tdw-8k_20200730.htm
false 0000098222 true 0000098222 2020-07-30 2020-07-30 0000098222 us-gaap:CommonStockMember 2020-07-30 2020-07-30 0000098222 tdw:SeriesAWarrantsMember 2020-07-30 2020-07-30 0000098222 tdw:SeriesBWarrantsMember 2020-07-30 2020-07-30 0000098222 us-gaap:WarrantMember 2020-07-30 2020-07-30 0000098222 us-gaap:RightsMember 2020-07-30 2020-07-30

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 30, 2020

 

TIDEWATER INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

1-6311

72-0487776

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

6002 Rogerdale Road, Suite 600

Houston, Texas

 

77072

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (713) 470-5300

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock, $0.001 par value per share

 

TDW

 

New York Stock Exchange

Series A Warrants to purchase shares of common stock

 

TDW.WS.A

 

New York Stock Exchange

Series B Warrants to purchase shares of common stock

 

TDW.WS.B

 

New York Stock Exchange

Warrants to purchase shares of common stock

 

TDW.WS

 

NYSE American

Preferred stock purchase rights

 

N/A

 

New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 


 

Item 2.02.  Results of Operations and Financial Condition.

 

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater Inc. (the “Company”) notes that certain statements set forth in this Current Report on Form 8-K provide contain certain forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact. All such forward-looking statements are subject to risks and uncertainties, many of which are beyond the control of the Company, and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements. These risks and uncertainties include, without limitation: the risks related to fluctuations in worldwide energy demand and oil and natural gas prices, and continuing depressed levels of oil and natural gas prices without a clear indication of if, or when, prices will recover to a level to support renewed offshore exploration activities; fleet additions by competitors and industry overcapacity; our 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 in the energy industry and the 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; the 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; 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; and the resolution of pending legal proceedings.

 

On July 30, 2020, the Company issued an earnings release announcing its financial results for the quarter ended June 30, 2020.  The press release is furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference as if fully set forth under this item.

 

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or Securities Act of 1933, as amended, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such filing.

 

 

1


 

Item 9.01. Financial Statements and Exhibits.

 

(d)

Exhibits

 

The following exhibit is furnished with this Form 8-K:

 

Exhibit

Number

 

Description

99.1

 

Press Release dated July 30, 2020

 

 

 

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

2


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

TIDEWATER INC

 

 

 

 

Date: July 31, 2020

 

By:

/s/ Samuel R. Rubio

 

 

 

Samuel R. Rubio

 

 

 

Vice President, Chief Accounting Officer and Controller

 

3

tdw-ex991_6.htm

 

 

 

 

Exhibit 99.1

Press Release

 

 

TIDEWATER INC. ● 6002 Rogerdale Road, Suite 600 ● Houston, TX 77072 ● Telephone (713) 470-5300 ● Fax (888) 909-0946

 

 

 

 

 

Tidewater Reports Results for the Three and Six Months Ended June 30, 2020

 

 

HOUSTON, July 30, 2020 — Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2020, of $102.3 million and $218.7 million, respectively compared with $125.9 million and $248.0 million, respectively, for the three months and six months ended June 30, 2019. Tidewater also reported net losses for the three and six months ended June 30, 2020, of $110.6 million ($2.74 per share) and $129.1 million ($3.21 per share), respectively, compared with $16.0 million ($0.42 per share) and $37.7 million ($1.01 per share), respectively, for the three and six months ended June 30, 2019. Included in the net losses for the three and six months ended June 30, 2020 were impairment charges related to assets held for sale, affiliate credit losses, affiliate guaranteed obligation, and general and administrative severance expenses totaling $111.5 million and $121.8 million, respectively. Excluding these costs, we would have reported net income for the three months ended June 30, 2020 of $0.9 million ($0.02 per common share) and a net loss for the six months ended June 30, 2020 of $7.3 million ($0.18 per common share). Included in the net losses for the three and six months ended June 30, 2019 were general and administrative expenses for severance and similar expenses related to integrating Tidewater and GulfMark operations of $0.5 million and $4.2 million, respectively. Excluding these costs, net losses for the three and six months ended June 30, 2019 were $15.5 million (or $0.41 per common share) and $33.5 million (or $0.90 per common share), respectively.

 

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “We are pleased that our performance for the quarter was consistent with the revised 2020 outlook we discussed on our last earnings call. The environment remains very challenging but I remain confident that our dedicated team of mariners and shore base employees will continue to perform exceptionally under the circumstances.

 

“Although investors are aware of the economic difficulties the industry is facing, it is important to highlight an ongoing humanitarian crisis that the entire shipping industry is experiencing. The near complete shutdown of international air travel and of seemingly non-essential governmental services globally, such as visa processing, has resulted in over a quarter million seafarers stranded on all types of vessels around the globe, including Tidewater vessels. We are doing everything in our power to remedy the situation for our seafarers, but the problem demands global governmental coordination. The situation is an inadvertent consequence of policies meant to reduce the spread of COVID-19 by restricting international travel, but it has resulted in the inability to move crews around the world to relieve and to return home crews onboard vessels today. Tidewater has always been dedicated to getting our employees home safe. They remain safe, but we need to get them home.

 

“Our efforts in the second quarter to quickly realign the business to adjust to the steep decline in offshore activity were successful, but there is more work to do. Consistent with the plan we outlined on the last earnings call, we scaled back our drydock investment, we maintained our focus on the disposal of non-core vessels, we improved cash operating margins, and we continued to reduce the annualized run rate of quarterly


 

general and administrative expense. The third quarter will present additional challenges as we begin to manage the process of putting into layup those vessels that are coming off hire, de-crewing those vessels, and rationalizing our shore base footprint.

 

“In light of the recent decline in industry activity, we reassessed the value of our vessels globally, and separately our joint ventures in Africa where the impact has been particularly severe. As a result of this assessment, we had non-cash impairments and other charges of $111.5 million during the second quarter.

 

“There are many heroic stories of individuals rising to the challenge of the current situation, and the mariners and shore base staff at Tidewater are among them. I remain humbled by the resilience, tenacity and steadfast focus of our employees and I thank them for their dedication to seeing Tidewater though these challenging times.”

 

In addition to the number of outstanding shares, as of June 30, 2020, the company also has the following in the money warrants.

 

 

Common shares outstanding

 

40,335,963

 

 

 

 

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

 

817,742

 

 

 

 

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

 

952,154

 

 

 

 

Total

 

42,105,859

 

 

 

 

 

Tidewater will hold a conference call to discuss results for the three and six months ended June 30, 2020 on Friday, July 31, 2020 at 8:00 a.m. Central Time.  Investors and interested parties may listen to the earnings conference call via telephone by calling +1-888-771-4371 if calling from the U.S. or Canada (+1-847-585-4405 if calling from outside the U.S.) and asking for the “Tidewater” call just prior to the scheduled start time.  A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com

 

A replay of the conference call will be available beginning at 10:30 a.m. Central Time on July 31, 2020 and will continue until 11:59 p.m. Central Time on August 31, 2020. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com

 

The conference call will contain forward-looking statements in addition to statements of historical fact.  The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involves numerous risks and uncertainties that may cause the company’s actual performance to be materially different from that stated or implied in the forward-looking statements.  Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.

Tidewater owns and operates the largest fleet of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.

Note: all per-share amounts are stated on a diluted basis.

Financial information is displayed beginning on the next page.


2


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data) 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2020

 

 

June 30, 2019

 

 

June 30, 2020

 

 

June 30, 2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

100,975

 

 

$

123,641

 

 

$

212,949

 

 

$

243,303

 

Other operating revenues

 

 

1,369

 

 

 

2,218

 

 

 

5,763

 

 

 

4,705

 

Total revenues

 

 

102,344

 

 

 

125,859

 

 

 

218,712

 

 

 

248,008

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

64,774

 

 

 

80,439

 

 

 

143,599

 

 

 

162,642

 

Costs of other operating revenue

 

 

171

 

 

 

586

 

 

 

2,844

 

 

 

1,350

 

General and administrative

 

 

17,597

 

 

 

23,696

 

 

 

39,017

 

 

 

50,836

 

Depreciation and amortization

 

 

28,144

 

 

 

25,038

 

 

 

55,251

 

 

 

47,970

 

Long-lived asset impairments

 

 

55,482

 

 

 

 

 

 

65,689

 

 

 

 

Affiliate credit loss impairment expense

 

 

53,581

 

 

 

 

 

 

53,581

 

 

 

 

Affiliate guarantee obligation

 

 

2,000

 

 

 

 

 

 

2,000

 

 

 

 

(Gain) loss on asset dispositions, net

 

 

(1,660

)

 

 

494

 

 

 

(6,991

)

 

 

(776

)

 

 

 

220,089

 

 

 

130,253

 

 

 

354,990

 

 

 

262,022

 

Operating loss

 

 

(117,745

)

 

 

(4,394

)

 

 

(136,278

)

 

 

(14,014

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(2,076

)

 

 

11

 

 

 

(1,212

)

 

 

(497

)

Equity in net losses of unconsolidated companies

 

 

 

 

 

95

 

 

 

 

 

 

33

 

Dividend income from unconsolidated company

 

 

17,150

 

 

 

 

 

 

17,150

 

 

 

 

Interest income and other, net

 

 

696

 

 

 

1,859

 

 

 

812

 

 

 

4,329

 

Interest and other debt costs, net

 

 

(5,959

)

 

 

(7,582

)

 

 

(12,101

)

 

 

(15,318

)

 

 

 

9,811

 

 

 

(5,617

)

 

 

4,649

 

 

 

(11,453

)

Loss before income taxes

 

 

(107,934

)

 

 

(10,011

)

 

 

(131,629

)

 

 

(25,467

)

Income tax (benefit) expense

 

 

2,730

 

 

 

5,542

 

 

 

(2,441

)

 

 

11,372

 

Net loss

 

$

(110,664

)

 

$

(15,553

)

 

$

(129,188

)

 

$

(36,839

)

Net income (loss) attributable to noncontrolling interests

 

 

(41

)

 

 

406

 

 

 

(120

)

 

 

851

 

Net loss attributable to Tidewater Inc.

