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Tidewater Reports Results for the Three Months Ending March 31, 2021

Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ending March 31, 2021 of $83.5 million compared with $116.4 million for the three months ending March 31, 2020. Tidewater's net losses for the three months ending March 31, 2021, were $35.3 million ($0.87 per common share) compared with $18.4 million ($0.46 per common share) for the three months ending March 31, 2020. Included in the net losses for the three months ending March 31, 2021 were severance expenses totaling $0.1 million; excluding these costs, we would have reported a net loss for the three months ending March 31, 2021 of $35.2 million ($0.86 per common share). Included in the net losses for the three months ending March 31, 2020 were $10.3 million in long-lived asset impairments and one-time severance expenses; excluding these costs, net losses for the three months ending March 31, 2020 were $8.1 million (or $0.20 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, "I am pleased to report that we once again generated free cash flow for the latest quarter. In the first quarter of 2021, we generated $19.2 million of free cash flow and for the trailing twelve months, which were the most difficult twelve months the company has ever seen, we generated $87.1 million of free cash flow.

"Since late 2018, we have dedicated ourselves to building an offshore vessel company that is able to generate positive free cash flow throughout the business cycle by optimizing the earnings potential of the fleet, being the lowest cost operator and by adroitly managing drydocks and capital investments. The shore base infrastructure we have built is highly scalable and the operations have a substantial degree of operating leverage. I look forward to the acceleration in cash generation that will result from combined benefit of higher day rates as we enter a more balanced supply and demand environment and the lower per unit administrative cost of our scalable shore based infrastructure as more vessels are put to work.

“Compared to the first quarter of last year, revenue was down 28%, which is in line with the expectations we set out on the first quarter call last year after the pandemic broke. Operating costs were down 23%. Pandemic-driven inefficiencies kept operating expenses a bit higher than they otherwise would have been. General and administrative costs are down 25% since the first quarter of 2020. We have demonstrated again that we can swiftly and seamlessly adjust the scale of our operations to meet market demand.

“Our ongoing fleet development program includes the sale or recycling of vessels that are deemed uneconomic or that otherwise do not meet our future strategic goals, and during the first quarter we disposed of six vessels for $11.0 million.

“During the quarter, we reduced outstanding debt by $26.4 million and decreased our net debt position by $14.4 million. We ended the quarter with $143.4 million of cash on hand. We repurchased $11.8 million of the 2022 bonds at 100.5% of par during the first quarter.

“As highlighted in our recently issued inaugural sustainability report, which I encourage you to read, although 2020 posed many unique challenges, nothing caused us to waver from our environmental, social and governance (ESG) standards. While the report covers a great deal of what we have and continue to strive to achieve, I want to underscore that maintaining a safe working environment for our employees is a cornerstone of the Tidewater culture. During calendar year 2020, our employees clocked in more than 17 million hours and we had no lost time incidents. This is a tremendous achievement and I want to thank all of our employees for their dedication to creating a safe working environment.”

In addition to the number of outstanding shares, as of March 31, 2021, the company also has the following in-the-money warrants.

Common shares outstanding

 

 

40,731,777

 

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

 

 

657,203

 

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

��

 

815,575

 

Total

 

 

42,204,555

 

Tidewater will hold a conference call to discuss results for the three months ending March 31, 2021 on May 7, 2021, 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 May 7, 2021 and will continue until 11:59 p.m. Central Time on June 7, 2021. 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 one of the largest fleets of offshore support vessels in the industry, with more than 65 years of experience supporting offshore energy exploration, production, and generation activities worldwide.

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

Financial information is displayed beginning on the next page.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

 

 

Three Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

Vessel revenues

 

$

80,993

 

 

$

111,974

 

Other operating revenues

 

 

2,511

 

 

 

4,394

 

Total revenues

 

 

83,504

 

 

 

116,368

 

Costs and expenses:

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

61,020

 

 

 

78,825

 

Costs of other operating revenues

 

 

1,067

 

 

 

2,673

 

General and administrative

 

 

16,043

 

 

 

21,420

 

Depreciation and amortization

 

 

29,727

 

 

 

27,107

 

Long-lived asset impairments and other

 

 

 

 

 

10,207

 

(Gain) loss on asset dispositions, net

 

 

1,948

 

 

 

(5,331

)

 

 

 

109,805

 

 

 

134,901

 

Operating loss

 

 

(26,301

)

 

 

(18,533

)

Other income (expense):

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(850

)

 

 

864

 

Equity in net losses of unconsolidated companies

 

 

(1,849

)

 

 

 

Interest income and other, net

 

 

23

 

 

 

116

 

Interest and other debt costs, net

 

 

(4,541

)

 

 

(6,142

)

Total other expense

 

 

(7,217

)

 

 

(5,162

)

Loss before income taxes

 

 

(33,518

)

 

 

(23,695

)

Income tax (benefit) expense

 

 

2,009

 

 

 

(5,171

)

Net loss

 

$

(35,527

)

 

$

(18,524

)

Less: Net loss attributable to noncontrolling interests

 

 

(212

)

 

 

(79

)

Net loss attributable to Tidewater Inc.

 

$

(35,315

)

 

$

(18,445

)

Basic loss per common share

 

$

(0.87

)

 

$

(0.46

)

Diluted loss per common share

 

$

(0.87

)

 

$

(0.46

)

Weighted average common shares outstanding

 

 

40,716

 

 

 

40,101

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

40,716

 

 

 

40,101

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

 

 

March 31,

 

 

December 31,

 

ASSETS

 

2021

 

 

2020

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

131,858

 

 

$

149,933

 

Restricted cash

 

 

9,061

 

 

 

2,079

 

Trade and other receivables, less allowance for credit losses of $2,136 and $1,516 at March 31, 2021 and December 31, 2020, respectively

 

 

99,865

 

 

 

112,623

 

Due from affiliate, less allowance for credit losses of $71,595 and $71,800 at March 31, 2021 and December 31, 2020, respectively

 

 

62,474

 

 

 

62,050

 

Marine operating supplies

 

 

15,676

 

 

 

15,876

 

Assets held for sale

 

 

31,214

 

 

 

34,396

 

Prepaid expenses and other current assets

 

 

13,594

 

 

 

11,692

 

Total current assets

 

 

363,742

 

 

 

388,649

 

Net properties and equipment

 

 

754,707

 

 

 

780,318

 

Deferred drydocking and survey costs

 

 

46,648

 

 

 

56,468

 

Other assets

 

 

23,833

 

 

 

25,742

 

Total assets

 

$

1,188,930

 

 

$

1,251,177

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

14,622

 

 

$

16,981

 

Accrued expenses

 

 

48,466

 

 

 

52,422

 

Due to affiliates

 

 

56,356

 

 

 

53,194

 

Current portion of long-term debt

 

 

18,201

 

 

 

27,797

 

Other current liabilities

 

 

35,003

 

 

 

32,785

 

Total current liabilities

 

 

172,648

 

 

 

183,179

 

Long-term debt

 

 

148,337

 

 

 

164,934

 

Other liabilities and deferred credits

 

 

79,234

 

 

 

79,792

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock

 

 

41

 

 

 

41

 

Additional paid-in-capital

 

 

1,372,846

 

 

 

1,371,809

 

Accumulated deficit

 

 

(584,246

)

 

 

(548,931

)

