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Tidewater Reports Results for the Three and Twelve Months Ending December 31, 2020

03/04/2021

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ending December 31, 2020, of $91.9 million and $397.0 million, respectively compared with $118.8 million and $486.5 million, respectively, for the three and twelve months ending December 31, 2019. Tidewater's net losses for the three and twelve months ending December 31, 2020, were $29.2 million ($0.72 per share) and $196.2 million ($4.86 per share), respectively, compared with $59.9 million ($1.52 per share) and $141.7 million ($3.71 per share), respectively, for the three and twelve months ending December 31, 2019. Included in the net losses for the three and twelve months ending December 31, 2020 were impairment charges related to assets held for sale, affiliate credit losses, affiliate guaranteed obligation, inventory obsolescence and general and administrative severance expenses totaling $6.2 million and $130.6 million, respectively. Excluding these costs, we would have reported a net loss for the three months ending December 31, 2020 of $23.1 million ($0.57 per common share) and a net loss for the twelve months ending December 31, 2020 of $65.6 million ($1.63 per common share). Excluding long-lived asset impairments and one-time expenses, net losses for the three and twelve months ending December 31, 2019 were $25.2 million (or $0.64 per common share) and $91.4 million (or $2.39) per common share), respectively.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “I am pleased to report that we again generated free cash flow in the latest quarter and that we generated $52.7 million of free cash flow for the calendar year. Achieving these results during a considerably challenging year was due to the ability of our offshore and onshore team to quickly and skillfully adjust to the changing market.

“The offshore supply vessel market continues to evolve, and the ability of Tidewater to continue to transform itself is key to delivering top value to our shareholders. In addition to adapting to the market changes mentioned previously, Tidewater’s digital transformation has been underway since the 2018 merger. We were featured in a press release by global satellite provider Inmarsat last month regarding the completion of our high bandwidth vessel connectivity. This connectivity allows us to expand our in-house suite of tablet-based applications directly to the vessel, which will enable us to provide comprehensive real-time vessel system monitoring as well as administrative efficiencies.

“The other transformation we are embracing is how our business contributes to a lower carbon future. Shipping is a hard to abate industry, and although the hydrocarbon fuels utilized by our working vessels are provided by our customers, our ability to contribute to a lower carbon future by working with our customers to reduce carbon emissions through operational efficiencies enabled by the utilization of the technology platform referenced previously, and by working with our customers on the adoption of currently available hybrid battery and other environmentally friendly technologies are two pathways to contributing immediately to the environment.

“While we remained focused on capital expenditure and working capital management, we continued our commitment to improving the operational and environmental efficiency of our fleet through investments this past quarter in communications, hybrid battery technologies and strategic vessel acquisitions. A key element of our strategy going forward is the reduction of emissions through technology and operational efficiency. Our vessels operating with hybrid technology throughout 2020 achieved baseline emissions reductions as high as 18%. In addition, approximately 10% of our vessels were engaged in renewable energy activities during the year.

“Our fleet development program includes the sale or recycling of vessels that are deemed uneconomic or that do not meet our future strategic goals, and the acquisition of high-specification tonnage that meets our carbon reduction and financial return objectives. In 2020, we completed the disposal of 56 vessels and other assets for total proceeds of $38.3 million, and we acquired 11 modern crew boats that are more fuel efficient than our current fleet for $5.3 million.

“During the year, we reduced outstanding debt by $96.2 million and decreased our net debt position by $23.8 million. We ended the year with $155.2 million of cash on hand.

“I want to extend my gratitude to the many dedicated women and men across Tidewater who are responsible for the company’s notable performance in such a challenging year. Through their commitment and talent I am confident that we will continue to transform Tidewater, and that we will leverage opportunities for growth as the renewable energy market evolves and the hydrocarbon energy market normalizes.”

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

Common shares outstanding

 

 

40,704,984

 

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

 

 

657,203

 

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

 

 

815,575

 

Total

 

 

42,177,762

 

Tidewater will hold a conference call to discuss results for the three and twelve-month periods ending December 31, 2020 on March 5, 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 March 5, 2021 and will continue until 11:59 p.m. Central Time on April 5, 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 the largest fleet of offshore support vessels in the industry, with more than 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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

87,830

 

 

 

116,539

 

 

 

386,174

 

 

 

477,015

 

Other operating revenues

 

 

4,029

 

 

 

2,237

 

 

 

10,864

 

 

 

9,534

 

Total revenues

 

 

91,859

 

 

 

118,776

 

 

 

397,038

 

 

 

486,549

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

63,397

 

 

 

85,935

 

 

 

268,780

 

 

 

329,196

 

Costs of other operating revenues

 

 

342

 

