third to everyone and conference Tidewater Thank you, West. earnings welcome quarter the XXXX morning Good call.
some and the the prepared income the remarks the for commentary usual our and general markets it the and cover up statement, the of operate balance presenting Sam on various of with call remarks questions. Middleton geographies as an will OpEx, in I then quarter. the wrap open will will me sheet. with then overview Piers Sam which open will Rubio. Piers are up And Joining G&A and prepared we I course, in
Our at comes and Tidewater. quarter call important an for time this exciting
on recently our senior $XXX proceeds which approximately new recent secured ship refinancing be repay week set of next existing notes old Norwegian the to notes press legacy $XXX continue a note to used the closing As of includes a balance million transaction to less the to be releases, in and Bond have XXXX. all the financing, the the Norwegian we week. upon neutral, so sheet, cash-on-hand. The noted close new successfully than up in priced of November note will on in These million is expect scheduled the cash issue will mature to indebtedness in our we refinancing is from market, that
anticipate will transaction, capital our or our structure revolving provide position, and commitment the million to maintaining notes, after addition the $XX utilize credit don't facility, new the Tidewater’s to liquidity these issuance near the industry. transaction. facility, refinancing credit on be the the and anticipate balance will we facilities closing significant strongest available ATM in strengthened both the the as the At needed. our closing additional cash new evidence Market materially and ATM need term Upon sheet but new given shortly of revolving be in facility a refinancing the $XX credit the equity to ATM and cash our closing profile In or facility We facility establishing a million to revolving
ability acquisition liquidity also enhances and opportunities. to position our structure lean capital into new Our
to sensibly will seeing organic commitment and sheet are we the but Our balance opportunities remain, to strong inorganic increasingly business. a grow
position of vessel we where of reactivated to should the and will pace view that to demand reactivations all the start our XXXX, should that by a We vessel sold to expect of be of reiterate the by increase as strengthening vessels will have have all end by response the our stacked and all classified that vessels available we for XXXX be in be sale working. time. We
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value all of philosophy equity component instances Our get we've equity relative in the most But some done. required seen that are deal generally supports to using cash combinations. and
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most Moving into for the our recent period. results
third is on quarter in all and quarter basis a are The year's given third highest strongest This up were year. any seen quarter growth revenue generally this the sequentially utilization we’ve follow the that pattern, year. seasonal
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are the of the many earnings Free contract. under last years were $XX free $X this signed just was we this for higher capital as five quarter. of a our than you XX two contract $XX building of compelling pandemic. and power down environment during is our is in $XX new the upon X% two third related vessels down in Quarterly margins priced costs milling contract was West generated completion million trailing new with were costs the component region customer. drydock Africa remaining and result day-rate of new this the encouraged during XX A was months Total are these the operating We slightly of contract the NOC quarter on in for during investment million. the super and hard especially as modestly third About over as Further million quarter. we anticipating, costs was $XX spend of as tugboats. were Africa quarter represents proceeds to for major full the region contracts to investment our sale we the $X we region margins the the in the the decline pandemic, flow of West target paid by of during cash be a million opportunity and in five largely $XX will operating of north incremental vessels cash points asset vessels will revenue requirements these nearly with of capital and that The quarter. with of composite the of on reactivated vessels year million, progress type direct value fully the such spent quarter, third over is the due the paid We million XXX the the to year quarter. that return the was continued reactivations. below about recall of and during this Although for expense drydock million this the the targeting vessels market This less our the course expanded $XX basis XX% attributable flow third mix, from contemplates strengthening we contract. evidence vessel for hit to
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rate sale fleet, one this and one third quarter the Vessels unchanged quarter. vessels an for to annualized third sale, cost, and run quarter $X.X back our for the added is million from vessels million held in $X.X us two sold which quarter, now asset layup million. category and the second active down the we During held which in was $XX.X from of second to the leaving cost moved
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G&A costs sequentially. increased about Our by $X.X million
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XXXX One big minimizing of cost cost and for the layup. is of focuses the vessels
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at $XX $XX.X anticipated Third million of spend in our quarter drydock below costs million. came
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where achievable, the to at highest the vessel be pandemic. of day now are availability since utilization In we've the increase to levels utilization We in general rate becomes prices order reach the seen point must for onset constrained.
apparent and third quarter vessel that certain regions classes. the in tightness During became geographic certain
price of supplies there some that now pockets a excess for material tight of in increases, are provided are As result XX%.
class yet pricing projects every geography, seeing the for bullish in not a it activity given do are vessels in constraints business for indicator associated and vessel We increases we and every as cadence tendering into supply view but XXXX. of our
which Looking both, in Americas that of the to across scheduled the pockets we XXXX. driven by by regions strength and pandemic return and in Africa, the seen is projects work during being East Demand Middle operate, various for we’ve West was the new delayed regions.
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