News Details

Tidewater Reports Results for the Three Months Ended March 31, 2023

05/08/2023

First Quarter 2023 Highlights

  • Revenue of $193.1 million; Highest quarterly revenue since fourth quarter of 2015; an 83% increase over the first quarter of 2022
  • Highest quarterly global average day rate since third quarter of 2015
  • Net income of $10.7 million, or $0.21 per share
  • Adjusted EBITDA of $59.1 million; Highest quarterly EBITDA since third quarter of 2015
  • Quarter-end net debt balance of $4.3 million

Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2023 of $193.1 million compared with $105.7 million for the three months ended March 31, 2022. Tidewater's net income for the three months ended March 31, 2023, were $10.7 million ($0.21 per common share) compared with a net loss of $12.2 million ($0.29 per common share) for the three months ended March 31, 2022. Included in the net income for the three months ended March 31, 2023 were merger and severance expenses of $1.4 million. Excluding this item, we would have reported a net income for the three months ended March 31, 2023 of $12.2 million ($0.23 per common share). Included in the net losses for the three months ended March 31, 2022 were long-lived asset impairment credit, gain on bargain purchase and merger and severance expenses of $0.5 million. Excluding these items, we would have reported a net loss for the three months ended March 31, 2022 of $11.7 million ($0.28 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “We are encouraged by the continued momentum we saw during the first quarter and the new cyclical revenue and global average day rate high-water marks, especially for what is anticipated to be the slowest quarter of the year due to seasonality in certain markets. Consolidated global average day rates continued the upward trend we saw throughout 2022, with the average day rate increasing nearly $1,100 per day sequentially. In addition, each individual geographic region increased its average day rate during the quarter. Also, all individual vessel classes except the 4-8k AHTS class increased in average day rate during the quarter. Seasonality did play a factor during the quarter as activity in the North Sea and the Mediterranean declined sequentially though, notably, we did see net day rate improvements in these markets during the quarter.

“The first quarter is typically the slowest calendar quarter of the year due to harsher weather conditions, calendar year budgets and the contracting habits of some of our global customers. This year we used the period to reposition vessels and to perform as many drydocks as possible so that we can maximize the utilization and profitability during the higher activity periods we typically see in the second and third quarters. Incidentally, we anticipate a stronger fourth quarter than third quarter, which is atypical, but representative of a market strengthening in excess of the typical calendar year seasonality. The repositioning in the first quarter resulted in disproportionally higher drydock cost and idle time. Drydock days were up approximately 41.0% from the fourth quarter and drydock spend was approximately $31.0 million. Our forecasted drydock spend for the year remains unchanged at $77.0 million. Similar to what we are expecting in the fourth quarter of this year, first quarter revenue actually increased over the fourth quarter, as the $1,100 increase in the global average day rate overtook the active fleet utilization decrease of 1.9 percentage points.

“During the first quarter, we announced an agreement to acquire 37 PSVs from Solstad Offshore. We are excited about the addition of this high-quality fleet of PSVs to the Tidewater fleet. We expect to close the acquisition by the end of the second quarter, and we continue to evaluate a variety of commercial banking and debt capital market financing alternatives with the objective of optimizing the cost of capital and financial flexibility.

“Turning to our regional operating results, the Americas had a strong quarter as utilization improved five percentage points and day rate expanded by over $1,500 per day. This improvement was spread across nearly all of the subregions within the Americas segment, with particular strength in the Caribbean. The Asia Pacific region also experienced a strong quarter with significant sequential day rate expansion of approximately $5,700 per day, although vessels transiting in and out of Australia and drydocks materially impacted utilization. Vessel operating margin in Asia Pacific increased by nearly 16 percentage points to just over 43.0%, driven by the day rate expansion. Utilization in West Africa declined during the quarter as a number of vessels were in-transit within the region and the aforementioned increase in drydock days, nonetheless, the average day rates in the region improved by nearly $800 per day.

“As we survey the market and evaluate the momentum that built during the quarter, particularly as we moved beyond the seasonally slow period of the quarter, we remain confident in our outlook for 2023. As such, we reiterate our 2023 annual guidance of $900 million of revenue and approximately 50.0% vessel operating margin for the legacy Tidewater business and reiterate our updated pro forma 2023 guidance of $1.03 billion of revenue and approximately 50.0% vessel operating margin which contemplates closing the Solstad PSV acquisition by the end of the second quarter of 2023.”

In addition to the number of outstanding shares, as of March 31, 2023, the company also has the following in-the-money warrants.

Common shares outstanding

 

 

50,780,847

 

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

 

 

81,244

 

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

 

 

107,877

 

Total

 

 

50,969,968

 

Tidewater will hold a conference call to discuss results for the three months ending March 31, 2023 on May 9, 2023, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.888.770.7135 if calling from the U.S. or Canada (+1.929.203.0820 if calling from outside the U.S.) and provide Conference ID: 2444624 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 11:00 a.m. Central Time on May 9, 2023 and will continue until 11:59 p.m. Central Time on June 9, 2023. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

About Tidewater

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

Cautionary Statement

This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”).

These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Forms 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.

If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

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 March 31, 2023 and December 31, 2022; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three months ended March 31, 2023 and 2022; and the Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022. Extracts are drawn from the March 31, 2023 unaudited quarterly and year to date financial statements and the December 31, 2022 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

In conjunction with the acquisition of Swire Pacific Offshore (SPO), we realigned our reportable segments to better reflect the post-acquisition operating environment. The previous Middle East/Asia Pacific segment has been split into the Middle East segment and the Asia Pacific segment. Our previous operations in Southeast Asia and Australia, along with the legacy SPO operations in the Asia Pacific region, now form the new Asia Pacific segment. Our segment disclosures reflect the current segment alignment for all periods presented.

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

March 31, 2023

 

 

March 31, 2022

 

Revenues:

 

 

 

 

 

 

 

 

Vessel revenues

 

$

191,180

 

 

$

103,876

 

Other operating revenues

 

 

1,924

 

 

 

1,853

 

Total revenues

 

 

193,104

 

 

 

105,729

 

Costs and expenses:

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

115,459

 

 

 

68,511

 

Costs of other operating revenues

 

 

1,151

 

 

 

361

 

General and administrative

 

 

23,545

 

 

 

18,217

 

Depreciation and amortization

 

 

30,666

 

 

 

26,657

 

Long-lived asset impairment and other

 

 

 

 

 

(500

)

Gain on asset dispositions, net

 

 

(2,216

)

 

 

(207

)

Total costs and expenses

 

 

168,605

 

 

 

113,039

 

Operating income (loss)

 

 

24,499

 

 

 

(7,310

)

Other income (expense):

 

 

 

 

 

 

 

 

Foreign exchange loss

 

 

2,348

 

 

 

946

 

Interest income and other, net

 

 

130

 

 

 

3,486

 

Interest and other debt costs, net

 

 

(4,190

)

 

 

(4,175

)

Total other expense

 

 

(1,712

)

 

 

257

 

Income (loss) before income taxes

 

 

22,787

 

 

 

(7,053

)

Income tax expense

 

 

11,971

 

 

 

5,218

 

Net income (loss)

 

 

10,816

 

 

 

(12,271

)

Less: Net income (loss) attributable to noncontrolling interests

 

 

78

 

 

 

(103

)

Net income (loss) attributable to Tidewater Inc.

 

$

10,738

 

 

$

(12,168

)

Basic income (loss) per common share

 

$

0.21

 

 

$

(0.29

)

Diluted income (loss) per common share

 

$

0.21

 

 

$

(0.29

)

Weighted average common shares outstanding

 

 

50,604

 

 

 

41,412

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

1,368

 

 

 

 

Adjusted weighted average common shares

 

 

51,972

 

 

 

41,412

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

 

 

 

March 31, 2023

 

 

December 31, 2022

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

165,145

 

 

$

164,192

 

Restricted cash

 

 

4,972

 

 

 

1,241

 

Trade and other receivables, less allowance for credit losses of $12,640 and $14,060 at March 31, 2023 and December 31, 2022, respectively

 

 

182,198

 

 

 

156,465

 

Marine operating supplies

 

 

24,448

 

 

 

30,830

 

Assets held for sale

 

 

695

 

 

 

4,195

 

Prepaid expenses and other current assets

 

 

18,978

 

 

 

20,985

 

Total current assets

 

 

396,436

 

 

 

377,908

 

Net properties and equipment

 

 

786,168

 

 

 

796,655

 

Deferred drydocking and survey costs

 

 

82,787

 

 

 

61,080

 

Indemnification assets

 

 

27,698

 

 

 

28,369

 

Other assets

 

 

34,058

 

 

 

33,644

 

Total assets

 

$

1,327,147

 

 

$

1,297,656

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

64,775

 

 

$

38,946

 

Accrued costs and expenses

 

 

107,348

 

 

 

105,518

 

Other current liabilities

 

 

43,220

 

 

 

50,323

 

Total current liabilities

 

 

215,343

 

 

 

194,787

 

Long-term debt

 

 

169,423

 

 

 

169,036

 

Other liabilities and deferred credits

 

 

68,968

 

 

 

67,843

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock

 

 

51

 

 

 

51

 

Additional paid-in-capital

 

 

1,553,919

 

 

 

1,556,990

 

Accumulated deficit

 

 

(688,911

)

 

 

(699,649

)

Accumulated other comprehensive loss

 

 

8,254

 

 

 

8,576

 

Total stockholders' equity

 

 

873,313

 

 

 

865,968

 

Noncontrolling interests

 

 

100

 

 

 

22

 

Total equity

 

 

873,413

 

 

 

865,990

 

Total liabilities and equity

 

$

1,327,147

 

 

$

1,297,656

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In Thousands)

 

 

 

Three Months Ended

 

 

 

March 31, 2023

 

 

March 31, 2022

 

Net income (loss)

 

$

10,816

 

 

$

(12,271

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Unrealized loss on note receivable

 

 

(132

)

 

 

 

Change in liability of pension plans

 

 

(190

)

 

 

(197

)

Total comprehensive income (loss)

 

$

10,494

 

 

$

(12,468

)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

 

 

 

Three Months

 

 

Three Months

 

 

 

Ended

 

 

Ended

 

 

 

March 31, 2023

 

 

March 31, 2022

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

10,816

 

 

$

(12,271

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

21,048

 

 

 

17,673

 

Amortization of deferred drydocking and survey costs

 

 

9,618

 

 

 

8,984

 

Amortization of debt premiums and discounts

 

 

420

 

 

 

375

 

Provision for deferred income taxes

 

 

35

 

 

 

177

 

Loss on asset dispositions, net

 

 

(2,216

)

 

 

(207

)

Gain on bargain purchase

 

 

 

 

 

