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Tidewater Reports Results for the Three and Twelve Months Ending December 31, 2021

03/09/2022

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ending December 31, 2021, of $105.2 million and $371.0 million, respectively, compared with $91.9 million and $397.0 million, respectively, for the three and twelve months ending December 31, 2020. Tidewater's net losses for the three and twelve months ending December 31, 2021, were $37.9 million ($0.92 per share) and $129.0 million ($3.14 per share), respectively, compared with $29.2 million ($0.72 per share) and $196.2 million ($4.86 per share), respectively, for the three and twelve months ending December 31, 2020. Included in the net losses for the three and twelve months ending December 31, 2021 were impairment charges related to assets held for sale, affiliate credit loss expense, inventory obsolescence, loss on debt extinguishment and severance expenses totaling $26.2 million and $28.4 million, respectively. Excluding these costs, we would have reported a net loss for the three months ending December 31, 2021 of $11.7 million ($0.28 per common share) and a net loss for the twelve months ending December 31, 2021 of $100.6 million ($2.45 per common share). 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 guarantee obligation, inventory obsolescence and 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).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “After a strong fourth quarter of 2021 supported by improving global industry fundamentals, I am excited to announce that we have simultaneously announced in a separate release an agreement to acquire Swire Pacific Offshore, a leading global owner of 50 OSVs with a significant presence in West Africa, Southeast Asia and the Middle East. This acquisition adds a significant number of newer, larger PSVs and AHTSs to our fleet, provides for meaningful synergy opportunities, maintains balance sheet strength and liquidity, and better positions Tidewater to increase earnings and free cash flow generation from the improving offshore supply vessel market.

“In the fourth quarter of 2021, revenue increased 13.8% over the third quarter, driven by six additional vessels working during the quarter as well as increases in the global average day rate and global utilization. The global average day rate moved up approximately $300 per day, driven by improvements in the Americas and West Africa regions, and the slight global utilization increase was driven by improvements in the Middle East region.

"Since the first quarter of 2021, the low point in the pandemic driven portion of the offshore downturn that began in 2014, quarterly revenue increased 26.0%, and recurring vessel level cash gross margin increased from 24.7% to 29.1%. This substantial margin improvement is a function of an improving vessel supply and demand balance, a reduction in the pandemic cost burdens and a reduction in stacked vessel costs.

“The fourth quarter of 2021 demonstrated noteworthy consolidated revenue growth, margin expansion and average day rate improvement in a quarter in which typical seasonal factors lower the overall results, which reflects the fundamental improvements taking place in our industry.

“From a geographic perspective, all of our operating regions saw sequential quarterly revenue growth, with our West Africa and Americas regions up 14.5% and 13.5%, respectively. In West Africa, the revenue improvement, which has begun to rebound from the pandemic, was driven by the increase in average active vessel count of 3, and an increase in the average day rate of $490 per day, or 5.7%. In the Americas, the revenue improvement was driven by an increase in the average active vessel count of 1 and an $861 per day, or 6.3%, increase in the average day rate.

“Complementing the revenue increases in West Africa, vessel operating margin in the region increased 7.2 percentage points to 31.6%. Also in West Africa, during the first quarter of 2022 we bought our partner’s 51% ownership stake in our Angolan joint venture. This transaction will allow us to consolidate this business going forward and enable us to grow our West Africa operations from Angola as the recovery there continues to unfold.

“During the fourth quarter, we closed on the previously announced $175.0 million senior secured notes issuance as well as a new $25.0 million senior secured revolving credit facility. In addition, we established a $30.0 million “at-the-market” (“ATM”) equity issuance facility, which we established for the principal purpose of repurchasing Jones Act Warrants from time to time. At the end of the fourth quarter, there were no outstanding borrowings under the revolving credit facility and no ATM shares were issued or Jones Act Warrants repurchased during the quarter. We ended the year with $154.3 million of cash which includes $4.0 million of long-term restricted cash and total liquidity of $179.3 million inclusive of the availability under our revolving credit facility.

“As we look forward into 2022, our conviction continues to build around the fundamental and long-term improvements taking shape in our industry and for our business. The factors that drove the improvement in the fourth quarter are in their initial stages of development and we continue to see these factors driving demand for our business through the remainder of 2022 and beyond. The pace of tendering activity and capital spending increases by the global E&P industry, sustained by consistently strong and resilient commodity prices, continue to support a strengthening demand outlook. Additionally, vessel supply continues to tighten, which has been evident in the large vessel classes over the past few quarters, and is now also reflected by the quickly reducing supply of easy-to-reactivate ships in the mid-sized vessel classes. Furthermore, we remain encouraged by the pricing discipline our industry is exhibiting on a global basis. While the first quarter is typically the slowest of the year due to seasonality, the combination of the fundamental supply and demand factors described supports our view that 2022 will yield significantly improved operational and financial results.”

In addition to the number of outstanding shares, as of December 31, 2021, the company also has the following in the money warrants.

