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Tidewater Reports Results for the Three and Six Months Ended June 30, 2024

Second Quarter 2024 Highlights

  • Revenue of $339.2 million, an increase of $18.1 million, or 5.6%, from the first quarter of 2024
  • Average day rate increased to $21,130 per day, $1,567 higher than the first quarter of 2024
  • Composite leading edge term contract average day rate of $28,754
    • > 900m2 PSV - leading edge term contract average day rate improved 8% to $35,172
    • 700 - 900m2 PSV - leading edge term contract average day rate improved 9% to $28,026
    • > 16K BHP AHTS - leading edge term contract average day rate improved 13% to $48,615
    • 8 - 12K BHP AHTS - leading edge term contract average day rate improved 8% to $25,175
  • Net income of $50.4 million, an increase of $3.3 million from the first quarter of 2024
  • Adjusted EBITDA of $139.7 million, an increase of $0.8 million from the first quarter of 2024
  • Net cash provided by operating activities of $78.6 million, an increase of $23.9 million from the first quarter of 2024
  • Free cash flow of $87.6 million, an increase of $18.2 million from the first quarter of 2024

Share Repurchases and 2024 Guidance

  • Repurchased 176,555 shares from May 2, 2024 through the end of the second quarter through the repurchase of $16.9 million of shares at an average price of $95.66 per share
  • Board approves additional share repurchase authorization of $13.9 million, for a total current outstanding authorized capacity of $47.7 million, the maximum permissible amount under existing debt agreements
  • Updated 2024 revenue guidance to $1.39 to $1.41 billion and 2024 gross margin guidance of 51%

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2024 of $339.2 million and $660.4 million, respectively, compared with $215.0 million and $408.1 million, respectively, for the three and six months ended June 30, 2023. Tidewater's net income for the three and six months ended June 30, 2024, was $50.4 million ($0.94 per common share) and $97.4 million ($1.83 per common share), respectively, compared with net income of $22.6 million ($0.43 per common share) and $33.3 million ($0.64 per common share), respectively, for the three and six months ended June 30, 2023.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Second quarter revenue came in nicely above our expectations driven by continued strength in global day rates. Our consolidated global average day rate expanded materially during the quarter, with the average day rate increasing nearly $1,600 per day sequentially, the second largest sequential increase in day rate since the offshore vessel recovery began in early 2022. The improvement in day rates was broad-based with each vessel class and each segment posting day rate improvement sequentially. We saw particular strength in our large and mid-sized AHTS vessels, with significant day rate increases on both a term contract and spot basis, which is indicative of the strength of drilling activity during the seasonably favorable second quarter and of the preparation for additional drilling projects as we progress towards the end of the year.

“Chartering activity for our PSVs and AHTS vessels continued to improve, with notable term contract day rate progression in our Europe and Mediterranean and Asia Pacific segments as preparation for activity towards the end of the year and 2025 continues to firm up amid tight vessel supply. The composite leading edge term contract average day rate this quarter declined approximately 6% sequentially as we had several of our smallest vessels come off of long-term contracts early in the Middle East. We were able to immediately re-contract these vessels and the new day rates were on average 29% higher than the previous contracts, but nonetheless the low day rate nature of this market and vessel size brought down the composite quarterly average.

“Revenue in the second quarter came in at $339.2 million with a gross margin of 47.7%. On a global basis, revenue, gross margin and day rate were all up from the previous quarter; both absolute gross margin dollars and day rate marked a new record for Tidewater and we generated the highest gross margin percentage in fifteen years. Utilization declined modestly as drydock days increased sequentially due to more vessels undergoing drydocks during the quarter. We anticipate that drydock days in the third quarter should decline modestly from the second quarter and drop meaningfully in the fourth quarter as we finish off our peak drydock year in the typical five year drydock cycle.

