Exhibit 99.1
Tidewater Inc. 842 West Sam Houston Parkway North, Suite 400 Houston, TX 77024, USA +1.713.470.5300 |  |
Tidewater Reports Results for the Three and Six Months Ended June 30, 2024
Second Quarter 2024 Highlights
● | Revenue of $339.2 million, an increase of $18.1 million, or 5.6%, from the first quarter of 2024 |
● | Average day rate increased to $21,130 per day, $1,567 higher than the first quarter of 2024 |
| ● | Composite leading edge term contract average day rate of $28,754 |
| o | > 900m2 PSV - leading edge term contract average day rate improved 8% to $35,172 | |
| o | 700 - 900m2 PSV - leading edge term contract average day rate improved 9% to $28,026 | |
| o | > 16K BHP AHTS - leading edge term contract average day rate improved 13% to $48,615 | |
| o | 8 - 12K BHP AHTS - leading edge term contract average day rate improved 8% to $25,175 |
● | Net income of $50.4 million, an increase of $3.3 million from the first quarter of 2024 |
● | Adjusted EBITDA of $139.7 million, an increase of $0.8 million from the first quarter of 2024 |
| ● | Net cash provided by operating activities of $78.6 million, an increase of $23.9 million from the first quarter of 2024 |
| ● | Free cash flow of $87.6 million, an increase of $18.2 million from the first quarter of 2024 |
Share Repurchases and 2024 Guidance
| ● | Repurchased 176,555 shares from May 2, 2024 through the end of the second quarter through the repurchase of $16.9 million of shares at an average price of $95.66 per share |
● | Board approves additional share repurchase authorization of $13.9 million, for a total current outstanding authorized capacity of $47.7 million, the maximum permissible amount under existing debt agreements |
| ● | Updated 2024 revenue guidance to $1.39 to $1.41 billion and 2024 gross margin guidance of 51% |
HOUSTON, August 6, 2024 - Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2024 of $339.2 million and $660.4 million, respectively, compared with $215.0 million and $408.1 million, respectively, for the three and six months ended June 30, 2023. Tidewater's net income for the three and six months ended June 30, 2024, was $50.4 million ($0.94 per common share) and $97.4 million ($1.83 per common share), respectively, compared with net income of $22.6 million ($0.43 per common share) and $33.3 million ($0.64 per common share), respectively, for the three and six months ended June 30, 2023.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Second quarter revenue came in nicely above our expectations driven by continued strength in global day rates. Our consolidated global average day rate expanded materially during the quarter, with the average day rate increasing nearly $1,600 per day sequentially, the second largest sequential increase in day rate since the offshore vessel recovery began in early 2022. The improvement in day rates was broad-based with each vessel class and each segment posting day rate improvement sequentially. We saw particular strength in our large and mid-sized AHTS vessels, with significant day rate increases on both a term contract and spot basis, which is indicative of the strength of drilling activity during the seasonably favorable second quarter and of the preparation for additional drilling projects as we progress towards the end of the year.
“Chartering activity for our PSVs and AHTS vessels continued to improve, with notable term contract day rate progression in our Europe and Mediterranean and Asia Pacific segments as preparation for activity towards the end of the year and 2025 continues to firm up amid tight vessel supply. The composite leading edge term contract average day rate this quarter declined approximately 6% sequentially as we had several of our smallest vessels come off of long-term contracts early in the Middle East. We were able to immediately re-contract these vessels and the new day rates were on average 29% higher than the previous contracts, but nonetheless the low day rate nature of this market and vessel size brought down the composite quarterly average.
“Revenue in the second quarter came in at $339.2 million with a gross margin of 47.7%. On a global basis, revenue, gross margin and day rate were all up from the previous quarter; both absolute gross margin dollars and day rate marked a new record for Tidewater and we generated the highest gross margin percentage in fifteen years. Utilization declined modestly as drydock days increased sequentially due to more vessels undergoing drydocks during the quarter. We anticipate that drydock days in the third quarter should decline modestly from the second quarter and drop meaningfully in the fourth quarter as we finish off our peak drydock year in the typical five year drydock cycle.
“We generated $87.6 million of free cash flow during the second quarter, a nice increase from the first quarter and a demonstration of the free cash flow generation capability of the fleet. We were active in repurchasing shares during the second quarter and we currently retain the unused capacity under the previously announced share repurchase authorization. In addition, we are pleased to announce the Board has authorized an additional $13.9 million of share repurchase capacity, for a total outstanding share repurchase capacity of $47.7 million. The outstanding authorization represents the maximum permissible amount of share repurchases under our existing debt agreements. Since the inception of the share repurchase program in the fourth quarter of 2023, we have repurchased approximately $67.9 million of outstanding shares. We believe that the pace of our return of capital program to-date is sustainable on a long-term basis given the outlook for the business and the structural supply and demand factors supporting the offshore supply vessel industry.
“We anticipate strength in the various elements of demand for our vessels to continue to build throughout the year, though we do anticipate several drilling campaigns to begin later during the third quarter and early into the fourth quarter than originally anticipated, and in addition we expect an increase in drydock days from what was previously anticipated for the third quarter. As such, we update our full-year revenue guidance to $1.39 to $1.41 billion and gross margin guidance of 51%.We remain optimistic about the outlook for 2025, as the observable supply and demand factors driving the offshore vessel industry remain highly constructive, which should allow us to maintain the pace of day rate increases that we have achieved over the past year, combined with a substantial increase in available vessel days as the heaviest drydock schedule in 2024 rolls into the lightest drydock schedule in 2025, naturally lifting vessel utilization.”
In addition to the number of outstanding shares, as of June 30, 2024, the Company also has the following in-the-money warrants.
Common shares outstanding | 52,487,862 | |||
New Creditor Warrants (strike price $0.001 per common share) | 76,175 | |||
GulfMark Creditor Warrants (strike price $0.01 per common share) | 81,179 | |||
Total | 52,645,216 |
Tidewater will hold a conference call to discuss results for the three months ending June 30, 2024 on August 7, 2024, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 1488572 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.
A replay of the conference call will be available beginning at 11:00 a.m. Central Time on August 7, 2024. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.
About Tidewater
Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.
Cautionary Statement
This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”).
These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.
If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Financial information is displayed beginning on the next page.
The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at June 30, 2024 and December 31, 2023; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and six months ended June 30, 2024 and 2023; and the Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023. Extracts are drawn from the June 30, 2024 unaudited quarterly and year to date financial statements and the December 31, 2023 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.
TIDEWATER INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(In Thousands, except per share data)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||
Revenues: | ||||||||||||||||
Vessel revenues | $ | 337,003 | $ | 210,323 | $ | 655,689 | $ | 401,503 | ||||||||
Other operating revenues | 2,227 | 4,638 | 4,705 | 6,562 | ||||||||||||
Total revenues | 339,230 | 214,961 | 660,394 | 408,065 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Vessel operating costs | 176,513 | 118,264 | 344,069 | 233,723 | ||||||||||||
Costs of other operating revenues | 816 | 373 | 1,966 | 1,524 | ||||||||||||
General and administrative | 26,329 | 26,013 | 51,658 | 49,558 | ||||||||||||
Depreciation and amortization | 59,445 | 32,768 | 115,715 | 63,434 | ||||||||||||
Gain on asset dispositions, net | (2,000 | ) | (1,404 | ) | (13,039 | ) | (3,620 | ) | ||||||||
Total costs and expenses | 261,103 | 176,014 | 500,369 | 344,619 | ||||||||||||
Operating income | 78,127 | 38,947 | 160,025 | 63,446 | ||||||||||||
Other income (expense): | ||||||||||||||||
Foreign exchange loss | (2,376 | ) | (3,819 | ) | (6,461 | ) | (1,471 | ) | ||||||||
Equity in net earnings of unconsolidated companies | 5 | 25 | — | 25 | ||||||||||||
Interest income and other, net | 1,175 | 2,790 | 2,658 | 2,920 | ||||||||||||
Interest and other debt costs, net | (19,127 | ) | (4,731 | ) | (38,603 | ) | (8,921 | ) | ||||||||
Total other expense | (20,323 | ) | (5,735 | ) | (42,406 | ) | (7,447 | ) | ||||||||
Income before income taxes | 57,804 | 33,212 | 117,619 | 55,999 | ||||||||||||
Income tax expense | 7,887 | 11,284 | 20,957 | 23,255 | ||||||||||||
Net income | 49,917 | 21,928 | 96,662 | 32,744 | ||||||||||||
Less: Net loss attributable to noncontrolling interests | (437 | ) | (656 | ) | (718 | ) | (578 | ) | ||||||||
Net income attributable to Tidewater Inc. | $ | 50,354 | $ | 22,584 | $ | 97,380 | $ | 33,322 | ||||||||
