HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2020, of $102.3 million and $218.7 million, respectively compared with $125.9 million and $248.0 million, respectively, for the three months and six months ended June 30, 2019. Tidewater also reported net losses for the three and six months ended June 30, 2020, of $110.6 million ($2.74 per share) and $129.1 million ($3.21 per share), respectively, compared with $16.0 million ($0.42 per share) and $37.7 million ($1.01 per share), respectively, for the three and six months ended June 30, 2019. Included in the net losses for the three and six months ended June 30, 2020 were impairment charges related to assets held for sale, affiliate credit losses, affiliate guaranteed obligation, and general and administrative severance expenses totaling $111.5 million and $121.8 million, respectively. Excluding these costs, we would have reported net income for the three months ended June 30, 2020 of $0.9 million ($0.02 per common share) and a net loss for the six months ended June 30, 2020 of $7.3 million ($0.18 per common share). Included in the net losses for the three and six months ended June 30, 2019 were general and administrative expenses for severance and similar expenses related to integrating Tidewater and GulfMark operations of $0.5 million and $4.2 million, respectively. Excluding these costs, net losses for the three and six months ended June 30, 2019 were $15.5 million (or $0.41 per common share) and $33.5 million (or $0.90 per common share), respectively.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “We are pleased that our performance for the quarter was consistent with the revised 2020 outlook we discussed on our last earnings call. The environment remains very challenging but I remain confident that our dedicated team of mariners and shore base employees will continue to perform exceptionally under the circumstances.
“Although investors are aware of the economic difficulties the industry is facing, it is important to highlight an ongoing humanitarian crisis that the entire shipping industry is experiencing. The near complete shutdown of international air travel and of seemingly non-essential governmental services globally, such as visa processing, has resulted in over a quarter million seafarers stranded on all types of vessels around the globe, including Tidewater vessels. We are doing everything in our power to remedy the situation for our seafarers, but the problem demands global governmental coordination. The situation is an inadvertent consequence of policies meant to reduce the spread of COVID-19 by restricting international travel, but it has resulted in the inability to move crews around the world to relieve and to return home crews onboard vessels today. Tidewater has always been dedicated to getting our employees home safe. They remain safe, but we need to get them home.
“Our efforts in the second quarter to quickly realign the business to adjust to the steep decline in offshore activity were successful, but there is more work to do. Consistent with the plan we outlined on the last earnings call, we scaled back our drydock investment, we maintained our focus on the disposal of non-core vessels, we improved cash operating margins, and we continued to reduce the annualized run rate of quarterly general and administrative expense. The third quarter will present additional challenges as we begin to manage the process of putting into layup those vessels that are coming off hire, de-crewing those vessels, and rationalizing our shore base footprint.
“In light of the recent decline in industry activity, we reassessed the value of our vessels globally, and separately our joint ventures in Africa where the impact has been particularly severe. As a result of this assessment, we had non-cash impairments and other charges of $111.5 million during the second quarter.
“There are many heroic stories of individuals rising to the challenge of the current situation, and the mariners and shore base staff at Tidewater are among them. I remain humbled by the resilience, tenacity and steadfast focus of our employees and I thank them for their dedication to seeing Tidewater though these challenging times.”
In addition to the number of outstanding shares, as of June 30, 2020, the company also has the following in the money warrants.
Common shares outstanding |
|
40,335,963 |
New Creditor Warrants (strike price $0.001 per common share) |
|
817,742 |
GulfMark Creditor Warrants (strike price $0.01 per common share) |
|
952,154 |
Total |
|
42,105,859 |
Tidewater will hold a conference call to discuss results for the three and six months ended June 30, 2020 on Friday, July 31, 2020 at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1-888-771-4371 if calling from the U.S. or Canada (+1-847-585-4405 if calling from outside the U.S.) and asking for the “Tidewater” call just prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com
A replay of the conference call will be available beginning at 10:30 a.m. Central Time on July 31, 2020 and will continue until 11:59 p.m. Central Time on August 31, 2020. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com
The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involves numerous risks and uncertainties that may cause the company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.
Tidewater owns and operates the largest fleet of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.
Note: all per-share amounts are stated on a diluted basis.
Financial information is displayed beginning on the next page.
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) |
||||||||||||||||
|
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|
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|
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Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
100,975 |
|
|
$ |
123,641 |
|
|
$ |
212,949 |
|
|
$ |
243,303 |
|
Other operating revenues |
|
|
1,369 |
|
|
|
2,218 |
|
|
|
5,763 |
|
|
|
4,705 |
|
Total revenues |
|
|
102,344 |
|
|
|
125,859 |
|
|
|
218,712 |
|
|
|
248,008 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs |
|
|
64,774 |
|
|
|
80,439 |
|
|
|
143,599 |
|
|
|
162,642 |
|
Costs of other operating revenue |
|
|
171 |
|
|
|
586 |
|
|
|
2,844 |
|
|
|
1,350 |
|
General and administrative |
|
|
17,597 |
|
|
|
23,696 |
|
|
|
39,017 |
|
|
|
50,836 |
|
Depreciation and amortization |
|
|
28,144 |
|
|
|
25,038 |
|
|
|
55,251 |
|
|
|
47,970 |
|
Long-lived asset impairments |
|
|
55,482 |
|
|
|
— |
|
|
|
65,689 |
|
|
|
— |
|
Affiliate credit loss impairment expense |
|
|
53,581 |
|
|
|
— |
|
|
|
53,581 |
|
|
|
|
|
Affiliate guarantee obligation |
|
|
2,000 |
|
|
|
— |
|
|
|
2,000 |
|
|
|
— |
|
(Gain) loss on asset dispositions, net |
|
|
(1,660 |
) |
|
|
494 |
|
|
|
(6,991 |
) |
|
|
(776 |
) |
|
|
|
220,089 |
|
|
|
130,253 |
|
|
|
354,990 |
|
|
|
262,022 |
|
Operating loss |
|
|
(117,745 |
) |
|
|
(4,394 |
) |
|
|
(136,278 |
) |
|
|
(14,014 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
(2,076 |
) |
|
|
11 |
|
|
|
(1,212 |
) |
|
|
(497 |
) |
Equity in net losses of unconsolidated companies |
|
|
— |
|
|
|
95 |
|
|
|
— |
|
|
|
33 |
|
Dividend income from unconsolidated company |
|
|
17,150 |
|
|
|
— |
|
|
|
17,150 |
|
|
|
— |
|
Interest income and other, net |
|
|
696 |
|
|
|
1,859 |
|
|
|
812 |
|
|
|
4,329 |
|
Interest and other debt costs, net |
|
|
(5,959 |
) |
|
|
(7,582 |
) |
|
|
(12,101 |
) |
|
|
(15,318 |
) |
|
|
|
9,811 |
|
|
|
(5,617 |
) |
|
|
4,649 |
|
|
|
