Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
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 | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 52,666,949 | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase shares of common stock | |
Trading Symbol | TDW.WS | |
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, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 171,261 | $ 164,192 |
Restricted cash | 1,242 | 1,241 |
Trade and other receivables, less allowance for credit losses of $14,758 and $14,060 at June 30, 2023 and December 31, 2022, respectively | 195,906 | 156,465 |
Marine operating supplies | 22,495 | 30,830 |
Assets held for sale | 630 | 4,195 |
Prepaid expenses and other current assets | 18,958 | 20,985 |
Total current assets | 410,492 | 377,908 |
Net properties and equipment | 784,873 | 796,655 |
Deferred drydocking and survey costs | 92,481 | 61,080 |
Other assets | 33,640 | 33,644 |
Total assets | 1,344,164 | 1,297,656 |
Current liabilities: | ||
Accounts payable | 69,822 | 38,946 |
Accrued expenses | 91,875 | 105,518 |
Current portion of long-term debt | 2,441 | 0 |
Other current liabilities | 42,305 | 50,323 |
Total current liabilities | 206,443 | 194,787 |
Long-term debt | 179,573 | 169,036 |
Other liabilities | 65,621 | 67,843 |
Commitments and contingencies | ||
Equity: | ||
Common stock of $0.001 par value, 125,000,000 shares authorized, 50,895,235 and 50,554,179 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 51 | 51 |
Additional paid-in capital | 1,554,793 | 1,556,990 |
Accumulated deficit | (666,327) | (699,649) |
Accumulated other comprehensive income | 4,566 | 8,576 |
Total stockholders’ equity | 893,083 | 865,968 |
Noncontrolling interests | (556) | 22 |
Total equity | 892,527 | 865,990 |
Total liabilities and equity | 1,344,164 | 1,297,656 |
Swire Pacific Offshore Holdings Ltd. [Member] | ||
Current assets: | ||
Indemnification assets | $ 22,678 | $ 28,369 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
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) | 50,895,235 | 50,554,179 |
Common stock, shares outstanding (in shares) | 50,895,235 | 50,554,179 |
Trade Accounts Receivable [Member] | ||
Allowance for credit losses | $ 14,758 | $ 14,060 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unuadited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Revenue | $ 214,961 | $ 163,447 | $ 408,065 | $ 269,176 |
Costs and expenses: | ||||
Vessel operating costs | 118,264 | 100,257 | 233,723 | 168,768 |
Costs of other operating revenues | 373 | 483 | 1,524 | 844 |
General and administrative | 26,013 | 27,804 | 49,558 | 46,021 |
Depreciation and amortization | 32,768 | 31,766 | 63,434 | 58,423 |
Long-lived asset impairment credit | 0 | 0 | 0 | (500) |
(Gain) loss on asset dispositions, net | (1,404) | 1,297 | (3,620) | 1,090 |
Total costs and expenses | 176,014 | 161,607 | 344,619 | 274,646 |
Operating income (loss) | 38,947 | 1,840 | 63,446 | (5,470) |
Other income (expense): | ||||
Foreign exchange loss | (3,819) | (1,881) | (1,471) | (935) |
Equity in net earnings (losses) of unconsolidated companies | 25 | (244) | 25 | (244) |
Interest income and other, net | 2,790 | 349 | 2,920 | 3,835 |
Loss on warrants | 0 | (14,175) | 0 | (14,175) |
Interest and other debt costs, net | (4,731) | (4,284) | (8,921) | (8,459) |
Total other expense | (5,735) | (20,235) | (7,447) | (19,978) |
Income (loss) before income taxes | 33,212 | (18,395) | 55,999 | (25,448) |
Income tax expense | 11,284 | 6,619 | 23,255 | 11,837 |
Net income (loss) | 21,928 | (25,014) | 32,744 | (37,285) |
Net income (loss) attributable to noncontrolling interests | (656) | 567 | (578) | 464 |
Net income (loss) attributable to Tidewater Inc. | $ 22,584 | $ (25,581) | $ 33,322 | $ (37,749) |
Basic income (loss) per common share (in dollars per share) | $ 0.44 | $ (0.61) | $ 0.66 | $ (0.91) |
Diluted income (loss) per common share (in dollars per share) | $ 0.43 | $ (0.61) | $ 0.64 | $ (0.91) |
Weighted average common shares outstanding (in shares) | 50,857 | 41,814 | 50,731 | 41,614 |
Dilutive effect of warrants, restricted stock units and stock options (in shares) | 1,148 | 0 | 1,260 | 0 |
Adjusted weighted average common shares (in shares) | 52,005 | 41,814 | 51,991 | 41,614 |
Vessel [Member] | ||||
Revenues: | ||||
Revenue | $ 210,323 | $ 162,175 | $ 401,503 | $ 266,051 |
Product and Service, Other [Member] | ||||
Revenues: | ||||
Revenue | $ 4,638 | $ 1,272 | $ 6,562 | $ 3,125 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income (loss) | $ 21,928 | $ (25,014) | $ 32,744 | $ (37,285) |
Other comprehensive income (loss): | ||||
Unrealized loss on note receivable | (184) | (846) | (316) | (846) |
Change in liability of pension plans | (3,504) | 138 | (3,694) | (59) |
Total comprehensive income (loss) | $ 18,240 | $ (25,722) | $ 28,734 | $ (38,190) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities: | ||
Net income (loss) | $ 32,744 | $ (37,285) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 42,144 | 40,287 |
Amortization of deferred drydocking and survey costs | 21,290 | 18,136 |
Amortization of debt premium and discounts | 842 | 765 |
Provision for deferred income taxes | 34 | 145 |
(Gain) loss on asset dispositions, net | (3,620) | 1,090 |
Gain on pension settlement | (1,807) | 0 |
Gain on bargain purchase | 0 | (1,300) |
Long-lived asset impairment credit | 0 | (500) |
Loss on warrants | 0 | 14,175 |
Stock-based compensation expense | 4,751 | 3,421 |
Changes in assets and liabilities, net of effects of business acquisition: | ||
Trade and other receivables | (37,919) | (35,085) |
Changes in due to/from affiliates, net | 0 | (20) |
Accounts payable | 30,876 | 8,072 |
Accrued expenses | (13,544) | 2,354 |
Deferred drydocking and survey costs | (52,691) | (31,063) |
Other, net | (565) | (16,419) |
