HOUSTON, May 14, 2018
/PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a
net loss for the three months ended March
31, 2018, of $39.2 million, or
$1.67 per common share, on revenues
of $91.5 million.
As more fully explained in the company's Form 10-Q for the
quarter ended March 31, 2018, upon
emergence from Chapter 11 bankruptcy on July
31, 2017, the company adopted fresh start accounting in
accordance with applicable accounting and reporting regulations,
which resulted in the company becoming a new entity for financial
reporting purposes on July 31,
2017. References herein to "Successor" relate to the
financial position and results of operations of the reorganized
company subsequent to July 31, 2017,
while references to "Predecessor" relate to the financial position
and results of operations of the company through July 31, 2017.
Included in the $39.2 million
($1.67 per common share) net loss for
the three months ending March 31,
2018 were the following:
- $15.2 million ($0.65 per common share) of foreign exchange
losses, $14.8 million of which
($0.63 per common share) is included
in Equity in net earnings (losses) of unconsolidated companies and
related to our Angola joint
venture, Sonatide.
- $6.2 million ($0.26 per common share) in non-cash asset
impairment charges that resulted from impairment reviews undertaken
during the three months ended March 31,
2018.
Consolidated earnings (loss) before interest, taxes,
depreciation and amortization (EBITDA) for the three months ended
March 31, 2018, which excludes asset
impairment charges, but includes $3.0
million of stock-based compensation expense and $15.2 million of foreign exchange losses, was
($9.9) million. (See
disclosures related to Non-GAAP measures in other fleet and
financial data beginning on page 10 herein.)
Common shares and New Creditor Warrants, each of which is
exercisable to acquire one common share at a price of $0.001, and the sum of common shares and New
Creditor Warrants outstanding at March 31,
2018 were 23,988,075, 6,021,696 and 30,009,771,
respectively.
Tidewater will hold a conference call to discuss results for the
three months ended March 31, 2018 on
Tuesday, May 15, 2018 at 10:00 a.m.
Central Time. Investors and interested parties may listen to
the teleconference 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 ask for the
"Tidewater" call just prior to the scheduled start. A replay
of the conference call will be available beginning at 12:00 p.m. Central Time on May 15, 2018, and
will continue until 11:59 p.m. Central
Time on May 17, 2018. To hear the replay, call
1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.).
The conference call ID number is 46923575.
A simultaneous webcast of the conference call will be available
online at the Tidewater Inc. website, (www.tdw.com). The online
replay will be available until June 15, 2018.
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 involve 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 recent Forms 10-Q and 10-K.
Tidewater owns and operates one of the largest fleets 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 on the next
page.
TIDEWATER
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
|
(Unaudited)
|
(In thousands, except
share and per share data)
|
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Quarter
Ended
|
|
|
|
Quarter
Ended
|
|
|
|
March 31,
2018
|
|
|
|
March 31,
2017
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Vessel
revenues
|
|
$
|
87,494
|
|
|
|
|
156,905
|
|
Other operating
revenues
|
|
|
3,999
|
|
|
|
|
3,844
|
|
|
|
|
91,493
|
|
|
|
|
160,749
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
Vessel operating
costs
|
|
|
61,364
|
|
|
|
|
80,845
|
|
Costs of other
operating revenues
|
|
|
2,474
|
|
|
|
|
2,689
|
|
General and
administrative (A)
|
|
|
23,565
|
|
|
|
|
41,727
|
|
Vessel operating
leases
|
|
|
—
|
|
|
|
|
8,443
|
|
Depreciation and
amortization
|
|
|
12,017
|
|
|
|
|
37,592
|
|
Gain on asset
dispositions, net
|
|
|
(1,919)
|
|
|
|
|
(6,064)
|
|
Asset
impairments
|
|
|
6,186
|
|
|
|
|
64,857
|
|
|
|
|
103,687
|
|
|
|
|
230,089
|
|
Operating
loss
|
|
|
(12,194)
|
|
|
|
|
(69,340)
|
|
Other income
(expenses):
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain
(loss)
|
|
|
(348)
|
|
|
|
|
664
|
|
Equity in net earnings
(losses) of unconsolidated companies (B)
|
|
|
(15,439)
|
|
|
|
|
2,841
|
|
Interest income and
other, net
|
|
|
(128)
|
|
|
|
|
1,588
|
|
Interest and other
debt costs, net
|
|
|
(7,599)
|
|
|
|
|
(21,008)
|
|
|
|
|
(23,514)
|
|
|
|
|
(15,915)
|
|
Loss before income
taxes
|
|
|
(35,708)
|
|
|
|
|
(85,255)
|
|
Income tax
expense
|
|
|
3,321
|
|
|
|
|
1,717
|
|
Net loss
|
|
$
|
(39,029)
|
|
|
|
|
(86,972)
|
|
Less: Net income
attributable to noncontrolling interests
|
|
|
143
|
|
|
|
|
7,883
|
|
Net loss attributable
to Tidewater Inc.
|
|
$
|
(39,172)
|
|
|
|
|
(94,855)
|
|
Basic loss per common
share
|
|
$
|
(1.67)
|
|
|
|
|
(2.01)
|
|
Diluted loss per
common share
|
|
$
|
(1.67)
|
|
|
|
|
(2.01)
|
|
Weighted average
common shares outstanding (C)
|
|
|
23,424,943
|
|
|
|
|
47,080,783
|
|
Dilutive effect of
stock options and restricted stock
|
|
|
—
|
|
|
|
|
—
|
|
Adjusted weighted
average common shares
|
|
|
23,424,943
|
|
|
|
|
47,080,783
|
|
Note (A): The company did not incur any
restructuring-related professional services costs during the
quarter ended March 31, 2018
(Successor). Restructuring-related professional services
costs included in general and administrative expenses for the
quarter ended March 31, 2017
(Predecessor), were $16.8
million. General and administrative expenses for the
quarter ended March 31, 2018
(Successor) and March 31, 2017
(Predecessor) included stock-based compensation of $3 million and $(0.9)
million, respectively.
Note (B): Equity in net earnings (losses) of
unconsolidated companies for the quarter ended March 31, 2018 (Successor) includes $14.8 million of foreign exchange losses related
to our Angola joint venture,
Sonatide.
Note (C): Weighted average shares outstanding for the
quarter ended March 31, 2018 (Successor) include 108,044 shares
issuable upon the exercise of New Creditor Warrants held by U.S.
citizens at March 31, 2018 (Successor). Common shares and new
creditor warrants and the sum of common shares and New Creditor
Warrants outstanding at March 31, 2018 (Successor) were 23,988,075,
6,021,696 and 30,009,771, respectively.
TIDEWATER
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
(In thousands, except
share and par value data)
|
|
|
Successor
|
|
|
|
March 31,
|
|
|
December
31,
|
|
ASSETS
|
|
2018
|
|
|
2017
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
442,472
|
|
|
|
432,035
|
|
Restricted
cash
|
|
|
2,847
|
|
|
|
21,300
|
|
Trade and other
receivables, net
|
|
|
115,754
|
|
|
|
114,184
|
|
Due from
affiliate
|
|
|
207,919
|
|
|
|
230,315
|
|
Marine operating
supplies
|
|
|
28,896
|
|
|
|
28,220
|
|
Other current
assets
|
|
|
18,181
|
|
|
|
19,130
|
|
Total current
assets
|
|
|
816,069
|
|
|
|
845,184
|
|
Investments in, at
equity, and advances to unconsolidated companies
|
|
|
13,503
|
|
|
|
29,216
|
|
Net properties and
equipment
|
|
|
814,263
|
|
|
|
837,520
|
|
Deferred drydocking
and survey costs
|
|
|
11,430
|
|
|
|
3,208
|
|
Other
assets
|
|
|
30,783
|
|
|
|
31,052
|
|
Total
assets
|
|
$
|
1,686,048
|
|
|
|
1,746,180
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
45,781
|
|
|
|
38,497
|
|
Accrued
expenses
|
|
|
56,408
|
|
|
|
54,806
|
|
Due to
affiliate
|
|
|
78,135
|
|
|
|
99,448
|
|
Accrued property and
liability losses
|
|
|
2,852
|
|
|
|
2,585
|
|
Current portion of
long-term debt
|
|
|
5,215
|
|
|
|
5,103
|
|
Other
liabilities
|
|
|
8,826
|
|
|
|
19,693
|
|
Total current
liabilities
|
|
|
197,217
|
|
|
|
220,132
|
|
Long-term
debt
|
|
|
442,729
|
|
|
|
443,057
|
|
Accrued property and
liability losses
|
|
|
2,561
|
|
|
|
2,471
|
|
Other liabilities and
deferred credits
|
|
|
58,060
|
|
|
|
58,576
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
Successor Common stock
of $0.001 par value, 125,000,000 shares
authorized, 23,988,075 and 22,115,916
shares issues and outstanding at
March 31, 2018 and December 31, 2017,
respectively
|
|
|
24
|
|
|
|
22
|
|
Additional paid-in
capital
|
|
|
1,061,983
|
|
|
|
1,059,120
|
|
Retained
deficit
|
|
|
(78,438)
|
|
|
|
(39,266)
|
|
Accumulated other
comprehensive loss
|
|
|
(446)
|
|
|
|
(147)
|
|
Total stockholders'
equity
|
|
|
983,123
|
|
|
|
1,019,729
|
|
Noncontrolling
interests
|
|
|
2,358
|
|
|
|
2,215
|
|
Total
equity
|
|
|
985,481
|
|
|
|
1,021,944
|
|
Total liabilities and
equity
|
|
$
|
1,686,048
|
|
|
|
1,746,180
|
|
TIDEWATER
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
(Unaudited)
|
(In
thousands)
|
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Quarter
Ended
|
|
|
|
Quarter
Ended
|
|
|
|
March 31,
2018
|
|
|
|
March 31,
2017
|
|
Net loss
|
|
$
|
(39,029)
|
|
|
|
|
(86,972)
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
Unrealized gains
(losses) on available for sale securities,
net of tax of $0 and
$61
|
|
|
(299)
|
|
|
|
|
(94)
|
|
Change in loss on
derivative contract, net of tax of
$0 and $823
|
|
|
—
|
|
|
|
|
1,317
|
|
Change in supplemental
executive retirement plan liability,
net of tax of $0 and
($927)
|
|
|
—
|
|
|
|
|
(1,721)
|
|
Change in pension plan
minimum liability, net of tax
of $0 and $215
|
|
|
—
|
|
|
|
|
399
|
|
Change in other
benefit plan minimum liability, net of tax
of $0 and
($2,046)
|
|
|
—
|
|
|
|
|
(3,799)
|
|
Total comprehensive
loss
|
|
$
|
(39,328)
|
|
|
|
|
(90,870)
|
|
TIDEWATER
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
(In
thousands)
|
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Quarter
Ended
|
|
|
|
Quarter
Ended
|
|
|
|
March 31,
2018
|
|
|
|
March 31,
2017
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(39,029)
|
|
|
|
|
(86,972)
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
11,380
|
|
|
|
|
37,592
|
|
Amortization of
deferred drydocking and survey costs
|
|
|
638
|
|
|
|
|
—
|
|
Amortization of debt
premium and discounts
|
|
|
(443)
|
|
|
|
|
—
|
|
Provision for deferred
income taxes
|
|
|
—
|
|
|
|
|
(2,200)
|
|
Gain on asset
