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Tidewater Reports Results for the Three and Six Months Ended June 30, 2021

08/09/2021

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2021 of $90.0 million and $173.5 million, respectively, compared with $102.3 million and $218.7 million, respectively, for the three and six months ended June 30, 2020. Tidewater's net losses for the three and six months ended June 30, 2021, were $29.5 million ($0.72 per common share) and $64.8 million ($1.59 per common share), respectively, compared with $110.6 million ($2.74 per common share) and $129.1 million ($3.21 per common share) for the three and six months ended June 30, 2020. Included in the net losses for the three and six months ended June 30, 2021 were severance expenses of $0.8 and $0.9 million, respectively; and a credit loss impairment credit of $1.0 million for both periods. Excluding these items, we would have reported a net loss for the three and six months ended June 30, 2021 of $29.7 million ($0.73 per common share) and $64.9 million ($1.59 per common share), respectively. Included in the net losses for the three and six months ended June 30, 2020 were $111.5 million and $121.8 million, respectively, in long-lived asset impairments, affiliate credit losses, affiliate guarantee obligations, and one-time severance expenses. Excluding these costs, we would have reported net income for the three months ended June 30, 2020 of $0.9 million ($0.02 per common share) and a net loss for the six months ended June 30, 2020 of $7.3 million (or $0.18 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Revenue, active vessels, average day rate, active utilization, and operating margin were all up on a consolidated basis in the second quarter. Individual geographic segments were mixed, but the overall trend and our outlook are constructive as we proceed through the remainder of the year. We continued our track record of generating meaningful free cash flow during the second quarter of 2021. During the second quarter, we generated $26.0 million of free cash flow, and over the trailing 12 months we have generated $84.0 million. The scalable shore base infrastructure we built over the past few years is helping us drive reliable and increasing free cash flow generation, as demonstrated by the substantial incremental operating income margins in the quarter.

“During the second quarter of 2021, revenue improved 7.7% sequentially, driven primarily by vessels reactivated in response to the increase in activity in the Europe and Mediterranean and West Africa regions. During the second quarter, we reactivated seven vessels, bringing the total number of vessel reactivations to 12 during the first six months of 2021.

“At the end of the second quarter, we had $135.2 million of principal outstanding on our senior secured notes, which are scheduled to mature in August 2022, along with $151.4 million of cash on the balance sheet. We continue to monitor the debt capital markets for the optimal timing of a potential refinance of all or a portion of these notes, as early repayment of this debt carries a significant pre-payment penalty. During the quarter, we decreased our net debt position by $21.1 million, ending the second quarter with $4.5 million of net debt on the balance sheet. We remain dedicated to our objective of meaningful free cash flow generation though the maturity of these notes and thereafter.

“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 second quarter we disposed of seven vessels and other assets for $18.6 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.

“Lastly, we continue to monitor the COVID-19 Delta variant. Similar to the steps we took in 2020 to protect our employees and our cash generation capability, we will take appropriate steps to continue to safeguard our employees and optimize our business as these later phases of the pandemic unfold. We have not seen a significant impact to our operations due to the Delta variant, although we were originally anticipating the additional costs of the pandemic to wane throughout 2021 and we now anticipate those costs to continue at the same level for the next few quarters. The new phase of the pandemic, however, doesn’t seem to be limiting broader market inertia and, in fact, we continue to see activity increase in most geographic regions.”

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

Common Shares Outstanding

 

 

41,000,575

 

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

 

 

639,354

 

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

 

 

669,601

 

Total

 

 

42,309,530

 

Tidewater will hold a conference call to discuss results for the three months ending June 30, 2021 on August 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 August 10, 2021 and will continue until 11:59 p.m. Central Time on September 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 generation 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

 

Six Months Ended

 

 

June 30,

 

June 30,

 

June 30,

 

June 30,

 

 

2021

 

2020

 

2021

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

$

88,514

 

$

100,975

 

$

169,507

 

$

212,949

 

Other operating revenues

 

1,439

 

 

1,369

 

 

3,950

 

 

5,763

 

Total revenues

 

89,953

 

 

102,344

 

 

173,457

 

 

218,712

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

64,263

 

 

64,774

 

 

125,283

 

 

143,599

 

Costs of other operating revenues

 

581

 

 

171

 

 

1,648

 

 

2,844

 

General and administrative

 

16,787

 

 

17,597

 

 

32,830

 

 

39,017

 

Depreciation and amortization

 

28,549

 

 

28,144

 

 

58,276

 

 

55,251

 

Long-lived asset impairments and other

 

 