Basic income per common share | $ | 0.96 | $ | 0.44 | $ | 1.85 | $ | 0.66 | ||||||||
Diluted income per common share | $ | 0.94 | $ | 0.43 | $ | 1.83 | $ | 0.64 | ||||||||
Weighted average common shares outstanding | 52,684 | 50,857 | 52,502 | 50,731 | ||||||||||||
Dilutive effect of warrants, restricted stock units and stock options | 663 | 1,148 | 640 | 1,260 | ||||||||||||
Adjusted weighted average common shares | 53,347 | 52,005 | 53,142 | 51,991 | ||||||||||||
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, except share and par value data)
June 30, 2024 | December 31, 2023 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 315,897 | $ | 274,437 | ||||
Restricted cash | 3,527 | 1,241 | ||||||
Trade and other receivables, net of allowance for credit losses of $3,350 and $15,914 at June 30, 2024 and December 31, 2023, respectively | 280,498 | 268,352 | ||||||
Marine operating supplies | 26,908 | 31,933 | ||||||
Prepaid expenses and other current assets | 20,115 | 15,172 | ||||||
Total current assets | 646,945 | 591,135 | ||||||
Net properties and equipment | 1,253,583 | 1,315,122 | ||||||
Deferred drydocking and survey costs | 148,657 | 106,698 | ||||||
Indemnification assets | 10,920 | 17,370 | ||||||
Other assets | 29,643 | 32,449 | ||||||
Total assets | $ | 2,089,748 | $ | 2,062,774 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 60,740 | $ | 44,931 | ||||
Accrued expenses | 133,149 | 125,590 | ||||||
Current portion of long-term debt | 102,993 | 103,077 | ||||||
Other current liabilities | 43,342 | 55,133 | ||||||
Total current liabilities | 340,224 | 328,731 | ||||||
Long-term debt | 607,998 | 631,361 | ||||||
Other liabilities | 62,539 | 64,985 | ||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Common stock of $0.001 par value, 125,000,000 shares authorized, 52,487,862 and 52,259,303 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 52 | 52 | ||||||
Additional paid-in-capital | 1,649,523 | 1,671,759 | ||||||
Accumulated deficit | (573,390 | ) | (637,838 | ) | ||||
Accumulated other comprehensive loss | 5,062 | 5,266 | ||||||
Total stockholders' equity | 1,081,247 | 1,039,239 | ||||||
Noncontrolling interests | (2,260 | ) | (1,542 | ) | ||||
Total equity | 1,078,987 | 1,037,697 | ||||||
Total liabilities and equity | $ | 2,089,748 | $ | 2,062,774 | ||||
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||
Net income | $ | 49,917 | $ | 21,928 | $ | 96,662 | $ | 32,744 | ||||||||
Other comprehensive income (loss): | ||||||||||||||||
Unrealized gain (loss) on note receivable | 73 | (184 | ) | 153 | (316 | ) | ||||||||||
Change in liability of pension plans | (220 | ) | (3,504 | ) | (357 | ) | (3,694 | ) | ||||||||
Total comprehensive income | $ | 49,770 | $ | 18,240 | $ | 96,458 | $ | 28,734 | ||||||||
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Six Months | Six Months | |||||||
Ended | Ended | |||||||
June 30, 2024 | June 30, 2023 | |||||||
Operating activities: | ||||||||
Net income | $ | 96,662 | $ | 32,744 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 78,191 | 42,144 | ||||||
Amortization of deferred drydocking and survey costs | 37,524 | 21,290 | ||||||
Amortization of debt premiums and discounts | 3,593 | 842 | ||||||
Amortization of below market contracts | (2,856 | ) | — | |||||
Provision for deferred income taxes | 32 | 34 | ||||||
Gain on asset dispositions, net | (13,039 | ) | (3,620 | ) | ||||
Gain on pension settlement | — | (1,807 | ) | |||||
Stock-based compensation expense | 6,226 | 4,751 | ||||||
Changes in assets and liabilities, net of effects of business acquisition: | ||||||||
Trade and other receivables | (12,146 | ) | (37,919 | ) | ||||
Accounts payable | 15,809 | 30,876 | ||||||
Accrued expenses | 10,648 | (13,544 | ) | |||||
Deferred drydocking and survey costs | (80,101 | ) | (52,691 | ) | ||||
Other, net | (7,133 | ) | (565 | ) | ||||
Net cash provided by operating activities | 133,410 | 22,535 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from asset dispositions | 14,817 | 8,659 | ||||||
Proceeds from sale of notes | 702 | — | ||||||
Additions to properties and equipment | (17,334 | ) | (17,500 | ) | ||||
Net cash used in investing activities | (1,815 | ) | (8,841 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of shares | 2 | — | ||||||
Principal payments on long-term debt | (26,507 | ) | — | |||||
Purchase of common stock | (32,898 | ) | — | |||||
Acquisition of non-controlling interest in a majority owned subsidiary | — | (1,427 | ) | |||||
Debt issuance costs | (193 | ) | — | |||||
Share based awards reacquired to pay taxes | (28,463 | ) | (5,521 | ) | ||||
Net cash used in financing activities | (88,059 | ) | (6,948 | ) | ||||
Net change in cash, cash equivalents and restricted cash | 43,536 | 6,746 | ||||||
Cash, cash equivalents and restricted cash at beginning of period | 277,965 | 167,977 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 321,501 | $ | 174,723 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid during the year for: | ||||||||
Interest, net of amounts capitalized | $ | 30,546 | $ | 7,846 | ||||
Income taxes | $ | 33,084 | $ | 27,201 | ||||
Supplemental disclosure of noncash investing activities: | ||||||||
Purchase of vessels | $ | — | $ | 12,171 | ||||
Supplemental disclosure of noncash financing activities: | ||||||||
Debt incurred for the purchase of vessels | $ | — | $ | 12,171 | ||||
Note: Cash, cash equivalents and restricted cash at June 30, 2024 includes $2.1 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In Thousands)
Three Months Ended | ||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||
Additional | other | Non | ||||||||||||||||||||||
Common | paid-in | Accumulated | comprehensive | controlling | ||||||||||||||||||||
stock | capital | deficit | income | interest | Total | |||||||||||||||||||
Balance at March 31, 2024 | $ | 53 | $ | 1,646,061 | $ | (594,347 | ) | $ | 5,209 | $ | (1,823 | ) | $ | 1,055,153 | ||||||||||
Total comprehensive income (loss) | — | — | 50,354 | (147 | ) | (437 | ) | 49,770 | ||||||||||||||||
Issuance of common stock | — | 2 | — | — | — | 2 | ||||||||||||||||||
Repurchase and retirement of common stock | (1 | ) | — | (29,397 | ) | — | — | (29,398 | ) | |||||||||||||||
Amortization of share-based awards | — | 3,460 | — | — | — | 3,460 | ||||||||||||||||||
Balance at June 30, 2024 | $ | 52 | $ | 1,649,523 | $ | (573,390 | ) | $ | 5,062 | $ | (2,260 | ) | $ | 1,078,987 | ||||||||||
Balance at March 31, 2023 | $ | 51 | $ | 1,553,919 | $ | (688,911 | ) | $ | 8,254 | $ | 100 | $ | 873,413 | |||||||||||
Total comprehensive income (loss) | — | — | 22,584 | (3,688 | ) | (656 | ) | 18,240 | ||||||||||||||||
Amortization of share-based awards | — | 874 | — | — | — | 874 | ||||||||||||||||||
Balance at June 30, 2023 | $ | 51 | $ | 1,554,793 | $ | (666,327 | ) | $ | 4,566 | $ | (556 | ) | $ | 892,527 | ||||||||||
Six Months Ended | ||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||
Additional | other | Non | ||||||||||||||||||||||
Common | paid-in | Accumulated | comprehensive | controlling | ||||||||||||||||||||
stock | capital | deficit | income (loss) | interest | Total | |||||||||||||||||||
Balance at December 31, 2023 | $ | 52 | $ | 1,671,759 | $ | (637,838 | ) | $ | 5,266 | $ | (1,542 | ) | $ | 1,037,697 | ||||||||||
Total comprehensive income (loss) | — | — | 97,380 | (204 | ) | (718 | ) | 96,458 | ||||||||||||||||
Issuance of common stock | 1 | 1 | — | — | — | 2 | ||||||||||||||||||
Repurchase and retirement of common stock | (1 | ) | — | (32,932 | ) | — | — | (32,933 | ) | |||||||||||||||
Amortization of share-based awards | — | (22,237 | ) | — | — | — | (22,237 | ) | ||||||||||||||||
Balance at June 30, 2024 | $ | 52 | $ | 1,649,523 | $ | (573,390 | ) | $ | 5,062 | $ | (2,260 | ) | $ | 1,078,987 | ||||||||||
Balance at December 31, 2022 | $ | 51 | $ | 1,556,990 | $ | (699,649 | ) | $ | 8,576 | $ | 22 | $ | 865,990 | |||||||||||
Total comprehensive income (loss) | — | — | 33,322 | (4,010 | ) | (578 | ) | 28,734 | ||||||||||||||||
Acquisition of non-controlling interest in a majority owned subsidiary | — | (1,427 | ) | — | — | — | (1,427 | ) | ||||||||||||||||
Amortization of share-based awards | — | (770 | ) | — | — | — | (770 | ) | ||||||||||||||||
Balance at June 30, 2023 | $ | 51 | $ | 1,554,793 | $ | (666,327 | ) | $ | 4,566 | $ | (556 | ) | $ | 892,527 | ||||||||||
The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
(In Thousands) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||||||||||||||||
Vessel revenues: | ||||||||||||||||||||||||||||||||
Americas | $ | 73,142 | 22 | % | $ | 50,376 | 24 | % | $ | 137,083 | 21 | % | $ | 98,063 | 24 | % | ||||||||||||||||
Asia Pacific | 55,221 | 16 | % | 22,585 | 11 | % | 103,002 | 16 | % | 44,609 | 11 | % | ||||||||||||||||||||
Middle East | 36,536 | 11 | % | 31,856 | 15 | % | 74,468 | 11 | % | 62,618 | 16 | % | ||||||||||||||||||||
Europe/Mediterranean | 83,266 | 25 | % | 39,295 | 19 | % | 163,647 | 25 | % | 70,545 | 18 | % | ||||||||||||||||||||
West Africa | 88,838 | 26 | % | 66,211 | 31 | % | 177,489 | 27 | % | 125,668 | 31 | % | ||||||||||||||||||||
Total vessel revenues | $ | 337,003 | 100 | % | $ | 210,323 | 100 | % | $ | 655,689 | 100 | % | $ | 401,503 | 100 | % | ||||||||||||||||
Vessel operating costs: | ||||||||||||||||||||||||||||||||
Crew costs | $ | 106,231 | 31 | % | $ | 68,007 | 32 | % | $ | 208,583 | 32 | % | $ | 134,650 | 34 | % | ||||||||||||||||
Repair and maintenance | 24,743 | 7 | % | 16,834 | 8 | % | 46,091 | 7 | % | 33,486 | 8 | % | ||||||||||||||||||||
Insurance | 2,625 | 1 | % | 2,168 | 1 | % | 5,205 | 1 | % | 4,173 | 1 | % | ||||||||||||||||||||
Fuel, lube and supplies | 15,562 | 5 | % | 13,958 | 7 | % | 32,880 | 5 | % | 27,513 | 7 | % | ||||||||||||||||||||
Other | 27,352 | 8 | % | 17,297 | 8 | % | 51,310 | 7 | % | 33,901 | 8 | % | ||||||||||||||||||||
Total vessel operating costs | 176,513 | 52 | % | 118,264 | 56 | % | 344,069 | 52 | % | 233,723 | 58 | % | ||||||||||||||||||||
Vessel operating margin (A) | $ | 160,490 | 48 | % | $ | 92,059 | 44 | % | $ | 311,620 | 48 | % | $ | 167,780 | 42 | % | ||||||||||||||||
Note (A): Vessel operating margin equals vessel revenues less vessel operating costs.
