday, March 3, 2020 at 8:00 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 asking for the “Tidewater” call just prior to the scheduled start time. A replay of the conference call will be available beginning at 10:30 a.m. Central Time on March 3, 2020 and will continue until 11:59 p.m. Central Time on April 3, 2020. To access the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 49441491.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, www.tdw.com. The online replay will be available until April 3, 2020.

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						Twelve Months Ended
		December 31,			December 31,			December 31,			December 31,
		2019			2018			2019			2018
Revenues:
Vessel revenues	$		116,539			108,527			477,015			397,206
Other operating revenues			2,237			1,707			9,534			9,314
Total revenues			118,776			110,234			486,549			406,520
Costs and expenses:
Vessel operating costs			85,935			74,967			329,196			269,580
Costs of other operating revenues			916			733			2,800			5,530
General and administrative (A)			22,406			36,487			103,716			110,023
Depreciation and amortization			28,226			20,101			101,931			58,293
Gain on asset dispositions, net			(1,217	)		(8,938	)		(2,263	)		(10,624	)
Impairment of due from affiliate			—			20,083			—			20,083
Asset impairments and other			32,549			36,878			37,773			61,132
Total operating costs and expenses			168,815			180,311			573,153			514,017
Operating loss			(50,039	)		(70,077	)		(86,604	)		(107,497	)
Other income (expense):
Foreign exchange gain (loss)			(945	)		1,455			(1,269	)		106
Equity in net earnings (losses) of unconsolidated companies			(2,717	)		(3,871	)		(3,152	)		(18,864	)
Interest income and other			690			5,799			6,598			11,294
Loss on debt extinguishment			—			(8,119	)		—			(8,119	)
Interest and other debt costs			(6,282	)		(7,708	)		(29,068	)		(30,439	)
Total other expense			(9,254	)		(12,444	)		(26,891	)		(46,022	)
Loss before income taxes			(59,293	)		(82,521	)		(113,495	)		(153,519	)
Income tax expense			1,281			7,856			27,724			18,252
Net loss	$		(60,574	)		(90,377	)		(141,219	)		(171,771	)
Less: Net income (loss) attributable to noncontrolling interests			(721	)		132			524			(254	)
Net loss attributable to Tidewater Inc.	$		(59,853	)		(90,509	)		(141,743	)		(171,517	)
Basic loss per common share	$		(1.52	)		(2.83	)		(3.71	)		(6.45	)
Diluted loss per common share	$		(1.52	)		(2.83	)		(3.71	)		(6.45	)
Weighted average common shares outstanding (B)			39,504,154			31,974,802			38,204,934			26,589,883
Dilutive effect of stock options and restricted stock			—			—			—			—
Adjusted weighted average common shares			39,504,154			31,974,802			38,204,934			26,589,883

Vessel operating margin	$		30,604			33,560			147,819			127,626

Note (A): Restructuring and merger-related items:
Professional services costs included in general and administrative expenses related to the business combination with GulfMark	$		—			4,465			88			4,553
Integration related costs related to the business combination with GulfMark			2,123			—			12,527			10,404
Total	$		2,123			4,465			12,615			14,957

Note (B):
Shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens included in weighted average shares outstanding			—			2,547			—			2,547
Total shares outstanding including warrants
Common shares outstanding									39,941,327			26,589,883
New Creditor Warrants (strike price $0.001 per common share)									821,308			2,220,857
GulfMark Creditor Warrants (strike price $0.01 per common share)									1,165,066			2,189,709
Total									41,927,701			41,388,846

TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value data)
		December 31,			December 31,
ASSETS		2019			2018
Current assets:
Cash and cash equivalents	$		218,290			371,791
Restricted cash			5,755			25,953
Trade and other receivables, net			110,180			111,266
Due from affiliates			125,972			132,951
Marine operating supplies			21,856			29,505
Assets held for sale			39,287			—
Prepaid expenses and other current assets			15,956			11,836
Total current assets			537,296			683,302
Investments in, at equity, and advances to unconsolidated companies			—			1,039
Net properties and equipment			938,961			1,089,857
Deferred drydocking and survey costs			66,936			22,215
Other assets			36,335			31,326
Total assets	$		1,579,528			1,827,739