(1,300

)

Long-lived asset impairment and other

 

 

 

 

 

(500

)

Stock-based compensation expense

 

 

2,103

 

 

 

1,458

 

Changes in assets and liabilities, net of effects of business acquisition:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(25,733

)

 

 

(15,570

)

Changes in due to/from affiliate, net

 

 

 

 

 

(20

)

Accounts payable

 

 

25,829

 

 

 

2,825

 

Accrued expenses

 

 

1,830

 

 

 

3,207

 

Deferred drydocking and survey costs

 

 

(31,325

)

 

 

(12,612

)

Other, net

 

 

369

 

 

 

(3,843

)

Net cash provided by (used in) operating activities

 

 

12,794

 

 

 

(11,624

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

5,716

 

 

 

4,628

 

Acquisitions, net of cash acquired

 

 

 

 

 

(1,039

)

Additions to properties and equipment

 

 

(8,651

)

 

 

(1,229

)

Net cash provided by (used in) investing activities

 

 

(2,935

)

 

 

2,360

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

(1,427

)

 

 

 

Debt issuance and modification costs

 

 

 

 

 

(263

)

Tax on share-based awards

 

 

(3,747

)

 

 

(1,017

)

Net cash used in financing activities

 

 

(5,174

)

 

 

(1,280

)

Net change in cash, cash equivalents and restricted cash

 

 

4,685

 

 

 

(10,544

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

167,977

 

 

 

154,276

 

Cash, cash equivalents and restricted cash at end of period

 

$

172,662

 

 

$

143,732

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

98

 

 

$

 

Income taxes

 

$

17,057

 

 

$

3,200

 

 

Note: Cash, cash equivalents and restricted cash at March 31, 2023 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 December 31, 2022

 

$

51

 

 

$

1,556,990

 

 

$

(699,649

)

 

$

8,576

 

 

$

22

 

 

$

865,990

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

10,738

 

 

 

(322

)

 

 

78

 

 

 

10,494

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

 

 

 

(1,427

)

 

 

 

 

 

 

 

 

 

 

 

(1,427

)

Amortization of share-based awards

 

 

 

 

 

(1,644

)

 

 

 

 

 

 

 

 

 

 

 

(1,644

)

Balance at March 31, 2023

 

$

51

 

 

$

1,553,919

 

 

$

(688,911

)

 

$

8,254

 

 

$

100

 

 

$

873,413

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

$

41

 

 

$

1,376,494

 

 

$

(677,900

)

 

$

2,668

 

 

$

466

 

 

$

701,769

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(12,168

)

 

 

(197

)

 

 

(103

)

 

 

(12,468

)

Issuance of common stock

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of share-based awards

 

 

 

 

 

441

 

 

 

 

 

 

 

 

 

 

 

 

441

 

Balance at March 31, 2022

 

$

42

 

 

$

1,376,934

 

 

$

(690,068

)

 

$

2,471

 

 

$

363

 

 

$

689,742

 

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

 

 

 

March 31, 2023

 

 

March 31, 2022

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

47,687

 

 

 

25

%

 

$

28,444

 

 

 

27

%

Asia Pacific

 

 

22,024

 

 

 

12

%

 

 

4,897

 

 

 

5

%

Middle East

 

 

30,762

 

 

 

16

%

 

 

20,218

 

 

 

19

%

Europe/Mediterranean

 

 

31,250

 

 

 

16

%

 

 

23,919

 

 

 

23

%

West Africa

 

 

59,457

 

 

 

31

%

 

 

26,398

 

 

 

26

%

Total vessel revenues

 

$

191,180

 

 

 

100

%

 

$

103,876

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

66,643

 

 

 

35

%

 

$

40,837

 

 

 

39

%

Repair and maintenance

 

 

16,652

 

 

 

9

%

 

 

9,461

 

 

 

9

%

Insurance

 

 

2,005

 

 

 

1

%

 

 

1,384

 

 

 

1

%

Fuel, lube and supplies

 

 

13,555

 

 

 

7

%

 

 

7,076

 

 

 

7

%

Other

 

 

16,604

 

 

 

8

%

 

 

9,753

 

 

 

9

%

Total vessel operating costs

 

 

115,459

 

 

 

60

%

 

 

68,511

 

 

 

66

%

Vessel operating margin (A)

 

$

75,721

 

 

 

40

%

 

$

35,365

 

 

 

34

%

 

Note (A): Vessel operating margin equals vessel revenues less vessel operating costs.

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

 

 

 

March 31, 2023

 

 

March 31, 2022

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

7,962

 

 

 

4

%

 

$

(82

)

 

 

(0

)%

Asia Pacific

 

 

5,568

 

 

 

3

%

 

 

2,173

 

 

 

2

%

Middle East

 

 

(344

)

 

 

(0

)%

 

 

(1,883

)

 

 

(2

)%

Europe/Mediterranean

 

 

2,036

 

 

 

1

%

 

 

(2,429

)

 

 

(2

)%

West Africa

 

 

17,221

 

 

 

9

%

 

 

3,215

 

 

 

3

%

Other operating profit

 

 

773

 

 

 

0

%

 

 

1,492

 

 

 

1

%

 

 

33,216

 

 

 

17

%

 

2,486

 

 

 

2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(10,933

)

 

 

(5

)%

 

 

(10,503

)

 

 

(10

)%

Gain on asset dispositions, net

 

 

2,216

 

 

 

1

%

 

 

207

 

 

 

0

%

Long-lived asset impairments and other

 

 

 

 

 

0

%

 

 

500

 

 

 

1

%

Operating income (loss)

 

$

24,499

 

 

 

13

%

 

$

(7,310

)

 

 

(7

)%

 

Note (A): General and administrative expenses for the three months ended March 31, 2023 and 2022, include stock-based compensation of $2.1 million and $1.5 million, respectively. In addition, vessel operating and general and administrative costs for the three months ended March 31, 2023 and 2022, include $1.4 million and $2.3 million in one-time acquisition, restructuring and integration related costs, respectively.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(In Thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

191,180

 

 

$

185,106

 

 

$

190,247

 

 

$

162,175

 

 

$

103,876

 

Other operating revenues

 

 

1,924

 

 

 

1,640

 

 

 

1,515

 

 

 

1,272

 

 

 

1,853

 

Total revenues

 

 

193,104

 

 

 

186,746

 

 

 

191,762

 

 

 

163,447

 

 

 

105,729

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

115,459

 

 

 

115,496

 

 

 

113,037

 

 

 

100,257

 

 

 

68,511

 

Costs of other operating revenue

 

 

1,151

 

 

 

694

 

 

 

592

 

 

 

483

 

 

 

361

 

General and administrative (A)

 

 

23,545

 

 

 

28,633

 

 

 

27,267

 

 

 

27,804

 

 

 

18,217

 

Depreciation and amortization

 

 

30,666

 

 

 

29,881

 

 

 

30,856

 

 

 

31,766

 

 

 

26,657

 

Long-lived asset impairment (credit)

 

 

 

 

 

 

 

 

1,214

 

 

 

 

 

 

(500

)

(Gain) loss on asset dispositions, net

 

 

(2,216

)

 

 

(1,076

)

 

 

(264

)

 

 

1,297

 

 

 

(207

)

Total operating costs and expenses

 

 

168,605

 

 

 

173,628

 

 

 

172,702

 

 

 

161,607

 

 

 

113,039

 

Operating income (loss)

 

 

24,499

 

 

 

13,118

 

 

 

19,060

 

 

 

1,840

 

 

 

(7,310

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

2,348

 

 

 

2,105

 

 

 

(3,997

)

 

 

(1,881

)

 

 

946

 

Equity in net earnings (losses) of unconsolidated companies

 

 

 

 

 

14

 

 

 

9

 

 

 

(244

)

 

 

 

Interest income and other, net

 

 

130

 

 

 

981

 

 

 

581

 

 

 

349

 

 

 

3,486

 

Loss on warrants

 

 

 

 

 

 

 

 

 

 

 

(14,175

)

 

 

 

Interest and other debt costs, net

 

 

(4,190

)

 

 

(4,339

)

 

 

(4,391

)

 

 

(4,284

)

 

 

(4,175

)

Total other income (expense)

 

 

(1,712

)

 

 

(1,239

)

 

 

(7,798

)

 

 

(20,235

)

 

 

257

 

Income (loss) before income taxes

 

 

22,787

 

 

 

11,879

 

 

 

11,262

 

 

 

(18,395

)

 

 

(7,053

)

Income tax expense

 

 

11,971

 

 

 

1,697

 

 

 

6,352

 

 

 

6,619

 

 

 

5,218

 

Net income (loss)

 

 

10,816

 

 

 

10,182

 

 

 

4,910

 

 

 

(25,014

)

 

 

(12,271

)

Net income (loss) attributable to noncontrolling interests

 

 

78

 

 

 

(438

)

 

 

(470

)

 

 

567

 

 

 

(103

)

Net income (loss) attributable to Tidewater Inc.

 

$

10,738

 

 

$

10,620

 

 

$

5,380

 

 

$

(25,581

)

 

$

(12,168

)

Basic income (loss) per common share

 

$

0.21

 

 

$

0.22

 

 

$

0.12

 

 

$

(0.61

)

 

$

(0.29

)

Diluted income (loss) per common share

 

$

0.21

 

 

$

0.20

 

 

$

0.10

 

 

$

(0.61

)

 

$

(0.29

)

Weighted average common shares outstanding

 

 

50,604

 

 

 

48,766

 

 

 

44,451

 

 

 

41,814

 

 

 

41,412

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

1,368

 

 

 

3,069

 

 

 

7,069

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

51,972

 

 

 

51,835

 

 

 

51,520

 

 

 

41,814

 

 

 

41,412

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin

 

$

75,721

 

 

$

69,610

 

 

$

77,210

 

 

$

61,918

 

 

$

35,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

1,426

 

 

$

5,150

 

 

$

4,332

 

 

$

7,314

 

 

$

2,305

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

165,145

 

 

$

164,192

 

 

$

115,014

 

 

$

87,981

 

 

$

136,234

 

Restricted cash

 

 

4,972

 

 

 

1,241

 

 

 

4,965

 

 

 

1,240

 

 

 

4,958

 

Trade and other receivables, net

 

 

182,198

 

 

 

156,465

 

 

 

181,646

 

 

 

189,259

 

 

 

112,953

 

Due from affiliates, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,191

 

Marine operating supplies

 

 

24,448

 

 

 

30,830

 

 

 

20,764

 

 

 

21,182

 

 

 

13,252

 

Assets held for sale

 

 

695

 

 

 

4,195

 

 

 

6,815

 

 

 

6,862

 

 

 

8,591

 

Prepaid expenses and other current assets

 

