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Tidewater Reports Results for the Three and Nine Months Ended September 30, 2024

Third Quarter 2024 Highlights

  • Revenue of $340.4 million, an increase of $1.1 million from the prior quarter
  • Average day rate increased to $22,275 per day, $1,145 higher than the prior quarter
  • Net income of $46.4 million and Adjusted EBITDA of $142.6 million
  • Net cash provided by operating activities of $49.1 million and free cash flow of $67.0 million

Share Repurchases and 2024 Guidance

  • Repurchased 189,738 shares since the end of the second quarter of 2024 through the end of October for $15.0 million at an average price of $79.06 per share
  • Board approves additional share repurchase authorization of $10.1 million, for a total current outstanding authorized capacity of $42.8 million, the maximum permissible amount under existing debt agreements
  • Updated 2024 revenue guidance to $1.33 to $1.35 billion and 2024 gross margin guidance of 48%

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2024 of $340.4 million and $1,000.8 million, respectively, compared with $299.3 million and $707.3 million, respectively, for the three and nine months ended September 30, 2023. Tidewater's net income for the three and nine months ended September 30, 2024, was $46.4 million ($0.87 per common share) and $143.8 million ($2.70 per common share), respectively, compared with net income of $26.2 million ($0.49 per common share) and $59.5 million ($1.13 per common share), respectively, for the three and nine months ended September 30, 2023.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Third quarter revenue of $340.4 million and gross margin of 47.2% came in as expected, with our consolidated average day rate up over 5% to $22,275. In particular, the average day rate and average leading-edge day rates in our large PSV and anchor handler fleets continued to show sequential quarterly improvement. Utilization declined in all of our geographic segments and is principally related to project start-up delays, but also due to higher-than-expected idle time between contracts and days in drydock.

“Cash flow from operations for the first nine months of 2024 was $182.5 million, the best performance Tidewater has seen in 8 years. During the same period the company spent $75.2 million on reducing the number of shares outstanding and $89.0 million on the required amortization of outstanding debt. Our expectation for the next two quarters is that quarterly free cash flow generation will increase. Our ability under our existing debt agreements to repurchase shares will increase substantially in the same time frame and our desire to repurchase shares at current trading levels is very strong. The Board has authorized the maximum permissible amount of share repurchases under our existing debt agreements, and our current unused repurchase capacity is now $42.8 million. The company anticipates share repurchase capacity to increase by close to $100 million in the first quarter of 2025.

“Although we are confident in the visibility of free cash flow growth over the next two quarters, the visibility into the continued pace of growth in offshore activity throughout 2025 is more limited. We will be closely monitoring market dynamics in the coming months and look forward to providing updated thoughts around full-year 2025 in our next earnings press release. Global industry discussion on new vessel orders and reactivations, which popped up briefly over the summer, has dropped off significantly from that time due to the same limited visibility.

“Over the past several years, we have employed a contracting strategy appropriate for an improving market, emphasizing shorter-duration contracts, trading off longer-term contract coverage and higher utilization for the opportunity to push day rates and contract terms. This has proven to be a successful strategy, with our realized day rate now more than double our realized day rate at the beginning of 2022 when the offshore vessel recovery began. We believe this remains the correct contracting strategy as day rates have still not returned to a point at which newbuilding vessel activity makes economic sense, which is reflected in the continued record low newbuild OSV orderbook. The lack of newbuild activity combined with vessel attrition expected to occur over the coming years points to persistent longer-term vessel supply constraints.

“The outlook on the timing of the growth in offshore vessel activity has become uncertain recently due to concerns around slower acceleration in oil demand driven by lower-than-expected growth in China and geopolitical events as well as the growth in non-OPEC oil supply. We continue to believe that these concerns will clarify themselves in the coming months and that the longer-term outlook for Tidewater remains quite attractive. The world’s demand for energy of all types will continue to grow and the displacement rate from the growth of renewable energy sources appears to be lower than previously predicted. As such, hydrocarbon energy sources will remain a critical element of satisfying the world’s demand for energy and offshore hydrocarbons will increasingly fill this need. Our customers’ commitment to long cycle exploration and development programs is indicative of the long-term conviction in the role of offshore hydrocarbons in the global energy mix and underpins our outlook for consistently strong offshore vessel demand. Our customers have executed sizable drilling campaigns over the last few years and seem to be taking time to evaluate the outcomes of these projects before they proceed with incremental future activity. The improvements in demand for offshore vessels coming from subsea activities is very evident but it is not clear to what extent that will offset the expected pause in the growth of offshore drilling activity.

“Given our conviction around the positive and improving structural supply and demand fundamentals and Tidewater’s strong position in the offshore vessel industry, we believe that market inefficiencies will provide for opportunities to continue our past success in enhancing shareholder value as the long-term supply and demand fundamentals continue to develop in our favor.”

In addition to the number of outstanding shares, as of September 30, 2024, the Company also has the following in-the-money warrants.