 

$

(110,623

)

 

$

(15,959

)

 

$

(129,068

)

 

$

(37,690

)

Basic loss per common share

 

$

(2.74

)

 

$

(0.42

)

 

$

(3.21

)

 

$

(1.01

)

Diluted loss per common share

 

$

(2.74

)

 

$

(0.42

)

 

$

(3.21

)

 

$

(1.01

)

Weighted average common shares outstanding

 

 

40,306

 

 

 

37,571

 

 

 

40,203

 

 

 

37,369

 

Adjusted weighted average common shares

 

 

40,306

 

 

 

37,571

 

 

 

40,203

 

 

 

37,369

 

3


 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

 

 

June 30,

 

 

 

December 31,

 

ASSETS

 

2020

 

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

203,119

 

 

 

$

218,290

 

Restricted cash

 

 

19,880

 

 

 

 

5,755

 

Trade and other receivables, less allowance for credit losses of $556 as of June 30, 2020 and less allowance for doubtful accounts of $70 as of December 31, 2019.

 

 

115,008

 

 

 

 

110,180

 

Due from affiliate, less allowance for credit losses of $71,959 as of June 30, 2020 and less due from affiliate allowance of $20,083 as of December 31, 2019

 

 

65,766

 

 

 

 

125,972

 

Marine operating supplies

 

 

20,580

 

 

 

 

21,856

 

Assets held for sale

 

 

29,064

 

 

 

 

39,287

 

Prepaid expenses and other current assets

 

 

20,350

 

 

 

 

15,956

 

Total current assets

 

 

473,767

 

 

 

 

537,296

 

Net properties and equipment

 

 

839,912

 

 

 

 

938,961

 

Deferred drydocking and survey costs

 

 

74,585

 

 

 

 

66,936

 

Other assets

 

 

27,411

 

 

 

 

36,335

 

Total assets

 

$

1,415,675

 

 

 

$

1,579,528

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

17,111

 

 

 

$

27,501

 

Accrued costs and expenses

 

 

60,993

 

 

 

 

74,000

 

Due to affiliates

 

 

48,803

 

 

 

 

50,186

 

Current portion of long-term debt

 

 

9,437

 

 

 

 

9,890

 

Other current liabilities

 

 

25,815

 

 

 

 

24,100

 

Total current liabilities

 

 

162,159

 

 

 

 

185,677

 

Long-term debt

 

 

273,215

 

 

 

 

279,044

 

Other liabilities and deferred credits

 

 

90,301

 

 

 

 

98,397

 

 

 

 

 

 

 

 

 

 

 

Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

Common stock

 

 

40

 

 

 

 

40

 

Additional paid-in-capital

 

 

1,369,645

 

 

 

 

1,367,521

 

Accumulated deficit

 

 

(481,757

)

 

 

 

(352,526

)

Accumulated other comprehensive income (loss)

 

 

581

 

 

 

 

(236

)

Total stockholder's equity

 

 

888,509

 

 

 

 

1,014,799

 

Noncontrolling interests

 

 

1,491

 

 

 

 

1,611

 

Total equity

 

 

890,000

 

 

 

 

1,016,410

 

Total liabilities and equity

 

$

1,415,675

 

 

 

$

1,579,528

 

4


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2020

 

 

June 30, 2019

 

 

June 30, 2020

 

 

June 30, 2019

 

Net loss

 

$

(110,664

)

 

$

(15,553

)

 

$

(129,188

)

 

$

(36,839

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in pension plan and supplemental pension plan liability, net of tax of $0.2 million and $0.2 million, respectively

 

 

448

 

 

 

 

 

 

817

 

 

 

 

Total comprehensive loss

 

$

(110,216

)

 

$

(15,553

)

 

$

(128,371

)

 

$

(36,839

)

5


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

Six Months

 

 

Six Months

 

 

 

Ended

 

 

Ended

 

 

 

June 30, 2020

 

 

June 30, 2019

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(129,188

)

 

$

(36,839

)

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

 

 

 

 

 

 

 

 

Depreciation

 

 

34,271

 

 

 

38,582

 

Amortization of deferred drydocking and survey costs

 

 

20,980

 

 

 

9,388

 

Amortization of debt premiums and discounts

 

 

1,357

 

 

 

(1,019

)

Provision (benefit) for deferred income taxes

 

 

206

 

 

 

6

 

Gain on asset dispositions, net

 

 

(6,991

)

 

 

(776

)

Affiliate credit loss impairment expense

 

 

53,581

 

 

 

 

Affiliate guarantee obligation

 

 

2,000

 

 

 

 

Long-lived asset impairments

 

 

65,689

 

 

 

 

Changes in investments in unconsolidated companies

 

 

 

 

 

381

 

Compensation expense - stock based

 

 

2,736

 

 

 

9,215

 

Changes in operating assets and liabilities, net:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(4,991

)

 

 

(10,921

)

Changes in due to/from affiliate, net

 

 

3,242

 

 

 

15,080

 

Accounts payable

 

 

(10,390

)

 

 

(7,769

)

Accrued costs and expenses

 

 

(13,007

)

 

 

(4,977

)

Cash paid for deferred drydocking and survey costs

 

 

(28,964

)

 

 

(28,688

)

Other, net

 

 

(3,354

)

 

 

(2,386

)

Net cash used in operating activities

 

 

(12,823

)

 

 

(20,723

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

20,906

 

 

 

20,566

 

Additions to property and equipment

 

 

(4,075

)

 

 

(8,873

)

Net cash provided by investing activities

 

 

16,831

 

 

 

11,693

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Principal payments on long-term debt

 

 

(4,742

)

 

 

(3,792

)

Taxes on share-based awards

 

 

(612

)

 

 

(1,760

)

Other

 

 

 

 

 

1

 

Net cash used in financing activities

 

 

(5,354

)

 

 

(5,551

)

Net change in cash, cash equivalents and restricted cash

 

 

(1,346

)

 

 

(14,581

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

227,608

 

 

 

397,744

 

Cash, cash equivalents and restricted cash at end of period (A)

 

$

226,262

 

 

$

383,163

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

10,734

 

 

$

16,293

 

Income taxes

 

$

6,461

 

 

$

7,754

 

 

Note (A):  Cash, cash equivalents and restricted cash at June 30, 2020 includes $3.3 million in long-term restricted cash.

6


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

 

 

Three Months Ended

 

 

 

Common

stock

 

 

Additional

paid-in

capital

 

 

Accumulated deficit

 

 

Accumulated

other

comprehensive

income (loss)

 

 

Non

controlling

interest

 

 

Total

 

Balance at March 31, 2020

 

$

40

 

 

 

1,368,325

 

 

 

(371,134

)

 

 

133

 

 

 

1,532

 

 

 

998,896

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(110,623

)

 

 

448

 

 

 

(41

)

 

 

(110,216

)

Amortization, net of taxes, on share-based awards

 

 

 

 

 

1,320

 

 

 

 

 

 

 

 

 

 

 

 

1,320

 

Balance at June 30, 2020

 

$

40

 

 

 

1,369,645

 

 

 

(481,757

)

 

 

581

 

 

 

1,491

 

 

 

890,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2019

 

$

37

 

 

 

1,356,436

 

 

 

(232,514

)

 

 

2,194

 

 

 

1,532

 

 

 

1,127,685

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(15,959

)

 

 

 

 

 

406

 

 

 

(15,553

)

Issuance of common stock from exercise of warrants

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Amortization/cancellation of restricted stock units

 

 

 

 

 

3,406

 

 

 

 

 

 

 

 

 

 

 

 

3,406

 

Balance at June 30, 2019

 

$

38

 

 

 

1,359,842

 

 

 

(248,473

)

 

 

2,194

 

 

 

1,938

 

 

 

1,115,539

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

`

 

Six Months Ended

 

 

 

Common

stock

 

 

Additional

paid-in

capital

 

 

Accumulated deficit

 

 

Accumulated

other

comprehensive

income (loss)

 

 

Non

controlling

interest

 

 

Total

 

Balance at December 31, 2019

 

$

40

 

 

 

1,367,521

 

 

 

(352,526

)

 

 

(236

)

 

 

1,611

 

 

 

1,016,410

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(129,068

)

 

 

817

 

 

 

(120

)

 

 

