Tidewater Reports Results for the Three Months Ended March 31, 2022

May 09, 2022 at 16:19 PM EDT

Average Active Fleet Increases by 6 Vessels During the Quarter and Active Utilization Remains Strong at 82.5%

Average Day Rate Increases to $10,687; Highest Since Q4 2020

Vessel Level Gross Margin Increased From 24.7% to 34.0% and Global Fleet Utilization Increased From 52.9% to 70.9% Compared to the First Quarter of 2021

Following the Acquisition of Swire Pacific Offshore, Tidewater Now Operates the Premier Global Fleet Poised to Capitalize on the Significant Increase in Demand for High Quality Offshore Vessels

Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2022 of $105.7 million compared with $83.5 million for the three months ended March 31, 2021. Tidewater's net losses for the three months ended March 31, 2022, were $12.2 million ($0.29 per common share) compared with $35.3 million ($0.87 per common share) for the three months ended March 31, 2021. Included in the net losses for the three months ended March 31, 2022 were long-lived asset impairment credit, gain on bargain purchase and merger and severance expenses of $0.5 million. Excluding these items, we would have reported a net loss for the three months ended March 31, 2022 of $11.7 million ($0.28 per common share). Included in the net losses for the three months ending March 31, 2021 were severance expenses totaling $0.1 million; excluding these costs, we would have reported a net loss for the three months ending March 31, 2021 of $35.2 million ($0.86 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Tidewater is uniquely positioned to capitalize on what is looking to be a truly transformational period for vessel activity and day rate improvements over the next several quarters.

“Over the past several years we have been executing on a multi-faceted strategy to build significant and sustainable value at Tidewater. Recognizing the cyclicality of our highly fragmented, capital intensive industry, there were several priorities we focused on to prepare the company to successfully weather the lean times, while being well-positioned to capitalize on the inevitable upswings in the cycle when they occur. First and foremost, it starts with the people, and we are proud to say that we have built the strongest and most capable leadership and operational team in the industry, and that team will continue to get stronger as we move forward including as we welcome and integrate the talented team from Swire Pacific Offshore ("SPO") into our organization. Our team's initial focus was operational execution, including the integration of GulfMark into Tidewater, and driving efficiencies to weather the challenges the industry had experienced for many years while maximizing the operating leverage for the eventual recovery. With a strong team and efficient cost-structure and operations, we were then in a good position to address the company's balance sheet, and we are proud that Tidewater now has the strongest, most liquid and most flexible capital structure in the industry. Finally, with all of those pieces in place, Tidewater is well-positioned to act strategically, acquire the best assets to complement our global fleet and capitalize on improving industry dynamics and drive sustainable value. The acquisition of SPO that we closed in April is transformational as Tidewater is now the undisputed industry leader at a time when the demand for high quality offshore vessels is poised to significantly exceed the available supply.

"As an illustration of our progress in operational improvements, vessel level gross margins increased from 24.7% in the first quarter of 2021 to 34.0% in the first quarter of 2022. While some of this improvement is due to COVID related costs that impacted 2021, this trend reflects an overall company-wide focus on efficient operational execution. We do expect this positive trend to continue as we realize the full potential benefits of the changes we have put in place. We have also achieved significant savings in G&A expenses as illustrated by the reduction of approximately $80.0 million in G&A since the 2018 merger. To put all of this in perspective, our overall G&A cost structure in the first quarter of 2022 for the combined Tidewater and GulfMark is approximately 30% less than the stand-alone cost structure of Tidewater alone before the merger. We are now applying these techniques and processes to the integration of our latest acquisition of SPO, and we intend to continue the intense focus on efficient operational execution going forward.

“The SPO acquisition includes 50 high quality vessels which augments our already strong position in West Africa, a region that is just beginning to recover from the pandemic and which is likely to be a substantial beneficiary of the world’s search for hydrocarbons outside of Russia. The acquisition also gives us substantial leverage to the Southeast Asia and Australian markets, as well as adding vessels to areas of increasing activity, such as the Middle East. We remain confident that our combination synergies of $45.0 million can be achieved over the next 18 months.

“The OSV industry has historically experienced demand fluctuations that correlate with offshore oil and gas activity, but are impacted by other factors that are unique to our industry, such as shipbuilding and mariner labor cycles. Since the offshore energy downturn began in 2014, there have been very few new vessels enter the market, and existing vessels have aged or been taken out of service. Many operators in the industry have struggled to survive under the burden of high debt levels, low day rates, and inefficient operations. As a result, the available supply of high quality PSVs has declined substantially over the past 8 years such that only approximately 30 remain to be reactivated worldwide.

“The prolonged under-investment in offshore hydrocarbon infrastructure began to result in increased demand for offshore oil and gas activity in the second half of 2021, and that demand has been compounded by recent geopolitical issues. The demand for offshore wind energy infrastructure continues to accelerate as well. As a result, the outlook for OSV demand to support these offshore energy activities has begun to accelerate significantly. We are already seeing this impact in the market, but the most significant improvements will materialize over the next several quarters as this demand swiftly eclipses available supply. As an example, during the first quarter of 2022, we entered into contracts of various durations for 16 vessels with charter dates beginning after the first quarter. The average day rate improvement across these vessels’ contracts compared to their previous contracts is over 20%, with our largest PSVs in this group achieving average day rate improvement of nearly 30%. We believe the improvements in day rates are a clear signal of the fundamental shift in vessel supply and demand, and that as additional tendering continues and existing contracts roll-off, upward acceleration of day rates will continue.