The company’s operating income (loss) and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows:
(In Thousands) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||||||||||||||||
Vessel operating profit: | ||||||||||||||||||||||||||||||||
Americas | $ | 20,148 | 6 | % | $ | 6,245 | 3 | % | $ | 30,274 | 5 | % | $ | 14,207 | 3 | % | ||||||||||||||||
Asia Pacific | 16,931 | 5 | % | 7,026 | 3 | % | 31,778 | 5 | % | 12,594 | 3 | % | ||||||||||||||||||||
Middle East | (1,842 | ) | (1 | )% | (1,657 | ) | (1 | )% | (313 | ) | (0 | )% | (2,001 | ) | (0 | )% | ||||||||||||||||
Europe/Mediterranean | 15,129 | 4 | % | 8,307 | 4 | % | 29,886 | 4 | % | 10,343 | 3 | % | ||||||||||||||||||||
West Africa | 37,739 | 11 | % | 25,474 | 12 | % | 78,749 | 12 | % | 42,695 | 10 | % | ||||||||||||||||||||
Other operating profit | 1,411 | 1 | % | 4,265 | 2 | % | 2,739 | 0 | % | 5,038 | 1 | % | ||||||||||||||||||||
| 89,516 | 26 | % | 49,660 | 23 | % | 173,113 | 26 | % | 82,876 | 20 | % | |||||||||||||||||||||
Corporate expenses (A) | (13,389 | ) | (4 | )% | (12,117 | ) | (6 | )% | (26,127 | ) | (4 | )% | (23,050 | ) | (5 | )% | ||||||||||||||||
Gain on asset dispositions, net | 2,000 | 1 | % | 1,404 | 1 | % | 13,039 | 2 | % | 3,620 | 1 | % | ||||||||||||||||||||
Operating income | $ | 78,127 | 23 | % | $ | 38,947 | 18 | % | $ | 160,025 | 24 | % | $ | 63,446 | 16 | % | ||||||||||||||||
Note (A): General and administrative expenses for the three and six months ended June 30, 2024 include stock-based compensation of $3.4 million and $6.2 million, respectively. General and administrative expenses for the three months and six months ended June 30, 2023 include stock-based compensation of $2.7 million and $4.8 million, respectively. In addition, vessel operating and general and administrative costs for the three and six months ended June 30, 2024, include nil and $0.7 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three months and six months ended June 30, 2023, include $1.3 million and $2.7 million in one-time acquisition, restructuring and integration related costs, respectively.
TIDEWATER INC.
CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA
(In Thousands, except per share data)
Three Months Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Vessel revenues | $ | 337,003 | $ | 318,686 | $ | 300,515 | $ | 296,975 | $ | 210,323 | ||||||||||
Other operating revenues | 2,227 | 2,478 | 2,143 | 2,287 | 4,638 | |||||||||||||||
Total revenues | 339,230 | 321,164 | 302,658 | 299,262 | 214,961 | |||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Vessel operating costs (A) | 176,513 | 167,556 | 158,553 | 164,239 | 118,264 | |||||||||||||||
Costs of other operating revenue | 816 | 1,150 | 1,337 | 1,481 | 373 | |||||||||||||||
General and administrative (A) | 26,329 | 25,329 | 24,724 | 21,001 | 26,013 | |||||||||||||||
Depreciation and amortization | 59,445 | 56,270 | 59,167 | 57,730 | 32,768 | |||||||||||||||
Gain on asset dispositions, net | (2,000 | ) | (11,039 | ) | (4,218 | ) | (863 | ) | (1,404 | ) | ||||||||||
Total operating costs and expenses | 261,103 | 239,266 | 239,563 | 243,588 | 176,014 | |||||||||||||||
Operating income | 78,127 | 81,898 | 63,095 | 55,674 | 38,947 | |||||||||||||||
Other income (expense): | ||||||||||||||||||||
Foreign exchange gain (loss) | (2,376 | ) | (4,085 | ) | 2,250 | (2,149 | ) | (3,819 | ) | |||||||||||
Equity in net earnings (losses) of unconsolidated companies | 5 | (5 | ) | 10 | 4 | 25 | ||||||||||||||
Interest income and other, net | 1,175 | 1,483 | 3,029 | 568 | 2,790 | |||||||||||||||
Interest and other debt costs, net | (19,127 | ) | (19,476 | ) | (20,263 | ) | (19,288 | ) | (4,731 | ) | ||||||||||
Total other expense | (20,323 | ) | (22,083 | ) | (14,974 | ) | (20,865 | ) | (5,735 | ) | ||||||||||
Income before income taxes | 57,804 | 59,815 | 48,121 | 34,809 | 33,212 | |||||||||||||||
Income tax expense | 7,887 | 13,070 | 10,793 | 9,260 | 11,284 | |||||||||||||||
Net income | 49,917 | 46,745 | 37,328 | 25,549 | 21,928 | |||||||||||||||
Net loss attributable to noncontrolling interests | (437 | ) | (281 | ) | (336 | ) | (650 | ) | (656 | ) | ||||||||||
Net income attributable to Tidewater Inc. | $ | 50,354 | $ | 47,026 | $ | 37,664 | $ | 26,199 | $ | 22,584 | ||||||||||
Basic income per common share | $ | 0.96 | $ | 0.90 | $ | 0.72 | $ | 0.50 | $ | 0.44 | ||||||||||
Diluted income per common share | $ | 0.94 | $ | 0.89 | $ | 0.70 | $ | 0.49 | $ | 0.43 | ||||||||||
Weighted average common shares outstanding | 52,684 | 52,320 | 52,648 | 52,230 | 50,857 | |||||||||||||||
Dilutive effect of warrants, restricted stock units and stock options | 663 | 580 | 1,351 | 1,380 | 1,148 | |||||||||||||||
Adjusted weighted average common shares | 53,347 | 52,900 | 53,999 | 53,610 | 52,005 | |||||||||||||||
Vessel operating margin | $ | 160,490 | $ | 151,130 | $ | 141,962 | $ | 132,736 | $ | 92,059 | ||||||||||
Note (A): Acquisition, restructuring and integration related costs | $ | — | $ | 709 | $ | 2,177 | $ | 6,079 | $ | 1,242 | ||||||||||
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 315,897 | $ | 280,853 | $ | 274,437 | $ | 275,070 | $ | 171,261 | ||||||||||
Restricted cash | 3,527 | 6,474 | 1,241 | 4,973 | 1,242 | |||||||||||||||
Trade and other receivables, net | 280,498 | 285,968 | 268,352 | 250,671 | 195,906 | |||||||||||||||
Marine operating supplies | 26,908 | 24,767 | 31,933 | 27,489 | 22,495 | |||||||||||||||
Assets held for sale | — | — | — | 565 | 630 | |||||||||||||||
Prepaid expenses and other current assets | 20,115 | 17,447 | 15,172 | 16,598 | 18,958 | |||||||||||||||
Total current assets | 646,945 | 615,509 | 591,135 | 575,366 | 410,492 | |||||||||||||||
Net properties and equipment | 1,253,583 | 1,286,618 | 1,315,122 | 1,348,001 | 784,873 | |||||||||||||||
Deferred drydocking and survey costs | 148,657 | 128,639 | 106,698 | 99,215 | 92,481 | |||||||||||||||
Indemnification assets | 10,920 | 16,642 | 17,370 | 18,648 | 22,678 | |||||||||||||||
Other assets | 29,643 | 30,408 | 32,449 | 30,325 | 33,640 | |||||||||||||||
Total assets | $ | 2,089,748 | $ | 2,077,816 | $ | 2,062,774 | $ | 2,071,555 | $ | 1,344,164 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 60,740 | $ | 51,774 | $ | 44,931 | $ | 57,183 | $ | 69,822 | ||||||||||
Accrued expenses | 133,149 | 132,190 | 125,590 | 119,631 | 91,875 | |||||||||||||||
Current portion of long-term debt | 102,993 | 103,009 | 103,077 | 102,369 | 2,441 | |||||||||||||||
Other current liabilities | 43,342 | 52,164 | 55,133 | 53,301 | 42,305 | |||||||||||||||
Total current liabilities | 340,224 | 339,137 | 328,731 | 332,484 | 206,443 | |||||||||||||||
Long-term debt | 607,998 | 620,329 | 631,361 | 641,301 | 179,573 | |||||||||||||||
Other liabilities | 62,539 | 63,197 | 64,985 | 66,246 | 65,621 | |||||||||||||||
Equity: | ||||||||||||||||||||
Common stock | 52 | 53 | 52 | 53 | 51 | |||||||||||||||
Additional paid-in-capital | 1,649,523 | 1,646,061 | 1,671,759 | 1,668,392 | 1,554,793 | |||||||||||||||
Accumulated deficit | (573,390 | ) | (594,347 | ) | (637,838 | ) | (640,128 | ) | (666,327 | ) | ||||||||||
Accumulated other comprehensive income | 5,062 | 5,209 | 5,266 | 4,413 | 4,566 | |||||||||||||||
Total stockholders' equity | 1,081,247 | 1,056,976 | 1,039,239 | 1,032,730 | 893,083 | |||||||||||||||
Noncontrolling interests | (2,260 | ) | (1,823 | ) | (1,542 | ) | (1,206 | ) | (556 | ) | ||||||||||
Total equity | 1,078,987 | 1,055,153 | 1,037,697 | 1,031,524 | 892,527 | |||||||||||||||
Total liabilities and equity | $ | 2,089,748 | $ | 2,077,816 | $ | 2,062,774 | $ | 2,071,555 | $ | 1,344,164 | ||||||||||
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA
(In Thousands)
Three Months Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net income | $ | 49,917 | $ | 46,745 | $ | 37,328 | $ | 25,549 | $ | 21,928 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation | 39,380 | 38,811 | 42,788 | 43,845 | 21,096 | |||||||||||||||
Amortization of deferred drydocking and survey costs | 20,065 | 17,459 | 16,379 | 13,885 | 11,672 | |||||||||||||||
