HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE: TDW) announced today revenue for the three and six months ended June 30, 2019, of $125.9 million and $248.0 million, and net losses for the same periods of $16.0 million (or $0.42 per common share) and $37.7 million (or $1.01 per common share), respectively. Excluding certain costs outlined below, 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.

John T. Rynd, Tidewater’s President and Chief Executive Officer, commented, “The second quarter results help solidify our growing sense of an improving market and demonstrates our ability to execute on the business objectives that we have set forth. We saw revenue increase from the prior quarter driven largely by a North Sea market that was seasonally stronger than anticipated for this time of year and a global improvement in demand for deepwater vessels.

We remain focused on being the most cost efficient operator in our industry and have shown further progress towards reducing our general and administrative costs, which remain on track for an $87 million fourth quarter exit run rate. Additionally, we are committed to maintaining a fleet of vessels that are in demand by our customers, which will lead to higher regulatory drydock costs and downtime over the near-to-intermediate term, but we will only invest in the maintenance to the extent we have an adequate return on capital.

We do not envision significant market advancement over the second half of 2019, but we do see ongoing signs of improvement, and our outlook for the offshore market remains on a positive long-term slope with reasons for optimism in each of our primary markets. Our existing market position coupled with our continued efforts to differentiate ourselves will drive ongoing financial improvements and best position us through this slowly improving market.”

Included in the $16.0 million ($0.42 per common share) net loss for the three months 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 ($0.01 per common share) and $4.2 million ($0.11 per common share), respectively.

The fully diluted number of shares, as of June 30 2019, assuming exercise of all outstanding warrants is as follows:

Common shares outstanding			37,845,158
New Creditor Warrants (strike price $0.001 per common share)			2,034,235
GulfMark Creditor Warrants (strike price $0.01 per common share)			1,683,147
Total			41,562,540

Tidewater will hold a conference call to discuss results for the three months ended June 30, 2019 on Tuesday, August 13, 2019 at 10:00 a.m. Central Time. Investors and interested parties may listen to the teleconference 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 ask for the “Tidewater” call just prior to the scheduled start. A replay of the conference call will be available beginning at 12:00 p.m. Central Time on August 13, 2019, and will continue until 11:59 p.m. Central Time on September 13, 2019. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 48850067.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, www.tdw.com. The online replay will be available until September 13, 2019.

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 on the next page.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
		Three Months Ended								Six Months Ended
		June 30, 2019				June 30, 2018				June 30, 2019				June 30, 2018
Revenues:
Vessel revenues		$	123,641				104,174				243,303				191,668
Other operating revenues			2,218				1,427				4,705				5,426
Total revenues			125,859				105,601				248,008				197,094
Costs and expenses:
Vessel operating costs			80,439				68,012				162,642				129,376
Costs of other operating revenues			586				642				1,350				3,116
General and administrative (A)			23,696				24,425				50,836				47,990
Depreciation and amortization			25,038				12,785				47,970				24,802
Loss (gain) on asset dispositions, net			494				(1,338	)			(776	)			(3,257	)
Long-lived asset impairments			—				1,215				—				7,401
Total operating costs and expenses			130,253				105,741				262,022				209,428
Operating loss			(4,394	)			(140	)			(14,014	)			(12,334	)
Other income (expense):
Foreign exchange gain (loss)			11				(1,002	)			(497	)			(1,350	)
Equity in net earnings (losses) of unconsolidated companies			95				390				33				(15,049	)
Interest income and other, net			1,859				2,914				4,329				2,786
Interest and other debt costs, net			(7,582	)			(7,547	)			(15,318	)			(15,146	)
Total other expense			(5,617	)			(5,245	)			(11,453	)			(28,759	)
Loss before income taxes			(10,011	)			(5,385	)			(25,467	)			(41,093	)
Income tax expense			5,542				5,797				11,372				9,118
Net loss		$	(15,553	)			(11,182	)			(36,839	)			(50,211	)
Less: Net income attributable to noncontrolling interests			406				(242	)			851				(99	)
Net loss attributable to Tidewater Inc.		$	(15,959	)			(10,940	)			(37,690	)			(50,112	)
Basic loss per common share			(0.42	)			(0.44	)			(1.01	)			(2.09	)
Diluted loss per common share			(0.42	)			(0.44	)			(1.01	)			(2.09	)
Weighted average common shares outstanding			37,571				25,654				37,369				23,989
Dilutive effect of stock options and restricted stock			—				—				—				—
Adjusted weighted average common shares			37,571				25,654				37,369				23,989

Total shares outstanding including warrants						June 30, 2019				June 30, 2018
Common shares outstanding							37,845				26,085
New Creditor Warrants (strike price $0.001 per common share)							2,034				3,925
GulfMark Creditor Warrants (strike price $0.01 per common share)							1,683				—
Total							41,563				30,010
Note (A): General and administrative expenses for the three and six months ended June 30, 2019 included stock-based compensation of $3.6 million and $9.2 million, respectively, and expenses for the three and six months ended June 30, 2018 included stock-based compensation of $3.2 million and $6.1 million, respectively. In addition, general and administrative costs for the three and six months ended June 30, 2019 includes $0.5 million and $4.2 million of severance and similar costs related to integrating Tidewater and GulfMark operations.