“Everything we have been working on these past several years has positioned us to thrive under any market condition, and now that the market is rapidly improving, we are poised to capitalize. I want to take a moment to thank our employees for driving all the change and improvements that has prepared us for this opportunity. Finally, I want to welcome our 1,300 new employees from SPO to the Tidewater family. I look forward to your contributions and welcome you to the most exciting OSV company in the world.”

In addition to the number of outstanding shares, as of March 31, 2022, the company also has the following in-the-money warrants.

Common shares outstanding			41,716,885
New Creditor Warrants (strike price $0.001 per common share)			465,398
GulfMark Creditor Warrants (strike price $0.01 per common share)			429,812
Total			42,612,095

Tidewater will hold a conference call to discuss results for the three months ending March 31, 2022 on May 10, 2022, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.888.770.7135 if calling from the U.S. or Canada (+1.929.203.0820 if calling from outside the U.S.) and provide Access Code: 2444624 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 11:00 a.m. Central Time on May 10, 2022 and will continue until 11:59 p.m. Central Time on June 10, 2022. 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 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

Financial information is displayed beginning on the next page.

The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at March 31, 2022 and December 31, 2021 as well as the Consolidated Statements of Operations, Consolidated Statements of Equity and Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and for the twelve months ended December 31, 2021. Extracts are drawn from the March 31, 2022 unaudited quarterly financial statements and the December 31, 2021 audited annual financial statements of Tidewater, Inc. All per-share amounts are stated on a diluted basis.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, except per share data)
	Three Months Ended
	March 31, 2022			March 31, 2021
Revenues:
Vessel revenues	$	103,876		$	80,993
Other operating revenues		1,853			2,511
Total revenues		105,729			83,504
Costs and expenses:
Vessel operating costs		68,511			61,020
Costs of other operating revenues		361			1,067
General and administrative		18,217			16,043
Depreciation and amortization		26,657			29,727
Long-lived asset impairment credit		(500	)		—
(Gain) loss on asset dispositions, net		(207	)		1,948
Total costs and expenses		113,039			109,805
Operating loss		(7,310	)		(26,301	)
Other income (expense):
Foreign exchange gain (loss)		946			(850	)
Equity in net losses of unconsolidated companies		—			(1,849	)
Interest income and other, net		3,486			23
Interest and other debt costs, net		(4,175	)		(4,541	)
Total other income (expense)		257			(7,217	)
Loss before income taxes		(7,053	)		(33,518	)
Income tax expense		5,218			2,009
Net loss		(12,271	)		(35,527	)
Less: Net loss attributable to noncontrolling interests		(103	)		(212	)
Net loss attributable to Tidewater Inc.	$	(12,168	)	$	(35,315	)
Basic loss per common share	$	(0.29	)	$	(0.87	)
Diluted loss per common share	$	(0.29	)	$	(0.87	)
Weighted average common shares outstanding		41,412			40,716
Dilutive effect of stock options and restricted stock		—			—
Adjusted weighted average common shares		41,412			40,716

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)
	March 31, 2022			December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	136,234		$	149,037
Restricted cash		4,958			1,240
Trade and other receivables, less allowance for credit losses of $1,987 and $1,948 as of March 31, 2022 and 2021, respectively		112,953			86,503
Due from affiliates, less allowance for credit losses of $12,812 and $72,456 as of March 31, 2022 and 2021, respectively		21,191			70,134
Marine operating supplies		13,252			12,606
Assets held for sale		8,591			14,421
Prepaid expenses and other current assets		12,012			8,731
Total current assets		309,191			342,672
Net properties and equipment		677,580			688,040
Deferred drydocking and survey costs		44,362			40,734
Other assets		22,997			24,334
Total assets	$	1,054,130		$	1,095,780

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	23,696		$	20,788
Accrued costs and expenses		55,141			51,734
Due to affiliates		21,191			61,555
Other current liabilities		25,471			23,865
Total current liabilities		125,499			157,942
Long-term debt		167,997			167,885
Other liabilities and deferred credits		70,892			68,184

Commitments and contingencies

Equity:
Common stock		42			41
Additional paid-in-capital		1,376,934			1,376,494
Accumulated deficit		(690,068	)		(677,900	)
Accumulated other comprehensive loss		2,471			2,668
Total stockholders' equity		689,379			701,303
Noncontrolling interests		363			466
Total equity		689,742			701,769
Total liabilities and equity	$	1,054,130		$	1,095,780

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In Thousands)
	Three Months Ended
	March 31, 2022			March 31, 2021
Net loss	$	(12,271	)	$	(35,527	)
Other comprehensive loss:
Change in liability of pension plans		(197	)		(71	)
Total comprehensive loss	$	(12,468	)	$	(35,598	)