Common shares outstanding

 

 

52,322,461

 

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

 

 

76,175

 

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

 

 

77,313

 

Total

 

 

52,475,949

 

Tidewater will hold a conference call to discuss results for the three months ending September 30, 2024 on November 8, 2024, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 6513877 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 November 8, 2024. 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 Form 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 September 30, 2024 and December 31, 2023; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and nine months ended September 30, 2024 and 2023; and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023. Extracts are drawn from the September 30, 2024 unaudited quarterly and year to date financial statements and the December 31, 2023 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

 

TIDEWATER INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS

(In Thousands, except per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

September 30, 2024

 

 

September 30, 2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

338,485

 

 

$

296,975

 

 

$

994,174

 

 

$

698,478

 

Other operating revenues

 

 

1,871

 

 

 

2,287

 

 

 

6,576

 

 

 

8,849

 

Total revenues

 

 

340,356

 

 

 

299,262

 

 

 

1,000,750

 

 

 

707,327

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

178,654

 

 

 

164,239

 

 

 

522,723

 

 

 

397,962

 

Costs of other operating revenues

 

 

901

 

 

 

1,481

 

 

 

2,867

 

 

 

3,005

 

General and administrative

 

 

28,471

 

 

 

21,001

 

 

 

80,129

 

 

 

70,559

 

Depreciation and amortization

 

 

62,435

 

 

 

57,730

 

 

 

178,150

 

 

 

121,164

 

Gain on asset dispositions, net

 

 

(51

)

 

 

(863

)

 

 

(13,090

)

 

 

(4,483

)

Total costs and expenses

 

 

270,410

 

 

 

243,588

 

 

 

770,779

 

 

 

588,207

 

Operating income

 

 

69,946

 

 

 

55,674

 

 

 

229,971

 

 

 

119,120

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

5,522

 

 

 

(2,149

)

 

 

(939

)

 

 

(3,620

)

Equity in net earnings of unconsolidated companies

 

 

 

 

 

4

 

 

 

 

 

 

29

 

Interest income and other, net

 

 

1,028

 

 

 

568

 

 

 

3,686

 

 

 

3,488

 

Interest and other debt costs, net

 

 

(17,622

)

 

 

(19,288

)

 

 

(56,225

)

 

 

(28,209

)

Total other expense

 

 

(11,072

)

 

 

(20,865

)

 

 

(53,478

)

 

 

(28,312

)

Income before income taxes

 

 

58,874

 

 

 

34,809

 

 

 

176,493

 

 

 

90,808

 

Income tax expense

 

 

12,883

 

 

 

9,260

 

 

 

33,840

 

 

 

32,515

 

Net income

 

 

45,991

 

 

 

25,549

 

 

 

142,653

 

 

 

58,293

 

Less: Net loss attributable to noncontrolling interests

 

 

(380

)

 

 

(650

)

 

 

(1,098

)

 

 

(1,228

)

Net income attributable to Tidewater Inc.

 

$

46,371

 

 

$

26,199

 

 

$

143,751

 

 

$

59,521

 

Basic income per common share

 

$

0.88

 

 

$

0.50

 

 

$

2.74

 

 

$

1.16

 

Diluted income per common share

 

$

0.87

 

 

$

0.49

 

 

$

2.70

 

 

$

1.13

 

Weighted average common shares outstanding

 

 

52,490

 

 

 

52,230

 

 

 

52,498

 

 

 

51,235

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

593

 

 

 

1,380

 

 

 

656

 

 

 

1,322

 

Adjusted weighted average common shares

 

 

53,083

 

 

 

53,610

 

 

 

53,154

 

 

 

52,557

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

 

 

 

September 30, 2024

 

 

December 31, 2023

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

280,840

 

 

$

274,437

 

Restricted cash

 

 

7,259

 

 

 

1,241

 

Trade and other receivables, net of allowance for credit losses of $3,086 and $15,914 at September 30, 2024 and December 31, 2023, respectively

 

 

293,085

 

 

 

268,352

 

Marine operating supplies

 

 

26,670

 

 

 

31,933

 

Prepaid expenses and other current assets

 

 

18,117

 

 

 

15,172

 

Total current assets

 

 

625,971

 

 

 

591,135

 

Net properties and equipment

 

 

1,220,056

 

 

 

1,315,122

 

Deferred drydocking and survey costs

 

 

160,944

 

 

 

106,698

 

Indemnification assets

 

 

12,216

 

 

 

17,370

 

Other assets

 

 

27,944

 

 

 

32,449

 

Total assets

 

$

2,047,131

 

 

$

2,062,774

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

64,058

 

 

$

44,931

 

Accrued expenses

 

 

117,878

 

 

 

125,590

 

Current portion of long-term debt

 

 

53,105

 

 

 

103,077

 

Other current liabilities

 

 

38,532

 

 

 

55,133

 

Total current liabilities

 

 

273,573

 

 

 

328,731

 

Long-term debt

 

 

597,352

 

 

 

631,361

 

Other liabilities

 

 

62,366

 

 

 

64,985

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock of $0.001 par value, 125,000,000 shares authorized, 52,322,461 and 52,259,303 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively

 

 

52

 

 

 

52

 

Additional paid-in-capital

 

 

1,653,027

 

 

 

1,671,759

 

Accumulated deficit

 

 

(541,191

)

 

 

(637,838

)

Accumulated other comprehensive loss

 

 

4,592

 

 

 

5,266

 

Total stockholders' equity

 

 

1,116,480

 

