Tidewater Reports Results for the Three and Twelve -Months Ended December 31, 2019

HOUSTON--()--Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2019, of $118.8 million and $486.5 million, and net losses for the same periods of $59.9 million (or $1.52 per common share) and $141.7 million (or $3.71 per common share), respectively. Excluding long-lived asset impairments and one time expenses, net losses for the three and twelve months ended December 31, 2019 were $25.2 million (or $0.64 per common share) and $91.4 million (or $2.39) per common share), respectively. Highlights for the three months ended December 31, 2019:

  • Generated revenue of $118.8 million, an 8%, or $8.5 million, increase from the same period in the prior year; driven by a 4% increase in average day rate and a 4% increase in active vessel days.
  • Continued significant streamlining of shore-based operations resulted in a pro forma run rate for general and administrative expense of $81.0 million.
  • Active utilization increased to 81.4% for the fourth quarter, up from 80.4% in the third quarter.
  • Net cash flows provided by operating activities for the quarter was a positive of $5.3 million, and free cash flow for the quarter was a positive $12.5 million.
  • Completed a bond consent and $125 million tender to improve debt covenants, lower overall debt, and reduce pro-forma negative interest carry by $8.0 million.
  • Continued high-grading active fleet by identifying 46 lower specification vessels to be disposed of in 2020.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Over the course of 2019, Tidewater has taken a series of strategic actions to streamline our fleet and increase our efficiency across the entire organization. These actions were part of our continuing efforts to achieve our near-term goal of becoming free cash flow positive and part of our longer-term goal of attaining an acceptable free cash flow return on our assets.

“The team made significant strides in the fourth quarter and we are pleased to report that the business had positive operating cash flow in the fourth quarter, was free cash flow positive in the fourth quarter, and the strong performance in the fourth quarter also resulted in the business being free cash flow positive for the entire year of 2019. Free cash flow for the quarter was $12.5 million and $5.5 million for the year.

“Market conditions around the world continue to improve. Our anticipated revenue for 2020 is similar to our total revenue for 2019, but with fewer ships as we continue to high-grade the active fleet. As of this call, we have $440 million of backlog for 2020, which is over 90% of the revenue we recorded for the prior year. Key operational objectives for 2020 are to continue to improve our active utilization percentage, which results in higher profitability per vessel day, and to lower our annual spend on dry docks and vessel modifications by over $20 million as compared to 2019.

“Through process improvements, headcount reductions and technology implementation, the team successfully achieved merger-related general and administrative cost synergies of $65 million, significantly exceeding the original target of $45 million. We finished 2019 with an annual general and administrative spend run rate of $81 million, which was $19 million lower than our original $100 million target, and substantially lower than Tidewater’s pre-merger general and administrative spend on a stand-alone basis. The improvement in active utilization, reduced spend on drydocks and vessel modifications, and reduced spend on general and administrative costs should result in us nearing our longer-term goal of attaining an acceptable free cash flow return on our assets.

“Part of achieving our return objectives is positioning the Tidewater fleet for the future by obtaining the highest disposal value for our fleet in lay-up. You will notice that we took the step of separating the value of the ongoing fleet from the value of the fleet we intend to sell or scrap, which we are now presenting on the balance sheet as ‘assets held for sale’, which is stated at our expected net realizable value. Marking that portion of the fleet to net realizable value resulted in an impairment in the fourth quarter of $26.7 million, and results in a value of assets to be disposed of totaling $39.3 million. The value that remains on the balance sheet as Net Property and Equipment reflects the book value of the fleet we intend to remain operational.”

Kneen concluded, “All of these actions are part of our efforts to achieve our goal of maximizing free cash flow generation while preserving our pristine balance sheet. We believe the result is a nimble, efficient and scalable platform that will enable us to support our growth initiatives and further advance our leadership position in the offshore industry. This accomplishment was the result of our more than 5,000 employees pulling together to create a new culture focused on establishing the safest, most profitable, most investable offshore vessel company in the world.”

Included in the net loss for the three months and nine months ended December 31, 2019 were general and administrative expenses of $2.1 million ($0.05 per common share) and $12.6 million ($0.33 per common share), respectively, for severance and similar expenses related to integrating Tidewater and GulfMark operations.

In addition to the number of outstanding shares, as of December 31, 2019, the company also has the following in the money warrants.

Common shares outstanding

 

 

39,941,327

 

 

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

 

 

821,308

 

 

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

 

 

1,165,066

 

 

Total

 

 

41,927,701

 

 

Tidewater will hold a conference call to discuss results for the three and twelve months ended December 31, 2019 on Tuesday, March 3, 2020 at 8:00 a.m. Central Time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405 if calling from outside the U.S.) and asking for the “Tidewater” call just prior to the scheduled start time. A replay of the conference call will be available beginning at 10:30 a.m. Central Time on March 3, 2020 and will continue until 11:59 p.m. Central Time on April 3, 2020. To access the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 49441491.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, www.tdw.com. The online replay will be available until April 3, 2020.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involves numerous risks and uncertainties that may cause the company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.

Tidewater owns and operates the largest fleet of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.