“We generated $87.6 million of free cash flow during the second quarter, a nice increase from the first quarter and a demonstration of the free cash flow generation capability of the fleet. We were active in repurchasing shares during the second quarter and we currently retain the unused capacity under the previously announced share repurchase authorization. In addition, we are pleased to announce the Board has authorized an additional $13.9 million of share repurchase capacity, for a total outstanding share repurchase capacity of $47.7 million. The outstanding authorization represents the maximum permissible amount of share repurchases under our existing debt agreements. Since the inception of the share repurchase program in the fourth quarter of 2023, we have repurchased approximately $67.9 million of outstanding shares. We believe that the pace of our return of capital program to-date is sustainable on a long-term basis given the outlook for the business and the structural supply and demand factors supporting the offshore supply vessel industry.

“We anticipate strength in the various elements of demand for our vessels to continue to build throughout the year, though we do anticipate several drilling campaigns to begin later during the third quarter and early into the fourth quarter than originally anticipated, and in addition we expect an increase in drydock days from what was previously anticipated for the third quarter. As such, we update our full-year revenue guidance to $1.39 to $1.41 billion and gross margin guidance of 51%. We remain optimistic about the outlook for 2025, as the observable supply and demand factors driving the offshore vessel industry remain highly constructive, which should allow us to maintain the pace of day rate increases that we have achieved over the past year, combined with a substantial increase in available vessel days as the heaviest drydock schedule in 2024 rolls into the lightest drydock schedule in 2025, naturally lifting vessel utilization.”

In addition to the number of outstanding shares, as of June 30, 2024, the Company also has the following in-the-money warrants.

Common shares outstanding

 

 

52,487,862

 

New Creditor Warrants (strike price $0.001 per common share)

 

 

76,175

 

GulfMark Creditor Warrants (strike price $0.01 per common share)

 

 

81,179

 

Total

 

 

52,645,216

 

Tidewater will hold a conference call to discuss results for the three months ending June 30, 2024 on August 7, 2024, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 1488572 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on August 7, 2024. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

About Tidewater

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

Cautionary Statement

This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”).

These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.

If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Financial information is displayed beginning on the next page.

The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at June 30, 2024 and December 31, 2023; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and six months ended June 30, 2024 and 2023; and the Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023. Extracts are drawn from the June 30, 2024 unaudited quarterly and year to date financial statements and the December 31, 2023 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

 

TIDEWATER INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS

(In Thousands, except per share data)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

 

June 30, 2024

 

 

June 30, 2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

337,003

 

 

$

210,323

 

 

$

655,689

 

 

$

401,503

 

Other operating revenues

 

 

2,227

 

 

 

4,638

 

 

 

4,705

 

 

 

6,562

 

Total revenues

 

 

339,230

 

 

 

214,961

 

 

 

660,394

 

 

 

408,065

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

176,513

 

 

 

118,264

 

 

 

344,069

 

 

 

233,723

 

Costs of other operating revenues

 

 

816

 

 

 

373

 

 

 

1,966

 

 

 

1,524

 

General and administrative

 

 

26,329

 

 

 

26,013

 

 

 

51,658

 

 

 

49,558

 

Depreciation and amortization

 

 

59,445

 

 

 

32,768

 

 

 

115,715

 

 

 

63,434

 

Gain on asset dispositions, net

 

 

(2,000

)

 

 

(1,404

)

 

 

(13,039

)

 

 

(3,620

)

Total costs and expenses

 

 

261,103

 

 

 

176,014

 

 

 

500,369

 

 

 

344,619

 

Operating income

 

 

78,127

 

 

 

38,947

 

 

 

160,025

 

 

 

63,446

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange loss

 

 

(2,376

)

 

 

(3,819

)

 

 

(6,461

)

 

 

(1,471

)

Equity in net earnings of unconsolidated companies

 

 

5

 

 

 

25

 

 

 

 

 

 

25

 

Interest income and other, net

 

 

1,175

 

 

 

2,790

 

 

 

2,658

 

 

 

2,920

 

Interest and other debt costs, net

 

 

(19,127

)

 

 

(4,731

)

 

 

(38,603

)

 

 

(8,921

)

Total other expense

 

 

(20,323

)

 

 

(5,735

)

 

 

(42,406

)

 

 

(7,447

)

Income before income taxes

 

 

57,804

 

 

 

33,212

 

 

 

117,619

 

 

 

55,999

 

Income tax expense

 

 

7,887

 

 

 

11,284

 

 

 

20,957

 

 

 

23,255

 

Net income

 

 

49,917

 

 

 

21,928

 

 

 

96,662

 

 

 

32,744

 

Less: Net loss attributable to noncontrolling interests

 

 

(437

)

 

 

(656

)

 

 

(718

)

 

 

(578

)

Net income attributable to Tidewater Inc.

