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Tidewater Reports Results for the Three and Nine Months Ended September 30, 2021

11/09/2021

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2021 of $92.4 million and $265.9 million, respectively, compared with $86.5 million and $305.2 million, respectively, for the three and nine months ended September 30, 2020. Tidewater's net losses for the three and nine months ended September 30, 2021, were $26.3 million ($0.64 per common share) and $91.0 million ($2.22 per common share), respectively, compared with $37.9 million ($0.94 per common share) and $167.0 million ($4.15 per common share) for the three and nine months ended September 30, 2020. Included in the net losses for the three and nine months ended September 30, 2021 were long-lived asset impairments, affiliate credit loss credit, and severance expenses of $2.3 and $2.1 million, respectively. Excluding these items, we would have reported a net loss for the three and nine months ended September 30, 2021 of $24.0 million ($0.58 per common share) and $88.9 million ($2.17 per common share), respectively. Included in the net losses for the three and nine months ended September 30, 2020 were $2.6 million and $124.4 million, respectively, in long-lived asset impairments, affiliate credit losses, affiliate guarantee obligations, and severance expenses. Excluding these costs, we would have reported 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 (or $1.06 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “We recently marked an important achievement with the upcoming refinancing of our senior secured notes that were due in August of 2022 with the new senior secured $175.0 million notes that mature in November of 2026. The refinancing is scheduled to close next week, and we anticipate closing on a new $25.0 million revolving credit facility and the establishment of a $30.0 million “At-the-Market” equity issuance facility shortly thereafter. The 2026 notes provide substantially increased flexibility to grow the business. The refinancing transaction was set up to be cash flow neutral, so upon closing we expect to have approximately $150.0 million of cash on hand. The new revolving credit and ATM facilities will be available to provide additional cash as needed, but we do not foresee the need to utilize these facilities in the near term due to our significant current cash position.

“The successful refinancing of the 2022 senior notes is a sign of the progress Tidewater has made over the past four years to streamline the cost structure, high-grade the fleet, generate meaningful free cash flow, and position the business to prosper as the broader industry recovery unfolds. The 2026 notes and the new revolving credit and ATM facilities will provide us with the liquidity and flexibility to take advantage of opportunities in the legacy hydrocarbon business and position us to participate in the rapidly evolving offshore renewables business.

“From an operational perspective, the business continued to show signs of improvement during the third quarter as we move towards a more robust 2022. Revenue, active vessels and utilization continued to trend up, although day rate did see a modest reduction primarily due to geographic mix. During the third quarter, we generated $4.1 million of free cash flow, even after the reinvestment of $11.1 million in drydock and vessel reactivation costs during the quarter. We remain committed to generating sustainable free cash flow, and over the trailing 12 months we generated $58.3 million in free cash flow. The total number of vessels reactivated in 2021 is now up to 15.

“During the third quarter of 2021, revenue improved 2.7% sequentially, driven primarily by the full effect of vessels being reactivated throughout the year in response to the increase in activity, particularly in the West Africa and Americas regions. We continue to see improving demand fundamentals globally, and during the third quarter we executed a five-year agreement for 17 vessels in West Africa with a major customer.

“Our ongoing fleet development program includes the sale or responsible recycling of vessels that are deemed uneconomic or which otherwise do not meet our future strategic goals, and during the third quarter we disposed of six vessels and other assets for $4.4 million. We expect both the sale and recycling of vessels to taper off in the next 12 months as we work through the 14 vessels remaining in assets held for sale.

“Our confidence in 2022 is growing as certain geographic regions and certain vessel classes have tightened such that we’ve seen material price increases, some in-excess of 50%, as the available supply of easy-to-reactivate vessels has been largely consumed by increased demand. This degree of tightness in supply is not yet pervasive in all regions or vessel classes, but we see it as indicative of improving fundamentals and a reflection of fewer available vessels than readily observable metrics would otherwise suggest. Our growing confidence is further underpinned by increased tendering activity for work that was delayed during the pandemic and by new projects scheduled for 2022, particularly in West Africa, the Middle East, and the Americas regions. We are also encouraged by the pricing discipline our competitors are exhibiting as tendering activity continues to build.”

In addition to the number of outstanding shares, as of September 30, 2021, the company also has the following in-the-money warrants.