(128,371

)

Adoption of credit loss accounting standard

 

 

 

 

 

 

 

 

(163

)

 

 

 

 

 

 

 

 

(163

)

Amortization, net of taxes, on share-based awards

 

 

 

 

 

2,124

 

 

 

 

 

 

 

 

 

 

 

 

2,124

 

Balance at June 30, 2020

 

$

40

 

 

 

1,369,645

 

 

 

(481,757

)

 

 

581

 

 

 

1,491

 

 

 

890,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

$

37

 

 

 

1,352,388

 

 

 

(210,783

)

 

 

2,194

 

 

 

1,087

 

 

 

1,144,923

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(37,690

)

 

 

 

 

 

851

 

 

 

(36,839

)

Issuance of common stock from exercise of warrants

 

 

1

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Amortization/cancellation of restricted stock units

 

 

 

 

 

7,453

 

 

 

 

 

 

 

 

 

 

 

 

7,453

 

Balance at June 30, 2019

 

$

38

 

 

 

1,359,842

 

 

 

(248,473

)

 

 

2,194

 

 

 

1,938

 

 

 

1,115,539

 

7


 

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2020

 

 

June 30, 2019

 

 

June 30, 2020

 

 

June 30, 2019

 

(In thousands)

 

 

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

34,044

 

 

 

34

%

 

$

35,199

 

 

 

28

%

 

$

65,903

 

 

 

31

%

 

$

70,477

 

 

 

29

%

Middle East/Asia Pacific

 

 

23,983

 

 

 

24

%

 

 

20,449

 

 

 

17

%

 

 

48,811

 

 

 

23

%

 

 

40,905

 

 

 

17

%

Europe/Mediterranean

 

 

20,620

 

 

 

20

%

 

 

35,027

 

 

 

28

%

 

 

50,111

 

 

 

24

%

 

 

63,585

 

 

 

26

%

West Africa

 

 

22,328

 

 

 

22

%

 

 

32,966

 

 

 

27

%

 

 

48,124

 

 

 

23

%

 

 

68,336

 

 

 

28

%

Total vessel revenues

 

$

100,975

 

 

 

100

%

 

$

123,641

 

 

 

100

%

 

$

212,949

 

 

 

100

%

 

$

243,303

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

38,691

 

 

 

38

%

 

$

47,191

 

 

 

38

%

 

$

83,178

 

 

 

39

%

 

$

95,335

 

 

 

39

%

Repair and maintenance

 

 

6,656

 

 

 

7

%

 

 

10,911

 

 

 

9

%

 

 

17,254

 

 

 

8

%

 

 

20,612

 

 

 

9

%

Insurance

 

 

2,010

 

 

 

2

%

 

 

750

 

 

 

1

%

 

 

3,795

 

 

 

2

%

 

 

2,928

 

 

 

1

%

Fuel, lube and supplies

 

 

6,383

 

 

 

6

%

 

 

8,451

 

 

 

7

%

 

 

16,135

 

 

 

8

%

 

 

17,797

 

 

 

7

%

Other

 

 

11,034

 

 

 

11

%

 

 

13,136

 

 

 

10

%

 

 

23,237

 

 

 

11

%

 

 

25,970

 

 

 

11

%

Total vessel operating costs

 

 

64,774

 

 

 

64

%

 

 

80,439

 

 

 

65

%

 

 

143,599

 

 

 

67

%

 

 

162,642

 

 

 

67

%

Vessel operating margin (A)

 

$

36,201

 

 

 

36

%

 

$

43,202

 

 

 

35

%

 

$

69,350

 

 

 

33

%

 

$

80,661

 

 

 

33

%

 

Note (A): Vessel operating margin equals revenues less vessel operating costs and excludes general and administrative expenses and depreciation and amortization.

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

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2020

 

 

June 30, 2019

 

 

June 30, 2020

 

 

June 30, 2019

 

(In thousands)

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

4,505

 

 

 

4

%

 

$

2,900

 

 

 

2

%

 

$

3,341

 

 

 

2

%

 

$

1,870

 

 

 

1

%

Middle East/Asia Pacific

 

 

599

 

 

 

1

%

 

 

(2,127

)

 

 

(1

%)

 

 

(257

)

 

 

0

%

 

 

(3,289

)

 

 

(1

%)

Europe/Mediterranean

 

 

(1,750

)

 

 

(2

%)

 

 

2,824

 

 

 

2

%

 

 

(203

)

 

 

0

%

 

 

(493

)

 

 

0

%

West Africa

 

 

(3,984

)

 

 

(4

%)

 

 

3,099

 

 

 

3

%

 

 

(8,847

)

 

 

(4

%)

 

 

11,214

 

 

 

5

%

Other operating profit

 

 

1,198

 

 

 

1

%

 

 

1,625

 

 

 

1

%

 

 

2,919

 

 

 

1

%

 

 

3,330

 

 

 

1

%

 

 

 

568

 

 

 

1

%

 

 

8,321

 

 

 

7

%

 

 

(3,047

)

 

 

(1

%)

 

 

12,632

 

 

 

5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(8,910

)

 

 

(9

%)

 

 

(12,221

)

 

 

(10

%)

 

 

(18,952

)

 

 

(9

%)

 

 

(27,422

)

 

 

(11

%)

Gain (loss) on asset dispositions, net

 

 

1,660

 

 

 

2

%

 

 

(494

)

 

 

0

%

 

 

6,991

 

 

 

3

%

 

 

776

 

 

 

0

%

Affiliate credit loss impairment expense

 

 

(53,581

)

 

 

(52

%)

 

 

 

 

 

0

%

 

 

(53,581

)

 

 

(24

%)

 

 

 

 

 

0

%

Affiliate guarantee obligation

 

 

(2,000

)

 

 

(2

%)

 

 

 

 

 

0

%

 

 

(2,000

)

 

 

(1

%)

 

 

 

 

 

0

%

Long-lived asset impairments

 

 

(55,482

)

 

 

(54

%)

 

 

 

 

 

0

%

 

 

(65,689

)

 

 

(30

%)

 

 

 

 

 

0

%

Operating loss

 

$

(117,745

)

 

 

(115

%)

 

$

(4,394

)

 

 

(3

%)

 

$

(136,278

)

 

 

(62

%)

 

$

(14,014

)

 

 

(6

%)

 

Note (A):  General and administrative expenses for the three and six months ended June 30, 2020 include stock-based compensation of $1.4 million and $2.7 million, respectively.  General and administrative expenses for the three and six months ended June 30, 2019 includes stock-based compensation of $3.6 million and $9.2 million, respectively. In addition, general and administrative costs for the three months and six ended June 30, 2020 include $0.4 million and $0.6 million, respectively, of severance and similar costs related to integrating Tidewater and GulfMark operations.  General and administrative expenses for the three and six months ended June 30, 2019 include $0.5 million and $4.2 million, respectively, of severance and other costs related to integrating Tidewater and GulfMark operations.

 


8


 

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(Unaudited)

(In thousands, except per share data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

100,975

 

 

$

111,974

 

 

$

116,539

 

 

$

117,173

 

 

$

123,641

 

Other operating revenues

 

 

1,369

 

 

 

4,394

 

 

 

2,237

 

 

 

2,592

 

 

 

2,218

 

Total revenues

 

 

102,344

 

 

 

116,368

 

 

 

118,776

 

 

 

119,765

 

 

 

125,859

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

64,774

 

 

 

78,825

 

 

 

85,935

 

 

 

80,619

 

 

 

80,439

 

Costs of other operating revenue

 

 

171

 

 

 

2,673

 

 

 

916

 

 

 

534

 

 

 

586

 

General and administrative (A)

 

 

17,597

 

 

 

21,420

 

 

 

22,406

 

 

 

30,474

 

 

 

23,696

 

Depreciation and amortization

 

 

28,144

 

 

 

27,107

 

 

 

28,226

 

 

 

25,735

 

 

 

25,038

 

(Gain) loss on asset dispositions, net

 

 

(1,660

)

 

 

(5,331

)

 

 

(1,217

)

 

 

(270

)

 

 

494

 

Affiliate credit loss impairment expense

 

 

53,581

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate guarantee obligation

 

 

2,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset impairments and other

 

 

55,482

 

 

 

10,207

 

 

 

32,549

 

 

 

5,224

 

 

 

 

Total operating costs and expenses

 

 

220,089

 

 

 

134,901

 

 

 

168,815

 

 

 

142,316

 

 

 

130,253

 

Operating loss

 

 

(117,745

)

 

 

(18,533

)

 

 

(50,039

)

 

 

(22,551

)

 

 

(4,394

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(2,076

)

 

 

864

 

 

 

(945

)

 

 

173

 

 

 

11

 

Equity in net (losses) earnings of unconsolidated companies

 

 

 

 

 

 

 

 

(2,717

)

 

 

(468

)

 

 

95

 

Dividend income from unconsolidated company

 

 

17,150

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income and other, net

 

 

696

 

 

 

116

 

 

 

690

 

 

 

1,579

 

 

 

1,859

 

Interest and other debt costs, net

 

 

(5,959

)

 

 

(6,142

)

 

 

(6,282

)

 

 

(7,468

)

 

 

(7,582

)

Total other expense

 

 

9,811

 

 

 

(5,162

)

 

 

(9,254

)

 

 

(6,184

)

 

 

(5,617

)

Loss before income taxes

 

 

(107,934

)

 

 

(23,695

)

 

 

(59,293

)

 

 

(28,735

)

 

 

(10,011

)

Income tax (benefit) expense

 

 

2,730

 

 

 

(5,171

)

 

 

1,281

 

 

 

15,071

 

 

 

5,542

 

Net loss

 

$

(110,664

)

 

$

(18,524

)

 

$

(60,574

)

 

$

(43,806

)

 

$

(15,553

)

Net income (loss) attributable to noncontrolling interests

 

 

(41

)

 

 

(79

)

 

 

(721

)

 

 

394

 

 

 

406

 

Net loss attributable to Tidewater Inc.