 

$

50,354

 

 

$

22,584

 

 

$

97,380

 

 

$

33,322

 

Basic income per common share

 

$

0.96

 

 

$

0.44

 

 

$

1.85

 

 

$

0.66

 

Diluted income per common share

 

$

0.94

 

 

$

0.43

 

 

$

1.83

 

 

$

0.64

 

Weighted average common shares outstanding

 

 

52,684

 

 

 

50,857

 

 

 

52,502

 

 

 

50,731

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

663

 

 

 

1,148

 

 

 

640

 

 

 

1,260

 

Adjusted weighted average common shares

 

 

53,347

 

 

 

52,005

 

 

 

53,142

 

 

 

51,991

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

 

 

 

June 30, 2024

 

 

December 31, 2023

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

315,897

 

 

$

274,437

 

Restricted cash

 

 

3,527

 

 

 

1,241

 

Trade and other receivables, net of allowance for credit losses of $3,350 and $15,914 at June 30, 2024 and December 31, 2023, respectively

 

 

280,498

 

 

 

268,352

 

Marine operating supplies

 

 

26,908

 

 

 

31,933

 

Prepaid expenses and other current assets

 

 

20,115

 

 

 

15,172

 

Total current assets

 

 

646,945

 

 

 

591,135

 

Net properties and equipment

 

 

1,253,583

 

 

 

1,315,122

 

Deferred drydocking and survey costs

 

 

148,657

 

 

 

106,698

 

Indemnification assets

 

 

10,920

 

 

 

17,370

 

Other assets

 

 

29,643

 

 

 

32,449

 

Total assets

 

$

2,089,748

 

 

$

2,062,774

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

60,740

 

 

$

44,931

 

Accrued expenses

 

 

133,149

 

 

 

125,590

 

Current portion of long-term debt

 

 

102,993

 

 

 

103,077

 

Other current liabilities

 

 

43,342

 

 

 

55,133

 

Total current liabilities

 

 

340,224

 

 

 

328,731

 

Long-term debt

 

 

607,998

 

 

 

631,361

 

Other liabilities

 

 

62,539

 

 

 

64,985

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock of $0.001 par value, 125,000,000 shares authorized, 52,487,862 and 52,259,303 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively

 

 

52

 

 

 

52

 

Additional paid-in-capital

 

 

1,649,523

 

 

 

1,671,759

 

Accumulated deficit

 

 

(573,390

)

 

 

(637,838

)

Accumulated other comprehensive loss

 

 

5,062

 

 

 

5,266

 

Total stockholders' equity

 

 

1,081,247

 

 

 

1,039,239

 

Noncontrolling interests

 

 

(2,260

)

 

 

(1,542

)

Total equity

 

 

1,078,987

 

 

 

1,037,697

 

Total liabilities and equity

 

$

2,089,748

 

 

$

2,062,774

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

 

June 30, 2024

 

 

June 30, 2023

 

Net income

 

$

49,917

 

 

$

21,928

 

 

$

96,662

 

 

$

32,744

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on note receivable

 

 

73

 

 

 

(184

)

 

 

153

 

 

 

(316

)

Change in liability of pension plans

 

 

(220

)

 

 

(3,504

)

 

 

(357

)

 

 

(3,694

)

Total comprehensive income

 

$

49,770

 

 

$

18,240

 

 

$

96,458

 

 

$

28,734

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

 

 

 

Six Months

 

 

Six Months

 

 

 

Ended

 

 

Ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

Operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

96,662

 

 

$

32,744

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

78,191

 

 

 

42,144

 

Amortization of deferred drydocking and survey costs

 

 

37,524

 

 

 