 

18,978

 

 

 

20,985

 

 

 

17,509

 

 

 

23,259

 

 

 

12,012

 

Total current assets

 

 

396,436

 

 

 

377,908

 

 

 

346,713

 

 

 

329,783

 

 

 

309,191

 

Net properties and equipment

 

 

786,168

 

 

 

796,655

 

 

 

815,990

 

 

 

838,612

 

 

 

677,580

 

Deferred drydocking and survey costs

 

 

82,787

 

 

 

61,080

 

 

 

57,877

 

 

 

53,661

 

 

 

44,362

 

Indemnification assets

 

 

27,698

 

 

 

28,369

 

 

 

30,117

 

 

 

30,269

 

 

 

 

Other assets

 

 

34,058

 

 

 

33,644

 

 

 

32,364

 

 

 

30,410

 

 

 

22,997

 

Total assets

 

$

1,327,147

 

 

$

1,297,656

 

 

$

1,283,061

 

 

$

1,282,735

 

 

$

1,054,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

64,775

 

 

$

38,946

 

 

$

31,829

 

 

$

30,537

 

 

$

23,696

 

Accrued costs and expenses

 

 

107,348

 

 

 

105,518

 

 

 

105,945

 

 

 

109,212

 

 

 

55,141

 

Due to affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,191

 

Other current liabilities

 

 

43,220

 

 

 

50,323

 

 

 

46,629

 

 

 

47,872

 

 

 

25,471

 

Total current liabilities

 

 

215,343

 

 

 

194,787

 

 

 

184,403

 

 

 

187,621

 

 

 

125,499

 

Long-term debt

 

 

169,423

 

 

 

169,036

 

 

 

168,649

 

 

 

168,279

 

 

 

167,997

 

Other liabilities and deferred credits

 

 

68,968

 

 

 

67,843

 

 

 

82,910

 

 

 

85,188

 

 

 

70,892

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

51

 

 

 

51

 

 

 

46

 

 

 

42

 

 

 

42

 

Additional paid-in-capital

 

 

1,553,919

 

 

 

1,556,990

 

 

 

1,555,388

 

 

 

1,554,561

 

 

 

1,376,934

 

Accumulated deficit

 

 

(688,911

)

 

 

(699,649

)

 

 

(710,269

)

 

 

(715,649

)

 

 

(690,068

)

Accumulated other comprehensive income

 

 

8,254

 

 

 

8,576

 

 

 

1,474

 

 

 

1,763

 

 

 

2,471

 

Total stockholders' equity

 

 

873,313

 

 

 

865,968

 

 

 

846,639

 

 

 

840,717

 

 

 

689,379

 

Noncontrolling interests

 

 

100

 

 

 

22

 

 

 

460

 

 

 

930

 

 

 

363

 

Total equity

 

 

873,413

 

 

 

865,990

 

 

 

847,099

 

 

 

841,647

 

 

 

689,742

 

Total liabilities and equity

 

$

1,327,147

 

 

$

1,297,656

 

 

$

1,283,061

 

 

$

1,282,735

 

 

$

1,054,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

10,816

 

 

$

10,182

 

 

$

4,910

 

 

$

(25,014

)

 

$

(12,271

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

21,048

 

 

 

20,983

 

 

 

22,252

 

 

 

22,614

 

 

 

17,673

 

Amortization of deferred drydocking and survey costs

 

 

9,618

 

 

 

8,898

 

 

 

8,604

 

 

 

9,152

 

 

 

8,984

 

Amortization of debt premiums and discounts

 

 

420

 

 

 

522

 

 

 

392

 

 

 

390

 

 

 

375

 

Provision for deferred income taxes

 

 

35

 

 

 

(98

)

 

 

(11

)

 

 

(32

)

 

 

177

 

(Gain) loss on asset dispositions, net

 

 

(2,216

)

 

 

(1,076

)

 

 

(264

)

 

 

1,297

 

 

 

(207

)

Gain on bargain purchase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,300

)

Long-lived asset impairment and other

 

 

 

 

 

 

 

 

1,214

 

 

 

 

 

 

(500

)

Loss on warrants

 

 

 

 

 

 

 

 

 

 

 

14,175

 

 

 

 

Stock-based compensation expense

 

 

2,103

 

 

 

2,028

 

 

 

1,923

 

 

 

1,963

 

 

 

1,458

 

Changes in assets and liabilities, net of effects of business acquisition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(25,733

)

 

 

26,172

 

 

 

4,784

 

 

 

(19,515

)

 

 

(15,570

)

Changes in due to/from affiliate, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20

)

Accounts payable

 

 

25,829

 

 

 

7,117

 

 

 

1,292

 

 

 

5,247

 

 

 

2,825

 

Accrued expenses

 

 

1,830

 

 

 

(427

)

 

 

(3,267

)

 

 

(853

)

 

 

3,207

 

Deferred drydocking and survey costs

 

 

(31,325

)

 

 

(12,117

)

 

 

(12,820

)

 

 

(18,451

)

 

 

(12,612

)

Other, net

 

 

369

 

 

 

(16,844

)

 

 

(896

)

 

 

(12,576

)

 

 

(3,843

)

Net cash provided by (used in) operating activities

 

 

12,794

 

 

 

45,340

 

 

 

28,113

 

 

 

(21,603

)

 

 

(11,624

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

5,716

 

 

 

5,093

 

 

 

312

 

 

 

3,535

 

 

 

4,628

 

Acquisitions, net of cash acquired

 

 

 

 

 

 

 

 

8,785

 

 

 

(28,486

)

 

 

(1,039

)

Additions to properties and equipment

 

 

(8,651

)

 

 

(4,929

)

 

 

(6,328

)

 

 

(4,151

)

 

 

(1,229

)

Net cash provided by (used in) investing activities

 

 

(2,935

)

 

 

164

 

 

 

2,769

 

 

 

(29,102

)

 

 

2,360

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from stock offering

 

 

 

 

 

117,202

 

 

 

70,630

 

 

 

 

 

 

 

Repurchase of SPO Acquisition Warrants

 

 

 

 

 

(117,202

)

 

 

(70,630

)

 

 

 

 

 

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

(1,427

)

 

 

 

 

 

 

 

 

 

 

 

 

Debt issuance and modification costs

 

 

 

 

 

 

 

 

(22

)

 

 

(108

)

 

 

(263

)

Tax on share-based awards

 

 

(3,747

)

 

 

(47

)

 

 

(100

)

 

 

(1,159

)

 

 

(1,017

)

Net cash used in financing activities

 

 

(5,174

)

 

 

(47

)

 

 

(122

)

 

 

(1,267

)

 

 

(1,280

)

Net change in cash, cash equivalents and restricted cash

 

 

4,685

 

 

 

45,457

 

 

 

30,760

 

 

 

(51,972

)

 

 

(10,544

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

167,977

 

 

 

122,520

 

 

 

91,760

 

 

 

143,732

 

 

 

154,276

 

Cash, cash equivalents and restricted cash at end of period

 

$

172,662

 

 

$

167,977

 

 

$

122,520

 

 

$

91,760

 

 

$

143,732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

98

 

 

$

7,575

 

 

$

353

 

 

$

7,626

 

 

$

 

Income taxes

 

$

17,057

 

 

$

6,132

 

 

$

6,813

 

 

$

6,130

 

 

$

3,200

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of SPO

 

$

 

 

$

 

 

$

 

 

$

162,648

 

 

$

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants issued for SPO acquisition

 

$

 

 

$

 

 

$

 

 

$

162,648

 

 

$

 

Repurchase of SPO Acquisition Warrants

 

$

 

 

$

373

 

 

$

992

 

 

$

 

 

$

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

$

20,556

 

 

$

17,814

 

 

$

15,676

 

 

$

15,204

 

 

$

9,462

 

PSV < 900

 

 

17,390

 

 

 

16,486

 

 

 

16,460

 

 

 

15,470

 

 

 

14,628

 

AHTS > 16K

 

 

3,395

 

 

 

2,873

 

 

 

3,429

 

 

 

2,390

 

 

 

971

 

AHTS 8 - 16K

 

 

2,807

 

 

 

1,899

 

 

 

1,601

 

 

 

1,130

 

 

 

774

 

AHTS 4 - 8K

 

 

1,521

 

 

 

1,553

 

 

 

1,185

 

 

 

1,438

 

 

 

1,472

 

Other

 

 

2,018

 

 

 

1,160

 

 

 

771

 

 

 

1,888

 

 

 

1,137

 

Total

 

 

47,687

 

 

 

41,785

 

 

 

39,122

 

 

 

37,520

 

 

 

28,444

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

9,101

 

 

 

6,692

 

 

 

10,896

 

 

 

7,258

 

 

 

3,923

 

PSV < 900

 

 

5,133

 

 

 

3,120

 

 

 

3,891

 

 

 

3,006

 

 

 

 

AHTS > 16K

 

 

1,342

 

 

 

3,260

 

 

 

3,128

 

 

 

1,504

 

 

 

 

AHTS 8 - 16K

 

 

5,397

 

 

 

4,364

 

 

 

4,333

 

 

 

2,940

 

 

 

 

AHTS 4 - 8K

 

 

998

 

 

 

1,584

 

 

 

1,605

 

 

 

1,433

 

 

 

974

 

Other

 

 

53

 

 

 

50

 

 

 

49

 

 

 

221

 

 

 

 

Total

 

 

22,024

 

 

 

19,070

 

 

 

23,902

 

 

 

16,362

 

 

 

4,897

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,192

 

 

 

1,218

 

 

 

2,771

 

 

 

2,814

 

 

 

1,183

 

PSV < 900

 

 

14,965

 

 

 

15,517

 

 

 

16,063

 

 

 

13,798

 

 

 

9,559

 

AHTS > 16K

 

 

2,316

 

 

 

2,351

 

 

 

2,350

 

 

 

1,750

 

 

 

 

AHTS 8 - 16K

 

 

4,593

 

 

 

4,146

 

 

 

3,397

 

 

 

3,808

 

 

 

4,137

 

AHTS 4 - 8K

 

 

7,696

 

 

 

7,343

 

 

 

6,605

 

 

 

6,226

 

 

 

5,339

 

Total

 

 

30,762

 

 

 

30,575

 

 

 

31,186

 

 

 

28,396

 

 

 

20,218

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

23,368

 

 

 

24,783

 

 

 

27,167

 

 

 

23,684

 

 

 

18,390

 

PSV < 900

 

 

5,153

 

 

 

7,874

 

 

 

7,092

 

 

 

6,868

 

 

 

5,375

 

AHTS > 16K

 

 

2,511

 

 

 

643

 

 

 

5,251

 

 

 

1,776

 

 

 

 

Other

 

 