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$		27,501			31,939
Accrued costs and expenses			74,000			61,784
Due to affiliates			50,186			34,972
Current portion of long-term debt			9,890			8,568
Other current liabilities			24,100			21,092
Total current liabilities			185,677			158,355
Long-term debt			279,044			430,436
Other liabilities and deferred credits			98,397			94,025

Commitments and contingencies

Equity:
Common stock			40			37
Additional paid-in capital			1,367,521			1,352,388
Accumulated deficit			(352,526	)		(210,783	)
Accumulated other comprehensive income (loss)			(236	)		2,194
Total stockholders’ equity			1,014,799			1,143,836
Noncontrolling interests			1,611			1,087
Total equity			1,016,410			1,144,923
Total liabilities and equity	$		1,579,528			1,827,739

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
	Three Months Ended						Twelve Months Ended
	December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018
Net loss	$	(60,574	)	$	(90,377	)	$	(141,219	)	$	(171,771	)
Other comprehensive income (loss):
Unrealized gains (losses) on available for sale securities, net of tax of $0, $0, $0, and $0, respectively		—			—			—			(256	)
Change in supplemental executive retirement plan pension liability, net of tax of $0, $0, $0 and $0, respectively		(2,121	)		2,214			(2,121	)		2,214
Change in pension plan minimum liability, net of tax of $0, $0, $0, and $0, respectively		(309	)		1,919			(309	)		1,919
Change in other benefit plan minimum liability, net of tax of $0, $0, $0 and $0, respectively		—			(1,536	)		—			(1,536	)
Total comprehensive loss	$	(63,004	)	$	(87,780	)	$	(143,649	)	$	(169,430	)

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
	Twelve Months Ended			Three Months Ended			Twelve Months Ended
	December 31, 2019			December 31, 2019			December 31, 2018
Operating activities:
Net loss	$	(141,219	)		(60,574	)		(171,771	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		77,045			19,416			51,332
Amortization of deferred drydocking and survey costs		24,886			8,810			6,961
Amortization of debt premiums and discounts		(4,877	)		(3,315	)		(1,856	)
Provision for deferred income taxes		672			(87	)		572
Gain on asset dispositions, net		(2,263	)		(1,216	)		(10,624	)
Impairment of due from affiliate		—			—			20,083
Long-lived asset impairments and other		37,773			32,549			61,132
Loss on debt extinguishment		—			—			8,119
Changes in investments in, at equity, and advances to unconsolidated companies		1,039			604			28,177
Compensation expense – stock based		19,603			3,004			13,406
Changes in operating assets and liabilities, net:
Trade and other receivables		1,086			12,882			9,088
Changes in due to/from affiliate, net		22,193			7,295			28,644
Accounts payable		(4,439	)		3,828			(15,174	)
Accrued expenses		8,189			18,763			(13,489	)
Deferred drydocking and survey costs		(70,437	)		(26,736	)		(25,968	)
Other, net		(674	)		(9,942	)		7,427
Net cash provided by (used in) operating activities		(31,423	)		5,281			(3,941	)
Cash flows from investing activities:
Proceeds from sales of assets		28,847			3,755			46,115
Additions to properties and equipment		(17,998	)		(4,067	)		(21,391	)
Cash and cash equivalents from stock based merger		—			—			43,806
Net cash provided by (used in) investing activities		10,849			(312	)		68,530
Cash flows from financing activities:
Principal payments on long-term debt		(133,693	)		(127,235	)		(105,169	)
Premium paid for redemption of secured notes		(11,402	)		(11,402	)		—
Cash payments to General Unsecured Creditors		—			—			(8,377	)
Loss on debt extinguishment		—			—			(8,119	)
Cash received for issuance of common stock		—			—			3
Tax on share-based award		(4,467	)		(1,355	)		(4,400	)
Other		—			(1	)		(2,000	)
Net cash used in financing activities		(149,562	)		(139,993	)		(128,062	)
Net change in cash, cash equivalents and restricted cash		(170,136	)		(135,024	)		(55,591	)
Cash, cash equivalents and restricted cash at beginning of period		397,744			362,632			453,335
Cash, cash equivalents and restricted cash at end of period	$	227,608			227,608			397,744

