Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2023

  Full-Year 2023 Highlights

  • Revenue of $1,010.0 million, a 55.9% increase from 2022
  • Average day rate increased to $16,802 per day, $4,048 higher than 2022
  • Net income of $97.2 million, an increase of $118.9 million from 2022
  • Adjusted EBITDA of $386.7 million, an increase of $220.0 million from 2022
  • Net cash provided by operating activities of $104.7 million, an increase of $64.5 million from 2022
  • Free cash flow of $111.3 million, an increase of $60.8 million from 2022
  • Completed acquisition and financing of 37 PSVs from Solstad Offshore

Fourth Quarter 2023 Highlights

  • Revenue of $302.7 million, highest quarterly revenue in eight years
  • Average day rate increased to $18,066 per day, $201 higher than the third quarter of 2023
  • Composite leading edge term contract day rate of $29,511, $902 higher than the third quarter of 2023
  • Net income of $37.7 million, an increase of $11.5 million from the third quarter of 2023
  • Adjusted EBITDA of $131.3 million, an increase of $11.6 million from the third quarter of 2023
  • Net cash provided by operating activities of $47.2 million, an increase of $12.3 million from the third quarter of 2023
  • Free cash flow of $61.0 million, an increase of $31.9 million from the third quarter of 2023

Share Repurchase Program and 2024 Guidance

  • Completed $35.0 million of share repurchases during the fourth quarter of 2023 at an average price of $59.29 per share
  • Board approves a new share repurchase authorization of $48.6 million, the maximum permissible amount under existing debt agreements
  • Reiterating 2024 revenue guidance of $1.40 to $1.45 billion and 2024 gross margin guidance of 52%

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2023 of $302.7 million and $1,010.0 million, respectively, compared with $186.7 million and $647.7 million, respectively, for the three and twelve months ended December 31, 2022. Tidewater's net income for the three and twelve months ended December 31, 2023, was $37.7 million ($0.70 per common share) and $97.2 million ($1.84 per common share), respectively, compared with net income (losses) of $10.6 million ($0.20 per common share) and $(21.7) million ($0.49 per common share), respectively, for the three and twelve months ended December 31, 2022.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The past year represented a year of significant milestones and profitable growth for Tidewater with revenue and gross profit improving each quarter throughout the year. The supply and demand dynamics positively influencing the offshore vessel industry drove strong financial and operational results, with revenue cresting the $1.0 billion mark, a significant achievement for Tidewater that was bolstered by the acquisitions done in 2022 and 2023. Day rate progression realized during the year is faster than anything we have seen in the industry. The shortage of vessels, a record-low vessel newbuilding order book and improving offshore vessel demand visibility all support improving operational performance into 2024 and beyond, as indicated by our continued confidence in our ability to grow revenue by 40% and grow gross margin by 66% in 2024. As a result of improved industry fundamentals and associated financial performance, Tidewater is once again in a position to return capital to shareholders, the initial phase of which we completed during the fourth quarter of 2023 with an initial $35.0 million of share repurchases. We are excited to continue to grow free cash flow and return capital to our shareholders as this upcycle continues to unfold.

“Since 2017, we have been high-grading the fleet through the disposal of lower-specification vessels and the acquisition of higher-specification vessels. The financial impact of this strategy continues to be demonstrated by the higher revenue and gross margin outlook for our business. Fourth quarter revenue of $302.7 million is the highest quarterly revenue in over eight years and we anticipate quarterly revenue growth each quarter in 2024, outgrowing the seasonality we typically see in the first and fourth quarters of the year. Gross margin for the fourth quarter came in at 47.2%, the highest gross margin percentage in 15 years, and we anticipate gross margin for the fourth quarter of 2024 to reach 56.0%. Leading edge day rates continued their upward trend, with leading edge day rates up $902 sequentially, to $29,511. We continue to see improving demand across all regions and for a variety of end markets beyond drilling and, as such, we reiterate our full-year 2024 revenue guidance of $1.40 to $1.45 billion and gross margin guidance of 52.0%.

“We generated $61.0 million of free cash flow and returned nearly 60% of this to our shareholders in the form of share repurchases during the fourth quarter. Given our free cash flow performance, business outlook and healthy balance sheet, we are pleased to announce the Board has authorized a new share repurchase program, under which we are authorized to purchase up to $48.6 million of the Company’s common stock. The new authorization represents the maximum permissible amount of share repurchases under our existing debt agreements. As we have previously communicated, we anticipate utilizing this repurchase program opportunistically, weighing the value of share repurchases against other capital allocation opportunities to optimize the use of our capital to maximize shareholder returns.

“The past year was an important chapter in Tidewater’s history and was a successful year by all measures. I want to thank our dedicated team for their tremendous contributions to this achievement. We have even greater success ahead of us and I look forward to working together to achieve the goals we have set for ourselves. As always, we remain committed to providing a safe and rewarding environment for our employees as we continue to build 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 December 31, 2023, the Company also has the following in-the-money warrants.