Common shares outstanding

 

 

41,307,617

 

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

 

 

635,663

 

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

 

 

559,125

 

Total

 

 

42,502,405

 

Tidewater will hold a conference call to discuss results for the three and twelve-month periods ending December 31, 2021 on March 9, 2022, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.844.200.6205 if calling from the U.S. or Canada (+1.929.526.1599 if calling from outside the U.S.) and provide Access Code: 568379 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 9, 2022 and will continue until 11:59 p.m. Central Time on April 9, 2022. 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 fleet of offshore support vessels in the industry, with more than 60 years of experience supporting offshore energy exploration and production activities worldwide.

Financial information is displayed beginning on the next page.

The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at December 31,2021 and 2020 as well as the Consolidated Statements of Operations, Consolidated Statements of Equity and Consolidated Statements of Cash Flows for the twelve months ended December 31, 2021 and 2020 that are drawn from the December 31, 2021 audited financial statements of Tidewater, Inc. All per-share amounts are stated on a diluted basis.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, except per share data)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,
2021

 

December 31,
2020

 

December 31,
2021

 

December 31,
2020

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

100,428

 

 

$

87,830

 

 

$

361,569

 

 

$

386,174

 

Other operating revenues

 

 

4,747

 

 

 

4,029

 

 

 

9,464

 

 

 

10,864

 

Total revenues

 

 

105,175

 

 

 

91,859

 

 

 

371,033

 

 

 

397,038

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

71,187

 

 

 

63,397

 

 

 

261,814

 

 

 

268,780

 

Costs of other operating revenues

 

 

228

 

 

 

342

 

 

 

2,231

 

 

 

3,405

 

General and administrative

 

 

17,641

 

 

 

16,992

 

 

 

68,516

 

 

 

73,447

 

Depreciation and amortization

 

 

28,288

 

 

 

30,681

 

 

 

114,544

 

 

 

116,709

 

Long-lived asset impairments and other

 

 

13,476

 

 

 

6,475

 

 

 

15,643

 

 

 

74,109

 

Affiliate credit loss impairment expense (credit)

 

 

1,400

 

 

 

(600

)

 

 

400

 

 

 

52,981

 

Affiliate guarantee obligation

 

 

 

 

 

 

 

 

 

 

 

2,000

 

(Gain) loss on asset dispositions, net

 

 

(53

)

 

 

(80

)

 

 

2,901

 

 

 

(7,591

)

Total costs and expenses

 

 

132,167

 

 

 

117,207

 

 

 

466,049

 

 

 

583,840

 

Operating loss

 

 

(26,992

)

 

 

(25,348

)

 

 

(95,016

)

 

 

(186,802

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

582

 

 

 

(2,880

)

 

 

(369

)

 

 

(5,245

)

Equity in net earnings (losses) of unconsolidated companies

 

 

(1,625

)

 

 

164

 

 

 

(3,322

)

 

 

164

 

Dividend income from unconsolidated companies

 

 

 

 

 

 

 

 

 

 

 

17,150

 

Interest income and other, net

 

 

1,426

 

 

 

144

 

 

 

1,605

 

 

 

1,228

 

Loss on early extinguishment of debt

 

 

(11,100

)

 

 

 

 

 

(11,100

)

 

 

 

Interest and other debt costs, net

 

 

(3,417

)

 

 

(5,984

)

 

 

(15,583

)

 

 

(24,156

)

Total other expense

 

 

(14,134

)

 

 

(8,556

)

 

 

(28,769

)

 

 

(10,859

)

Loss before income taxes

 

 

(41,126

)

 

 

(33,904

)

 

 

(123,785

)

 

 

(197,661

)

Income tax (benefit) expense

 

 

(3,047

)

 

 

(4,477

)

 

 

5,875

 

 

 

(965

)

Net loss

 

 

(38,079

)

 

 

(29,427

)

 

 

(129,660

)

 

 

(196,696

)

Less: Net loss attributable to noncontrolling interests

 

 

(145

)

 

 

(180

)

 

 

(691

)

 

 

(454

)

Net loss attributable to Tidewater Inc.

 

$

(37,934

)

 

$

(29,247

)

 

$

(128,969

)

 

$

(196,242

)

Basic loss per common share

 

$

(0.92

)

 

$

(0.72

)

 

$

(3.14

)

 

$

(4.86

)

Diluted loss per common share

 

$

(0.92

)

 

$

(0.72

)

 

$

(3.14

)

 

$

(4.86

)

Weighted average common shares outstanding

 

 

41,280

 

 

 

40,604

 

 

 

41,009

 

 

 

40,355

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

41,280

 

 

 

40,604

 

 

 

41,009

 

 

 

40,355

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

 

 

December 31,
2021

 

December 31,
2020

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

149,037

 

 

$

149,933

 

Restricted cash

 

 

1,240

 

 

 

2,079

 

Trade and other receivables, less allowance for credit losses of $1,948 and $1,516 as of December 31, 2021 and 2020, respectively

 

 

86,503

 

 

 

112,623

 