Net cash provided by (used in) operating activities | 22,535 | (33,227) |
Cash flows from investing activities: | ||
Proceeds from asset dispositions | 8,659 | 8,163 |
Acquisitions, net of cash acquired | 0 | (29,525) |
Additions to properties and equipment | (17,500) | (5,380) |
Net cash used in investing activities | (8,841) | (26,742) |
Cash flows from financing activities: | ||
Acquisition of non-controlling interest in a majority owned subsidiary | (1,427) | 0 |
Debt issuance and modification costs | 0 | (371) |
Tax on share-based awards | (5,521) | (2,176) |
Net cash used in financing activities | (6,948) | (2,547) |
Net change in cash, cash equivalents and restricted cash | 6,746 | (62,516) |
Cash, cash equivalents and restricted cash at beginning of period | 167,977 | 154,276 |
Cash, cash equivalents and restricted cash at end of period | 174,723 | 91,760 |
Supplemental disclosure of cash flow information: | ||
Interest, net of amounts capitalized | 7,846 | 7,626 |
Income taxes | 27,201 | 9,330 |
Supplemental disclosure of noncash investing activities: | ||
Acquisition of SPO | 0 | 162,648 |
Purchase of three vessels | 12,171 | 0 |
Warrants issued for SPO acquisition | 0 | 162,648 |
Debt incurred for purchase of three vessels | $ 12,171 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at March 31, 2023 and 2022 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) |
Amortization of share-based awards | 0 | 1,245 | 0 | 0 | 0 | 1,245 |
SPO acquisition warrants | 0 | 176,823 | 0 | 0 | 0 | 176,823 |
Issuance of common stock | 1 | (1) | 0 | 0 | 0 | 0 |
Balance at June 30, 2023 and 2022 at Jun. 30, 2022 | 42 | 1,554,561 | (715,649) | 1,763 | 930 | 841,647 |
Balance at March 31, 2023 and 2022 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) |
Amortization of share-based awards | 0 | 804 | 0 | 0 | 0 | 804 |
SPO acquisition warrants | 0 | 176,823 | 0 | 0 | 0 | 176,823 |
Balance at June 30, 2023 and 2022 at Jun. 30, 2022 | 42 | 1,554,561 | (715,649) | 1,763 | 930 | 841,647 |
Balance at March 31, 2023 and 2022 at Dec. 31, 2022 | 51 | 1,556,990 | (699,649) | 8,576 | 22 | 865,990 |
Total comprehensive income (loss) | 0 | 0 | 33,322 | (4,010) | (578) | 28,734 |
Amortization of share-based awards | 0 | (770) | 0 | 0 | 0 | (770) |
Acquisition of non-controlling interest in a majority owned subsidiary | (1,427) | 0 | 0 | 0 | (1,427) | |
Balance at June 30, 2023 and 2022 at Jun. 30, 2023 | 51 | 1,554,793 | (666,327) | 4,566 | (556) | 892,527 |
Balance at March 31, 2023 and 2022 at Mar. 31, 2023 | 51 | 1,553,919 | (688,911) | 8,254 | 100 | 873,413 |
Total comprehensive income (loss) | 0 | 0 | 22,584 | (3,688) | (656) | 18,240 |
Amortization of share-based awards | 0 | 874 | 0 | 0 | 0 | 874 |
Balance at June 30, 2023 and 2022 at Jun. 30, 2023 | $ 51 | $ 1,554,793 | $ (666,327) | $ 4,566 | $ (556) | $ 892,527 |
Note 1 - Interim Financial Stat
Note 1 - Interim Financial Statements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 INTERIM FINANCIAL STATEMENTS The accompanying unaudited condensed consolidated financial statements reflect the financial position, results of operations, comprehensive income, cash flows, and changes in stockholders’ equity of Tidewater Inc., a Delaware corporation, and its consolidated subsidiaries, collectively referred to as the “company”, “Tidewater”, “we”, “our”, or “us”. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, certain information and disclosures normally included in our annual financial statements have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10 December 31, 2022 February 27, 2023 ( 2022 not may Our financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all subsidiaries (entities in which we have a controlling financial interest), and all intercompany accounts and transactions have been eliminated. We use the equity method to account for equity investments over which we exercise significant influence but do not not Certain prior year amounts have been reclassified to conform to the current year presentation. Unless otherwise specified, all per share information included in this document is on a diluted basis. |
Note 2 - Recently Issued or Ado
Note 2 - Recently Issued or Adopted Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | ( 2 RECENTLY ISSUED OR ADOPTED ACCOUNTING PRONOUNCEMENTS In September 2022, 2022 04, December 15, 2022, January 1, 2023 not In October 2021, 2021 08, 805, 606, December 15, 2022, January 1, 2023, not |
Note 3 - Acquisitions of Swire
Note 3 - Acquisitions of Swire Pacific Offshore Holdings LTD | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 3 ACQUISITION OF SWIRE PACIFIC OFFSHORE HOLDINGS LTD On April 22, 2022 ( one Assets acquired and liabilities assumed in the business combination were recorded at their estimated fair values as of the Closing Date under the acquisition method of accounting. As of March 31, 2023, (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 4,174 Net properties and equipment 174,415 Indemnification assets (A) 32,279 Other assets 1,153 Total assets 317,416 Liabilities Accounts payable 1,594 Accrued expenses 54,924 Other current liabilities 28,511 Other liabilities 16,886 Total liabilities 101,915 Net assets acquired $ 215,501 (A) Consists primarily of tax liabilities existing at the Closing 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 consist of various advisory, legal, accounting, travel, training, valuation and other professional fees totaling $0.1 million and $0.8 million for the three six June 30, 2023, . three six June 30, 2022, The unaudited supplemental pro forma results present consolidated information as if the business combination were completed on January 1, 2022. not may (In Thousands) Period from January 1, 2022 to June 30, 2022 Revenues $ 336,275 Net loss $ (38,808 ) |
Note 4 - Allowance for Credit L