 

 

916

 

 

 

3,405

 

 

 

2,800

 

General and administrative

 

 

16,992

 

 

 

22,406

 

 

 

73,447

 

 

 

103,716

 

Depreciation and amortization

 

 

30,681

 

 

 

28,226

 

 

 

116,709

 

 

 

101,931

 

Long-lived asset impairments and other

 

 

6,475

 

 

 

32,549

 

 

 

74,109

 

 

 

37,773

 

Affiliate credit loss impairment expense

 

 

(600

)

 

 

 

 

 

52,981

 

 

 

 

Affiliate guarantee obligation

 

 

 

 

 

 

 

 

2,000

 

 

 

 

Gain on asset dispositions, net

 

 

(80

)

 

 

(1,217

)

 

 

(7,591

)

 

 

(2,263

)

 

 

 

117,207

 

 

 

168,815

 

 

 

583,840

 

 

 

573,153

 

Operating loss

 

 

(25,348

)

 

 

(50,039

)

 

 

(186,802

)

 

 

(86,604

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange loss

 

 

(2,880

)

 

 

(945

)

 

 

(5,245

)

 

 

(1,269

)

Equity in net losses of unconsolidated companies

 

 

164

 

 

 

(2,717

)

 

 

164

 

 

 

(3,152

)

Dividend income from unconsolidated companies

 

 

 

 

 

 

 

 

17,150

 

 

 

 

Interest income and other, net

 

 

144

 

 

 

690

 

 

 

1,228

 

 

 

6,598

 

Interest and other debt costs, net

 

 

(5,984

)

 

 

(6,282

)

 

 

(24,156

)

 

 

(29,068

)

Total other expense

 

 

(8,556

)

 

 

(9,254

)

 

 

(10,859

)

 

 

(26,891

)

Loss before income taxes

 

 

(33,904

)

 

 

(59,293

)

 

 

(197,661

)

 

 

(113,495

)

Income tax (benefit) expense

 

 

(4,477

)

 

 

1,281

 

 

 

(965

)

 

 

27,724

 

Net loss

 

$

(29,427

)

 

 

(60,574

)

 

 

(196,696

)

 

 

(141,219

)

Less: Net income (loss) attributable to noncontrolling interests

 

 

(180

)

 

 

(721

)

 

 

(454

)

 

 

524

 

Net loss attributable to Tidewater Inc.

 

$

(29,247

)

 

 

(59,853

)

 

 

(196,242

)

 

 

(141,743

)

Basic loss per common share

 

 

(0.72

)

 

 

(1.52

)

 

 

(4.86

)

 

 

(3.71

)

Diluted loss per common share

 

 

(0.72

)

 

 

(1.52

)

 

 

(4.86

)

 

 

(3.71

)

Weighted average common shares outstanding

 

 

40,604

 

 

 

39,504

 

 

 

40,355

 

 

 

38,205

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

40,604

 

 

 

39,504

 

 

 

40,355

 

 

 

38,205

 

 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

 

 

 

December 31,

 

 

December 31,

 

ASSETS

 

2020

 

 

2019

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

149,933

 

 

 

218,290

 

Restricted cash

 

 

2,079

 

 

 

5,755

 

Trade and other receivables, less allowance for credit losses of $1,516 as of December 31, 2020 and less allowance for doubtful accounts of $70 as of December 31, 2019

 

 

112,623

 

 

 

110,180

 

Due from affiliate, less allowance for credit losses of $71,800 as of December 31, 2020 and less due from affiliate allowance of $20,083 as of December 31, 2019

 

 

62,050

 

 

 

125,972

 

Marine operating supplies

 

 

15,876

 

 

 

21,856

 

Assets held for sale

 

 

34,396

 

 

 

39,287

 

Prepaid expenses and other current assets

 

 

11,692

 

 

 

15,956

 

Total current assets

 

 

388,649

 

 

 

537,296

 

Net properties and equipment

 

 

780,318

 

 

 

938,961

 

Deferred drydocking and survey costs

 

 

56,468

 

 

 

66,936

 

Other assets

 

 

25,742

 

 

 

36,335

 

Total assets

 

$

1,251,177

 

 

 

1,579,528

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

16,981

 

 

 

27,501

 

Accrued costs and expenses

 

 

52,422

 

 

 

74,000

 

Due to affiliates

 

 

53,194

 

 

 

50,186

 

Current portion of long-term debt

 

 

27,797

 

 

 

9,890

 

Other current liabilities

 

 

32,785

 

 

 

24,100

 

Total current liabilities

 

 

183,179

 

 

 

185,677

 

Long-term debt

 

 

164,934

 

 

 

279,044

 

Other liabilities and deferred credits

 

