Tidewater Inc. (NYSE:TDW) announced today revenue for the three
months ended March 31, 2020, of $116.4 million compared with $122.1
million for the three months ended March 31, 2019, and net losses
for the same periods of $18.4 million (or $0.46 per common share)
and $21.7 million (or $0.58 per common share), respectively.
Excluding long-lived asset impairments and one-time expenses, net
losses for the three months ended March 31, 2020 and 2019 were $8.1
million (or $0.20 per common share) and $18.0 million (or $0.48)
per common share), respectively.
Quintin Kneen, Tidewater’s President and Chief Executive
Officer, commented, “For the first quarter, we achieved higher day
rates in all regions, lower operating costs in all regions,
consequently, higher operating margins in all regions, and we
achieved this at the lowest general and administrative cost level
we have ever attained. That was last quarter, but it already feels
like it was years ago.
“Adjusted EBITDA for the quarter was $20 million, but free cash
flow for the quarter was negative $15 million as we invested $25
million in drydocks during the quarter, as previously planned, and
invested $18 million in working capital. We still anticipate being
free cash flow positive for the year even with the sharp downturn
in the business due to a higher liquidation of working capital as
the business contracts and a significant reduction in spending on
drydocks, which we now anticipate to be down $20 million, to $33
million for the year.
“Tidewater has always been dedicated to getting our employees
home safe. Although this philosophy developed due to the inherently
dangerous nature of offshore work, it has resulted in the ability
to address worker health from the current pandemic as second nature
to us. Our employees know how to take care of each other and
themselves, and it has been humbling to observe since the crisis
began how ingenious, brave, and focused our employees have remained
through this difficult time.
“The combined impact of a significant decrease in hydrocarbon
demand resulting from the actions to curb the COVID-19 pandemic and
the inability of global hydrocarbon producers to commensurately
curtail production has resulted in a significant oversupply of oil
that will take many months to balance. Unlike the previous
unpleasantness that began in 2014, contracts for offshore
equipment, both rigs and boats, are this time cancelable over much
shorter periods, and we have begun to see operators quickly
exercise these shorter termination provisions around the world.
These cancelations have resulted in a swift reduction in drilling
activity, both onshore and offshore, and has swiftly reduced the
demand for vessels once again.
“The long-term view on the demand for offshore hydrocarbons is
still robust, and the underinvestment since 2014 has shrunk
offshore production capacity to the point where we expect to see a
resurgence in offshore activity in the next few years as demand
recovers. Prior to the recent pullback, we were suggesting that it
would be in 2021, and now we are focused on 2023.
“The team at Tidewater is mobilizing, in a virtual manner, to
reduce the scale of our current operations to match the needs of
the industry. Having just completed a significant reduction in our
operations, the team is well prepared to make further changes to
once again match the needs of the current market.
“Adjusting to a swift reduction in activity requires the
organization to quickly, and cost efficiently, remove capacity from
the market. The first stage of capacity reduction takes the form of
de-crewing vessels and putting them into lay-up. This industry has
a very high degree of operating leverage and eliminating operating
costs on idle vessels is key to addressing the reduction in
revenue. There are frictional costs to do this, including severance
costs in certain geographies as well as the fuel to relocate the
vessels to their lay-up location. And then there is the cost,
albeit modest, of keeping the vessel in lay-up. In addition, the
shore base operations in the markets in which we operate must be
re-envisioned and matched to current market demand. The second
stage of removing capacity from the market is for the least capable
vessels in the idle fleet to be scrapped though the recycling of
their steel in an environmentally responsible manner. We
accelerated our capacity reduction process in the fourth quarter of
last year and it has become even more relevant and urgent given the
current situation.
“As we mentioned on the last earnings call, this industry needs
to use the tools available to foster consolidation, whether virtual
through the use of shipping pools, joint ship management, or
through outright consolidation, to reduce fragmentation so that
appropriate terms and pricing can be established. We mentioned on
the previous earnings conference call that capital providers are
holding up consolidation in their quest for par returns on
investments made before 2014. It’s even more evident now than it
was three months ago that now is the time to act.
“We find ourselves again in a period of significant transition.
We are dedicated to generating free cash flow and adjusting our
business to align it with that key objective. Tidewater, due to its
resilient and dedicated employees, is better positioned than any
other offshore vessel company to lead this industry through another
challenging period.”
In addition to the number of outstanding shares, as of March 31,
2020, the company also has the following in the money warrants.
Common shares outstanding
40,259,917
New Creditor Warrants (strike price $0.001
per common share)
821,308
GulfMark Creditor Warrants (strike price
$0.01 per common share)
952,154
Total
42,033,379
Tidewater will hold a conference call to discuss results for the
three months ended March 31, 2020 on Tuesday, May 12, 2020 at 8:00
a.m. Central Time. Investors and interested parties may listen to
the earnings conference call via telephone by calling
+1-888-771-4371 if calling from the U.S. or Canada (+1-847-585-4405
if calling from outside the U.S.) and asking for the “Tidewater”
call just prior to the scheduled start time. A live webcast of the
call will also be available in the Investor Relations section of
Tidewater’s website at investor.tdw.com.
A replay of the conference call will be available beginning at
10:30 a.m. Central Time on May 12, 2020 and will continue until
11:59 p.m. Central Time on June 12, 2020. To access the replay,
visit the Investor Relations section of Tidewater’s website at
investor.tdw.com.
The conference call will contain forward-looking statements in
addition to statements of historical fact. The actual achievement
of any forecasted results or the unfolding of future economic or
business developments in a way anticipated or projected by the
company involves numerous risks and uncertainties that may cause
the company’s actual performance to be materially different from
that stated or implied in the forward-looking statements. Such
risks and uncertainties include, among other things, risks
associated with the general nature of the oilfield service industry
and other factors discussed within the “Risk Factors” section of
Tidewater’s most recent Forms 10-Q and 10-K.
Tidewater owns and operates the largest fleet of Offshore
Support Vessels in the industry, with over 60 years of experience
supporting offshore energy exploration and production activities
worldwide.