 

$

(110,623

)

 

$

(18,445

)

 

$

(59,853

)

 

$

(44,200

)

 

$

(15,959

)

Basic loss per common share

 

$

(2.74

)

 

$

(0.46

)

 

$

(1.52

)

 

$

(1.15

)

 

$

(0.42

)

Diluted loss per common share

 

$

(2.74

)

 

$

(0.46

)

 

$

(1.52

)

 

$

(1.15

)

 

$

(0.42

)

Weighted average common shares outstanding

 

 

40,305,662

 

 

 

40,100,744

 

 

 

39,504,154

 

 

 

38,537,165

 

 

 

37,570,629

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

40,305,662

 

 

 

40,100,744

 

 

 

39,504,154

 

 

 

38,537,165

 

 

 

37,570,629

 

Vessel operating margin

 

$

36,201

 

 

$

33,149

 

 

 

30,604

 

 

 

36,554

 

 

 

43,202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note (A) Integration related costs related to the business combination with GulfMark

 

 

446

 

 

 

129

 

 

 

2,123

 

 

 

6,293

 

 

 

460

 

Total

 

$

446

 

 

 

129

 

 

 

2,123

 

 

 

6,293

 

 

 

460

 

9


 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands) 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

ASSETS

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

203,119

 

 

 

187,802

 

 

 

218,290

 

 

 

359,332

 

 

 

369,549

 

Restricted cash

 

 

19,880

 

 

 

12,461

 

 

 

5,755

 

 

 

3,300

 

 

 

13,614

 

Trade and other receivables, net

 

 

115,008

 

 

 

119,455

 

 

 

110,180

 

 

 

123,133

 

 

 

121,155

 

Due from affiliate, less allowances

 

 

65,766

 

 

 

128,204

 

 

 

125,972

 

 

 

124,757

 

 

 

121,959

 

Marine operating supplies

 

 

20,580

 

 

 

21,944

 

 

 

21,856

 

 

 

21,303

 

 

 

29,141

 

Assets held for sale

 

 

29,064

 

 

 

26,142

 

 

 

39,287

 

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

20,350

 

 

 

22,185

 

 

 

15,956

 

 

 

13,116

 

 

 

14,460

 

Total current assets

 

 

473,767

 

 

 

518,193

 

 

 

537,296

 

 

 

644,941

 

 

 

669,878

 

Investments in, at equity, and advances to unconsolidated companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

658

 

Net properties and equipment

 

 

839,912

 

 

 

922,979

 

 

 

938,961

 

 

 

1,022,786

 

 

 

1,041,054

 

Deferred drydocking and survey costs

 

 

74,585

 

 

 

81,981

 

 

 

66,936

 

 

 

49,025

 

 

 

41,029

 

Other assets

 

 

27,411

 

 

 

29,971

 

 

 

36,335

 

 

 

37,269

 

 

 

39,651

 

Total assets

 

$

1,415,675

 

 

 

1,553,124

 

 

 

1,579,528

 

 

 

1,754,021

 

 

 

1,792,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

17,111

 

 

 

30,711

 

 

 

27,501

 

 

 

23,672

 

 

 

24,170

 

Accrued costs and expenses

 

 

60,993

 

 

 

72,854

 

 

 

74,000

 

 

 

54,792

 

 

 

56,675

 

Due to affiliates

 

 

48,803

 

 

 

50,013

 

 

 

50,186

 

 

 

41,676

 

 

 

39,060

 

Current portion of long-term debt

 

 

9,437

 

 

 

9,104

 

 

 

9,890

 

 

 

9,689

 

 

 

10,002

 

Other current liabilities

 

 

25,815

 

 

 

26,953

 

 

 

24,100

 

 

 

30,024

 

 

 

24,442

 

Total current liabilities

 

 

162,159

 

 

 

189,635

 

 

 

185,677

 

 

 

159,853

 

 

 

154,349

 

Long-term debt

 

 

273,215

 

 

 

273,015

 

 

 

279,044

 

 

 

419,905

 

 

 

424,911

 

Other liabilities and deferred credits

 

 

90,301

 

 

 

91,578

 

 

 

98,397

 

 

 

96,499

 

 

 

97,471

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

40

 

 

 

40

 

 

 

40

 

 

 

39

 

 

 

38

 

Additional paid-in-capital

 

 

1,369,645

 

 

 

1,368,325

 

 

 

1,367,521

 

 

 

1,365,872

 

 

 

1,359,842

 

Accumulated deficit

 

 

(481,757

)

 

 

(371,134

)

 

 

(352,526

)

 

 

(292,673

)

 

 

(248,473

)

Accumulated other comprehensive income (loss)

 

 

581

 

 

 

133

 

 

 

(236

)

 

 

2,194

 

 

 

2,194

 

Total stockholder's equity

 

 

888,509

 

 

 

997,364

 

 

 

1,014,799

 

 

 

1,075,432

 

 

 

1,113,601

 

Noncontrolling interests

 

 

1,491

 

 

 

1,532

 

 

 

1,611

 

 

 

2,332

 

 

 

1,938

 

Total equity

 

 

890,000

 

 

 

998,896

 

 

 

1,016,410

 

 

 

1,077,764

 

 

 

1,115,539

 

Total liabilities and equity

 

$

1,415,675

 

 

 

1,553,124

 

 

 

1,579,528

 

 

 

1,754,021

 

 

 

1,792,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonatide (Angola)

 

$

16,963

 

 

 

64,184

 

 

 

57,771

 

 

 

64,660

 

 

 

66,690

 

DTDW (Nigeria)

 

 

 

 

 

14,007

 

 

 

18,015

 

 

 

18,421

 

 

 

16,209

 

Total

 

$

16,963

 

 

 

78,191

 

 

 

75,786

 

 

 

83,081

 

 

 

82,899

 


10


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

27,858

 

 

 

22,882

 

 

 

22,883

 

 

 

24,575

 

 

 

26,991

 

Towing-supply

 

 

4,455

 

 

 

7,243

 

 

 

8,639

 

 

 

7,831

 

 

 

7,448

 

Other

 

 

1,731

 

 

 

1,734

 

 

 

1,811

 

 

 

741

 

 

 

760

 

Total

 

$

34,044

 

 

 

31,859

 

 

 

33,333

 

 

 

33,147

 

 

 

35,199

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

14,195

 

 

 

14,326

 

 

 

16,015

 

 

 

14,960

 

 

 

12,130

 

Towing-supply

 

 

9,788

 

 

 

10,502

 

 

 

10,636

 

 

 

7,805

 

 

 

8,319

 

Total

 

$

23,983

 

 

 

24,828

 

 

 

26,651

 

 

 

22,765

 

 

 

20,449

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

20,476

 

 

 

29,163

 

 

 

28,652

 

 

 

30,608

 

 

 

34,104

 

Towing-supply

 

 

 

 

 

179

 

 

 

528

 

 

 

338

 

 

 

923

 

Other

 

 

144

 

 

 

149

 

 

 

 

 

 

 

 

 

 

Total

 

$

20,620

 

 

 

29,491

 

 

 

29,180

 

 

 

30,946

 

 

 

35,027

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

8,748

 

 

 

12,102

 

 

 

14,066

 

 

 

14,923

 

 

 

14,977

 

Towing-supply

 

 

11,029

 

 

 

10,521

 

 

 

9,981

 

 

 

11,598

 

 

 

14,015

 

Other

 

 

2,552

 

 

 

3,173

 

 

 

3,328

 

 

 

3,794

 

 

 

3,974

 

Total

 

$

22,329

 

 

 

25,796

 

 

 

27,375

 

 

 

30,315

 

 

 

32,966

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

71,277

 

 

 

78,473

 

 

 

81,616

 

 

 

85,066

 

 

 

88,202

 

Towing-supply

 

 

25,271

 

 

 

28,445

 

 

 

29,784

 

 

 

27,572

 

 

 

30,705

 

Other

 

 

4,427

 

 

 

5,056

 

 

 

5,139

 

 

 

4,535

 

 

 

4,734

 

Total

 

$

100,975

 

 

 

111,974

 

 

 

116,539

 

 

 

117,173

 

 

 

123,641

 

11


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

32

 

 

 

32

 

 

 

31

 

 

 

32

 

 

 

34

 

Towing-supply

 

 

15

 

 

 

17

 

 

 

17

 

 

 

17

 

 

 

18

 

Other

 

 

3

 

 

 

3

 