(11,453 |
) |
Loss before income taxes |
|
|
(107,934 |
) |
|
|
(10,011 |
) |
|
|
(131,629 |
) |
|
|
(25,467 |
) |
Income tax (benefit) expense |
|
|
2,730 |
|
|
|
5,542 |
|
|
|
(2,441 |
) |
|
|
11,372 |
|
Net loss |
|
$ |
(110,664 |
) |
|
$ |
(15,553 |
) |
|
$ |
(129,188 |
) |
|
$ |
(36,839 |
) |
Net income (loss) attributable to noncontrolling interests |
|
|
(41 |
) |
|
|
406 |
|
|
|
(120 |
) |
|
|
851 |
|
Net loss attributable to Tidewater Inc. |
|
$ |
(110,623 |
) |
|
$ |
(15,959 |
) |
|
$ |
(129,068 |
) |
|
$ |
(37,690 |
) |
Basic loss per common share |
|
$ |
(2.74 |
) |
|
$ |
(0.42 |
) |
|
$ |
(3.21 |
) |
|
$ |
(1.01 |
) |
Diluted loss per common share |
|
$ |
(2.74 |
) |
|
$ |
(0.42 |
) |
|
$ |
(3.21 |
) |
|
$ |
(1.01 |
) |
Weighted average common shares outstanding |
|
|
40,306 |
|
|
|
37,571 |
|
|
|
40,203 |
|
|
|
37,369 |
|
Adjusted weighted average common shares |
|
|
40,306 |
|
|
|
37,571 |
|
|
|
40,203 |
|
|
|
37,369 |
|
TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and par value data) |
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|
|
June 30, |
|
|
|
December 31, |
|
||
ASSETS |
|
2020 |
|
|
|
2019 |
|
||
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
203,119 |
|
|
|
$ |
218,290 |
|
Restricted cash |
|
|
19,880 |
|
|
|
|
5,755 |
|
Trade and other receivables, less allowance for credit losses of $556 as of June 30, 2020 and less allowance for doubtful accounts of $70 as of December 31, 2019. |
|
|
115,008 |
|
|
|
|
110,180 |
|
Due from affiliate, less allowance for credit losses of $71,959 as of June 30, 2020 and less due from affiliate allowance of $20,083 as of December 31, 2019 |
|
|
65,766 |
|
|
|
|
125,972 |
|
Marine operating supplies |
|
|
20,580 |
|
|
|
|
21,856 |
|
Assets held for sale |
|
|
29,064 |
|
|
|
|
39,287 |
|
Prepaid expenses and other current assets |
|
|
20,350 |
|
|
|
|
15,956 |
|
Total current assets |
|
|
473,767 |
|
|
|
|
537,296 |
|
Net properties and equipment |
|
|
839,912 |
|
|
|
|
938,961 |
|
Deferred drydocking and survey costs |
|
|
74,585 |
|
|
|
|
66,936 |
|
Other assets |
|
|
27,411 |
|
|
|
|
36,335 |
|
Total assets |
|
$ |
1,415,675 |
|
|
|
$ |
1,579,528 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
17,111 |
|
|
|
$ |
27,501 |
|
Accrued costs and expenses |
|
|
60,993 |
|
|
|
|
74,000 |
|
Due to affiliates |
|
|
48,803 |
|
|
|
|
50,186 |
|
Current portion of long-term debt |
|
|
9,437 |
|
|
|
|
9,890 |
|
Other current liabilities |
|
|
25,815 |
|
|
|
|
24,100 |
|
Total current liabilities |
|
|
162,159 |
|
|
|
|
185,677 |
|
Long-term debt |
|
|
273,215 |
|
|
|
|
279,044 |
|
Other liabilities and deferred credits |
|
|
90,301 |
|
|
|
|
98,397 |
|
|
|
|
|
|
|
|
|
|
|
Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
40 |
|
|
|
|
40 |
|
Additional paid-in-capital |
|
|
1,369,645 |
|
|
|
|
1,367,521 |
|
Accumulated deficit |
|
|
(481,757 |
) |
|
|
|
(352,526 |
) |
Accumulated other comprehensive income (loss) |
|
|
581 |
|
|
|
|
(236 |
) |
Total stockholder's equity |
|
|
888,509 |
|
|
|
|
1,014,799 |
|
Noncontrolling interests |
|
|
1,491 |
|
|
|
|
1,611 |
|
Total equity |
|
|
890,000 |
|
|
|
|
1,016,410 |
|
Total liabilities and equity |
|
$ |
1,415,675 |
|
|
|
$ |
1,579,528 |
|
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
||||
Net loss |
|
$ |
(110,664 |
) |
|
$ |
(15,553 |
) |
|
$ |
(129,188 |
) |
|
$ |
(36,839 |
) |
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in pension plan and supplemental pension plan liability, net of tax of $0.2 million and $0.2 million, respectively |
|
|
448 |
|
|
|
— |
|
|
|
817 |
|
|
|
— |
|
Total comprehensive loss |
|
$ |
(110,216 |
) |
|
$ |
(15,553 |
) |
|
$ |
(128,371 |
) |
|
$ |
(36,839 |
) |
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
||||||||
|
|
Six Months |
|
|
Six Months |
|
||
|
|
Ended |
|
|
Ended |
|
||
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
||
Operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(129,188 |
) |
|
$ |
(36,839 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
34,271 |
|
|
|
38,582 |
|
Amortization of deferred drydocking and survey costs |
|
|
20,980 |
|
|
|
9,388 |
|
Amortization of debt premiums and discounts |
|
|
1,357 |
|
|
|
(1,019 |
) |
Provision (benefit) for deferred income taxes |
|
|
206 |
|
|
|
6 |
|
Gain on asset dispositions, net |
|
|
(6,991 |
) |
|
|
(776 |
) |
Affiliate credit loss impairment expense |
|
|
53,581 |
|
|
|
— |
|
Affiliate guarantee obligation |
|
|
2,000 |
|
|
|
— |
|
Long-lived asset impairments |
|
|
65,689 |
|
|
|
— |
|
Changes in investments in unconsolidated companies |
|
|
— |
|
|
|
381 |
|
Compensation expense - stock based |
|
|
2,736 |
|
|
|
9,215 |
|
Changes in operating assets and liabilities, net: |
|
|
|
|
|
|
|
|
Trade and other receivables |
|
|
(4,991 |
) |
|
|
(10,921 |
) |
Changes in due to/from affiliate, net |
|
|
3,242 |
|
|
|
15,080 |
|
Accounts payable |
|
|
(10,390 |
) |
|
|
(7,769 |
) |
Accrued costs and expenses |
|
|
(13,007 |
) |
|
|
(4,977 |
) |
Cash paid for deferred drydocking and survey costs |
|
|
(28,964 |
) |
|
|
(28,688 |
) |
Other, net |
|
|
(3,354 |
) |
|
|
(2,386 |
) |
Net cash used in operating activities |
|
|
(12,823 |
) |
|
|
(20,723 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Proceeds from sales of assets |
|
|
20,906 |
|
|
|
20,566 |
|
Additions to property and equipment |
|
|
(4,075 |
) |
|
|
(8,873 |
) |
Net cash provided by investing activities |
|
|
16,831 |
|
|
|
11,693 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Principal payments on long-term debt |
|
|
(4,742 |
) |
|
|
(3,792 |
) |
Taxes on share-based awards |
|
|
(612 |
) |
|
|
(1,760 |
) |
Other |
|
|
— |
|
|
|
1 |
|
Net cash used in financing activities |
|
|
(5,354 |
) |
|
|
(5,551 |
) |
Net change in cash, cash equivalents and restricted cash |
|
|
(1,346 |
) |
|
|
(14,581 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
227,608 |
|
|
|
397,744 |
|
Cash, cash equivalents and restricted cash at end of period (A) |
|
$ |
226,262 |
|
|
$ |
383,163 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|
Interest, net of amounts capitalized |
|
$ |
10,734 |
|
|
$ |
16,293 |
|
Income taxes |
|
$ |
6,461 |
|
|
$ |
7,754 |
|
Note (A) Cash, cash equivalents and restricted cash at June 30, 2020 includes $3.3 million in long-term restricted cash. | ||||||||
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In thousands) |
||||||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||||||
|
|
Common
|
|
|
Additional paid-in capital |
|
|
Accumulated
|
|
|
Accumulated
comprehensive income (loss) |
|
|
Non controlling interest |
|
|
Total |
|
||||||
Balance at March 31, 2020 |
|
$ |
40 |
|
|
|
1,368,325 |
|
|
|
(371,134 |
) |
|
|
133 |
|
|
|
1,532 |
|
|
|
998,896 |
|
Total comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
(110,623 |
) |
|
|
448 |
|
|
|
(41 |
) |
|
|
(110,216 |
) |
Amortization, net of taxes, on share-based awards |
|
|
— |
|
|
|
1,320 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,320 |
|
Balance at June 30, 2020 |
|
$ |
40 |
|
|
|
1,369,645 |
|
|
|
(481,757 |
) |
|
|
581 |
|
|
|
1,491 |
|
|
|
890,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2019 |
|
$ |
37 |
|
|
|
1,356,436 |
|
|
|
(232,514 |
) |
|
|
2,194 |
|
|
|
1,532 |
|
|
|
1,127,685 |
|
Total comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
(15,959 |
) |
|
|
— |
|
|
|
406 |
|
|
|
(15,553 |
) |
Issuance of common stock from exercise of warrants |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Amortization/cancellation of restricted stock units |
|
|
— |
|
|
|