Common shares outstanding

 

 

52,259,303

 

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

 

 

81,244

 

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

 

 

91,436

 

Total

 

 

52,431,983

 

Tidewater will hold a conference call to discuss results for the three and twelve months ending December 31, 2023 on March 1, 2024, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 6663124 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 March 1, 2024. 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 Form 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 December 31, 2023 and 2022; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and twelve months ended December 31, 2023 and 2022; and the Consolidated Statements of Cash Flows for the three and twelve months ended December 31, 2023 and 2022. Extracts are drawn from the December 31, 2023 and 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

 

 

Twelve Months Ended

 

 

 

December 31,

2023

 

 

December 31,

2022

 

 

December 31,

2023

 

 

December 31,

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

300,515

 

 

$

185,106

 

 

$

998,993

 

 

$

641,404

 

Other operating revenues

 

 

2,143

 

 

 

1,640

 

 

 

10,992

 

 

 

6,280

 

Total revenues

 

 

302,658

 

 

 

186,746

 

 

 

1,009,985

 

 

 

647,684

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

158,553

 

 

 

115,496

 

 

 

556,515

 

 

 

397,301

 

Costs of other operating revenues

 

 

1,337

 

 

 

694

 

 

 

4,342

 

 

 

2,130

 

General and administrative

 

 

24,724

 

 

 

28,633

 

 

 

95,283

 

 

 

101,921

 

Depreciation and amortization

 

 

59,167

 

 

 

29,881

 

 

 

180,331

 

 

 

119,160

 

Long-lived asset impairment and other

 

 

 

 

 

 

 

 

 

 

 

714

 

Gain on asset dispositions, net

 

 

(4,218

)

 

 

(1,076

)

 

 

(8,701

)

 

 

(250

)

Total costs and expenses

 

 

239,563

 

 

 

173,628

 

 

 

827,770

 

 

 

620,976

 

Operating income

 

 

63,095

 

 

 

13,118

 

 

 

182,215

 

 

 

26,708

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

2,250

 

 

 

2,105

 

 

 

(1,370

)

 

 

(2,827

)

Equity in net earnings (losses) of unconsolidated companies

 

 

10

 

 

 

14

 

 

 

39

 

 

 

(221

)

Interest income and other, net

 

 

3,029

 

 

 

981

 

 

 

6,517

 

 

 

5,397

 

Loss on warrants

 

 

 

 

 

 

 

 

 

 

 

(14,175

)

Interest and other debt costs, net

 

 

(20,263

)

 

 

(4,339

)

 

 

(48,472

)

 

 

(17,189

)

Total other expense

 

 

(14,974

)

 

 

(1,239

)

 

 

(43,286

)

 

 

(29,015

)

Income (loss) before income taxes

 

 

48,121

 

 

 

11,879

 

 

 

138,929

 

 

 

(2,307

)

Income tax expense

 

 

10,793

 

 

 

1,697

 

 

 

43,308

 

 

 

19,886

 

Net income (loss)

 

 

37,328

 

 

 

10,182

 

 

 

95,621

 

 

 

(22,193

)

Less: Net loss attributable to noncontrolling interests

 

 

(336

)

 

 

(438

)

 

 

(1,564

)

 

 

(444

)

Net income (loss) attributable to Tidewater Inc.

 

$

37,664

 

 

$

10,620

 

 

$

97,185

 

 

$

(21,749

)

Basic income (loss) per common share

 

$

0.72

 

 

$

0.22

 

 

$

1.88

 

 

$

(0.49

)

Diluted income (loss) per common share

 

$

0.70

 

 

$

0.20

 

 

$

1.84

 

 

$

(0.49

)

Weighted average common shares outstanding

 

 

52,648

 

 

 

48,766

 

 

 

51,591

 

 

 

44,132

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

1,351

 

 

 

3,069

 

 

 

1,346

 

 

 

 

Adjusted weighted average common shares

 

 

53,999

 

 

 

51,835

 

 

 

52,937

 

 

 

44,132

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

 

 

 

December 31, 2023

 

 

December 31, 2022

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

274,437

 

 

$

164,192

 

Restricted cash

 

 

1,241

 

 

 

1,241

 

Trade and other receivables, less allowance for credit losses of $15,914 and $14,060 as of December 31, 2023 and 2022, respectively

 

 

268,352

 

 

 

156,465

 

Marine operating supplies

 

 

31,933

 

 

 

30,830

 

Assets held for sale

 

 

 

 

 

4,195

 

Prepaid expenses and other current assets

 

 

15,172

 

 

 

20,985

 

Total current assets

 

 

591,135

 

 

 

377,908

 

Net properties and equipment

 

 

1,315,122

 

 

 

796,655

 

Deferred drydocking and survey costs

 

 

106,698

 

 

 

61,080

 

Indemnification assets

 

 

17,370

 

 

 

28,369

 

Other assets

 

 

32,449

 

 

 

33,644

 

Total assets

 

$

2,062,774

 

 

$

1,297,656

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

44,931

 

 

$

38,946

 

Accrued expenses

 

 

125,590

 

 

 

105,518

 

Current portion of long-term debt

 

 

103,077

 

 

 

 

Other current liabilities

 

 

55,133

 

 

 

50,323

 

Total current liabilities

 

 

328,731

 

 

 

194,787

 

Long-term debt

 

 

631,361

 

 

 

169,036

 

Other liabilities

 

 

64,985

 

 

 

67,843

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock of $0.001 par value, 125,000,000 shares authorized. 52,259,303 and 50,554,179 shares issued and outstanding at December 31, 2023 and 2022, respectively

 

 

52

 

 

 

51

 

Additional paid-in-capital

 

 

1,671,759

 

 

 

1,556,990

 

Accumulated deficit

 

 

(637,838

)

 

 

(699,649

)

Accumulated other comprehensive loss

 

 

5,266

 

 

 

8,576

 

Total stockholders' equity

 

 

1,039,239

 