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

Financial information is displayed beginning on the next page.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

$

 

116,539

 

 

 

108,527

 

 

 

477,015

 

 

 

397,206

 

Other operating revenues

 

 

2,237

 

 

 

1,707

 

 

 

9,534

 

 

 

9,314

 

Total revenues

 

 

118,776

 

 

 

110,234

 

 

 

486,549

 

 

 

406,520

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

85,935

 

 

 

74,967

 

 

 

329,196

 

 

 

269,580

 

Costs of other operating revenues

 

 

916

 

 

 

733

 

 

 

2,800

 

 

 

5,530

 

General and administrative (A)

 

 

22,406

 

 

 

36,487

 

 

 

103,716

 

 

 

110,023

 

Depreciation and amortization

 

 

28,226

 

 

 

20,101

 

 

 

101,931

 

 

 

58,293

 

Gain on asset dispositions, net

 

 

(1,217

)

 

 

(8,938

)

 

 

(2,263

)

 

 

(10,624

)

Impairment of due from affiliate

 

 

 

 

 

20,083

 

 

 

 

 

 

20,083

 

Asset impairments and other

 

 

32,549

 

 

 

36,878

 

 

 

37,773

 

 

 

61,132

 

Total operating costs and expenses

 

 

168,815

 

 

 

180,311

 

 

 

573,153

 

 

 

514,017

 

Operating loss

 

 

(50,039

)

 

 

(70,077

)

 

 

(86,604

)

 

 

(107,497

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(945

)

 

 

1,455

 

 

 

(1,269

)

 

 

106

 

Equity in net earnings (losses) of

unconsolidated companies

 

 

(2,717

)

 

 

(3,871

)

 

 

(3,152

)

 

 

(18,864

)

Interest income and other

 

 

690

 

 

 

5,799

 

 

 

6,598

 

 

 

11,294

 

Loss on debt extinguishment

 

 

 

 

 

(8,119

)

 

 

 

 

 

(8,119

)

Interest and other debt costs

 

 

(6,282

)

 

 

(7,708

)

 

 

(29,068

)

 

 

(30,439

)

Total other expense

 

 

(9,254

)

 

 

(12,444

)

 

 

(26,891

)

 

 

(46,022

)

Loss before income taxes

 

 

(59,293

)

 

 

(82,521

)

 

 

(113,495

)

 

 

(153,519

)

Income tax expense

 

 

1,281

 

 

 

7,856

 

 

 

27,724

 

 

 

18,252

 

Net loss

$

 

(60,574

)

 

 

(90,377

)

 

 

(141,219

)

 

 

(171,771

)

Less: Net income (loss) attributable to

noncontrolling interests

 

 

(721

)

 

 

132

 

 

 

524

 

 

 

(254

)

Net loss attributable to Tidewater Inc.

$

 

(59,853

)

 

 

(90,509

)

 

 

(141,743

)

 

 

(171,517

)

Basic loss per common share

$

 

(1.52

)

 

 

(2.83

)

 

 

(3.71

)

 

 

(6.45

)

Diluted loss per common share

$

 

(1.52

)

 

 

(2.83

)

 

 

(3.71

)

 

 

(6.45

)

Weighted average common shares

outstanding (B)

 

 

39,504,154

 

 

 

31,974,802

 

 

 

38,204,934

 

 

 

26,589,883

 

Dilutive effect of stock options and restricted

stock

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

39,504,154

 

 

 

31,974,802

 

 

 

38,204,934

 

 

 

26,589,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin

$

 

30,604

 

 

 

33,560

 

 

 

147,819

 

 

 

127,626

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note (A): Restructuring and merger-related

items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional services costs included in

general and administrative expenses

related to the business combination

with GulfMark

$

 

 

 

 

4,465

 

 

 

88

 

 

 

4,553

 

Integration related costs related to the

business combination with GulfMark

 

 

2,123

 

 

 

 

 

 

12,527

 

 

 

10,404

 

Total

$

 

2,123

 

 

 

4,465

 

 

 

12,615

 

 

 

14,957

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note (B):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issuable upon the exercise of New

Creditor Warrants held by U.S. citizens

included in weighted average shares

outstanding

 

 

 

 

 

2,547

 

 

 

 

 

 

2,547

 

Total shares outstanding including warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

 

 

 

 

 

 

 

 

39,941,327

 

 

 

26,589,883

 

New Creditor Warrants

(strike price $0.001 per common share)

 

 

 

 

 

 

 

 

 

 

821,308

 

 

 

2,220,857

 

GulfMark Creditor Warrants

(strike price $0.01 per common share)

 

 

 

 

 

 

 

 

 

 

1,165,066

 

 

 

2,189,709

 

Total

 

 

 

 

 

 

 

 

 

 

41,927,701

 

 

 

41,388,846

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

 

 

December 31,

 

 

 

December 31,

 

ASSETS

 

2019

 

 

 

2018

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 

218,290

 

 

 

 

371,791

 

Restricted cash

 

 

5,755

 

 

 

 

25,953

 

Trade and other receivables, net

 

 

110,180

 

 

 

 

111,266

 

Due from affiliates

 

 

125,972

 

 

 

 

132,951

 

Marine operating supplies

 

 

21,856

 

 

 

 

29,505

 

Assets held for sale

 

 

39,287

 

 

 

 

 

Prepaid expenses and other current assets

 

 

15,956

 

 

 

 

11,836

 

Total current assets

 

 

537,296

 

 

 

 

683,302

 

Investments in, at equity, and advances to

unconsolidated companies

 

 

 

 

 

 

1,039

 

Net properties and equipment

 

 

938,961

 

 

 

 

1,089,857

 

Deferred drydocking and survey costs

 

 

66,936

 

 

 

 

22,215

 

Other assets

 

 

36,335

 

 

 

 

31,326

 

Total assets

$

 

1,579,528

 

 

 

 

1,827,739

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

$

 

27,501

 

 

 

 

31,939

 

Accrued costs and expenses

 

 

74,000

 

 

 

 

61,784

 

Due to affiliates

 

 

50,186

 

 

 

 

34,972

 

Current portion of long-term debt

 

 

9,890

 

 

 

 

8,568

 

Other current liabilities

 

 

24,100

 

 

 

 

21,092

 

Total current liabilities

 

 

185,677

 

 

 

 

158,355

 

Long-term debt

 

 

279,044

 

 

 

 

430,436

 