dispositions, net
|
|
|
(1,919)
|
|
|
|
|
(6,064)
|
|
Asset
impairments
|
|
|
6,186
|
|
|
|
|
64,857
|
|
Changes in investments
in, at equity, and advances
to unconsolidated
companies
|
|
|
15,713
|
|
|
|
|
(5,062)
|
|
Compensation expense -
stock-based
|
|
|
2,956
|
|
|
|
|
(888)
|
|
Excess tax liability
on stock option activity
|
|
|
—
|
|
|
|
|
4,927
|
|
Changes in assets and
liabilities, net:
|
|
|
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
(1,662)
|
|
|
|
|
51,051
|
|
Changes in due to/from
affiliate, net
|
|
|
1,083
|
|
|
|
|
24,961
|
|
Marine operating
supplies
|
|
|
(677)
|
|
|
|
|
(408)
|
|
Other current
assets
|
|
|
949
|
|
|
|
|
(6,458)
|
|
Accounts
payable
|
|
|
7,284
|
|
|
|
|
(18,872)
|
|
Accrued
expenses
|
|
|
845
|
|
|
|
|
9,267
|
|
Accrued property and
liability losses
|
|
|
267
|
|
|
|
|
9
|
|
Other current
liabilities
|
|
|
(2,695)
|
|
|
|
|
(3,860)
|
|
Other liabilities and
deferred credits
|
|
|
(58)
|
|
|
|
|
1,884
|
|
Cash paid for deferred
drydocking and survey costs
|
|
|
(8,860)
|
|
|
|
|
—
|
|
Other, net
|
|
|
2,058
|
|
|
|
|
6,386
|
|
Net cash provided by
(used in) operating activities
|
|
|
(5,984)
|
|
|
|
|
70,150
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of
assets
|
|
|
9,492
|
|
|
|
|
2,464
|
|
Additions to
properties and equipment
|
|
|
(1,677)
|
|
|
|
|
(8,355)
|
|
Net cash provided by
(used in) investing activities
|
|
|
7,815
|
|
|
|
|
(5,891)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Principal payment on
long-term debt
|
|
|
(1,471)
|
|
|
|
|
(2,732)
|
|
Payments to General
Unsecured Creditors
|
|
|
(8,377)
|
|
|
|
|
—
|
|
Other
|
|
|
1
|
|
|
|
|
(4,927)
|
|
Net cash used in
financing activities
|
|
|
(9,847)
|
|
|
|
|
(7,659)
|
|
Net change in cash,
cash equivalents and restricted cash
|
|
|
(8,016)
|
|
|
|
|
56,600
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
|
|
453,335
|
|
|
|
|
649,804
|
|
Cash, cash
equivalents and restricted cash at end of period
|
|
$
|
445,319
|
|
|
|
|
706,404
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
Cash paid during the
period for:
|
|
|
|
|
|
|
|
|
|
Interest, net of
amounts capitalized
|
|
$
|
8,152
|
|
|
|
|
8,218
|
|
Income
taxes
|
|
$
|
6,429
|
|
|
|
|
2,167
|
|
Supplemental
disclosure of non-cash investing activities:
|
|
|
|
|
|
|
|
|
|
Additions to
properties and equipment
|
|
$
|
—
|
|
|
|
|
282
|
|
TIDEWATER
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF EQUITY
|
(Unaudited)
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Retained
|
|
|
other
|
|
|
Non
|
|
|
|
|
|
|
Common
|
|
|
paid-in
|
|
|
(deficit)
|
|
|
comprehensive
|
|
|
controlling
|
|
|
|
|
|
|
stock
|
|
|
capital
|
|
|
earnings
|
|
|
loss
|
|
|
interest
|
|
|
Total
|
|
Balance at December
31, 2017 (Successor)
|
|
$
|
22
|
|
|
|
1,059,120
|
|
|
|
(39,266)
|
|
|
|
(147)
|
|
|
|
2,215
|
|
|
|
1,021,944
|
|
Total comprehensive
loss
|
|
|
—
|
|
|
|
—
|
|
|
|
(39,172)
|
|
|
|
(299)
|
|
|
|
143
|
|
|
|
(39,328)
|
|
Stock option
expense
|
|
|
—
|
|
|
|
(98)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(98)
|
|
Issuance of common
stock
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
Amortization of
restricted stock units
|
|
|
—
|
|
|
|
2,961
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,961
|
|
Balance at March 31,
2018 (Successor)
|
|
$
|
24
|
|
|
|
1,061,983
|
|
|
|
(78,438)
|
|
|
|
(446)
|
|
|
|
2,358
|
|
|
|
985,481
|
|
|
|
Balance at December
31, 2016 (Predecessor)
|
|
$
|
4,707
|
|
|
|
171,018
|
|
|
|
1,570,027
|
|
|
|
(6,446)
|
|
|
|
8,258
|
|
|
|
1,747,564
|
|
Total comprehensive
loss
|
|
|
—
|
|
|
|
—
|
|
|
|
(94,855)
|
|
|
|
(3,898)
|
|
|
|
7,883
|
|
|
|
(90,870)
|
|
Stock option
activity
|
|
|
—
|
|
|
|
269
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
269
|
|
Cancellation of
restricted stock awards
|
|
|
—
|
|
|
|
—
|
|
|
|
157
|
|
|
|
—
|
|
|
|
—
|
|
|
|
157
|
|
Amortization/cancellation of restricted stock
units
|
|
|
5
|
|
|
|
(6,066)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(6,061)
|
|
Balance at March 31,
2017 (Predecessor)
|
|
$
|
4,712
|
|
|
|
165,221
|
|
|
|
1,475,329
|
|
|
|
(10,344)
|
|
|
|
16,141
|
|
|
|
1,651,059
|
|
The company's vessel revenues and vessel operating costs and the
related percentage of total vessel revenues, were as follows:
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Quarter
Ended
|
|
|
|
Quarter
Ended
|
|
|
|
March 31,
2018
|
|
|
|
March 31,
2017
|
|
(In
thousands)
|
|
|
|
|
|
%
|
|
|
|
|
|
|
|
%
|
|
Vessel
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
(D)
|
|
$
|
26,081
|
|
|
|
30%
|
|
|
|
|
80,533
|
|
|
|
51%
|
|
Middle East/Asia
Pacific
|
|
|
18,388
|
|
|
|
21%
|
|
|
|
|
26,678
|
|
|
|
17%
|
|
Europe/Mediterranean
Sea
|
|
|
9,623
|
|
|
|
11%
|
|
|
|
|
10,166
|
|
|
|
7%
|
|
West Africa
|
|
|
33,402
|
|
|
|
38%
|
|
|
|
|
39,528
|
|
|
|
25%
|
|
Total vessel
revenues
|
|
$
|
87,494
|
|
|
|
100%
|
|
|
|
|
156,905
|
|
|
|
100%
|
|
Vessel operating
costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs
|
|
$
|
34,224
|
|
|
|
39%
|
|
|
|
|
41,829
|
|
|
|
27%
|
|
Repair and
maintenance
|
|
|
7,704
|
|
|
|
9%
|
|
|
|
|
17,074
|
|
|
|
11%
|
|
Insurance and loss
reserves
|
|
|
(1,071)
|
|
|
|
(1%)
|
|
|
|
|
(1,767)
|
|
|
|
(1%)
|
|
Fuel, lube and
supplies
|
|
|
9,012
|
|
|
|
10%
|
|
|
|
|
9,279
|
|
|
|
6%
|
|
Other
|
|
|
11,495
|
|
|
|
13%
|
|
|
|
|
14,430
|
|
|
|
9%
|
|
Total vessel operating
costs
|
|
|
61,364
|
|
|
|
70%
|
|
|
|
|
80,845
|
|
|
|
52%
|
|
Vessel operating
margin (E)
|
|
$
|
26,130
|
|
|
|
30%
|
|
|
|
|
76,060
|
|
|
|
48%
|
|
Note (D): Included in Americas vessel revenues for the
quarter ended March 31, 2017
(Predecessor) is $39.1 million of
revenue related to the early cancellation of a long-term vessel
charter contract.
Note (E): Vessel operating margin equals vessel revenues
less vessel operating costs and excludes general and administrative
expenses, vessel operating leases and depreciation and amortization
expenses. The following tables reconcile vessel operating
margin as presented above to vessel operating profit (loss):
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Quarter
Ended
|
|
|
|
Quarter
Ended
|
|
(In
thousands)
|
|
March 31,
2018
|
|
|
|
March 31,
2017
|
|
Vessel operating
margin
|
|
$
|
26,130
|
|
|
|
|
76,060
|
|
General and
administrative expenses - vessel operations
|
|
|
(16,867)
|
|
|
|
|
(19,445)
|
|
Vessel operating
leases
|
|
|
—
|
|
|
|
|
(8,443)
|
|
Depreciation and
amortization - vessel operations
|
|
|
(11,912)
|
|
|
|
|
(36,173)
|
|
Vessel operating
profit (loss)
|
|
$
|
(2,649)
|
|
|
|
|
11,999
|
|
The company's other operating profit (loss) consists of the
following:
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Quarter
Ended
|
|
|
|
Quarter
Ended
|
|
(In
thousands)
|
|
March 31,
2018
|
|
|
|
March 31,
2017
|
|
Other operating
revenues
|
|
$
|
3,999
|
|
|
|
|
3,844
|
|
Costs of other marine
revenues
|
|
|
(2,474)
|
|
|
|
|
(2,689)
|
|
General and
administrative expenses - other operating activities
|
|
|
(14)
|
|
|
|
|
(525)
|
|
Depreciation and
amortization - other operating activities
|
|
|
(5)
|
|
|
|
|
(855)
|
|
Other operating
profit (loss)
|
|
$
|
1,506
|
|
|
|
|
(225)
|
|
The company's operating loss and other components of loss before
income taxes and its related percentage of total revenues, were as
follows:
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Quarter
Ended
|
|
|
|
Quarter
Ended
|
|
|
|
March 31,
2018
|
|
|
|
March 31,
2017
|
|
(In
thousands)
|
|
|
|
|
|
%
|
|
|
|
|
|
|
|
%
|
|
Vessel operating
profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
(F)
|
|
$
|
4,911
|
|
|
|
5%
|
|
|
|
|
30,618
|
|
|
|
19%
|
|
Middle East/Asia
Pacific
|
|
|
(2,253)
|
|
|
|
(2%)
|
|
|
|
|
(6,164)
|
|
|
|
(4%)
|
|
Europe/Mediterranean
Sea
|
|
|
(3,554)
|
|
|
|
(4%)
|
|
|
|
|
(7,102)
|
|
|
|
(5%)
|
|
West
Africa
|
|
|
(1,753)
|
|
|
|
(2%)
|
|
|
|
|
(5,353)
|
|
|
|
(3%)
|
|
|
|
|
(2,649)
|
|
|
|
(3%)
|
|
|
|
|
11,999
|
|
|
|
7%
|
|
Other operating
profit (loss)
|
|
|
1,506
|
|
|
|
2%
|
|
|
|
|
(225)
|
|
|
|
(<1%)
|
|
|
|
|
(1,143)
|
|
|
|
(1%)
|
|
|
|
|
11,774
|
|
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and
administrative expenses (G)
|
|
|
(6,684)
|
|
|
|
(7%)
|
|
|
|
|
(21,757)
|
|
|
|
(14%)
|
|
Corporate
depreciation
|
|
|
(100)
|
|
|
|
(<1%)
|
|
|
|
|
(564)
|
|
|
|
(<1%)
|
|
Corporate
expenses
|
|
|
(6,784)
|
|
|
|
(7%)
|
|
|
|
|
(22,321)
|
|
|
|
(14%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on asset
dispositions, net
|
|
|
1,919
|
|
|
|
2%
|
|
|
|
|
6,064
|
|
|
|
3%
|
|
Asset
impairments
|
|
|
(6,186)
|
|
|
|
(7%)
|
|
|
|
|
(64,857)
|
|
|
|
(40%)
|
|
Operating
loss
|
|
$
|
(12,194)
|
|
|
|
(13%)
|
|
|
|
|
(69,340)
|
|
|
|
(43%)
|
|
Foreign exchange gain
(loss)
|
|
|
(348)
|
|
|
|
(<1%)
|
|
|
|
|
664
|
|
|
|
<1%
|
|
Equity in net
earnings (losses) of unconsolidated companies
|
|
|
(15,439)
|
|
|
|
(17%)
|
|
|
|
|
2,841
|
|
|
|
2%
|
|
Interest income and
other, net
|
|
|
(128)
|
|
|
|
(<1%)
|
|
|
|
|
1,588
|
|
|
|
1%
|
|
Interest and other
debt costs
|
|
|
(7,599)
|
|
|
|
(8%)
|
|
|
|
|
(21,008)
|
|
|
|
(13%)
|
|
Loss before income
taxes
|
|
$
|
(35,708)
|
|
|
|
(39%)
|
|
|
|
|
(85,255)
|
|
|
|
(53%)
|
|
Note (F): Americas segment vessel operating profit for the
quarter ended March 31, 2017
(Predecessor) includes $39.1 million
of revenue related to the early cancellation of a long-term vessel
charter contract.
Note (G): The company did not incur any
restructuring-related professional services costs during the
quarter ended March 31, 2018
(Successor). Restructuring-related professional services costs
included in general and administrative expenses for the quarter
ended March 31, 2017 (Predecessor),
were $16.8 million. General and
administrative expenses for the quarter ended March 31, 2018 (Successor) and March 31, 2017 (Predecessor) included stock-based
compensation of $3 million and
$(0.9) million, respectively.
For the following tables for illustrative purposes, the company
has combined the Successor and Predecessor results to derive
combined results for the three months ended September 30, 2017. The combination was
generated by addition of comparable financial statement line items.