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and par value data)
		June 30,				December 31,
ASSETS		2019				2018
Current assets:
Cash and cash equivalents		$	369,549				371,791
Restricted cash			13,614				25,953
Trade and other receivables, net			121,155				111,266
Due from affiliates			121,959				132,951
Marine operating supplies			29,141				29,505
Other current assets			14,460				11,836
Total current assets			669,878				683,302
Investments in, at equity, and advances to unconsolidated companies			658				1,039
Properties and equipment, net			1,041,054				1,089,857
Deferred drydocking and survey costs			41,029				22,215
Other assets			39,651				31,326
Total assets		$	1,792,270				1,827,739
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	24,170				31,939
Accrued costs and expenses			56,675				61,784
Due to affiliates			39,060				34,972
Current portion of long-term debt			10,002				8,568
Other current liabilities			24,442				21,092
Total current liabilities			154,349				158,355
Long-term debt			424,911				430,436
Other liabilities			97,471				94,025
Contingencies
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 37,845,158 and 36,978,280 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively			38				37
Additional paid-in capital			1,359,842				1,352,388
Accumulated deficit			(248,473	)			(210,783	)
Accumulated other comprehensive income			2,194				2,194
Total stockholders’ equity			1,113,601				1,143,836
Noncontrolling interests			1,938				1,087
Total equity			1,115,539				1,144,923
Total liabilities and equity		$	1,792,270				1,827,739

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands)
		Three Months Ended								Six Months Ended
		June 30, 2019				June 30, 2018				June 30, 2019				June 30, 2018
Net loss		$	(15,553	)			(11,182	)		$	(36,839	)			(50,211	)
Other comprehensive income:
Unrealized losses on available for sale securities, net of tax of $0, $0, $0 and $0			—				43				—				(256	)
Total comprehensive loss		$	(15,553	)			(11,139	)		$	(36,839	)			(50,467	)

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
		Six Months Ended
		June 30, 2019				June 30, 2018
Operating activities:
Net loss		$	(36,839	)			(50,211	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			38,582				22,572
Amortization of deferred drydocking and survey costs			9,388				2,230
Amortization of debt premium and discounts			(1,019	)			(900	)
Provision for deferred income taxes			6				—
Gain on asset dispositions, net			(776	)			(3,257	)
Long-lived asset impairments			—				7,401
Changes in investments in, at equity, and advances to unconsolidated companies			381				27,881
Compensation expense - stock-based			9,215				6,139
Changes in assets and liabilities, net:
Trade and other receivables			(10,921	)			(15,097	)
Changes in due to/from affiliates, net			15,080				19,869
Accounts payable			(7,769	)			1,709
Accrued costs and expenses			(4,977	)			(6,652	)
Cash paid for deferred drydocking and survey costs			(28,688	)			(13,394	)
Other, net			(2,386	)			18,693
Net cash provided by (used in) operating activities			(20,723	)			16,983
Cash flows from investing activities:
Proceeds from sales of assets			20,566				12,968
Additions to properties and equipment			(8,873	)			(5,775	)
Net cash provided by investing activities			11,693				7,193
Cash flows from financing activities:
Principal payment on long-term debt			(3,792	)			(2,637	)
Payments to General Unsecured Creditors			—				(8,377	)
Taxes on share-based awards			(1,760	)			—
Other			1				(1,998	)
Net cash used in financing activities			(5,551	)			(13,012	)
Net change in cash, cash equivalents and restricted cash			(14,581	)			11,164
Cash, cash equivalents and restricted cash at beginning of period			397,744				453,335
Cash, cash equivalents and restricted cash at end of period		$	383,163				464,499
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	16,293				16,134
Income taxes		$	7,754				10,083

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				loss				interest				Total
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
Balance at March 31, 2018		$	24				1,061,983				(78,438	)			(446	)			2,358				985,481
Total comprehensive loss			—				—				(10,940	)			43				(242	)			(11,139	)
Issuance of common stock			2				(2	)			—				—				—				—
Amortization of restricted stock units			—				3,184				—				—				—				3,184
Acquisition of non-controlling interests			—				(1,126	)			—				—				(874	)			(2,000	)
Balance at June 30, 2018		$	26				1,064,039				(89,378	)			(403	)			1,242				975,526
		Six Months Ended
														Accumulated
						Additional								other				Non
		Common				paid-in				Accumulated				comprehensive				controlling
		stock				capital				deficit				loss				interest				Total
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
Balance at December 31, 2017		$	22				1,059,120				(39,266	)			(147	)			2,215				1,021,944
Total comprehensive loss			—				—				(50,112	)			(256	)			(99	)			(50,467	)
Issuance of common stock			4				(2	)			—				—				—				2
Amortization of restricted stock units			—				6,047				—				—				—				6,047
Acquisition of non-controlling interests			—				(1,126	)			—				—				(874	)			(2,000	)
Balance at June 30, 2018		$	26				1,064,039				(89,378	)			(403	)			1,242				975,526

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, 2019								June 30, 2018								June 30, 2019								June 30, 2018
(In thousands)						%								%								%								%
Vessel revenues:
Americas		$	35,199				28	%			32,601				31	%		$	70,477				29	%			58,682				31	%
Middle East/Asia Pacific			20,449				17	%			22,406				21	%			40,905				17	%			40,794				21	%
Europe/Mediterranean Sea			35,027				28	%			13,357				13	%			63,585				26	%			22,980				12	%
West Africa			32,966				27	%			35,810				35	%			68,336				28	%			69,212				36	%
Total vessel revenues		$	123,641				100	%			104,174				100	%		$	243,303				100	%			191,668				100	%
Vessel operating costs:
Crew costs		$	47,191				38	%			36,368				35	%		$	95,335				39	%			70,592				37	%
Repair and maintenance			10,911				9	%			7,978				8	%			20,612				9	%			15,682				8	%
Insurance and loss reserves			750				1	%			2,191				2	%			2,928				1	%			1,120				2	%
Fuel, lube and supplies			8,451				7	%			8,181				8	%			17,797				7	%			17,193				9	%
Other			13,136				10	%			13,294				13	%			25,970				11	%			24,789				13	%
Total vessel operating costs			80,439				65	%			68,012				65	%			162,642				67	%			129,376				69	%
Vessel operating margin (B)			43,202				35	%			36,162				35	%			80,661				33	%			62,292				31	%
Note (B): Vessel operating margin can be recalculated by adjusting vessel operating profit (loss) before general and administrative expenses & depreciation and amortization expenses.