3,406 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,406 |
|
Balance at June 30, 2019 |
|
$ |
38 |
|
|
|
1,359,842 |
|
|
|
(248,473 |
) |
|
|
2,194 |
|
|
|
1,938 |
|
|
|
1,115,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
||||||||||||||||||||||
|
|
Common stock |
|
|
Additional paid-in capital |
|
|
Accumulated
|
|
|
Accumulated other comprehensive income (loss) |
|
|
Non controlling interest |
|
|
Total |
|
||||||
Balance at December 31, 2019 |
|
$ |
40 |
|
|
|
1,367,521 |
|
|
|
(352,526 |
) |
|
|
(236 |
) |
|
|
1,611 |
|
|
|
1,016,410 |
|
Total comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
(129,068 |
) |
|
|
817 |
|
|
|
(120 |
) |
|
|
(128,371 |
) |
Adoption of credit loss accounting standard |
|
|
— |
|
|
|
— |
|
|
|
(163 |
) |
|
|
— |
|
|
|
— |
|
|
|
(163 |
) |
Amortization, net of taxes, on share-based awards |
|
|
— |
|
|
|
2,124 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,124 |
|
Balance at June 30, 2020 |
|
$ |
40 |
|
|
|
1,369,645 |
|
|
|
(481,757 |
) |
|
|
581 |
|
|
|
1,491 |
|
|
|
890,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2018 |
|
$ |
37 |
|
|
|
1,352,388 |
|
|
|
(210,783 |
) |
|
|
2,194 |
|
|
|
1,087 |
|
|
|
1,144,923 |
|
Total comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
(37,690 |
) |
|
|
— |
|
|
|
851 |
|
|
|
(36,839 |
) |
Issuance of common stock from exercise of warrants |
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
Amortization/cancellation of restricted stock units |
|
|
— |
|
|
|
7,453 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,453 |
|
Balance at June 30, 2019 |
|
$ |
38 |
|
|
|
1,359,842 |
|
|
|
(248,473 |
) |
|
|
2,194 |
|
|
|
1,938 |
|
|
|
1,115,539 |
|
The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows: |
||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||||||||||||||||||
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
||||||||||||||||||||
(In thousands) |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
% |
|
|||
Vessel revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
34,044 |
|
|
|
34 |
% |
|
$ |
35,199 |
|
|
|
28 |
% |
|
$ |
65,903 |
|
|
|
31 |
% |
|
$ |
70,477 |
|
|
|
29 |
% |
Middle East/Asia Pacific |
|
|
23,983 |
|
|
|
24 |
% |
|
|
20,449 |
|
|
|
17 |
% |
|
|
48,811 |
|
|
|
23 |
% |
|
|
40,905 |
|
|
|
17 |
% |
Europe/Mediterranean |
|
|
20,620 |
|
|
|
20 |
% |
|
|
35,027 |
|
|
|
28 |
% |
|
|
50,111 |
|
|
|
24 |
% |
|
|
63,585 |
|
|
|
26 |
% |
West Africa |
|
|
22,328 |
|
|
|
22 |
% |
|
|
32,966 |
|
|
|
27 |
% |
|
|
48,124 |
|
|
|
23 |
% |
|
|
68,336 |
|
|
|
28 |
% |
Total vessel revenues |
|
$ |
100,975 |
|
|
|
100 |
% |
|
$ |
123,641 |
|
|
|
100 |
% |
|
$ |
212,949 |
|
|
|
100 |
% |
|
$ |
243,303 |
|
|
|
100 |
% |
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
$ |
38,691 |
|
|
|
38 |
% |
|
$ |
47,191 |
|
|
|
38 |
% |
|
$ |
83,178 |
|
|
|
39 |
% |
|
$ |
95,335 |
|
|
|
39 |
% |
Repair and maintenance |
|
|
6,656 |
|
|
|
7 |
% |
|
|
10,911 |
|
|
|
9 |
% |
|
|
17,254 |
|
|
|
8 |
% |
|
|
20,612 |
|
|
|
9 |
% |
Insurance |
|
|
2,010 |
|
|
|
2 |
% |
|
|
750 |
|
|
|
1 |
% |
|
|
3,795 |
|
|
|
2 |
% |
|
|
2,928 |
|
|
|
1 |
% |
Fuel, lube and supplies |
|
|
6,383 |
|
|
|
6 |
% |
|
|
8,451 |
|
|
|
7 |
% |
|
|
16,135 |
|
|
|
8 |
% |
|
|
17,797 |
|
|
|
7 |
% |
Other |
|
|
11,034 |
|
|
|
11 |
% |
|
|
13,136 |
|
|
|
10 |
% |
|
|
23,237 |
|
|
|
11 |
% |
|
|
25,970 |
|
|
|
11 |
% |
Total vessel operating costs |
|
|
64,774 |
|
|
|
64 |
% |
|
|
80,439 |
|
|
|
65 |
% |
|
|
143,599 |
|
|
|
67 |
% |
|
|
162,642 |
|
|
|
67 |
% |
Vessel operating margin (A) |
|
$ |
36,201 |
|
|
|
36 |
% |
|
$ |
43,202 |
|
|
|
35 |
% |
|
$ |
69,350 |
|
|
|
33 |
% |
|
$ |
80,661 |
|
|
|
33 |
% |
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 |
|
|
Six Months Ended |
|
||||||||||||||||||||||||||
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
||||||||||||||||||||
(In thousands) |
|
|
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
|
|
|
% |
|
||||
Vessel operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
4,505 |
|
|
|
4 |
% |
|
$ |
2,900 |
|
|
|
2 |
% |
|
$ |
3,341 |
|
|
|
2 |
% |
|
$ |
1,870 |
|
|
|
1 |
% |
Middle East/Asia Pacific |
|
|
599 |
|
|
|
1 |
% |
|
|
(2,127 |
) |
|
|
(1 |
%) |
|
|
(257 |
) |
|
|
0 |
% |
|
|
(3,289 |
) |
|
|
(1 |
%) |
Europe/Mediterranean |
|
|
(1,750 |
) |
|
|
(2 |
%) |
|
|
2,824 |
|
|
|
2 |
% |
|
|
(203 |
) |
|
|
0 |
% |
|
|
(493 |
) |
|
|
0 |
% |
West Africa |
|
|
(3,984 |
) |
|
|
(4 |
%) |
|
|
3,099 |
|
|
|
3 |
% |
|
|
(8,847 |
) |
|
|
(4 |
%) |
|
|
11,214 |
|
|
|
5 |
% |
Other operating profit |
|
|
1,198 |
|
|
|
1 |
% |
|
|
1,625 |
|
|
|
1 |
% |
|
|
2,919 |
|
|
|
1 |
% |
|
|
3,330 |
|
|
|
1 |
% |
|
|
|
568 |
|
|
|
1 |
% |
|
|
8,321 |
|
|
|
7 |
% |
|
|
(3,047 |
) |
|
|
(1 |
%) |
|
|
12,632 |
|
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses (A) |
|
|
(8,910 |
) |
|
|
(9 |
%) |
|
|
(12,221 |
) |
|
|
(10 |
%) |
|
|
(18,952 |
) |
|
|
(9 |
%) |
|
|
(27,422 |
) |
|
|
(11 |
%) |
Gain (loss) on asset dispositions, net |
|
|
1,660 |
|
|
|
2 |
% |
|
|
(494 |
) |
|
|
0 |
% |
|
|
6,991 |
|
|
|
3 |
% |
|
|
776 |
|
|
|
0 |
% |
Affiliate credit loss impairment expense |
|
|
(53,581 |
) |
|
|
(52 |
%) |
|
|
— |
|
|
|
0 |
% |
|
|
(53,581 |
) |
|
|
(24 |
%) |
|
|
— |
|
|
|
0 |
% |
Affiliate guarantee obligation |
|
|
(2,000 |
) |
|
|
(2 |
%) |
|
|
— |
|
|
|
0 |
% |
|
|
(2,000 |
) |
|
|
(1 |
%) |
|
|
— |
|
|
|
0 |
% |
Long-lived asset impairments |
|
|
(55,482 |
) |
|
|
(54 |
%) |
|
|
— |
|
|
|
0 |
% |
|
|
(65,689 |
) |
|
|
(30 |
%) |
|
|
— |
|
|
|
0 |
% |
Operating loss |
|
$ |
(117,745 |
) |
|
|
(115 |
%) |
|
$ |
(4,394 |
) |
|
|
(3 |
%) |
|
$ |
(136,278 |
) |
|
|
(62 |
%) |
|
$ |
(14,014 |
) |
|
|
(6 |
%) |
Note (A) General and administrative expenses for the three and six months ended June 30, 2020 include stock-based compensation of $1.4 million and $2.7 million, respectively. General and administrative expenses for the three and six months ended June 30, 2019 includes stock-based compensation of $3.6 million and $9.2 million, respectively. In addition, general and administrative costs for the three months and six ended June 30, 2020 include $0.4 million and $0.6 million, respectively, of severance and similar costs related to integrating Tidewater and GulfMark operations. General and administrative expenses for the three and six months ended June 30, 2019 include $0.5 million and $4.2 million, respectively, of severance and other 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 |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
100,975 |
|
|
$ |
111,974 |
|
|
$ |
116,539 |
|
|
$ |
117,173 |
|
|
$ |
123,641 |
|
Other operating revenues |
|
|
1,369 |
|
|
|
4,394 |
|
|
|
2,237 |
|
|
|
2,592 |
|
|
|
2,218 |
|
Total revenues |
|
|
102,344 |
|
|
|
116,368 |
|
|
|
118,776 |
|
|
|
119,765 |
|
|
|
125,859 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs |
|
|
64,774 |
|
|
|
78,825 |
|
|
|
85,935 |
|
|
|
80,619 |
|
|
|
80,439 |
|
Costs of other operating revenue |
|
|
171 |
|
|
|
2,673 |
|
|
|
916 |
|
|
|
534 |
|
|
|
586 |
|
General and administrative (A) |
|
|
17,597 |
|
|
|
21,420 |
|
|
|
22,406 |
|
|
|
30,474 |
|
|
|
23,696 |
|
Depreciation and amortization |
|
|
28,144 |
|
|
|
27,107 |
|
|
|
28,226 |
|
|
|
25,735 |
|
|
|
25,038 |
|
(Gain) loss on asset dispositions, net |
|
|
(1,660 |
) |
|
|
(5,331 |
) |
|
|
(1,217 |
) |
|
|
(270 |
) |
|
|
494 |
|
Affiliate credit loss impairment expense |
|
|
53,581 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Affiliate guarantee obligation |
|
|
2,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Asset impairments and other |