However, because of various adjustments to the consolidated
financial statements in connection with the application of
fresh-start reporting, including asset valuation adjustments and
liability adjustments, the results of operations for the Successor
may not be comparable to those of the
Predecessor. The quarters ended June 30, 2017 and March
31, 2017 are Predecessor periods while the quarters ended
March 31, 2018 and December 31, 2017 are Successor periods.
TIDEWATER
INC.
|
CONSOLIDATED
STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA
|
(Unaudited)
|
(In thousands, except
share and per share data)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel
revenues
|
$
|
|
87,494
|
|
|
|
101,313
|
|
|
|
104,911
|
|
|
|
112,257
|
|
|
|
156,905
|
|
Other operating
revenues
|
|
|
3,999
|
|
|
|
3,140
|
|
|
|
5,652
|
|
|
|
2,849
|
|
|
|
3,844
|
|
|
|
|
91,493
|
|
|
|
104,453
|
|
|
|
110,563
|
|
|
|
115,106
|
|
|
|
160,749
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
costs
|
|
|
61,364
|
|
|
|
68,201
|
|
|
|
84,966
|
|
|
|
83,773
|
|
|
|
80,845
|
|
Costs of other
operating revenues
|
|
|
2,474
|
|
|
|
1,519
|
|
|
|
3,036
|
|
|
|
1,585
|
|
|
|
2,689
|
|
General and
administrative (H)
|
|
|
23,565
|
|
|
|
30,373
|
|
|
|
25,019
|
|
|
|
33,059
|
|
|
|
41,727
|
|
Vessel operating
leases
|
|
|
—
|
|
|
|
91
|
|
|
|
1,747
|
|
|
|
5,542
|
|
|
|
8,443
|
|
Depreciation and
amortization
|
|
|
12,017
|
|
|
|
12,195
|
|
|
|
19,302
|
|
|
|
36,287
|
|
|
|
37,592
|
|
Gain on asset
dispositions, net
|
|
|
(1,919)
|
|
|
|
(6,612)
|
|
|
|
(376)
|
|
|
|
(3,189)
|
|
|
|
(6,064)
|
|
Asset
impairments
|
|
|
6,186
|
|
|
|
16,777
|
|
|
|
21,325
|
|
|
|
163,423
|
|
|
|
64,857
|
|
|
|
|
103,687
|
|
|
|
122,544
|
|
|
|
155,019
|
|
|
|
320,480
|
|
|
|
230,089
|
|
Operating
loss
|
|
|
(12,194)
|
|
|
|
(18,091)
|
|
|
|
(44,456)
|
|
|
|
(205,374)
|
|
|
|
(69,340)
|
|
Other income
(expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain
(loss)
|
|
|
(348)
|
|
|
|
(349)
|
|
|
|
(2,082)
|
|
|
|
(1,157)
|
|
|
|
664
|
|
Equity in net earnings
(losses) of unconsolidated companies
|
|
|
(15,439)
|
|
|
|
825
|
|
|
|
1,574
|
|
|
|
4,517
|
|
|
|
2,841
|
|
Interest income and
other
|
|
|
(128)
|
|
|
|
1,898
|
|
|
|
1,577
|
|
|
|
1,680
|
|
|
|
1,588
|
|
Reorganization items
(H)
|
|
|
—
|
|
|
|
(2,419)
|
|
|
|
(1,085,609)
|
|
|
|
(313,176)
|
|
|
|
—
|
|
Interest and other
debt costs
|
|
|
(7,599)
|
|
|
|
(7,769)
|
|
|
|
(5,814)
|
|
|
|
(10,605)
|
|
|
|
(21,008)
|
|
|
|
|
(23,514)
|
|
|
|
(7,814)
|
|
|
|
(1,090,354)
|
|
|
|
(318,741)
|
|
|
|
(15,915)
|
|
Loss before income
taxes
|
|
|
(35,708)
|
|
|
|
(25,905)
|
|
|
|
(1,134,810)
|
|
|
|
(524,115)
|
|
|
|
(85,255)
|
|
Income tax (benefit)
expense
|
|
|
3,321
|
|
|
|
(2,706)
|
|
|
|
3,216
|
|
|
|
295
|
|
|
|
1,717
|
|
Net loss
|
$
|
|
(39,029)
|
|
|
|
(23,199)
|
|
|
|
(1,138,026)
|
|
|
|
(524,410)
|
|
|
|
(86,972)
|
|
Less: Net income
(loss) attributable to
noncontrolling interests
|
|
|
143
|
|
|
|
374
|
|
|
|
142
|
|
|
|
24
|
|
|
|
7,883
|
|
Net loss attributable
to Tidewater Inc.
|
$
|
|
(39,172)
|
|
|
|
(23,573)
|
|
|
|
(1,138,168)
|
|
|
|
(524,434)
|
|
|
|
(94,855)
|
|
Basic loss per common
share
|
$
|
|
(1.67)
|
|
|
|
(1.02)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Diluted loss per
common share
|
$
|
|
(1.67)
|
|
|
|
(1.02)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Weighted average
common shares outstanding (I)
|
|
|
23,424,943
|
|
|
|
23,137,909
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Dilutive effect of
stock options and restricted stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Adjusted weighted
average common shares
|
|
|
23,424,943
|
|
|
|
23,137,909
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
margin
|
$
|
|
26,130
|
|
|
|
33,112
|
|
|
|
19,945
|
|
|
|
28,484
|
|
|
|
76,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (H):
Restructuring-related items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring-related
professional services
costs included in general and administrative
expenses
|
$
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,709
|
|
|
|
16,805
|
|
Restructuring-related
professional services
costs included in reorganization items
|
|
|
—
|
|
|
|
2,031
|
|
|
|
23,494
|
|
|
|
5,165
|
|
|
|
—
|
|
Restructuring-related
sale leaseback vessel
redelivery costs included in reorganization
items
|
|
|
—
|
|
|
|
388
|
|
|
|
1,244
|
|
|
|
—
|
|
|
|
—
|
|
Total
|
$
|
|
—
|
|
|
|
2,419
|
|
|
|
24,738
|
|
|
|
11,874
|
|
|
|
16,805
|
|
Note (I): Weighted average shares outstanding for the
quarters ended March 31, 2018 and
December 31, 2017 include 108,044 and
924,125 shares issuable upon the exercise of New Creditor Warrants
held by U.S. citizens, respectively, at March 31 2018 and December
31, 2017. Common shares and New Creditor Warrants and
the sum of common shares and New Creditor Warrants outstanding at
March 31, 2018 were 23,988,075,
6,021,696 and 30,009,771, respectively. Common shares and New
Creditor Warrants and the sum of common shares and New Creditor
Warrants outstanding at December 31,
2017 were 22,115,916, 7,884,006 and 29,999,922,
respectively.
TIDEWATER
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
ASSETS
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
|
442,472
|
|
|
|
432,035
|
|
|
|
459,978
|
|
|
|
683,778
|
|
|
|
706,404
|
|
Restricted
Cash
|
|
|
2,847
|
|
|
|
21,300
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Trade and other
receivables, net
|
|
|
115,754
|
|
|
|
114,184
|
|
|
|
120,271
|
|
|
|
116,612
|
|
|
|
123,262
|
|
Due from
affiliate
|
|
|
207,919
|
|
|
|
230,315
|
|
|
|
245,056
|
|
|
|
252,810
|
|
|
|
262,652
|
|
Marine operating
supplies
|
|
|
28,896
|
|
|
|
28,220
|
|
|
|
31,083
|
|
|
|
31,097
|
|
|
|
30,560
|
|
Other current
assets
|
|
|
18,181
|
|
|
|
19,130
|
|
|
|
14,813
|
|
|
|
34,619
|
|
|
|
18,409
|
|
Total current
assets
|
|
|
816,069
|
|
|
|
845,184
|
|
|
|
871,201
|
|
|
|
1,118,916
|
|
|
|
1,141,287
|
|
Investments in, at
equity, and advances to
unconsolidated companies
|
|
|
13,503
|
|
|
|
29,216
|
|
|
|
25,729
|
|
|
|
49,216
|
|
|
|
45,115
|
|
Net properties and
equipment
|
|
|
814,263
|
|
|
|
837,520
|
|
|
|
868,689
|
|
|
|
2,659,314
|
|
|
|
2,864,762
|
|
Deferred drydocking
and survey costs
|
|
|
11,430
|
|
|
|
3,208
|
|
|
|
388
|
|
|
|
—
|
|
|
|
—
|
|
Other
assets
|
|
|
30,783
|
|
|
|
31,052
|
|
|
|
46,845
|
|
|
|
92,134
|
|
|
|
139,535
|
|
Total
assets
|
$
|
|
1,686,048
|
|
|
|
1,746,180
|
|
|
|
1,812,852
|
|
|
|
3,919,580
|
|
|
|
4,190,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
$
|
|
45,781
|
|
|
|
38,497
|
|
|
|
39,439
|
|
|
|
35,087
|
|
|
|
31,599
|
|
Accrued
expenses
|
|
|
56,408
|
|
|
|
54,806
|
|
|
|
61,115
|
|
|
|
63,155
|
|
|
|
78,121
|
|
Due to
affiliate
|
|
|
78,135
|
|
|
|
99,448
|
|
|
|
112,642
|
|
|
|
121,037
|
|
|
|
132,857
|
|
Accrued property and
liability losses
|
|
|
2,852
|
|
|
|
2,585
|
|
|
|
2,774
|
|
|
|
2,758
|
|
|
|
3,583
|
|
Current portion of
long-term debt
|
|
|
5,215
|
|
|
|
5,103
|
|
|
|
5,174
|
|
|
|
10,106
|
|
|
|
2,034,124
|
|
Other
liabilities
|
|
|
8,826
|
|
|
|
19,693
|
|
|
|
38,041
|
|
|
|
28,029
|
|
|
|
48,429
|
|
Total current
liabilities
|
|
|
197,217
|
|
|
|
220,132
|
|
|
|
259,185
|
|
|
|
260,172
|
|
|
|
2,328,713
|
|
Long-term
debt
|
|
|
442,729
|
|
|
|
443,057
|
|
|
|
445,677
|
|
|
|
80,863
|
|
|
|
—
|
|
Deferred income
taxes
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
46,013
|
|
Accrued property and
liability losses
|
|
|
2,561
|
|
|
|
2,471
|
|
|
|
2,607
|
|
|
|
2,776
|
|
|
|
10,209
|
|
Other liabilities and
deferred credits
|
|
|
58,060
|
|
|
|
58,576
|
|
|
|
62,569
|
|
|
|
60,382
|
|
|
|
154,705
|
|
Liabilities subject
to compromise
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,389,557
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
|
24
|
|
|
|
22
|
|
|
|
21
|
|
|
|
4,712
|
|
|
|
4,712
|
|
Additional paid-in
capital
|
|
|
1,061,983
|
|
|
|
1,059,120
|
|
|
|
1,056,563
|
|
|
|
165,516
|
|
|
|
165,221
|
|
Retained
earnings
|
|
|
(78,438)
|
|
|
|
(39,266)
|
|
|
|
(15,693)
|
|
|
|
950,895
|
|
|
|
1,475,329
|
|
Accumulated other
comprehensive loss
|
|
|
(446)
|
|
|
|
(147)
|
|
|
|
82
|
|
|
|
(10,258)
|
|
|
|
(10,344)
|
|
Total stockholders'
equity
|
|
|
983,123
|
|
|
|
1,019,729
|
|
|
|
1,040,973
|
|
|
|
1,110,865
|
|
|
|
1,634,918
|
|
Noncontrolling
interests
|
|
|
2,358
|
|
|
|
2,215
|
|
|
|
1,841
|
|
|
|
14,965
|
|
|
|
16,141
|
|
Total
equity
|
|
|
985,481
|
|
|
|
1,021,944
|
|
|
|
1,042,814
|
|
|
|
1,125,830
|
|
|
|
1,651,059
|
|
Total liabilities and
equity
|
$
|
|
1,686,048
|
|
|
|
1,746,180
|
|
|
|
1,812,852
|
|
|
|
3,919,580
|
|
|
|
4,190,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due from affiliate,
net of due to affiliate
|
$
|
|
129,784
|
|
|
|
130,867
|
|
|
|
132,414
|
|
|
|
131,773
|
|
|
|
129,795
|
|
TIDEWATER
INC.
