Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000098222 | |
Entity Registrant Name | TIDEWATER INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-6311 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 72-0487776 | |
Entity Address, Address Line One | 842 West Sam Houston Parkway North, Suite 400 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77024 | |
City Area Code | 713 | |
Local Phone Number | 470-5300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 42,065,813 | |
Warrants to Purchase Shares of Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase shares of common stock | |
Trading Symbol | TDW.WS | |
Security Exchange Name | NYSEAMER | |
Series B Warrants [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series B Warrants to purchase shares of common stock | |
Trading Symbol | TDW.WS.B | |
Security Exchange Name | NYSE | |
Series A Warrants [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Warrants to purchase shares of common stock | |
Trading Symbol | TDW.WS.A | |
Security Exchange Name | NYSE | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, $0.001 par value per share | |
Trading Symbol | TDW | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 87,981 | $ 149,037 |
Restricted cash | 1,240 | 1,240 |
Trade and other receivables, less allowance for credit losses of $2,288 and $1,948 at June 30, 2022 and December 31, 2021, respectively | 189,259 | 86,503 |
Due from affiliates, less allowance for credit losses of $12,215 and $72,456 at June 30, 2022 and December 31, 2021, respectively | 0 | (70,134) |
Marine operating supplies | 21,182 | 12,606 |
Assets held for sale | 6,862 | 14,421 |
Prepaid expenses and other current assets | 23,259 | 8,731 |
Total current assets | 329,783 | 342,672 |
Net properties and equipment | 838,612 | 688,040 |
Deferred drydocking and survey costs | 53,661 | 40,734 |
Other assets | 30,410 | 24,334 |
Total assets | 1,282,735 | 1,095,780 |
Current liabilities: | ||
Accounts payable | 30,537 | 20,788 |
Accrued expenses | 109,212 | 51,734 |
Due to affiliates | 0 | 61,555 |
Other current liabilities | 47,872 | 23,865 |
Total current liabilities | 187,621 | 157,942 |
Long-term debt | 168,279 | 167,885 |
Other liabilities | 85,188 | 68,184 |
Commitments and contingencies | ||
Equity: | ||
Common stock of $0.001 par value, 125,000,000 shares authorized, 42,029,882 and 41,307,617 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 42 | 41 |
Additional paid-in capital | 1,554,561 | 1,376,494 |
Accumulated deficit | (715,649) | (677,900) |
Accumulated other comprehensive loss | 1,763 | 2,668 |
Total stockholders’ equity | 840,717 | 701,303 |
Noncontrolling interests | 930 | 466 |
Total equity | 841,647 | 701,769 |
Total liabilities and equity | 1,282,735 | 1,095,780 |
Swire Pacific Offshore Holdings Ltd. [Member] | ||
Current assets: | ||
Indemnification assets | $ 30,269 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Allowance for credit losses | $ 12,215 | $ 72,456 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, shares issued (in shares) | 42,029,882 | 41,307,617 |
Common stock, shares outstanding (in shares) | 42,029,882 | 41,307,617 |
Trade Accounts Receivable [Member] | ||
Allowance for credit losses | $ 2,288 | $ 1,948 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Revenue | $ 163,447 | $ 89,953 | $ 269,176 | $ 173,457 |
Costs and expenses: | ||||
Vessel operating costs | 100,257 | 64,263 | 168,768 | 125,283 |
Costs of other operating revenues | 483 | 581 | 844 | 1,648 |
General and administrative | 27,804 | 16,787 | 46,021 | 32,830 |
Depreciation and amortization | 31,766 | 28,549 | 58,423 | 58,276 |
Long-lived asset impairment credit | 0 | 0 | 500 | 0 |
Affiliate credit loss impairment credit | 0 | (1,000) | 0 | (1,000) |
Loss on asset dispositions, net | 1,297 | 932 | 1,090 | 2,880 |
Total costs and expenses | 161,607 | 110,112 | 274,646 | 219,917 |
Operating income (loss) | 1,840 | (20,159) | (5,470) | (46,460) |
Other income (expense): | ||||
Foreign exchange gain (loss) | (1,881) | 422 | (935) | (428) |
Equity in net earnings (losses) of unconsolidated companies | (244) | 52 | (244) | (1,797) |
Interest income and other, net | 349 | 8 | 3,835 | 31 |
Loss on warrants | (14,175) | 0 | (14,175) | 0 |
Interest and other debt costs, net | (4,284) | (3,944) | (8,459) | (8,485) |
Total other expense | (20,235) | (3,462) | (19,978) | (10,679) |
Loss before income taxes | (18,395) | (23,621) | (25,448) | (57,139) |
Income tax expense | 6,619 | 6,026 | 11,837 | 8,035 |
Net loss | (25,014) | (29,647) | (37,285) | (65,174) |
Net income (loss) attributable to noncontrolling interests | 567 | (185) | 464 | (397) |
Net loss attributable to Tidewater Inc. | $ (25,581) | $ (29,462) | $ (37,749) | $ (64,777) |
Basic loss per common share (in dollars per share) | $ (0.61) | $ (0.72) | $ (0.91) | $ (1.59) |
Diluted loss per common share (in dollars per share) | $ (0.61) | $ (0.72) | $ (0.91) | $ (1.59) |
Weighted average common shares outstanding (in shares) | 41,814 | 40,899 | 41,614 | 40,808 |
Adjusted weighted average common shares (in shares) | 41,814 | 40,899 | 41,614 | 40,808 |
Vessel [Member] | ||||
Revenues: | ||||
Revenue | $ 162,175 | $ 88,514 | $ 266,051 | $ 169,507 |
Product and Service, Other [Member] | ||||
Revenues: | ||||
Revenue | $ 1,272 | $ 1,439 | $ 3,125 | $ 3,950 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net loss | $ (25,014) | $ (29,647) | $ (37,285) | $ (65,174) |
Other comprehensive loss: | ||||
Unrealized loss on note receivable | (846) | 0 | (846) | 0 |
Change in liability of pension plans | 138 | (207) | (59) | (278) |
Total comprehensive loss | $ (25,722) | $ (29,854) | $ (38,190) | $ (65,452) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||
Net loss | $ (37,285) | $ (65,174) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 40,287 | 36,694 |
Amortization of deferred drydocking and survey costs | 18,136 | 21,582 |
Amortization of debt premium and discounts | 765 | 1,986 |
Provision for deferred income taxes | 145 | 648 |
Loss on asset dispositions, net | 1,090 | 2,880 |
Gain on bargain purchase | (1,300) | 0 |
Loss on debt extinguishment | 0 | 59 |
Affiliate credit loss impairment credit | 0 | (1,000) |
Long-lived asset impairment credit | (500) | 0 |
Loss on warrants | 14,175 | 0 |
Stock-based compensation expense | 3,421 | 2,676 |
Changes in assets and liabilities, net of effects of business acquisition: | ||
Trade and other receivables | (35,085) | 22,394 |
Changes in due to/from affiliates, net | (20) | 4,693 |
Accounts payable | 8,072 | (792) |
Accrued expenses | 2,354 | (2,074) |
Deferred drydocking and survey costs | (31,063) | (6,771) |
Other, net | (16,419) | (7,234) |
Net cash provided by (used in) operating activities | (33,227) | 10,567 |
Cash flows from investing activities: | ||
Proceeds from asset dispositions | 8,163 | 29,560 |