|
|
55,482 |
|
|
|
10,207 |
|
|
|
32,549 |
|
|
|
5,224 |
|
|
|
— |
|
Total operating costs and expenses |
|
|
220,089 |
|
|
|
134,901 |
|
|
|
168,815 |
|
|
|
142,316 |
|
|
|
130,253 |
|
Operating loss |
|
|
(117,745 |
) |
|
|
(18,533 |
) |
|
|
(50,039 |
) |
|
|
(22,551 |
) |
|
|
(4,394 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
(2,076 |
) |
|
|
864 |
|
|
|
(945 |
) |
|
|
173 |
|
|
|
11 |
|
Equity in net (losses) earnings of unconsolidated companies |
|
|
— |
|
|
|
— |
|
|
|
(2,717 |
) |
|
|
(468 |
) |
|
|
95 |
|
Dividend income from unconsolidated company |
|
|
17,150 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest income and other, net |
|
|
696 |
|
|
|
116 |
|
|
|
690 |
|
|
|
1,579 |
|
|
|
1,859 |
|
Interest and other debt costs, net |
|
|
(5,959 |
) |
|
|
(6,142 |
) |
|
|
(6,282 |
) |
|
|
(7,468 |
) |
|
|
(7,582 |
) |
Total other expense |
|
|
9,811 |
|
|
|
(5,162 |
) |
|
|
(9,254 |
) |
|
|
(6,184 |
) |
|
|
(5,617 |
) |
Loss before income taxes |
|
|
(107,934 |
) |
|
|
(23,695 |
) |
|
|
(59,293 |
) |
|
|
(28,735 |
) |
|
|
(10,011 |
) |
Income tax (benefit) expense |
|
|
2,730 |
|
|
|
(5,171 |
) |
|
|
1,281 |
|
|
|
15,071 |
|
|
|
5,542 |
|
Net loss |
|
$ |
(110,664 |
) |
|
$ |
(18,524 |
) |
|
$ |
(60,574 |
) |
|
$ |
(43,806 |
) |
|
$ |
(15,553 |
) |
Net income (loss) attributable to noncontrolling interests |
|
|
(41 |
) |
|
|
(79 |
) |
|
|
(721 |
) |
|
|
394 |
|
|
|
406 |
|
Net loss attributable to Tidewater Inc. |
|
$ |
(110,623 |
) |
|
$ |
(18,445 |
) |
|
$ |
(59,853 |
) |
|
$ |
(44,200 |
) |
|
$ |
(15,959 |
) |
Basic loss per common share |
|
$ |
(2.74 |
) |
|
$ |
(0.46 |
) |
|
$ |
(1.52 |
) |
|
$ |
(1.15 |
) |
|
$ |
(0.42 |
) |
Diluted loss per common share |
|
$ |
(2.74 |
) |
|
$ |
(0.46 |
) |
|
$ |
(1.52 |
) |
|
$ |
(1.15 |
) |
|
$ |
(0.42 |
) |
Weighted average common shares outstanding |
|
|
40,305,662 |
|
|
|
40,100,744 |
|
|
|
39,504,154 |
|
|
|
38,537,165 |
|
|
|
37,570,629 |
|
Dilutive effect of stock options and restricted stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted weighted average common shares |
|
|
40,305,662 |
|
|
|
40,100,744 |
|
|
|
39,504,154 |
|
|
|
38,537,165 |
|
|
|
37,570,629 |
|
Vessel operating margin |
|
$ |
36,201 |
|
|
$ |
33,149 |
|
|
|
30,604 |
|
|
|
36,554 |
|
|
|
43,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (A) Integration related costs related to the business combination with GulfMark |
|
|
446 |
|
|
|
129 |
|
|
|
2,123 |
|
|
|
6,293 |
|
|
|
460 |
|
Total |
$ |
446 |
|
129 |
2,123 |
6,293 |
460 |
TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) |
||||||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
ASSETS |
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
203,119 |
|
|
|
187,802 |
|
|
|
218,290 |
|
|
|
359,332 |
|
|
|
369,549 |
|
Restricted cash |
|
|
19,880 |
|
|
|
12,461 |
|
|
|
5,755 |
|
|
|
3,300 |
|
|
|
13,614 |
|
Trade and other receivables, net |
|
|
115,008 |
|
|
|
119,455 |
|
|
|
110,180 |
|
|
|
123,133 |
|
|
|
121,155 |
|
Due from affiliate, less allowances |
|
|
65,766 |
|
|
|
128,204 |
|
|
|
125,972 |
|
|
|
124,757 |
|
|
|
121,959 |
|
Marine operating supplies |
|
|
20,580 |
|
|
|
21,944 |
|
|
|
21,856 |
|
|
|
21,303 |
|
|
|
29,141 |
|
Assets held for sale |
|
|
29,064 |
|
|
|
26,142 |
|
|
|
39,287 |
|
|
|
— |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
|
20,350 |
|
|
|
22,185 |
|
|
|
15,956 |
|
|
|
13,116 |
|
|
|
14,460 |
|
Total current assets |
|
|
473,767 |
|
|
|
518,193 |
|
|
|
537,296 |
|
|
|
644,941 |
|
|
|
669,878 |
|
Investments in, at equity, and advances to unconsolidated companies |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
658 |
|
Net properties and equipment |
|
|
839,912 |
|
|
|
922,979 |
|
|
|
938,961 |
|
|
|
1,022,786 |
|
|
|
1,041,054 |
|
Deferred drydocking and survey costs |
|
|
74,585 |
|
|
|
81,981 |
|
|
|
66,936 |
|
|
|
49,025 |
|
|
|
41,029 |
|
Other assets |
|
|
27,411 |
|
|
|
29,971 |
|
|
|
36,335 |
|
|
|
37,269 |
|
|
|
39,651 |
|
Total assets |
|
$ |
1,415,675 |
|
|
|
1,553,124 |
|
|
|
1,579,528 |
|
|
|
1,754,021 |
|
|
|
1,792,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
17,111 |
|
|
|
30,711 |
|
|
|
27,501 |
|
|
|
23,672 |
|
|
|
24,170 |
|
Accrued costs and expenses |
|
|
60,993 |
|
|
|
72,854 |
|
|
|
74,000 |
|
|
|
54,792 |
|
|
|
56,675 |
|
Due to affiliates |
|
|
48,803 |
|
|
|
50,013 |
|
|
|
50,186 |
|
|
|
41,676 |
|
|
|
39,060 |
|
Current portion of long-term debt |
|
|
9,437 |
|
|
|
9,104 |
|
|
|
9,890 |
|
|
|
9,689 |
|
|
|
10,002 |
|
Other current liabilities |
|
|
25,815 |
|
|
|
26,953 |
|
|
|
24,100 |
|
|
|
30,024 |
|
|
|
24,442 |
|
Total current liabilities |
|
|
162,159 |
|
|
|
189,635 |
|
|
|
185,677 |
|
|
|
159,853 |
|
|
|
154,349 |
|
Long-term debt |
|
|
273,215 |
|
|
|
273,015 |
|
|
|
279,044 |
|
|
|
419,905 |
|
|
|
424,911 |
|
Other liabilities and deferred credits |
|
|
90,301 |
|
|
|
91,578 |
|
|
|
98,397 |
|
|
|
96,499 |
|
|
|
97,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
40 |
|
|
|
40 |
|
|
|
40 |
|
|
|
39 |
|
|
|
38 |
|
Additional paid-in-capital |
|
|
1,369,645 |
|
|
|
1,368,325 |
|
|
|
1,367,521 |
|
|
|
1,365,872 |
|
|
|
1,359,842 |
|
Accumulated deficit |
|
|
(481,757 |
) |
|
|
(371,134 |
) |
|
|
(352,526 |
) |
|
|
(292,673 |
) |
|
|
(248,473 |
) |
Accumulated other comprehensive income (loss) |
|
|
581 |
|
|
|
133 |
|
|
|
(236 |
) |
|
|
2,194 |
|
|
|
2,194 |
|
Total stockholder's equity |
|
|
888,509 |
|
|
|
997,364 |
|
|
|
1,014,799 |
|
|
|
1,075,432 |
|
|
|
1,113,601 |
|
Noncontrolling interests |
|
|
1,491 |
|
|
|
1,532 |
|
|
|
1,611 |
|
|
|
2,332 |
|
|
|
1,938 |
|
Total equity |
|
|
890,000 |
|
|
|
998,896 |
|
|
|
1,016,410 |
|
|
|
1,077,764 |
|
|
|
1,115,539 |
|
Total liabilities and equity |
|
$ |
1,415,675 |
|
|
|
1,553,124 |
|
|
|
1,579,528 |
|
|
|
1,754,021 |
|
|
|
1,792,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due from related parties, net of due to related parties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonatide (Angola) |
|
$ |
16,963 |
|
|
|
64,184 |
|
|
|
57,771 |
|
|
|
64,660 |
|
|
|
66,690 |
|
DTDW (Nigeria) |
|
|
— |
|
|
|
14,007 |
|
|
|
18,015 |
|
|
|
18,421 |
|
|
|
16,209 |
|
Total |
$ |
16,963 |
78,191 |
75,786 |
83,081 |
82,899 |
|
|||||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
VESSEL REVENUE BY VESSEL CLASS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
$ |
27,858 |
|
|
|
22,882 |
|
|
|
22,883 |
|
|
|
24,575 |
|
|
|
26,991 |
|
Towing-supply |
|
|
4,455 |
|
|
|
7,243 |
|
|
|
8,639 |
|
|
|
7,831 |
|
|
|
7,448 |
|
Other |
|
|
1,731 |
|
|
|
1,734 |
|
|
|
1,811 |
|
|
|
741 |
|
|
|
760 |
|
Total |
|
$ |
34,044 |
|
|
|
31,859 |
|
|
|
33,333 |
|
|
|
33,147 |
|
|
|
35,199 |
|
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
$ |
14,195 |
|
|
|
14,326 |
|
|
|
16,015 |
|
|
|
14,960 |
|
|
|
12,130 |
|
Towing-supply |
|
|
9,788 |
|
|
|
10,502 |
|
|
|
10,636 |
|
|
|
7,805 |
|
|
|
8,319 |
|
Total |
|
$ |
23,983 |
|
|
|
24,828 |
|
|
|
26,651 |
|
|
|
22,765 |
|
|
|
20,449 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
$ |
20,476 |
|
|
|
29,163 |
|
|
|
28,652 |
|
|
|
30,608 |
|
|
|
34,104 |
|
Towing-supply |
|
|
— |
|
|
|
179 |
|
|
|
528 |
|
|
|
338 |
|
|
|
923 |
|
Other |
|
|
144 |
|
|
|
149 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
20,620 |
|
|
|
29,491 |
|
|
|
29,180 |
|
|
|
30,946 |
|
|
|
35,027 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
$ |
8,748 |
|
|
|
12,102 |
|
|
|
14,066 |
|
|
|
14,923 |
|
|
|
14,977 |
|
Towing-supply |
|
|
11,029 |
|
|
|
10,521 |
|
|
|
9,981 |
|
|
|
11,598 |
|
|
|
14,015 |
|
Other |
|
|