|
UNAUDITED OTHER
FLEET AND FINANCIAL DATA
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
VESSEL REVENUE BY
VESSEL CLASS
(In
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
(J)
|
$
|
|
16,205
|
|
|
|
17,062
|
|
|
|
14,102
|
|
|
|
17,313
|
|
|
|
62,831
|
|
Towing-supply
|
|
|
6,846
|
|
|
|
8,263
|
|
|
|
9,319
|
|
|
|
11,274
|
|
|
|
14,738
|
|
Other
|
|
|
3,030
|
|
|
|
3,010
|
|
|
|
2,989
|
|
|
|
3,300
|
|
|
|
2,964
|
|
Total (J)
|
$
|
|
26,081
|
|
|
|
28,335
|
|
|
|
26,410
|
|
|
|
31,887
|
|
|
|
80,533
|
|
Middle East/Asia
Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
|
9,564
|
|
|
|
9,066
|
|
|
|
8,393
|
|
|
|
10,701
|
|
|
|
9,433
|
|
Towing-supply
|
|
|
8,824
|
|
|
|
14,110
|
|
|
|
16,823
|
|
|
|
17,065
|
|
|
|
17,245
|
|
Total
|
$
|
|
18,388
|
|
|
|
23,176
|
|
|
|
25,216
|
|
|
|
27,766
|
|
|
|
26,678
|
|
Europe/Mediterranean
Sea fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
|
9,020
|
|
|
|
10,395
|
|
|
|
11,192
|
|
|
|
8,237
|
|
|
|
9,853
|
|
Towing-supply
|
|
|
603
|
|
|
|
641
|
|
|
|
2,102
|
|
|
|
2,794
|
|
|
|
322
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(9)
|
|
Total
|
$
|
|
9,623
|
|
|
|
11,036
|
|
|
|
13,294
|
|
|
|
11,031
|
|
|
|
10,166
|
|
West Africa
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
|
13,938
|
|
|
|
14,358
|
|
|
|
13,978
|
|
|
|
13,921
|
|
|
|
13,179
|
|
Towing-supply
|
|
|
16,139
|
|
|
|
19,807
|
|
|
|
21,071
|
|
|
|
24,225
|
|
|
|
22,472
|
|
Other
|
|
|
3,325
|
|
|
|
4,601
|
|
|
|
4,942
|
|
|
|
3,427
|
|
|
|
3,877
|
|
Total
|
$
|
|
33,402
|
|
|
|
38,766
|
|
|
|
39,991
|
|
|
|
41,573
|
|
|
|
39,528
|
|
Worldwide
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
(J)
|
$
|
|
48,727
|
|
|
|
50,881
|
|
|
|
47,665
|
|
|
|
50,172
|
|
|
|
95,296
|
|
Towing-supply
|
|
|
32,412
|
|
|
|
42,821
|
|
|
|
49,315
|
|
|
|
55,358
|
|
|
|
54,777
|
|
Other
|
|
|
6,355
|
|
|
|
7,611
|
|
|
|
7,931
|
|
|
|
6,727
|
|
|
|
6,832
|
|
Total (J)
|
$
|
|
87,494
|
|
|
|
101,313
|
|
|
|
104,911
|
|
|
|
112,257
|
|
|
|
156,905
|
|
Note (J): Included in Americas fleet deepwater, Americas
fleet total, Worldwide fleet deepwater and Worldwide fleet total
revenue for the quarter ended March 31,
2017 (Predecessor) is $39.1
million of revenue related to the early cancellation of a
long-term vessel charter contract.
TIDEWATER
INC.
|
UNAUDITED OTHER
FLEET AND FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
AVERAGE NUMBER OF
VESSELS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
26
|
|
|
|
31
|
|
|
|
39
|
|
|
|
41
|
|
|
|
41
|
|
Towing-supply
|
|
|
15
|
|
|
|
16
|
|
|
|
19
|
|
|
|
21
|
|
|
|
22
|
|
Other
|
|
|
6
|
|
|
|
6
|
|
|
|
8
|
|
|
|
8
|
|
|
|
8
|
|
Total
|
|
|
47
|
|
|
|
53
|
|
|
|
66
|
|
|
|
70
|
|
|
|
71
|
|
Stacked
vessels
|
|
|
(20)
|
|
|
|
(27)
|
|
|
|
(39)
|
|
|
|
(35)
|
|
|
|
(34)
|
|
Active
vessels
|
|
|
27
|
|
|
|
26
|
|
|
|
27
|
|
|
|
35
|
|
|
|
37
|
|
Middle East/Asia
Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
19
|
|
|
|
21
|
|
|
|
21
|
|
|
|
22
|
|
|
|
23
|
|
Towing-supply
|
|
|
37
|
|
|
|
39
|
|
|
|
43
|
|
|
|
44
|
|
|
|
44
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
1
|
|
|
|
1
|
|
Total
|
|
|
56
|
|
|
|
60
|
|
|
|
65
|
|
|
|
67
|
|
|
|
68
|
|
Stacked
vessels
|
|
|
(15)
|
|
|
|
(20)
|
|
|
|
(25)
|
|
|
|
(25)
|
|
|
|
(24)
|
|
Active
vessels
|
|
|
41
|
|
|
|
40
|
|
|
|
40
|
|
|
|
42
|
|
|
|
44
|
|
Europe/Mediterranean
Sea fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
17
|
|
|
|
17
|
|
|
|
18
|
|
|
|
17
|
|
|
|
18
|
|
Towing-supply
|
|
|
4
|
|
|
|
4
|
|
|
|
6
|
|
|
|
6
|
|
|
|
4
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
2
|
|
|
|
2
|
|
Total
|
|
|
21
|
|
|
|
21
|
|
|
|
25
|
|
|
|
25
|
|
|
|
24
|
|
Stacked
vessels
|
|
|
(5)
|
|
|
|
(5)
|
|
|
|
(5)
|
|
|
|
(6)
|
|
|
|
(8)
|
|
Active
vessels
|
|
|
16
|
|
|
|
16
|
|
|
|
20
|
|
|
|
19
|
|
|
|
16
|
|
West Africa
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
27
|
|
|
|
27
|
|
|
|
25
|
|
|
|
24
|
|
|
|
23
|
|
Towing-supply
|
|
|
35
|
|
|
|
37
|
|
|
|
38
|
|
|
|
38
|
|
|
|
39
|
|
Other
|
|
|
31
|
|
|
|
31
|
|
|
|
32
|
|
|
|
35
|
|
|
|
36
|
|
Total
|
|
|
93
|
|
|
|
95
|
|
|
|
95
|
|
|
|
97
|
|
|
|
98
|
|
Stacked
vessels
|
|
|
(39)
|
|
|
|
(37)
|
|
|
|
(37)
|
|
|
|
(43)
|
|
|
|
(46)
|
|
Active
vessels
|
|
|
54
|
|
|
|
58
|
|
|
|
58
|
|
|
|
54
|
|
|
|
52
|
|
Worldwide
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
89
|
|
|
|
96
|
|
|
|
103
|
|
|
|
104
|
|
|
|
105
|
|
Towing-supply
|
|
|
91
|
|
|
|
96
|
|
|
|
106
|
|
|
|
109
|
|
|
|
109
|
|
Other
|
|
|
37
|
|
|
|
37
|
|
|
|
42
|
|
|
|
46
|
|
|
|
47
|
|
Total
|
|
|
217
|
|
|
|
229
|
|
|
|
251
|
|
|
|
259
|
|
|
|
261
|
|
Stacked
vessels
|
|
|
(79)
|
|
|
|
(89)
|
|
|
|
(106)
|
|
|
|
(109)
|
|
|
|
(112)
|
|
Active
vessels
|
|
|
138
|
|
|
|
140
|
|
|
|
145
|
|
|
|
150
|
|
|
|
149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
active
|
|
|
138
|
|
|
|
140
|
|
|
|
145
|
|
|
|
150
|
|
|
|
149
|
|
Total
stacked
|
|
|
79
|
|
|
|
89
|
|
|
|
106
|
|
|
|
109
|
|
|
|
112
|
|
Total joint venture
and other vessels
|
|
|
8
|
|
|
|
8
|
|
|
|
8
|
|
|
|
8
|
|
|
|
8
|
|
Total
|
|
|
225
|
|
|
|
237
|
|
|
|
259
|
|
|
|
267
|
|
|
|
269
|
|
Note (K): Included in total owned or chartered vessels at
March 31, 2018 (Successor),
December 31, 2017 (Successor),
September 30, 2017 (Successor), June
30, 2017 (Predecessor) and March 31,
2017 (Predecessor), were 70, 89, 91, 115, and 111 vessels,
respectively, that were stacked by the company. These vessels
were considered to be in service and are included in the
calculation of our total fleet utilization statistics.
TIDEWATER
INC.
|
UNAUDITED OTHER
FLEET AND FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
AVERAGE NUMBER OF
LEASED VESSELS
INCLUDED IN VESSEL COUNTS ABOVE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
—
|
|
|
|
—
|
|
|
|
7
|
|
|
|
8
|
|
|
|
8
|
|
Towing-supply
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
3
|
|
|
|
3
|
|
Total
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
|
|
11
|
|
|
|
11
|
|
Stacked
vessels
|
|
|
—
|
|
|
|
—
|
|
|
|
(7)
|
|
|
|
(7)
|
|
|
|
(7)
|
|
Active
vessels
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
4
|
|
|
|
4
|
|
Europe/Mediterranean
Sea fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Towing-supply
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
|
|
2
|
|
|
|
1
|
|
Total
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
|
|
2
|
|
|
|
1
|
|
Stacked
vessels
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Active
vessels
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
|
|
2
|
|
|
|
1
|
|
West Africa
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Towing-supply
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
3
|
|
|
|
4
|
|
Total
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
3
|
|
|
|
4
|
|
Stacked
vessels
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1)
|
|
Active
vessels
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
3
|
|
|
|
3
|
|
Worldwide
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
—
|
|
|
|
—
|
|
|
|
7
|
|
|
|
8
|
|
|
|
8
|
|
Towing-supply
|
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
|
|
8
|
|
|
|
8
|
|
Total
|
|
|
—
|
|
|
|
—
|
|
|
|
15
|
|
|
|
16
|
|
|
|
16
|
|
Stacked
vessels
|
|
|
—
|
|
|
|
—
|
|
|
|
(7)
|
|
|
|
(7)
|
|
|
|
(8)
|
|
Active
vessels
|
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
|
|
9
|
|
|
|
8
|
|
TIDEWATER
INC.
|
UNAUDITED OTHER
FLEET AND FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
AVAILABLE DAYS -
TOTAL FLEET:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
2,309
|
|
|
|
2,893
|
|
|
|
3,545
|
|
|
|
3,731
|
|
|
|
3,690
|
|
Towing-supply
|
|
|
1,350
|
|
|
|
1,441
|
|
|
|
1,773
|
|
|
|
1,941
|
|
|
|
1,980
|
|
Other
|
|
|
540
|
|
|
|
574
|
|
|
|
736
|
|
|
|
728
|
|
|
|
720
|
|
Total
|
|
|
4,199
|
|
|
|
4,908
|
|
|
|
6,054
|
|
|
|
6,400
|
|
|
|
6,390
|
|
Middle East/Asia
Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
1,738
|
|
|
|
1,908
|
|
|
|
1,932
|
|
|
|
2,001
|
|
|
|
2,070
|
|
Towing-supply
|
|
|
3,348
|
|
|
|
3,604
|
|
|
|
3,980
|
|
|
|
3,974
|
|
|
|
3,952
|
|
Other
|
|
|
—
|
|
|
|
3
|
|
|
|
92
|
|
|
|
91
|
|
|
|
90
|
|
Total
|
|
|
5,086
|
|
|
|
5,515
|
|
|
|
6,004
|
|
|
|
6,066
|
|
|
|
6,112
|
|
Europe/Mediterranean
Sea fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
1,527
|
|
|
|
1,588
|
|
|
|
1,649
|
|
|
|
1,539
|
|
|
|
1,580
|
|
Towing-supply
|
|
|
360
|
|
|
|
379
|
|
|
|
552
|
|
|
|
567
|
|
|
|
356
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
136
|
|
|
|
182
|
|
|
|
180
|
|
Total
|
|
|
1,887
|
|
|
|
1,967
|
|
|
|
2,337
|
|
|
|
2,288
|
|
|
|
2,116
|
|
West Africa
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
2,470
|
|
|
|
2,484
|
|
|
|
2,347
|
|
|
|
2,193
|
|
|
|
2,070
|
|
Towing-supply
|
|
|
3,123
|
|
|
|
3,340
|
|
|
|
3,493
|
|
|
|
3,437
|
|
|
|
3,530
|
|
Other
|
|
|
2,745
|
|
|
|
2,852
|
|
|
|
2,885
|
|
|
|
3,170
|
|
|
|
3,240
|
|
Total
|
|
|
8,338
|
|
|
|
8,676
|
|
|
|
8,725
|
|
|
|
8,800
|
|
|
|
8,840
|
|
Worldwide
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
8,044
|
|
|
|
8,873
|
|
|
|
9,473
|
|
|
|
9,464
|
|
|
|
9,410
|
|
Towing-supply
|
|
|
8,181
|
|
|
|
8,764
|
|
|
|
9,798
|
|
|
|
9,919
|
|
|
|
9,818
|
|
Other
|
|
|
3,285
|
|
|
|
3,429
|
|
|
|
3,849
|
|
|
|
4,171
|
|
|
|
4,230
|
|
Total
|
|
|
19,510
|
|
|
|
21,066
|
|
|
|
23,120
|
|
|
|
23,554
|
|
|
|
23,458
|
|
TIDEWATER
INC.