Note: all per-share amounts are stated on a
diluted basis.
Financial information is displayed beginning
on the next page.
TIDEWATER INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands, except per share
data)
Three Months
Three Months
Ended
Ended
March 31, 2020
March 31, 2019
Revenues:
Vessel revenues
$
111,974
$
119,662
Other operating revenues
4,394
2,487
Total revenues
116,368
122,149
Costs and expenses:
Vessel operating costs
78,825
82,203
Costs of other operating revenue
2,673
764
General and administrative
21,420
27,140
Depreciation and amortization
27,107
22,932
Long-lived asset impairments
10,207
—
Gain on asset dispositions, net
(5,331
)
(1,270
)
134,901
131,769
Operating loss
(18,533
)
(9,620
)
Other income (expense):
Foreign exchange gain (loss)
864
(508
)
Equity in net losses of unconsolidated
companies
—
(62
)
Interest income and other, net
116
2,470
Interest and other debt costs, net
(6,142
)
(7,736
)
(5,162
)
(5,836
)
Loss before income taxes
(23,695
)
(15,456
)
Income tax (benefit) expense
(5,171
)
5,830
Net loss
$
(18,524
)
$
(21,286
)
Net income (loss) attributable to
noncontrolling interests
(79
)
445
Net loss attributable to Tidewater
Inc.
$
(18,445
)
$
(21,731
)
Basic loss per common share
$
(0.46
)
$
(0.58
)
Diluted loss per common share
$
(0.46
)
$
(0.58
)
Weighted average common shares
outstanding
40,101
37,179
Adjusted weighted average common
shares
40,101
37,179
TIDEWATER INC. CONDENSED CONSOLIDATED
BALANCE SHEETS (In thousands, except share and par value
data)
March 31,
December 31,
ASSETS
2020
2019
Current assets:
Cash and cash equivalents
$
187,802
$
218,290
Restricted cash
12,461
5,755
Trade and other receivables, less
allowance for credit losses of $579 as of March
31, 2020 and less allowance for doubtful
accounts of $70 as of December 31,
2019.
119,455
110,180
Due from affiliate
128,204
125,972
Marine operating supplies
21,944
21,856
Assets held for sale
26,142
39,287
Prepaid expenses and other current
assets
22,185
15,956
Total current assets
518,193
537,296
Net properties and equipment
922,979
938,961
Deferred drydocking and survey costs
81,981
66,936
Other assets
29,971
36,335
Total assets
$
1,553,124
$
1,579,528
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
30,711
$
27,501
Accrued costs and expenses
72,854
74,000
Due to affiliates
50,013
50,186
Current portion of long-term debt
9,104
9,890
Other current liabilities
26,953
24,100
Total current liabilities
189,635
185,677
Long-term debt
273,015
279,044
Other liabilities and deferred credits
91,578
98,397
Contingencies
Equity:
Common stock
40
40
Additional paid-in-capital
1,368,325
1,367,521
Accumulated deficit
(371,134
)
(352,526
)
Accumulated other comprehensive income
(loss)
133
(236
)
Total stockholder's equity
997,364
1,014,799
Noncontrolling interests
1,532
1,611
Total equity
998,896
1,016,410
Total liabilities and equity
$
1,553,124
$
1,579,528
TIDEWATER INC. CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS (In thousands)
Three Months
Three Months
Ended
Ended
March 31, 2020
March 31, 2019
Net loss
$
(18,524
)
$
(21,286
)
Other comprehensive income:
Change in pension plan and supplemental
pension plan liability, net of tax of $0
and $0, respectively
369
—
Total comprehensive loss
$
(18,155
)
$
(21,286
)
TIDEWATER INC. CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (In thousands)
Three Months
Three Months
Ended
Ended
March 31, 2020
March 31, 2019
Operating activities:
Net loss
$
(18,524
)
$
(21,286
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation
17,285
19,034
Amortization of deferred drydocking and
survey costs
9,822
3,898
Amortization of debt premiums and
discounts
675
(505
)
Provision (benefit) for deferred income
taxes
—
169
Gain on asset dispositions, net
(5,331
)
(1,270
)
Long-lived asset impairments
10,207
—
Changes in investments in, at equity, and
advances to unconsolidated
companies
—
265
Compensation expense - stock based
1,335
5,627
Changes in operating assets and
liabilities, net:
Trade and other receivables
(9,438
)
(2,204
)
Changes in due to/from affiliate, net
(2,405
)
19,175
Accounts payable
3,210
(2,200
)
Accrued costs and expenses
(1,146
)
(5,626
)
Cash paid for deferred drydocking and
survey costs
(24,867
)
(12,285
)
Other, net
(8,348
)
(5,949
)
Net cash used in operating activities
(27,525
)
(3,157
)
Cash flows from investing activities:
Proceeds from sales of assets
9,452
9,651
Additions to property and equipment
(2,449
)
(3,116
)
Net cash provided by investing
activities
7,003
6,535
Cash flows from financing activities:
Principal payments on long-term debt
(2,600
)
(1,509
)
Taxes on share-based awards
(531
)
(1,578
)
Net cash used in financing activities
(3,131
)
(3,087
)
Net change in cash, cash equivalents and
restricted cash
(23,653
)
291
Cash, cash equivalents and restricted cash
at beginning of period
227,608
397,744
Cash, cash equivalents and restricted cash
at end of period (A)
$
203,955
$
398,035
Supplemental disclosure of cash flow
information:
Cash paid during the period for:
Interest, net of amounts capitalized
$
5,442
$
8,319
Income taxes
$
2,550
$
4,415
(A) Cash, cash equivalents and restricted
cash at March 31, 2020 includes $3.6 million in long-term
restricted cash.