Other liabilities and deferred credits

 

 

98,397

 

 

 

 

94,025

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

Common stock

 

 

40

 

 

 

 

37

 

Additional paid-in capital

 

 

1,367,521

 

 

 

 

1,352,388

 

Accumulated deficit

 

 

(352,526

)

 

 

 

(210,783

)

Accumulated other comprehensive income (loss)

 

 

(236

)

 

 

 

2,194

 

Total stockholders’ equity

 

 

1,014,799

 

 

 

 

1,143,836

 

Noncontrolling interests

 

 

1,611

 

 

 

 

1,087

 

Total equity

 

 

1,016,410

 

 

 

 

1,144,923

 

Total liabilities and equity

$

 

1,579,528

 

 

 

 

1,827,739

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

 

 

Three Months Ended

 

 

 

Twelve Months Ended

 

 

 

December 31,
2019

 

 

December 31,
2018

 

 

 

December 31,
2019

 

 

December 31,
2018

 

Net loss

 

$

(60,574

)

 

$

(90,377

)

 

 

$

(141,219

)

 

$

(171,771

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on available for sale

securities, net of tax of $0, $0, $0, and $0,

respectively

 

 

 

 

 

 

 

 

 

 

 

 

(256

)

Change in supplemental executive retirement plan

pension liability, net of tax of $0, $0, $0 and

$0, respectively

 

 

(2,121

)

 

 

2,214

 

 

 

 

(2,121

)

 

 

2,214

 

Change in pension plan minimum liability,

net of tax of $0, $0, $0, and $0, respectively

 

 

(309

)

 

 

1,919

 

 

 

 

(309

)

 

 

1,919

 

Change in other benefit plan minimum liability,

net of tax of $0, $0, $0 and $0, respectively

 

 

 

 

 

(1,536

)

 

 

 

 

 

 

(1,536

)

Total comprehensive loss

 

$

(63,004

)

 

$

(87,780

)

 

 

$

(143,649

)

 

$

(169,430

)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

Twelve Months
Ended

 

 

Three Months
Ended

 

 

Twelve Months
Ended

 

 

 

December 31,
2019

 

 

December 31,
2019

 

 

December 31,
2018

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(141,219

)

 

 

(60,574

)

 

 

(171,771

)

Adjustments to reconcile net loss to net cash provided by

(used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

77,045

 

 

 

19,416

 

 

 

51,332

 

Amortization of deferred drydocking and survey costs

 

 

24,886

 

 

 

8,810

 

 

 

6,961

 

Amortization of debt premiums and discounts

 

 

(4,877

)

 

 

(3,315

)

 

 

(1,856

)

Provision for deferred income taxes

 

 

672

 

 

 

(87

)

 

 

572

 

Gain on asset dispositions, net

 

 

(2,263

)

 

 

(1,216

)

 

 

(10,624

)

Impairment of due from affiliate

 

 

 

 

 

 

 

 

20,083

 

Long-lived asset impairments and other

 

 

37,773

 

 

 

32,549

 

 

 

61,132

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

8,119

 

Changes in investments in, at equity, and advances to

unconsolidated companies

 

 

1,039

 

 

 

604

 

 

 

28,177

 

Compensation expense – stock based

 

 

19,603

 

 

 

3,004

 

 

 

13,406

 

Changes in operating assets and liabilities, net:

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

1,086

 

 

 

12,882

 

 

 

9,088

 

Changes in due to/from affiliate, net

 

 

22,193

 

 

 

7,295

 

 

 

28,644

 

Accounts payable

 

 

(4,439

)

 

 

3,828

 

 

 

(15,174

)

Accrued expenses

 

 

8,189

 

 

 

18,763

 

 

 

(13,489

)

Deferred drydocking and survey costs

 

 

(70,437

)

 

 

(26,736

)

 

 

(25,968

)

Other, net

 

 

(674

)

 

 

(9,942

)

 

 

7,427

 

Net cash provided by (used in) operating activities

 

 

(31,423

)

 

 

5,281

 

 

 

(3,941

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

28,847

 

 

 

3,755

 

 

 

46,115

 

Additions to properties and equipment

 

 

(17,998

)

 

 

(4,067

)

 

 

(21,391

)

Cash and cash equivalents from stock based merger

 

 

 

 

 

 

 

 

43,806

 

Net cash provided by (used in) investing activities

 

 

10,849

 

 

 

(312

)

 

 

68,530

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Principal payments on long-term debt

 

 

(133,693

)

 

 

(127,235

)

 

 

(105,169

)

Premium paid for redemption of secured notes

 

 

(11,402

)

 

 

(11,402

)

 

 

 

Cash payments to General Unsecured Creditors

 

 

 

 

 

 

 

 

(8,377

)

Loss on debt extinguishment

 

 

 

 

 

 

 

 

(8,119

)

Cash received for issuance of common stock

 

 

 

 

 

 

 

 

3

 

Tax on share-based award

 

 

(4,467

)

 

 

(1,355

)

 

 

(4,400

)

Other

 

 

 

 

 

(1

)

 

 

(2,000

)

Net cash used in financing activities

 

 

(149,562

)

 

 

(139,993

)

 

 

(128,062

)

Net change in cash, cash equivalents and restricted cash

 

 

(170,136

)

 

 

(135,024

)

 

 

(55,591

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

397,744

 

 

 

362,632

 

 

 

453,335

 

Cash, cash equivalents and restricted cash at end of period

 

$

227,608

 

 

 

227,608

 

 

 

397,744

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

 

Three Months

 

 

Year

 

 

 

Ended

 

 

Ended

 

 

Ended

 

 

 

December 31,
2019

 

 

December 31,
2018

 

 

December 31,
2018

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

32,687

 

 

 

8,205

 

 

 

32,326

 