Note 4 - Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 Trade (In Thousands) and Other Receivables Balance at January 1, 2023 $ 14,060 Current period provision for expected credit losses 2,679 Write offs (1,484 ) Other (497 ) Balance at June 30, 2023 $ 14,758 The balance in our allowance for credit losses at June 30, 2023 December 31, 2022 |
Note 5 - Revenue Recognition
Note 5 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 5 REVENUE RECOGNITION See “Note ( 13 Contract Balances At June 30, 2023 At June 30, 2023 2023 2024 |
Note 6 - Stockholders' Equity a
Note 6 - Stockholders' Equity and Dilutive Equity Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | ( 6 STOCKHOLDERS’ EQUITY AND DILUTIVE EQUITY INSTRUMENTS Earnings per share In recent years through the second 2022, three six June 30, 2023, three six June 30, 2023, Accumulated Other Comprehensive Income (Loss) The following tables present the changes in accumulated other comprehensive income (loss) (OCI) by component, net of tax: (In Thousands) Three Months Ended June 30, 2023 June 30, 2022 Balance at March 31, 2023 and 2022 $ 8,254 $ 2,471 Unrealized loss on note receivable (184 ) (846 ) Pension benefits recognized in OCI (3,504 ) 138 Balance at June 30, 2023 and 2022 $ 4,566 $ 1,763 (In Thousands) Six Months Ended June 30, 2023 June 30, 2022 Balance at December 31, 2022 and 2021 $ 8,576 $ 2,668 Unrealized loss on note receivable (316 ) (846 ) Pension benefits recognized in OCI (3,694 ) (59 ) Balance at June 30, 2023 and 2022 $ 4,566 $ 1,763 Dilutive Equity Instruments The following table presents the changes in the number of common shares, incremental “in-the-money” warrants, restricted stock units and stock options outstanding: Total shares outstanding including warrants, restricted stock units and stock options June 30, 2023 June 30, 2022 Common shares outstanding 50,895,235 42,029,882 New creditor warrants (strike price $0.001 per common share) 81,244 395,401 GulfMark creditor warrants (strike price $0.01 per common share) 100,179 309,351 SPO acquisition warrants (strike price $0.001 per common share) — 8,100,000 Restricted stock units and stock options 1,520,226 1,627,083 Total 52,596,884 52,461,717 We also had “out-of-the-money” warrants outstanding exercisable for 5,923,399 shares of common stock at both June 30, 2023 2022 July 31, 2023; ( July 31, 2023; November 2024. No July 2023, July 31, 2023. |
Note 7 - Income Taxes
Note 7 - Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 7 INCOME TAXES Income tax rates and taxation systems in the jurisdictions where we and our subsidiaries conduct business vary and our subsidiaries are frequently subjected to minimum taxation regimes. In some jurisdictions, tax liabilities are based on gross revenues, statutory deemed profits or other factors, rather than on net income. 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. For the six June 30, 2023 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, 2022 June 30, 2023 June 30, 2023 Management assesses all available positive and negative evidence to permit use of existing deferred tax assets. With limited exceptions, we are no March 2016. not |
Note 8 - Employee Benefit Plans
Note 8 - Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 8 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. During the second 2023, 500 April 2023. second 2023 Supplemental Executive Retirement Plan We support a non-contributory and non-qualified defined benefit supplemental executive retirement plan (supplemental plan) that was closed to new participants during 2010. six June 30, 2023 2022 2023. June 30, 2023 December 31, 2022 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, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Pension Benefits: Interest cost $ 653 $ 579 $ 1,499 $ 1,157 Expected return on plan assets (365 ) (751 ) (1,053 ) (1,503 ) Amortization of net actuarial (gains) losses (4 ) 16 (70 ) 32 Net periodic pension (benefit) cost $ 284 $ (156 ) $ 376 $ (314 ) The components of the net periodic pension cost are included in the caption “Interest income and other, net.” |
Note 9 - Debt
Note 9 - Debt | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 9 DEBT The following is a summary of all debt outstanding: (In Thousands) June 30, 2023 December 31, 2022 Senior secured bonds: 8.50 $ 175,000 $ 175,000 Supplier Facility Agreements 12,204 — Senior Secured Term Loan — — 10.375 — — $ 187,204 $ 175,000 Debt discount and issuance costs (5,190 ) (5,964 ) Less: Current portion of long-term debt (2,441 ) — Total long-term debt $ 179,573 $ 169,036 (A) As of June 30, 2023 December 31, 2022 2 (B) The $1.2 million restricted cash on the condensed consolidated balance sheet at June 30, 2023 8.50% Supplier Facility Agreements We entered into Facility Agreements to finance a portion of the construction and delivery of three second 2023 ten first fourth 2023. no Senior Secured Term Loan On June 30, 2023, 15 June 30, 2023. July 5, 2023, The Senior Secured Term Loan is composed of a $100.0 million Tranche A loan and a $225.0 million Tranche B loan, each maturing on July 5, 2026. one three may 100% 66% 50% The Credit Agreement contains three not 2:1. Senior Unsecured Notes On July 3, 2023, 99%, 1933, The Senior Unsecured Notes were issued pursuant to the Bond Terms, dated as of June 30, 2023 not The Senior Unsecured Notes will mature on July 3, 2028. January 3 July 3 January 3, 2024. July 3, 2025 The Senior Unsecured Notes contain two November 16, 2023 20 Super Senior Revolver We also have a Super Senior Revolving Credit Facility Agreement maturing on November 16, 2026 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 10 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 We are named defendants or parties in certain lawsuits, claims or proceedings incidental to our business and involved from time to time as parties to governmental investigations or proceedings arising in the ordinary course of business. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 11 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 three six June 30, 2023 June 30, 2023 2. |