 

 

4

 

 

 

5

 

 

 

6

 

Total

 

 

50

 

 

 

52

 

 

 

52

 

 

 

54

 

 

 

58

 

Stacked vessels

 

 

(17

)

 

 

(17

)

 

 

(15

)

 

 

(17

)

 

 

(20

)

Active vessels

 

 

33

 

 

 

35

 

 

 

37

 

 

 

37

 

 

 

38

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

26

 

 

 

27

 

 

 

27

 

 

 

26

 

 

 

24

 

Towing-supply

 

 

26

 

 

 

28

 

 

 

28

 

 

 

26

 

 

 

26

 

Total

 

 

52

 

 

 

55

 

 

 

55

 

 

 

52

 

 

 

50

 

Stacked vessels

 

 

(9

)

 

 

(10

)

 

 

(10

)

 

 

(11

)

 

 

(9

)

Active vessels

 

 

43

 

 

 

45

 

 

 

44

 

 

 

41

 

 

 

41

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

36

 

 

 

39

 

 

 

42

 

 

 

42

 

 

 

44

 

Towing-supply

 

 

1

 

 

 

2

 

 

 

3

 

 

 

3

 

 

 

3

 

Total

 

 

37

 

 

 

41

 

 

 

45

 

 

 

45

 

 

 

47

 

Stacked vessels

 

 

(17

)

 

 

(11

)

 

 

(15

)

 

 

(13

)

 

 

(13

)

Active vessels

 

 

20

 

 

 

30

 

 

 

30

 

 

 

32

 

 

 

34

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

26

 

 

 

26

 

 

 

27

 

 

 

29

 

 

 

30

 

Towing-supply

 

 

18

 

 

 

19

 

 

 

19

 

 

 

20

 

 

 

22

 

Other

 

 

19

 

 

 

20

 

 

 

21

 

 

 

21

 

 

 

21

 

Total

 

 

63

 

 

 

65

 

 

 

67

 

 

 

70

 

 

 

73

 

Stacked vessels

 

 

(21

)

 

 

(21

)

 

 

(22

)

 

 

(22

)

 

 

(23

)

Active vessels

 

 

42

 

 

 

44

 

 

 

45

 

 

 

48

 

 

 

50

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

120

 

 

 

124

 

 

 

126

 

 

 

129

 

 

 

132

 

Towing-supply

 

 

60

 

 

 

66

 

 

 

68

 

 

 

66

 

 

 

69

 

Other

 

 

22

 

 

 

23

 

 

 

25

 

 

 

26

 

 

 

27

 

Total

 

 

202

 

 

 

213

 

 

 

219

 

 

 

221

 

 

 

228

 

Stacked vessels

 

 

(64

)

 

 

(60

)

 

 

(62

)

 

 

(63

)

 

 

(65

)

Active vessels

 

 

138

 

 

 

153

 

 

 

157

 

 

 

158

 

 

 

163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

138

 

 

 

153

 

 

 

157

 

 

 

158

 

 

 

163

 

Total stacked

 

 

64

 

 

 

60

 

 

 

62

 

 

 

63

 

 

 

65

 

Total joint venture and other vessels

 

 

3

 

 

 

3

 

 

 

4

 

 

 

4

 

 

 

4

 

Total

 

 

205

 

 

 

216

 

 

 

223

 

 

 

225

 

 

 

232

 

12


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,940

 

 

 

2,873

 

 

 

2,852

 

 

 

2,932

 

 

 

3,112

 

Towing-supply

 

 

1,329

 

 

 

1,547

 

 

 

1,580

 

 

 

1,552

 

 

 

1,638

 

Other

 

 

273

 

 

 

285

 

 

 

368

 

 

 

460

 

 

 

484

 

Total

 

 

4,542

 

 

 

4,705

 

 

 

4,800

 

 

 

4,944

 

 

 

5,234

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,411

 

 

 

2,496

 

 

 

2,453

 

 

 

2,370

 

 

 

2,184

 

Towing-supply

 

 

2,342

 

 

 

2,512

 

 

 

2,576

 

 

 

2,392

 

 

 

2,369

 

Total

 

 

4,753

 

 

 

5,008

 

 

 

5,029

 

 

 

4,762

 

 

 

4,553

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

3,256

 

 

 

3,581

 

 

 

3,848

 

 

 

3,874

 

 

 

4,024

 

Towing-supply

 

 

91

 

 

 

122

 

 

 

276

 

 

 

276

 

 

 

273

 

Total

 

 

3,347

 

 

 

3,703

 

 

 

4,124

 

 

 

4,150

 

 

 

4,297

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,366

 

 

 

2,366

 

 

 

2,439

 

 

 

2,723

 

 

 

2,730

 

Towing-supply

 

 

1,654

 

 

 

1,729

 

 

 

1,779

 

 

 

1,840

 

 

 

1,974

 

Other

 

 

1,698

 

 

 

1,820

 

 

 

1,932

 

 

 

1,932

 

 

 

1,976

 

Total

 

 

5,718

 

 

 

5,915

 

 

 

6,150

 

 

 

6,495

 

 

 

6,680

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

10,973

 

 

 

11,316

 

 

 

11,592

 

 

 

11,899

 

 

 

12,050

 

Towing-supply

 

 

5,416

 

 

 

5,910

 

 

 

6,211

 

 

 

6,060

 

 

 

6,254

 

Other

 

 

1,971

 

 

 

2,105

 

 

 

2,300

 

 

 

2,392

 

 

 

2,460

 

Total

 

 

18,360

 

 

 

19,331

 

 

 

20,103

 

 

 

20,351

 

 

 

20,764

 

13


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

OUT-OF-SERVICE - STACKED DAYS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

863

 

 

 

873

 

 

 

656

 

 

 

723

 

 

 

798

 

Towing-supply

 

 

601

 

 

 

593

 

 

 

568

 

 

 

632

 

 

 

728

 

Other

 

 

91

 

 

 

103

 

 

 

184

 

 

 

184

 

 

 

241

 

Total

 

 

1,555

 

 

 

1,569

 

 

 

1,408

 

 

 

1,539

 

 

 

1,767

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

500

 

 

 

546

 

 

 

552

 

 

 

552

 

 

 

494

 

Towing-supply

 

 

310

 

 

 

396

 

 

 

399

 

 

 

460

 

 

 

303

 

Total

 

 

810

 

 

 

942

 

 

 

951

 

 

 

1,012

 

 

 

797

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,422

 

 

 

1,004

 

 

 

1,196

 

 

 

1,104

 

 

 

1,092

 

Towing-supply

 

 

91

 

 

 

 

 

 

153

 

 

 

92

 

 

 

91

 

Total

 

 

1,513

 

 

 

1,004

 

 

 

1,349

 

 

 

1,196

 

 

 

1,183

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

919

 

 

 

819

 

 

 

766

 

 

 

768

 

 

 

698

 

Towing-supply

 

 

563

 

 

 

469

 

 

 

583

 

 

 

552

 

 

 

700

 

Other

 

 

446

 

 

 

637

 

 

 

643

 

 

 

736

 

 

 

689

 

Total

 

 

1,928

 

 

 

1,925

 

 

 

1,992

 

 

 

2,056

 

 

 

2,087

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

3,704

 

 

 

3,242

 

 

 

3,170

 

 

 

3,147

 

 

 

3,082

 

Towing-supply

 

 

1,565

 

 

 

1,458

 

 

 

1,703

 

 

 

1,736

 

 

 

1,822

 

Other

 

 

537

 

 

 

740

 

 

 

827

 

 

 

920

 

 

 

930

 

Total

 

 

5,806

 

 

 

5,440

 

 

 

5,700

 

 

 

5,803

 

 

 

5,834

 

14


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

AVAILABLE DAYS - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,077

 

 

 

2,000

 

 

 

2,196

 

 

 

2,209

 

 

 

2,314

 

Towing-supply

 

 

728

 

 

 

954

 

 

 

1,012

 

 

 

920

 

 

 

910

 

Other

 

 

182

 

 

 

182

 

 

 

184

 

 

 

276

 

 

 

243

 

Total

 

 

2,987

 

 

 

3,136

 

 

 

3,392

 

 

 

3,405

 

 

 

3,467

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,911

 

 

 

1,950

 

 

 

1,901

 

 

 

1,818

 

 

 

1,690

 

Towing-supply

 

 

2,032

 

 

 

2,116

 

 

 

2,177

 

 

 

1,932

 

 

 

2,066

 

Total

 

 

3,943

 

 

 

4,066

 

 

 

4,078

 

 

 

3,750

 

 

 

3,756

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,834

 

 

 

2,577

 

 

 

2,652

 

 

 

2,770

 

 

 

2,932

 

Towing-supply

 

 

 

 

 

122

 

 

 

123

 

 

 

184

 

 

 

182

 

Total

 

 

1,834

 

 

 

2,699

 

 

 

2,775

 

 

 

2,954

 

 

 

3,114

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,447

 

 

 

1,547

 

 

 

1,673

 

 

 

1,955

 

 

 

2,032

 

Towing-supply

 

 

1,091

 

 

 

1,260

 

 

 

1,196

 

 

 

1,288

 

 

 

1,274

 

Other

 

 

1,252

 