21,290

 

Amortization of debt premiums and discounts

 

 

3,593

 

 

 

842

 

Amortization of below market contracts

 

 

(2,856

)

 

 

 

Provision for deferred income taxes

 

 

32

 

 

 

34

 

Gain on asset dispositions, net

 

 

(13,039

)

 

 

(3,620

)

Gain on pension settlement

 

 

 

 

 

(1,807

)

Stock-based compensation expense

 

 

6,226

 

 

 

4,751

 

Changes in assets and liabilities, net of effects of business acquisition:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(12,146

)

 

 

(37,919

)

Accounts payable

 

 

15,809

 

 

 

30,876

 

Accrued expenses

 

 

10,648

 

 

 

(13,544

)

Deferred drydocking and survey costs

 

 

(80,101

)

 

 

(52,691

)

Other, net

 

 

(7,133

)

 

 

(565

)

Net cash provided by operating activities

 

 

133,410

 

 

 

22,535

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from asset dispositions

 

 

14,817

 

 

 

8,659

 

Proceeds from sale of notes

 

 

702

 

 

 

 

Additions to properties and equipment

 

 

(17,334

)

 

 

(17,500

)

Net cash used in investing activities

 

 

(1,815

)

 

 

(8,841

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of shares

 

 

2

 

 

 

 

Principal payments on long-term debt

 

 

(26,507

)

 

 

 

Purchase of common stock

 

 

(32,898

)

 

 

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

 

 

 

(1,427

)

Debt issuance costs

 

 

(193

)

 

 

 

Share based awards reacquired to pay taxes

 

 

(28,463

)

 

 

(5,521

)

Net cash used in financing activities

 

 

(88,059

)

 

 

(6,948

)

Net change in cash, cash equivalents and restricted cash

 

 

43,536

 

 

 

6,746

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

277,965

 

 

 

167,977

 

Cash, cash equivalents and restricted cash at end of period

 

$

321,501

 

 

$

174,723

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

30,546

 

 

$

7,846

 

Income taxes

 

$

33,084

 

 

$

27,201

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

Purchase of vessels

 

$

 

 

$

12,171

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

Debt incurred for the purchase of vessels

 

$

 

 

$

12,171

 

Note: Cash, cash equivalents and restricted cash at June 30, 2024 includes $2.1 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In Thousands)

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

deficit

 

 

income

 

 

interest

 

 

Total

 

Balance at March 31, 2024

 

$

53

 

 

$

1,646,061

 

 

$

(594,347

)

 

$

5,209

 

 

$

(1,823

)

 

$

1,055,153

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

50,354

 

 

 

(147

)

 

 

(437

)

 

 

49,770

 

Issuance of common stock

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Repurchase and retirement of common stock

 

 

(1

)

 

 

 

 

 

(29,397

)

 

 

 

 

 

 

 

 

(29,398

)

Amortization of share-based awards

 

 

 

 

 

3,460

 

 

 

 

 

 

 

 

 

 

 

 

3,460

 

Balance at June 30, 2024

 

$

52

 

 

$

1,649,523

 

 

$

(573,390

)

 

$

5,062

 

 

$

(2,260

)

 

$

1,078,987

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2023

 

$

51

 

 

$

1,553,919

 

 

$

(688,911

)

 

$

8,254

 

 

$

100

 

 

$

873,413

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

22,584

 

 

 

(3,688

)

 

 

(656

)

 

 

18,240

 

Amortization of share-based awards

 

 

 

 

 

874

 

 

 

 

 

 

 

 

 

 

 

 

874

 

Balance at June 30, 2023

 

$

51

 

 

$

1,554,793

 

 

$

(666,327

)

 

$

4,566

 

 

$

(556

)

 

$

892,527

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

deficit

 

 

income (loss)

 

 

interest

 

 

Total

 

Balance at December 31, 2023

 

$

52

 

 

$

1,671,759

 

 

$

(637,838

)

 

$

5,266

 

 

$

(1,542

)

 

$

1,037,697

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

97,380

 

 

 

(204

)

 

 

(718

)

 

 

96,458

 