Note 12 - Properties and Equipm
Note 12 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Other Assets Accrued Expenses Other Current Liabilities And Other Liabilities And Deferred Credits [Text Block] | ( 12 PROPERTIES AND EQUIPMENT, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES As of June 30, 2023 December 31, 2022 five 2022 2023 2023 2024 15 July 5, 2023 A summary of properties and equipment is as follows: (In Thousands) June 30, 2023 December 31, 2022 Properties and equipment: Vessels and related equipment $ 1,094,233 $ 1,070,821 Other properties and equipment 41,750 35,819 1,135,983 1,106,640 Less accumulated depreciation and amortization 351,110 309,985 Properties and equipment, net $ 784,873 $ 796,655 A summary of accrued expenses is as follows: (In Thousands) June 30, 2023 December 31, 2022 Payroll and related payables $ 30,356 $ 35,425 Accrued vessel expenses 35,038 47,307 Accrued interest expense 1,921 2,037 Other accrued expenses 24,560 20,749 $ 91,875 $ 105,518 A summary of other current liabilities is as follows: (In Thousands) June 30, 2023 December 31, 2022 Taxes payable $ 34,933 $ 39,355 Other 7,372 10,968 $ 42,305 $ 50,323 A summary of other liabilities is as follows: (In Thousands) June 30, 2023 December 31, 2022 Pension liabilities $ 19,932 $ 17,383 Liability for uncertain tax positions 31,533 35,468 Other 14,156 14,992 $ 65,621 $ 67,843 |
Note 13 - Segment and Geographi
Note 13 - Segment and Geographic Distribution of Operations | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 13 SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS 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, 2023 2022 (In Thousands) Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Revenues: Vessel revenues: Americas $ 50,376 $ 37,520 $ 98,063 $ 65,964 Asia Pacific 22,585 16,362 44,609 21,259 Middle East 31,856 28,396 62,618 48,614 Europe/Mediterranean 39,295 32,475 70,545 56,394 West Africa 66,211 47,422 125,668 73,820 Other operating revenues 4,638 1,272 6,562 3,125 Total $ 214,961 $ 163,447 $ 408,065 $ 269,176 Vessel operating profit (loss): Americas $ 6,245 $ 5,930 $ 14,207 $ 5,848 Asia Pacific 7,026 (899 ) 12,594 1,274 Middle East (1,657 ) (307 ) (2,001 ) (2,190 ) Europe/Mediterranean 8,307 4,262 10,343 1,833 West Africa 25,474 9,270 42,695 12,485 Other operating profit 4,265 790 5,038 2,282 49,660 19,046 82,876 21,532 Corporate expenses (12,117 ) (15,909 ) (23,050 ) (26,412 ) Long-lived asset impairment credit — — — 500 Gain on asset dispositions, net 1,404 (1,297 ) 3,620 (1,090 ) Operating income (loss) $ 38,947 $ 1,840 $ 63,446 $ (5,470 ) Depreciation and amortization: Americas $ 8,724 $ 7,503 $ 16,918 $ 14,619 Asia Pacific 1,824 2,080 3,289 2,929 Middle East 6,365 6,421 12,100 11,827 Europe/Mediterranean 7,445 6,958 14,795 13,720 West Africa 7,813 8,002 15,334 13,743 Corporate 597 802 998 1,585 Total $ 32,768 $ 31,766 $ 63,434 $ 58,423 Additions to properties and equipment: Americas $ 1,040 $ 538 $ 1,561 $ 538 Asia Pacific 1,256 19 5,659 19 Middle East 868 2,048 2,418 2,072 Europe/Mediterranean 1,948 169 2,180 445 West Africa 15,146 340 15,735 690 Corporate 762 1,037 2,118 1,616 Total $ 21,020 $ 4,151 $ 29,671 $ 5,380 The following table provides a comparison of total assets at June 30, 2023 December 31, 2022 (In Thousands) June 30, 2023 December 31, 2022 Total assets: Americas $ 307,964 $ 309,985 Asia Pacific 109,038 148,684 Middle East 200,369 197,054 Europe/Mediterranean 278,660 282,670 West Africa 331,657 285,965 Corporate 116,476 73,298 $ 1,344,164 $ 1,297,656 |
Note 14 - Asset Dispositions, A
Note 14 - Asset Dispositions, Assets Held for Sale and Asset Impairments | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | ( 14 ASSET DISPOSITIONS, ASSETS HELD FOR SALE AND ASSET IMPAIRMENTS During the six June 30, 2023 six two June 30, 2023 two six June 30, 2023 six June 30, 2022, one nine one nine June 30, 2022. We consider the valuation approach for our assets held for sale to be a Level 3 third no first 2022 not 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, 2023 Number of Vessels June 30, 2022 Beginning balance 3 $ 695 12 $ 8,591 Additions — — 1 2,500 Sales (1 ) (65 ) (4 ) (4,229 ) Ending balance 2 $ 630 9 $ 6,862 (In Thousands, except number of vessels) Six Months Ended Number of Vessels June 30, 2023 Number of Vessels June 30, 2022 Beginning balance 8 $ 4,195 18 $ 14,421 Additions — — 1 2,500 Sales (6 ) (3,565 ) (9 ) (8,559 ) Transfers — — (1 ) (1,500 ) Ending balance 2 $ 630 9 $ 6,862 |
Note 15 - Solstad Vessel Acquis
Note 15 - Solstad Vessel Acquisition | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Asset Acquisition [Text Block] | ( 15 SOLSTAD VESSEL ACQUISITION On March 7, 2023, June 20, 2023, second 2023, July 5, 2023, 14 9 |
Note 3 - Acquisitions of Swir_2
Note 3 - Acquisitions of Swire Pacific Offshore Holdings LTD (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 4,174 Net properties and equipment 174,415 Indemnification assets (A) 32,279 Other assets 1,153 Total assets 317,416 Liabilities Accounts payable 1,594 Accrued expenses 54,924 Other current liabilities 28,511 Other liabilities 16,886 Total liabilities 101,915 Net assets acquired $ 215,501 |
Business Acquisition, Pro Forma Information [Table Text Block] | (In Thousands) Period from January 1, 2022 to June 30, 2022 Revenues $ 336,275 Net loss $ (38,808 ) |
Note 4 - Allowance for Credit_2
