Tidewater Reports Results for the Three and Twelve -Months Ended December 31, 2019
HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE: TDW) announced today revenue for the three and twelve months ended December 31, 2019, of $118.8 million and $486.5 million, and net losses for the same periods of $59.9 million (or $1.52 per common share) and $141.7 million (or $3.71 per common share), respectively. Excluding long-lived asset impairments and one time expenses, net losses for the three and twelve months ended December 31, 2019 were $25.2 million (or $0.64 per common share) and $91.4 million (or $2.39) per common share), respectively. Highlights for the three months ended December 31, 2019:
- Generated revenue of $118.8 million, an 8%, or $8.5 million, increase from the same period in the prior year; driven by a 4% increase in average day rate and a 4% increase in active vessel days.
- Continued significant streamlining of shore-based operations resulted in a pro forma run rate for general and administrative expense of $81.0 million.
- Active utilization increased to 81.4% for the fourth quarter, up from 80.4% in the third quarter.
- Net cash flows provided by operating activities for the quarter was a positive of $5.3 million, and free cash flow for the quarter was a positive $12.5 million.
- Completed a bond consent and $125 million tender to improve debt covenants, lower overall debt, and reduce pro-forma negative interest carry by $8.0 million.
- Continued high-grading active fleet by identifying 46 lower specification vessels to be disposed of in 2020.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Over the course of 2019, Tidewater has taken a series of strategic actions to streamline our fleet and increase our efficiency across the entire organization. These actions were part of our continuing efforts to achieve our near-term goal of becoming free cash flow positive and part of our longer-term goal of attaining an acceptable free cash flow return on our assets.
“The team made significant strides in the fourth quarter and we are pleased to report that the business had positive operating cash flow in the fourth quarter, was free cash flow positive in the fourth quarter, and the strong performance in the fourth quarter also resulted in the business being free cash flow positive for the entire year of 2019. Free cash flow for the quarter was $12.5 million and $5.5 million for the year.
“Market conditions around the world continue to improve. Our anticipated revenue for 2020 is similar to our total revenue for 2019, but with fewer ships as we continue to high-grade the active fleet. As of this call, we have $440 million of backlog for 2020, which is over 90% of the revenue we recorded for the prior year. Key operational objectives for 2020 are to continue to improve our active utilization percentage, which results in higher profitability per vessel day, and to lower our annual spend on dry docks and vessel modifications by over $20 million as compared to 2019.
“Through process improvements, headcount reductions and technology implementation, the team successfully achieved merger-related general and administrative cost synergies of $65 million, significantly exceeding the original target of $45 million. We finished 2019 with an annual general and administrative spend run rate of $81 million, which was $19 million lower than our original $100 million target, and substantially lower than Tidewater’s pre-merger general and administrative spend on a stand-alone basis. The improvement in active utilization, reduced spend on drydocks and vessel modifications, and reduced spend on general and administrative costs should result in us nearing our longer-term goal of attaining an acceptable free cash flow return on our assets.
“Part of achieving our return objectives is positioning the Tidewater fleet for the future by obtaining the highest disposal value for our fleet in lay-up. You will notice that we took the step of separating the value of the ongoing fleet from the value of the fleet we intend to sell or scrap, which we are now presenting on the balance sheet as ‘assets held for sale’, which is stated at our expected net realizable value. Marking that portion of the fleet to net realizable value resulted in an impairment in the fourth quarter of $26.7 million, and results in a value of assets to be disposed of totaling $39.3 million. The value that remains on the balance sheet as Net Property and Equipment reflects the book value of the fleet we intend to remain operational.”
Kneen concluded, “All of these actions are part of our efforts to achieve our goal of maximizing free cash flow generation while preserving our pristine balance sheet. We believe the result is a nimble, efficient and scalable platform that will enable us to support our growth initiatives and further advance our leadership position in the offshore industry. This accomplishment was the result of our more than 5,000 employees pulling together to create a new culture focused on establishing the safest, most profitable, most investable offshore vessel company in the world.”
Included in the net loss for the three months and nine months ended December 31, 2019 were general and administrative expenses of $2.1 million ($0.05 per common share) and $12.6 million ($0.33 per common share), respectively, for severance and similar expenses related to integrating Tidewater and GulfMark operations.
In addition to the number of outstanding shares, as of December 31, 2019, the company also has the following in the money warrants.
Common shares outstanding |
|
|
39,941,327 |
|
|
New Creditor Warrants (strike price $0.001 per common share) |
|
|
821,308 |
|
|
GulfMark Creditor Warrants (strike price $0.01 per common share) |
|
|
1,165,066 |
|
|
Total |
|
|
41,927,701 |
|
|
Tidewater will hold a conference call to discuss results for the three and twelve months ended December 31, 2019 on Tuesday, March 3, 2020 at 8:00 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 asking for the “Tidewater” call just prior to the scheduled start time. A replay of the conference call will be available beginning at 10:30 a.m. Central Time on March 3, 2020 and will continue until 11:59 p.m. Central Time on April 3, 2020. To access the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 49441491.
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 April 3, 2020.
The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involves numerous risks and uncertainties that may cause the company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.
Tidewater owns and operates the largest fleet of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.
Note: all per-share amounts are stated on a diluted basis.
Financial information is displayed beginning on the next page.
TIDEWATER INC. |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
$ |
|
116,539 |
|
|
|
108,527 |
|
|
|
477,015 |
|
|
|
397,206 |
|
Other operating revenues |
|
|
2,237 |
|
|
|
1,707 |
|
|
|
9,534 |
|
|
|
9,314 |
|
Total revenues |
|
|
118,776 |
|
|
|
110,234 |
|
|
|
486,549 |
|
|
|
406,520 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs |
|
|
85,935 |
|
|
|
74,967 |
|
|
|
329,196 |
|
|
|
269,580 |
|
Costs of other operating revenues |
|
|
916 |
|
|
|
733 |
|
|
|
2,800 |
|
|
|
5,530 |
|
General and administrative (A) |
|
|
22,406 |
|
|
|
36,487 |
|
|
|
103,716 |
|
|
|
110,023 |
|
Depreciation and amortization |
|
|
28,226 |
|
|
|
20,101 |
|
|
|
101,931 |
|
|
|
58,293 |
|
Gain on asset dispositions, net |
|
|
(1,217 |
) |
|
|
(8,938 |
) |
|
|
(2,263 |
) |
|
|
(10,624 |
) |
Impairment of due from affiliate |
|
|
— |
|
|
|
20,083 |
|
|
|
— |
|
|
|
20,083 |
|
Asset impairments and other |
|
|
32,549 |
|
|
|
36,878 |
|
|
|
37,773 |
|
|
|
61,132 |
|
Total operating costs and expenses |
|
|
168,815 |
|
|
|
180,311 |
|
|
|
573,153 |
|
|
|
514,017 |
|
Operating loss |
|
|
(50,039 |
) |
|
|
(70,077 |
) |
|
|
(86,604 |
) |
|
|
(107,497 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
(945 |
) |
|
|
1,455 |
|
|
|
(1,269 |
) |
|
|
106 |
|
Equity in net earnings (losses) of unconsolidated companies |
|
|
(2,717 |
) |
|
|
(3,871 |
) |
|
|
(3,152 |
) |
|
|
(18,864 |
) |
Interest income and other |
|
|
690 |
|
|
|