Due from affiliates, less allowance for credit losses of $72,456 and $71,800 as of December 31, 2021 and 2020, respectively

 

 

70,134

 

 

 

62,050

 

Marine operating supplies

 

 

12,606

 

 

 

15,876

 

Assets held for sale

 

 

14,421

 

 

 

34,396

 

Prepaid expenses and other current assets

 

 

8,731

 

 

 

11,692

 

Total current assets

 

 

342,672

 

 

 

388,649

 

Net properties and equipment

 

 

688,040

 

 

 

780,318

 

Deferred drydocking and survey costs

 

 

40,734

 

 

 

56,468

 

Other assets

 

 

24,334

 

 

 

25,742

 

Total assets

 

$

1,095,780

 

 

$

1,251,177

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

20,788

 

 

$

16,981

 

Accrued costs and expenses

 

 

51,734

 

 

 

52,422

 

Due to affiliates

 

 

61,555

 

 

 

53,194

 

Current portion of long-term debt

 

 

 

 

 

27,797

 

Other current liabilities

 

 

23,865

 

 

 

32,785

 

Total current liabilities

 

 

157,942

 

 

 

183,179

 

Long-term debt

 

 

167,885

 

 

 

164,934

 

Other liabilities and deferred credits

 

 

68,184

 

 

 

79,792

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock

 

 

41

 

 

 

41

 

Additional paid-in-capital

 

 

1,376,494

 

 

 

1,371,809

 

Accumulated deficit

 

 

(677,900

)

 

 

(548,931

)

Accumulated other comprehensive loss

 

 

2,668

 

 

 

(804

)

Total stockholders' equity

 

 

701,303

 

 

 

822,115

 

Noncontrolling interests

 

 

466

 

 

 

1,157

 

Total equity

 

 

701,769

 

 

 

823,272

 

Total liabilities and equity

 

$

1,095,780

 

 

$

1,251,177

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In Thousands)

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,
2021

 

December 31,
2020

 

December 31,
2021

 

December 31,
2020

Net loss

 

$

(38,079

)

 

$

(29,427

)

 

$

(129,660

)

 

$

(196,696

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(763

)

 

 

(2,011

)

 

 

(763

)

 

 

(2,309

)

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

 

 

4,720

 

 

 

101

 

 

 

4,235

 

 

 

1,741

 

Total comprehensive loss

 

$

(34,122

)

 

$

(31,337

)

 

$

(126,188

)

 

$

(197,264

)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

 

 

Twelve Months

 

Twelve Months

 

 

Ended

 

Ended

 

 

December 31,
2021

 

December 31,
2020

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(129,660

)

 

$

(196,696

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

73,223

 

 

 

73,030

 

Amortization of deferred drydocking and survey costs

 

 

41,321

 

 

 

43,679

 

Amortization of debt premiums and discounts

 

 

3,171

 

 

 

3,961

 

Provision for deferred income taxes

 

 

(1,287

)

 

 

1,224

 

(Gain) loss on asset dispositions, net

 

 

2,901

 

 

 

(7,591

)

Affiliate credit loss impairment expense

 

 

400

 

 

 

52,981

 

Affiliate guarantee obligation

 

 

 

 

 

2,000

 

Long-lived asset impairments and other

 

 

15,643

 

 

 

74,109

 

Loss on debt extinguishment

 

 

11,100

 

 

 

 

Stock-based compensation expense

 

 

5,638

 

 

 

5,117

 

Changes in operating assets and liabilities, net:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

26,120

 

 

 

(2,606

)

Changes in due to/from affiliate, net

 

 

(123

)

 

 

11,949

 

Accounts payable

 

 

3,807

 

 

 

(10,520

)

Accrued expenses

 

 

(688

)

 

 

(17,551

)

Deferred drydocking and survey costs

 

 

(27,282

)

 

 

(33,271

)

Other, net

 

 

(9,278

)

 

 

4,171

 

Net cash provided by operating activities

 

 

15,006

 

 

 

3,986

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

34,010

 

 

 

38,296

 

Additions to properties and equipment

 

 

(8,951

)

 

 

(14,900

)

Net cash provided by investing activities

 

 

25,059

 

 

 

23,396

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Issuance of long-term debt

 

 

172,375

 

 

 

 

Principal payments on long-term debt

 

 

(198,918

)

 

 

(98,080

)

Debt extinguishment premium

 

 

(7,781

)

 

 

 

Debt issuance and modification costs

 

 

(5,737

)

 

 

 

Tax on share-based award

 

 

(953

)

 

 

(828

)

Other

 

 

 

 

 

(857

)

Net cash used in financing activities

 

 

(41,014

)

 

 

(99,765

)

Net change in cash, cash equivalents and restricted cash

 

 

(949

)

 

 

(72,383

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

155,225

 

 

 

227,608

 

Cash, cash equivalents and restricted cash at end of period

 

$

154,276

 

 

$

155,225

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

13,747

 

 

$

21,235

 

Income taxes

 

 

19,013

 

 

 

13,018

 