Note 4 - Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Trade (In Thousands) and Other Receivables Balance at January 1, 2023 $ 14,060 Current period provision for expected credit losses 2,679 Write offs (1,484 ) Other (497 ) Balance at June 30, 2023 $ 14,758 |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity and Dilutive Equity Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In Thousands) Three Months Ended June 30, 2023 June 30, 2022 Balance at March 31, 2023 and 2022 $ 8,254 $ 2,471 Unrealized loss on note receivable (184 ) (846 ) Pension benefits recognized in OCI (3,504 ) 138 Balance at June 30, 2023 and 2022 $ 4,566 $ 1,763 (In Thousands) Six Months Ended June 30, 2023 June 30, 2022 Balance at December 31, 2022 and 2021 $ 8,576 $ 2,668 Unrealized loss on note receivable (316 ) (846 ) Pension benefits recognized in OCI (3,694 ) (59 ) Balance at June 30, 2023 and 2022 $ 4,566 $ 1,763 |
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, 2023 June 30, 2022 Common shares outstanding 50,895,235 42,029,882 New creditor warrants (strike price $0.001 per common share) 81,244 395,401 GulfMark creditor warrants (strike price $0.01 per common share) 100,179 309,351 SPO acquisition warrants (strike price $0.001 per common share) — 8,100,000 Restricted stock units and stock options 1,520,226 1,627,083 Total 52,596,884 52,461,717 |
Note 8 - Employee Benefit Pla_2
Note 8 - Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | (In Thousands) Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Pension Benefits: Interest cost $ 653 $ 579 $ 1,499 $ 1,157 Expected return on plan assets (365 ) (751 ) (1,053 ) (1,503 ) Amortization of net actuarial (gains) losses (4 ) 16 (70 ) 32 Net periodic pension (benefit) cost $ 284 $ (156 ) $ 376 $ (314 ) |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | (In Thousands) June 30, 2023 December 31, 2022 Senior secured bonds: 8.50 $ 175,000 $ 175,000 Supplier Facility Agreements 12,204 — Senior Secured Term Loan — — 10.375 — — $ 187,204 $ 175,000 Debt discount and issuance costs (5,190 ) (5,964 ) Less: Current portion of long-term debt (2,441 ) — Total long-term debt $ 179,573 $ 169,036 |
Note 12 - Properties and Equi_2
Note 12 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In Thousands) June 30, 2023 December 31, 2022 Properties and equipment: Vessels and related equipment $ 1,094,233 $ 1,070,821 Other properties and equipment 41,750 35,819 1,135,983 1,106,640 Less accumulated depreciation and amortization 351,110 309,985 Properties and equipment, net $ 784,873 $ 796,655 |
Schedule of Accrued Liabilities [Table Text Block] | (In Thousands) June 30, 2023 December 31, 2022 Payroll and related payables $ 30,356 $ 35,425 Accrued vessel expenses 35,038 47,307 Accrued interest expense 1,921 2,037 Other accrued expenses 24,560 20,749 $ 91,875 $ 105,518 |
Other Current Liabilities [Table Text Block] | (In Thousands) June 30, 2023 December 31, 2022 Taxes payable $ 34,933 $ 39,355 Other 7,372 10,968 $ 42,305 $ 50,323 |
Other Liabilities [Table Text Block] | (In Thousands) June 30, 2023 December 31, 2022 Pension liabilities $ 19,932 $ 17,383 Liability for uncertain tax positions 31,533 35,468 Other 14,156 14,992 $ 65,621 $ 67,843 |
Note 13 - Segment and Geograp_2
Note 13 - Segment and Geographic Distribution of Operations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In Thousands) Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Revenues: Vessel revenues: Americas $ 50,376 $ 37,520 $ 98,063 $ 65,964 Asia Pacific 22,585 16,362 44,609 21,259 Middle East 31,856 28,396 62,618 48,614 Europe/Mediterranean 39,295 32,475 70,545 56,394 West Africa 66,211 47,422 125,668 73,820 Other operating revenues 4,638 1,272 6,562 3,125 Total $ 214,961 $ 163,447 $ 408,065 $ 269,176 Vessel operating profit (loss): Americas $ 6,245 $ 5,930 $ 14,207 $ 5,848 Asia Pacific 7,026 (899 ) 12,594 1,274 Middle East (1,657 ) (307 ) (2,001 ) (2,190 ) Europe/Mediterranean 8,307 4,262 10,343 1,833 West Africa 25,474 9,270 42,695 12,485 Other operating profit 4,265 790 5,038 2,282 49,660 19,046 82,876 21,532 Corporate expenses (12,117 ) (15,909 ) (23,050 ) (26,412 ) Long-lived asset impairment credit — — — 500 Gain on asset dispositions, net 1,404 (1,297 ) 3,620 (1,090 ) Operating income (loss) $ 38,947 $ 1,840 $ 63,446 $ (5,470 ) Depreciation and amortization: Americas $ 8,724 $ 7,503 $ 16,918 $ 14,619 Asia Pacific 1,824 2,080 3,289 2,929 Middle East 6,365 6,421 12,100 11,827 Europe/Mediterranean 7,445 6,958 14,795 13,720 West Africa 7,813 8,002 15,334 13,743 Corporate 597 802 998 1,585 Total $ 32,768 $ 31,766 $ 63,434 $ 58,423 Additions to properties and equipment: Americas $ 1,040 $ 538 $ 1,561 $ 538 Asia Pacific 1,256 19 5,659 19 Middle East 868 2,048 2,418 2,072 Europe/Mediterranean 1,948 169 2,180 445 West Africa 15,146 340 15,735 690 Corporate 762 1,037 2,118 1,616 Total $ 21,020 $ 4,151 $ 29,671 $ 5,380 (In Thousands) June 30, 2023 December 31, 2022 Total assets: Americas $ 307,964 $ 309,985 Asia Pacific 109,038 148,684 Middle East 200,369 197,054 Europe/Mediterranean 278,660 282,670 West Africa 331,657 285,965 Corporate 116,476 73,298 $ 1,344,164 $ 1,297,656 |
Note 14 - Asset Dispositions,_2
Note 14 - Asset Dispositions, Assets Held for Sale and Asset Impairments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 Number of Vessels June 30, 2022 Beginning balance 3 $ 695 12 $ 8,591 Additions — — 1 2,500 Sales (1 ) (65 ) (4 ) (4,229 ) Ending balance 2 $ 630 9 $ 6,862 (In Thousands, except number of vessels) Six Months Ended Number of Vessels June 30, 2023 Number of Vessels June 30, 2022 Beginning balance 8 $ 4,195 18 $ 14,421 Additions — — 1 2,500 Sales (6 ) (3,565 ) (9 ) (8,559 ) Transfers — — (1 ) (1,500 ) Ending balance 2 $ 630 9 $ 6,862 |
Note 3 - Acquisitions of Swir_3
Note 3 - Acquisitions of Swire Pacific Offshore Holdings LTD (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Apr. 22, 2022 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2023 USD ($) | |
Business Combination, Acquisition Related Costs | $ 100 | $ 7,200 | $ 800 | $ 9,400 | ||
Warrants 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 | |||||