Common Shares Outstanding

 

 

41,277,377

 

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

 

 

635,663

 

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

 

 

565,155

 

Total

 

 

42,478,195

 

Tidewater will hold a conference call to discuss results for the three months ending September 30, 2021 on November 10, 2021, 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 10, 2021 and will continue until 11:59 p.m. Central Time on December 10, 2021. 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 one of the largest fleets of offshore support vessels in the industry, with more than 65 years of experience supporting offshore energy exploration, production and offshore wind 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

(Unaudited)

(In thousands, except per share data)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30, 2021

 

 

September 30, 2020

 

 

September 30, 2021

 

 

September 30, 2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

$

91,634

 

 

$

85,395

 

 

$

261,141

 

 

$

298,344

 

Other operating revenues

 

767

 

 

 

1,072

 

 

 

4,717

 

 

 

6,835

 

Total revenues

 

92,401

 

 

 

86,467

 

 

 

265,858

 

 

 

305,179

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

65,344

 

 

 

61,784

 

 

 

190,627

 

 

 

205,383

 

Costs of other operating revenues

 

355

 

 

 

219

 

 

 

2,003

 

 

 

3,063

 

General and administrative

 

18,045

 

 

 

17,438

 

 

 

50,875

 

 

 

56,455

 

Depreciation and amortization

 

27,980

 

 

 

30,777

 

 

 

86,256

 

 

 

86,028

 

Long-lived asset impairments and other

 

2,167

 

 

 

1,945

 

 

 

2,167

 

 

 

67,634

 

Affiliate credit loss impairment expense (credit)

 

 

 

 

 

 

 

(1,000

)

 

 

53,581

 

Affiliate guarantee obligation

 

 

 

 

 

 

 

 

 

 

2,000

 

(Gain) loss on asset dispositions, net

 

74

 

 

 

(520

)

 

 

2,954

 

 

 

(7,511

)

 

 

113,965

 

 

 

111,643

 

 

 

333,882

 

 

 

466,633

 

Operating loss

 

(21,564

)

 

 

(25,176

)

 

 

(68,024

)

 

 

(161,454

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange loss

 

(523

)

 

 

(1,153

)

 

 

(951

)

 

 

(2,365

)

Equity in net earnings (losses) of unconsolidated companies

 

100

 

 

 

 

 

 

(1,697

)

 

 

 

Dividend income from unconsolidated company

 

 

 

 

 

 

 

 

 

 

17,150

 

Interest income and other, net

 

148

 

 

 

272

 

 

 

179

 

 

 

1,084

 

Interest and other debt costs, net

 

(3,681

)

 

 

(6,071

)

 

 

(12,166

)

 

 

(18,172

)

Total other expense

 

(3,956

)

 

 

(6,952

)

 

 

(14,635

)

 

 

(2,303

)

Loss before income taxes

 

(25,520

)

 

 

(32,128

)

 

 

(82,659

)

 

 

(163,757

)

Income tax expense

 

887

 

 

 

5,953

 

 

 

8,922

 

 

 

3,512

 

Net loss

$

(26,407

)

 

$

(38,081

)

 

$

(91,581

)

 

$

(167,269

)

Less: Net loss attributable to noncontrolling interests

 

(149

)

 

 

(154

)

 

 

(546

)

 

 

(274

)

Net loss attributable to Tidewater Inc.

$

(26,258

)

 

$

(37,927

)

 

$

(91,035

)

 

$

(166,995

)

Basic loss per common share

$

(0.64

)

 

$

(0.94

)

 

$

(2.22

)

 

$

(4.15

)

Diluted loss per common share

$

(0.64

)

 

$

(0.94

)

 

$

(2.22

)

 

$

(4.15

)

Weighted average common shares outstanding

 

41,132

 

 

 

40,405

 

 

 

40,918

 

 

 

40,271

 

Adjusted weighted average common shares

 

41,132

 

 

 

40,405

 

 

 

40,918

 

 

 

40,271

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)

 

 

 

September 30, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

127,414

 

 

$

149,933

 

Restricted cash

 

 

24,092

 

 

 

2,079

 

Trade and other receivables, less allowance for credit losses of $2,134 and $1,516 at September 30, 2021 and December 31, 2020, respectively

 

 

86,015

 

 

 

112,623

 

Due from affiliates, less allowance for credit losses of $70,638 and $71,800 at September 30, 2021 and December 31, 2020, respectively

 

 

68,217

 

 

 

62,050

 

Marine operating supplies

 

 

13,335

 

 

 

15,876

 

Assets held for sale

 

 

17,891

 

 

 

34,396

 

Prepaid expenses and other current assets

 

 

13,129

 

 

 

11,692

 

Total current assets

 

 

350,093

 

 

 

388,649

 

Net properties and equipment

 

 

709,324

 

 

 

780,318

 

Deferred drydocking and survey costs

 

 

40,510

 

 

 

56,468

 

Other assets

 

 

23,146

 

 

 

25,742

 

Total assets

 

$

1,123,073

 

 

$

1,251,177

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

18,042

 

 

$

16,981

 

Accrued expenses

 

 

52,133

 

 

 

52,422

 

Due to affiliates

 

 

59,571

 

 

 

53,194

 

Current portion of long-term debt

 

 

140,995

 

 

 

27,797

 

Other current liabilities

 

 

29,139

 

 

 

32,785

 

Total current liabilities

 

 

299,880

 

 

 

183,179

 

Long-term debt

 

 

14,139

 

 

 

164,934

 

Other liabilities and deferred credits

 

 

74,442

 

 

 

79,792

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock

 

 

41

 

 

 

41

 

Additional paid-in-capital

 

 

1,375,215

 

 

 