 

55,482

 

 

 

 

65,689

 

Affiliate credit loss impairment expense (credit)

 

(1,000

)

 

53,581

 

 

(1,000

)

 

53,581

 

Affiliate guarantee obligation

 

 

 

2,000

 

 

 

 

2,000

 

(Gain) loss on asset dispositions, net

 

932

 

 

(1,660

)

 

2,880

 

 

(6,991

)

 

 

110,112

 

 

220,089

 

 

219,917

 

 

354,990

 

Operating loss

 

(20,159

)

 

(117,745

)

 

(46,460

)

 

(136,278

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

422

 

 

(2,076

)

 

(428

)

 

(1,212

)

Equity in net earnings (losses) of unconsolidated companies

 

52

 

 

 

 

(1,797

)

 

 

Dividend income from unconsolidated company

 

 

 

17,150

 

 

 

 

17,150

 

Interest income and other, net

 

8

 

 

696

 

 

31

 

 

812

 

Interest and other debt costs, net

 

(3,944

)

 

(5,959

)

 

(8,485

)

 

(12,101

)

Total other expense

 

(3,462

)

 

9,811

 

 

(10,679

)

 

4,649

 

Loss before income taxes

 

(23,621

)

 

(107,934

)

 

(57,139

)

 

(131,629

)

Income tax (benefit) expense

 

6,026

 

 

2,730

 

 

8,035

 

 

(2,441

)

Net loss

$

(29,647

)

$

(110,664

)

$

(65,174

)

$

(129,188

)

Less: Net loss attributable to noncontrolling interests

 

(185

)

 

(41

)

 

(397

)

 

(120

)

Net loss attributable to Tidewater Inc.

$

(29,462

)

$

(110,623

)

$

(64,777

)

$

(129,068

)

Basic loss per common share

$

(0.72

)

$

(2.74

)

$

(1.59

)

$

(3.21

)

Diluted loss per common share

$

(0.72

)

$

(2.74

)

$

(1.59

)

$

(3.21

)

Weighted average common shares outstanding

 

40,899

 

 

40,306

 

 

40,808

 

 

40,203

 

Adjusted weighted average common shares

 

40,899

 

 

40,306

 

 

40,808

 

 

40,203

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

 

 

 

June 30,

 

 

December 31,

 

ASSETS

 

2021

 

 

2020

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

131,157

 

 

$

149,933

 

Restricted cash

 

 

20,284

 

 

 

2,079

 

Trade and other receivables, less allowance for credit losses of $2,099 and $1,516 at June 30, 2021 and December 31, 2020, respectively

 

 

90,229

 

 

 

112,623

 

Due from affiliates, less allowance for credit losses of $70,695 and $71,800 at June 30, 2021 and December 31, 2020, respectively

 

 

64,922

 

 

 

62,050

 

Marine operating supplies

 

 

15,404

 

 

 

15,876

 

Assets held for sale

 

 

17,214

 

 

 

34,396

 

Prepaid expenses and other current assets

 

 

15,953

 

 

 

11,692

 

Total current assets

 

 

355,163

 

 

 

388,649

 

Net properties and equipment

 

 

731,659

 

 

 

780,318

 

Deferred drydocking and survey costs

 

 

40,372

 

 

 

56,468

 

Other assets

 

 

24,539

 

 

 

25,742

 

Total assets

 

$

1,151,733

 

 

$

1,251,177

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

16,189

 

 

$

16,981

 

Accrued expenses

 

 

50,532

 

 

 

52,422

 

Due to affiliates

 

 

59,759

 

 

 

53,194

 

Current portion of long-term debt

 

 

7,355

 

 

 

27,797

 

Other current liabilities

 

 

28,825

 

 

 

32,785

 

Total current liabilities

 

 

162,660

 

 

 

183,179

 

Long-term debt

 

 

148,612

 

 

 

164,934

 

Other liabilities and deferred credits

 

 

80,723

 

 

 

79,792

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock

 

 

41

 

 

 

41

 

Additional paid-in-capital

 

 

1,373,727

 

 

 

1,371,809

 

Accumulated deficit

 

 

(613,708

)

 

 

(548,931

)

Accumulated other comprehensive loss

 

 

(1,082

)

 

 

(804

)

Total stockholder's equity

 

 

758,978

 

 

 

822,115

 

Noncontrolling interests

 

 

760

 

 

 

1,157

 

Total equity

 

 

759,738

 

 

 

823,272

 

Total liabilities and equity

 

$

1,151,733

 

 

$

1,251,177

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(29,647

)

 