Proceeds From Previous Acquisition, Post-closing Working Capital Refund | 8,800 | |||||
Business Combination, Consideration Transferred, Total | $ 215,500 | |||||
Goodwill, Ending Balance | $ 0 | |||||
Swire Pacific Offshore Holdings Ltd. [Member] | Warrants 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 P
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, 2023 | Dec. 31, 2022 | Apr. 22, 2022 | |
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 | 4,174 | |||
Net properties and equipment | 174,415 | |||
Indemnification assets | $ 22,678 | $ 28,369 | 32,279 | [1] |
Other assets | 1,153 | |||
Total assets | 317,416 | |||
Accounts payable | 1,594 | |||
Accrued expenses | 54,924 | |||
Other current liabilities | 28,511 | |||
Other liabilities | 16,886 | |||
Total liabilities | 101,915 | |||
Net assets acquired | $ 215,501 | |||
[1]Consists primarily of tax liabilities existing at the Closing Date that are recorded in other current liabilities and other liabilities. |
Note 3 - Acquisition of Swire_2
Note 3 - Acquisition of Swire Pacific Offshore Holdings Ltd - Proforma Results (Details) - Swire Pacific Offshore Holdings Ltd. [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Revenues | $ 336,275 |
Net loss | $ (38,808) |
Note 4 - Allowance for Credit_3
Note 4 - Allowance for Credit Losses (Details Textual) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Previously Due From Affiliates [Member] | ||
Accounts Receivable, Allowance for Credit Loss | $ 11.2 | $ 11.7 |
Note 4 - Allowance for Credit_4
Note 4 - Allowance for Credit Losses - Schedule for Allowance for Credit Losses on Financing Receivables (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Write offs | $ (1,484) |
Trade Accounts Receivable [Member] | |
Balance | 14,060 |
Current period provision for expected credit losses | 2,679 |
Other | (497) |
Balance | $ 14,758 |
Note 5 - Revenue Recognition (D
Note 5 - Revenue Recognition (Details Textual) - Vessel [Member] $ in Millions | Jun. 30, 2023 USD ($) |
Prepaid Expenses and Other Current Assets [Member] | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | $ 5.8 |
Other Assets [Member] | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | 3.4 |
Other Current Liabilities [Member] | |
Contract with Customer, Liability, Current | $ 5.1 |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity and Dilutive Equity Instruments (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Jul. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
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, Outstanding (in shares) | 2,400,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 57.06 | ||
Series B Warrants [Member] | |||
Class of Warrant or Right, Outstanding (in shares) | 2,600,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 62.28 | ||
GLF Equity Warrants [Member] | |||
Class of Warrant or Right, Outstanding (in shares) | 900,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 100 | ||
Series A and B Warrants [Member] | Subsequent Event [Member] | |||
Class of Warrant or Right, Outstanding (in shares) | 2,000,000 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,900,000 | ||
Proceeds from Warrant Exercises | $ 111.5 | ||
Class of Warrant or Right, Expired (in shares) | 3,100,000 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Balance at March 31, 2023 and 2022 | $ 873,413 | $ 689,742 | $ 865,990 | $ 701,769 |
Unrealized loss on note receivable | (184) | (846) | (316) | (846) |
Balance at June 30, 2023 and 2022 | 892,527 | 841,647 | 892,527 | 841,647 |
AOCI Attributable to Parent [Member] | ||||
Balance at March 31, 2023 and 2022 | 8,254 | 2,471 | 8,576 | 2,668 |
Unrealized loss on note receivable | (184) | (846) | (316) | (846) |
Balance at June 30, 2023 and 2022 | 4,566 | 1,763 | 4,566 | 1,763 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Before reclassifications | $ (3,504) | $ 138 | $ (3,694) | $ (59) |
Note 6 - Stockholders' Equity_5
Note 6 - Stockholders' Equity and Dilutive Equity Instruments - Dilutive Equity Instruments (Details) - shares | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Common stock, shares outstanding (in shares) | 50,895,235 | 50,554,179 | 42,029,882 |
Total (in shares) | 52,596,884 | 52,461,717 | |
Restricted Stock Units and Stock Options [Member] | |||
Common stock shares reserved (in shares) | 1,520,226 | 1,627,083 | |
New Creditor Warrants [Member] | |||
Common stock shares reserved (in shares) | 81,244 | 395,401 | |
GulfMark Creditor Warrants [Member] | |||
Common stock shares reserved (in shares) | 100,179 | 309,351 | |
SPO Acquisition Warrants [Member] | |||
Common stock shares reserved (in shares) | 0 | 8,100,000 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Deferred Tax Assets, Net | $ 449.7 | $ 439.7 |
Deferred Tax Assets, Valuation Allowance | 451.9 | $ 441.9 |
SPO [Member] | ||
Deferred Tax Assets, Net | 65.7 | |
Deferred Tax Assets, Valuation Allowance | $ 65.7 |
Note 8 - Employee Benefit Pla_3
Note 8 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash | $ (1,807) | $ 0 | |||
Pension Plan [Member] | |||||
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | $ 11,800 | ||||
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash | $ (1,800) | ||||
Supplemental Employee Retirement Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 800 | $ 800 | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 800 | 800 | |||
Defined Benefit Plan, Benefit Obligation | $ 17,200 | $ 17,200 | $ 17,300 |
Note 8 - Employee Benefit Pla_4
Note 8 - 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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest cost | $ 653 | $ 579 | $ 1,499 | $ 1,157 |
Expected return on plan assets | (365) | (751) | (1,053) | (1,503) |
Amortization of net actuarial (gains) losses | (4) | 16 | (70) | 32 |
