tdw-8k_20200730.htm
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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

%