$

(110,664

)

 

$

(65,174

)

 

$

(129,188

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(207

)

 

 

448

 

 

 

(278

)

 

 

817

 

Total comprehensive loss

 

$

(29,854

)

 

$

(110,216

)

 

$

(65,452

)

 

$

(128,371

)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

 

Six Months

 

 

Six Months

 

 

 

Ended

 

 

Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(65,174

)

 

$

(129,188

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

36,694

 

 

 

34,271

 

Amortization of deferred drydocking and survey costs

 

 

21,582

 

 

 

20,980

 

Amortization of debt premiums and discounts

 

 

1,986

 

 

 

1,357

 

Provision for deferred income taxes

 

 

648

 

 

 

206

 

(Gain) loss on asset dispositions, net

 

 

2,880

 

 

 

(6,991

)

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

 

 

 

 

 

65,689

 

Stock-based compensation expense

 

 

2,676

 

 

 

2,736

 

Changes in operating assets and liabilities, net:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

22,394

 

 

 

(4,991

)

Changes in due to/from affiliates, net

 

 

4,693

 

 

 

3,242

 

Accounts payable

 

 

(792

)

 

 

(10,390

)

Accrued expenses

 

 

(2,074

)

 

 

(13,007

)

Deferred drydocking and survey costs

 

 

(6,771

)

 

 

(28,964

)

Other, net

 

 

(7,234

)

 

 

(3,354

)

Net cash provided by (used in) operating activities

 

 

10,567

 

 

 

(12,823

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from asset dispositions

 

 

29,560

 

 

 

20,906

 

Additions to properties and equipment

 

 

(1,861

)

 

 

(4,075

)

Net cash provided by investing activities

 

 

27,699

 

 

 

16,831

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Principal payments on long-term debt

 

 

(37,901

)

 

 

(4,742

)

Debt modification costs

 

 

(855

)

 

 

(612

)

Debt extinguishment premium

 

 

(59

)

 

 

 

Tax on share-based awards

 

 

(758

)

 

 

 

Net cash used in financing activities

 

 

(39,573

)

 

 

(5,354

)

Net change in cash, cash equivalents and restricted cash

 

 

(1,307

)

 

 

(1,346

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

155,225

 

 

 

227,608

 

Cash, cash equivalents and restricted cash at end of period

 

$

153,918

 

 

$

226,262

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

 

7,028

 

 

 

10,734

 

Income taxes

 

 

6,609

 

 

 

6,461

 

Note (A):  Cash, cash equivalents and restricted cash at June 30, 2021 includes $2.5 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

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 March 31, 2021

 

$

41

 

 

 

1,372,846

 

 

 

(584,246

)

 

 

(875

)

 

 

945

 

 

 

788,711

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(29,462

)

 

 

(207

)

 

 

(185

)

 

 

(29,854

)

Amortization of share-based awards

 

 

 

 

 

881

 

 

 

 

 

 

 

 

 

 

 

 

881

 

Balance at June 30, 2021

 

$

41

 

 

 

1,373,727

 

 

 

(613,708

)

 

 

(1,082

)

 

 

760

 

 

 

759,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2020

 

$

40

 

 

 

1,368,325

 

 

 

(371,134

)

 

 

133

 

 

 

1,532

 

 

 

998,896

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

(110,623

)

 

 

448

 

 

 

(41

)

 

 

(110,216

)

Amortization of share-based awards

 

 

 

 

 

1,320

 

 

 

 

 

 

 

 

 

 

 

 

1,320

 

Balance at June 30, 2020

 

$

40

 

 

 

1,369,645

 

 

 

(481,757

)

 

 

581

 

 

 

1,491

 

 

 

890,000

 

 

 

Six 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

 

 

 

 

 

 

 

 

(64,777

)

 

 

(278

)

 

 

(397

)

 

 

(65,452

)

Amortization of share-based awards

 

 

 

 

 

1,918

 

 

 

 

 

 

 

 

 

 

 

 

1,918

 

Balance at June 30, 2021

 

$

41

 

 

 

1,373,727

 

 

 

(613,708

)

 

 

(1,082

)

 

 

760

 

 

 

759,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

$

40

 

 

 

1,367,521

 

 

 

(352,526

)

 

 

(236

)

 

 

1,611

 

 

 

1,016,410

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

(129,068

)

 

 

817

 

 

 

(120

)

 

 

(128,371

)

Adoption of credit loss accounting standard

 

 

 

 

 

 

 

 

(163

)

 

 

 

 

 

 

 

 

(163

)

Amortization of share-based awards

 