Accumulated other comprehensive loss

 

 

(875

)

 

 

(804

)

Total stockholder's equity

 

 

787,766

 

 

 

822,115

 

Noncontrolling interests

 

 

945

 

 

 

1,157

 

Total equity

 

 

788,711

 

 

 

823,272

 

Total liabilities and equity

 

$

1,188,930

 

 

$

1,251,177

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

 

 

Three Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

Net loss

 

$

(35,527

)

 

$

(18,524

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Change in pension plan and supplemental pension plan liability, net of tax of $0 and $0, respectively

 

 

(71

)

 

 

369

 

Total comprehensive loss

 

$

(35,598

)

 

$

(18,155

)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

Three Months

 

 

Three Months

 

 

 

Ended

 

 

Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(35,527

)

 

$

(18,524

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

18,470

 

 

 

17,285

 

Amortization of deferred drydocking and survey costs

 

 

11,257

 

 

 

9,822

 

Amortization of debt premiums and discounts

 

 

1,108

 

 

 

675

 

Provision for deferred income taxes

 

 

30

 

 

 

 

(Gain) loss on asset dispositions, net

 

 

1,948

 

 

 

(5,331

)

Loss on debt extinguishment

 

 

59

 

 

 

 

Long-lived asset impairments and other

 

 

 

 

 

10,207

 

Stock-based compensation expense

 

 

1,172

 

 

 

1,335

 

Changes in operating assets and liabilities, net:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

12,758

 

 

 

(9,438

)

Changes in due to/from affiliate, net

 

 

2,738

 

 

 

(2,405

)

Accounts payable

 

 

(2,359

)

 

 

3,210

 

Accrued expenses

 

 

(4,270

)

 

 

(1,146

)

Deferred drydocking and survey costs

 

 

(2,722

)

 

 

(24,867

)

Other, net

 

 

1,054

 

 

 

(8,348

)

Net cash provided by (used in) operating activities

 

 

5,716

 

 

 

(27,525

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

10,983

 

 

 

9,452

 

Additions to properties and equipment

 

 

(1,196

)

 

 

(2,449

)

Net cash provided by investing activities

 

 

9,787

 

 

 

7,003

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Principal payments on long-term debt

 

 

(26,414

)

 

 

(2,600

)

Debt modification costs

 

 

(725

)

 

 

 

Debt extinguishment premium

 

 

(59

)

 

 

 

Tax on share-based awards

 

 

(135

)

 

 

(531

)

Net cash used in financing activities

 

 

(27,333

)

 

 

(3,131

)

Net change in cash, cash equivalents and restricted cash

 

 

(11,830

)

 

 

(23,653

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

155,225

 

 

 

227,608

 

Cash, cash equivalents and restricted cash at end of period

 

$

143,395

 

 

$

203,955

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

 

3,746

 

 

 

5,442

 

Income taxes

 

 

2,535

 

 

 

2,550

 

Note (A):  Cash, cash equivalents and restricted cash at March 31, 2021 includes $2.5 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

deficit

 

 

income (loss)

 

 

interest

 

 

Total

 

Balance at December 31, 2020

 

$

41

 

 

 

1,371,809

 

 

 

(548,931

)

 

 

(804

)

 

 

1,157

 

 

 

823,272

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(35,315

)

 

 

(71

)

 

 

(212

)

 

 

(35,598

)

Amortization of share-based awards

 

 

 

 

 

1,037

 

 

 

 

 

 

 

 

 

 

 

 

1,037

 

Balance at March 31, 2021

 

$

41

 

 

 

1,372,846

 

 

 

(584,246

)

 

 

(875

)

 

 

945

 

 

 

788,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

$

40

 

 

 

1,367,521

 

 

 

(352,526

)

 

 

(236

)

 

 

1,611

 

 

 

1,016,410

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(18,445

)

 

 

369

 

 

 

(79

)

 

 

(18,155

)

Adoption of credit loss accounting standard

 

 

 

 

 

 

 

 

(163

)

 

 

 

 

 

 

 

 

(163

)

Amortization of share-based awards

 

 

 

 

 

804

 

 

 

 

 

 

 

 

 

 

 

 

804

 

Balance at March 31, 2020

 

$

40

 

 

 

1,368,325

 

 

 

(371,134

)

 

 

133

 

 

 

1,532

 

 

 

998,896

 

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

(In thousands)

 

 

 

 

 

%

 

 

 

 

 

 

%

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

26,224

 

 

 

32

%

 

$

31,859

 

 

 

28

%

Middle East/Asia Pacific

 

 

24,414

 

 

 

30

%

 

 

24,828

 

 

 

22

%

Europe/Mediterranean

 

 

14,749

 

 

 

18

%

 

 

29,491

 

 

 

26

%

West Africa

 

 

15,606

 

 

 

19

%

 

 

25,796

 

 

 

23

%

Total vessel revenues

 

$

80,993

 

 

 

100

%

 

$

111,974

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

35,162

 

 

 

43

%

 

$

44,487

 

 

 

40

%

Repair and maintenance

 

 

9,437

 

 

 

12

%

 

 

10,598

 

 

 

9

%

Insurance

 

 

623

 

 

 

1

%

 

 

1,785

 

 

 

2

%

Fuel, lube and supplies

 

 

5,860

 

 

 

7

%

 

 

9,752

 

 

 

9

%

Other

 

 

9,938

 

 

 

12

%

 

 

12,203

 

 

 

11

%

Total vessel operating costs

 

 

61,020

 

 

 

75

%

 

 

78,825

 

 

 

70

%

Vessel operating margin (A)

 

$

19,973

 

 

 

25

%

 

$

33,149

 

 

 

30

%

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

 

 

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

(In thousands)

 

 

 

 

 

%

 

 

 

 

 

 

%

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

(1,651

)

 

 

(2

)%

 

$

(1,164

)

 

 

(1

)%

Middle East/Asia Pacific

 

 

(1,853

)

 

 

(2

)%

 

 

(856

)

 

 

(1

)%

Europe/Mediterranean

 

 

(8,021

)

 

 

(10

)%

 

 

1,547

 

 

 

1

%

West Africa

 

 

(6,767

)

 

 

(8

)%

 

 

(4,863

)

 

 

(4

)%

Other operating profit

 

 

1,444

 

 

 

2

%

 

 

1,721

 

 

 

1

%

 

 

 

(16,848

)

 

 

(20

)%

 

 

(3,615

)

 

 

(3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(7,505

)

 

 

(9

)%

 

 

(10,042

)

 

 

(9

)%

Gain (loss) on asset dispositions, net

 

 

(1,948

)

 

 

(2

)%

 

 

5,331

 

 

 

5

%

Long-lived asset impairments and other

 

 

 

 

 

0

%

 

 

(10,207

)

 

 

(9

)%

Operating loss

 

$

(26,301

)

 

 

(31

)%

 

$

(18,533

)

 

 

(16

)%

Note (A):  General and administrative expenses for the three months ended March 31, 2021 and 2020 include stock-based compensation of $1.2 million and $1.3 million, respectively. In addition, vessel operating and general and administrative costs for the three months ended March 31, 2021 and 2020, respectively, both included $0.1 million in one-time restructuring and integration related costs.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(Unaudited)

(In thousands, except per share data)

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

80,993

 

 

 

87,830

 

 

 