|
UNAUDITED OTHER
FLEET AND FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
OUT-OF-SERVICE -
STACKED DAYS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
898
|
|
|
|
1,565
|
|
|
|
2,359
|
|
|
|
2,110
|
|
|
|
1,874
|
|
Towing-supply
|
|
|
720
|
|
|
|
705
|
|
|
|
889
|
|
|
|
849
|
|
|
|
900
|
|
Other
|
|
|
180
|
|
|
|
206
|
|
|
|
368
|
|
|
|
273
|
|
|
|
270
|
|
Total
|
|
|
1,798
|
|
|
|
2,476
|
|
|
|
3,616
|
|
|
|
3,232
|
|
|
|
3,044
|
|
Middle East/Asia
Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
478
|
|
|
|
705
|
|
|
|
746
|
|
|
|
702
|
|
|
|
900
|
|
Towing-supply
|
|
|
873
|
|
|
|
1,089
|
|
|
|
1,435
|
|
|
|
1,446
|
|
|
|
1,240
|
|
Other
|
|
|
—
|
|
|
|
3
|
|
|
|
92
|
|
|
|
91
|
|
|
|
90
|
|
Total
|
|
|
1,351
|
|
|
|
1,797
|
|
|
|
2,273
|
|
|
|
2,239
|
|
|
|
2,230
|
|
Europe/Mediterranean
Sea fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
167
|
|
|
|
276
|
|
|
|
276
|
|
|
|
334
|
|
|
|
410
|
|
Towing-supply
|
|
|
270
|
|
|
|
180
|
|
|
|
92
|
|
|
|
91
|
|
|
|
90
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
136
|
|
|
|
182
|
|
|
|
180
|
|
Total
|
|
|
437
|
|
|
|
456
|
|
|
|
504
|
|
|
|
607
|
|
|
|
680
|
|
West Africa
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
744
|
|
|
|
671
|
|
|
|
644
|
|
|
|
713
|
|
|
|
900
|
|
Towing-supply
|
|
|
1,463
|
|
|
|
1,472
|
|
|
|
1,484
|
|
|
|
1,463
|
|
|
|
1,547
|
|
Other
|
|
|
1,305
|
|
|
|
1,295
|
|
|
|
1,246
|
|
|
|
1,714
|
|
|
|
1,707
|
|
Total
|
|
|
3,512
|
|
|
|
3,438
|
|
|
|
3,374
|
|
|
|
3,890
|
|
|
|
4,154
|
|
Worldwide
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
2,287
|
|
|
|
3,217
|
|
|
|
4,025
|
|
|
|
3,859
|
|
|
|
4,084
|
|
Towing-supply
|
|
|
3,326
|
|
|
|
3,446
|
|
|
|
3,900
|
|
|
|
3,849
|
|
|
|
3,777
|
|
Other
|
|
|
1,485
|
|
|
|
1,504
|
|
|
|
1,842
|
|
|
|
2,260
|
|
|
|
2,247
|
|
Total
|
|
|
7,098
|
|
|
|
8,167
|
|
|
|
9,767
|
|
|
|
9,968
|
|
|
|
10,108
|
|
TIDEWATER
INC.
|
UNAUDITED OTHER
FLEET AND FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
AVAILABLE DAYS -
ACTIVE FLEET:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
1,411
|
|
|
|
1,328
|
|
|
|
1,186
|
|
|
|
1,621
|
|
|
|
1,816
|
|
Towing-supply
|
|
|
630
|
|
|
|
736
|
|
|
|
884
|
|
|
|
1,092
|
|
|
|
1,080
|
|
Other
|
|
|
360
|
|
|
|
368
|
|
|
|
368
|
|
|
|
455
|
|
|
|
450
|
|
Total
|
|
|
2,401
|
|
|
|
2,432
|
|
|
|
2,438
|
|
|
|
3,168
|
|
|
|
3,346
|
|
Middle East/Asia
Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
1,260
|
|
|
|
1,203
|
|
|
|
1,186
|
|
|
|
1,299
|
|
|
|
1,170
|
|
Towing-supply
|
|
|
2,475
|
|
|
|
2,515
|
|
|
|
2,545
|
|
|
|
2,528
|
|
|
|
2,712
|
|
Total
|
|
|
3,735
|
|
|
|
3,718
|
|
|
|
3,731
|
|
|
|
3,827
|
|
|
|
3,882
|
|
Europe/Mediterranean
Sea fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
1,360
|
|
|
|
1,312
|
|
|
|
1,373
|
|
|
|
1,205
|
|
|
|
1,170
|
|
Towing-supply
|
|
|
90
|
|
|
|
199
|
|
|
|
460
|
|
|
|
476
|
|
|
|
266
|
|
Total
|
|
|
1,450
|
|
|
|
1,511
|
|
|
|
1,833
|
|
|
|
1,681
|
|
|
|
1,436
|
|
West Africa
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
1,726
|
|
|
|
1,813
|
|
|
|
1,703
|
|
|
|
1,480
|
|
|
|
1,170
|
|
Towing-supply
|
|
|
1,660
|
|
|
|
1,868
|
|
|
|
2,009
|
|
|
|
1,974
|
|
|
|
1,983
|
|
Other
|
|
|
1,440
|
|
|
|
1,557
|
|
|
|
1,639
|
|
|
|
1,456
|
|
|
|
1,533
|
|
Total
|
|
|
4,826
|
|
|
|
5,238
|
|
|
|
5,351
|
|
|
|
4,910
|
|
|
|
4,686
|
|
Worldwide
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
5,757
|
|
|
|
5,656
|
|
|
|
5,448
|
|
|
|
5,605
|
|
|
|
5,326
|
|
Towing-supply
|
|
|
4,855
|
|
|
|
5,318
|
|
|
|
5,898
|
|
|
|
6,070
|
|
|
|
6,041
|
|
Other
|
|
|
1,800
|
|
|
|
1,925
|
|
|
|
2,007
|
|
|
|
1,911
|
|
|
|
1,983
|
|
Total
|
|
|
12,412
|
|
|
|
12,899
|
|
|
|
13,353
|
|
|
|
13,586
|
|
|
|
13,350
|
|
Note (L): Available Days - Active Fleet equals Available
Days - Total Fleet less Out-Of-Service - Stacked Days.
TIDEWATER
INC.
|
UNAUDITED OTHER
FLEET AND FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
UTILIZATION -
TOTAL FLEET:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
42.2%
|
|
|
|
32.2%
|
|
|
|
20.5%
|
|
|
|
23.4%
|
|
|
|
29.7%
|
|
Towing-supply
|
|
|
35.7
|
|
|
|
39.0
|
|
|
|
36.1
|
|
|
|
36.4
|
|
|
|
41.8
|
|
Other
|
|
|
61.9
|
|
|
|
60.8
|
|
|
|
45.3
|
|
|
|
50.0
|
|
|
|
45.7
|
|
Total
|
|
|
42.7%
|
|
|
|
37.6%
|
|
|
|
28.1%
|
|
|
|
30.3%
|
|
|
|
35.2%
|
|
Middle East/Asia
Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
54.4%
|
|
|
|
48.7%
|
|
|
|
44.0%
|
|
|
|
54.4%
|
|
|
|
45.9%
|
|
Towing-supply
|
|
|
40.0
|
|
|
|
57.7
|
|
|
|
57.1
|
|
|
|
57.2
|
|
|
|
54.2
|
|
Total
|
|
|
44.9%
|
|
|
|
54.5%
|
|
|
|
52.0%
|
|
|
|
55.4%
|
|
|
|
50.6%
|
|
Europe/Mediterranean
Sea fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
64.7%
|
|
|
|
69.4%
|
|
|
|
71.7%
|
|
|
|
59.7%
|
|
|
|
61.0%
|
|
Towing-supply
|
|
|
25.0
|
|
|
|
24.1
|
|
|
|
53.8
|
|
|
|
66.1
|
|
|
|
13.9
|
|
Total
|
|
|
57.1%
|
|
|
|
60.7%
|
|
|
|
63.3%
|
|
|
|
56.5%
|
|
|
|
47.9%
|
|
West Africa
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
52.3%
|
|
|
|
49.4%
|
|
|
|
49.3%
|
|
|
|
46.1%
|
|
|
|
48.0%
|
|
Towing-supply
|
|
|
39.0
|
|
|
|
45.7
|
|
|
|
45.2
|
|
|
|
49.4
|
|
|
|
44.9
|
|
Other
|
|
|
36.6
|
|
|
|
44.8
|
|
|
|
44.6
|
|
|
|
33.1
|
|
|
|
32.7
|
|
Total
|
|
|
42.2%
|
|
|
|
46.5%
|
|
|
|
46.1%
|
|
|
|
42.7%
|
|
|
|
41.2%
|
|
Worldwide
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
52.2%
|
|
|
|
47.2%
|
|
|
|
41.3%
|
|
|
|
41.1%
|
|
|
|
42.6%
|
|
Towing-supply
|
|
|
38.3
|
|
|
|
48.6
|
|
|
|
48.9
|
|
|
|
50.9
|
|
|
|
46.9
|
|
Other
|
|
|
40.8
|
|
|
|
47.4
|
|
|
|
42.1
|
|
|
|
33.9
|
|
|
|
32.8
|
|
Total
|
|
|
44.4%
|
|
|
|
47.8%
|
|
|
|
44.7%
|
|
|
|
44.0%
|
|
|
|
42.6%
|
|
Note (M): Utilization Total Fleet equals Days Worked /
Available Days Total Fleet.
TIDEWATER
INC.
|
UNAUDITED OTHER
FLEET AND FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
UTILIZATION -
ACTIVE FLEET:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
69.1%
|
|
|
|
70.2%
|
|
|
|
61.2%
|
|
|
|
53.8%
|
|
|
|
60.4%
|
|
Towing-supply
|
|
|
76.6
|
|
|
|
76.4
|
|
|
|
72.3
|
|
|
|
64.7
|
|
|
|
76.6
|
|
Other
|
|
|
92.9
|
|
|
|
94.8
|
|
|
|
90.6
|
|
|
|
79.9
|
|
|
|
73.1
|
|
Total
|
|
|
74.6%
|
|
|
|
75.8%
|
|
|
|
69.7%
|
|
|
|
61.3%
|
|
|
|
67.3%
|
|
Middle East/Asia
Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
75.0%
|
|
|
|
77.2%
|
|
|
|
71.6%
|
|
|
|
83.8%
|
|
|
|
81.2%
|
|
Towing-supply
|
|
|
54.1
|
|
|
|
82.7
|
|
|
|
89.4
|
|
|
|
89.9
|
|
|
|
79.0
|
|
Total
|
|
|
61.2%
|
|
|
|
80.9%
|
|
|
|
83.7%
|
|
|
|
87.8%
|
|
|
|
79.7%
|
|
Europe/Mediterranean
Sea fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
72.6%
|
|
|
|
84.0%
|
|
|
|
86.1%
|
|
|
|
76.2%
|
|
|
|
82.4%
|
|
Towing-supply
|
|
|
100.0
|
|
|
|
45.8
|
|
|
|
64.6
|
|
|
|
78.7
|
|
|
|
18.6
|
|
Total
|
|
|
74.3%
|
|
|
|
79.0%
|
|
|
|
80.7%
|
|
|
|
76.9%
|
|
|
|
70.6%
|
|
West Africa
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
74.8%
|
|
|
|
67.7%
|
|
|
|
68.0%
|
|
|
|
68.3%
|
|
|
|
84.9%
|
|
Towing-supply
|
|
|
73.4
|
|
|
|
81.7
|
|
|
|
78.6
|
|
|
|
86.0
|
|
|
|
80.0
|
|
Other
|
|
|
69.9
|
|
|
|
82.0
|
|
|
|
78.4
|
|
|
|
72.1
|
|
|
|
69.1
|
|
Total
|
|
|
72.8%
|
|
|
|
76.9%
|
|
|
|
75.2%
|
|
|
|
76.5%
|
|
|
|
77.7%
|
|
Worldwide
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
72.9%
|
|
|
|
74.1%
|
|
|
|
71.9%
|
|
|
|
69.4%
|
|
|
|
75.2%
|
|
Towing-supply
|
|
|
64.5
|
|
|
|
80.1
|
|
|
|
81.2
|
|
|
|
83.2
|
|
|
|
76.2
|
|
Other
|
|
|
74.5
|
|
|
|
84.5
|
|
|
|
80.6
|
|
|
|
74.0
|
|
|
|
70.0
|
|
Total
|
|
|
69.8%
|
|
|
|
78.1%
|
|
|
|
77.3%
|
|
|
|
76.2%
|
|
|
|
74.9%
|
|
Note (N): Utilization Active Fleet equals Days Worked /
Available Days - Active Fleet.
