Tidewater Reports Results for the Three and Nine Months Ended September 30, 2022

November 03, 2022 at 16:30 PM EDT

Reported positive net income for the first quarterly period since 2017
Revenue of $191.8 million increased 17% compared to the second quarter of 2022
Vessel level cash margin of 40.6% compared to 38.2% in the second quarter of 2022
Adjusted EBITDA of $52.1 million compared to $39.1 million in the second quarter of 2022
Free cash flow of $21.9 million compared to negative $14.9 million in the second quarter of 2022
Total fleet utilization of 77.8% compared to 75.5% in the second quarter of 2022
Active fleet utilization of 83.7% compared to 82.5% in the second quarter of 2022
Average active vessels of 181 compared to 172 in the second quarter of 2022

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2022 of $191.8 million and $460.9 million, respectively, compared with $92.4 million and $265.9 million, respectively, for the three and nine months ended September 30, 2021. Tidewater's net income (losses) for the three and nine months ended September 30, 2022, were $5.4 million ($0.10 per common share) and $(32.4) million ($0.76 per common share), respectively, compared with $(26.3) million ($0.64 per common share) and $(91.0) million ($2.22 per common share), respectively, for the three and nine months ended September 30, 2021. Included in the net income for the three months ended September 30, 2022 were merger and severance expenses of $4.3 million and long-lived asset impairment and other of $1.2 million. Included in the net losses for the nine months ended September 30, 2022 were long-lived asset impairment and other of $0.7 million; gain on bargain purchase of $1.3 million; loss on warrants of $14.2 million and merger and severance expenses of $14.0 million. Excluding these items, we would have reported a net income for the three months ended September 30, 2022 of $10.9 million ($0.21 per common share) and net loss for the nine months ended September 30, 2022 of $4.8 million ($0.11 per common share). Included in the net losses for the three and nine months ended September 30, 2021 were long-lived asset impairments, affiliate credit loss credit, and severance expenses of $2.3 and $2.1 million, respectively. Excluding these items, we would have reported a net loss for the three and nine months ended September 30, 2021 of $24.0 million ($0.58 per common share) and $88.9 million ($2.17 per common share), respectively.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Our third quarter performance reinforces our previous commentary that the offshore vessel industry had reached an inflection point. Revenue improved by 17% sequentially, partly driven by a full quarter of the Swire Pacific Offshore (SPO) acquisition. Active utilization increased from 82.5% in the second quarter of 2022 to 83.7% and our average day rate, despite a material strengthening of the U.S. dollar, improved by nearly $1,100 per day sequentially, or approximately 8.5%. The combined improvement in utilization and average day rate provided an approximately 11.5% improvement in revenue per average active vessel. Vessel level cash margin improved to nearly 41%, up 240 basis points. It is also worth mentioning that we generated net income during the third quarter, the first quarterly net income since emergence from bankruptcy in 2017, which represents a satisfying milestone in the continued recovery of our business.

“Along with the increase in revenue throughout the first half of this year we also saw an increase in working capital, which is expected during such a period. We are pleased to report that the investment in working capital moderated in the third quarter. In fact, although revenue increased 17% sequentially, our trade accounts receivable balance decreased from the second quarter. The improvement in working capital management combined with our improved profitability provided free cash flow of $21.9 million during the third quarter, representing a sequential improvement in free cash flow of $36.8 million.

“We continue to see day rate momentum across all of our regions, led by Asia Pacific, Europe and Mediterranean and West Africa. Asia Pacific and Europe and Mediterranean regions both benefitted from a strong anchor handling market as favorable conditions and robust drilling activity pushed day rates up to some of the highest levels ever realized in the North Sea. Moving forward, we do expect that the typical industry seasonality will moderate the day rates for the larger anchor handlers over the next two quarters, but the drilling activity driving the demand we saw for these vessels over the past summer will recur in 2023.

“As it pertains to synergies associated with the SPO transaction, we continue to work through our integration plan and have continued to hit internal milestones on our way to realizing our synergy targets. We remain confident that we will realize the $45.0 million of synergies contemplated in the transaction. We expect to realize the full run-rate of general and administrative synergies during the first quarter of 2023 and the full benefit of our operating expense synergy during the latter part of 2023.

“As we look forward to the remainder of 2022 and 2023, we remain confident that the fundamentals for the offshore vessel market will remain robust. The safety of our people and of our operations remains a critical focus for us as this robust activity unfolds, and we remain steadfast in our dedication to being the safest and most reliable offshore support vessel operator in the world.”

In addition to the number of outstanding shares, as of September 30, 2022, the company also has the following in-the-money warrants.

Common shares outstanding			46,494,323
New Creditor Warrants (strike price $0.001 per common share)			119,215
GulfMark Creditor Warrants (strike price $0.01 per common share)			185,126
SPO acquisition warrants (strike price $0.001 per common share)			4,003,299
Total			50,801,963

Tidewater will hold a conference call to discuss results for the three and nine months ending September 30, 2022 on November 4, 2022, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.888.770.7135 if calling from the U.S. or Canada (+1.929.203.0820 if calling from outside the U.S.) and provide Conference ID: 2444624 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on November 4, 2022 and will continue until 11:59 p.m. Central Time on December 4, 2022. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involves numerous risks and uncertainties that may cause the company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

Financial information is displayed beginning on the next page.

The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at September 30, 2022 and December 31, 2021; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and nine months ended September 30, 2022 and 2021; and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021. Extracts are drawn from the September 30, 2022 unaudited quarterly and year to date financial statements and the December 31, 2021 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

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

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, except per share data)
	Three Months Ended						Nine Months Ended
	September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Revenues:
Vessel revenues	$	190,247		$	91,634		$	456,298		$	261,141
Other operating revenues		1,515			767			4,640			4,717
Total revenues		191,762			92,401			460,938			265,858
Costs and expenses:
Vessel operating costs		113,037			65,344			281,805			190,627
Costs of other operating revenues		592			355			1,436			2,003
General and administrative		27,267			18,045			73,288			50,875
Depreciation and amortization		30,856			27,980			89,279			86,256
Long-lived asset impairment and other		1,214			2,167			714			2,167
Affiliate credit loss impairment credit		—			—			—			(1,000	)
(Gain) loss on asset dispositions, net		(264	)		74			826			2,954
Total costs and expenses		172,702			113,965			447,348			333,882
Operating income (loss)		19,060			(21,564	)		13,590			(68,024	)
Other income (expense):
Foreign exchange loss		(3,997	)		(523	)		(4,932	)		(951	)
Equity in net earnings (losses) of unconsolidated companies		9			100			(235	)		(1,697	)
Interest income and other, net		581			148			4,416			179
Loss on warrants		—			—			(14,175	)		—
Interest and other debt costs, net		(4,391	)		(3,681	)		(12,850	)		(12,166	)
Total other expense		(7,798	)		(3,956	)		(27,776	)		(14,635	)
Income (loss) before income taxes		11,262			(25,520	)		(14,186	)		(82,659	)
Income tax expense		6,352			887			18,189			8,922
Net income (loss)		4,910			(26,407	)		(32,375	)		(91,581	)
Less: Net loss attributable to noncontrolling interests		(470	)		(149	)		(6	)		(546	)
Net income (loss) attributable to Tidewater Inc.	$	5,380		$	(26,258	)	$	(32,369	)	$	(91,035	)
Basic income (loss) per common share	$	0.12		$	(0.64	)	$	(0.76	)	$	(2.22	)
Diluted income (loss) per common share	$	0.10		$	(0.64	)	$	(0.76	)	$	(2.22	)
Weighted average common shares outstanding		44,451			41,132			42,570			40,918
Dilutive effect of warrants, restricted stock units and stock options		7,069			—			—			—
Adjusted weighted average common shares		51,520			41,132			42,570			40,918