TIDEWATER INC. CONDENSED CONSOLIDATED
STATEMENTS OF EQUITY (In thousands)
Common
stock
Additional
paid-in
capital
Accumulated deficit
Accumulated
other
comprehensive
income (loss)
Non
controlling
interest
Total
Balance at December 31, 2019
$
40
1,367,521
(352,526
)
(236
)
1,611
1,016,410
Total comprehensive loss
—
—
(18,445
)
369
(79
)
(18,155
)
Adoption of credit loss accounting
standard
—
—
(163
)
—
—
(163
)
Amortization of restricted stock units
—
804
—
—
—
804
Balance at March 31, 2020
$
40
1,368,325
(371,134
)
133
1,532
998,896
Balance at December 31, 2018
$
37
1,352,388
(210,783
)
2,194
1,087
1,144,923
Total comprehensive loss
—
—
(21,731
)
—
445
(21,286
)
Issuance of common stock from exercise
of
warrants
—
1
—
—
—
1
Amortization/cancellation of restricted
stock
units
—
4,047
—
—
—
4,047
Balance at March 31, 2019
$
37
1,356,436
(232,514
)
2,194
1,532
1,127,685
The company’s vessel revenues and vessel operating costs and the
related percentage of total vessel revenues, were as follows:
Quarter Ended
Quarter Ended
March 31, 2020
March 31, 2019
(In thousands)
%
%
Vessel revenues:
Americas
$
31,859
28
%
35,279
29
%
Middle East/Asia Pacific
24,828
22
%
20,456
17
%
Europe/Mediterranean
29,491
26
%
28,558
24
%
West Africa
25,796
23
%
35,369
30
%
Total vessel revenues
$
111,974
100
%
119,662
100
%
Vessel operating costs:
Crew costs
$
44,487
40
%
48,145
40
%
Repair and maintenance
10,598
9
%
9,701
8
%
Insurance
1,785
2
%
2,178
2
%
Fuel, lube and supplies
9,752
9
%
9,345
8
%
Other
12,203
11
%
12,834
11
%
Total vessel operating costs
78,825
70
%
82,203
69
%
Vessel operating margin (A)
$
33,149
30
%
37,459
31
%
Note (A): Vessel operating margin
equals revenues less vessel operating costs and excludes general
and administrative expenses and depreciation and amortization.
The company’s operating loss and other components of loss before
income taxes and its related percentage of total revenues, were as
follows:
Quarter Ended
Quarter Ended
March 31, 2020
March 31, 2019
(In thousands)
2020
%
2019
%
Vessel operating profit (loss):
Americas
$
(1,164
)
(2
%)
(1,030
)
(1
%)
Middle East/Asia Pacific
(856
)
(0
%)
(1,162
)
(1
%)
Europe/Mediterranean
1,547
1
%
(3,317
)
(3
%)
West Africa
(4,863
)
(4
%)
8,115
7
%
Other operating profit
1,721
1
%
1,704
1
%
(3,615
)
(3
%)
4,310
3
%
Corporate expenses (A)
(10,042
)
(9
%)
(15,200
)
(12
%)
Gain (loss) on asset dispositions, net
5,331
5
%
1,270
1
%
Long-lived asset impairments
(10,207
)
(9
%)
—
—
Operating loss
$
(18,533
)
(16
%)
(9,620
)
(8
%)
Note (A): General and administrative
expenses for the three months ended March 31, 2020 includes
stock-based compensation of $1.3 million. General and
administrative expenses for the three months ended March 31, 2019
includes stock-based compensation of $5.6 million. In addition,
general and administrative costs for the three months ended March
31, 2020 and 2019 includes $0.1 million and $3.7 million, of
severance and similar costs related to integrating Tidewater and
GulfMark operations.
TIDEWATER INC. CONSOLIDATED STATEMENTS
OF EARNINGS (LOSS) – QUARTERLY DATA (Unaudited) (In thousands,
except per share data)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
Revenues:
Vessel revenues
$
111,974
$
116,539
$
117,173
$
123,641
$
119,662
Other operating revenues
4,394
2,237
2,592
2,218
2,487
Total revenues
116,368
118,776
119,765
125,859
122,149
Costs and expenses:
Vessel operating costs
78,825
85,935
80,619
80,439
82,203
Costs of other operating revenue
2,673
916
534
586
764
General and administrative (A)
21,420
22,406
30,474
23,696
27,140
Depreciation and amortization
27,107
28,226
25,735
25,038
22,932
(Gain) loss on asset dispositions, net
(5,331
)
(1,217
)
(270
)
494
(1,270
)
Asset impairments and other
10,207
32,549
5,224
—
—
Total operating costs and expenses
134,901
168,815
142,316
130,253
131,769
Operating loss
(18,533
)
(50,039
)
(22,551
)
(4,394
)
(9,620
)
Other income (expense):
Foreign exchange gain (loss)
864
(945
)
173
11
(508
)
Equity in net (losses) earnings of
unconsolidated companies
(2,717
)
(468
)
95
(62
)
Interest income and other, net
116
690
1,579
1,859
2,470
Interest and other debt costs, net
(6,142
)
(6,282
)
(7,468
)
(7,582
)
(7,736
)
Total other expense
(5,162
)
(9,254
)
(6,184
)
(5,617
)
(5,836
)
Loss before income taxes
(23,695
)
(59,293
)
(28,735
)
(10,011
)
(15,456
)
Income tax (benefit) expense
(5,171
)
1,281
15,071
5,542
5,830
Net loss
$
(18,524
)
$
(60,574
)
$
(43,806
)
$
(15,553
)
$
(21,286
)
Net income (loss) attributable to
noncontrolling interests
(79
)
(721
)
394
406
445
Net loss attributable to Tidewater
Inc.
