Tidewater Reports Results for the Three and Nine Months Ended September 30, 2023

Third Quarter 2023 Highlights

  • Revenue of $299.3 million, a 39.2% increase from the second quarter of 2023
  • Average day rate increased to $17,865 per day, $1,823 higher than the second quarter of 2023
  • Composite leading edge term contract day rate up 21.7% to $28,609
  • Net income of $26.2 million, an increase of $3.6 million from the second quarter of 2023
  • Adjusted EBITDA of $117.2 million, an increase of $45.2 million from the second quarter of 2023
  • Completed integration of 32 of the 37 recently acquired PSVs from Solstad Offshore
  • Initiating 2024 revenue guidance of $1.40 to $1.45 billion and 2024 gross margin guidance of 52%
  • Announcing share repurchase authorization for the maximum permissible amount under existing debt agreements

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2023 of $299.3 million and $707.3 million, respectively, compared with $191.8 million and $460.9 million, respectively, for the three and nine months ended September 30, 2022. Tidewater's net income for the three and nine months ended September 30, 2023, was $26.2 million ($0.49 per common share) and $59.5 million ($1.13 per common share), respectively, compared with net income (losses) of $5.4 million ($0.10 per common share) and $(32.4) million ($0.76 per common share), respectively, for the three and nine months ended September 30, 2022.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The third quarter marks the third consecutive quarterly cyclical revenue and global average day rate high-water marks. Third quarter revenue nicely exceeded our expectations as a continued push on day rates globally drove consolidated day rates up by approximately $1,800 per day sequentially, representing the largest sequential improvement in day rates since the recovery began. The pace of day rate expansion was largely a combination of legacy contracts rolling on to current market day rates and a meaningful step up in leading edge term contract day rates; leading edge term contracts increased to $28,609 sequentially, an improvement of approximately $5,100 per day over the same measure in the prior quarter. The momentum in day rates is being driven by a global supply shortage of large and small offshore vessels, and, in fact, our medium and small classes of PSVs showed the most relative improvement in leading edge term contract day rates during the third quarter. We remain confident in the outlook for the business as demand for our vessels remains robust across a variety of end markets, including offshore drilling, subsea, construction, offshore wind and existing production work. This confidence allows us to initiate revenue guidance for 2024 of $1.40 to $1.45 billion and initial gross margin guidance of 52%, which is driven by our projection of an increase in year-over-year day rates of over $4,000 and an annual utilization level of 86%, increases that are in line with our recent quarterly improvements.

“On a global basis, revenue, gross profit, utilization, and day rate were all up from the previous quarter. Revenue for the quarter totaled $299.3 million, an increase of $84.3 million, or 39.2% sequentially through a combination of the recently acquired PSVs and improved day rates and utilization globally. Utilization increased to 82.1% from 79.4% in the prior quarter. We incurred approximately $6.0 million of acquisition and integration related expenses associated with the acquisition of 37 PSVs from Solstad Offshore. As of today, we have 32 of the acquired PSVs integrated into the Tidewater infrastructure and anticipate the remaining five vessels to be completed by the end of November. We now anticipate fourth quarter 2023 revenue of approximately $309 million and that gross margin will be approximately 47%.

“We are pleased to announce that the Board has authorized a stock repurchase program, under which we are authorized to purchase up to $35.0 million of the Company’s common stock over the next four months. We plan to use the repurchase program opportunistically, taking into consideration market conditions, our business outlook and opportunity to deploy the capital into value accretive acquisitions. Similar to the Solstad and Swire acquisitions, we continue to pursue additional acquisitions that enhance the Company's strategic position and leadership in certain vessel classes or geographies. Our philosophy will be to weigh the value of stock repurchases against other capital allocation opportunities and commit to pursuing the highest return on capital opportunity available. We are excited to again be in a position to actively consider returning capital to our shareholders.

“Turning to our regional operating results, each of our regions experienced an overall increase in revenue, gross profit, and average day rate, further evidence of the global shortage of large and small offshore vessels. Day rates in the Americas region increased approximately 15.9% sequentially with particular areas of strength in the U.S. Gulf of Mexico and the Caribbean. Day rates in West Africa increased 9.0% sequentially due to broad-based secular tailwinds in the region. Similarly, day rates in Asia Pacific increased by 6.7% sequentially as activity through-out Southeast Asia and Australia continues to improve. Day rates in the Europe and Mediterranean region moved up modestly during the quarter, up approximately 0.6%, as a somewhat muted late summer season in the North Sea, particularly for our large AHTS vessels, was offset by strength in the Mediterranean. Regional utilization was up in all regions except for West Africa region, where utilization was down due to higher frictional unemployment during the quarter.

“I am grateful to all of our diligent and committed employees who have contributed to our continued business success, and I would like to extend a special thank you to both the Tidewater and Solstad employees who have contributed to the integration of the newly acquired vessels to further enhance our industry-leading fleet. As always, we remain committed to providing a safe and rewarding environment for our employees as we move forward together building the safest, most sustainable, most reliable, most profitable, high specification offshore energy support vessel fleet in the world.”

In addition to the number of outstanding shares, as of September 30, 2023, the company also has the following in-the-money warrants.

Common shares outstanding

 

 

52,839,862

 

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

 

 

81,244

 

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

 

 

95,835

 

Total

 

 

53,016,941

 

Tidewater will hold a conference call to discuss results for the three months ending September 30, 2023 on November 7, 2023, 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 Conference ID: 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 November 7, 2023 and will continue until 11:59 p.m. Central Time on December 7, 2023. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

About Tidewater

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.

Cautionary Statement

This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”).

These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Forms 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.