 

79,792

 

 

 

98,397

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock

 

 

41

 

 

 

40

 

Additional paid-in-capital

 

 

1,371,809

 

 

 

1,367,521

 

Accumulated deficit

 

 

(548,931

)

 

 

(352,526

)

Accumulated other comprehensive loss

 

 

(804

)

 

 

(236

)

Total stockholder's equity

 

 

822,115

 

 

 

1,014,799

 

Noncontrolling interests

 

 

1,157

 

 

 

1,611

 

Total equity

 

 

823,272

 

 

 

1,016,410

 

Total liabilities and equity

 

$

1,251,177

 

 

 

1,579,528

 

 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(29,427

)

 

$

(60,574

)

 

$

(196,696

)

 

$

(141,219

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in supplemental executive retirement plan pension liability, net of tax of $0, $0, $0 and $0, respectively

 

 

(2,011

)

 

 

(2,121

)

 

 

(2,309

)

 

 

(2,121

)

Change in pension plan minimum liability, net of tax of $0, $0, $0, and $0, respectively

 

 

101

 

 

 

(309

)

 

 

1,741

 

 

 

(309

)

Total comprehensive loss

 

$

(31,337

)

 

$

(63,004

)

 

$

(197,264

)

 

$

(143,649

)

 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

 

Twelve Months

 

 

Twelve Months

 

 

 

Ended

 

 

Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(196,696

)

 

$

(141,219

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

73,030

 

 

 

77,045

 

Amortization of deferred drydocking and survey costs

 

 

43,679

 

 

 

24,886

 

Amortization of debt premiums and discounts

 

 

3,961

 

 

 

(4,877

)

Provision for deferred income taxes

 

 

1,224

 

 

 

672

 

Gain on asset dispositions, net

 

 

(7,591

)

 

 

(2,263

)

Affiliate credit loss impairment expense

 

 

52,981

 

 

 

 

Affiliate guarantee obligation

 

 

2,000

 

 

 

 

Long-lived asset impairments and other

 

 

74,109

 

 

 

37,773

 

Changes in investments in unconsolidated companies

 

 

 

 

 

1,039

 

Stock-based compensation expense

 

 

5,117

 

 

 

19,603

 

Changes in operating assets and liabilities, net:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(2,606

)

 

 

1,086

 

Changes in due to/from affiliate, net

 

 

11,949

 

 

 

22,193

 

Accounts payable

 

 

(10,520

)

 

 

(4,438

)

Accrued expenses

 

 

(17,551

)

 

 

8,189

 

Deferred drydocking and survey costs

 

 

(33,271

)

 

 

(70,437

)

Other, net

 

 

4,171

 

 

 

(675

)

Net cash provided by (used in) operating activities

 

 

3,986

 

 

 

(31,423

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

38,296

 

 

 

28,847

 

Additions to properties and equipment

 

 

(14,900

)

 

 

(17,998

)

Net cash provided by investing activities

 

 

23,396

 

 

 

10,849

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Principal payments on long-term debt

 

 

(98,080

)

 

 

(133,693

)

Premium paid for redemption of secured notes

 

 

 

 

 

(11,402

)

Tax on share-based award

 

 

(828

)

 

 

(4,467

)

Other

 

 

(857

)

 

 

 

Net cash used in financing activities

 

 

(99,765

)

 

 

(149,562

)

Net change in cash, cash equivalents and restricted cash

 

 

(72,383

)

 

 

(170,136

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

227,608

 

 

 

397,744

 

Cash, cash equivalents and restricted cash at end of period

 

$

155,225

 

 

$

227,608

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

21,235

 

 

 

32,687

 

Income taxes

 

 

13,018

 

 

 

14,378

 

 

Note (A): Cash, cash equivalents and restricted cash at December 31, 2020 includes $3.2 million in long-term restricted cash.

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

(deficit)

 

 

loss

 

 

interest

 

 

Total

 

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/cancellation 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

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

(196,242

)

 

 

(568

)

 

 

(454

)

 

 

(197,264

)

Adoption of credit loss accounting standard

 

 

 

 

 

 

 

 

(163

)

 

 

 

 

 

 

 

 

(163

)

Issuance of common stock from exercise of warrants

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of restricted stock units

 

 

 

 

 

4,289

 

 

 

 

 

 

 

 

 

 

 

 

4,289

 

Balance at December 31, 2020

 

$

41

 

 

 

1,371,809

 

 

 

(548,931

)

 

 

(804

)

 

 

1,157

 

 

 

823,272

 

 
 

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,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(In thousands)

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

32,068

 

 

 

37

%

 

$

33,333

 

 

 

29

%

 

$

126,676

 