Note:  Cash, cash equivalents and restricted cash at December 31, 2021 and 2020 includes $4.0 million and $3.2 million, respectively, in long-term restricted cash.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In Thousands)

 

 

 

Twelve 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

 

 

 

 

 

 

 

 

(128,969

)

 

 

3,472

 

 

 

(691

)

 

 

(126,188

)

Amortization of share based awards

 

 

 

 

 

4,685

 

 

 

 

 

 

 

 

 

 

 

 

4,685

 

Balance at December 31, 2021

 

$

41

 

 

 

1,376,494

 

 

 

(677,900

)

 

 

2,668

 

 

 

466

 

 

$

701,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

$

40

 

 

 

1,367,521

 

 

 

(352,526

)

 

 

(236

)

 

 

1,611

 

 

$

1,016,410

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(196,242

)

 

 

(568

)

 

 

(454

)

 

 

(197,264

)

Adoption of credit loss accounting standard

 

 

 

 

 

 

 

 

(163

)

 

 

 

 

 

 

 

 

(163

)

Issuance of common stock

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of share based awards

 

 

 

 

 

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:

(In Thousands)

 

Three Months Ended

 

 

 

Twelve Months Ended

 

 

 

December 31, 2021

 

 

December 31, 2020

 

 

 

December 31, 2021

 

 

 

December 31, 2020

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

27,882

 

 

 

28

%

 

$

32,068

 

 

 

36

%

 

$

102,151

 

 

 

28

%

 

$

126,676

 

 

 

33

%

Middle East/Asia Pacific

 

 

26,862

 

 

 

27

%

 

 

25,042

 

 

 

29

%

 

 

102,537

 

 

 

29

%

 

 

97,133

 

 

 

25

%

Europe/Mediterranean

 

 

22,501

 

 

 

22

%

 

 

15,775

 

 

 

18

%

 

 

80,914

 

 

 

22

%

 

 

83,602

 

 

 

22

%

West Africa

 

 

23,183

 

 

 

23

%

 

 

14,945

 

 

 

17

%

 

 

75,967

 

 

 

21

%

 

 

78,763

 

 

 

20

%

Total vessel revenues

 

$

100,428

 

 

 

100

%

 

$

87,830

 

 

 

100

%

 

$

361,569

 

 

 

100

%

 

$

386,174

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

39,715

 

 

 

40

%

 

$

36,760

 

 

 

42

%

 

$

148,171

 

 

 

41

%

 

$

156,624

 

 

 

41

%

Repair and maintenance

 

 

11,502

 

 

 

11

%

 

 

8,027

 

 

 

9

%

 

 

40,970

 

 

 

11

%

 

 

31,213

 

 

 

8

%

Insurance

 

 

517

 

 

 

1

%

 

 

1,447

 

 

 

2

%

 

 

1,815

 

 

 

1

%

 

 

7,195

 

 

 

2

%

Fuel, lube and supplies

 

 

6,405

 

 

 

6

%

 

 

6,221

 

 

 

7

%

 

 

25,557

 

 

 

7

%

 

 

29,113

 

 

 

7

%

Other

 

 

13,048

 

 

 

13

%

 

 

10,942

 

 

 

12

%

 

 

45,301

 

 

 

12

%

 

 

44,635

 

 

 

12

%

Total vessel operating costs

 

 

71,187

 

 

 

71

%

 

 

63,397

 

 

 

72

%

 

 

261,814

 

 

 

72

%

 

 

268,780

 

 

 

70

%

Vessel operating margin (A)

 

$

29,241

 

 

 

29

%

 

$

24,433

 

 

 

28

%

 

$

99,755

 

 

 

28

%

 

$

117,394

 

 

 

30

%

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:

(In Thousands)

 

Three Months Ended

 

 

 

Twelve Months Ended

 

 

 

December 31, 2021

 

 

 

December 31, 2020

 

 

 

December 31, 2021

 

 

 

December 31, 2020

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

(2,909

)

 

 

(3

)%

 

$

1,496

 

 

 

2

%

 

$

(11,270

)

 

 

(3

)%

 

$

4,944

 

 

 

1

%

Middle East/Asia Pacific

 

 

1,126

 

 

 

1

%

 

 

(3,456

)

 

 

(4

)%

 

 

(1,174

)

 

 

(0

)%

 

 

(5,935

)

 

 

(1

)%

Europe/Mediterranean

 

 

(4,095

)

 

 

(4

)%

 

 

(4,543

)

 

 

(5

)%

 

 

(16,968

)

 

 

(5

)%

 

 

(8,629

)

 

 

(2

)%

West Africa

 

 

(1,139

)

 

 

(1

)%

 

 

(8,493

)

 

 

(9

)%

 

 

(16,985

)

 

 

(5

)%

 

 

(27,508

)

 

 

(7

)%

Other operating profit

 

 

4,519

 

 

 

4

%

 

 

3,686

 

 

 

4

%

 

 

7,233

 

 

 

2

%

 

 

7,458

 

 

 

2

%

 

 

 

