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