 

 

1,039,239

 

Noncontrolling interests

 

 

(2,640

)

 

 

(1,542

)

Total equity

 

 

1,113,840

 

 

 

1,037,697

 

Total liabilities and equity

 

$

2,047,131

 

 

$

2,062,774

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

September 30, 2024

 

 

September 30, 2023

 

Net income

 

$

45,991

 

 

$

25,549

 

 

$

142,653

 

 

$

58,293

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on note receivable

 

 

130

 

 

 

(153

)

 

 

283

 

 

 

(469

)

Change in liability of pension plans

 

 

(600

)

 

 

 

 

 

(957

)

 

 

(3,694

)

Total comprehensive income

 

$

45,521

 

 

$

25,396

 

 

$

141,979

 

 

$

54,130

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

 

 

 

Nine Months

 

 

Nine Months

 

 

 

Ended

 

 

Ended

 

 

 

September 30, 2024

 

 

September 30, 2023

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

142,653

 

 

$

58,293

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

117,430

 

 

 

85,989

 

Amortization of deferred drydocking and survey costs

 

 

60,720

 

 

 

35,175

 

Amortization of debt premiums and discounts

 

 

5,129

 

 

 

2,644

 

Amortization of below market contracts

 

 

(3,929

)

 

 

(1,906

)

Provision for deferred income taxes

 

 

56

 

 

 

69

 

Gain on asset dispositions, net

 

 

(13,090

)

 

 

(4,483

)

Gain on pension settlement

 

 

 

 

 

(1,807

)

Stock-based compensation expense

 

 

9,795

 

 

 

7,247

 

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

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(24,733

)

 

 

(92,684

)

Accounts payable

 

 

19,127

 

 

 

18,237

 

Accrued expenses

 

 

(4,623

)

 

 

14,231

 

Deferred drydocking and survey costs

 

 

(115,584

)

 

 

(73,309

)

Other, net

 

 

(10,405

)

 

 

9,778

 

Net cash provided by operating activities

 

 

182,546

 

 

 

57,474

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from asset dispositions

 

 

14,868

 

 

 

9,604

 

Proceeds from sale of notes

 

 

2,208

 

 

 

 

Acquisitions, net of cash acquired

 

 

 

 

 

(594,191

)

Additions to properties and equipment

 

 

(23,046

)

 

 

(23,202

)

Net cash used in investing activities

 

 

(5,970

)

 

 

(607,789

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Exercise of warrants

 

 

 

 

 

111,483

 

Proceeds from issuance of shares

 

 

2

 

 

 

 

Issuance of long-term debt

 

 

 

 

 

575,000

 

Principal payments on long-term debt

 

 

(89,007

)

 

 

 

Purchase of common stock

 

 

(46,639

)

 

 

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

 

 

 

(1,427

)

Debt issuance costs

 

 

(193

)

 

 

(14,758

)

Share based awards reacquired to pay taxes

 

 

(28,528

)

 

 

(5,899

)

Net cash used in financing activities

 

 

(164,365

)

 

 

664,399

 

Net change in cash, cash equivalents and restricted cash

 

 

12,211

 

 

 

114,084

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

277,965

 

 

 

167,977

 

Cash, cash equivalents and restricted cash at end of period

 

$

290,176

 

 

$

282,061

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

54,081

 

 

$

8,452

 

Income taxes

 

$

45,641

 

 

$

36,585

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

Purchase of vessels

 

$

 

 

$

12,198

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

Debt incurred for the purchase of vessels

 

$

 

 

$

12,198

 

 

Note: Cash, cash equivalents and restricted cash at September 30, 2024 includes $2.1 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

 

 

interest

 

 

Total

 

Balance at June 30, 2024

 

$

52

 

 

$

1,649,523

 

 

$

(573,390

)

 

$

5,062

 

 

$

(2,260

)

 

$

1,078,987

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

46,371

 

 

 

(470

)

 

 

(380

)

 

 

45,521

 

Repurchase and retirement of common stock

 

 

 

 

 

 

 

 

(14,172

)

 

 

 

 

 

 

 

 

(14,172

)

Amortization of share-based awards

 

 

 

 

 

3,504

 

 

 

 

 

 

 

 

 

 

 

 

3,504

 

Balance at September 30, 2024

 

$

52

 

 

$

1,653,027

 

 

$

(541,191

)

 

$

4,592

 

 

$

(2,640

)

 

$

1,113,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2023

 

$

51

 

 

$

1,554,793

 

 

$

(666,327

)

 

$

4,566

 

 

$

(556

)

 

$

892,527

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

26,199

 

 

 

(153

)

 

 

(650

)

 

 

25,396

 

Exercise of warrants into common stock

 

 

2

 

 

 

111,481

 

 

 

 

 

 

 

 

 

 

 

 

111,483

 

Amortization of share-based awards

 

 

 

 

 

2,118

 

 

 

 

 

 

 

 

 

 

 

 

2,118

 

Balance at September 30, 2023

 

$

53

 

 

$

1,668,392

 

 

$

(640,128

)

 

$

4,413

 

 

$

(1,206

)

 

$

1,031,524

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

deficit

 

 

income (loss)

 

 

interest

 

 

Total

 