218

 

 

 

182

 

 

 

192

 

 

 

147

 

 

 

154

 

Total

 

 

31,250

 

 

 

33,482

 

 

 

39,702

 

 

 

32,475

 

 

 

23,919

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

9,900

 

 

 

10,534

 

 

 

8,041

 

 

 

6,487

 

 

 

3,987

 

PSV < 900

 

 

24,835

 

 

 

20,494

 

 

 

18,249

 

 

 

13,801

 

 

 

8,499

 

AHTS > 16K

 

 

6,237

 

 

 

5,385

 

 

 

6,152

 

 

 

4,315

 

 

 

 

AHTS 8 - 16K

 

 

9,827

 

 

 

11,810

 

 

 

11,236

 

 

 

10,724

 

 

 

5,049

 

AHTS 4 - 8K

 

 

2,360

 

 

 

5,780

 

 

 

6,445

 

 

 

4,576

 

 

 

1,547

 

Other

 

 

6,298

 

 

 

6,191

 

 

 

6,212

 

 

 

7,519

 

 

 

7,316

 

Total

 

 

59,457

 

 

 

60,194

 

 

 

56,335

 

 

 

47,422

 

 

 

26,398

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

64,117

 

 

 

61,041

 

 

 

64,551

 

 

 

55,447

 

 

 

36,945

 

PSV < 900

 

 

67,476

 

 

 

63,491

 

 

 

61,755

 

 

 

52,943

 

 

 

38,061

 

AHTS > 16K

 

 

15,801

 

 

 

14,512

 

 

 

20,310

 

 

 

11,735

 

 

 

971

 

AHTS 8 - 16K

 

 

22,624

 

 

 

22,219

 

 

 

20,567

 

 

 

18,602

 

 

 

9,960

 

AHTS 4 - 8K

 

 

12,575

 

 

 

16,260

 

 

 

15,840

 

 

 

13,673

 

 

 

9,332

 

Other

 

 

8,587

 

 

 

7,583

 

 

 

7,224

 

 

 

9,775

 

 

 

8,607

 

Total

 

$

191,180

 

 

$

185,106

 

 

$

190,247

 

 

$

162,175

 

 

$

103,876

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

10

 

 

 

10

 

 

 

11

 

 

 

10

 

 

 

10

 

PSV < 900

 

 

15

 

 

 

16

 

 

 

17

 

 

 

17

 

 

 

17

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

1

 

AHTS 8 - 16K

 

 

2

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

1

 

AHTS 4 - 8K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

3

 

 

 

3

 

Other

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

2

 

Total

 

 

32

 

 

 

33

 

 

 

34

 

 

 

34

 

 

 

34

 

Stacked vessels

 

 

(1

)

 

 

(2

)

 

 

(3

)

 

 

(5

)

 

 

(7

)

Active vessels

 

 

31

 

 

 

31

 

 

 

31

 

 

 

29

 

 

 

27

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

5

 

 

 

5

 

 

 

5

 

 

 

6

 

 

 

3

 

PSV < 900

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

 

AHTS > 16K

 

 

1

 

 

 

2

 

 

 

2

 

 

 

1

 

 

 

 

AHTS 8 - 16K

 

 

3

 

 

 

3

 

 

 

3

 

 

 

2

 

 

 

 

AHTS 4 - 8K

 

 

2

 

 

 

3

 

 

 

4

 

 

 

3

 

 

 

2

 

Other

 

 

1

 

 

 

1

 

 

 

1

 

 

 

5

 

 

 

 

Total

 

 

14

 

 

 

16

 

 

 

17

 

 

 

19

 

 

 

5

 

Stacked vessels

 

 

(1

)

 

 

(2

)

 

 

(2

)

 

 

(1

)

 

 

 

Active vessels

 

 

13

 

 

 

14

 

 

 

15

 

 

 

18

 

 

 

5

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

1

 

PSV < 900

 

 

21

 

 

 

20

 

 

 

20

 

 

 

19

 

 

 

14

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

1

 

 

 

 

AHTS 8 - 16K

 

 

5

 

 

 

5

 

 

 

5

 

 

 

6

 

 

 

5

 

AHTS 4 - 8K

 

 

14

 

 

 

14

 

 

 

13

 

 

 

13

 

 

 

13

 

Total

 

 

43

 

 

 

43

 

 

 

42

 

 

 

41

 

 

 

33

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active vessels

 

 

43

 

 

 

43

 

 

 

42

 

 

 

41

 

 

 

33

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

20

 

 

 

20

 

 

 

19

 

 

 

19

 

 

 

19

 

PSV < 900

 

 

6

 

 

 

6

 

 

 

6

 

 

 

7

 

 

 

9

 

AHTS > 16K

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

 

Total

 

 

27

 

 

 

27

 

 

 

26

 

 

 

27

 

 

 

28

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(4

)

Active vessels

 

 

27

 

 

 

27

 

 

 

26

 

 

 

25

 

 

 

24

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

7

 

 

 

6

 

 

 

6

 

 

 

4

 

 

 

3

 

PSV < 900

 

 

18

 

 

 

18

 

 

 

18

 

 

 

15

 

 

 

12

 

AHTS > 16K

 

 

5

 

 

 

4

 

 

 

4

 

 

 

3

 

 

 

 

AHTS 8 - 16K

 

 

11

 

 

 

11

 

 

 

12

 

 

 

10

 

 

 

5

 

AHTS 4 - 8K

 

 

8

 

 

 

8

 

 

 

8

 

 

 

6

 

 

 

3

 

Other

 

 

25

 

 

 

28

 

 

 

28

 

 

 

29

 

 

 

29

 

Total

 

 

74

 

 

 

75

 

 

 

76

 

 

 

67

 

 

 

52

 

Stacked vessels

 

 

(8

)

 

 

(10

)

 

 

(9

)

 

 

(8

)

 

 

(10

)

Active vessels

 

 

66

 

 

 

65

 

 

 

67

 

 

 

59

 

 

 

42

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

43

 

 

 

43

 

 

 

43

 

 

 

41

 

 

 

36

 

PSV < 900

 

 

62

 

 

 

62

 

 

 

63

 

 

 

60

 

 

 

52

 

AHTS > 16K

 

 

11

 

 

 

11

 

 

 

11

 

 

 

8

 

 

 

1

 

AHTS 8 - 16K

 

 

21

 

 

 

21

 

 

 

21

 

 

 

19

 

 

 

11

 

AHTS 4 - 8K

 

 

26

 

 

 

27

 

 

 

27

 

 

 

25

 

 

 

21

 

Other

 

 

27

 

 

 

30

 

 

 

30

 

 

 

35

 

 

 

31

 

Total

 

 

190

 

 

 

194

 

 

 

195

 

 

 

188

 

 

 

152

 

Stacked vessels

 

 

(10

)

 

 

(14

)

 

 

(14

)

 

 

(16

)

 

 

(21

)

Active vessels

 

 

180

 

 

 

180

 

 

 

181

 

 

 

172

 

 

 

131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

180

 

 

 

180

 

 

 

181

 

 

 

172

 

 

 

131

 

Total stacked

 

 

10

 

 

 

14

 

 

 

14

 

 

 

16

 

 

 

21

 

Total joint venture

 

 

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

Total

 

 

190

 

 

 

195

 

 

 

196

 

 

 

189

 

 

 

153

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

907

 

 

 

922

 

 

 

1,012

 

 

 

943

 

 

 

900

 

PSV < 900

 

 

1,359

 

 

 

1,499

 

 

 

1,564

 

 

 

1,547

 

 

 

1,530

 

AHTS > 16K

 

 

180

 

 

 

184

 

 

 

184

 

 

 

152

 

 

 

90

 

AHTS 8 - 16K

 

 

180

 

 

 

184

 

 

 

122

 

 

 

91

 

 

 

90

 

AHTS 4 - 8K

 

 

180

 

 

 

184

 

 

 

184

 

 

 

246

 

 

 

270

 

Other

 

 

121

 

 

 

92

 

 

 

92

 

 

 

121

 

 

 

145

 

Total

 

 

2,927

 

 

 

3,065

 

 

 

3,158

 

 

 

3,100

 

 

 

3,025

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

481

 

 

 

460

 

 

 

460

 

 

 

507

 

 

 

270

 

PSV < 900

 

 

180

 

 

 

184

 

 

 

184

 

 

 

183

 

 

 

 

AHTS > 16K

 

 

90

 

 

 

184

 

 

 

184

 

 

 

122

 

 

 

 

AHTS 8 - 16K

 

 

270

 

 

 

276

 

 

 

276

 

 

 

183

 

 

 

 

AHTS 4 - 8K

 

 

180

 

 

 

292

 

 

 

368

 

 

 

304

 

 

 

180

 

Other

 

 

48

 

 

 

92

 

 

 

92

 

 

 

453

 

 

 

 

Total

 

 

1,249

 

 

 

1,488

 

 

 

1,564

 

 

 

1,752

 

 

 

450

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

90

 

 

 

92

 

 

 

123

 

 

 

152

 

 

 

90

 

PSV < 900

 

 

1,842

 

 

 

1,840

 

 

 

1,840

 

 

 

1,700

 

 

 

1,269

 

AHTS > 16K

 

 

180

 

 

 

184

 

 

 

184

 

 

 

122

 

 

 

 

AHTS 8 - 16K

 

 

450

 

 

 

460

 

 

 

465

 

 

 

546

 

 

 

458

 

AHTS 4 - 8K

 

 

1,291

 

 

 

1,288

 

 

 

1,217

 

 

 

1,183

 

 

 

1,170

 

Total

 

 

3,853

 

 

 

3,864

 

 

 

3,829

 

 

 

3,703

 

 

 

2,987

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,762

 

 

 

1,838

 

 

 

1,748

 

 

 

1,729

 

 

 

1,710

 

PSV < 900

 

 

540

 

 

 

552

 

 

 

552

 

 

 

696

 

 

 

826

 

AHTS > 16K

 

 

90

 

 

 

92

 

 

 

92

 

 

 

61

 

 

 

 

Total

 

 

2,392

 

 

 

2,482

 

 

 

2,392

 

 

 

2,486

 

 

 

2,536

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

630

 

 

 

644

 

 

 

613

 

 

 

406

 

 

 

270

 

PSV < 900

 

 

1,620

 

 

 

1,656

 

 

 

1,656

 

 

 

1,367

 

 

 

1,103

 

AHTS > 16K

 

 

450

 

 

 

368

 

 

 

368

 

 

 

244

 

 

 

 

AHTS 8 - 16K

 

 

990

 

 

 

1,012

 

 

 

1,074

 

 

 

882

 

 

 

470

 

AHTS 4 - 8K

 

 

720

 

 

 