Net periodic pension (benefit) cost | $ 284 | $ (156) | $ 376 | $ (314) |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jul. 05, 2023 | Jun. 30, 2023 | Jul. 03, 2023 | Dec. 31, 2022 | Nov. 16, 2021 | |
Restricted Cash, Current | $ 1,242 | $ 1,241 | |||
Long-Term Debt, Gross | 187,204 | 175,000 | |||
Long-Term Debt, Current Maturities | 2,441 | 0 | |||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | ||||
Long-term Line of Credit, Total | 0 | ||||
Secured Debt [Member] | |||||
Debt Instrument, Face Amount | 325,000 | ||||
Long-Term Debt, Gross | $ 0 | $ 0 | |||
Secured Debt [Member] | Subsequent Event [Member] | |||||
Debt Instrument, Face Amount | $ 325,000 | ||||
Long-Term Debt, Gross | 318,300 | ||||
Debt Instrument, Covenant, Free Liquidity Test, Amount | $ 20,000 | ||||
Debt Instrument, Covenant, Free Liquidity Test, Percentage | 10% | ||||
Debt Instrument, Covenant, Minimum Equity Ratio | 30% | ||||
Unsecured Debt [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 10.375% | 10.375% | |||
Long-Term Debt, Gross | $ 0 | $ 0 | |||
Unsecured Debt [Member] | Subsequent Event [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 10.375% | ||||
Debt Instrument, Face Amount | $ 250,000 | ||||
Long-Term Debt, Gross | $ 243,100 | ||||
Debt Instrument, Covenant, Free Liquidity Test, Amount | $ 20,000 | ||||
Debt Instrument, Covenant, Free Liquidity Test, Percentage | 10% | ||||
Debt Instrument, Covenant, Minimum Equity Ratio | 30% | ||||
Nordic Bond [Member] | |||||
Long-Term Debt, Fair Value | 181,400 | 177,300 | |||
Supplier Facility Agreements [Member] | |||||
Proceeds from Loans | 12,200 | ||||
Long-Term Debt, Gross | $ 12,204 | $ 0 | |||
Supplier Facility Agreements [Member] | Minimum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | ||||
Supplier Facility Agreements [Member] | Maximum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | ||||
Tranche A Term Loan [Member] | Secured Debt [Member] | Subsequent Event [Member] | |||||
Debt Instrument, Face Amount | $ 100,000 | ||||
Long-Term Debt, Current Maturities | 50,000 | ||||
Long-Term Line of Credit, Noncurrent | $ 50,000 | ||||
Tranche A Term Loan [Member] | Secured Debt [Member] | Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 5% | ||||
Tranche A Term Loan [Member] | Maximum [Member] | Secured Debt [Member] | Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 8% | ||||
Tranche B Term Loan [Member] | Secured Debt [Member] | Subsequent Event [Member] | |||||
Debt Instrument, Face Amount | $ 225,000 | ||||
Debt Instrument, Term (Year) | 3 years | ||||
Tranche B Term Loan [Member] | Secured Debt [Member] | Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% |
Note 9 - Debt - Summary of Debt
Note 9 - Debt - Summary of Debt Outstanding (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Long-term debt, gross | $ 187,204 | $ 175,000 | |
Debt discount and issuance costs | (5,190) | (5,964) | |
Less: Current portion of long-term debt | (2,441) | 0 | |
Total long-term debt | 179,573 | 169,036 | |
Secured Debt [Member] | |||
Long-term debt, gross | 0 | 0 | |
Unsecured Debt [Member] | |||
Long-term debt, gross | 0 | 0 | |
The 8.00% Senior Secured Notes due August 2022 [Member] | |||
Long-term debt, gross | [1],[2] | 175,000 | 175,000 |
Supplier Facility Agreements [Member] | |||
Long-term debt, gross | $ 12,204 | $ 0 | |
[1]As of June 30, 2023 and December 31, 2022, the fair value (Level 2) of the Senior Secured Notes was $181.4 million and $177.3 million, respectively.[2]The $1.2 million restricted cash on the condensed consolidated balance sheet at June 30, 2023, represents the pro rata amount due for our next semiannual interest payment obligation on the 8.50% Senior Secured Notes. |
Note 9 - Debt - Summary of De_2
Note 9 - Debt - Summary of Debt Outstanding (Details) (Parentheticals) | Jun. 30, 2023 | Dec. 31, 2022 |
Unsecured Debt [Member] | ||
Interest rate | 10.375% | 10.375% |
The 8.00% Senior Secured Notes due August 2022 [Member] | ||
Interest rate | 8.50% | 8.50% |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment and Tax | $ (0.2) | $ (0.3) | |
Debt Security, Corporate, Non-US [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | ||
PEMEX [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 7.8 | $ 7.8 | $ 8.6 |
Note 12 - Properties and Equi_3
Note 12 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities (Details Textual) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Mar. 07, 2023 | Jun. 30, 2023 USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | |
Number of Vessels | 184 | 183 | ||
Number of Vessels, Held for Sale | 2 | 8 | 9 | |
Solstad Offshore ASA [Member] | ||||
Number Of Offshore Supply Vessels | 37 | |||
Alucat Crew Boats [Member] | ||||
Number of Vessels | 5 | |||
Down Payment To Start Construction On Crew Boats | $ 2.8 | |||
Expected cost of Boats | $ 11.3 |
Note 12 - Properties and Equi_4
Note 12 - Properties and Equipment, Accrued Expenses, Other Current Liabilities and Other Liabilities - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Vessels and related equipment | $ 1,094,233 | $ 1,070,821 |
Other properties and equipment | 41,750 | 35,819 |
Property, Plant and Equipment, Gross | 1,135,983 | 1,106,640 |
Less accumulated depreciation and amortization | 351,110 | 309,985 |
Properties and equipment, net | $ 784,873 | $ 796,655 |
Note 12 - Properties and Equi_5
Note 12 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Payroll and related payables | $ 30,356 | $ 35,425 |
Accrued vessel expenses | 35,038 | 47,307 |
Accrued interest expense | 1,921 | 2,037 |
Other accrued expenses | 24,560 | 20,749 |
Accrued Liabilities, Current | $ 91,875 | $ 105,518 |
Note 12 - Properties and Equi_6
Note 12 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities - Summary of Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Taxes payable | $ 34,933 | $ 39,355 |
Other | 7,372 | 10,968 |
Other Liabilities, Current | $ 42,305 | $ 50,323 |