2,552 |
|
|
|
3,173 |
|
|
|
3,328 |
|
|
|
3,794 |
|
|
|
3,974 |
|
Total |
|
$ |
22,329 |
|
|
|
25,796 |
|
|
|
27,375 |
|
|
|
30,315 |
|
|
|
32,966 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
$ |
71,277 |
|
|
|
78,473 |
|
|
|
81,616 |
|
|
|
85,066 |
|
|
|
88,202 |
|
Towing-supply |
|
|
25,271 |
|
|
|
28,445 |
|
|
|
29,784 |
|
|
|
27,572 |
|
|
|
30,705 |
|
Other |
|
|
4,427 |
|
|
|
5,056 |
|
|
|
5,139 |
|
|
|
4,535 |
|
|
|
4,734 |
|
Total |
|
$ |
100,975 |
|
|
|
111,974 |
|
|
|
116,539 |
|
|
|
117,173 |
|
|
|
123,641 |
|
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
AVERAGE NUMBER OF VESSELS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
32 |
|
|
|
32 |
|
|
|
31 |
|
|
|
32 |
|
|
|
34 |
|
Towing-supply |
|
|
15 |
|
|
|
17 |
|
|
|
17 |
|
|
|
17 |
|
|
|
18 |
|
Other |
|
|
3 |
|
|
|
3 |
|
|
|
4 |
|
|
|
5 |
|
|
|
6 |
|
Total |
|
|
50 |
|
|
|
52 |
|
|
|
52 |
|
|
|
54 |
|
|
|
58 |
|
Stacked vessels |
|
|
(17 |
) |
|
|
(17 |
) |
|
|
(15 |
) |
|
|
(17 |
) |
|
|
(20 |
) |
Active vessels |
|
|
33 |
|
|
|
35 |
|
|
|
37 |
|
|
|
37 |
|
|
|
38 |
|
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
26 |
|
|
|
27 |
|
|
|
27 |
|
|
|
26 |
|
|
|
24 |
|
Towing-supply |
|
|
26 |
|
|
|
28 |
|
|
|
28 |
|
|
|
26 |
|
|
|
26 |
|
Total |
|
|
52 |
|
|
|
55 |
|
|
|
55 |
|
|
|
52 |
|
|
|
50 |
|
Stacked vessels |
|
|
(9 |
) |
|
|
(10 |
) |
|
|
(10 |
) |
|
|
(11 |
) |
|
|
(9 |
) |
Active vessels |
|
|
43 |
|
|
|
45 |
|
|
|
44 |
|
|
|
41 |
|
|
|
41 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
36 |
|
|
|
39 |
|
|
|
42 |
|
|
|
42 |
|
|
|
44 |
|
Towing-supply |
|
|
1 |
|
|
|
2 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
Total |
|
|
37 |
|
|
|
41 |
|
|
|
45 |
|
|
|
45 |
|
|
|
47 |
|
Stacked vessels |
|
|
(17 |
) |
|
|
(11 |
) |
|
|
(15 |
) |
|
|
(13 |
) |
|
|
(13 |
) |
Active vessels |
|
|
20 |
|
|
|
30 |
|
|
|
30 |
|
|
|
32 |
|
|
|
34 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
26 |
|
|
|
26 |
|
|
|
27 |
|
|
|
29 |
|
|
|
30 |
|
Towing-supply |
|
|
18 |
|
|
|
19 |
|
|
|
19 |
|
|
|
20 |
|
|
|
22 |
|
Other |
|
|
19 |
|
|
|
20 |
|
|
|
21 |
|
|
|
21 |
|
|
|
21 |
|
Total |
|
|
63 |
|
|
|
65 |
|
|
|
67 |
|
|
|
70 |
|
|
|
73 |
|
Stacked vessels |
|
|
(21 |
) |
|
|
(21 |
) |
|
|
(22 |
) |
|
|
(22 |
) |
|
|
(23 |
) |
Active vessels |
|
|
42 |
|
|
|
44 |
|
|
|
45 |
|
|
|
48 |
|
|
|
50 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
120 |
|
|
|
124 |
|
|
|
126 |
|
|
|
129 |
|
|
|
132 |
|
Towing-supply |
|
|
60 |
|
|
|
66 |
|
|
|
68 |
|
|
|
66 |
|
|
|
69 |
|
Other |
|
|
22 |
|
|
|
23 |
|
|
|
25 |
|
|
|
26 |
|
|
|
27 |
|
Total |
|
|
202 |
|
|
|
213 |
|
|
|
219 |
|
|
|
221 |
|
|
|
228 |
|
Stacked vessels |
|
|
(64 |
) |
|
|
(60 |
) |
|
|
(62 |
) |
|
|
(63 |
) |
|
|
(65 |
) |
Active vessels |
|
|
138 |
|
|
|
153 |
|
|
|
157 |
|
|
|
158 |
|
|
|
163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total active |
|
|
138 |
|
|
|
153 |
|
|
|
157 |
|
|
|
158 |
|
|
|
163 |
|
Total stacked |
|
|
64 |
|
|
|
60 |
|
|
|
62 |
|
|
|
63 |
|
|
|
65 |
|
Total joint venture and other vessels |
|
|
3 |
|
|
|
3 |
|
|
|
4 |
|
|
|
4 |
|
|
|
4 |
|
Total |
|
|
205 |
|
|
|
216 |
|
|
|
223 |
|
|
|
225 |
|
|
|
232 |
|
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
AVAILABLE DAYS - TOTAL FLEET: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,940 |
|
|
|
2,873 |
|
|
|
2,852 |
|
|
|
2,932 |
|
|
|
3,112 |
|
Towing-supply |
|
|
1,329 |
|
|
|
1,547 |
|
|
|
1,580 |
|
|
|
1,552 |
|
|
|
1,638 |
|
Other |
|
|
273 |
|
|
|
285 |
|
|
|
368 |
|
|
|
460 |
|
|
|
484 |
|
Total |
|
|
4,542 |
|
|
|
4,705 |
|
|
|
4,800 |
|
|
|
4,944 |
|
|
|
5,234 |
|
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,411 |
|
|
|
2,496 |
|
|
|
2,453 |
|
|
|
2,370 |
|
|
|
2,184 |
|
Towing-supply |
|
|
2,342 |
|
|
|
2,512 |
|
|
|
2,576 |
|
|
|
2,392 |
|
|
|
2,369 |
|
Total |
|
|
4,753 |
|
|
|
5,008 |
|
|
|
5,029 |
|
|
|
4,762 |
|
|
|
4,553 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
3,256 |
|
|
|
3,581 |
|
|
|
3,848 |
|
|
|
3,874 |
|
|
|
4,024 |
|
Towing-supply |
|
|
91 |
|
|
|
122 |
|
|
|
276 |
|
|
|
276 |
|
|
|
273 |
|
Total |
|
|
3,347 |
|
|
|
3,703 |
|
|
|
4,124 |
|
|
|
4,150 |
|
|
|
4,297 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,366 |
|
|
|
2,366 |
|
|
|
2,439 |
|
|
|
2,723 |
|
|
|
2,730 |
|
Towing-supply |
|
|
1,654 |
|
|
|
1,729 |
|
|
|
1,779 |
|
|
|
1,840 |
|
|
|
1,974 |
|
Other |
|
|
1,698 |
|
|
|
1,820 |
|
|
|
1,932 |
|
|
|
1,932 |
|
|
|
1,976 |
|
Total |
|
|
5,718 |
|
|
|
5,915 |
|
|
|
6,150 |
|
|
|
6,495 |
|
|
|
6,680 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
10,973 |
|
|
|
11,316 |
|
|
|
11,592 |
|
|
|
11,899 |
|
|
|
12,050 |
|
Towing-supply |
|
|
5,416 |
|
|
|
5,910 |
|
|
|
6,211 |
|
|
|
6,060 |
|
|
|
6,254 |
|
Other |
|
|
1,971 |
|
|
|
2,105 |
|
|
|
2,300 |
|
|
|
2,392 |
|
|
|
2,460 |
|
Total |
|
|
18,360 |
|
|
|
19,331 |
|
|
|
20,103 |
|
|
|
20,351 |
|
|
|
20,764 |
|
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
OUT-OF-SERVICE - STACKED DAYS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
863 |
|
|
|
873 |
|
|
|
656 |
|
|
|
723 |
|
|
|
798 |
|
Towing-supply |
|
|
601 |
|
|
|
593 |
|
|
|
568 |
|
|
|
632 |
|
|
|
728 |
|
Other |
|
|
91 |
|
|
|
103 |
|
|
|
184 |
|
|
|
184 |
|
|
|
241 |
|
Total |
|
|
1,555 |
|
|
|
1,569 |
|
|
|
1,408 |
|
|
|
1,539 |
|
|
|
1,767 |
|
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
500 |
|
|
|
546 |
|
|
|
552 |
|
|
|
552 |
|
|
|
494 |
|
Towing-supply |
|
|
310 |
|
|
|
396 |
|
|
|
399 |
|
|
|
460 |
|
|
|
303 |
|
Total |
|
|
810 |
|
|
|
942 |
|
|
|
951 |
|
|
|
1,012 |
|
|
|
797 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
1,422 |
|
|
|
1,004 |
|
|
|
1,196 |
|
|
|
1,104 |
|
|
|
1,092 |
|
Towing-supply |
|
|
91 |
|
|
|
— |
|
|
|
153 |
|
|
|
92 |
|
|
|
91 |
|
Total |
|
|
1,513 |
|
|
|
1,004 |
|
|
|
1,349 |
|
|
|
1,196 |
|
|
|
1,183 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
919 |
|
|
|
819 |
|
|
|
766 |
|
|
|
768 |
|
|
|
698 |
|
Towing-supply |
|
|
563 |
|
|
|
469 |
|
|
|
583 |
|
|
|
552 |
|
|
|
700 |
|
Other |
|
|
446 |
|
|
|
637 |
|
|
|
643 |
|
|
|
736 |
|
|
|
689 |
|
Total |
|
|
1,928 |
|
|
|
1,925 |
|
|
|
1,992 |
|
|
|
2,056 |
|
|
|
2,087 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
3,704 |
|
|
|
3,242 |
|
|
|
3,170 |
|
|
|
3,147 |
|
|
|
3,082 |
|
Towing-supply |
|
|
1,565 |
|
|
|
1,458 |
|
|
|
1,703 |
|
|
|
1,736 |
|
|
|
1,822 |
|
Other |
|
|
537 |
|
|
|
740 |
|
|
|
827 |
|
|
|
920 |
|
|
|
930 |
|
Total |
|
|
5,806 |
|
|
|
5,440 |
|
|
|
5,700 |
|
|
|
5,803 |
|
|
|
5,834 |
|
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
AVAILABLE DAYS - ACTIVE FLEET: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
2,077 |
|
|
|
2,000 |
|
|
|
2,196 |
|
|
|
2,209 |
|
|
|
2,314 |
|
Towing-supply |
|
|
728 |
|
|
|
954 |
|
|
|
1,012 |
|
|
|
920 |
|
|
|
910 |
|
Other |
|
|
182 |
|
|
|
182 |
|
|
|
184 |
|
|
|
276 |
|
|
|
243 |
|
Total |
|
|
2,987 |
|
|
|
3,136 |
|
|
|
3,392 |
|
|
|
3,405 |
|
|
|
3,467 |
|
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
1,911 |
|
|
|
1,950 |
|
|
|
1,901 |
|
|
|
1,818 |
|
|
|
1,690 |
|
Towing-supply |
|
|
2,032 |
|
|
|
2,116 |
|
|
|
2,177 |
|
|
|
1,932 |
|
|
|
2,066 |
|
Total |
|
|
3,943 |
|
|
|
4,066 |
|
|
|
4,078 |
|
|
|
3,750 |
|
|
|
3,756 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
1,834 |
|
|
|
2,577 |
|
|
|
2,652 |
|
|
|
2,770 |
|
|
|
2,932 |
|
Towing-supply |
|
|
— |
|
|
|
122 |
|
|
|
123 |
|
|
|
184 |
|
|
|
182 |
|
Total |
|
|
1,834 |
|
|
|
2,699 |
|
|
|
2,775 |
|
|
|
2,954 |
|
|
|
3,114 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
1,447 |
|
|
|
1,547 |
|
|
|
1,673 |
|
|
|
1,955 |