 

 

865,968

 

Noncontrolling interests

 

 

(1,542

)

 

 

22

 

Total equity

 

 

1,037,697

 

 

 

865,990

 

Total liabilities and equity

 

$

2,062,774

 

 

$

1,297,656

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Thousands)

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

December 31,

2023

 

 

December 31,

2022

 

 

December 31,

2023

 

 

December 31,

2022

 

Net income (loss)

 

$

37,328

 

 

$

10,182

 

 

$

95,621

 

 

$

(22,193

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on note receivable

 

 

682

 

 

 

779

 

 

 

213

 

 

 

(496

)

Change in supplemental executive retirement plan pension liability

 

 

(525

)

 

 

4,561

 

 

 

(525

)

 

 

4,561

 

Change in liability of pension plans

 

 

696

 

 

 

1,762

 

 

 

(2,998

)

 

 

1,843

 

Total comprehensive income (loss)

 

$

38,181

 

 

$

17,284

 

 

$

92,311

 

 

$

(16,285

)

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

 

 

 

Twelve Months

 

 

Twelve Months

 

 

 

Ended

 

 

Ended

 

 

 

December 31, 2023

 

 

December 31, 2022

 

Operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

95,621

 

 

$

(22,193

)

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

 

 

 

 

 

 

 

 

Depreciation

 

 

128,777

 

 

 

83,522

 

Amortization of deferred drydocking and survey costs

 

 

51,554

 

 

 

35,638

 

Amortization of debt premiums and discounts

 

 

4,619

 

 

 

1,679

 

Amortization of below market contracts

 

 

(3,800

)

 

 

 

Provision for deferred income taxes

 

 

92

 

 

 

36

 

Gain on asset dispositions, net

 

 

(8,701

)

 

 

(250

)

Gain on pension settlement

 

 

(2,313

)

 

 

 

Gain on bargain purchase

 

 

 

 

 

(1,300

)

Long-lived asset impairment and other

 

 

 

 

 

714

 

Loss on warrants

 

 

 

 

 

14,175

 

Stock-based compensation expense

 

 

10,755

 

 

 

7,372

 

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

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(109,756

)

 

 

(4,129

)

Changes in due to/from affiliate, net

 

 

 

 

 

(20

)

Accounts payable

 

 

5,985

 

 

 

16,481

 

Accrued expenses

 

 

20,072

 

 

 

(1,340

)

Deferred drydocking and survey costs

 

 

(97,378

)

 

 

(56,000

)

Other, net

 

 

9,178

 

 

 

(34,159

)

Net cash provided by operating activities

 

 

104,705

 

 

 

40,226

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from asset dispositions

 

 

15,506

 

 

 

13,568

 

Acquisitions, net of cash acquired

 

 

(594,191

)

 

 

(20,740

)

Additions to properties and equipment

 

 

(31,588

)

 

 

(16,637

)

Net cash used in investing activities

 

 

(610,273

)

 

 

(23,809

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Exercise of warrants

 

 

111,483

 

 

 

 

Proceeds from issuance of shares

 

 

 

 

 

187,832

 

Repurchase of SPO acquisition warrants

 

 

 

 

 

(187,832

)

Issuance of long-term debt

 

 

575,000

 

 

 

 

Principal payments on long-term debt

 

 

(13,677

)

 

 

 

Purchase of common stock

 

 

(35,025

)

 

 

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

(1,427

)

 

 

 

Debt issuance costs

 

 

(14,758

)

 

 

(393

)

Tax on share-based awards

 

 

(6,040

)

 

 

(2,323

)

Net cash provided by (used in) financing activities

 

 

615,556

 

 

 

(2,716

)

Net change in cash, cash equivalents and restricted cash

 

 

109,988

 

 

 

13,701

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

167,977

 

 

 

154,276

 

Cash, cash equivalents and restricted cash at end of period

 

$

277,965

 

 

$

167,977

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

26,638

 

 

$

15,554

 

Income taxes

 

$

43,880

 

 

$

22,275

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

Acquisition of SPO

 

$

 

 

$

162,648

 

Purchase of three vessels

 

$

14,265

 

 

$

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

Warrants issued for SPO acquisition

 

$

 

 

$

162,648

 

Repurchase of SPO acquisition warrants

 

$

 

 

$

1,365

 

Debt incurred for the purchase of three vessels

 

$

15,235

 

 

$

 

 

Note: Cash, cash equivalents and restricted cash at December 31, 2023 includes $2.3 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

 

 

interest

 

 

Total

 

Balance at September 30, 2023

 

$

53

 

 

$

1,668,392

 

 

$

(640,128

)

 

$

4,413

 

 

$

(1,206

)

 

$

1,031,524

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

37,664

 

 

 

853

 

 

 

(336

)

 

 

38,181

 

Exercise of warrants into common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase and retirement of common stock

 

 

(1

)

 

 

 

 

 

(35,374

)

 

 

 

 

 

 

 

 

(35,375

)

Amortization of share-based awards

 

 

 

 

 

3,367

 

 

 

 

 

 

 

 

 

 

 

 

3,367

 

Balance at December 31, 2023

 

$

52

 

 

$

1,671,759

 

 

$

(637,838

)

 

$

5,266

 

 

$

(1,542

)

 

$

1,037,697

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Twelve 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)

 

 

 

 

 

 

 

 

97,185

 

 

 

(3,310

)

 

 

(1,564

)

 

 

92,311

 