1,371,809

 

Accumulated deficit

 

 

(639,966

)

 

 

(548,931

)

Accumulated other comprehensive loss

 

 

(1,289

)

 

 

(804

)

Total stockholder's equity

 

 

734,001

 

 

 

822,115

 

Noncontrolling interests

 

 

611

 

 

 

1,157

 

Total equity

 

 

734,612

 

 

 

823,272

 

Total liabilities and equity

 

$

1,123,073

 

 

$

1,251,177

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2021

 

 

September 30, 2020

 

 

September 30, 2021

 

 

September 30, 2020

 

Net loss

 

$

(26,407

)

 

$

(38,081

)

 

$

(91,581

)

 

$

(167,269

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in pension plan and supplemental pension plan liability, net of tax of $0, $0.2 million, $0 and $0.4 million, respectively

 

 

(207

)

 

 

525

 

 

 

(485

)

 

 

1,342

 

Total comprehensive loss

 

$

(26,614

)

 

$

(37,556

)

 

$

(92,066

)

 

$

(165,927

)

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

 

Nine Months

 

 

Nine Months

 

 

 

Ended

 

 

Ended

 

 

 

September 30, 2021

 

 

September 30, 2020

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(91,581

)

 

$

(167,269

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

54,605

 

 

 

53,614

 

Amortization of deferred drydocking and survey costs

 

 

31,651

 

 

 

32,414

 

Amortization of debt premiums and discounts

 

 

2,662

 

 

 

2,418

 

Provision for deferred income taxes

 

 

167

 

 

 

107

 

(Gain) loss on asset dispositions, net

 

 

2,954

 

 

 

(7,511

)

Loss on debt extinguishment

 

 

59

 

 

 

 

Affiliate credit loss impairment expense (credit)

 

 

(1,000

)

 

 

53,581

 

Affiliate guarantee obligation

 

 

 

 

 

2,000

 

Long-lived asset impairments and other

 

 

2,167

 

 

 

67,634

 

Stock-based compensation expense

 

 

4,199

 

 

 

3,959

 

Changes in operating assets and liabilities, net:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

26,608

 

 

 

9,434

 

Changes in due to/from affiliates, net

 

 

1,210

 

 

 

9,852

 

Accounts payable

 

 

1,061

 

 

 

(14,548

)

Accrued expenses

 

 

(473

)

 

 

(18,189

)

Deferred drydocking and survey costs

 

 

(17,388

)

 

 

(29,499

)

Other, net

 

 

(8,833

)

 

 

3,809

 

Net cash provided by operating activities

 

 

8,068

 

 

 

1,806

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from asset dispositions

 

 

33,956

 

 

 

31,498

 

Additions to properties and equipment

 

 

(2,583

)

 

 

(4,682

)

Net cash provided by investing activities

 

 

31,373

 

 

 

26,816

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Principal payments on long-term debt

 

 

(39,259

)

 

 

(33,520

)

Debt modification costs

 

 

(855

)

 

 

 

Debt extinguishment premium

 

 

(59

)

 

 

 

Tax on share-based awards

 

 

(793

)

 

 

(702

)

Net cash used in financing activities

 

 

(40,966

)

 

 

(34,222

)

Net change in cash, cash equivalents and restricted cash

 

 

(1,525

)

 

 

(5,600

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

155,225

 

 

 

227,608

 

Cash, cash equivalents and restricted cash at end of period

 

$

153,700

 

 

$

222,008

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

 

10,083

 

 

 

16,169

 

Income taxes

 

 

14,735

 

 

 

9,940

 

Note: Cash, cash equivalents and restricted cash at September 30, 2021 includes $2.2 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(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, 2021

 

$

41

 

 

 

1,373,727

 

 

 

(613,708

)

 

 

(1,082

)

 

 

760

 

 

 

759,738

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(26,258

)

 

 

(207

)

 

 

(149

)

 

 

(26,614

)

Amortization of share-based awards

 

 

 

 

 

1,488

 

 

 

 

 

 

 

 

 

 

 

 

1,488

 

Balance at September 30, 2021

 

$

41

 

 

 

1,375,215

 

 

 

(639,966

)

 

 

(1,289

)

 

 

611

 

 

 

734,612

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2020

 

$

40

 

 

 

1,369,645

 

 

 

(481,757

)

 

 

581

 

 

 

1,491

 

 

 

890,000

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

(37,927

)

 

 

525

 

 

 

(154

)

 

 

(37,556

)

Amortization of share-based awards

 

 

 

 

 

1,133

 

 

 

 

 

 

 

 

 

 

 

 

1,133

 

Balance at September 30, 2020

 

$

40

 

 

 

1,370,778

 

 

 

(519,684

)

 

 

1,106

 

 

 

1,337

 

 

 

853,577

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

deficit

 

 

income (loss)

 

 

interest

 

 

Total

 

Balance at December 31, 2020

 

$

41

 

 

 

1,371,809

 

 

 

(548,931

)

 

 

(804

)

 

 