85,395

 

 

 

100,975

 

 

 

111,974

 

Other operating revenues

 

 

2,511

 

 

 

4,029

 

 

 

1,072

 

 

 

1,369

 

 

 

4,394

 

Total revenues

 

 

83,504

 

 

 

91,859

 

 

 

86,467

 

 

 

102,344

 

 

 

116,368

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

61,020

 

 

 

63,397

 

 

 

61,784

 

 

 

64,774

 

 

 

78,825

 

Costs of other operating revenue

 

 

1,067

 

 

 

342

 

 

 

219

 

 

 

171

 

 

 

2,673

 

General and administrative (A)

 

 

16,043

 

 

 

16,992

 

 

 

17,438

 

 

 

17,597

 

 

 

21,420

 

Depreciation and amortization

 

 

29,727

 

 

 

30,681

 

 

 

30,777

 

 

 

28,144

 

 

 

27,107

 

Long-lived asset impairments and other

 

 

 

 

 

6,475

 

 

 

1,945

 

 

 

55,482

 

 

 

10,207

 

Affiliate credit loss impairment expense

 

 

 

 

 

(600

)

 

 

 

 

 

53,581

 

 

 

 

Affiliate guarantee obligation

 

 

 

 

 

 

 

 

 

 

 

2,000

 

 

 

 

(Gain) loss on asset dispositions, net

 

 

1,948

 

 

 

(80

)

 

 

(520

)

 

 

(1,660

)

 

 

(5,331

)

Total operating costs and expenses

 

 

109,805

 

 

 

117,207

 

 

 

111,643

 

 

 

220,089

 

 

 

134,901

 

Operating loss

 

 

(26,301

)

 

 

(25,348

)

 

 

(25,176

)

 

 

(117,745

)

 

 

(18,533

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(850

)

 

 

(2,880

)

 

 

(1,153

)

 

 

(2,076

)

 

 

864

 

Equity in net earnings (losses) of unconsolidated companies

 

 

(1,849

)

 

 

164

 

 

 

 

 

 

 

 

 

 

Dividend income from unconsolidated company

 

 

 

 

 

 

 

 

 

 

 

17,150

 

 

 

 

Interest income and other, net

 

 

23

 

 

 

144

 

 

 

272

 

 

 

696

 

 

 

116

 

Interest and other debt costs, net

 

 

(4,541

)

 

 

(5,984

)

 

 

(6,071

)

 

 

(5,959

)

 

 

(6,142

)

Total other expense

 

 

(7,217

)

 

 

(8,556

)

 

 

(6,952

)

 

 

9,811

 

 

 

(5,162

)

Loss before income taxes

 

 

(33,518

)

 

 

(33,904

)

 

 

(32,128

)

 

 

(107,934

)

 

 

(23,695

)

Income tax (benefit) expense

 

 

2,009

 

 

 

(4,477

)

 

 

5,953

 

 

 

2,730

 

 

 

(5,171

)

Net loss

 

 

(35,527

)

 

 

(29,427

)

 

 

(38,081

)

 

 

(110,664

)

 

 

(18,524

)

Net income (loss) attributable to noncontrolling interests

 

 

(212

)

 

 

(180

)

 

 

(154

)

 

 

(41

)

 

 

(79

)

Net loss attributable to Tidewater Inc.

 

$

(35,315

)

 

 

(29,247

)

 

 

(37,927

)

 

 

(110,623

)

 

 

(18,445

)

Basic loss per common share

 

 

(0.87

)

 

 

(0.72

)

 

 

(0.94

)

 

 

(2.74

)

 

 

(0.46

)

Diluted loss per common share

 

 

(0.87

)

 

 

(0.72

)

 

 

(0.94

)

 

 

(2.74

)

 

 

(0.46

)

Weighted average common shares outstanding

 

 

40,716

 

 

 

40,604

 

 

 

40,405

 

 

 

40,306

 

 

 

40,101

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

40,716

 

 

 

40,604

 

 

 

40,405

 

 

 

40,306

 

 

 

40,101

 

Vessel operating margin

 

$

19,973

 

 

 

24,433

 

 

 

23,611

 

 

 

36,201

 

 

 

33,149

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

103

 

 

 

291

 

 

 

641

 

 

 

446

 

 

 

129

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

ASSETS

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

131,858

 

 

 

149,933

 

 

 

192,243

 

 

 

203,119

 

 

 

187,802

 

Restricted cash

 

 

9,061

 

 

 

2,079

 

 

 

26,401

 

 

 

19,880

 

 

 

12,461

 

Trade and other receivables, net

 

 

99,865

 

 

 

112,623

 

 

 

100,583

 

 

 

115,008

 

 

 

119,455

 

Due from affiliate, net

 

 

62,474

 

 

 

62,050

 

 

 

65,692

 

 

 

65,766

 

 

 

128,204

 

Marine operating supplies

 

 

15,676

 

 

 

15,876

 

 

 

17,808

 

 

 

20,580

 

 

 

21,944

 

Assets held for sale

 

 

31,214

 

 

 

34,396

 

 

 

19,163

 

 

 

29,064

 

 

 

26,142

 

Prepaid expenses and other current assets

 

 

13,594

 

 

 

11,692

 

 

 

18,925

 

 

 

20,350

 

 

 

22,185

 

Total current assets

 

 

363,742

 

 

 

388,649

 

 

 

440,815

 

 

 

473,767

 

 

 

518,193

 

Net properties and equipment

 

 

754,707

 

 

 

780,318

 

 

 

820,876

 

 

 

839,912

 

 

 

922,979

 

Deferred drydocking and survey costs

 

 

46,648

 

 

 

56,468

 

 

 

63,975

 

 

 

74,585

 

 

 

81,981

 

Other assets

 

 

23,833

 

 

 

25,742

 

 

 

25,108

 

 

 

27,411

 

 

 

29,971

 

Total assets

 

$

1,188,930

 

 

 

1,251,177

 

 

 

1,350,774

 

 

$

1,415,675

 

 

$

1,553,124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

14,622

 

 

 

16,981

 

 

 

12,953

 

 

 

17,111

 

 

 

30,711

 

Accrued expenses

 

 

48,466

 

 

 

52,422

 

 

 

55,811

 

 

 

60,993

 

 

 

72,854

 

Due to affiliates

 

 

56,356

 

 

 

53,194

 

 

 

53,355

 

 

 

48,803

 

 

 

50,013

 

Current portion of long-term debt

 

 

18,201

 

 

 

27,797

 

 

 

9,576

 

 

 

9,437

 

 

 

9,104

 

Other current liabilities

 

 

35,003

 

 

 

32,785

 

 

 

31,599

 

 

 

25,815

 

 

 

26,953

 

Total current liabilities

 

 

172,648

 

 

 

183,179

 

 

 

163,294

 

 

 

162,159

 

 

 

189,635

 

Long-term debt

 

 

148,337

 

 

 

164,934

 

 

 

246,179

 

 

 

273,215

 

 

 

273,015

 

Other liabilities and deferred credits

 

 

79,234

 

 

 

79,792

 

 

 

87,724

 

 

 

90,301

 

 

 

91,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

41

 

 

 

41

 

 

 

40

 

 

 

40

 

 

 

40

 

Additional paid-in-capital

 

 

1,372,846

 

 

 

1,371,809

 

 