Balance at December 31, 2023

 

$

52

 

 

$

1,671,759

 

 

$

(637,838

)

 

$

5,266

 

 

$

(1,542

)

 

$

1,037,697

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

143,751

 

 

 

(674

)

 

 

(1,098

)

 

 

141,979

 

Issuance of common stock

 

 

1

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Repurchase and retirement of common stock

 

 

(1

)

 

 

 

 

 

(47,104

)

 

 

 

 

 

 

 

 

(47,105

)

Amortization of share-based awards

 

 

 

 

 

(18,733

)

 

 

 

 

 

 

 

 

 

 

 

(18,733

)

Balance at September 30, 2024

 

$

52

 

 

$

1,653,027

 

 

$

(541,191

)

 

$

4,592

 

 

$

(2,640

)

 

$

1,113,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

$

51

 

 

$

1,556,990

 

 

$

(699,649

)

 

$

8,576

 

 

$

22

 

 

$

865,990

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

59,521

 

 

 

(4,163

)

 

 

(1,228

)

 

 

54,130

 

Exercise of warrants into common stock

 

 

2

 

 

 

111,481

 

 

 

 

 

 

 

 

 

 

 

 

111,483

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

 

 

 

(1,427

)

 

 

 

 

 

 

 

 

 

 

 

(1,427

)

Amortization of share-based awards

 

 

 

 

 

1,348

 

 

 

 

 

 

 

 

 

 

 

 

1,348

 

Balance at September 30, 2023

 

$

53

 

 

$

1,668,392

 

 

$

(640,128

)

 

$

4,413

 

 

$

(1,206

)

 

$

1,031,524

 

 

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

 

 

Nine Months Ended

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

September 30, 2024

 

 

September 30, 2023

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

64,606

 

 

 

19

%

 

$

70,717

 

 

 

24

%

 

$

201,689

 

 

 

20

%

 

$

168,780

 

 

 

24

%

Asia Pacific

 

 

56,283

 

 

 

17

%

 

 

38,994

 

 

 

13

%

 

 

159,285

 

 

 

16

%

 

 

83,603

 

 

 

12

%

Middle East

 

 

36,947

 

 

 

11

%

 

 

34,685

 

 

 

12

%

 

 

111,415

 

 

 

11

%

 

 

97,303

 

 

 

14

%

Europe/Mediterranean

 

 

85,325

 

 

 

25

%

 

 

78,929

 

 

 

26

%

 

 

248,972

 

 

 

25

%

 

 

149,474

 

 

 

21

%

West Africa

 

 

95,324

 

 

 

28

%

 

 

73,650

 

 

 

25

%

 

 

272,813

 

 

 

28

%

 

 

199,318

 

 

 

29

%

Total vessel revenues

 

$

338,485

 

 

 

100

%

 

$

296,975

 

 

 

100

%

 

$

994,174

 

 

 

100

%

 

$

698,478

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

107,708

 

 

 

32

%

 

$

97,286

 

 

 

32

%

 

$

316,291

 

 

 

32

%

 

$

231,936

 

 

 

33

%

Repair and maintenance

 

 

25,554

 

 

 

8

%

 

 

23,595

 

 

 

8

%

 

 

71,645

 

 

 

7

%

 

 

57,081

 

 

 

8

%

Insurance

 

 

2,965

 

 

 

1

%

 

 

2,359

 

 

 

1

%

 

 

8,170

 

 

 

1

%

 

 

6,532

 

 

 

1

%

Fuel, lube and supplies

 

 

17,213

 

 

 

5

%

 

 

17,770

 

 

 

6

%

 

 

50,093

 

 

 

5

%

 

 

45,283

 

 

 

7

%

Other

 

 

25,214

 

 

 

7

%

 

 

23,229

 

 

 

8

%

 

 

76,524

 

 

 

8

%

 

 

57,130

 

 

 

8

%

Total vessel operating costs

 

 

178,654

 

 

 

53

%

 

 

164,239

 

 

 

55

%

 

 

522,723

 

 

 

53

%

 

 

397,962

 

 

 

57

%

Vessel operating margin (A)

 

$

159,831

 

 

 

47

%

 

$

132,736

 

 

 

45

%

 

$

471,451

 

 

 

47

%

 

$

300,516

 

 

 

43

%

 

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

 

The company’s operating income (loss) and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows:

 

(In Thousands)

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

September 30, 2024

 

 

September 30, 2023

 

Vessel operating profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

13,299

 

 

 

4

%

 

$

12,586

 

 

 

4

%

 

$

43,573

 

 

 

5

%

 

$

26,793

 

 

 

4

%

Asia Pacific

 

 

15,292

 

 

 

4

%

 

 

14,555

 

 

 

5

%

 

 

47,070

 

 

 

5

%

 

 

27,149

 

 

 

4

%

Middle East

 

 

(900

)

 

 

(0

)%

 

 

(1,143

)

 

 

(0

)%

 

 

(1,213

)

 

 

(0

)%

 

 

(3,144

)

 

 

(1

)%

Europe/Mediterranean

 

 

12,363

 

 

 

4

%

 

 

9,576

 

 

 

3

%

 

 

42,249

 

 

 

4

%

 

 

19,919

 

 

 