Income taxes

 

 

14,378

 

 

 

3,992

 

 

 

16,828

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

 

 

 

Merger with GulfMark

 

 

 

 

 

 

 

 

285,492

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for GulfMark merger

 

 

 

 

 

 

 

 

285,492

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

Retained

Accumulated
other

Non

Common

paid-in

earnings

comprehensive

controlling

stock

capital

(deficit)

income (loss)

interest

Total

Balance at December 31, 2017

 

$

22

 

 

 

1,059,120

 

 

 

(39,266

)

 

 

(147

)

 

 

2,215

 

 

 

1,021,944

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

(171,517

)

 

 

2,341

 

 

 

(254

)

 

 

(169,430

)

Issuance of common stock from exercise of

warrants

 

 

6

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

3

 

Issuance of common stock for GulfMark business

combination

 

 

9

 

 

 

285,483

 

 

 

 

 

 

 

 

 

 

 

 

285,492

 

Amortization of restricted stock units

 

 

 

 

 

8,914

 

 

 

 

 

 

 

 

 

 

 

 

8,914

 

Cash paid to noncontrolling interests

 

 

 

 

 

(1,126

)

 

 

 

 

 

 

 

 

(874

)

 

 

(2,000

)

Balance at December 31, 2018

 

$

37

 

 

 

1,352,388

 

 

 

(210,783

)

 

 

2,194

 

 

 

1,087

 

 

 

1,144,923

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

(141,743

)

 

 

(2,430

)

 

 

524

 

 

 

(143,649

)

Issuance of common stock from exercise of

warrants

 

 

3

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of restricted stock units

 

 

 

 

 

15,136

 

 

 

 

 

 

 

 

 

 

 

 

15,136

 

Balance at December 31, 2019

 

$

40

 

 

 

1,367,521

 

 

 

(352,526

)

 

 

(236

)

 

 

1,611

 

 

 

1,016,410

 

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

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

December 31, 2019

 

 

December 31, 2018

 

 

December 31, 2019

 

 

December 31, 2018

 

(In thousands)

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

33,333

 

 

 

29

%

 

 

31,813

 

 

 

29

%

 

 

136,958

 

 

 

29

%

 

 

118,534

 

 

 

30

%

Middle East/Asia Pacific

 

 

26,651

 

 

 

23

%

 

 

19,474

 

 

 

18

%

 

 

90,321

 

 

 

19

%

 

 

80,195

 

 

 

20

%

Europe/Mediterranean

 

 

29,180

 

 

 

25

%

 

 

20,717

 

 

 

19

%

 

 

123,711

 

 

 

26

%

 

 

56,263

 

 

 

14

%

West Africa

 

 

27,375

 

 

 

23

%

 

 

36,523

 

 

 

34

%

 

 

126,025

 

 

 

26

%

 

 

142,214

 

 

 

36

%

Total vessel revenues

 

$

116,539

 

 

 

100

%

 

 

108,527

 

 

 

100

%

 

 

477,015

 

 

 

100

%

 

 

397,206

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

46,071

 

 

 

40

%

 

 

45,133

 

 

 

42

%

 

 

187,599

 

 

 

39

%

 

 

153,340

 

 

 

39

%

Repair and maintenance

 

 

15,181

 

 

 

13

%

 

 

9,405

 

 

 

9

%

 

 

47,761

 

 

 

10

%

 

 

33,721

 

 

 

8

%

Insurance and loss reserves

 

 

1,174

 

 

 

1

%

 

 

637

 

 

 

1

%

 

 

6,129

 

 

 

1

%

 

 

51

 

 

 

(<1

%)

Fuel, lube and supplies

 

 

9,782

 

 

 

8

%

 

 

9,315

 

 

 

9

%

 

 

36,359

 

 

 

8

%

 

 

34,489

 

 

 

9

%

Other

 

 

13,726

 

 

 

12

%

 

 

10,477

 

 

 

10

%

 

 

51,348

 

 

 

11

%

 

 

47,979

 

 

 

12

%

Total vessel operating costs

 

 

85,935

 

 

 

74

%

 

 

74,967

 

 

 

69

%

 

 

329,196

 

 

 

69

%

 

 

269,580

 

 

 

68

%

Vessel operating margin (A)

 

$

30,604

 

 

 

26

%

 

 

33,560

 

 

 

31

%

 

 

147,819

 

 

 

31

%

 

 

127,626

 

 

 

32

%

 

Note (A):  Vessel operating margin equals revenues less vessel operating costs and excludes general and administrative expenses and depreciation and amortization.

The company’s operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

December 31, 2019

 

 

December 31, 2018

 

 

December 31, 2019

 

 

December 31, 2018

 

(In thousands)

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

 

 

 

 

%

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

(2,507

)

 

 

(2

%)

 

 

(2,944

)

 

 

(3

%)

 

 

(805

)

 

 

(0

%)

 

 

8,860

 

 

 

2

%

Middle East/Asia Pacific

 

 

(1,946

)

 

 

(2

%)

 

 

(2,088

)

 

 

(2

%)

 

 

(6,044

)

 

 

(1

%)

 

 

(4,417

)

 

 

(1

%)

Europe/Mediterranean

 

 

(521

)

 

 

(0

%)

 

 

(2,606

)

 

 

(2

%)

 

 

(1,289

)

 

 

(0

%)

 

 

(9,359

)

 

 

(2

%)

West Africa

 

 

(3,593

)

 

 

(3

%)

 

 

3,373

 

 

 

3

%

 

 

8,298

 

 

 

2

%

 

 

7,240

 

 

 

2

%

Other operating profit

 

 

1,353

 

 

 

1

%

 

 

975

 

 

 

1

%

 

 

6,734

 

 

 

1

%

 

 

3,742

 

 

 