 

1,370,778

 

 

 

1,369,645

 

 

 

1,368,325

 

Accumulated deficit

 

 

(584,246

)

 

 

(548,931

)

 

 

(519,684

)

 

 

(481,757

)

 

 

(371,134

)

Accumulated other comprehensive income (loss)

 

 

(875

)

 

 

(804

)

 

 

1,106

 

 

 

581

 

 

 

133

 

Total stockholder's equity

 

 

787,766

 

 

 

822,115

 

 

 

852,240

 

 

 

888,509

 

 

 

997,364

 

Noncontrolling interests

 

 

945

 

 

 

1,157

 

 

 

1,337

 

 

 

1,491

 

 

 

1,532

 

Total equity

 

 

788,711

 

 

 

823,272

 

 

 

853,577

 

 

 

890,000

 

 

 

998,896

 

Total liabilities and equity

 

$

1,188,930

 

 

 

1,251,177

 

 

 

1,350,774

 

 

 

1,415,675

 

 

 

1,553,124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonatide (Angola)

 

$

6,118

 

 

 

8,856

 

 

 

12,337

 

 

 

16,963

 

 

 

64,184

 

DTDW (Nigeria)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,007

 

Total

 

$

6,118

 

 

 

8,856

 

 

 

12,337

 

 

 

16,963

 

 

 

78,191

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

19,876

 

 

 

25,706

 

 

 

22,836

 

 

 

27,858

 

 

 

22,882

 

Towing-supply

 

 

4,817

 

 

 

4,603

 

 

 

4,119

 

 

 

4,455

 

 

 

7,243

 

Other

 

 

1,531

 

 

 

1,759

 

 

 

1,750

 

 

 

1,731

 

 

 

1,734

 

Total

 

 

26,224

 

 

 

32,068

 

 

 

28,705

 

 

 

34,044

 

 

 

31,859

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

15,931

 

 

 

16,822

 

 

 

13,819

 

 

 

14,195

 

 

 

14,326

 

Towing-supply

 

 

8,483

 

 

 

8,220

 

 

 

9,461

 

 

 

9,788

 

 

 

10,502

 

Total

 

 

24,414

 

 

 

25,042

 

 

 

23,280

 

 

 

23,983

 

 

 

24,828

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

14,588

 

 

 

15,621

 

 

 

17,578

 

 

 

20,476

 

 

 

29,163

 

Towing-supply

 

 

 

 

 

 

 

 

(13

)

 

 

 

 

 

179

 

Other

 

 

161

 

 

 

154

 

 

 

151

 

 

 

144

 

 

 

149

 

Total

 

 

14,749

 

 

 

15,775

 

 

 

17,716

 

 

 

20,620

 

 

 

29,491

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

7,909

 

 

 

6,237

 

 

 

4,905

 

 

 

8,748

 

 

 

12,102

 

Towing-supply

 

 

4,879

 

 

 

5,202

 

 

 

7,711

 

 

 

11,029

 

 

 

10,521

 

Other

 

 

2,818

 

 

 

3,506

 

 

 

3,078

 

 

 

2,552

 

 

 

3,173

 

Total

 

$

15,606

 

 

 

14,945

 

 

 

15,694

 

 

 

22,329

 

 

 

25,796

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

58,304

 

 

 

64,386

 

 

 

59,137

 

 

 

71,277

 

 

 

78,473

 

Towing-supply

 

 

18,179

 

 

 

18,025

 

 

 

21,278

 

 

 

25,271

 

 

 

28,445

 

Other

 

 

4,510

 

 

 

5,419

 

 

 

4,980

 

 

 

4,427

 

 

 

5,056

 

Total

 

$

80,993

 

 

 

87,830

 

 

 

85,395

 

 

 

100,975

 

 

 

111,974

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

29

 

 

 

32

 

 

 

32

 

 

 

32

 

 

 

32

 

Towing-supply

 

 

8

 

 

 

10

 

 

 

12

 

 

 

15

 

 

 

17

 

Other

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

Total

 

 

40

 

 

 

45

 

 

 

47

 

 

 

50

 

 

 

52

 

Stacked vessels

 

 

(12

)

 

 

(15

)

 

 

(17

)

 

 

(17

)

 

 

(17

)

Active vessels

 

 

28

 

 

 

30

 

 

 

30

 

 

 

33

 

 

 

35

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

21

 

 

 

21

 

 

 

22

 

 

 

26

 

 

 

27

 

Towing-supply

 

 

20

 

 

 

22

 

 

 

23

 

 

 

26

 

 

 

28

 

Total

 

 

41

 

 

 

43

 

 

 

45

 

 

 

52

 

 

 

55

 

Stacked vessels

 

 

(3

)

 

 

(3

)

 

 

(4

)

 

 

(9

)

 

 

(10

)

Active vessels

 

 

38

 

 

 

40

 

 

 

41

 

 

 

43

 

 

 

45

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

31

 

 

 

31

 

 

 

32

 

 

 

36

 

 

 

39

 

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

2

 

Total

 

 

31

 

 

 

31

 

 

 

32

 

 

 

37

 

 

 

41

 

Stacked vessels

 

 

(14

)

 

 

(16

)

 

 

(17

)

 

 

(17

)

 

 

(11

)

Active vessels

 

 

17

 

 

 

15

 

 

 

15

 

 

 

20

 

 

 

30

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

20

 

 

 

20

 

 

 

25

 

 

 

26

 

 

 

26

 

Towing-supply

 

 

12

 

 

 

13

 

 

 

17

 

 

 

18

 

 

 

19

 

Other

 

 

26

 

 

 

23

 

 

 

16

 

 

 

19

 

 

 

20

 

Total

 

 

58

 

 

 

56

 

 

 

58

 

 

 

63

 

 

 

65

 

Stacked vessels

 

 

(25

)

 

 

(26

)

 

 

(31

)

 

 

(21

)

 

 

(21

)

Active vessels

 

 

33

 

 

 

30

 

 

 

27

 

 

 

42

 

 

 

44

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

101

 

 

 

104

 

 

 

111

 

 

 

120

 

 

 

124

 

Towing-supply

 

 

40

 

 

 

45

 

 

 

52

 

 

 

60

 

 

 

66

 

Other

 

 

29

 

 

 

26

 

 

 

19

 

 

 

22

 

 

 

23

 

Total

 

 

170

 

 

 

175

 

 

 

182

 

 

 

202

 

 

 

213

 

Stacked vessels

 

 

(54

)

 

 

(60

)

 

 

(69

)

 

 

(64

)

 

 

(60

)

Active vessels

 

 

116

 

 

 

115

 

 

 

113

 

 

 

138

 

 

 

153

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

116

 

 

 

115

 

 

 

113

 

 

 

138

 

 

 

153

 

Total stacked

 

 

54

 

 

 

60

 

 

 

69

 

 

 

64

 

 

 

60

 

Total joint venture and other vessels

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

Total

 

 

173

 

 

 

178

 

 

 

185

 

 

 

205

 

 

 

216

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,627

 

 

 

2,944

 

 

 

2,996

 

 

 

2,940

 

 

 

2,873

 

Towing-supply

 

 

720

 

 

 

898

 

 

 

1,098

 

 

 

1,329

 

 

 

1,547

 

Other

 

 

270

 

 

 

276

 

 

 

276

 