$
(18,445
)
$
(59,853
)
$
(44,200
)
$
(15,959
)
$
(21,731
)
Basic loss per common share
$
(0.46
)
$
(1.52
)
$
(1.15
)
$
(0.42
)
$
(0.58
)
Diluted loss per common share
$
(0.46
)
$
(1.52
)
$
(1.15
)
$
(0.42
)
$
(0.58
)
Weighted average common shares
outstanding
40,100,744
39,504,154
38,537,165
37,570,629
37,178,580
Dilutive effect of stock options and
restricted
stock
—
—
—
—
—
Adjusted weighted average common
shares
40,100,744
39,504,154
38,537,165
37,570,629
37,178,580
Vessel operating margin
$
33,149
30,604
36,554
43,202
37,459
Note (A): Restructuring and
merger-related
items:
Professional service costs included in
general
and administrative expenses related to
the
business combination with GulfMark
$
—
—
—
—
88
Integration related costs related to
the
business combination with GulfMark
129
2,123
6,293
460
3,651
Total
$
129
2,123
6,293
460
3,739
TIDEWATER INC. CONDENSED CONSOLIDATED
BALANCE SHEETS (Unaudited) (In thousands)
March 31,
December 31,
September 30,
June 30,
March 31,
ASSETS
2020
2019
2019
2019
2019
Current assets:
Cash and cash equivalents
$
187,802
218,290
359,332
369,549
391,060
Restricted cash
12,461
5,755
3,300
13,614
6,975
Trade and other receivables, net
119,455
110,180
123,133
121,155
112,853
Due from affiliate
128,204
125,972
124,757
121,959
119,049
Marine operating supplies
21,944
21,856
21,303
29,141
29,337
Assets held for sale
26,142
39,287
—
—
—
Prepaid expenses and other current
assets
22,185
15,956
13,116
14,460
14,844
Total current assets
518,193
537,296
644,941
669,878
674,118
Investments in, at equity, and advances
to
unconsolidated companies
658
774
Net properties and equipment
922,979
938,961
1,022,786
1,041,054
1,065,297
Deferred drydocking and survey costs
81,981
66,936
49,025
41,029
30,602
Other assets
29,971
36,335
37,269
39,651
38,507
Total assets
$
1,553,124
1,579,528
1,754,021
1,792,270
1,809,298
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
30,711
27,501
23,672
24,170
29,739
Accrued costs and expenses
72,854
74,000
54,792
56,675
56,025
Due to affiliates
50,013
50,186
41,676
39,060
40,245
Current portion of long-term debt
9,104
9,890
9,689
10,002
9,957
Other current liabilities
26,953
24,100
30,024
24,442
20,115
Total current liabilities
189,635
185,677
159,853
154,349
156,081
Long-term debt
273,015
279,044
419,905
424,911
427,436
Other liabilities and deferred credits
91,578
98,397
96,499
97,471
98,096
Contingencies
Equity:
Common stock
40
40
39
38
37
Additional paid-in-capital
1,368,325
1,367,521
1,365,872
1,359,842
1,356,436
Accumulated deficit
(371,134
)
(352,526
)
(292,673
)
(248,473
)
(232,514
)
Accumulated other comprehensive income
(loss)
133
(236
)
2,194
2,194
2,194
Total stockholder's equity
997,364
1,014,799
1,075,432
1,113,601
1,126,153
Noncontrolling interests
1,532
1,611
2,332
1,938
1,532
Total equity
998,896
1,016,410
1,077,764
1,115,539
1,127,685
Total liabilities and equity
$
1,553,124
1,579,528
1,754,021
1,792,270
1,809,298
Supplemental information
Due from related parties, net of due to
related
parties:
Sonatide (Angola)
$
64,184
57,771
64,660
66,690
62,591
DTDW (Nigeria)
14,007
18,015
18,421
16,209
16,213
Total
78,191
75,786
83,081
82,899
78,804
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA (In thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
VESSEL REVENUE BY
VESSEL CLASS
Americas
fleet:
Deepwater
$
22,882
22,883
24,575
26,991
25,214
Towing-supply
7,243
8,639
7,831
7,448
8,576
Other
1,734
1,811
741
760
1,489
Total
$
31,859
33,333
33,147
35,199
35,279
Middle East/Asia
Pacific fleet:
Deepwater
$
14,326
16,015
14,960
12,130
10,502
Towing-supply
10,502
10,636
7,805
8,319
9,954
Other
—
—
—
—
Total
$
24,828
26,651
22,765
20,449
20,456
Europe/Mediterranean
fleet:
Deepwater
$
29,163
28,652
30,608
34,104
27,577
Towing-supply
179
528
338
923
981
Other
149
—
—
—
Total
$
29,491
29,180
30,946
35,027
28,558
West Africa
fleet:
Deepwater
$
12,102
14,066
14,923
14,977
15,949
Towing-supply
10,521
9,981
11,598
14,015
15,184
Other
3,173
3,328
3,794
3,974
4,236
Total
$
25,796
27,375
30,315
32,966
35,369
Worldwide
fleet:
Deepwater
$
78,473
81,616
85,066
88,202
79,242
Towing-supply
28,445
29,784
27,572
30,705
34,695
Other
5,056
5,139
4,535
4,734
5,725
Total
$
111,974
116,539
117,173
123,641
119,662
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
AVERAGE NUMBER OF
VESSELS:
Americas
fleet:
Deepwater
32
31
32
34
37
Towing-supply
17
17
17
18
27
Other
3
4
5
6
7
Total
52
52
54
58
71
Stacked vessels
(17
)
(15
)
(17
)
(20
)
(32
)
Active vessels
35
37
37
38
39
Middle East/Asia
Pacific fleet:
Deepwater
27
27
26
24
24
Towing-supply
28
28
26
26
27
Other
—
—
—
—
—
Total
55
55
52
50
51
Stacked vessels
(10
)
(10
)
(11
)
(9
)
(10
)
Active vessels
45
44
41
41
41
Europe/Mediterranean
fleet:
Deepwater
39
42
42
44
45
Towing-supply
2
3
3
3
3
Other
—
—
—
—
—
Total
41
45
45
47
48
Stacked vessels
(11