|
|
|
2,032 |
|
Towing-supply |
|
|
1,091 |
|
|
|
1,260 |
|
|
|
1,196 |
|
|
|
1,288 |
|
|
|
1,274 |
|
Other |
|
|
1,252 |
|
|
|
1,183 |
|
|
|
1,289 |
|
|
|
1,196 |
|
|
|
1,287 |
|
Total |
|
|
3,790 |
|
|
|
3,990 |
|
|
|
4,158 |
|
|
|
4,439 |
|
|
|
4,593 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
7,269 |
|
|
|
8,074 |
|
|
|
8,422 |
|
|
|
8,752 |
|
|
|
8,968 |
|
Towing-supply |
|
|
3,851 |
|
|
|
4,452 |
|
|
|
4,508 |
|
|
|
4,324 |
|
|
|
4,432 |
|
Other |
|
|
1,434 |
|
|
|
1,365 |
|
|
|
1,473 |
|
|
|
1,472 |
|
|
|
1,530 |
|
Total |
|
|
12,554 |
|
|
|
13,891 |
|
|
|
14,403 |
|
|
|
14,548 |
|
|
|
14,930 |
|
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
UTILIZATION - TOTAL FLEET: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
64.3 |
% |
|
|
57.7 |
% |
|
|
61.7 |
% |
|
|
64.5 |
% |
|
|
65.8 |
% |
Towing-supply |
|
43.5 |
|
|
|
54.9 |
|
|
|
58.6 |
|
|
|
53.1 |
|
|
|
43.5 |
|
|
Other |
|
65.2 |
|
|
|
63.1 |
|
|
|
50.0 |
|
|
|
21.0 |
|
|
|
19.0 |
|
|
Total |
|
|
58.3 |
% |
|
|
57.1 |
% |
|
|
59.8 |
% |
|
|
56.9 |
% |
|
|
54.5 |
% |
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
57.9 |
% |
|
|
56.8 |
% |
|
|
66.7 |
% |
|
|
65.4 |
% |
|
|
62.1 |
% |
Towing-supply |
|
68.2 |
|
|
|
69.2 |
|
|
|
70.0 |
|
|
61.7 |
|
|
61.1 |
|
|||
Total |
|
|
63.0 |
% |
|
|
63.0 |
% |
|
|
68.4 |
% |
|
|
63.6 |
% |
|
|
61.6 |
% |
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
49.9 |
% |
|
|
64.2 |
% |
|
|
60.0 |
% |
|
|
64.0 |
% |
|
|
63.0 |
% |
Towing-supply |
|
|
— |
|
|
|
46.7 |
|
|
31.6 |
|
|
24.5 |
|
|
56.9 |
|
|||
Total |
|
|
48.6 |
% |
|
|
63.6 |
% |
|
|
58.1 |
% |
|
|
61.4 |
% |
|
|
62.7 |
% |
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
31.1 |
% |
|
|
41.5 |
% |
|
|
46.9 |
% |
|
|
50.6 |
% |
|
|
51.7 |
% |
Towing-supply |
|
41.3 |
|
|
|
45.5 |
|
|
|
43.8 |
|
|
|
46.3 |
|
|
|
50.3 |
|
|
Other |
|
39.2 |
|
|
|
51.5 |
|
|
|
56.6 |
|
|
|
55.6 |
|
|
|
55.1 |
|
|
Total |
|
|
36.5 |
% |
|
|
45.7 |
% |
|
|
49.1 |
% |
|
|
50.9 |
% |
|
|
52.3 |
% |
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
51.5 |
% |
|
|
56.2 |
% |
|
|
59.1 |
% |
|
|
61.4 |
% |
|
|
61.0 |
% |
Towing-supply |
|
52.8 |
|
|
|
58.0 |
|
|
|
57.9 |
|
|
|
53.1 |
|
|
|
52.9 |
|
|
Other |
|
42.8 |
|
|
|
53.1 |
|
|
|
55.6 |
|
|
|
49.0 |
|
|
|
48.0 |
|
|
Total |
|
|
50.9 |
% |
|
|
56.4 |
% |
|
|
58.3 |
% |
|
|
57.5 |
% |
|
|
57.0 |
% |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
UTILIZATION - ACTIVE FLEET: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
91.0 |
% |
|
|
72.8 |
% |
|
|
80.1 |
% |
|
|
85.7 |
% |
|
|
88.4 |
% |
Towing-supply |
|
79.4 |
|
|
|
89.0 |
|
|
|
91.4 |
|
|
|
89.6 |
|
|
|
78.4 |
|
|
Other |
|
97.8 |
|
|
|
98.8 |
|
|
|
100.0 |
|
|
|
35.0 |
|
|
|
37.9 |
|
|
Total |
|
|
88.6 |
% |
|
|
85.7 |
% |
|
|
84.6 |
% |
|
|
82.6 |
% |
|
|
82.3 |
% |
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
73.1 |
% |
|
|
72.8 |
% |
|
|
86.1 |
% |
|
|
85.3 |
% |
|
|
80.3 |
% |
Towing-supply |
|
78.6 |
|
|
|
82.2 |
|
|
|
82.9 |
|
|
76.4 |
|
|
70.1 |
|
|||
Total |
|
|
75.9 |
% |
|
|
77.7 |
% |
|
|
84.4 |
% |
|
|
80.7 |
% |
|
|
74.7 |
% |
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
88.6 |
% |
|
|
89.2 |
% |
|
|
87.1 |
% |
|
|
89.5 |
% |
|
|
86.5 |
% |
Towing-supply |
|
|
— |
|
|
|
46.7 |
|
|
70.9 |
|
|
36.8 |
|
|
85.3 |
|
|||
Total |
|
|
88.6 |
% |
|
|
87.3 |
% |
|
|
86.4 |
% |
|
|
86.3 |
% |
|
|
86.5 |
% |
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
50.9 |
% |
|
|
63.4 |
% |
|
|
68.3 |
% |
|
|
70.5 |
% |
|
|
69.4 |
% |
Towing-supply |
|
|
62.6 |
|
|
|
62.4 |
|
|
|
65.1 |
|
|
|
66.1 |
|
|
|
77.9 |
|
Other |
|
|
53.2 |
|
|
|
79.2 |
|
|
|
84.9 |
|
|
|
89.9 |
|
|
|
84.6 |
|
Total |
|
|
55.0 |
% |
|
|
67.8 |
% |
|
|
72.5 |
% |
|
|
74.4 |
% |
|
|
76.0 |
% |
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
77.7 |
% |
|
|
78.8 |
% |
|
|
81.3 |
% |
|
|
83.4 |
% |
|
|
82.0 |
% |
Towing-supply |
|
|
74.2 |
|
|
|
77.0 |
|
|
|
79.8 |
|
|
|
74.5 |
|
|
|
74.7 |
|
Other |
|
|
58.9 |
|
|
|
81.9 |
|
|
|
86.8 |
|
|
|
79.6 |
|
|
|
77.2 |
|
Total |
|
|
74.5 |
% |
|
|
78.5 |
% |
|
|
81.4 |
% |
|
|
80.4 |
% |
|
|
79.3 |
% |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
AVERAGE VESSEL DAY RATES: (A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
14,738 |
|
|
|
13,793 |
|
|
|
13,001 |
|
|
|
12,986 |
|
|
|
13,186 |
|
Towing-supply |
|
|
7,707 |
|
|
|
8,532 |
|
|
|
9,337 |
|
|
|
9,504 |
|
|
|
10,442 |
|
Other |
|
|
9,723 |
|
|
|
9,638 |
|
|
|
9,838 |
|
|
|
7,674 |
|
|
|
8,259 |
|
Total |
|
|
12,865 |
|
|
|
11,854 |
|
|
|
11,617 |
|
|
|
11,783 |
|
|
|
12,341 |
|
Middle East/Asia Pacific fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
10,161 |
|
|
|
10,097 |
|
|
|
9,784 |
|
|
|
9,648 |
|
|
|
8,942 |
|
Towing-supply |
|
|
6,128 |
|
|
|
6,041 |
|
|
|
5,897 |
|
|
|
5,285 |
|
|
|
5,747 |
|
Total |
|
|
8,009 |
|
|
|
7,863 |
|
|
|
7,746 |
|
|
|
7,520 |
|
|
|
7,293 |
|
Europe/Mediterranean fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
12,600 |
|
|
|
12,682 |
|
|
|
12,336 |
|
|
|
12,342 |
|
|
|
13,443 |
|
Towing-supply |
|
|
— |
|
|
|
3,138 |
|
|
|
6,055 |
|
|
|
4,995 |
|
|
|
5,941 |
|
Total |
|
|
12,689 |
|
|
|
12,514 |
|
|
|
12,171 |
|
|
|
12,147 |
|
|
|
13,010 |
|
West Africa fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
11,891 |
|
|
|
12,337 |
|
|
|
12,304 |
|
|
|
10,827 |
|
|
|
10,615 |
|
Towing-supply |
|
|
16,158 |
|
|
|
13,389 |
|
|
|
12,810 |
|
|
|
13,628 |
|
|
|
14,115 |
|
Other |
|
|
3,829 |
|
|
|
3,384 |
|
|
|
3,041 |
|
|
|
3,530 |
|
|
|
3,650 |
|
Total |
|
|
10,711 |
|
|
|
9,539 |
|
|
|
9,075 |
|
|
|
9,174 |
|
|
|
9,439 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater |
|
|
12,620 |
|
|
|
12,342 |
|
|
|
11,892 |
|
|
|
11,651 |
|
|
|
11,998 |
|
Towing-supply |
|
|
8,843 |
|
|
|
8,292 |
|
|
|
8,284 |
|
|
|
8,564 |
|
|
|
9,279 |
|
Other |
|
|
5,243 |
|
|
|
4,524 |
|
|
|
4,137 |
|
|
|
3,871 |
|
|
|
4,009 |
|
Total |
|
|
10,799 |
|
|
|
10,267 |
|
|
|
9,940 |
|
|
|
10,021 |
|
|
|
10,442 |
|
Note (A) Average Vessel Day Rates equals Vessel Revenue / Days Worked. |
||||||||||||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands) |
|||||||||||||||||||||
|
|
Three Months Ended |
|
||||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
34,044 |
|
|
|
31,859 |
|
|
|
|
33,333 |
|
|
|
33,147 |
|
|
|
35,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
$ |
13,138 |
|
|
|
14,186 |
|
|
|
|
15,307 |
|
|
|
15,108 |
|
|
|
16,008 |
|
Repair and maintenance |
|
|
1,703 |
|
|
|
2,171 |
|
|
|
|
3,067 |
|
|
|
3,061 |
|
|
|
2,328 |
|
Insurance |
|
|
427 |
|
|
|
417 |
|
|
|
|
299 |
|
|
|
305 |
|
|
|
(1,118 |
) |
Fuel, lube and supplies |
|
|
1,373 |
|
|
|
2,615 |
|
|
|
|
1,853 |
|
|
|
1,919 |
|
|
|
2,115 |
|
Other |
|
|
1,956 |
|
|
|
2,673 |
|
|
|
|
4,082 |
|
|
|
2,461 |
|
|
|
2,772 |
|
Total vessel operating costs |
|
$ |
18,597 |
|
|
|
22,062 |
|
|
|
|
24,608 |
|
|
|
22,854 |
|
|
|
22,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
$ |
15,447 |
|
|
|
9,797 |
|
|
|
|
8,726 |
|
|
|
10,293 |
|
|
|
13,094 |
|
Vessel operating margin (%) |
|
|
45.4 |
% |
|
|
30.8 |
% |
|
|
|
26.2 |
% |
|
|
31.1 |
% |
|
|
37.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
50 |
|
|
|
52 |
|
|
|
|
52 |
|
|
|
54 |
|
|
|
58 |
|
|
Utilization - Total fleet |
|
|
58.3 |
% |
|
|
57.1 |
% |
|
|
|
59.8 |
% |
|
|
56.9 |
% |
|
|
54.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
33 |
|
|
|
35 |
|
|
|
|
37 |
|
|
|
37 |
|
|
|
38 |
|
|
Utilization - Active fleet |
|
|
88.6 |
% |
|
|
85.7 |
% |
|
|
|
84.6 |
% |
|
|
82.6 |
% |
|
|
82.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
12,865 |
|
|
|