The company’s operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:
		Three Months Ended																Six Months Ended
		June 30, 2019								June 30, 2018								June 30, 2019								June 30, 2018
(In thousands)						%								%								%								%
Vessel operating profit (loss):
Americas		$	2,900				2	%			5,681				5	%		$	1,870				<1	%			10,592				5	%
Middle East/Asia Pacific			(2,127	)			(1	%)			625				1	%			(3,289	)			(1	%)			(1,628	)			(1	%)
Europe/Mediterranean Sea			2,824				2	%			(1,142	)			(1	%)			(493	)			(<1	%)			(4,696	)			(2	%)
West Africa			3,099				3	%			1,705				2	%			11,214				5	%			(48	)			(<1	%)
Other operating profit			1,625				1	%			778				1	%			3,330				1	%			2,284				1	%
			8,321				7	%			7,647				7	%			12,632				5	%			6,504				2	%
Corporate expenses (C)			(12,221	)			(10	%)			(7,910	)			(7	%)			(27,422	)			(11	%)			(14,694	)			(7	%)
Gain (loss) on asset dispositions, net			(494	)			(<1	%)			1,338				1	%			776				<1	%			3,257				2	%
Long-lived asset impairments			—				—				(1,215	)			(1	%)			—				—				(7,401	)			(4	%)
Operating loss			(4,394	)			(3	%)			(140	)			(<1	%)			(14,014	)			(6	%)			(12,334	)			(6	%)
Note (C): The company incurred integration costs related to the combination with GulfMark during the three and six months ended June 30, 2019 of $0.5 million and $4.2 million, respectively. General and administrative expenses for the three and six months ended June 30, 2019 included stock-based compensation of $3.6 million and $9.2 million, respectively, and expenses for the three and six months ended June 30, 2018 included stock-based compensation of $3.2 million and $6.1 million, respectively.

TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA (Unaudited) (In thousands, except share and per share data)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2019				2019				2018				2018				2018
Revenues:
Vessel revenues	$		123,641				119,662				108,527				97,011				104,174
Other operating revenues			2,218				2,487				1,707				2,181				1,427
Total revenues			125,859				122,149				110,234				99,192				105,601
Costs and expenses:
Vessel operating costs			80,439				82,203				74,967				65,237				68,012
Costs of other operating revenues			586				764				733				1,681				642
General and administrative (D)			23,696				27,140				36,487				25,546				24,425
Depreciation and amortization			25,038				22,932				20,101				13,390				12,785
Loss (gain) on asset dispositions, net			494				(1,270	)			(8,938	)			1,571				(1,338	)
Impairment of due from affiliate			—				—				20,083				—				—
Asset impairments			—				—				36,878				16,853				1,215
Total operating costs and expenses			130,253				131,769				180,311				124,278				105,741
Operating loss			(4,394	)			(9,620	)			(70,077	)			(25,086	)			(140	)
Other income (expense):
Foreign exchange gain (loss)			11				(508	)			1,455				1				(1,002	)
Equity in net earnings (losses) of unconsolidated companies			95				(62	)			(3,871	)			56				390
Interest income and other			1,859				2,470				5,799				2,709				2,914
Loss on debt extinguishment			—				—				(8,119	)			—				—
Interest and other debt costs			(7,582	)			(7,736	)			(7,708	)			(7,585	)			(7,547	)
Total other expense			(5,617	)			(5,836	)			(12,444	)			(4,819	)			(5,245	)
Loss before income taxes			(10,011	)			(15,456	)			(82,521	)			(28,905	)			(5,385	)
Income tax expense			5,542				5,830				7,856				1,278				5,797
Net loss	$		(15,553	)			(21,286	)			(90,377	)			(31,183	)			(11,182	)
Less: Net income (loss) attributable to noncontrolling interests			406				445				132				(287	)			(242	)
Net loss attributable to Tidewater Inc.	$		(15,959	)			(21,731	)			(90,509	)			(30,896	)			(10,940	)
Basic loss per common share	$		(0.42	)			(0.58	)			(2.83	)			(1.16	)			(0.44	)
Diluted loss per common share	$		(0.42	)			(0.58	)			(2.83	)			(1.16	)			(0.44	)
Weighted average common shares outstanding (E)			37,570,629				37,178,580				31,974,802				26,614,507				24,654,220
Dilutive effect of stock options and restricted stock			—				—				—				—				—
Adjusted weighted average common shares			37,570,629				37,178,580				31,974,802				26,614,507				24,654,220
Vessel operating margin	$		43,202				37,459				33,560				31,774				36,162
Note (D): Restructuring and merger-related items:
Professional services costs included in general and administrative expenses related to the business combination with GulfMark	$		—				88				4,465				3,036				1,547
Integration related costs related to the business combination with GulfMark			460				3,651				—				—				—
Total	$		460				3,739				4,465				3,036				1,547
Note (E):
Shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens included in weighted average shares outstanding			—				—				2,547				300,646				—
Total shares outstanding including warrants
Common shares outstanding			37,845,158				37,381,954				36,978,280				26,815,991				26,085,274
New Creditor Warrants (strike price $0.001 per common share)			2,034,235				2,070,463				2,220,857				3,512,416				3,924,441
GulfMark Creditor Warrants (strike price $0.01 per common share)			1,683,147				2,046,795				2,189,709				—				—
Total			41,562,540				41,499,212				41,388,846				30,328,407				30,009,715