 

 

33

%

 

$

136,958

 

 

 

29

%

Middle East/Asia Pacific

 

 

25,042

 

 

 

29

%

 

 

26,651

 

 

 

23

%

 

 

97,133

 

 

 

25

%

 

 

90,321

 

 

 

19

%

Europe/Mediterranean

 

 

15,775

 

 

 

18

%

 

 

29,180

 

 

 

25

%

 

 

83,602

 

 

 

22

%

 

 

123,711

 

 

 

26

%

West Africa

 

 

14,945

 

 

 

17

%

 

 

27,375

 

 

 

23

%

 

 

78,763

 

 

 

20

%

 

 

126,025

 

 

 

26

%

Total vessel revenues

 

$

87,830

 

 

 

100

%

 

$

116,539

 

 

 

100

%

 

$

386,174

 

 

 

100

%

 

$

477,015

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

36,760

 

 

 

42

%

 

$

46,071

 

 

 

40

%

 

$

156,624

 

 

 

41

%

 

$

187,599

 

 

 

39

%

Repair and maintenance

 

 

8,027

 

 

 

9

%

 

 

15,181

 

 

 

13

%

 

 

31,213

 

 

 

8

%

 

 

47,761

 

 

 

10

%

Insurance

 

 

1,447

 

 

 

2

%

 

 

1,174

 

 

 

1

%

 

 

7,195

 

 

 

2

%

 

 

6,129

 

 

 

1

%

Fuel, lube and supplies

 

 

6,221

 

 

 

7

%

 

 

9,782

 

 

 

8

%

 

 

29,113

 

 

 

7

%

 

 

36,359

 

 

 

8

%

Other

 

 

10,942

 

 

 

12

%

 

 

13,726

 

 

 

12

%

 

 

44,635

 

 

 

12

%

 

 

51,348

 

 

 

11

%

Total vessel operating costs

 

 

63,397

 

 

 

72

%

 

 

85,935

 

 

 

74

%

 

 

268,780

 

 

 

70

%

 

 

329,196

 

 

 

69

%

Vessel operating margin (A)

 

$

24,433

 

 

 

28

%

 

$

30,604

 

 

 

26

%

 

$

117,394

 

 

 

30

%

 

$

147,819

 

 

 

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

 

 

Twelve Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(In thousands)

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

1,496

 

 

 

2

%

 

$

(2,507

)

 

 

(2

)%

 

$

4,944

 

 

 

1

%

 

$

(805

)

 

 

(0

)%

Middle East/Asia Pacific

 

 

(3,456

)

 

 

(4

)%

 

 

(1,946

)

 

 

(2

)%

 

 

(5,935

)

 

 

(1

)%

 

 

(6,044

)

 

 

(1

)%

Europe/Mediterranean

 

 

(4,543

)

 

 

(5

)%

 

 

(521

)

 

 

(0

)%

 

 

(8,629

)

 

 

(2

)%

 

 

(1,289

)

 

 

(0

)%

West Africa

 

 

(8,493

)

 

 

(9

)%

 

 

(3,593

)

 

 

(3

)%

 

 

(27,508

)

 

 

(7

)%

 

 

8,298

 

 

 

2

%

Other operating profit

 

 

3,686

 

 

 

4

%

 

 

1,353

 

 

 

1

%

 

 

7,458

 

 

 

2

%

 

 

6,734

 

 

 

1

%

 

 

 

(11,310

)

 

 

(12

)%

 

 

(7,214

)

 

 

(6

)%

 

 

(29,670

)

 

 

(7

)%

 

 

6,894

 

 

 

1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(8,243

)

 

 

(9

)%

 

 

(11,493

)

 

 

(10

)%

 

 

(35,633

)

 

 

(9

)%

 

 

(57,988

)

 

 

(12

)%

Gain on asset dispositions, net

 

 

80

 

 

 

0

%

 

 

1,217

 

 

 

1

%

 

 

7,591

 

 

 

2

%

 

 

2,263

 

 

 

0

%

Affiliate credit loss impairment expense

 

 

600

 

 

 

0

%

 

 

 

 

 

0

%

 

 

(52,981

)

 

 

(13

)%

 

 

 

 

 

0

%

Affiliate guarantee obligation

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

(2,000

)

 

 

(1

)%

 

 

 

 

 

0

%

Long-lived asset impairments and other

 

 

(6,475

)

 

 

(7

)%

 

 

(32,549

)

 

 

(27

)%

 

 

(74,109

)

 

 

(19

)%

 

 

(37,773

)

 

 

(8

)%

Operating loss

 

$

(25,348

)

 

 

(28

)%

 

$

(50,039

)

 

 

(42

)%

 

$

(186,802

)

 

 

(47

)%

 

$

(86,604

)

 

 

(18

)%

Note (A): General and administrative expenses for the three and twelve months ended December 31, 2020 include stock-based compensation of $1.2 million and $5.1 million, respectively. 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. In addition, general and administrative costs for the three and twelve months ended December 31, 2020 include $0.3 million and $1.5 million, respectively, of severance and similar costs related to integrating Tidewater and GulfMark operations. General and administrative expenses for the three and twelve months ended December 31, 2019 include $2.1 million and $12.6 million, respectively, of severance and other costs related to integrating Tidewater and GulfMark operations.