1,157

 

 

 

823,272

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(91,035

)

 

 

(485

)

 

 

(546

)

 

 

(92,066

)

Amortization of share-based awards

 

 

 

 

 

3,406

 

 

 

 

 

 

 

 

 

 

 

 

3,406

 

Balance at September 30, 2021

 

$

41

 

 

 

1,375,215

 

 

 

(639,966

)

 

 

(1,289

)

 

 

611

 

 

 

734,612

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

$

40

 

 

 

1,367,521

 

 

 

(352,526

)

 

 

(236

)

 

 

1,611

 

 

 

1,016,410

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

(166,995

)

 

 

1,342

 

 

 

(274

)

 

 

(165,927

)

Adoption of credit loss accounting standard

 

 

 

 

 

 

 

 

(163

)

 

 

 

 

 

 

 

 

(163

)

Amortization of share-based awards

 

 

 

 

 

3,257

 

 

 

 

 

 

 

 

 

 

 

 

3,257

 

Balance at September 30, 2020

 

$

40

 

 

 

1,370,778

 

 

 

(519,684

)

 

 

1,106

 

 

 

1,337

 

 

 

853,577

 

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

 

(In thousands, except for percentages)

 

September 30, 2021

 

 

September 30, 2020

 

 

September 30, 2021

 

 

September 30, 2020

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

24,564

 

 

 

27

%

 

$

28,705

 

 

 

34

%

 

$

74,269

 

 

 

29

%

 

$

94,608

 

 

 

32

%

Middle East/Asia Pacific

 

 

25,633

 

 

 

28

%

 

 

23,280

 

 

 

27

%

 

 

75,675

 

 

 

29

%

 

 

72,091

 

 

 

24

%

Europe/Mediterranean

 

 

21,197

 

 

 

23

%

 

 

17,716

 

 

 

21

%

 

 

58,413

 

 

 

22

%

 

 

67,827

 

 

 

23

%

West Africa

 

 

20,240

 

 

 

22

%

 

 

15,694

 

 

 

18

%

 

 

52,784

 

 

 

20

%

 

 

63,818

 

 

 

21

%

Total vessel revenues

 

$

91,634

 

 

 

100

%

 

$

85,395

 

 

 

100

%

 

$

261,141

 

 

 

100

%

 

$

298,344

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

35,609

 

 

 

39

%

 

$

36,686

 

 

 

43

%

 

$

108,456

 

 

 

42

%

 

$

119,864

 

 

 

40

%

Repair and maintenance

 

 

10,497

 

 

 

11

%

 

 

5,932

 

 

 

7

%

 

 

29,468

 

 

 

11

%

 

 

23,186

 

 

 

8

%

Insurance

 

 

812

 

 

 

1

%

 

 

1,953

 

 

 

2

%

 

 

1,298

 

 

 

1

%

 

 

5,748

 

 

 

2

%

Fuel, lube and supplies

 

 

6,751

 

 

 

7

%

 

 

6,757

 

 

 

8

%

 

 

19,152

 

 

 

7

%

 

 

22,892

 

 

 

8

%

Other

 

 

11,675

 

 

 

13

%

 

 

10,456

 

 

 

12

%

 

 

32,253

 

 

 

12

%

 

 

33,693

 

 

 

11

%

Total vessel operating costs

 

 

65,344

 

 

 

71

%

 

 

61,784

 

 

 

72

%

 

 

190,627

 

 

 

73

%

 

 

205,383

 

 

 

69

%

Vessel operating margin (A)

 

$

26,290

 

 

 

29

%

 

$

23,611

 

 

 

28

%

 

$

70,514

 

 

 

27

%

 

$

92,961

 

 

 

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:

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands, except for percentages)

 

September 30, 2021

 

 

September 30, 2020

 

 

September 30, 2021

 

 

September 30, 2020

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

(1,770

)

 

 

(2

)%

 

$

107

 

 

 

0

%

 

$

(8,361

)

 

 

(3

)%

 

$

3,448

 

 

 

1

%

Middle East/Asia Pacific

 

 

(713

)

 

 

(1

)%

 

 

(2,222

)

 

 

(3

)%

 

 

(2,300

)

 

 

(1

)%

 

 

(2,479

)

 

 

(1

)%

Europe/Mediterranean

 

 

(2,866

)

 

 

(3

)%

 

 

(3,883

)

 

 

(4

)%

 

 

(12,873

)

 

 

(5

)%

 

 

(4,086

)

 

 

(1

)%

West Africa

 

 

(3,724

)

 

 

(4

)%

 

 

(10,168

)

 

 

(12

)%

 

 

(15,846

)

 

 

(6

)%

 

 

(19,015

)

 

 

(6

)%

Other operating profit

 

 

412

 

 

 

0

%

 

 

853

 

 

 

1

%

 

 

2,714

 

 

 

1

%

 

 

3,772

 

 

 

1

%

 

 

 

(8,661

)

 

 

(9

)%

 

 

(15,313

)

 

 