TIDEWATER
INC.
|
UNAUDITED OTHER
FLEET AND FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
AVERAGE VESSEL DAY
RATES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
(O)
|
$
|
|
16,626
|
|
|
|
18,301
|
|
|
|
19,429
|
|
|
|
19,869
|
|
|
|
57,311
|
|
Towing-supply
|
|
|
14,191
|
|
|
|
14,700
|
|
|
|
14,577
|
|
|
|
15,959
|
|
|
|
17,816
|
|
Other
|
|
|
9,061
|
|
|
|
8,628
|
|
|
|
8,968
|
|
|
|
9,071
|
|
|
|
9,015
|
|
Total (O)
|
$
|
|
14,558
|
|
|
|
15,372
|
|
|
|
15,550
|
|
|
|
16,423
|
|
|
|
35,756
|
|
Middle East/Asia
Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
|
10,122
|
|
|
|
9,762
|
|
|
|
9,883
|
|
|
|
9,825
|
|
|
|
9,927
|
|
Towing-supply
|
|
|
6,589
|
|
|
|
6,787
|
|
|
|
7,398
|
|
|
|
7,511
|
|
|
|
8,045
|
|
Total
|
$
|
|
8,051
|
|
|
|
7,705
|
|
|
|
8,073
|
|
|
|
8,261
|
|
|
|
8,623
|
|
Europe/Mediterranean
Sea fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
|
9,132
|
|
|
|
9,427
|
|
|
|
9,464
|
|
|
|
8,967
|
|
|
|
10,220
|
|
Towing-supply
|
|
|
6,695
|
|
|
|
7,035
|
|
|
|
7,077
|
|
|
|
7,459
|
|
|
|
6,513
|
|
Total
|
$
|
|
8,928
|
|
|
|
9,244
|
|
|
|
8,985
|
|
|
|
8,530
|
|
|
|
10,030
|
|
West Africa
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
|
10,795
|
|
|
|
11,702
|
|
|
|
12,069
|
|
|
|
13,768
|
|
|
|
13,260
|
|
Towing-supply
|
|
|
13,245
|
|
|
|
12,979
|
|
|
|
13,339
|
|
|
|
14,271
|
|
|
|
14,171
|
|
Other
|
|
|
3,306
|
|
|
|
3,602
|
|
|
|
3,854
|
|
|
|
3,265
|
|
|
|
3,661
|
|
Total
|
$
|
|
9,501
|
|
|
|
9,619
|
|
|
|
9,943
|
|
|
|
11,061
|
|
|
|
10,863
|
|
Worldwide
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
(O)
|
$
|
|
11,606
|
|
|
|
12,142
|
|
|
|
12,172
|
|
|
|
12,897
|
|
|
|
23,797
|
|
Towing-supply
|
|
|
10,355
|
|
|
|
10,056
|
|
|
|
10,295
|
|
|
|
10,961
|
|
|
|
11,893
|
|
Other
|
|
|
4,742
|
|
|
|
4,681
|
|
|
|
4,906
|
|
|
|
4,759
|
|
|
|
4,922
|
|
Total (O)
|
$
|
|
10,093
|
|
|
|
10,056
|
|
|
|
10,162
|
|
|
|
10,842
|
|
|
|
15,693
|
|
Note (O): Included in Americas fleet deepwater, Americas
fleet total, Worldwide fleet deepwater and Worldwide fleet total
average day rates for the quarter ended March 31, 2017 (Predecessor) is $39.1 million of revenue related to the early
cancellation of a long-term vessel charter contract. Americas
fleet deepwater, Americas fleet total, Worldwide fleet deepwater
and Worldwide fleet total average day rates were increased by
$35,709, $17,385, $9,776 and
$3,915, respectively, for the quarter
ended March 31, 2017 (Predecessor) as
a result of the recognition of revenue related to the early
cancellation of the vessel charter contract.
TIDEWATER
INC.
|
UNAUDITED OTHER
FLEET AND FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
(In
thousands)
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues
(P)
|
$
|
|
26,081
|
|
|
|
28,335
|
|
|
|
26,410
|
|
|
|
31,887
|
|
|
|
80,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs
|
$
|
|
9,093
|
|
|
|
11,190
|
|
|
|
12,652
|
|
|
|
14,457
|
|
|
|
15,761
|
|
Routine repairs and
maintenance
|
|
|
1,917
|
|
|
|
2,203
|
|
|
|
2,210
|
|
|
|
2,705
|
|
|
|
2,879
|
|
Major
repairs
|
|
|
(187)
|
|
|
|
(144)
|
|
|
|
4,167
|
|
|
|
1,136
|
|
|
|
7
|
|
Insurance and loss
reserves
|
|
|
(551)
|
|
|
|
788
|
|
|
|
605
|
|
|
|
933
|
|
|
|
(519)
|
|
Fuel, lube and
supplies
|
|
|
1,618
|
|
|
|
2,413
|
|
|
|
2,935
|
|
|
|
3,394
|
|
|
|
3,896
|
|
Other
|
|
|
406
|
|
|
|
1,321
|
|
|
|
2,307
|
|
|
|
4,655
|
|
|
|
3,555
|
|
Total vessel
operating costs
|
$
|
|
12,296
|
|
|
|
17,771
|
|
|
|
24,876
|
|
|
|
27,280
|
|
|
|
25,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
margin ($)
|
$
|
|
13,785
|
|
|
|
10,564
|
|
|
|
1,534
|
|
|
|
4,607
|
|
|
|
54,954
|
|
Vessel operating
margin (%)
|
|
|
52.9%
|
|
|
|
37.3%
|
|
|
|
5.8%
|
|
|
|
14.4%
|
|
|
|
68.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
lease expense
|
$
|
|
—
|
|
|
|
—
|
|
|
|
62
|
|
|
|
3,787
|
|
|
|
6,627
|
|
Vessel
depreciation
|
$
|
|
3,223
|
|
|
|
3,386
|
|
|
|
5,488
|
|
|
|
10,748
|
|
|
|
11,297
|
|
Amortization of
deferred drydocking and survey
costs
|
$
|
|
90
|
|
|
|
86
|
|
|
|
4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operations
general and administrative
expenses ($)
|
$
|
|
5,561
|
|
|
|
6,040
|
|
|
|
5,481
|
|
|
|
5,771
|
|
|
|
6,412
|
|
Vessel operations
general and administrative
expenses (%)
|
|
|
21.3%
|
|
|
|
21.3%
|
|
|
|
20.8%
|
|
|
|
18.1%
|
|
|
|
8.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
profit (loss)
|
$
|
|
4,911
|
|
|
|
1,052
|
|
|
|
(9,501)
|
|
|
|
(15,699)
|
|
|
|
30,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas - Select
operating statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels -
Total fleet (Q)
|
|
|
47
|
|
|
|
53
|
|
|
|
66
|
|
|
|
70
|
|
|
|
71
|
|
Utilization - Total
fleet
|
|
|
42.7%
|
|
|
|
37.6%
|
|
|
|
28.1%
|
|
|
|
30.3%
|
|
|
|
35.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels -
Active fleet (Q)
|
|
|
27
|
|
|
|
26
|
|
|
|
27
|
|
|
|
35
|
|
|
|
37
|
|
Utilization - Active
fleet
|
|
|
74.6%
|
|
|
|
75.8%
|
|
|
|
69.7%
|
|
|
|
61.3%
|
|
|
|
67.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates
(P)
|
$
|
|
14,558
|
|
|
|
15,372
|
|
|
|
15,550
|
|
|
|
16,423
|
|
|
|
35,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing
drydocks
|
|
|
7
|
|
|
|
3
|
|
|
|
7
|
|
|
|
2
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major repairs expense
and deferred
drydocking and survey costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major
repairs expense
|
$
|
|
(187)
|
|
|
|
(144)
|
|
|
|
4,167
|
|
|
|
1,136
|
|
|
|
7
|
|
Cash paid
for deferred
drydocking and survey costs
|
$
|
|
2,775
|
|
|
|
554
|
|
|
|
243
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
|
2,588
|
|
|
|
410
|
|
|
|
4,410
|
|
|
|
1,136
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking
and survey costs -
beginning balance
|
$
|
|
707
|
|
|
|
239
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Cash paid for deferred
drydocking and
survey costs
|
$
|
|
2,775
|
|
|
|
554
|
|
|
|
243
|
|
|
|
—
|
|
|
|
—
|
|
Amortization of
deferred drydocking and
survey costs
|
$
|
|
90
|
|
|
|
86
|
|
|
|
4
|
|
|
|
—
|
|
|
|
—
|
|
Net vessel transfers
in/out of the segment
|
$
|
|
9
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Deferred drydocking
and survey costs -
ending balance
|
$
|
|
3,383
|
|
|
|
707
|
|
|
|
239
|
|
|
|
—
|
|
|
|
—
|
|
|
Note (P):
Included in Americas vessel revenue for the quarter ended March 31,
2017 is $39.1 million of revenue related to the early cancellation
of a long-term
vessel charter
contract. Americas fleet average day rates were increased by
$17,385 as a result of the recognition of revenue related to the
early cancellation of
the vessel charter
contract.
|
|
Note (Q):
Average leased vessels – Americas
fleet
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
|
|
11
|
|
|
|
11
|
|
Average leased vessels
- Americas active
fleet
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
4
|
|
|
|
4
|
|
TIDEWATER
INC.
|
UNAUDITED OTHER
FLEET AND FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
(In
thousands)
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
Middle East/Asia
Pacific
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel
revenues
|
$
|
|
18,388
|
|
|
|
23,176
|
|
|
|
25,216
|
|
|
|
27,766
|
|
|
|
26,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs
|
$
|
|
8,108
|
|
|
|
8,666
|
|
|
|
9,101
|
|
|
|
9,795
|
|
|
|
9,495
|
|
Routine repairs and
maintenance
|
|
|
1,209
|
|
|
|
1,733
|
|
|
|
2,387
|
|
|
|
2,164
|
|
|
|
2,318
|
|
Major
repairs
|
|
|
254
|
|
|
|
442
|
|
|
|
320
|
|
|
|
511
|
|
|
|
3,988
|
|
Insurance and loss
reserves
|
|
|
(150)
|
|
|
|
771
|
|
|
|
626
|
|
|
|
681
|
|
|
|
(732)
|
|
Fuel, lube and
supplies
|
|
|
2,339
|
|
|
|
2,653
|
|
|
|
1,725
|
|
|
|
1,539
|
|
|
|
2,543
|
|
Other
|
|
|
2,742
|
|
|
|
2,723
|
|
|
|
2,977
|
|
|
|
2,908
|
|
|
|
3,351
|
|
Total vessel
operating costs
|
$
|
|
14,502
|
|
|
|
16,988
|
|
|
|
17,136
|
|
|
|
17,598
|
|
|
|
20,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
margin ($)
|
$
|
|
3,886
|
|
|
|
6,188
|
|
|
|
8,080
|
|
|
|
10,168
|
|
|
|
5,715
|
|
Vessel operating
margin (%)
|
|
|
21.1%
|
|
|
|
26.7%
|
|
|
|
32.0%
|
|
|
|
36.6%
|
|
|
|
21.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
lease expense
|
$
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Vessel
depreciation
|
$
|
|
2,707
|
|
|
|
2,905
|
|
|
|
4,028
|
|
|
|
7,746
|
|
|
|
8,499
|
|
Amortization of
deferred drydocking and survey
costs
|
$
|
|
62
|
|
|
|
4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operations
general and administrative
expenses ($)
|
$
|
|
3,370
|
|
|
|
3,772
|
|
|
|
3,226
|
|
|
|
3,738
|
|
|
|
3,380
|
|
Vessel operations
general and administrative
expenses (%)
|
|
|
18.3%
|
|
|
|
16.3%
|
|
|
|
12.8%
|
|
|
|
13.5%
|
|
|
|
12.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
profit (loss)
|
$
|
|
(2,253)
|
|
|
|
(493)
|
|
|
|
826
|
|
|
|
(1,316)
|
|
|
|
(6,164)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Middle East/Asia
Pacific - Select operating
statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels -
Total fleet
|
|
|
56
|
|
|
|
60
|
|
|
|
65
|
|
|
|
67
|
|
|
|
68
|
|
Utilization - Total
fleet
|
|
|
44.9%
|
|
|
|
54.5%
|
|
|
|
52.0%
|
|
|
|
55.4%
|
|
|
|
50.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels -
Active fleet
|
|
|
41
|
|
|
|
40
|
|
|
|
40
|
|
|
|
42
|
|
|
|
44
|
|
Utilization - Active
fleet
|
|
|
61.2%
|
|
|
|
80.9%
|
|
|
|
83.7%
|
|
|
|
87.8%
|
|
|
|
79.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day
rates
|
$
|
|
8,051
|
|
|
|
7,705
|
|
|
|
8,073
|
|
|
|
8,261
|
|
|
|
8,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing
drydocks
|
|
|
3
|
|
|
|
5
|
|
|
|
1
|
|
|
|
1
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major repairs expense
and deferred
drydocking and survey costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major
repairs expense
|
$
|
|
254
|
|
|
|
442
|
|
|
|
320
|
|
|
|
511
|
|
|
|
3,988
|
|
Cash paid
for deferred
drydocking and survey costs
|
$
|
|
1,728
|
|
|
|
209
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
|
1,982
|
|
|
|
651
|
|
|
|
320
|
|
|
|
511
|
|
|
|
3,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking
and survey costs -
beginning balance
|
$
|
|
205
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Cash paid for deferred
drydocking and
survey costs
|
$
|
|
1,728
|
|
|
|
209
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Amortization of
deferred drydocking and
survey costs
|
$
|
|
62
|
|
|
|
4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Deferred drydocking
and survey costs -
ending balance
|
$
|
|
1,871
|
|
|
|
205
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
TIDEWATER
INC.