Exercise of warrants into common stock

 

 

2

 

 

 

111,481

 

 

 

 

 

 

 

 

 

 

 

 

111,483

 

Repurchase and retirement of common stock

 

 

(1

)

 

 

 

 

 

(35,374

)

 

 

 

 

 

 

 

 

(35,375

)

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

 

 

 

(1,427

)

 

 

 

 

 

 

 

 

 

 

 

(1,427

)

Amortization of share-based awards

 

 

 

 

 

4,715

 

 

 

 

 

 

 

 

 

 

 

 

4,715

 

Balance at December 31, 2023

 

$

52

 

 

$

1,671,759

 

 

$

(637,838

)

 

$

5,266

 

 

$

(1,542

)

 

$

1,037,697

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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, 2023

 

 

December 31, 2022

 

 

December 31, 2023

 

 

December 31, 2022

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

68,425

 

 

23

%

 

$

41,785

 

 

23

%

 

$

237,205

 

 

24

%

 

$

146,871

 

 

23

%

Asia Pacific

 

 

38,632

 

 

13

%

 

 

19,070

 

 

10

%

 

 

122,235

 

 

12

%

 

 

64,231

 

 

10

%

Middle East

 

 

38,072

 

 

12

%

 

 

30,575

 

 

16

%

 

 

135,375

 

 

14

%

 

 

110,375

 

 

17

%

Europe/Mediterranean

 

 

80,743

 

 

27

%

 

 

33,482

 

 

18

%

 

 

230,217

 

 

23

%

 

 

129,578

 

 

20

%

West Africa

 

 

74,643

 

 

25

%

 

 

60,194

 

 

33

%

 

 

273,961

 

 

27

%

 

 

190,349

 

 

30

%

Total vessel revenues

 

$

300,515

 

 

100

%

 

$

185,106

 

 

100

%

 

$

998,993

 

 

100

%

 

$

641,404

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

97,537

 

 

33

%

 

$

69,699

 

 

37

%

 

$

329,473

 

 

33

%

 

$

242,364

 

 

38

%

Repair and maintenance

 

 

21,635

 

 

7

%

 

 

14,774

 

 

8

%

 

 

78,716

 

 

8

%

 

 

51,256

 

 

8

%

Insurance

 

 

2,765

 

 

1

%

 

 

2,027

 

 

1

%

 

 

9,297

 

 

1

%

 

 

6,765

 

 

1

%

Fuel, lube and supplies

 

 

15,265

 

 

5

%

 

 

12,841

 

 

7

%

 

 

60,548

 

 

6

%

 

 

43,729

 

 

7

%

Other

 

 

21,351

 

 

7

%

 

 

16,155

 

 

9

%

 

 

78,481

 

 

8

%

 

 

53,187

 

 

8

%

Total vessel operating costs

 

 

158,553

 

 

53

%

 

 

115,496

 

 

62

%

 

 

556,515

 

 

56

%

 

 

397,301

 

 

62

%

Vessel operating margin (A)

 

$

141,962

 

 

47

%

 

$

69,610

 

 

38

%

 

$

442,478

 

 

44

%

 

$

244,103

 

 

38

%

 

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

 

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

 

(In Thousands)

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

December 31, 2023

 

 

December 31, 2022

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

16,171

 

 

5

%

 

$

3,216

 

 

2

%

 

$

42,964

 

 

4

%

 

$

12,016

 

 

2

%

Asia Pacific

 

 

11,322

 

 

4

%

 

 

(808

)

 

(0

)%

 

 

38,471

 

 

4

%

 

 

3,726

 

 

0

%

Middle East

 

 

2,093

 

 

1

%

 

 

492

 

 

0

%

 

 

(1,051

)

 

(0

)%

 

 

(1,093

)

 

(0

)%

Europe/Mediterranean

 

 

13,768

 

 

5

%

 

 

3,874

 

 

2

%

 

 

33,687

 

 

3

%

 

 

18,844

 

 

3

%

West Africa

 

 

27,360

 

 

9

%

 

 

18,305

 

 

10

%

 

 

98,447

 

 

10

%

 

 

43,112

 

 

7

%

Other operating profit

 

 

806

 

 

0

%

 

 

946

 

 

0

%

 

 

6,650

 

 

1

%

 

 

4,150

 

 

1

%

 

 

71,520

 

 

24

%

 

26,025

 

 

14

%

 

219,168

 

 

22

%

 

80,755

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(12,643

)

 

(4

)%

 

 

(13,983

)

 

(7

)%

 

 

(45,654

)

 

(5

)%

 

 

(53,583

)

 

(9

)%

Gain on asset dispositions, net

 

 

4,218

 

 

1

%

 

 

1,076

 

 

1

%

 

 

8,701

 

 

1

%

 

 

250

 

 

0

%

Long-lived asset impairment and other

 

 

 

 

0

%

 

 

 

 

0

%

 

 

 

 

0

%

 

 

(714

)

 

(0

)%

Operating income

 

$

63,095

 

 

21

%

 

$

13,118

 

 

7

%

 

$

182,215

 

 

18

%

 

$

26,708

 

 

4

%

 

Note (A): General and administrative expenses for the three months and twelve months ended December 31, 2023 include stock-based compensation of $3.5 million and $10.8 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2022 include stock-based compensation of $2.1 million and $7.4 million, respectively. In addition, vessel operating and general and administrative costs for the three months and twelve months ended December 31, 2023, include $2.2 million and $10.9 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and twelve months ended December 31, 2022, include $5.1 million and $19.1 million in acquisition, restructuring and integration related costs, respectively.

 

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(In Thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

300,515

 

 

$

296,975

 

 

$

210,323

 

 

$

191,180

 

 

$

185,106

 

Other operating revenues

 

 

2,143

 

 

 

2,287

 

 

 

4,638

 

 

 

1,924

 

 

 

1,640

 

Total revenues

 

 

302,658

 

 

 

299,262

 

 

 

214,961

 

 

 

193,104

 

 

 

186,746

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

158,553

 

 

 

164,239

 

 

 

118,264

 

 

 

115,459

 

 

 

115,496

 

Costs of other operating revenue

 

 

1,337

 

 

 

1,481

 

 

 

373

 

 

 

1,151

 

 

 

694

 

General and administrative (A)

 

 

24,724

 

 

 

21,001

 

 

 

26,013

 

 

 

23,545

 

 

 

28,633

 

Depreciation and amortization

 

 

59,167

 

 

 

57,730

 

 

 

32,768

 

 

 

30,666

 

 

 

29,881

 

Gain on asset dispositions, net

 

 

(4,218

)

 

 

(863

)

 

 

(1,404

)

 

 

(2,216

)

 

 

(1,076

)

Total operating costs and expenses

 

 

239,563

 

 

 

243,588

 

 

 

176,014

 

 

 

168,605

 

 

 

173,628

 

Operating income

 

 

63,095

 

 

 

55,674

 

 

 

38,947

 

 

 

24,499

 

 

 

13,118

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

2,250

 

 

 

(2,149

)

 

 

(3,819

)

 

 

2,348

 

 

 

2,105

 

Equity in net earnings of unconsolidated companies

 

 

10

 

 

 

4

 

 

 

25

 

 

 

 

 

 

14

 

Interest income and other, net

 

 

3,029

 

 

 

568

 

 

 

2,790

 

 

 

130

 

 

 

981

 

Interest and other debt costs, net

 

 

(20,263

)

 

 

(19,288

)

 

 

(4,731

)

 

 

(4,190

)

 

 

(4,339

)

Total other expense

 

 

(14,974

)

 

 

(20,865

)

 

 

(5,735

)

 

 

(1,712

)

 

 

(1,239

)

Income before income taxes

 

 

48,121

 

 

 

34,809

 

 

 

33,212

 

 

 

22,787

 

 

 

11,879

 

Income tax expense

 

 

10,793

 

 

 

9,260

 

 

 

11,284

 

 

 

11,971

 

 

 

1,697

 

Net income

 

 

37,328

 

 

 

25,549

 

 

 

21,928

 

 

 

10,816

 

 

 

10,182

 

Net income (loss) attributable to noncontrolling interests

 

 

(336

)

 

 

(650

)

 

 

(656

)

 

 

78

 

 

 

(438

)

Net income attributable to Tidewater Inc.

 

$

37,664

 

 

$

26,199

 

 

$

22,584

 

 

$

10,738

 

 

$

10,620

 

Basic income per common share

 

$

0.72

 

 

$

0.50

 

 

$

0.44

 

 

$

0.21

 

 

$

0.22

 

Diluted income per common share

 

$

0.70

 

 

$

0.49

 

 

$

0.43

 

 

$

0.21

 

 

$

0.20

 

Weighted average common shares outstanding

 

 

52,648

 

 

 

52,230

 

 

 

50,857

 

 

 

50,604

 

 

 

48,766

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

1,351

 

 

 

1,380

 

 

 

1,148

 

 

 

1,368

 

 

 

3,069

 

Adjusted weighted average common shares

 

 

53,999

 

 

 

53,610

 

 

 

52,005

 

 

 

51,972

 

 

 

51,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin

 

$

141,962

 

 

$

132,736

 

 

$

92,059

 

 

$

75,721

 

 

$

69,610

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

2,177

 

 

$

6,079

 

 

$

1,242

 

 

$

1,426

 

 

$

5,150

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

274,437

 

 

$

275,070

 

 

$

171,261

 

 

$

165,145

 

 

$

164,192

 

Restricted cash

 

 

1,241

 

 

 

4,973

 

 

 

1,242

 

 

 

4,972

 

 

 

1,241

 

Trade and other receivables, net

 

 

268,352

 

 

 

250,671

 

 

 

195,906

 

 

 

182,198

 

 

 

156,465

 

Marine operating supplies

 

 

31,933

 

 

 

27,489

 

 

 

22,495

 

 

 

24,448

 

 

 

30,830

 

Assets held for sale

 

 

 

 

 

565

 

 

 

630

 

 

 

695

 

 

 

4,195

 

Prepaid expenses and other current assets

 

 

15,172

 

 

 

16,598

 

 

 

18,958

 

 

 

18,978

 

 

 

20,985

 

Total current assets

 

 

591,135

 

 

 

575,366

 

 

 

410,492

 

 

 

396,436

 

 

 

377,908

 

Net properties and equipment

 

 

1,315,122

 

 

 

1,348,001

 

 

 

784,873

 

 

 

786,168

 

 

 

796,655

 

Deferred drydocking and survey costs

 

 

106,698

 

 

 

99,215

 

 

 

92,481

 

 

 

82,787

 

 

 

61,080

 

Indemnification assets

 

 

17,370

 

 

 

18,648

 

 

 

22,678

 

 

 

27,698

 

 

 

28,369

 

Other assets

 

 

32,449

 

 

 

30,325

 

 

 

33,640

 

 

 

34,058

 

 

 

33,644

 

Total assets

 

$

2,062,774

 

 

$

2,071,555

 

 

$

1,344,164

 

 

$

1,327,147

 

 

$

1,297,656

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

44,931

 

 

$

57,183

 

 

$

69,822

 

 

$

64,775

 

 

$

38,946

 

Accrued expenses

 

 

125,590

 

 

 

119,631

 

 

 

91,875

 

 

 

107,348

 

 

 

105,518

 

Current portion of long-term debt

 

 

103,077

 

 

 

102,369

 

 

 

2,441

 

 

 

 

 

 

 

Other current liabilities

 

 

55,133

 

 

 

53,301

 

 

 

42,305

 

 

 

43,220

 

 

 

50,323

 

Total current liabilities

 

 

328,731

 

 

 

332,484

 

 

 

206,443

 

 

 

215,343

 

 

 

194,787

 

Long-term debt

 

 

631,361

 

 

 

641,301

 

 

 

179,573

 

 

 

169,423

 

 

 

169,036

 

Other liabilities

 

 

64,985

 

 

 

66,246

 

 

 

65,621

 

 

 

68,968

 

 

 

67,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

52

 

 

 

53

 

 

 

51

 

 

 

51

 

 

 

51

 

Additional paid-in-capital

 

 

1,671,759

 

 

 

1,668,392

 

 

 

1,554,793

 

 

 

1,553,919

 

 

 

1,556,990

 

Accumulated deficit

 

 

(637,838

)

 

 

(640,128

)

 

 

(666,327

)

 

 

(688,911

)

 

 

(699,649

)

Accumulated other comprehensive income

 

 

5,266

 

 

 

4,413

 

 

 

4,566

 

 

 

8,254

 

 

 

8,576

 

Total stockholders' equity

 

 

1,039,239

 

 

 

1,032,730

 

 

 

893,083

 

 

 

873,313

 

 

 

865,968

 

Noncontrolling interests

 

 

(1,542

)

 

 

(1,206

)

 

 

(556

)

 

 

100

 

 

 

22

 

Total equity

 

 

1,037,697

 

 

 

1,031,524

 

 

 

892,527

 

 

 

873,413

 

 

 

865,990

 

Total liabilities and equity

 

$

2,062,774

 

 

$

2,071,555

 

 

$

1,344,164

 

 

$

1,327,147

 

 

$

1,297,656

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

37,328

 

 

$

25,549

 

 

$

21,928

 

 

$

10,816

 

 

$

10,182

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

42,788

 

 

 

43,845

 

 

 

21,096

 

 

 

21,048

 

 

 

20,983

 

Amortization of deferred drydocking and survey costs

 

 

16,379

 

 

 

13,885

 

 

 

11,672

 

 

 

9,618

 

 

 

8,898

 

Amortization of debt premiums and discounts

 

 

1,975

 

 

 

1,802

 

 

 

422

 

 

 

420

 

 

 

522

 

Amortization of below market contracts

 

 

(1,894

)

 

 

(1,906

)

 

 

 

 

 

 

 

 

 

(Provision) benefit for deferred income taxes

 

 

23

 

 

 

35

 

 

 

(1

)

 

 

35

 

 

 

(98

)

Gain on asset dispositions, net

 

 

(4,218

)

 

 

(863

)

 

 

(1,404

)

 

 

(2,216

)

 

 

(1,076

)

Gain on pension settlement

 

 

(506

)

 

 

 

 

 

(1,807

)

 

 

 

 

 

 

Stock-based compensation expense

 

 

3,508

 

 

 

2,496

 

 

 

2,648

 

 

 

2,103

 

 

 

2,028

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(17,072

)

 

 

(54,765

)

 

 

(12,186

)

 

 

(25,733

)

 

 

26,172

 

Accounts payable

 

 

(12,252

)

 

 

(12,639

)

 

 

5,047

 

 

 

25,829

 

 

 

7,117

 

Accrued expenses

 

 

5,841

 

 

 

27,775

 

 

 

(15,374

)

 

 

1,830

 

 

 

(427

)

Deferred drydocking and survey costs

 

 

(24,069

)

 

 

(20,618

)

 

 

(21,366

)

 

 

(31,325

)

 

 

(12,117

)

Other, net

 

 

(600

)

 

 

10,343

 

 

 

(934

)

 

 

369

 

 

 

(16,844

)

Net cash provided by operating activities

 

 

47,231

 

 

 

34,939

 

 

 

9,741

 

 

 

12,794

 

 

 

45,340

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset dispositions

 

 

5,902

 

 

 

945

 

 

 

2,943

 

 

 

5,716

 

 

 

5,093

 

Acquisitions, net of cash acquired

 

 

 

 

 

(594,191

)

 

 

 

 

 

 

 

 

 

Additions to properties and equipment

 

 

(8,386

)

 

 

(5,702

)

 

 

(8,849

)

 

 

(8,651

)

 

 

(4,929

)

Net cash provided by (used in) investing activities

 

 

(2,484

)

 

 

(598,948

)

 

 

(5,906

)

 

 

(2,935

)

 

 

164

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of warrants

 

 

 

 

 

111,483

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

117,202

 

Repurchase of SPO acquisition warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(117,202

)

Issuance of long-term debt

 

 

 

 

 

575,000

 

 

 

 

 

 

 

 

 

 

Principal payments on long-term debt

 

 

(13,677

)

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of common stock

 

 

(35,025

)

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

 

 

 

 

 

 

 

 

 

(1,427

)

 

 

 

Debt issuance costs

 

 

 

 

 

(14,758

)

 

 

 

 

 

 

 

 

 

Tax on share-based awards

 

 

(141

)

 

 

(378

)

 

 

(1,774

)

 

 

(3,747

)

 

 

(47

)

Net cash provided by (used in) financing activities

 

 

(48,843

)

 

 

671,347

 

 

 

(1,774

)

 

 

(5,174

)

 

 

(47

)

Net change in cash, cash equivalents and restricted cash

 

 

(4,096

)

 

 

107,338

 

 

 

2,061

 

 

 

4,685

 

 

 

45,457

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

282,061

 

 

 

174,723

 

 

 

172,662

 

 

 

167,977

 

 

 

122,520

 

Cash, cash equivalents and restricted cash at end of period

 

$

277,965

 

 

$

282,061

 

 

$

174,723

 

 

$

172,662

 

 

$

167,977

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

18,186

 

 

$

606

 

 

$

7,748

 

 

$

98

 

 

$

7,575

 

Income taxes

 

$

7,295

 

 

$

9,384

 

 

$

10,144

 

 

$

17,057

 

 

$

6,132

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of three vessels

 

$

2,067

 

 

$

27

 

 

$

12,171

 

 

$

 

 

$

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of SPO acquisition warrants

 

$

 

 

$

 

 

$

 

 

$

 

 

$

373

 

Debt incurred for purchase of three vessels

 

$

3,037

 

 

$

27

 

 

$

12,171

 

 

$

 

 

$

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

$

28,714

 

 

$

29,270

 

 

$

20,316

 

 

$

20,556

 

 

$

17,814

 

PSV < 900

 

 

28,143

 

 

 

28,886

 

 

 

19,134

 

 

 

17,390

 

 

 

16,486

 

AHTS > 16K

 

 

4,034

 

 

 

3,584

 

 

 

3,425

 

 

 

3,395

 

 

 

2,873

 

AHTS 8 - 16K

 

 

2,316

 

 

 

2,064

 

 

 

2,807

 

 

 

2,807

 

 

 

1,899

 

AHTS 4 - 8K

 

 

1,428

 

 

 

1,570

 

 

 

1,480

 

 

 

1,521

 

 

 

1,553

 

Other

 

 

3,790

 

 

 

5,343

 

 

 

3,214

 

 

 

2,018

 

 

 

1,160

 

Total

 

 

68,425

 

 

 

70,717

 

 

 

50,376

 

 

 

47,687

 

 

 

41,785

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

19,485

 

 

 

20,159

 

 

 

9,648

 

 

 

9,101

 

 

 

6,692

 

PSV < 900

 

 

8,679

 

 

 

8,292

 

 

 

5,811

 

 

 

5,133

 

 

 

3,120

 

AHTS > 16K

 

 

3,759

 

 

 

3,271

 

 

 

2,065

 

 

 

1,342

 

 

 

3,260

 

AHTS 8 - 16K

 

 

4,706

 

 

 

5,287

 

 

 

5,001

 

 

 

5,397

 

 

 

4,364

 

AHTS 4 - 8K

 

 

1,601

 

 

 

1,582

 

 

 

8

 

 

 

998

 

 

 

1,584

 

Other

 

 

402

 

 

 

403

 

 

 

52

 

 

 

53

 

 

 

50

 

Total

 

 

38,632

 

 

 

38,994

 

 

 

22,585

 

 

 

22,024

 

 

 

19,070

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,378

 

 

 

1,088

 

 

 

1,211

 

 

 

1,192

 

 

 

1,218

 

PSV < 900

 

 

19,215

 

 

 

17,790

 

 

 

16,812

 

 

 

14,965

 

 

 

15,517

 

AHTS > 16K

 

 

1,178

 

 

 

1,196

 

 

 

1,217

 

 

 

2,316

 

 

 

2,351

 

AHTS 8 - 16K

 

 

3,094

 

 

 

3,420

 

 

 

4,276

 

 

 

4,593

 

 

 

4,146

 

AHTS 4 - 8K

 

 

13,207

 

 

 

11,191

 

 

 

8,340

 

 

 

7,696

 

 

 

7,343

 

Total

 

 

38,072

 

 

 

34,685

 

 

 

31,856

 

 

 

30,762

 

 

 

30,575

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

61,559

 

 

 

59,872

 

 

 

27,602

 

 

 

21,858

 

 

 

23,640

 

PSV < 900

 

 

15,356

 

 

 

14,039

 

 

 

9,195

 

 

 

6,663

 

 

 

9,017

 

AHTS > 16K

 

 

2,437

 

 

 

3,617

 

 

 

2,228

 

 

 

2,511

 

 

 

643

 

Other

 

 

1,391

 

 

 

1,401

 

 

 

270

 

 

 

218

 

 

 

182

 

Total

 

 

80,743

 

 

 

78,929

 

 

 

39,295

 

 

 

31,250

 

 

 

33,482

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

15,478

 

 

 

17,566

 

 

 

11,550

 

 

 

9,900

 

 

 

10,534

 

PSV < 900

 

 

31,893

 

 

 

26,396

 

 

 

25,419

 

 

 

24,835

 

 

 

20,494

 

AHTS > 16K

 

 

6,994

 

 

 

7,138

 

 

 

9,129

 

 

 

6,237

 

 

 

5,385

 

AHTS 8 - 16K

 

 

11,219

 

 

 

11,917

 

 

 

9,870

 

 

 

9,827

 

 

 

11,810

 

AHTS 4 - 8K

 

 

2,126

 

 

 

2,745

 

 

 

3,496

 

 

 

2,360

 

 

 

5,780

 

Other

 

 

6,933

 

 

 

7,888

 

 

 

6,747

 

 

 

6,298

 

 

 

6,191

 

Total

 

 

74,643

 

 

 

73,650

 

 

 

66,211

 

 

 

59,457

 

 

 

60,194

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

126,614

 

 

 

127,955

 

 

 

70,327

 

 

 

62,607

 

 

 

59,898

 

PSV < 900

 

 

103,286

 

 

 

95,403

 

 

 

76,371

 

 

 

68,986

 

 

 

64,634

 

AHTS > 16K

 

 

18,402

 

 

 

18,806

 

 

 

18,064

 

 

 

15,801

 

 

 

14,512

 

AHTS 8 - 16K

 

 

21,335

 

 

 

22,688

 

 

 

21,954

 

 

 

22,624

 

 

 

22,219

 

AHTS 4 - 8K

 

 

18,362

 

 

 

17,088

 

 

 

13,324

 

 

 

12,575

 

 

 

16,260

 

Other

 

 

12,516

 

 

 

15,035

 

 

 

10,283

 

 

 

8,587

 

 

 

7,583

 

Total

 

$

300,515

 

 

$

296,975

 

 

$

210,323

 

 

$

191,180

 

 

$

185,106

 

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

12

 

 

 

12

 

 

 

10

 

 

 

10

 

 

 

10

 

PSV < 900

 

 

18

 

 

 

18

 

 

 

15

 

 

 

15

 

 

 

16

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

AHTS 8 - 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

AHTS 4 - 8K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

Other

 

 

2

 

 

 

2

 

 

 

2

 

 

 

1

 

 

 

1

 

Total

 

 

38

 

 

 

38

 

 

 

33

 

 

 

32

 

 

 

33

 

Stacked vessels

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(2

)

Active vessels

 

 

37

 

 

 

37

 

 

 

32

 

 

 

31

 

 

 

31

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

8

 

 

 

8

 

 

 

6

 

 

 

5

 

 

 

5

 

PSV < 900

 

 

5

 

 

 

4

 

 

 

2

 

 

 

2

 

 

 

2

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

1

 

 

 

2

 

AHTS 8 - 16K

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

AHTS 4 - 8K

 

 

1

 

 

 

1

 

 

 

1

 

 

 

2

 

 

 

3

 

Other

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Total

 

 

19

 

 

 

18

 

 

 

14

 

 

 

14

 

 

 

16

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(2

)

Active vessels

 

 

19

 

 

 

18

 

 

 

14

 

 

 

13

 

 

 

14

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

2

 

PSV < 900

 

 

20

 

 

 

20

 

 

 

20

 

 

 

21

 

 

 

20

 

AHTS > 16K

 

 

1

 

 

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

AHTS 8 - 16K

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

AHTS 4 - 8K

 

 

18

 

 

 

18

 

 

 

17

 

 

 

14

 

 

 

14

 

Total

 

 

45

 

 

 

45

 

 

 

44

 

 

 

43

 

 

 

43

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active vessels

 

 

45

 

 

 

45

 

 

 

44

 

 

 

43

 

 

 

43

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

39

 

 

 

38

 

 

 

18

 

 

 

19

 

 

 

19

 

PSV < 900

 

 

10

 

 

 

10

 

 

 

7

 

 

 

7

 

 

 

7

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

1

 

Total

 

 

51

 

 

 

50

 

 

 

26

 

 

 

27

 

 

 

27

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active vessels

 

 

51

 

 

 

50

 

 

 

26

 

 

 

27

 

 

 

27

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

9

 

 

 

9

 

 

 

7

 

 

 

7

 

 

 

6

 

PSV < 900

 

 

19

 

 

 

19

 

 

 

18

 

 

 

18

 

 

 

18

 

AHTS > 16K

 

 

4

 

 

 

4

 

 

 

5

 

 

 

5

 

 

 

4

 

AHTS 8 - 16K

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

AHTS 4 - 8K

 

 

4

 

 

 

5

 

 

 

6

 

 

 

8

 

 

 

8

 

Other

 

 

21

 

 

 

24

 

 

 

23

 

 

 

25

 

 

 

28

 

Total

 

 

68

 

 

 

72

 

 

 

70

 

 

 

74

 

 

 

75

 

Stacked vessels

 

 

(1

)

 

 

(3

)

 

 

(5

)

 

 

(8

)

 

 

(10

)

Active vessels

 

 

67

 

 

 

69

 

 

 

65

 

 

 

66

 

 

 

65

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

69

 

 

 

68

 

 

 

42

 

 

 

42

 

 

 

42

 

PSV < 900

 

 

72

 

 

 

71

 

 

 

62

 

 

 

63

 

 

 

63

 

AHTS > 16K

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

AHTS 8 - 16K

 

 

21

 

 

 

21

 

 

 

21

 

 

 

21

 

 

 

21

 

AHTS 4 - 8K

 

 

25

 

 

 

26

 

 

 

26

 

 

 

26

 

 

 

27

 

Other

 

 

23

 

 

 

26

 

 

 

25

 

 

 

27