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)
	September 30, 2022			December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	115,014		$	149,037
Restricted cash		4,965			1,240
Trade and other receivables, less allowance for credit losses of $2,568 and $1,948 at September 30, 2022 and December 31, 2021, respectively		181,646			86,503
Due from affiliates, less allowance for credit losses of $11,642 and $72,456 at September 30, 2022 and December 31, 2021, respectively		—			70,134
Marine operating supplies		20,764			12,606
Assets held for sale		6,815			14,421
Prepaid expenses and other current assets		17,509			8,731
Total current assets		346,713			342,672
Net properties and equipment		815,990			688,040
Deferred drydocking and survey costs		57,877			40,734
Indemnification assets		30,117			—
Other assets		32,364			24,334
Total assets	$	1,283,061		$	1,095,780

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	31,829		$	20,788
Accrued costs and expenses		105,945			51,734
Due to affiliates		—			61,555
Other current liabilities		46,629			23,865
Total current liabilities		184,403			157,942
Long-term debt		168,649			167,885
Other liabilities and deferred credits		82,910			68,184

Commitments and contingencies

Equity:
Common stock		46			41
Additional paid-in-capital		1,555,388			1,376,494
Accumulated deficit		(710,269	)		(677,900	)
Accumulated other comprehensive loss		1,474			2,668
Total stockholders' equity		846,639			701,303
Noncontrolling interests		460			466
Total equity		847,099			701,769
Total liabilities and equity	$	1,283,061		$	1,095,780

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In Thousands)
	Three Months Ended						Nine Months Ended
	September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Net income (loss)	$	4,910		$	(26,407	)	$	(32,375	)	$	(91,581	)
Other comprehensive income (loss):
Unrealized loss on note receivable		(429	)		—			(1,275	)		—
Change in liability of pension plans		140			(207	)		81			(485	)
Total comprehensive income (loss)	$	4,621		$	(26,614	)	$	(33,569	)	$	(92,066	)

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
	Nine Months			Nine Months
	Ended			Ended
	September 30, 2022			September 30, 2021
Operating activities:
Net loss	$	(32,375	)	$	(91,581	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		62,539			54,605
Amortization of deferred drydocking and survey costs		26,740			31,651
Amortization of debt premiums and discounts		1,157			2,662
Provision for deferred income taxes		134			167
Loss on asset dispositions, net		826			2,954
Gain on bargain purchase		(1,300	)		—
Loss on debt extinguishment		—			59
Affiliate credit loss impairment credit		—			(1,000	)
Long-lived asset impairment and other		714			2,167
Loss on warrants		14,175			—
Stock-based compensation expense		5,344			4,199
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables		(30,301	)		26,608
Changes in due to/from affiliate, net		(20	)		1,210
Accounts payable		9,364			1,061
Accrued expenses		(913	)		(473	)
Deferred drydocking and survey costs		(43,883	)		(17,388	)
Other, net		(17,315	)		(8,833	)
Net cash provided by (used in) operating activities		(5,114	)		8,068
Cash flows from investing activities:
Proceeds from sales of assets		8,475			33,956
Acquisitions, net of cash acquired		(20,740	)		—
Additions to properties and equipment		(11,708	)		(2,583	)
Net cash provided by (used in) investing activities		(23,973	)		31,373
Cash flows from financing activities:
Proceeds from stock offering		70,630			—
Repurchase of SPO acquisition warrants		(70,630	)		—
Principal payments on long-term debt		—			(39,259	)
Debt issuance and modification costs		(393	)		(855	)
Debt extinguishment premium		—			(59	)
Tax on share-based awards		(2,276	)		(793	)
Net cash used in financing activities		(2,669	)		(40,966	)
Net change in cash, cash equivalents and restricted cash		(31,756	)		(1,525	)
Cash, cash equivalents and restricted cash at beginning of period		154,276			155,225
Cash, cash equivalents and restricted cash at end of period	$	122,520		$	153,700


Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	7,979	$	10,083
Income taxes	$	16,143	$	14,735
Supplemental disclosure of noncash investing activities:
Acquisition of SPO	$	162,648	$	—
Supplemental disclosure of noncash financing activities:
Warrants issued for SPO acquisition	$	162,648	$	—
Repurchase of SPO acquisition warrants	$	992	$	—

Note: Cash, cash equivalents and restricted cash at September 30, 2022 includes $2.5 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In Thousands)
	Three Months Ended
									Accumulated
			Additional						other			Non
	Common		paid-in			Accumulated			comprehensive			controlling
	stock		capital			deficit			income (loss)			interest			Total
Balance at June 30, 2022	$	42	$	1,554,561		$	(715,649	)	$	1,763		$	930		$	841,647
Total comprehensive income (loss)		—		—			5,380			(289	)		(470	)		4,621
Issuance of common stock		4		72,253			—			—			—			72,257
Repurchase of SPO acquisition warrants		—		(73,249	)		—			—			—			(73,249	)
Amortization of share-based awards		—		1,823			—			—			—			1,823
Balance at September 30, 2022	$	46	$	1,555,388		$	(710,269	)	$	1,474		$	460		$	847,099

Balance at June 30, 2021	$	41	$	1,373,727		$	(613,708	)	$	(1,082	)	$	760		$	759,738
Total comprehensive loss		—		—			(26,258	)		(207	)		(149	)		(26,614	)
Amortization of share-based awards		—		1,488			—			—			—			1,488
Balance at September 30, 2021	$	41	$	1,375,215		$	(639,966	)	$	(1,289	)	$	611		$	734,612

	Nine Months Ended
									Accumulated
			Additional						other			Non
	Common		paid-in			Accumulated			comprehensive			controlling
	stock		capital			deficit			income (loss)			interest			Total
Balance at December 31, 2021	$	41	$	1,376,494		$	(677,900	)	$	2,668		$	466		$	701,769
Total comprehensive income (loss)		—		—			(32,369	)		(1,194	)		(6	)		(33,569	)
Issuance of common stock		5		72,252			—			—			—			72,257
SPO acquisition warrants		—		176,823			—			—			—			176,823
Repurchase of SPO acquisition warrants		—		(73,249	)		—			—			—			(73,249	)
Amortization of share-based awards		—		3,068			—			—			—			3,068
Balance at September 30, 2022	$	46	$	1,555,388		$	(710,269	)	$	1,474		$	460		$	847,099


Balance at December 31, 2020	$	41	$	1,371,809		$	(548,931	)	$	(804	)	$	1,157		$	823,272
Total comprehensive loss		—		—			(91,035	)		(485	)		(546	)		(92,066	)
Amortization of share-based awards		—		3,406			—			—			—			3,406
Balance at September 30, 2021	$	41	$	1,375,215		$	(639,966	)	$	(1,289	)	$	611		$	734,612

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

(In Thousands)	Three Months Ended								Nine Months Ended
	September 30, 2022				September 30, 2021				September 30, 2022				September 30, 2021
Vessel revenues:
Americas	$	39,122	21	%	$	24,564	27	%	$	105,086	23	%	$	74,269	29	%
Asia Pacific		23,902	12	%		4,786	5	%		45,161	10	%		13,228	5	%
Middle East		31,186	16	%		20,847	23	%		79,800	17	%		62,447	24	%
Europe/Mediterranean		39,702	21	%		21,197	23	%		96,096	21	%		58,413	22	%
West Africa		56,335	30	%		20,240	22	%		130,155	29	%		52,784	20	%
Total vessel revenues	$	190,247	100	%	$	91,634	100	%	$	456,298	100	%	$	261,141	100	%
Vessel operating costs:
Crew costs	$	71,189	37	%	$	35,609	39	%	$	172,665	38	%	$	108,456	42	%
Repair and maintenance		13,544	7	%		10,497	11	%		36,482	8	%		29,468	11	%
Insurance		1,988	1	%		812	1	%		4,738	1	%		1,298	1	%
Fuel, lube and supplies		12,291	7	%		6,751	7	%		30,888	7	%		19,152	7	%
Other		14,025	7	%		11,675	13	%		37,032	8	%		32,253	12	%
Total vessel operating costs		113,037	59	%		65,344	71	%		281,805	62	%		190,627	73	%
Vessel operating margin (A)	$	77,210	41	%	$	26,290	29	%	$	174,493	38	%	$	70,514	27	%

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

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

(In Thousands)	Three Months Ended										Nine Months Ended
	September 30, 2022					September 30, 2021					September 30, 2022					September 30, 2021
Vessel operating profit (loss):
Americas	$	2,952		2	%	$	(1,770	)	(2	)%	$	8,800		2	%	$	(8,361	)	(3	)%
Asia Pacific		3,260		2	%		1,357		1	%		4,534		1	%		3,023		1	%
Middle East		605		0	%		(2,070	)	(2	)%		(1,585	)	(0	)%		(5,323	)	(2	)%
Europe/Mediterranean		13,137		7	%		(2,866	)	(3	)%		14,970		3	%		(12,873	)	(5	)%
West Africa		12,322		6	%		(3,724	)	(4	)%		24,807		5	%		(15,846	)	(6	)%
Other operating profit		922		0	%		412		0	%		3,204		1	%		2,714		1	%
		33,198		17	%		(8,661	)	(9	)%		54,730		12	%		(36,666	)	(14	)%

Corporate expenses (A)		(13,188	)	(7	)%		(10,662	)	(12	)%		(39,600	)	(9	)%		(27,237	)	(10	)%
Gain (loss) on asset dispositions, net		264		0	%		(74	)	(0	)%		(826	)	(0	)%		(2,954	)	(1	)%
Affiliate credit loss impairment credit		—		0	%		—		0	%		—		0	%		1,000		0	%
Long-lived asset impairments and other		(1,214	)	0	%		(2,167	)	(2	)%		(714	)	(0	)%		(2,167	)	(1	)%
Operating income (loss)	$	19,060		10	%	$	(21,564	)	(23	)%	$	13,590		3	%	$	(68,024	)	(26	)%

Note (A): General and administrative expenses for the three months and nine months ended September 30, 2022 include stock-based compensation of $1.9 million and $5.3 million, respectively. General and administrative expenses for the three and nine months ended September 30, 2021 include stock-based compensation of $1.5 million and $4.2 million, respectively. In addition, vessel operating and general and administrative costs for the three months and nine months ended September 30, 2022, include $4.3 million and $14.0 million in one-time acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and nine months ended September 30, 2021, include $0.1 million and $1.0 million in one-time restructuring and integration related costs, respectively.

TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA (In Thousands, except per share data)
	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2022			2022			2022			2021			2021
Revenues:
Vessel revenues	$	190,247		$	162,175		$	103,876		$	100,428		$	91,634
Other operating revenues		1,515			1,272			1,853			4,747			767
Total revenues		191,762			163,447			105,729			105,175			92,401
Costs and expenses:
Vessel operating costs (A)		113,037			100,257			68,511			71,187			65,344
Costs of other operating revenue		592			483			361			228			355
General and administrative (A)		27,267			27,804			18,217			17,641			18,045
Depreciation and amortization		30,856			31,766			26,657			28,288			27,980
Long-lived asset impairment (credit)		1,214			—			(500	)		13,476			2,167
Affiliate credit loss impairment expense		—			—			—			1,400			—
(Gain) loss on asset dispositions, net		(264	)		1,297			(207	)		(53	)		74
Total operating costs and expenses		172,702			161,607			113,039			132,167			113,965
Operating income (loss)		19,060			1,840			(7,310	)		(26,992	)		(21,564	)
Other income (expense):
Foreign exchange gain (loss)		(3,997	)		(1,881	)		946			582			(523	)
Equity in net earnings (losses) of unconsolidated companies		9			(244	)		—			(1,625	)		100
Interest income and other, net		581			349			3,486			1,426			148
Loss on early extinguishment of debt		—			—			—			(11,100	)		—
Loss on warrants		—			(14,175	)		—			—			—
Interest and other debt costs, net		(4,391	)		(4,284	)		(4,175	)		(3,417	)		(3,681	)
Total other expense		(7,798	)		(20,235	)		257			(14,134	)		(3,956	)
Income (loss) before income taxes		11,262			(18,395	)		(7,053	)		(41,126	)		(25,520	)
Income tax (benefit) expense		6,352			6,619			5,218			(3,047	)		887
Net income (loss)		4,910			(25,014	)		(12,271	)		(38,079	)		(26,407	)
Net income (loss) attributable to noncontrolling interests		(470	)		567			(103	)		(145	)		(149	)
Net income (loss) attributable to Tidewater Inc.	$	5,380		$	(25,581	)	$	(12,168	)	$	(37,934	)	$	(26,258	)
Basic income (loss) per common share	$	0.12		$	(0.61	)	$	(0.29	)	$	(0.92	)	$	(0.64	)
Diluted income (loss) per common share	$	0.10		$	(0.61	)	$	(0.29	)	$	(0.92	)	$	(0.64	)
Weighted average common shares outstanding		44,451			41,814			41,412			41,280			41,132
Dilutive effect of warrants, restricted stock units and stock options		7,069			—			—			—			—
Adjusted weighted average common shares		51,520			41,814			41,412			41,280			41,132

Vessel operating margin	$	77,210		$	61,918		$	35,365		$	29,241		$	26,290

Note (A) One-time acquisition, restructuring and integration related costs	$	4,332		$	7,314		$	2,305		$	221		$	112

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)
	September 30,			June 30,			March 31,			December 31,			September 30,
	2022			2022			2022			2021			2021
ASSETS
Current assets:
Cash and cash equivalents	$	115,014		$	87,981		$	136,234		$	149,037		$	127,414
Restricted cash		4,965			1,240			4,958			1,240			24,092
Trade and other receivables, net		181,646			189,259			112,953			86,503			86,015
Due from affiliates, net		—			—			21,191			70,134			68,217
Marine operating supplies		20,764			21,182			13,252			12,606			13,335
Assets held for sale		6,815			6,862			8,591			14,421			17,891
Prepaid expenses and other current assets		17,509			23,259			12,012			8,731			13,129
Total current assets		346,713			329,783			309,191			342,672			350,093
Net properties and equipment		815,990			838,612			677,580			688,040			709,324
Deferred drydocking and survey costs		57,877			53,661			44,362			40,734			40,510
Indemnification assets		30,117			30,269			—			—			—
Other assets		32,364			30,410			22,997			24,334			23,146
Total assets	$	1,283,061		$	1,282,735		$	1,054,130		$	1,095,780		$	1,123,073

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	31,829		$	30,537		$	23,696		$	20,788		$	18,042
Accrued costs and expenses		105,945			109,212			55,141			51,734			52,133
Due to affiliates		—			—			21,191			61,555			59,571
Current portion of long-term debt		—			—			—			—			140,995
Other current liabilities		46,629			47,872			25,471			23,865			29,139
Total current liabilities		184,403			187,621			125,499			157,942			299,880
Long-term debt		168,649			168,279			167,997			167,885			14,139
Other liabilities and deferred credits		82,910			85,188			70,892			68,184			74,442


Equity:
Common stock		46			42			42			41			41
Additional paid-in-capital		1,555,388			1,554,561			1,376,934			1,376,494			1,375,215
Accumulated deficit		(710,269	)		(715,649	)		(690,068	)		(677,900	)		(639,966	)
Accumulated other comprehensive income (loss)		1,474			1,763			2,471			2,668			(1,289	)
Total stockholders' equity		846,639			840,717			689,379			701,303			734,001
Noncontrolling interests		460			930			363			466			611
Total equity		847,099			841,647			689,742			701,769			734,612
Total liabilities and equity	$	1,283,061		$	1,282,735		$	1,054,130		$	1,095,780		$	1,123,073

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

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

Americas fleet:
PSV > 900	$	15,676	$	15,204	$	9,462	$	10,491	$	8,447
PSV < 900		16,460		15,470		14,628		14,261		11,217
AHTS > 16K		3,429		2,390		971		409		1,633
AHTS 8 - 16K		1,601		1,130		774		683		890
AHTS 4 - 8K		1,185		1,438		1,472		875		1,214
Other		771		1,888		1,137		1,163		1,163
Total		39,122		37,520		28,444		27,882		24,564
Asia Pacific fleet:
PSV > 900		10,896		7,258		3,923		3,951		3,899
PSV < 900		3,891		3,006		—		—		—
AHTS > 16K		3,128		1,504		—		—		—
AHTS 8 - 16K		4,333		2,940		—		—		—
AHTS 4 - 8K		1,605		1,433		974		963		887
Other		49		221		—		—		—
Total		23,902		16,362		4,897		4,914		4,786
Middle East fleet:
PSV > 900		2,771		2,814		1,183		1,203		1,130
PSV < 900		16,063		13,798		9,559		10,279		10,384
AHTS > 16K		2,350		1,750		—		—		—
AHTS 8 - 16K		3,397		3,808		4,137		4,076		3,592
AHTS 4 - 8K		6,605		6,226		5,339		6,390		5,741
Total		31,186		28,396		20,218		21,948		20,847
Europe/Mediterranean fleet:
PSV > 900		27,167		23,684		18,390		17,993		15,961
PSV < 900		7,092		6,868		5,375		4,351		5,076
AHTS > 16K		5,251		1,776		—		—		—
Other		192		147		154		157		160
Total		39,702		32,475		23,919		22,501		21,197
West Africa fleet:
PSV > 900		8,041		6,487		3,987		4,011		2,940
PSV < 900		18,249		13,801		8,499		8,076		6,815
AHTS > 16K		6,152		4,315		—		—		—
AHTS 8 - 16K		11,236		10,724		5,049		4,388		3,390
AHTS 4 - 8K		6,445		4,576		1,547		782		782
Other		6,212		7,519		7,316		5,926		6,313
Total		56,335		47,422		26,398		23,183		20,240
Worldwide fleet:
PSV > 900		64,551		55,447		36,945		37,649		32,377
PSV < 900		61,755		52,943		38,061		36,967		33,492
AHTS > 16K		20,310		11,735		971		409		1,633
AHTS 8 - 16K		20,567		18,602		9,960		9,147		7,872
AHTS 4 - 8K		15,840		13,673		9,332		9,010		8,624
Other		7,224		9,775		8,607		7,246		7,636
Total	$	190,247	$	162,175	$	103,876	$	100,428	$	91,634

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

Americas fleet:
PSV > 900		11			10			10			11			11
PSV < 900		17			17			17			17			17
AHTS > 16K		2			2			1			1			1
AHTS 8 - 16K		1			1			1			1			1
AHTS 4 - 8K		2			3			3			3			3
Other		1			1			2			2			3
Total		34			34			34			35			36
Stacked vessels		(3	)		(5	)		(7	)		(9	)		(11	)
Active vessels		31			29			27			26			25
Asia Pacific fleet:
PSV > 900		5			6			3			3			3
PSV < 900		2			2			—			—			—
AHTS > 16K		2			1			—			—			—
AHTS 8 - 16K		3			2			—			—			—
AHTS 4 - 8K		4			3			2			2			2
Other		1			5			—			—			—
Total		17			19			5			5			5
Stacked vessels		(2	)		(1	)		—			—			—
Active vessels		15			18			5			5			5
Middle East fleet:
PSV > 900		2			2			1			1			1
PSV < 900		20			19			14			14			14
AHTS > 16K		2			1			—			—			—
AHTS 8 - 16K		5			6			5			5			5
AHTS 4 - 8K		13			13			13			13			13
Total		42			41			33			33			33
Stacked vessels		—			—			—			(1	)		(1	)
Active vessels		42			41			33			32			32
Europe/Mediterranean fleet:
PSV > 900		19			19			19			18			18
PSV < 900		6			7			9			10			10
AHTS > 16K		1			1			—			—			—
Total		26			27			28			28			28
Stacked vessels		—			(2	)		(4	)		(5	)		(7	)
Active vessels		26			25			24			23			21
West Africa fleet:
PSV > 900		6			4			3			3			3
PSV < 900		18			15			12			13			14
AHTS > 16K		4			3			—			—			—
AHTS 8 - 16K		12			10			5			6			6
AHTS 4 - 8K		8			6			3			3			4
Other		28			29			29			27			28
Total		76			67			52			52			55
Stacked vessels		(9	)		(8	)		(10	)		(13	)		(19	)
Active vessels		67			59			42			39			36
Worldwide fleet:
PSV > 900		43			41			36			36			36
PSV < 900		63			60			52			54			55
AHTS > 16K		11			8			1			1			1
AHTS 8 - 16K		21			19			11			12			12
AHTS 4 - 8K		27			25			21			21			22
Other		30			35			31			29			31
Total		195			188			152			153			157
Stacked vessels		(14	)		(16	)		(21	)		(28	)		(38	)
Active vessels		181			172			131			125			119

Total active		181			172			131			125			119
Total stacked		14			16			21			28			38
Total joint venture		1			1			1			3			3
Total		196			189			153			156			160

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

Americas fleet:
PSV > 900		1,012		943		900		981		1,012
PSV < 900		1,564		1,547		1,530		1,564		1,564
AHTS > 16K		184		152		90		92		92
AHTS 8 - 16K		122		91		90		92		92
AHTS 4 - 8K		184		246		270		276		276
Other		92		121		145		184		244
Total		3,158		3,100		3,025		3,189		3,280
Asia Pacific fleet:
PSV > 900		460		507		270		276		276
PSV < 900		184		183		—		—		—
AHTS > 16K		184		122		—		—		—
AHTS 8 - 16K		276		183		—		—		—
AHTS 4 - 8K		368		304		180		184		184
Other		92		453		—		—		—
Total		1,564		1,752		450		460		460
Middle East fleet:
PSV > 900		123		152		90		92		92
PSV < 900		1,840		1,700		1,269		1,288		1,288
AHTS > 16K		184		122		—		—		—
AHTS 8 - 16K		465		546		458		460		460
AHTS 4 - 8K		1,217		1,183		1,170		1,196		1,196
Total		3,829		3,703		2,987		3,036		3,036
Europe/Mediterranean fleet:
PSV > 900		1,748		1,729		1,710		1,687		1,692
PSV < 900		552		696		826		920		920
AHTS > 16K		92		61		—		—		—
Total		2,392		2,486		2,536		2,607		2,612
West Africa fleet:
PSV > 900		613		406		270		276		276
PSV < 900		1,656		1,367		1,103		1,196		1,258
AHTS > 16K		368		244		—		—		—
AHTS 8 - 16K		1,074		882		470		552		552
AHTS 4 - 8K		736		548		255		276		367
Other		2,582		2,639		2,610		2,484		2,604
Total		7,029		6,086		4,708		4,784		5,057
Worldwide fleet:
PSV > 900		3,956		3,737		3,240		3,312		3,348
PSV < 900		5,796		5,493		4,728		4,968		5,030
AHTS > 16K		1,012		701		90		92		92
AHTS 8 - 16K		1,937		1,702		1,018		1,104		1,104
AHTS 4 - 8K		2,505		2,281		1,875		1,932		2,023
Other		2,766		3,213		2,755		2,668		2,848
Total		17,972		17,127		13,706		14,076		14,445

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

Americas fleet:
PSV > 900		—		155		180		271		354
PSV < 900		276		273		270		350		460
AHTS 4 - 8K		—		64		90		92		92
Other		—		—		55		92		152
Total		276		492		595		805		1,058
Asia Pacific fleet:
AHTS 4 - 8K		61		—		—		—		—
Other		92		61		—		—		—
Total		153		61		—		—		—
Middle East fleet:
PSV < 900		—		—		25		92		92
Total		—		—		25		92		92
Europe/Mediterranean fleet:
PSV > 900		—		—		90		106		273
PSV < 900		—		150		286		368		368
Total		—		150		376		474		641
West Africa fleet:
PSV > 900		—		—		—		—		14
PSV < 900		—		18		203		307		492
AHTS 8 - 16K		—		—		20		92		123
AHTS 4 - 8K		92		56		75		106		275
Other		747		678		630		690		839
Total		839		752		928		1,195		1,743
Worldwide fleet:
PSV > 900		—		155		270		377		641
PSV < 900		276		441		784		1,117		1,412
AHTS 8 - 16K		—		—		20		92		123
AHTS 4 - 8K		153		120		165		198		367
Other		839		739		685		782		991
Total		1,268		1,455		1,924		2,566		3,534

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

Americas fleet:
PSV > 900		1,012		788		720		710		658
PSV < 900		1,288		1,274		1,260		1,214		1,104
AHTS > 16K		184		152		90		92		92
AHTS 8 - 16K		122		91		90		92		92
AHTS 4 - 8K		184		182		180		184		184
Other		92		121		90		92		92
Total		2,882		2,608		2,430		2,384		2,222
Asia Pacific fleet:
PSV > 900		460		507		270		276		276
PSV < 900		184		183		—		—		—
AHTS > 16K		184		122		—		—		—
AHTS 8 - 16K		276		183		—		—		—
AHTS 4 - 8K		307		304		180		184		184
Other		—		392		—		—		—
Total		1,411		1,691		450		460		460
Middle East fleet:
PSV > 900		123		152		90		92		92
PSV < 900		1,840		1,700		1,244		1,196		1,196
AHTS > 16K		184		122		—		—		—
AHTS 8 - 16K		465		546		458		460		460
AHTS 4 - 8K		1,217		1,183		1,170		1,196		1,196
Total		3,829		3,703		2,962		2,944		2,944
Europe/Mediterranean fleet:
PSV > 900		1,748		1,729		1,620		1,581		1,419
PSV < 900		552		546		540		552		552
AHTS > 16K		92		61		—		—		—
Total		2,392		2,336		2,160		2,133		1,971
West Africa fleet:
PSV > 900		613		406		270		276		262
PSV < 900		1,656		1,349		900		889		766
AHTS > 16K		368		244		—		—		—
AHTS 8 - 16K		1,074		882		450		460		429
AHTS 4 - 8K		644		492		180		170		92
Other		1,835		1,961		1,980		1,794		1,765
Total		6,190		5,334		3,780		3,589		3,314
Worldwide fleet:
PSV > 900		3,956		3,582		2,970		2,935		2,707
PSV < 900		5,520		5,052		3,944		3,851		3,618
AHTS > 16K		1,012		701		90		92		92
AHTS 8 - 16K		1,937		1,702		998		1,012		981
AHTS 4 - 8K		2,352		2,161		1,710		1,734		1,656
Other		1,927		2,474		2,070		1,886		1,857
Total		16,704		15,672		11,782		11,510		10,911

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

Americas fleet:
PSV > 900			74.6	%		74.4	%		54.6	%		54.0	%		46.1	%
PSV < 900			69.3			67.7			63.3			69.2			60.1
AHTS > 16K			92.4			90.2			57.6			26.2			100.0
AHTS 8 - 16K			89.5			100.0			68.9			76.4			66.1
AHTS 4 - 8K			74.4			67.2			63.7			40.0			49.1
Other			66.5			100.0			62.1			50.0			37.7
Total			73.3	%		73.0	%		60.7	%		59.9	%		54.5	%
Asia Pacific fleet:
PSV > 900			94.5	%		65.5	%		100.0	%		100.0	%		100.0	%
PSV < 900			100.0			66.7			—			—			—
AHTS > 16K			89.9			50.0			—			—			—
AHTS 8 - 16K			97.2			91.2			—			—			—
AHTS 4 - 8K			64.5			56.9			97.9			100.0			90.2
Other			—			74.0			—			—			—
Total			82.5	%		67.9	%		99.2	%		100.0	%		96.1	%
Middle East fleet:
PSV > 900			93.6	%		100.0	%		100.0	%		100.0	%		94.4	%
PSV < 900			84.1			76.5			78.0			79.3			80.8
AHTS > 16K			94.7			100.0			—			—			—
AHTS 8 - 16K			68.5			70.9			99.7			96.3			87.4
AHTS 4 - 8K			84.9			87.1			80.4			93.2			83.7
Total			83.3	%		80.8	%		82.9	%		88.0	%		83.4	%
Europe/Mediterranean fleet:
PSV > 900			95.8	%		88.4	%		84.7	%		85.8	%		77.1	%
PSV < 900			96.4			71.5			63.5			47.8			52.0
AHTS > 16K			76.9			53.4			—			—			��
Total			95.2	%		82.8	%		77.8	%		72.4	%		68.3	%
West Africa fleet:
PSV > 900			70.9	%		96.3	%		100.0	%		97.1	%		66.7	%
PSV < 900			86.6			80.6			66.0			57.8			52.6
AHTS > 16K			100.0			98.1			—			—			—
AHTS 8 - 16K			85.7			95.4			95.7			73.3			56.6
AHTS 4 - 8K			82.6			82.6			69.6			33.3			25.1
Other			44.4			52.9			52.2			44.5			42.8
Total			69.9	%		72.7	%		63.5	%		53.5	%		46.7	%
Worldwide fleet:
PSV > 900			86.3	%		83.1	%		79.3	%		78.9	%		69.2	%
PSV < 900			82.5			74.1			67.9			65.1			62.0
AHTS > 16K			93.7			84.4			57.6			26.2			100.0
AHTS 8 - 16K			83.4			87.4			95.1			83.1			70.2
AHTS 4 - 8K			80.5			79.8			78.2			77.7			68.9
Other			43.7			57.7			52.7			44.9			42.3
Total			77.8	%		75.5	%		70.9	%		67.4	%		61.7	%

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

Americas fleet:
PSV > 900			74.6	%		89.1	%		68.2	%		74.6	%		71.0	%
PSV < 900			84.1			82.3			76.8			89.2			85.2
AHTS > 16K			92.4			90.2			57.6			26.2			100.0
AHTS 8 - 16K			89.5			100.0			68.9			76.4			66.1
AHTS 4 - 8K			74.4			90.8			95.5			60.0			73.7
Other			66.5			100.0			100.0			100.0			100.0
Total			80.3	%		86.8	%		75.5	%		80.1	%		80.4	%
Asia Pacific fleet:
PSV > 900			94.5	%		65.5	%		100.0	%		100.0	%		100.0	%
PSV < 900			100.0			66.7			—			—			—
AHTS > 16K			89.9			50.0			—			—			—
AHTS 8 - 16K			97.2			91.2			—			—			—
AHTS 4 - 8K			77.4			56.9			97.9			100.0			90.2
Other			—			85.5			—			—			—
Total			91.4	%		70.4	%		99.2	%		100.0	%		96.1	%
Middle East fleet:
PSV > 900			93.6	%		100.0	%		100.0	%		100.0	%		94.4	%
PSV < 900			84.1			76.5			79.6			85.3			87.0
AHTS > 16K			94.7			100.0			—			—			—
AHTS 8 - 16K			68.5			70.9			99.7			96.3			87.4
AHTS 4 - 8K			84.9			87.1			80.4			93.2			83.7
Total			83.3	%		80.8	%		83.6	%		90.7	%		86.0	%
Europe/Mediterranean fleet:
PSV > 900			95.8	%		88.4	%		89.4	%		91.6	%		91.9	%
PSV < 900			96.4			91.1			97.1			79.7			86.7
AHTS > 16K			76.9			53.4			—			—			—
Total			95.2	%		88.1	%		91.3	%		88.5	%		90.5	%
West Africa fleet:
PSV > 900			70.9	%		96.3	%		100.0	%		97.1	%		70.2	%
PSV < 900			86.6			81.7			80.9			77.8			86.3
AHTS > 16K			100.0			98.1			—			—			—
AHTS 8 - 16K			85.7			95.4			100.0			88.0			72.8
AHTS 4 - 8K			94.5			92.0			98.6			54.1			100.0
Other			62.5			71.2			68.8			61.6			63.1
Total			79.4	%		82.9	%		79.1	%		71.4	%		71.3	%
Worldwide fleet:
PSV > 900			86.3	%		86.7	%		86.5	%		89.1	%		85.6	%
PSV < 900			86.6			80.6			81.4			84.0			86.3
AHTS > 16K			93.7			84.4			57.6			26.2			100.0
AHTS 8 - 16K			83.4			87.4			97.0			90.7			79.0
AHTS 4 - 8K			85.7			84.3			85.8			86.6			84.2
Other			62.7			74.9			70.2			63.5			64.9
Total			83.7	%		82.5	%		82.5	%		82.4	%		81.6	%

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

Americas fleet:
PSV > 900	$	20,775	$	21,658	$	19,265	$	19,806	$	18,087
PSV < 900		15,197		14,762		15,111		13,169		11,932
AHTS > 16K		20,175		17,430		18,745		16,942		17,750
AHTS 8 - 16K		14,668		12,424		12,480		9,724		14,636
AHTS 4 - 8K		8,654		8,701		8,562		7,929		8,955
Other		12,616		15,601		12,633		12,644		12,640
Total		16,901		16,569		15,501		14,603		13,742
Asia Pacific fleet:
PSV > 900		25,072		21,850		14,529		14,315		14,126
PSV < 900		21,148		24,640		—		—		—
AHTS > 16K		18,902		24,664		—		—		—
AHTS 8 - 16K		16,144		17,609		—		—		—
AHTS 4 - 8K		6,759		8,281		5,528		5,236		5,346
Other		—		660		—		—		—
Total		18,530		13,748		10,975		10,683		10,830
Middle East fleet:
PSV > 900		24,061		18,513		13,147		13,071		13,011
PSV < 900		10,378		10,607		9,658		10,071		9,977
AHTS > 16K		13,487		14,348		—		—		—
AHTS 8 - 16K		10,666		9,832		9,058		9,201		8,938
AHTS 4 - 8K		6,396		6,044		5,672		5,730		5,734
Total		9,781		9,490		8,160		8,217		8,238
Europe/Mediterranean fleet:
PSV > 900		16,229		15,496		12,697		12,426		12,238
PSV < 900		13,323		13,806		10,248		9,887		10,608
AHTS > 16K		74,231		54,472		—		—		—
Total		17,436		15,776		12,124		11,917		11,890
West Africa fleet:
PSV > 900		18,502		16,592		14,768		14,966		15,978
PSV < 900		12,721		12,528		11,672		11,682		10,303
AHTS > 16K		16,719		18,036		—		—		—
AHTS 8 - 16K		12,212		12,743		11,219		10,842		10,851
AHTS 4 - 8K		10,595		10,105		8,721		8,500		8,500
Other		5,415		5,381		5,368		5,362		5,668
Total		11,467		10,721		8,834		9,052		8,562
Worldwide fleet:
PSV > 900		18,914		17,854		14,378		14,404		13,967
PSV < 900		12,915		13,008		11,855		11,427		10,732
AHTS > 16K		21,415		19,824		18,745		16,942		17,750
AHTS 8 - 16K		12,726		12,511		10,281		9,965		10,156
AHTS 4 - 8K		7,859		7,507		6,362		6,000		6,184
Other		5,979		5,275		5,924		6,053		6,332
Total	$	13,606	$	12,544	$	10,687	$	10,583	$	10,288

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

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

Americas
Vessel revenues	$	39,122		$	37,520		$	28,444		$	27,882		$	24,564

Vessel operating costs:
Crew costs		16,080			12,949			11,252			11,080			8,535
Repair and maintenance		3,594			2,866			2,627			2,487			2,951
Insurance		414			248			367			161			219
Fuel, lube and supplies		2,557			2,326			2,385			2,019			2,028
Other		3,090			3,054			2,196			4,347			3,008
Total vessel operating costs		25,735			21,443			18,827			20,094			16,741

Vessel operating margin ($)		13,387			16,077			9,617			7,788			7,823
Vessel operating margin (%)		34.2	%		42.8	%		33.8	%		27.9	%		31.8	%

Americas - Select operating statistics
Average vessels - Total fleet		34			34			34			35			36
Utilization - Total fleet		73.3	%		73.0	%		60.7	%		59.9	%		54.5	%

Average vessels - Active fleet		31			29			27			26			25
Utilization - Active fleet		80.3	%		86.8	%		75.5	%		80.1	%		80.4	%

Average day rates	$	16,901		$	16,569		$	15,501		$	14,603		$	13,742

Vessels commencing drydocks		4			3			5			5			4


Deferred drydocking and survey costs - beginning balance	$	19,208		$	18,422		$	16,270		$	13,124		$	12,919
Cash paid for deferred drydocking and survey costs		5,678			3,857			5,060			6,470			4,906
Amortization of deferred drydocking and survey costs		(2,932	)		(3,071	)		(2,908	)		(2,909	)		(2,936	)
Disposals, intersegment transfers and other		(182	)		—			—			(415	)		(1,765	)
Deferred drydocking and survey costs - ending balance	$	21,772		$	19,208		$	18,422		$	16,270		$	13,124

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

Asia Pacific
Vessel revenues	$	23,902		$	16,362		$	4,897		$	4,914		$	4,786

Vessel operating costs:
Crew costs		10,631			8,138			788			883			875
Repair and maintenance		947			945			284			342			552
Insurance		189			90			54			24			51
Fuel, lube and supplies		1,145			1,590			105			166			211
Other		1,909			1,176			422			459			500
Total vessel operating costs		14,821			11,939			1,653			1,874			2,189

Vessel operating margin ($)		9,081			4,423			3,244			3,040			2,597
Vessel operating margin (%)		38.0	%		27.0	%		66.2	%		61.9	%		54.3	%

Asia Pacific - Select operating statistics
Average vessels - Total fleet		17			19			5			5			5
Utilization - Total fleet		82.5	%		67.9	%		99.2	%		100.0	%		96.1	%

Average vessels - Active fleet		15			18			5			5			5
Utilization - Active fleet		91.4	%		70.4	%		99.2	%		100.0	%		96.1	%

Average day rates	$	18,530		$	13,748		$	10,975		$	10,683		$	10,830

Vessels commencing drydocks		—			2			—			—			—


Deferred drydocking and survey costs - beginning balance	$	852		$	542		$	710		$	1,019		$	1,352
Cash paid for deferred drydocking and survey costs		702			1,262			—			—			—
Amortization of deferred drydocking and survey costs		(139	)		(163	)		(168	)		(309	)		(379	)
Disposals, intersegment transfers and other		(436	)		(789	)		—			—			46
Deferred drydocking and survey costs - ending balance	$	979		$	852		$	542		$	710		$	1,019

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

Middle East
Vessel revenues	$	31,186		$	28,396		$	20,218		$	21,948		$	20,847

Vessel operating costs:
Crew costs		12,814			11,193			8,465			8,827			9,075
Repair and maintenance		3,441			3,429			2,124			2,804			2,392
Insurance		406			325			297			179			9
Fuel, lube and supplies		3,281			2,700			1,559			1,148			1,536
Other		1,804			2,249			2,457			2,708			2,834
Total vessel operating costs		21,746			19,896			14,902			15,666			15,846

Vessel operating margin ($)		9,440			8,500			5,316			6,282			5,001
Vessel operating margin (%)		30.3	%		29.9	%		26.3	%		28.6	%		24.0	%

Middle East - Select operating statistics
Average vessels - Total fleet		42			41			33			33			33
Utilization - Total fleet		83.3	%		80.8	%		82.9	%		88.0	%		83.4	%

Average vessels - Active fleet		42			41			33			32			32
Utilization - Active fleet		83.3	%		80.8	%		83.6	%		90.7	%		86.0	%

Average day rates	$	9,781		$	9,490		$	8,160		$	8,217		$	8,238

Vessels commencing drydocks		5			7			2			2			1


Deferred drydocking and survey costs - beginning balance	$	14,980		$	10,665		$	8,994		$	10,809		$	10,772
Cash paid for deferred drydocking and survey costs		2,345			6,362			3,855			327			2,441
Amortization of deferred drydocking and survey costs		(2,346	)		(2,308	)		(2,184	)		(2,142	)		(2,290	)
Disposals, intersegment transfers and other		14			261			—			—			(114	)
Deferred drydocking and survey costs - ending balance	$	14,993		$	14,980		$	10,665		$	8,994		$	10,809

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

Europe/Mediterranean
Vessel revenues	$	39,702		$	32,475		$	23,919		$	22,501		$	21,197

Vessel operating costs:
Crew costs		12,347			12,349			12,003			11,235			10,541
Repair and maintenance		1,652			2,414			2,106			3,562			1,754
Insurance		440			307			309			38			208
Fuel, lube and supplies		1,158			1,740			1,077			936			846
Other		2,170			2,468			2,026			1,919			1,926
Total vessel operating costs		17,767			19,278			17,521			17,690			15,275

Vessel operating margin ($)		21,935			13,197			6,398			4,811			5,922
Vessel operating margin (%)		55.2	%		40.6	%		26.7	%		21.4	%		27.9	%

Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		26			27			28			28			28
Utilization - Total fleet		95.2	%		82.8	%		77.8	%		72.4	%		68.3	%

Average vessels - Active fleet		26			25			24			23			21
Utilization - Active fleet		95.2	%		88.1	%		91.3	%		88.5	%		90.5	%

Average day rates	$	17,436		$	15,776		$	12,124		$	11,917		$	11,890

Vessels commencing drydocks		1			3			1			1			1


Deferred drydocking and survey costs - beginning balance	$	9,231		$	6,425		$	4,983		$	5,571		$	6,340
Cash paid for deferred drydocking and survey costs		315			4,206			2,575			93			892
Amortization of deferred drydocking and survey costs		(1,244	)		(1,400	)		(1,133	)		(1,096	)		(1,316	)
Disposals, intersegment transfers and other		286			—			—			415			(345	)
Deferred drydocking and survey costs - ending balance	$	8,588		$	9,231		$	6,425		$	4,983		$	5,571

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

West Africa
Vessel revenues	$	56,335		$	47,422		$	26,398		$	23,183		$	20,240

Vessel operating costs:
Crew costs		19,317			16,010			8,329			7,690			6,583
Repair and maintenance		3,910			3,823			2,320			2,307			2,848
Insurance		539			396			357			115			325
Fuel, lube and supplies		4,150			3,165			1,950			2,136			2,130
Other		5,052			4,307			2,652			3,615			3,407
Total vessel operating costs		32,968			27,701			15,608			15,863			15,293

Vessel operating margin ($)		23,367			19,721			10,790			7,320			4,947
Vessel operating margin (%)		41.5	%		41.6	%		40.9	%		31.6	%		24.4	%

West Africa - Select operating statistics
Average vessels - Total fleet		76			67			52			52			55
Utilization - Total fleet		69.9	%		72.7	%		63.5	%		53.5	%		46.7	%

Average vessels - Active fleet		67			59			42			39			36
Utilization - Active fleet		79.4	%		82.9	%		79.1	%		71.4	%		71.3	%

Average day rates	$	11,467		$	10,721		$	8,834		$	9,052		$	8,562

Vessels commencing drydocks		5			5			3			3			3


Deferred drydocking and survey costs - beginning balance	$	9,390		$	8,308		$	9,777		$	9,987		$	8,989
Cash paid for deferred drydocking and survey costs		3,780			2,764			1,122			3,004			2,378
Amortization of deferred drydocking and survey costs		(1,943	)		(2,210	)		(2,591	)		(3,214	)		(3,148	)
Disposals, intersegment transfers and other		318			528			—			—			1,768
Deferred drydocking and survey costs - ending balance	$	11,545		$	9,390		$	8,308		$	9,777		$	9,987

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

Worldwide
Vessel revenues	$	190,247		$	162,175		$	103,876		$	100,428		$	91,634

Vessel operating costs:
Crew costs		71,189			60,639			40,837			39,715			35,609
Repair and maintenance		13,544			13,477			9,461			11,502			10,497
Insurance		1,988			1,366			1,384			517			812
Fuel, lube and supplies		12,291			11,521			7,076			6,405			6,751
Other		14,025			13,254			9,753			13,048			11,675
Total vessel operating costs		113,037			100,257			68,511			71,187			65,344

Vessel operating margin ($)		77,210			61,918			35,365			29,241			26,290
Vessel operating margin (%)		40.6	%		38.2	%		34.0	%		29.1	%		28.7	%

Worldwide - Select operating statistics
Average vessels - Total fleet		195			188			152			153			157
Utilization - Total fleet		77.8	%		75.5	%		70.9	%		67.4	%		61.7	%

Average vessels - Active fleet		181			172			131			125			119
Utilization - Active fleet		83.7	%		82.5	%		82.5	%		82.4	%		81.6	%

Average day rates	$	13,606		$	12,544		$	10,687		$	10,583		$	10,288

Vessels commencing drydocks		15			20			11			11			9


Deferred drydocking and survey costs - beginning balance	$	53,661		$	44,362		$	40,734		$	40,510		$	40,372
Cash paid for deferred drydocking and survey costs		12,820			18,451			12,612			9,894			10,617
Amortization of deferred drydocking and survey costs		(8,604	)		(9,152	)		(8,984	)		(9,670	)		(10,069	)
Disposals, intersegment transfers and other		—			—			—			—			(410	)
Deferred drydocking and survey costs - ending balance	$	57,877		$	53,661		$	44,362		$	40,734		$	40,510

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

Net income (loss)	$	4,910	$	(25,014	)	$	(12,271	)	$	(38,079	)	$	(26,407	)

Interest and other debt costs		4,391		4,284			4,175			3,417			3,681
Income tax (benefit) expense		6,352		6,619			5,218			(3,047	)		887
Depreciation		22,252		22,614			17,673			18,618			17,911
Amortization of deferred drydock and survey costs		8,604		9,152			8,984			9,670			10,069
EBITDA (A), (B), (C)		46,509		17,655			23,779			(9,421	)		6,141

Long-lived asset impairment (credit) and other		1,214		—			(500	)		13,476			2,167
Affiliate credit loss impairment expense (credit)		—		—			—			1,400			—
Loss on early extinguishment of debt		—		—			—			11,100			—
Loss on warrants		—		14,175			—			—			—
Gain on bargain purchase		—		—			(1,300	)		—			—
One-time acquisition, restructuring and integration related costs		4,332		7,314			2,305			221			112
Adjusted EBITDA (A), (B), (C)	$	52,055	$	39,144		$	24,284		$	16,776		$	8,420

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

Note (B): EBITDA and Adjusted EBITDA for the three months ended September 30, 2022, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,923, $1,963, $1,458, $1,439 and $1,523 respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended September 30, 2022, and for each of the prior four quarters includes foreign exchange gain (losses) of $(3,997), $(1,881), $946, $582 and $(523) respectively.

Non-GAAP Financial Measures

We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.

EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.

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

Net cash provided by (used in) operating activities (A)	$	28,113		$	(21,603	)	$	(11,624	)	$	6,938		$	(2,499	)

Cash interest expense		353			7,626			—			3,664			3,055
Interest income and other		(581	)		(349	)		(2,186	)		(1,426	)		(148	)
Additions to property and equipment		(6,328	)		(4,151	)		(1,229	)		(6,368	)		(722	)
Acquisitions		8,785			(28,486	)		(1,039	)		—			—
Expansion capital		(8,785	)		28,486			1,039			—			—
Free cash flow before proceeds from asset sales		21,557			(18,477	)		(15,039	)		2,808			(314	)

Proceeds from asset sales		312			3,535			4,628			54			4,396

Free cash flow	$	21,869		$	(14,942	)	$	(10,411	)	$	2,862		$	4,082

Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by (used in) operating activities adjusted for capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.

Note (A): Net cash provided by (used in) operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2022			2022			2022			2021			2021
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	1,913		$	(27,697	)	$	(13,401	)	$	265		$	2,586
Cash paid for deferred drydock and survey costs		(12,820	)		(18,451	)		(12,612	)		(9,894	)		(10,617	)
Total sources (uses) of cash for changes in assets and liabilities	$	(10,907	)	$	(46,148	)	$	(26,013	)	$	(9,629	)	$	(8,031	)

View source version on businesswire.com: https://www.businesswire.com/news/home/20221028005505/en/

Contacts

Tidewater Inc.

West Gotcher

Vice President,

Finance and Investor Relations

+1.713.470.5285

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Tidewater Reports Results for the Three and Nine Months Ended September 30, 2022

Contacts