Acquisitions, net of cash acquired | (29,525) | 0 |
Additions to properties and equipment | (5,380) | (1,861) |
Net cash provided by (used in) investing activities | (26,742) | 27,699 |
Cash flows from financing activities: | ||
Principal payments on long-term debt | 0 | (37,901) |
Debt issuance and modification costs | (371) | (855) |
Debt extinguishment premium | 0 | (59) |
Tax on share-based awards | (2,176) | (758) |
Net cash used in financing activities | (2,547) | (39,573) |
Net change in cash, cash equivalents and restricted cash | (62,516) | (1,307) |
Cash, cash equivalents and restricted cash at beginning of period | 154,276 | 155,225 |
Cash, cash equivalents and restricted cash at end of period | 91,760 | 153,918 |
Supplemental disclosure of cash flow information: | ||
Interest, net of amounts capitalized | 7,626 | 7,028 |
Income taxes | 9,330 | 6,609 |
Supplemental disclosure of noncash investing activities: | ||
Acquisition of SPO | 162,648 | 0 |
SPO Acquisition Warrants [Member] | ||
Supplemental disclosure of noncash investing activities: | ||
Warrants issued for SPO acquisition | $ 162,648 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Warrans Issued to Acquire Swire Pacific Offshore Holdings Ltd. [Member] Common Stock [Member] | Warrans Issued to Acquire Swire Pacific Offshore Holdings Ltd. [Member] Additional Paid-in Capital [Member] | Warrans Issued to Acquire Swire Pacific Offshore Holdings Ltd. [Member] Retained Earnings [Member] | Warrans Issued to Acquire Swire Pacific Offshore Holdings Ltd. [Member] AOCI Attributable to Parent [Member] | Warrans Issued to Acquire Swire Pacific Offshore Holdings Ltd. [Member] Noncontrolling Interest [Member] | Warrans Issued to Acquire Swire Pacific Offshore Holdings Ltd. [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2020 | $ 41 | $ 1,371,809 | $ (548,931) | $ (804) | $ 1,157 | $ 823,272 | ||||||
Total comprehensive income (loss) | 0 | 0 | (64,777) | (278) | (397) | (65,452) | ||||||
Amortization of share-based awards | 0 | 1,918 | 0 | 0 | 0 | 1,918 | ||||||
Balance at Jun. 30, 2021 | 41 | 1,373,727 | (613,708) | (1,082) | 760 | 759,738 | ||||||
Balance at Mar. 31, 2021 | 41 | 1,372,846 | (584,246) | (875) | 945 | 788,711 | ||||||
Total comprehensive income (loss) | 0 | 0 | (29,462) | (207) | (185) | (29,854) | ||||||
Amortization of share-based awards | 0 | 881 | 0 | 0 | 0 | 881 | ||||||
Balance at Jun. 30, 2021 | 41 | 1,373,727 | (613,708) | (1,082) | 760 | 759,738 | ||||||
Balance at Dec. 31, 2021 | 41 | 1,376,494 | (677,900) | 2,668 | 466 | 701,769 | ||||||
Total comprehensive income (loss) | 0 | 0 | (37,749) | (905) | 464 | (38,190) | ||||||
SPO acquisition warrants | $ 0 | $ 176,823 | $ 0 | $ 0 | $ 0 | $ 176,823 | ||||||
Amortization of share-based awards | 0 | 1,245 | 0 | 0 | 0 | 1,245 | ||||||
Issuance of common stock | 1 | (1) | 0 | 0 | 0 | 0 | ||||||
Balance at Jun. 30, 2022 | 42 | 1,554,561 | (715,649) | 1,763 | 930 | 841,647 | ||||||
Balance at Mar. 31, 2022 | 42 | 1,376,934 | (690,068) | 2,471 | 363 | 689,742 | ||||||
Total comprehensive income (loss) | 0 | 0 | (25,581) | (708) | 567 | (25,722) | ||||||
SPO acquisition warrants | $ 0 | $ 176,823 | $ 0 | $ 0 | $ 0 | $ 176,823 | ||||||
Amortization of share-based awards | 0 | 804 | 0 | 0 | 0 | 804 | ||||||
Balance at Jun. 30, 2022 | $ 42 | $ 1,554,561 | $ (715,649) | $ 1,763 | $ 930 | $ 841,647 |
Note 1 - Interim Financial Stat
Note 1 - Interim Financial Statements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ( 1 INTERIM FINANCIAL STATEMENTS The unaudited condensed consolidated financial statements for the interim periods presented herein have been prepared in conformity with United States generally accepted accounting principles and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the unaudited condensed consolidated financial statements at the dates and for the periods indicated as required by Rule 10 01 X not 10 December 31, 2021 March 9, 2022. The unaudited condensed consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. We use the equity method to account for equity investments over which we exercise significant influence but do not not |
Note 2 - Recently Issued or Ado
Note 2 - Recently Issued or Adopted Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | ( 2 RECENTLY ISSUED OR ADOPTED ACCOUNTING PRONOUNCEMENTS In November 2021, 2021 10, December 15, 2021, December 31, 2022, In October 2021, 2021 08, 805, 606, December 15, 2022 In July 2021, 2021 05, 842, not 1 December 15, 2021, January 1, 2022 not In May 2021, 2021 04, December 15, 2021, January 1, 2022 not |
Note 3 - Acquisition of Swire P
Note 3 - Acquisition of Swire Pacific Offshore Holdings Ltd | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 3 ACQUISITION OF SWIRE PACIFIC OFFSHORE HOLDINGS LTD On April 22, 2022 ( one June 30, 2022 Assets acquired and liabilities assumed in the business combination were recorded at their estimated fair values as of the Merger Date under the acquisition method of accounting. The fair value estimates below are subject to adjustment during the measurement period subsequent to the Merger Date, primarily consisting of the final valuation for various working capital items, tax and other liabilities existing on the Merger Date. The estimated fair values of certain assets and liabilities including long-lived assets and contingencies require judgments and assumptions. Adjustments might be made to these estimates during the measurement period and those adjustments could be material. The warrants issued in the acquisition were initially classified as liabilities subject to mark to market fair value adjustments but were reclassified to equity on June 24, 2022. 6 The provisional amounts for assets acquired and liabilities assumed are based on estimates of their fair values as of the Merger Date and were as follows: (In Thousands) Assets Cash $ 33,152 Trade and other receivables 64,621 Marine operating supplies 5,122 Assets held for sale 2,500 Prepaid expenses and other current assets 5,232 Net properties and equipment 179,707 Indemnification assets (A) 32,279 Other assets 1,153 Total assets 323,766 Liabilities Accounts payable 1,594 Accrued expenses 54,924 Other current liabilities 26,856 Other liabilities 16,886 Total liabilities 100,260 Net assets acquired 223,506 (A) Consists primarily of tax liabilities existing at the Merger Date that are recorded in other current liabilities and other liabilities. Business combination related costs were expensed as incurred in general and administrative expense and consisted of various advisory, legal, accounting, valuation and other professional fees totaling $7.2 million and $9.4 million for the three six June 30, 2022, . Property and equipment acquired in the business combination consisted primarily of offshore support vessels. We recorded property and equipment acquired at estimated fair value of approximately $179.7 million. The fair values of the offshore support vessels were estimated by applying both an income approach, using projected discounted cash flows, and a market approach. We estimate that the remaining useful lives for the vessels acquired fall in the range of one The unaudited supplemental pro forma results present consolidated information as if the business combination were completed on January 1, 2021. not may (In Thousands) Period from Year ended January 1, 2022 December 31, 2021 to June 30, 2022 Revenues $ 578,506 $ 336,275 Net loss (143,509 ) (38,808 ) |