1

%

 

 

 

(7,214

)

 

 

(6

%)

 

 

(3,290

)

 

 

(3

%)

 

 

6,894

 

 

 

1

%

 

 

6,066

 

 

 

1

%

Corporate expenses (A)

 

 

(11,493

)

 

 

(10

%)

 

 

(18,764

)

 

 

(17

%)

 

 

(57,988

)

 

 

(12

%)

 

 

(42,972

)

 

 

(11

%)

Gain (loss) on asset dispositions, net

 

 

1,217

 

 

 

1

%

 

 

8,938

 

 

 

8

%

 

 

2,263

 

 

 

0

%

 

 

10,624

 

 

 

3

%

Impairment of due from affiliates

 

 

0

 

 

 

0

%

 

 

(20,083

)

 

 

(18

%)

 

 

0

 

 

 

0

%

 

 

(20,083

)

 

 

(5

%)

Long-lived asset impairments

 

 

(32,549

)

 

 

(27

%)

 

 

(36,878

)

 

 

(33

%)

 

 

(37,773

)

 

 

(8

%)

 

 

(61,132

)

 

 

(15

%)

Operating loss

 

$

(50,039

)

 

 

(42

%)

 

 

(70,077

)

 

 

(64

%)

 

 

(86,604

)

 

 

(18

%)

 

 

(107,497

)

 

 

(26

%)

 

Note (A):  General and administrative expenses for the three and twelve months ended December 31, 2019 includes stock-based compensation of $3.0 million and $19.6 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2018 included stock-based compensation of $3.6 million and $13.6 million, respectively. In addition, general and administrative costs for the three and twelve months ended December 31, 2019 includes $2.1 million and $12.6 million, respectively, of severance and similar costs related to integrating Tidewater and GulfMark operations.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(Unaudited)

(In thousands, except per share data)

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

$

 

116,539

 

 

 

117,173

 

 

 

123,641

 

 

 

119,662

 

 

 

108,527

 

 

 

477,015

 

 

 

397,206

 

Other operating revenues

 

 

2,237

 

 

 

2,592

 

 

 

2,218

 

 

 

2,487

 

 

 

1,707

 

 

 

9,534

 

 

 

9,314

 

Total revenues

 

 

118,776

 

 

 

119,765

 

 

 

125,859

 

 

 

122,149

 

 

 

110,234

 

 

 

486,549

 

 

 

406,520

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

85,935

 

 

 

80,619

 

 

 

80,439

 

 

 

82,203

 

 

 

74,967

 

 

 

329,196

 

 

 

269,580

 

Costs of other operating revenues

 

 

916

 

 

 

534

 

 

 

586

 

 

 

764

 

 

 

733

 

 

 

2,800

 

 

 

5,530

 

General and administrative (A)

 

 

22,406

 

 

 

30,474

 

 

 

23,696

 

 

 

27,140

 

 

 

36,487

 

 

 

103,716

 

 

 

110,023

 

Depreciation and amortization

 

 

28,226

 

 

 

25,735

 

 

 

25,038

 

 

 

22,932

 

 

 

20,101

 

 

 

101,931

 

 

 

58,293

 

Gain on asset dispositions, net

 

 

(1,217

)

 

 

(270

)

 

 

494

 

 

 

(1,270

)

 

 

(8,938

)

 

 

(2,263

)

 

 

(10,624

)

Impairment of due from affiliate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,083

 

 

 

 

 

 

20,083

 

Asset impairments and other

 

 

32,549

 

 

 

5,224

 

 

 

 

 

 

 

 

 

36,878

 

 

 

37,773

 

 

 

61,132

 

Total operating costs and expenses

 

 

168,815

 

 

 

142,316

 

 

 

130,253

 

 

 

131,769

 

 

 

180,311

 

 

 

573,153

 

 

 

514,017

 

Operating loss

 

 

(50,039

)

 

 

(22,551

)

 

 

(4,394

)

 

 

(9,620

)

 

 

(70,077

)

 

 

(86,604

)

 

 

(107,497

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(945

)

 

 

173

 

 

 

11

 

 

 

(508

)

 

 

1,455

 

 

 

(1,269

)

 

 

106

 

Equity in net earnings (losses) of

unconsolidated companies

 

 

(2,717

)

 

 

(468

)

 

 

95

 

 

 

(62

)

 

 

(3,871

)

 

 

(3,152

)

 

 

(18,864

)

Interest income and other

 

 

690

 

 

 

1,579

 

 

 

1,859

 

 

 

2,470

 

 

 

5,799

 

 

 

6,598

 

 

 

11,294

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,119

)

 

 

 

 

 

(8,119

)

Interest and other debt costs

 

 

(6,282

)

 

 

(7,468

)

 

 

(7,582

)

 

 

(7,736

)

 

 

(7,708

)

 

 

(29,068

)

 

 

(30,439

)

Total other expense

 

 

(9,254

)

 

 

(6,184

)

 

 

(5,617

)

 

 

(5,836

)

 

 

(12,444

)

 

 

(26,891

)

 

 

(46,022

)

Loss before income taxes

 

 

(59,293

)

 

 

(28,735

)

 

 

(10,011

)

 

 

(15,456

)

 

 

(82,521

)

 

 

(113,495

)

 

 

(153,519

)

Income tax expense

 

 

1,281

 

 

 

15,071

 

 

 

5,542

 

 

 

5,830

 

 

 

7,856

 

 

 

27,724

 

 

 

18,252

 

Net loss

$

 

(60,574

)

 

 

(43,806

)

 

 

(15,553

)

 

 

(21,286

)

 

 

(90,377

)

 

 

(141,219

)

 

 

(171,771

)

Less: Net income (loss) attributable to

noncontrolling interests

 

 

(721

)

 

 

394

 

 

 

406

 

 

 

445

 

 

 

132

 

 

 

524

 

 

 

(254

)

Net loss attributable to Tidewater Inc.