3

%

West Africa

 

 

43,526

 

 

 

13

%

 

 

28,392

 

 

 

10

%

 

 

122,275

 

 

 

12

%

 

 

71,087

 

 

 

10

%

Other operating profit

 

 

970

 

 

 

0

%

 

 

806

 

 

 

0

%

 

 

3,709

 

 

 

0

%

 

 

5,844

 

 

 

1

%

 

 

 

84,550

 

 

 

25

%

 

 

64,772

 

 

 

22

%

 

 

257,663

 

 

 

26

%

 

 

147,648

 

 

 

21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(14,655

)

 

 

(4

)%

 

 

(9,961

)

 

 

(3

)%

 

 

(40,782

)

 

 

(4

)%

 

 

(33,011

)

 

 

(5

)%

Gain on asset dispositions, net

 

 

51

 

 

 

0

%

 

 

863

 

 

 

0

%

 

 

13,090

 

 

 

1

%

 

 

4,483

 

 

 

1

%

Operating income

 

$

69,946

 

 

 

21

%

 

$

55,674

 

 

 

19

%

 

$

229,971

 

 

 

23

%

 

$

119,120

 

 

 

17

%

 

Note (A): General and administrative expenses for the three and nine months ended September 30, 2024 include stock-based compensation of $3.7 million and $9.8 million, respectively. General and administrative expenses for the three months and nine months ended September 30, 2023 include stock-based compensation of $2.4 million and $7.2 million, respectively. In addition, vessel operating and general and administrative costs for the three and nine months ended September 30, 2024, include $0.6 million and $1.3 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and nine months ended September 30, 2023, include $6.0 million and $8.7 million in one-time acquisition, restructuring and integration related costs, respectively.

 

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA

(In Thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

338,485

 

 

$

337,003

 

 

$

318,686

 

 

$

300,515

 

 

$

296,975

 

Other operating revenues

 

 

1,871

 

 

 

2,227

 

 

 

2,478

 

 

 

2,143

 

 

 

2,287

 

Total revenues

 

 

340,356

 

 

 

339,230

 

 

 

321,164

 

 

 

302,658

 

 

 

299,262

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

178,654

 

 

 

176,513

 

 

 

167,556

 

 

 

158,553

 

 

 

164,239

 

Costs of other operating revenue

 

 

901

 

 

 

816

 

 

 

1,150

 

 

 

1,337

 

 

 

1,481

 

General and administrative (A)

 

 

28,471

 

 

 

26,329

 

 

 

25,329

 

 

 

24,724

 

 

 

21,001

 

Depreciation and amortization

 

 

62,435

 

 

 

59,445

 

 

 

56,270

 

 

 

59,167

 

 

 

57,730

 

Gain on asset dispositions, net

 

 

(51

)

 

 

(2,000

)

 

 

(11,039

)

 

 

(4,218

)

 

 

(863

)

Total operating costs and expenses

 

 

270,410

 

 

 

261,103

 

 

 

239,266

 

 

 

239,563

 

 

 

243,588

 

Operating income

 

 

69,946

 

 

 

78,127

 

 

 

81,898

 

 

 

63,095

 

 

 

55,674

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

5,522

 

 

 

(2,376

)

 

 

(4,085

)

 

 

2,250

 

 

 

(2,149

)

Equity in net earnings (losses) of unconsolidated companies

 

 

 

 

 

5

 

 

 

(5

)

 

 

10

 

 

 

4

 

Interest income and other, net

 

 

1,028

 

 

 

1,175

 

 

 

1,483

 

 

 

3,029

 

 

 

568

 

Interest and other debt costs, net

 

 

(17,622

)

 

 

(19,127

)

 

 

(19,476

)

 

 

(20,263

)

 

 

(19,288

)

Total other expense

 

 

(11,072

)

 

 

(20,323

)

 

 

(22,083

)

 

 

(14,974

)

 

 

(20,865

)

Income before income taxes

 

 

58,874

 

 

 

57,804

 

 

 

59,815

 

 

 

48,121

 

 

 

34,809

 

Income tax expense

 

 

12,883

 

 

 

7,887

 

 

 

13,070

 

 

 

10,793

 

 

 

9,260

 

Net income

 

 

45,991

 

 

 

49,917

 

 

 

46,745

 

 

 

37,328

 

 

 

25,549

 

Net loss attributable to noncontrolling interests

 

 

(380

)

 

 

(437

)

 

 

(281

)

 

 

(336

)

 

 

(650

)

Net income attributable to Tidewater Inc.