Note 4 - Allowance for Credit L
Note 4 - Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | ( 4 ALLOWANCE FOR CREDIT LOSSES Expected credit losses are recognized on the initial recognition of our trade accounts receivable and contract assets. In each subsequent reporting period, even if a loss has not Activity in the allowance for credit losses for the six June 30, 2022 Trade Due (In Thousands) and Other from Receivables Affiliates Balance at January 1, 2022 $ 1,948 $ 72,456 Current period provision for expected credit losses 340 — Acquisition of Sonatide joint venture (see Note 8) — (59,678 ) Other — (563 ) Balance at June 30, 2022 $ 2,288 $ 12,215 |
Note 5 - Revenue Recognition
Note 5 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 5 REVENUE RECOGNITION Refer to Note 14 Contract Balances At June 30, 2022 At June 30, 2022 2022 2023 |
Note 6 - Stockholders' Equity a
Note 6 - Stockholders' Equity and Dilutive Equity Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 6 STOCKHOLDERS' EQUITY AND DILUTIVE EQUITY INSTRUMENTS Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) (OCI) by component, net of tax, for the three six June 30, 2022 2021 (In Thousands) Three Months Ended June 30, 2022 June 30, 2021 Balance at March 31, 2022 and 2021 $ 2,471 $ (875 ) Unrealized loss on note receivable (846 ) — Pension benefits recognized in OCI 138 (207 ) Balance at June 30, 2022 and 2021 $ 1,763 $ (1,082 ) (In Thousands) Six Months Ended June 30, 2022 June 30, 2021 Balance at December 31, 2021 and 2020 $ 2,668 $ (804 ) Unrealized loss on note receivable (846 ) — Pension benefits recognized in OCI (59 ) (278 ) Balance at June 30, 2022 and 2021 $ 1,763 $ (1,082 ) Dilutive Equity Instruments We had outstanding common shares, incremental "in-the-money" warrants, restricted stock units and stock options at June 30, 2022 2021 Total shares outstanding including warrants, restricted stock units and stock options June 30, 2022 June 30, 2021 Common shares outstanding 42,029,882 41,000,575 New creditor warrants (strike price $ 0.001 395,401 639,354 GulfMark creditor warrants (strike price $ 0.01 309,351 669,601 SPO acquisition warrants (strike price $ 0.001 8,100,000 — Restricted stock units and stock options 1,627,083 1,623,635 Total 52,461,717 43,933,165 We also had “out-of-the-money” warrants outstanding exercisable for 5,923,399 shares of common stock at both June 30, 2022 2021 $57.06 $62.28 $100.00 2023 2024. No (A) The Share Purchase Agreement for SPO included a provision under which the former parent of SPO agreed to indemnify us for certain liabilities and could settle these liabilities, at their option, with cash or SPO acquisition warrants. This provision caused the SPO acquisition warrants to be classified as liabilities which requires a mark to market valuation primarily based on the change in our share price at each reporting period. Absent this provision, the SPO acquisition warrants would have been classified as equity in our balance sheet with the value included in additional paid in capital. On June 24, 2022, June 24, 2022 June 24, 2022 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 7 INCOME TAXES We use a discrete effective tax rate method to calculate taxes for interim periods instead of applying the annual effective tax rate to an estimate of the full fiscal year due to the level of volatility and unpredictability of earnings in our industry, both overall and by jurisdiction. Income tax expense for the three six June 30, 2022, The tax liabilities for uncertain tax positions are primarily attributable to permanent establishment issues related to foreign jurisdictions, subpart F income inclusions and withholding taxes on foreign services. Penalties and interest related to income tax liabilities are included in income tax expense. Income tax payable is included in other current liabilities. As of December 31, 2021 June 30, 2022 June 30, 2022 Management assesses all available positive and negative evidence to permit use of existing deferred tax assets. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 2017 five 2020, first 2021. With limited exceptions, we are no March 2015. not |
Note 8 - Affiliates Balances
Note 8 - Affiliates Balances | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ( 8 AFFILIATES BALANCES Sonatide (Angola) Prior to 2022, January 2022, The acquisition date was January 3, 2022 ( January 1, 2022 first 2022. three six June 30, 2022, three six June 30, 2022, The acquisition date fair value of the 49% equity interest in Sonatide held by us was zero not Assets acquired and liabilities assumed in the business combination have been recorded at their estimated fair values as of the Sonatide Merger Date under the acquisition method of accounting. We have not The provisional amounts for assets acquired and liabilities assumed are based on estimates of their fair values as of the Sonatide Merger Date and were as follows: (In Thousands) Assets Current assets $ 12,894 Net properties and equipment and other assets 2,908 Total assets 15,802 Liabilities Current liabilities 283 Other liabilities 2,996 Total liabilities 3,279 Net assets acquired 11,223 Bargain purchase gain $ 1,300 The bargain purchase gain of $1.3 million is included in our consolidated statement of operations for the six June 30, 2022 not six December 31, 2021 June 30, 2022, . The unaudited supplemental pro forma results present consolidated information as if the business combination were completed on January 1, 2021. not may January 1, 2021, twelve December 31, 2021 DTDW (Nigeria) In previous years, we had substantial activity in Nigeria and conducted our business through a joint venture (DTDW). In 2020, second 2022, June 30, 2022 zero |
Note 9 - Employee Benefit Plans