736

 

 

 

736

 

 

 

548

 

 

 

255

 

Other

 

 

2,256

 

 

 

2,545

 

 

 

2,582

 

 

 

2,639

 

 

 

2,610

 

Total

 

 

6,666

 

 

 

6,961

 

 

 

7,029

 

 

 

6,086

 

 

 

4,708

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

3,870

 

 

 

3,956

 

 

 

3,956

 

 

 

3,737

 

 

 

3,240

 

PSV < 900

 

 

5,541

 

 

 

5,731

 

 

 

5,796

 

 

 

5,493

 

 

 

4,728

 

AHTS > 16K

 

 

990

 

 

 

1,012

 

 

 

1,012

 

 

 

701

 

 

 

90

 

AHTS 8 - 16K

 

 

1,890

 

 

 

1,932

 

 

 

1,937

 

 

 

1,702

 

 

 

1,018

 

AHTS 4 - 8K

 

 

2,371

 

 

 

2,500

 

 

 

2,505

 

 

 

2,281

 

 

 

1,875

 

Other

 

 

2,425

 

 

 

2,729

 

 

 

2,766

 

 

 

3,213

 

 

 

2,755

 

Total

 

 

17,087

 

 

 

17,860

 

 

 

17,972

 

 

 

17,127

 

 

 

13,706

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

OUT-OF-SERVICE - STACKED DAYS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

 

 

 

 

 

 

 

 

 

155

 

 

 

180

 

PSV < 900

 

 

99

 

 

 

211

 

 

 

276

 

 

 

273

 

 

 

270

 

AHTS 4 - 8K

 

 

 

 

 

 

 

 

 

 

 

64

 

 

 

90

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55

 

Total

 

 

99

 

 

 

211

 

 

 

276

 

 

 

492

 

 

 

595

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AHTS 4 - 8K

 

 

 

 

 

54

 

 

 

61

 

 

 

 

 

 

 

Other

 

 

48

 

 

 

92

 

 

 

92

 

 

 

61

 

 

 

 

Total

 

 

48

 

 

 

146

 

 

 

153

 

 

 

61

 

 

 

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV < 900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

90

 

PSV < 900

 

 

 

 

 

 

 

 

 

 

 

150

 

 

 

286

 

Total

 

 

 

 

 

 

 

 

 

 

 

150

 

 

 

376

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV < 900

 

 

 

 

 

 

 

 

 

 

 

18

 

 

 

203

 

AHTS 8 - 16K

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20

 

AHTS 4 - 8K

 

 

180

 

 

 

158

 

 

 

92

 

 

 

56

 

 

 

75

 

Other

 

 

540

 

 

 

797

 

 

 

747

 

 

 

678

 

 

 

630

 

Total

 

 

720

 

 

 

955

 

 

 

839

 

 

 

752

 

 

 

928

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

 

 

 

 

 

 

 

 

 

155

 

 

 

270

 

PSV < 900

 

 

99

 

 

 

211

 

 

 

276

 

 

 

441

 

 

 

784

 

AHTS 8 - 16K

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20

 

AHTS 4 - 8K

 

 

180

 

 

 

212

 

 

 

153

 

 

 

120

 

 

 

165

 

Other

 

 

588

 

 

 

889

 

 

 

839

 

 

 

739

 

 

 

685

 

Total

 

 

867

 

 

 

1,312

 

 

 

1,268

 

 

 

1,455

 

 

 

1,924

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

AVAILABLE DAYS - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

907

 

 

 

922

 

 

 

1,012

 

 

 

788

 

 

 

720

 

PSV < 900

 

 

1,260

 

 

 

1,288

 

 

 

1,288

 

 

 

1,274

 

 

 

1,260

 

AHTS > 16K

 

 

180

 

 

 

184

 

 

 

184

 

 

 

152

 

 

 

90

 

AHTS 8 - 16K

 

 

180

 

 

 

184

 

 

 

122

 

 

 

91

 

 

 

90

 

AHTS 4 - 8K

 

 

180

 

 

 

184

 

 

 

184

 

 

 

182

 

 

 

180

 

Other

 

 

121

 

 

 

92

 

 

 

92

 

 

 

121

 

 

 

90

 

Total

 

 

2,828

 

 

 

2,854

 

 

 

2,882

 

 

 

2,608

 

 

 

2,430

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

481

 

 

 

460

 

 

 

460

 

 

 

507

 

 

 

270

 

PSV < 900

 

 

180

 

 

 

184

 

 

 

184

 

 

 

183

 

 

 

 

AHTS > 16K

 

 

90

 

 

 

184

 

 

 

184

 

 

 

122

 

 

 

 

AHTS 8 - 16K

 

 

270

 

 

 

276

 

 

 

276

 

 

 

183

 

 

 

 

AHTS 4 - 8K

 

 

180

 

 

 

238

 

 

 

307

 

 

 

304

 

 

 

180

 

Other

 

 

 

 

 

 

 

 

 

 

 

392

 

 

 

 

Total

 

 

1,201

 

 

 

1,342

 

 

 

1,411

 

 

 

1,691

 

 

 

450

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

90

 

 

 

92

 

 

 

123

 

 

 

152

 

 

 

90

 

PSV < 900

 

 

1,842

 

 

 

1,840

 

 

 

1,840

 

 

 

1,700

 

 

 

1,244

 

AHTS > 16K

 

 

180

 

 

 

184

 

 

 

184

 

 

 

122

 

 

 

 

AHTS 8 - 16K

 

 

450

 

 

 

460

 

 

 

465

 

 

 

546

 

 

 

458

 

AHTS 4 - 8K

 

 

1,291

 

 

 

1,288

 

 

 

1,217

 

 

 

1,183

 

 

 

1,170

 

Total

 

 

3,853

 

 

 

3,864

 

 

 

3,829

 

 

 

3,703

 

 

 

2,962

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,762

 

 

 

1,838

 

 

 

1,748

 

 

 

1,729

 

 

 

1,620

 

PSV < 900

 

 

540

 

 

 

552

 

 

 

552

 

 

 

546

 

 

 

540

 

AHTS > 16K

 

 

90

 

 

 

92

 

 

 

92

 

 

 

61

 

 

 

 

Total

 

 

2,392

 

 

 

2,482

 

 

 

2,392

 

 

 

2,336

 

 

 

2,160

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

630

 

 

 

644

 

 

 

613

 

 

 

406

 

 

 

270

 

PSV < 900

 

 

1,620

 

 

 

1,656

 

 

 

1,656

 

 

 

1,349

 

 

 

900

 

AHTS > 16K

 

 

450

 

 

 

368

 

 

 

368

 

 

 

244

 

 

 

 

AHTS 8 - 16K

 

 

990

 

 

 

1,012

 

 

 

1,074

 

 

 

882

 

 

 

450

 

AHTS 4 - 8K

 

 

540

 

 

 

578

 

 

 

644

 

 

 

492

 

 

 

180

 

Other

 

 

1,716

 

 

 

1,748

 

 

 

1,835

 

 

 

1,961

 

 

 

1,980

 

Total

 

 

5,946

 

 

 

6,006

 

 

 

6,190

 

 

 

5,334

 

 

 

3,780

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

3,870

 

 

 

3,956

 

 

 

3,956

 

 

 

3,582

 

 

 

2,970

 

PSV < 900

 

 

5,442

 

 

 

5,520

 

 

 

5,520

 

 

 

5,052

 

 

 

3,944

 

AHTS > 16K

 

 

990

 

 

 

1,012

 

 

 

1,012

 

 

 

701

 

 

 

90

 

AHTS 8 - 16K

 

 

1,890

 

 

 

1,932

 

 

 

1,937

 

 

 

1,702

 

 

 

998

 

AHTS 4 - 8K

 

 

2,191

 

 

 

2,288

 

 

 

2,352

 

 

 

2,161

 

 

 

1,710

 

Other

 

 

1,837

 

 

 

1,840

 

 

 

1,927

 

 

 

2,474

 

 

 

2,070

 

Total

 

 

16,220

 

 

 

16,548

 

 

 

16,704

 

 

 

15,672

 

 

 

11,782

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

UTILIZATION - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

84.2

%

 

 

82.6

%

 

 

74.6

%

 

 

74.4

%

 

 

54.6

%

PSV < 900

 

 

79.8

 

 

 

68.1

 

 

 

69.3

 

 

 

67.7

 

 

 

63.3

 

AHTS > 16K

 

 

50.0

 

 

 

48.2

 

 

 

92.4

 

 

 

90.2

 

 

 

57.6

 

AHTS 8 - 16K

 

 

100.0

 

 

 

76.8

 

 

 

89.5

 

 

 

100.0

 

 

 

68.9

 

AHTS 4 - 8K

 

 

96.4

 

 

 

99.2

 

 

 

74.4

 

 

 

67.2

 

 

 

63.7

 

Other

 

 

97.5

 

 

 

100.0

 

 

 

66.5

 

 

 

100.0

 

 

 

62.1

 

Total

 

 

82.3

%

 

 

74.6

%

 

 

73.3

%

 

 

73.0

%

 

 

60.7

%

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

70.8

%

 

 

62.6

%

 

 

94.5

%

 

 

65.5

%

 

 

100.0

%

PSV < 900

 

 

90.6

 

 

 

78.4

 

 

 

100.0

 

 

 

66.7

 

 

 

 

AHTS > 16K

 

 

78.1

 

 

 

90.8

 

 

 

89.9

 

 

 

50.0

 

 

 

 

AHTS 8 - 16K

 

 

79.8

 

 

 

85.4

 

 

 

97.2

 

 

 

91.2

 

 

 

 

AHTS 4 - 8K

 

 

80.3

 

 

 

79.5

 

 

 

64.5

 

 

 

56.9

 

 

 

97.9

 

Other

 

 

 

 

 

 

 

 

 

 

 

74.0

 

 

 

 

Total

 

 

74.8

%

 

 

71.7

%

 

 

82.5

%

 

 

67.9

%

 

 

99.2

%

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

100.0

%

 

 

100.0

%

 

 

93.6

%

 

 

100.0

%

 

 

100.0

%

PSV < 900

 

 

74.4

 

 

 

78.3

 

 

 

84.1

 

 

 

76.5

 

 

 

78.0

 

AHTS > 16K

 

 

100.0

 

 

 

100.0

 

 

 

94.7

 

 

 

100.0

 

 

 

 

AHTS 8 - 16K

 

 

96.0

 

 

 

84.8

 

 

 

68.5

 

 

 

70.9

 

 

 

99.7

 

AHTS 4 - 8K

 

 

85.7

 

 

 

86.3

 

 

 

84.9

 

 

 

87.1

 

 

 

80.4

 

Total

 

 

82.5

%

 