|
UNAUDITED OTHER
FLEET AND FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
(In
thousands)
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
Europe/Mediterranean Sea
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel
revenues
|
$
|
|
9,623
|
|
|
|
11,036
|
|
|
|
13,294
|
|
|
|
11,031
|
|
|
|
10,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs
|
$
|
|
4,991
|
|
|
|
5,147
|
|
|
|
6,460
|
|
|
|
5,593
|
|
|
|
4,927
|
|
Routine repairs and
maintenance
|
|
|
1,240
|
|
|
|
1,145
|
|
|
|
1,430
|
|
|
|
1,244
|
|
|
|
925
|
|
Major
repairs
|
|
|
338
|
|
|
|
—
|
|
|
|
290
|
|
|
|
1,983
|
|
|
|
336
|
|
Insurance and loss
reserves
|
|
|
110
|
|
|
|
311
|
|
|
|
206
|
|
|
|
426
|
|
|
|
226
|
|
Fuel, lube and
supplies
|
|
|
1,810
|
|
|
|
1,038
|
|
|
|
1,050
|
|
|
|
1,393
|
|
|
|
1,101
|
|
Other
|
|
|
1,606
|
|
|
|
1,466
|
|
|
|
1,754
|
|
|
|
1,835
|
|
|
|
1,394
|
|
Total vessel
operating costs
|
$
|
|
10,095
|
|
|
|
9,107
|
|
|
|
11,190
|
|
|
|
12,474
|
|
|
|
8,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
margin ($)
|
$
|
|
(472)
|
|
|
|
1,929
|
|
|
|
2,104
|
|
|
|
(1,443)
|
|
|
|
1,257
|
|
Vessel operating
margin (%)
|
|
|
-4.9%
|
|
|
|
17.5%
|
|
|
|
15.8%
|
|
|
|
-13.1%
|
|
|
|
12.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
lease expense
|
$
|
|
—
|
|
|
|
—
|
|
|
|
670
|
|
|
|
721
|
|
|
|
432
|
|
Vessel
depreciation
|
$
|
|
1,641
|
|
|
|
1,641
|
|
|
|
3,411
|
|
|
|
6,803
|
|
|
|
6,561
|
|
Amortization of
deferred drydocking and survey
costs
|
$
|
|
163
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operations
general and administrative
expenses ($)
|
$
|
|
1,278
|
|
|
|
1,073
|
|
|
|
1,251
|
|
|
|
1,196
|
|
|
|
1,366
|
|
Vessel operations
general and administrative
expenses (%)
|
|
|
13.3%
|
|
|
|
9.7%
|
|
|
|
9.4%
|
|
|
|
10.8%
|
|
|
|
13.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
profit (loss)
|
$
|
|
(3,554)
|
|
|
|
(785)
|
|
|
|
(3,228)
|
|
|
|
(10,163)
|
|
|
|
(7,102)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe/Mediterranean Sea - Select operating
statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels -
Total fleet (R)
|
|
|
21
|
|
|
|
21
|
|
|
|
25
|
|
|
|
25
|
|
|
|
24
|
|
Utilization - Total
fleet
|
|
|
57.1%
|
|
|
|
60.7%
|
|
|
|
63.3%
|
|
|
|
56.5%
|
|
|
|
47.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels -
Active fleet (R)
|
|
|
16
|
|
|
|
16
|
|
|
|
20
|
|
|
|
19
|
|
|
|
16
|
|
Utilization - Active
fleet
|
|
|
74.3%
|
|
|
|
79.0%
|
|
|
|
80.7%
|
|
|
|
76.9%
|
|
|
|
70.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day
rates
|
$
|
|
8,928
|
|
|
|
9,244
|
|
|
|
8,985
|
|
|
|
8,530
|
|
|
|
10,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing
drydocks
|
|
|
6
|
|
|
|
—
|
|
|
|
1
|
|
|
|
4
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major repairs expense
and deferred
drydocking and survey costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major
repairs expense
|
$
|
|
338
|
|
|
|
—
|
|
|
|
290
|
|
|
|
1,983
|
|
|
|
336
|
|
Cash paid
for deferred
drydocking and survey costs
|
$
|
|
2,633
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
|
2,971
|
|
|
|
—
|
|
|
|
290
|
|
|
|
1,983
|
|
|
|
336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking
and survey costs -
beginning balance
|
$
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Cash paid for deferred
drydocking and
survey costs
|
$
|
|
2,633
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Amortization of
deferred drydocking and
survey costs
|
$
|
|
163
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Deferred drydocking
and survey costs -
ending balance
|
$
|
|
2,470
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (R):
Average leased vessels -
Europe/Mediterranean Sea fleet
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
|
|
2
|
|
|
|
1
|
|
Average leased vessels
-
Europe/Mediterranean Sea active fleet
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
|
|
2
|
|
|
|
1
|
|
TIDEWATER
INC.
|
UNAUDITED OTHER
FLEET AND FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
(In
thousands)
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
West
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel
revenues
|
$
|
|
33,402
|
|
|
|
38,766
|
|
|
|
39,991
|
|
|
|
41,573
|
|
|
|
39,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs
|
$
|
|
12,032
|
|
|
|
12,145
|
|
|
|
13,935
|
|
|
|
12,365
|
|
|
|
11,646
|
|
Routine repairs and
maintenance
|
|
|
2,816
|
|
|
|
2,246
|
|
|
|
2,244
|
|
|
|
2,094
|
|
|
|
2,399
|
|
Major
repairs
|
|
|
117
|
|
|
|
85
|
|
|
|
2,521
|
|
|
|
2,007
|
|
|
|
4,222
|
|
Insurance and loss
reserves
|
|
|
(480)
|
|
|
|
1,076
|
|
|
|
1,067
|
|
|
|
1,084
|
|
|
|
(742)
|
|
Fuel, lube and
supplies
|
|
|
3,245
|
|
|
|
3,296
|
|
|
|
4,131
|
|
|
|
3,102
|
|
|
|
1,739
|
|
Other
|
|
|
6,741
|
|
|
|
5,487
|
|
|
|
7,866
|
|
|
|
5,769
|
|
|
|
6,130
|
|
Total vessel
operating costs
|
$
|
|
24,471
|
|
|
|
24,335
|
|
|
|
31,764
|
|
|
|
26,421
|
|
|
|
25,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
margin ($)
|
$
|
|
8,931
|
|
|
|
14,431
|
|
|
|
8,227
|
|
|
|
15,152
|
|
|
|
14,134
|
|
Vessel operating
margin (%)
|
|
|
26.7%
|
|
|
|
37.2%
|
|
|
|
20.6%
|
|
|
|
36.4%
|
|
|
|
35.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
lease expense
|
$
|
|
—
|
|
|
|
91
|
|
|
|
1,015
|
|
|
|
1,034
|
|
|
|
1,384
|
|
Vessel
depreciation
|
$
|
|
3,703
|
|
|
|
3,547
|
|
|
|
5,444
|
|
|
|
9,595
|
|
|
|
9,816
|
|
Amortization of
deferred drydocking and survey
costs
|
$
|
|
323
|
|
|
|
112
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operations
general and administrative
expenses ($)
|
$
|
|
6,658
|
|
|
|
9,061
|
|
|
|
7,135
|
|
|
|
7,297
|
|
|
|
8,287
|
|
Vessel operations
general and administrative
expenses (%)
|
|
|
19.9%
|
|
|
|
23.4%
|
|
|
|
17.8%
|
|
|
|
17.6%
|
|
|
|
21.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
loss
|
$
|
|
(1,753)
|
|
|
|
1,620
|
|
|
|
(5,367)
|
|
|
|
(2,774)
|
|
|
|
(5,353)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Africa -
Select operating statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels -
Total fleet (S)
|
|
|
93
|
|
|
|
95
|
|
|
|
95
|
|
|
|
97
|
|
|
|
98
|
|
Utilization - Total
fleet
|
|
|
42.2%
|
|
|
|
46.5%
|
|
|
|
46.1%
|
|
|
|
42.7%
|
|
|
|
41.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels -
Active fleet (S)
|
|
|
54
|
|
|
|
58
|
|
|
|
58
|
|
|
|
54
|
|
|
|
52
|
|
Utilization - Active
fleet
|
|
|
72.8%
|
|
|
|
76.9%
|
|
|
|
75.2%
|
|
|
|
76.5%
|
|
|
|
77.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day
rates
|
$
|
|
9,501
|
|
|
|
9,619
|
|
|
|
9,943
|
|
|
|
11,061
|
|
|
|
10,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing
drydocks
|
|
|
3
|
|
|
|
2
|
|
|
|
7
|
|
|
|
2
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major repairs expense
and deferred
drydocking and survey costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major
repairs expense
|
$
|
|
117
|
|
|
|
85
|
|
|
|
2,521
|
|
|
|
2,007
|
|
|
|
4,222
|
|
Cash paid
for deferred
drydocking and survey costs
|
$
|
|
1,724
|
|
|
|
2,259
|
|
|
|
149
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
|
1,841
|
|
|
|
2,344
|
|
|
|
2,670
|
|
|
|
2,007
|
|
|
|
4,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking
and survey costs -
beginning balance
|
$
|
|
2,296
|
|
|
|
149
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Cash paid for deferred
drydocking and
survey costs
|
$
|
|
1,724
|
|
|
|
2,259
|
|
|
|
149
|
|
|
|
—
|
|
|
|
—
|
|
Amortization of
deferred drydocking and
survey costs
|
$
|
|
323
|
|
|
|
112
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Net vessel transfers
in/out of the segment
|
$
|
|
(9)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Deferred drydocking
and survey costs -
ending balance
|
$
|
|
3,706
|
|
|
|
2,296
|
|
|
|
149
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (S):
Average leased vessels - West Africa
fleet
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
3
|
|
|
|
4
|
|
Average leased vessels
- West Africa active
fleet
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
3
|
|
|
|
3
|
|
TIDEWATER
INC.