Note 9 - Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 9 EMPLOYEE BENEFIT PLANS U.S. Defined Benefit Pension Plan We have a defined benefit pension plan (pension plan) that covers certain U.S. employees. The pension plan was frozen during 2010. not 2019. Supplemental Executive Retirement Plan We also support a non-contributory and non-qualified defined benefit supplemental executive retirement plan (supplemental plan) which was closed to new participants during 2010. six June 30, 2022 2021 2022. June 30, 2022 December 31, 2021, Net Periodic Benefit Costs The net periodic benefit cost for our defined benefit pension plans and supplemental plan (referred to collectively as “Pension Benefits”) is comprised of the following components: (In Thousands) Three Months Ended Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Pension Benefits: Interest cost $ 579 $ 543 $ 1,157 $ 1,086 Expected return on plan assets (751 ) (544 ) (1,503 ) (1,087 ) Amortization of net actuarial losses 16 37 32 73 Net periodic pension cost (benefit) $ (156 ) $ 36 $ (314 ) $ 72 The components of the net periodic pension cost are included in the caption “Interest income and other, net.” |
Note 10 - Debt
Note 10 - Debt | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 10 DEBT The following is a summary of all debt outstanding: (In Thousands) June 30, 2022 December 31, 2021 Senior secured bonds: 8.50% $ 175,000 $ 175,000 Debt discount and issuance costs (6,721 ) (7,115 ) Total long-term debt $ 168,279 $ 167,885 (A) As of June 30, 2022 December 31, 2021 2 (B) The $1.2 million restricted cash on the condensed consolidated balance sheet at June 30, 2022 We also have a Super Senior Revolving Credit Facility Agreement maturing on November 16, 2026 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 11 COMMITMENTS AND CONTINGENCIES Currency Devaluation and Fluctuation Risk Due to our international operations, we are exposed to foreign currency exchange rate fluctuations against the U.S. dollar. For some of our international contracts, a portion of the revenue and local expenses are incurred in local currencies with the result that we are at risk for changes in the exchange rates between the U.S. dollar and foreign currencies. We generally do not not Legal Proceedings Various legal proceedings and claims are outstanding which arose in the ordinary course of business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, will not |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 12 FAIR VALUE MEASUREMENTS Other Financial Instruments Our primary financial instruments consist of cash and cash equivalents, restricted cash, trade receivables and trade payables with book values that are considered to be representative of their respective fair values. The carrying value for cash equivalents is considered to be representative of its fair value due to the short duration and conservative nature of the cash equivalent investment portfolio. In the second 2022, seven not 90 June 30, 2022 10 15. |
Note 13 - Properties and Equipm
Note 13 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Other Assets Accrued Expenses Other Current Liabilities And Other Liabilities And Deferred Credits [Text Block] | ( 13 PROPERTIES AND EQUIPMENT, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES As of June 30, 2022 December 31, 2021, A summary of properties and equipment is as follows: (In Thousands) June 30, 2022 December 31, 2021 Properties and equipment: Vessels and related equipment $ 1,078,120 $ 898,649 Other properties and equipment 30,239 19,625 1,108,359 918,274 Less accumulated depreciation and amortization 269,747 230,234 Properties and equipment, net $ 838,612 $ 688,040 A summary of accrued expenses is as follows: (In Thousands) June 30, 2022 December 31, 2021 Payroll and related payables $ 34,021 $ 18,627 Accrued vessel expenses 52,455 19,662 Accrued interest expense 1,859 1,859 Other accrued expenses 20,877 11,586 $ 109,212 $ 51,734 A summary of other current liabilities is as follows: (In Thousands) June 30, 2022 December 31, 2021 Taxes payable $ 43,144 $ 18,977 Other 4,728 4,888 $ 47,872 $ 23,865 A summary of other liabilities is as follows: (In Thousands) June 30, 2022 December 31, 2021 Pension liabilities $ 25,192 $ 26,872 Liability for uncertain tax positions 46,092 29,283 Other 13,904 12,029 $ 85,188 $ 68,184 |
Note 14 - Segment and Geographi
Note 14 - Segment and Geographic Distribution of Operations | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 14 SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS Segment Changes In conjunction with the acquisition of SPO discussed in Note 3, Each of our five operating segments is managed by a senior executive reporting directly to our Chief Executive Officer, the chief operating decision maker. Discrete financial information is available for each of the segments, and our Chief Executive Officer uses the results of each of the operating segments for resource allocation and performance evaluation. The following table provides a comparison of segment revenues, vessel operating profit (loss), depreciation and amortization, and additions to properties and equipment for the three six June 30, 2022 2021 (In Thousands) Three Months Ended Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Revenues: Vessel revenues: Americas $ 37,520 $ 23,481 $ 65,964 $ 49,705 Asia Pacific 16,362 4,870 21,259 8,442 Middle East 28,396 20,758 48,614 41,600 Europe/Mediterranean 32,475 22,467 56,394 37,216 West Africa 47,422 16,938 73,820 32,544 Other operating revenues 1,272 1,439 3,125 3,950 Total $ 163,447 $ 89,953 $ 269,176 $ 173,457 Vessel operating profit (loss): Americas $ 5,930 $ (4,940 ) $ 5,848 $ (6,591 ) Asia Pacific (899 ) 1,722 1,274 1,667 Middle East (307 ) (1,456 ) (2,190 ) (3,254 ) Europe/Mediterranean 4,262 (1,986 ) 1,833 (10,007 ) West Africa 9,270 (5,355 ) 12,485 (12,122 ) Other operating profit 790 858 2,282 2,302 19,046 (11,157 ) 21,532 (28,005 ) Corporate expenses (15,909 ) (9,070 ) (26,412 ) (16,575 ) Long-lived asset impairment credit — — 500 — Affiliate credit loss impairment credit — 1,000 — 1,000 Loss on asset dispositions, net (1,297 ) (932 ) (1,090 ) (2,880 ) Operating income (loss) $ 1,840 $ (20,159 ) $ (5,470 ) $ (46,460 ) Depreciation and amortization: Americas $ 7,503 $ 7,382 $ 14,619 $ 15,389 Asia Pacific 2,080 1,199 2,929 2,436 Middle East 6,421 5,322 11,827 10,965 Europe/Mediterranean 6,958 7,225 13,720 14,709 West Africa 8,002 6,580 13,743 13,150 Corporate 802 841 1,585 1,627 Total $ 31,766 $ 28,549 $ 58,423 $ 58,276 Additions to properties and equipment: Americas $ 538 $ — $ 538 $ — Asia Pacific 19 (50 ) 19 (42 ) Middle East 2,048 — 2,072 — Europe/Mediterranean 169 287 445 593 West Africa 340 59 690 554 Corporate 1,037 369 1,616 756 Total $ 4,151 $ 665 $ 5,380 $ 1,861 The following table provides a comparison of total assets at June 30, 2022 December 31, 2021 (In Thousands) June 30, 2022 December 31, 2021 Total assets: Americas $ 312,606 $ 278,394 Asia Pacific 141,841 28,564 Middle East 209,336 154,723 Europe/Mediterranean 285,910 293,760 West Africa 293,536 223,988 Corporate 39,506 116,351 $ 1,282,735 $ 1,095,780 |
Note 15 - Asset Dispositions, A