 

 

 

 

2,124

 

 

 

 

 

 

 

 

 

 

 

 

2,124

 

Balance at June 30, 2020

 

$

40

 

 

 

1,369,645

 

 

 

(481,757

)

 

 

581

 

 

 

1,491

 

 

 

890,000

 

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

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

(In thousands)

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

23,481

 

 

 

27

%

 

$

34,044

 

 

 

34

%

 

$

49,705

 

 

 

29

%

 

$

65,903

 

 

 

31

%

Middle East/Asia Pacific

 

 

25,628

 

 

 

29

%

 

 

23,983

 

 

 

24

%

 

 

50,042

 

 

 

30

%

 

 

48,811

 

 

 

23

%

Europe/Mediterranean

 

 

22,467

 

 

 

25

%

 

 

20,620

 

 

 

20

%

 

 

37,216

 

 

 

22

%

 

 

50,111

 

 

 

24

%

West Africa

 

 

16,938

 

 

 

19

%

 

 

22,328

 

 

 

22

%

 

 

32,544

 

 

 

19

%

 

 

48,124

 

 

 

23

%

Total vessel revenues

 

$

88,514

 

 

 

100

%

 

$

100,975

 

 

 

100

%

 

$

169,507

 

 

 

100

%

 

$

212,949

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

37,685

 

 

 

43

%

 

$

38,691

 

 

 

38

%

 

$

72,847

 

 

 

43

%

 

$

83,178

 

 

 

39

%

Repair and maintenance

 

 

9,534

 

 

 

11

%

 

 

6,656

 

 

 

7

%

 

 

18,971

 

 

 

11

%

 

 

17,254

 

 

 

8

%

Insurance

 

 

(137

)

 

 

(0

)%

 

 

2,010

 

 

 

2

%

 

 

486

 

 

 

1

%

 

 

3,795

 

 

 

2

%

Fuel, lube and supplies

 

 

6,541

 

 

 

7

%

 

 

6,383

 

 

 

6

%

 

 

12,401

 

 

 

7

%

 

 

16,135

 

 

 

8

%

Other

 

 

10,640

 

 

 

12

%

 

 

11,034

 

 

 

11

%

 

 

20,578

 

 

 

12

%

 

 

23,237

 

 

 

11

%

Total vessel operating costs

 

 

64,263

 

 

 

73

%

 

 

64,774

 

 

 

64

%

 

 

125,283

 

 

 

74

%

 

 

143,599

 

 

 

67

%

Vessel operating margin (A)

 

$

24,251

 

 

 

27

%

 

$

36,201

 

 

 

36

%

 

$

44,224

 

 

 

26

%

 

$

69,350

 

 

 

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

(In thousands)

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

(4,940

)

 

 

(5

)%

 

$

4,505

 

 

 

4

%

 

$

(6,591

)

 

 

(4

)%

 

$

3,341

 

 

 

2

%

Middle East/Asia Pacific

 

 

266

 

 

 

0

%

 

 

599

 

 

 

1

%

 

 

(1,587

)

 

 

(1

)%

 

 

(257

)

 

 

(0

)%

Europe/Mediterranean

 

 

(1,986

)

 

 

(2

)%

 

 

(1,750

)

 

 

(2

)%

 

 

(10,007

)

 

 

(6

)%

 

 

(203

)

 

 

(0

)%

West Africa

 

 

(5,355

)

 

 

(6

)%

 

 

(3,984

)

 

 

(4

)%

 

 

(12,122

)

 

 

(7

)%

 

 

(8,847

)

 

 

(4

)%

Other operating profit

 

 

858

 

 

 

1

%

 

 

1,198

 

 

 

1

%

 

 

2,302

 

 

 

1

%

 

 

2,919

 

 

 

1

%

 

 

 

(11,157

)

 

 

(12

)%

 

 

568

 

 

 

1

%

 

 

(28,005

)

 

 

(16

)%

 

 

(3,047

)

 

 

(1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(9,070

)

 

 

(10

)%

 

 

(8,910

)

 

 

(9

)%

 

 

(16,575

)

 

 

(10

)%

 

 

(18,952

)

 

 

(9

)%

Gain (loss) on asset dispositions, net

 

 

(932

)

 

 

(1

)%

 

 

1,660

 

 

 

2

%

 

 

(2,880

)

 

 

(2

)%

 

 

6,991

 

 

 

3

%

Affiliate credit loss impairment (expense) credit

 

 

1,000

 

 

 

1

%

 

 

(53,581

)

 

 

(52

)%

 

 

1,000

 

