Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2022

Full-Year 2023 Guidance

  • Forecasted revenue for 2023 of approximately $900 million, an increase of 39.0% compared to full-year 2022 revenue of $647.7 million
  • Forecasted 2023 vessel operating margin of approximately 50.0%, an increase of 11.9 percentage points compared to full-year 2022 vessel operating margin of 38.1%

Full-Year 2022 Highlights

  • Revenue of $647.7 million, an increase of 74.6% compared to full-year 2021 revenue of $371.0 million
  • Vessel operating margin of 38.1%, an increase of 10.5 percentage points compared to full-year 2021 vessel operating margin of 27.6%
  • Operating income of $26.7 million, an increase of 128.1% compared to full-year 2021 operating loss of $95.0 million
  • Adjusted EBITDA of $166.7 million, an increase of 380.3% compared to full-year 2021 adjusted EBITDA of $34.7 million

Fourth Quarter 2022 Highlights

  • Adjusted EBITDA of $51.2 million
  • Free cash flow of $53.3 million
  • Year-end net debt balance of $9.6 million
  • Second consecutive quarter of positive net income, generating $10.6 million in the fourth quarter of 2022

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2022 of $186.7 million and $647.7 million, respectively, compared with $105.2 million and $371.0 million, respectively, for the three and twelve months ended December 31, 2021. Tidewater's net income (losses) for the three and twelve months ended December 31, 2022, were $10.6 million ($0.20 per common share) and $(21.7) million ($0.49 per common share), respectively, compared with $(37.9) million ($0.92 per common share) and $(129.0) million ($3.14 per common share), respectively, for the three and twelve months ended December 31, 2021. Included in the net income for the three months ended December 31, 2022 were merger and severance expenses of $5.1 million. Included in the net losses for the twelve months ended December 31, 2022 were long-lived asset impairment and other of $0.7 million; gain on bargain purchase of $1.3 million; loss on warrants of $14.2 million and merger and severance expenses of $19.1 million. Excluding these items, we would have reported a net income for the three months ended December 31, 2022 of $15.8 million ($0.30 per common share) and net profit for the twelve months ended December 31, 2022 of $10.9 million ($0.22 per common share). Included in the net losses for the three and twelve months ending December 31, 2021 were impairment charges related to assets held for sale, affiliate credit loss expense, inventory obsolescence, loss on debt extinguishment and severance expenses totaling $26.2 million and $28.4 million, respectively. Excluding these costs, we would have reported a net loss for the three months ending December 31, 2021 of $11.7 million ($0.28 per common share) and a net loss for the twelve months ending December 31, 2021 of $100.6 million ($2.45 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “As we mentioned in this year's second quarter earnings press release, 2022 marked an inflection point in the recovery of the offshore vessel market. I am pleased by our annual financial performance and by our accomplishments during the year. Revenue improved by approximately 75.0% due to the acquisition of Swire Pacific Offshore in April and an increase in offshore activity that has been driven by the need to ensure reliable and secure sources of hydrocarbons for a global economy still emerging from the pandemic. This increase in demand combined with an underinvestment in vessels over the past eight years allowed the industry to push utilization and day rates globally. By all financial measures, 2022 represented a marked improvement in our results. Our primary goal is to build a business that maximizes long-term free cash flow generation within the principles and risk tolerances appropriate for this industry and age. We generated over $50.0 million of free cash flow during 2022 and as such, we ended the year in a strong cash position, resulting in a net debt balance of only $9.6 million. The acquisition in April further bolstered our fleet, providing a compelling platform to take advantage of the continued strength in the offshore vessel market.

“While we are pleased with the momentum that was built throughout 2022, we believe that the macroeconomic trends driving the business will persist and that Tidewater is well-positioned to drive continued financial performance and cash flow generation in 2023 and beyond. We are forecasting revenue for 2023 of approximately $900.0 million, up almost 40.0% from 2022, and for vessel operating margin for 2023 of approximately 50.0%, up about 12 percentage points from 2022.

“Our West Africa business continued to perform well during the fourth quarter, with revenue up about 6.8% sequentially, driven by an increase in average day rates. Likewise, our Americas region experienced a strong fourth quarter, with revenue also up 6.8% sequentially, all of which was driven by an 8.1% increase in day rates, with notable day rate enhancement in the U.S. Gulf of Mexico and Mexico. Further, revenue in the Mediterranean expanded by about 9.3% sequentially, resulting from a 4.5% increase in day rates and additional capacity brought to the area from the U.S. Gulf of Mexico. The North Sea experienced typical seasonality which resulted in total revenue in the fourth quarter declining by 2.6% sequentially. Further, our Asia Pacific segment was adversely impacted by a combination of vessels in transit along with drydocking activity and idle time as vessels came off contract; we expect this frictional unemployment to subside in the first quarter. Activity levels in rest of the world were slightly up during the fourth quarter. Overall day rates remained flat from the prior quarter, and if we exclude the declines in our North Sea and Asia Pacific business, our average day rate increased 4.8% sequentially.

“As we look forward into 2023, we are confident that not only is the recovery here, but that the demand for offshore vessels will continue to strengthen throughout this year. The renewed global focus on securing reliable sources of hydrocarbons has prioritized offshore oil and gas development and we believe that offshore oil and gas capital spending plans will accelerate throughout 2023 and beyond.

“Just as encouraging as the acceleration in demand for offshore vessels services is the continued reduction in the available supply of offshore vessels. The number of large OSVs that are currently laid up is quite limited and the likelihood any of these vessels returning to the market is remote. We see a similar situation developing in the mid-sized OSV fleet, where additional available supply is also very limited. We see essentially no new vessels on order, indicating that the supply of vessels will continue to decline modestly as vessels naturally attrition out of the global fleet. Accordingly, it is our view that the industry is positioned to benefit from an increase in demand over the medium-to-long term and a slowly shrinking supply of vessels. We believe this imbalance in supply and demand will continue to provide the opportunity for day rate and utilization increases, and we remain committed to maximizing the earnings and cash flow generation from our fleet.

“Finally, we are excited to announce that we will be publishing our 2022 Sustainability Report later this week. Tidewater remains committed to excellence in safe vessel operations as well as leading the industry through the energy transition. Look for the report later this week on our website.”

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

Common shares outstanding

 

 

50,554,179

 

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

 

 

80,954

 

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

 

 

165,479

 

Total

 

 

50,800,612

 

Tidewater will hold a conference call to discuss results for the three and twelve months ending December 31, 2022 on February 28, 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 February 28, 2023 and will continue until 11:59 p.m. Central Time on March 28, 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 have been audited. This press release presents extracts from the Consolidated Balance Sheets at December 31, 2022 and December 31, 2021; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and twelve months ended December 31, 2022 and 2021; and the Consolidated Statements of Cash Flows for the twelve months ended December 31, 2022 and 2021. Extracts are drawn from the December 31, 2022 and 2021 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

In conjunction with the acquisition of Swire Pacific Offshore (SPO), we realigned our reportable segments to better reflect the post-acquisition operating environment. The previous Middle East/Asia Pacific segment has been split into the Middle East segment and the Asia Pacific segment. Our previous operations in Southeast Asia and Australia, along with the legacy SPO operations in the Asia Pacific region, now form the new Asia Pacific segment. Our segment disclosures reflect the current segment alignment for all periods presented.

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, except per share data)

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

 

December 31, 2022

 

 

December 31, 2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

185,106

 

 

$

100,428

 

 

$

641,404

 

 

$

361,569

 

Other operating revenues

 

 

1,640

 

 

 

4,747

 

 

 

6,280

 

 

 

9,464

 

Total revenues

 

 

186,746

 

 

 

105,175

 

 

 

647,684

 

 

 

371,033

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

115,496

 

 

 

71,187

 

 

 

397,301

 

 

 

261,814

 

Costs of other operating revenues

 

 

694

 

 

 

228

 

 

 

2,130

 

 

 

2,231

 

General and administrative

 

 

28,633

 

 

 

17,641

 

 

 

101,921

 

 

 

68,516

 

Depreciation and amortization

 

 

29,881

 

 

 

28,288

 

 

 

119,160

 

 

 

114,544

 

Long-lived asset impairment and other

 

 

 

 

 

13,476

 

 

 

714

 

 

 

15,643

 

Affiliate credit loss impairment

 

 

 

 

 

1,400

 

 

 

 

 

 

400

 

(Gain) loss on asset dispositions, net

 

 

(1,076

)

 

 

(53

)

 

 

(250

)

 

 

2,901

 

Total costs and expenses

 

 

173,628

 

 

 

132,167

 

 

 

620,976

 

 

 

466,049

 

Operating income (loss)

 

 

13,118

 

 

 

(26,992

)

 

 

26,708

 

 

 

(95,016

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

2,105

 

 

 

582

 

 

 

(2,827

)

 

 

(369

)

Equity in net earnings (losses) of unconsolidated companies

 

 

14

 

 

 

(1,625

)

 

 

(221

)

 

 

(3,322

)

Interest income and other, net

 

 

981

 

 

 

1,426

 

 

 

5,397

 

 

 

1,605

 

Loss on warrants

 

 

 

 

 

 

 

 

(14,175

)

 

 

 

Loss on early extinguishment of debt

 

 

 

 

 

(11,100

)

 

 

 

 

 

(11,100

)

Interest and other debt costs, net

 

 

(4,339

)

 

 

(3,417

)

 

 

(17,189

)

 

 

(15,583

)

Total other expense

 

 

(1,239

)

 

 

(14,134

)

 

 

(29,015

)

 

 

(28,769

)

Income (loss) before income taxes

 

 

11,879

 

 

 

(41,126

)

 

 

(2,307

)

 

 

(123,785

)

Income tax expense (benefit)

 

 

1,697

 

 

 

(3,047

)

 

 

19,886

 

 

 

5,875

 

Net income (loss)

 

 

10,182

 

 

 

(38,079

)

 

 

(22,193

)

 

 

(129,660

)

Less: Net loss attributable to noncontrolling interests

 

 

(438

)

 

 

(145

)

 

 

(444

)

 

 

(691

)

Net income (loss) attributable to Tidewater Inc.

 

$

10,620

 

 

$

(37,934

)

 

$

(21,749

)

 

$

(128,969

)

Basic income (loss) per common share

 

$

0.22

 

 

$

(0.92

)

 

$

(0.49

)

 

$

(3.14

)

Diluted income (loss) per common share

 

$

0.20

 

 

$

(0.92

)

 

$

(0.49

)

 

$

(3.14

)

Weighted average common shares outstanding

 

 

48,766

 

 

 

41,280

 

 

 

44,132

 

 

 

41,009

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

3,069

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

51,835

 

 

 

41,280

 

 

 

44,132

 

 

 

41,009

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

 

 

 

December 31, 2022

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

164,192

 

 

$

149,037

 

Restricted cash

 

 

1,241

 

 

 

1,240

 

Trade and other receivable, less allowance for credit losses of $2,362 and $1,948 at December 31, 2022 and December 31, 2021, respectively

 

 

156,465

 

 

 

86,503

 

Due from affiliates, less allowance for credit losses of $11,698 and $72,456 at December 31, 2022 and December 31, 2021, respectively

 

 

 

 

 

70,134

 

Marine operating supplies

 

 

30,830

 

 

 

12,606

 

Assets held for sale

 

 

4,195

 

 

 

14,421

 

Prepaid expenses and other current assets

 

 

20,985

 

 

 

8,731

 

Total current assets

 

 

377,908

 

 

 

342,672

 

Net properties and equipment

 

 

796,655

 

 

 

688,040

 

Deferred drydocking and survey costs

 

 

61,080

 

 

 

40,734

 

Indemnification assets

 

 

28,369

 

 

 

 

Other assets

 

 

33,644

 

 

 

24,334

 

Total assets

 

$

1,297,656

 

 

$

1,095,780

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

38,946

 

 

$

20,788

 

Accrued costs and expenses

 

 

105,518

 

 

 

51,734

 

Due to affiliates

 

 

 

 

 

61,555

 

Other current liabilities

 

 

50,323

 

 

 

23,865

 

Total current liabilities

 

 

194,787

 

 

 

157,942

 

Long-term debt

 

 

169,036

 

 

 

167,885

 

Other liabilities and deferred credits

 

 

67,843

 

 

 

68,184

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock

 

 

51

 

 

 

41

 

Additional paid-in-capital

 

 

1,556,990

 

 

 

1,376,494

 

Accumulated deficit

 

 

(699,649

)

 

 

(677,900

)

Accumulated other comprehensive loss

 

 

8,576

 

 

 

2,668

 

Total stockholders' equity

 

 

865,968

 

 

 

701,303

 

Noncontrolling interests

 

 

22

 

 

 

466

 

Total equity

 

 

865,990

 

 

 

701,769

 

Total liabilities and equity

 

$

1,297,656

 

 

$

1,095,780

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In Thousands)

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

 

December 31, 2022

 

 

December 31, 2021

 

Net income (loss)

 

$

10,182

 

 

$

(38,079

)

 

$

(22,193

)

 

$

(129,660

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (gain) loss on note receivable

 

 

779

 

 

 

 

 

 

(496

)

 

 

 

Change in supplemental executive retirement plan pension liability, net of tax

 

 

4,561

 

 

 

(763

)

 

 

4,561

 

 

 

(763

)

Change in liability of pension plans

 

 

1,762

 

 

 

3,957

 

 

 

1,843

 

 

 

4,235

 

Total comprehensive income (loss)

 

$

17,284

 

 

$

(34,885

)

 

$

(16,285

)

 

$

(126,188

)

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

 

 

 

Twelve Months

 

 

Twelve Months

 

 

 

Ended

 

 

Ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(22,193

)

 

$

(129,660

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

83,522

 

 

 

73,223

 

Amortization of deferred drydocking and survey costs

 

 

35,638

 

 

 

41,321

 

Amortization of debt premiums and discounts

 

 

1,679

 

 

 

3,171

 

Provision for deferred income taxes

 

 

36

 

 

 

(1,287

)

(Gain) loss on asset dispositions, net

 

 

(250

)

 

 

2,901

 

Gain on bargain purchase

 

 

(1,300

)

 

 

 

Affiliate credit loss impairment

 

 

 

 

 

400

 

Long-lived asset impairment and other

 

 

714

 

 

 

15,643

 

Loss on warrants

 

 

14,175

 

 

 

 

Loss on debt extinguishment

 

 

 

 

 

11,100

 

Stock-based compensation expense

 

 

7,372

 

 

 

5,638

 

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

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(4,129

)

 

 

26,120

 

Changes in due to/from affiliate, net

 

 

(20

)

 

 

(123

)

Accounts payable

 

 

16,481

 

 

 

3,807

 

Accrued expenses

 

 

(1,340

)

 

 

(688

)

Deferred drydocking and survey costs

 

 

(56,000

)

 

 

(27,282

)

Other, net

 

 

(34,159

)

 

 

(9,278

)

Net cash provided by (used in) operating activities

 

 

40,226

 

 

 

15,006

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

13,568

 

 

 

34,010

 

Acquisitions, net of cash acquired

 

 

(20,740

)

 

 

 

Additions to properties and equipment

 

 

(16,637

)

 

 

(8,951

)

Net cash provided by (used in) investing activities

 

 

(23,809

)

 

 

25,059

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from stock offering

 

 

187,832

 

 

 

 

Repurchase of SPO Acquisition Warrants

 

 

(187,832

)

 

 

 

Issuance of long-term debt

 

 

 

 

 

172,375

 

Principal payments on long-term debt

 

 

 

 

 

(198,918

)

Debt extinguishment premium

 

 

 

 

 

(7,781

)

Debt issuance and modification costs

 

 

(393

)

 

 

(5,737

)

Tax on share-based awards

 

 

(2,323

)

 

 

(953

)

Net cash used in financing activities

 

 

(2,716

)

 

 

(41,014

)

Net change in cash, cash equivalents and restricted cash

 

 

13,701

 

 

 

(949

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

154,276

 

 

 

155,225

 

Cash, cash equivalents and restricted cash at end of period

 

$

167,977

 

 

$

154,276

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

 

 

 

 

 

 

 

 

 

 

Twelve Months

 

 

Twelve Months

 

 

 

Ended

 

 

Ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

15,554

 

 

$

13,747

 

Income taxes

 

$

22,275

 

 

$

19,013

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

Acquisition of SPO

 

$

162,648

 

 

$

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

Warrants issued for SPO acquisition

 

$

162,648

 

 

$

 

Repurchase of SPO Acquisition Warrants

 

$

1,365

 

 

$

 

 

Note: Cash, cash equivalents and restricted cash at December 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

 

 

income (loss)

 

 

interest

 

 

Total

 

Balance at September 30, 2022

 

$

46

 

 

$

1,555,388

 

 

$

(710,269

)

 

$

1,474

 

 

$

460

 

 

$

847,099

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

10,620

 

 

 

7,102

 

 

 

(438

)

 

 

17,284

 

Issuance of common stock

 

 

5

 

 

 

120,629

 

 

 

 

 

 

 

 

 

 

 

 

120,634

 

Repurchase of SPO Acquisition Warrants

 

 

 

 

 

(121,007

)

 

 

 

 

 

 

 

 

 

 

 

(121,007

)

Amortization of share-based awards

 

 

 

 

 

1,980

 

 

 

 

 

 

 

 

 

 

 

 

1,980

 

Balance at December 31, 2022

 

$

51

 

 

$

1,556,990

 

 

$

(699,649

)

 

$

8,576

 

 

$

22

 

 

$

865,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2021

 

$

41

 

 

$

1,375,215

 

 

$

(639,966

)

 

$

(1,289

)

 

$

611

 

 

$

734,612

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(37,934

)

 

 

3,957

 

 

 

(145

)

 

 

(34,122

)

Amortization of share-based awards

 

 

 

 

 

1,279

 

 

 

 

 

 

 

 

 

 

 

 

1,279

 

Balance at December 31, 2021

 

$

41

 

 

$

1,376,494

 

 

$

(677,900

)

 

$

2,668

 

 

$

466

 

 

$

701,769

 

 

 

Twelve Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

deficit

 

 

income (loss)

 

 

interest

 

 

Total

 

Balance at December 31, 2021

 

$

41

 

 

$

1,376,494

 

 

$

(677,900

)

 

$

2,668

 

 

$

466

 

 

$

701,769

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

(21,749

)

 

 

5,908

 

 

 

(444

)

 

 

(16,285

)

Issuance of common stock

 

 

10

 

 

 

192,881

 

 

 

 

 

 

 

 

 

 

 

 

192,891

 

SPO acquisition warrants

 

 

 

 

 

176,823

 

 

 

 

 

 

 

 

 

 

 

 

176,823

 

Repurchase of SPO Acquisition Warrants

 

 

 

 

 

(194,256

)

 

 

 

 

 

 

 

 

 

 

 

(194,256

)

Amortization of share-based awards

 

 

 

 

 

5,048

 

 

 

 

 

 

 

 

 

 

 

 

5,048

 

Balance at December 31, 2022

 

$

51

 

 

$

1,556,990

 

 

$

(699,649

)

 

$

8,576

 

 

$

22

 

 

$

865,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

$

41

 

 

$

1,371,809

 

 

$

(548,931

)

 

$

(804

)

 

$

1,157

 

 

$

823,272

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(128,969

)

 

 

3,472

 

 

 

(691

)

 

 

(126,188

)

Amortization of share-based awards

 

 

 

 

 

4,685

 

 

 

 

 

 

 

 

 

 

 

 

4,685

 

Balance at December 31, 2021

 

$

41

 

 

$

1,376,494

 

 

$

(677,900

)

 

$

2,668

 

 

$

466

 

 

$

701,769

 

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

 

 

Twelve Months Ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

 

December 31, 2022

 

 

December 31, 2021

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

41,785

 

 

 

23

%

 

$

27,882

 

 

 

28

%

 

$

146,871

 

 

 

23

%

 

$

102,151

 

 

 

28

%

Asia Pacific

 

 

19,070

 

 

 

10

%

 

 

4,914

 

 

 

5

%

 

 

64,231

 

 

 

10

%

 

 

18,142

 

 

 

5

%

Middle East

 

 

30,575

 

 

 

16

%

 

 

21,948

 

 

 

22

%

 

 

110,375

 

 

 

17

%

 

 

84,395

 

 

 

24

%

Europe/Mediterranean

 

 

33,482

 

 

 

18

%

 

 

22,501

 

 

 

22

%

 

 

129,578

 

 

 

20

%

 

 

80,914

 

 

 

22

%

West Africa

 

 

60,194

 

 

 

33

%

 

 

23,183

 

 

 

23

%

 

 

190,349

 

 

 

30

%

 

 

75,967

 

 

 

21

%

Total vessel revenues

 

$

185,106

 

 

 

100

%

 

$

100,428

 

 

 

100

%

 

$

641,404

 

 

 

100

%

 

$

361,569

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

69,699

 

 

 

37

%

 

$

39,715

 

 

 

40

%

 

$

242,364

 

 

 

38

%

 

$

148,171

 

 

 

41

%

Repair and maintenance

 

 

14,774

 

 

 

8

%

 

 

11,502

 

 

 

11

%

 

 

51,256

 

 

 

8

%

 

 

40,970

 

 

 

11

%

Insurance

 

 

2,027

 

 

 

1

%

 

 

517

 

 

 

1

%

 

 

6,765

 

 

 

1

%

 

 

1,815

 

 

 

1

%

Fuel, lube and supplies

 

 

12,841

 

 

 

7

%

 

 

6,405

 

 

 

6

%

 

 

43,729

 

 

 

7

%

 

 

25,557

 

 

 

7

%

Other

 

 

16,155

 

 

 

9

%

 

 

13,048

 

 

 

13

%

 

 

53,187

 

 

 

8

%

 

 

45,301

 

 

 

12

%

Total vessel operating costs

 

 

115,496

 

 

 

62

%

 

 

71,187

 

 

 

71

%

 

 

397,301

 

 

 

62

%

 

 

261,814

 

 

 

72

%

Vessel operating margin (A)

 

$

69,610

 

 

 

38

%

 

$

29,241

 

 

 

29

%

 

$

244,103

 

 

 

38

%

 

$

99,755

 

 

 

28

%

 

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

 

 

Twelve Months Ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

 

December 31, 2022

 

 

December 31, 2021

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

3,216

 

 

 

2

%

 

$

(2,909

)

 

 

(3

)%

 

$

12,016

 

 

 

2

%

 

$

(11,270

)

 

 

(3

)%

Asia Pacific

 

 

(808

)

 

 

(0

)%

 

 

1,873

 

 

 

2

%

 

 

3,726

 

 

 

(0

)%

 

 

4,896

 

 

 

2

%

Middle East

 

 

492

 

 

 

0

%

 

 

(747

)

 

 

(1

)%

 

 

(1,093

)

 

 

(0

)%

 

 

(6,070

)

 

 

(2

)%

Europe/Mediterranean

 

 

3,874

 

 

 

2

%

 

 

(4,095

)

 

 

(4

)%

 

 

18,844

 

 

 

3

%

 

 

(16,968

)

 

 

(5

)%

West Africa

 

 

18,305

 

 

 

10

%

 

 

(1,139

)

 

 

(1

)%

 

 

43,112

 

 

 

7

%

 

 

(16,985

)

 

 

(5

)%

Other operating profit

 

 

946

 

 

 

(0

)%

 

 

4,519

 

 

 

4

%

 

 

4,150

 

 

 

1

%

 

 

7,233

 

 

 

2

%

 

 

 

26,025

 

 

 

14

%

 

 

(2,498

)

 

 

(3

)%

 

 

80,755

 

 

 

13

%

 

 

(39,164

)

 

 

(11

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(13,983

)

 

 

(7

)%

 

 

(9,671

)

 

 

(9

)%

 

 

(53,583

)

 

 

(9

)%

 

 

(36,908

)

 

 

(10

)%

Gain (loss) on asset dispositions, net

 

 

1,076

 

 

 

1

%

 

 

53

 

 

 

0

%

 

 

250

 

 

 

0

%

 

 

(2,901

)

 

 

(1

)%

Affiliate credit loss impairment

 

 

 

 

 

0

%

 

 

(1,400

)

 

 

(1

)%

 

 

 

 

 

0

%

 

 

(400

)

 

 

(0

)%

Long-lived asset impairments and other

 

 

 

 

 

0

%

 

 

(13,476

)

 

 

(13

)%

 

 

(714

)

 

 

(0

)%

 

 

(15,643

)

 

 

(4

)%

Operating income (loss)

 

$

13,118

 

 

 

7

%

 

$

(26,992

)

 

 

(26

)%

 

$

26,708

 

 

 

4

%

 

$

(95,016

)

 

 

(26

)%

 

Note (A): General and administrative expenses for the three months and twelve months ended December 31, 2022 include stock-based compensation of $2.1 million and $7.4 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2021 include stock-based compensation of $1.4 million and $5.6 million, respectively. In addition, vessel operating and general and administrative costs for the three months and twelve months ended December 31, 2022, include $5.1 million and $19.1 million in one-time acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and twelve months ended December 31, 2021 include $0.2 million and $1.2 million, of 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

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

185,106

 

 

$

190,247

 

 

$

162,175

 

 

$

103,876

 

 

$

100,428

 

Other operating revenues

 

 

1,640

 

 

 

1,515

 

 

 

1,272

 

 

 

1,853

 

 

 

4,747

 

Total revenues

 

 

186,746

 

 

 

191,762

 

 

 

163,447

 

 

 

105,729

 

 

 

105,175

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

115,496

 

 

 

113,037

 

 

 

100,257

 

 

 

68,511

 

 

 

71,187

 

Costs of other operating revenue

 

 

694

 

 

 

592

 

 

 

483

 

 

 

361

 

 

 

228

 

General and administrative (A)

 

 

28,633

 

 

 

27,267

 

 

 

27,804

 

 

 

18,217

 

 

 

17,641

 

Depreciation and amortization

 

 

29,881

 

 

 

30,856

 

 

 

31,766

 

 

 

26,657

 

 

 

28,288

 

Long-lived asset impairment (credit) and other

 

 

 

 

 

1,214

 

 

 

 

 

 

(500

)

 

 

13,476

 

Affiliate credit loss impairment expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,400

 

(Gain) loss on asset dispositions, net

 

 

(1,076

)

 

 

(264

)

 

 

1,297

 

 

 

(207

)

 

 

(53

)

Total operating costs and expenses

 

 

173,628

 

 

 

172,702

 

 

 

161,607

 

 

 

113,039

 

 

 

132,167

 

Operating income (loss)

 

 

13,118

 

 

 

19,060

 

 

 

1,840

 

 

 

(7,310

)

 

 

(26,992

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

2,105

 

 

 

(3,997

)

 

 

(1,881

)

 

 

946

 

 

 

582

 

Equity in net earnings (losses) of unconsolidated companies

 

 

14

 

 

 

9

 

 

 

(244

)

 

 

 

 

 

(1,625

)

Interest income and other, net

 

 

981

 

 

 

581

 

 

 

349

 

 

 

3,486

 

 

 

1,426

 

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,100

)

Loss on warrants

 

 

 

 

 

 

 

 

(14,175

)

 

 

 

 

 

 

Interest and other debt costs, net

 

 

(4,339

)

 

 

(4,391

)

 

 

(4,284

)

 

 

(4,175

)

 

 

(3,417

)

Total other expense

 

 

(1,239

)

 

 

(7,798

)

 

 

(20,235

)

 

 

257

 

 

 

(14,134

)

Income (loss) before income taxes

 

 

11,879

 

 

 

11,262

 

 

 

(18,395

)

 

 

(7,053

)

 

 

(41,126

)

Income tax (benefit) expense

 

 

1,697

 

 

 

6,352

 

 

 

6,619

 

 

 

5,218

 

 

 

(3,047

)

Net income (loss)

 

 

10,182

 

 

 

4,910

 

 

 

(25,014

)

 

 

(12,271

)

 

 

(38,079

)

Net income (loss) attributable to noncontrolling interests

 

 

(438

)

 

 

(470

)

 

 

567

 

 

 

(103

)

 

 

(145

)

Net income (loss) attributable to Tidewater Inc.

 

$

10,620

 

 

$

5,380

 

 

$

(25,581

)

 

$

(12,168

)

 

$

(37,934

)

Basic income (loss) per common share

 

$

0.22

 

 

$

0.12

 

 

$

(0.61

)

 

$

(0.29

)

 

$

(0.92

)

Diluted income (loss) per common share

 

$

0.20

 

 

$

0.10

 

 

$

(0.61

)

 

$

(0.29

)

 

$

(0.92

)

Weighted average common shares outstanding

 

 

48,766

 

 

 

44,451

 

 

 

41,814

 

 

 

41,412

 

 

 

41,280

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

3,069

 

 

 

7,069

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

51,835

 

 

 

51,520

 

 

 

41,814

 

 

 

41,412

 

 

 

41,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin

 

$

69,610

 

 

$

77,210

 

 

$

61,918

 

 

$

35,365

 

 

$

29,241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note (A): One-time acquisition, restructuring and integration related costs

 

$

5,150

 

 

$

4,332

 

 

$

7,314

 

 

$

2,305

 

 

$

221

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

164,192

 

 

$

115,014

 

 

$

87,981

 

 

$

136,234

 

 

$

149,037

 

Restricted cash

 

 

1,241

 

 

 

4,965

 

 

 

1,240

 

 

 

4,958

 

 

 

1,240

 

Trade and other receivables, net

 

 

156,465

 

 

 

181,646

 

 

 

189,259

 

 

 

112,953

 

 

 

86,503

 

Due from affiliates, net

 

 

 

 

 

 

 

 

 

 

 

21,191

 

 

 

70,134

 

Marine operating supplies

 

 

30,830

 

 

 

20,764

 

 

 

21,182

 

 

 

13,252

 

 

 

12,606

 

Assets held for sale

 

 

4,195

 

 

 

6,815

 

 

 

6,862

 

 

 

8,591

 

 

 

14,421

 

Prepaid expenses and other current assets

 

 

20,985

 

 

 

17,509

 

 

 

23,259

 

 

 

12,012

 

 

 

8,731

 

Total current assets

 

 

377,908

 

 

 

346,713

 

 

 

329,783

 

 

 

309,191

 

 

 

342,672

 

Net properties and equipment

 

 

796,655

 

 

 

815,990

 

 

 

838,612

 

 

 

677,580

 

 

 

688,040

 

Deferred drydocking and survey costs

 

 

61,080

 

 

 

57,877

 

 

 

53,661

 

 

 

44,362

 

 

 

40,734

 

Indemnification assets

 

 

28,369

 

 

 

30,117

 

 

 

30,269

 

 

 

 

 

 

 

Other assets

 

 

33,644

 

 

 

32,364

 

 

 

30,410

 

 

 

22,997

 

 

 

24,334

 

Total assets

 

$

1,297,656

 

 

$

1,283,061

 

 

$

1,282,735

 

 

$

1,054,130

 

 

$

1,095,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

38,946

 

 

$

31,829

 

 

$

30,537

 

 

$

23,696

 

 

$

20,788

 

Accrued costs and expenses

 

 

105,518

 

 

 

105,945

 

 

 

109,212

 

 

 

55,141

 

 

 

51,734

 

Due to affiliates

 

 

 

 

 

 

 

 

 

 

 

21,191

 

 

 

61,555

 

Other current liabilities

 

 

50,323

 

 

 

46,629

 

 

 

47,872

 

 

 

25,471

 

 

 

23,865

 

Total current liabilities

 

 

194,787

 

 

 

184,403

 

 

 

187,621

 

 

 

125,499

 

 

 

157,942

 

Long-term debt

 

 

169,036

 

 

 

168,649

 

 

 

168,279

 

 

 

167,997

 

 

 

167,885

 

Other liabilities and deferred credits

 

 

67,843

 

 

 

82,910

 

 

 

85,188

 

 

 

70,892

 

 

 

68,184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

51

 

 

 

46

 

 

 

42

 

 

 

42

 

 

 

41

 

Additional paid-in-capital

 

 

1,556,990

 

 

 

1,555,388

 

 

 

1,554,561

 

 

 

1,376,934

 

 

 

1,376,494

 

Accumulated deficit

 

 

(699,649

)

 

 

(710,269

)

 

 

(715,649

)

 

 

(690,068

)

 

 

(677,900

)

Accumulated other comprehensive income

 

 

8,576

 

 

 

1,474

 

 

 

1,763

 

 

 

2,471

 

 

 

2,668

 

Total stockholders' equity

 

 

865,968

 

 

 

846,639

 

 

 

840,717

 

 

 

689,379

 

 

 

701,303

 

Noncontrolling interests

 

 

22

 

 

 

460

 

 

 

930

 

 

 

363

 

 

 

466

 

Total equity

 

 

865,990

 

 

 

847,099

 

 

 

841,647

 

 

 

689,742

 

 

 

701,769

 

Total liabilities and equity

 

$

1,297,656

 

 

$

1,283,061

 

 

$

1,282,735

 

 

$

1,054,130

 

 

$

1,095,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonatide (Angola)

 

$

 

 

$

 

 

$

 

 

$

 

 

$

8,579

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - QUARTERLY DATA

(In Thousands)

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

10,182

 

 

$

4,910

 

 

$

(25,014

)

 

$

(12,271

)

 

$

(38,079

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

20,983

 

 

 

22,252

 

 

 

22,614

 

 

 

17,673

 

 

 

18,618

 

Amortization of deferred drydocking and survey costs

 

 

8,898

 

 

 

8,604

 

 

 

9,152

 

 

 

8,984

 

 

 

9,670

 

Amortization of debt premiums and discounts

 

 

522

 

 

 

392

 

 

 

390

 

 

 

375

 

 

 

509

 

Provision for deferred income taxes

 

 

(98

)

 

 

(11

)

 

 

(32

)

 

 

177

 

 

 

(1,454

)

(Gain) loss on asset dispositions, net

 

 

(1,076

)

 

 

(264

)

 

 

1,297

 

 

 

(207

)

 

 

(53

)

Gain on bargain purchase

 

 

 

 

 

 

 

 

 

 

 

(1,300

)

 

 

 

Affiliate credit loss impairment expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,400

 

Long-lived asset impairment and other

 

 

 

 

 

1,214

 

 

 

 

 

 

(500

)

 

 

13,476

 

Loss on warrants

 

 

 

 

 

 

 

 

14,175

 

 

 

 

 

 

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,041

 

Stock-based compensation expense

 

 

2,028

 

 

 

1,923

 

 

 

1,963

 

 

 

1,458

 

 

 

1,439

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

26,172

 

 

 

4,784

 

 

 

(19,515

)

 

 

(15,570

)

 

 

(488

)

Changes in due to/from affiliate, net

 

 

 

 

 

 

 

 

 

 

 

(20

)

 

 

(1,333

)

Accounts payable

 

 

7,117

 

 

 

1,292

 

 

 

5,247

 

 

 

2,825

 

 

 

2,746

 

Accrued expenses

 

 

(427

)

 

 

(3,267

)

 

 

(853

)

 

 

3,207

 

 

 

(215

)

Deferred drydocking and survey costs

 

 

(12,117

)

 

 

(12,820

)

 

 

(18,451

)

 

 

(12,612

)

 

 

(9,894

)

Other, net

 

 

(16,844

)

 

 

(896

)

 

 

(12,576

)

 

 

(3,843

)

 

 

(445

)

Net cash provided by (used in) operating activities

 

 

45,340

 

 

 

28,113

 

 

 

(21,603

)

 

 

(11,624

)

 

 

6,938

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

5,093

 

 

 

312

 

 

 

3,535

 

 

 

4,628

 

 

 

54

 

Acquisitions, net of cash acquired

 

 

 

 

 

8,785

 

 

 

(28,486

)

 

 

(1,039

)

 

 

 

Additions to properties and equipment

 

 

(4,929

)

 

 

(6,328

)

 

 

(4,151

)

 

 

(1,229

)

 

 

(6,368

)

Net cash provided by (used in) investing activities

 

 

164

 

 

 

2,769

 

 

 

(29,102

)

 

 

2,360

 

 

 

(6,314

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from stock offering

 

 

117,202

 

 

 

70,630

 

 

 

 

 

 

 

 

 

 

Repurchase of SPO Acquisition Warrants

 

 

(117,202

)

 

 

(70,630

)

 

 

 

 

 

 

 

 

 

Issuance of long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

172,375

 

Principal payments on long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(159,659

)

Debt extinguishment premium

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,722

)

Debt issuance and modification costs

 

 

 

 

 

(22

)

 

 

(108

)

 

 

(263

)

 

 

(4,882

)

Tax on share-based awards

 

 

(47

)

 

 

(100

)

 

 

(1,159

)

 

 

(1,017

)

 

 

(160

)

Net cash used in financing activities

 

 

(47

)

 

 

(122

)

 

 

(1,267

)

 

 

(1,280

)

 

 

(48

)

Net change in cash, cash equivalents and restricted cash

 

 

45,457

 

 

 

30,760

 

 

 

(51,972

)

 

 

(10,544

)

 

 

576

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

122,520

 

 

 

91,760

 

 

 

143,732

 

 

 

154,276

 

 

 

153,700

 

Cash, cash equivalents and restricted cash at end of period

 

$

167,977

 

 

$

122,520

 

 

$

91,760

 

 

$

143,732

 

 

$

154,276

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

7,575

 

 

$

353

 

 

$

7,626

 

 

$

 

 

$

3,664

 

Income taxes

 

$

6,132

 

 

$

6,813

 

 

$

6,130

 

 

$

3,200

 

 

$

4,278

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of SPO

 

$

 

 

$

 

 

$

162,648

 

 

$

 

 

$

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants issued for SPO acquisition

 

$

 

 

$

 

 

$

162,648

 

 

$

 

 

$

 

Repurchase of SPO Acquisition Warrants

 

$

373

 

 

$

992

 

 

$

 

 

$

 

 

$

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

$

17,814

 

 

$

15,676

 

 

$

15,204

 

 

$

9,462

 

 

$

10,491

 

PSV < 900

 

 

16,486

 

 

 

16,460

 

 

 

15,470

 

 

 

14,628

 

 

 

14,261

 

AHTS > 16K

 

 

2,873

 

 

 

3,429

 

 

 

2,390

 

 

 

971

 

 

 

409

 

AHTS 8 - 16K

 

 

1,899

 

 

 

1,601

 

 

 

1,130

 

 

 

774

 

 

 

683

 

AHTS 4 - 8K

 

 

1,553

 

 

 

1,185

 

 

 

1,438

 

 

 

1,472

 

 

 

875

 

Other

 

 

1,160

 

 

 

771

 

 

 

1,888

 

 

 

1,137

 

 

 

1,163

 

Total

 

 

41,785

 

 

 

39,122

 

 

 

37,520

 

 

 

28,444

 

 

 

27,882

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

6,692

 

 

 

10,896

 

 

 

7,258

 

 

 

3,923

 

 

 

3,951

 

PSV < 900

 

 

3,120

 

 

 

3,891

 

 

 

3,006

 

 

 

 

 

 

 

AHTS > 16K

 

 

3,260

 

 

 

3,128

 

 

 

1,504

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

4,364

 

 

 

4,333

 

 

 

2,940

 

 

 

 

 

 

 

AHTS 4 - 8K

 

 

1,584

 

 

 

1,605

 

 

 

1,433

 

 

 

974

 

 

 

963

 

Other

 

 

50

 

 

 

49

 

 

 

221

 

 

 

 

 

 

 

Total

 

 

19,070

 

 

 

23,902

 

 

 

16,362

 

 

 

4,897

 

 

 

4,914

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,218

 

 

 

2,771

 

 

 

2,814

 

 

 

1,183

 

 

 

1,203

 

PSV < 900

 

 

15,517

 

 

 

16,063

 

 

 

13,798

 

 

 

9,559

 

 

 

10,279

 

AHTS > 16K

 

 

2,351

 

 

 

2,350

 

 

 

1,750

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

4,146

 

 

 

3,397

 

 

 

3,808

 

 

 

4,137

 

 

 

4,076

 

AHTS 4 - 8K

 

 

7,343

 

 

 

6,605

 

 

 

6,226

 

 

 

5,339

 

 

 

6,390

 

Total

 

 

30,575

 

 

 

31,186

 

 

 

28,396

 

 

 

20,218

 

 

 

21,948

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

24,783

 

 

 

27,167

 

 

 

23,684

 

 

 

18,390

 

 

 

17,993

 

PSV < 900

 

 

7,874

 

 

 

7,092

 

 

 

6,868

 

 

 

5,375

 

 

 

4,351

 

AHTS > 16K

 

 

643

 

 

 

5,251

 

 

 

1,776

 

 

 

 

 

 

 

Other

 

 

182

 

 

 

192

 

 

 

147

 

 

 

154

 

 

 

157

 

Total

 

 

33,482

 

 

 

39,702

 

 

 

32,475

 

 

 

23,919

 

 

 

22,501

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

10,534

 

 

 

8,041

 

 

 

6,487

 

 

 

3,987

 

 

 

4,011

 

PSV < 900

 

 

20,494

 

 

 

18,249

 

 

 

13,801

 

 

 

8,499

 

 

 

8,076

 

AHTS > 16K

 

 

5,385

 

 

 

6,152

 

 

 

4,315

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

11,810

 

 

 

11,236

 

 

 

10,724

 

 

 

5,049

 

 

 

4,388

 

AHTS 4 - 8K

 

 

5,780

 

 

 

6,445

 

 

 

4,576

 

 

 

1,547

 

 

 

782

 

Other

 

 

6,191

 

 

 

6,212

 

 

 

7,519

 

 

 

7,316

 

 

 

5,926

 

Total

 

 

60,194

 

 

 

56,335

 

 

 

47,422

 

 

 

26,398

 

 

 

23,183

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

61,041

 

 

 

64,551

 

 

 

55,447

 

 

 

36,945

 

 

 

37,649

 

PSV < 900

 

 

63,491

 

 

 

61,755

 

 

 

52,943

 

 

 

38,061

 

 

 

36,967

 

AHTS > 16K

 

 

14,512

 

 

 

20,310

 

 

 

11,735

 

 

 

971

 

 

 

409

 

AHTS 8 - 16K

 

 

22,219

 

 

 

20,567

 

 

 

18,602

 

 

 

9,960

 

 

 

9,147

 

AHTS 4 - 8K

 

 

16,260

 

 

 

15,840

 

 

 

13,673

 

 

 

9,332

 

 

 

9,010

 

Other

 

 

7,583

 

 

 

7,224

 

 

 

9,775

 

 

 

8,607

 

 

 

7,246

 

Total

 

$

185,106

 

 

$

190,247

 

 

$

162,175

 

 

$

103,876

 

 

$

100,428

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

10

 

 

 

11

 

 

 

10

 

 

 

10

 

 

 

11

 

PSV < 900

 

 

16

 

 

 

17

 

 

 

17

 

 

 

17

 

 

 

17

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

1

 

 

 

1

 

AHTS 8 - 16K

 

 

2

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

AHTS 4 - 8K

 

 

2

 

 

 

2

 

 

 

3

 

 

 

3

 

 

 

3

 

Other

 

 

1

 

 

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

Total

 

 

33

 

 

 

34

 

 

 

34

 

 

 

34

 

 

 

35

 

Stacked vessels

 

 

(2

)

 

 

(3

)

 

 

(5

)

 

 

(7

)

 

 

(9

)

Active vessels

 

 

31

 

 

 

31

 

 

 

29

 

 

 

27

 

 

 

26

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

5

 

 

 

5

 

 

 

6

 

 

 

3

 

 

 

3

 

PSV < 900

 

 

2

 

 

 

2

 

 

 

2

 

 

 

 

 

 

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

1

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

3

 

 

 

3

 

 

 

2

 

 

 

 

 

 

 

AHTS 4 - 8K

 

 

3

 

 

 

4

 

 

 

3

 

 

 

2

 

 

 

2

 

Other

 

 

1

 

 

 

1

 

 

 

5

 

 

 

 

 

 

 

Total

 

 

16

 

 

 

17

 

 

 

19

 

 

 

5

 

 

 

5

 

Stacked vessels

 

 

(2

)

 

 

(2

)

 

 

(1

)

 

 

 

 

 

 

Active vessels

 

 

14

 

 

 

15

 

 

 

18

 

 

 

5

 

 

 

5

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

2

 

 

 

2

 

 

 

2

 

 

 

1

 

 

 

1

 

PSV < 900

 

 

20

 

 

 

20

 

 

 

19

 

 

 

14

 

 

 

14

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

1

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

5

 

 

 

5

 

 

 

6

 

 

 

5

 

 

 

5

 

AHTS 4 - 8K

 

 

14

 

 

 

13

 

 

 

13

 

 

 

13

 

 

 

13

 

Total

 

 

43

 

 

 

42

 

 

 

41

 

 

 

33

 

 

 

33

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

Active vessels

 

 

43

 

 

 

42

 

 

 

41

 

 

 

33

 

 

 

32

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

20

 

 

 

19

 

 

 

19

 

 

 

19

 

 

 

18

 

PSV < 900

 

 

6

 

 

 

6

 

 

 

7

 

 

 

9

 

 

 

10

 

AHTS > 16K

 

 

1

 

 

 

1

 

 

 

1

 

 

 

 

 

 

 

Total

 

 

27

 

 

 

26

 

 

 

27

 

 

 

28

 

 

 

28

 

Stacked vessels

 

 

 

 

 

 

 

 

(2

)

 

 

(4

)

 

 

(5

)

Active vessels

 

 

27

 

 

 

26

 

 

 

25

 

 

 

24

 

 

 

23

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

6

 

 

 

6

 

 

 

4

 

 

 

3

 

 

 

3

 

PSV < 900

 

 

18

 

 

 

18

 

 

 

15

 

 

 

12

 

 

 

13

 

AHTS > 16K

 

 

4

 

 

 

4

 

 

 

3

 

 

 

 

 

 

 

AHTS 8 - 16K

 

 

11

 

 

 

12

 

 

 

10

 

 

 

5

 

 

 

6

 

AHTS 4 - 8K

 

 

8

 

 

 

8

 

 

 

6

 

 

 

3

 

 

 

3

 

Other

 

 

28

 

 

 

28

 

 

 

29

 

 

 

29

 

 

 

27

 

Total

 

 

75

 

 

 

76

 

 

 

67

 

 

 

52

 

 

 

52

 

Stacked vessels

 

 

(10

)

 

 

(9

)

 

 

(8

)

 

 

(10

)

 

 

(13

)

Active vessels

 

 

65

 

 

 

67

 

 

 

59

 

 

 

42

 

 

 

39

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

43

 

 

 

43

 

 

 

41

 

 

 

36

 

 

 

36

 

PSV < 900

 

 

62

 

 

 

63

 

 

 

60

 

 

 

52

 

 

 

54

 

AHTS > 16K

 

 

11

 

 

 

11

 

 

 

8

 

 

 

1

 

 

 

1

 

AHTS 8 - 16K

 

 

21

 

 

 

21

 

 

 

19

 

 

 

11

 

 

 

12

 

AHTS 4 - 8K

 

 

27

 

 

 

27

 

 

 

25

 

 

 

21

 

 

 

21

 

Other

 

 

30

 

 

 

30

 

 

 

35

 

 

 

31

 

 

 

29

 

Total

 

 

194

 

 

 

195

 

 

 

188

 

 

 

152

 

 

 

153

 

Stacked vessels

 

 

(14

)

 

 

(14

)

 

 

(16

)

 

 

(21

)

 

 

(28

)

Active vessels

 

 

180

 

 

 

181

 

 

 

172

 

 

 

131

 

 

 

125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

180

 

 

 

181

 

 

 

172

 

 

 

131

 

 

 

125

 

Total stacked

 

 

14

 

 

 

14

 

 

 

16

 

 

 

21

 

 

 

28

 

Total joint venture

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

3

 

Total

 

 

195

 

 

 

196

 

 

 

189

 

 

 

153

 

 

 

156

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

922

 

 

 

1,012

 

 

 

943

 

 

 

900

 

 

 

981

 

PSV < 900

 

 

1,499

 

 

 

1,564

 

 

 

1,547

 

 

 

1,530

 

 

 

1,564

 

AHTS > 16K

 

 

184

 

 

 

184

 

 

 

152

 

 

 

90

 

 

 

92

 

AHTS 8 - 16K

 

 

184

 

 

 

122

 

 

 

91

 

 

 

90

 

 

 

92

 

AHTS 4 - 8K

 

 

184

 

 

 

184

 

 

 

246

 

 

 

270

 

 

 

276

 

Other

 

 

92

 

 

 

92

 

 

 

121

 

 

 

145

 

 

 

184

 

Total

 

 

3,065

 

 

 

3,158

 

 

 

3,100

 

 

 

3,025

 

 

 

3,189

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

460

 

 

 

460

 

 

 

507

 

 

 

270

 

 

 

276

 

PSV < 900

 

 

184

 

 

 

184

 

 

 

183

 

 

 

 

 

 

 

AHTS > 16K

 

 

184

 

 

 

184

 

 

 

122

 

 

 

 

 

 

 

AHTS 8 - 16K