Note 15 - Asset Dispositions, Assets Held for Sale and Asset Impairments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | ( 15 ASSET DISPOSITIONS, ASSETS HELD FOR SALE AND ASSET IMPAIRMENTS During the six June 30, 2022, June 30, 2022 six June 30, 2022. six June 30, 2021. six June 30, 2022 six June 30, 2021 second 2021, third second 2021, We consider the valuation approach for our assets held for sale to be a Level 3 third no first 2022 not six June 30, 2022 2021, The following table presents the activity in our asset held for sale account for the periods indicated: (In Thousands, except number of vessels) Three Months Ended Number of Vessels June 30, 2022 Number of Vessels June 30, 2021 Beginning balance 12 $ 8,591 20 $ 31,214 Additions 1 2,500 — — Sales (4 ) (4,229 ) (5 ) (11,000 ) Transfers — — (1 ) (3,000 ) Ending balance 9 $ 6,862 14 $ 17,214 (In Thousands, except number of vessels) Six Months Ended Number of Vessels June 30, 2022 Number of Vessels June 30, 2021 Beginning balance 18 $ 14,421 23 $ 34,396 Additions 1 2,500 — — Sales (9 ) (8,559 ) (8 ) (14,182 ) Transfers (1 ) (1,500 ) (1 ) (3,000 ) Ending balance 9 $ 6,862 14 $ 17,214 |
Note 3 - Acquisition of Swire_2
Note 3 - Acquisition of Swire Pacific Offshore Holdings Ltd (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (In Thousands) Assets Cash $ 33,152 Trade and other receivables 64,621 Marine operating supplies 5,122 Assets held for sale 2,500 Prepaid expenses and other current assets 5,232 Net properties and equipment 179,707 Indemnification assets (A) 32,279 Other assets 1,153 Total assets 323,766 Liabilities Accounts payable 1,594 Accrued expenses 54,924 Other current liabilities 26,856 Other liabilities 16,886 Total liabilities 100,260 Net assets acquired 223,506 |
Business Acquisition, Pro Forma Information [Table Text Block] | (In Thousands) Period from Year ended January 1, 2022 December 31, 2021 to June 30, 2022 Revenues $ 578,506 $ 336,275 Net loss (143,509 ) (38,808 ) |
Note 4 - Allowance for Credit_2
Note 4 - Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Trade Due (In Thousands) and Other from Receivables Affiliates Balance at January 1, 2022 $ 1,948 $ 72,456 Current period provision for expected credit losses 340 — Acquisition of Sonatide joint venture (see Note 8) — (59,678 ) Other — (563 ) Balance at June 30, 2022 $ 2,288 $ 12,215 |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity and Dilutive Equity Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In Thousands) Three Months Ended June 30, 2022 June 30, 2021 Balance at March 31, 2022 and 2021 $ 2,471 $ (875 ) Unrealized loss on note receivable (846 ) — Pension benefits recognized in OCI 138 (207 ) Balance at June 30, 2022 and 2021 $ 1,763 $ (1,082 ) (In Thousands) Six Months Ended June 30, 2022 June 30, 2021 Balance at December 31, 2021 and 2020 $ 2,668 $ (804 ) Unrealized loss on note receivable (846 ) — Pension benefits recognized in OCI (59 ) (278 ) Balance at June 30, 2022 and 2021 $ 1,763 $ (1,082 ) |
Schedule of Total Shares Outstanding Including Warrants and Restricted Stock Units [Table Text Block] | Total shares outstanding including warrants, restricted stock units and stock options June 30, 2022 June 30, 2021 Common shares outstanding 42,029,882 41,000,575 New creditor warrants (strike price $ 0.001 395,401 639,354 GulfMark creditor warrants (strike price $ 0.01 309,351 669,601 SPO acquisition warrants (strike price $ 0.001 8,100,000 — Restricted stock units and stock options 1,627,083 1,623,635 Total 52,461,717 43,933,165 |
Note 8 - Affiliates Balances (T
Note 8 - Affiliates Balances (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed [Table Text Block] | (In Thousands) Assets Current assets $ 12,894 Net properties and equipment and other assets 2,908 Total assets 15,802 Liabilities Current liabilities 283 Other liabilities 2,996 Total liabilities 3,279 Net assets acquired 11,223 Bargain purchase gain $ 1,300 |
Note 9 - Employee Benefit Pla_2
Note 9 - Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | (In Thousands) Three Months Ended Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Pension Benefits: Interest cost $ 579 $ 543 $ 1,157 $ 1,086 Expected return on plan assets (751 ) (544 ) (1,503 ) (1,087 ) Amortization of net actuarial losses 16 37 32 73 Net periodic pension cost (benefit) $ (156 ) $ 36 $ (314 ) $ 72 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | (In Thousands) June 30, 2022 December 31, 2021 Senior secured bonds: 8.50% $ 175,000 $ 175,000 Debt discount and issuance costs (6,721 ) (7,115 ) Total long-term debt $ 168,279 $ 167,885 |
Note 13 - Properties and Equi_2
Note 13 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In Thousands) June 30, 2022 December 31, 2021 Properties and equipment: Vessels and related equipment $ 1,078,120 $ 898,649 Other properties and equipment 30,239 19,625 1,108,359 918,274 Less accumulated depreciation and amortization 269,747 230,234 Properties and equipment, net $ 838,612 $ 688,040 |
Schedule of Accrued Liabilities [Table Text Block] | (In Thousands) June 30, 2022 December 31, 2021 Payroll and related payables $ 34,021 $ 18,627 Accrued vessel expenses 52,455 19,662 Accrued interest expense 1,859 1,859 Other accrued expenses 20,877 11,586 $ 109,212 $ 51,734 |
Other Current Liabilities [Table Text Block] | (In Thousands) June 30, 2022 December 31, 2021 Taxes payable $ 43,144 $ 18,977 Other 4,728 4,888 $ 47,872 $ 23,865 |
Other Liabilities [Table Text Block] | (In Thousands) June 30, 2022 December 31, 2021 Pension liabilities $ 25,192 $ 26,872 Liability for uncertain tax positions 46,092 29,283 Other 13,904 12,029 $ 85,188 $ 68,184 |
Note 14 - Segment and Geograp_2
Note 14 - Segment and Geographic Distribution of Operations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In Thousands) Three Months Ended Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Revenues: Vessel revenues: Americas $ 37,520 $ 23,481 $ 65,964 $ 49,705 Asia Pacific 16,362 4,870 21,259 8,442 Middle East 28,396 20,758 48,614 41,600 Europe/Mediterranean 32,475 22,467 56,394 37,216 West Africa 47,422 16,938 73,820 32,544 Other operating revenues 1,272 1,439 3,125 3,950 Total $ 163,447 $ 89,953 $ 269,176 $ 173,457 Vessel operating profit (loss): Americas $ 5,930 $ (4,940 ) $ 5,848 $ (6,591 ) Asia Pacific (899 ) 1,722 1,274 1,667 Middle East (307 ) (1,456 ) (2,190 ) (3,254 ) Europe/Mediterranean 4,262 (1,986 ) 1,833 (10,007 ) West Africa 9,270 (5,355 ) 12,485 (12,122 ) Other operating profit 790 858 2,282 2,302 19,046 (11,157 ) 21,532 (28,005 ) Corporate expenses (15,909 ) (9,070 ) (26,412 ) (16,575 ) Long-lived asset impairment credit — — 500 — Affiliate credit loss impairment credit — 1,000 — 1,000 Loss on asset dispositions, net (1,297 ) (932 ) (1,090 ) (2,880 ) Operating income (loss) $ 1,840 $ (20,159 ) $ (5,470 ) $ (46,460 ) Depreciation and amortization: Americas $ 7,503 $ 7,382 $ 14,619 $ 15,389 Asia Pacific 2,080 1,199 2,929 2,436 Middle East 6,421 5,322 11,827 10,965 Europe/Mediterranean 6,958 7,225 13,720 14,709 West Africa 8,002 6,580 13,743 13,150 Corporate 802 841 1,585 1,627 Total $ 31,766 $ 28,549 $ 58,423 $ 58,276 Additions to properties and equipment: Americas $ 538 $ — $ 538 $ — Asia Pacific 19 (50 ) 19 (42 ) Middle East 2,048 — 2,072 — Europe/Mediterranean 169 287 445 593 West Africa 340 59 690 554 Corporate 1,037 369 1,616 756 Total $ 4,151 $ 665 $ 5,380 $ 1,861 (In Thousands) June 30, 2022 December 31, 2021 Total assets: Americas $ 312,606 $ 278,394 Asia Pacific 141,841 28,564 Middle East 209,336 154,723 Europe/Mediterranean 285,910 293,760 West Africa 293,536 223,988 Corporate 39,506 116,351 $ 1,282,735 $ 1,095,780 |