Issuance of common stock

 

 

1

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Repurchase and retirement of common stock

 

 

(1

)

 

 

 

 

 

(32,932

)

 

 

 

 

 

 

 

 

(32,933

)

Amortization of share-based awards

 

 

 

 

 

(22,237

)

 

 

 

 

 

 

 

 

 

 

 

(22,237

)

Balance at June 30, 2024

 

$

52

 

 

$

1,649,523

 

 

$

(573,390

)

 

$

5,062

 

 

$

(2,260

)

 

$

1,078,987

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

$

51

 

 

$

1,556,990

 

 

$

(699,649

)

 

$

8,576

 

 

$

22

 

 

$

865,990

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

33,322

 

 

 

(4,010

)

 

 

(578

)

 

 

28,734

 

Acquisition of non-controlling interest in a majority owned subsidiary

 

 

 

 

 

(1,427

)

 

 

 

 

 

 

 

 

 

 

 

(1,427

)

Amortization of share-based awards

 

 

 

 

 

(770

)

 

 

 

 

 

 

 

 

 

 

 

(770

)

Balance at June 30, 2023

 

$

51

 

 

$

1,554,793

 

 

$

(666,327

)

 

$

4,566

 

 

$

(556

)

 

$

892,527

 

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:

 

(In Thousands)

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

 

June 30, 2024

 

 

June 30, 2023

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

73,142

 

 

 

22

%

 

$

50,376

 

 

 

24

%

 

$

137,083

 

 

 

21

%

 

$

98,063

 

 

 

24

%

Asia Pacific

 

 

55,221

 

 

 

16

%

 

 

22,585

 

 

 

11

%

 

 

103,002

 

 

 

16

%

 

 

44,609

 

 

 

11

%

Middle East

 

 

36,536

 

 

 

11

%

 

 

31,856

 

 

 

15

%

 

 

74,468

 

 

 

11

%

 

 

62,618

 

 

 

16

%

Europe/Mediterranean

 

 

83,266

 

 

 

25

%

 

 

39,295

 

 

 

19

%

 

 

163,647

 

 

 

25

%

 

 

70,545

 

 

 

18

%

West Africa

 

 

88,838

 

 

 

26

%

 

 

66,211

 

 

 

31

%

 

 

177,489

 

 

 

27

%

 

 

125,668

 

 

 

31

%

Total vessel revenues

 

$

337,003

 

 

 

100

%

 

$

210,323

 

 

 

100

%

 

$

655,689

 

 

 

100

%

 

$

401,503

 

 

 

100

%

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

$

106,231

 

 

 

31

%

 

$

68,007

 

 

 

32

%

 

$

208,583

 

 

 

32

%

 

$

134,650

 

 

 

34

%

Repair and maintenance

 

 

24,743

 

 

 

7

%

 

 

16,834

 

 

 

8

%

 

 

46,091

 

 

 

7

%

 

 

33,486

 

 

 

8

%

Insurance

 

 

2,625

 

 

 

1

%

 

 

2,168

 

 

 

1

%

 

 

5,205

 

 

 

1

%

 

 

4,173

 

 

 

1

%

Fuel, lube and supplies

 

 

15,562

 

 

 

5

%

 

 

13,958

 

 

 

7

%

 

 

32,880

 

 

 

5

%

 

 

27,513

 

 

 

7

%

Other

 

 

27,352

 

 

 

8

%

 

 

17,297

 

 

 

8

%

 

 

51,310

 

 

 

7

%

 

 

33,901

 

 

 

8

%

Total vessel operating costs

 

 

176,513

 

 

 

52

%

 

 

118,264

 

 

 

56

%

 

 

344,069

 

 

 

52

%

 

 

233,723

 

 

 

58

%

Vessel operating margin (A)

 

$

160,490

 

 

 

48

%

 

$

92,059

 

 

 

44

%

 

$

311,620

 

 

 

48

%

 

$

167,780

 

 

 

42

%

Note (A): Vessel operating margin equals vessel revenues less vessel operating costs.