 

 

1

%

 

 

(53,581

)

 

 

(24

)%

Affiliate guarantee obligation

 

 

 

 

 

0

%

 

 

(2,000

)

 

 

(2

)%

 

 

 

 

 

0

%

 

 

(2,000

)

 

 

(1

)%

Long-lived asset impairments and other

 

 

 

 

 

0

%

 

 

(55,482

)

 

 

(54

)%

 

 

 

 

 

0

%

 

 

(65,689

)

 

 

(30

)%

Operating loss

 

$

(20,159

)

 

 

(22

)%

 

$

(117,745

)

 

 

(115

)%

 

$

(46,460

)

 

 

(27

)%

 

$

(136,278

)

 

 

(62

)%

Note (A):  General and administrative expenses for the three and six months ended June 30, 2021 include stock-based compensation of $1.5 million and $2.7 million, respectively. General and administrative expenses for the three and six months ended June 30, 2020 include stock-based compensation of $1.4 million and $2.7 million, respectively. In addition, vessel operating and general and administrative costs for the three and six months ended June 30, 2021, include $0.8 million and $0.9 million in one-time restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and six months ended June 30, 2020, include $0.4 million and $0.6 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

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

88,514

 

 

 

80,993

 

 

 

87,830

 

 

 

85,395

 

 

 

100,975

 

Other operating revenues

 

 

1,439

 

 

 

2,511

 

 

 

4,029

 

 

 

1,072

 

 

 

1,369

 

Total revenues

 

 

89,953

 

 

 

83,504

 

 

 

91,859

 

 

 

86,467

 

 

 

102,344

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

64,263

 

 

 

61,020

 

 

 

63,397

 

 

 

61,784

 

 

 

64,774

 

Costs of other operating revenue

 

 

581

 

 

 

1,067

 

 

 

342

 

 

 

219

 

 

 

171

 

General and administrative (A)

 

 

16,787

 

 

 

16,043

 

 

 

16,992

 

 

 

17,438

 

 

 

17,597

 

Depreciation and amortization

 

 

28,549

 

 

 

29,727

 

 

 

30,681

 

 

 

30,777

 

 

 

28,144

 

Long-lived asset impairments and other

 

 

 

 

 

 

 

 

6,475

 

 

 

1,945

 

 

 

55,482

 

Affiliate credit loss impairment expense (credit)

 

 

(1,000

)

 

 

 

 

 

(600

)

 

 

 

 

 

53,581

 

Affiliate guarantee obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,000

 

(Gain) loss on asset dispositions, net

 

 

932

 

 

 

1,948

 

 

 

(80

)

 

 

(520

)

 

 

(1,660

)

Total operating costs and expenses

 

 

110,112

 

 

 

109,805

 

 

 

117,207

 

 

 

111,643

 

 

 

220,089

 

Operating loss

 

 

(20,159

)

 

 

(26,301

)

 

 

(25,348

)

 

 

(25,176

)

 

 

(117,745

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

422

 

 

 

(850

)

 

 

(2,880

)

 

 

(1,153

)

 

 

(2,076

)

Equity in net earnings (losses) of unconsolidated companies

 

 

52

 

 

 

(1,849

)

 

 

164

 

 

 

 

 

 

 

Dividend income from unconsolidated company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,150

 

Interest income and other, net

 

 

8

 

 

 

23

 

 

 

144

 

 

 

272

 

 

 

696

 

Interest and other debt costs, net

 

 

(3,944

)

 

 

(4,541

)

 

 

(5,984

)

 

 

(6,071

)

 

 

(5,959

)

Total other expense

 

 

(3,462

)

 

 

(7,217

)

 

 

(8,556

)

 

 

(6,952

)

 

 

9,811

 

Loss before income taxes

 

 

(23,621

)

 

 

(33,518

)

 

 

(33,904

)

 

 

(32,128

)

 

 

(107,934

)

Income tax (benefit) expense

 

 

6,026

 

 

 

2,009

 

 

 

(4,477

)

 

 

5,953

 

 

 

2,730

 

Net loss

 

 

(29,647

)

 

 

(35,527

)

 

 

(29,427

)

 

 

(38,081

)

 

 

(110,664

)

Net loss attributable to noncontrolling interests

 

 

(185

)

 

 

(212

)

 

 

(180

)

 

 

(154

)

 

 

(41

)

Net loss attributable to Tidewater Inc.