 

 

273

 

 

 

285

 

Total

 

 

3,617

 

 

 

4,118

 

 

 

4,370

 

 

 

4,542

 

 

 

4,705

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,863

 

 

 

1,932

 

 

 

2,025

 

 

 

2,411

 

 

 

2,496

 

Towing-supply

 

 

1,822

 

 

 

2,032

 

 

 

2,118

 

 

 

2,342

 

 

 

2,512

 

Total

 

 

3,685

 

 

 

3,964

 

 

 

4,143

 

 

 

4,753

 

 

 

5,008

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,756

 

 

 

2,852

 

 

 

2,916

 

 

 

3,256

 

 

 

3,581

 

Towing-supply

 

 

 

 

 

 

 

 

24

 

 

 

91

 

 

 

122

 

Total

 

 

2,756

 

 

 

2,852

 

 

 

2,940

 

 

 

3,347

 

 

 

3,703

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,827

 

 

 

1,840

 

 

 

2,269

 

 

 

2,366

 

 

 

2,366

 

Towing-supply

 

 

1,084

 

 

 

1,196

 

 

 

1,588

 

 

 

1,654

 

 

 

1,729

 

Other

 

 

2,340

 

 

 

2,095

 

 

 

1,469

 

 

 

1,698

 

 

 

1,820

 

Total

 

 

5,251

 

 

 

5,131

 

 

 

5,326

 

 

 

5,718

 

 

 

5,915

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

9,073

 

 

 

9,568

 

 

 

10,206

 

 

 

10,973

 

 

 

11,316

 

Towing-supply

 

 

3,626

 

 

 

4,126

 

 

 

4,828

 

 

 

5,416

 

 

 

5,910

 

Other

 

 

2,610

 

 

 

2,371

 

 

 

1,745

 

 

 

1,971

 

 

 

2,105

 

Total

 

 

15,309

 

 

 

16,065

 

 

 

16,779

 

 

 

18,360

 

 

 

19,331

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

OUT-OF-SERVICE - STACKED DAYS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

923

 

 

 

1,105

 

 

 

1,134

 

 

 

863

 

 

 

873

 

Towing-supply

 

 

90

 

 

 

189

 

 

 

362

 

 

 

601

 

 

 

593

 

Other

 

 

90

 

 

 

92

 

 

 

92

 

 

 

91

 

 

 

103

 

Total

 

 

1,103

 

 

 

1,386

 

 

 

1,588

 

 

 

1,555

 

 

 

1,569

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

90

 

 

 

92

 

 

 

185

 

 

 

500

 

 

 

546

 

Towing-supply

 

 

180

 

 

 

177

 

 

 

186

 

 

 

310

 

 

 

396

 

Total

 

 

270

 

 

 

269

 

 

 

371

 

 

 

810

 

 

 

942

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,238

 

 

 

1,448

 

 

 

1,522

 

 

 

1,422

 

 

 

1,004

 

Towing-supply

 

 

 

 

 

 

 

 

24

 

 

 

91

 

 

 

 

Total

 

 

1,238

 

 

 

1,448

 

 

 

1,546

 

 

 

1,513

 

 

 

1,004

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,104

 

 

 

1,288

 

 

 

1,809

 

 

 

919

 

 

 

819

 

Towing-supply

 

 

544

 

 

 

644

 

 

 

882

 

 

 

563

 

 

 

469

 

Other

 

 

599

 

 

 

417

 

 

 

181

 

 

 

446

 

 

 

637

 

Total

 

 

2,247

 

 

 

2,349

 

 

 

2,872

 

 

 

1,928

 

 

 

1,925

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

3,355

 

 

 

3,933

 

 

 

4,650

 

 

 

3,704

 

 

 

3,242

 

Towing-supply

 

 

814

 

 

 

1,010

 

 

 

1,454

 

 

 

1,565

 

 

 

1,458

 

Other

 

 

689

 

 

 

509

 

 

 

273

 

 

 

537

 

 

 

740

 

Total

 

 

4,858

 

 

 

5,452

 

 

 

6,377

 

 

 

5,806

 

 

 

5,440

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

AVAILABLE DAYS - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,704

 

 

 

1,839

 

 

 

1,862

 

 

 

2,077

 

 

 

2,000

 

Towing-supply

 

 

630

 

 

 

709

 

 

 

736

 

 

 

728

 

 

 

954

 

Other

 

 

180

 

 

 

184

 

 

 

184

 

 

 

182

 

 

 

182

 

Total

 

 

2,514

 

 

 

2,732

 

 

 

2,782

 

 

 

2,987

 

 

 

3,136

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,773

 

 

 

1,840

 

 

 

1,840

 

 

 

1,911

 

 

 

1,950

 

Towing-supply

 

 

1,642

 

 

 

1,855

 

 

 

1,932

 

 

 

2,032

 

 

 

2,116

 

Total

 

 

3,415

 

 

 

3,695

 

 

 

3,772

 

 

 

3,943

 

 

 

4,066

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,518

 

 

 

1,404

 

 

 

1,394

 

 

 

1,834

 

 

 

2,577

 

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

 

 

 

122

 

Total

 

 

1,518

 

 

 

1,404

 

 

 

1,394

 

 

 

1,834

 

 

 

2,699

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

723

 

 

 

552

 

 

 

460

 

 

 

1,447

 

 

 

1,547

 

Towing-supply

 

 

540

 

 

 

552

 

 

 

706

 

 

 

1,091

 

 

 

1,260

 

Other

 

 

1,741

 

 

 

1,678

 

 

 

1,288

 

 

 

1,252

 

 

 

1,183

 

Total

 

 

3,004

 

 

 

2,782

 

 

 

2,454

 

 

 

3,790

 

 

 

3,990

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

5,718

 

 

 

5,635

 

 

 

5,556

 

 

 

7,269

 

 

 

8,074

 

Towing-supply

 

 

2,812

 

 

 

3,116

 

 

 

3,374

 

 

 

3,851

 

 

 

4,452

 

Other

 

 

1,921

 

 

 

1,862

 

 

 

1,472

 

 

 

1,434

 

 

 

1,365

 

Total

 

 

10,451

 

 

 

10,613

 

 

 

10,402

 

 

 

12,554

 

 

 

13,891

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

UTILIZATION - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

55.6

%

 

 

53.2

%

 

 

51.7

%

 

 

64.3

%

 

 

57.7

%

Towing-supply

 

 

83.2

 

 

 

67.7

 

 

 

50.0

 

 

 

43.5

 

 

 

54.9

 

Other

 

 

55.7

 

 

 

66.7

 

 

 

66.7

 

 

 

65.2

 

 

 

63.1

 

Total

 

 

61.1

%

 

 

57.2

%

 

 

52.2

%

 

 

58.3

%

 

 

57.1

%

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

80.1

%

 

 

78.2

%

 

 

67.4

%

 

 

57.9

%

 

 

56.8

%

Towing-supply

 

 

75.6

 

 

 

62.5

 

 

 

72.3

 

 

 

68.2

 

 

 

69.2

 

Total

 

 

77.9

%

 

 

70.2

%

 

 

69.9

%

 

 

63.0

%

 

 

63.0

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

44.7

%

 

 

44.7

%

 

 

45.5

%

 

 

49.9

%

 

 

64.2

%

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46.7

 

Total

 