 

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(Unaudited)

(In thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

87,830

 

 

 

85,395

 

 

 

100,975

 

 

 

111,974

 

 

 

116,539

 

Other operating revenues

 

 

4,029

 

 

 

1,072

 

 

 

1,369

 

 

 

4,394

 

 

 

2,237

 

Total revenues

 

 

91,859

 

 

 

86,467

 

 

 

102,344

 

 

 

116,368

 

 

 

118,776

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

63,397

 

 

 

61,784

 

 

 

64,774

 

 

 

78,825

 

 

 

85,935

 

Costs of other operating revenue

 

 

342

 

 

 

219

 

 

 

171

 

 

 

2,673

 

 

 

916

 

General and administrative (A)

 

 

16,992

 

 

 

17,438

 

 

 

17,597

 

 

 

21,420

 

 

 

22,406

 

Depreciation and amortization

 

 

30,681

 

 

 

30,777

 

 

 

28,144

 

 

 

27,107

 

 

 

28,226

 

Long-lived asset impairments and other

 

 

6,475

 

 

 

1,945

 

 

 

55,482

 

 

 

10,207

 

 

 

32,549

 

Affiliate credit loss impairment expense

 

 

(600

)

 

 

 

 

 

53,581

 

 

 

 

 

 

 

Affiliate guarantee obligation

 

 

 

 

 

 

 

 

2,000

 

 

 

 

 

 

 

Gain on asset dispositions, net

 

 

(80

)

 

 

(520

)

 

 

(1,660

)

 

 

(5,331

)

 

 

(1,217

)

Total operating costs and expenses

 

 

117,207

 

 

 

111,643

 

 

 

220,089

 

 

 

134,901

 

 

 

168,815

 

Operating loss

 

 

(25,348

)

 

 

(25,176

)

 

 

(117,745

)

 

 

(18,533

)

 

 

(50,039

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(2,880

)

 

 

(1,153

)

 

 

(2,076

)

 

 

864

 

 

 

(945

)

Equity in net (losses) earnings of unconsolidated companies

 

 

164

 

 

 

 

 

 

 

 

 

 

 

 

(2,717

)

Dividend income from unconsolidated company

 

 

 

 

 

 

 

 

17,150

 

 

 

 

 

 

 

Interest income and other, net

 

 

144

 

 

 

272

 

 

 

696

 

 

 

116

 

 

 

690

 

Interest and other debt costs, net

 

 

(5,984

)

 

 

(6,071

)

 

 

(5,959

)

 

 

(6,142

)

 

 

(6,282

)

Total other expense

 

 

(8,556

)

 

 

(6,952

)

 

 

9,811

 

 

 

(5,162

)

 

 

(9,254

)

Loss before income taxes

 

 

(33,904

)

 

 

(32,128

)

 

 

(107,934

)

 

 

(23,695

)

 

 

(59,293

)

Income tax (benefit) expense

 

 

(4,477

)

 

 

5,953

 

 

 

2,730

 

 

 

(5,171

)

 

 

1,281

 

Net loss

 

 

(29,427

)

 

 

(38,081

)

 

 

(110,664

)

 

 

(18,524

)

 

 

(60,574

)

Net income (loss) attributable to noncontrolling interests

 

 

(180

)

 

 

(154

)

 

 

(41

)

 

 

(79

)

 

 

(721

)

Net loss attributable to Tidewater Inc.