Amortization of debt premiums and discounts | 1,779 | 1,814 | 1,975 | 1,802 | 422 | |||||||||||||||
Amortization of below market contracts | (1,650 | ) | (1,206 | ) | (1,894 | ) | (1,906 | ) | — | |||||||||||
Provision (benefit) for deferred income taxes | (41 | ) | 73 | 23 | 35 | (1 | ) | |||||||||||||
Gain on asset dispositions, net | (2,000 | ) | (11,039 | ) | (4,218 | ) | (863 | ) | (1,404 | ) | ||||||||||
Gain on pension settlement | — | — | (506 | ) | — | (1,807 | ) | |||||||||||||
Stock-based compensation expense | 3,460 | 2,766 | 3,508 | 2,496 | 2,648 | |||||||||||||||
Changes in assets and liabilities, net of effects of business acquisition: | ||||||||||||||||||||
Trade and other receivables | 5,470 | (17,616 | ) | (17,072 | ) | (54,765 | ) | (12,186 | ) | |||||||||||
Accounts payable | 8,966 | 6,843 | (12,252 | ) | (12,639 | ) | 5,047 | |||||||||||||
Accrued expenses | 4,048 | 6,600 | 5,841 | 27,775 | (15,374 | ) | ||||||||||||||
Deferred drydocking and survey costs | (40,083 | ) | (40,018 | ) | (24,069 | ) | (20,618 | ) | (21,366 | ) | ||||||||||
Other, net | (10,666 | ) | 3,533 | (600 | ) | 10,343 | (934 | ) | ||||||||||||
Net cash provided by operating activities | 78,645 | 54,765 | 47,231 | 34,939 | 9,741 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Proceeds from asset dispositions | 2,354 | 12,463 | 5,902 | 945 | 2,943 | |||||||||||||||
Proceeds from sale of notes | 702 | — | — | — | — | |||||||||||||||
Acquisitions, net of cash acquired | — | — | — | (594,191 | ) | — | ||||||||||||||
Additions to properties and equipment | (6,392 | ) | (10,942 | ) | (8,386 | ) | (5,702 | ) | (8,849 | ) | ||||||||||
Net cash provided by (used in) investing activities | (3,336 | ) | 1,521 | (2,484 | ) | (598,948 | ) | (5,906 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Exercise of warrants | — | — | — | 111,483 | — | |||||||||||||||
Proceeds from issuance of shares | 2 | — | — | — | — | |||||||||||||||
Issuance of long-term debt | — | — | — | 575,000 | — | |||||||||||||||
Principal payments on long-term debt | (14,007 | ) | (12,500 | ) | (13,677 | ) | — | — | ||||||||||||
Purchase of common stock | (29,397 | ) | (3,501 | ) | (35,025 | ) | — | — | ||||||||||||
Debt issuance costs | (58 | ) | (135 | ) | — | (14,758 | ) | — | ||||||||||||
Share based awards reacquired to pay taxes | (1 | ) | (28,462 | ) | (141 | ) | (378 | ) | (1,774 | ) | ||||||||||
Net cash provided by (used in) financing activities | (43,461 | ) | (44,598 | ) | (48,843 | ) | 671,347 | (1,774 | ) | |||||||||||
Net change in cash, cash equivalents and restricted cash | 31,848 | 11,688 | (4,096 | ) | 107,338 | 2,061 | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 289,653 | 277,965 | 282,061 | 174,723 | 172,662 | |||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 321,501 | $ | 289,653 | $ | 277,965 | $ | 282,061 | $ | 174,723 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||
Cash paid during the year for: | ||||||||||||||||||||
Interest, net of amounts capitalized | $ | 14,925 | $ | 15,621 | $ | 18,186 | $ | 606 | $ | 7,748 | ||||||||||
Income taxes | $ | 17,481 | $ | 15,603 | $ | 7,295 | $ | 9,384 | $ | 10,144 | ||||||||||
Supplemental disclosure of noncash investing activities: | ||||||||||||||||||||
Purchase of vessels | $ | — | $ | — | $ | 2,067 | $ | 27 | $ | 12,171 | ||||||||||
Supplemental disclosure of noncash financing activities: | ||||||||||||||||||||
Debt incurred for purchase of vessels | $ | — | $ | — | $ | 3,037 | $ | 27 | $ | 12,171 | ||||||||||
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
VESSEL REVENUE BY VESSEL CLASS | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV > 900 | $ | 31,400 | $ | 29,924 | $ | 28,714 | $ | 29,270 | $ | 20,316 | ||||||||||
PSV < 900 | 28,010 | 24,531 | 28,143 | 28,886 | 19,134 | |||||||||||||||
AHTS > 16K | 7,228 | 2,036 | 4,034 | 3,584 | 3,425 | |||||||||||||||
AHTS 8 - 16K | 2,002 | 2,476 | 2,316 | 2,064 | 2,807 | |||||||||||||||
AHTS 4 - 8K | 219 | 945 | 1,428 | 1,570 | 1,480 | |||||||||||||||
Other | 4,283 | 4,029 | 3,790 | 5,343 | 3,214 | |||||||||||||||
Total | 73,142 | 63,941 | 68,425 | 70,717 | 50,376 | |||||||||||||||
Asia Pacific fleet: | ||||||||||||||||||||
PSV > 900 | 21,578 | 23,210 | 19,485 | 20,159 | 9,648 | |||||||||||||||
PSV < 900 | 14,402 | 11,830 | 8,679 | 8,292 | 5,811 | |||||||||||||||
AHTS > 16K | 7,815 | 4,555 | 3,759 | 3,271 | 2,065 | |||||||||||||||
AHTS 8 - 16K | 7,874 | 4,507 | 4,706 | 5,287 | 5,001 | |||||||||||||||
AHTS 4 - 8K | 1,269 | 1,576 | 1,601 | 1,582 | 8 | |||||||||||||||
Other | 2,283 | 2,103 | 402 | 403 | 52 | |||||||||||||||
Total | 55,221 | 47,781 | 38,632 | 38,994 | 22,585 | |||||||||||||||
Middle East fleet: | ||||||||||||||||||||
PSV > 900 | 1,359 | 1,365 | 1,378 | 1,088 | 1,211 | |||||||||||||||
PSV < 900 | 19,963 | 21,017 | 19,215 | 17,790 | 16,812 | |||||||||||||||
AHTS > 16K | (3 | ) | 287 | 1,178 | 1,196 | 1,217 | ||||||||||||||
AHTS 8 - 16K | 3,163 | 2,397 | 3,094 | 3,420 | 4,276 | |||||||||||||||
AHTS 4 - 8K | 12,054 | 12,866 | 13,207 | 11,191 | 8,340 | |||||||||||||||
Total | 36,536 | 37,932 | 38,072 | 34,685 | 31,856 | |||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
PSV > 900 | 64,875 | 61,827 | 61,559 | 59,872 | 27,602 | |||||||||||||||
PSV < 900 | 13,290 | 14,126 | 15,356 | 14,039 | 9,195 | |||||||||||||||
AHTS > 16K | 4,057 | 3,346 | 2,437 | 3,617 | 2,228 | |||||||||||||||
Other | 1,044 | 1,082 | 1,391 | 1,401 | 270 | |||||||||||||||
Total | 83,266 | 80,381 | 80,743 | 78,929 | 39,295 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
PSV > 900 | 20,044 | 21,743 | 15,478 | 17,566 | 11,550 | |||||||||||||||
PSV < 900 | 32,601 | 31,812 | 31,893 | 26,396 | 25,419 | |||||||||||||||
AHTS > 16K | 8,065 | 8,048 | 6,994 | 7,138 | 9,129 | |||||||||||||||
AHTS 8 - 16K | 18,466 | 16,316 | 11,219 | 11,917 | 9,870 | |||||||||||||||
AHTS 4 - 8K | 2,827 | 2,370 | 2,126 | 2,745 | 3,496 | |||||||||||||||
Other | 6,835 | 8,362 | 6,933 | 7,888 | 6,747 | |||||||||||||||
Total | 88,838 | 88,651 | 74,643 | 73,650 | 66,211 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV > 900 | 139,256 | 138,069 | 126,614 | 127,955 | 70,327 | |||||||||||||||
PSV < 900 | 108,266 | 103,316 | 103,286 | 95,403 | 76,371 | |||||||||||||||
AHTS > 16K | 27,162 | 18,272 | 18,402 | 18,806 | 18,064 | |||||||||||||||
AHTS 8 - 16K | 31,505 | 25,696 | 21,335 | 22,688 | 21,954 | |||||||||||||||
AHTS 4 - 8K | 16,369 | 17,757 | 18,362 | 17,088 | 13,324 | |||||||||||||||
Other | 14,445 | 15,576 | 12,516 | 15,035 | 10,283 | |||||||||||||||
Total | $ | 337,003 | $ | 318,686 | $ | 300,515 | $ | 296,975 | $ | 210,323 | ||||||||||
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
AVERAGE NUMBER OF VESSELS: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV > 900 | 11 | 11 | 12 | 12 | 10 | |||||||||||||||
PSV < 900 | 17 | 18 | 18 | 18 | 15 | |||||||||||||||
AHTS > 16K | 2 | 2 | 2 | 2 | 2 | |||||||||||||||
AHTS 8 - 16K | 2 | 2 | 2 | 2 | 2 | |||||||||||||||
AHTS 4 - 8K | 2 | 2 | 2 | 2 | 2 | |||||||||||||||
Other | 1 | 1 | 2 | 2 | 2 | |||||||||||||||
Total | 35 | 36 | 38 | 38 | 33 | |||||||||||||||
Stacked vessels | — | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||||
Active vessels | 35 | 35 | 37 | 37 | 32 | |||||||||||||||
Asia Pacific fleet: | ||||||||||||||||||||
PSV > 900 | 9 | 8 | 8 | 8 | 6 | |||||||||||||||
PSV < 900 | 5 | 5 | 5 | 4 | 2 | |||||||||||||||
AHTS > 16K | 3 | 3 | 2 | 2 | 2 | |||||||||||||||
AHTS 8 - 16K | 3 | 3 | 3 | 3 | 3 | |||||||||||||||
AHTS 4 - 8K | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Other | 1 | 1 | — | — | — | |||||||||||||||
Total | 22 | 21 | 19 | 18 | 14 | |||||||||||||||
Stacked vessels | — | — | — | — | — | |||||||||||||||
Active vessels | 22 | 21 | 19 | 18 | 14 | |||||||||||||||
Middle East fleet: | ||||||||||||||||||||
PSV > 900 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
PSV < 900 | 20 | 20 | 20 | 20 | 20 | |||||||||||||||
AHTS > 16K | — | — | 1 | 1 | 1 | |||||||||||||||
AHTS 8 - 16K | 5 | 5 | 5 | 5 | 5 | |||||||||||||||
AHTS 4 - 8K | 17 | 17 | 18 | 18 | 17 | |||||||||||||||
Total | 43 | 43 | 45 | 45 | 44 | |||||||||||||||
Stacked vessels | — | — | — | — | — | |||||||||||||||