)
(15
)
(13
)
(13
)
(14
)
Active vessels
30
30
32
34
34
West Africa
fleet:
Deepwater
26
27
29
30
30
Towing-supply
19
19
20
22
31
Other
20
21
21
21
22
Total
65
67
70
73
83
Stacked vessels
(21
)
(22
)
(22
)
(23
)
(29
)
Active vessels
44
45
48
50
54
Worldwide
fleet:
Deepwater
124
126
129
132
136
Towing-supply
66
68
66
69
88
Other
23
25
26
27
29
Total
213
219
221
228
253
Stacked vessels
(60
)
(62
)
(63
)
(65
)
(85
)
Active vessels
153
157
158
163
168
Total active
153
157
158
163
168
Total stacked
60
62
63
65
85
Total joint venture and other vessels
3
4
4
4
4
Total
216
223
225
232
257
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
AVAILABLE DAYS -
TOTAL FLEET:
Americas
fleet:
Deepwater
2,873
2,852
2,932
3,112
3,332
Towing-supply
1,547
1,580
1,552
1,638
2,426
Other
285
368
460
484
619
Total
4,705
4,800
4,944
5,234
6,377
Middle East/Asia
Pacific fleet:
Deepwater
2,496
2,453
2,370
2,184
2,160
Towing-supply
2,512
2,576
2,392
2,369
2,457
Other
—
—
—
—
—
Total
5,008
5,029
4,762
4,553
4,617
Europe/Mediterranean
fleet:
Deepwater
3,581
3,848
3,874
4,024
4,040
Towing-supply
122
276
276
273
294
Other
—
—
—
—
—
Total
3,703
4,124
4,150
4,297
4,334
West Africa
fleet:
Deepwater
2,366
2,439
2,723
2,730
2,668
Towing-supply
1,729
1,779
1,840
1,974
2,790
Other
1,820
1,932
1,932
1,976
1,980
Total
5,915
6,150
6,495
6,680
7,438
Worldwide
fleet:
Deepwater
11,316
11,592
11,899
12,050
12,200
Towing-supply
5,910
6,211
6,060
6,254
7,967
Other
2,105
2,300
2,392
2,460
2,599
Total
19,331
20,103
20,351
20,764
22,766
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
OUT-OF-SERVICE -
STACKED DAYS:
Americas
fleet:
Deepwater
873
656
723
798
992
Towing-supply
593
568
632
728
1,467
Other
103
184
184
241
380
Total
1,569
1,408
1,539
1,767
2,839
Middle East/Asia
Pacific fleet:
Deepwater
546
552
552
494
617
Towing-supply
396
399
460
303
270
Other
—
—
—
—
—
Total
942
951
1,012
797
887
Europe/Mediterranean
fleet:
Deepwater
1,004
1,196
1,104
1,092
1,122
Towing-supply
—
153
92
91
114
Other
—
—
—
—
—
Total
1,004
1,349
1,196
1,183
1,236
West Africa
fleet:
Deepwater
819
766
768
698
630
Towing-supply
469
583
552
700
1,486
Other
637
643
736
689
540
Total
1,925
1,992
2,056
2,087
2,656
Worldwide
fleet:
Deepwater
3,242
3,170
3,147
3,082
3,361
Towing-supply
1,458
1,703
1,736
1,822
3,337
Other
740
827
920
930
920
Total
5,440
5,700
5,803
5,834
7,618
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
AVAILABLE DAYS -
ACTIVE FLEET:
Americas
fleet:
Deepwater
2,000
2,196
2,209
2,314
2,340
Towing-supply
954
1,012
920
910
959
Other
182
184
276
243
239
Total
3,136
3,392
3,405
3,467
3,538
Middle East/Asia
Pacific fleet:
Deepwater
1,950
1,901
1,818
1,690
1,543
Towing-supply
2,116
2,177
1,932
2,066
2,187
Other
—
—
—
—
—
Total
4,066
4,078
3,750
3,756
3,730
Europe/Mediterranean
fleet:
Deepwater
2,577
2,652
2,770
2,932
2,918
Towing-supply
122
123
184
182
180
Other
—
—
—
—
—
Total
2,699
2,775
2,954
3,114
3,098
West Africa
fleet:
Deepwater
1,547
1,673
1,955
2,032
2,038
Towing-supply
1,260
1,196
1,288
1,274
1,304
Other
1,183
1,289
1,196
1,287
1,440
Total
3,990
4,158
4,439
4,593
4,782
Worldwide
fleet:
Deepwater
8,074
8,422
8,752
8,968
8,839
Towing-supply
4,452
4,508
4,324
4,432
4,630
Other
1,365
1,473
1,472
1,530
1,679
Total
13,891
14,403
14,548
14,930
15,148
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
UTILIZATION -
TOTAL FLEET:
Americas
fleet:
Deepwater
57.7
%
61.7
%
64.5
%
65.8
%
61.9
%
Towing-supply
54.9
58.6
53.1
43.5
35.4
Other
63.1
50.0
21.0
19.0
26.3
Total
57.1
%
59.8
%
56.9
%
54.5
%
48.4
%
Middle East/Asia
Pacific fleet:
Deepwater
56.8
%
66.7
%
65.4
%
62.1
%
57.8
%
Towing-supply
69.2
70.0
61.7
61.1
64.8
Other
—
—
—
—
—
Total
63.0
%
68.4
%
63.6
%
61.6
%
61.5
%
Europe/Mediterranean
fleet:
Deepwater
64.2
%
60.0
%
64.0
%
63.0
%
60.1
%
Towing-supply
46.7
31.6
24.5
56.9
59.9
Other
—
—
—
—
—
Total
63.6
%
58.1
%
61.4
%
62.7
%
60.1
%
West Africa
fleet:
Deepwater
41.5
%
46.9
%
50.6
%
51.7
%
52.9
%
Towing-supply
45.5
43.8
46.3
50.3
40.0
Other
51.5
56.6
55.6
55.1
57.9
Total
45.7
%
49.1
%
50.9
%
52.3
%
49.4
%
Worldwide
fleet:
Deepwater
56.2
%
59.1
%
61.4
%
61.0
%
58.6
%
Towing-supply
58.0
57.9
53.1
52.9
47.0
Other
53.1
55.6
49.0
48.0
50.4
Total
56.4
%
58.3
%
57.5
%
57.0
%
53.6
%
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
UTILIZATION -
ACTIVE FLEET:
Americas
fleet:
Deepwater
72.8
%
80.1
%
85.7
%
88.4
%
88.2
%
Towing-supply
89.0
91.4
89.6
78.4
89.5
Other
98.8
100.0
35.0
37.9
68.2
Total
85.7
%
84.6
%
82.6
%
82.3
%
87.2
%
Middle East/Asia
Pacific fleet:
Deepwater
72.8
%
86.1
%
85.3
%
80.3
%
80.9
%
Towing-supply
82.2
82.9
76.4
70.1
72.8
Other
—
—
—
—
—
Total
77.7
%
84.4
%
80.7
%
74.7
%
76.1
%
Europe/Mediterranean
fleet:
Deepwater
89.2
%
87.1
%
89.5
%
86.5
%
83.2
%
Towing-supply
46.7
70.9
36.8
85.3
97.8
Other
—
—
—
—
—
Total
87.3
%
86.4
%
86.3
%
86.5
%
84.1
%
West Africa
fleet:
Deepwater
63.4
%