 

83.3

%

 

 

83.3

%

 

 

80.8

%

 

 

82.9

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

82.7

%

 

 

87.1

%

 

 

95.8

%

 

 

88.4

%

 

 

84.7

%

PSV < 900

 

 

85.4

 

 

 

93.8

 

 

 

96.4

 

 

 

71.5

 

 

 

63.5

 

AHTS > 16K

 

 

84.1

 

 

 

65.5

 

 

 

76.9

 

 

 

53.4

 

 

 

 

Total

 

 

83.4

%

 

 

87.8

%

 

 

95.2

%

 

 

82.8

%

 

 

77.8

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

83.0

%

 

 

85.7

%

 

 

70.9

%

 

 

96.3

%

 

 

100.0

%

PSV < 900

 

 

95.3

 

 

 

89.9

 

 

 

86.6

 

 

 

80.6

 

 

 

66.0

 

AHTS > 16K

 

 

73.5

 

 

 

89.4

 

 

 

100.0

 

 

 

98.1

 

 

 

 

AHTS 8 - 16K

 

 

79.8

 

 

 

91.1

 

 

 

85.7

 

 

 

95.4

 

 

 

95.7

 

AHTS 4 - 8K

 

 

32.4

 

 

 

62.1

 

 

 

82.6

 

 

 

82.6

 

 

 

69.6

 

Other

 

 

50.3

 

 

 

45.4

 

 

 

44.4

 

 

 

52.9

 

 

 

52.2

 

Total

 

 

68.4

%

 

 

70.5

%

 

 

69.9

%

 

 

72.7

%

 

 

63.5

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

82.0

%

 

 

83.3

%

 

 

86.3

%

 

 

83.1

%

 

 

79.3

%

PSV < 900

 

 

83.4

 

 

 

80.5

 

 

 

82.5

 

 

 

74.1

 

 

 

67.9

 

AHTS > 16K

 

 

75.4

 

 

 

81.9

 

 

 

93.7

 

 

 

84.4

 

 

 

57.6

 

AHTS 8 - 16K

 

 

85.6

 

 

 

87.4

 

 

 

83.4

 

 

 

87.4

 

 

 

95.1

 

AHTS 4 - 8K

 

 

69.9

 

 

 

79.4

 

 

 

80.5

 

 

 

79.8

 

 

 

78.2

 

Other

 

 

51.7

 

 

 

45.7

 

 

 

43.7

 

 

 

57.7

 

 

 

52.7

 

Total

 

 

76.5

%

 

 

76.5

%

 

 

77.8

%

 

 

75.5

%

 

 

70.9

%

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

UTILIZATION - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

84.2

%

 

 

82.6

%

 

 

74.6

%

 

 

89.1

%

 

 

68.2

%

PSV < 900

 

 

86.1

 

 

 

79.3

 

 

 

84.1

 

 

 

82.3

 

 

 

76.8

 

AHTS > 16K

 

 

50.0

 

 

 

48.2

 

 

 

92.4

 

 

 

90.2

 

 

 

57.6

 

AHTS 8 - 16K

 

 

100.0

 

 

 

76.8

 

 

 

89.5

 

 

 

100.0

 

 

 

68.9

 

AHTS 4 - 8K

 

 

96.4

 

 

 

99.2

 

 

 

74.4

 

 

 

90.8

 

 

 

95.5

 

Other

 

 

97.5

 

 

 

100.0

 

 

 

66.5

 

 

 

100.0

 

 

 

100.0

 

Total

 

 

85.2

%

 

 

80.1

%

 

 

80.3

%

 

 

86.8

%

 

 

75.5

%

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

70.8

%

 

 

62.6

%

 

 

94.5

%

 

 

65.5

%

 

 

100.0

%

PSV < 900

 

 

90.6

 

 

 

78.4

 

 

 

100.0

 

 

 

66.7

 

 

 

 

AHTS > 16K

 

 

78.1

 

 

 

90.8

 

 

 

89.9

 

 

 

50.0

 

 

 

 

AHTS 8 - 16K

 

 

79.8

 

 

 

85.4

 

 

 

97.2

 

 

 

91.2

 

 

 

 

AHTS 4 - 8K

 

 

80.3

 

 

 

97.4

 

 

 

77.4

 

 

 

56.9

 

 

 

97.9

 

Other

 

 

 

 

 

 

 

 

 

 

 

85.5

 

 

 

 

Total

 

 

77.8

%

 

 

79.5

%

 

 

91.4

%

 

 

70.4

%

 

 

99.2

%

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

100.0

%

 

 

100.0

%

 

 

93.6

%

 

 

100.0

%

 

 

100.0

%

PSV < 900

 

 

74.4

 

 

 

78.3

 

 

 

84.1

 

 

 

76.5

 

 

 

79.6

 

AHTS > 16K

 

 

100.0

 

 

 

100.0

 

 

 

94.7

 

 

 

100.0

 

 

 

 

AHTS 8 - 16K

 

 

96.0

 

 

 

84.8

 

 

 

68.5

 

 

 

70.9

 

 

 

99.7

 

AHTS 4 - 8K

 

 

85.7

 

 

 

86.3

 

 

 

84.9

 

 

 

87.1

 

 

 

80.4

 

Total

 

 

82.5

%

 

 

83.3

%

 

 

83.3

%

 

 

80.8

%

 

 

83.6

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

82.7

%

 

 

87.1

%

 

 

95.8

%

 

 

88.4

%

 

 

89.4

%

PSV < 900

 

 

85.4

 

 

 

93.8

 

 

 

96.4

 

 

 

91.1

 

 

 

97.1

 

AHTS > 16K

 

 

84.1

 

 

 

65.5

 

 

 

76.9

 

 

 

53.4

 

 

 

 

Total

 

 

83.4

%

 

 

87.8

%

 

 

95.2

%

 

 

88.1

%

 

 

91.3

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

83.0

%

 

 

85.7

%

 

 

70.9

%

 

 

96.3

%

 

 

100.0

%

PSV < 900

 

 

95.3

 

 

 

89.9

 

 

 

86.6

 

 

 

81.7

 

 

 

80.9

 

AHTS > 16K

 

 

73.5

 

 

 

89.4

 

 

 

100.0

 

 

 

98.1

 

 

 

 

AHTS 8 - 16K

 

 

79.8

 

 

 

91.1

 

 

 

85.7

 

 

 

95.4

 

 

 

100.0

 

AHTS 4 - 8K

 

 

43.2

 

 

 

79.1

 

 

 

94.5

 

 

 

92.0

 

 

 

98.6

 

Other

 

 

66.2

 

 

 

66.1

 

 

 

62.5

 

 

 

71.2

 

 

 

68.8

 

Total

 

 

76.6

%

 

 

81.7

%

 

 

79.4

%

 

 

82.9

%

 

 

79.1

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

82.0

%

 

 

83.3

%

 

 

86.3

%

 

 

86.7

%

 

 

86.5

%

PSV < 900

 

 

84.9

 

 

 

83.6

 

 

 

86.6

 

 

 

80.6

 

 

 

81.4

 

AHTS > 16K

 

 

75.4

 

 

 

81.9

 

 

 

93.7

 

 

 

84.4

 

 

 

57.6

 

AHTS 8 - 16K

 

 

85.6

 

 

 

87.4

 

 

 

83.4

 

 

 

87.4

 

 

 

97.0

 

AHTS 4 - 8K

 

 

75.7

 

 

 

86.7

 

 

 

85.7

 

 

 

84.3

 

 

 

85.8

 

Other

 

 

68.2

 

 

 

67.8

 

 

 

62.7

 

 

 

74.9

 

 

 

70.2

 

Total

 

 

80.6

%

 

 

82.5

%

 

 

83.7

%

 

 

82.5

%

 

 

82.5

%

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

AVERAGE VESSEL DAY RATES: (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

$

26,930

 

 

$

23,401

 

 

$

20,775

 

 

$

21,658

 

 

$

19,265

 

PSV < 900

 

 

16,037

 

 

 

16,146

 

 

 

15,197

 

 

 

14,762

 

 

 

15,111

 

AHTS > 16K

 

 

37,720

 

 

 

32,368

 

 

 

20,175

 

 

 

17,430

 

 

 

18,745

 

AHTS 8 - 16K

 

 

15,593

 

 

 

13,431

 

 

 

14,668

 

 

 

12,424

 

 

 

12,480

 

AHTS 4 - 8K

 

 

8,764

 

 

 

8,511

 

 

 

8,654

 

 

 

8,701

 

 

 

8,562

 

Other

 

 

17,110

 

 

 

12,611

 

 

 

12,616

 

 

 

15,601

 

 

 

12,633

 

Total

 

 

19,794

 

 

 

18,271

 

 

 

16,901

 

 

 

16,569

 

 

 

15,501

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

26,723

 

 

 

23,237

 

 

 

25,072

 

 

 

21,850

 

 

 

14,529

 

PSV < 900

 

 

31,488

 

 

 

21,627

 

 

 

21,148

 

 

 

24,640

 

 

 

 

AHTS > 16K

 

 

19,095

 

 

 

19,519

 

 

 

18,902

 

 

 

24,664

 

 

 

 

AHTS 8 - 16K

 

 

25,049

 

 

 

18,509

 

 

 

16,144

 

 

 

17,609

 

 

 

 

AHTS 4 - 8K

 

 

6,903

 

 

 

6,822

 

 

 

6,759

 

 

 

8,281

 

 

 

5,528

 

Other

 

 

 

 

 

 

 

 

 

 

 

660

 

 

 

 

Total

 

 

23,582

 

 

 

17,868

 

 

 

18,530

 

 

 

13,748

 

 

 

10,975

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

13,251

 

 

 

13,234

 

 

 

24,061

 

 

 

18,513

 

 

 

13,147

 

PSV < 900

 

 

10,926

 

 

 

10,768

 

 

 

10,378

 

 

 

10,607

 

 

 

9,658

 

AHTS > 16K

 

 

12,868

 

 

 

12,777

 

 

 

13,487

 

 

 

14,348

 

 

 

 

AHTS 8 - 16K

 

 

10,632

 

 

 

10,627

 

 

 

10,666

 

 

 

9,832

 

 

 

9,058

 

AHTS 4 - 8K

 

 

6,953

 

 

 

6,604

 

 

 

6,396

 

 

 

6,044

 

 

 

5,672

 

Total

 

 

9,679

 

 

 

9,498

 

 

 

9,781

 

 

 

9,490

 

 

 

8,160

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

16,031

 

 

 

15,476

 

 

 

16,229

 

 

 

15,496

 

 

 

12,697

 

PSV < 900

 

 

11,177

 

 

 

15,212

 

 

 

13,323

 

 

 

13,806

 