Active vessels | 43 | 43 | 45 | 45 | 44 | |||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
PSV > 900 | 39 | 40 | 39 | 38 | 18 | |||||||||||||||
PSV < 900 | 9 | 9 | 10 | 10 | 7 | |||||||||||||||
AHTS > 16K | 2 | 2 | 2 | 2 | 1 | |||||||||||||||
Total | 50 | 51 | 51 | 50 | 26 | |||||||||||||||
Stacked vessels | — | — | — | — | — | |||||||||||||||
Active vessels | 50 | 51 | 51 | 50 | 26 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
PSV > 900 | 9 | 9 | 9 | 9 | 7 | |||||||||||||||
PSV < 900 | 19 | 19 | 19 | 19 | 18 | |||||||||||||||
AHTS > 16K | 4 | 4 | 4 | 4 | 5 | |||||||||||||||
AHTS 8 - 16K | 11 | 11 | 11 | 11 | 11 | |||||||||||||||
AHTS 4 - 8K | 4 | 4 | 4 | 5 | 6 | |||||||||||||||
Other | 20 | 21 | 21 | 24 | 23 | |||||||||||||||
Total | 67 | 68 | 68 | 72 | 70 | |||||||||||||||
Stacked vessels | (1 | ) | (1 | ) | (1 | ) | (3 | ) | (5 | ) | ||||||||||
Active vessels | 66 | 67 | 67 | 69 | 65 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV > 900 | 69 | 69 | 69 | 68 | 42 | |||||||||||||||
PSV < 900 | 70 | 71 | 72 | 71 | 62 | |||||||||||||||
AHTS > 16K | 11 | 11 | 11 | 11 | 11 | |||||||||||||||
AHTS 8 - 16K | 21 | 21 | 21 | 21 | 21 | |||||||||||||||
AHTS 4 - 8K | 24 | 24 | 25 | 26 | 26 | |||||||||||||||
Other | 22 | 23 | 23 | 26 | 25 | |||||||||||||||
Total | 217 | 219 | 221 | 223 | 187 | |||||||||||||||
Stacked vessels | (1 | ) | (2 | ) | (2 | ) | (4 | ) | (6 | ) | ||||||||||
Active vessels | 216 | 217 | 219 | 219 | 181 | |||||||||||||||
Total active | 216 | 217 | 219 | 219 | 181 | |||||||||||||||
Total stacked | 1 | 2 | 2 | 4 | 6 | |||||||||||||||
Total | 217 | 219 | 221 | 223 | 187 | |||||||||||||||
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
AVAILABLE DAYS - TOTAL FLEET: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV > 900 | 960 | 1,001 | 1,104 | 1,095 | 910 | |||||||||||||||
PSV < 900 | 1,547 | 1,631 | 1,675 | 1,730 | 1,365 | |||||||||||||||
AHTS > 16K | 182 | 182 | 184 | 184 | 182 | |||||||||||||||
AHTS 8 - 16K | 182 | 182 | 184 | 184 | 182 | |||||||||||||||
AHTS 4 - 8K | 182 | 182 | 184 | 184 | 182 | |||||||||||||||
Other | 123 | 128 | 184 | 184 | 182 | |||||||||||||||
Total | 3,176 | 3,306 | 3,515 | 3,561 | 3,003 | |||||||||||||||
Asia Pacific fleet: | ||||||||||||||||||||
PSV > 900 | 819 | 765 | 736 | 726 | 559 | |||||||||||||||
PSV < 900 | 455 | 455 | 454 | 358 | 182 | |||||||||||||||
AHTS > 16K | 273 | 241 | 184 | 184 | 182 | |||||||||||||||
AHTS 8 - 16K | 273 | 273 | 276 | 276 | 273 | |||||||||||||||
AHTS 4 - 8K | 91 | 91 | 92 | 92 | 91 | |||||||||||||||
Other | 59 | 54 | — | — | — | |||||||||||||||
Total | 1,970 | 1,879 | 1,742 | 1,636 | 1,287 | |||||||||||||||
Middle East fleet: | ||||||||||||||||||||
PSV > 900 | 91 | 91 | 92 | 92 | 91 | |||||||||||||||
PSV < 900 | 1,820 | 1,820 | 1,840 | 1,840 | 1,820 | |||||||||||||||
AHTS > 16K | — | 32 | 92 | 92 | 91 | |||||||||||||||
AHTS 8 - 16K | 455 | 455 | 460 | 460 | 455 | |||||||||||||||
AHTS 4 - 8K | 1,547 | 1,547 | 1,615 | 1,640 | 1,556 | |||||||||||||||
Total | 3,913 | 3,945 | 4,099 | 4,124 | 4,013 | |||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
PSV > 900 | 3,590 | 3,603 | 3,588 | 3,492 | 1,638 | |||||||||||||||
PSV < 900 | 819 | 838 | 920 | 907 | 637 | |||||||||||||||
AHTS > 16K | 182 | 182 | 184 | 184 | 139 | |||||||||||||||
Total | 4,591 | 4,623 | 4,692 | 4,583 | 2,414 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
PSV > 900 | 819 | 819 | 828 | 819 | 637 | |||||||||||||||
PSV < 900 | 1,729 | 1,729 | 1,735 | 1,744 | 1,638 | |||||||||||||||
AHTS > 16K | 364 | 364 | 368 | 368 | 407 | |||||||||||||||
AHTS 8 - 16K | 1,001 | 1,001 | 1,012 | 1,012 | 1,001 | |||||||||||||||
AHTS 4 - 8K | 330 | 364 | 385 | 476 | 546 | |||||||||||||||
Other | 1,820 | 1,875 | 1,899 | 2,184 | 2,099 | |||||||||||||||
Total | 6,063 | 6,152 | 6,227 | 6,603 | 6,328 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV > 900 | 6,279 | 6,279 | 6,348 | 6,224 | 3,835 | |||||||||||||||
PSV < 900 | 6,370 | 6,473 | 6,624 | 6,579 | 5,642 | |||||||||||||||
AHTS > 16K | 1,001 | 1,001 | 1,012 | 1,012 | 1,001 | |||||||||||||||
AHTS 8 - 16K | 1,911 | 1,911 | 1,932 | 1,932 | 1,911 | |||||||||||||||
AHTS 4 - 8K | 2,150 | 2,184 | 2,276 | 2,392 | 2,375 | |||||||||||||||
Other | 2,002 | 2,057 | 2,083 | 2,368 | 2,281 | |||||||||||||||
Total | 19,713 | 19,905 | 20,275 | 20,507 | 17,045 | |||||||||||||||
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
OUT-OF-SERVICE - STACKED DAYS: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV < 900 | — | 84 | 92 | 92 | 91 | |||||||||||||||
Total | — | 84 | 92 | 92 | 91 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
AHTS 4 - 8K | 57 | 91 | 109 | 184 | 182 | |||||||||||||||
Other | — | — | 16 | 103 | 265 | |||||||||||||||
Total | 57 | 91 | 125 | 287 | 447 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV < 900 | — | 84 | 92 | 92 | 91 | |||||||||||||||
AHTS 4 - 8K | 57 | 91 | 109 | 184 | 182 | |||||||||||||||
Other | — | — | 16 | 103 | 265 | |||||||||||||||
Total | 57 | 175 | 217 | 379 | 538 | |||||||||||||||
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
AVAILABLE DAYS - ACTIVE FLEET: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV > 900 | 960 | 1,001 | 1,104 | 1,095 | 910 | |||||||||||||||
PSV < 900 | 1,547 | 1,547 | 1,583 | 1,638 | 1,274 | |||||||||||||||
AHTS > 16K | 182 | 182 | 184 | 184 | 182 | |||||||||||||||
AHTS 8 - 16K | 182 | 182 | 184 | 184 | 182 | |||||||||||||||
AHTS 4 - 8K | 182 | 182 | 184 | 184 | 182 | |||||||||||||||
Other | 123 | 128 | 184 | 184 | 182 | |||||||||||||||
Total | 3,176 | 3,222 | 3,423 | 3,469 | 2,912 | |||||||||||||||
Asia Pacific fleet: | ||||||||||||||||||||
PSV > 900 | 819 | 765 | 736 | 726 | 559 | |||||||||||||||
PSV < 900 | 455 | 455 | 454 | 358 | 182 | |||||||||||||||
AHTS > 16K | 273 | 241 | 184 | 184 | 182 | |||||||||||||||
AHTS 8 - 16K | 273 | 273 | 276 | 276 | 273 | |||||||||||||||
AHTS 4 - 8K | 91 | 91 | 92 | 92 | 91 | |||||||||||||||
Other | 59 | 54 | — | — | — | |||||||||||||||
Total | 1,970 | 1,879 | 1,742 | 1,636 | 1,287 | |||||||||||||||
Middle East fleet: | ||||||||||||||||||||
PSV > 900 | 91 | 91 | 92 | 92 | 91 | |||||||||||||||
PSV < 900 | 1,820 | 1,820 | 1,840 | 1,840 | 1,820 | |||||||||||||||
AHTS > 16K | — | 32 | 92 | 92 | 91 | |||||||||||||||
AHTS 8 - 16K | 455 | 455 | 460 | 460 | 455 | |||||||||||||||
AHTS 4 - 8K | 1,547 | 1,547 | 1,615 | 1,640 | 1,556 | |||||||||||||||
Total | 3,913 | 3,945 | 4,099 | 4,124 | 4,013 | |||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
PSV > 900 | 3,590 | 3,603 | 3,588 | 3,492 | 1,638 | |||||||||||||||
PSV < 900 | 819 | 838 | 920 | 907 | 637 | |||||||||||||||
AHTS > 16K | 182 | 182 | 184 | 184 | 139 | |||||||||||||||
Total | 4,591 | 4,623 | 4,692 | 4,583 | 2,414 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
PSV > 900 | 819 | 819 | 828 | 819 | 637 | |||||||||||||||
PSV < 900 | 1,729 | 1,729 | 1,735 | 1,744 | 1,638 | |||||||||||||||
AHTS > 16K | 364 | 364 | 368 | 368 | 407 | |||||||||||||||
AHTS 8 - 16K | 1,001 | 1,001 | 1,012 | 1,012 | 1,001 | |||||||||||||||
AHTS 4 - 8K | 273 | 273 | 276 | 292 | 364 | |||||||||||||||
Other | 1,820 | 1,875 | 1,883 | 2,081 | 1,834 | |||||||||||||||
Total | 6,006 | 6,061 | 6,102 | 6,316 | 5,881 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV > 900 | 6,279 | 6,279 | 6,348 | 6,224 | 3,835 | |||||||||||||||
PSV < 900 | 6,370 | 6,389 | 6,532 | 6,487 | 5,551 | |||||||||||||||
AHTS > 16K | 1,001 | 1,001 | 1,012 | 1,012 | 1,001 | |||||||||||||||
AHTS 8 - 16K | 1,911 | 1,911 | 1,932 | 1,932 | 1,911 | |||||||||||||||
AHTS 4 - 8K | 2,093 | 2,093 | 2,167 | 2,208 | 2,193 | |||||||||||||||
Other | 2,002 | 2,057 | 2,067 | 2,265 | 2,016 | |||||||||||||||
Total | 19,656 | 19,730 | 20,058 | 20,128 | 16,507 | |||||||||||||||
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
UTILIZATION - TOTAL FLEET: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV > 900 | 92.2 | % | 87.9 | % | 77.2 | % | 84.5 | % | 78.5 | % | ||||||||||
PSV < 900 | 80.3 | 70.0 | 78.9 | 85.7 | 83.9 | |||||||||||||||
AHTS > 16K | 99.1 | 33.4 | 59.0 | 54.7 | 50.0 | |||||||||||||||
AHTS 8 - 16K | 58.6 | 80.2 | 74.0 | 65.4 | 100.0 | |||||||||||||||