5,799 |
|
|
|
6,598 |
|
|
|
11,294 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
(8,119 |
) |
|
|
— |
|
|
|
(8,119 |
) |
Interest and other debt costs |
|
|
(6,282 |
) |
|
|
(7,708 |
) |
|
|
(29,068 |
) |
|
|
(30,439 |
) |
Total other expense |
|
|
(9,254 |
) |
|
|
(12,444 |
) |
|
|
(26,891 |
) |
|
|
(46,022 |
) |
Loss before income taxes |
|
|
(59,293 |
) |
|
|
(82,521 |
) |
|
|
(113,495 |
) |
|
|
(153,519 |
) |
Income tax expense |
|
|
1,281 |
|
|
|
7,856 |
|
|
|
27,724 |
|
|
|
18,252 |
|
Net loss |
$ |
|
(60,574 |
) |
|
|
(90,377 |
) |
|
|
(141,219 |
) |
|
|
(171,771 |
) |
Less: Net income (loss) attributable to noncontrolling interests |
|
|
(721 |
) |
|
|
132 |
|
|
|
524 |
|
|
|
(254 |
) |
Net loss attributable to Tidewater Inc. |
$ |
|
(59,853 |
) |
|
|
(90,509 |
) |
|
|
(141,743 |
) |
|
|
(171,517 |
) |
Basic loss per common share |
$ |
|
(1.52 |
) |
|
|
(2.83 |
) |
|
|
(3.71 |
) |
|
|
(6.45 |
) |
Diluted loss per common share |
$ |
|
(1.52 |
) |
|
|
(2.83 |
) |
|
|
(3.71 |
) |
|
|
(6.45 |
) |
Weighted average common shares outstanding (B) |
|
|
39,504,154 |
|
|
|
31,974,802 |
|
|
|
38,204,934 |
|
|
|
26,589,883 |
|
Dilutive effect of stock options and restricted stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted weighted average common shares |
|
|
39,504,154 |
|
|
|
31,974,802 |
|
|
|
38,204,934 |
|
|
|
26,589,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin |
$ |
|
30,604 |
|
|
|
33,560 |
|
|
|
147,819 |
|
|
|
127,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (A): Restructuring and merger-related items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional services costs included in general and administrative expenses related to the business combination with GulfMark |
$ |
|
— |
|
|
|
4,465 |
|
|
|
88 |
|
|
|
4,553 |
|
Integration related costs related to the business combination with GulfMark |
|
|
2,123 |
|
|
|
— |
|
|
|
12,527 |
|
|
|
10,404 |
|
Total |
$ |
|
2,123 |
|
|
|
4,465 |
|
|
|
12,615 |
|
|
|
14,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (B): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens included in weighted average shares outstanding |
|
|
— |
|
|
|
2,547 |
|
|
|
— |
|
|
|
2,547 |
|
Total shares outstanding including warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
|
|
|
|
|
|
|
|
39,941,327 |
|
|
|
26,589,883 |
|
New Creditor Warrants (strike price $0.001 per common share) |
|
|
|
|
|
|
|
|
|
|
821,308 |
|
|
|
2,220,857 |
|
GulfMark Creditor Warrants (strike price $0.01 per common share) |
|
|
|
|
|
|
|
|
|
|
1,165,066 |
|
|
|
2,189,709 |
|
Total |
|
|
|
|
|
|
|
|
|
|
41,927,701 |
|
|
|
41,388,846 |
|
TIDEWATER INC. |
|||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||||
(In thousands, except share and par value data) |
|||||||||
|
|
December 31, |
|
|
|
December 31, |
|
||
ASSETS |
|
2019 |
|
|
|
2018 |
|
||
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
|
218,290 |
|
|
|
|
371,791 |
|
Restricted cash |
|
|
5,755 |
|
|
|
|
25,953 |
|
Trade and other receivables, net |
|
|
110,180 |
|
|
|
|
111,266 |
|
Due from affiliates |
|
|
125,972 |
|
|
|
|
132,951 |
|
Marine operating supplies |
|
|
21,856 |
|
|
|
|
29,505 |
|
Assets held for sale |
|
|
39,287 |
|
|
|
|
— |
|
Prepaid expenses and other current assets |
|
|
15,956 |
|
|
|
|
11,836 |
|
Total current assets |
|
|
537,296 |
|
|
|
|
683,302 |
|
Investments in, at equity, and advances to unconsolidated companies |
|
|
— |
|
|
|
|
1,039 |
|
Net properties and equipment |
|
|
938,961 |
|
|
|
|
1,089,857 |
|
Deferred drydocking and survey costs |
|
|
66,936 |
|
|
|
|
22,215 |
|
Other assets |
|
|
36,335 |
|
|
|
|
31,326 |
|
Total assets |
$ |
|
1,579,528 |
|
|
|
|
1,827,739 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
|
27,501 |
|
|
|
|
31,939 |
|
Accrued costs and expenses |
|
|
74,000 |
|
|
|
|
61,784 |
|
Due to affiliates |
|
|
50,186 |
|
|
|
|
34,972 |
|
Current portion of long-term debt |
|
|
9,890 |
|
|
|
|
8,568 |
|
Other current liabilities |
|
|
24,100 |
|
|
|
|
21,092 |
|
Total current liabilities |
|
|
185,677 |
|
|
|
|
158,355 |
|
Long-term debt |
|
|
279,044 |
|
|
|
|
430,436 |
|
Other liabilities and deferred credits |
|
|
98,397 |
|
|
|
|
94,025 |
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
40 |
|
|
|
|
37 |
|
Additional paid-in capital |
|
|
1,367,521 |
|
|
|
|
1,352,388 |
|
Accumulated deficit |
|
|
(352,526 |
) |
|
|
|
(210,783 |
) |
Accumulated other comprehensive income (loss) |
|
|
(236 |
) |
|
|
|
2,194 |
|
Total stockholders’ equity |
|
|
1,014,799 |
|
|
|
|
1,143,836 |
|
Noncontrolling interests |
|
|
1,611 |
|
|
|
|
1,087 |
|
Total equity |
|
|
1,016,410 |
|
|
|
|
1,144,923 |
|
Total liabilities and equity |
$ |
|
1,579,528 |
|
|
|
|
1,827,739 |
|
TIDEWATER INC. |
|||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
|||||||||||||||||
(In thousands) |
|||||||||||||||||
|
|
Three Months Ended |
|
|
|
Twelve Months Ended |
|
||||||||||
|
|
December 31,
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
December 31,
|
|
||||
Net loss |
|
$ |
(60,574 |
) |
|
$ |
(90,377 |
) |
|
|
$ |
(141,219 |
) |
|
$ |
(171,771 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains (losses) on available for sale securities, net of tax of $0, $0, $0, and $0, respectively |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
(256 |
) |
Change in supplemental executive retirement plan pension liability, net of tax of $0, $0, $0 and $0, respectively |
|
|
(2,121 |
) |
|
|
2,214 |
|
|
|
|
(2,121 |
) |
|
|
2,214 |
|
Change in pension plan minimum liability, net of tax of $0, $0, $0, and $0, respectively |
|
|
(309 |
) |
|
|
1,919 |
|
|
|
|
(309 |
) |
|
|
1,919 |
|
Change in other benefit plan minimum liability, net of tax of $0, $0, $0 and $0, respectively |
|
|
— |
|
|
|
(1,536 |
) |
|
|
|
— |
|
|
|
(1,536 |
) |
Total comprehensive loss |
|
$ |
(63,004 |
) |
|
$ |
(87,780 |
) |
|
|
$ |
(143,649 |
) |
|
$ |
(169,430 |
) |
TIDEWATER INC. |
||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||
(In thousands) |
||||||||||||
|
|
Twelve Months
|
|
|
Three Months
|
|
|
Twelve Months
|
|
|||
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|||
Operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(141,219 |
) |
|
|
(60,574 |
) |
|
|
(171,771 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
77,045 |
|
|
|
19,416 |
|
|
|
51,332 |
|
Amortization of deferred drydocking and survey costs |
|
|
24,886 |
|
|
|
8,810 |
|
|
|
6,961 |
|
Amortization of debt premiums and discounts |
|
|
(4,877 |
) |
|
|
(3,315 |
) |
|
|
(1,856 |
) |
Provision for deferred income taxes |
|
|
672 |
|
|
|
(87 |
) |
|
|
572 |
|
Gain on asset dispositions, net |
|
|
(2,263 |
) |
|
|
(1,216 |
) |
|
|
(10,624 |
) |
Impairment of due from affiliate |
|
|
— |
|
|
|
— |
|
|
|
20,083 |
|
Long-lived asset impairments and other |
|
|
37,773 |
|
|
|
32,549 |
|
|
|
61,132 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
8,119 |
|
Changes in investments in, at equity, and advances to unconsolidated companies |
|
|
1,039 |
|
|
|
604 |
|
|
|
28,177 |
|
Compensation expense – stock based |
|
|
19,603 |
|
|
|
3,004 |
|
|
|
13,406 |
|
Changes in operating assets and liabilities, net: |
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables |
|
|
1,086 |
|
|
|
12,882 |
|
|
|
9,088 |
|
Changes in due to/from affiliate, net |
|
|
22,193 |
|
|
|
7,295 |
|
|
|
28,644 |
|
Accounts payable |
|
|
(4,439 |
) |
|
|
3,828 |
|
|
|
(15,174 |
) |
Accrued expenses |
|
|
8,189 |
|
|
|
18,763 |
|
|
|
(13,489 |
) |
Deferred drydocking and survey costs |
|
|
(70,437 |
) |
|
|
(26,736 |
) |
|
|
(25,968 |
) |
Other, net |
|
|
(674 |
) |
|
|
(9,942 |
) |
|
|
7,427 |
|
Net cash provided by (used in) operating activities |
|
|
(31,423 |
) |
|
|
5,281 |
|
|
|
(3,941 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of assets |
|
|
28,847 |
|
|
|
3,755 |
|
|
|
46,115 |
|
Additions to properties and equipment |
|
|
(17,998 |
) |
|
|
(4,067 |
) |
|
|
(21,391 |
) |
Cash and cash equivalents from stock based merger |
|
|
— |
|
|
|
— |
|
|
|
43,806 |
|
Net cash provided by (used in) investing activities |
|
|
10,849 |
|
|
|
(312 |
) |
|
|
68,530 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Principal payments on long-term debt |
|
|
(133,693 |
) |
|
|
(127,235 |
) |
|
|
(105,169 |
) |
Premium paid for redemption of secured notes |
|
|
(11,402 |
) |
|
|
(11,402 |
) |
|
|
— |
|
Cash payments to General Unsecured Creditors |
|
|
— |
|
|
|
— |
|
|
|
(8,377 |
) |
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
(8,119 |
) |
Cash received for issuance of common stock |
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Tax on share-based award |
|
|
(4,467 |
) |
|
|
(1,355 |
) |
|
|
(4,400 |
) |
Other |
|
|
— |
|
|
|
(1 |
) |
|
|
(2,000 |
) |
Net cash used in financing activities |
|
|
(149,562 |
) |
|
|
(139,993 |
) |
|
|
(128,062 |
) |
Net change in cash, cash equivalents and restricted cash |
|
|
(170,136 |
) |
|
|
(135,024 |
) |
|
|
(55,591 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
397,744 |
|
|
|
362,632 |
|
|
|
453,335 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
227,608 |
|
|
|
227,608 |
|
|
|
397,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
|
Three Months |
|
|
Year |
|
|||
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|||
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|||
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the year for: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest, net of amounts capitalized |
|
$ |
32,687 |
|
|
|
8,205 |
|
|
|
32,326 |
|
Income taxes |
|
|
14,378 |
|
|
|
3,992 |
|
|
|
16,828 |
|
Supplemental disclosure of noncash investing activities: |
|
|
|
|
|
|
— |
|
|
|
|
|
Merger with GulfMark |
|
|
— |
|
|
|
— |
|
|
|
285,492 |
|
Supplemental disclosure of noncash financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued for GulfMark merger |
|
|
— |
|
|
|
— |
|
|
|
285,492 |
|
TIDEWATER INC. |
||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY |
||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Additional |
Retained |
Accumulated
|
Non |
||||||||||||||||||||
Common |
paid-in |
earnings |
comprehensive |
controlling |
||||||||||||||||||||
stock |
capital |
(deficit) |
income (loss) |
interest |
Total |
|||||||||||||||||||
Balance at December 31, 2017 |
|
$ |
22 |
|
|
|
1,059,120 |
|
|
|
(39,266 |
) |
|
|
(147 |
) |
|
|
2,215 |
|
|
|
1,021,944 |
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
(171,517 |
) |
|
|
2,341 |
|
|
|
(254 |
) |
|
|
(169,430 |
) |
Issuance of common stock from exercise of warrants |
|
|
6 |
|
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Issuance of common stock for GulfMark business combination |
|
|
9 |
|
|
|
285,483 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
285,492 |
|
Amortization of restricted stock units |
|
|
— |
|
|
|
8,914 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,914 |
|
Cash paid to noncontrolling interests |
|
|
— |
|
|
|
(1,126 |
) |
|
|
— |
|
|
|
— |
|
|
|
(874 |
) |
|
|
(2,000 |
) |
Balance at December 31, 2018 |
|
$ |
37 |
|
|
|
1,352,388 |
|
|
|
(210,783 |
) |
|
|
2,194 |
|
|
|
1,087 |
|
|
|
1,144,923 |
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
(141,743 |
) |
|
|
(2,430 |
) |
|
|
524 |
|
|
|
(143,649 |
) |
Issuance of common stock from exercise of warrants |
|
|
3 |
|
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Amortization of restricted stock units |
|
|
— |
|
|
|
15,136 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,136 |
|
Balance at December 31, 2019 |
|
$ |
40 |
|
|
|
1,367,521 |
|
|
|
(352,526 |
) |
|
|
(236 |
) |
|
|
1,611 |
|
|
|
1,016,410 |
|
The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||||||||||||||||||
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
||||||||||||||||||||
(In thousands) |
|
|
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
|
|
|
% |
|
||||
Vessel revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
33,333 |
|
|
|
29 |
% |
|
|
31,813 |
|
|
|
29 |
% |
|
|
136,958 |
|
|
|
29 |
% |
|
|
118,534 |
|
|
|
30 |
% |
Middle East/Asia Pacific |
|
|
26,651 |
|
|
|
23 |
% |
|
|
19,474 |
|
|
|
18 |
% |
|
|
90,321 |
|
|
|
19 |
% |
|
|
80,195 |
|
|
|
20 |
% |
Europe/Mediterranean |
|
|
29,180 |
|
|
|
25 |
% |
|
|
20,717 |
|
|
|
19 |
% |
|
|
123,711 |
|
|
|
26 |
% |
|
|
56,263 |
|
|
|
14 |
% |
West Africa |
|
|
27,375 |
|
|
|
23 |
% |
|
|
36,523 |
|
|
|
34 |
% |
|
|
126,025 |
|
|
|
26 |
% |
|
|
142,214 |
|
|
|
36 |
% |
Total vessel revenues |
|
$ |
116,539 |
|
|
|
100 |
% |
|
|
108,527 |
|
|
|
100 |
% |
|
|
477,015 |
|
|
|
100 |
% |
|
|
397,206 |
|
|
|
100 |
% |
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
$ |
46,071 |
|
|
|
40 |
% |
|
|
45,133 |
|
|
|
42 |
% |
|
|
187,599 |
|
|
|
39 |
% |
|
|
153,340 |
|
|
|
39 |
% |
Repair and maintenance |
|
|
15,181 |
|
|
|
13 |
% |
|
|
9,405 |
|
|
|
9 |
% |
|
|
47,761 |
|
|
|
10 |
% |
|
|
33,721 |
|
|
|
8 |
% |
Insurance and loss reserves |
|
|
1,174 |
|
|
|
1 |
% |
|
|
637 |
|
|
|
1 |
% |
|
|
6,129 |
|
|
|
1 |
% |
|
|
51 |
|
|
|
(<1 |
%) |
Fuel, lube and supplies |
|
|
9,782 |
|
|
|
8 |
% |
|
|
9,315 |
|
|
|
9 |
% |
|
|
36,359 |
|
|
|
8 |
% |
|
|
34,489 |
|
|
|
9 |
% |
Other |
|
|
13,726 |
|
|
|
12 |
% |
|
|
10,477 |
|
|
|
10 |
% |
|
|
51,348 |
|
|
|
11 |
% |
|
|
47,979 |
|
|
|
12 |
% |
Total vessel operating costs |
|
|
85,935 |
|
|
|
74 |
% |
|
|
74,967 |
|
|
|
69 |
% |
|
|
329,196 |
|
|
|
69 |
% |
|
|
269,580 |
|
|
|
68 |
% |
Vessel operating margin (A) |
|
$ |
30,604 |
|
|
|
26 |
% |
|
|
33,560 |
|
|
|
31 |
% |
|
|
147,819 |
|
|
|
31 |
% |
|
|
127,626 |
|
|
|
32 |
% |
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 |
|
|
Twelve Months Ended |
|
||||||||||||||||||||||||||
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
||||||||||||||||||||
(In thousands) |
|
|
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
|
|
|
% |
|
||||
Vessel operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
(2,507 |
) |
|
|
(2 |
%) |
|
|
(2,944 |
) |
|
|
(3 |
%) |
|
|
(805 |
) |
|
|
(0 |
%) |
|
|
8,860 |
|
|
|
2 |
% |
Middle East/Asia Pacific |
|
|
(1,946 |
) |
|
|
(2 |
%) |
|
|
(2,088 |
) |
|
|
(2 |
%) |
|
|
(6,044 |
) |
|
|
(1 |
%) |
|
|
(4,417 |
) |
|
|
(1 |
%) |
Europe/Mediterranean |
|
|
(521 |
) |
|
|
(0 |
%) |
|
|
(2,606 |
) |
|
|
(2 |
%) |
|
|
(1,289 |
) |
|
|
(0 |
%) |
|
|
(9,359 |
) |
|
|
(2 |
%) |
West Africa |
|
|
(3,593 |
) |
|
|
(3 |
%) |
|
|
3,373 |
|
|
|
3 |
% |
|
|
8,298 |
|
|
|
2 |
% |
|
|
7,240 |
|
|
|
2 |
% |
Other operating profit |
|
|
1,353 |
|
|
|
1 |
% |
|
|
975 |
|
|
|
1 |
% |
|
|
6,734 |
|
|
|
1 |
% |
|
|
3,742 |
|
|
|
1 |
% |
|
|
|
(7,214 |
) |
|
|
(6 |
%) |
|
|
(3,290 |
) |
|
|
(3 |
%) |
|
|
6,894 |
|
|
|
1 |
% |
|
|
6,066 |
|
|
|
1 |
% |
Corporate expenses (A) |
|
|
(11,493 |
) |
|
|
(10 |
%) |
|
|
(18,764 |
) |
|
|
(17 |
%) |
|
|
(57,988 |
) |
|
|
(12 |
%) |
|
|
(42,972 |
) |
|
|
(11 |
%) |
Gain (loss) on asset dispositions, net |
|
|
1,217 |
|
|
|
1 |
% |
|
|
8,938 |
|
|
|
8 |
% |
|
|
2,263 |
|
|
|
0 |
% |
|
|
10,624 |
|
|
|
3 |
% |
Impairment of due from affiliates |
|
|
0 |
|
|
|
0 |
% |
|
|
(20,083 |
) |
|
|
(18 |
%) |
|
|
0 |
|
|
|
0 |
% |
|
|
(20,083 |
) |
|
|
(5 |
%) |
Long-lived asset impairments |
|
|
(32,549 |
) |
|
|
(27 |
%) |
|
|
(36,878 |
) |
|
|
(33 |
%) |
|
|
(37,773 |
) |
|
|
(8 |
%) |
|
|
(61,132 |
) |
|
|
(15 |
%) |
Operating loss |
|
$ |
(50,039 |
) |
|
|
(42 |
%) |
|
|
(70,077 |
) |
|
|
(64 |
%) |
|
|
(86,604 |
) |
|
|
(18 |
%) |
|
|
(107,497 |
) |
|
|
(26 |
%) |
Note (A): General and administrative expenses for the three and twelve months ended December 31, 2019 includes stock-based compensation of $3.0 million and $19.6 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2018 included stock-based compensation of $3.6 million and $13.6 million, respectively. In addition, general and administrative costs for the three and twelve months ended December 31, 2019 includes $2.1 million and $12.6 million, respectively, of severance and similar costs related to integrating Tidewater and GulfMark operations. |
||||||||||||||||||||||||||||||||
TIDEWATER INC. |
||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA |
||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||||
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
$ |
|
116,539 |
|
|
|
117,173 |
|
|
|
123,641 |
|
|
|
119,662 |
|
|
|
108,527 |
|
|
|
477,015 |
|
|
|
397,206 |
|
Other operating revenues |
|
|
2,237 |
|
|
|
2,592 |
|
|
|
2,218 |
|
|
|
2,487 |
|
|
|
1,707 |
|
|
|
9,534 |
|
|
|
9,314 |
|
Total revenues |
|
|
118,776 |
|
|
|
119,765 |
|
|
|
125,859 |
|
|
|
122,149 |
|
|
|
110,234 |
|
|
|
486,549 |
|
|
|
406,520 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs |
|
|
85,935 |
|
|
|
80,619 |
|
|
|
80,439 |
|
|
|
82,203 |
|
|
|
74,967 |
|
|
|
329,196 |
|
|
|
269,580 |
|
Costs of other operating revenues |
|
|
916 |
|
|
|
534 |
|
|
|
586 |
|
|
|
764 |
|
|
|
733 |
|
|
|
2,800 |
|
|
|
5,530 |
|
General and administrative (A) |
|
|
22,406 |
|
|
|
30,474 |
|
|
|
23,696 |
|
|
|
27,140 |
|
|
|
36,487 |
|
|
|
103,716 |
|
|
|
110,023 |
|
Depreciation and amortization |
|
|
28,226 |
|
|
|
25,735 |
|
|
|
25,038 |
|
|
|
22,932 |
|
|
|
20,101 |
|
|
|
101,931 |
|
|
|
58,293 |
|
Gain on asset dispositions, net |
|
|
(1,217 |
) |
|
|
(270 |
) |
|
|
494 |
|
|
|
(1,270 |
) |
|
|
(8,938 |
) |
|
|
(2,263 |
) |
|
|
(10,624 |
) |
Impairment of due from affiliate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,083 |
|
|
|
— |
|
|
|
20,083 |
|
Asset impairments and other |
|
|
32,549 |
|
|
|
5,224 |
|
|
|
— |
|
|
|
— |
|
|
|
36,878 |
|
|
|
37,773 |
|
|
|
61,132 |
|
Total operating costs and expenses |
|
|
168,815 |
|
|
|
142,316 |
|
|
|
130,253 |
|
|
|
131,769 |
|
|
|
180,311 |
|
|
|
573,153 |
|
|
|
514,017 |
|
Operating loss |
|
|
(50,039 |
) |
|
|
(22,551 |
) |
|
|
(4,394 |
) |
|
|
(9,620 |
) |
|
|
(70,077 |
) |
|
|
(86,604 |
) |
|
|
(107,497 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
(945 |
) |
|
|
173 |
|
|
|
11 |
|
|
|
(508 |
) |
|
|
1,455 |
|
|
|
(1,269 |
) |
|
|
106 |
|
Equity in net earnings (losses) of unconsolidated companies |
|
|
(2,717 |
) |
|
|
(468 |
) |
|
|
95 |
|
|
|
(62 |
) |
|
|
(3,871 |
) |
|
|
(3,152 |
) |
|
|
(18,864 |
) |
Interest income and other |
|
|
690 |
|
|
|
1,579 |
|
|
|
1,859 |
|
|
|
2,470 |
|
|
|
5,799 |
|
|
|
6,598 |
|
|
|
11,294 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,119 |
) |
|
|
— |
|
|
|
(8,119 |
) |
Interest and other debt costs |
|
|
(6,282 |
) |
|
|
(7,468 |
) |
|
|
(7,582 |
) |
|
|
(7,736 |
) |
|
|
(7,708 |
) |
|
|
(29,068 |
) |
|
|
(30,439 |
) |
Total other expense |
|
|
(9,254 |
) |
|
|
(6,184 |
) |
|
|
(5,617 |
) |
|
|
(5,836 |
) |
|
|
(12,444 |
) |
|
|
(26,891 |
) |
|
|
(46,022 |
) |
Loss before income taxes |
|
|
(59,293 |
) |
|
|
(28,735 |
) |
|
|
(10,011 |
) |
|
|
(15,456 |
) |
|
|
(82,521 |
) |
|
|
(113,495 |
) |
|
|
(153,519 |
) |
Income tax expense |
|
|
1,281 |
|
|
|
15,071 |
|
|
|
5,542 |
|
|
|
5,830 |
|
|
|
7,856 |
|
|
|
27,724 |
|
|
|
18,252 |
|
Net loss |
$ |
|
(60,574 |
) |
|
|
(43,806 |
) |
|
|
(15,553 |
) |
|
|
(21,286 |
) |
|
|
(90,377 |
) |
|
|
(141,219 |
) |
|
|
(171,771 |
) |
Less: Net income (loss) attributable to noncontrolling interests |
|
|
(721 |
) |
|
|
394 |
|
|
|
406 |
|
|
|
445 |
|
|
|
132 |
|
|
|
524 |
|
|
|
(254 |
) |
Net loss attributable to Tidewater Inc. |
$ |
|
(59,853 |
) |
|
|
(44,200 |
) |
|
|
(15,959 |
) |
|
|
(21,731 |
) |
|
|
(90,509 |
) |
|
|
(141,743 |
) |
|
|
(171,517 |
) |
Basic loss per common share |
$ |
|
(1.52 |
) |
|
|
(1.15 |
) |
|
|
(0.42 |
) |
|
|
(0.58 |
) |
|
|
(2.83 |
) |
|
|
(3.71 |
) |
|
|
(6.45 |
) |
Diluted loss per common share |
$ |
|
(1.52 |
) |
|
|
(1.15 |
) |
|
|
(0.42 |
) |
|
|
(0.58 |
) |
|
|
(2.83 |
) |
|
|
(3.71 |
) |
|
|
(6.45 |
) |
Weighted average common shares outstanding (B) |
|
|
39,504,154 |
|
|
|
38,537,165 |
|
|
|
37,570,629 |
|
|
|
37,178,580 |
|
|
|
31,974,802 |
|
|
|
38,204,934 |
|
|
|
26,589,883 |
|
Dilutive effect of stock options and restricted stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted weighted average common shares |
|
|
39,504,154 |
|
|
|
38,537,165 |
|
|
|
37,570,629 |
|
|
|
37,178,580 |
|
|
|
31,974,802 |
|
|
|
38,204,934 |
|
|
|
26,589,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin |
$ |
|
30,604 |
|
|
|
36,554 |
|
|
|
43,202 |
|
|
|
37,459 |
|
|
|
33,560 |
|
|
|
147,819 |
|
|
|
127,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (A): Restructuring and merger-related items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional services costs included in general and administrative expenses related to the business combination with GulfMark |
$ |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
88 |
|
|
|
4,465 |
|
|
|
88 |
|
|
|
4,553 |
|
Integration related costs related to the business combination with GulfMark |
|
|
2,123 |
|
|
|
6,293 |
|
|
|
460 |
|
|
|
3,651 |
|
|
|
— |
|
|
|
12,527 |
|
|
|
10,404 |
|
Total |
$ |
|
2,123 |
|
|
|
6,293 |
|
|
|
460 |
|
|
|
3,739 |
|
|
|
4,465 |
|
|
|
12,615 |
|
|
|
14,957 |
|
Note (B): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens included in weighted average shares outstanding |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,547 |
|
|
|
— |
|
|
|
2,547 |
|
Total shares outstanding including warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,941,327 |
|
|
|
26,589,883 |
|
New Creditor Warrants (strike price $0.001 per common share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
821,308 |
|
|
|
2,220,857 |
|
GulfMark Creditor Warrants (strike price $0.01 per common share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,165,066 |
|
|
|
2,189,709 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,927,701 |
|
|
|
41,388,846 |
|
TIDEWATER INC. |
||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
(In thousands) |
||||||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
ASSETS |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
|
218,290 |
|
|
|
359,332 |
|
|
|
369,549 |
|
|
|
391,060 |
|
|
|
371,791 |
|
Restricted cash |
|
|
5,755 |
|
|
|
3,300 |
|
|
|
13,614 |
|
|
|
6,975 |
|
|
|
25,953 |
|
Trade and other receivables, net |
|
|
110,180 |
|
|
|
123,133 |
|
|
|
121,155 |
|
|
|
112,853 |
|
|
|
111,266 |
|
Due from affiliates |
|
|
125,972 |
|
|
|
124,757 |
|
|
|
121,959 |
|
|
|
119,049 |
|
|
|
132,951 |
|
Marine operating supplies |
|
|
21,856 |
|
|
|
21,303 |
|
|
|
29,141 |
|
|
|
29,337 |
|
|
|
29,505 |
|
Assets held for sale |
|
|
39,287 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
|
15,956 |
|
|
|
13,116 |
|
|
|
14,460 |
|
|
|
14,844 |
|
|
|
11,836 |
|
Total current assets |
|
|
537,296 |
|
|
|
644,941 |
|
|
|
669,878 |
|
|
|
674,118 |
|
|
|
683,302 |
|
Investments in, at equity, and advances to unconsolidated companies |
|
|
— |
|
|
|
— |
|
|
|
658 |
|
|
|
774 |
|
|
|
1,039 |
|
Net properties and equipment |
|
|
938,961 |
|
|
|
1,022,786 |
|
|
|
1,041,054 |
|
|
|
1,065,297 |
|
|
|
1,089,857 |
|
Deferred drydocking and survey costs |
|
|
66,936 |
|
|
|
49,025 |
|
|
|
41,029 |
|
|
|
30,602 |
|
|
|
22,215 |
|
Other assets |
|
|
36,335 |
|
|
|
37,269 |
|
|
|
39,651 |
|
|
|
38,507 |
|
|
|
31,326 |
|
Total assets |
$ |
|
1,579,528 |
|
|
|
1,754,021 |
|
|
|
1,792,270 |
|
|
|
1,809,298 |
|
|
|
1,827,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
|
27,501 |
|
|
|
23,672 |
|
|
|
24,170 |
|
|
|
29,739 |
|
|
|
31,939 |
|
Accrued costs and expenses |
|
|
74,000 |
|
|
|
54,792 |
|
|
|
56,675 |
|
|
|
56,025 |
|
|
|
61,784 |
|
Due to affiliates |
|
|
50,186 |
|
|
|
41,676 |
|
|
|
39,060 |
|
|
|
40,245 |
|
|
|
34,972 |
|
Current portion of long-term debt |
|
|
9,890 |
|
|
|
9,689 |
|
|
|
10,002 |
|
|
|
9,957 |
|
|
|
8,568 |
|
Other current liabilities |
|
|
24,100 |
|
|
|
30,024 |
|
|
|
24,442 |
|
|
|
20,115 |
|
|
|
21,092 |
|
Total current liabilities |
|
|
185,677 |
|
|
|
159,853 |
|
|
|
154,349 |
|
|
|
156,081 |
|
|
|
158,355 |
|
Long-term debt |
|
|
279,044 |
|
|
|
419,905 |
|
|
|
424,911 |
|
|
|
427,436 |
|
|
|
430,436 |
|
Other liabilities and deferred credits |
|
|
98,397 |
|
|
|
96,499 |
|
|
|
97,471 |
|
|
|
98,096 |
|
|
|
94,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
40 |
|
|
|
39 |
|
|
|
38 |
|
|
|
37 |
|
|
|
37 |
|
Additional paid-in capital |
|
|
1,367,521 |
|
|
|
1,365,872 |
|
|
|
1,359,842 |
|
|
|
1,356,436 |
|
|
|
1,352,388 |
|
Accumulated deficit |
|
|
(352,526 |
) |
|
|
(292,673 |
) |
|
|
(248,473 |
) |
|
|
(232,514 |
) |
|
|
(210,783 |
) |
Accumulated other comprehensive income (loss) |
|
|
(236 |
) |
|
|
2,194 |
|
|
|
2,194 |
|
|
|
2,194 |
|
|
|
2,194 |
|
Total stockholders’ equity |
|
|
1,014,799 |
|
|
|
1,075,432 |
|
|
|
1,113,601 |
|
|
|
1,126,153 |
|
|
|
1,143,836 |
|
Noncontrolling interests |
|
|
1,611 |
|
|
|
2,332 |
|
|
|
1,938 |
|
|
|
1,532 |
|
|
|
1,087 |
|
Total equity |
|
|
1,016,410 |
|
|
|
1,077,764 |
|
|
|
1,115,539 |
|
|
|
1,127,685 |
|
|
|
1,144,923 |
|
Total liabilities and equity |
$ |
|
1,579,528 |
|
|
|
1,754,021 |
|
|
|
1,792,270 |
|
|
|
1,809,298 |
|
|
|
1,827,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due from related parties, net of due to related parties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonatide (Angola) |
$ |
|
57,771 |
|
|
|
64,660 |
|
|
|
66,690 |
|
|
|
62,591 |
|
|
|
79,829 |
|
DTDW (Nigeria) |
|
|
18,015 |
|
|
|
18,421 |
|
|
|
16,209 |
|
|
|
16,213 |
|
|
|
18,150 |
|
Total |
$ |
|
75,786 |
|
|
|
83,081 |
|
|
|
82,899 |
|
|
|
78,804 |
|
|
|
97,979 |
|
TIDEWATER INC. |
||||||||||||||||||||
UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
(In thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
VESSEL REVENUE BY VESSEL CLASS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
$ |
|
22,883 |
|
|
|
24,575 |
|
|
|
26,991 |
|
|
|
25,214 |
|
|
|
21,412 |
|
Towing-supply |
|
|
8,639 |
|
|
|
7,831 |
|
|
|
7,448 |
|
|
|
8,576 |
|
|
|
8,283 |
|
Other |
|
|
1,811 |
|
|
|
741 |
|
|
|
760 |
|
|
|
1,489 |
|
|
|
2,118 |
|
Total |
$ |
|
33,333 |
|
|
|
33,147 |
|
|
|
35,199 |
|
|
|
35,279 |
|
|
|
31,813 |
|
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
$ |
|
16,015 |
|
|
|
14,960 |
|
|
|
12,130 |
|
|
|
10,502 |
|
|
|
8,705 |
|
Towing-supply |
|
|
10,636 |
|
|
|
7,805 |
|
|
|
8,319 |
|
|
|
9,954 |
|
|
|
10,959 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(190 |
) |
Total |
$ |
|
26,651 |
|
|
|
22,765 |
|
|
|
20,449 |
|
|
|
20,456 |
|
|
|
19,474 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
$ |
|
28,652 |
|
|
|
30,608 |
|
|
|
34,104 |
|
|
|
27,577 |
|
|
|
19,876 |
|
Towing-supply |
|
|
528 |
|
|
|
338 |
|
|
|
923 |
|
|
|
981 |
|
|
|
841 |
|
Total |
$ |
|
29,180 |
|
|
|
30,946 |
|
|
|
35,027 |
|
|
|
28,558 |
|
|
|
20,717 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
$ |
|
14,066 |
|
|
|
14,923 |
|
|
|
14,977 |
|
|
|
15,949 |
|
|
|
15,287 |
|
Towing-supply |
|
|
9,981 |
|
|
|
11,598 |
|
|
|
14,015 |
|
|
|
15,184 |
|
|
|
16,807 |
|
Other |
|
|
3,328 |
|
|
|
3,794 |
|
|
|
3,974 |
|
|
|
4,236 |
|
|
|
4,429 |
|
Total |
$ |
|
27,375 |
|
|
|
30,315 |
|
|
|
32,966 |
|
|
|
35,369 |
|
|
|
36,523 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
$ |
|
81,616 |
|
|
|
85,066 |
|
|
|
88,202 |
|
|
|
79,242 |
|
|
|
65,278 |
|
Towing-supply |
|
|
29,784 |
|
|
|
27,572 |
|
|
|
30,705 |
|
|
|
34,695 |
|
|
|
36,890 |
|
Other |
|
|
5,139 |
|
|
|
4,535 |
|
|
|
4,734 |
|
|
|
5,725 |
|
|
|
6,359 |
|
Total |
$ |
|
116,539 |
|
|
|
117,173 |
|
|
|
123,641 |
|
|
|
119,662 |
|
|
|
108,527 |
|
TIDEWATER INC. |
||||||||||||||||||||
UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
AVERAGE NUMBER OF VESSELS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
31 |
|
|
|
32 |
|
|
|
34 |
|
|
|
37 |
|
|
|
35 |
|
Towing-supply |
|
|
17 |
|
|
|
17 |
|
|
|
18 |
|
|
|
27 |
|
|
|
20 |
|
Other |
|
|
4 |
|
|
|
5 |
|
|
|
6 |
|
|
|
7 |
|
|
|
7 |
|
Total |
|
|
52 |
|
|
|
54 |
|
|
|
58 |
|
|
|
71 |
|
|
|
62 |
|
Stacked vessels |
|
|
(15 |
) |
|
|
(17 |
) |
|
|
(20 |
) |
|
|
(32 |
) |
|
|
(27 |
) |
Active vessels |
|
|
37 |
|
|
|
37 |
|
|
|
38 |
|
|
|
39 |
|
|
|
35 |
|
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
27 |
|
|
|
26 |
|
|
|
24 |
|
|
|
24 |
|
|
|
20 |
|
Towing-supply |
|
|
28 |
|
|
|
26 |
|
|
|
26 |
|
|
|
27 |
|
|
|
28 |
|
Total |
|
|
55 |
|
|
|
52 |
|
|
|
50 |
|
|
|
51 |
|
|
|
48 |
|
Stacked vessels |
|
|
(10 |
) |
|
|
(11 |
) |
|
|
(9 |
) |
|
|
(10 |
) |
|
|
(11 |
) |
Active vessels |
|
|
44 |
|
|
|
41 |
|
|
|
41 |
|
|
|
41 |
|
|
|
37 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
42 |
|
|
|
42 |
|
|
|
44 |
|
|
|
45 |
|
|
|
31 |
|
Towing-supply |
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
4 |
|
Total |
|
|
45 |
|
|
|
45 |
|
|
|
47 |
|
|
|
48 |
|
|
|
35 |
|
Stacked vessels |
|
|
(15 |
) |
|
|
(13 |
) |
|
|
(13 |
) |
|
|
(14 |
) |
|
|
(10 |
) |
Active vessels |
|
|
30 |
|
|
|
32 |
|
|
|
34 |
|
|
|
34 |
|
|
|
25 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
27 |
|
|
|
29 |
|
|
|
30 |
|
|
|
30 |
|
|
|
28 |
|
Towing-supply |
|
|
19 |
|
|
|
20 |
|
|
|
22 |
|
|
|
31 |
|
|
|
31 |
|
Other |
|
|
21 |
|
|
|
21 |
|
|
|
21 |
|
|
|
22 |
|
|
|
23 |
|
Total |
|
|
67 |
|
|
|
70 |
|
|
|
73 |
|
|
|
83 |
|
|
|
82 |
|
Stacked vessels |
|
|
(22 |
) |
|
|
(22 |
) |
|
|
(23 |
) |
|
|
(29 |
) |
|
|
(29 |
) |
Active vessels |
|
|
45 |
|
|
|
48 |
|
|
|
50 |
|
|
|
54 |
|
|
|
53 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
126 |
|
|
|
129 |
|
|
|
132 |
|
|
|
136 |
|
|
|
114 |
|
Towing-supply |
|
|
68 |
|
|
|
66 |
|
|
|
69 |
|
|
|
88 |
|
|
|
83 |
|
Other |
|
|
25 |
|
|
|
26 |
|
|
|
27 |
|
|
|
29 |
|
|
|
30 |
|
Total |
|
|
219 |
|
|
|
221 |
|
|
|
228 |
|
|
|
253 |
|
|
|
227 |
|
Stacked vessels |
|
|
(62 |
) |
|
|
(63 |
) |
|
|
(65 |
) |
|
|
(85 |
) |
|
|
(77 |
) |
Active vessels |
|
|
157 |
|
|
|
158 |
|
|
|
163 |
|
|
|
168 |
|
|
|
150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total active |
|
|
157 |
|
|
|
158 |
|
|
|
163 |
|
|
|
168 |
|
|
|
150 |
|
Total stacked |
|
|
62 |
|
|
|
63 |
|
|
|
65 |
|
|
|
85 |
|
|
|
77 |
|
Total joint venture and other vessels |
|
|
4 |
|
|
|
4 |
|
|
|
4 |
|
|
|
4 |
|
|
|
5 |
|
Total |
|
|
223 |
|
|
|
225 |
|
|
|
232 |
|
|
|
257 |
|
|
|
232 |
|
TIDEWATER INC. |
||||||||||||||||||||
UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
AVAILABLE DAYS - TOTAL FLEET: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,852 |
|
|
|
2,932 |
|
|
|
3,112 |
|
|
|
3,332 |
|
|
|
3,271 |
|
Towing-supply |
|
|
1,580 |
|
|
|
1,552 |
|
|
|
1,638 |
|
|
|
2,426 |
|
|
|
1,806 |
|
Other |
|
|
368 |
|
|
|
460 |
|
|
|
484 |
|
|
|
619 |
|
|
|
644 |
|
Total |
|
|
4,800 |
|
|
|
4,944 |
|
|
|
5,234 |
|
|
|
6,377 |
|
|
|
5,721 |
|
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,453 |
|
|
|
2,370 |
|
|
|
2,184 |
|
|
|
2,160 |
|
|
|
1,840 |
|
Towing-supply |
|
|
2,576 |
|
|
|
2,392 |
|
|
|
2,369 |
|
|
|
2,457 |
|
|
|
2,588 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
5,029 |
|
|
|
4,762 |
|
|
|
4,553 |
|
|
|
4,617 |
|
|
|
4,428 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
3,848 |
|
|
|
3,874 |
|
|
|
4,024 |
|
|
|
4,040 |
|
|
|
2,806 |
|
Towing-supply |
|
|
276 |
|
|
|
276 |
|
|
|
273 |
|
|
|
294 |
|
|
|
368 |
|
Total |
|
|
4,124 |
|
|
|
4,150 |
|
|
|
4,297 |
|
|
|
4,334 |
|
|
|
3,174 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,439 |
|
|
|
2,723 |
|
|
|
2,730 |
|
|
|
2,668 |
|
|
|
2,606 |
|
Towing-supply |
|
|
1,779 |
|
|
|
1,840 |
|
|
|
1,974 |
|
|
|
2,790 |
|
|
|
2,852 |
|
Other |
|
|
1,932 |
|
|
|
1,932 |
|
|
|
1,976 |
|
|
|
1,980 |
|
|
|
2,122 |
|
Total |
|
|
6,150 |
|
|
|
6,495 |
|
|
|
6,680 |
|
|
|
7,438 |
|
|
|
7,580 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
11,592 |
|
|
|
11,899 |
|
|
|
12,050 |
|
|
|
12,200 |
|
|
|
10,523 |
|
Towing-supply |
|
|
6,211 |
|
|
|
6,060 |
|
|
|
6,254 |
|
|
|
7,967 |
|
|
|
7,614 |
|
Other |
|
|
2,300 |
|
|
|
2,392 |
|
|
|
2,460 |
|
|
|
2,599 |
|
|
|
2,766 |
|
Total |
|
|
20,103 |
|
|
|
20,351 |
|
|
|
20,764 |
|
|
|
22,766 |
|
|
|
20,903 |
|
TIDEWATER INC. |
||||||||||||||||||||
UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
OUT-OF-SERVICE - STACKED DAYS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
656 |
|
|
|
723 |
|
|
|
798 |
|
|
|
992 |
|
|
|
1,288 |
|
Towing-supply |
|
|
568 |
|
|
|
632 |
|
|
|
728 |
|
|
|
1,467 |
|
|
|
932 |
|
Other |
|
|
184 |
|
|
|
184 |
|
|
|
241 |
|
|
|
380 |
|
|
|
296 |
|
Total |
|
|
1,408 |
|
|
|
1,539 |
|
|
|
1,767 |
|
|
|
2,839 |
|
|
|
2,516 |
|
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
552 |
|
|
|
552 |
|
|
|
494 |
|
|
|
617 |
|
|
|
572 |
|
Towing-supply |
|
|
399 |
|
|
|
460 |
|
|
|
303 |
|
|
|
270 |
|
|
|
391 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
951 |
|
|
|
1,012 |
|
|
|
797 |
|
|
|
887 |
|
|
|
963 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
1,196 |
|
|
|
1,104 |
|
|
|
1,092 |
|
|
|
1,122 |
|
|
|
736 |
|
Towing-supply |
|
|
153 |
|
|
|
92 |
|
|
|
91 |
|
|
|
114 |
|
|
|
184 |
|
Total |
|
|
1,349 |
|
|
|
1,196 |
|
|
|
1,183 |
|
|
|
1,236 |
|
|
|
920 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
766 |
|
|
|
768 |
|
|
|
698 |
|
|
|
630 |
|
|
|
625 |
|
Towing-supply |
|
|
583 |
|
|
|
552 |
|
|
|
700 |
|
|
|
1,486 |
|
|
|
1,361 |
|
Other |
|
|
643 |
|
|
|
736 |
|
|
|
689 |
|
|
|
540 |
|
|
|
681 |
|
Total |
|
|
1,992 |
|
|
|
2,056 |
|
|
|
2,087 |
|
|
|
2,656 |
|
|
|
2,667 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
3,170 |
|
|
|
3,147 |
|
|
|
3,082 |
|
|
|
3,361 |
|
|
|
3,221 |
|
Towing-supply |
|
|
1,703 |
|
|
|
1,736 |
|
|
|
1,822 |
|
|
|
3,337 |
|
|
|
2,868 |
|
Other |
|
|
827 |
|
|
|
920 |
|
|
|
930 |
|
|
|
920 |
|
|
|
977 |
|
Total |
|
|
5,700 |
|
|
|
5,803 |
|
|
|
5,834 |
|
|
|
7,618 |
|
|
|
7,066 |
|
TIDEWATER INC. |
||||||||||||||||||||
UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
AVAILABLE DAYS - ACTIVE FLEET: (A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,196 |
|
|
|
2,209 |
|
|
|
2,314 |
|
|
|
2,340 |
|
|
|
1,983 |
|
Towing-supply |
|
|
1,012 |
|
|
|
920 |
|
|
|
910 |
|
|
|
959 |
|
|
|
874 |
|
Other |
|
|
184 |
|
|
|
276 |
|
|
|
243 |
|
|
|
239 |
|
|
|
348 |
|
Total |
|
|
3,392 |
|
|
|
3,405 |
|
|
|
3,467 |
|
|
|
3,538 |
|
|
|
3,205 |
|
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
1,901 |
|
|
|
1,818 |
|
|
|
1,690 |
|
|
|
1,543 |
|
|
|
1,268 |
|
Towing-supply |
|
|
2,177 |
|
|
|
1,932 |
|
|
|
2,066 |
|
|
|
2,187 |
|
|
|
2,197 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
4,078 |
|
|
|
3,750 |
|
|
|
3,756 |
|
|
|
3,730 |
|
|
|
3,465 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,652 |
|
|
|
2,770 |
|
|
|
2,932 |
|
|
|
2,918 |
|
|
|
2,070 |
|
Towing-supply |
|
|
123 |
|
|
|
184 |
|
|
|
182 |
|
|
|
180 |
|
|
|
184 |
|
Total |
|
|
2,775 |
|
|
|
2,954 |
|
|
|
3,114 |
|
|
|
6,159 |
|
|
|
2,254 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
1,673 |
|
|
|
1,955 |
|
|
|
2,032 |
|
|
|
2,038 |
|
|
|
1,981 |
|
Towing-supply |
|
|
1,196 |
|
|
|
1,288 |
|
|
|
1,274 |
|
|
|
1,304 |
|
|
|
1,491 |
|
Other |
|
|
1,289 |
|
|
|
1,196 |
|
|
|
1,287 |
|
|
|
1,440 |
|
|
|
1,441 |
|
Total |
|
|
4,158 |
|
|
|
4,439 |
|
|
|
4,593 |
|
|
|
4,782 |
|
|
|
4,913 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
8,422 |
|
|
|
8,752 |
|
|
|
8,968 |
|
|
|
8,839 |
|
|
|
7,302 |
|
Towing-supply |
|
|
4,508 |
|
|
|
4,324 |
|
|
|
4,432 |
|
|
|
4,630 |
|
|
|
4,746 |
|
Other |
|
|
1,473 |
|
|
|
1,472 |
|
|
|
1,530 |
|
|
|
1,679 |
|
|
|
1,789 |
|
Total |
|
|
14,403 |
|
|
|
14,548 |
|
|
|
14,930 |
|
|
|
15,148 |
|
|
|
13,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (A): 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 |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
UTILIZATION - TOTAL FLEET: (A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
61.7 |
% |
|
|
64.5 |
% |
|
|
65.8 |
% |
|
|
61.9 |
% |
|
|
49.9 |
% |
Towing-supply |
|
|
58.6 |
|
|
|
53.1 |
|
|
|
43.5 |
|
|
|
35.4 |
|
|
|
42.8 |
|
Other |
|
|
50.0 |
|
|
|
21.0 |
|
|
|
19.0 |
|
|
|
26.3 |
|
|
|
35.3 |
|
Total |
|
|
59.8 |
% |
|
|
56.9 |
% |
|
|
54.5 |
% |
|
|
48.4 |
% |
|
|
46.0 |
% |
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
66.7 |
% |
|
|
65.4 |
% |
|
|
62.1 |
% |
|
|
57.8 |
% |
|
|
57.6 |
% |
Towing-supply |
|
|
70.0 |
|
|
|
61.7 |
|
|
|
61.1 |
|
|
|
64.8 |
|
|
|
62.3 |
|
Total |
|
|
68.4 |
% |
|
|
63.6 |
% |
|
|
61.6 |
% |
|
|
61.5 |
% |
|
|
60.3 |
% |
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
60.0 |
% |
|
|
64.0 |
% |
|
|
63.0 |
% |
|
|
60.1 |
% |
|
|
66.2 |
% |
Towing-supply |
|
|
31.6 |
|
|
|
24.5 |
|
|
|
56.9 |
|
|
|
59.9 |
|
|
|
39.0 |
|
Total |
|
|
58.1 |
% |
|
|
61.4 |
% |
|
|
62.7 |
% |
|
|
60.1 |
% |
|
|
63.1 |
% |
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
46.9 |
% |
|
|
50.6 |
% |
|
|
51.7 |
% |
|
|
52.9 |
% |
|
|
58.5 |
% |
Towing-supply |
|
|
43.8 |
|
|
|
46.3 |
|
|
|
50.3 |
|
|
|
40.0 |
|
|
|
46.5 |
|
Other |
|
|
56.6 |
|
|
|
55.6 |
|
|
|
55.1 |
|
|
|
57.9 |
|
|
|
57.3 |
|
Total |
|
|
49.1 |
% |
|
|
50.9 |
% |
|
|
52.3 |
% |
|
|
49.4 |
% |
|
|
53.6 |
% |
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
59.1 |
% |
|
|
61.4 |
% |
|
|
61.0 |
% |
|
|
58.6 |
% |
|
|
57.7 |
% |
Towing-supply |
|
|
57.9 |
|
|
|
53.1 |
|
|
|
52.9 |
|
|
|
47.0 |
|
|
|
50.6 |
|
Other |
|
|
55.6 |
|
|
|
49.0 |
|
|
|
48.0 |
|
|
|
50.4 |
|
|
|
52.2 |
|
Total |
|
|
58.3 |
% |
|
|
57.5 |
% |
|
|
57.0 |
% |
|
|
53.6 |
% |
|
|
54.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (A): Utilization Total Fleet equals Days Worked / Available Days Total Fleet. |
|
|||||||||||||||||||
TIDEWATER INC. |
||||||||||||||||||||
UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
UTILIZATION - ACTIVE FLEET: (A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
86.1 |
% |
|
|
85.7 |
% |
|
|
88.4 |
% |
|
|
88.2 |
% |
|
|
82.3 |
% |
Towing-supply |
|
|
91.4 |
|
|
|
89.6 |
|
|
|
78.4 |
|
|
|
89.5 |
|
|
|
88.4 |
|
Other |
|
|
100.0 |
|
|
|
35.0 |
|
|
|
37.9 |
|
|
|
68.2 |
|
|
|
65.4 |
|
Total |
|
|
84.6 |
% |
|
|
82.6 |
% |
|
|
82.3 |
% |
|
|
87.2 |
% |
|
|
82.1 |
% |
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
86.1 |
% |
|
|
85.3 |
% |
|
|
80.3 |
% |
|
|
80.9 |
% |
|
|
83.6 |
% |
Towing-supply |
|
|
82.9 |
|
|
|
76.4 |
|
|
|
70.1 |
|
|
|
72.8 |
|
|
|
73.3 |
|
Total |
|
|
84.4 |
% |
|
|
80.7 |
% |
|
|
74.7 |
% |
|
|
76.1 |
% |
|
|
77.1 |
% |
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
87.1 |
% |
|
|
89.5 |
% |
|
|
86.5 |
% |
|
|
83.2 |
% |
|
|
89.8 |
% |
Towing-supply |
|
|
70.9 |
|
|
|
36.8 |
|
|
|
85.3 |
|
|
|
97.8 |
|
|
|
78.0 |
|
Total |
|
|
86.4 |
% |
|
|
86.3 |
% |
|
|
86.5 |
% |
|
|
84.1 |
% |
|
|
88.8 |
% |
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
68.3 |
% |
|
|
70.5 |
% |
|
|
69.4 |
% |
|
|
69.2 |
% |
|
|
77.0 |
% |
Towing-supply |
|
|
65.1 |
|
|
|
66.1 |
|
|
|
77.9 |
|
|
|
85.6 |
|
|
|
88.9 |
|
Other |
|
|
84.9 |
|
|
|
89.9 |
|
|
|
84.6 |
|
|
|
79.7 |
|
|
|
84.3 |
|
Total |
|
|
72.5 |
% |
|
|
74.4 |
% |
|
|
76.0 |
% |
|
|
76.8 |
% |
|
|
82.8 |
% |
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
81.3 |
% |
|
|
83.4 |
% |
|
|
82.0 |
% |
|
|
80.9 |
% |
|
|
83.2 |
% |
Towing-supply |
|
|
79.8 |
|
|
|
74.5 |
|
|
|
74.7 |
|
|
|
80.8 |
|
|
|
81.2 |
|
Other |
|
|
86.8 |
|
|
|
79.6 |
|
|
|
77.2 |
|
|
|
78.0 |
|
|
|
80.7 |
|
Total |
|
|
81.4 |
% |
|
|
80.4 |
% |
|
|
79.3 |
% |
|
|
80.6 |
% |
|
|
82.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (A): Utilization Active Fleet equals Days Worked / Available Days - Active Fleet. |
|
|||||||||||||||||||
TIDEWATER INC. |
||||||||||||||||||||
UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
AVERAGE VESSEL DAY RATES: (A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
$ |
|
13,001 |
|
|
|
12,986 |
|
|
|
13,186 |
|
|
|
12,217 |
|
|
|
13,127 |
|
Towing-supply |
|
|
9,337 |
|
|
|
9,504 |
|
|
|
10,442 |
|
|
|
9,993 |
|
|
|
10,722 |
|
Other |
|
|
9,838 |
|
|
|
7,674 |
|
|
|
8,259 |
|
|
|
9,135 |
|
|
|
9,311 |
|
Total |
$ |
|
11,617 |
|
|
|
11,783 |
|
|
|
12,341 |
|
|
|
11,436 |
|
|
|
12,091 |
|
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
$ |
|
9,784 |
|
|
|
9,648 |
|
|
|
8,942 |
|
|
|
8,417 |
|
|
|
8,215 |
|
Towing-supply |
|
|
5,897 |
|
|
|
5,285 |
|
|
|
5,747 |
|
|
|
6,255 |
|
|
|
6,801 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
$ |
|
7,746 |
|
|
|
7,520 |
|
|
|
7,293 |
|
|
|
7,205 |
|
|
|
7,291 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
$ |
|
12,336 |
|
|
|
12,342 |
|
|
|
13,443 |
|
|
|
11,356 |
|
|
|
10,696 |
|
Towing-supply |
|
|
6,055 |
|
|
|
4,995 |
|
|
|
5,941 |
|
|
|
5,566 |
|
|
|
5,867 |
|
Total |
$ |
|
12,171 |
|
|
|
12,147 |
|
|
|
13,010 |
|
|
|
10,964 |
|
|
|
10,350 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
$ |
|
12,304 |
|
|
|
10,827 |
|
|
|
10,615 |
|
|
|
11,307 |
|
|
|
10,023 |
|
Towing-supply |
|
|
12,810 |
|
|
|
13,628 |
|
|
|
14,115 |
|
|
|
13,601 |
|
|
|
12,675 |
|
Other |
|
|
3,041 |
|
|
|
3,530 |
|
|
|
3,650 |
|
|
|
3,693 |
|
|
|
3,645 |
|
Total |
$ |
|
9,075 |
|
|
|
9,174 |
|
|
|
9,439 |
|
|
|
9,627 |
|
|
|
8,982 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
$ |
|
11,892 |
|
|
|
11,651 |
|
|
|
11,998 |
|
|
|
11,082 |
|
|
|
10,747 |
|
Towing-supply |
|
|
8,284 |
|
|
|
8,564 |
|
|
|
9,279 |
|
|
|
9,271 |
|
|
|
9,574 |
|
Other |
|
|
4,137 |
|
|
|
3,871 |
|
|
|
4,009 |
|
|
|
4,370 |
|
|
|
4,407 |
|
Total |
$ |
|
9,940 |
|
|
|
10,021 |
|
|
|
10,442 |
|
|
|
9,806 |
|
|
|
9,545 |
|
Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked. |
||||||||||||||||||||
TIDEWATER INC. |
||||||||||||||||||||
UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
(In thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
$ |
|
33,333 |
|
|
|
33,147 |
|
|
|
35,199 |
|
|
|
35,279 |
|
|
|
31,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
$ |
|
15,307 |
|
|
|
15,108 |
|
|
|
16,008 |
|
|
|
17,099 |
|
|
|
15,596 |
|
Repairs and maintenance |
|
|
3,067 |
|
|
|
3,061 |
|
|
|
2,328 |
|
|
|
3,620 |
|
|
|
2,438 |
|
Insurance and loss reserves |
|
|
299 |
|
|
|
305 |
|
|
|
(1,118 |
) |
|
|
741 |
|
|
|
(38 |
) |
Fuel, lube and supplies |
|
|
1,853 |
|
|
|
1,919 |
|
|
|
2,115 |
|
|
|
2,445 |
|
|
|
2,350 |
|
Other |
|
|
4,082 |
|
|
|
2,461 |
|
|
|
2,772 |
|
|
|
2,771 |
|
|
|
2,523 |
|
Total vessel operating costs |
$ |
|
24,607 |
|
|
|
22,854 |
|
|
|
22,105 |
|
|
|
26,676 |
|
|
|
22,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
$ |
|
8,726 |
|
|
|
10,293 |
|
|
|
13,094 |
|
|
|
8,603 |
|
|
|
8,944 |
|
Vessel operating margin (%) |
|
|
26.2 |
% |
|
|
31.1 |
% |
|
|
37.2 |
% |
|
|
24.4 |
% |
|
|
28.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
52 |
|
|
|
54 |
|
|
|
58 |
|
|
|
71 |
|
|
|
62 |
|
Utilization - Total fleet |
|
|
59.8 |
% |
|
|
56.9 |
% |
|
|
54.5 |
% |
|
|
48.3 |
% |
|
|
46.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
37 |
|
|
|
37 |
|
|
|
38 |
|
|
|
39 |
|
|
|
35 |
|
Utilization - Active fleet |
|
|
84.6 |
% |
|
|
82.6 |
% |
|
|
82.3 |
% |
|
|
87.2 |
% |
|
|
82.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
$ |
|
11,617 |
|
|
|
11,783 |
|
|
|
12,341 |
|
|
|
11,436 |
|
|
|
12,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
1 |
|
|
4 |
|
|
6 |
|
|
6 |
|
|
|
3 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for deferred drydocking and survey costs |
$ |
|
5,381 |
|
|
|
5,368 |
|
|
|
6,637 |
|
|
|
2,178 |
|
|
|
3,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
$ |
|
15,678 |
|
|
|
12,154 |
|
|
|
8,463 |
|
|
|
7,245 |
|
|
|
4,638 |
|
Cash paid for deferred drydocking and survey costs |
|
|
5,381 |
|
|
|
5,368 |
|
|
|
6,637 |
|
|
|
2,178 |
|
|
|
3,406 |
|
Amortization of deferred drydocking and survey costs |
|
|
(2,498 |
) |
|
|
(1,964 |
) |
|
|
(1,228 |
) |
|
|
(960 |
) |
|
|
(799 |
) |
Disposals, intersegment transfers and other |
|
|
— |
|
|
|
120 |
|
|
|
(1,718 |
) |
|
|
— |
|
|
|
— |
|
Deferred drydocking and survey costs - ending balance |
$ |
|
18,561 |
|
|
|
15,678 |
|
|
|
12,154 |
|
|
|
8,463 |
|
|
|
7,245 |
|
TIDEWATER INC. |
||||||||||||||||||||
UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
(In thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
Middle East/Asia Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
$ |
|
26,651 |
|
|
|
22,765 |
|
|
|
20,449 |
|
|
|
20,456 |
|
|
|
19,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
$ |
|
10,308 |
|
|
|
9,243 |
|
|
|
8,986 |
|
|
|
8,627 |
|
|
|
8,372 |
|
Repairs and maintenance |
|
|
3,838 |
|
|
|
2,317 |
|
|
|
1,673 |
|
|
|
1,581 |
|
|
|
2,377 |
|
Insurance and loss reserves |
|
|
790 |
|
|
|
356 |
|
|
|
186 |
|
|
|
589 |
|
|
|
154 |
|
Fuel, lube and supplies |
|
|
1,937 |
|
|
|
2,431 |
|
|
|
2,350 |
|
|
|
2,335 |
|
|
|
2,402 |
|
Other |
|
|
2,864 |
|
|
|
1,318 |
|
|
|
1,844 |
|
|
|
1,733 |
|
|
|
1,947 |
|
Total vessel operating costs |
$ |
|
19,738 |
|
|
|
15,665 |
|
|
|
15,039 |
|
|
|
14,865 |
|
|
|
15,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
$ |
|
6,913 |
|
|
|
7,100 |
|
|
|
5,410 |
|
|
|
5,591 |
|
|
|
4,222 |
|
Vessel operating margin (%) |
|
|
25.9 |
% |
|
|
31.2 |
% |
|
|
26.5 |
% |
|
|
27.3 |
% |
|
|
21.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Middle East/Asia Pacific - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
55 |
|
|
|
52 |
|
|
|
50 |
|
|
|
51 |
|
|
|
48 |
|
Utilization - Total fleet |
|
|
68.4 |
% |
|
|
63.6 |
% |
|
|
61.6 |
% |
|
|
61.5 |
% |
|
|
60.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
44 |
|
|
|
41 |
|
|
|
41 |
|
|
|
41 |
|
|
|
37 |
|
Utilization - Active fleet |
|
|
84.4 |
% |
|
|
80.7 |
% |
|
|
74.7 |
% |
|
|
76.1 |
% |
|
|
77.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
$ |
|
7,746 |
|
|
|
7,520 |
|
|
|
7,293 |
|
|
|
7,205 |
|
|
|
7,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
3 |
|
|
|
3 |
|
|
|
2 |
|
|
|
7 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for deferred drydocking and survey costs |
$ |
|
6,072 |
|
|
|
2,269 |
|
|
|
4,324 |
|
|
|
4,481 |
|
|
|
2,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
$ |
|
12,572 |
|
|
|
11,961 |
|
|
|
9,178 |
|
|
|
5,961 |
|
|
|
4,099 |
|
Cash paid for deferred drydocking and survey costs |
|
|
6,072 |
|
|
|
2,269 |
|
|
|
4,324 |
|
|
|
4,481 |
|
|
|
2,459 |
|
Amortization of deferred drydocking and survey costs |
|
|
(2,131 |
) |
|
|
(1,911 |
) |
|
|
(1,493 |
) |
|
|
(1,264 |
) |
|
|
(597 |
) |
Disposals, intersegment transfers and other |
|
|
— |
|
|
|
253 |
|
|
|
(48 |
) |
|
|
— |
|
|
|
— |
|
Deferred drydocking and survey costs - ending balance |
$ |
|
16,513 |
|
|
|
12,572 |
|
|
|
11,961 |
|
|
|
9,178 |
|
|
|
5,961 |
|
TIDEWATER INC. |
||||||||||||||||||||
UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
(In thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
Europe/Mediterranean |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
$ |
|
29,180 |
|
|
|
30,946 |
|
|
|
35,027 |
|
|
|
28,558 |
|
|
|
20,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
$ |
|
11,984 |
|
|
|
12,974 |
|
|
|
13,001 |
|
|
|
13,059 |
|
|
|
9,271 |
|
Repairs and maintenance |
|
|
3,617 |
|
|
|
3,307 |
|
|
|
3,914 |
|
|
|
2,578 |
|
|
|
2,349 |
|
Insurance and loss reserves |
|
|
367 |
|
|
|
503 |
|
|
|
693 |
|
|
|
561 |
|
|
|
380 |
|
Fuel, lube and supplies |
|
|
1,808 |
|
|
|
1,614 |
|
|
|
1,314 |
|
|
|
1,891 |
|
|
|
1,294 |
|
Other |
|
|
2,098 |
|
|
|
2,658 |
|
|
|
2,902 |
|
|
|
2,994 |
|
|
|
2,008 |
|
Total vessel operating costs |
$ |
|
19,874 |
|
|
|
21,056 |
|
|
|
21,824 |
|
|
|
21,083 |
|
|
|
15,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
$ |
|
9,306 |
|
|
|
9,890 |
|
|
|
13,203 |
|
|
|
7,475 |
|
|
|
5,415 |
|
Vessel operating margin (%) |
|
|
31.9 |
% |
|
|
32.0 |
% |
|
|
37.7 |
% |
|
|
26.2 |
% |
|
|
26.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe/Mediterranean - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
45 |
|
|
|
45 |
|
|
|
47 |
|
|
|
48 |
|
|
|
35 |
|
Utilization - Total fleet |
|
|
58.1 |
% |
|
|
61.4 |
% |
|
|
62.7 |
% |
|
|
60.1 |
% |
|
|
63.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
30 |
|
|
|
32 |
|
|
|
34 |
|
|
|
34 |
|
|
|
25 |
|
Utilization - Active fleet |
|
|
86.4 |
% |
|
|
86.3 |
% |
|
|
86.5 |
% |
|
|
84.1 |
% |
|
|
88.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
$ |
|
12,171 |
|
|
|
12,147 |
|
|
|
13,010 |
|
|
|
10,964 |
|
|
|
10,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
3 |
|
|
|
1 |
|
|
|
— |
|
|
|
6 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for deferred drydocking and survey costs |
$ |
|
3,378 |
|
|
|
316 |
|
|
|
3,030 |
|
|
|
2,432 |
|
|
|
1,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
$ |
|
7,379 |
|
|
|
8,596 |
|
|
|
5,831 |
|
|
|
4,278 |
|
|
|
3,279 |
|
Cash paid for deferred drydocking and survey costs |
|
|
3,378 |
|
|
|
316 |
|
|
|
3,030 |
|
|
|
2,432 |
|
|
|
1,635 |
|
Amortization of deferred drydocking and survey costs |
|
|
(1,335 |
) |
|
|
(1,160 |
) |
|
|
(1,448 |
) |
|
|
(879 |
) |
|
|
(636 |
) |
Disposals, intersegment transfers and other |
|
|
(16 |
) |
|
|
(373 |
) |
|
|
1,183 |
|
|
|
— |
|
|
|
— |
|
Deferred drydocking and survey costs - ending balance |
$ |
|
9,406 |
|
|
|
7,379 |
|
|
|
8,596 |
|
|
|
5,831 |
|
|
|
4,278 |
|
TIDEWATER INC. |
||||||||||||||||||||
UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
(In thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
West Africa |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
$ |
|
27,375 |
|
|
|
30,315 |
|
|
|
32,966 |
|
|
|
35,369 |
|
|
|
36,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
$ |
|
8,472 |
|
|
|
8,868 |
|
|
|
9,196 |
|
|
|
9,360 |
|
|
|
11,894 |
|
Repairs and maintenance |
|
|
4,659 |
|
|
|
3,282 |
|
|
|
2,996 |
|
|
|
1,923 |
|
|
|
2,241 |
|
Insurance and loss reserves |
|
|
(282 |
) |
|
|
863 |
|
|
|
989 |
|
|
|
287 |
|
|
|
141 |
|
Fuel, lube and supplies |
|
|
4,184 |
|
|
|
2,817 |
|
|
|
2,672 |
|
|
|
2,674 |
|
|
|
3,272 |
|
Other |
|
|
4,682 |
|
|
|
5,214 |
|
|
|
5,618 |
|
|
|
5,335 |
|
|
|
3,998 |
|
Total vessel operating costs |
$ |
|
21,715 |
|
|
|
21,044 |
|
|
|
21,471 |
|
|
|
19,579 |
|
|
|
21,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
$ |
|
5,660 |
|
|
|
9,271 |
|
|
|
11,495 |
|
|
|
15,790 |
|
|
|
14,977 |
|
Vessel operating margin (%) |
|
|
20.7 |
% |
|
|
30.6 |
% |
|
|
34.9 |
% |
|
|
44.6 |
% |
|
|
41.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Africa - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
67 |
|
|
|
70 |
|
|
|
73 |
|
|
|
83 |
|
|
|
82 |
|
Utilization - Total fleet |
|
|
49.1 |
% |
|
|
50.9 |
% |
|
|
52.3 |
% |
|
|
49.4 |
% |
|
|
53.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
45 |
|
|
|
48 |
|
|
|
50 |
|
|
|
54 |
|
|
|
53 |
|
Utilization - Active fleet |
|
|
72.5 |
% |
|
|
74.4 |
% |
|
|
76.0 |
% |
|
|
76.8 |
% |
|
|
82.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
$ |
|
9,075 |
|
|
|
9,174 |
|
|
|
9,439 |
|
|
|
9,627 |
|
|
|
8,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
1 |
|
|
|
4 |
|
|
|
4 |
|
|
|
5 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for deferred drydocking and survey costs |
$ |
|
11,905 |
|
|
|
7,060 |
|
|
|
2,412 |
|
|
|
3,194 |
|
|
|
1,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
$ |
|
13,397 |
|
|
|
8,318 |
|
|
|
7,129 |
|
|
|
4,731 |
|
|
|
4,037 |
|
Cash paid for deferred drydocking and survey costs |
|
|
11,905 |
|
|
|
7,060 |
|
|
|
2,412 |
|
|
|
3,194 |
|
|
|
1,380 |
|
Amortization of deferred drydocking and survey costs |
|
|
(2,846 |
) |
|
|
(1,653 |
) |
|
|
(1,321 |
) |
|
|
(796 |
) |
|
|
(686 |
) |
Disposals, intersegment transfers and other |
|
|
— |
|
|
|
(328 |
) |
|
|
98 |
|
|
|
— |
|
|
|
— |
|
Deferred drydocking and survey costs - ending balance |
$ |
|
22,456 |
|
|
|
13,397 |
|
|
|
8,318 |
|
|
|
7,129 |
|
|
|
4,731 |
|
TIDEWATER INC. |
||||||||||||||||||||
UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
(In thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
Worldwide |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
$ |
|
116,539 |
|
|
|
117,173 |
|
|
|
123,641 |
|
|
|
119,662 |
|
|
|
108,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
$ |
|
46,071 |
|
|
|
46,193 |
|
|
|
47,191 |
|
|
|
48,145 |
|
|
|
45,133 |
|
Repairs and maintenance |
|
|
15,181 |
|
|
|
11,967 |
|
|
|
10,911 |
|
|
|
9,702 |
|
|
|
9,405 |
|
Insurance and loss reserves |
|
|
1,174 |
|
|
|
2,027 |
|
|
|
750 |
|
|
|
2,178 |
|
|
|
636 |
|
Fuel, lube and supplies |
|
|
9,782 |
|
|
|
8,781 |
|
|
|
8,451 |
|
|
|
9,345 |
|
|
|
9,317 |
|
Other |
|
|
13,726 |
|
|
|
11,651 |
|
|
|
13,136 |
|
|
|
12,833 |
|
|
|
10,476 |
|
Total vessel operating costs |
$ |
|
85,935 |
|
|
|
80,619 |
|
|
|
80,439 |
|
|
|
82,203 |
|
|
|
74,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
$ |
|
30,604 |
|
|
|
36,554 |
|
|
|
43,202 |
|
|
|
37,459 |
|
|
|
33,500 |
|
Vessel operating margin (%) |
|
|
26.3 |
% |
|
|
31.2 |
% |
|
|
34.9 |
% |
|
|
31.3 |
% |
|
|
30.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
219 |
|
|
|
220 |
|
|
|
228 |
|
|
|
253 |
|
|
|
227 |
|
Utilization - Total fleet |
|
|
58.3 |
% |
|
|
57.5 |
% |
|
|
57.0 |
% |
|
|
53.6 |
% |
|
|
54.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
157 |
|
|
|
158 |
|
|
|
163 |
|
|
|
168 |
|
|
|
150 |
|
Utilization - Active fleet |
|
|
81.4 |
% |
|
|
80.4 |
% |
|
|
79.3 |
% |
|
|
80.6 |
% |
|
|
82.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
$ |
|
9,940 |
|
|
|
10,021 |
|
|
|
10,442 |
|
|
|
9,806 |
|
|
|
9,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
8 |
|
|
|
12 |
|
|
|
12 |
|
|
|
24 |
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for deferred drydocking and survey costs |
$ |
|
26,736 |
|
|
|
15,013 |
|
|
|
16,403 |
|
|
|
12,285 |
|
|
|
8,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
$ |
|
49,026 |
|
|
|
41,029 |
|
|
|
30,601 |
|
|
|
22,215 |
|
|
|
16,053 |
|
Cash paid for deferred drydocking and survey costs |
|
|
26,736 |
|
|
|
15,013 |
|
|
|
16,403 |
|
|
|
12,285 |
|
|
|
8,880 |
|
Amortization of deferred drydocking and survey costs |
|
|
(8,810 |
) |
|
|
(6,688 |
) |
|
|
(5,490 |
) |
|
|
(3,898 |
) |
|
|
(2,718 |
) |
Disposals, intersegment transfers and other |
|
|
(16 |
) |
|
|
(328 |
) |
|
|
(485 |
) |
|
|
— |
|
|
|
— |
|
Deferred drydocking and survey costs - ending balance |
$ |
|
66,936 |
|
|
|
49,026 |
|
|
|
41,029 |
|
|
|
30,602 |
|
|
|
22,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TIDEWATER INC. |
||||||||||||||||||||
UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
(In thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
Net loss |
$ |
|
(60,574 |
) |
|
|
(43,806 |
) |
|
|
(15,553 |
) |
|
|
(21,286 |
) |
|
|
(90,377 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other debt costs |
|
|
6,282 |
|
|
|
7,468 |
|
|
|
7,582 |
|
|
|
7,736 |
|
|
|
7,707 |
|
Income tax expense |
|
|
1,281 |
|
|
|
15,071 |
|
|
|
5,542 |
|
|
|
5,830 |
|
|
|
7,856 |
|
Depreciation |
|
|
19,416 |
|
|
|
19,047 |
|
|
|
19,548 |
|
|
|
19,034 |
|
|
|
17,383 |
|
Amortization of deferred drydocking and survey costs |
|
|
8,810 |
|
|
|
6,688 |
|
|
|
5,490 |
|
|
|
3,898 |
|
|
|
2,718 |
|
EBITDA (A), (B), (C), (D) |
$ |
|
(24,785 |
) |
|
|
4,468 |
|
|
|
22,609 |
|
|
|
15,212 |
|
|
|
(54,713 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of Due from affiliate |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,083 |
|
Long-lived asset impairments |
|
|
32,549 |
|
|
|
5,224 |
|
|
|
— |
|
|
|
— |
|
|
|
36,878 |
|
One time charges |
|
|
2,123 |
|
|
|
6,293 |
|
|
|
460 |
|
|
|
3,739 |
|
|
|
12,161 |
|
Loss on debt extinguishment |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (A), (B), (C), (D) |
$ |
|
9,887 |
|
|
|
15,985 |
|
|
|
23,069 |
|
|
|
18,951 |
|
|
|
22,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (A): 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. |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (B): EBITDA and Adjusted EBITDA for the three months ended December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018 includes non-cash, stock-based compensation expense of $2,972, $7,384, $3,588, $5,627 and $3,439, respectively. |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (C): EBITDA and Adjusted EBITDA for the three months ended December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018 includes foreign exchange gains (losses) of $(945), $173, $11, $(508), and $1,454, respectively. |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (D): EBITDA and Adjusted EBITDA equity in net (earnings) losses of unconsolidated companies for the three months ended December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018 includes foreign exchange gains (losses) of $0, $0, $0, $0 and $0, 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.
TIDEWATER INC. |
||||||||||||||||||||
UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
(In thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
||||||||||
|
|
2019 |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
||||||||||
Net cash provided by (used in) operating activities |
$ |
|
5,281 |
|
|
|
(15,981 |
) |
|
|
(17,566 |
) |
|
|
(3,157 |
) |
|
|
(26,171 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash interest expense |
|
|
8,205 |
|
|
|
8,189 |
|
|
|
7,974 |
|
|
|
8,319 |
|
|
|
8,108 |
|
Interest income |
|
|
(690 |
) |
|
|
(1,579 |
) |
|
|
(1,859 |
) |
|
|
(2,470 |
) |
|
|
(5,799 |
) |
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,119 |
|
Additions to properties and equipment |
|
|
(4,067 |
) |
|
|
(5,058 |
) |
|
|
(5,757 |
) |
|
|
(3,116 |
) |
|
|
(12,275 |
) |
Free cash flow before proceeds from asset sales |
$ |
|
8,729 |
|
|
|
(14,429 |
) |
|
|
(17,208 |
) |
|
|
(424 |
) |
|
|
(28,018 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from asset sales |
|
|
3,755 |
|
|
|
4,526 |
|
|
|
10,915 |
|
|
|
9,651 |
|
|
|
29,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow |
$ |
|
12,484 |
|
|
|
(9,903 |
) |
|
|
(6,293 |
) |
|
|
9,227 |
|
|
|
1,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual free cash flow |
|
|
5,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by (used in) operating activities adjusted for capital expenditures, proceeds from asset sales, cash interest expense, interest income and loss on debt extinguishment. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200302006005/en/
Tidewater Inc.
Jason Stanley
Vice President,
Investor Relations and Marketing
713-470-5300
SOURCE: Tidewater Inc.
Source: Tidewater Inc.