Note 15 - Asset Dispositions,_2
Note 15 - Asset Dispositions, Assets Held for Sale and Asset Impairments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disclosure of Long-Lived Assets Held-for-sale [Table Text Block] | (In Thousands, except number of vessels) Three Months Ended Number of Vessels June 30, 2022 Number of Vessels June 30, 2021 Beginning balance 12 $ 8,591 20 $ 31,214 Additions 1 2,500 — — Sales (4 ) (4,229 ) (5 ) (11,000 ) Transfers — — (1 ) (3,000 ) Ending balance 9 $ 6,862 14 $ 17,214 (In Thousands, except number of vessels) Six Months Ended Number of Vessels June 30, 2022 Number of Vessels June 30, 2021 Beginning balance 18 $ 14,421 23 $ 34,396 Additions 1 2,500 — — Sales (9 ) (8,559 ) (8 ) (14,182 ) Transfers (1 ) (1,500 ) (1 ) (3,000 ) Ending balance 9 $ 6,862 14 $ 17,214 |
Note 3 - Acquisition of Swire_3
Note 3 - Acquisition of Swire Pacific Offshore Holdings Ltd (Details Textual) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | |
Apr. 22, 2022 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Warrans Issued to Acquire Swire Pacific Offshore Holdings Ltd. [Member] | ||||
Class of Warrant or Right, Issued During Period, Exercise Price (in dollars per share) | $ / shares | $ 0.001 | |||
Swire Pacific Offshore Holdings Ltd. [Member] | ||||
Number of Vessels, Offshore Support | 50 | |||
Payments to Acquire Businesses, Gross | $ 42,000 | |||
Payments to Acquire Businesses, Preclosing Working Capital Adjustments | 19,600 | |||
Business Combination, Consideration Transferred, Total | 223,500 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 43,200 | |||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 5,300 | |||
Business Combination, Acquisition Related Costs | $ 7,200 | $ 9,400 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | $ 179,707 | 179,700 | 179,700 | $ 179,700 |
Property, Plant and Equipment, Original Lie of Asset (Year) | 20 years | |||
Goodwill, Ending Balance | $ 0 | $ 0 | $ 0 | |
Swire Pacific Offshore Holdings Ltd. [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 1 year | |||
Swire Pacific Offshore Holdings Ltd. [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 16 years | |||
Swire Pacific Offshore Holdings Ltd. [Member] | Warrans Issued to Acquire Swire Pacific Offshore Holdings Ltd. [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 8,100,000 |
Note 3 - Acquisition of Swire_4
Note 3 - Acquisition of Swire Pacific Offshore Holdings Ltd - Provisional Amounts for Acquired Assets and Liabilities (Details) - Swire Pacific Offshore Holdings Ltd. [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Apr. 22, 2022 | Dec. 31, 2021 |
Assets | |||
Cash | $ 33,152 | ||
Trade and other receivables | 64,621 | ||
Marine operating supplies | 5,122 | ||
Assets held for sale | 2,500 | ||
Prepaid expenses and other current assets | 5,232 | ||
Net properties and equipment | $ 179,700 | 179,707 | |
Indemnification assets (A) | $ 30,269 | 32,279 | $ 0 |
Other assets | 1,153 | ||
Total assets | 323,766 | ||
Accounts payable | 1,594 | ||
Accrued expenses | 54,924 | ||
Other current liabilities | 26,856 | ||
Other liabilities | 16,886 | ||
Total liabilities | 100,260 | ||
Net assets acquired | $ 223,506 |
Note 3 - Acquisition of Swire_5
Note 3 - Acquisition of Swire Pacific Offshore Holdings Ltd - Proforma Results (Details) - Swire Pacific Offshore Holdings Ltd. [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Revenues | $ 336,275 | $ 578,506 |
Net loss | $ (38,808) | $ (143,509) |
Note 4 - Allowance for Credit_3
Note 4 - Allowance for Credit Losses - Schedule for Allowance for Credit Losses on Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Affiliate credit loss impairment credit | $ 0 | $ (1,000) | $ 0 | $ (1,000) |
Trade Accounts Receivable [Member] | ||||
Balance | 1,948 | |||
Affiliate credit loss impairment credit | 340 | |||
Acquisition of Sonatide joint venture (see Note 8) | 0 | |||
Other | 0 | |||
Balance | 2,288 | 2,288 | ||
Due from Affiliate [Member] | ||||
Balance | 72,456 | |||
Affiliate credit loss impairment credit | 0 | |||
Acquisition of Sonatide joint venture (see Note 8) | (59,678) | |||
Other | (563) | |||
Balance | $ 12,215 | $ 12,215 |
Note 5 - Revenue Recognition (D
Note 5 - Revenue Recognition (Details Textual) - Vessel [Member] $ in Millions | Jun. 30, 2022 USD ($) |
Prepaid Expenses and Other Current Assets [Member] | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | $ 2.7 |
Other Assets [Member] | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | 3.3 |
Other Current Liabilities [Member] | |
Contract with Customer, Liability, Current | $ 1.6 |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity and Dilutive Equity Instruments (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Jun. 24, 2022 | Jun. 30, 2022 | Apr. 22, 2022 | Jun. 30, 2021 |
Out-of-the-money Warrants [Member] | ||||
Class of Warrant or Right, Outstanding (in shares) | 5,923,399 | 5,923,399 | ||
Series A Warrants [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 57.06 | $ 57.06 | ||
Series B Warrants [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | 62.28 | 62.28 | ||
GLF Equity Warrants [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 100 | $ 100 | ||
Warrans Issued to Acquire Swire Pacific Offshore Holdings Ltd. [Member] | ||||
Fair Value Adjustment of Warrants | $ 14.2 | |||
Share Price (in dollars per share) | $ 21.83 | $ 20.08 | ||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 176.8 |
Note 6 - Stockholders' Equity_4
Note 6 - Stockholders' Equity and Dilutive Equity Instruments - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Balance | $ 689,742 | $ 788,711 | $ 701,769 | $ 823,272 |
Unrealized loss on note receivable | (846) | 0 | (846) | 0 |
Balance | 841,647 | 759,738 | 841,647 | 759,738 |
AOCI Attributable to Parent [Member] | ||||
Balance | 2,471 | (875) | 2,668 | (804) |
Unrealized loss on note receivable | (846) | 0 | (846) | 0 |
Balance | 1,763 | (1,082) | 1,763 | (1,082) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Before reclassifications | $ 138 | $ (207) | $ (59) | $ (278) |
Note 6 - Stockholders' Equity_5
Note 6 - Stockholders' Equity and Dilutive Equity Instruments - Dilutive Equity Instruments (Details) - shares | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Common stock, shares outstanding (in shares) | 42,029,882 | 41,307,617 | 41,000,575 | |