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands)
		June 30,				March 31,				December 31,				September 30,				June 30,
ASSETS		2019				2019				2018				2018				2018
Current assets:
Cash and cash equivalents	$		369,549				391,060				371,791				461,088				459,286
Restricted cash			13,614				6,975				25,953				7,466				5,213
Trade and other receivables, net (F)			121,155				112,853				111,266				88,013				96,630
Due from affiliates			121,959				119,049				132,951				174,349				197,059
Marine operating supplies			29,141				29,337				29,505				27,591				28,930
Other current assets			14,460				14,844				11,836				9,880				10,213
Total current assets			669,878				674,118				683,302				768,387				797,331
Investments in, at equity, and advances to unconsolidated companies			658				774				1,039				1,129				1,335
Net properties and equipment			1,041,054				1,065,297				1,089,857				790,055				817,140
Deferred drydocking and survey costs			41,029				30,602				22,215				16,053				14,372
Other assets			39,651				38,507				31,326				28,700				26,779
Total assets	$		1,792,270				1,809,298				1,827,739				1,604,324				1,656,957
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable (F)	$		24,170				29,739				31,939				30,571				30,561
Accrued costs and expenses			56,675				56,025				61,784				46,060				49,312
Due to affiliates			39,060				40,245				34,972				48,064				62,353
Current portion of long-term debt			10,002				9,957				8,568				7,671				6,290
Other current liabilities			24,442				20,115				21,092				21,341				20,605
Total current liabilities			154,349				156,081				158,355				153,707				169,121
Long-term debt			424,911				427,436				430,436				435,301				438,559
Other liabilities and deferred credits			97,471				98,096				94,025				71,408				73,751
Contingencies
Equity:
Common stock			38				37				37				27				26
Additional paid-in capital			1,359,842				1,356,436				1,352,388				1,063,603				1,064,039
Accumulated deficit			(248,473	)			(232,514	)			(210,783	)			(120,274	)			(89,378	)
Accumulated other comprehensive income (loss)			2,194				2,194				2,194				(403	)			(403	)
Total stockholders’ equity			1,113,601				1,126,153				1,143,836				942,953				974,284
Noncontrolling interests			1,938				1,532				1,087				955				1,242
Total equity			1,115,539				1,127,685				1,144,923				943,908				975,526
Total liabilities and equity	$		1,792,270				1,809,298				1,827,739				1,604,324				1,656,957
Supplemental Information
Due from related parties, net of due to related parties:
Sonatide (Angola)	$		66,690				62,591				79,829				102,512				106,084
DTDW (Nigeria)			16,209				16,213				18,150				23,773				28,622
Total	$		82,899				78,804				97,979				126,285				134,706

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2019				2019				2018				2018				2018
VESSEL REVENUE BY VESSEL CLASS (In thousands):
Americas fleet:
Deepwater	$		26,991				25,214				21,412				19,513				22,661
Towing-supply			7,448				8,576				8,283				6,417				7,560
Other			760				1,489				2,118				2,109				2,380
Total	$		35,199				35,279				31,813				28,039				32,601
Middle East/Asia Pacific fleet:
Deepwater	$		12,130				10,502				8,705				7,607				9,603
Towing-supply			8,319				9,954				10,959				12,156				12,783
Other			-				-				(190	)			164				20
Total	$		20,449				20,456				19,474				19,927				22,406
Europe/Mediterranean Sea fleet:
Deepwater	$		34,104				27,577				19,876				11,643				12,596
Towing-supply			923				981				841				923				761
Total	$		35,027				28,558				20,717				12,566				13,357
West Africa fleet:
Deepwater	$		14,977				15,949				15,287				15,101				14,314
Towing-supply			14,015				15,184				16,807				17,805				17,321
Other			3,974				4,236				4,429				3,573				4,175
Total	$		32,966				35,369				36,523				36,479				35,810
Worldwide fleet:
Deepwater	$		88,202				79,242				65,278				53,864				59,174
Towing-supply			30,705				34,695				36,890				37,301				38,425
Other			4,734				5,725				6,359				5,846				6,575
Total	$		123,641				119,662				108,527				97,011				104,174