(2,498

)

 

 

(3

)%

 

 

(11,310

)

 

 

(12

)%

 

 

(39,164

)

 

 

(11

)%

 

 

(29,670

)

 

 

(7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(9,671

)

 

 

(9

)%

 

 

(8,243

)

 

 

(9

)%

 

 

(36,908

)

 

 

(10

)%

 

 

(35,633

)

 

 

(9

)%

Gain (loss) on asset dispositions, net

 

 

53

 

 

 

0

%

 

 

80

 

 

 

0

%

 

 

(2,901

)

 

 

(1

)%

 

 

7,591

 

 

 

2

%

Affiliate credit loss impairment expense

 

 

(1,400

)

 

 

(1

)%

 

 

600

 

 

 

0

%

 

 

(400

)

 

 

(0

)%

 

 

(52,981

)

 

 

(13

)%

Affiliate guarantee obligation

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

(2,000

)

 

 

(1

)%

Long-lived asset impairments and other

 

 

(13,476

)

 

 

(13

)%

 

 

(6,475

)

 

 

(7

)%

 

 

(15,643

)

 

 

(4

)%

 

 

(74,109

)

 

 

(19

)%

Operating loss

 

$

(26,992

)

 

 

(26

)%

 

$

(25,348

)

 

 

(28

)%

 

$

(95,016

)

 

 

(26

)%

 

$

(186,802

)

 

 

(47

)%

Note (A):  General and administrative expenses for the three and twelve months ended December 31, 2021 include stock-based compensation of $1.4 million and $5.6 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2020 includes stock-based compensation of $1.2 million and $5.1 million, respectively. In addition, vessel operating and general and administrative costs for the three and twelve months ended December 31, 2021 include $0.2 million and $1.2 million, of one-time restructuring and integration related costs, respectively. Vessel operating and general and administrative expenses for the three and twelve months ended December 31, 2020 include $0.3 million and $1.5 million, in one-time restructuring and integration related costs, respectively.

 

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(In Thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

100,428

 

 

$

91,634

 

 

$

88,514

 

 

$

80,993

 

 

$

87,830

 

Other operating revenues

 

 

4,747

 

 

 

767

 

 

 

1,439

 

 

 

2,511

 

 

 

4,029

 

Total revenues

 

 

105,175

 

 

 

92,401

 

 

 

89,953

 

 

 

83,504

 

 

 

91,859

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

71,187

 

 

 

65,344

 

 

 

64,263

 

 

 

61,020

 

 

 

63,397

 

Costs of other operating revenue

 

 

228

 

 

 

355

 

 

 

581

 

 

 

1,067

 

 

 

342

 

General and administrative (A)

 

 

17,641

 

 

 

18,045

 

 

 

16,787

 

 

 

16,043

 

 

 

16,992

 

Depreciation and amortization

 

 

28,288

 

 

 

27,980

 

 

 

28,549

 

 

 

29,727

 

 

 

30,681

 

Long-lived asset impairments and other

 

 

13,476

 

 

 

2,167

 

 

 

 

 

 

 

 

 

6,475

 

Affiliate credit loss impairment expense (credit)

 

 

1,400

 

 

 

 

 

 

(1,000

)

 

 

 

 

 

(600

)

(Gain) loss on asset dispositions, net

 

 

(53

)

 

 

74

 

 

 

932

 

 

 

1,948

 

 

 

(80

)

Total operating costs and expenses

 

 

132,167

 

 

 

113,965

 

 

 

110,112

 

 

 

109,805

 

 

 

117,207

 

Operating loss

 

 

(26,992

)

 

 

(21,564

)

 

 

(20,159

)

 

 

(26,301

)

 

 

(25,348

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

582

 

 

 

(523

)

 

 

422

 

 

 

(850

)

 

 

(2,880

)

Equity in net earnings (losses) of unconsolidated companies

 

 

(1,625

)

 

 

100

 

 

 

52

 

 

 

(1,849

)

 

 

164

 

Interest income and other, net

 

 

1,426

 

 

 

148

 

 

 

8

 

 

 

23

 

 

 

144

 

Loss on early extinguishment of debt

 

 

(11,100

)

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt costs, net

 

 

(3,417

)

 

 

(3,681

)

 

 

(3,944

)

 

 

(4,541

)

 

 

(5,984

)

Total other expense

 

 

(14,134

)

 

 

(3,956

)

 

 

(3,462

)

 

 

(7,217

)

 

 

(8,556

)

Loss before income taxes

 

 

(41,126

)

 

 

(25,520

)

 

 

(23,621

)

 

 

(33,518

)

 

 

(33,904

)

Income tax (benefit) expense

 

 

(3,047

)

 

 

887

 

 

 

6,026

 

 

 

2,009

 

 

 

(4,477

)

Net loss

 

 

(38,079

)

 

 

(26,407

)

 

 

(29,647

)

 

 

(35,527

)

 

 

(29,427

)

Net loss attributable to noncontrolling interests

 

 

(145

)

 

 

(149

)

 

 

(185

)

 

 

(212

)

 

 

(180

)

Net loss attributable to Tidewater Inc.