If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

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 September 30, 2023 and December 31, 2022; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and nine months ended September 30, 2023 and 2022; and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022. Extracts are drawn from the September 30, 2023 unaudited quarterly and year to date financial statements and the December 31, 2022 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

 

 

Nine Months Ended

 

 

 

September 30, 2023

 

 

September 30, 2022

 

 

September 30, 2023

 

 

September 30, 2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

296,975

 

 

$

190,247

 

 

$

698,478

 

 

$

456,298

 

Other operating revenues

 

 

2,287

 

 

 

1,515

 

 

 

8,849

 

 

 

4,640

 

Total revenues

 

 

299,262

 

 

 

191,762

 

 

 

707,327

 

 

 

460,938

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

164,239

 

 

 

113,037

 

 

 

397,962

 

 

 

281,805

 

Costs of other operating revenues

 

 

1,481

 

 

 

592

 

 

 

3,005

 

 

 

1,436

 

General and administrative

 

 

21,001

 

 

 

27,267

 

 

 

70,559

 

 

 

73,288

 

Depreciation and amortization

 

 

57,730

 

 

 

30,856

 

 

 

121,164

 

 

 

89,279

 

Long-lived asset impairment and other

 

 

 

 

 

1,214

 

 

 

 

 

 

714

 

(Gain) loss on asset dispositions, net

 

 

(863

)

 

 

(264

)

 

 

(4,483

)

 

 

826

 

Total costs and expenses

 

 

243,588

 

 

 

172,702

 

 

 

588,207

 

 

 

447,348

 

Operating income

 

 

55,674

 

 

 

19,060

 

 

 

119,120

 

 

 

13,590

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange loss

 

 

(2,149

)

 

 

(3,997

)

 

 

(3,620

)

 

 

(4,932

)

Equity in net earnings (losses) of unconsolidated companies

 

 

4

 

 

 

9

 

 

 

29

 

 

 

(235

)

Interest income and other, net

 

 

568

 

 

 

581

 

 

 

3,488

 

 

 

4,416

 

Loss on warrants

 

 

 

 

 

 

 

 

 

 

 

(14,175

)

Interest and other debt costs, net

 

 

(19,288

)

 

 

(4,391

)

 

 

(28,209

)

 

 

(12,850

)

Total other expense

 

 

(20,865

)

 

 

(7,798

)

 

 

(28,312

)

 

 

(27,776

)

Income (loss) before income taxes

 

 

34,809

 

 

 

11,262

 

 

 

90,808

 

 

 

(14,186

)

Income tax expense

 

 

9,260

 

 

 

6,352

 

 

 

32,515

 

 

 

18,189

 

Net income (loss)

 

 

25,549

 

 

 

4,910

 

 

 

58,293

 

 

 

(32,375

)

Less: Net loss attributable to noncontrolling interests

 

 

(650

)

 

 

(470

)

 

 

(1,228

)

 

 

(6

)

Net income (loss) attributable to Tidewater Inc.

 

$

26,199

 

 

$

5,380

 

 

$

59,521

 

 

$

(32,369

)

Basic income (loss) per common share

 

$

0.50

 

 

$

0.12

 

 

$

1.16

 

 

$

(0.76

)

Diluted income (loss) per common share

 

$

0.49

 

 

$

0.10

 

 

$

1.13

 

 

$

(0.76

)

Weighted average common shares outstanding

 

 

52,230

 

 

 

44,451

 

 

 

51,235

 

 

 

42,570

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

1,380

 

 

 

7,069

 

 

 

1,322

 

 

 

 

Adjusted weighted average common shares

 

 

53,610

 

 

 

51,520

 

 

 

52,557

 

 

 

42,570

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

 

 

 

September 30, 2023

 

 

December 31, 2022

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

275,070

 

 

$

164,192

 

Restricted cash

 

 

4,973

��

 

 

1,241

 

Trade and other receivables, net of allowance for credit losses of $15,448 and $14,060 at September 30, 2023 and December 31, 2022, respectively

 

 

250,671

 

 

 

156,465

 

Marine operating supplies

 

 

27,489

 

 

 

30,830

 

Assets held for sale

 

 

565

 

 

 

4,195

 

Prepaid expenses and other current assets

 

 

16,598

 

 

 

20,985

 

Total current assets

 

 

575,366

 

 

 

377,908

 

Net properties and equipment

 

 

1,348,001

 

 

 

796,655

 

Deferred drydocking and survey costs

 

 

99,215

 

 

 

61,080

 

Indemnification assets

 

 

18,648

 

 

 

28,369

 

Other assets

 

 

30,325

 

 

 

33,644

 

Total assets

 

$

2,071,555

 

 

$

1,297,656

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

57,183

 

 

$

38,946

 

Accrued expenses

 

 

119,631

 

 

 

105,518

 

Current portion of long-term debt

 

 

102,369

 

 

 

 

Other current liabilities

 

 

53,301

 

 

 

50,323

 

Total current liabilities

 

 

332,484

 

 

 

194,787

 

Long-term debt

 

 

641,301

 

 

 

169,036

 

Other liabilities

 

 

66,246

 

 

 

67,843

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock of $0.001 par value, 125,000,000 shares authorized, 52,839,862 and 50,554,179 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively

 

 

53

 

 

 

51

 

Additional paid-in-capital

 

 

1,668,392

 

 

 

1,556,990

 

Accumulated deficit

 

 

(640,128

)

 

 

(699,649

)

Accumulated other comprehensive loss

 

 

4,413

 

 

 

8,576

 

Total stockholders' equity

 

 

1,032,730

 

 

 

865,968

 

Noncontrolling interests

 

 

(1,206

)

 

 

22

 

Total equity

 

 

1,031,524

 

 

 

865,990

 

Total liabilities and equity

 

$

2,071,555

 

 

$

1,297,656

 

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In Thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2023

 

 

September 30, 2022

 

 

September 30, 2023

 

 

September 30, 2022

 

Net income (loss)

 

$

25,549

 

 

$

4,910

 

 

$

58,293

 

 

$

(32,375

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on note receivable

 

 

(153

)

 

 

(429

)

 

 

(469

)

 

 

(1,275

)

Change in liability of pension plans

 

 

 

 

 

140

 

 

 

(3,694

)

 

 

81

 

Total comprehensive income (loss)

 

$

25,396

 

 

$

4,621

 

 

$

54,130

 

 

$

(33,569

)

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

 

 

 

Nine Months

 

 

Nine Months

 

 

 

Ended

 

 

Ended

 

 

 

September 30, 2023

 

 

September 30, 2022

 

Operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

58,293

 

 

$

(32,375

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

85,989

 

 

 

62,539

 

Amortization of deferred drydocking and survey costs

 

 

35,175

 

 

 

26,740

 

Amortization of debt premiums and discounts

 

 

2,644

 

 

 

1,157

 

Amortization of below market contracts

 

 

(1,906

)

 

 

 

Provision for deferred income taxes

 

 

69

 

 

 

134

 

(Gain) loss on asset dispositions, net

 

 

(4,483

)

 

 

826

 

Gain on pension settlement

 

 

(1,807

)

 

 

 

Gain on bargain purchase

 

 

 

 

 

(1,300

)

Long-lived asset impairment and other

 

 

 

 

 

714

 

Loss on warrants

 

 

 

 

 

14,175

 

Stock-based compensation expense

 

 

7,247

 

 

 

5,344

 

Changes in assets and liabilities, net of effects of business acquisition:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(92,684

)

 

 

(30,301

)

Changes in due to/from affiliate, net

 

 

 

 

 

(20

)

Accounts payable

 

 

18,237

 

 

 

9,364

 

Accrued expenses

 

 

14,231

 

 

 

(913

)

Deferred drydocking and survey costs

 

 

(73,309

)

 

 

(43,883

)

Other, net

 

 

9,778

 

 

 

(17,315

)

Net cash provided by (used in) operating activities

 

 

57,474

 

 

 

(5,114

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

9,604

 

 

 

8,475

 

Acquisitions, net of cash acquired

 

 

(594,191

)

 

 

(20,740

)

Additions to properties and equipment

 

 

(23,202

)

 

 

(11,708

)

Net cash used in investing activities

 

 

(607,789

)

 

 

(23,973

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Exercise of warrants

 

 

111,483

 

 

 

 

Proceeds from issuance of shares

 

 

 

 

 

70,630

 

Repurchase of SPO acquisition warrants

 

 

 

 

 

(70,630

)

Issuance of long-term debt

 

 

575,000

 

 

 

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

(1,427

)

 

 

 

Debt issuance costs

 

 

(14,758

)

 

 

(393

)

Tax on share-based awards

 

 

(5,899

)

 

 

(2,276

)

Net cash provided by (used in) financing activities

 

 

664,399

 

 

 

(2,669

)

Net change in cash, cash equivalents and restricted cash

 

 

114,084

 

 

 

(31,756

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

167,977

 

 

 

154,276

 

Cash, cash equivalents and restricted cash at end of period

 

$

282,061

 

 

$

122,520

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

8,452

 

 

$

7,979

 

Income taxes

 

$

36,585

 

 

$

16,143

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

Acquisition of SPO

 

$

 

 

$

162,648

 

Purchase of three vessels

 

$

12,198

 

 

$

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

Warrants issued for SPO acquisition

 

$

 

 

$

162,648

 

Repurchase of SPO acquisition warrants

 

$

 

 

$

992

 

Debt incurred for the purchase of three vessels

 

$

12,198

 

 

$

 

 

Note: Cash, cash equivalents and restricted cash at September 30, 2023 includes $2.0 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

 

 

income (loss)

 

 

interest

 

 

Total

 

Balance at June 30, 2023

 

$

51

 

 

$

1,554,793

 

 

$

(666,327

)

 

$

4,566

 

 

$

(556

)

 

$

892,527

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

26,199

 

 

 

(153

)

 

 

(650

)

 

 

25,396

 

Exercise of warrants into common stock

 

 

2

 

 

 

111,481

 

 

 

 

 

 

 

 

 

 

 

 

111,483

 

Amortization of share-based awards

 

 

 

 

 

2,118

 

 

 

 

 

 

 

 

 

 

 

 

2,118

 

Balance at September 30, 2023

 

$

53

 

 

$

1,668,392

 

 

$

(640,128

)

 

$

4,413

 

 

$

(1,206

)

 

$

1,031,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2022

 

$

42

 

 

$

1,554,561

 

 

$

(715,649

)

 

$

1,763

 

 

$

930

 

 

$

841,647

 

Total comprehensive loss

 

 

 

 

 

 

 

 

5,380

 

 

 

(289

)

 

 

(470

)

 

 

4,621

 

Issuance of common stock

 

 

4

 

 

 

72,253

 

 

 

 

 

 

 

 

 

 

 

 

72,257

 

SPO acquisition warrants

 

 

 

 

 

(73,249

)

 

 

 

 

 

 

 

 

 

 

 

(73,249

)

Amortization of share-based awards

 

 

 

 

 

1,823

 

 

 

 

 

 

 

 

 

 

 

 

1,823

 

Balance at September 30, 2022

 

$

46

 

 

$

1,555,388

 

 

$

(710,269

)

 

$

1,474

 

 

$

460

 

 

$

847,099

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

deficit

 

 

income (loss)

 

 

interest

 

 

Total

 

Balance at December 31, 2022

 

$

51

 

 

$

1,556,990

 

 

$

(699,649

)

 

$

8,576

 

 

$

22

 

 

$

865,990

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

59,521

 

 

 

(4,163

)

 

 

(1,228

)

 

 

54,130

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

 

 

 

(1,427

)

 

 

 

 

 

 

 

 

 

 

 

(1,427

)

Exercise of warrants into common stock

 

 

2

 

 

 