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
	Three Months			Three Months
	Ended			Ended
	March 31, 2022			March 31, 2021
Operating activities:
Net loss	$	(12,271	)	$	(35,527	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		17,673			18,470
Amortization of deferred drydocking and survey costs		8,984			11,257
Amortization of debt premiums and discounts		375			1,108
Provision for deferred income taxes		177			30
(Gain) loss on asset dispositions, net		(207	)		1,948
Gain on bargain purchase		(1,300	)		—
Loss on debt extinguishment		—			59
Long-lived asset impairment credit		(500	)		—
Stock-based compensation expense		1,458			1,172
Changes in operating assets and liabilities, net of effects of business acquisition:
Trade and other receivables		(15,570	)		12,758
Changes in due to/from affiliate, net		(20	)		2,738
Accounts payable		2,825			(2,359	)
Accrued expenses		3,207			(4,270	)
Deferred drydocking and survey costs		(12,612	)		(2,722	)
Other, net		(3,843	)		1,054
Net cash provided by (used in) operating activities		(11,624	)		5,716
Cash flows from investing activities:
Proceeds from sales of assets		4,628			10,983
Acquisition of joint venture, net of cash acquired		(1,039	)		—
Additions to properties and equipment		(1,229	)		(1,196	)
Net cash provided by investing activities		2,360			9,787
Cash flows from financing activities:
Principal payments on long-term debt		—			(26,414	)
Debt issuance and modification costs		(263	)		(725	)
Debt extinguishment premium		—			(59	)
Tax on share-based award		(1,017	)		(135	)
Net cash used in financing activities		(1,280	)		(27,333	)
Net change in cash, cash equivalents and restricted cash		(10,544	)		(11,830	)
Cash, cash equivalents and restricted cash at beginning of period		154,276			155,225
Cash, cash equivalents and restricted cash at end of period	$	143,732		$	143,395

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	—		$	3,746
Income taxes		3,200			2,535

Note: Cash, cash equivalents and restricted cash at March 31, 2022 includes $2.5 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In Thousands)
	Three Months Ended
									Accumulated
			Additional						other			Non
	Common		paid-in			Accumulated			comprehensive			controlling
	stock		capital			(deficit)			loss			interest			Total
Balance at December 31, 2021	$	41	$	1,376,494		$	(677,900	)	$	2,668		$	466		$	701,769
Total comprehensive income (loss)		—		—			(12,168	)		(197	)		(103	)		(12,468	)
Issuance of common stock		1		(1	)		—			—			—			—
Amortization of share-based awards		—		441			—			—			—			441
Balance at March 31, 2022	$	42	$	1,376,934		$	(690,068	)	$	2,471		$	363		$	689,742

Balance at December 31, 2020	$	41	$	1,371,809		$	(548,931	)	$	(804	)	$	1,157		$	823,272
Total comprehensive income (loss)		—		—			(35,315	)		(71	)		(212	)		(35,598	)
Amortization of share-based awards		—		1,037			—			—			—			1,037
Balance at March 31, 2021	$	41	$	1,372,846		$	(584,246	)	$	(875	)	$	945		$	788,711

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

(In Thousands)	Three Months Ended
	March 31, 2022				March 31, 2021
Vessel revenues:
Americas	$	28,444	27	%	$	26,224	32	%
Middle East/Asia Pacific		25,115	24	%		24,414	30	%
Europe/Mediterranean		23,919	23	%		14,749	18	%
West Africa		26,398	26	%		15,606	19	%
Total vessel revenues	$	103,876	100	%	$	80,993	100	%
Vessel operating costs:
Crew costs	$	40,837	39	%	$	35,162	43	%
Repair and maintenance		9,461	9	%		9,437	12	%
Insurance		1,384	1	%		623	1	%
Fuel, lube and supplies		7,076	7	%		5,860	7	%
Other		9,753	9	%		9,938	12	%
Total vessel operating costs		68,511	66	%		61,020	75	%
Vessel operating margin (A)	$	35,365	34	%	$	19,973	25	%

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:

(In Thousands)	Three Months Ended
	March 31, 2022					March 31, 2021
Vessel operating profit (loss):
Americas	$	(82	)	(0	)%	$	(1,651	)	(2	)%
Middle East/Asia Pacific		290		0	%		(1,853	)	(2	)%
Europe/Mediterranean		(2,429	)	(2	)%		(8,021	)	(10	)%
West Africa		3,215		3	%		(6,767	)	(8	)%
Other operating profit		1,492		1	%		1,444		2	%
		2,486		2	%		(16,848	)	(20	)%

Corporate expenses (A)		(10,503	)	(10	)%		(7,505	)	(9	)%
Gain (loss) on asset dispositions, net		207		0	%		(1,948	)	(2	)%
Long-lived asset impairments and other		500		1	%		—		0	%
Operating loss	$	(7,310	)	(7	)%	$	(26,301	)	(31	)%

Note (A): General and administrative expenses for the three months ended March 31, 2022 and 2021 include stock-based compensation of $1.5 million and $1.2 million, respectively. In addition, vessel operating and general and administrative costs for the three months ended March 31, 2022 and 2021, include $0.1 million and $0.1 million in one-time restructuring and integration related costs, respectively.

TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA (In Thousands, except per share data)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
Revenues:
Vessel revenues	$	103,876		$	100,428		$	91,634		$	88,514		$	80,993
Other operating revenues		1,853			4,747			767			1,439			2,511
Total revenues		105,729			105,175			92,401			89,953			83,504
Costs and expenses:
Vessel operating costs (A)		68,511			71,187			65,344			64,263			61,020
Costs of other operating revenue		361			228			355			581			1,067
General and administrative (A)		18,217			17,641			18,045			16,787			16,043
Depreciation and amortization		26,657			28,288			27,980			28,549			29,727
Long-lived asset impairment (credit) and other		(500	)		13,476			2,167			—			—
Affiliate credit loss impairment expense (credit)		—			1,400			—			(1,000	)		—
(Gain) loss on asset dispositions, net		(207	)		(53	)		74			932			1,948
Total operating costs and expenses		113,039			132,167			113,965			110,112			109,805
Operating loss		(7,310	)		(26,992	)		(21,564	)		(20,159	)		(26,301	)
Other income (expense):
Foreign exchange gain (loss)		946			582			(523	)		422			(850	)
Equity in net earnings (losses) of unconsolidated companies		—			(1,625	)		100			52			(1,849	)
Interest income and other, net		3,486			1,426			148			8			23
Loss on early extinguishment of debt		—			(11,100	)		—			—			—
Interest and other debt costs, net		(4,175	)		(3,417	)		(3,681	)		(3,944	)		(4,541	)
Total other expense		257			(14,134	)		(3,956	)		(3,462	)		(7,217	)
Loss before income taxes		(7,053	)		(41,126	)		(25,520	)		(23,621	)		(33,518	)
Income tax (benefit) expense		5,218			(3,047	)		887			6,026			2,009
Net loss		(12,271	)		(38,079	)		(26,407	)		(29,647	)		(35,527	)
Net loss attributable to noncontrolling interests		(103	)		(145	)		(149	)		(185	)		(212	)
Net loss attributable to Tidewater Inc.	$	(12,168	)	$	(37,934	)	$	(26,258	)	$	(29,462	)	$	(35,315	)
Basic loss per common share	$	(0.29	)	$	(0.92	)	$	(0.64	)	$	(0.72	)	$	(0.87	)
Diluted loss per common share	$	(0.29	)	$	(0.92	)	$	(0.64	)	$	(0.72	)	$	(0.87	)
Weighted average common shares outstanding		41,412			41,280			41,132			40,899			40,716
Dilutive effect of stock options and restricted stock		—			—			—			—			—
Adjusted weighted average common shares		41,412			41,280			41,132			40,899			40,716

Vessel operating margin	$	35,365		$	29,241		$	26,290		$	24,251		$	19,973

Note (A) One-time restructuring and integration related costs	$	2,305		$	221		$	112		$	795		$	103

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
ASSETS
Current assets:
Cash and cash equivalents	$	136,234		$	149,037		$	127,414		$	131,157		$	131,858
Restricted cash		4,958			1,240			24,092			20,284			9,061
Trade and other receivables, net		112,953			86,503			86,015			90,229			99,865
Due from affiliates, less allowances		21,191			70,134			68,217			64,922			62,474
Marine operating supplies		13,252			12,606			13,335			15,404			15,676
Assets held for sale		8,591			14,421			17,891			17,214			31,214
Prepaid expenses and other current assets		12,012			8,731			13,129			15,953			13,594
Total current assets		309,191			342,672			350,093			355,163			363,742
Net properties and equipment		677,580			688,040			709,324			731,659			754,707
Deferred drydocking and survey costs		44,362			40,734			40,510			40,372			46,648
Other assets		22,997			24,334			23,146			24,539			23,833
Total assets	$	1,054,130		$	1,095,780		$	1,123,073		$	1,151,733		$	1,188,930

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	23,696		$	20,788		$	18,042		$	16,189		$	14,622
Accrued costs and expenses		55,141			51,734			52,133			50,532			48,466
Due to affiliates		21,191			61,555			59,571			59,759			56,356
Current portion of long-term debt		—			—			140,995			7,355			18,201
Other current liabilities		25,471			23,865			29,139			28,825			35,003
Total current liabilities		125,499			157,942			299,880			162,660			172,648
Long-term debt		167,997			167,885			14,139			148,612			148,337
Other liabilities and deferred credits		70,892			68,184			74,442			80,723			79,234


Equity:
Common stock		42			41			41			41			41
Additional paid-in-capital		1,376,934			1,376,494			1,375,215			1,373,727			1,372,846
Accumulated deficit		(690,068	)		(677,900	)		(639,966	)		(613,708	)		(584,246	)
Accumulated other comprehensive income (loss)		2,471			2,668			(1,289	)		(1,082	)		(875	)
Total stockholders' equity		689,379			701,303			734,001			758,978			787,766
Noncontrolling interests		363			466			611			760			945
Total equity		689,742			701,769			734,612			759,738			788,711
Total liabilities and equity	$	1,054,130		$	1,095,780		$	1,123,073		$	1,151,733		$	1,188,930

Supplemental information
Due from related parties, net of due to related parties:
Sonatide (Angola)	$	—		$	8,579		$	8,646		$	5,163		$	6,118

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2022		2021		2021		2021		2021
VESSEL REVENUE BY VESSEL CLASS

Americas fleet:
Deepwater	$	21,711	$	21,658	$	18,961	$	17,796	$	19,876
Towing-supply		5,596		5,062		4,440		4,535		4,817
Other		1,137		1,162		1,163		1,150		1,531
Total		28,444		27,882		24,564		23,481		26,224
Middle East/Asia Pacific fleet:
Deepwater		16,522		17,311		17,292		17,264		15,931
Towing-supply		8,593		9,551		8,341		8,364		8,483
Total		25,115		26,862		25,633		25,628		24,414
Europe/Mediterranean fleet:
Deepwater		23,765		22,344		21,037		22,293		14,588
Towing-supply		—		—		—		11		—
Other		154		157		160		163		161
Total		23,919		22,501		21,197		22,467		14,749
West Africa fleet:
Deepwater		14,746		13,658		10,967		8,814		7,909
Towing-supply		6,597		5,807		5,474		5,564		4,879
Other		5,055		3,718		3,799		2,560		2,818
Total		26,398		23,183		20,240		16,938		15,606
Worldwide fleet:
Deepwater		76,744		74,971		68,257		66,167		58,304
Towing-supply		20,786		20,420		18,255		18,474		18,179
Other		6,346		5,037		5,122		3,873		4,510
Total	$	103,876	$	100,428	$	91,634	$	88,514	$	80,993

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
AVERAGE NUMBER OF VESSELS:

Americas fleet:
Deepwater		24			25			25			27			29
Towing-supply		8			8			8			8			8
Other		2			2			3			3			3
Total		34			35			36			38			40
Stacked vessels		(7	)		(9	)		(11	)		(13	)		(12	)
Active vessels		27			26			25			25			28
Middle East/Asia Pacific fleet:
Deepwater		20			20			20			20			21
Towing-supply		18			18			18			18			20
Total		38			38			38			38			41
Stacked vessels		—			(1	)		(1	)		(1	)		(3	)
Active vessels		38			37			37			37			38
Europe/Mediterranean fleet:
Deepwater		28			28			28			29			31
Total		28			28			28			29			31
Stacked vessels		(4	)		(5	)		(7	)		(8	)		(14	)
Active vessels		24			23			21			21			17
West Africa fleet:
Deepwater		17			18			19			20			20
Towing-supply		9			10			11			11			12
Other		26			24			25			26			26
Total		52			52			55			57			58
Stacked vessels		(10	)		(13	)		(19	)		(22	)		(25	)
Active vessels		42			39			36			35			33
Worldwide fleet:
Deepwater		89			91			92			96			101
Towing-supply		35			36			37			37			40
Other		28			26			28			29			29
Total		152			153			157			162			170
Stacked vessels		(21	)		(28	)		(38	)		(44	)		(54	)
Active vessels		131			125			119			118			116

Total active		131			125			119			118			116
Total stacked		21			28			38			44			54
Total joint venture		1			3			3			3			3
Total		153			156			160			165			173

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2022		2021		2021		2021		2021
AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:
Deepwater		2,160		2,269		2,300		2,497		2,627
Towing-supply		720		736		736		728		720
Other		145		184		244		273		270
Total		3,025		3,189		3,280		3,498		3,617
Middle East/Asia Pacific fleet:
Deepwater		1,809		1,840		1,840		1,820		1,863
Towing-supply		1,628		1,656		1,656		1,667		1,822
Total		3,437		3,496		3,496		3,487		3,685
Europe/Mediterranean fleet:
Deepwater		2,536		2,607		2,612		2,672		2,756
Total		2,536		2,607		2,612		2,672		2,756
West Africa fleet:
Deepwater		1,553		1,656		1,718		1,853		1,827
Towing-supply		815		920		1,011		1,001		1,084
Other		2,340		2,208		2,328		2,366		2,340
Total		4,708		4,784		5,057		5,220		5,251
Worldwide fleet:
Deepwater		8,058		8,372		8,470		8,842		9,073
Towing-supply		3,163		3,312		3,403		3,396		3,626
Other		2,485		2,392		2,572		2,639		2,610
Total		13,706		14,076		14,445		14,877		15,309

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2022		2021		2021		2021		2021
OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:
Deepwater		450		621		814		889		923
Towing-supply		90		92		92		91		90
Other		55		92		152		182		90
Total		595		805		1,058		1,162		1,103
Middle East/Asia Pacific fleet:
Deepwater		25		92		92		91		90
Towing-supply		—		—		—		29		180
Total		25		92		92		120		270
Europe/Mediterranean fleet:
Deepwater		376		474		641		766		1,238
Total		376		474		641		766		1,238
West Africa fleet:
Deepwater		203		307		537		852		1,104
Towing-supply		275		382		551		516		544
Other		450		506		655		637		599
Total		928		1,195		1,743		2,005		2,247
Worldwide fleet:
Deepwater		1,054		1,494		2,084		2,598		3,355
Towing-supply		365		474		643		636		814
Other		505		598		807		819		689
Total		1,924		2,566		3,534		4,053		4,858

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2022		2021		2021		2021		2021
AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:
Deepwater		1,710		1,648		1,486		1,608		1,704
Towing-supply		630		644		644		637		630
Other		90		92		92		91		180
Total		2,430		2,384		2,222		2,336		2,514
Middle East/Asia Pacific fleet:
Deepwater		1,784		1,748		1,748		1,729		1,773
Towing-supply		1,628		1,656		1,656		1,638		1,642
Total		3,412		3,404		3,404		3,367		3,415
Europe/Mediterranean fleet:
Deepwater		2,160		2,133		1,971		1,906		1,518
Total		2,160		2,133		1,971		1,906		1,518
West Africa fleet:
Deepwater		1,350		1,349		1,181		1,001		723
Towing-supply		540		538		460		485		540
Other		1,890		1,702		1,673		1,729		1,741
Total		3,780		3,589		3,314		3,215		3,004
Worldwide fleet:
Deepwater		7,004		6,878		6,386		6,244		5,718
Towing-supply		2,798		2,838		2,760		2,760		2,812
Other		1,980		1,794		1,765		1,820		1,921
Total		11,782		11,510		10,911		10,824		10,451

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
UTILIZATION - TOTAL FLEET:

Americas fleet:
Deepwater		59.3	%		57.0	%		53.0	%		45.6	%		55.6	%
Towing-supply		64.6			71.4			64.9			76.3			83.2
Other		62.1			50.0			37.7			33.3			55.7
Total		60.7	%		59.9	%		54.5	%		51.0	%		61.1	%
Middle East/Asia Pacific fleet:
Deepwater		84.5	%		85.4	%		86.2	%		88.3	%		80.1	%
Towing-supply		85.7			94.2			83.7			82.5			75.6
Total		85.1	%		89.6	%		85.0	%		85.5	%		77.9	%
Europe/Mediterranean fleet:
Deepwater		77.8	%		72.4	%		68.3	%		64.7	%		44.7	%
Total		77.8	%		72.4	%		68.3	%		64.7	%		44.7	%
West Africa fleet:
Deepwater		75.9	%		65.7	%		54.6	%		42.3	%		36.2	%
Towing-supply		65.9			50.0			40.0			38.4			30.1
Other		54.4			45.9			43.9			34.6			34.4
Total		63.5	%		53.5	%		46.7	%		38.1	%		34.1	%
Worldwide fleet:
Deepwater		74.0	%		69.7	%		65.2	%		59.4	%		53.4	%
Towing-supply		75.8			76.9			66.6			68.2			63.5
Other		54.8			46.2			43.3			34.5			36.6
Total		70.9	%		67.4	%		61.7	%		57.0	%		52.9	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
UTILIZATION - ACTIVE FLEET:

Americas fleet:
Deepwater		74.8	%		78.4	%		82.0	%		70.7	%		85.7	%
Towing-supply		73.8			81.5			74.1			87.2			95.1
Other		100.0			100.0			100.0			100.0			83.6
Total		75.5	%		80.1	%		80.4	%		76.4	%		87.9	%
Middle East/Asia Pacific fleet:
Deepwater		85.7	%		89.9	%		90.8	%		92.9	%		84.2	%
Towing-supply		85.7			94.2			83.7			84.0			83.9
Total		85.7	%		92.0	%		87.3	%		88.6	%		84.0	%
Europe/Mediterranean fleet:
Deepwater		91.3	%		88.5	%		90.5	%		90.6	%		81.3	%
Total		91.3	%		88.5	%		90.5	%		90.6	%		81.3	%
West Africa fleet:
Deepwater		87.3	%		80.7	%		79.4	%		78.3	%		91.4	%
Towing-supply		99.5			85.5			87.9			79.2			60.4
Other		67.3			59.5			61.1			47.4			46.2
Total		79.1	%		71.4	%		71.3	%		61.8	%		59.6	%
Worldwide fleet:
Deepwater		85.1	%		84.9	%		86.5	%		84.2	%		84.8	%
Towing-supply		85.7			89.7			82.2			83.9			81.9
Other		68.8			61.6			63.1			50.0			49.7
Total		82.5	%		82.4	%		81.6	%		78.4	%		77.6	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2022		2021		2021		2021		2021
AVERAGE VESSEL DAY RATES: (A)

Americas fleet:
Deepwater	$	16,964	$	16,760	$	15,568	$	15,646	$	13,608
Towing-supply		12,030		9,638		9,298		8,162		8,040
Other		12,633		12,644		12,640		12,634		10,179
Total		15,501		14,603		13,742		13,162		11,865
Middle East/Asia Pacific fleet:
Deepwater		10,809		11,021		10,899		10,743		10,670
Towing-supply		6,158		6,121		6,018		6,080		6,159
Total		8,589		8,580		8,623		8,593		8,506
Europe/Mediterranean fleet:
Deepwater		12,046		11,834		11,800		12,905		11,829
Total		12,124		11,917		11,890		13,005		11,960
West Africa fleet:
Deepwater		12,516		12,553		11,700		11,242		11,972
Towing-supply		12,275		12,624		13,536		14,480		14,967
Other		3,972		3,669		3,717		3,124		3,501
Total		8,834		9,052		8,562		8,521		8,711
Worldwide fleet:
Deepwater		12,878		12,840		12,355		12,589		12,028
Towing-supply		8,668		8,022		8,049		7,978		7,896
Other		4,657		4,558		4,598		4,253		4,721
Total	$	10,687	$	10,583	$	10,288	$	10,435	$	9,993

Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021

Americas
Vessel revenues	$	28,444		$	27,882		$	24,564		$	23,481		$	26,224

Vessel operating costs:
Crew costs		11,252			11,080			8,535			11,132			10,594
Repair and maintenance		2,627			2,487			2,951			2,192			2,714
Insurance		367			161			219			(30	)		200
Fuel, lube and supplies		2,385			2,019			2,028			1,952			1,774
Other		2,196			4,347			3,008			2,972			1,980
Total vessel operating costs		18,827			20,094			16,741			18,218			17,262

Vessel operating margin ($)		9,617			7,788			7,823			5,263			8,962
Vessel operating margin (%)		33.8	%		27.9	%		31.8	%		22.4	%		34.2	%

Americas - Select operating statistics
Average vessels - Total fleet		34			35			36			38			40
Utilization - Total fleet		60.7	%		59.9	%		54.5	%		51.0	%		61.1	%