 

 

10,248

 

AHTS > 16K

 

 

33,164

 

 

 

10,682

 

 

 

74,231

 

 

 

54,472

 

 

 

 

Total

 

 

15,669

 

 

 

15,364

 

 

 

17,436

 

 

 

15,776

 

 

 

12,124

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

18,931

 

 

 

19,096

 

 

 

18,502

 

 

 

16,592

 

 

 

14,768

 

PSV < 900

 

 

16,080

 

 

 

13,758

 

 

 

12,721

 

 

 

12,528

 

 

 

11,672

 

AHTS > 16K

 

 

18,863

 

 

 

16,367

 

 

 

16,719

 

 

 

18,036

 

 

 

 

AHTS 8 - 16K

 

 

12,433

 

 

 

12,809

 

 

 

12,212

 

 

 

12,743

 

 

 

11,219

 

AHTS 4 - 8K

 

 

10,113

 

 

 

12,637

 

 

 

10,595

 

 

 

10,105

 

 

 

8,721

 

Other

 

 

5,548

 

 

 

5,359

 

 

 

5,415

 

 

 

5,381

 

 

 

5,368

 

Total

 

 

13,047

 

 

 

12,272

 

 

 

11,467

 

 

 

10,721

 

 

 

8,834

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

20,198

 

 

 

18,529

 

 

 

18,914

 

 

 

17,854

 

 

 

14,378

 

PSV < 900

 

 

14,597

 

 

 

13,762

 

 

 

12,915

 

 

 

13,008

 

 

 

11,855

 

AHTS > 16K

 

 

21,163

 

 

 

17,505

 

 

 

21,415

 

 

 

19,824

 

 

 

18,745

 

AHTS 8 - 16K

 

 

13,984

 

 

 

13,153

 

 

 

12,726

 

 

 

12,511

 

 

 

10,281

 

AHTS 4 - 8K

 

 

7,583

 

 

 

8,196

 

 

 

7,859

 

 

 

7,507

 

 

 

6,362

 

Other

 

 

6,852

 

 

 

6,080

 

 

 

5,979

 

 

 

5,275

 

 

 

5,924

 

Total

 

$

14,624

 

 

$

13,554

 

 

$

13,606

 

 

$

12,544

 

 

$

10,687

 

 

Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

47,687

 

 

$

41,785

 

 

$

39,122

 

 

$

37,520

 

 

$

28,444

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

17,402

 

 

 

16,486

 

 

 

16,080

 

 

 

12,949

 

 

 

11,252

 

Repair and maintenance

 

 

3,888

 

 

 

3,619

 

 

 

3,594

 

 

 

2,866

 

 

 

2,627

 

Insurance

 

 

410

 

 

 

410

 

 

 

414

 

 

 

248

 

 

 

367

 

Fuel, lube and supplies

 

 

2,999

 

 

 

2,387

 

 

 

2,557

 

 

 

2,326

 

 

 

2,385

 

Other

 

 

3,572

 

 

 

5,102

 

 

 

3,090

 

 

 

3,054

 

 

 

2,196

 

Total vessel operating costs

 

 

28,271

 

 

 

28,004

 

 

 

25,735

 

 

 

21,443

 

 

 

18,827

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

19,416

 

 

 

13,781

 

 

 

13,387

 

 

 

16,077

 

 

 

9,617

 

Vessel operating margin (%)

 

 

40.7

%

 

 

33.0

%

 

 

34.2

%

 

 

42.8

%

 

 

33.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

32

 

 

 

33

 

 

 

34

 

 

 

34

 

 

 

34

 

Utilization - Total fleet

 

 

82.3

%

 

 

74.6

%

 

 

73.3

%

 

 

73.0

%

 

 

60.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

31

 

 

 

31

 

 

 

31

 

 

 

29

 

 

 

27

 

Utilization - Active fleet

 

 

85.2

%

 

 

80.1

%

 

 

80.3

%

 

 

86.8

%

 

 

75.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

19,794

 

 

$

18,271

 

 

$

16,901

 

 

$

16,569

 

 

$

15,501

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

2

 

 

 

2

 

 

 

4

 

 

 

3

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

21,720

 

 

$

21,772

 

 

$

19,208

 

 

$

18,422

 

 

$

16,270

 

Cash paid for deferred drydocking and survey costs

 

 

8,218

 

 

 

4,389

 

 

 

5,678

 

 

 

3,857

 

 

 

5,060

 

Amortization of deferred drydocking and survey costs

 

 

(3,417

)

 

 

(3,025

)

 

 

(2,932

)

 

 

(3,071

)

 

 

(2,908

)

Disposals, intersegment transfers and other

 

 

1,311

 

 

 

(1,416

)

 

 

(182

)

 

 

 

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

27,832

 

 

$

21,720

 

 

$

21,772

 

 

$

19,208

 

 

$

18,422

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia Pacific

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

22,024

 

 

$

19,070

 

 

$

23,902

 

 

$

16,362

 

 

$

4,897

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

7,311

 

 

 

9,876

 

 

 

10,631

 

 

 

8,138

 

 

 

788

 

Repair and maintenance

 

 

1,749

 

 

 

901

 

 

 

947

 

 

 

945

 

 

 

284

 

Insurance

 

 

123

 

 

 

183

 

 

 

189

 

 

 

90

 

 

 

54

 

Fuel, lube and supplies

 

 

1,630

 

 

 

1,299

 

 

 

1,145

 

 

 

1,590

 

 

 

105

 

Other

 

 

1,678

 

 

 

1,574

 

 

 

1,909

 

 

 

1,176

 

 

 

422

 

Total vessel operating costs

 

 

12,491

 

 

 

13,833

 

 

 

14,821

 

 

 

11,939

 

 

 

1,653

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

9,533

 

 

 

5,237

 

 

 

9,081

 

 

 

4,423

 

 

 

3,244

 

Vessel operating margin (%)

 

 

43.3

%

 

 

27.5

%

 

 

38.0

%

 

 

27.0

%

 

 

66.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia Pacific - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

14

 

 

 

16

 

 

 

17

 

 

 

19

 

 

 

5

 

Utilization - Total fleet

 

 

74.8

%

 

 

71.7

%

 

 

82.5

%

 

 

67.9

%

 

 

99.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

13

 

 

 

14

 

 

 

15

 

 

 

18

 

 

 

5

 

Utilization - Active fleet

 

 

77.8

%

 

 

79.5

%

 

 

91.4

%

 

 

70.4

%

 

 

99.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

23,582

 

 

$

17,868

 

 

$

18,530

 

 

$

13,748

 

 

$

10,975

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

1

 

 

 

2

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

553

 

 

$

979

 

 

$

852

 

 

$

542

 

 

$

710

 

Cash paid for deferred drydocking and survey costs

 

 

2,368

 

 

 

156

 

 

 

702

 

 

 

1,262

 

 

 

 

Amortization of deferred drydocking and survey costs

 

 

(282

)

 

 

(117

)

 

 

(139

)

 

 

(163

)

 

 

(168

)

Disposals, intersegment transfers and other

 

 

(114

)

 

 

(465

)

 

 

(436

)

 

 

(789

)

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

2,525

 

 

$

553

 

 

$

979

 

 

$

852

 

 

$

542

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

30,762

 

 

$

30,575

 

 

$

31,186

 

 

$

28,396

 

 

$

20,218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

12,616

 

 

 

12,472

 

 

 

12,814

 

 

 

11,193

 

 

 

8,465

 

Repair and maintenance

 

 

3,475

 

 

 

3,216

 

 

 

3,441

 

 

 

3,429

 

 

 

2,124

 

Insurance

 

 

433

 

 

 

384

 

 

 

406

 

 

 

325

 

 

 

297

 

Fuel, lube and supplies

 

 

2,870

 

 

 

2,991

 

 

 

3,281

 

 

 

2,700

 

 

 

1,559

 

Other

 

 

3,669

 

 

 

2,505

 

 

 

1,804

 

 

 

2,249

 

 

 

2,457

 

Total vessel operating costs

 

 

23,063

 

 

 

21,568

 

 

 

21,746

 

 

 

19,896

 

 

 

14,902

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

7,699

 

 

 

9,007

 

 

 

9,440

 

 

 

8,500

 

 

 

5,316

 

Vessel operating margin (%)

 

 

25.0

%

 

 

29.5

%

 

 

30.3

%

 

 

29.9

%

 

 

26.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

43

 

 

 

43

 

 

 

42

 

 

 

41

 

 

 

33

 

Utilization - Total fleet

 

 

82.5

%

 

 

83.3

%

 

 

83.3

%

 

 

80.8

%

 

 

82.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

43

 

 

 

43

 

 

 

42

 

 

 

41

 

 

 

33

 

Utilization - Active fleet

 

 

82.5

%

 

 

83.3

%

 

 

83.3

%

 

 

80.8

%

 

 

83.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

9,679

 

 

$

9,498

 

 

$

9,781

 

 

$

9,490

 

 

$

8,160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

5

 

 

 

5

 

 

 

5

 

 

 

7

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

15,062

 

 

$

14,993

 

 

$

14,980

 

 

$

10,665

 

 

$

8,994

 

Cash paid for deferred drydocking and survey costs

 

 

7,787

 

 

 

1,930

 

 

 

2,345

 

 

 

6,362

 

 

 

3,855

 

Amortization of deferred drydocking and survey costs

 

 

(1,913

)

 

 

(2,323

)

 

 

(2,346

)

 

 

(2,308

)

 

 

(2,184

)

Disposals, intersegment transfers and other

 

 

(259

)

 

 

462

 

 

 

14

 

 

 

261

 

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

20,677

 

 

$

15,062

 

 

$

14,993

 

 

$

14,980

 

 

$

10,665

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Mediterranean

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

31,250

 

 

$

33,482

 

 

$

39,702

 

 

$

32,475

 

 

$

23,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

12,727

 

 

 

13,010

 

 

 

12,347

 

 

 

12,349

 

 

 

12,003

 

Repair and maintenance

 

 

2,706

 

 

 

3,067

 

 

 

1,652

 

 

 

2,414

 

 

 

2,106

 

Insurance

 

 

384

 

 

 

386

 

 

 

440

 

 

 

307

 

 

 

309

 

Fuel, lube and supplies

 

 

1,584

 

 

 

2,051

 

 

 

1,158

 

 

 

1,740

 

 

 

1,077

 

Other

 

 

2,371

 

 

 

1,762

 

 

 

2,170

 

 

 

2,468

 

 

 

2,026

 

Total vessel operating costs

 

 

19,772

 

 

 

20,276

 

 

 

17,767

 

 

 

19,278

 

 

 

17,521

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

11,478

 

 

 

13,206

 

 

 

21,935

 