Total (in shares) | 52,461,717 | 43,933,165 | ||
Restricted Stock Units and Stock Options [Member] | ||||
Common stock shares reserved (in shares) | 1,627,083 | 1,623,635 | ||
New Creditor Warrants [Member] | ||||
Common stock shares reserved (in shares) | 395,401 | 639,354 | ||
GulfMark Creditor Warrants [Member] | ||||
Common stock shares reserved (in shares) | 309,351 | 669,601 | ||
SPO Acquisition Warrants [Member] | ||||
Common stock shares reserved (in shares) | [1] | 8,100,000 | 0 | |
[1]The Share Purchase Agreement for SPO included a provision under which the former parent of SPO agreed to indemnify us for certain liabilities and could settle these liabilities, at their option, with cash or SPO acquisition warrants. This provision caused the SPO acquisition warrants to be classified as liabilities which requires a mark to market valuation primarily based on the change in our share price at each reporting period. Absent this provision, the SPO acquisition warrants would have been classified as equity in our balance sheet with the value included in additional paid in capital. On June 24, 2022, we amended the Share Purchase Agreement revising the provision to require our consent to use the warrants to satisfy any indemnity liabilities. We recognized a loss associated with the mark to market adjustment on June 24, 2022 totaling $14.2 million based on the share price of $21.83 per share on June 24, 2022 compared to the Merger Date share price of $20.08 per share. The SPO acquisition warrants were reclassified from liabilities to additional paid in capital at the adjusted amount of $176.8 million. |
Note 6 - Stockholders' Equity_6
Note 6 - Stockholders' Equity and Dilutive Equity Instruments - Dilutive Equity Instruments (Details) (Parentheticals) - $ / shares | Jun. 30, 2022 | Jun. 30, 2021 |
New Creditor Warrants [Member] | ||
Strike price per common share (in dollars per share) | $ 0.001 | $ 0.001 |
GulfMark Creditor Warrants [Member] | ||
Strike price per common share (in dollars per share) | 0.01 | 0.01 |
SPO Acquisition Warrants [Member] | ||
Strike price per common share (in dollars per share) | $ 0.001 | $ 0.001 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2022 | Dec. 31, 2021 | |
Deferred Tax Assets, Net, Total | $ 258.6 | $ 202.8 | |
Deferred Tax Assets, Valuation Allowance, Total | 260.9 | $ 204.9 | |
Income Tax Benefit, Cares Act | $ 6.9 | ||
SPO [Member] | |||
Deferred Tax Assets, Net, Total | 55 | ||
Deferred Tax Assets, Valuation Allowance, Total | $ 55 |
Note 8 - Affiliates Balances (D
Note 8 - Affiliates Balances (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jan. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2022 | |
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,300 | $ 0 | |||||
Number of Vessels | 135 | 187 | |||||
DTDW [Member] | |||||||
Equity Method Investment, Ownership Percentage by Other Owners | 60% | 60% | |||||
Equity Method Investment, Ownership Percentage | 40% | 40% | |||||
Number of Vessels | 1 | ||||||
Sonatide [Member] | |||||||
Equity Method Investment, Ownership Percentage by Other Owners | 51% | 51% | |||||
Sonatide [Member] | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 49% | 49% | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 51% | ||||||
Payments to Acquire Businesses, Gross | $ 11,200 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 1,000 | $ 2,000 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 200 | 100 | |||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,300 | ||||||
Business Acquisition, Pro Forma Revenue | $ 375,400 | ||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 129,200 | ||||||
Sonatide [Member] | Interest Income and Other, Net [Member] | |||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,300 |
Note 8 - Affiliates Balances -
Note 8 - Affiliates Balances - Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Liabilities | |||
Bargain purchase gain | $ 1,300 | $ 0 | |
Sonatide [Member] | |||
Assets | |||
Current assets | $ 12,894 | ||
Net properties and equipment and other assets | 2,908 | ||
Total assets | 15,802 | ||
Liabilities | |||
Current liabilities | 283 | ||
Other liabilities | 2,996 | ||
Total liabilities | 3,279 | ||
Net assets acquired | 11,223 | ||
Bargain purchase gain | $ 1,300 |
Note 9 - Employee Benefit Pla_3
Note 9 - Employee Benefit Plans (Details Textual) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0.8 | $ 0.8 | |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 0.8 | ||
Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 22.5 | $ 22.7 |
Note 9 - Employee Benefit Pla_4
Note 9 - Employee Benefit Plans - Net Periodic Benefit Costs (Details) - Pension Plan And Supplemental Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest cost | $ 579 | $ 543 | $ 1,157 | $ 1,086 |
Expected return on plan assets | (751) | (544) | (1,503) | (1,087) |
Amortization of net actuarial losses | 16 | 37 | 32 | 73 |
Net periodic pension cost (benefit) | $ (156) | $ 36 | $ (314) | $ 72 |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Restricted Cash, Current | $ 1,240 | $ 1,240 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000 | |
Long-Term Line of Credit, Total | 0 | |
Nordic Bond [Member] | ||
Debt Instrument, Fair Value Disclosure, Total | $ 178,700 | $ 177,600 |
Note 10 - Debt - Summary of Deb
Note 10 - Debt - Summary of Debt Outstanding (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Debt discount and issuance costs | $ (6,721) | $ (7,115) | |
Total long-term debt | 168,279 | 167,885 | |
The 8.00% Senior Secured Notes due August 2022 [Member] | |||
Long-term debt, gross | [1],[2] | $ 175,000 | $ 175,000 |
[1]As of March 31, 2022 and December 31, 2021 the fair value (Level 2) of the Senior Secured Notes was $184.3 million and $177.6 million, respectively.[2]The $5.0 million restricted cash on the balance sheet at March 31, 2022, represents the prorata amount due for our next semiannual interest payment obligation. |
Note 10 - Debt - Summary of D_2
Note 10 - Debt - Summary of Debt Outstanding (Details) (Parentheticals) | Jun. 30, 2022 | Dec. 31, 2021 |
The 8.00% Senior Secured Notes due August 2022 [Member] | ||
Interest rate | 8.50% | 8.50% |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment and Tax | $ (0.8) |
Debt Security, Corporate, Non-US [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 8.75% |
PEMEX [Member] | |
Accounts Receivable, before Allowance for Credit Loss, Current | $ 8.6 |
Note 13 - Properties and Equi_3
Note 13 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities (Details Textual) | 3 Months Ended | 6 Months Ended |
Dec. 31, 2021 | Jun. 30, 2022 | |
Number of Vessels | 135 | 187 |
Number of Vessels, Held for Sale | 18 | 9 |
Note 13 - Properties and Equi_4
Note 13 - Properties and Equipment, Accrued Expenses, Other Current Liabilities and Other Liabilities - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Vessels and related equipment | $ 1,078,120 | $ 898,649 |