(18

)%

 

 

(36,666

)

 

 

(14

)%

 

 

(18,360

)

 

 

(6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(10,662

)

 

 

(12

)%

 

 

(8,438

)

 

 

(10

)%

 

 

(27,237

)

 

 

(10

)%

 

 

(27,390

)

 

 

(9

)%

Gain (loss) on asset dispositions, net

 

 

(74

)

 

 

(0

)%

 

 

520

 

 

 

1

%

 

 

(2,954

)

 

 

(1

)%

 

 

7,511

 

 

 

2

%

Affiliate credit loss impairment (expense) credit

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

1,000

 

 

 

0

%

 

 

(53,581

)

 

 

(18

)%

Affiliate guarantee obligation

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

(2,000

)

 

 

(1

)%

Long-lived asset impairments and other

 

 

(2,167

)

 

 

(2

)%

 

 

(1,945

)

 

 

(2

)%

 

 

(2,167

)

 

 

(1

)%

 

 

(67,634

)

 

 

(22

)%

Operating loss

 

$

(21,564

)

 

 

(23

)%

 

$

(25,176

)

 

 

(29

)%

 

$

(68,024

)

 

 

(26

)%

 

$

(161,454

)

 

 

(53

)%

Note (A): General and administrative expenses for the three and nine months ended September 30, 2021 include stock-based compensation of $1.5 million and $4.2 million, respectively. 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. In addition, vessel operating and general and administrative costs for the three and nine months ended September 30, 2021, include $0.1 million and $1.0 million in one-time restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and nine months ended September 30, 2020, include $0.6 million and $1.2 million in one-time restructuring and integration related costs, respectively.

 

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,

 

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

91,634

 

 

 

88,514

 

 

 

80,993

 

 

 

87,830

 

 

 

85,395

 

Other operating revenues

 

 

767

 

 

 

1,439

 

 

 

2,511

 

 

 

4,029

 

 

 

1,072

 

Total revenues

 

 

92,401

 

 

 

89,953

 

 

 

83,504

 

 

 

91,859

 

 

 

86,467

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

65,344

 

 

 

64,263

 

 

 

61,020

 

 

 

63,397

 

 

 

61,784

 

Costs of other operating revenue

 

 

355

 

 

 

581

 

 

 

1,067

 

 

 

342

 

 

 

219

 

General and administrative (A)

 

 

18,045

 

 

 

16,787

 

 

 

16,043

 

 

 

16,992

 

 

 

17,438

 

Depreciation and amortization

 

 

27,980

 

 

 

28,549

 

 

 

29,727

 

 

 

30,681

 

 

 

30,777

 

Long-lived asset impairments and other

 

 

2,167

 

 

 

 

 

 

 

 

 

6,475

 

 

 

1,945

 

Affiliate credit loss impairment credit

 

 

 

 

 

(1,000

)

 

 

 

 

 

(600

)

 

 

 

(Gain) loss on asset dispositions, net

 

 

74

 

 

 

932

 

 

 

1,948

 

 

 

(80

)

 

 

(520

)

Total operating costs and expenses

 

 

113,965

 

 

 

110,112

 

 

 

109,805

 

 

 

117,207

 

 

 

111,643

 

Operating loss

 

 

(21,564

)

 

 

(20,159

)

 

 

(26,301

)

 

 

(25,348

)

 

 

(25,176

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(523

)

 

 

422

 

 

 

(850

)

 

 

(2,880

)

 

 

(1,153

)

Equity in net earnings (losses) of unconsolidated companies

 

 

100

 

 

 

52

 

 

 

(1,849

)

 

 

164

 

 

 

 

Interest income and other, net

 

 

148

 

 

 

8

 

 

 

23

 

 

 

144

 

 

 

272

 

Interest and other debt costs, net

 

 

(3,681

)

 

 

(3,944

)

 

 

(4,541

)

 

 

(5,984

)

 

 

(6,071

)

Total other expense

 

 

(3,956

)

 

 

(3,462

)

 

 

(7,217

)

 

 

(8,556

)

 

 

(6,952

)

Loss before income taxes

 

 

(25,520

)

 

 

(23,621

)

 

 

(33,518

)

 

 

(33,904

)

 

 

(32,128

)

Income tax (benefit) expense

 

 

887

 

 

 

6,026

 

 

 

2,009

 

 

 

(4,477

)

 

 

5,953

 

Net loss

 

 

(26,407

)

 

 

(29,647

)

 

 

(35,527

)

 

 

(29,427

)

 

 

(38,081

)

Net loss attributable to noncontrolling interests

 

 

(149

)

 

 

(185

)

 

 

(212

)

 

 

(180

)

 

 

(154

)

Net loss attributable to Tidewater Inc.