 

 

13,197

 

 

 

6,398

 

Vessel operating margin (%)

 

 

36.7

%

 

 

39.4

%

 

 

55.2

%

 

 

40.6

%

 

 

26.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Mediterranean - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

27

 

 

 

27

 

 

 

26

 

 

 

27

 

 

 

28

 

Utilization - Total fleet

 

 

83.4

%

 

 

87.8

%

 

 

95.2

%

 

 

82.8

%

 

 

77.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

27

 

 

 

27

 

 

 

26

 

 

 

25

 

 

 

24

 

Utilization - Active fleet

 

 

83.4

%

 

 

87.8

%

 

 

95.2

%

 

 

88.1

%

 

 

91.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

15,669

 

 

$

15,364

 

 

$

17,436

 

 

$

15,776

 

 

$

12,124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

4

 

 

 

3

 

 

 

1

 

 

 

3

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

9,566

 

 

$

8,588

 

 

$

9,231

 

 

$

6,425

 

 

$

4,983

 

Cash paid for deferred drydocking and survey costs

 

 

5,128

 

 

 

1,175

 

 

 

315

 

 

 

4,206

 

 

 

2,575

 

Amortization of deferred drydocking and survey costs

 

 

(1,739

)

 

 

(1,523

)

 

 

(1,244

)

 

 

(1,400

)

 

 

(1,133

)

Disposals, intersegment transfers and other

 

 

(1,592

)

 

 

1,326

 

 

 

286

 

 

 

 

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

11,363

 

 

$

9,566

 

 

$

8,588

 

 

$

9,231

 

 

$

6,425

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

59,457

 

 

$

60,194

 

 

$

56,335

 

 

$

47,422

 

 

$

26,398

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

16,587

 

 

 

17,855

 

 

 

19,317

 

 

 

16,010

 

 

 

8,329

 

Repair and maintenance

 

 

4,834

 

 

 

3,971

 

 

 

3,910

 

 

 

3,823

 

 

 

2,320

 

Insurance

 

 

655

 

 

 

664

 

 

 

539

 

 

 

396

 

 

 

357

 

Fuel, lube and supplies

 

 

4,472

 

 

 

4,113

 

 

 

4,150

 

 

 

3,165

 

 

 

1,950

 

Other

 

 

5,314

 

 

 

5,212

 

 

 

5,052

 

 

 

4,307

 

 

 

2,652

 

Total vessel operating costs

 

 

31,862

 

 

 

31,815

 

 

 

32,968

 

 

 

27,701

 

 

 

15,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

27,595

 

 

 

28,379

 

 

 

23,367

 

 

 

19,721

 

 

 

10,790

 

Vessel operating margin (%)

 

 

46.4

%

 

 

47.1

%

 

 

41.5

%

 

 

41.6

%

 

 

40.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Africa - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

74

 

 

 

75

 

 

 

76

 

 

 

67

 

 

 

52

 

Utilization - Total fleet

 

 

68.4

%

 

 

70.5

%

 

 

69.9

%

 

 

72.7

%

 

 

63.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

66

 

 

 

65

 

 

 

67

 

 

 

59

 

 

 

42

 

Utilization - Active fleet

 

 

76.6

%

 

 

81.7

%

 

 

79.4

%

 

 

82.9

%

 

 

79.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

13,047

 

 

$

12,272

 

 

$

11,467

 

 

$

10,721

 

 

$

8,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

6

 

 

 

2

 

 

 

5

 

 

 

5

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

14,179

 

 

$

11,545

 

 

$

9,390

 

 

$

8,308

 

 

$

9,777

 

Cash paid for deferred drydocking and survey costs

 

 

7,824

 

 

 

4,467

 

 

 

3,780

 

 

 

2,764

 

 

 

1,122

 

Amortization of deferred drydocking and survey costs

 

 

(2,267

)

 

 

(1,909

)

 

 

(1,943

)

 

 

(2,210

)

 

 

(2,591

)

Disposals, intersegment transfers and other

 

 

654

 

 

 

76

 

 

 

318

 

 

 

528

 

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

20,390

 

 

$

14,179

 

 

$

11,545

 

 

$

9,390

 

 

$

8,308

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

191,180

 

 

$

185,106

 

 

$

190,247

 

 

$

162,175

 

 

$

103,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

66,643

 

 

 

69,699

 

 

 

71,189

 

 

 

60,639

 

 

 

40,837

 

Repair and maintenance

 

 

16,652

 

 

 

14,774

 

 

 

13,544

 

 

 

13,477

 

 

 

9,461

 

Insurance

 

 

2,005

 

 

 

2,027

 

 

 

1,988

 

 

 

1,366

 

 

 

1,384

 

Fuel, lube and supplies

 

 

13,555

 

 

 

12,841

 

 

 

12,291

 

 

 

11,521

 

 

 

7,076

 

Other

 

 

16,604

 

 

 

16,155

 

 

 

14,025

 

 

 

13,254

 

 

 

9,753

 

Total vessel operating costs

 

 

115,459

 

 

 

115,496

 

 

 

113,037

 

 

 

100,257

 

 

 

68,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

75,721

 

 

 

69,610

 

 

 

77,210

 

 

 

61,918

 

 

 

35,365

 

Vessel operating margin (%)

 

 

39.6

%

 

 

37.6

%

 

 

40.6

%

 

 

38.2

%

 

 

34.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

190

 

 

 

194

 

 

 

195

 

 

 

188

 

 

 

152

 

Utilization - Total fleet

 

 

76.5

%

 

 

76.5

%

 

 

77.8

%

 

 

75.5

%

 

 

70.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

180

 

 

 

180

 

 

 

181

 

 

 

172

 

 

 

131

 

Utilization - Active fleet

 

 

80.6

%

 

 

82.5

%

 

 

83.7

%

 

 

82.5

%

 

 

82.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

14,624

 

 

$

13,554

 

 

$

13,606

 

 

$

12,544

 

 

$

10,687

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

18

 

 

 

14

 

 

 

15

 

 

 

20

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

61,080

 

 

$

57,877

 

 

$

53,661

 

 

$

44,362

 

 

$

40,734

 

Cash paid for deferred drydocking and survey costs

 

 

31,325

 

 

 

12,117

 

 

 

12,820

 

 

 

18,451

 

 

 

12,612

 

Amortization of deferred drydocking and survey costs

 

 

(9,618

)

 

 

(8,897

)

 

 

(8,604

)

 

 

(9,152

)

 

 

(8,984

)

Disposals, intersegment transfers and other

 

 

 

 

 

(17

)

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

82,787

 

 

$

61,080

 

 

$

57,877

 

 

$

53,661

 

 

$

44,362

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

10,816

 

 

$

10,182

 

 

$

4,910

 

 

$

(25,014

)

 

$

(12,271

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt costs

 

 

4,190

 

 

 

4,339

 

 

 

4,391

 

 

 

4,284

 

 

 

4,175

 

Income tax (benefit) expense

 

 

11,971

 

 

 

1,697

 

 

 

6,352

 

 

 

6,619

 

 

 

5,218

 

Depreciation

 

 

21,048

 

 

 

20,983

 

 

 

22,252

 

 

 

22,614

 

 

 

17,673

 

Amortization of deferred drydock and survey costs

 

 

9,618

 

 

 

8,898

 

 

 

8,604

 

 

 

9,152

 

 

 

8,984

 

EBITDA (A), (B), (C)

 

 

57,643

 

 

 

46,099

 

 

 

46,509

 

 

 

17,655

 

 

 

23,779

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-lived asset impairment (credit) and other

 

 

 

 

 

 

 

 

1,214

 

 

 

 

 

 

(500

)

Loss on warrants

 

 

 

 

 

 

 

 

 

 

 

14,175

 

 

 

 

Gain on bargain purchase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,300

)

One-time acquisition, restructuring and integration related costs

 

 

1,426

 

 

 

5,150

 

 

 

4,332

 

 

 

7,314

 

 

 

2,305

 

Adjusted EBITDA (A), (B), (C)

 

$

59,069

 

 

$

51,249

 

 

$

52,055

 

 

$

39,144

 

 

$

24,284

 

 

Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, loss on warrants, gain on bargain purchase and acquisition, restructuring and integration related costs.

 

Note (B): EBITDA and Adjusted EBITDA for the three months ended March 31, 2023, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $2,103, $2,028, $1,923, $1,963 and $1,458 respectively.

 

Note (C): EBITDA and Adjusted EBITDA for the three months ended March 31, 2023, and for each of the prior four quarters includes foreign exchange gain (losses) of $2,348, $2,105, $(3,997), $(1,881) and $946 respectively.

Non-GAAP Financial Measures

We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.

EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities (A)

 

$

12,794

 

 

$

45,340

 

 

$

28,113

 

 

$

(21,603

)

 

$

(11,624

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest expense

 

 

98

 

 

 

7,575

 

 

 

353

 

 

 

7,626

 

 

 

 

Interest income and other

 

 

(130

)

 

 

(981

)

 

 

(581

)

 

 

(349

)

 

 

(2,186

)

Additions to property and equipment

 

 

(8,651

)

 

 

(4,929

)

 

 

(6,328

)

 

 

(4,151

)

 

 

(1,229

)

Acquisitions

 

 

 

 

 

 

 

 

8,785

 

 

 

(28,486

)

 

 

(1,039

)

Expansion capital

 

 

109

 

 

 

1,240

 

 

 

(8,441

)

 

 

28,678

 

 

 

1,207

 

Free cash flow before proceeds from asset sales

 

 

4,220

 

 

 

48,245

 

 

 

21,901

 

 

 

(18,285

)

 

 

(14,871

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset sales

 

 

5,716

 

 

 

5,093

 

 

 

312

 

 

 

3,535

 

 

 

4,628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Free cash flow

 

$

9,936

 

 

$

53,338

 

 

$

22,213

 

 

$

(14,750

)

 

$

(10,243

)

 

Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by (used in) operating activities adjusted for capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.

Note (A): Net cash provided by (used in) operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

Cash provided by (used in) changes in assets and liabilities, excluding drydock payments

 

$

2,295

 

 

$

16,018

 

 

$

1,913

 

 

$

(27,697

)

 

$

(13,401

)

Cash paid for deferred drydock and survey costs

 

 

(31,325

)

 

 

(12,117

)

 

 

(12,820

)

 

 

(18,451

)

 

 

(12,612

)

Total sources (uses) of cash for changes in assets and liabilities

 

$

(29,030

)

 

$

3,901

 

 

$

(10,907

)

 

$

(46,148

)

 

$

(26,013

)

 

Tidewater Inc.
West Gotcher
Vice President,
Finance and Investor Relations
+1.713.470.5285

Source: Tidewater Inc.