	Year			Three Months			Year
	Ended			Ended			Ended
	December 31, 2019			December 31, 2018			December 31, 2018
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	32,687			8,205			32,326
Income taxes		14,378			3,992			16,828
Supplemental disclosure of noncash investing activities:					—
Merger with GulfMark		—			—			285,492
Supplemental disclosure of noncash financing activities:
Common stock issued for GulfMark merger		—			—			285,492

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

			Additional			Retained			Accumulated other			Non
	Common		paid-in			earnings			comprehensive			controlling
	stock		capital			(deficit)			income (loss)			interest			Total
Balance at December 31, 2017	$	22		1,059,120			(39,266	)		(147	)		2,215			1,021,944
Total comprehensive income (loss)		—		—			(171,517	)		2,341			(254	)		(169,430	)
Issuance of common stock from exercise of warrants		6		(3	)		—			—			—			3
Issuance of common stock for GulfMark business combination		9		285,483			—			—			—			285,492
Amortization of restricted stock units		—		8,914			—			—			—			8,914
Cash paid to noncontrolling interests		—		(1,126	)		—			—			(874	)		(2,000	)
Balance at December 31, 2018	$	37		1,352,388			(210,783	)		2,194			1,087			1,144,923
Total comprehensive income (loss)		—		—			(141,743	)		(2,430	)		524			(143,649	)
Issuance of common stock from exercise of warrants		3		(3	)		—			—			—			—
Amortization of restricted stock units		—		15,136			—			—			—			15,136
Balance at December 31, 2019	$	40		1,367,521			(352,526	)		(236	)		1,611			1,016,410

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

	Three Months Ended										Twelve Months Ended
	December 31, 2019					December 31, 2018					December 31, 2019					December 31, 2018
(In thousands)			%					%					%					%
Vessel revenues:
Americas	$	33,333		29	%		31,813		29	%		136,958		29	%		118,534		30	%
Middle East/Asia Pacific		26,651		23	%		19,474		18	%		90,321		19	%		80,195		20	%
Europe/Mediterranean		29,180		25	%		20,717		19	%		123,711		26	%		56,263		14	%
West Africa		27,375		23	%		36,523		34	%		126,025		26	%		142,214		36	%
Total vessel revenues	$	116,539		100	%		108,527		100	%		477,015		100	%		397,206		100	%
Vessel operating costs:
Crew costs	$	46,071		40	%		45,133		42	%		187,599		39	%		153,340		39	%
Repair and maintenance		15,181		13	%		9,405		9	%		47,761		10	%		33,721		8	%
Insurance and loss reserves		1,174		1	%		637		1	%		6,129		1	%		51		(<1	%)
Fuel, lube and supplies		9,782		8	%		9,315		9	%		36,359		8	%		34,489		9	%
Other		13,726		12	%		10,477		10	%		51,348		11	%		47,979		12	%
Total vessel operating costs		85,935		74	%		74,967		69	%		329,196		69	%		269,580		68	%
Vessel operating margin (A)	$	30,604		26	%		33,560		31	%		147,819		31	%		127,626		32	%