68.3
%
70.5
%
69.4
%
69.2
%
Towing-supply
62.4
65.1
66.1
77.9
85.6
Other
79.2
84.9
89.9
84.6
79.7
Total
67.8
%
72.5
%
74.4
%
76.0
%
76.8
%
Worldwide
fleet:
Deepwater
78.8
%
81.3
%
83.4
%
82.0
%
80.9
%
Towing-supply
77.0
79.8
74.5
74.7
80.8
Other
81.9
86.8
79.6
77.2
78.0
Total
78.5
%
81.4
%
80.4
%
79.3
%
80.6
%
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
AVERAGE VESSEL
DAY RATES: (A)
Americas
fleet:
Deepwater
$
13,793
13,001
12,986
13,186
12,217
Towing-supply
8,532
9,337
9,504
10,442
9,993
Other
9,638
9,838
7,674
8,259
9,135
Total
$
11,854
11,617
11,783
12,341
11,436
Middle East/Asia
Pacific fleet:
Deepwater
$
10,097
9,784
9,648
8,942
8,417
Towing-supply
6,041
5,897
5,285
5,747
6,255
Other
—
—
—
—
—
Total
$
7,863
7,746
7,520
7,293
7,205
Europe/Mediterranean
fleet:
Deepwater
$
12,682
12,336
12,342
13,443
11,356
Towing-supply
3,138
6,055
4,995
5,941
5,566
Other
—
—
—
—
—
Total
$
12,514
12,171
12,147
13,010
10,964
West Africa
fleet:
Deepwater
$
12,337
12,304
10,827
10,615
11,307
Towing-supply
13,389
12,810
13,628
14,115
13,601
Other
3,384
3,041
3,530
3,650
3,693
Total
$
9,539
9,075
9,174
9,439
9,627
Worldwide
fleet:
Deepwater
$
12,342
11,892
11,651
11,998
11,802
Towing-supply
8,292
8,284
8,564
9,279
9,271
Other
4,524
4,137
3,871
4,009
4,370
Total
$
10,267
9,940
10,021
10,442
9,806
Note (A): Average Vessel Day Rates
equals Vessel Revenue / Days Worked.
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA (In thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
Americas
Vessel revenues
$
31,859
33,333
33,147
35,199
35,279
Vessel operating costs:
Crew costs
$
14,186
15,307
15,108
16,008
17,099
Repair and maintenance
2,171
3,067
3,061
2,328
3,619
Insurance
417
299
305
(1,118
)
741
Fuel, lube and supplies
2,615
1,853
1,919
2,115
2,445
Other
2,673
4,082
2,461
2,772
2,772
Total vessel operating costs
$
22,062
24,608
22,854
22,105
26,676
Vessel operating margin ($)
$
9,797
8,726
10,293
13,094
8,603
Vessel operating margin (%)
30.8
%
26.2
%
31.1
%
37.2
%
24.4
%
Americas - Select
operating statistics
Average vessels - Total fleet
52
52
54
58
71
Utilization - Total fleet
57.1
%
59.8
%
56.9
%
54.5
%
48.4
%
Average vessels - Active fleet
35
37
37
38
39
Utilization - Active fleet
85.7
%
84.6
%
82.6
%
82.3
%
87.2
%
Average day rates
$
11,854
11,617
11,783
12,341
11,436
Vessels commencing drydocks
5
1
4
6
6
Cash paid for deferred drydocking and
survey costs
$
5,912
5,381
5,368
6,637
2,178
Deferred drydocking and survey costs -
beginning balance
$
18,561
15,678
12,154
8,463
7,245
Cash paid for deferred drydocking and
survey costs
5,912
5,381
5,368
6,637
2,178
Amortization of deferred drydocking
and
survey costs
(2,874
)
(2,498
)
(1,964
)
(1,228
)
(960
)
Disposals, intersegment transfers and
other
—
—
120
(1,718
)
—
Deferred drydocking and survey costs -
ending balance
$
21,599
18,561
15,678
12,154
8,463
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA (In thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
Middle East/Asia
Pacific
Vessel revenues
$
24,828
26,651
22,765
20,449
20,456
Vessel operating costs:
Crew costs
$
10,085
10,308
9,243
8,986
8,627
Repair and maintenance
2,586
3,838
2,317
1,673
1,581
Insurance
591
790
358
186
589
Fuel, lube and supplies
2,665
1,937
2,431
2,350
2,335
Other
1,696
2,864
1,318
1,844
1,733
Total vessel operating costs
$
17,623
19,737
15,667
15,039
14,865
Vessel operating margin ($)
$
7,205
6,913
7,100
5,410
5,591
Vessel operating margin (%)
29.0
%
25.9
%
31.2
%
26.5
%
27.3
%
Middle East/Asia
Pacific - Select operating
statistics
Average vessels - Total fleet
55
55
52
50
51
Utilization - Total fleet
63.0
%
68.4
%
63.6
%
61.6
%
61.5
%
Average vessels - Active fleet
45
44
41
41
41
Utilization - Active fleet
77.7
%
84.4
%
80.7
%
74.7
%
76.1
%
Average day rates
$
7,863
7,746
7,520
7,293
7,205
Vessels commencing drydocks
5
3
3
2
7
Cash paid for deferred drydocking and
survey costs
$
8,897
6,072
2,269
4,324
4,481
Deferred drydocking and survey costs -
beginning balance
$
16,513
12,572
11,961
9,178
5,961
Cash paid for deferred drydocking and
survey costs
8,897
6,072
2,269
4,324
4,481
Amortization of deferred drydocking
and
survey costs
(2,271
)
(2,131
)
(1,911
)
(1,493
)
(1,264
)
Disposals, intersegment transfers and
other
—
—
253
(48
)
—
Deferred drydocking and survey costs -
ending balance
$
23,139
16,513
12,572
11,961
9,178
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA (In thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
Europe/Mediterranean
Vessel revenues
$
29,491
29,180
30,946
35,027
28,558
Vessel operating costs:
Crew costs
$
11,696
11,984
12,974
13,001
13,059
Repair and maintenance
3,141
3,617
3,307
3,914
2,578
Insurance
431
367
503
693
561
Fuel, lube and supplies
1,098
1,808
1,614
1,314
1,891
Other
2,522
2,098
2,658
2,902
2,994
Total vessel operating costs
$
18,888
19,874
21,056
21,824
21,083