AHTS 4 - 8K | 14.2 | 59.7 | 93.7 | 97.8 | 93.7 | |||||||||||||||
Other | 99.4 | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||
Total | 80.7 | % | 74.5 | % | 78.9 | % | 84.1 | % | 82.8 | % | ||||||||||
Asia Pacific fleet: | ||||||||||||||||||||
PSV > 900 | 87.6 | % | 93.7 | % | 93.4 | % | 97.3 | % | 71.1 | % | ||||||||||
PSV < 900 | 96.3 | 86.3 | 92.3 | 99.0 | 100.0 | |||||||||||||||
AHTS > 16K | 65.3 | 53.4 | 72.7 | 66.7 | 60.7 | |||||||||||||||
AHTS 8 - 16K | 80.8 | 75.9 | 63.9 | 78.9 | 85.0 | |||||||||||||||
AHTS 4 - 8K | 78.5 | 100.0 | 100.0 | 100.0 | 10.4 | |||||||||||||||
Other | 77.9 | 76.8 | — | — | — | |||||||||||||||
Total | 84.9 | % | 84.0 | % | 86.6 | % | 91.3 | % | 72.4 | % | ||||||||||
Middle East fleet: | ||||||||||||||||||||
PSV > 900 | 100.0 | % | 100.0 | % | 100.0 | % | 90.2 | % | 100.0 | % | ||||||||||
PSV < 900 | 88.0 | 95.3 | 88.6 | 82.8 | 81.6 | |||||||||||||||
AHTS > 16K | — | 69.3 | 100.0 | 100.0 | 100.0 | |||||||||||||||
AHTS 8 - 16K | 66.6 | 50.1 | 60.4 | 69.0 | 87.0 | |||||||||||||||
AHTS 4 - 8K | 82.9 | 86.5 | 87.6 | 77.7 | 63.4 | |||||||||||||||
Total | 83.8 | % | 86.6 | % | 85.6 | % | 79.8 | % | 76.0 | % | ||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
PSV > 900 | 87.4 | % | 88.9 | % | 91.4 | % | 90.8 | % | 91.0 | % | ||||||||||
PSV < 900 | 87.5 | 90.9 | 86.8 | 86.4 | 81.3 | |||||||||||||||
AHTS > 16K | 46.4 | 34.1 | 53.2 | 63.3 | 43.4 | |||||||||||||||
Total | 85.8 | % | 87.1 | % | 89.0 | % | 88.8 | % | 85.7 | % | ||||||||||
West Africa fleet: | ||||||||||||||||||||
PSV > 900 | 78.4 | % | 86.9 | % | 64.9 | % | 88.5 | % | 83.1 | % | ||||||||||
PSV < 900 | 79.2 | 82.6 | 95.4 | 85.1 | 91.1 | |||||||||||||||
AHTS > 16K | 79.5 | 89.8 | 91.1 | 77.0 | 92.9 | |||||||||||||||
AHTS 8 - 16K | 98.2 | 98.6 | 72.4 | 79.5 | 79.6 | |||||||||||||||
AHTS 4 - 8K | 71.9 | 66.7 | 57.6 | 58.5 | 62.9 | |||||||||||||||
Other | 49.5 | 55.9 | 56.9 | 50.0 | 49.4 | |||||||||||||||
Total | 72.9 | % | 77.1 | % | 73.3 | % | 70.7 | % | 72.3 | % | ||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV > 900 | 87.1 | % | 89.2 | % | 85.8 | % | 90.1 | % | 84.0 | % | ||||||||||
PSV < 900 | 84.3 | 84.3 | 87.9 | 85.6 | 85.5 | |||||||||||||||
AHTS > 16K | 73.2 | 60.0 | 75.8 | 70.7 | 73.0 | |||||||||||||||
AHTS 8 - 16K | 84.4 | 82.0 | 68.5 | 75.6 | 84.1 | |||||||||||||||
AHTS 4 - 8K | 75.2 | 81.6 | 83.5 | 76.3 | 63.5 | |||||||||||||||
Other | 53.4 | 59.2 | 60.7 | 53.9 | 53.4 | |||||||||||||||
Total | 80.5 | % | 81.5 | % | 81.5 | % | 80.5 | % | 76.9 | % | ||||||||||
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
UTILIZATION - ACTIVE FLEET: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV > 900 | 92.2 | % | 87.9 | % | 77.2 | % | 84.5 | % | 78.5 | % | ||||||||||
PSV < 900 | 80.3 | 73.8 | 83.4 | 90.5 | 89.9 | |||||||||||||||
AHTS > 16K | 99.1 | 33.4 | 59.0 | 54.7 | 50.0 | |||||||||||||||
AHTS 8 - 16K | 58.6 | 80.2 | 74.0 | 65.4 | 100.0 | |||||||||||||||
AHTS 4 - 8K | 14.2 | 59.7 | 93.7 | 97.8 | 93.7 | |||||||||||||||
Other | 99.4 | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||
Total | 80.7 | % | 76.5 | % | 81.0 | % | 86.3 | % | 85.4 | % | ||||||||||
Asia Pacific fleet: | ||||||||||||||||||||
PSV > 900 | 87.6 | % | 93.7 | % | 93.4 | % | 97.3 | % | 71.1 | % | ||||||||||
PSV < 900 | 96.3 | 86.3 | 92.3 | 99.0 | 100.0 | |||||||||||||||
AHTS > 16K | 65.3 | 53.4 | 72.7 | 66.7 | 60.7 | |||||||||||||||
AHTS 8 - 16K | 80.8 | 75.9 | 63.9 | 78.9 | 85.0 | |||||||||||||||
AHTS 4 - 8K | 78.5 | 100.0 | 100.0 | 100.0 | 10.4 | |||||||||||||||
Other | 77.9 | 76.8 | — | — | — | |||||||||||||||
Total | 84.9 | % | 84.0 | % | 86.6 | % | 91.3 | % | 72.4 | % | ||||||||||
Middle East fleet: | ||||||||||||||||||||
PSV > 900 | 100.0 | % | 100.0 | % | 100.0 | % | 90.2 | % | 100.0 | % | ||||||||||
PSV < 900 | 88.0 | 95.3 | 88.6 | 82.8 | 81.6 | |||||||||||||||
AHTS > 16K | — | 69.3 | 100.0 | 100.0 | 100.0 | |||||||||||||||
AHTS 8 - 16K | 66.6 | 50.1 | 60.4 | 69.0 | 87.0 | |||||||||||||||
AHTS 4 - 8K | 82.9 | 86.5 | 87.6 | 77.7 | 63.4 | |||||||||||||||
Total | 83.8 | % | 86.6 | % | 85.6 | % | 79.8 | % | 76.0 | % | ||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
PSV > 900 | 87.4 | % | 88.9 | % | 91.4 | % | 90.8 | % | 91.0 | % | ||||||||||
PSV < 900 | 87.5 | 90.9 | 86.8 | 86.4 | 81.3 | |||||||||||||||
AHTS > 16K | 46.4 | 34.1 | 53.2 | 63.3 | 43.4 | |||||||||||||||
Total | 85.8 | % | 87.1 | % | 89.0 | % | 88.8 | % | 85.7 | % | ||||||||||
West Africa fleet: | ||||||||||||||||||||
PSV > 900 | 78.4 | % | 86.9 | % | 64.9 | % | 88.5 | % | 83.1 | % | ||||||||||
PSV < 900 | 79.2 | 82.6 | 95.4 | 85.1 | 91.1 | |||||||||||||||
AHTS > 16K | 79.5 | 89.8 | 91.1 | 77.0 | 92.9 | |||||||||||||||
AHTS 8 - 16K | 98.2 | 98.6 | 72.4 | 79.5 | 79.6 | |||||||||||||||
AHTS 4 - 8K | 86.9 | 88.9 | 80.4 | 95.4 | 94.3 | |||||||||||||||
Other | 49.5 | 55.9 | 57.4 | 52.5 | 56.5 | |||||||||||||||
Total | 73.6 | % | 78.3 | % | 74.8 | % | 73.9 | % | 77.8 | % | ||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV > 900 | 87.1 | % | 89.2 | % | 85.8 | % | 90.1 | % | 84.0 | % | ||||||||||
PSV < 900 | 84.3 | 85.4 | 89.2 | 86.8 | 86.9 | |||||||||||||||
AHTS > 16K | 73.2 | 60.0 | 75.8 | 70.7 | 73.0 | |||||||||||||||
AHTS 8 - 16K | 84.4 | 82.0 | 68.5 | 75.6 | 84.1 | |||||||||||||||
AHTS 4 - 8K | 77.2 | 85.1 | 87.7 | 82.6 | 68.8 | |||||||||||||||
Other | 53.4 | 59.2 | 61.2 | 56.4 | 60.4 | |||||||||||||||
Total | 80.7 | % | 82.3 | % | 82.4 | % | 82.1 | % | 79.4 | % | ||||||||||
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
AVERAGE VESSEL DAY RATES: (A) | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV > 900 | $ | 35,490 | $ | 34,015 | $ | 33,707 | $ | 31,648 | $ | 28,446 | ||||||||||
PSV < 900 | 22,542 | 21,499 | 21,306 | 19,479 | 16,702 | |||||||||||||||
AHTS > 16K | 40,088 | 33,490 | 37,174 | 35,598 | 37,640 | |||||||||||||||
AHTS 8 - 16K | 18,771 | 16,964 | 16,997 | 17,157 | 15,421 | |||||||||||||||
AHTS 4 - 8K | 8,453 | 8,703 | 8,285 | 8,717 | 8,678 | |||||||||||||||
Other | 30,266 | 30,423 | 18,427 | 26,857 | 17,658 | |||||||||||||||
Total | 28,317 | 25,894 | 24,524 | 23,495 | 20,269 | |||||||||||||||
Asia Pacific fleet: | ||||||||||||||||||||
PSV > 900 | 30,070 | 32,387 | 28,351 | 28,525 | 24,276 | |||||||||||||||
PSV < 900 | 32,875 | 30,122 | 20,703 | 23,380 | 31,927 | |||||||||||||||
AHTS > 16K | 43,808 | 35,411 | 28,120 | 26,649 | 18,690 | |||||||||||||||
AHTS 8 - 16K | 35,678 | 21,757 | 26,680 | 24,275 | 21,561 | |||||||||||||||
AHTS 4 - 8K | 17,758 | 17,315 | 17,404 | 17,197 | 946 | |||||||||||||||
Other | 43,350 | 43,703 | — | — | — | |||||||||||||||
Total | 32,848 | 30,101 | 25,378 | 25,867 | 24,250 | |||||||||||||||
Middle East fleet: | ||||||||||||||||||||
PSV > 900 | 14,936 | 14,996 | 14,972 | 13,112 | 13,304 | |||||||||||||||
PSV < 900 | 12,466 | 12,115 | 11,785 | 11,677 | 11,320 | |||||||||||||||
AHTS > 16K | — | 12,968 | 12,801 | 13,004 | 13,378 | |||||||||||||||
AHTS 8 - 16K | 10,440 | 10,515 | 11,140 | 10,771 | 10,804 | |||||||||||||||
AHTS 4 - 8K | 9,404 | 9,609 | 9,334 | 8,787 | 8,460 | |||||||||||||||
Total | 11,148 | 11,108 | 10,855 | 10,544 | 10,449 | |||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
PSV > 900 | 20,686 | 19,294 | 18,771 | 18,879 | 18,512 | |||||||||||||||
PSV < 900 | 18,543 | 18,557 | 19,227 | 17,926 | 17,756 | |||||||||||||||
AHTS > 16K | 47,999 | 53,966 | 24,899 | 31,048 | 36,913 | |||||||||||||||
Total | 20,950 | 19,763 | 19,061 | 19,105 | 18,990 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
PSV > 900 | 31,231 | 30,557 | 28,797 | 24,220 | 21,815 | |||||||||||||||
PSV < 900 | 23,818 | 22,287 | 19,271 | 17,781 | 17,040 | |||||||||||||||
AHTS > 16K | 27,861 | 24,611 | 20,869 | 25,192 | 24,154 | |||||||||||||||
AHTS 8 - 16K | 18,784 | 16,536 | 15,302 | 14,804 | 12,382 | |||||||||||||||
AHTS 4 - 8K | 11,915 | 9,766 | 9,583 | 9,858 | 10,178 | |||||||||||||||
Other | 7,587 | 7,975 | 6,415 | 7,217 | 6,511 | |||||||||||||||
Total | 20,093 | 18,687 | 16,356 | 15,772 | 14,469 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV > 900 | 25,452 | 24,640 | 23,240 | 22,804 | 21,820 | |||||||||||||||
PSV < 900 | 20,170 | 18,932 | 17,734 | 16,949 | 15,837 | |||||||||||||||