 

$

(29,247

)

 

 

(37,927

)

 

 

(110,623

)

 

 

(18,445

)

 

 

(59,853

)

Basic loss per common share

 

 

(0.72

)

 

 

(0.94

)

 

 

(2.74

)

 

 

(0.46

)

 

 

(1.52

)

Diluted loss per common share

 

 

(0.72

)

 

 

(0.94

)

 

 

(2.74

)

 

 

(0.46

)

 

 

(1.52

)

Weighted average common shares outstanding

 

 

40,604

 

 

 

40,405

 

 

 

40,306

 

 

 

40,101

 

 

 

39,504

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

40,604

 

 

 

40,405

 

 

 

40,306

 

 

 

40,101

 

 

 

39,504

 

Vessel operating margin

 

$

24,433

 

 

$

23,611

 

 

$

36,201

 

 

$

33,149

 

 

$

30,604

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note (A): One-time integration related costs related to the business combination with GulfMark

 

$

291

 

 

 

641

 

 

 

446

 

 

 

129

 

 

 

2,123

 

 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

ASSETS

 

2020

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

149,933

 

 

 

192,243

 

 

 

203,119

 

 

 

187,802

 

 

 

218,290

 

Restricted cash

 

 

2,079

 

 

 

26,401

 

 

 

19,880

 

 

 

12,461

 

 

 

5,755

 

Trade and other receivables, net

 

 

112,623

 

 

 

100,583

 

 

 

115,008

 

 

 

119,455

 

 

 

110,180

 

Due from affiliate, less allowances

 

 

62,050

 

 

 

65,692

 

 

 

65,766

 

 

 

128,204

 

 

 

125,972

 

Marine operating supplies

 

 

15,876

 

 

 

17,808

 

 

 

20,580

 

 

 

21,944

 

 

 

21,856

 

Assets held for sale

 

 

34,396

 

 

 

19,163

 

 

 

29,064

 

 

 

26,142

 

 

 

39,287

 

Prepaid expenses and other current assets

 

 

11,692

 

 

 

18,925

 

 

 

20,350

 

 

 

22,185

 

 

 

15,956

 

Total current assets

 

 

388,649

 

 

 

440,815

 

 

 

473,767

 

 

 

518,193

 

 

 

537,296

 

Net properties and equipment

 

 

780,318

 

 

 

820,876

 

 

 

839,912

 

 

 

922,979

 

 

 

938,961

 

Deferred drydocking and survey costs

 

 

56,468

 

 

 

63,975

 

 

 

74,585

 

 

 

81,981

 

 

 

66,936

 

Other assets

 

 

25,742

 

 

 

25,108

 

 

 

27,411

 

 

 

29,971

 

 

 

36,335

 

Total assets

 

$

1,251,177

 

 

 

1,350,774

 

 

$

1,415,675

 

 

$

1,553,124

 

 

$

1,579,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

16,981

 

 

 

12,953

 

 

 

17,111

 

 

 

30,711

 

 

 

27,501

 

Accrued costs and expenses

 

 

52,422

 

 

 

55,811

 

 

 

60,993

 

 

 

72,854

 

 

 

74,000

 

Due to affiliates

 

 

53,194

 

 

 

53,355

 

 

 

48,803

 

 

 

50,013

 

 

 

50,186

 

Current portion of long-term debt

 

 

27,797

 

 

 

9,576

 

 

 

9,437

 

 

 

9,104

 

 

 

9,890

 

Other current liabilities

 

 

32,785

 

 

 

31,599

 

 

 

25,815

 

 

 

26,953

 

 

 

24,100

 

Total current liabilities

 

 

183,179

 

 

 

163,294

 

 

 

162,159

 

 

 

189,635

 

 

 

185,677

 

Long-term debt

 

 

164,934

 

 

 

246,179

 

 

 

273,215

 

 

 

273,015

 

 

 

279,044

 

Other liabilities and deferred credits

 

 

79,792

 

 

 

87,724

 

 

 

90,301

 

 

 

91,578

 

 

 

98,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

41

 

 

 

40

 

 

 

40

 

 

 

40

 

 

 

40

 

Additional paid-in-capital

 

 

1,371,809

 

 

 

1,370,778

 

 

 

1,369,645

 

 

 

1,368,325

 

 

 

1,367,521

 

Accumulated deficit

 

 

(548,931

)

 

 

(519,684

)

 

 

(481,757

)

 

 

(371,134

)

 

 

(352,526

)

Accumulated other comprehensive income (loss)

 

 

(804

)

 

 

1,106

 

 

 

581

 

 

 

133

 

 

 

(236

)

Total stockholder's equity

 

 

822,115

 

 

 

852,240

 

 

 

888,509

 

 

 

997,364

 

 

 

1,014,799

 

Noncontrolling interests

 

 

1,157

 

 

 

1,337

 

 

 

1,491

 

 

 

1,532

 

 

 

1,611

 

Total equity

 

 

823,272

 

 

 

853,577

 

 

 

890,000

 

 

 

998,896

 

 

 

1,016,410

 

Total liabilities and equity

 

$

1,251,177

 

 

 

1,350,774

 

 

 

1,415,675

 

 

 

1,553,124

 

 

 

1,579,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonatide (Angola)

 

$

8,856

 

 

 

12,337

 

 

 

16,963

 

 

 

64,184

 