 

$

(26,258

)

 

 

(29,462

)

 

 

(35,315

)

 

 

(29,247

)

 

 

(37,927

)

Basic loss per common share

 

$

(0.64

)

 

 

(0.72

)

 

 

(0.87

)

 

 

(0.72

)

 

 

(0.94

)

Diluted loss per common share

 

$

(0.64

)

 

 

(0.72

)

 

 

(0.87

)

 

 

(0.72

)

 

 

(0.94

)

Weighted average common shares outstanding

 

 

41,132

 

 

 

40,899

 

 

 

40,716

 

 

 

40,604

 

 

 

40,405

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

41,132

 

 

 

40,899

 

 

 

40,716

 

 

 

40,604

 

 

 

40,405

 

Vessel operating margin

 

$

26,290

 

 

 

24,251

 

 

 

19,973

 

 

 

24,433

 

 

 

23,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note (A) One-time restructuring and integration related costs

 

$

112

 

 

 

795

 

 

 

103

 

 

 

291

 

 

 

641

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

127,414

 

 

 

131,157

 

 

 

131,858

 

 

 

149,933

 

 

 

192,243

 

Restricted cash

 

 

24,092

 

 

 

20,284

 

 

 

9,061

 

 

 

2,079

 

 

 

26,401

 

Trade and other receivables, net

 

 

86,015

 

 

 

90,229

 

 

 

99,865

 

 

 

112,623

 

 

 

100,583

 

Due from affiliate, net

 

 

68,217

 

 

 

64,922

 

 

 

62,474

 

 

 

62,050

 

 

 

65,692

 

Marine operating supplies

 

 

13,335

 

 

 

15,404

 

 

 

15,676

 

 

 

15,876

 

 

 

17,808

 

Assets held for sale

 

 

17,891

 

 

 

17,214

 

 

 

31,214

 

 

 

34,396

 

 

 

19,163

 

Prepaid expenses and other current assets

 

 

13,129

 

 

 

15,953

 

 

 

13,594

 

 

 

11,692

 

 

 

18,925

 

Total current assets

 

 

350,093

 

 

 

355,163

 

 

 

363,742

 

 

 

388,649

 

 

 

440,815

 

Net properties and equipment

 

 

709,324

 

 

 

731,659

 

 

 

754,707

 

 

 

780,318

 

 

 

820,876

 

Deferred drydocking and survey costs

 

 

40,510

 

 

 

40,372

 

 

 

46,648

 

 

 

56,468

 

 

 

63,975

 

Other assets

 

 

23,146

 

 

 

24,539

 

 

 

23,833

 

 

 

25,742

 

 

 

25,108

 

Total assets

 

$

1,123,073

 

 

 

1,151,733

 

 

 

1,188,930

 

 

$

1,251,177

 

 

$

1,350,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

18,042

 

 

 

16,189

 

 

 

14,622

 

 

 

16,981

 

 

 

12,953

 

Accrued expenses

 

 

52,133

 

 

 

50,532

 

 

 

48,466

 

 

 

52,422

 

 

 

55,811

 

Due to affiliates

 

 

59,571

 

 

 

59,759

 

 

 

56,356

 

 

 

53,194

 

 

 

53,355

 

Current portion of long-term debt

 

 

140,995

 

 

 

7,355

 

 

 

18,201

 

 

 

27,797

 

 

 

9,576

 

Other current liabilities

 

 

29,139

 

 

 

28,825

 

 

 

35,003

 

 

 

32,785

 

 

 

31,599

 

Total current liabilities

 

 

299,880

 

 

 

162,660

 

 

 

172,648

 

 

 

183,179

 

 

 

163,294

 

Long-term debt

 

 

14,139

 

 

 

148,612

 

 

 

148,337

 

 

 

164,934

 

 

 

246,179

 

Other liabilities and deferred credits

 

 

74,442

 

 

 

80,723

 

 

 

79,234

 

 

 

79,792

 

 

 

87,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

41

 

 

 

41

 

 

 

41

 

 

 

41

 

 

 

40

 

Additional paid-in-capital

 

 

1,375,215

 

 

 

1,373,727

 

 

 

1,372,846

 

 

 

1,371,809

 

 

 

1,370,778

 

Accumulated deficit

 

 

(639,966

)

 

 

(613,708

)

 

 

(584,246

)

 

 

(548,931

)

 

 

(519,684

)

Accumulated other comprehensive income (loss)

 

 

(1,289

)

 

 

(1,082

)

 

 

(875

)

 

 

(804

)

 

 

1,106

 

Total stockholder's equity

 

 

734,001

 

 

 

758,978

 

 

 

787,766

 

 

 

822,115

 

 

 

852,240

 

Noncontrolling interests

 

 

611

 

 

 

760

 

 

 

945

 

 

 

1,157

 

 

 

1,337

 

Total equity

 

 

734,612

 

 

 

759,738

 

 

 

788,711

 

 

 

823,272

 

 

 

853,577

 

Total liabilities and equity

 

$

1,123,073

 

 

 

1,151,733

 

 

 

1,188,930

 

 

 

1,251,177

 

 

 

1,350,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonatide (Angola)

 

$

8,646

 

 

 

5,163

 

 

 

6,118

 

 

 

8,856

 

 