AHTS > 16K | 37,073 | 30,423 | 23,985 | 26,293 | 24,719 | |||||||||||||||
AHTS 8 - 16K | 19,527 | 16,390 | 16,120 | 15,533 | 13,662 | |||||||||||||||
AHTS 4 - 8K | 10,127 | 9,969 | 9,658 | 9,368 | 8,828 | |||||||||||||||
Other | 11,968 | 11,797 | 8,397 | 10,281 | 8,441 | |||||||||||||||
Total | $ | 21,130 | $ | 19,563 | $ | 18,066 | $ | 17,865 | $ | 16,042 | ||||||||||
Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
Americas | ||||||||||||||||||||
Vessel revenues | $ | 73,142 | $ | 63,941 | $ | 68,425 | $ | 70,717 | $ | 50,376 | ||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | 23,318 | 24,062 | 24,045 | 26,848 | 18,033 | |||||||||||||||
Repair and maintenance | 5,645 | 4,534 | 3,846 | 5,588 | 3,973 | |||||||||||||||
Insurance | 463 | 494 | 526 | 476 | 479 | |||||||||||||||
Fuel, lube and supplies | 2,994 | 4,522 | 3,241 | 4,386 | 2,549 | |||||||||||||||
Other | 5,747 | 5,928 | 5,172 | 5,924 | 4,564 | |||||||||||||||
Total vessel operating costs | 38,167 | 39,540 | 36,830 | 43,222 | 29,598 | |||||||||||||||
Vessel operating margin ($) | 34,975 | 24,401 | 31,595 | 27,495 | 20,778 | |||||||||||||||
Vessel operating margin (%) | 47.8 | % | 38.2 | % | 46.2 | % | 38.9 | % | 41.2 | % | ||||||||||
Americas - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 35 | 36 | 38 | 38 | 33 | |||||||||||||||
Utilization - Total fleet | 80.7 | % | 74.5 | % | 78.9 | % | 84.1 | % | 82.8 | % | ||||||||||
Average vessels - Active fleet | 35 | 35 | 37 | 37 | 32 | |||||||||||||||
Utilization - Active fleet | 80.7 | % | 76.5 | % | 81.0 | % | 86.3 | % | 85.4 | % | ||||||||||
Average day rates | $ | 28,317 | $ | 25,894 | $ | 24,524 | $ | 23,495 | $ | 20,269 | ||||||||||
Vessels commencing drydocks | 3 | 7 | 3 | 3 | 4 | |||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 31,698 | $ | 28,688 | $ | 29,684 | $ | 29,769 | $ | 27,832 | ||||||||||
Cash paid for deferred drydocking and survey costs | 9,190 | 8,014 | 5,025 | 4,658 | 5,867 | |||||||||||||||
Amortization of deferred drydocking and survey costs | (5,704 | ) | (5,004 | ) | (5,353 | ) | (3,727 | ) | (2,626 | ) | ||||||||||
Disposals, intersegment transfers and other | 1,919 | — | (668 | ) | (1,016 | ) | (1,304 | ) | ||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 37,103 | $ | 31,698 | $ | 28,688 | $ | 29,684 | $ | 29,769 | ||||||||||
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
Asia Pacific | ||||||||||||||||||||
Vessel revenues | $ | 55,221 | $ | 47,781 | $ | 38,632 | $ | 38,994 | $ | 22,585 | ||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | 23,023 | 19,306 | 15,177 | 12,390 | 7,062 | |||||||||||||||
Repair and maintenance | 3,092 | 2,769 | 2,977 | 2,969 | 1,517 | |||||||||||||||
Insurance | 278 | 273 | 269 | 183 | 219 | |||||||||||||||
Fuel, lube and supplies | 2,335 | 1,937 | 1,191 | 909 | 1,521 | |||||||||||||||
Other | 2,968 | 2,491 | 2,045 | 2,380 | 1,648 | |||||||||||||||
Total vessel operating costs | 31,696 | 26,776 | 21,659 | 18,831 | 11,967 | |||||||||||||||
Vessel operating margin ($) | 23,525 | 21,005 | 16,973 | 20,163 | 10,618 | |||||||||||||||
Vessel operating margin (%) | 42.6 | % | 44.0 | % | 43.9 | % | 51.7 | % | 47.0 | % | ||||||||||
Asia Pacific - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 22 | 21 | 19 | 18 | 14 | |||||||||||||||
Utilization - Total fleet | 84.9 | % | 84.0 | % | 86.6 | % | 91.3 | % | 72.4 | % | ||||||||||
Average vessels - Active fleet | 22 | 21 | 19 | 18 | 14 | |||||||||||||||
Utilization - Active fleet | 84.9 | % | 84.0 | % | 86.6 | % | 91.3 | % | 72.4 | % | ||||||||||
Average day rates | $ | 32,848 | $ | 30,101 | $ | 25,378 | $ | 25,867 | $ | 24,250 | ||||||||||
Vessels commencing drydocks | 2 | 3 | — | — | — | |||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 8,376 | $ | 3,769 | $ | 3,595 | $ | 2,128 | $ | 2,525 | ||||||||||
Cash paid for deferred drydocking and survey costs | 1,602 | 4,734 | (18 | ) | 84 | (4 | ) | |||||||||||||
Amortization of deferred drydocking and survey costs | (1,234 | ) | (844 | ) | (720 | ) | (637 | ) | (393 | ) | ||||||||||
Disposals, intersegment transfers and other | — | 717 | 912 | 2,020 | — | |||||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 8,744 | $ | 8,376 | $ | 3,769 | $ | 3,595 | $ | 2,128 | ||||||||||
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
Middle East | ||||||||||||||||||||
Vessel revenues | $ | 36,536 | $ | 37,932 | $ | 38,072 | $ | 34,685 | $ | 31,856 | ||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | 13,540 | 13,270 | 13,716 | 13,914 | 13,170 | |||||||||||||||
Repair and maintenance | 4,300 | 4,508 | 4,105 | 4,828 | 3,779 | |||||||||||||||
Insurance | 464 | 420 | 501 | 385 | 465 | |||||||||||||||
Fuel, lube and supplies | 2,274 | 2,304 | 2,610 | 3,142 | 3,470 | |||||||||||||||
Other | 7,138 | 6,006 | 4,906 | 4,796 | 3,756 | |||||||||||||||
Total vessel operating costs | 27,716 | 26,508 | 25,838 | 27,065 | 24,640 | |||||||||||||||
Vessel operating margin ($) | 8,820 | 11,424 | 12,234 | 7,620 | 7,216 | |||||||||||||||
Vessel operating margin (%) | 24.1 | % | 30.1 | % | 32.1 | % | 22.0 | % | 22.7 | % | ||||||||||
Middle East - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 43 | 43 | 45 | 45 | 44 | |||||||||||||||
Utilization - Total fleet | 83.8 | % | 86.6 | % | 85.6 | % | 79.8 | % | 76.0 | % | ||||||||||
Average vessels - Active fleet | 43 | 43 | 45 | 45 | 44 | |||||||||||||||
Utilization - Active fleet | 83.8 | % | 86.6 | % | 85.6 | % | 79.8 | % | 76.0 | % | ||||||||||
Average day rates | $ | 11,148 | $ | 11,108 | $ | 10,855 | $ | 10,544 | $ | 10,449 | ||||||||||
Vessels commencing drydocks | 3 | 11 | 3 | 4 | 7 | |||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 23,690 | $ | 19,331 | $ | 21,153 | $ | 22,717 | $ | 20,677 | ||||||||||
Cash paid for deferred drydocking and survey costs | 2,737 | 7,520 | 1,360 | 3,234 | 4,262 | |||||||||||||||
Amortization of deferred drydocking and survey costs | (3,338 | ) | (3,161 | ) | (3,182 | ) | (2,776 | ) | (3,778 | ) | ||||||||||
Disposals, intersegment transfers and other | — | — | — | (2,022 | ) | 1,556 | ||||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 23,089 | $ | 23,690 | $ | 19,331 | $ | 21,153 | $ | 22,717 | ||||||||||
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
Europe/Mediterranean | ||||||||||||||||||||
Vessel revenues | $ | 83,266 | $ | 80,381 | $ | 80,743 | $ | 78,929 | $ | 39,295 | ||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | 27,085 | 26,282 | 25,848 | 26,632 | 13,406 | |||||||||||||||
Repair and maintenance | 7,058 | 5,493 | 6,081 | 5,342 | 2,900 | |||||||||||||||
Insurance | 761 | 756 | 791 | 689 | 354 | |||||||||||||||
Fuel, lube and supplies | 3,461 | 4,094 | 3,717 | 4,033 | 2,363 | |||||||||||||||
Other | 4,351 | 4,359 | 3,719 | 5,376 | 2,292 | |||||||||||||||
Total vessel operating costs | 42,716 | 40,984 | 40,156 | 42,072 | 21,315 | |||||||||||||||
Vessel operating margin ($) | 40,550 | 39,397 | 40,587 | 36,857 | 17,980 | |||||||||||||||
Vessel operating margin (%) | 48.7 | % | 49.0 | % | 50.3 | % | 46.7 | % | 45.8 | % | ||||||||||
Europe/Mediterranean - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 50 | 51 | 51 | 50 | 26 | |||||||||||||||
Utilization - Total fleet | 85.8 | % | 87.1 | % | 89.0 | % | 88.8 | % | 85.7 | % | ||||||||||
Average vessels - Active fleet | 50 | 51 | 51 | 50 | 26 | |||||||||||||||
Utilization - Active fleet | 85.8 | % | 87.1 | % | 89.0 | % | 88.8 | % | 85.7 | % | ||||||||||
Average day rates | $ | 20,950 | $ | 19,763 | $ | 19,061 | $ | 19,105 | $ | 18,990 | ||||||||||
Vessels commencing drydocks | 8 | 16 | 5 | 5 | 4 | |||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 27,260 | $ | 21,078 | $ | 16,256 | $ | 11,705 | $ | 11,363 | ||||||||||
Cash paid for deferred drydocking and survey costs | 11,584 | 10,876 | 7,580 | 6,733 | 2,217 | |||||||||||||||
Amortization of deferred drydocking and survey costs | (4,065 | ) | (3,359 | ) | (2,758 | ) | (3,201 | ) | (1,875 | ) | ||||||||||
Disposals, intersegment transfers and other | — | (1,335 | ) | — | 1,019 | — | ||||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 34,779 | $ | 27,260 | $ | 21,078 | $ | 16,256 | $ | 11,705 | ||||||||||