 

 

1,183

 

 

 

1,289

 

 

 

1,196

 

 

 

1,287

 

Total

 

 

3,790

 

 

 

3,990

 

 

 

4,158

 

 

 

4,439

 

 

 

4,593

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

7,269

 

 

 

8,074

 

 

 

8,422

 

 

 

8,752

 

 

 

8,968

 

Towing-supply

 

 

3,851

 

 

 

4,452

 

 

 

4,508

 

 

 

4,324

 

 

 

4,432

 

Other

 

 

1,434

 

 

 

1,365

 

 

 

1,473

 

 

 

1,472

 

 

 

1,530

 

Total

 

 

12,554

 

 

 

13,891

 

 

 

14,403

 

 

 

14,548

 

 

 

14,930

 

15


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

UTILIZATION - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

64.3

%

 

 

57.7

%

 

 

61.7

%

 

 

64.5

%

 

 

65.8

%

Towing-supply

 

43.5

 

 

 

54.9

 

 

 

58.6

 

 

 

53.1

 

 

 

43.5

 

Other

 

65.2

 

 

 

63.1

 

 

 

50.0

 

 

 

21.0

 

 

 

19.0

 

Total

 

 

58.3

%

 

 

57.1

%

 

 

59.8

%

 

 

56.9

%

 

 

54.5

%

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

57.9

%

 

 

56.8

%

 

 

66.7

%

 

 

65.4

%

 

 

62.1

%

Towing-supply

 

68.2

 

 

 

69.2

 

 

 

70.0

 

 

61.7

 

 

61.1

 

Total

 

 

63.0

%

 

 

63.0

%

 

 

68.4

%

 

 

63.6

%

 

 

61.6

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

49.9

%

 

 

64.2

%

 

 

60.0

%

 

 

64.0

%

 

 

63.0

%

Towing-supply

 

 

 

 

 

46.7

 

 

31.6

 

 

24.5

 

 

56.9

 

Total

 

 

48.6

%

 

 

63.6

%

 

 

58.1

%

 

 

61.4

%

 

 

62.7

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

31.1

%

 

 

41.5

%

 

 

46.9

%

 

 

50.6

%

 

 

51.7

%

Towing-supply

 

41.3

 

 

 

45.5

 

 

 

43.8

 

 

 

46.3

 

 

 

50.3

 

Other

 

39.2

 

 

 

51.5

 

 

 

56.6

 

 

 

55.6

 

 

 

55.1

 

Total

 

 

36.5

%

 

 

45.7

%

 

 

49.1

%

 

 

50.9

%

 

 

52.3

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

51.5

%

 

 

56.2

%

 

 

59.1

%

 

 

61.4

%

 

 

61.0

%

Towing-supply

 

52.8

 

 

 

58.0

 

 

 

57.9

 

 

 

53.1

 

 

 

52.9

 

Other

 

42.8

 

 

 

53.1

 

 

 

55.6

 

 

 

49.0

 

 

 

48.0

 

Total

 

 

50.9

%

 

 

56.4

%

 

 

58.3

%

 

 

57.5

%

 

 

57.0

%

16


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

UTILIZATION - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

91.0

%

 

 

72.8

%

 

 

80.1

%

 

 

85.7

%

 

 

88.4

%

Towing-supply

 

79.4

 

 

 

89.0

 

 

 

91.4

 

 

 

89.6

 

 

 

78.4

 

Other

 

97.8

 

 

 

98.8

 

 

 

100.0

 

 

 

35.0

 

 

 

37.9

 

Total

 

 

88.6

%

 

 

85.7

%

 

 

84.6

%

 

 

82.6

%

 

 

82.3

%

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

73.1

%

 

 

72.8

%

 

 

86.1

%

 

 

85.3

%

 

 

80.3

%

Towing-supply

 

78.6

 

 

 

82.2

 

 

 

82.9

 

 

76.4

 

 

70.1

 

Total

 

 

75.9

%

 

 

77.7

%

 

 

84.4

%

 

 

80.7

%

 

 

74.7

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

88.6

%

 

 

89.2

%

 

 

87.1

%

 

 

89.5

%

 

 

86.5

%

Towing-supply

 

 

 

 

 

46.7

 

 

70.9

 

 

36.8

 

 

85.3

 

Total

 

 

88.6

%

 

 

87.3

%

 

 

86.4

%

 

 

86.3

%

 

 

86.5

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

50.9

%

 

 

63.4

%

 

 

68.3

%

 

 

70.5

%

 

 

69.4

%

Towing-supply

 

 

62.6

 

 

 

62.4

 

 

 

65.1

 

 

 

66.1

 

 

 

77.9

 

Other

 

 

53.2

 

 

 

79.2

 

 

 

84.9

 

 

 

89.9

 

 

 

84.6

 

Total

 

 

55.0

%

 

 

67.8

%

 

 

72.5

%

 

 

74.4

%

 

 

76.0

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

77.7

%

 

 

78.8

%

 

 

81.3

%

 

 

83.4

%

 

 

82.0

%

Towing-supply

 

 

74.2

 

 

 

77.0

 

 

 

79.8

 

 

 

74.5

 

 

 

74.7

 

Other

 

 

58.9

 

 

 

81.9

 

 

 

86.8

 

 

 

79.6

 

 

 

77.2

 

Total

 

 

74.5

%

 

 

78.5

%

 

 

81.4

%

 

 

80.4

%

 

 

79.3

%

17


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

AVERAGE VESSEL DAY RATES: (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

14,738

 

 

 

13,793

 

 

 

13,001

 

 

 

12,986

 

 

 

13,186

 

Towing-supply

 

 

7,707

 

 

 

8,532

 

 

 

9,337

 

 

 

9,504

 

 

 

10,442

 

Other

 

 

9,723

 

 

 

9,638

 

 

 

9,838

 

 

 

7,674

 

 

 

8,259

 

Total

 

 

12,865

 

 

 

11,854

 

 

 

11,617

 

 

 

11,783

 

 

 

12,341

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

10,161

 

 

 

10,097

 

 

 

9,784

 

 

 

9,648

 

 

 

8,942

 

Towing-supply

 

 

6,128

 

 

 

6,041

 

 

 

5,897

 

 

 

5,285

 

 

 

5,747

 

Total

 

 

8,009

 

 

 

7,863

 

 

 

7,746

 

 

 

7,520

 

 

 

7,293

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

12,600

 

 

 

12,682

 

 

 

12,336

 

 

 

12,342

 

 

 

13,443

 

Towing-supply

 

 

 

 

 

3,138

 

 

 

6,055

 

 

 

4,995

 

 

 

5,941

 

Total

 

 

12,689

 

 

 

12,514

 

 

 

12,171

 

 

 

12,147

 

 

 

13,010

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

11,891

 

 

 

12,337

 

 

 

12,304

 

 

 

10,827

 

 

 

10,615

 

Towing-supply

 

 

16,158

 

 

 

13,389

 

 

 

12,810

 

 

 

13,628

 

 

 

14,115

 

Other

 

 

3,829

 

 

 

3,384

 

 

 

3,041

 

 

 

3,530

 

 

 

3,650

 

Total

 

 

10,711

 

 

 

9,539

 

 

 

9,075

 

 

 

9,174

 

 

 

9,439

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

12,620

 

 

 

12,342

 

 

 

11,892

 

 

 

11,651

 

 

 

11,998

 

Towing-supply

 

 

8,843

 

 

 

8,292

 

 

 

8,284

 

 

 

8,564

 

 

 

9,279

 

Other

 

 

5,243

 

 

 

4,524

 

 

 

4,137

 

 

 

3,871

 

 

 

4,009

 

Total

 

 

10,799

 

 

 

10,267

 

 

 

9,940

 

 

 

10,021

 

 

 

10,442

 

 

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

18


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

 

2019

 

 

2019

 

 

2019

 

Americas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

34,044

 

 

 

31,859

 

 

 

 

33,333

 

 

 

33,147

 

 

 

35,199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

13,138

 

 

 

14,186

 

 

 

 

15,307

 

 

 

15,108

 

 

 

16,008

 

Repair and maintenance

 

 

1,703

 

 

 

2,171

 

 

 

 

3,067

 

 

 

3,061

 

 

 

2,328

 

Insurance

 

 

427

 

 

 

417

 

 

 

 

299

 

 

 

305

 

 

 

(1,118

)

Fuel, lube and supplies

 

 

1,373

 

 

 

2,615

 

 

 

 

1,853

 

 

 

1,919

 

 

 

2,115

 

Other

 

 

1,956

 

 

 

2,673

 

 

 

 

4,082

 

 

 

2,461

 

 

 

2,772

 

Total vessel operating costs

 

$

18,597

 

 

 

22,062

 

 

 

 

24,608

 

 

 

22,854

 

 

 

22,105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

$

15,447

 

 

 

9,797

 

 

 

 

8,726

 

 

 

10,293

 

 

 

13,094

 

Vessel operating margin (%)

 

 

45.4

%

 

 

30.8

%

 

 

 

26.2

%

 

 

31.1

%

 

 

37.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

50

 

 

 

52

 

 

 

 

52

 

 

 

54

 

 

 

58

 

Utilization - Total fleet

 

 