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2019				2019				2018				2018				2018
AVERAGE NUMBER OF VESSELS (G):
Americas fleet:
Deepwater			34				37				35				26				25
Towing-supply			18				27				20				15				15
Other			6				7				7				6				6
Total			58				71				62				47				46
Stacked vessels			(20	)			(32	)			(27	)			(20	)			(19	)
Active vessels			38				39				35				27				27
Middle East/Asia Pacific fleet:
Deepwater			24				24				20				17				18
Towing-supply			26				27				28				32				35
Other			—				—				—				—				—
Total			50				51				48				49				53
Stacked vessels			(9	)			(10	)			(11	)			(9	)			(12	)
Active vessels			41				41				37				40				41
Europe/Mediterranean Sea fleet:
Deepwater			44				45				31				18				18
Towing-supply			3				3				4				4				4
Other			—				—				—				—				—
Total			47				48				35				22				22
Stacked vessels			(13	)			(14	)			(10	)			(4	)			(4	)
Active vessels			34				34				25				18				18
West Africa fleet:
Deepwater			30				30				28				27				26
Towing-supply			22				31				31				31				31
Other			21				22				23				25				27
Total			73				83				82				83				84
Stacked vessels			(23	)			(29	)			(29	)			(28	)			(29	)
Active vessels			50				54				53				55				55
Worldwide fleet:
Deepwater			132				136				114				88				87
Towing-supply			69				88				83				82				85
Other			27				29				30				31				33
Total			228				253				227				201				205
Stacked vessels			(65	)			(85	)			(77	)			(61	)			(64	)
Active vessels			163				168				150				140				141
Total active			163				168				150				140				141
Total stacked			65				85				77				61				64
Total joint venture and other vessels			4				4				5				7				8
Total			232				257				232				208				213
Note (G): Included in total owned or chartered vessels at June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018, were 60, 71, 92, 62 and 66 vessels, respectively, which were stacked by the company. These vessels were considered to be in service and are included in the calculation of our total fleet utilization statistics. Included in total joint venture and other at June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018, were 1, 1, 2, 2 and 5 vessels, respectively, which were stacked by the company.

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2019				2019				2018				2018				2018
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
Deepwater			3,112				3,332				3,271				2,392				2,275
Towing-supply			1,638				2,426				1,806				1,422				1,399
Other			484				619				644				552				546
Total			5,234				6,377				5,721				4,366				4,220
Middle East/Asia Pacific fleet:
Deepwater			2,184				2,160				1,840				1,534				1,611
Towing-supply			2,369				2,457				2,588				2,950				3,203
Other			—				—				—				—				3
Total			4,553				4,617				4,428				4,484				4,817
Europe/Mediterranean Sea fleet:
Deepwater			4,024				4,040				2,806				1,649				1,638
Towing-supply			273				294				368				368				364
Total			4,297				4,334				3,174				2,017				2,002
West Africa fleet:
Deepwater			2,730				2,668				2,606				2,491				2,393
Towing-supply			1,974				2,790				2,852				2,852				2,821
Other			1,976				1,980				2,122				2,297				2,417
Total			6,680				7,438				7,580				7,640				7,631
Worldwide fleet:
Deepwater			12,050				12,200				10,523				8,066				7,917
Towing-supply			6,254				7,967				7,614				7,592				7,787
Other			2,460				2,599				2,766				2,849				2,966
Total			20,764				22,766				20,903				18,507				18,670

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2019				2019				2018				2018				2018
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
Deepwater			798				992				1,288				858				819
Towing-supply			728				1,467				932				736				728
Other			241				380				296				276				182
Total			1,767				2,839				2,516				1,870				1,729
Middle East/Asia Pacific fleet:
Deepwater			494				617				572				338				364
Towing-supply			303				270				391				508				780
Other			—				—				—				—				—
Total			797				887				963				846				1,144
Europe/Mediterranean Sea fleet:
Deepwater			1,092				1,122				736				170				91
Towing-supply			91				114				184				184				243
Total			1,183				1,236				920				354				334
West Africa fleet:
Deepwater			698				630				625				552				590
Towing-supply			700				1,486				1,361				1,196				1,183
Other			689				540				681				799				878
Total			2,087				2,656				2,667				2,547				2,652
Worldwide fleet:
Deepwater			3,082				3,361				3,221				1,918				1,864
Towing-supply			1,822				3,337				2,868				2,624				2,934
Other			930				920				977				1,075				1,060
Total			5,834				7,618				7,066				5,617				5,859

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2019				2018				2018				2018				2018
AVAILABLE DAYS - ACTIVE FLEET: (H)
Americas fleet:
Deepwater			2,314				2,340				1,983				1,534				1,456
Towing-supply			910				959				874				686				671
Other			243				239				348				276				364
Total			3,467				3,538				3,205				2,496				2,491
Middle East/Asia Pacific fleet:
Deepwater			1,690				1,543				1,268				1,196				1,247
Towing-supply			2,066				2,187				2,197				2,442				2,423
Other			—				—				—				—				3
Total			3,756				3,730				3,465				3,638				3,673
Europe/Mediterranean Sea fleet:
Deepwater			2,932				2,918				2,070				1,479				1,547
Towing-supply			182				180				184				184				121
Total			3,114				3,098				2,254				1,663				1,668
West Africa fleet:
Deepwater			2,032				2,038				1,981				1,939				1,803
Towing-supply			1,274				1,304				1,491				1,656				1,638
Other			1,287				1,440				1,441				1,498				1,539
Total			4,593				4,782				4,913				5,093				4,979
Worldwide fleet:
Deepwater			8,968				8,839				7,302				6,148				6,053
Towing-supply			4,432				4,630				4,746				4,968				4,853
Other			1,530				1,679				1,789				1,774				1,906
Total			14,930				15,148				13,837				12,890				12,811
Note (H): Available Days - Active Fleet equals Available Days - Total Fleet less Out-Of-Service - Stacked Days.