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
West Africa | ||||||||||||||||||||
Vessel revenues | $ | 88,838 | $ | 88,651 | $ | 74,643 | $ | 73,650 | $ | 66,211 | ||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | 19,265 | 19,432 | 18,751 | 17,502 | 16,336 | |||||||||||||||
Repair and maintenance | 4,648 | 4,044 | 4,626 | 4,868 | 4,665 | |||||||||||||||
Insurance | 659 | 637 | 678 | 626 | 651 | |||||||||||||||
Fuel, lube and supplies | 4,498 | 4,461 | 4,506 | 5,300 | 4,055 | |||||||||||||||
Other | 7,148 | 5,174 | 5,509 | 4,753 | 5,037 | |||||||||||||||
Total vessel operating costs | 36,218 | 33,748 | 34,070 | 33,049 | 30,744 | |||||||||||||||
Vessel operating margin ($) | 52,620 | 54,903 | 40,573 | 40,601 | 35,467 | |||||||||||||||
Vessel operating margin (%) | 59.2 | % | 61.9 | % | 54.4 | % | 55.1 | % | 53.6 | % | ||||||||||
West Africa - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 67 | 68 | 68 | 72 | 70 | |||||||||||||||
Utilization - Total fleet | 72.9 | % | 77.1 | % | 73.3 | % | 70.7 | % | 72.3 | % | ||||||||||
Average vessels - Active fleet | 66 | 67 | 67 | 69 | 65 | |||||||||||||||
Utilization - Active fleet | 73.6 | % | 78.3 | % | 74.8 | % | 73.9 | % | 77.8 | % | ||||||||||
Average day rates | $ | 20,093 | $ | 18,687 | $ | 16,356 | $ | 15,772 | $ | 14,469 | ||||||||||
Vessels commencing drydocks | 4 | 7 | 7 | 7 | 4 | |||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 37,615 | $ | 33,832 | $ | 28,527 | $ | 26,162 | $ | 20,390 | ||||||||||
Cash paid for deferred drydocking and survey costs | 14,970 | 8,874 | 10,121 | 5,909 | 9,024 | |||||||||||||||
Amortization of deferred drydocking and survey costs | (5,724 | ) | (5,091 | ) | (4,367 | ) | (3,544 | ) | (3,000 | ) | ||||||||||
Disposals, intersegment transfers and other | (1,919 | ) | — | (449 | ) | — | (252 | ) | ||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 44,942 | $ | 37,615 | $ | 33,832 | $ | 28,527 | $ | 26,162 | ||||||||||
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
Worldwide | ||||||||||||||||||||
Vessel revenues | $ | 337,003 | $ | 318,686 | $ | 300,515 | $ | 296,975 | $ | 210,323 | ||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | 106,231 | 102,352 | 97,537 | 97,286 | 68,007 | |||||||||||||||
Repair and maintenance | 24,743 | 21,348 | 21,635 | 23,595 | 16,834 | |||||||||||||||
Insurance | 2,625 | 2,580 | 2,765 | 2,359 | 2,168 | |||||||||||||||
Fuel, lube and supplies | 15,562 | 17,318 | 15,265 | 17,770 | 13,958 | |||||||||||||||
Other | 27,352 | 23,958 | 21,351 | 23,229 | 17,297 | |||||||||||||||
Total vessel operating costs | 176,513 | 167,556 | 158,553 | 164,239 | 118,264 | |||||||||||||||
Vessel operating margin ($) | 160,490 | 151,130 | 141,962 | 132,736 | 92,059 | |||||||||||||||
Vessel operating margin (%) | 47.6 | % | 47.4 | % | 47.2 | % | 44.7 | % | 43.8 | % | ||||||||||
Worldwide - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 217 | 219 | 221 | 223 | 187 | |||||||||||||||
Utilization - Total fleet | 80.5 | % | 81.5 | % | 81.5 | % | 80.5 | % | 76.9 | % | ||||||||||
Average vessels - Active fleet | 216 | 217 | 219 | 219 | 181 | |||||||||||||||
Utilization - Active fleet | 80.7 | % | 82.3 | % | 82.4 | % | 82.1 | % | 79.4 | % | ||||||||||
Average day rates | $ | 21,130 | $ | 19,563 | $ | 18,066 | $ | 17,865 | $ | 16,042 | ||||||||||
Vessels commencing drydocks | 20 | 44 | 18 | 19 | 19 | |||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 128,639 | $ | 106,698 | $ | 99,215 | $ | 92,481 | $ | 82,787 | ||||||||||
Cash paid for deferred drydocking and survey costs | 40,083 | 40,018 | 24,068 | 20,618 | 21,366 | |||||||||||||||
Amortization of deferred drydocking and survey costs | (20,065 | ) | (17,459 | ) | (16,380 | ) | (13,885 | ) | (11,672 | ) | ||||||||||
Disposals, intersegment transfers and other | — | (618 | ) | (205 | ) | 1 | — | |||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 148,657 | $ | 128,639 | $ | 106,698 | $ | 99,215 | $ | 92,481 | ||||||||||
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
Net income | $ | 49,917 | $ | 46,745 | $ | 37,328 | $ | 25,549 | $ | 21,928 | ||||||||||
Interest and other debt costs | 19,127 | 19,476 | 20,263 | 19,288 | 4,731 | |||||||||||||||
Income tax expense | 7,887 | 13,070 | 10,793 | 9,260 | 11,284 | |||||||||||||||
Depreciation | 39,380 | 38,811 | 42,788 | 43,845 | 21,096 | |||||||||||||||
Amortization of deferred drydock and survey costs | 20,065 | 17,459 | 16,379 | 13,885 | 11,672 | |||||||||||||||
Amortization of below market contracts | (1,650 | ) | (1,206 | ) | (1,894 | ) | (1,906 | ) | — | |||||||||||
EBITDA (A), (B), (C) | 134,726 | 134,355 | 125,657 | 109,921 | 70,711 | |||||||||||||||
Non-cash indemnification assets credit (charge) | 1,556 | 1,122 | (70 | ) | 1,184 | — | ||||||||||||||
Non-cash stock compensation expense | 3,460 | 2,766 | 3,508 | 2,496 | 2,648 | |||||||||||||||
Acquisition, restructuring and integration related costs | — | 709 | 2,177 | 6,079 | 1,242 | |||||||||||||||
Adjusted EBITDA (A), (B), (C) | $ | 139,742 | $ | 138,952 | $ | 131,272 | $ | 119,680 | $ | 74,601 | ||||||||||
Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization of deferred drydock and below market contracts. Additionally, Adjusted EBITDA excludes non-cash indemnification assets charge included in interest income and other; non-cash stock-based compensation expense; and acquisition, restructuring and integration related costs.
Note (B): EBITDA for the three months ended June 30, 2024, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,460, $2,766, $3,508, $2,496 and $2,648 respectively.
Note (C): EBITDA and Adjusted EBITDA for the three months ended June 30, 2024, and for each of the prior four quarters includes foreign exchange gain (losses) of $(2,376), $(4,085), $2,250, $(2,149) and $(3,819) respectively.
Non-GAAP Financial Measures
We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, non-cash indemnification asset charge, non-cash stock-based compensation expense and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.
Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.
EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.
EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
Net cash provided by operating activities (A) | $ | 78,645 | $ | 54,765 | $ | 47,231 | $ | 34,939 | $ | 9,741 | ||||||||||
Cash interest expense | 14,925 | 15,621 | 18,186 | 606 | 7,748 | |||||||||||||||
Interest income and other | (1,175 | ) | (1,483 | ) | (3,029 | ) | (568 | ) | (2,790 | ) | ||||||||||
Indemnification assets credit (charge) | (1,556 | ) | (1,122 | ) | 70 | (1,184 | ) | — | ||||||||||||
Additions to property and equipment | (6,392 | ) | (10,942 | ) | (8,386 | ) | (5,702 | ) | (8,849 | ) | ||||||||||
Acquisitions | — | — | — | (594,191 | ) | — | ||||||||||||||
Expansion capital | 66 | 71 | 1,034 | 594,252 | 2,493 | |||||||||||||||
| 84,513 | 56,910 | 55,106 | 28,152 | 8,343 | ||||||||||||||||
Proceeds from asset sales | 3,056 | 12,463 | 5,902 | 945 | 2,943 | |||||||||||||||
Free cash flow | $ | 87,569 | $ | 69,373 | $ | 61,008 | $ | 29,097 | $ | 11,286 | ||||||||||
Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by operating activities adjusted for capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income. Free cash flow excludes indemnification assets charge included in interest income and other. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.
Note (A): Net cash provided by operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:
Three Months Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments | $ | 7,818 | $ | (640 | ) | $ | (24,083 | ) | $ | (29,286 | ) | $ | (23,447 | ) | ||||||
Cash paid for deferred drydock and survey costs | (40,083 | ) | (40,018 | ) | (24,069 | ) | (20,618 | ) | (21,366 | ) | ||||||||||
Total uses of cash for changes in assets and liabilities | $ | (32,265 | ) | $ | (40,658 | ) | $ | (48,152 | ) | $ | (49,904 | ) | $ | (44,813 | ) | |||||
Contacts
Tidewater Inc.
West Gotcher
Senior Vice President,
Strategy, Corporate Development and Investor Relations
+1.713.470.5285
SOURCE: Tidewater Inc.