58.3

%

 

 

57.1

%

 

 

 

59.8

%

 

 

56.9

%

 

 

54.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

33

 

 

 

35

 

 

 

 

37

 

 

 

37

 

 

 

38

 

Utilization - Active fleet

 

 

88.6

%

 

 

85.7

%

 

 

 

84.6

%

 

 

82.6

%

 

 

82.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

12,865

 

 

 

11,854

 

 

 

 

11,617

 

 

 

11,783

 

 

 

12,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

 

 

 

5

 

 

 

 

1

 

 

 

4

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for deferred drydocking and survey costs

 

$

1,819

 

 

 

5,912

 

 

 

 

5,381

 

 

 

5,368

 

 

 

6,637

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

21,599

 

 

 

18,561

 

 

 

 

15,678

 

 

 

12,154

 

 

 

8,463

 

Cash paid for deferred drydocking and survey costs

 

 

1,819

 

 

 

5,912

 

 

 

 

5,381

 

 

 

5,368

 

 

 

6,637

 

Amortization of deferred drydocking and survey costs

 

 

(3,394

)

 

 

(2,874

)

 

 

 

(2,498

)

 

 

(1,964

)

 

 

(1,228

)

Disposals, intersegment transfers and other

 

 

 

 

 

 

 

 

 

 

 

 

120

 

 

 

(1,718

)

Deferred drydocking and survey costs - ending balance

 

$

20,024

 

 

 

21,599

 

 

 

 

18,561

 

 

 

15,678

 

 

 

12,154

 

19


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

 

2019

 

 

2019

 

 

2019

 

Middle East/Asia Pacific

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

23,983

 

 

 

24,828

 

 

 

 

26,651

 

 

 

22,765

 

 

 

20,449

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

8,726

 

 

 

10,085

 

 

 

 

10,308

 

 

 

9,243

 

 

 

8,986

 

Repair and maintenance

 

 

2,196

 

 

 

2,586

 

 

 

 

3,838

 

 

 

2,317

 

 

 

1,673

 

Insurance

 

 

739

 

 

 

591

 

 

 

 

790

 

 

 

358

 

 

 

186

 

Fuel, lube and supplies

 

 

1,405

 

 

 

2,665

 

 

 

 

1,937

 

 

 

2,431

 

 

 

2,350

 

Other

 

 

2,412

 

 

 

1,696

 

 

 

 

2,864

 

 

 

1,318

 

 

 

1,844

 

Total vessel operating costs

 

$

15,478

 

 

 

17,623

 

 

 

 

19,737

 

 

 

15,667

 

 

 

15,039

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

$

8,505

 

 

 

7,205

 

 

 

 

6,913

 

 

 

7,100

 

 

 

5,410

 

Vessel operating margin (%)

 

 

35.5

%

 

 

29.0

%

 

 

 

25.9

%

 

 

31.2

%

 

 

26.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East/Asia Pacific - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

52

 

 

 

55

 

 

 

 

55

 

 

 

52

 

 

 

50

 

Utilization - Total fleet

 

 

63.0

%

 

 

63.0

%

 

 

 

68.4

%

 

 

63.6

%

 

 

61.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

43

 

 

 

45

 

 

 

 

44

 

 

 

41

 

 

 

41

 

Utilization - Active fleet

 

 

75.9

%

 

 

77.7

%

 

 

 

84.4

%

 

 

80.7

%

 

 

74.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

8,009

 

 

 

7,863

 

 

 

 

7,746

 

 

 

7,520

 

 

 

7,293

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

 

 

 

5

 

 

 

 

3

 

 

 

3

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for deferred drydocking and survey costs

 

$

850

 

 

 

8,897

 

 

 

 

6,072

 

 

 

2,269

 

 

 

4,324

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

23,139

 

 

 

16,513

 

 

 

 

12,572

 

 

 

11,961

 

 

 

9,178

 

Cash paid for deferred drydocking and survey costs

 

 

850

 

 

 

8,897

 

 

 

 

6,072

 

 

 

2,269

 

 

 

4,324

 

Amortization of deferred drydocking and survey costs

 

 

(2,589

)

 

 

(2,271

)

 

 

 

(2,131

)

 

 

(1,911

)

 

 

(1,493

)

Disposals, intersegment transfers and other

 

 

(284

)

 

 

 

 

 

 

 

 

 

253

 

 

 

(48

)

Deferred drydocking and survey costs - ending balance

 

$

21,116

 

 

 

23,139

 

 

 

 

16,513

 

 

 

12,572

 

 

 

11,961

 

20


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

 

2019

 

 

2019

 

 

2019

 

Europe/Mediterranean

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

20,620

 

 

 

29,491

 

 

 

 

29,180

 

 

 

30,946

 

 

 

35,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

9,707

 

 

 

11,696

 

 

 

 

11,984

 

 

 

12,974

 

 

 

13,001

 

Repair and maintenance

 

 

1,278

 

 

 

3,141

 

 

 

 

3,617

 

 

 

3,307

 

 

 

3,914

 

Insurance

 

 

420

 

 

 

431

 

 

 

 

367

 

 

 

503

 

 

 

693

 

Fuel, lube and supplies

 

 

924

 

 

 

1,098

 

 

 

 

1,808

 

 

 

1,614

 

 

 

1,314

 

Other

 

 

1,547

 

 

 

2,522

 

 

 

 

2,098

 

 

 

2,658

 

 

 

2,902

 

Total vessel operating costs

 

$

13,876

 

 

 

18,888

 

 

 

 

19,874

 

 

 

21,056

 

 

 

21,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

$

6,744

 

 

 

10,603

 

 

 

 

9,306

 

 

 

9,890

 

 

 

13,203

 

Vessel operating margin (%)

 

 

32.7

%

 

 

36.0

%

 

 

 

31.9

%

 

 

32.0

%

 

 

37.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Mediterranean - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

37

 

 

 

41

 

 

 

 

45

 

 

 

45

 

 

 

47

 

Utilization - Total fleet

 

 

48.6

%

 

 

63.6

%

 

 

 

58.1

%

 

 

61.4

%

 

 

62.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

20

 

 

 

30

 

 

 

 

30

 

 

 

32

 

 

 

34

 

Utilization - Active fleet

 

 

88.6

%

 

 

87.3

%

 

 

 

86.4

%

 

 

86.3

%

 

 

86.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

12,689

 

 

 

12,514

 

 

 

 

12,171

 

 

 

12,147

 

 

 

13,010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

 

 

 

2

 

 

 

 

3

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for deferred drydocking and survey costs

 

$

517

 

 

 

2,591

 

 

 

 

3,378

 

 

 

316

 

 

 

3,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

10,387

 

 

 

9,406

 

 

 

 

7,379

 

 

 

8,596

 

 

 

5,831

 

Cash paid for deferred drydocking and survey costs

 

 

517

 

 

 

2,591

 

 

 

 

3,378

 

 

 

316

 

 

 

3,030

 

Amortization of deferred drydocking and survey costs

 

 

(1,710

)

 

 

(1,610

)

 

 

 

(1,335

)

 

 

(1,160

)

 

 

(1,448

)

Disposals, intersegment transfers and other

 

 

(51

)

 

 

 

 

 

 

(16

)

 

 

(373

)

 

 

1,183

 

Deferred drydocking and survey costs - ending balance

 

$

9,143

 

 

 

10,387

 

 

 

 

9,406

 

 

 

7,379

 

 

 

8,596

 

21


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

 

2019

 

 

2019

 

 

2019

 

West Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

22,328

 

 

 

25,796

 

 

 

 

27,375

 

 

 

30,315

 

 

 

32,966

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

7,120

 

 

 

8,520

 

 

 

 

8,472

 

 

 

8,868

 

 

 

9,196

 

Repair and maintenance

 

 

1,479

 

 

 

2,700

 

 

 

 

4,659

 

 

 

3,282

 

 

 

2,996

 

Insurance

 

 

424

 

 

 

346

 

 

 

 

(282

)

 

 

863

 

 

 

989

 

Fuel, lube and supplies

 

 

2,681

 

 

 

3,374

 

 

 

 

4,184

 

 

 

2,817

 

 

 

2,672

 

Other

 

 

5,119

 

 

 

5,312

 

 

 

 

4,682

 

 

 

5,214

 

 

 

5,618

 

Total vessel operating costs

 

$

16,823

 

 

 

20,252

 

 

 

 

21,715

 

 

 

21,044

 

 

 

21,471

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

$

5,505

 

 

 

5,544

 

 

 

 

5,660

 

 

 

9,271

 

 

 

11,495

 

Vessel operating margin (%)

 

 

24.7

%

 

 

21.5

%

 

 

 

20.7

%

 

 

30.6

%

 

 

34.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Africa - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

63

 

 

 

65

 

 

 

 

67

 

 

 

70

 

 

 

73

 

Utilization - Total fleet

 

 

36.5

%

 

 

45.7

%

 

 

 

49.1

%

 

 

50.9

%

 

 

52.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

42

 

 

 

44

 

 

 

 

45

 

 

 

48

 

 

 

50

 

Utilization - Active fleet

 

 

55.0

%

 

 

67.8

%

 

 

 

72.5

%

 

 

74.4

%

 

 