 

12,337

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

18,961

 

 

 

17,796

 

 

 

19,876

 

 

 

25,706

 

 

 

22,836

 

Towing-supply

 

 

4,440

 

 

 

4,535

 

 

 

4,817

 

 

 

4,603

 

 

 

4,119

 

Other

 

 

1,163

 

 

 

1,150

 

 

 

1,531

 

 

 

1,759

 

 

 

1,750

 

Total

 

 

24,564

 

 

 

23,481

 

 

 

26,224

 

 

 

32,068

 

 

 

28,705

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

17,292

 

 

 

17,264

 

 

 

15,931

 

 

 

16,822

 

 

 

13,819

 

Towing-supply

 

 

8,341

 

 

 

8,364

 

 

 

8,483

 

 

 

8,220

 

 

 

9,461

 

Total

 

 

25,633

 

 

 

25,628

 

 

 

24,414

 

 

 

25,042

 

 

 

23,280

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

21,037

 

 

 

22,293

 

 

 

14,588

 

 

 

15,621

 

 

 

17,578

 

Towing-supply

 

 

 

 

 

11

 

 

 

 

 

 

 

 

 

(13

)

Other

 

 

160

 

 

 

163

 

 

 

161

 

 

 

154

 

 

 

151

 

Total

 

 

21,197

 

 

 

22,467

 

 

 

14,749

 

 

 

15,775

 

 

 

17,716

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

10,967

 

 

 

8,814

 

 

 

7,909

 

 

 

6,237

 

 

 

4,905

 

Towing-supply

 

 

5,474

 

 

 

5,564

 

 

 

4,879

 

 

 

5,202

 

 

 

7,711

 

Other

 

 

3,799

 

 

 

2,560

 

 

 

2,818

 

 

 

3,506

 

 

 

3,078

 

Total

 

$

20,240

 

 

 

16,938

 

 

 

15,606

 

 

 

14,945

 

 

 

15,694

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

68,257

 

 

 

66,167

 

 

 

58,304

 

 

 

64,386

 

 

 

59,138

 

Towing-supply

 

 

18,255

 

 

 

18,474

 

 

 

18,179

 

 

 

18,025

 

 

 

21,278

 

Other

 

 

5,122

 

 

 

3,873

 

 

 

4,510

 

 

 

5,419

 

 

 

4,979

 

Total

 

$

91,634

 

 

 

88,514

 

 

 

80,993

 

 

 

87,830

 

 

 

85,395

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

25

 

 

 

27

 

 

 

29

 

 

 

32

 

 

 

32

 

Towing-supply

 

 

8

 

 

 

8

 

 

 

8

 

 

 

10

 

 

 

12

 

Other

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

Total

 

 

36

 

 

 

38

 

 

 

40

 

 

 

45

 

 

 

47

 

Stacked vessels

 

 

(11

)

 

 

(13

)

 

 

(12

)

 

 

(15

)

 

 

(17

)

Active vessels

 

 

25

 

 

 

25

 

 

 

28

 

 

 

30

 

 

 

30

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

20

 

 

 

20

 

 

 

21

 

 

 

21

 

 

 

22

 

Towing-supply

 

 

18

 

 

 

18

 

 

 

20

 

 

 

22

 

 

 

23

 

Total

 

 

38

 

 

 

38

 

 

 

41

 

 

 

43

 

 

 

45

 

Stacked vessels

 

 

(1

)

 

 

(1

)

 

 

(3

)

 

 

(3

)

 

 

(4

)

Active vessels

 

 

37

 

 

 

37

 

 

 

38

 

 

 

40

 

 

 

41

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

28

 

 

 

29

 

 

 

31

 

 

 

31

 

 

 

32

 

Total

 

 

28

 

 

 

29

 

 

 

31

 

 

 

31

 

 

 

32

 

Stacked vessels

 

 

(7

)

 

 

(8

)

 

 

(14

)

 

 

(16

)

 

 

(17

)

Active vessels

 

 

21

 

 

 

21

 

 

 

17

 

 

 

15

 

 

 

15

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

19

 

 

 

20

 

 

 

20

 

 

 

20

 

 

 

25

 

Towing-supply

 

 

11

 

 

 

11

 

 

 

12

 

 

 

13

 

 

 

17

 

Other

 

 

25

 

 

 

26

 

 

 

26

 

 

 

23

 

 

 

16

 

Total

 

 

55

 

 

 

57

 

 

 

58

 

 

 

56

 

 

 

58

 

Stacked vessels

 

 

(19

)

 

 

(22

)

 

 

(25

)

 

 

(26

)

 

 

(31

)

Active vessels

 

 

36

 

 

 

35

 

 

 

33

 

 

 

30

 

 

 

27

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

92

 

 

 

96

 

 

 

101

 

 

 

104

 

 

 

111

 

Towing-supply

 

 

37

 

 

 

37

 

 

 

40

 

 

 

45

 

 

 

52

 

Other

 

 

28

 

 

 

29

 

 

 