 

$

(37,934

)

 

$

(26,258

)

 

$

(29,462

)

 

$

(35,315

)

 

$

(29,247

)

Basic loss per common share

 

$

(0.92

)

 

$

(0.64

)

 

$

(0.72

)

 

$

(0.87

)

 

$

(0.72

)

Diluted loss per common share

 

$

(0.92

)

 

$

(0.64

)

 

$

(0.72

)

 

$

(0.87

)

 

$

(0.72

)

Weighted average common shares outstanding

 

 

41,280

 

 

 

41,132

 

 

 

40,899

 

 

 

40,716

 

 

 

40,604

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

41,280

 

 

 

41,132

 

 

 

40,899

 

 

 

40,716

 

 

 

40,604

 

Vessel operating margin

 

$

29,241

 

 

$

26,290

 

 

$

24,251

 

 

$

19,973

 

 

$

24,433

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

221

 

 

$

112

 

 

$

795

 

 

$

103

 

 

$

291

 

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

149,037

 

 

$

127,414

 

 

$

131,157

 

 

$

131,858

 

 

$

149,933

 

Restricted cash

 

 

1,240

 

 

 

24,092

 

 

 

20,284

 

 

 

9,061

 

 

 

2,079

 

Trade and other receivables, net

 

 

86,503

 

 

 

86,015

 

 

 

90,229

 

 

 

99,865

 

 

 

112,623

 

Due from affiliates, less allowances

 

 

70,134

 

 

 

68,217

 

 

 

64,922

 

 

 

62,474

 

 

 

62,050

 

Marine operating supplies

 

 

12,606

 

 

 

13,335

 

 

 

15,404

 

 

 

15,676

 

 

 

15,876

 

Assets held for sale

 

 

14,421

 

 

 

17,891

 

 

 

17,214

 

 

 

31,214

 

 

 

34,396

 

Prepaid expenses and other current assets

 

 

8,731

 

 

 

13,129

 

 

 

15,953

 

 

 

13,594

 

 

 

11,692

 

Total current assets

 

 

342,672

 

 

 

350,093

 

 

 

355,163

 

 

 

363,742

 

 

 

388,649

 

Net properties and equipment

 

 

688,040

 

 

 

709,324

 

 

 

731,659

 

 

 

754,707

 

 

 

780,318

 

Deferred drydocking and survey costs

 

 

40,734

 

 

 

40,510

 

 

 

40,372

 

 

 

46,648

 

 

 

56,468

 

Other assets

 

 

24,334

 

 

 

23,146

 

 

 

24,539

 

 

 

23,833

 

 

 

25,742

 

Total assets

 

$

1,095,780

 

 

$

1,123,073

 

 

$

1,151,733

 

 

$

1,188,930

 

 

$

1,251,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

20,788

 

 

$

18,042

 

 

$

16,189

 

 

$

14,622

 

 

$

16,981

 

Accrued costs and expenses

 

 

51,734

 

 

 

52,133

 

 

 

50,532

 

 

 

48,466

 

 

 

52,422

 

Due to affiliates

 

 

61,555

 

 

 

59,571

 

 

 

59,759

 

 

 

56,356

 

 

 

53,194

 

Current portion of long-term debt

 

 

 

 

 

140,995

 

 

 

7,355

 

 

 

18,201

 

 

 

27,797

 

Other current liabilities

 

 

23,865

 

 

 

29,139

 

 

 

28,825

 

 

 

35,003

 

 

 

32,785

 

Total current liabilities

 

 

157,942

 

 

 

299,880

 

 

 

162,660

 

 

 

172,648

 

 

 

183,179

 

Long-term debt

 

 

167,885

 

 

 

14,139

 

 

 

148,612

 

 

 

148,337

 

 

 

164,934

 

Other liabilities and deferred credits

 

 

68,184

 

 

 

74,442

 

 

 

80,723

 

 

 

79,234

 

 

 

79,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

41

 

 

 

41

 

 

 

41

 

 

 

41

 

 

 

41

 

Additional paid-in-capital

 

 

1,376,494

 

 

 

1,375,215

 

 

 

1,373,727

 

 

 

1,372,846

 

 

 

1,371,809

 

Accumulated deficit

 

 

(677,900

)

 

 

(639,966

)

 

 

(613,708

)

 

 

(584,246

)

 

 

(548,931

)

Accumulated other comprehensive income (loss)

 

 

2,668

 

 

 

(1,289

)

 

 

(1,082

)

 

 

(875

)

 

 

(804

)

Total stockholders' equity

 

 

701,303

 

 

 

734,001

 

 

 

758,978

 

 

 

787,766

 

 

 

822,115

 

Noncontrolling interests

 

 

466

 

 

 

611

 

 

 

760

 

 

 

945

 

 

 

1,157

 

Total equity

 

 

701,769

 

 

 

734,612

 

 

 

759,738

 

 

 

788,711

 

 