11,854 |
|
|
|
|
11,617 |
|
|
|
11,783 |
|
|
|
12,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
— |
|
|
|
5 |
|
|
|
|
1 |
|
|
|
4 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for deferred drydocking and survey costs |
|
$ |
1,819 |
|
|
|
5,912 |
|
|
|
|
5,381 |
|
|
|
5,368 |
|
|
|
6,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
21,599 |
|
|
|
18,561 |
|
|
|
|
15,678 |
|
|
|
12,154 |
|
|
|
8,463 |
|
Cash paid for deferred drydocking and survey costs |
|
|
1,819 |
|
|
|
5,912 |
|
|
|
|
5,381 |
|
|
|
5,368 |
|
|
|
6,637 |
|
Amortization of deferred drydocking and survey costs |
|
|
(3,394 |
) |
|
|
(2,874 |
) |
|
|
|
(2,498 |
) |
|
|
(1,964 |
) |
|
|
(1,228 |
) |
Disposals, intersegment transfers and other |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
120 |
|
|
|
(1,718 |
) |
Deferred drydocking and survey costs - ending balance |
|
$ |
20,024 |
|
|
|
21,599 |
|
|
|
|
18,561 |
|
|
|
15,678 |
|
|
|
12,154 |
|
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands) |
|||||||||||||||||||||
|
|
Three Months Ended |
|
||||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
Middle East/Asia Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
23,983 |
|
|
|
24,828 |
|
|
|
|
26,651 |
|
|
|
22,765 |
|
|
|
20,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
$ |
8,726 |
|
|
|
10,085 |
|
|
|
|
10,308 |
|
|
|
9,243 |
|
|
|
8,986 |
|
Repair and maintenance |
|
|
2,196 |
|
|
|
2,586 |
|
|
|
|
3,838 |
|
|
|
2,317 |
|
|
|
1,673 |
|
Insurance |
|
|
739 |
|
|
|
591 |
|
|
|
|
790 |
|
|
|
358 |
|
|
|
186 |
|
Fuel, lube and supplies |
|
|
1,405 |
|
|
|
2,665 |
|
|
|
|
1,937 |
|
|
|
2,431 |
|
|
|
2,350 |
|
Other |
|
|
2,412 |
|
|
|
1,696 |
|
|
|
|
2,864 |
|
|
|
1,318 |
|
|
|
1,844 |
|
Total vessel operating costs |
|
$ |
15,478 |
|
|
|
17,623 |
|
|
|
|
19,737 |
|
|
|
15,667 |
|
|
|
15,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
$ |
8,505 |
|
|
|
7,205 |
|
|
|
|
6,913 |
|
|
|
7,100 |
|
|
|
5,410 |
|
Vessel operating margin (%) |
|
|
35.5 |
% |
|
|
29.0 |
% |
|
|
|
25.9 |
% |
|
|
31.2 |
% |
|
|
26.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Middle East/Asia Pacific - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
52 |
|
|
|
55 |
|
|
|
|
55 |
|
|
|
52 |
|
|
|
50 |
|
|
Utilization - Total fleet |
|
|
63.0 |
% |
|
|
63.0 |
% |
|
|
|
68.4 |
% |
|
|
63.6 |
% |
|
|
61.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
43 |
|
|
|
45 |
|
|
|
|
44 |
|
|
|
41 |
|
|
|
41 |
|
|
Utilization - Active fleet |
|
|
75.9 |
% |
|
|
77.7 |
% |
|
|
|
84.4 |
% |
|
|
80.7 |
% |
|
|
74.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
8,009 |
|
|
|
7,863 |
|
|
|
|
7,746 |
|
|
|
7,520 |
|
|
|
7,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
— |
|
|
|
5 |
|
|
|
|
3 |
|
|
|
3 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for deferred drydocking and survey costs |
|
$ |
850 |
|
|
|
8,897 |
|
|
|
|
6,072 |
|
|
|
2,269 |
|
|
|
4,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
23,139 |
|
|
|
16,513 |
|
|
|
|
12,572 |
|
|
|
11,961 |
|
|
|
9,178 |
|
Cash paid for deferred drydocking and survey costs |
|
|
850 |
|
|
|
8,897 |
|
|
|
|
6,072 |
|
|
|
2,269 |
|
|
|
4,324 |
|
Amortization of deferred drydocking and survey costs |
|
|
(2,589 |
) |
|
|
(2,271 |
) |
|
|
|
(2,131 |
) |
|
|
(1,911 |
) |
|
|
(1,493 |
) |
Disposals, intersegment transfers and other |
|
|
(284 |
) |
|
|
— |
|
|
|
|
— |
|
|
|
253 |
|
|
|
(48 |
) |
Deferred drydocking and survey costs - ending balance |
|
$ |
21,116 |
|
|
|
23,139 |
|
|
|
|
16,513 |
|
|
|
12,572 |
|
|
|
11,961 |
|
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands) |
|||||||||||||||||||||
|
|
Three Months Ended |
|
||||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
Europe/Mediterranean |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
20,620 |
|
|
|
29,491 |
|
|
|
|
29,180 |
|
|
|
30,946 |
|
|
|
35,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
$ |
9,707 |
|
|
|
11,696 |
|
|
|
|
11,984 |
|
|
|
12,974 |
|
|
|
13,001 |
|
Repair and maintenance |
|
|
1,278 |
|
|
|
3,141 |
|
|
|
|
3,617 |
|
|
|
3,307 |
|
|
|
3,914 |
|
Insurance |
|
|
420 |
|
|
|
431 |
|
|
|
|
367 |
|
|
|
503 |
|
|
|
693 |
|
Fuel, lube and supplies |
|
|
924 |
|
|
|
1,098 |
|
|
|
|
1,808 |
|
|
|
1,614 |
|
|
|
1,314 |
|
Other |
|
|
1,547 |
|
|
|
2,522 |
|
|
|
|
2,098 |
|
|
|
2,658 |
|
|
|
2,902 |
|
Total vessel operating costs |
|
$ |
13,876 |
|
|
|
18,888 |
|
|
|
|
19,874 |
|
|
|
21,056 |
|
|
|
21,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
$ |
6,744 |
|
|
|
10,603 |
|
|
|
|
9,306 |
|
|
|
9,890 |
|
|
|
13,203 |
|
Vessel operating margin (%) |
|
|
32.7 |
% |
|
|
36.0 |
% |
|
|
|
31.9 |
% |
|
|
32.0 |
% |
|
|
37.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe/Mediterranean - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
37 |
|
|
|
41 |
|
|
|
|
45 |
|
|
|
45 |
|
|
|
47 |
|
|
Utilization - Total fleet |
|
|
48.6 |
% |
|
|
63.6 |
% |
|
|
|
58.1 |
% |
|
|
61.4 |
% |
|
|
62.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
20 |
|
|
|
30 |
|
|
|
|
30 |
|
|
|
32 |
|
|
|
34 |
|
|
Utilization - Active fleet |
|
|
88.6 |
% |
|
|
87.3 |
% |
|
|
|
86.4 |
% |
|
|
86.3 |
% |
|
|
86.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
12,689 |
|
|
|
12,514 |
|
|
|
|
12,171 |
|
|
|
12,147 |
|
|
|
13,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
— |
|
|
|
2 |
|
|
|
|
3 |
|
|
|
1 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for deferred drydocking and survey costs |
|
$ |
517 |
|
|
|
2,591 |
|
|
|
|
3,378 |
|
|
|
316 |
|
|
|
3,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
10,387 |
|
|
|
9,406 |
|
|
|
|
7,379 |
|
|
|
8,596 |
|
|
|
5,831 |
|
Cash paid for deferred drydocking and survey costs |
|
|
517 |
|
|
|
2,591 |
|
|
|
|
3,378 |
|
|
|
316 |
|
|
|
3,030 |
|
Amortization of deferred drydocking and survey costs |
|
|
(1,710 |
) |
|
|
(1,610 |
) |
|
|
|
(1,335 |
) |
|
|
(1,160 |
) |
|
|
(1,448 |
) |
Disposals, intersegment transfers and other |
|
|
(51 |
) |
|
|
— |
|
|
|
|
(16 |
) |
|
|
(373 |
) |
|
|
1,183 |
|
Deferred drydocking and survey costs - ending balance |
|
$ |
9,143 |
|
|
|
10,387 |
|
|
|
|
9,406 |
|
|
|
7,379 |
|
|
|
8,596 |
|
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands) |
|||||||||||||||||||||
|
|
Three Months Ended |
|
||||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
West Africa |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
22,328 |
|
|
|
25,796 |
|
|
|
|
27,375 |
|
|
|
30,315 |
|
|
|
32,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
$ |
7,120 |
|
|
|
8,520 |
|
|
|
|
8,472 |
|
|
|
8,868 |
|
|
|
9,196 |
|
Repair and maintenance |
|
|
1,479 |
|
|
|
2,700 |
|
|
|
|
4,659 |
|
|
|
3,282 |
|
|
|
2,996 |
|
Insurance |
|
|
424 |
|
|
|
346 |
|
|
|
|
(282 |
) |
|
|
863 |
|
|
|
989 |
|
Fuel, lube and supplies |
|
|
2,681 |
|
|
|
3,374 |
|
|
|
|
4,184 |
|
|
|
2,817 |
|
|
|
2,672 |
|
Other |
|
|
5,119 |
|
|
|
5,312 |
|
|
|
|
4,682 |
|
|
|
5,214 |
|
|
|
5,618 |
|
Total vessel operating costs |
|
$ |
16,823 |
|
|
|
20,252 |
|
|
|
|
21,715 |
|
|
|
21,044 |
|
|
|
21,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
$ |
5,505 |
|
|
|
5,544 |
|
|
|
|
5,660 |
|
|
|
9,271 |
|
|
|
11,495 |
|
Vessel operating margin (%) |
|
|
24.7 |
% |
|
|
21.5 |
% |
|
|
|
20.7 |
% |
|
|
30.6 |
% |
|
|
34.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Africa - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
63 |
|
|
|
65 |
|
|
|
|
67 |
|
|
|
70 |
|
|
|
73 |
|
|
Utilization - Total fleet |
|
|
36.5 |
% |
|
|
45.7 |
% |
|
|
|
49.1 |
% |
|
|
50.9 |
% |
|
|
52.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