76.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

10,711

 

 

 

9,539

 

 

 

 

9,075

 

 

 

9,174

 

 

 

9,439

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

 

 

 

3

 

 

 

 

1

 

 

 

4

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for deferred drydocking and survey costs

 

$

911

 

 

 

7,468

 

 

 

 

11,905

 

 

 

7,060

 

 

 

2,412

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

26,856

 

 

 

22,456

 

 

 

 

13,397

 

 

 

8,318

 

 

 

7,129

 

Cash paid for deferred drydocking and survey costs

 

 

911

 

 

 

7,468

 

 

 

 

11,905

 

 

 

7,060

 

 

 

2,412

 

Amortization of deferred drydocking and survey costs

 

 

(3,466

)

 

 

(3,067

)

 

 

 

(2,846

)

 

 

(1,653

)

 

 

(1,321

)

Disposals, intersegment transfers and other

 

 

 

 

 

(1

)

 

 

 

 

 

 

(328

)

 

 

98

 

Deferred drydocking and survey costs - ending balance

 

$

24,301

 

 

 

26,856

 

 

 

 

22,456

 

 

 

13,397

 

 

 

8,318

 

22


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

 

2019

 

 

2019

 

 

2019

 

Worldwide

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

100,975

 

 

 

111,974

 

 

 

 

116,539

 

 

 

117,173

 

 

 

123,641

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

38,691

 

 

 

44,487

 

 

 

 

46,071

 

 

 

46,193

 

 

 

47,191

 

Repair and maintenance

 

 

6,656

 

 

 

10,598

 

 

 

 

15,181

 

 

 

11,967

 

 

 

10,911

 

Insurance

 

 

2,010

 

 

 

1,785

 

 

 

 

1,174

 

 

 

2,027

 

 

 

750

 

Fuel, lube and supplies

 

 

6,383

 

 

 

9,752

 

 

 

 

9,782

 

 

 

8,781

 

 

 

8,451

 

Other

 

 

11,034

 

 

 

12,203

 

 

 

 

13,726

 

 

 

11,651

 

 

 

13,136

 

Total vessel operating costs

 

$

64,774

 

 

 

78,825

 

 

 

 

85,934

 

 

 

80,619

 

 

 

80,439

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

$

36,201

 

 

 

33,149

 

 

 

 

30,604

 

 

 

36,554

 

 

 

43,202

 

Vessel operating margin (%)

 

 

35.9

%

 

 

29.6

%

 

 

 

26.3

%

 

 

31.2

%

 

 

34.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

202

 

 

 

213

 

 

 

 

219

 

 

 

220

 

 

 

228

 

Utilization - Total fleet

 

 

50.9

%

 

 

56.4

%

 

 

 

58.3

%

 

 

57.5

%

 

 

57.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

138

 

 

 

153

 

 

 

 

157

 

 

 

158

 

 

 

163

 

Utilization - Active fleet

 

 

74.5

%

 

 

78.5

%

 

 

 

81.4

%

 

 

80.4

%

 

 

79.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

10,799

 

 

 

10,267

 

 

 

 

9,940

 

 

 

10,021

 

 

 

10,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

 

 

 

15

 

 

 

 

8

 

 

 

12

 

 

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for deferred drydocking and survey costs

 

$

4,097

 

 

 

24,868

 

 

 

 

26,736

 

 

 

15,013

 

 

 

16,403

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

81,981

 

 

 

66,936

 

 

 

 

49,026

 

 

 

41,029

 

 

 

30,601

 

Cash paid for deferred drydocking and survey costs

 

 

4,097

 

 

 

24,868

 

 

 

 

26,736

 

 

 

15,013

 

 

 

16,403

 

Amortization of deferred drydocking and survey costs

 

 

(11,159

)

 

 

(9,822

)

 

 

 

(8,810

)

 

 

(6,688

)

 

 

(5,490

)

Disposals, intersegment transfers and other

 

 

(335

)

 

 

(1

)

 

 

 

(16

)

 

 

(328

)

 

 

(485

)

Deferred drydocking and survey costs - ending balance

 

$

74,584

 

 

 

81,981

 

 

 

 

66,936

 

 

 

49,026

 

 

 

41,029

 

23


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

Net loss

 

$

(110,664

)

 

 

(18,524

)

 

 

(60,574

)

 

 

(43,806

)

 

 

(15,553

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt costs

 

 

5,959

 

 

 

6,142

 

 

 

6,282

 

 

 

7,468

 

 

 

7,582

 

Income tax (benefit) expense

 

 

2,730

 

 

 

(5,171

)

 

 

1,281

 

 

 

15,071

 

 

 

5,542

 

Depreciation

 

 

16,986

 

 

 

17,285

 

 

 

19,416

 

 

 

19,047

 

 

 

19,548

 

Amortization of deferred drydocking and survey costs

 

 

11,158

 

 

 

9,822

 

 

 

8,810

 

 

 

6,688

 

 

 

5,490

 

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

 

$

(73,831

)

 

 

9,554

 

 

 

(24,785

)

 

 

4,468

 

 

 

22,609

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-lived asset impairments

 

 

55,482

 

 

 

10,207

 

 

 

32,549

 

 

 

5,224

 

 

 

 

Affiliate credit loss impairment expense

 

 

53,581

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate guarantee obligation

 

 

2,000

 

 

 

 

 

 

 

 

 

 

 

 

 

One-time charges

 

 

446

 

 

 

129

 

 

 

2,123

 

 

 

6,293

 

 

 

460

 

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

 

 

37,678

 

 

 

19,890

 

 

 

9,887

 

 

 

15,985

 

 

 

23,069

 

 

Note (A):  EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization.  Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs.

 

Note (B):  EBITDA and Adjusted EBITDA for the three months ended June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019 includes non-cash, stock-based compensation expense of $1,401, $1,335, $2,972, $7,384, and $3,588, respectively.

 

Note (C):  EBITDA and Adjusted EBITDA for the three months ended June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019, and June 30, 2019 includes foreign exchange gains (losses) of $(2,076), $864, $(945), $173, and $11, respectively.

 

Non-GAAP Financial Measures

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

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

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

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

24


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

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

 

$

14,702

 

 

 

(27,525

)

 

 

5,281

 

 

 

(15,981

)

 

 

(17,566

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest expense

 

 

5,292

 

 

 

5,442

 

 

 

8,205

 

 

 

8,189

 

 

 

7,974

 

Interest income and other

 

 

(696

)

 

 

(116

)

 

 

(690

)

 

 

(1,579

)

 

 

(1,859

)

Additions to property and equipment

 

 

(1,626

)

 

 

(2,449

)

 

 

(4,067

)

 

 

(5,058

)

 

 

(5,757

)

Free cash flow before proceeds from asset sales

 

$

17,672

 

 

 

(24,648

)

 

 

8,729

 

 

 

(14,429

)

 

 

(17,208

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset sales

 

 

11,454

 

 

 

9,452

 

 

 

3,755

 

 

 

4,526

 

 

 

10,915

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Free cash flow

 

$

29,126

 

 

 

(15,196

)

 

 

12,484

 

 

 

(9,903

)

 

 

(6,293

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

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

 

$

(10,373

)

 

 

(18,127

)

 

 

32,826

 

 

 

4,502

 

 

 

(14,169

)

Cash paid for deferred drydocking and survey costs

 

 

(4,097

)

 

 

(24,867

)

 

 

(26,736

)

 

 

(15,013

)

 

 

(16,403

)

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

 

$

(14,470

)

 

 

(42,994

)

 

 

6,090

 

 

 

(10,511

)

 

 

(30,572

)

 

 

Contacts

 

Tidewater Inc.

Jason Stanley

Vice President,

Investor Relations and Marketing

713-470-5300

 

SOURCE: Tidewater Inc.

 

25

v3.20.2
Document and Entity Information
Jul. 30, 2020
Document And Entity Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 30, 2020
Entity Registrant Name TIDEWATER INC.
Entity Central Index Key 0000098222
Entity Emerging Growth Company false
Entity File Number 1-6311
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 72-0487776
Entity Address, Address Line One 6002 Rogerdale Road
Entity Address, Address Line Two Suite 600
Entity Address, City or Town Houston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77072
City Area Code 713
Local Phone Number 470-5300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Common Stock  
Document And Entity Information [Line Items]  
Title of 12(b) Security Common stock, $0.001 par value per share
Trading Symbol TDW
Security Exchange Name NYSE
Series A Warrants  
Document And Entity Information [Line Items]  
Title of 12(b) Security Series A Warrants to purchase shares of common stock
Trading Symbol TDW.WS.A
Security Exchange Name NYSE
Series B Warrants  
Document And Entity Information [Line Items]  
Title of 12(b) Security Series B Warrants to purchase shares of common stock
Trading Symbol TDW.WS.B
Security Exchange Name NYSE
Warrants to Purchase common stock  
Document And Entity Information [Line Items]  
Title of 12(b) Security Warrants to purchase shares of common stock
Trading Symbol TDW.WS
Security Exchange Name NYSEAMER
Preferred stock purchase rights  
Document And Entity Information [Line Items]  
Title of 12(b) Security Preferred stock purchase rights
No Trading Symbol Flag true
Security Exchange Name NYSE