|
UNAUDITED OTHER
FLEET AND FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
(In
thousands)
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
Worldwide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues
(T)
|
$
|
|
87,494
|
|
|
|
101,313
|
|
|
|
104,911
|
|
|
|
112,257
|
|
|
|
156,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs
|
$
|
|
34,224
|
|
|
|
37,148
|
|
|
|
42,148
|
|
|
|
42,210
|
|
|
|
41,829
|
|
Routine repairs and
maintenance
|
|
|
7,182
|
|
|
|
7,327
|
|
|
|
8,271
|
|
|
|
8,207
|
|
|
|
8,521
|
|
Major
repairs
|
|
|
522
|
|
|
|
383
|
|
|
|
7,298
|
|
|
|
5,637
|
|
|
|
8,553
|
|
Insurance and loss
reserves
|
|
|
(1,071)
|
|
|
|
2,946
|
|
|
|
2,504
|
|
|
|
3,124
|
|
|
|
(1,767)
|
|
Fuel, lube and
supplies
|
|
|
9,012
|
|
|
|
9,400
|
|
|
|
9,841
|
|
|
|
9,428
|
|
|
|
9,279
|
|
Other
|
|
|
11,495
|
|
|
|
10,997
|
|
|
|
14,904
|
|
|
|
15,167
|
|
|
|
14,430
|
|
Total vessel
operating costs
|
$
|
|
61,364
|
|
|
|
68,201
|
|
|
|
84,966
|
|
|
|
83,773
|
|
|
|
80,845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
margin ($)
|
$
|
|
26,130
|
|
|
|
33,112
|
|
|
|
19,945
|
|
|
|
28,484
|
|
|
|
76,060
|
|
Vessel operating
margin (%)
|
|
|
29.9%
|
|
|
|
32.7%
|
|
|
|
19.0%
|
|
|
|
25.4%
|
|
|
|
48.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
lease expense
|
$
|
|
—
|
|
|
|
91
|
|
|
|
1,747
|
|
|
|
5,542
|
|
|
|
8,443
|
|
Vessel
depreciation
|
$
|
|
11,274
|
|
|
|
11,479
|
|
|
|
18,371
|
|
|
|
34,892
|
|
|
|
36,173
|
|
Amortization of
deferred drydocking and survey
costs
|
$
|
|
638
|
|
|
|
202
|
|
|
|
4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operations
general and administrative
expenses ($)
|
$
|
|
16,867
|
|
|
|
19,946
|
|
|
|
17,093
|
|
|
|
18,002
|
|
|
|
19,445
|
|
Vessel operations
general and administrative
expenses (%)
|
|
|
19.3%
|
|
|
|
19.7%
|
|
|
|
16.3%
|
|
|
|
16.0%
|
|
|
|
12.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
profit (loss)
|
$
|
|
(2,649)
|
|
|
|
1,394
|
|
|
|
(17,270)
|
|
|
|
(29,952)
|
|
|
|
11,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide - Select
operating statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels -
Total fleet (U)
|
|
|
217
|
|
|
|
229
|
|
|
|
251
|
|
|
|
259
|
|
|
|
261
|
|
Utilization - Total
fleet
|
|
|
44.4%
|
|
|
|
47.8%
|
|
|
|
44.7%
|
|
|
|
44.0%
|
|
|
|
42.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels -
Active fleet (U)
|
|
|
138
|
|
|
|
140
|
|
|
|
145
|
|
|
|
150
|
|
|
|
149
|
|
Utilization - Active
fleet
|
|
|
69.8%
|
|
|
|
78.1%
|
|
|
|
77.3%
|
|
|
|
76.2%
|
|
|
|
74.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates
(T)
|
$
|
|
10,093
|
|
|
|
10,056
|
|
|
|
10,162
|
|
|
|
10,842
|
|
|
|
15,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing
drydocks
|
|
|
19
|
|
|
|
10
|
|
|
|
16
|
|
|
|
9
|
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major repairs expense
and deferred
drydocking and survey costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Major
repairs expense
|
$
|
|
522
|
|
|
|
383
|
|
|
|
7,298
|
|
|
|
5,637
|
|
|
|
8,553
|
|
Cash paid
for deferred
drydocking and survey costs
|
$
|
|
8,860
|
|
|
|
3,022
|
|
|
|
392
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
|
9,382
|
|
|
|
3,405
|
|
|
|
7,690
|
|
|
|
5,637
|
|
|
|
8,553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking
and survey costs -
beginning balance
|
$
|
|
3,208
|
|
|
|
388
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Cash paid for deferred
drydocking and
survey costs
|
$
|
|
8,860
|
|
|
|
3,022
|
|
|
|
392
|
|
|
|
—
|
|
|
|
—
|
|
Amortization of
deferred drydocking and
survey costs
|
$
|
|
638
|
|
|
|
202
|
|
|
|
4
|
|
|
|
—
|
|
|
|
—
|
|
Deferred drydocking
and survey costs -
ending balance
|
$
|
|
11,430
|
|
|
|
3,208
|
|
|
|
388
|
|
|
|
—
|
|
|
|
—
|
|
|
Note (T):
Included in Worldwide vessel revenue for the quarter ended March
31, 2017 is $39.1 million of revenue related to the early
cancellation of a long-term
vessel charter contract. Worldwide average day rates were
increased by $3,915 as a result of the recognition of revenue
related to the early cancellation of the
vessel charter contract.
|
|
Note (U):
Average leased vessels – Worldwide
fleet
|
|
|
—
|
|
|
|
—
|
|
|
|
15
|
|
|
|
16
|
|
|
|
16
|
|
Average leased vessels
- Worldwide active
fleet
|
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
|
|
9
|
|
|
|
8
|
|
TIDEWATER
INC.
|
UNAUDITED OTHER
FLEET AND FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
(In
thousands)
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated EBITDA
(V) (W) (X) (Y) (Z)
|
$
|
|
(9,905)
|
|
|
|
13,255
|
|
|
|
(2,760)
|
|
|
|
6,085
|
|
|
|
55,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring-related
professional services costs
|
|
|
—
|
|
|
|
(2,031)
|
|
|
|
(23,494)
|
|
|
|
(11,874)
|
|
|
|
(16,805)
|
|
Asset
impairments
|
|
|
(6,186)
|
|
|
|
(16,777)
|
|
|
|
(21,325)
|
|
|
|
(163,423)
|
|
|
|
(64,857)
|
|
Sale leaseback
redelivery costs
|
|
|
—
|
|
|
|
(388)
|
|
|
|
(1,244)
|
|
|
|
—
|
|
|
|
—
|
|
Reorganization items
(excluding professional
services and sale leaseback redelivery costs)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,060,871)
|
|
|
|
(308,011)
|
|
|
|
—
|
|
Interest and other
debt costs
|
|
|
(7,599)
|
|
|
|
(7,769)
|
|
|
|
(5,814)
|
|
|
|
(10,605)
|
|
|
|
(21,008)
|
|
Income tax benefit
(expense)
|
|
|
(3,321)
|
|
|
|
2,706
|
|
|
|
(3,216)
|
|
|
|
(295)
|
|
|
|
(1,717)
|
|
Depreciation
|
|
|
(11,380)
|
|
|
|
(11,993)
|
|
|
|
(19,298)
|
|
|
|
(36,287)
|
|
|
|
(37,592)
|
|
Amortization of
deferred drydocking and survey
costs
|
|
|
(638)
|
|
|
|
(202)
|
|
|
|
(4)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
|
(39,029)
|
|
|
|
(23,199)
|
|
|
|
(1,138,026)
|
|
|
|
(524,410)
|
|
|
|
(86,972)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
(In
thousands)
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated EBITDA
(V) (W) (X) (Y) (Z)
|
$
|
|
(9,905)
|
|
|
|
13,255
|
|
|
|
(2,760)
|
|
|
|
6,085
|
|
|
|
55,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring-related
professional service costs
|
|
|
—
|
|
|
|
(2,031)
|
|
|
|
(23,494)
|
|
|
|
(11,874)
|
|
|
|
(16,805)
|
|
Sale leaseback
redelivery costs
|
|
|
—
|
|
|
|
(388)
|
|
|
|
(1,244)
|
|
|
|
—
|
|
|
|
—
|
|
Cash paid for
interest
|
|
|
(8,152)
|
|
|
|
(8,164)
|
|
|
|
(1,203)
|
|
|
|
(433)
|
|
|
|
(8,218)
|
|
Cash paid for
taxes
|
|
|
(6,429)
|
|
|
|
(3,262)
|
|
|
|
(2,521)
|
|
|
|
(3,611)
|
|
|
|
(2,167)
|
|
Cash paid for
deferred drydocking costs
|
|
|
(8,860)
|
|
|
|
(3,022)
|
|
|
|
(392)
|
|
|
|
—
|
|
|
|
—
|
|
Change in net working
capital, excluding cash
|
|
|
8,649
|
|
|
|
(4,874)
|
|
|
|
18,585
|
|
|
|
(9,856)
|
|
|
|
42,205
|
|
Equity in net
(earnings) losses of unconsol.
companies (Z)
|
|
|
15,439
|
|
|
|
(825)
|
|
|
|
(1,574)
|
|
|
|
(4,101)
|
|
|
|
(2,841)
|
|
Stock-based
compensation expense
|
|
|
2,956
|
|
|
|
2,558
|
|
|
|
2,554
|
|
|
|
326
|
|
|
|
(888)
|
|
Gain on asset
disposition
|
|
|
(1,919)
|
|
|
|
(6,612)
|
|
|
|
(376)
|
|
|
|
(3,189)
|
|
|
|
(6,064)
|
|
Changes in other,
net
|
|
|
2,237
|
|
|
|
(4,372)
|
|
|
|
(3,608)
|
|
|
|
3,706
|
|
|
|
9,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
(used) in operating activities
|
$
|
|
(5,984)
|
|
|
|
(17,737)
|
|
|
|
(16,033)
|
|
|
|
(22,947)
|
|
|
|
70,150
|
|
Note (V): Consolidated EBITDA excludes interest and other
debt costs, income tax expense, depreciation and amortization,
asset impairment charges, restructuring-related professional
services costs and costs related to the redelivery of sale
leaseback vessels. Restructuring-related professional
services and sale leaseback redelivery costs have been separately
presented in the above table. Restructuring-related
professional services costs incurred prior to May 17, 2017 were included in general and
administrative expenses and such costs incurred subsequent to
May 17, 2017 were included in
reorganization items in the company's Condensed Consolidated
Statements of Earnings (Loss).
Note (W): Consolidated EBITDA for the three months ended
March 31, 2018, December 31, 2017, September 30, 2017, June
30, 2017 and March 31,
2017 includes non-cash, stock-based compensation expense of
$2,956, $2,558, $2,554,
$326, and $(888), respectively.
Note (X): Consolidated EBITDA for the three months ended
March 31, 2018, December 31, 2017, September 30, 2017, June
30, 2017 and March 31, 2017
includes vessel operating lease expense of $0, $91,
$1,747, $5,542, and $8,443,
respectively.
Note (Y): Consolidated EBITDA for the three months ended
March 31, 2018, December 31, 2017, September 30, 2017, June
30, 2017 and March 31, 2017
includes foreign exchange gains (losses) of $(348), $(349),
$(2,082), $(1,157), and $664,
respectively.
Note (Z): Consolidated EBITDA and equity in net (earnings)
losses of unconsol. companies for the three months ended
March 31, 2018, December 31, 2017, September 30, 2017, June
30, 2017 and March 31, 2017
includes foreign exchange gains (losses) of $(14,823), $(74),
$758, $3,480, and $4,965,
respectively.
Non-GAAP Financial Measures
We disclose and discuss EBITDA as a non-GAAP financial measure
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) before interest and other debt costs, income tax expense,
depreciation and amortization, reorganization items, asset
impairments, and restructuring-related professional services costs
included in general and administrative expenses. Our measure
of EBITDA may not be comparable to similarly titled measures
presented by other companies. Other companies may calculate EBITDA
differently than we do, which may limit its usefulness as a
comparative measure.
We view EBITDA both as a performance and liquidity measure and,
as such, we believe that the GAAP financial measures most directly
comparable to it are net income and net cash provided (used) in
operating activities, respectively. Because EBITDA is not a
measure of financial performance calculated in accordance with
GAAP, it 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 is 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 EBITDA provides 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 helps investors meaningfully evaluate and
compare our cash flow generating capacity from quarter-to-quarter
and year-to-year.
EBITDA is also a financial metric 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 of other companies
when evaluating potential acquisitions; and (iii) to assess
our ability to service existing fixed charges and incur additional
indebtedness.
For illustrative purposes, the company has combined the
Successor and Predecessor results to derive combined results for
the three months ended September 30,
2017. The combination was generated by addition of comparable
financial statement line items. However, because of various
adjustments to the consolidated financial statements
in connection with the application of fresh-start reporting,
including asset valuation adjustments and liability adjustments,
the results of operations for the Successor may not
be comparable to those of the Predecessor.
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SOURCE Tidewater Inc.