Other properties and equipment | 30,239 | 19,625 |
Property, Plant and Equipment, Gross, Ending Balance | 1,108,359 | 918,274 |
Less accumulated depreciation and amortization | 269,747 | 230,234 |
Properties and equipment, net | $ 838,612 | $ 688,040 |
Note 13 - Properties and Equi_5
Note 13 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payroll and related payables | $ 34,021 | $ 18,627 |
Accrued vessel expenses | 52,455 | 19,662 |
Accrued interest expense | 1,859 | 1,859 |
Other accrued expenses | 20,877 | 11,586 |
Accrued Liabilities, Current, Total | $ 109,212 | $ 51,734 |
Note 13 - Properties and Equi_6
Note 13 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities - Summary of Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Taxes payable | $ 43,144 | $ 18,977 |
Other | 4,728 | 4,888 |
Other Liabilities, Current | $ 47,872 | $ 23,865 |
Note 13 - Properties and Equi_7
Note 13 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities - Other liabilities and Deferred Credits (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Pension liabilities | $ 25,192 | $ 26,872 |
Liability for uncertain tax positions | 46,092 | 29,283 |
Other | 13,904 | 12,029 |
Other Liabilities, Noncurrent | $ 85,188 | $ 68,184 |
Note 14 - Segment and Geograp_3
Note 14 - Segment and Geographic Distribution of Operations (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
Number of Operating Segments | 5 |
Note 14 - Segment and Geograp_4
Note 14 - Segment and Geographic Distribution of Operations - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenue | $ 163,447 | $ 89,953 | $ 269,176 | $ 173,457 | |
Corporate expenses | 161,607 | 110,112 | 274,646 | 219,917 | |
Long-lived asset impairment credit | 0 | 0 | 500 | 0 | |
Affiliate credit loss impairment credit | 0 | 1,000 | 0 | 1,000 | |
Loss on asset dispositions, net | (1,297) | (932) | (1,090) | (2,880) | |
Operating income (loss) | 1,840 | (20,159) | (5,470) | (46,460) | |
Depreciation and amortization | 31,766 | 28,549 | 58,423 | 58,276 | |
Property Plant And Equipment Additions | 4,151 | 665 | 5,380 | 1,861 | |
Total Assets | 1,282,735 | 1,282,735 | $ 1,095,780 | ||
Vessel [Member] | |||||
Revenue | 162,175 | 88,514 | 266,051 | 169,507 | |
Product and Service, Other [Member] | |||||
Revenue | 1,272 | 1,439 | 3,125 | 3,950 | |
Operating Segments [Member] | |||||
Revenue | 163,447 | 89,953 | 269,176 | 173,457 | |
Gross Profit | 19,046 | (11,157) | 21,532 | (28,005) | |
Operating Segments [Member] | Product and Service, Other [Member] | |||||
Revenue | 1,272 | 1,439 | 3,125 | 3,950 | |
Gross Profit | 790 | 858 | 2,282 | 2,302 | |
Operating Segments [Member] | Americas [Member] | |||||
Depreciation and amortization | 7,503 | 7,382 | 14,619 | 15,389 | |
Property Plant And Equipment Additions | 538 | 0 | 538 | 0 | |
Total Assets | 312,606 | 312,606 | 278,394 | ||
Operating Segments [Member] | Americas [Member] | Vessel [Member] | |||||
Revenue | 37,520 | 23,481 | 65,964 | 49,705 | |
Gross Profit | 5,930 | (4,940) | 5,848 | (6,591) | |
Operating Segments [Member] | Asia Pacific [Member] | |||||
Depreciation and amortization | 2,080 | 1,199 | 2,929 | 2,436 | |
Property Plant And Equipment Additions | 19 | (50) | 19 | (42) | |
Total Assets | 141,841 | 141,841 | 28,564 | ||
Operating Segments [Member] | Asia Pacific [Member] | Vessel [Member] | |||||
Revenue | 16,362 | 4,870 | 21,259 | 8,442 | |
Gross Profit | (899) | 1,722 | 1,274 | 1,667 | |
Operating Segments [Member] | Middle East [Member] | |||||
Depreciation and amortization | 6,421 | 5,322 | 11,827 | 10,965 | |
Property Plant And Equipment Additions | 2,048 | 0 | 2,072 | 0 | |
Total Assets | 209,336 | 209,336 | 154,723 | ||
Operating Segments [Member] | Middle East [Member] | Vessel [Member] | |||||
Revenue | 28,396 | 20,758 | 48,614 | 41,600 | |
Gross Profit | (307) | (1,456) | (2,190) | (3,254) | |
Operating Segments [Member] | Europe and Mediterranean [Member] | |||||
Depreciation and amortization | 6,958 | 7,225 | 13,720 | 14,709 | |
Property Plant And Equipment Additions | 169 | 287 | 445 | 593 | |
Total Assets | 285,910 | 285,910 | 293,760 | ||
Operating Segments [Member] | Europe and Mediterranean [Member] | Vessel [Member] | |||||
Revenue | 32,475 | 22,467 | 56,394 | 37,216 | |
Gross Profit | 4,262 | (1,986) | 1,833 | (10,007) | |
Operating Segments [Member] | West Africa [Member] | |||||
Depreciation and amortization | 8,002 | 6,580 | 13,743 | 13,150 | |
Property Plant And Equipment Additions | 340 | 59 | 690 | 554 | |
Total Assets | 293,536 | 293,536 | 223,988 | ||
Operating Segments [Member] | West Africa [Member] | Vessel [Member] | |||||
Revenue | 47,422 | 16,938 | 73,820 | 32,544 | |
Gross Profit | 9,270 | (5,355) | 12,485 | (12,122) | |
Corporate, Non-Segment [Member] | |||||
Corporate expenses | (15,909) | (9,070) | (26,412) | (16,575) | |
Depreciation and amortization | 802 | 841 | 1,585 | 1,627 | |
Property Plant And Equipment Additions | 1,037 | $ 369 | 1,616 | $ 756 | |
Total Assets | $ 39,506 | $ 39,506 | $ 116,351 |
Note 15 - Asset Dispositions,_3
Note 15 - Asset Dispositions, Assets Held for Sale and Asset Impairments (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 | |
Number of Vessels, Held for Sale, Addition | 1 | ||||
Number Of Vessels Sold Or Scrapped | 9 | ||||
Number of Vessels, Held for Sale, Reactivation | 1 | ||||
Number of Vessels, Held for Sale | 9 | 18 | |||
Asset Held For Sale, Net Book Value | $ 6,900 | ||||
Number of Active Vessels Sold | 0 | 5 | |||
Number of Vessels, Held for Sale, Sold | 8 | ||||
Proceeds from Sale of Vessels | $ 8,200 | $ 29,400 | |||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | (1,100) | (2,900) | |||
Proceeds from Sale of Productive Assets, Total | 8,163 | 29,560 | |||
Impairment Charge Recaptured | $ 500 | ||||
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 0 | |||
Third-party Operator, Family Member of Director [Member] | |||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 4,300 | ||||
Proceeds from Sale of Productive Assets, Total | $ 11,400 |
Note 15 - Asset Dispositions,_4
Note 15 - Asset Dispositions, Assets Held for Sale and Asset Impairments - Activity in Assets Held for Sale (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Beginning balance | 18 | |||
Additions | 1 | |||
Sales | (8) | |||
Transfers | 0 | (1) | (1) | (1) |
Transfers | $ 0 | $ (3,000) | $ (1,500) | $ (3,000) |
Ending balance | 9 | 9 | ||
Vessels Held for Sale [Member] | ||||
Beginning balance | 12 | 20 | 18 | 23 |
Beginning balance | $ 8,591 | $ 31,214 | $ 14,421 | $ 34,396 |
Additions | 1 | 0 | 1 | 0 |
Additions | $ 2,500 | $ 0 | $ 2,500 | $ 0 |
Sales | (4) | (5) | (9) | (8) |
Sales | $ (4,229) | $ (11,000) | $ (8,559) | $ (14,182) |
Ending balance | 9 | 14 | 9 | 14 |
Ending balance | $ 6,862 | $ 17,214 | $ 6,862 | $ 17,214 |