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												Twelve Months Ended
	December 31, 2019						December 31, 2018						December 31, 2019						December 31, 2018
(In thousands)				%						%						%						%
Vessel operating profit (loss):
Americas	$	(2,507	)		(2	%)		(2,944	)		(3	%)		(805	)		(0	%)		8,860			2	%
Middle East/Asia Pacific		(1,946	)		(2	%)		(2,088	)		(2	%)		(6,044	)		(1	%)		(4,417	)		(1	%)
Europe/Mediterranean		(521	)		(0	%)		(2,606	)		(2	%)		(1,289	)		(0	%)		(9,359	)		(2	%)
West Africa		(3,593	)		(3	%)		3,373			3	%		8,298			2	%		7,240			2	%
Other operating profit		1,353			1	%		975			1	%		6,734			1	%		3,742			1	%
		(7,214	)		(6	%)		(3,290	)		(3	%)		6,894			1	%		6,066			1	%
Corporate expenses (A)		(11,493	)		(10	%)		(18,764	)		(17	%)		(57,988	)		(12	%)		(42,972	)		(11	%)
Gain (loss) on asset dispositions, net		1,217			1	%		8,938			8	%		2,263			0	%		10,624			3	%
Impairment of due from affiliates		0			0	%		(20,083	)		(18	%)		0			0	%		(20,083	)		(5	%)
Long-lived asset impairments		(32,549	)		(27	%)		(36,878	)		(33	%)		(37,773	)		(8	%)		(61,132	)		(15	%)
Operating loss	$	(50,039	)		(42	%)		(70,077	)		(64	%)		(86,604	)		(18	%)		(107,497	)		(26	%)

Note (A): General and administrative expenses for the three and twelve months ended December 31, 2019 includes stock-based compensation of $3.0 million and $19.6 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2018 included stock-based compensation of $3.6 million and $13.6 million, respectively. In addition, general and administrative costs for the three and twelve months ended December 31, 2019 includes $2.1 million and $12.6 million, respectively, 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															Twelve Months Ended
		December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
		2019			2019			2019			2019			2018			2019			2018
Revenues:
Vessel revenues	$		116,539			117,173			123,641			119,662			108,527			477,015			397,206
Other operating revenues			2,237			2,592			2,218			2,487			1,707			9,534			9,314
Total revenues			118,776			119,765			125,859			122,149			110,234			486,549			406,520
Costs and expenses:
Vessel operating costs			85,935			80,619			80,439			82,203			74,967			329,196			269,580
Costs of other operating revenues			916			534			586			764			733			2,800			5,530
General and administrative (A)			22,406			30,474			23,696			27,140			36,487			103,716			110,023
Depreciation and amortization			28,226			25,735			25,038			22,932			20,101			101,931			58,293
Gain on asset dispositions, net			(1,217	)		(270	)		494			(1,270	)		(8,938	)		(2,263	)		(10,624	)
Impairment of due from affiliate			—			—			—			—			20,083			—			20,083
Asset impairments and other			32,549			5,224			—			—			36,878			37,773			61,132
Total operating costs and expenses			168,815			142,316			130,253			131,769			180,311			573,153			514,017
Operating loss			(50,039	)		(22,551	)		(4,394	)		(9,620	)		(70,077	)		(86,604	)		(107,497	)
Other income (expense):
Foreign exchange gain (loss)			(945	)		173			11			(508	)		1,455			(1,269	)		106
Equity in net earnings (losses) of unconsolidated companies			(2,717	)		(468	)		95			(62	)		(3,871	)		(3,152	)		(18,864	)
Interest income and other			690			1,579			1,859			2,470			5,799			6,598			11,294
Loss on debt extinguishment			—			—			—			—			(8,119	)		—			(8,119	)
Interest and other debt costs			(6,282	)		(7,468	)		(7,582	)		(7,736	)		(7,708	)		(29,068	)		(30,439	)
Total other expense			(9,254	)		(6,184	)		(5,617	)		(5,836	)		(12,444	)		(26,891	)		(46,022	)
Loss before income taxes			(59,293	)		(28,735	)		(10,011	)		(15,456	)		(82,521	)		(113,495	)		(153,519	)
Income tax expense			1,281			15,071			5,542			5,830			7,856			27,724			18,252
Net loss	$		(60,574	)		(43,806	)		(15,553	)		(21,286	)		(90,377	)		(141,219	)		(171,771	)
Less: Net income (loss) attributable to noncontrolling interests			(721	)		394			406			445			132			524			(254	)
Net loss attributable to Tidewater Inc.	$		(59,853	)		(44,200	)		(15,959	)		(21,731	)		(90,509	)		(141,743	)		(171,517	)
Basic loss per common share	$		(1.52	)		(1.15	)		(0.42	)		(0.58	)		(2.83	)		(3.71	)		(6.45	)
Diluted loss per common share	$		(1.52	)		(1.15	)		(0.42	)		(0.58	)		(2.83	)		(3.71	)		(6.45	)
Weighted average common shares outstanding (B)			39,504,154			38,537,165			37,570,629			37,178,580			31,974,802			38,204,934			26,589,883
Dilutive effect of stock options and restricted stock			—			—			—			—			—			—			—
Adjusted weighted average common shares			39,504,154			38,537,165			37,570,629			37,178,580			31,974,802			38,204,934			26,589,883