 

$

46,371

 

 

$

50,354

 

 

$

47,026

 

 

$

37,664

 

 

$

26,199

 

Basic income per common share

 

$

0.88

 

 

$

0.96

 

 

$

0.90

 

 

$

0.72

 

 

$

0.50

 

Diluted income per common share

 

$

0.87

 

 

$

0.94

 

 

$

0.89

 

 

$

0.70

 

 

$

0.49

 

Weighted average common shares outstanding

 

 

52,490

 

 

 

52,684

 

 

 

52,320

 

 

 

52,648

 

 

 

52,230

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

593

 

 

 

663

 

 

 

580

 

 

 

1,351

 

 

 

1,380

 

Adjusted weighted average common shares

 

 

53,083

 

 

 

53,347

 

 

 

52,900

 

 

 

53,999

 

 

 

53,610

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin

 

$

159,831

 

 

$

160,490

 

 

$

151,130

 

 

$

141,962

 

 

$

132,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note (A): Acquisition, restructuring and integration related costs

 

$

581

 

 

$

 

 

$

709

 

 

$

2,177

 

 

$

6,079

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

280,840

 

 

$

315,897

 

 

$

280,853

 

 

$

274,437

 

 

$

275,070

 

Restricted cash

 

 

7,259

 

 

 

3,527

 

 

 

6,474

 

 

 

1,241

 

 

 

4,973

 

Trade and other receivables, net

 

 

293,085

 

 

 

280,498

 

 

 

285,968

 

 

 

268,352

 

 

 

250,671

 

Marine operating supplies

 

 

26,670

 

 

 

26,908

 

 

 

24,767

 

 

 

31,933

 

 

 

27,489

 

Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

565

 

Prepaid expenses and other current assets

 

 

18,117

 

 

 

20,115

 

 

 

17,447

 

 

 

15,172

 

 

 

16,598

 

Total current assets

 

 

625,971

 

 

 

646,945

 

 

 

615,509

 

 

 

591,135

 

 

 

575,366

 

Net properties and equipment

 

 

1,220,056

 

 

 

1,253,583

 

 

 

1,286,618

 

 

 

1,315,122

 

 

 

1,348,001

 

Deferred drydocking and survey costs

 

 

160,944

 

 

 

148,657

 

 

 

128,639

 

 

 

106,698

 

 

 

99,215

 

Indemnification assets

 

 

12,216

 

 

 

10,920

 

 

 

16,642

 

 

 

17,370

 

 

 

18,648

 

Other assets

 

 

27,944

 

 

 

29,643

 

 

 

30,408

 

 

 

32,449

 

 

 

30,325

 

Total assets

 

$

2,047,131

 

 

$

2,089,748

 

 

$

2,077,816

 

 

$

2,062,774

 

 

$

2,071,555

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

64,058

 

 

$

60,740

 

 

$

51,774

 

 

$

44,931

 

 

$

57,183

 

Accrued expenses

 

 

117,878

 

 

 

133,149

 

 

 

132,190

 

 

 

125,590

 

 

 

119,631

 

Current portion of long-term debt

 

 

53,105

 

 

 

102,993

 

 

 

103,009

 

 

 

103,077

 

 

 

102,369

 

Other current liabilities

 

 

38,532

 

 

 

43,342

 

 

 

52,164

 

 

 

55,133

 

 

 

53,301

 

Total current liabilities

 

 

273,573

 

 

 

340,224

 

 

 

339,137

 

 

 

328,731

 

 

 

332,484

 

Long-term debt

 

 

597,352

 

 

 

607,998

 

 

 

620,329

 

 

 

631,361

 

 

 

641,301

 

Other liabilities

 

 

62,366

 

 

 

62,539

 

 

 

63,197

 

 

 

64,985

 

 

 

66,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

52

 

 

 

52

 

 

 

53

 

 

 

52

 

 

 

53

 

Additional paid-in-capital

 

 

1,653,027

 

 

 

1,649,523

 

 

 

1,646,061

 

 

 

1,671,759

 

 

 

1,668,392

 

Accumulated deficit

 

 

(541,191

)

 

 

(573,390

)

 

 

(594,347

)

 

 

(637,838

)

 

 

(640,128

)

Accumulated other comprehensive income

 

 

4,592

 

 

 

5,062

 

 

 

5,209

 

 

 

5,266

 

 

 

4,413

 

Total stockholders' equity

 

 

1,116,480

 

 

 

1,081,247

 

 

 

1,056,976

 

 

 

1,039,239

 

 

 

1,032,730

 

Noncontrolling interests

 

 

(2,640

)

 

 

(2,260

)

 

 

(1,823

)

 

 

(1,542

)

 

 

(1,206

)

Total equity

 

 

1,113,840

 

 

 

1,078,987

 

 

 

1,055,153

 

 

 

1,037,697

 

 

 

1,031,524

 

Total liabilities and equity

 

$

2,047,131

 

 

$

2,089,748

 

 

$

2,077,816

 

 

$

2,062,774

 

 

$

2,071,555

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

45,991

 

 

$

49,917

 

 

$

46,745

 

 

$

37,328

 

 

$

25,549

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

39,239

 

 

 

39,380

 

 

 

38,811

 

 

 

42,788

 

 

 

43,845

 

Amortization of deferred drydocking and survey costs

 

 

23,196

 

 

 

20,065

 

 

 

17,459

 

 

 

16,379

 

 

 

13,885

 

Amortization of debt premiums and discounts

 

 

1,536

 

 

 

1,779

 

 

 

1,814

 

 

 

1,975

 

 

 

1,802

 

Amortization of below market contracts

 

 

(1,073

)

 

 

(1,650

)

 

 

(1,206

)

 

 

(1,894

)

 

 

(1,906

)

Provision (benefit) for deferred income taxes

 

 

24

 

 

 

(41

)

 

 

73

 

 

 

23

 

 

 

35

 