 

 

57,771

 

DTDW (Nigeria)

 

 

 

 

 

 

 

 

 

 

 

14,007

 

 

 

18,015

 

Total

 

$

8,856

 

 

 

12,337

 

 

 

16,963

 

 

 

78,191

 

 

 

75,786

 

 
 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

25,706

 

 

 

22,836

 

 

 

27,858

 

 

 

22,882

 

 

 

22,883

 

Towing-supply

 

 

4,603

 

 

 

4,119

 

 

 

4,455

 

 

 

7,243

 

 

 

8,639

 

Other

 

 

1,759

 

 

 

1,750

 

 

 

1,731

 

 

 

1,734

 

 

 

1,811

 

Total

 

 

32,068

 

 

 

28,705

 

 

 

34,044

 

 

 

31,859

 

 

 

33,333

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

16,822

 

 

 

13,819

 

 

 

14,195

 

 

 

14,326

 

 

 

16,015

 

Towing-supply

 

 

8,220

 

 

 

9,461

 

 

 

9,788

 

 

 

10,502

 

 

 

10,636

 

Total

 

 

25,042

 

 

 

23,280

 

 

 

23,983

 

 

 

24,828

 

 

 

26,651

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

15,621

 

 

 

17,578

 

 

 

20,476

 

 

 

29,163

 

 

 

28,652

 

Towing-supply

 

 

 

 

 

(13

)

 

 

 

 

 

179

 

 

 

528

 

Other

 

 

154

 

 

 

151

 

 

 

144

 

 

 

149

 

 

 

 

Total

 

 

15,775

 

 

 

17,716

 

 

 

20,620

 

 

 

29,491

 

 

 

29,180

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

6,237

 

 

 

4,905

 

 

 

8,748

 

 

 

12,102

 

 

 

14,066

 

Towing-supply

 

 

5,202

 

 

 

7,711

 

 

 

11,029

 

 

 

10,521

 

 

 

9,981

 

Other

 

 

3,506

 

 

 

3,078

 

 

 

2,552

 

 

 

3,173

 

 

 

3,328

 

Total

 

$

14,945

 

 

 

15,694

 

 

 

22,329

 

 

 

25,796

 

 

 

27,375

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

64,386

 

 

 

59,137

 

 

 

71,277

 

 

 

78,473

 

 

 

81,616

 

Towing-supply

 

 

18,025

 

 

 

21,278

 

 

 

25,271

 

 

 

28,445

 

 

 

29,784

 

Other

 

 

5,419

 

 

 

4,980

 

 

 

4,427

 

 

 

5,056

 

 

 

5,139

 

Total

 

$

87,830

 

 

 

85,395

 

 

 

100,975

 

 

 

111,974

 

 

 

116,539

 

 
 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

32

 

 

 

32

 

 

 

32

 

 

 

32

 

 

 

31

 

Towing-supply

 

 

10

 

 

 

12

 

 

 

15

 

 

 

17

 

 

 

17

 

Other

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

4

 

Total

 

 

45

 

 

 

47

 

 

 

50

 

 

 

52

 

 

 

52

 

Stacked vessels

 

 

(15

)

 

 

(17

)

 

 

(17

)

 

 

(17

)

 

 

(15

)

Active vessels

 

 

30

 

 

 

30

 

 

 

33

 

 

 

35

 

 

 

37

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

21

 

 

 

22

 

 

 

26

 

 

 

27

 

 

 

27

 

Towing-supply

 

 

22

 

 

 

23

 

 

 

26

 

 

 

28

 

 

 

28

 

Total

 

 

43

 

 

 

45

 

 

 

52

 

 

 

55

 

 

 

55

 

Stacked vessels

 

 

(3

)

 

 

(4

)

 

 

(9

)

 

 

(10

)

 

 

(10

)

Active vessels

 

 

40

 

 

 

41

 

 

 

43

 

 

 

45

 

 

 

45

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

31

 

 

 

32

 

 

 

36

 

 

 

39

 

 

 

42

 

Towing-supply

 

 

-

 

 

 

-

 

 

 

1

 

 

 

2

 

 

 

3

 

Total

 

 

31

 

 

 

32

 

 

 

37

 

 

 

41

 

 

 

45

 

Stacked vessels

 

 

(16

)

 

 

(17

)

 

 

(17

)

 

 

(11

)

 

 

(15

)

Active vessels

 

 

15

 

 

 

15

 

 

 

20

 

 

 

30

 

 

 

30

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

20

 

 

 

25

 

 

 

26

 

 

 

26

 

 

 

27

 

Towing-supply

 

 

13

 

 

 

17

 

 

 

18

 

 

 

19

 

 

 

19

 