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2019				2019				2018				2018				2018
UTILIZATION - TOTAL FLEET: (I)
Americas fleet:
Deepwater			65.8	%			61.9	%			49.9	%			50.6	%			54.8	%
Towing-supply			43.5				35.4				42.8				40.6				37.7
Other			19.0				26.3				35.3				41.2				48.3
Total			54.5	%			48.4	%			46.0	%			46.1	%			48.3	%
Middle East/Asia Pacific fleet:
Deepwater			62.1	%			57.8	%			57.6	%			59.0	%			64.2	%
Towing-supply			61.1				64.8				62.3				64.2				60.2
Other			—				—				—				—				100
Total			61.6	%			61.5	%			60.3	%			62.4	%			61.6	%
Europe/Mediterranean Sea fleet:
Deepwater			63.0	%			60.1	%			66.2	%			72.0	%			79.5	%
Towing-supply			56.9				59.9				39.0				44.3				29.0
Total			62.7	%			60.1	%			63.1	%			67.0	%			70.3	%
West Africa fleet:
Deepwater			51.7	%			52.9	%			58.5	%			61.9	%			60.2	%
Towing-supply			50.3				40.0				46.5				48.0				47.0
Other			55.1				57.9				57.3				44.2				49.2
Total			52.3	%			49.4	%			53.6	%			51.4	%			51.9	%
Worldwide fleet:
Deepwater			61.0	%			58.6	%			57.7	%			60.0	%			63.5	%
Towing-supply			52.9				47.0				50.6				52.7				49.9
Other			48.0				50.4				52.2				43.6				49.1
Total			57.0	%			53.6	%			54.4	%			54.5	%			55.5	%
Note (I): Utilization Total Fleet equals Days Worked / Available Days Total Fleet.

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2019				2019				2018				2018				2018
UTILIZATION - ACTIVE FLEET: (J)
Americas fleet:
Deepwater			88.4	%			88.2	%			82.3	%			78.8	%			85.7	%
Towing-supply			78.4				89.5				88.4				84.2				78.5
Other			37.9				68.2				65.4				82.3				72.4
Total			82.3	%			87.2	%			82.1	%			80.7	%			81.8	%
Middle East/Asia Pacific fleet:
Deepwater			80.3	%			80.9	%			83.6	%			75.6	%			82.9	%
Towing-supply			70.1				72.8				73.3				77.5				79.6
Other			—				—				—				-				100
Total			74.7	%			76.1	%			77.1	%			76.9	%			80.8	%
Europe/Mediterranean Sea fleet:
Deepwater			86.5	%			83.2	%			89.8	%			80.3	%			84.2	%
Towing-supply			85.3				97.8				78.0				88.7				87.4
Total			86.5	%			84.1	%			88.8	%			81.2	%			84.4	%
West Africa fleet:
Deepwater			69.4	%			69.2	%			77.0	%			79.5	%			79.9	%
Towing-supply			77.9				85.6				88.9				82.6				81.0
Other			84.6				79.7				84.3				67.8				77.3
Total			76.0	%			76.8	%			82.8	%			77.1	%			79.5	%
Worldwide fleet:
Deepwater			82.0	%			80.9	%			83.2	%			78.8	%			83.0	%
Towing-supply			74.7				80.8				81.2				80.5				80.1
Other			77.2				78.0				80.7				70.1				76.4
Total			79.3	%			80.6	%			82.2	%			78.3	%			80.9	%
Note (J): Utilization Active Fleet equals Days Worked / Available Days - Active Fleet.

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2019				2019				2018				2018				2018
AVERAGE VESSEL DAY RATES: (K)
Americas fleet:
Deepwater	$		13,186				12,217				13,127				16,138				18,162
Towing-supply			10,442				9,993				10,722				11,115				14,349
Other			8,259				9,135				9,311				9,281				9,029
Total	$		12,341				11,436				12,091				13,924				15,995
Middle East/Asia Pacific fleet:
Deepwater	$		8,942				8,417				8,215				8,411				9,287
Towing-supply			5,747				6,255				6,801				6,422				6,627
Other			—				—				—				—				6,122
Total	$		7,293				7,205				7,291				7,123				7,554
Europe/Mediterranean Sea fleet:
Deepwater	$		13,443				11,356				10,696				9,802				9,676
Towing-supply			5,941				5,566				5,867				5,658				7,195
Total	$		13,010				10,964				10,350				9,302				9,489
West Africa fleet:
Deepwater	$		10,615				11,307				10,023				9,793				9,940
Towing-supply			14,115				13,601				12,675				13,019				13,054
Other			3,650				3,693				3,645				3,515				3,508
Total	$		9,439				9,627				8,982				9,291				9,050
Worldwide fleet:
Deepwater	$		11,998				11,082				10,747				11,121				11,779
Towing-supply			9,279				9,271				9,574				9,323				9,882
Other			4,009				4,370				4,407				4,701				4,513
Total	$		10,442				9,806				9,545				9,616				10,047
Note (K): Average Vessel Day Rates equals Vessel Revenue / Days Worked.

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
(In thousands)		2019				2019				2018				2018				2018
Americas
Vessel revenues	$		35,199				35,279				31,813				28,039				32,601
Vessel operating costs:
Crew costs	$		16,008				17,099				15,596				12,169				11,158
Routine repairs and maintenance			2,388				3,152				2,443				2,017				1,471
Major repairs			(60	)			468				(5	)			554				58
Insurance and loss reserves			(1,118	)			741				(38	)			(488	)			1,031
Fuel, lube and supplies			2,115				2,445				2,350				2,081				1,792
Other			2,772				2,771				2,523				1,787				2,790
Total vessel operating costs	$		22,105				26,676				22,869				18,120				18,300
Vessel operating margin ($)	$		13,094				8,603				8,944				9,919				14,301
Vessel operating margin (%)			37.2	%			24.4	%			28.1	%			35.4	%			43.9	%
Americas - Select operating statistics
Average vessels - Total fleet			58				71				62				47				46
Utilization - Total fleet			54.5	%			48.3	%			46.0	%			46.1	%			48.3	%
Average vessels - Active fleet			38				39				35				27				27
Utilization - Active fleet			82.3	%			87.2	%			82.1	%			80.7	%			81.8	%
Average day rates	$		12,341				11,436				12,091				13,924				15,995
Vessels commencing drydocks		6				6				3					11				2
Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		(60	)			468				(5	)			554				58
Cash paid for deferred drydocking and survey costs	$		6,637				2,178				3,406				1,099				1,097
	$		6,577				2,646				3,401				1,653				1,155
Deferred drydocking and survey costs - beginning balance	$		8,463				7,245				4,638				4,108				3,383
Cash paid for deferred drydocking and survey costs	$		6,637				2,178				3,406				1,099				1,097
Amortization of deferred drydocking and survey costs	$		(1,228	)			(960	)			(799	)			(569	)			(389	)
Disposals, intersegment transfers and other	$		(1,718	)			—				—				—				17
Deferred drydocking and survey costs - ending balance	$		12,154				8,463				7,245				4,638				4,108