Gain on asset dispositions, net

 

 

(51

)

 

 

(2,000

)

 

 

(11,039

)

 

 

(4,218

)

 

 

(863

)

Gain on pension settlement

 

 

 

 

 

 

 

 

 

 

 

(506

)

 

 

 

Stock-based compensation expense

 

 

3,569

 

 

 

3,460

 

 

 

2,766

 

 

 

3,508

 

 

 

2,496

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(12,587

)

 

 

5,470

 

 

 

(17,616

)

 

 

(17,072

)

 

 

(54,765

)

Accounts payable

 

 

3,318

 

 

 

8,966

 

 

 

6,843

 

 

 

(12,252

)

 

 

(12,639

)

Accrued expenses

 

 

(15,271

)

 

 

4,048

 

 

 

6,600

 

 

 

5,841

 

 

 

27,775

 

Deferred drydocking and survey costs

 

 

(35,483

)

 

 

(40,083

)

 

 

(40,018

)

 

 

(24,069

)

 

 

(20,618

)

Other, net

 

 

(3,272

)

 

 

(10,666

)

 

 

3,533

 

 

 

(600

)

 

 

10,343

 

Net cash provided by operating activities

 

 

49,136

 

 

 

78,645

 

 

 

54,765

 

 

 

47,231

 

 

 

34,939

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset dispositions

 

 

51

 

 

 

2,354

 

 

 

12,463

 

 

 

5,902

 

 

 

945

 

Proceeds from sale of notes

 

 

1,506

 

 

 

702

 

 

 

 

 

 

 

 

 

 

Acquisitions, net of cash acquired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(594,191

)

Additions to properties and equipment

 

 

(5,712

)

 

 

(6,392

)

 

 

(10,942

)

 

 

(8,386

)

 

 

(5,702

)

Net cash provided by (used in) investing activities

 

 

(4,155

)

 

 

(3,336

)

 

 

1,521

 

 

 

(2,484

)

 

 

(598,948

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

111,483

 

Proceeds from issuance of shares

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

Issuance of long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

575,000

 

Principal payments on long-term debt

 

 

(62,500

)

 

 

(14,007

)

 

 

(12,500

)

 

 

(13,677

)

 

 

 

Purchase of common stock

 

 

(13,741

)

 

 

(29,397

)

 

 

(3,501

)

 

 

(35,025

)

 

 

 

Debt issuance costs

 

 

 

 

 

(58

)

 

 

(135

)

 

 

 

 

 

(14,758

)

Share based awards reacquired to pay taxes

 

 

(65

)

 

 

(1

)

 

 

(28,462

)

 

 

(141

)

 

 

(378

)

Net cash provided by (used in) financing activities

 

 

(76,306

)

 

 

(43,461

)

 

 

(44,598

)

 

 

(48,843

)

 

 

671,347

 

Net change in cash, cash equivalents and restricted cash

 

 

(31,325

)

 

 

31,848

 

 

 

11,688

 

 

 

(4,096

)

 

 

107,338

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

321,501

 

 

 

289,653

 

 

 

277,965

 

 

 

282,061

 

 

 

174,723

 

Cash, cash equivalents and restricted cash at end of period

 

$

290,176

 

 

$

321,501

 

 

$

289,653

 

 

$

277,965

 

 

$

282,061

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

23,535

 

 

$

14,925

 

 

$

15,621

 

 

$

18,186

 

 

$

606

 

Income taxes

 

$

12,557

 

 

$

17,481

 

 

$

15,603

 

 

$

7,295

 

 

$

9,384

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of vessels

 

$

 

 

$

 

 

$

 

 

$

2,067

 

 

$

27

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt incurred for purchase of vessels

 

$

 

 

$

 

 

$

 

 

$

3,037

 

 

$

27

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

$

27,192

 

 

$

31,400

 

 

$

29,924

 

 

$

28,714

 

 

$

29,270

 

PSV < 900

 

 

26,926

 

 

 

28,010

 

 

 

24,531

 

 

 

28,143

 

 

 

28,886

 

AHTS > 16K

 

 

6,249

 

 

 

7,228

 

 

 

2,036

 

 

 

4,034

 

 

 

3,584

 

AHTS 8 - 16K

 

 

908

 

 

 

2,002

 

 

 

2,476

 

 

 

2,316

 

 

 

2,064

 

AHTS 4 - 8K

 

 

351

 

 

 

219

 

 

 

945

 

 

 

1,428

 

 

 

1,570

 

Other

 

 

2,980

 

 

 

4,283

 

 

 

4,029

 

 

 

3,790

 

 

 

5,343

 

Total

 

 

64,606

 

 

 

73,142

 

 

 

63,941

 

 

 

68,425

 

 

 

70,717

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

19,535

 

 

 

21,578

 

 

 

23,210

 

 

 

19,485

 

 

 

20,159

 

PSV < 900

 

 

17,214

 

 

 

14,402

 

 

 

11,830

 

 

 

8,679

 

 

 

8,292

 

AHTS > 16K

 

 

12,358

 

 

 

7,815

 

 

 

4,555

 

 

 

3,759

 

 

 

3,271

 

AHTS 8 - 16K

 

 

4,640

 

 

 

7,874

 

 

 