Vessel operating margin ($)
$
10,603
9,306
9,890
13,203
7,475
Vessel operating margin (%)
36.0
%
31.9
%
32.0
%
37.7
%
26.2
%
Europe/Mediterrenean - Select operating
statistics
Average vessels - Total fleet
41
45
45
47
48
Utilization - Total fleet
63.6
%
58.1
%
61.4
%
62.7
%
60.1
%
Average vessels - Active fleet
30
30
32
34
34
Utilization - Active fleet
87.3
%
86.4
%
86.3
%
86.5
%
84.1
%
Average day rates
$
12,514
12,171
12,147
13,010
10,964
Vessels commencing drydocks
2
3
1
—
6
Cash paid for deferred drydocking and
survey costs
$
2,591
3,378
316
3,030
2,432
Deferred drydocking and survey costs -
beginning balance
$
9,406
7,379
8,596
5,831
4,278
Cash paid for deferred drydocking and
survey costs
2,591
3,378
316
3,030
2,432
Amortization of deferred drydocking
and
survey costs
(1,610
)
(1,335
)
(1,160
)
(1,448
)
(879
)
Disposals, intersegment transfers and
other
—
(16
)
(373
)
1,183
—
Deferred drydocking and survey costs -
ending balance
$
10,387
9,406
7,379
8,596
5,831
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA (In thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
West
Africa
Vessel revenues
$
25,796
27,375
30,315
32,966
35,369
Vessel operating costs:
Crew costs
$
8,520
8,472
8,868
9,196
9,360
Repair and maintenance
2,700
4,659
3,282
2,996
1,923
Insurance
346
(282
)
863
989
287
Fuel, lube and supplies
3,374
4,184
2,817
2,672
2,674
Other
5,312
4,682
5,214
5,618
5,335
Total vessel operating costs
$
20,252
21,715
21,044
21,471
19,579
Vessel operating margin ($)
$
5,544
5,660
9,271
11,495
15,790
Vessel operating margin (%)
21.5
%
20.7
%
30.6
%
34.9
%
44.6
%
West Africa -
Select operating statistics
Average vessels - Total fleet
65
67
70
73
83
Utilization - Total fleet
45.7
%
49.1
%
50.9
%
52.3
%
49.4
%
Average vessels - Active fleet
44
45
48
50
54
Utilization - Active fleet
67.8
%
72.5
%
74.4
%
76.0
%
76.8
%
Average day rates
$
9,539
9,075
9,174
9,439
9,627
Vessels commencing drydocks
3
1
4
4
5
Cash paid for deferred drydocking and
survey costs
$
7,468
11,905
7,060
2,412
3,194
Deferred drydocking and survey costs -
beginning balance
$
22,456
13,397
8,318
7,129
4,731
Cash paid for deferred drydocking and
survey costs
7,468
11,905
7,060
2,412
3,194
Amortization of deferred drydocking
and
survey costs
(3,067
)
(2,846
)
(1,653
)
(1,321
)
(796
)
Disposals, intersegment transfers and
other
(1
)
—
(328
)
98
—
Deferred drydocking and survey costs -
ending balance
$
26,856
22,456
13,397
8,318
7,129
TIDEWATER INC. UNAUDITED OTHER
FLEET AND FINANCIAL DATA (In thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
Worldwide
Vessel revenues
$
111,974
116,539
117,173
123,641
119,662
Vessel operating costs:
Crew costs
$
44,487
46,071
46,193
47,191
48,145
Repair and maintenance
10,598
15,181
11,967
10,911
9,701
Insurance
1,785
1,174
2,027
750
2,178
Fuel, lube and supplies
9,752
9,782
8,781
8,451
9,345
Other
12,203
13,726
11,651
13,136
12,834
Total vessel operating costs
$
78,825
85,934
80,619
80,439
82,203
Vessel operating margin ($)
$
33,149
30,604
36,554
43,202
37,459
Vessel operating margin (%)
29.6
%
26.3
%
31.2
%
34.9
%
31.3
%
Worldwide -
Select operating statistics
Average vessels - Total fleet
213
219
220
228
253
Utilization - Total fleet
56.4
%
58.3
%
57.5
%
57.0
%
53.6
%
Average vessels - Active fleet
153
157
158
163
168
Utilization - Active fleet
78.5
%
81.4
%
80.4
%
79.3
%
80.6
%
Average day rates
$
10,267
9,940
10,021
10,442
9,806
Vessels commencing drydocks
15
8
12
12
24
Cash paid for deferred drydocking and
survey costs
$
24,868
26,736
15,013
16,403
12,285
Deferred drydocking and survey costs -
beginning balance
$
66,936
49,026
41,029
30,601
22,215
Cash paid for deferred drydocking and
survey costs
24,868
26,736
15,013
16,403
12,285
Amortization of deferred drydocking
and
survey costs
(9,822
)
(8,810
)
(6,688
)
(5,490
)
(3,899
)
Disposals, intersegment transfers and
other
(1
)
(16
)
(328
)
(485
)
—
Deferred drydocking and survey costs -
ending balance
$
81,981
66,936
49,026
41,029
30,601
TIDEWATER INC. UNAUDITED OTHER
FLEET AND FINANCIAL DATA (In thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
Net loss
$
(18,524
)
(60,574
)
(43,806
)
(15,553
)
(21,286
)
Interest and other debt costs
6,142
6,282
7,468
7,582
7,736
Income tax (benefit) expense
(5,171
)
1,281
15,071
5,542
5,830
Depreciation
17,285
19,416
19,047
19,548
19,034
Amortization of deferred drydocking and
survey
costs
9,822
8,810
6,688
5,490
3,898
EBITDA (A), (B), (C)
$
9,554
(24,785
)
4,468
22,609
15,212
Long-lived asset impairments
10,207
32,549
5,224
—
—
One-time charges
129
2,123
6,293
460
3,739
Adjusted EBITDA (A), (B), (C)
19,890
9,887
15,985
23,069
18,951
Note (A): EBITDA excludes interest
and other debt costs, income tax expense, depreciation and
amortization. Additionally, Adjusted EBITDA excludes
impairment charges, and merger and integration related costs.