29

 

 

 

26

 

 

 

19

 

Total

 

 

157

 

 

 

162

 

 

 

170

 

 

 

175

 

 

 

182

 

Stacked vessels

 

 

(38

)

 

 

(44

)

 

 

(54

)

 

 

(60

)

 

 

(69

)

Active vessels

 

 

119

 

 

 

118

 

 

 

116

 

 

 

115

 

 

 

113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

119

 

 

 

118

 

 

 

116

 

 

 

115

 

 

 

113

 

Total stacked

 

 

38

 

 

 

44

 

 

 

54

 

 

 

60

 

 

 

69

 

Total joint venture and other vessels

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

Total

 

 

160

 

 

 

165

 

 

 

173

 

 

 

178

 

 

 

185

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,300

 

 

 

2,497

 

 

 

2,627

 

 

 

2,944

 

 

 

2,996

 

Towing-supply

 

 

736

 

 

 

728

 

 

 

720

 

 

 

898

 

 

 

1,098

 

Other

 

 

244

 

 

 

273

 

 

 

270

 

 

 

276

 

 

 

276

 

Total

 

 

3,280

 

 

 

3,498

 

 

 

3,617

 

 

 

4,118

 

 

 

4,370

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,840

 

 

 

1,820

 

 

 

1,863

 

 

 

1,932

 

 

 

2,025

 

Towing-supply

 

 

1,656

 

 

 

1,667

 

 

 

1,822

 

 

 

2,032

 

 

 

2,118

 

Total

 

 

3,496

 

 

 

3,487

 

 

 

3,685

 

 

 

3,964

 

 

 

4,143

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,612

 

 

 

2,672

 

 

 

2,756

 

 

 

2,852

 

 

 

2,916

 

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

 

Total

 

 

2,612

 

 

 

2,672

 

 

 

2,756

 

 

 

2,852

 

 

 

2,940

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,718

 

 

 

1,853

 

 

 

1,827

 

 

 

1,840

 

 

 

2,269

 

Towing-supply

 

 

1,011

 

 

 

1,001

 

 

 

1,084

 

 

 

1,196

 

 

 

1,588

 

Other

 

 

2,328

 

 

 

2,366

 

 

 

2,340

 

 

 

2,095

 

 

 

1,469

 

Total

 

 

5,057

 

 

 

5,220

 

 

 

5,251

 

 

 

5,131

 

 

 

5,326

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

8,470

 

 

 

8,842

 

 

 

9,073

 

 

 

9,568

 

 

 

10,206

 

Towing-supply

 

 

3,403

 

 

 

3,396

 

 

 

3,626

 

 

 

4,126

 

 

 

4,828

 

Other

 

 

2,572

 

 

 

2,639

 

 

 

2,610

 

 

 

2,371

 

 

 

1,745

 

Total

 

 

14,445

 

 

 

14,877

 

 

 

15,309

 

 

 

16,065

 

 

 

16,779

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

OUT-OF-SERVICE - STACKED DAYS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

814

 

 

 

889

 

 

 

923

 

 

 

1,105

 

 

 

1,134

 

Towing-supply

 

 

92

 

 

 

91

 

 

 

90

 

 

 

189

 

 

 

362

 

Other

 

 

152

 

 

 

182

 

 

 

90

 

 

 

92

 

 

 

92

 

Total

 

 

1,058

 

 

 

1,162

 

 

 

1,103

 

 

 

1,386

 

 

 

1,588

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

92

 

 

 

91

 

 

 

90

 

 

 

92

 

 

 

185

 

Towing-supply

 

 

 

 

 

29

 

 

 

180

 

 

 

177

 

 

 

186

 

Total

 

 

92

 

 

 

120

 

 

 

270

 

 

 

269

 

 

 

371

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

641

 

 

 

766

 

 

 

1,238

 

 

 

1,448

 

 

 

1,522

 

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

 

Total

 

 

641

 

 

 

766

 

 

 

1,238

 

 

 

1,448

 

 

 

1,546

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

537

 

 

 

852

 

 

 

1,104

 

 

 

1,288

 

 

 

1,809

 

Towing-supply

 

 

551

 

 

 

516

 

 

 

544

 

 

 

644

 

 

 

882

 

Other

 

 

655

 

 

 

637

 

 

 

599

 

 

 

417

 

 

 

181

 

Total

 

 

1,743

 

 

 

2,005

 

 

 

2,247

 

 

 

2,349

 

 

 

2,872

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,084

 

 

 

2,598

 

 

 

3,355

 

 

 

3,933

 

 

 

4,650

 

Towing-supply

 

 

643

 

 

 

636

 

 

 

814

 

 

 

1,010

 

 

 

1,454

 

Other

 

 

807

 

 

 

819

 

 

 

689

 

 

 

509

 

 

 

273

 

Total

 

 

3,534

 

 

 

4,053

 

 

 

4,858

 

 

 

5,452

 

 

 

6,377

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

AVAILABLE DAYS - ACTIVE FLEET: