Tidewater Reports Results for the Three and Six Months Ended June 30, 2023

Second Quarter 2023 Highlights

  • Revenue of $215.0 million, an 11.3% increase from the first quarter of 2023
  • Average day rate increased to $16,042 per day, $1,418 higher than the first quarter of 2023
  • Net income of $22.6 million, an increase of nearly $12.0 million from the first quarter of 2023
  • Adjusted EBITDA of $72.0 million, an increase of $12.9 million from the first quarter of 2023
  • Composite Q2 2023 leading-edge term contract day rate up 10.9% to $23,498
  • Completed Solstad acquisition on July 5, 2023; 5 vessels fully integrated, full-fleet integration by Q4 2023
  • Received $111.5 million of cash from the exercise of 1.9 million Series A and Series B warrants in August 2023

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2023 of $215.0 million and $408.1 million, respectively, compared with $163.4 million and $269.2 million, respectively, for the three and six months ended June 30, 2022. Tidewater's net income for the three and six months ended June 30, 2023, was $22.6 million ($0.43 per common share) and $33.3 million ($0.64 per common share), respectively, compared with net losses of $25.6 million ($0.61 per common share) and $37.7 million ($0.91 per common share), respectively, for the three and six months ended June 30, 2022. Included in the net income for the three and six months ended June 30, 2023 were merger and severance expenses of $1.2 and $2.7 million, respectively. Excluding these items, we would have reported net income for the three and six months ended June 30, 2023 of $23.8 million ($0.46 per common share) and $36.0 million ($0.69 per common share), respectively. Included in the net losses for the three and six months ended June 30, 2022 were merger and severance expenses of $7.3 and $9.6 million, respectively; and loss on warrants of $14.2 million for both periods. Included in the net losses for the six months ended June 30, 2022 were long-lived asset impairment credit and gain on bargain purchase of $1.8 million. Excluding these items, we would have reported net losses for the three and six months ended June 30, 2022 of $4.1 million ($0.10 per common share) and $15.7 million ($0.38 per common share), respectively.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The second quarter continued the trend of new quarterly cyclical revenue and global average day rate high-water marks. Consolidated global average day rates improved approximately $1,400 per day sequentially, approaching a $5,500 per day increase since the end of 2021. The pace of our day rate improvement picked up from the prior quarter as commercial and tendering activity remained robust and an improvement in seasonal factors helped drive shorter term day rate realization. The momentum in day rates is being driven by a global supply shortage of large and small offshore vessels, and as a result each of our five segments realized meaningful day rate expansions during the second quarter. Expected long-term increases in offshore capital spending, the increasingly constructive tone of conversations with our customers in terms of vessel contract duration and future start dates for projects, coupled with the existing and expected future constraints in vessel supply, point to as compelling of a long-term market backdrop for our business as we have ever seen.

“We are excited about the addition of the high-quality, high-specification fleet of PSVs we acquired from Solstad Offshore and have already successfully integrated five of these vessels into the Tidewater vessel operational infrastructure. Driven largely by the completion of the Solstad Offshore vessel acquisition, revenue for the third quarter should be up at least $80.0 million. We updated our view of the combined fleets and of the market for the remainder of the year and we reiterate our 2023 annual guidance of approximately $1.03 billion of revenue and approximately $500.0 million of vessel operating margin.

“Revenue for the quarter totaled $215.0 million, an increase of $21.9 million, or 11.3% sequentially. Gross margin improved materially during the quarter, driven by day rate increases across the fleet. Vessel gross margin expanded over four percentage points to 43.8%, a rate of improvement we anticipate continuing for the remainder of the year. Utilization declined modestly to 79.4% from 80.6% in the prior quarter. Utilization was down modestly during the second quarter as we withheld capacity and repositioned the fleet to maximize long-term day rates on a global basis, which resulted in more days of frictional unemployment as we targeted higher margin geographies for our vessels. The opportunity cost of this strategy to maximize day rates was approximately $8.0 million in the second quarter. Drydock days were up approximately 17.0% sequentially, but drydock expense was down 31.8% to $21.4 million in the second quarter, bringing the total year-to-date drydock spend to $52.7 million. With the additional 37 PSVs we acquired from Solstad Offshore in early July, we now expect to incur approximately $87.0 million in drydock expense for the full year of 2023, up from the approximately $77.0 million we previously anticipated for the Tidewater fleet.

“Turning to our regional operating results, the North Sea experienced a significant improvement in revenue as seasonal factors abated, with day rates up approximately $3,400, or 23.0%, pushing up vessel cash margin by over nine percentage points to 45.8%. West Africa continued to see momentum during the quarter with day rates up approximately $1,400 per day, or 11.0%, and vessel cash margin expanding by over seven percentage points to 53.6%. Interestingly, day rates in the Middle East were up approximately $770 per day, or 8.0%; this movement is particularly notable as the Middle East is a market which typically does not see large day rate movements. Day rate expansion in the Americas and Asia Pacific were up approximately 2.0% and 3.0%, respectively, sequentially following a period of robust day rate expansion in the first quarter driven by a meaningful number of new contracts. Additionally, in the Americas region during the second quarter we reserved approximately $4.0 million related to a special purpose customer receivable balance that we determined to be uncollectible.

“The material improvement in day rates, revenue, and operating margin is possible due to the enormous efforts of our dedicated and high performing employees. We are excited to welcome our new employees from Solstad Offshore and 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 June 30, 2023, the company also has the following in-the-money warrants.

Common shares outstanding

 

 

50,895,235

 

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

 

 

81,244

 

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

 

 

100,179

 

Total

 

 

51,076,658

 

Tidewater will hold a conference call to discuss results for the three months ending June 30, 2023 on August 8, 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 August 8, 2023 and will continue until 11:59 p.m. Central Time on September 8, 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 June 30, 2023 and December 31, 2022; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and six months ended June 30, 2023 and 2022; and the Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022. Extracts are drawn from the June 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

 

 

Six Months Ended

 

 

 

June 30, 2023

 

 

June 30, 2022

 

 

June 30, 2023

 

 

June 30, 2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

210,323

 

 

$

162,175

 

 

$

401,503

 

 

$

266,051

 

Other operating revenues

 

 

4,638

 

 

 

1,272

 

 

 

6,562

 

 

 

3,125

 

Total revenues

 

 

214,961

 

 

 

163,447

 

 

 

408,065

 

 

 

269,176

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

118,264

 

 

 

100,257

 

 

 

233,723

 

 

 

168,768

 

Costs of other operating revenues

 

 

373

 

 

 

483

 

 

 

1,524

 

 

 

844

 

General and administrative

 

 

26,013

 

 

 

27,804

 

 

 

49,558

 

 

 

46,021

 

Depreciation and amortization

 

 

32,768

 

 

 

31,766

 

 

 

63,434

 

 

 

58,423

 

Long-lived asset impairment credit

 

 

 

 

 

 

 

 

 

 

 

(500

)

(Gain) loss on asset dispositions, net

 

 

(1,404

)

 

 

1,297

 

 

 

(3,620

)

 

 

1,090

 

Total costs and expenses

 

 

176,014

 

 

 

161,607

 

 

 

344,619

 

 

 

274,646

 

Operating income (loss)

 

 

38,947

 

 

 

1,840

 

 

 

63,446

 

 

 

(5,470

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange loss

 

 

(3,819

)

 

 

(1,881

)

 

 

(1,471

)

 

 

(935

)

Equity in net earnings (losses) of unconsolidated companies

 

 

25

 

 

 

(244

)

 

 

25

 

 

 

(244

)

Interest income and other, net

 

 

2,790

 

 

 

349

 

 

 

2,920

 

 

 

3,835

 

Loss on warrants

 

 

 

 

 

(14,175

)

 

 

 

 

 

(14,175

)

Interest and other debt costs, net

 

 

(4,731

)

 

 

(4,284

)

 

 

(8,921

)

 

 

(8,459

)

Total other expense

 

 

(5,735

)

 

 

(20,235

)

 

 

(7,447

)

 

 

(19,978

)

Income (loss) before income taxes

 

 

33,212

 

 

 

(18,395

)

 

 

55,999

 

 

 

(25,448

)

Income tax expense

 

 

11,284

 

 

 

6,619

 

 

 

23,255

 

 

 

11,837

 

Net income (loss)

 

 

21,928

 

 

 

(25,014

)

 

 

32,744

 

 

 

(37,285

)

Less: Net income (loss) attributable to noncontrolling interests

 

 

(656

)

 

 

567

 

 

 

(578

)

 

 

464

 

Net income (loss) attributable to Tidewater Inc.

 

$

22,584

 

 

$

(25,581

)

 

$

33,322

 

 

$

(37,749

)

Basic income (loss) per common share

 

$

0.44

 

 

$

(0.61

)

 

$

0.66

 

 

$

(0.91

)

Diluted income (loss) per common share

 

$

0.43

 

 

$

(0.61

)

 

$

0.64

 

 

$

(0.91

)

Weighted average common shares outstanding

 

 

50,857

 

 

 

41,814

 

 

 

50,731

 

 

 

41,614

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

1,148

 

 

 

 

 

 

1,260

 

 

 

 

Adjusted weighted average common shares

 

 

52,005

 

 

 

41,814

 

 

 

51,991

 

 

 

41,614

 

 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

 

 

 

June 30, 2023

 

 

December 31, 2022

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

171,261

 

 

$

164,192

 

Restricted cash

 

 

1,242

 

 

 

1,241

 

Trade and other receivables, less allowance for credit losses of $14,758 and $14,060 at June 30, 2023 and December 31, 2022, respectively

 

 

195,906

 

 

 

156,465

 

Marine operating supplies

 

 

22,495

 

 

 

30,830

 

Assets held for sale

 

 

630

 

 

 

4,195

 

Prepaid expenses and other current assets

 

 

18,958

 

 

 

20,985

 

Total current assets

 

 

410,492

 

 

 

377,908

 

Net properties and equipment

 

 

784,873

 

 

 

796,655

 

Deferred drydocking and survey costs

 

 

92,481

 

 

 

61,080

 

Indemnification assets

 

 

22,678

 

 

 

28,369

 

Other assets

 

 

33,640

 

 

 

33,644

 

Total assets

 

$

1,344,164

 

 

$

1,297,656

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

69,822

 

 

$

38,946

 

Accrued costs and expenses

 

 

91,875

 

 

 

105,518

 

Current portion of long-term debt

 

 

2,441

 

 

 

 

Other current liabilities

 

 

42,305

 

 

 

50,323

 

Total current liabilities

 

 

206,443

 

 

 

194,787

 

Long-term debt

 

 

179,573

 

 

 

169,036

 

Other liabilities and deferred credits

 

 

65,621

 

 

 

67,843

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock

 

 

51

 

 

 

51

 

Additional paid-in-capital

 

 

1,554,793

 

 

 

1,556,990

 

Accumulated deficit

 

 

(666,327

)

 

 

(699,649

)

Accumulated other comprehensive loss

 

 

4,566

 

 

 

8,576

 

Total stockholders' equity

 

 

893,083

 

 

 

865,968

 

Noncontrolling interests

 

 

(556

)

 

 

22

 

Total equity

 

 

892,527

 

 

 

865,990

 

Total liabilities and equity

 

$

1,344,164

 

 

$

1,297,656

 

 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In Thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2023

 

 

June 30, 2022

 

 

June 30, 2023

 

 

June 30, 2022

 

Net income (loss)

 

$

21,928

 

 

$

(25,014

)

 

$

32,744

 

 

$

(37,285

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on note receivable

 

 

(184

)

 

 

(846

)

 

 

(316

)

 

 

(846

)

Change in liability of pension plans

 

 

(3,504

)

 

 

138

 

 

 

(3,694

)

 

 

(59

)

Total comprehensive income (loss)

 

$

18,240

 

 

$

(25,722

)

 

$

28,734

 

 

$

(38,190

)

 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

 

 

 

Six Months

 

 

Six Months

 

 

 

Ended

 

 

Ended

 

 

 

June 30, 2023

 

 

June 30, 2022

 

Operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

32,744

 

 

$

(37,285

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

42,144

 

 

 

40,287

 

Amortization of deferred drydocking and survey costs

 

 

21,290

 

 

 

18,136

 

Amortization of debt premiums and discounts

 

 

842

 

 

 

765

 

Provision for deferred income taxes

 

 

34

 

 

 

145

 

(Gain) loss on asset dispositions, net

 

 

(3,620

)

 

 

1,090

 

Gain on pension settlement

 

 

(1,807

)

 

 

 

Gain on bargain purchase

 

 

 

 

 

(1,300

)

Long-lived asset impairment credit

 

 

 

 

 

(500

)

Loss on warrants

 

 

 

 

 

14,175

 

Stock-based compensation expense

 

 

4,751

 

 

 

3,421

 

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

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(37,919

)

 

 

(35,085

)

Changes in due to/from affiliate, net

 

 

 

 

 

(20

)

Accounts payable

 

 

30,876

 

 

 

8,072

 

Accrued expenses

 

 

(13,544

)

 

 

2,354

 

Deferred drydocking and survey costs

 

 

(52,691

)

 

 

(31,063

)

Other, net

 

 

(565

)

 

 

(16,419

)

Net cash provided by (used in) operating activities

 

 

22,535

 

 

 

(33,227

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

8,659

 

 

 

8,163

 

Acquisitions, net of cash acquired

 

 

 

 

 

(29,525

)

Additions to properties and equipment

 

 

(17,500

)

 

 

(5,380

)

Net cash used in investing activities

 

 

(8,841

)

 

 

(26,742

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

(1,427

)

 

 

 

Debt issuance and modification costs

 

 

 

 

 

(371

)

Tax on share-based awards

 

 

(5,521

)

 

 

(2,176

)

Net cash used in financing activities

 

 

(6,948

)

 

 

(2,547

)

Net change in cash, cash equivalents and restricted cash

 

 

6,746

 

 

 

(62,516

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

167,977

 

 

 

154,276

 

Cash, cash equivalents and restricted cash at end of period

 

$

174,723

 

 

$

91,760

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

7,846

 

 

$

7,626

 

Income taxes

 

$

27,201

 

 

$

9,330

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

Acquisition of SPO

 

$

 

 

$

162,648

 

Purchase of three vessels

 

$

12,171

 

 

$

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

Warrants issued for SPO acquisition

 

$

 

 

$

162,648

 

Debt incurred for the purchase of three vessels

 

$

12,171

 

 

$

 

Note: Cash, cash equivalents and restricted cash at June 30, 2023 includes $2.2 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 March 31, 2023

 

$

51

 

 

$

1,553,919

 

 

$

(688,911

)

 

$

8,254

 

 

$

100

 

 

$

873,413

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

22,584

 

 

 

(3,688

)

 

 

(656

)

 

 

18,240

 

Amortization of share-based awards

 

 

 

 

 

874

 

 

 

 

 

 

 

 

 

 

 

 

874

 

Balance at June 30, 2023

 

$

51

 

 

$

1,554,793

 

 

$

(666,327

)

 

$

4,566

 

 

$

(556

)

 

$

892,527

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2022

 

$

42

 

 

$

1,376,934

 

 

$

(690,068

)

 

$

2,471

 

 

$

363

 

 

$

689,742

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(25,581

)

 

 

(708

)

 

 

567

 

 

 

(25,722

)

SPO acquisition warrants

 

 

 

 

 

176,823

 

 

 

 

 

 

 

 

 

 

 

 

176,823

 

Amortization of share-based awards

 

 

 

 

 

804

 

 

 

 

 

 

 

 

 

 

 

 

804

 

Balance at June 30, 2022

 

$

42

 

 

$

1,554,561

 

 

$

(715,649

)

 

$

1,763

 

 

$

930

 

 

$

841,647

 

 

 

Six 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)

 

 

 

 

 

 

 

 

33,322

 

 

 

(4,010

)

 

 

(578

)

 

 

28,734

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

 

 

 

(1,427

)

 

 

 

 

 

 

 

 

 

 

 

(1,427

)

Amortization of share-based awards

 

 

 

 

 

(770

)

 

 

 

 

 

 

 

 

 

 

 

(770

)

Balance at June 30, 2023

 

$

51

 

 

$

1,554,793

 

 

$

(666,327

)

 

$

4,566

 

 

$

(556

)

 

$

892,527

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

$

41

 

 

$

1,376,494

 

 

$

(677,900

)

 

$

2,668

 

 

$

466

 

 

$

701,769

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(37,749

)

 

 

(905

)

 

 

464

 

 

 

(38,190

)

Issuance of common stock

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

SPO acquisition warrants

 

 

 

 

 

176,823

 

 

 

 

 

 

 

 

 

 

 

 

176,823

 

Amortization of share-based awards

 

 

 

 

 

1,245

 

 

 

 

 

 

 

 

 

 

 

 

1,245

 

Balance at June 30, 2022

 

$

42

 

 

$

1,554,561

 

 

$

(715,649

)

 

$

1,763

 

 

$

930

 

 

$

841,647

 

 

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

 

 

Six Months Ended

 

 

 

June 30, 2023

 

 

June 30, 2022

 

 

June 30, 2023

 

 

June 30, 2022

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

50,376

 

24

%

 

$

37,520

 

23

%

 

$

98,063

 

24

%

 

$

65,964

 

25

%

Asia Pacific

 

 

22,585

 

11

%

 

 

16,362

 

10

%

 

 

44,609

 

11

%

 

 

21,259

 

8

%

Middle East

 

 

31,856

 

15

%

 

 

28,396

 

18

%

 

 

62,618

 

16

%

 

 

48,614

 

18

%

Europe/Mediterranean

 

 

39,295

 

19

%

 

 

32,475

 

20

%

 

 

70,545

 

18

%

 

 

56,394

 

21

%

West Africa

 

 

66,211

 

31

%

 

 

47,422

 

29

%

 

 

125,668

 

31

%

 

 

73,820

 

28

%

Total vessel revenues

 

$

210,323

 

100

%

 

$

162,175

 

100

%

 

$

401,503

 

100

%

 

$

266,051

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

68,007

 

32

%

 

$

60,639

 

37

%

 

$

134,650

 

34

%

 

$

101,476

 

38

%

Repair and maintenance

 

 

16,834

 

8

%

 

 

13,477

 

8

%

 

 

33,486

 

8

%

 

 

22,938

 

9

%

Insurance

 

 

2,168

 

1

%

 

 

1,366

 

1

%

 

 

4,173

 

1

%

 

 

2,750

 

1

%

Fuel, lube and supplies

 

 

13,958

 

7

%

 

 

11,521

 

7

%

 

 

27,513

 

7

%

 

 

18,597

 

7

%

Other

 

 

17,297

 

8

%

 

 

13,254

 

8

%

 

 

33,901

 

8

%

 

 

23,007

 

9

%

Total vessel operating costs

 

 

118,264

 

56

%

 

 

100,257

 

62

%

 

 

233,723

 

58

%

 

 

168,768

 

63

%

Vessel operating margin (A)

 

$

92,059

 

44

%

 

$

61,918

 

38

%

 

$

167,780

 

42

%

 

$

97,283

 

37

%

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

 

 

Six Months Ended

 

 

 

June 30, 2023

 

 

June 30, 2022

 

 

June 30, 2023

 

 

June 30, 2022

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

6,245

 

3

%

 

$

5,930

 

4

%

 

$

14,207

 

3

%

 

$

5,848

 

2

%

Asia Pacific

 

 

7,026

 

3

%

 

 

(899

)

(1

)%

 

 

12,594

 

3

%

 

 

1,274

 

0

%

Middle East

 

 

(1,657

)

(1

)%

 

 

(307

)

(0

)%

 

 

(2,001

)

(0

)%

 

 

(2,190

)

(1

)%

Europe/Mediterranean

 

 

8,307

 

4

%

 

 

4,262

 

3

%

 

 

10,343

 

3

%

 

 

1,833

 

1

%

West Africa

 

 

25,474

 

12

%

 

 

9,270

 

6

%

 

 

42,695

 

10

%

 

 

12,485

 

5

%

Other operating profit

 

 

4,265

 

2

%

 

 

790

 

0

%

 

 

5,038

 

1

%

 

 

2,282

 

1

%

 

 

49,660

 

23

%

 

19,046

 

12

%

 

82,876

 

20

%

 

21,532

 

8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(12,117

)

(6

)%

 

 

(15,909

)

(10

)%

 

 

(23,050

)

(5

)%

 

 

(26,412

)

(10

)%

Gain on asset dispositions, net

 

 

1,404

 

1

%

 

 

(1,297

)

(1

)%

 

 

3,620

 

1

%

 

 

(1,090

)

(0

)%

Long-lived asset impairment credit

 

 

 

0

%

 

 

 

0

%

 

 

 

0

%

 

 

500

 

0

%

Operating income (loss)

 

$

38,947

 

18

%

 

$

1,840

 

1

%

 

$

63,446

 

16

%

 

$

(5,470

)

(2

)%

Note (A): General and administrative expenses for the three months and six months ended June 30, 2023 include stock-based compensation of $2.7 million and $4.8 million, respectively. General and administrative expenses for the three and six months ended June 30, 2022 include stock-based compensation of $1.9 million and $3.4 million, respectively. In addition, vessel operating and general and administrative costs for the three months and six months ended June 30, 2023, include $1.3 million and $2.7 million in one-time acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and six months ended June 30, 2022, include $7.3 million and $9.6 million in one-time 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

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2023

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

210,323

 

 

$

191,180

 

 

$

185,106

 

 

$

190,247

 

 

$

162,175

 

Other operating revenues

 

 

4,638

 

 

 

1,924

 

 

 

1,640

 

 

 

1,515

 

 

 

1,272

 

Total revenues

 

 

214,961

 

 

 

193,104

 

 

 

186,746

 

 

 

191,762

 

 

 

163,447

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

118,264

 

 

 

115,459

 

 

 

115,496

 

 

 

113,037

 

 

 

100,257

 

Costs of other operating revenue

 

 

373

 

 

 

1,151

 

 

 

694

 

 

 

592

 

 

 

483

 

General and administrative (A)

 

 

26,013

 

 

 

23,545

 

 

 

28,633

 

 

 

27,267

 

 

 

27,804

 

Depreciation and amortization

 

 

32,768

 

 

 

30,666

 

 

 

29,881

 

 

 

30,856

 

 

 

31,766

 

Long-lived asset impairment and other

 

 

 

 

 

 

 

 

 

 

 

1,214

 

 

 

 

(Gain) loss on asset dispositions, net

 

 

(1,404

)

 

 

(2,216

)

 

 

(1,076

)

 

 

(264

)

 

 

1,297

 

Total operating costs and expenses

 

 

176,014

 

 

 

168,605

 

 

 

173,628

 

 

 

172,702

 

 

 

161,607

 

Operating income

 

 

38,947

 

 

 

24,499

 

 

 

13,118

 

 

 

19,060

 

 

 

1,840

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(3,819

)

 

 

2,348

 

 

 

2,105

 

 

 

(3,997

)

 

 

(1,881

)

Equity in net earnings (losses) of unconsolidated companies

 

 

25

 

 

 

 

 

 

14

 

 

 

9

 

 

 

(244

)

Interest income and other, net

 

 

2,790

 

 

 

130

 

 

 

981

 

 

 

581

 

 

 

349

 

Loss on warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,175

)

Interest and other debt costs, net

 

 

(4,731

)

 

 

(4,190

)

 

 

(4,339

)

 

 

(4,391

)

 

 

(4,284

)

Total other expense

 

 

(5,735

)

 

 

(1,712

)

 

 

(1,239

)

 

 

(7,798

)

 

 

(20,235

)

Income (loss) before income taxes

 

 

33,212

 

 

 

22,787

 

 

 

11,879

 

 

 

11,262

 

 

 

(18,395

)

Income tax expense

 

 

11,284

 

 

 

11,971

 

 

 

1,697

 

 

 

6,352

 

 

 

6,619

 

Net income (loss)

 

 

21,928

 

 

 

10,816

 

 

 

10,182

 

 

 

4,910

 

 

 

(25,014

)

Net income (loss) attributable to noncontrolling interests

 

 

(656

)

 

 

78

 

 

 

(438

)

 

 

(470

)

 

 

567

 

Net income (loss) attributable to Tidewater Inc.

 

$

22,584

 

 

$

10,738

 

 

$

10,620

 

 

$

5,380

 

 

$

(25,581

)

Basic income (loss) per common share

 

$

0.44

 

 

$

0.21

 

 

$

0.22

 

 

$

0.12

 

 

$

(0.61

)

Diluted income (loss) per common share

 

$

0.43

 

 

$

0.21

 

 

$

0.20

 

 

$

0.10

 

 

$

(0.61

)

Weighted average common shares outstanding

 

 

50,857

 

 

 

50,604

 

 

 

48,766

 

 

 

44,451

 

 

 

41,814

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

1,148

 

 

 

1,368

 

 

 

3,069

 

 

 

7,069

 

 

 

 

Adjusted weighted average common shares

 

 

52,005

 

 

 

51,972

 

 

 

51,835

 

 

 

51,520

 

 

 

41,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin

 

$

92,059

 

 

$

75,721

 

 

$

69,610

 

 

$

77,210

 

 

$

61,918

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

1,242

 

 

$

1,426

 

 

$

5,150

 

 

$

4,332

 

 

$

7,314

 

 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2023

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

171,261

 

 

$

165,145

 

 

$

164,192

 

 

$

115,014

 

 

$

87,981

 

Restricted cash

 

 

1,242

 

 

 

4,972

 

 

 

1,241

 

 

 

4,965

 

 

 

1,240

 

Trade and other receivables, net

 

 

195,906

 

 

 

182,198

 

 

 

156,465

 

 

 

181,646

 

 

 

189,259

 

Marine operating supplies

 

 

22,495

 

 

 

24,448

 

 

 

30,830

 

 

 

20,764

 

 

 

21,182

 

Assets held for sale

 

 

630

 

 

 

695

 

 

 

4,195

 

 

 

6,815

 

 

 

6,862

 

Prepaid expenses and other current assets

 

 

18,958

 

 

 

18,978

 

 

 

20,985

 

 

 

17,509

 

 

 

23,259

 

Total current assets

 

 

410,492

 

 

 

396,436

 

 

 

377,908

 

 

 

346,713

 

 

 

329,783

 

Net properties and equipment

 

 

784,873

 

 

 

786,168

 

 

 

796,655

 

 

 

815,990

 

 

 

838,612

 

Deferred drydocking and survey costs

 

 

92,481

 

 

 

82,787

 

 

 

61,080

 

 

 

57,877

 

 

 

53,661

 

Indemnification assets

 

 

22,678

 

 

 

27,698

 

 

 

28,369

 

 

 

30,117

 

 

 

30,269

 

Other assets

 

 

33,640

 

 

 

34,058

 

 

 

33,644

 

 

 

32,364

 

 

 

30,410

 

Total assets

 

$

1,344,164

 

 

$

1,327,147

 

 

$

1,297,656

 

 

$

1,283,061

 

 

$

1,282,735

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

69,822

 

 

$

64,775

 

 

$

38,946

 

 

$

31,829

 

 

$

30,537

 

Accrued costs and expenses

 

 

91,875

 

 

 

107,348

 

 

 

105,518

 

 

 

105,945

 

 

 

109,212

 

Current portion of long-term debt

 

 

2,441

 

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

 

42,305

 

 

 

43,220

 

 

 

50,323

 

 

 

46,629

 

 

 

47,872

 

Total current liabilities

 

 

206,443

 

 

 

215,343

 

 

 

194,787

 

 

 

184,403

 

 

 

187,621

 

Long-term debt

 

 

179,573

 

 

 

169,423

 

 

 

169,036

 

 

 

168,649

 

 

 

168,279

 

Other liabilities and deferred credits

 

 

65,621

 

 

 

68,968

 

 

 

67,843

 

 

 

82,910

 

 

 

85,188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

51

 

 

 

51

 

 

 

51

 

 

 

46

 

 

 

42

 

Additional paid-in-capital

 

 

1,554,793

 

 

 

1,553,919

 

 

 

1,556,990

 

 

 

1,555,388

 

 

 

1,554,561

 

Accumulated deficit

 

 

(666,327

)

 

 

(688,911

)

 

 

(699,649

)

 

 

(710,269

)

 

 

(715,649

)

Accumulated other comprehensive income

 

 

4,566

 

 

 

8,254

 

 

 

8,576

 

 

 

1,474

 

 

 

1,763

 

Total stockholders' equity

 

 

893,083

 

 

 

873,313

 

 

 

865,968

 

 

 

846,639

 

 

 

840,717

 

Noncontrolling interests

 

 

(556

)

 

 

100

 

 

 

22

 

 

 

460

 

 

 

930

 

Total equity

 

 

892,527

 

 

 

873,413

 

 

 

865,990

 

 

 

847,099

 

 

 

841,647

 

Total liabilities and equity

 

$

1,344,164

 

 

$

1,327,147

 

 

$

1,297,656

 

 

$

1,283,061

 

 

$

1,282,735

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2023

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

21,928

 

 

$

10,816

 

 

$

10,182

 

 

$

4,910

 

 

$

(25,014

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

21,096

 

 

 

21,048

 

 

 

20,983

 

 

 

22,252

 

 

 

22,614

 

Amortization of deferred drydocking and survey costs

 

 

11,672

 

 

 

9,618

 

 

 

8,898

 

 

 

8,604

 

 

 

9,152

 

Amortization of debt premiums and discounts

 

 

422

 

 

 

420

 

 

 

522

 

 

 

392

 

 

 

390

 

(Provision) benefit for deferred income taxes

 

 

(1

)

 

 

35

 

 

 

(98

)

 

 

(11

)

 

 

(32

)

(Gain) loss on asset dispositions, net

 

 

(1,404

)

 

 

(2,216

)

 

 

(1,076

)

 

 

(264

)

 

 

1,297

 

Gain on pension settlement

 

 

(1,807

)

 

 

 

 

 

 

 

 

 

 

 

 

Long-lived asset impairment and other

 

 

 

 

 

 

 

 

 

 

 

1,214

 

 

 

 

Loss on warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,175

 

Stock-based compensation expense

 

 

2,648

 

 

 

2,103

 

 

 

2,028

 

 

 

1,923

 

 

 

1,963

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(12,186

)

 

 

(25,733

)

 

 

26,172

 

 

 

4,784

 

 

 

(19,515

)

Accounts payable

 

 

5,047

 

 

 

25,829

 

 

 

7,117

 

 

 

1,292

 

 

 

5,247

 

Accrued expenses

 

 

(15,374

)

 

 

1,830

 

 

 

(427

)

 

 

(3,267

)

 

 

(853

)

Deferred drydocking and survey costs

 

 

(21,366

)

 

 

(31,325

)

 

 

(12,117

)

 

 

(12,820

)

 

 

(18,451

)

Other, net

 

 

(934

)

 

 

369

 

 

 

(16,844

)

 

 

(896

)

 

 

(12,576

)

Net cash provided by (used in) operating activities

 

 

9,741

 

 

 

12,794

 

 

 

45,340

 

 

 

28,113

 

 

 

(21,603

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

2,943

 

 

 

5,716

 

 

 

5,093

 

 

 

312

 

 

 

3,535

 

Acquisitions, net of cash acquired

 

 

 

 

 

 

 

 

 

 

 

8,785

 

 

 

(28,486

)

Additions to properties and equipment

 

 

(8,849

)

 

 

(8,651

)

 

 

(4,929

)

 

 

(6,328

)

 

 

(4,151

)

Net cash provided by (used in) investing activities

 

 

(5,906

)

 

 

(2,935

)

 

 

164

 

 

 

2,769

 

 

 

(29,102

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from stock offering

 

 

 

 

 

 

 

 

117,202

 

 

 

70,630

 

 

 

 

Repurchase of SPO acquisition warrants

 

 

 

 

 

 

 

 

(117,202

)

 

 

(70,630

)

 

 

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

 

 

 

(1,427

)

 

 

 

 

 

 

 

 

 

Debt issuance and modification costs

 

 

 

 

 

 

 

 

 

 

 

(22

)

 

 

(108

)

Tax on share-based awards

 

 

(1,774

)

 

 

(3,747

)

 

 

(47

)

 

 

(100

)

 

 

(1,159

)

Net cash used in financing activities

 

 

(1,774

)

 

 

(5,174

)

 

 

(47

)

 

 

(122

)

 

 

(1,267

)

Net change in cash, cash equivalents and restricted cash

 

 

2,061

 

 

 

4,685

 

 

 

45,457

 

 

 

30,760

 

 

 

(51,972

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

172,662

 

 

 

167,977

 

 

 

122,520

 

 

 

91,760

 

 

 

143,732

 

Cash, cash equivalents and restricted cash at end of period

 

$

174,723

 

 

$

172,662

 

 

$

167,977

 

 

$

122,520

 

 

$

91,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

7,748

 

 

$

98

 

 

$

7,575

 

 

$

353

 

 

$

7,626

 

Income taxes

 

$

10,144

 

 

$

17,057

 

 

$

6,132

 

 

$

6,813

 

 

$

6,130

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of SPO

 

$

 

 

$

 

 

$

 

 

$

 

 

$

162,648

 

Purchase of three vessels

 

$

12,171

 

 

$

 

 

$

 

 

$

 

 

$

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants issued for SPO acquisition

 

$

 

 

$

 

 

$

 

 

$

 

 

$

162,648

 

Repurchase of SPO acquisition warrants

 

$

 

 

$

 

 

$

373

 

 

$

992

 

 

$

 

Debt incurred for purchase of three vessels

 

$

12,171

 

 

$

 

 

$

 

 

$

 

 

$

 

 
 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2023

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

$

20,316

 

 

$

20,556

 

 

$

17,814

 

 

$

15,676

 

 

$

15,204

 

PSV < 900

 

 

19,134

 

 

 

17,390

 

 

 

16,486

 

 

 

16,460

 

 

 

15,470

 

AHTS > 16K

 

 

3,425

 

 

 

3,395

 

 

 

2,873

 

 

 

3,429

 

 

 

2,390

 

AHTS 8 - 16K

 

 

2,807

 

 

 

2,807

 

 

 

1,899

 

 

 

1,601

 

 

 

1,130

 

AHTS 4 - 8K

 

 

1,480

 

 

 

1,521

 

 

 

1,553

 

 

 

1,185

 

 

 

1,438

 

Other

 

 

3,214

 

 

 

2,018

 

 

 

1,160

 

 

 

771

 

 

 

1,888

 

Total

 

 

50,376

 

 

 

47,687

 

 

 

41,785

 

 

 

39,122

 

 

 

37,520

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

9,648

 

 

 

9,101

 

 

 

6,692

 

 

 

10,896

 

 

 

7,258

 

PSV < 900

 

 

5,811

 

 

 

5,133

 

 

 

3,120

 

 

 

3,891

 

 

 

3,006

 

AHTS > 16K

 

 

2,065

 

 

 

1,342

 

 

 

3,260

 

 

 

3,128

 

 

 

1,504

 

AHTS 8 - 16K

 

 

5,001

 

 

 

5,397

 

 

 

4,364

 

 

 

4,333

 

 

 

2,940

 

AHTS 4 - 8K

 

 

8

 

 

 

998

 

 

 

1,584

 

 

 

1,605

 

 

 

1,433

 

Other

 

 

52

 

 

 

53

 

 

 

50

 

 

 

49

 

 

 

221

 

Total

 

 

22,585

 

 

 

22,024

 

 

 

19,070

 

 

 

23,902

 

 

 

16,362

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,211

 

 

 

1,192

 

 

 

1,218

 

 

 

2,771

 

 

 

2,814

 

PSV < 900

 

 

16,812

 

 

 

14,965

 

 

 

15,517

 

 

 

16,063

 

 

 

13,798

 

AHTS > 16K

 

 

1,217

 

 

 

2,316

 

 

 

2,351

 

 

 

2,350

 

 

 

1,750

 

AHTS 8 - 16K

 

 

4,276

 

 

 

4,593

 

 

 

4,146

 

 

 

3,397

 

 

 

3,808

 

AHTS 4 - 8K

 

 

8,340

 

 

 

7,696

 

 

 

7,343

 

 

 

6,605

 

 

 

6,226

 

Total

 

 

31,856

 

 

 

30,762

 

 

 

30,575

 

 

 

31,186

 

 

 

28,396

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

29,592

 

 

 

23,368

 

 

 

24,783

 

 

 

27,167

 

 

 

23,684

 

PSV < 900

 

 

7,205

 

 

 

5,153

 

 

 

7,874

 

 

 

7,092

 

 

 

6,868

 

AHTS > 16K

 

 

2,228

 

 

 

2,511

 

 

 

643

 

 

 

5,251

 

 

 

1,776

 

Other

 

 

270

 

 

 

218

 

 

 

182

 

 

 

192

 

 

 

147

 

Total

 

 

39,295

 

 

 

31,250

 

 

 

33,482

 

 

 

39,702

 

 

 

32,475

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

11,550

 

 

 

9,900

 

 

 

10,534

 

 

 

8,041

 

 

 

6,487

 

PSV < 900

 

 

25,419

 

 

 

24,835

 

 

 

20,494

 

 

 

18,249

 

 

 

13,801

 

AHTS > 16K

 

 

9,129

 

 

 

6,237

 

 

 

5,385

 

 

 

6,152

 

 

 

4,315

 

AHTS 8 - 16K

 

 

9,870

 

 

 

9,827

 

 

 

11,810

 

 

 

11,236

 

 

 

10,724

 

AHTS 4 - 8K

 

 

3,496

 

 

 

2,360

 

 

 

5,780

 

 

 

6,445

 

 

 

4,576

 

Other

 

 

6,747

 

 

 

6,298

 

 

 

6,191

 

 

 

6,212

 

 

 

7,519

 

Total

 

 

66,211

 

 

 

59,457

 

 

 

60,194

 

 

 

56,335

 

 

 

47,422

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

72,317

 

 

 

64,117

 

 

 

61,041

 

 

 

64,551

 

 

 

55,447

 

PSV < 900

 

 

74,381

 

 

 

67,476

 

 

 

63,491

 

 

 

61,755

 

 

 

52,943

 

AHTS > 16K

 

 

18,064

 

 

 

15,801

 

 

 

14,512

 

 

 

20,310

 

 

 

11,735

 

AHTS 8 - 16K

 

 

21,954

 

 

 

22,624

 

 

 

22,219

 

 

 

20,567

 

 

 

18,602

 

AHTS 4 - 8K

 

 

13,324

 

 

 

12,575

 

 

 

16,260

 

 

 

15,840

 

 

 

13,673

 

Other

 

 

10,283

 

 

 

8,587

 

 

 

7,583

 

 

 

7,224

 

 

 

9,775

 

Total

 

$

210,323

 

 

$

191,180

 

 

$

185,106

 

 

$

190,247

 

 

$

162,175

 

 
 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2023

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

10

 

 

 

10

 

 

 

10

 

 

 

11

 

 

 

10

 

PSV < 900

 

 

15

 

 

 

15

 

 

 

16

 

 

 

17

 

 

 

17

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

AHTS 8 - 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

1

 

 

 

1

 

AHTS 4 - 8K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

3

 

Other

 

 

2

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

Total

 

 

33

 

 

 

32

 

 

 

33

 

 

 

34

 

 

 

34

 

Stacked vessels

 

 

(1

)

 

 

(1

)

 

 

(2

)

 

 

(3

)

 

 

(5

)

Active vessels

 

 

32

 

 

 

31

 

 

 

31

 

 

 

31

 

 

 

29

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

6

 

 

 

5

 

 

 

5

 

 

 

5

 

 

 

6

 

PSV < 900

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

AHTS > 16K

 

 

2

 

 

 

1

 

 

 

2

 

 

 

2

 

 

 

1

 

AHTS 8 - 16K

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

2

 

AHTS 4 - 8K

 

 

1

 

 

 

2

 

 

 

3

 

 

 

4

 

 

 

3

 

Other

 

 

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

5

 

Total

 

 

14

 

 

 

14

 

 

 

16

 

 

 

17

 

 

 

19

 

Stacked vessels

 

 

 

 

 

(1

)

 

 

(2

)

 

 

(2

)

 

 

(1

)

Active vessels

 

 

14

 

 

 

13

 

 

 

14

 

 

 

15

 

 

 

18

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

 

 

2

 

PSV < 900

 

 

20

 

 

 

21

 

 

 

20

 

 

 

20

 

 

 

19

 

AHTS > 16K

 

 

1

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

1

 

AHTS 8 - 16K

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

 

 

6

 

AHTS 4 - 8K

 

 

17

 

 

 

14

 

 

 

14

 

 

 

13

 

 

 

13

 

Total

 

 

44

 

 

 

43

 

 

 

43

 

 

 

42

 

 

 

41

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active vessels

 

 

44

 

 

 

43

 

 

 

43

 

 

 

42

 

 

 

41

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

19

 

 

 

20

 

 

 

20

 

 

 

19

 

 

 

19

 

PSV < 900

 

 

6

 

 

 

6

 

 

 

6

 

 

 

6

 

 

 

7

 

AHTS > 16K

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

Total

 

 

26

 

 

 

27

 

 

 

27

 

 

 

26

 

 

 

27

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

Active vessels

 

 

26

 

 

 

27

 

 

 

27

 

 

 

26

 

 

 

25

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

7

 

 

 

7

 

 

 

6

 

 

 

6

 

 

 

4

 

PSV < 900

 

 

18

 

 

 

18

 

 

 

18

 

 

 

18

 

 

 

15

 

AHTS > 16K

 

 

5

 

 

 

5

 

 

 

4

 

 

 

4

 

 

 

3

 

AHTS 8 - 16K

 

 

11

 

 

 

11

 

 

 

11

 

 

 

12

 

 

 

10

 

AHTS 4 - 8K

 

 

6

 

 

 

8

 

 

 

8

 

 

 

8

 

 

 

6

 

Other

 

 

23

 

 

 

25

 

 

 

28

 

 

 

28

 

 

 

29

 

Total

 

 

70

 

 

 

74

 

 

 

75

 

 

 

76

 

 

 

67

 

Stacked vessels

 

 

(5

)

 

 

(8

)

 

 

(10

)

 

 

(9

)

 

 

(8

)

Active vessels

 

 

65

 

 

 

66

 

 

 

65

 

 

 

67

 

 

 

59

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

43

 

 

 

43

 

 

 

43

 

 

 

43

 

 

 

41

 

PSV < 900

 

 

61

 

 

 

62

 

 

 

62

 

 

 

63

 

 

 

60

 

AHTS > 16K

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

 

 

8

 

AHTS 8 - 16K

 

 

21

 

 

 

21

 

 

 

21

 

 

 

21

 

 

 

19

 

AHTS 4 - 8K

 

 

26

 

 

 

26

 

 

 

27

 

 

 

27

 

 

 

25

 

Other

 

 

25

 

 

 

27

 

 

 

30

 

 

 

30

 

 

 

35

 

Total

 

 

187

 

 

 

190

 

 

 

194

 

 

 

195

 

 

 

188

 

Stacked vessels

 

 

(6

)

 

 

(10

)

 

 

(14

)

 

 

(14

)

 

 

(16

)

Active vessels

 

 

181

 

 

 

180

 

 

 

180

 

 

 

181

 

 

 

172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

181

 

 

 

180

 

 

 

180

 

 

 

181

 

 

 

172

 

Total stacked

 

 

6

 

 

 

10

 

 

 

14

 

 

 

14

 

 

 

16

 

Total joint venture

 

 

 

 

 

 

 

 

1

 

 

 

1

 

 

 

1

 

Total

 

 

187

 

 

 

190

 

 

 

195

 

 

 

196

 

 

 

189

 

 
 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2023

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

910

 

 

 

907

 

 

 

922

 

 

 

1,012

 

 

 

943

 

PSV < 900

 

 

1,365

 

 

 

1,359

 

 

 

1,499

 

 

 

1,564

 

 

 

1,547

 

AHTS > 16K

 

 

182

 

 

 

180

 

 

 

184

 

 

 

184

 

 

 

152

 

AHTS 8 - 16K

 

 

182

 

 

 

180

 

 

 

184

 

 

 

122

 

 

 

91

 

AHTS 4 - 8K

 

 

182

 

 

 

180

 

 

 

184

 

 

 

184

 

 

 

246

 

Other

 

 

182

 

 

 

121

 

 

 

92

 

 

 

92

 

 

 

121

 

Total

 

 

3,003

 

 

 

2,927

 

 

 

3,065

 

 

 

3,158

 

 

 

3,100

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

559

 

 

 

481

 

 

 

460

 

 

 

460

 

 

 

507

 

PSV < 900

 

 

182

 

 

 

180

 

 

 

184

 

 

 

184

 

 

 

183

 

AHTS > 16K

 

 

182

 

 

 

90

 

 

 

184

 

 

 

184

 

 

 

122

 

AHTS 8 - 16K

 

 

273

 

 

 

270

 

 

 

276

 

 

 

276

 

 

 

183

 

AHTS 4 - 8K

 

 

91

 

 

 

180

 

 

 

292

 

 

 

368

 

 

 

304

 

Other

 

 

 

 

 

48

 

 

 

92

 

 

 

92

 

 

 

453

 

Total

 

 

1,287

 

 

 

1,249

 

 

 

1,488

 

 

 

1,564

 

 

 

1,752

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

91

 

 

 

90

 

 

 

92

 

 

 

123

 

 

 

152

 

PSV < 900

 

 

1,820

 

 

 

1,842

 

 

 

1,840

 

 

 

1,840

 

 

 

1,700

 

AHTS > 16K

 

 

91

 

 

 

180

 

 

 

184

 

 

 

184

 

 

 

122

 

AHTS 8 - 16K

 

 

455

 

 

 

450

 

 

 

460

 

 

 

465

 

 

 

546

 

AHTS 4 - 8K

 

 

1,556

 

 

 

1,291

 

 

 

1,288

 

 

 

1,217

 

 

 

1,183

 

Total

 

 

4,013

 

 

 

3,853

 

 

 

3,864

 

 

 

3,829

 

 

 

3,703

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,729

 

 

 

1,762

 

 

 

1,838

 

 

 

1,748

 

 

 

1,729

 

PSV < 900

 

 

546

 

 

 

540

 

 

 

552

 

 

 

552

 

 

 

696

 

AHTS > 16K

 

 

139

 

 

 

90

 

 

 

92

 

 

 

92