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
(In thousands)		2019				2019				2018				2018				2018
Middle East/Asia Pacific
Vessel revenues	$		20,449				20,456				19,474				19,927				22,406
Vessel operating costs:
Crew costs	$		8,986				8,627				8,372				8,412				8,596
Routine repairs and maintenance			1,550				1,581				2,377				1,898				1,558
Major repairs			123				—				—				(39	)			36
Insurance and loss reserves			186				589				154				(458	)			383
Fuel, lube and supplies			2,350				2,335				2,402				1,394				2,221
Other			1,844				1,733				1,947				2,203				2,578
Total vessel operating costs	$		15,039				14,865				15,252				13,410				15,372
Vessel operating margin ($)	$		5,410				5,591				4,222				6,517				7,034
Vessel operating margin (%)			26.5	%			27.3	%			21.7	%			32.7	%			31.4	%
Middle East/Asia Pacific - Select operating statistics
Average vessels - Total fleet			50				51				48				49				53
Utilization - Total fleet			61.6	%			61.5	%			60.3	%			62.4	%			61.6	%
Average vessels - Active fleet			41				41				37				40				41
Utilization - Active fleet			74.7	%			76.1	%			77.1	%			76.9	%			80.8	%
Average day rates	$		7,293				7,205				7,291				7,123				7,554
Vessels commencing drydocks			2				7				3				4				3
Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		123				—				—				(39	)			36
Cash paid for deferred drydocking and survey costs	$		4,324				4,481				2,459				1,219				1,813
	$		4,447				4,481				2,459				1,180				1,849
Deferred drydocking and survey costs - beginning balance	$		9,178				5,961				4,099				3,361				1,871
Cash paid for deferred drydocking and survey costs	$		4,324				4,481				2,459				1,219				1,813
Amortization of deferred drydocking and survey costs	$		(1,493	)			(1,264	)			(597	)			(481	)			(323	)
Disposals, intersegment transfers and other	$		(48	)			—				—				—				—
Deferred drydocking and survey costs - ending balance	$		11,961				9,178				5,961				4,099				3,361

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
(In thousands)		2019				2019				2018				2018				2018
Europe/Mediterranean Sea
Vessel revenues	$		35,027				28,558				20,717				12,566				13,357
Vessel operating costs:
Crew costs	$		13,001				13,059				9,271				5,642				5,777
Routine repairs and maintenance			3,491				2,404				1,799				1,645				1,083
Major repairs			423				174				550				192				900
Insurance and loss reserves			693				561				380				116				247
Fuel, lube and supplies			1,314				1,891				1,294				1,195				1,136
Other			2,902				2,994				2,008				1,838				1,459
Total vessel operating costs	$		21,824				21,083				15,302				10,628				10,602
Vessel operating margin ($)	$		13,203				7,475				5,415				1,938				2,755
Vessel operating margin (%)			37.7	%			26.2	%			26.1	%			15.4	%			20.6	%
Europe/Mediterranean Sea - Select operating statistics
Average vessels - Total fleet			47				48				35				22				22
Utilization - Total fleet			62.7	%			60.1	%			63.1	%			67.0	%			70.3	%
Average vessels - Active fleet			34				34				25				18				18
Utilization - Active fleet			86.5	%			84.1	%			88.8	%			81.2	%			84.4	%
Average day rates	$		13,010				10,964				10,350				9,302				9,489
Vessels commencing drydocks			—				6				2				2				6
Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		423				174				550				192				900
Cash paid for deferred drydocking and survey costs	$		3,030				2,432				1,635				383				1,271
	$		3,453				2,606				2,185				575				2,171
Deferred drydocking and survey costs - beginning balance	$		5,831				4,278				3,279				3,356				2,470
Cash paid for deferred drydocking and survey costs	$		3,030				2,432				1,635				383				1,271
Amortization of deferred drydocking and survey costs	$		(1,448	)			(879	)			(636	)			(460	)			(385	)
Disposals, intersegment transfers and other	$		1,183				—				—				—				—
Deferred drydocking and survey costs - ending balance	$		8,596				5,831				4,278				3,279				3,356