Note 12 - Properties and Equi_7
Note 12 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities - Other liabilities and Deferred Credits (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Pension liabilities | $ 19,932 | $ 17,383 |
Liability for uncertain tax positions | 31,533 | 35,468 |
Other | 14,156 | 14,992 |
Other Liabilities, Noncurrent | $ 65,621 | $ 67,843 |
Note 13 - Segment and Geograp_3
Note 13 - Segment and Geographic Distribution of Operations (Details Textual) | 6 Months Ended |
Jun. 30, 2023 | |
Number of Operating Segments | 5 |
Note 13 - Segment and Geograp_4
Note 13 - Segment and Geographic Distribution of Operations - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenue | $ 214,961 | $ 163,447 | $ 408,065 | $ 269,176 | |
Corporate expenses | 176,014 | 161,607 | 344,619 | 274,646 | |
Long-lived asset impairment credit | 0 | 0 | 0 | 500 | |
Gain on asset dispositions, net | 1,404 | (1,297) | 3,620 | (1,090) | |
Operating income (loss) | 38,947 | 1,840 | 63,446 | (5,470) | |
Depreciation and amortization | 32,768 | 31,766 | 63,434 | 58,423 | |
Property Plant And Equipment Additions | 21,020 | 4,151 | 29,671 | 5,380 | |
Total Assets | 1,344,164 | 1,344,164 | $ 1,297,656 | ||
Vessel [Member] | |||||
Revenue | 210,323 | 162,175 | 401,503 | 266,051 | |
Product and Service, Other [Member] | |||||
Revenue | 4,638 | 1,272 | 6,562 | 3,125 | |
Operating Segments [Member] | |||||
Revenue | 214,961 | 163,447 | 408,065 | 269,176 | |
Gross Profit | 49,660 | 19,046 | 82,876 | 21,532 | |
Operating Segments [Member] | Product and Service, Other [Member] | |||||
Revenue | 4,638 | 1,272 | 6,562 | 3,125 | |
Gross Profit | 4,265 | 790 | 5,038 | 2,282 | |
Operating Segments [Member] | Americas [Member] | |||||
Depreciation and amortization | 8,724 | 7,503 | 16,918 | 14,619 | |
Property Plant And Equipment Additions | 1,040 | 538 | 1,561 | 538 | |
Total Assets | 307,964 | 307,964 | 309,985 | ||
Operating Segments [Member] | Americas [Member] | Vessel [Member] | |||||
Revenue | 50,376 | 37,520 | 98,063 | 65,964 | |
Gross Profit | 6,245 | 5,930 | 14,207 | 5,848 | |
Operating Segments [Member] | Asia Pacific [Member] | |||||
Depreciation and amortization | 1,824 | 2,080 | 3,289 | 2,929 | |
Property Plant And Equipment Additions | 1,256 | 19 | 5,659 | 19 | |
Total Assets | 109,038 | 109,038 | 148,684 | ||
Operating Segments [Member] | Asia Pacific [Member] | Vessel [Member] | |||||
Revenue | 22,585 | 16,362 | 44,609 | 21,259 | |
Gross Profit | 7,026 | (899) | 12,594 | 1,274 | |
Operating Segments [Member] | Middle East [Member] | |||||
Depreciation and amortization | 6,365 | 6,421 | 12,100 | 11,827 | |
Property Plant And Equipment Additions | 868 | 2,048 | 2,418 | 2,072 | |
Total Assets | 200,369 | 200,369 | 197,054 | ||
Operating Segments [Member] | Middle East [Member] | Vessel [Member] | |||||
Revenue | 31,856 | 28,396 | 62,618 | 48,614 | |
Gross Profit | (1,657) | (307) | (2,001) | (2,190) | |
Operating Segments [Member] | Europe and Mediterranean [Member] | |||||
Depreciation and amortization | 7,445 | 6,958 | 14,795 | 13,720 | |
Property Plant And Equipment Additions | 1,948 | 169 | 2,180 | 445 | |
Total Assets | 278,660 | 278,660 | 282,670 | ||
Operating Segments [Member] | Europe and Mediterranean [Member] | Vessel [Member] | |||||
Revenue | 39,295 | 32,475 | 70,545 | 56,394 | |
Gross Profit | 8,307 | 4,262 | 10,343 | 1,833 | |
Operating Segments [Member] | West Africa [Member] | |||||
Depreciation and amortization | 7,813 | 8,002 | 15,334 | 13,743 | |
Property Plant And Equipment Additions | 15,146 | 340 | 15,735 | 690 | |
Total Assets | 331,657 | 331,657 | 285,965 | ||
Operating Segments [Member] | West Africa [Member] | Vessel [Member] | |||||
Revenue | 66,211 | 47,422 | 125,668 | 73,820 | |
Gross Profit | 25,474 | 9,270 | 42,695 | 12,485 | |
Corporate, Non-Segment [Member] | |||||
Corporate expenses | (12,117) | (15,909) | (23,050) | (26,412) | |
Depreciation and amortization | 597 | 802 | 998 | 1,585 | |
Property Plant And Equipment Additions | 762 | $ 1,037 | 2,118 | $ 1,616 | |
Total Assets | $ 116,476 | $ 116,476 | $ 73,298 |
Note 14 - Asset Dispositions,_3
Note 14 - Asset Dispositions, Assets Held for Sale and Asset Impairments (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 | |
Number Of Vessels Sold Or Scrapped | 6 | 9 | ||
Number of Vessels, Held for Sale | 2 | 9 | 8 | |
Asset Held For Sale, Net Book Value | $ 0.6 | $ 6.9 | ||
Proceeds from Sale of Vessels | 8.7 | |||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 3.6 | |||
Number of Vessels, Held for Sale, Addition | 1 | |||
Number of Vessels, Transfer from Held for Sale to Active Fleet | 1 | |||
Impairment Charge Recaptured | $ 0.5 | |||
Vessels, Active Fleet [Member] | ||||
Number Of Vessels Sold Or Scrapped | 2 |
Note 14 - Asset Dispositions,_4
Note 14 - 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, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Beginning balance | 8 | |||
Additions | 1 | |||
Ending balance | 2 | 9 | 2 | 9 |
Vessels Held for Sale [Member] | ||||
Beginning balance | 3 | 12 | 8 | 18 |
Beginning balance | $ 695 | $ 8,591 | $ 4,195 | $ 14,421 |
Additions | 0 | 1 | 0 | 1 |
Additions | $ 0 | $ 2,500 | $ 0 | $ 2,500 |
Sales | (1) | (4) | (6) | (9) |
Sales | $ (65) | $ (4,229) | $ (3,565) | $ (8,559) |
Ending balance | 2 | 9 | 2 | 9 |
Ending balance | $ 630 | $ 6,862 | $ 630 | $ 6,862 |
Transfers | 0 | (1) | ||
Transfers | $ 0 | $ (1,500) |
Note 15 - Solstad Vessel Acqu_2
Note 15 - Solstad Vessel Acquisition (Details Textual) - Solstad Offshore ASA [Member] $ in Millions | Jul. 05, 2023 USD ($) | Mar. 07, 2023 |
Number Of Offshore Supply Vessels | 37 | |
Subsequent Event [Member] | ||
Asset Acquisition, Consideration Transferred | $ 580 | |
Payments to Acquire Productive Assets | 577 | |
Asset Acquisition, Consideration Transferred, Transaction Cost | $ 3 |