Vessel operating margin	$		30,604			36,554			43,202			37,459			33,560			147,819			127,626

Note (A): Restructuring and merger-related items:
Professional services costs included in general and administrative expenses related to the business combination with GulfMark	$		—			—			—			88			4,465			88			4,553
Integration related costs related to the business combination with GulfMark			2,123			6,293			460			3,651			—			12,527			10,404
Total	$		2,123			6,293			460			3,739			4,465			12,615			14,957
Note (B):
Shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens included in weighted average shares outstanding			—			—			—			—			2,547			—			2,547
Total shares outstanding including warrants
Common shares outstanding																		39,941,327			26,589,883
New Creditor Warrants (strike price $0.001 per common share)																		821,308			2,220,857
GulfMark Creditor Warrants (strike price $0.01 per common share)																		1,165,066			2,189,709
Total																		41,927,701			41,388,846

TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
		December 31,			September 30,			June 30,			March 31,			December 31,
ASSETS		2019			2019			2019			2019			2018
Current assets:
Cash and cash equivalents	$		218,290			359,332			369,549			391,060			371,791
Restricted cash			5,755			3,300			13,614			6,975			25,953
Trade and other receivables, net			110,180			123,133			121,155			112,853			111,266
Due from affiliates			125,972			124,757			121,959			119,049			132,951
Marine operating supplies			21,856			21,303			29,141			29,337			29,505
Assets held for sale			39,287			—			—			—			—
Prepaid expenses and other current assets			15,956			13,116			14,460			14,844			11,836
Total current assets			537,296			644,941			669,878			674,118			683,302
Investments in, at equity, and advances to unconsolidated companies			—			—			658			774			1,039
Net properties and equipment			938,961			1,022,786			1,041,054			1,065,297			1,089,857
Deferred drydocking and survey costs			66,936			49,025			41,029			30,602			22,215
Other assets			36,335			37,269			39,651			38,507			31,326
Total assets	$		1,579,528			1,754,021			1,792,270			1,809,298			1,827,739

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$		27,501			23,672			24,170			29,739			31,939
Accrued costs and expenses			74,000			54,792			56,675			56,025			61,784
Due to affiliates			50,186			41,676			39,060			40,245			34,972
Current portion of long-term debt			9,890			9,689			10,002			9,957			8,568
Other current liabilities			24,100			30,024			24,442			20,115			21,092
Total current liabilities			185,677			159,853			154,349			156,081			158,355
Long-term debt			279,044			419,905			424,911			427,436			430,436
Other liabilities and deferred credits			98,397			96,499			97,471			98,096			94,025