 

44.7

%

 

 

44.7

%

 

 

45.1

%

 

 

48.6

%

 

 

63.6

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

36.2

%

 

 

27.2

%

 

 

17.5

%

 

 

31.1

%

 

 

41.5

%

Towing-supply

 

 

30.1

 

 

 

30.8

 

 

 

28.4

 

 

 

41.3

 

 

 

45.5

 

Other

 

 

34.4

 

 

 

42.3

 

 

 

53.1

 

 

 

39.2

 

 

 

51.5

 

Total

 

 

34.1

%

 

 

34.2

%

 

 

30.6

%

 

 

36.5

%

 

 

45.7

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

53.4

%

 

 

50.7

%

 

 

45.4

%

 

 

51.5

%

 

 

56.2

%

Towing-supply

 

 

63.5

 

 

 

54.4

 

 

 

52.4

 

 

 

52.8

 

 

 

58.0

 

Other

 

 

36.6

 

 

 

45.2

 

 

 

55.3

 

 

 

42.8

 

 

 

53.1

 

Total

 

 

52.9

%

 

 

50.9

%

 

 

48.5

%

 

 

50.9

%

 

 

56.4

%

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

UTILIZATION - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

85.7

%

 

 

85.1

%

 

 

83.2

%

 

 

91.0

%

 

 

72.8

%

Towing-supply

 

 

95.1

 

 

 

85.7

 

 

 

74.6

 

 

 

79.4

 

 

 

89.0

 

Other

 

 

83.6

 

 

 

100.0

 

 

 

100.0

 

 

 

97.8

 

 

 

98.8

 

Total

 

 

87.9

%

 

 

86.3

%

 

 

82.0

%

 

 

88.6

%

 

 

85.7

%

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

84.2

%

 

 

82.1

%

 

 

74.2

%

 

 

73.1

%

 

 

72.8

%

Towing-supply

 

 

83.9

 

 

 

68.5

 

 

 

79.2

 

 

 

78.6

 

 

 

82.2

 

Total

 

 

84.0

%

 

 

75.3

%

 

 

76.8

%

 

 

75.9

%

 

 

77.7

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

81.3

%

 

 

90.9

%

 

 

95.1

%

 

 

88.6

%

 

 

89.2

%

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46.7

 

Total

 

 

81.3

%

 

 

90.9

%

 

 

95.1

%

 

 

88.6

%

 

 

87.3

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

91.4

%

 

 

90.8

%

 

 

86.2

%

 

 

50.9

%

 

 

63.4

%

Towing-supply

 

 

60.4

 

 

 

66.7

 

 

 

63.8

 

 

 

62.6

 

 

 

62.4

 

Other

 

 

46.2

 

 

 

52.9

 

 

 

60.6

 

 

 

53.2

 

 

 

79.2

 

Total

 

 

59.6

%

 

 

63.1

%

 

 

66.3

%

 

 

55.0

%

 

 

67.8

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

84.8

%

 

 

86.1

%

 

 

83.4

%

 

 

77.7

%

 

 

78.8

%

Towing-supply

 

 

81.9

 

 

 

72.1

 

 

 

75.0

 

 

 

74.2

 

 

 

77.0

 

Other

 

 

49.7

 

 

 

57.5

 

 

 

65.5

 

 

 

58.9

 

 

 

81.9

 

Total

 

 

77.6

%

 

 

77.0

%

 

 

78.2

%

 

 

74.5

%

 

 

78.5

%

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

AVERAGE VESSEL DAY RATES: (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

13,608

 

 

 

16,416

 

 

 

14,743

 

 

 

14,738

 

 

 

13,793

 

Towing-supply

 

 

8,040

 

 

 

7,576

 

 

 

7,506

 

 

 

7,707

 

 

 

8,532

 

Other

 

 

10,179

 

 

 

9,559

 

 

 

9,514

 

 

 

9,723

 

 

 

9,638

 

Total

 

$

11,865

 

 

 

13,602

 

 

 

12,581

 

 

 

12,865

 

 

 

11,854

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

10,670

 

 

 

11,129

 

 

 

10,127

 

 

 

10,161

 

 

 

10,097

 

Towing-supply

 

 

6,159

 

 

 

6,471

 

 

 

6,180

 

 

 

6,128

 

 

 

6,041

 

Total

 

$

8,506

 

 

 

9,002

 

 

 

8,040

 

 

 

8,009

 

 

 

7,863

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

11,829

 

 

 

12,368

 

 

 

13,257

 

 

 

12,600

 

 

 

12,682

 

Towing-supply

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,138

 

Total

 

$

11,960

 

 

 

12,368

 

 

 

13,361

 

 

 

12,689

 

 

 

12,514

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

11,972

 

 

 

12,449

 

 

 

12,365

 

 

 

11,891

 

 

 

12,337

 

Towing-supply

 

 

14,967

 

 

 

14,136

 

 

 

17,122

 

 

 

16,158

 

 

 

13,389

 

Other

 

 

3,501

 

 

 

3,952

 

 

 

3,944

 

 

 

3,829

 

 

 

3,384

 

Total

 

$

8,711

 

 

 

8,510

 

 

 

9,643

 

 

 

10,711

 

 

 

9,539

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

12,028

 

 

 

13,265

 

 

 

12,756

 

 

 

12,620

 

 

 

12,342

 

Towing-supply

 

 

7,896

 

 

 

8,026

 

 

 

8,411

 

 

 

8,843

 

 

 

8,292

 

Other

 

 

4,721

 

 

 

5,059

 

 

 

5,163

 

 

 

5,243

 

 

 

4,524

 

Total

 

$

9,993

 

 

 

10,749

 

 

 

10,503

 

 

 

10,799

 

 

 

10,267

 

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

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

26,224

 

 

 

32,068

 

 

 

28,705

 

 

 

34,044

 

 

 

31,859

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

10,594

 

 

 

12,795

 

 

 

11,711

 

 

 

13,138

 

 

 

14,186

 

Repair and maintenance

 

 

2,714

 

 

 

2,065

 

 

 

1,259

 

 

 

1,703

 

 

 

2,171

 

Insurance

 

 

200

 

 

 

402

 

 

 

426

 

 

 

427

 

 

 

417

 

Fuel, lube and supplies

 

 

1,774

 

 

 

1,822

 

 

 

1,754

 

 

 

1,373

 

 

 

2,615

 

Other

 

 

1,980

 

 

 

2,306

 

 

 

2,486

 

 

 

1,956

 

 

 

2,673

 

Total vessel operating costs

 

$

17,262

 

 

 

19,390

 

 

 

17,636

 

 

 

18,597

 

 

 

22,062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

$

8,962

 

 

 

12,678

 

 

 

11,069

 

 

 

15,447

 

 

 

9,797

 

Vessel operating margin (%)

 

 

34.2

%

 

 

39.5

%

 

 

38.6

%

 

 

45.4

%

 

 

30.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

40

 

 

 

45

 

 

 

47

 

 

 

50

 

 

 

52

 

Utilization - Total fleet

 

 

61.1

%

 

 

57.2

%

 

 

52.2

%

 

 

58.3

%

 

 

57.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

28

 

 

 

30

 

 

 

30

 

 

 

33

 

 

 

35

 

Utilization - Active fleet

 

 

87.9

%

 

 

86.3

%

 

 