Note (B): EBITDA and Adjusted EBITDA
for the three months ended March 31, 2020, December 31, 2019,
September 30, 2019, June 30, 2019, and March 31, 2019
includes non-cash, stock-based compensation expense of $1,335,
$2,972, $7,384, $3,588, and $5,627, respectively.
Note (C): EBITDA and Adjusted EBITDA
for the three months ended March 31, 2020, December 31, 2019,
September 30, 2019, June 30, 2019, and March 31, 2019 includes
foreign exchange gains (losses) of $864, $(945), $173, $11, and
$(508), respectively.
Non-GAAP Financial Measures
We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP
financial measures in our public releases, including quarterly
earnings releases, investor conference calls and other filings with
the Securities and Exchange Commission. We define EBITDA as
earnings (net income or loss) before interest and other debt costs,
income tax expense, depreciation and amortization. Additionally,
Adjusted EBITDA excludes impairment charges and merger and
integration related costs. Our measures of EBITDA and Adjusted
EBITDA may not be comparable to similarly titled measures presented
by other companies. Other companies may calculate EBITDA and
Adjusted EBITDA differently than we do, which may limit its
usefulness as a comparative measure.
Because EBITDA and Adjusted EBITDA are not measures of financial
performance calculated in accordance with GAAP, they should not be
considered in isolation or as a substitute for operating income,
net income or loss, cash provided (used) in operating activities,
investing and financing activities, or other income or cash flow
statement data prepared in accordance with GAAP.
EBITDA and Adjusted EBITDA are widely used by investors and
other users of our financial statements as a supplemental financial
measure that, when viewed with our GAAP results and the
accompanying reconciliations, we believe provide additional
information that is useful to gain an understanding of the factors
and trends affecting our ability to service debt, pay taxes and
fund drydocking and survey costs and capital expenditures. We also
believe the disclosure of EBITDA and Adjusted EBITDA helps
investors meaningfully evaluate and compare our cash flow
generating capacity from quarter-to-quarter and year-to-year.
EBITDA and Adjusted EBITDA are also financial metrics used by
management (i) as a supplemental internal measure for planning and
forecasting overall expectations and for evaluating actual results
against such expectations; (ii) to compare to the EBITDA and
Adjusted EBITDA of other companies when evaluating potential
acquisitions; and (iii) to assess our ability to service existing
fixed charges and incur additional indebtedness.
TIDEWATER INC. UNAUDITED OTHER
FLEET AND FINANCIAL DATA (In thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
Net cash provided by (used in)
operating
activities (A)
$
(27,525
)
5,281
(15,981
)
(17,566
)
(3,157
)
Cash interest expense
5,442
8,205
8,189
7,974
8,319
Interest income and other
(116
)
(690
)
(1,579
)
(1,859
)
(2,470
)
Additions to property and equipment
(2,449
)
(4,067
)
(5,058
)
(5,757
)
(3,116
)
Free cash flow before proceeds from
asset sales
$
(24,648
)
8,729
(14,429
)
(17,208
)
(424
)
Proceeds from asset sales
9,452
3,755
4,526
10,915
9,651
Free cash flow
$
(15,196
)
12,484
(9,903
)
(6,293
)
9,227
Free cash flow is a non-GAAP investment performance indicator
which we believe provides useful information regarding the net cash
generated by the Company before any payments to capital providers.
Free cash flow is determined from net cash provided by (used in)
operating activities adjusted for capital expenditures, proceeds
from asset sales, cash interest expense and interest income. Free
cash flow is not defined by U.S. GAAP and is not a substitute for
net cash provided by operating activities.
Note (A): Net cash provided by (used
in) operating activities is affected by changes in our assets and
liabilities and the amounts we pay in cash for our drydocks and
vessel surveys as illustrated in the following table:
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2020
2019
2019
2019
2019
Cash provided by (used in) changes in
assets
and liabilities, excluding drydock
payments
$
(18,127
)
32,826
4,502
(14,169
)
3,196
Cash paid for deferred drydocking and
survey
costs
(24,867
)
(26,736
)
(15,013
)
(16,403
)
(12,285
)
Total sources (uses) of cash for changes
in
assets and liabilities
$
(42,994
)
6,090
(10,511
)
(30,572
)
(9,089
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200511005899/en/
Tidewater Inc. Jason Stanley Vice President, Investor Relations
and Marketing 713-470-5300
SOURCE: Tidewater Inc.
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