4,507

 

 

 

4,706

 

 

 

5,287

 

AHTS 4 - 8K

 

 

2,182

 

 

 

1,269

 

 

 

1,576

 

 

 

1,601

 

 

 

1,582

 

Other

 

 

354

 

 

 

2,283

 

 

 

2,103

 

 

 

402

 

 

 

403

 

Total

 

 

56,283

 

 

 

55,221

 

 

 

47,781

 

 

 

38,632

 

 

 

38,994

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,387

 

 

 

1,359

 

 

 

1,365

 

 

 

1,378

 

 

 

1,088

 

PSV < 900

 

 

19,909

 

 

 

19,963

 

 

 

21,017

 

 

 

19,215

 

 

 

17,790

 

AHTS > 16K

 

 

 

 

 

(3

)

 

 

287

 

 

 

1,178

 

 

 

1,196

 

AHTS 8 - 16K

 

 

3,450

 

 

 

3,163

 

 

 

2,397

 

 

 

3,094

 

 

 

3,420

 

AHTS 4 - 8K

 

 

12,201

 

 

 

12,054

 

 

 

12,866

 

 

 

13,207

 

 

 

11,191

 

Total

 

 

36,947

 

 

 

36,536

 

 

 

37,932

 

 

 

38,072

 

 

 

34,685

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

66,808

 

 

 

64,875

 

 

 

61,827

 

 

 

61,559

 

 

 

59,872

 

PSV < 900

 

 

13,679

 

 

 

13,290

 

 

 

14,126

 

 

 

15,356

 

 

 

14,039

 

AHTS > 16K

 

 

3,790

 

 

 

4,057

 

 

 

3,346

 

 

 

2,437

 

 

 

3,617

 

Other

 

 

1,048

 

 

 

1,044

 

 

 

1,082

 

 

 

1,391

 

 

 

1,401

 

Total

 

 

85,325

 

 

 

83,266

 

 

 

80,381

 

 

 

80,743

 

 

 

78,929

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

17,012

 

 

 

20,044

 

 

 

21,743

 

 

 

15,478

 

 

 

17,566

 

PSV < 900

 

 

41,367

 

 

 

32,601

 

 

 

31,812

 

 

 

31,893

 

 

 

26,396

 

AHTS > 16K

 

 

8,916

 

 

 

8,065

 

 

 

8,048

 

 

 

6,994

 

 

 

7,138

 

AHTS 8 - 16K

 

 

18,453

 

 

 

18,466

 

 

 

16,316

 

 

 

11,219

 

 

 

11,917

 

AHTS 4 - 8K

 

 

3,100

 

 

 

2,827

 

 

 

2,370

 

 

 

2,126

 

 

 

2,745

 

Other

 

 

6,476

 

 

 

6,835

 

 

 

8,362

 

 

 

6,933

 

 

 

7,888

 

Total

 

 

95,324

 

 

 

88,838

 

 

 

88,651

 

 

 

74,643

 

 

 

73,650

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

131,934

 

 

 

139,256

 

 

 

138,069

 

 

 

126,614

 

 

 

127,955

 

PSV < 900

 

 

119,095

 

 

 

108,266

 

 

 

103,316

 

 

 

103,286

 

 

 

95,403

 

AHTS > 16K

 

 

31,313

 

 

 

27,162

 

 

 

18,272

 

 

 

18,402

 

 

 

18,806

 

AHTS 8 - 16K

 

 

27,451

 

 

 

31,505

 

 

 

25,696

 

 

 

21,335

 

 

 

22,688

 

AHTS 4 - 8K

 

 

17,834

 

 

 

16,369

 

 

 

17,757

 

 

 

18,362

 

 

 

17,088

 

Other

 

 

10,858

 

 

 

14,445

 

 

 

15,576

 

 

 

12,516

 

 

 

15,035

 

Total

 

$

338,485

 

 

$

337,003

 

 

$

318,686

 

 

$

300,515

 

 

$

296,975

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

10

 

 

 

11

 

 

 

11

 

 

 

12

 

 

 

12

 

PSV < 900

 

 

17

 

 

 

17

 

 

 

18

 

 

 

18

 

 

 

18

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

AHTS 8 - 16K

 

 

1

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

AHTS 4 - 8K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

Other

 

 

2

 

 

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

Total

 

 

34

 

 

 

35

 

 

 

36

 

 

 

38

 

 

 

38

 

Stacked vessels

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

 

 

(1

)

Active vessels

 

 

34

 

 

 

35

 

 

 

35

 

 

 

37

 

 

 

37

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

9

 

 

 

9

 

 

 

8

 

 

 

8

 

 

 

8

 

PSV < 900

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

 

 

4

 

AHTS > 16K

 

 

3

 

 

 

3

 

 

 

3

 

 

 

2

 

 

 

2

 

AHTS 8 - 16K

 

 

2

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

AHTS 4 - 8K

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

Other

 

 

 

 

 

1

 

 

 

1

 

 

 

 

 

 

 

Total

 

 

20

 

 

 

22

 

 

 

21

 

 

 

19

 

 

 

18

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active vessels

 

 

20

 

 

 

22

 

 

 

21

 

 

 

19

 

 

 

18

 

Middle East fleet: