Tidewater Reports Results for the Three and Six-Months Ended June 30, 2019

HOUSTON--()--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.

Contacts

Tidewater Inc.
Quintin V. Kneen
Chief Financial Officer
713-470-5308

Matt Mancheski
Vice President, Investor Relations & Corporate Development
+1 713-470-5294
mmanchesk@tdw.com

SOURCE: Tidewater Inc.

Contacts

Tidewater Inc.
Quintin V. Kneen
Chief Financial Officer
713-470-5308

Matt Mancheski
Vice President, Investor Relations & Corporate Development
+1 713-470-5294
mmanchesk@tdw.com

SOURCE: Tidewater Inc.