82.0

%

 

 

88.6

%

 

 

85.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

11,865

 

 

 

13,602

 

 

 

12,581

 

 

 

12,865

 

 

 

11,854

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

1

 

 

 

1

 

 

 

 

 

 

5

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

15,440

 

 

 

17,774

 

 

 

20,024

 

 

 

21,599

 

 

 

18,561

 

Cash paid for deferred drydocking and survey costs

 

 

881

 

 

 

1,015

 

 

 

1,086

 

 

 

1,819

 

 

 

5,912

 

Amortization of deferred drydocking and survey costs

 

 

(3,222

)

 

 

(3,349

)

 

 

(3,336

)

 

 

(3,394

)

 

 

(2,874

)

Disposals, intersegment transfers and other

 

 

(1,286

)

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

11,813

 

 

 

15,440

 

 

 

17,774

 

 

 

20,024

 

 

 

21,599

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East/Asia Pacific

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

24,414

 

 

 

25,042

 

 

 

23,280

 

 

 

23,983

 

 

 

24,828

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

9,639

 

 

 

9,982

 

 

 

10,468

 

 

 

8,726

 

 

 

10,085

 

Repair and maintenance

 

 

2,659

 

 

 

2,899

 

 

 

2,385

 

 

 

2,196

 

 

 

2,586

 

Insurance

 

 

(224

)

 

 

452

 

 

 

562

 

 

 

739

 

 

 

591

 

Fuel, lube and supplies

 

 

1,569

 

 

 

1,924

 

 

 

1,783

 

 

 

1,405

 

 

 

2,665

 

Other

 

 

2,959

 

 

 

3,532

 

 

 

2,057

 

 

 

2,412

 

 

 

1,696

 

Total vessel operating costs

 

$

16,602

 

 

 

18,789

 

 

 

17,255

 

 

 

15,478

 

 

 

17,623

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

$

7,812

 

 

 

6,253

 

 

 

6,025

 

 

 

8,505

 

 

 

7,205

 

Vessel operating margin (%)

 

 

32.0

%

 

 

25.0

%

 

 

25.9

%

 

 

35.5

%

 

 

29.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East/Asia Pacific - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

41

 

 

 

43

 

 

 

45

 

 

 

52

 

 

 

55

 

Utilization - Total fleet

 

 

77.9

%

 

 

70.2

%

 

 

69.9

%

 

 

63.0

%

 

 

63.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

38

 

 

 

40

 

 

 

41

 

 

 

43

 

 

 

45

 

Utilization - Active fleet

 

 

84.0

%

 

 

75.3

%

 

 

76.8

%

 

 

75.9

%

 

 

77.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

8,506

 

 

 

9,002

 

 

 

8,040

 

 

 

8,009

 

 

 

7,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

17,031

 

 

 

18,666

 

 

 

21,116

 

 

 

23,139

 

 

 

16,513

 

Cash paid for deferred drydocking and survey costs

 

 

72

 

 

 

1,447

 

 

 

386

 

 

 

850

 

 

 

8,897

 

Amortization of deferred drydocking and survey costs

 

 

(3,114

)

 

 

(3,082

)

 

 

(3,036

)

 

 

(2,589

)

 

 

(2,271

)

Disposals, intersegment transfers and other

 

 

 

 

 

 

 

 

200

 

 

 

(284

)

 

 

 

Deferred drydocking and survey costs - ending balance

 

 

13,989

 

 

 

17,031

 

 

 

18,666

 

 

 

21,116

 

 

 

23,139

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Mediterranean

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

14,749

 

 

 

15,775

 

 

 

17,716

 

 

 

20,620

 

 

 

29,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

9,022

 

 

 

8,179

 

 

 

7,952

 

 

 

9,707

 

 

 

11,696

 

Repair and maintenance

 

 

1,673

 

 

 

1,133

 

 

 

869

 

 

 

1,278

 

 

 

3,141

 

Insurance

 

 

299

 

 

 

297

 

 

 

448

 

 

 

420

 

 

 

431

 

Fuel, lube and supplies

 

 

759

 

 

 

710

 

 

 

592

 

 

 

924

 

 

 

1,098

 

Other

 

 

1,707

 

 

 

1,214

 

 

 

1,274

 

 

 

1,547

 

 

 

2,522

 

Total vessel operating costs

 

$

13,460

 

 

 

11,533

 

 

 

11,135

 

 

 

13,876

 

 

 

18,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

$

1,289

 

 

 

4,243

 

 

 

6,581

 

 

 

6,744

 

 

 

10,603

 

Vessel operating margin (%)

 

 

8.7

%

 

 

26.9

%

 

 

37.1

%

 

 

32.7

%

 

 

36.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Mediterranean - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

31

 

 

 

31

 

 

 

32

 

 

 

37

 

 

 

41

 

Utilization - Total fleet

 

 

44.7

%

 

 

44.7

%

 

 

45.1

%

 

 

48.6

%

 

 

63.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

17

 

 

 

15

 

 

 

15

 

 

 

20

 

 

 

30

 

Utilization - Active fleet

 

 

81.3

%

 

 

90.9

%

 

 

95.1

%

 

 

88.6

%

 

 

87.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

11,960

 

 

 

12,368

 

 

 

13,361

 

 

 

12,689

 

 

 

12,514

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

3

 

 

 

4

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

7,317

 

 

 

7,147

 

 

 

9,143

 

 

 

10,387

 

 

 

9,406

 

Cash paid for deferred drydocking and survey costs

 

 

2,067

 

 

 

1,710

 

 

 

(361

)

 

 

517

 

 

 

2,591

 

Amortization of deferred drydocking and survey costs

 

 

(1,653

)

 

 

(1,540

)

 

 

(1,635

)

 

 

(1,710

)

 

 

(1,610

)

Disposals, intersegment transfers and other

 

 

 

 

 

 

 

 

 

 

 

(51

)

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

7,731

 

 

 

7,317

 

 

 

7,147

 

 

 

9,143

 

 

 

10,387

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

15,606

 

 

 

14,945

 

 

 

15,694

 

 

 

22,328

 

 

 

25,796

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

5,907

 

 

 

5,804

 

 

 

6,555

 

 

 

7,120

 

 

 

8,520

 

Repair and maintenance

 

 

2,391

 

 

 

1,930

 

 

 

1,419

 

 

 

1,479

 

 

 

2,700

 

Insurance

 

 

348

 

 

 

296

 

 

 

517

 

 

 

424

 

 

 

346

 

Fuel, lube and supplies

 

 

1,758

 

 

 

1,765

 

 

 

2,628

 

 

 

2,681

 

 

 

3,374

 

Other

 

 

3,292

 

 

 

3,890

 

 

 

4,639

 

 

 

5,119

 

 

 

5,312

 

Total vessel operating costs

 

$

13,696

 

 

 

13,685

 

 

 

15,758

 

 

 

16,823

 

 

 

20,252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

$

1,910

 

 

 

1,260

 

 

 

(64

)

 

 

5,505

 

 

 

5,544

 

Vessel operating margin (%)

 

 

12.2

%

 

 

8.4

%

 

 

(0.4

)%

 

 

24.7

%

 

 

21.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Africa - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

58

 

 

 

56

 

 

 

58

 

 

 

63

 

 

 

65

 

Utilization - Total fleet

 

 