$

 

(59,853

)

 

 

(44,200

)

 

 

(15,959

)

 

 

(21,731

)

 

 

(90,509

)

 

 

(141,743

)

 

 

(171,517

)

Basic loss per common share

$

 

(1.52

)

 

 

(1.15

)

 

 

(0.42

)

 

 

(0.58

)

 

 

(2.83

)

 

 

(3.71

)

 

 

(6.45

)

Diluted loss per common share

$

 

(1.52

)

 

 

(1.15

)

 

 

(0.42

)

 

 

(0.58

)

 

 

(2.83

)

 

 

(3.71

)

 

 

(6.45

)

Weighted average common shares

outstanding (B)

 

 

39,504,154

 

 

 

38,537,165

 

 

 

37,570,629

 

 

 

37,178,580

 

 

 

31,974,802

 

 

 

38,204,934

 

 

 

26,589,883

 

Dilutive effect of stock options and restricted

stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

39,504,154

 

 

 

38,537,165

 

 

 

37,570,629

 

 

 

37,178,580

 

 

 

31,974,802

 

 

 

38,204,934

 

 

 

26,589,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin

$

 

30,604

 

 

 

36,554

 

 

 

43,202

 

 

 

37,459

 

 

 

33,560

 

 

 

147,819

 

 

 

127,626

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note (A): Restructuring and merger-related

items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional services costs included in

general and administrative expenses

related to the business combination

with GulfMark

$

 

 

 

 

 

 

 

 

 

 

88

 

 

 

4,465

 

 

 

88

 

 

 

4,553

 

Integration related costs related to the

business combination with GulfMark

 

 

2,123

 

 

 

6,293

 

 

 

460

 

 

 

3,651

 

 

 

 

 

 

12,527

 

 

 

10,404

 

Total

$

 

2,123

 

 

 

6,293

 

 

 

460

 

 

 

3,739

 

 

 

4,465

 

 

 

12,615

 

 

 

14,957

 

Note (B):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issuable upon the exercise of New

Creditor Warrants held by U.S. citizens

included in weighted average shares

outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,547

 

 

 

 

 

 

2,547

 

Total shares outstanding including warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39,941,327

 

 

 

26,589,883

 

New Creditor Warrants

(strike price $0.001 per common share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

821,308

 

 

 

2,220,857

 

GulfMark Creditor Warrants

(strike price $0.01 per common share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,165,066

 

 

 

2,189,709

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,927,701

 

 

 

41,388,846

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

ASSETS

 

2019

 

 

2019

 

 

2019

 

 

2019

 

 

2018

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 

218,290

 

 

 

359,332

 

 

 

369,549

 

 

 

391,060

 

 

 

371,791

 

Restricted cash

 

 

5,755

 

 

 

3,300

 

 

 

13,614

 

 

 

6,975

 

 

 

25,953

 

Trade and other receivables, net

 

 

110,180

 

 

 

123,133

 

 

 

121,155

 

 

 

112,853

 

 

 

111,266

 

Due from affiliates

 

 

125,972

 

 

 

124,757

 

 

 

121,959

 

 

 

119,049

 

 

 

132,951

 

Marine operating supplies

 

 

21,856

 

 

 

21,303

 

 

 

29,141

 

 

 

29,337

 

 

 

29,505

 

Assets held for sale

 

 

39,287

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

15,956

 

 

 

13,116

 

 

 

14,460

 

 

 

14,844

 

 

 

11,836

 

Total current assets

 

 

537,296

 

 

 

644,941

 

 

 

669,878

 

 

 

674,118

 

 

 

683,302

 

Investments in, at equity, and advances to

unconsolidated companies

 

 

 

 

 

 

 

 

658

 

 

 

774

 

 

 

1,039

 

Net properties and equipment

 

 

938,961

 

 

 

1,022,786

 

 

 

1,041,054

 

 

 

1,065,297

 

 

 

1,089,857

 

Deferred drydocking and survey costs

 

 

66,936

 

 

 

49,025

 

 

 

41,029

 

 

 

30,602

 

 

 

22,215

 

Other assets

 

 

36,335

 

 

 

37,269

 

 

 

39,651

 

 

 

38,507

 

 

 

31,326

 

Total assets

$

 

1,579,528

 

 

 

1,754,021

 

 

 

1,792,270

 

 

 

1,809,298

 

 

 

1,827,739

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

 

27,501

 

 

 

23,672

 

 

 

24,170

 

 

 

29,739

 

 

 

31,939

 

Accrued costs and expenses

 

 

74,000

 

 

 

54,792

 

 

 

56,675

 

 

 

56,025

 

 

 

61,784

 

Due to affiliates

 

 

50,186

 

 

 

41,676

 

 

 

39,060

 

 

 

40,245

 

 

 

34,972

 

Current portion of long-term debt

 

 

9,890

 

 

 

9,689

 

 

 

10,002

 

 

 

9,957

 

 

 

8,568

 

Other current liabilities

 

 

24,100

 

 

 

30,024

 

 

 

24,442

 

 

 

20,115

 

 

 

21,092

 

Total current liabilities

 

 

185,677

 

 

 

159,853

 

 

 

154,349

 

 

 

156,081

 

 

 

158,355

 

Long-term debt

 

 

279,044

 

 

 

419,905

 

 

 

424,911

 

 

 

427,436

 

 

 

430,436

 

Other liabilities and deferred credits

 

 

98,397

 

 

 

96,499

 

 

 

97,471

 

 

 

98,096

 

 

 

94,025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

40

 

 

 

39

 

 

 

38

 

 

 

37

 

 

 

37

 