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
(In thousands)		2019				2019				2018				2018				2018
West Africa
Vessel revenues	$		32,966				35,369				36,523				36,479				35,810
Vessel operating costs:
Crew costs	$		9,196				9,360				11,894				11,392				10,837
Routine repairs and maintenance			2,831				1,734				1,826				2,382				2,263
Major repairs			165				189				415				(15	)			609
Insurance and loss reserves			989				287				141				(876	)			530
Fuel, lube and supplies			2,672				2,674				3,272				3,310				3,032
Other			5,618				5,335				3,998				6,886				6,467
Total vessel operating costs	$		21,471				19,579				21,546				23,079				23,738
Vessel operating margin ($)	$		11,495				15,790				14,977				13,400				12,072
Vessel operating margin (%)			34.9	%			44.6	%			41.0	%			36.7	%			33.7	%
West Africa - Select operating statistics
Average vessels - Total fleet			73				83				82				83				84
Utilization - Total fleet			52.3	%			49.4	%			53.6	%			51.4	%			51.9	%
Average vessels - Active fleet			50				54				53				55				55
Utilization - Active fleet			76.0	%			76.8	%			82.8	%			77.1	%			79.5	%
Average day rates	$		9,439				9,627				8,982				9,291				9,050
Vessels commencing drydocks			4				5				4				2				3
Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		165				189				415				(15	)			609
Cash paid for deferred drydocking and survey costs	$		2,412				3,194				1,380				993				353
	$		2,577				3,383				1,795				978				962
Deferred drydocking and survey costs - beginning balance	$		7,129				4,731				4,037				3,547				3,706
Cash paid for deferred drydocking and survey costs	$		2,412				3,194				1,380				993				353
Amortization of deferred drydocking and survey costs	$		(1,321	)			(796	)			(686	)			(503	)			(495	)
Disposals, intersegment transfers and other	$		98				—				—				—				(17	)
Deferred drydocking and survey costs - ending balance	$		8,318				7,129				4,731				4,037				3,547

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
(In thousands)		2019				2019				2018				2018				2018
Worldwide
Vessel revenues	$		123,641				119,662				108,527				97,011				104,174
Vessel operating costs:
Crew costs	$		47,191				48,145				45,133				37,615				36,368
Routine repairs and maintenance			10,260				8,871				8,445				7,942				6,375
Major repairs			651				830				960				692				1,603
Insurance and loss reserves			750				2,178				636				(1,706	)			2,191
Fuel, lube and supplies			8,451				9,345				9,317				7,980				8,181
Other			13,136				12,834				10,476				12,714				13,294
Total vessel operating costs	$		80,439				82,203				74,967				65,237				68,012
Vessel operating margin ($)	$		43,202				37,459				33,500				31,774				36,162
Vessel operating margin (%)			34.9	%			31.3	%			30.9	%			32.8	%			34.7	%
Worldwide - Select operating statistics
Average vessels - Total fleet			228				253				227				201				205
Utilization - Total fleet			57.0	%			53.6	%			54.4	%			54.5	%			55.5	%
Average vessels - Active fleet			163				168				150				140				141
Utilization - Active fleet			79.3	%			80.6	%			82.2	%			78.3	%			80.9	%
Average day rates	$		10,442				9,806				9,545				9,616				10,047
Vessels commencing drydocks			12				24				12				19				14
Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		651				831				960				692				1,603
Cash paid for deferred drydocking and survey costs	$		16,403				12,285				8,880				3,694				4,534
	$		17,054				13,116				9,840				4,386				6,137
Deferred drydocking and survey costs - beginning balance	$		30,601				22,215				16,053				14,372				11,430
Cash paid for deferred drydocking and survey costs	$		16,403				12,285				8,880				3,694				4,534
Amortization of deferred drydocking and survey costs	$		(5,490	)			(3,898	)			(2,718	)			(2,013	)			(1,592	)
Disposals, intersegment transfers and other	$		(485	)			—				—				—				—
Deferred drydocking and survey costs - ending balance	$		41,029				30,602				22,215				16,053				14,372

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
(In thousands)		2019				2019				2018				2018				2018
Net loss	$		(15,553	)			(21,286	)			(90,377	)			(31,183	)			(11,182	)
Interest and other debt costs			7,582				7,736				7,707				7,585				7,547
Income tax expense			5,542				5,830				7,856				1,278				5,797
Depreciation			19,548				19,034				17,383				11,377				11,192
Amortization of deferred drydocking and survey costs			5,490				3,898				2,718				2,012				1,593
EBITDA (L), (M), (N), (O)			22,609				15,212				(54,713	)			(8,931	)			14,947
Impairment of Due from affiliate			-				-				20,083				-				-
Long-lived asset impairments			-				-				36,878				16,853				1,215
Merger and integration related restructuring charges			460				3,739				12,161				3,036				1,547
Loss on debt extinguishment			-				-				8,119				-				-
Adjusted EBITDA (L), (M), (N), (O)			23,069				18,951				22,528				10,958				17,709
Note (L): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, merger and integration related costs and loss on the extinguishment of debt prior to maturity.
Note (M): EBITDA and Adjusted EBITDA for the three months ended June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018 includes non-cash, stock-based compensation expense of $3,588, $5,627, $3,439, $3,828 and $3,183, respectively.
Note (N): EBITDA and Adjusted EBITDA for the three months ended June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018 includes foreign exchange gains (losses) of $11, $(508), $1,454, $1 and $(1,002), respectively.
Note (O): EBITDA and Ajusted EBITDA equity in net (earnings) losses of unconsolidated companies for the three months ended June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018 includes foreign exchange gains (losses) of $0, $0, $0, $0 and $(5,767), 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) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, merger and integration related costs and losses on the extinguishment of debt prior to maturity. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190812005607/en/

Tidewater Inc.

Quintin V. Kneen

Chief Financial Officer

713-470-5308

Matt Mancheski

Vice President, Investor Relations & Corporate Development

+1 713-470-5294

[email protected]

SOURCE: Tidewater Inc.

Source: Tidewater Inc.