34.1

%

 

 

34.2

%

 

 

30.6

%

 

 

36.5

%

 

 

45.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

33

 

 

 

30

 

 

 

27

 

 

 

42

 

 

 

44

 

Utilization - Active fleet

 

 

59.6

%

 

 

63.1

%

 

 

66.3

%

 

 

55.0

%

 

 

67.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

8,711

 

 

 

8,510

 

 

 

9,643

 

 

 

10,711

 

 

 

9,539

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

16,680

 

 

 

20,388

 

 

 

24,301

 

 

 

26,856

 

 

 

22,456

 

Cash paid for deferred drydocking and survey costs

 

 

(298

)

 

 

(400

)

 

 

(576

)

 

 

911

 

 

 

7,467

 

Amortization of deferred drydocking and survey costs

 

 

(3,268

)

 

 

(3,294

)

 

 

(3,426

)

 

 

(3,466

)

 

 

(3,067

)

Disposals, intersegment transfers and other

 

 

1

 

 

 

(14

)

 

 

89

 

 

 

 

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

13,115

 

 

 

16,680

 

 

 

20,388

 

 

 

24,301

 

 

 

26,856

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

80,993

 

 

 

87,830

 

 

 

85,395

 

 

 

100,975

 

 

 

111,974

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

35,162

 

 

 

36,760

 

 

 

36,686

 

 

 

38,691

 

 

 

44,487

 

Repair and maintenance

 

 

9,437

 

 

 

8,027

 

 

 

5,932

 

 

 

6,656

 

 

 

10,598

 

Insurance

 

 

623

 

 

 

1,447

 

 

 

1,953

 

 

 

2,010

 

 

 

1,785

 

Fuel, lube and supplies

 

 

5,860

 

 

 

6,221

 

 

 

6,757

 

 

 

6,383

 

 

 

9,752

 

Other

 

 

9,938

 

 

 

10,942

 

 

 

10,456

 

 

 

11,034

 

 

 

12,203

 

Total vessel operating costs

 

$

61,020

 

 

 

63,397

 

 

 

61,784

 

 

 

64,774

 

 

 

78,825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

$

19,973

 

 

 

24,434

 

 

 

23,611

 

 

 

36,201

 

 

 

33,149

 

Vessel operating margin (%)

 

 

24.7

%

 

 

27.8

%

 

 

27.6

%

 

 

35.9

%

 

 

29.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

170

 

 

 

175

 

 

 

182

 

 

 

202

 

 

 

213

 

Utilization - Total fleet

 

 

52.9

%

 

 

50.9

%

 

 

48.5

%

 

 

50.9

%

 

 

56.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

116

 

 

 

115

 

 

 

113

 

 

 

138

 

 

 

153

 

Utilization - Active fleet

 

 

77.6

%

 

 

77.0

%

 

 

78.2

%

 

 

74.5

%

 

 

78.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

9,993

 

 

 

10,749

 

 

 

10,503

 

 

 

10,799

 

 

 

10,267

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

4

 

 

 

8

 

 

 

 

 

 

5

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

56,468

 

 

 

63,975

 

 

 

74,584

 

 

 

81,981

 

 

 

66,936

 

Cash paid for deferred drydocking and survey costs

 

 

2,722

 

 

 

3,772

 

 

 

535

 

 

 

4,097

 

 

 

24,867

 

Amortization of deferred drydocking and survey costs

 

 

(11,257

)

 

 

(11,265

)

 

 

(11,433

)

 

 

(11,159

)

 

 

(9,822

)

Disposals, intersegment transfers and other

 

 

(1,285

)

 

 

(14

)

 

 

289

 

 

 

(335

)

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

46,648

 

 

 

56,468

 

 

 

63,975

 

 

 

74,584

 

 

 

81,981

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

Net loss

 

$

(35,527

)

 

 

(29,427

)

 

 

(38,081

)

 

 

(110,664

)

 

 

(18,524

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt costs

 

 

4,541

 

 

 

5,984

 

 

 

6,071

 

 

 

5,959

 

 

 

6,142

 

Income tax (benefit) expense

 

 

2,009

 

 

 

(4,477

)

 

 

5,953

 

 

 

2,730

 

 

 

(5,171

)

Depreciation

 

 

18,470

 

 

 

19,416

 

 

 

19,343

 

 

 

16,986

 

 

 

17,285

 

Amortization of deferred drydock and survey costs

 

 

11,257

 

 

 

11,265

 

 

 

11,434

 

 

 

11,158

 

 

 

9,822

 

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

 

$

750

 

 

 

2,761

 

 

 

4,720

 

 

 

(73,831

)

 

 

9,554

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-lived asset impairments and other

 

 

 

 

 

6,475

 

 

 

1,945

 

 

 

55,482

 

 

 

10,207

 

Affiliate credit loss impairment expense

 

 

 

 

 

(600

)

 

 

 

 

 

53,581

 

 

 

 

Affiliate guarantee obligation

 

 

 

 

 

 

 

 

 

 

 

2,000

 

 

 

 

One-time integration related costs

 

 

 

 

 

291

 

 

 

641

 

 

 

446

 

 

 

129

 

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

 

$

750

 

 

 

8,927

 

 

 

7,306

 

 

 

37,678

 

 

 

19,890

 

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 March 31, 2021, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,172, $1,158, $1,223, $1,401, and $1,335 respectively.

 

Note (C):  EBITDA and Adjusted EBITDA for the three months ended March 31, 2021, and for each of the prior four quarters includes foreign exchange gains (losses) of $(850), $(2,880), $(1,153), $(2,076), and $864, respectively.

Non-GAAP Financial Measures

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

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

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

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

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

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

 

$

5,716

 

 

 

2,180

 

 

 

14,629

 

 

 

14,702

 

 

 

(27,525

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest expense

 

 

3,746

 

 

 

5,066

 

 

 

5,435

 

 

 

5,292

 

 

 

5,442

 

Interest income and other

 

 

(23

)

 

 

(144

)

 

 

(272

)

 

 

(696

)

 

 

(116

)

Additions to property and equipment

 

 

(1,196

)

 

 

(10,218

)

 

 

(607

)

 

 

(1,626

)

 

 

(2,449

)

Expansion capital

 

 

 

 

 

5,300

 

 

 

 

 

 

 

 

 

 

Free cash flow before proceeds from asset sales

 

 

8,243

 

 

 

2,184

 

 

 

19,185

 

 

 

17,672

 

 

 

(24,648

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset sales

 

 

10,983

 

 

 

6,798

 

 

 

10,592

 

 

 

11,454

 

 

 

9,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Free cash flow

 

$

19,226

 

 

 

8,982

 

 

 

29,777

 

 

 

29,126

 

 

 

(15,196

)

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

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

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

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

 

$

9,921

 

 

 

(4,915

)

 

 

18,858

 

 

 

(10,373

)

 

 

(18,127

)

Cash paid for deferred drydock and survey costs

 

 

(2,722

)

 

 

(3,772

)

 

 

(535

)

 

 

(4,097

)

 

 

(24,867

)

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

 

$

7,199

 

 

 

(8,687

)

 

 

18,323

 

 

 

(14,470

)

 

 

(42,994

)

 

Contacts

Tidewater Inc.

Jason Stanley

Vice President,

ESG and Investor Relations

+1.713.470.5292

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