Average vessels - Active fleet		27			26			25			25			28
Utilization - Active fleet		75.5	%		80.1	%		80.4	%		76.4	%		87.9	%

Average day rates	$	15,501		$	14,603		$	13,742		$	13,162		$	11,865

Vessels commencing drydocks		5			5			4			3			1


Deferred drydocking and survey costs - beginning balance	$	16,270		$	13,124		$	12,919		$	11,813		$	15,440
Cash paid for deferred drydocking and survey costs		5,060			6,470			4,906			2,157			881
Amortization of deferred drydocking and survey costs		(2,908	)		(2,909	)		(2,936	)		(2,753	)		(3,222	)
Disposals, intersegment transfers and other		—			(415	)		(1,765	)		1,702			(1,286	)
Deferred drydocking and survey costs - ending balance	$	18,422		$	16,270		$	13,124		$	12,919		$	11,813

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021

Middle East/Asia Pacific
Vessel revenues	$	25,115		$	26,862		$	25,633		$	25,628		$	24,414

Vessel operating costs:
Crew costs		9,253			9,710			9,950			9,910			9,639
Repair and maintenance		2,408			3,146			2,944			2,632			2,659
Insurance		351			203			60			37			(224	)
Fuel, lube and supplies		1,664			1,314			1,747			1,494			1,569
Other		2,879			3,167			3,334			2,692			2,959
Total vessel operating costs		16,555			17,540			18,035			16,765			16,602

Vessel operating margin ($)		8,560			9,322			7,598			8,863			7,812
Vessel operating margin (%)		34.1	%		34.7	%		29.6	%		34.6	%		32.0	%

Middle East/Asia Pacific - Select operating statistics
Average vessels - Total fleet		38			38			38			38			41
Utilization - Total fleet		85.1	%		89.6	%		85.0	%		85.5	%		77.9	%

Average vessels - Active fleet		38			37			37			37			38
Utilization - Active fleet		85.7	%		92.0	%		87.3	%		88.6	%		84.0	%

Average day rates	$	8,589		$	8,580		$	8,623		$	8,593		$	8,506

Vessels commencing drydocks		2			2			1			4			—


Deferred drydocking and survey costs - beginning balance	$	9,704		$	11,828		$	12,124		$	13,989		$	17,031
Cash paid for deferred drydocking and survey costs		3,855			327			2,441			1,354			72
Amortization of deferred drydocking and survey costs		(2,352	)		(2,451	)		(2,669	)		(2,820	)		(3,114	)
Disposals, intersegment transfers and other		—			—			(68	)		(399	)		—
Deferred drydocking and survey costs - ending balance	$	11,207		$	9,704		$	11,828		$	12,124		$	13,989

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021

Europe/Mediterranean
Vessel revenues	$	23,919		$	22,501		$	21,197		$	22,467		$	14,749

Vessel operating costs:
Crew costs		12,003			11,235			10,541			10,519			9,022
Repair and maintenance		2,106			3,562			1,754			2,244			1,673
Insurance		309			38			208			(131	)		299
Fuel, lube and supplies		1,077			936			846			864			759
Other		2,026			1,919			1,926			1,803			1,707
Total vessel operating costs		17,521			17,690			15,275			15,299			13,460

Vessel operating margin ($)		6,398			4,811			5,922			7,168			1,289
Vessel operating margin (%)		26.7	%		21.4	%		27.9	%		31.9	%		8.7	%

Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		28			28			28			29			31
Utilization - Total fleet		77.8	%		72.4	%		68.3	%		64.7	%		44.7	%

Average vessels - Active fleet		24			23			21			21			17
Utilization - Active fleet		91.3	%		88.5	%		90.5	%		90.6	%		81.3	%

Average day rates	$	12,124		$	11,917		$	11,890		$	13,005		$	11,960

Vessels commencing drydocks		1			1			1			2			3


Deferred drydocking and survey costs - beginning balance	$	4,983		$	5,571		$	6,340		$	7,731		$	7,317
Cash paid for deferred drydocking and survey costs		2,575			93			892			162			2,067
Amortization of deferred drydocking and survey costs		(1,133	)		(1,096	)		(1,316	)		(1,553	)		(1,653	)
Disposals, intersegment transfers and other		—			415			(345	)		—			—
Deferred drydocking and survey costs - ending balance	$	6,425		$	4,983		$	5,571		$	6,340		$	7,731

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021

West Africa
Vessel revenues	$	26,398		$	23,183		$	20,240		$	16,938		$	15,606

Vessel operating costs:
Crew costs		8,329			7,690			6,583			6,124			5,907
Repair and maintenance		2,320			2,307			2,848			2,466			2,391
Insurance		357			115			325			(13	)		348
Fuel, lube and supplies		1,950			2,136			2,130			2,231			1,758
Other		2,652			3,615			3,407			3,173			3,292
Total vessel operating costs		15,608			15,863			15,293			13,981			13,696

Vessel operating margin ($)		10,790			7,320			4,947			2,957			1,910
Vessel operating margin (%)		40.9	%		31.6	%		24.4	%		17.5	%		12.2	%

West Africa - Select operating statistics
Average vessels - Total fleet		52			52			55			57			58
Utilization - Total fleet		63.5	%		53.5	%		46.7	%		38.1	%		34.1	%

Average vessels - Active fleet		42			39			36			35			33
Utilization - Active fleet		79.1	%		71.4	%		71.3	%		61.8	%		59.6	%

Average day rates	$	8,834		$	9,052		$	8,562		$	8,521		$	8,711

Vessels commencing drydocks		3			3			3			2			—


Deferred drydocking and survey costs - beginning balance	$	9,777		$	9,987		$	8,989		$	13,115		$	16,680
Cash paid for deferred drydocking and survey costs		1,122			3,004			2,378			376			(298	)
Amortization of deferred drydocking and survey costs		(2,591	)		(3,214	)		(3,148	)		(3,199	)		(3,268	)
Disposals, intersegment transfers and other		—			—			1,768			(1,303	)		1
Deferred drydocking and survey costs - ending balance	$	8,308		$	9,777		$	9,987		$	8,989		$	13,115

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021

Worldwide
Vessel revenues	$	103,876		$	100,428		$	91,634		$	88,514		$	80,993

Vessel operating costs:
Crew costs		40,837			39,715			35,609			37,685			35,162
Repair and maintenance		9,461			11,502			10,497			9,534			9,437
Insurance		1,384			517			812			(137	)		623
Fuel, lube and supplies		7,076			6,405			6,751			6,541			5,860
Other		9,753			13,048			11,675			10,640			9,938
Total vessel operating costs		68,511			71,187			65,344			64,263			61,020

Vessel operating margin ($)		35,365			29,241			26,290			24,251			19,973
Vessel operating margin (%)		34.0	%		29.1	%		28.7	%		27.4	%		24.7	%

Worldwide - Select operating statistics
Average vessels - Total fleet		152			153			157			162			170
Utilization - Total fleet		70.9	%		67.4	%		61.7	%		57.0	%		52.9	%

Average vessels - Active fleet		131			125			119			118			116
Utilization - Active fleet		82.5	%		82.4	%		81.6	%		78.4	%		77.6	%

Average day rates	$	10,687		$	10,583		$	10,288		$	10,435		$	9,993

Vessels commencing drydocks		11			11			9			11			4


Deferred drydocking and survey costs - beginning balance	$	40,734		$	40,510		$	40,372		$	46,648		$	56,468
Cash paid for deferred drydocking and survey costs		12,612			9,894			10,617			4,049			2,722
Amortization of deferred drydocking and survey costs		(8,984	)		(9,670	)		(10,069	)		(10,325	)		(11,257	)
Disposals, intersegment transfers and other		—			—			(410	)		—			(1,285	)
Deferred drydocking and survey costs - ending balance	$	44,362		$	40,734		$	40,510		$	40,372		$	46,648

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021

Net loss	$	(12,271	)	$	(38,079	)	$	(26,407	)	$	(29,647	)	$	(35,527	)

Interest and other debt costs		4,175			3,417			3,681			3,944			4,541
Income tax (benefit) expense		5,218			(3,047	)		887			6,026			2,009
Depreciation		17,673			18,618			17,911			18,224			18,470
Amortization of deferred drydock and survey costs		8,984			9,670			10,069			10,325			11,257
EBITDA (A), (B), (C)		23,779			(9,421	)		6,141			8,872			750

Long-lived asset impairment (credit) and other		(500	)		13,476			2,167			—			—
Affiliate credit loss impairment expense (credit)		—			1,400			—			(1,000	)		—
Loss on early extinguishment of debt		—			11,100			—			—			—
Gain on bargain purchase		(1,300	)		—			—			—			—
One-time integration related costs		2,305			221			112			795			103
Adjusted EBITDA (A), (B), (C)	$	24,284		$	16,776		$	8,420		$	8,667		$	853

Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, loss on early extinguishment of debt, gain on bargain purchase and merger and integration related costs.

Note (B): EBITDA and Adjusted EBITDA for the three months ended March 31, 2022, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,458, $1,439, $1,523, $1,504, and $1,172, respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended March 31, 2022, and for each of the prior four quarters includes foreign exchange gain (losses) of $946, $582, $(523), $422 and $(850), 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
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021

Net cash provided by (used in) operating activities (A)	$	(11,624	)	$	6,938		$	(2,499	)	$	4,851		$	5,716

Cash interest expense		—			3,664			3,055			3,282			3,746
Interest income and other		(2,186	)		(1,426	)		(148	)		(8	)		(23	)
Additions to property and equipment		(1,229	)		(6,368	)		(722	)		(665	)		(1,196	)
Acquisition of joint venture		(1,039	)		—			—			—			—
Expansion capital		1,039			—			—			—			—
Free cash flow before proceeds from asset sales		(15,039	)		2,808			(314	)		7,460			8,243

Proceeds from asset sales		4,628			54			4,396			18,577			10,983

Free cash flow	$	(10,411	)	$	2,862		$	4,082		$	26,037		$	19,226

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, excluding expansion capital, 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
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	(13,401	)	$	265		$	2,586		$	7,066		$	9,921
Cash paid for deferred drydock and survey costs		(12,612	)		(9,894	)		(10,617	)		(4,049	)		(2,722	)
Total sources (uses) of cash for changes in assets and liabilities	$	(26,013	)	$	(9,629	)	$	(8,031	)	$	3,017		$	7,199

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Contacts

Tidewater Inc.

West Gotcher

Vice President, Finance and Investor Relations

+1.713.470.5285