Commitments and contingencies

Equity:
Common stock			40			39			38			37			37
Additional paid-in capital			1,367,521			1,365,872			1,359,842			1,356,436			1,352,388
Accumulated deficit			(352,526	)		(292,673	)		(248,473	)		(232,514	)		(210,783	)
Accumulated other comprehensive income (loss)			(236	)		2,194			2,194			2,194			2,194
Total stockholders’ equity			1,014,799			1,075,432			1,113,601			1,126,153			1,143,836
Noncontrolling interests			1,611			2,332			1,938			1,532			1,087
Total equity			1,016,410			1,077,764			1,115,539			1,127,685			1,144,923
Total liabilities and equity	$		1,579,528			1,754,021			1,792,270			1,809,298			1,827,739

Supplemental Information
Due from related parties, net of due to related parties:
Sonatide (Angola)	$		57,771			64,660			66,690			62,591			79,829
DTDW (Nigeria)			18,015			18,421			16,209			16,213			18,150
Total	$		75,786			83,081			82,899			78,804			97,979

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In thousands)
		Three Months Ended
		December 31,		September 30,		June 30,		March 31,		December 31,
		2019		2019		2019		2019		2018
VESSEL REVENUE BY VESSEL CLASS

Americas fleet:
Deepwater	$		22,883		24,575		26,991		25,214		21,412
Towing-supply			8,639		7,831		7,448		8,576		8,283
Other			1,811		741		760		1,489		2,118
Total	$		33,333		33,147		35,199		35,279		31,813
Middle East/Asia Pacific fleet:
Deepwater	$		16,015		14,960		12,130		10,502		8,705
Towing-supply			10,636		7,805		8,319		9,954		10,959
Other			—		—		—		—		(190	)
Total	$		26,651		22,765		20,449		20,456		19,474
Europe/Mediterranean fleet:
Deepwater	$		28,652		30,608		34,104		27,577		19,876
Towing-supply			528		338		923		981		841
Total	$		29,180		30,946		35,027		28,558		20,717
West Africa fleet:
Deepwater	$		14,066		14,923		14,977		15,949		15,287
Towing-supply			9,981		11,598		14,015		15,184		16,807
Other			3,328		3,794		3,974		4,236		4,429
Total	$		27,375		30,315		32,966		35,369		36,523
Worldwide fleet:
Deepwater	$		81,616		85,066		88,202		79,242		65,278
Towing-supply			29,784		27,572		30,705		34,695		36,890
Other			5,139		4,535		4,734		5,725		6,359
Total	$		116,539		117,173		123,641		119,662		108,527

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2019			2019			2019			2019			2018
AVERAGE NUMBER OF VESSELS:

Americas fleet:
Deepwater		31			32			34			37			35
Towing-supply		17			17			18			27			20
Other		4			5			6			7			7
Total		52			54			58			71			62
Stacked vessels		(15	)		(17	)		(20	)		(32	)		(27	)
Active vessels		37			37			38			39			35
Middle East/Asia Pacific fleet:
Deepwater		27			26			24			24			20
Towing-supply		28			26			26			27			28
Total		55			52			50			51			48
Stacked vessels		(10	)		(11	)		(9	)		(10	)		(11	)
Active vessels		44			41			41			41			37
Europe/Mediterranean fleet:
Deepwater		42			42			44			45			31
Towing-supply		3			3			3			3			4
Total		45			45			47			48			35
Stacked vessels		(15	)		(13	)		(13	)		(14	)		(10	)
Active vessels		30			32			34			34			25
West Africa fleet:
Deepwater		27			29			30			30			28
Towing-supply		19			20			22			31			31
Other		21			21			21			22			23
Total		67			70			73			83			82
Stacked vessels		(22	)		(22	)		(23	)		(29	)		(29	)
Active vessels		45			48			50			54			53
Worldwide fleet:
Deepwater		126			129			132			136			114
Towing-supply		68			66			69			88			83
Other		25			26			27			29			30
Total		219			221			228			253			227
Stacked vessels		(62	)

News Details

Tidewater Reports Results for the Three and Twelve -Months Ended December 31, 2019