 

$

(29,462

)

 

 

(35,315

)

 

 

(29,247

)

 

 

(37,927

)

 

 

(110,623

)

Basic loss per common share

 

(0.72

)

 

 

(0.87

)

 

 

(0.72

)

 

 

(0.94

)

 

 

(2.74

)

Diluted loss per common share

 

(0.72

)

 

 

(0.87

)

 

 

(0.72

)

 

 

(0.94

)

 

 

(2.74

)

Weighted average common shares outstanding

 

 

40,899

 

 

 

40,716

 

 

 

40,604

 

 

 

40,405

 

 

 

40,306

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

40,899

 

 

 

40,716

 

 

 

40,604

 

 

 

40,405

 

 

 

40,306

 

Vessel operating margin

 

$

24,251

 

 

 

19,973

 

 

 

24,433

 

 

 

23,611

 

 

 

36,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

795

 

 

 

103

 

 

 

291

 

 

 

641

 

 

 

446

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

ASSETS

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

131,157

 

 

 

131,858

 

 

 

149,933

 

 

 

192,243

 

 

 

203,119

 

Restricted cash

 

 

20,284

 

 

 

9,061

 

 

 

2,079

 

 

 

26,401

 

 

 

19,880

 

Trade and other receivables, net

 

 

90,229

 

 

 

99,865

 

 

 

112,623

 

 

 

100,583

 

 

 

115,008

 

Due from affiliate, net

 

 

64,922

 

 

 

62,474

 

 

 

62,050

 

 

 

65,692

 

 

 

65,766

 

Marine operating supplies

 

 

15,404

 

 

 

15,676

 

 

 

15,876

 

 

 

17,808

 

 

 

20,580

 

Assets held for sale

 

 

17,214

 

 

 

31,214

 

 

 

34,396

 

 

 

19,163

 

 

 

29,064

 

Prepaid expenses and other current assets

 

 

15,953

 

 

 

13,594

 

 

 

11,692

 

 

 

18,925

 

 

 

20,350

 

Total current assets

 

 

355,163

 

 

 

363,742

 

 

 

388,649

 

 

 

440,815

 

 

 

473,767

 

Net properties and equipment

 

 

731,659

 

 

 

754,707

 

 

 

780,318

 

 

 

820,876

 

 

 

839,912

 

Deferred drydocking and survey costs

 

 

40,372

 

 

 

46,648

 

 

 

56,468

 

 

 

63,975

 

 

 

74,585

 

Other assets

 

 

24,539

 

 

 

23,833

 

 

 

25,742

 

 

 

25,108

 

 

 

27,411

 

Total assets

 

$

1,151,733

 

 

 

1,188,930

 

 

 

1,251,177

 

 

$

1,350,774

 

 

$

1,415,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

16,189

 

 

 

14,622

 

 

 

16,981

 

 

 

12,953

 

 

 

17,111

 

Accrued expenses

 

 

50,532

 

 

 

48,466

 

 

 

52,422

 

 

 

55,811

 

 

 

60,993

 

Due to affiliates

 

 

59,759

 

 

 

56,356

 

 

 

53,194

 

 

 

53,355

 

 

 

48,803

 

Current portion of long-term debt

 

 

7,355

 

 

 

18,201

 

 

 

27,797

 

 

 

9,576

 

 

 

9,437

 

Other current liabilities

 

 

28,825

 

 

 

35,003

 

 

 

32,785

 

 

 

31,599

 

 

 

25,815

 

Total current liabilities

 

 

162,660

 

 

 

172,648

 

 

 

183,179

 

 

 

163,294

 

 

 

162,159

 

Long-term debt

 

 

148,612

 

 

 

148,337

 

 

 

164,934

 

 

 

246,179

 

 

 

273,215

 

Other liabilities and deferred credits

 

 

80,723

 

 

 

79,234

 

 

 

79,792

 

 

 

87,724

 

 

 

90,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

41

 

 

 

41

 

 

 

41

 

 

 

40

 

 

 

40

 

Additional paid-in-capital

 

 

1,373,727

 

 

 

1,372,846

 

 

 

1,371,809

 

 

 

1,370,778

 

 

 

1,369,645

 

Accumulated deficit

 

 

(613,708

)

 

 

(584,246

)

 

 

(548,931

)

 

 

(519,684

)

 

 

(481,757

)

Accumulated other comprehensive income (loss)

 

 

(1,082

)

 

 

(875

)

 

 

(804

)

 

 

1,106

 

 

 

581

 

Total stockholder's equity

 

 

758,978

 

 

 

787,766

 

 

 

822,115

 

 

 

852,240

 

 

 

888,509

 

Noncontrolling interests

 

 

760

 

 

 

945

 

 