42 |
|
|
|
44 |
|
|
|
|
45 |
|
|
|
48 |
|
|
|
50 |
|
|
Utilization - Active fleet |
|
|
55.0 |
% |
|
|
67.8 |
% |
|
|
|
72.5 |
% |
|
|
74.4 |
% |
|
|
76.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
10,711 |
|
|
|
9,539 |
|
|
|
|
9,075 |
|
|
|
9,174 |
|
|
|
9,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
— |
|
|
|
3 |
|
|
|
|
1 |
|
|
|
4 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for deferred drydocking and survey costs |
|
$ |
911 |
|
|
|
7,468 |
|
|
|
|
11,905 |
|
|
|
7,060 |
|
|
|
2,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
26,856 |
|
|
|
22,456 |
|
|
|
|
13,397 |
|
|
|
8,318 |
|
|
|
7,129 |
|
Cash paid for deferred drydocking and survey costs |
|
|
911 |
|
|
|
7,468 |
|
|
|
|
11,905 |
|
|
|
7,060 |
|
|
|
2,412 |
|
Amortization of deferred drydocking and survey costs |
|
|
(3,466 |
) |
|
|
(3,067 |
) |
|
|
|
(2,846 |
) |
|
|
(1,653 |
) |
|
|
(1,321 |
) |
Disposals, intersegment transfers and other |
|
|
— |
|
|
|
(1 |
) |
|
|
|
— |
|
|
|
(328 |
) |
|
|
98 |
|
Deferred drydocking and survey costs - ending balance |
|
$ |
24,301 |
|
|
|
26,856 |
|
|
|
|
22,456 |
|
|
|
13,397 |
|
|
|
8,318 |
|
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands) |
|||||||||||||||||||||
|
|
Three Months Ended |
|
||||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
Worldwide |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
100,975 |
|
|
|
111,974 |
|
|
|
|
116,539 |
|
|
|
117,173 |
|
|
|
123,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
$ |
38,691 |
|
|
|
44,487 |
|
|
|
|
46,071 |
|
|
|
46,193 |
|
|
|
47,191 |
|
Repair and maintenance |
|
|
6,656 |
|
|
|
10,598 |
|
|
|
|
15,181 |
|
|
|
11,967 |
|
|
|
10,911 |
|
Insurance |
|
|
2,010 |
|
|
|
1,785 |
|
|
|
|
1,174 |
|
|
|
2,027 |
|
|
|
750 |
|
Fuel, lube and supplies |
|
|
6,383 |
|
|
|
9,752 |
|
|
|
|
9,782 |
|
|
|
8,781 |
|
|
|
8,451 |
|
Other |
|
|
11,034 |
|
|
|
12,203 |
|
|
|
|
13,726 |
|
|
|
11,651 |
|
|
|
13,136 |
|
Total vessel operating costs |
|
$ |
64,774 |
|
|
|
78,825 |
|
|
|
|
85,934 |
|
|
|
80,619 |
|
|
|
80,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
$ |
36,201 |
|
|
|
33,149 |
|
|
|
|
30,604 |
|
|
|
36,554 |
|
|
|
43,202 |
|
Vessel operating margin (%) |
|
|
35.9 |
% |
|
|
29.6 |
% |
|
|
|
26.3 |
% |
|
|
31.2 |
% |
|
|
34.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
202 |
|
|
|
213 |
|
|
|
|
219 |
|
|
|
220 |
|
|
|
228 |
|
|
Utilization - Total fleet |
|
|
50.9 |
% |
|
|
56.4 |
% |
|
|
|
58.3 |
% |
|
|
57.5 |
% |
|
|
57.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
138 |
|
|
|
153 |
|
|
|
|
157 |
|
|
|
158 |
|
|
|
163 |
|
|
Utilization - Active fleet |
|
|
74.5 |
% |
|
|
78.5 |
% |
|
|
|
81.4 |
% |
|
|
80.4 |
% |
|
|
79.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
10,799 |
|
|
|
10,267 |
|
|
|
|
9,940 |
|
|
|
10,021 |
|
|
|
10,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
— |
|
|
|
15 |
|
|
|
|
8 |
|
|
|
12 |
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for deferred drydocking and survey costs |
|
$ |
4,097 |
|
|
|
24,868 |
|
|
|
|
26,736 |
|
|
|
15,013 |
|
|
|
16,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
81,981 |
|
|
|
66,936 |
|
|
|
|
49,026 |
|
|
|
41,029 |
|
|
|
30,601 |
|
Cash paid for deferred drydocking and survey costs |
|
|
4,097 |
|
|
|
24,868 |
|
|
|
|
26,736 |
|
|
|
15,013 |
|
|
|
16,403 |
|
Amortization of deferred drydocking and survey costs |
|
|
(11,159 |
) |
|
|
(9,822 |
) |
|
|
|
(8,810 |
) |
|
|
(6,688 |
) |
|
|
(5,490 |
) |
Disposals, intersegment transfers and other |
|
|
(335 |
) |
|
|
(1 |
) |
|
|
|
(16 |
) |
|
|
(328 |
) |
|
|
(485 |
) |
Deferred drydocking and survey costs - ending balance |
|
$ |
74,584 |
|
|
|
81,981 |
|
|
|
|
66,936 |
|
|
|
49,026 |
|
|
|
41,029 |
|
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
Net loss |
|
$ |
(110,664 |
) |
|
|
(18,524 |
) |
|
|
(60,574 |
) |
|
|
(43,806 |
) |
|
|
(15,553 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other debt costs |
|
|
5,959 |
|
|
|
6,142 |
|
|
|
6,282 |
|
|
|
7,468 |
|
|
|
7,582 |
|
Income tax (benefit) expense |
|
|
2,730 |
|
|
|
(5,171 |
) |
|
|
1,281 |
|
|
|
15,071 |
|
|
|
5,542 |
|
Depreciation |
|
|
16,986 |
|
|
|
17,285 |
|
|
|
19,416 |
|
|
|
19,047 |
|
|
|
19,548 |
|
Amortization of deferred drydocking and survey costs |
|
|
11,158 |
|
|
|
9,822 |
|
|
|
8,810 |
|
|
|
6,688 |
|
|
|
5,490 |
|
EBITDA (A), (B), (C) |
|
$ |
(73,831 |
) |
|
|
9,554 |
|
|
|
(24,785 |
) |
|
|
4,468 |
|
|
|
22,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived asset impairments |
|
|
55,482 |
|
|
|
10,207 |
|
|
|
32,549 |
|
|
|
5,224 |
|
|
|
— |
|
Affiliate credit loss impairment expense |
|
|
53,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate guarantee obligation |
|
|
2,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
One-time charges |
|
|
446 |
|
|
|
129 |
|
|
|
2,123 |
|
|
|
6,293 |
|
|
|
460 |
|
Adjusted EBITDA (A), (B), (C) |
|
|
37,678 |
|
|
|
19,890 |
|
|
|
9,887 |
|
|
|
15,985 |
|
|
|
23,069 |
|
Note (A) EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs. |
||||||||||||||||||||
Note (B) EBITDA and Adjusted EBITDA for the three months ended June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019 includes non-cash, stock-based compensation expense of $1,401, $1,335, $2,972, $7,384, and $3,588, respectively. |
||||||||||||||||||||
Note (C) EBITDA and Adjusted EBITDA for the three months ended June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019, and June 30, 2019 includes foreign exchange gains (losses) of $(2,076), $864, $(945), $173, and $11, respectively. |
||||||||||||||||||||
Non-GAAP Financial Measures
We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.
Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.
EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.
EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
Net cash provided by (used in) operating activities (A) |
|
$ |
14,702 |
|
|
|
(27,525 |
) |
|
|
5,281 |
|
|
|
(15,981 |
) |
|
|
(17,566 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash interest expense |
|
|
5,292 |
|
|
|
5,442 |
|
|
|
8,205 |
|
|
|
8,189 |
|
|
|
7,974 |
|
Interest income and other |
|
|
(696 |
) |
|
|
(116 |
) |
|
|
(690 |
) |
|
|
(1,579 |
) |
|
|
(1,859 |
) |
Additions to property and equipment |
|
|
(1,626 |
) |
|
|
(2,449 |
) |
|
|
(4,067 |
) |
|
|
(5,058 |
) |
|
|
(5,757 |
) |
Free cash flow before proceeds from asset sales |
|
$ |
17,672 |
|
|
|
(24,648 |
) |
|
|
8,729 |
|
|
|
(14,429 |
) |
|
|
(17,208 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from asset sales |
|
|
11,454 |
|
|
|
9,452 |
|
|
|
3,755 |
|
|
|
4,526 |
|
|
|
10,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow |
|
$ |
29,126 |
|
|
|
(15,196 |
) |
|
|
12,484 |
|
|
|
(9,903 |
) |
|
|
(6,293 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and interest income. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities. |
Note (A) Net cash provided by (used in) operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table: |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
|
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|||||
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments |
|
$ |
(10,373 |
) |
|
|
(18,127 |
) |
|
|
32,826 |
|
|
|
4,502 |
|
|
|
(14,169 |
) |
Cash paid for deferred drydocking and survey costs |
|
|
(4,097 |
) |
|
|
(24,867 |
) |
|
|
(26,736 |
) |
|
|
(15,013 |
) |
|
|
(16,403 |
) |
Total sources (uses) of cash for changes in assets and liabilities |
|
$ |
(14,470 |
) |
|
|
(42,994 |
) |
|
|
6,090 |
|
|
|
(10,511 |
) |
|
|
(30,572 |
) |