111,481

 

 

 

 

 

 

 

 

 

 

 

 

111,483

 

Amortization of share-based awards

 

 

 

 

 

1,348

 

 

 

 

 

 

 

 

 

 

 

 

1,348

 

Balance at September 30, 2023

 

$

53

 

 

$

1,668,392

 

 

$

(640,128

)

 

$

4,413

 

 

$

(1,206

)

 

$

1,031,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

$

41

 

 

$

1,376,494

 

 

$

(677,900

)

 

$

2,668

 

 

$

466

 

 

$

701,769

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(32,369

)

 

 

(1,194

)

 

 

(6

)

 

 

(33,569

)

Issuance of common stock

 

 

5

 

 

 

72,252

 

 

 

 

 

 

 

 

 

 

 

 

72,257

 

SPO acquisition warrants

 

 

 

 

 

176,823

 

 

 

 

 

 

 

 

 

 

 

 

176,823

 

Repurchase of SPO acquisition warrants

 

 

 

 

 

(73,249

)

 

 

 

 

 

 

 

 

 

 

 

(73,249

)

Amortization of share-based awards

 

 

 

 

 

3,068

 

 

 

 

 

 

 

 

 

 

 

 

3,068

 

Balance at September 30, 2022

 

$

46

 

 

$

1,555,388

 

 

$

(710,269

)

 

$

1,474

 

 

$

460

 

 

$

847,099

 

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

 

 

Nine Months Ended

 

 

 

September 30, 2023

 

 

September 30, 2022

 

 

September 30, 2023

 

 

September 30, 2022

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

70,717

 

 

 

24

%

 

$

39,122

 

 

 

21

%

 

$

168,780

 

 

 

24

%

 

$

105,086

 

 

 

23

%

Asia Pacific

 

 

38,994

 

 

 

13

%

 

 

23,902

 

 

 

12

%

 

 

83,603

 

 

 

12

%

 

 

45,161

 

 

 

10

%

Middle East

 

 

34,685

 

 

 

12

%

 

 

31,186

 

 

 

16

%

 

 

97,303

 

 

 

14

%

 

 

79,800

 

 

 

17

%

Europe/Mediterranean

 

 

78,929

 

 

 

26

%

 

 

39,702

 

 

 

21

%

 

 

149,474

 

 

 

21

%

 

 

96,096

 

 

 

21

%

West Africa

 

 

73,650

 

 

 

25

%

 

 

56,335

 

 

 

30

%

 

 

199,318

 

 

 

29

%

 

 

130,155

 

 

 

29

%

Total vessel revenues

 

$

296,975

 

 

 

100

%

 

$

190,247

 

 

 

100

%

 

$

698,478

 

 

 

100

%

 

$

456,298

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

97,286

 

 

 

32

%

 

$

71,189

 

 

 

37

%

 

$

231,936

 

 

 

33

%

 

$

172,665

 

 

 

38

%

Repair and maintenance

 

 

23,595

 

 

 

8

%

 

 

13,544

 

 

 

7

%

 

 

57,081

 

 

 

8

%

 

 

36,482

 

 

 

8

%

Insurance

 

 

2,359

 

 

 

1

%

 

 

1,988

 

 

 

1

%

 

 

6,532

 

 

 

1

%

 

 

4,738

 

 

 

1

%

Fuel, lube and supplies

 

 

17,770

 

 

 

6

%

 

 

12,291

 

 

 

7

%

 

 

45,283

 

 

 

7

%

 

 

30,888

 

 

 

7

%

Other

 

 

23,229

 

 

 

8

%

 

 

14,025

 

 

 

7

%

 

 

57,130

 

 

 

8

%

 

 

37,032

 

 

 

8

%

Total vessel operating costs

 

 

164,239

 

 

 

55

%

 

 

113,037

 

 

 

59

%

 

 

397,962

 

 

 

57

%

 

 

281,805

 

 

 

62

%

Vessel operating margin (A)

 

$

132,736

 

 

 

45

%

 

$

77,210

 

 

 

41

%

 

$

300,516

 

 

 

43

%

 

$

174,493

 

 

 

38

%

 

Note (A): Vessel operating margin equals vessel revenues less vessel operating costs.

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

 

 

Nine Months Ended

 

 

 

September 30, 2023

 

 

September 30, 2022

 

 

September 30, 2023

 

 

September 30, 2022

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

12,586

 

 

 

4

%

 

$

2,952

 

 

 

2

%

 

$

26,793

 

 

 

4

%

 

$

8,800

 

 

 

2

%

Asia Pacific

 

 

14,555

 

 

 

5

%

 

 

3,260

 

 

 

2

%

 

 

27,149

 

 

 

4

%

 

 

4,534

 

 

 

1

%

Middle East

 

 

(1,143

)

 

 

(0

)%

 

 

605

 

 

 

0

%

 

 

(3,144

)

 

 

(1

)%

 

 

(1,585

)

 

 

(0

)%

Europe/Mediterranean

 

 

9,576

 

 

 

3

%

 

 

13,137

 

 

 

7

%

 

 

19,919

 

 

 

3

%

 

 

14,970

 

 

 

3

%

West Africa

 

 

28,392

 

 

 

10

%

 

 

12,322

 

 

 

6

%

 

 

71,087

 

 

 

10

%

 

 

24,807

 

 

 

5

%

Other operating profit

 

 

806

 

 

 

0

%

 

 

922

 

 

 

0

%

 

 

5,844

 

 

 

1

%

 

 

3,204

 

 

 

1

%

 

 

64,772

 

 

 

22

%

 

33,198

 

 

 

17

%

 

147,648

 

 

 

21

%

 

54,730

 

 

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(9,961

)

 

 

(3

)%

 

 

(13,188

)

 

 

(7

)%

 

 

(33,011

)

 

 

(5

)%

 

 

(39,600

)

 

 

(9

)%

Gain (loss) on asset dispositions, net

 

 

863

 

 

 

0

%

 

 

264

 

 

 

0

%

 

 

4,483

 

 

 

1

%

 

 

(826

)

 

 

(0

)%

Long-lived asset impairment and other

 

 

 

 

 

0

%

 

 

(1,214

)

 

 

0

%

 

 

 

 

 

0

%

 

 

(714

)

 

 

(0

)%

Operating income

 

$

55,674

 

 

 

19

%

 

$

19,060

 

 

 

10

%

 

$

119,120

 

 

 

17

%

 

$

13,590

 

 

 

3

%

 

Note (A): General and administrative expenses for the three months and nine months ended September 30, 2023 include stock-based compensation of $2.4 million and $7.2 million, respectively. General and administrative expenses for the three and nine months ended September 30, 2022 include stock-based compensation of $1.9 million and $5.3 million, respectively. In addition, vessel operating and general and administrative costs for the three months and nine months ended September 30, 2023, include $6.0 million and $8.7 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and nine months ended September 30, 2022, include $4.3 million and $14.0 million in acquisition, restructuring and integration related costs, respectively.

 

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(In Thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

296,975

 

 

$

210,323

 

 

$

191,180

 

 

$

185,106

 

 

$

190,247

 

Other operating revenues

 

 

2,287

 

 

 

4,638

 

 

 

1,924

 

 

 

1,640

 

 

 

1,515

 

Total revenues

 

 

299,262

 

 

 

214,961

 

 

 

193,104

 

 

 

186,746

 

 

 

191,762

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

164,239

 

 

 

118,264

 

 

 

115,459

 

 

 

115,496

 

 

 

113,037

 

Costs of other operating revenue

 

 

1,481

 

 

 

373

 

 

 

1,151

 

 

 

694

 

 

 

592

 

General and administrative (A)

 

 

21,001

 

 

 

26,013

 

 

 

23,545

 

 

 

28,633

 

 

 

27,267

 

Depreciation and amortization

 

 

57,730

 

 

 

32,768

 

 

 

30,666

 

 

 

29,881

 

 

 

30,856

 

Long-lived asset impairment and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,214

 

Gain on asset dispositions, net

 

 

(863

)

 

 

(1,404

)

 

 

(2,216

)

 

 

(1,076

)

 

 

(264

)

Total operating costs and expenses

 

 

243,588

 

 

 

176,014

 

 

 

168,605

 

 

 

173,628

 

 

 

172,702

 

Operating income

 

 

55,674

 

 

 

38,947

 

 

 

24,499

 

 

 

13,118

 

 

 

19,060

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(2,149

)

 

 

(3,819

)

 

 

2,348

 

 

 

2,105

 

 

 

(3,997

)

Equity in net earnings of unconsolidated companies

 

 

4

 

 

 

25

 

 

 

 

 

 

14

 

 

 

9

 

Interest income and other, net

 

 

568

 

 

 

2,790

 

 

 

130

 

 

 

981

 

 

 

581

 

Interest and other debt costs, net

 

 

(19,288

)

 

 

(4,731

)

 

 

(4,190

)

 

 

(4,339

)

 

 

(4,391

)

Total other expense

 

 

(20,865

)

 

 

(5,735

)

 

 

(1,712

)

 

 

(1,239

)

 

 

(7,798

)

Income before income taxes

 

 

34,809

 

 

 

33,212

 

 

 

22,787

 

 

 

11,879

 

 

 

11,262

 

Income tax expense

 

 

9,260

 

 

 

11,284

 

 

 

11,971

 

 

 

1,697

 

 

 

6,352

 

Net income

 

 

25,549

 

 

 

21,928

 

 

 

10,816

 

 

 

10,182

 

 

 

4,910

 

Net income (loss) attributable to noncontrolling interests

 

 

(650

)

 

 

(656

)

 

 

78

 

 

 

(438

)

 

 

(470

)

Net income attributable to Tidewater Inc.

 

$

26,199

 

 

$

22,584

 

 

$

10,738

 

 

$

10,620

 

 

$

5,380

 

Basic income per common share

 

$

0.50

 

 

$

0.44

 

 

$

0.21

 

 

$

0.22

 

 

$

0.12

 

Diluted income per common share

 

$

0.49

 

 

$

0.43

 

 

$

0.21

 

 

$

0.20

 

 

$

0.10

 

Weighted average common shares outstanding

 

 

52,230

 

 

 

50,857

 

 

 

50,604

 

 

 

48,766

 

 

 

44,451

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

1,380

 

 

 

1,148

 

 

 

1,368

 

 

 

3,069

 

 

 

7,069

 

Adjusted weighted average common shares

 

 

53,610

 

 

 

52,005

 

 

 

51,972

 

 

 

51,835

 

 

 

51,520

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin

 

$

132,736

 

 

$

92,059

 

 

$

75,721

 

 

$

69,610

 

 

$

77,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note (A): Acquisition, restructuring and integration related costs

 

$

6,079

 

 

$

1,242

 

 

$

1,426

 

 

$

5,150

 

 

$

4,332

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

275,070

 

 

$

171,261

 

 

$

165,145

 

 

$

164,192

 

 

$

115,014

 

Restricted cash

 

 

4,973

 

 

 

1,242

 

 

 

4,972

 

 

 

1,241

 

 

 

4,965

 

Trade and other receivables, net

 

 

250,671

 

 

 

195,906

 

 

 

182,198

 

 

 

156,465

 

 

 

181,646

 

Marine operating supplies

 

 

27,489

 

 

 

22,495

 

 

 

24,448

 

 

 

30,830

 

 

 

20,764

 

Assets held for sale

 

 

565

 

 

 

630

 

 

 

695

 

 

 

4,195

 

 

 

6,815

 

Prepaid expenses and other current assets

 

 

16,598

 

 

 

18,958

 

 

 

18,978

 

 

 

20,985

 

 

 

17,509

 

Total current assets

 

 

575,366

 

 

 

410,492

 

 

 

396,436

 

 

 

377,908

 

 

 

346,713

 

Net properties and equipment

 

 

1,348,001

 

 

 

784,873

 

 

 

786,168

 

 

 

796,655

 

 

 

815,990

 

Deferred drydocking and survey costs

 

 

99,215

 

 

 

92,481

 

 

 

82,787

 

 

 

61,080

 

 

 

57,877

 

Indemnification assets

 

 

18,648

 

 

 

22,678

 

 

 

27,698

 

 

 

28,369

 

 

 

30,117

 

Other assets

 

 

30,325

 

 

 

33,640

 

 

 

34,058

 

 

 

33,644

 

 

 

32,364

 

Total assets

 

$

2,071,555

 

 

$

1,344,164

 

 

$

1,327,147

 

 

$

1,297,656

 

 

$

1,283,061

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

57,183

 

 

$

69,822

 

 

$

64,775

 

 

$

38,946

 

 

$

31,829

 

Accrued expenses

 

 

119,631

 

 

 

91,875

 

 

 

107,348

 

 

 

105,518

 

 

 

105,945

 

Current portion of long-term debt

 

 

102,369

 

 

 

2,441

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

 

53,301

 

 

 

42,305

 

 

 

43,220

 

 

 

50,323

 

 

 

46,629

 

Total current liabilities

 

 

332,484

 

 

 

206,443

 

 

 

215,343

 

 

 

194,787

 

 

 

184,403

 

Long-term debt

 

 

641,301

 

 

 

179,573

 

 

 

169,423

 

 

 

169,036

 

 

 

168,649

 

Other liabilities

 

 

66,246

 

 

 

65,621

 

 

 

68,968

 

 

 

67,843

 

 

 

82,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

53

 

 

 

51

 

 

 

51

 

 

 

51

 

 

 

46

 

Additional paid-in-capital

 

 

1,668,392

 

 

 

1,554,793

 

 

 

1,553,919

 

 

 

1,556,990

 

 

 

1,555,388

 

Accumulated deficit

 

 

(640,128

)

 

 

(666,327

)

 

 

(688,911

)

 

 

(699,649

)

 

 

(710,269

)

Accumulated other comprehensive income

 

 

4,413

 

 

 

4,566

 

 

 

8,254

 

 

 

8,576

 

 

 

1,474

 

Total stockholders' equity

 

 

1,032,730

 

 

 

893,083

 

 

 

873,313

 

 

 

865,968

 

 

 

846,639

 

Noncontrolling interests

 

 

(1,206

)

 

 

(556

)

 

 

100

 

 

 

22

 

 

 

460

 

Total equity

 

 

1,031,524

 

 

 

892,527

 

 

 

873,413

 

 

 

865,990

 

 

 

847,099

 

Total liabilities and equity

 

$

2,071,555

 

 

$

1,344,164

 

 

$

1,327,147

 

 

$

1,297,656

 

 

$

1,283,061

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

 

2022

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

25,549

 

 

$

21,928

 

 

$

10,816

 

 

$

10,182

 

 

$

4,910

 

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

43,845

 

 

 

21,096

 

 

 

21,048

 

 

 

20,983

 

 

 

22,252

 

Amortization of deferred drydocking and survey costs

 

 

13,885

 

 

 

11,672

 

 

 

9,618

 

 

 

8,898

 

 

 

8,604

 

Amortization of debt premiums and discounts

 

 

1,802

 

 

 

422

 

 

 

420

 

 

 

522

 

 

 

392

 

Amortization of below market contracts

 

 

(1,906

)

 

 

 

 

 

 

 

 

 

 

 

 

(Provision) benefit for deferred income taxes

 

 

35

 

 

 

(1

)

 

 

35

 

 

 

(98

)

 

 

(11

)

Gain on asset dispositions, net

 

 

(863

)

 

 

(1,404

)

 

 

(2,216

)

 

 

(1,076

)

 

 

(264

)

Gain on pension settlement

 

 

 

 

 

(1,807

)

 

 

 

 

 

 

 

 

 

Long-lived asset impairment and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,214

 

Stock-based compensation expense

 

 

2,496

 

 

 

2,648

 

 

 

2,103

 

 

 

2,028

 

 

 

1,923

 

Changes in assets and liabilities, net of effects of business acquisition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(54,765

)

 

 

(12,186

)

 

 

(25,733

)

 

 

26,172

 

 

 

4,784

 

Accounts payable

 

 

(12,639

)

 

 

5,047

 

 

 

25,829

 

 

 

7,117

 

 

 

1,292

 

Accrued expenses

 

 

27,775

 

 

 

(15,374

)

 

 

1,830

 

 

 

(427

)

 

 

(3,267

)

Deferred drydocking and survey costs

 

 

(20,618

)

 

 

(21,366

)

 

 

(31,325

)

 

 

(12,117

)

 

 

(12,820

)

Other, net

 

 

10,343

 

 

 

(934

)

 

 

369

 

 

 

(16,844

)

 

 

(896

)

Net cash provided by operating activities

 

 

34,939

 

 

 

9,741

 

 

 

12,794

 

 

 

45,340

 

 

 

28,113

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

945

 

 

 

2,943

 

 

 

5,716

 

 

 

5,093

 

 

 

312

 

Acquisitions, net of cash acquired

 

 

(594,191

)

 

 

 

 

 

 

 

 

 

 

 

8,785

 

Additions to properties and equipment

 

 

(5,702

)

 

 

(8,849

)

 

 

(8,651

)

 

 

(4,929

)

 

 

(6,328

)

Net cash provided by (used in) investing activities

 

 

(598,948

)

 

 

(5,906

)

 

 

(2,935

)

 

 

164

 

 

 

2,769

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of warrants

 

 

111,483

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of shares

 

 

 

 

 

 

 

 

 

 

 

117,202

 

 

 

70,630

 

Repurchase of SPO acquisition warrants

 

 

 

 

 

 

 

 

 

 

 

(117,202

)

 

 

(70,630

)

Issuance of long-term debt

 

 

575,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

 

 

 

 

 

 

(1,427

)

 

 

 

 

 

 

Debt issuance costs

 

 

(14,758

)

 

 

 

 

 

 

 

 

 

 

 

(22

)

Tax on share-based awards

 

 

(378

)

 

 

(1,774

)

 

 

(3,747

)

 

 

(47

)

 

 

(100

)

Net cash provided by (used in) financing activities

 

 

671,347

 

 

 

(1,774

)

 

 

(5,174

)

 

 

(47

)

 

 

(122

)

Net change in cash, cash equivalents and restricted cash

 

 

107,338

 

 

 

2,061

 

 

 

4,685

 

 

 

45,457

 

 

 

30,760

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

174,723

 

 

 

172,662

 

 

 

167,977

 

 

 

122,520

 

 

 

91,760

 

Cash, cash equivalents and restricted cash at end of period

 

$

282,061

 

 

$

174,723

 

 

$

172,662

 

 

$

167,977

 

 

$

122,520

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

606

 

 

$

7,748

 

 

$

98

 

 

$

7,575

 

 

$

353

 

Income taxes

 

$

9,384

 

 

$

10,144

 

 

$

17,057

 

 

$

6,132

 

 

$

6,813

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of three vessels

 

$

27

 

 

$

12,171

 

 

$

 

 

$

 

 

$

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of SPO acquisition warrants

 

$

 

 

$

 

 

$

 

 

$

373

 

 

$

992

 

Debt incurred for purchase of three vessels

 

$

27

 

 

$

12,171

 

 

$

 

 

$

 

 

$

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

 

2022

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

$

29,270

 

 

$

20,316

 

 

$

20,556

 

 

$

17,814

 

 

$

15,676

 

PSV < 900

 

 

28,886

 

 

 

19,134

 

 

 

17,390

 

 

 

16,486

 

 

 

16,460

 

AHTS > 16K

 

 

3,584

 

 

 

3,425

 

 

 

3,395

 

 

 

2,873

 

 

 

3,429

 

AHTS 8 - 16K

 

 

2,064

 

 

 

2,807

 

 

 

2,807

 

 

 

1,899

 

 

 

1,601

 

AHTS 4 - 8K

 

 

1,570

 

 

 

1,480

 

 

 

1,521

 

 

 

1,553

 

 

 

1,185

 

Other

 

 

4,942

 

 

 

3,214

 

 

 

2,018

 

 

 

1,160

 

 

 

771

 

Total

 

 

70,316

 

 

 

50,376

 

 

 

47,687

 

 

 

41,785

 

 

 

39,122

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

20,159

 

 

 

9,648

 

 

 

9,101

 

 

 

6,692

 

 

 

10,896

 

PSV < 900

 

 

8,292

 

 

 

5,811

 

 

 

5,133

 

 

 

3,120

 

 

 

3,891

 

AHTS > 16K

 

 

3,271

 

 

 

2,065

 

 

 

1,342

 

 

 

3,260

 

 

 

3,128

 

AHTS 8 - 16K

 

 

5,287

 

 

 

5,001

 

 

 

5,397

 

 

 

4,364

 

 

 

4,333

 

AHTS 4 - 8K

 

 

1,582

 

 

 

8

 

 

 

998

 

 

 

1,584

 

 

 

1,605

 

Other

 

 

52

 

 

 

52

 

 

 

53

 

 

 

50

 

 

 

49

 

Total

 

 

38,643

 

 

 

22,585

 

 

 

22,024

 

 

 

19,070

 

 

 

23,902

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,088

 

 

 

1,211

 

 

 

1,192

 

 

 

1,218

 

 

 

2,771

 

PSV < 900

 

 

17,790

 

 

 

16,812

 

 

 

14,965

 

 

 

15,517

 

 

 

16,063

 

AHTS > 16K

 

 

1,197

 

 

 

1,217

 

 

 

2,316

 

 

 

2,351

 

 

 

2,350

 

AHTS 8 - 16K

 

 

3,420

 

 

 

4,276

 

 

 

4,593

 

 

 

4,146

 

 

 

3,397

 

AHTS 4 - 8K

 

 

11,191

 

 

 

8,340

 

 

 

7,696

 

 

 

7,343

 

 

 

6,605

 

Total

 

 

34,686

 

 

 

31,856

 

 

 

30,762

 

 

 

30,575

 

 

 

31,186

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

63,582

 

 

 

29,592

 

 

 

23,368

 

 

 

24,783

 

 

 

27,167

 

PSV < 900

 

 

10,329

 

 

 

7,205

 

 

 

5,153

 

 

 

7,874

 

 

 

7,092

 

AHTS > 16K

 

 

3,617

 

 

 

2,228

 

 

 

2,511

 

 

 

643

 

 

 

5,251

 

Other

 

 

247

 

 

 

270

 

 

 

218

 

 

 

182

 

 

 

192

 

Total

 

 

77,775

 

 

 

39,295

 

 

 

31,250

 

 

 

33,482

 

 

 

39,702

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

17,566

 

 

 

11,550

 

 

 

9,900

 

 

 

10,534

 

 

 

8,041

 

PSV < 900

 

 

26,396

 

 

 

25,419

 

 

 

24,835

 

 

 

20,494

 

 

 

18,249

 

AHTS > 16K

 

 

7,138

 

 

 

9,129

 

 

 

6,237

 

 

 

5,385

 

 

 

6,152

 

AHTS 8 - 16K

 

 

11,917

 

 

 

9,870

 

 

 

9,827

 

 

 

11,810

 

 

 

11,236

 

AHTS 4 - 8K

 

 

2,745

 

 

 

3,496

 

 

 

2,360

 

 

 

5,780

 

 

 

6,445

 

Other

 

 

7,888

 

 

 

6,747

 

 

 

6,298

 

 

 

6,191

 

 

 

6,212

 

Total

 

 

73,650

 

 

 

66,211

 

 

 

59,457

 

 

 

60,194

 

 

 

56,335

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

131,665

 

 

 

72,317

 

 

 

64,117

 

 

 

61,041

 

 

 

64,551

 

PSV < 900

 

 

91,693

 

 

 

74,381

 

 

 

67,476

 

 

 

63,491

 

 

 

61,755

 

AHTS > 16K

 

 

18,807

 

 

 

18,064

 

 

 

15,801

 

 

 

14,512

 

 

 

20,310

 

AHTS 8 - 16K

 

 

22,688

 

 

 

21,954

 

 

 

22,624

 

 

 

22,219

 

 

 

20,567

 

AHTS 4 - 8K

 

 

17,088

 

 

 

13,324

 

 

 

12,575

 

 

 

16,260

 

 

 

15,840

 

Other

 

 

13,129

 

 

 

10,283

 

 

 

8,587

 

 

 

7,583

 

 

 

7,224

 

Total

 

$

295,070

 

 

$

210,323

 

 

$

191,180

 

 

$

185,106

 

 

$

190,247

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

 

2022

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

12

 

 

 

10

 

 

 

10

 

 

 

10

 

 

 

11

 

PSV < 900

 

 

18

 

 

 

15

 

 

 

15

 

 

 

16

 

 

 

17

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

AHTS 8 - 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

1

 

AHTS 4 - 8K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

Other

 

 

2

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

1

 

Total

 

 

38

 

 

 

33

 

 

 

32

 

 

 

33

 

 

 

34

 

Stacked vessels

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(2

)

 

 

(3

)

Active vessels

 

 

37

 

 

 

32

 

 

 

31

 

 

 

31

 

 

 

31

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

8

 

 

 

6

 

 

 

5

 

 

 

5

 

 

 

5

 

PSV < 900

 

 

4

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

1

 

 

 

2

 

 

 

2

 

AHTS 8 - 16K

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

AHTS 4 - 8K

 

 

1

 

 

 

1

 

 

 

2

 

 

 

3

 

 

 

4

 

Other

 

 

 

 

 

 

 

 

1

 

 

 

1

 

 

 

1

 

Total

 

 

18

 

 

 

14

 

 

 

14

 

 

 

16

 

 

 

17

 

Stacked vessels

 

 

 

 

 

 

 

 

(1

)

 

 

(2

)

 

 

(2

)

Active vessels

 

 

18

 

 

 

14

 

 

 

13

 

 

 

14

 

 

 

15

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1

 

 

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

PSV < 900

 

 

20

 

 

 

20

 

 

 

21

 

 

 

20

 

 

 

20

 

AHTS > 16K

 

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

 

 

2

 

AHTS 8 - 16K

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

AHTS 4 - 8K

 

 

18

 

 

 

17

 

 

 

14

 

 

 

14

 

 

 

13

 

Total

 

 

45

 

 

 

44

 

 

 

43

 

 

 

43

 

 

 

42

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active vessels

 

 

45

 

 

 

44

 

 

 

43

 

 

 

43

 

 

 

42

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

40

 

 

 

19

 

 

 

20

 

 

 

20

 

 

 

19

 

PSV < 900

 

 

8

 

 

 

6

 

 

 

6

 

 

 

6

 

 

 

6

 

AHTS > 16K

 

 

2

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

Total

 

 

50

 

 

 

26

 

 

 

27

 

 

 

27

 

 

 

26

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active vessels

 

 

50

 

 

 

26

 

 

 

27

 

 

 

27

 

 

 

26

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

9

 

 

 

7

 

 

 

7

 

 

 

6

 

 

 

6

 

PSV < 900

 

 

19

 

 

 

18

 

 

 

18

 

 

 

18

 

 

 

18

 

AHTS > 16K

 

 

4

 

 

 

5

 

 

 

5

 

 

 

4

 

 

 

4

 

AHTS 8 - 16K

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

 

 

12

 

AHTS 4 - 8K

 

 

5

 

 

 

6

 

 

 

8

 

 

 

8

 

 

 

8

 

Other

 

 

24

 

 

 

23

 

 

 

25

 

 

 

28

 

 

 

28

 

Total

 

 

72

 

 

 

70

 

 

 

74

 

 

 

75

 

 

 

76

 

Stacked vessels

 

 

(3

)

 

 

(5

)

 

 

(8

)

 

 

(10

)

 

 

(9

)

Active vessels

 

 

69

 

 

 

65

 

 

 

66

 

 

 

65

 

 

 

67

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

70

 

 

 

43

 

 

 

43

 

 

 

43

 

 

 

43

 

PSV < 900

 

 

69

 

 

 

61

 

 

 

62

 

 

 

62

 

 

 

63

 

AHTS > 16K

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

AHTS 8 - 16K

 

 

21

 

 

 

21

 

 

 

21

 

 

 

21

 

 

 

21

 

AHTS 4 - 8K

 

 

26

 

 

 

26

 

 

 

26

 

 

 

27

 

 

 

27

 

Other

 

 

26

 

 

 

25

 

 

 

27

 

 

 

30

 

 

 

30

 

Total

 

 

223

 

 

 

187

 

 

 

190

 

 

 

194

 

 

 

195

 

Stacked vessels

 

 

(4

)

 

 

(6

)

 

 

(10

)

 

 

(14

)

 

 

(14

)

Active vessels

 

 

219

 

 

 

181

 

 

 

180

 

 

 

180

 

 

 

181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

219