Other

 

 

23

 

 

 

16

 

 

 

19

 

 

 

20

 

 

 

21

 

Total

 

 

56

 

 

 

58

 

 

 

63

 

 

 

65

 

 

 

67

 

Stacked vessels

 

 

(16

)

 

 

(31

)

 

 

(21

)

 

 

(21

)

 

 

(22

)

Active vessels

 

 

40

 

 

 

27

 

 

 

42

 

 

 

44

 

 

 

45

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

104

 

 

 

111

 

 

 

120

 

 

 

124

 

 

 

126

 

Towing-supply

 

 

45

 

 

 

52

 

 

 

60

 

 

 

66

 

 

 

68

 

Other

 

 

26

 

 

 

19

 

 

 

22

 

 

 

23

 

 

 

25

 

Total

 

 

175

 

 

 

182

 

 

 

202

 

 

 

213

 

 

 

219

 

Stacked vessels

 

 

(50

)

 

 

(69

)

 

 

(64

)

 

 

(60

)

 

 

(62

)

Active vessels

 

 

125

 

 

 

113

 

 

 

138

 

 

 

153

 

 

 

157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

125

 

 

 

113

 

 

 

138

 

 

 

153

 

 

 

157

 

Total stacked

 

 

50

 

 

 

69

 

 

 

64

 

 

 

60

 

 

 

62

 

Total joint venture and other vessels

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

4

 

Total

 

 

178

 

 

 

185

 

 

 

205

 

 

 

216

 

 

 

223

 

 
 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,944

 

 

 

2,996

 

 

 

2,940

 

 

 

2,873

 

 

 

2,852

 

Towing-supply

 

 

898

 

 

 

1,098

 

 

 

1,329

 

 

 

1,547

 

 

 

1,580

 

Other

 

 

276

 

 

 

276

 

 

 

273

 

 

 

285

 

 

 

368

 

Total

 

 

4,118

 

 

 

4,370

 

 

 

4,542

 

 

 

4,705

 

 

 

4,800

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,932

 

 

 

2,025

 

 

 

2,411

 

 

 

2,496

 

 

 

2,453

 

Towing-supply

 

 

2,032

 

 

 

2,118

 

 

 

2,342

 

 

 

2,512

 

 

 

2,576

 

Total

 

 

3,964

 

 

 

4,143

 

 

 

4,753

 

 

 

5,008

 

 

 

5,029

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,852

 

 

 

2,916

 

 

 

3,256

 

 

 

3,581

 

 

 

3,848

 

Towing-supply

 

 

 

 

 

24

 

 

 

91

 

 

 

122

 

 

 

276

 

Total

 

 

2,852

 

 

 

2,940

 

 

 

3,347

 

 

 

3,703

 

 

 

4,124

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,840

 

 

 

2,269

 

 

 

2,366

 

 

 

2,366

 

 

 

2,439

 

Towing-supply

 

 

1,196

 

 

 

1,588

 

 

 

1,654

 

 

 

1,729

 

 

 

1,779

 

Other

 

 

2,095

 

 

 

1,469

 

 

 

1,698

 

 

 

1,820

 

 

 

1,932

 

Total

 

 

5,131

 

 

 

5,326

 

 

 

5,718

 

 

 

5,915

 

 

 

6,150

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

9,568

 

 

 

10,206

 

 

 

10,973

 

 

 

11,316

 

 

 

11,592

 

Towing-supply

 

 

4,126

 

 

 

4,828

 

 

 

5,416

 

 

 

5,910

 

 

 

6,211

 

Other

 

 

2,371

 

 

 

1,745

 

 

 

1,971

 

 

 

2,105

 

 

 

2,300

 

Total

 

 

16,065

 

 

 

16,779

 

 

 

18,360

 

 

 

19,331

 

 

 

20,103

 

 
 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

OUT-OF-SERVICE - STACKED DAYS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,105

 

 

 

1,134

 

 

 

863

 

 

 

873

 

 

 

656

 

Towing-supply

 

 

189

 

 

 

362

 

 

 

601

 

 

 

593

 

 

 

568

 

Other

 

 

92

 

 

 

92

 

 

 

91

 

 

 

103

 

 

 

184

 

Total

 

 

1,386

 

 

 

1,588

 

 

 

1,555

 

 

 

1,569

 

 

 

1,408

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

92

 

 

 

185

 

 

 

500

 

 

 

546

 

 

 

552

 

Towing-supply

 

 

177

 

 

 

186

 

 

 

310

 

 

 

396

 

 

 

399

 

Total

 

 

269

 

 

 

371

 

 

 

810

 

 

 

942

 

 

 

951

 

Europe/Mediterranean fleet: