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8-K - FORM 8-K - TIDEWATER INCtdw20201123b_8k.htm

Exhibit 99.1

 

Tidewater Inc.

6002 Rogerdale Road, Suite 600

Houston, TX 77072-1655, USA

+1.713.470.5300

primarylogo01.jpg

  

 

Tidewater Reports Results for the Three and Twelve Months Ending December 31, 2020

 

 

HOUSTON, March 4, 2021 — Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ending December 31, 2020, of $91.9 million and $397.0 million, respectively compared with $118.8 million and $486.5 million, respectively, for the three and twelve months ending December 31, 2019. Tidewater's net losses for the three and twelve months ending December 31, 2020, were $29.2 million ($0.72 per share) and $196.2 million ($4.86 per share), respectively, compared with $59.9 million ($1.52 per share) and $141.7 million ($3.71 per share), respectively, for the three and twelve months ending December 31, 2019. Included in the net losses for the three and twelve months ending December 31, 2020 were impairment charges related to assets held for sale, affiliate credit losses, affiliate guaranteed obligation, inventory obsolescence and general and administrative severance expenses totaling $6.2 million and $130.6 million, respectively. Excluding these costs, we would have reported a net loss for the three months ending December 31, 2020 of $23.1 million ($0.57 per common share) and a net loss for the twelve months ending December 31, 2020 of $65.6 million ($1.63 per common share). Excluding long-lived asset impairments and one-time expenses, net losses for the three and twelve months ending December 31, 2019 were $25.2 million (or $0.64 per common share) and $91.4 million (or $2.39) per common share), respectively.

 

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, "I am pleased to report that we again generated free cash flow in the latest quarter and that we generated $52.7 million of free cash flow for the calendar year. Achieving these results during a considerably challenging year was due to the ability of our offshore and onshore team to quickly and skillfully adjust to the changing market.

 

“The offshore supply vessel market continues to evolve, and the ability of Tidewater to continue to transform itself is key to delivering top value to our shareholders. In addition to adapting to the market changes mentioned previously, Tidewater’s digital transformation has been underway since the 2018 merger. We were featured in a press release by global satellite provider Inmarsat last month regarding the completion of our high bandwidth vessel connectivity. This connectivity allows us to expand our in-house suite of tablet-based applications directly to the vessel, which will enable us to provide comprehensive real-time vessel system monitoring as well as administrative efficiencies.

 

“The other transformation we are embracing is how our business contributes to a lower carbon future. Shipping is a hard to abate industry, and although the hydrocarbon fuels utilized by our working vessels are provided by our customers, our ability to contribute to a lower carbon future by working with our customers to reduce carbon emissions through operational efficiencies enabled by the utilization of the technology platform referenced previously, and by working with our customers on the adoption of currently available hybrid battery and other environmentally friendly technologies are two pathways to contributing immediately to the environment.

 

“While we remained focused on capital expenditure and working capital management, we continued our commitment to improving the operational and environmental efficiency of our fleet through investments this past quarter in communications, hybrid battery technologies, and strategic vessel acquisitions. A key element of our strategy going forward is the reduction of emissions through technology and operational efficiency. Our vessels operating with hybrid technology throughout 2020 achieved baseline emissions reductions as high as 18%. In addition, approximately 10% of our vessels were engaged in renewable energy activities during the year.

 

“Our fleet development program includes the sale or recycling of vessels that are deemed uneconomic or that do not meet our future strategic goals, and the acquisition of high-specification tonnage that meets our carbon reduction and financial return objectives. In 2020, we completed the disposal of 56 vessels and other assets for total proceeds of $38.3 million, and we acquired 11 modern crew boats that are more fuel efficient than our current fleet for $5.3 million.

 

“During the year, we reduced outstanding debt by $96.2 million and decreased our net debt position by $23.8 million.  We ended the year with $155.2 million of cash on hand.

 

 

 

“I want to extend my gratitude to the many dedicated women and men across Tidewater who are responsible for the company’s notable performance in such a challenging year. Through their commitment and talent, I am confident that we will continue to transform Tidewater, and that we will leverage opportunities for growth as the renewable energy market evolves and the hydrocarbon energy market normalizes.”

 

In addition to the number of outstanding shares, as of December 31, 2020, the company also has the following in the money warrants.

 

Common shares outstanding

    40,704,984  

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

    657,203  

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

    815,575  

Total

    42,177,762  

 

Tidewater will hold a conference call to discuss results for the three and twelve-month periods ending December 31, 2020 on March 5, 2021, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1-888-771-4371 if calling from the U.S. or Canada (+1-847-585-4405 if calling from outside the U.S.) and asking for the “Tidewater” call just 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 10:30 a.m. Central Time on March 5, 2021 and will continue until 11:59 p.m. Central Time on April 5, 2021. 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 more than 60 years of experience supporting offshore energy exploration and production activities worldwide.

 

Note: All per-share amounts are stated on a diluted basis.

 

Financial information is displayed beginning on the next page.

 

2

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data) 

 

   

Three Months Ended

   

Twelve Months Ended

 
    December 31,     December 31,     December 31,     December 31,  
    2020     2019     2020     2019  

Revenues:

                               

Vessel revenues

  $ 87,830       116,539       386,174       477,015  

Other operating revenues

    4,029       2,237       10,864       9,534  

Total revenues

    91,859       118,776       397,038       486,549  

Costs and expenses:

                               

Vessel operating costs

    63,397       85,935       268,780       329,196  

Costs of other operating revenues

    342       916       3,405       2,800  

General and administrative

    16,992       22,406       73,447       103,716  

Depreciation and amortization

    30,681       28,226       116,709       101,931  

Long-lived asset impairments and other

    6,475       32,549       74,109       37,773  

Affiliate credit loss impairment expense

    (600 )           52,981        

Affiliate guarantee obligation

                2,000        

Gain on asset dispositions, net

    (80 )     (1,217 )     (7,591 )     (2,263 )
      117,207       168,815       583,840       573,153  

Operating loss

    (25,348 )     (50,039 )     (186,802 )     (86,604 )

Other income (expense):

                               

Foreign exchange loss

    (2,880 )     (945 )     (5,245 )     (1,269 )

Equity in net losses of unconsolidated companies

    164       (2,717 )     164       (3,152 )

Dividend income from unconsolidated companies

                17,150        

Interest income and other, net

    144       690       1,228       6,598  

Interest and other debt costs, net

    (5,984 )     (6,282 )     (24,156 )     (29,068 )

Total other expense

    (8,556 )     (9,254 )     (10,859 )     (26,891 )

Loss before income taxes

    (33,904 )     (59,293 )     (197,661 )     (113,495 )

Income tax (benefit) expense

    (4,477 )     1,281       (965 )     27,724  

Net loss

  $ (29,427 )     (60,574 )     (196,696 )     (141,219 )

Less: Net income (loss) attributable to noncontrolling interests

    (180 )     (721 )     (454 )     524  

Net loss attributable to Tidewater Inc.

  $ (29,247 )     (59,853 )     (196,242 )     (141,743 )

Basic loss per common share

    (0.72 )     (1.52 )     (4.86 )     (3.71 )

Diluted loss per common share

    (0.72 )     (1.52 )     (4.86 )     (3.71 )

Weighted average common shares outstanding

    40,604       39,504       40,355       38,205  

Dilutive effect of stock options and restricted stock

                       

Adjusted weighted average common shares

    40,604       39,504       40,355       38,205  

 

3

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

 

   

December 31,

   

December 31,

 

ASSETS

 

2020

   

2019

 

Current assets:

               

Cash and cash equivalents

  $ 149,933       218,290  

Restricted cash

    2,079       5,755  

Trade and other receivables, less allowance for credit losses of $1,516 as of December 31, 2020 and less allowance for doubtful accounts of $70 as of December 31, 2019

    112,623       110,180  
Due from affiliate, less allowance for credit losses of $71,800 as of December 31, 2020 and less due from affiliate allowance of $20,083 as of December 31, 2019     62,050       125,972  

Marine operating supplies

    15,876       21,856  

Assets held for sale

    34,396       39,287  

Prepaid expenses and other current assets

    11,692       15,956  

Total current assets

    388,649       537,296  

Net properties and equipment

    780,318       938,961  

Deferred drydocking and survey costs

    56,468       66,936  

Other assets

    25,742       36,335  

Total assets

  $ 1,251,177       1,579,528  
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               

Current liabilities:

               

Accounts payable

  $ 16,981       27,501  

Accrued costs and expenses

    52,422       74,000  

Due to affiliates

    53,194       50,186  

Current portion of long-term debt

    27,797       9,890  

Other current liabilities

    32,785       24,100  

Total current liabilities

    183,179       185,677  

Long-term debt

    164,934       279,044  

Other liabilities and deferred credits

    79,792       98,397  
                 
Commitments and contingencies                
                 

Equity:

               

Common stock

    41       40  

Additional paid-in-capital

    1,371,809       1,367,521  

Accumulated deficit

    (548,931 )     (352,526 )

Accumulated other comprehensive loss

    (804 )     (236 )

Total stockholder's equity

    822,115       1,014,799  

Noncontrolling interests

    1,157       1,611  

Total equity

    823,272       1,016,410  

Total liabilities and equity

  $ 1,251,177       1,579,528  

 

4

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

 

   

Three Months Ended

   

Twelve Months Ended

 
    December 31,     December 31,     December 31,     December 31,  
    2020     2019     2020     2019  

Net loss

  $ (29,427 )   $ (60,574 )   $ (196,696 )   $ (141,219 )

Other comprehensive income (loss):

                               

Change in supplemental executive retirement plan pension liability, net of tax of $0, $0, $0 and $0, respectively

    (2,011 )     (2,121 )     (2,309 )     (2,121 )

Change in pension plan minimum liability, net of tax of $0, $0, $0, and $0, respectively

    101       (309 )     1,741       (309 )

Total comprehensive loss

  $ (31,337 )   $ (63,004 )   $ (197,264 )   $ (143,649 )

 

5

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

   

Twelve Months

   

Twelve Months

 
   

Ended

   

Ended

 
   

December 31,

   

December 31,

 
   

2020

   

2019

 

Operating activities:

               

Net loss

  $ (196,696 )   $ (141,219 )

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

               

Depreciation and amortization

    73,030       77,045  

Amortization of deferred drydocking and survey costs

    43,679       24,886  

Amortization of debt premiums and discounts

    3,961       (4,877 )

Provision for deferred income taxes

    1,224       672  

Gain on asset dispositions, net

    (7,591 )     (2,263 )

Affiliate credit loss impairment expense

    52,981        

Affiliate guarantee obligation

    2,000        

Long-lived asset impairments and other

    74,109       37,773  

Changes in investments in unconsolidated companies

          1,039  

Stock-based compensation expense

    5,117       19,603  

Changes in operating assets and liabilities, net:

               

Trade and other receivables

    (2,606 )     1,086  

Changes in due to/from affiliate, net

    11,949       22,193  

Accounts payable

    (10,520 )     (4,438 )

Accrued expenses

    (17,551 )     8,189  

Deferred drydocking and survey costs

    (33,271 )     (70,437 )

Other, net

    4,171       (675 )

Net cash provided by (used in) operating activities

    3,986       (31,423 )

Cash flows from investing activities:

               

Proceeds from sales of assets

    38,296       28,847  

Additions to properties and equipment

    (14,900 )     (17,998 )

Net cash provided by investing activities

    23,396       10,849  

Cash flows from financing activities:

               

Principal payments on long-term debt

    (98,080 )     (133,693 )

Premium paid for redemption of secured notes

          (11,402 )

Tax on share-based award

    (828 )     (4,467 )

Other

    (857 )      

Net cash used in financing activities

    (99,765 )     (149,562 )

Net change in cash, cash equivalents and restricted cash

    (72,383 )     (170,136 )

Cash, cash equivalents and restricted cash at beginning of period

    227,608       397,744  

Cash, cash equivalents and restricted cash at end of period

  $ 155,225     $ 227,608  

 

 

             

Supplemental disclosure of cash flow information:

               

Cash paid during the year for:

               

Interest, net of amounts capitalized

  $ 21,235       32,687  

Income taxes

    13,018       14,378  

 

Note (A):  Cash, cash equivalents and restricted cash at December 31, 2020 includes $3.2 million in long-term restricted cash.

 

6

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

 

 

                           

Accumulated

                 
           

Additional

           

other

   

Non

         
   

Common

   

paid-in

   

Accumulated

   

comprehensive

   

controlling

         
   

stock

   

capital

   

(deficit)

   

loss

   

interest

   

Total

 

Balance at December 31, 2018

  $ 37       1,352,388       (210,783 )     2,194       1,087       1,144,923  

Total comprehensive income (loss)

                (141,743 )     (2,430 )     524       (143,649 )

Issuance of common stock from exercise of warrants

    3       (3 )                        

Amortization/cancellation of restricted stock units

          15,136                         15,136  

Balance at December 31, 2019

  $ 40       1,367,521       (352,526 )     (236 )     1,611       1,016,410  

Total comprehensive income (loss)

                (196,242 )     (568 )     (454 )     (197,264 )

Adoption of credit loss accounting standard

                (163 )                 (163 )

Issuance of common stock from exercise of warrants

    1       (1 )                        

Amortization of restricted stock units

          4,289                         4,289  

Balance at December 31, 2020

  $ 41       1,371,809       (548,931 )     (804 )     1,157       823,272  

 

7

 

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

 

   

Three Months Ended

   

Twelve Months Ended

 
    December 31,     December 31,     December 31,     December 31,  
    2020     2019     2020     2019  

(In thousands)

         

%

           

%

           

%

           

%

 

Vessel revenues:

                                                               

Americas

  $ 32,068       37 %   $ 33,333       29 %   $ 126,676       33 %   $ 136,958       29 %

Middle East/Asia Pacific

    25,042       29 %     26,651       23 %     97,133       25 %     90,321       19 %

Europe/Mediterranean

    15,775       18 %     29,180       25 %     83,602       22 %     123,711       26 %

West Africa

    14,945       17 %     27,375       23 %     78,763       20 %     126,025       26 %

Total vessel revenues

  $ 87,830       100 %   $ 116,539       100 %   $ 386,174       100 %   $ 477,015       100 %

Vessel operating costs:

                                                               

Crew costs

  $ 36,760       42 %   $ 46,071       40 %   $ 156,624       41 %   $ 187,599       39 %

Repair and maintenance

    8,027       9 %     15,181       13 %     31,213       8 %     47,761       10 %

Insurance

    1,447       2 %     1,174       1 %     7,195       2 %     6,129       1 %

Fuel, lube and supplies

    6,221       7 %     9,782       8 %     29,113       7 %     36,359       8 %

Other

    10,942       12 %     13,726       12 %     44,635       12 %     51,348       11 %

Total vessel operating costs

    63,397       72 %     85,935       74 %     268,780       70 %     329,196       69 %

Vessel operating margin (A)

  $ 24,433       28 %   $ 30,604       26 %   $ 117,394       30 %   $ 147,819       31 %

 

Note (A): Vessel operating margin equals revenues less vessel operating costs and excludes general and administrative expenses and depreciation and amortization.

 

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

 

   

Three Months Ended

   

Twelve Months Ended

 
    December 31,     December 31,     December 31,     December 31,  
    2020     2019     2020     2019  

(In thousands)

         

%

           

%

           

%

           

%

 

Vessel operating profit (loss):

                                                               

Americas

  $ 1,496       2 %   $ (2,507 )     (2 )%   $ 4,944       1 %   $ (805 )     (0 )%

Middle East/Asia Pacific

    (3,456 )     (4 )%     (1,946 )     (2 )%     (5,935 )     (1 )%     (6,044 )     (1 )%

Europe/Mediterranean

    (4,543 )     (5 )%     (521 )     (0 )%     (8,629 )     (2 )%     (1,289 )     (0 )%

West Africa

    (8,493 )     (9 )%     (3,593 )     (3 )%     (27,508 )     (7 )%     8,298       2 %

Other operating profit

    3,686       4 %     1,353       1 %     7,458       2 %     6,734       1 %
      (11,310 )     (12 )%     (7,214 )     (6 )%     (29,670 )     (7 )%     6,894       1 %
                                                                 

Corporate expenses (A)

    (8,243 )     (9 )%     (11,493 )     (10 )%     (35,633 )     (9 )%     (57,988 )     (12 )%

Gain on asset dispositions, net

    80       0 %     1,217       1 %     7,591       2 %     2,263       0 %

Affiliate credit loss impairment expense

    600       0 %           0 %     (52,981 )     (13 )%           0 %

Affiliate guarantee obligation

          0 %           0 %     (2,000 )     (1 )%           0 %

Long-lived asset impairments and other

    (6,475 )     (7 )%     (32,549 )     (27 )%     (74,109 )     (19 )%     (37,773 )     (8 )%

Operating loss

  $ (25,348 )     (28 )%   $ (50,039 )     (42 )%   $ (186,802 )     (47 )%   $ (86,604 )     (18 )%

 

Note (A):  General and administrative expenses for the three and twelve months ended December 31, 2020 include stock-based compensation of $1.2 million and $5.1 million, respectively.  General and administrative expenses for the three and twelve months ended December 31, 2019 includes stock-based compensation of $3.0 million and $19.6 million, respectively. In addition, general and administrative costs for the three and twelve months ended December 31, 2020 include $0.3 million and $1.5 million, respectively, of severance and similar costs related to integrating Tidewater and GulfMark operations.  General and administrative expenses for the three and twelve months ended December 31, 2019 include $2.1 million and $12.6 million, respectively, of severance and other costs related to integrating Tidewater and GulfMark operations.

 

8

 

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(Unaudited)

(In thousands, except per share data) 

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  

Revenues:

                                       

Vessel revenues

  $ 87,830       85,395       100,975       111,974       116,539  

Other operating revenues

    4,029       1,072       1,369       4,394       2,237  

Total revenues

    91,859       86,467       102,344       116,368       118,776  

Costs and expenses:

                                       

Vessel operating costs

    63,397       61,784       64,774       78,825       85,935  

Costs of other operating revenue

    342       219       171       2,673       916  

General and administrative (A)

    16,992       17,438       17,597       21,420       22,406  

Depreciation and amortization

    30,681       30,777       28,144       27,107       28,226  

Long-lived asset impairments and other

    6,475       1,945       55,482       10,207       32,549  

Affiliate credit loss impairment expense

    (600 )           53,581              

Affiliate guarantee obligation

                2,000              

Gain on asset dispositions, net

    (80 )     (520 )     (1,660 )     (5,331 )     (1,217 )

Total operating costs and expenses

    117,207       111,643       220,089       134,901       168,815  

Operating loss

    (25,348 )     (25,176 )     (117,745 )     (18,533 )     (50,039 )

Other income (expense):

                                       

Foreign exchange gain (loss)

    (2,880 )     (1,153 )     (2,076 )     864       (945 )

Equity in net (losses) earnings of unconsolidated companies

    164                         (2,717 )

Dividend income from unconsolidated company

                17,150              

Interest income and other, net

    144       272       696       116       690  

Interest and other debt costs, net

    (5,984 )     (6,071 )     (5,959 )     (6,142 )     (6,282 )

Total other expense

    (8,556 )     (6,952 )     9,811       (5,162 )     (9,254 )

Loss before income taxes

    (33,904 )     (32,128 )     (107,934 )     (23,695 )     (59,293 )

Income tax (benefit) expense

    (4,477 )     5,953       2,730       (5,171 )     1,281  

Net loss

    (29,427 )     (38,081 )     (110,664 )     (18,524 )     (60,574 )

Net income (loss) attributable to noncontrolling interests

    (180 )     (154 )     (41 )     (79 )     (721 )

Net loss attributable to Tidewater Inc.

  $ (29,247 )     (37,927 )     (110,623 )     (18,445 )     (59,853 )
Basic loss per common share     (0.72 )     (0.94 )     (2.74 )     (0.46 )     (1.52 )
Diluted loss per common share     (0.72 )     (0.94 )     (2.74 )     (0.46 )     (1.52 )

Weighted average common shares outstanding

    40,604       40,405       40,306       40,101       39,504  

Dilutive effect of stock options and restricted stock

                             

Adjusted weighted average common shares

    40,604       40,405       40,306       40,101       39,504  

Vessel operating margin

  $ 24,433     $ 23,611     $ 36,201     $ 33,149     $ 30,604  
                                         
                                         

Note (A) One-time integration related costs related to the business combination with GulfMark

  $ 291       641       446       129       2,123  

 

9

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands) 

 

   

December 31,

   

September 30,

   

June 30,

   

March 31,

   

December 31,

 

ASSETS

 

2020

   

2020

   

2020

   

2020

   

2019

 
                                         

Current assets:

                                       

Cash and cash equivalents

  $ 149,933       192,243       203,119       187,802       218,290  

Restricted cash

    2,079       26,401       19,880       12,461       5,755  

Trade and other receivables, net

    112,623       100,583       115,008       119,455       110,180  

Due from affiliate, less allowances

    62,050       65,692       65,766       128,204       125,972  

Marine operating supplies

    15,876       17,808       20,580       21,944       21,856  

Assets held for sale

    34,396       19,163       29,064       26,142       39,287  

Prepaid expenses and other current assets

    11,692       18,925       20,350       22,185       15,956  

Total current assets

    388,649       440,815       473,767       518,193       537,296  

Net properties and equipment

    780,318       820,876       839,912       922,979       938,961  

Deferred drydocking and survey costs

    56,468       63,975       74,585       81,981       66,936  

Other assets

    25,742       25,108       27,411       29,971       36,335  

Total assets

  $ 1,251,177       1,350,774     $ 1,415,675     $ 1,553,124     $ 1,579,528  
                                         

LIABILITIES AND EQUITY

                                       

Current liabilities:

                                       

Accounts payable

  $ 16,981       12,953       17,111       30,711       27,501  

Accrued costs and expenses

    52,422       55,811       60,993       72,854       74,000  

Due to affiliates

    53,194       53,355       48,803       50,013       50,186  

Current portion of long-term debt

    27,797       9,576       9,437       9,104       9,890  

Other current liabilities

    32,785       31,599       25,815       26,953       24,100  

Total current liabilities

    183,179       163,294       162,159       189,635       185,677  

Long-term debt

    164,934       246,179       273,215       273,015       279,044  

Other liabilities and deferred credits

    79,792       87,724       90,301       91,578       98,397  
                                         
                                         

Equity:

                                       

Common stock

    41       40       40       40       40  

Additional paid-in-capital

    1,371,809       1,370,778       1,369,645       1,368,325       1,367,521  

Accumulated deficit

    (548,931 )     (519,684 )     (481,757 )     (371,134 )     (352,526 )

Accumulated other comprehensive income (loss)

    (804 )     1,106       581       133       (236 )

Total stockholder's equity

    822,115       852,240       888,509       997,364       1,014,799  

Noncontrolling interests

    1,157       1,337       1,491       1,532       1,611  

Total equity

    823,272       853,577       890,000       998,896       1,016,410  

Total liabilities and equity

  $ 1,251,177       1,350,774       1,415,675       1,553,124       1,579,528  
                                         

Supplemental information

                                       

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

                                       

Sonatide (Angola)

  $ 8,856       12,337       16,963       64,184       57,771  

DTDW (Nigeria)

                      14,007       18,015  

Total

  $ 8,856       12,337       16,963       78,191       75,786  

 

10

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  

VESSEL REVENUE BY VESSEL CLASS

                                       
                                         

Americas fleet:

                                       

Deepwater

  $ 25,706       22,836       27,858       22,882       22,883  

Towing-supply

    4,603       4,119       4,455       7,243       8,639  

Other

    1,759       1,750       1,731       1,734       1,811  

Total

    32,068       28,705       34,044       31,859       33,333  

Middle East/Asia Pacific fleet:

                                       

Deepwater

  $ 16,822       13,819       14,195       14,326       16,015  

Towing-supply

    8,220       9,461       9,788       10,502       10,636  

Total

    25,042       23,280       23,983       24,828       26,651  

Europe/Mediterranean fleet:

                                       

Deepwater

  $ 15,621       17,578       20,476       29,163       28,652  

Towing-supply

          (13 )           179       528  

Other

    154       151       144       149        

Total

    15,775       17,716       20,620       29,491       29,180  

West Africa fleet:

                                       

Deepwater

  $ 6,237       4,905       8,748       12,102       14,066  

Towing-supply

    5,202       7,711       11,029       10,521       9,981  

Other

    3,506       3,078       2,552       3,173       3,328  

Total

  $ 14,945       15,694       22,329       25,796       27,375  

Worldwide fleet:

                                       

Deepwater

  $ 64,386       59,137       71,277       78,473       81,616  

Towing-supply

    18,025       21,278       25,271       28,445       29,784  

Other

    5,419       4,980       4,427       5,056       5,139  

Total

  $ 87,830       85,395       100,975       111,974       116,539  

 

11

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  

AVERAGE NUMBER OF VESSELS:

                                       
                                         

Americas fleet:

                                       

Deepwater

    32       32       32       32       31  

Towing-supply

    10       12       15       17       17  

Other

    3       3       3       3       4  

Total

    45       47       50       52       52  

Stacked vessels

    (15 )     (17 )     (17 )     (17 )     (15 )

Active vessels

    30       30       33       35       37  

Middle East/Asia Pacific fleet:

                                       

Deepwater

    21       22       26       27       27  

Towing-supply

    22       23       26       28       28  

Total

    43       45       52       55       55  

Stacked vessels

    (3 )     (4 )     (9 )     (10 )     (10 )

Active vessels

    40       41       43       45       45  

Europe/Mediterranean fleet:

                                       

Deepwater

    31       32       36       39       42  

Towing-supply

    -       -       1       2       3  

Total

    31       32       37       41       45  

Stacked vessels

    (16 )     (17 )     (17 )     (11 )     (15 )

Active vessels

    15       15       20       30       30  

West Africa fleet:

                                       

Deepwater

    20       25       26       26       27  

Towing-supply

    13       17       18       19       19  

Other

    23       16       19       20       21  

Total

    56       58       63       65       67  

Stacked vessels

    (16 )     (31 )     (21 )     (21 )     (22 )

Active vessels

    40       27       42       44       45  

Worldwide fleet:

                                       

Deepwater

    104       111       120       124       126  

Towing-supply

    45       52       60       66       68  

Other

    26       19       22       23       25  

Total

    175       182       202       213       219  

Stacked vessels

    (50 )     (69 )     (64 )     (60 )     (62 )

Active vessels

    125       113       138       153       157  
                                         

Total active

    125       113       138       153       157  

Total stacked

    50       69       64       60       62  

Total joint venture and other vessels

    3       3       3       3       4  

Total

    178       185       205       216       223  

 

12

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  

AVAILABLE DAYS - TOTAL FLEET:

                                       
                                         

Americas fleet:

                                       

Deepwater

    2,944       2,996       2,940       2,873       2,852  

Towing-supply

    898       1,098       1,329       1,547       1,580  

Other

    276       276       273       285       368  

Total

    4,118       4,370       4,542       4,705       4,800  

Middle East/Asia Pacific fleet:

                                       

Deepwater

    1,932       2,025       2,411       2,496       2,453  

Towing-supply

    2,032       2,118       2,342       2,512       2,576  

Total

    3,964       4,143       4,753       5,008       5,029  

Europe/Mediterranean fleet:

                                       

Deepwater

    2,852       2,916       3,256       3,581       3,848  

Towing-supply

          24       91       122       276  

Total

    2,852       2,940       3,347       3,703       4,124  

West Africa fleet:

                                       

Deepwater

    1,840       2,269       2,366       2,366       2,439  

Towing-supply

    1,196       1,588       1,654       1,729       1,779  

Other

    2,095       1,469       1,698       1,820       1,932  

Total

    5,131       5,326       5,718       5,915       6,150  

Worldwide fleet:

                                       

Deepwater

    9,568       10,206       10,973       11,316       11,592  

Towing-supply

    4,126       4,828       5,416       5,910       6,211  

Other

    2,371       1,745       1,971       2,105       2,300  

Total

    16,065       16,779       18,360       19,331       20,103  

 

13

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  

OUT-OF-SERVICE - STACKED DAYS:

                                       
                                         

Americas fleet:

                                       

Deepwater

    1,105       1,134       863       873       656  

Towing-supply

    189       362       601       593       568  

Other

    92       92       91       103       184  

Total

    1,386       1,588       1,555       1,569       1,408  

Middle East/Asia Pacific fleet:

                                       

Deepwater

    92       185       500       546       552  

Towing-supply

    177       186       310       396       399  

Total

    269       371       810       942       951  

Europe/Mediterranean fleet:

                                       

Deepwater

    1,448       1,522       1,422       1,004       1,196  

Towing-supply

          24       91       0       153  

Total

    1,448       1,546       1,513       1,004       1,349  

West Africa fleet:

                                       

Deepwater

    1,288       1,809       919       819       766  

Towing-supply

    644       882       563       469       583  

Other

    417       181       446       637       643  

Total

    2,349       2,872       1,928       1,925       1,992  

Worldwide fleet:

                                       

Deepwater

    3,933       4,650       3,704       3,242       3,170  

Towing-supply

    1,010       1,454       1,565       1,458       1,703  

Other

    509       273       537       740       827  

Total

    5,452       6,377       5,806       5,440       5,700  

 

14

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  

AVAILABLE DAYS - ACTIVE FLEET:

                                       
                                         

Americas fleet:

                                       

Deepwater

    1,839       1,862       2,077       2,000       2,196  

Towing-supply

    709       736       728       954       1,012  

Other

    184       184       182       182       184  

Total

    2,732       2,782       2,987       3,136       3,392  

Middle East/Asia Pacific fleet:

                                       

Deepwater

    1,840       1,840       1,911       1,950       1,901  

Towing-supply

    1,855       1,932       2,032       2,116       2,177  

Total

    3,695       3,772       3,943       4,066       4,078  

Europe/Mediterranean fleet:

                                       

Deepwater

    1,404       1,394       1,834       2,577       2,652  

Towing-supply

                      122       123  

Total

    1,404       1,394       1,834       2,699       2,775  

West Africa fleet:

                                       

Deepwater

    552       460       1,447       1,547       1,673  

Towing-supply

    552       706       1,091       1,260       1,196  

Other

    1,678       1,288       1,252       1,183       1,289  

Total

    2,782       2,454       3,790       3,990       4,158  

Worldwide fleet:

                                       

Deepwater

    5,635       5,556       7,269       8,074       8,422  

Towing-supply

    3,116       3,374       3,851       4,452       4,508  

Other

    1,862       1,472       1,434       1,365       1,473  

Total

    10,613       10,402       12,554       13,891       14,403  

 

15

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  

UTILIZATION - TOTAL FLEET:

                                       
                                         

Americas fleet:

                                       

Deepwater

    53.2 %     51.7 %     64.3 %     57.7 %     61.7 %

Towing-supply

    67.7       50.0       43.5       54.9       58.6  

Other

    66.7       66.7       65.2       63.1       50.0  

Total

    57.2 %     52.2 %     58.3 %     57.1 %     59.8 %

Middle East/Asia Pacific fleet:

                                       

Deepwater

    78.2 %     67.4 %     57.9 %     56.8 %     66.7 %

Towing-supply

    62.5       72.3       68.2       69.2       70.0  

Total

    70.2 %     69.9 %     63.0 %     63.0 %     68.4 %

Europe/Mediterranean fleet:

                                       

Deepwater

    44.7 %     45.5 %     49.9 %     64.2 %     60.0 %
Towing-supply                       46.7       31.6  

Total

    44.7 %     45.1 %     48.6 %     63.6 %     58.1 %

West Africa fleet:

                                       

Deepwater

    27.2 %     17.5 %     31.1 %     41.5 %     46.9 %

Towing-supply

    30.8       28.4       41.3       45.5       43.8  

Other

    42.3       53.1       39.2       51.5       56.6  

Total

    34.2 %     30.6 %     36.5 %     45.7 %     49.1 %

Worldwide fleet:

                                       

Deepwater

    50.7 %     45.4 %     51.5 %     56.2 %     59.1 %

Towing-supply

    54.4       52.4       52.8       58.0       57.9  

Other

    45.2       55.3       42.8       53.1       55.6  

Total

    50.9 %     48.5 %     50.9 %     56.4 %     58.3 %

 

16

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  

UTILIZATION - ACTIVE FLEET:

                                       
                                         

Americas fleet:

                                       

Deepwater

    85.1 %     83.2 %     91.0 %     72.8 %     80.1 %

Towing-supply

    85.7       74.6       79.4       89.0       91.4  

Other

    100.0       100.0       97.8       98.8       100.0  

Total

    86.3 %     82.0 %     88.6 %     85.7 %     84.6 %

Middle East/Asia Pacific fleet:

                                       

Deepwater

    82.1 %     74.2 %     73.1 %     72.8 %     86.1 %

Towing-supply

    68.5       79.2       78.6       82.2       82.9  

Total

    75.3 %     76.8 %     75.9 %     77.7 %     84.4 %

Europe/Mediterranean fleet:

                                       

Deepwater

    90.9 %     95.1 %     88.6 %     89.2 %     87.1 %

Towing-supply

                      46.7       70.9  

Total

    90.9 %     95.1 %     88.6 %     87.3 %     86.4 %

West Africa fleet:

                                       

Deepwater

    90.8 %     86.2 %     50.9 %     63.4 %     68.3 %

Towing-supply

    66.7       63.8       62.6       62.4       65.1  

Other

    52.9       60.6       53.2       79.2       84.9  

Total

    63.1 %     66.3 %     55.0 %     67.8 %     72.5 %

Worldwide fleet:

                                       

Deepwater

    86.1 %     83.4 %     77.7 %     78.8 %     81.3 %

Towing-supply

    72.1       75.0       74.2       77.0       79.8  

Other

    57.5       65.5       58.9       81.9       86.8  

Total

    77.0 %     78.2 %     74.5 %     78.5 %     81.4 %

 

17

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  

AVERAGE VESSEL DAY RATES: (A)

                                       
                                         

Americas fleet:

                                       

Deepwater

  $ 16,416       14,743       14,738       13,793       13,001  

Towing-supply

    7,576       7,506       7,707       8,532       9,337  

Other

    9,559       9,514       9,723       9,638       9,838  

Total

  $ 13,602       12,581       12,865       11,854       11,617  

Middle East/Asia Pacific fleet:

                                       

Deepwater

  $ 11,129       10,127       10,161       10,097       9,784  

Towing-supply

    6,471       6,180       6,128       6,041       5,897  

Total

  $ 9,002       8,040       8,009       7,863       7,746  

Europe/Mediterranean fleet:

                                       

Deepwater

  $ 12,368       13,257       12,600       12,682       12,336  

Towing-supply

                      3,138       6,055  

Total

  $ 12,368       13,361       12,689       12,514       12,171  

West Africa fleet:

                                       

Deepwater

  $ 12,449       12,365       11,891       12,337       12,304  

Towing-supply

    14,136       17,122       16,158       13,389       12,810  

Other

    3,952       3,944       3,829       3,384       3,041  

Total

  $ 8,510       9,643       10,711       9,539       9,075  

Worldwide fleet:

                                       

Deepwater

  $ 13,265       12,756       12,620       12,342       11,892  

Towing-supply

    8,026       8,411       8,843       8,292       8,284  

Other

    5,059       5,163       5,243       4,524       4,137  

Total

  $ 10,749       10,503       10,799       10,267       9,940  

 

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

 

18

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  
                                         

Americas

                                       

Vessel revenues

  $ 32,068       28,705       34,044       31,859       33,333  
                                         

Vessel operating costs:

                                       

Crew costs

  $ 12,795       11,711       13,138       14,186       15,307  

Repair and maintenance

    2,065       1,259       1,703       2,171       3,067  

Insurance

    402       426       427       417       299  

Fuel, lube and supplies

    1,822       1,754       1,373       2,615       1,853  

Other

    2,306       2,486       1,956       2,673       4,082  

Total vessel operating costs

  $ 19,390       17,636       18,597       22,062       24,608  
                                         

Vessel operating margin ($)

  $ 12,678       11,069       15,447       9,797       8,726  

Vessel operating margin (%)

    39.5 %     38.6 %     45.4 %     30.8 %     26.2 %
                                         

Americas - Select operating statistics

                                       

Average vessels - Total fleet

    45       47       50       52       52  

Utilization - Total fleet

    57.2 %     52.2 %     58.3 %     57.1 %     59.8 %
                                         

Average vessels - Active fleet

    30       30       33       35       37  

Utilization - Active fleet

    86.3 %     82.0 %     88.6 %     85.7 %     84.6 %
                                         

Average day rates

  $ 13,602       12,581       12,865       11,854       11,617  
                                         

Vessels commencing drydocks

    1             5       5       1  
                                         
                                         

Deferred drydocking and survey costs - beginning balance

  $ 17,774       20,024       21,599       18,561       15,678  

Cash paid for deferred drydocking and survey costs

    1,015       1,086       1,819       5,912       5,381  

Amortization of deferred drydocking and survey costs

    (3,349 )     (3,336 )     (3,394 )     (2,874 )     (2,498 )

Disposals, intersegment transfers and other

                             

Deferred drydocking and survey costs - ending balance

  $ 15,440       17,774       20,024       21,599       18,561  

 

19

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  
                                         

Middle East/Asia Pacific

                                       

Vessel revenues

  $ 25,042       23,280       23,983       24,828       26,651  
                                         

Vessel operating costs:

                                       

Crew costs

  $ 9,982       10,468       8,726       10,085       10,308  

Repair and maintenance

    2,899       2,385       2,196       2,586       3,838  

Insurance

    452       562       739       591       790  

Fuel, lube and supplies

    1,924       1,783       1,405       2,665       1,937  

Other

    3,532       2,057       2,412       1,696       2,864  

Total vessel operating costs

  $ 18,789       17,255       15,478       17,623       19,737  
                                         

Vessel operating margin ($)

  $ 6,253       6,025       8,505       7,205       6,913  

Vessel operating margin (%)

    25.0 %     25.9 %     35.5 %     29.0 %     25.9 %
                                         

Middle East/Asia Pacific - Select operating statistics

                                       

Average vessels - Total fleet

    43       45       52       55       55  

Utilization - Total fleet

    70.2 %     69.9 %     63.0 %     63.0 %     68.4 %
                                         

Average vessels - Active fleet

    40       41       43       45       44  

Utilization - Active fleet

    75.3 %     76.8 %     75.9 %     77.7 %     84.4 %
                                         

Average day rates

  $ 9,002       8,040       8,009       7,863       7,746  
                                         

Vessels commencing drydocks

    3                   5       3  
                                         
                                         

Deferred drydocking and survey costs - beginning balance

  $ 18,666       21,116       23,139       16,513       12,572  

Cash paid for deferred drydocking and survey costs

    1,447       386       850       8,897       6,072  

Amortization of deferred drydocking and survey costs

    (3,082 )     (3,036 )     (2,589 )     (2,271 )     (2,131 )

Disposals, intersegment transfers and other

          200       (284 )            

Deferred drydocking and survey costs - ending balance

    17,031       18,666       21,116       23,139       16,513  

 

20

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  
                                         

Europe/Mediterranean

                                       

Vessel revenues

  $ 15,775       17,716       20,620       29,491       29,180  
                                         

Vessel operating costs:

                                       

Crew costs

  $ 8,179       7,952       9,707       11,696       11,984  

Repair and maintenance

    1,133       869       1,278       3,141       3,617  

Insurance

    297       448       420       431       367  

Fuel, lube and supplies

    710       592       924       1,098       1,808  

Other

    1,214       1,274       1,547       2,522       2,098  

Total vessel operating costs

  $ 11,533       11,135       13,876       18,888       19,874  
                                         

Vessel operating margin ($)

  $ 4,243       6,581       6,744       10,603       9,306  

Vessel operating margin (%)

    26.9 %     37.1 %     32.7 %     36.0 %     31.9 %
                                         

Europe/Mediterranean - Select operating statistics

                                       

Average vessels - Total fleet

    31       32       37       41       45  

Utilization - Total fleet

    44.7 %     45.1 %     48.6 %     63.6 %     58.1 %
                                         

Average vessels - Active fleet

    15       15       20       30       30  

Utilization - Active fleet

    90.9 %     95.1 %     88.6 %     87.3 %     86.4 %
                                         

Average day rates

  $ 12,368       13,361       12,689       12,514       12,171  
                                         

Vessels commencing drydocks

    4                   2       3  
                                         
                                         

Deferred drydocking and survey costs - beginning balance

  $ 7,147       9,143       10,387       9,406       7,379  

Cash paid for deferred drydocking and survey costs

    1,710       (361 )     517       2,591       3,378  

Amortization of deferred drydocking and survey costs

    (1,540 )     (1,635 )     (1,710 )     (1,610 )     (1,335 )

Disposals, intersegment transfers and other

                (51 )           (16 )

Deferred drydocking and survey costs - ending balance

  $ 7,317       7,147       9,143       10,387       9,406  

 

21

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  
                                         

West Africa

                                       

Vessel revenues

  $ 14,945       15,694       22,328       25,796       27,375  
                                         

Vessel operating costs:

                                       

Crew costs

  $ 5,804       6,555       7,120       8,520       8,472  

Repair and maintenance

    1,930       1,419       1,479       2,700       4,659  

Insurance

    296       517       424       346       (282 )

Fuel, lube and supplies

    1,765       2,628       2,681       3,374       4,184  

Other

    3,890       4,639       5,119       5,312       4,682  

Total vessel operating costs

  $ 13,685       15,758       16,823       20,252       21,715  
                                         

Vessel operating margin ($)

  $ 1,260       (64 )     5,505       5,544       5,660  

Vessel operating margin (%)

    8.4 %     (0.4 )%     24.7 %     21.5 %     20.7 %
                                         

West Africa - Select operating statistics

                                       

Average vessels - Total fleet

    56       58       63       65       67  

Utilization - Total fleet

    34.2 %     30.6 %     36.5 %     45.7 %     49.1 %
                                         

Average vessels - Active fleet

    40       27       42       44       45  

Utilization - Active fleet

    63.1 %     66.3 %     55.0 %     67.8 %     72.5 %
                                         

Average day rates

  $ 8,510       9,643       10,711       9,539       9,075  
                                         

Vessels commencing drydocks

                      3       1  
                                         
                                         

Deferred drydocking and survey costs - beginning balance

  $ 20,388       24,301       26,856       22,456       13,397  

Cash paid for deferred drydocking and survey costs

    (400 )     (576 )     911       7,467       11,905  

Amortization of deferred drydocking and survey costs

    (3,294 )     (3,426 )     (3,466 )     (3,067 )     (2,846 )

Disposals, intersegment transfers and other

    (14 )     89                    

Deferred drydocking and survey costs - ending balance

  $ 16,680       20,388       24,301       26,856       22,456  

 

22

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  
                                         

Worldwide

                                       

Vessel revenues

  $ 87,830       85,395       100,975       111,974       116,539  
                                         

Vessel operating costs:

                                       

Crew costs

  $ 36,760       36,686       38,691       44,487       46,071  

Repair and maintenance

    8,027       5,932       6,656       10,598       15,181  

Insurance

    1,447       1,953       2,010       1,785       1,174  

Fuel, lube and supplies

    6,221       6,757       6,383       9,752       9,782  

Other

    10,942       10,456       11,034       12,203       13,726  

Total vessel operating costs

  $ 63,397       61,784       64,774       78,825       85,934  
                                         

Vessel operating margin ($)

  $ 24,434       23,611       36,201       33,149       30,604  

Vessel operating margin (%)

    27.8 %     27.6 %     35.9 %     29.6 %     26.3 %
                                         

Worldwide - Select operating statistics

                                       

Average vessels - Total fleet

    175       182       202       213       219  

Utilization - Total fleet

    50.9 %     48.5 %     50.9 %     56.4 %     58.3 %
                                         

Average vessels - Active fleet

    125       113       138       153       157  

Utilization - Active fleet

    77.0 %     78.2 %     74.5 %     78.5 %     81.4 %
                                         

Average day rates

  $ 10,749       10,503       10,799       10,267       9,940  
                                         

Vessels commencing drydocks

    8             5       15       8  
                                         
                                         

Deferred drydocking and survey costs - beginning balance

  $ 63,975       74,584       81,981       66,936       49,026  

Cash paid for deferred drydocking and survey costs

    3,772       535       4,097       24,867       26,736  

Amortization of deferred drydocking and survey costs

    (11,265 )     (11,433 )     (11,159 )     (9,822 )     (8,810 )

Disposals, intersegment transfers and other

    (14 )     289       (335 )           (16 )

Deferred drydocking and survey costs - ending balance

  $ 56,468       63,975       74,584       81,981       66,936  

 

23

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  

Net loss

  $ (29,427 )     (38,081 )     (110,664 )     (18,524 )     (60,574 )
                                         

Interest and other debt costs

    5,984       6,071       5,959       6,142       6,282  

Income tax (benefit) expense

    (4,477 )     5,953       2,730       (5,171 )     1,281  

Depreciation

    19,416       19,343       16,986       17,285       19,416  

Amortization of deferred drydock and survey costs

    11,265       11,434       11,158       9,822       8,810  

EBITDA (A), (B), (C)

  $ 2,761       4,720       (73,831 )     9,554       (24,785 )
                                         

Long-lived asset impairments and other

    6,475       1,945       55,482       10,207       32,549  
Affiliate credit loss impairment expense     (600 )           53,581                  

Affiliate guarantee obligation

                2,000              

One-time integration related costs

    291       641       446       129       2,123  

Adjusted EBITDA (A), (B), (C)

  $ 8,927       7,306       37,678       19,890       9,887  

 

Note (A):  EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization.  Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs.

 

Note (B):  EBITDA and Adjusted EBITDA for the three months ended December 31, 2020, and for each of the prior four quarters includes non-cash, stock-based compensation expense of  $1,158, $1,223, $1,401, $1,335, and $2,972, respectively.

 

Note (C):  EBITDA and Adjusted EBITDA for the three months ended December 31, 2020, and for each of the prior four quarters includes foreign exchange gains (losses) of  $(2,880), $(1,153), $(2,076), $864, and $(945), 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.

 

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TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

 

   

Three Months Ended

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  

Net cash provided by (used in) operating activities (A)

  $ 2,180       14,629       14,702       (27,525 )     5,281  
                                         

Cash interest expense

    5,066       5,435       5,292       5,442       8,205  

Interest income and other

    (144 )     (272 )     (696 )     (116 )     (690 )

Additions to property and equipment

    (10,218 )     (607 )     (1,626 )     (2,449 )     (4,067 )
Expansion capital     5,300                          

Free cash flow before proceeds from asset sales

    2,184       19,185       17,672       (24,648 )     8,729  
                                         

Proceeds from asset sales

    6,798       10,592       11,454       9,452       3,755  
                                         

Free cash flow

  $ 8,982       29,777       29,126       (15,196 )     12,484  

  

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

 
    December 31,     September 30,     June 30,     March 31,     December 31,  
    2020     2020     2020     2020     2019  

Cash provided by (used in) changes in assets and liabilities, excluding drydock payments

  $ (4,915 )     18,858       (10,373 )     (18,127 )     32,826  

Cash paid for deferred drydock and survey costs

    (3,772 )     (535 )     (4,097 )     (24,867 )     (26,736 )

Total sources (uses) of cash for changes in assets and liabilities

  $ (8,687 )     18,323       (14,470 )     (42,994 )     6,090  

 

 

Contacts

 

Tidewater Inc.

Jason Stanley

Vice President,

ESG and Investor Relations

713-470-5300

 

SOURCE: Tidewater Inc.

 

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