 

823,272

 

Total liabilities and equity

 

$

1,095,780

 

 

$

1,123,073

 

 

$

1,151,733

 

 

$

1,188,930

 

 

$

1,251,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonatide (Angola)

 

$

8,579

 

 

$

8,646

 

 

$

5,163

 

 

$

6,118

 

 

$

8,856

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

21,658

 

 

$

18,961

 

 

$

17,796

 

 

$

19,876

 

 

$

25,706

 

Towing-supply

 

 

5,062

 

 

 

4,440

 

 

 

4,535

 

 

 

4,817

 

 

 

4,603

 

Other

 

 

1,162

 

 

 

1,163

 

 

 

1,150

 

 

 

1,531

 

 

 

1,759

 

Total

 

 

27,882

 

 

 

24,564

 

 

 

23,481

 

 

 

26,224

 

 

 

32,068

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

17,311

 

 

 

17,292

 

 

 

17,264

 

 

 

15,931

 

 

 

16,822

 

Towing-supply

 

 

9,551

 

 

 

8,341

 

 

 

8,364

 

 

 

8,483

 

 

 

8,220

 

Total

 

 

26,862

 

 

 

25,633

 

 

 

25,628

 

 

 

24,414

 

 

 

25,042

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

22,344

 

 

 

21,037

 

 

 

22,293

 

 

 

14,588

 

 

 

15,621

 

Towing-supply

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

 

Other

 

 

157

 

 

 

160

 

 

 

163

 

 

 

161

 

 

 

154

 

Total

 

 

22,501

 

 

 

21,197

 

 

 

22,467

 

 

 

14,749

 

 

 

15,775

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

13,658

 

 

 

10,967

 

 

 

8,814

 

 

 

7,909

 

 

 

6,237

 

Towing-supply

 

 

5,807

 

 

 

5,474

 

 

 

5,564

 

 

 

4,879

 

 

 

5,202

 

Other

 

 

3,718

 

 

 

3,799

 

 

 

2,560

 

 

 

2,818

 

 

 

3,506

 

Total

 

 

23,183

 

 

 

20,240

 

 

 

16,938

 

 

 

15,606

 

 

 

14,945

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

74,971

 

 

 

68,257

 

 

 

66,167

 

 

 

58,304

 

 

 

64,386

 

Towing-supply

 

 

20,420

 

 

 

18,255

 

 

 

18,474

 

 

 

18,179

 

 

 

18,025

 

Other

 

 

5,037

 

 

 

5,122

 

 

 

3,873

 

 

 

4,510

 

 

 

5,419

 

Total

 

$

100,428

 

 

$

91,634

 

 

$

88,514

 

 

$

80,993

 

 

$

87,830

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

25

 

 

 

25

 

 

 

27

 

 

 

29

 

 

 

32

 

Towing-supply

 

 

8

 

 

 

8

 

 

 

8

 

 

 

8

 

 

 

10

 

Other

 

 

2

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

Total

 

 

35

 

 

 

36

 

 

 

38

 

 

 

40

 

 

 

45

 

Stacked vessels

 

 

(9

)

 

 

(11

)

 

 

(13

)

 

 

(12

)

 

 

(15

)

Active vessels

 

 

26

 

 

 

25

 

 

 

25

 

 

 

28

 

 

 

30

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

20

 

 

 

20

 

 

 

20

 

 

 

21

 

 

 

21

 

Towing-supply

 

 

18

 

 

 

18

 

 

 

18

 

 

 

20

 

 

 

22

 

Total

 

 

38

 

 

 

38

 

 

 

38

 

 

 

41

 

 

 

43

 

Stacked vessels

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(3

)

 

 

(3

)

Active vessels

 

 

37

 

 

 

37

 

 

 

37

 

 

 

38

 

 

 

40

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

28

 

 

 

28

 

 

 

29

 

 

 

31

 

 

 

31

 

Total

 

 

28

 

 

 

28

 

 

 

29

 

 

 

31

 

 

 

31

 

Stacked vessels

 

 

(5

)

 

 

(7

)

 

 

(8

)

 

 

(14

)

 

 

(16

)

Active vessels

 

 

23

 

 

 

21

 

 

 

21

 

 

 

17

 

 

 

15

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

18

 

 

 

19

 

 

 

20

 

 

 

20

 

 

 

20

 

Towing-supply

 

 

10

 

 

 

11

 

 

 

11

 

 

 

12

 

 

 

13

 

Other

 

 

24

 

 

 

25

 

 

 

26

 

 

 

26

 

 

 

23

 

Total

 

 

52

 

 

 

55

 

 

 

57

 

 

 

58

 

 

 

56

 

Stacked vessels

 

 

(13

)

 

 

(19

)

 

 

(22

)

 

 

(25

)

 

 

(26

)

Active vessels

 

 

39

 

 

 

36

 

 

 

35

 

 

 

33

 

 

 

30

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

91

 

 

 

92

 

 

 

96

 

 

 

101

 

 

 

104

 

Towing-supply

 