 

1,157

 

 

 

1,337

 

 

 

1,491

 

Total equity

 

 

759,738

 

 

 

788,711

 

 

 

823,272

 

 

 

853,577

 

 

 

890,000

 

Total liabilities and equity

 

$

1,151,733

 

 

 

1,188,930

 

 

 

1,251,177

 

 

 

1,350,774

 

 

 

1,415,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonatide (Angola)

 

$

5,163

 

 

 

6,118

 

 

 

8,856

 

 

 

12,337

 

 

 

16,963

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

17,796

 

 

 

19,876

 

 

 

25,706

 

 

 

22,836

 

 

 

27,858

 

Towing-supply

 

 

4,535

 

 

 

4,817

 

 

 

4,603

 

 

 

4,119

 

 

 

4,455

 

Other

 

 

1,150

 

 

 

1,531

 

 

 

1,759

 

 

 

1,750

 

 

 

1,731

 

Total

 

 

23,481

 

 

 

26,224

 

 

 

32,068

 

 

 

28,705

 

 

 

34,044

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

17,264

 

 

 

15,931

 

 

 

16,822

 

 

 

13,819

 

 

 

14,195

 

Towing-supply

 

 

8,364

 

 

 

8,483

 

 

 

8,220

 

 

 

9,461

 

 

 

9,788

 

Total

 

 

25,628

 

 

 

24,414

 

 

 

25,042

 

 

 

23,280

 

 

 

23,983

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

22,293

 

 

 

14,588

 

 

 

15,621

 

 

 

17,578

 

 

 

20,476

 

Towing-supply

 

 

11

 

 

 

 

 

 

 

 

 

(13

)

 

 

 

Other

 

 

163

 

 

 

161

 

 

 

154

 

 

 

151

 

 

 

144

 

Total

 

 

22,467

 

 

 

14,749

 

 

 

15,775

 

 

 

17,716

 

 

 

20,620

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

8,814

 

 

 

7,909

 

 

 

6,237

 

 

 

4,905

 

 

 

8,748

 

Towing-supply

 

 

5,564

 

 

 

4,879

 

 

 

5,202

 

 

 

7,711

 

 

 

11,029

 

Other

 

 

2,560

 

 

 

2,818

 

 

 

3,506

 

 

 

3,078

 

 

 

2,552

 

Total

 

$

16,938

 

 

 

15,606

 

 

 

14,945

 

 

 

15,694

 

 

 

22,329

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

66,167

 

 

 

58,304

 

 

 

64,386

 

 

 

59,137

 

 

 

71,277

 

Towing-supply

 

 

18,474

 

 

 

18,179

 

 

 

18,025

 

 

 

21,278

 

 

 

25,271

 

Other

 

 

3,873

 

 

 

4,510

 

 

 

5,419

 

 

 

4,980

 

 

 

4,427

 

Total

 

$

88,514

 

 

 

80,993

 

 

 

87,830

 

 

 

85,395

 

 

 

100,975

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

27

 

 

 

29

 

 

 

32

 

 

 

32

 

 

 

32

 

Towing-supply

 

 

8

 

 

 

8

 

 

 

10

 

 

 

12

 

 

 

15

 

Other

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

Total

 

 

38

 

 

 

40

 

 

 

45

 

 

 

47

 

 

 

50

 

Stacked vessels

 

 

(13

)

 

 

(12

)

 

 

(15

)

 

 

(17

)

 

 

(17

)

Active vessels

 

 

25

 

 

 

28

 

 

 

30

 

 

 

30

 

 

 

33

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

20

 

 

 

21

 

 

 

21

 

 

 

22

 

 

 

26

 

Towing-supply

 

 

18

 

 

 

20

 

 

 

22

 

 

 

23

 

 

 

26

 

Total

 

 

38

 

 

 

41

 

 

 

43

 

 

 

45

 

 

 

52

 

Stacked vessels

 

 

(1

)

 

 

(3

)

 

 

(3

)

 

 

(4

)

 

 

(9

)

Active vessels

 

 

37

 

 

 

38

 

 

 

40

 

 

 

41

 

 

 

43

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

29

 

 

 

31

 

 

 

31

 

 

 

32

 

 

 

36

 

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Total

 

 

29

 

 

 

31

 

 

 

31

 

 

 

32

 

 

 

37

 

Stacked vessels

 

 

(8

)

 

 

(14

)

 

 

(16

)

 

 

(17

)

 

 

(17

)

Active vessels

 

 

21

 

 

 

17

 

 

 

15

 

 

 

15

 

 

 

20

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

20

 

 

 

20

 

 

 

20

 

 

 

25

 

 

 

26

 

Towing-supply

 

 

11

 

 

 

12

 

 

 

13

 

 

 

17

 

 

 

18

 

Other

 

 

26

 

 

 

26

 

 

 

23

 

 

 

16

 

 

 

19

 

Total

 

 

57

 

 

 

58

 

 

 

56

 

 

 

58

 

 

 

63

 

Stacked vessels

 

 

(22

)

 

 

(25

)

 

 

(26

)

 

 

(31

)

 

 

(21

)

Active vessels

 

 

35

 

 

 

33

 

 

 

30

 

 

 

27

 

 

 

42

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

96

 

 

 

101

 

 

 

104

 

 

 

111

 

 

 

120

 

Towing-supply

 

 

37

 

 

 

40

 

 

 

45

 

 

 

52

 

 

 

60

 

Other

 

 

29

 

 

 

29

 

 

 

26

 

 

 

19

 

 

 

22

 

Total

 

 

162

 

 

 

170

 

 

 

175

 

 

 

182

 

 

 

202

 

Stacked vessels

 

 

(44

)

 

 

(54

)

 

 

(60

)

 

 

(69

)

 

 

(64

)

Active vessels

 

 

118

 

 

 

116

 

 

 

115

 

 

 

113

 

 

 

138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

118

 

 

 

116

 

 

 

115

 

 

 

113

 

 

 

138

 

Total stacked

 

 

44

 

 

 

54

 

 

 

60

 

 

 

69

 

 

 

64

 

Total joint venture and other vessels

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

Total

 

 

165

 

 

 

173

 

 

 

178

 

 

 

185

 

 

 

205

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,497

 

 

 

2,627

 

 

 

2,944

 

 

 

2,996

 

 

 

2,940

 

Towing-supply

 

 

728

 

 

 

720

 

 

 

898

 

 

 

1,098

 

 

 

1,329

 

Other

 

 

273

 

 

 

270

 

 

 

276

 

 

 

276

 

 

 

273

 

Total

 

 

3,498

 

 

 

3,617

 

 

 

4,118

 

 

 

4,370

 

 

 

4,542

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,820

 

 

 

1,863

 

 

 

1,932

 

 

 

2,025

 

 

 

2,411

 

Towing-supply

 

 

1,667

 

 

 

1,822

 

 

 

2,032

 

 

 

2,118

 

 

 

2,342

 

Total

 

 

3,487

 

 

 

3,685

 

 

 

3,964

 

 

 

4,143

 

 

 

4,753

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,672

 

 

 

2,756

 

 

 

2,852

 

 

 

2,916

 

 

 

3,256

 

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

24

 

 

 

91

 

Total

 

 

2,672

 

 

 

2,756

 

 

 

2,852

 

 

 

2,940

 

 

 

3,347

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,853

 

 

 

1,827

 

 

 

1,840

 

 

 

2,269

 

 

 

2,366

 

Towing-supply

 

 

1,001

 

 

 

1,084

 

 

 

1,196

 

 

 

1,588

 

 

 

1,654

 

Other

 

 

2,366

 

 

 

2,340

 

 

 

2,095

 

 

 

1,469

 

 

 

1,698

 

Total

 

 

5,220

 

 

 

5,251

 

 

 

5,131

 

 

 

5,326

 

 

 

5,718

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

8,842

 

 

 

9,073

 

 

 

9,568

 

 

 

10,206

 

 

 

10,973

 

Towing-supply

 

 

3,396

 

 

 

3,626

 

 

 

4,126

 

 

 

4,828

 

 

 

5,416

 

Other

 

 

2,639

 

 

 

2,610

 

 

 

2,371

 

 

 

1,745

 

 

 

1,971

 

Total

 

 

14,877

 

 

 

15,309

 

 

 

16,065

 

 

 

16,779

 

 

 

18,360

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

OUT-OF-SERVICE - STACKED DAYS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

889

 

 

 

923

 

 

 

1,105

 

 

 

1,134

 

 

 

863

 

Towing-supply

 

 

91

 

 

 

90

 

 

 

189

 

 

 

362

 

 

 

601

 

Other

 

 

182

 

 

 

90

 

 

 

92

 

 

 

92

 

 

 

91

 

Total

 

 

1,162

 

 

 

1,103

 

 

 

1,386

 

 

 

1,588

 

 

 

1,555

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

91

 

 

 

90

 

 

 

92

 

 

 

185

 

 

 

500

 

Towing-supply

 

 

29

&nb