Additional paid-in capital

 

 

1,367,521

 

 

 

1,365,872

 

 

 

1,359,842

 

 

 

1,356,436

 

 

 

1,352,388

 

Accumulated deficit

 

 

(352,526

)

 

 

(292,673

)

 

 

(248,473

)

 

 

(232,514

)

 

 

(210,783

)

Accumulated other comprehensive income (loss)

 

 

(236

)

 

 

2,194

 

 

 

2,194

 

 

 

2,194

 

 

 

2,194

 

Total stockholders’ equity

 

 

1,014,799

 

 

 

1,075,432

 

 

 

1,113,601

 

 

 

1,126,153

 

 

 

1,143,836

 

Noncontrolling interests

 

 

1,611

 

 

 

2,332

 

 

 

1,938

 

 

 

1,532

 

 

 

1,087

 

Total equity

 

 

1,016,410

 

 

 

1,077,764

 

 

 

1,115,539

 

 

 

1,127,685

 

 

 

1,144,923

 

Total liabilities and equity

$

 

1,579,528

 

 

 

1,754,021

 

 

 

1,792,270

 

 

 

1,809,298

 

 

 

1,827,739

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonatide (Angola)

$

 

57,771

 

 

 

64,660

 

 

 

66,690

 

 

 

62,591

 

 

 

79,829

 

DTDW (Nigeria)

 

 

18,015

 

 

 

18,421

 

 

 

16,209

 

 

 

16,213

 

 

 

18,150

 

Total

$

 

75,786

 

 

 

83,081

 

 

 

82,899

 

 

 

78,804

 

 

 

97,979

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2019

 

 

2019

 

 

2019

 

 

2019

 

 

2018

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

$

 

22,883

 

 

 

24,575

 

 

 

26,991

 

 

 

25,214

 

 

 

21,412

 

Towing-supply

 

 

8,639

 

 

 

7,831

 

 

 

7,448

 

 

 

8,576

 

 

 

8,283

 

Other

 

 

1,811

 

 

 

741

 

 

 

760

 

 

 

1,489

 

 

 

2,118

 

Total

$

 

33,333

 

 

 

33,147

 

 

 

35,199

 

 

 

35,279

 

 

 

31,813

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

$

 

16,015

 

 

 

14,960

 

 

 

12,130

 

 

 

10,502

 

 

 

8,705

 

Towing-supply

 

 

10,636

 

 

 

7,805

 

 

 

8,319

 

 

 

9,954

 

 

 

10,959

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(190

)

Total

$

 

26,651

 

 

 

22,765

 

 

 

20,449

 

 

 

20,456

 

 

 

19,474

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

$

 

28,652

 

 

 

30,608

 

 

 

34,104

 

 

 

27,577

 

 

 

19,876

 

Towing-supply

 

 

528

 

 

 

338

 

 

 

923

 

 

 

981

 

 

 

841

 

Total

$

 

29,180

 

 

 

30,946

 

 

 

35,027

 

 

 

28,558

 

 

 

20,717

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

$

 

14,066

 

 

 

14,923

 

 

 

14,977

 

 

 

15,949

 

 

 

15,287

 

Towing-supply

 

 

9,981

 

 

 

11,598

 

 

 

14,015

 

 

 

15,184

 

 

 

16,807

 

Other

 

 

3,328

 

 

 

3,794

 

 

 

3,974

 

 

 

4,236

 

 

 

4,429

 

Total

$

 

27,375

 

 

 

30,315

 

 

 

32,966

 

 

 

35,369

 

 

 

36,523

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

$

 

81,616

 

 

 

85,066

 

 

 

88,202

 

 

 

79,242

 

 

 

65,278

 

Towing-supply

 

 

29,784

 

 

 

27,572

 

 

 

30,705

 

 

 

34,695

 

 

 

36,890

 

Other

 

 

5,139

 

 

 

4,535

 

 

 

4,734

 

 

 

5,725

 

 

 

6,359

 

Total

$

 

116,539

 

 

 

117,173

 

 

 

123,641

 

 

 

119,662

 

 

 

108,527

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2019

 

 

2019

 

 

2019

 

 

2019

 

 

2018

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

31

 

 

 

32

 

 

 

34

 

 

 

37

 

 

 

35

 

Towing-supply

 

 

17

 

 

 

17

 

 

 

18

 

 

 

27

 

 

 

20

 

Other

 

 

4

 

 

 

5

 

 

 

6

 

 

 

7

 

 

 

7

 

Total

 

 

52

 

 

 

54

 

 

 

58

 

 

 

71

 

 

 

62

 

Stacked vessels

 

 

(15

)

 

 

(17

)

 

 

(20

)

 

 

(32

)

 

 

(27

)

Active vessels

 

 

37

 

 

 

37

 

 

 

38

 

 

 

39

 

 

 

35

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

27

 

 

 

26

 

 

 

24

 

 

 

24

 

 

 

20

 

Towing-supply

 

 

28

 

 

 

26

 

 

 

26

 

 

 

27

 

 

 

28

 

Total

 

 

55

 

 

 

52

 

 

 

50

 

 

 

51

 

 

 

48

 

Stacked vessels

 

 

(10

)

 

 

(11

)

 

 

(9

)

 

 

(10

)

 

 

(11

)

Active vessels

 

 

44

 

 

 

41

 

 

 

41

 

 

 

41

 

 

 

37

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

42

 

 

 

42

 

 

 

44

 

 

 

45

 

 

 

31

 

Towing-supply

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

4

 

Total

 

 

45

 

 

 

45

 

 

 

47

 

 

 

48

 

 

 

35

 

Stacked vessels

 

 

(15

)

 

 

(13

)

 

 

(13

)

 

 

(14

)

 

 

(10

)

Active vessels

 

 