 

36

 

 

 

37

 

 

 

37

 

 

 

40

 

 

 

45

 

Other

 

 

26

 

 

 

28

 

 

 

29

 

 

 

29

 

 

 

26

 

Total

 

 

153

 

 

 

157

 

 

 

162

 

 

 

170

 

 

 

175

 

Stacked vessels

 

 

(28

)

 

 

(38

)

 

 

(44

)

 

 

(54

)

 

 

(60

)

Active vessels

 

 

125

 

 

 

119

 

 

 

118

 

 

 

116

 

 

 

115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

125

 

 

 

119

 

 

 

118

 

 

 

116

 

 

 

115

 

Total stacked

 

 

28

 

 

 

38

 

 

 

44

 

 

 

54

 

 

 

60

 

Total joint venture

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

Total

 

 

156

 

 

 

160

 

 

 

165

 

 

 

173

 

 

 

178

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,269

 

 

 

2,300

 

 

 

2,497

 

 

 

2,627

 

 

 

2,944

 

Towing-supply

 

 

736

 

 

 

736

 

 

 

728

 

 

 

720

 

 

 

898

 

Other

 

 

184

 

 

 

244

 

 

 

273

 

 

 

270

 

 

 

276

 

Total

 

 

3,189

 

 

 

3,280

 

 

 

3,498

 

 

 

3,617

 

 

 

4,118

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,840

 

 

 

1,840

 

 

 

1,820

 

 

 

1,863

 

 

 

1,932

 

Towing-supply

 

 

1,656

 

 

 

1,656

 

 

 

1,667

 

 

 

1,822

 

 

 

2,032

 

Total

 

 

3,496

 

 

 

3,496

 

 

 

3,487

 

 

 

3,685

 

 

 

3,964

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,607

 

 

 

2,612

 

 

 

2,672

 

 

 

2,756

 

 

 

2,852

 

Total

 

 

2,607

 

 

 

2,612

 

 

 

2,672

 

 

 

2,756

 

 

 

2,852

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,656

 

 

 

1,718

 

 

 

1,853

 

 

 

1,827

 

 

 

1,840

 

Towing-supply

 

 

920

 

 

 

1,011

 

 

 

1,001

 

 

 

1,084

 

 

 

1,196

 

Other

 

 

2,208

 

 

 

2,328

 

 

 

2,366

 

 

 

2,340

 

 

 

2,095

 

Total

 

 

4,784

 

 

 

5,057

 

 

 

5,220

 

 

 

5,251

 

 

 

5,131

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

8,372

 

 

 

8,470

 

 

 

8,842

 

 

 

9,073

 

 

 

9,568

 

Towing-supply

 

 

3,312

 

 

 

3,403

 

 

 

3,396

 

 

 

3,626

 

 

 

4,126

 

Other

 

 

2,392

 

 

 

2,572

 

 

 

2,639

 

 

 

2,610

 

 

 

2,371

 

Total

 

 

14,076

 

 

 

14,445

 

 

 

14,877

 

 

 

15,309

 

 

 

16,065

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

OUT-OF-SERVICE - STACKED DAYS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

621

 

 

 

814

 

 

 

889

 

 

 

923

 

 

 

1,105

 

Towing-supply

 

 

92

 

 

 

92

 

 

 

91

 

 

 

90

 

 

 

189

 

Other

 

 

92

 

 

 

152

 

 

 

182

 

 

 

90

 

 

 

92

 

Total

 

 

805

 

 

 

1,058

 

 

 

1,162

 

 

 

1,103

 

 

 

1,386

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

92

 

 

 

92

 

 

 

91

 

 

 

90

 

 

 

92

 

Towing-supply

 

 

 

 

 

 

 

 

29

 

 

 

180

 

 

 

177

 

Total

 

 

92

 

 

 

92

 

 

 

120

 

 

 

270

 

 

 

269

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

474

 

 

 

641

 

 

 

766

 

 

 

1,238

 

 

 

1,448

 

Total

 

 

474

 

 

 

641

 

 

 

766

 

 

 

1,238

 

 

 

1,448

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

307

 

 

 

537

 

 

 

852

 

 

 

1,104

 

 

 

1,288

 

Towing-supply

 

 

382

 

 

 

551

 

 

 

516

 

 

 

544

 

 

 

644

 

Other

 

 

506

 

 

 

655

 

 

 

637

 

 

 

599

 

 

 

417

 

Total

 

 

1,195

 

 

 

1,743

 

 

 

2,005

 

 

 

2,247

 

 

 

2,349

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,494

 

 

 

2,084

 

 

 

2,598

 

 

 

3,355

 

 

 

3,933

 

Towing-supply

 

 

474

 

 

 

643

 

 

 

636

 

 

 

814

 

 

 

1,010

 

Other

 

 

598

 

 

 

807

 

 

 

819

 

 

 

689

 

 

 

509

 

Total

 

 

2,566

 

 

 

3,534

 

 

 

4,053

 

 

 

4,858

 

 

 

5,452

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,