30

 

 

 

32

 

 

 

34

 

 

 

34

 

 

 

25

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

27

 

 

 

29

 

 

 

30

 

 

 

30

 

 

 

28

 

Towing-supply

 

 

19

 

 

 

20

 

 

 

22

 

 

 

31

 

 

 

31

 

Other

 

 

21

 

 

 

21

 

 

 

21

 

 

 

22

 

 

 

23

 

Total

 

 

67

 

 

 

70

 

 

 

73

 

 

 

83

 

 

 

82

 

Stacked vessels

 

 

(22

)

 

 

(22

)

 

 

(23

)

 

 

(29

)

 

 

(29

)

Active vessels

 

 

45

 

 

 

48

 

 

 

50

 

 

 

54

 

 

 

53

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

126

 

 

 

129

 

 

 

132

 

 

 

136

 

 

 

114

 

Towing-supply

 

 

68

 

 

 

66

 

 

 

69

 

 

 

88

 

 

 

83

 

Other

 

 

25

 

 

 

26

 

 

 

27

 

 

 

29

 

 

 

30

 

Total

 

 

219

 

 

 

221

 

 

 

228

 

 

 

253

 

 

 

227

 

Stacked vessels

 

 

(62

)

 

 

(63

)

 

 

(65

)

 

 

(85

)

 

 

(77

)

Active vessels

 

 

157

 

 

 

158

 

 

 

163

 

 

 

168

 

 

 

150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

157

 

 

 

158

 

 

 

163

 

 

 

168

 

 

 

150

 

Total stacked

 

 

62

 

 

 

63

 

 

 

65

 

 

 

85

 

 

 

77

 

Total joint venture and other vessels

 

 

4

 

 

 

4

 

 

 

4

 

 

 

4

 

 

 

5

 

Total

 

 

223

 

 

 

225

 

 

 

232

 

 

 

257

 

 

 

232

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2019

 

 

2019

 

 

2019

 

 

2019

 

 

2018

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,852

 

 

 

2,932

 

 

 

3,112

 

 

 

3,332

 

 

 

3,271

 

Towing-supply

 

 

1,580

 

 

 

1,552

 

 

 

1,638

 

 

 

2,426

 

 

 

1,806

 

Other

 

 

368

 

 

 

460

 

 

 

484

 

 

 

619

 

 

 

644

 

Total

 

 

4,800

 

 

 

4,944

 

 

 

5,234

 

 

 

6,377

 

 

 

5,721

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,453

 

 

 

2,370

 

 

 

2,184

 

 

 

2,160

 

 

 

1,840

 

Towing-supply

 

 

2,576

 

 

 

2,392

 

 

 

2,369

 

 

 

2,457

 

 

 

2,588

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

5,029

 

 

 

4,762

 

 

 

4,553

 

 

 

4,617

 

 

 

4,428

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

3,848

 

 

 

3,874

 

 

 

4,024

 

 

 

4,040

 

 

 

2,806

 

Towing-supply

 

 

276

 

 

 

276

 

 

 

273

 

 

 

294

 

 

 

368

 

Total

 

 

4,124

 

 

 

4,150

 

 

 

4,297

 

 

 

4,334

 

 

 

3,174

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

2,439

 

 

 

2,723

 

 

 

2,730

 

 

 

2,668

 

 

 

2,606

 

Towing-supply

 

 

1,779

 

 

 

1,840

 

 

 

1,974

 

 

 

2,790

 

 

 

2,852

 

Other

 

 

1,932

 

 

 

1,932

 

 

 

1,976

 

 

 

1,980

 

 

 

2,122

 

Total

 

 

6,150

 

 

 

6,495

 

 

 

6,680

 

 

 

7,438

 

 

 

7,580

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

11,592

 

 

 

11,899

 

 

 

12,050

 

 

 

12,200

 

 

 

10,523

 

Towing-supply

 

 

6,211

 

 

 

6,060

 

 

 

6,254

 

 

 

7,967

 

 

 

7,614

 

Other

 

 

2,300

 

 

 

2,392

 

 

 

2,460

 

 

 

2,599

 

 

 

2,766

 

Total

 

 

20,103

 

 

 

20,351

 

 

 

20,764

 

 

 

22,766

 

 

 

20,903

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2019

 

 

2019

 

 

2019

 

 

2019

 

 

2018

 

OUT-OF-SERVICE - STACKED DAYS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

656

 

 

 

723

 

 

 

798

 

 

 

992

 

 

 

1,288

 

Towing-supply

 

 

568

 

 

 

632

 

 

 

728

 

 

 

1,467

 

 

 

932

 

Other

 

 

184

 

 

 

184

 

 

 

241

 

 

 

380

 

 

 

296

 

Total

 

 

1,408

 

 

 

1,539

 

 

 

1,767

 

 

 

2,839

 

 

 

2,516

 

Middle East/Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

552

 

 

 

552

 

 

 

494

 

 

 

617

 

 

 

572

 

Towing-supply

 

 

399

 

 

 

460

 

 

 

303

 

 

 

270

 

 

 

391

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

951

 

 

 

1,012

 

 

 

797

 

 

 

887

 

 

 

963

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

1,196

 

 

 

1,104

 

 

 

1,092

 

 

 

1,122

 

 

 

736

 

Towing-supply

 

 

153

 

 

 

92

 

 

 

91

 

 

 

114

 

 

 

184

 

Total

 

 

1,349

 

 

 

1,196

 

 

 

1,183

 

 

 

1,236

 

 

 

920

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

766

 

 

 

768

 

 

 

698

 

 

 

630

 

 

 

625

 

Towing-supply

 

 

583

 

 

 

552

 

 

 

700

 

 

 

1,486

 

 

 

1,361

 

Other

 

 

643

 

 

 

736