 

The company’s operating income (loss) and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows:

 

 

 

 

 

 

 

(In Thousands)

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

 

June 30, 2024

 

 

June 30, 2023

 

Vessel operating profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

20,148

 

 

 

6

%

 

$

6,245

 

 

 

3

%

 

$

30,274

 

 

 

5

%

 

$

14,207

 

 

 

3

%

Asia Pacific

 

 

16,931

 

 

 

5

%

 

 

7,026

 

 

 

3

%

 

 

31,778

 

 

 

5

%

 

 

12,594

 

 

 

3

%

Middle East

 

 

(1,842

)

 

 

(1

)%

 

 

(1,657

)

 

 

(1

)%

 

 

(313

)

 

 

(0

)%

 

 

(2,001

)

 

 

(0

)%

Europe/Mediterranean

 

 

15,129

 

 

 

4

%

 

 

8,307

 

 

 

4

%

 

 

29,886

 

 

 

4

%

 

 

10,343

 

 

 

3

%

West Africa

 

 

37,739

 

 

 

11

%

 

 

25,474

 

 

 

12

%

 

 

78,749

 

 

 

12

%

 

 

42,695

 

 

 

10

%

Other operating profit

 

 

1,411

 

 

 

1

%

 

 

4,265

 

 

 

2

%

 

 

2,739

 

 

 

0

%

 

 

5,038

 

 

 

1

%

 

 

 

89,516

 

 

 

26

%

 

 

49,660

 

 

 

23

%

 

 

173,113

 

 

 

26

%

 

 

82,876

 

 

 

20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses (A)

 

 

(13,389

)

 

 

(4

)%

 

 

(12,117

)

 

 

(6

)%

 

 

(26,127

)

 

 

(4

)%

 

 

(23,050

)

 

 

(5

)%

Gain on asset dispositions, net

 

 

2,000

 

 

 

1

%

 

 

1,404

 

 

 

1

%

 

 

13,039

 

 

 

2

%

 

 

3,620

 

 

 

1

%

Operating income

 

$

78,127

 

 

 

23

%

 

$

38,947

 

 

 

18

%

 

$

160,025

 

 

 

24

%

 

$

63,446

 

 

 

16

%

Note (A): General and administrative expenses for the three and six months ended June 30, 2024 include stock-based compensation of $3.4 million and $6.2 million, respectively. General and administrative expenses for the three months and six months ended June 30, 2023 include stock-based compensation of $2.7 million and $4.8 million, respectively. In addition, vessel operating and general and administrative costs for the three and six months ended June 30, 2024, include nil and $0.7 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three months and six months ended June 30, 2023, include $1.3 million and $2.7 million in one-time acquisition, restructuring and integration related costs, respectively.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA

(In Thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

337,003

 

 

$

318,686

 

 

$

300,515

 

 

$

296,975

 

 

$

210,323

 

Other operating revenues

 

 

2,227

 

 

 

2,478

 

 

 

2,143

 

 

 

2,287

 

 

 

4,638

 

Total revenues

 

 

339,230

 

 

 

321,164

 

 

 

302,658

 

 

 

299,262

 

 

 

214,961

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs (A)

 

 

176,513

 

 

 

167,556

 

 

 

158,553

 

 

 

164,239

 

 

 

118,264

 

Costs of other operating revenue

 

 

816

 

 

 

1,150

 

 

 

1,337

 

 

 

1,481

 

 

 

373

 

General and administrative (A)

 

 

26,329

 

 

 

25,329

 

 

 

24,724

 

 

 

21,001

 

 

 

26,013

 

Depreciation and amortization

 

 

59,445

 

 

 

56,270

 

 

 

59,167

 

 

 

57,730

 

 

 

32,768

 

Gain on asset dispositions, net

 

 

(2,000

)

 

 

(11,039

)

 

 

(4,218

)

 

 

(863

)

 

 

(1,404

)

Total operating costs and expenses

 

 

261,103

 

 

 

239,266

 

 

 

239,563

 

 

 

243,588

 

 

 

176,014

 

Operating income

 

 

78,127

 

 

 

81,898

 

 

 

63,095

 

 

 

55,674

 

 

 

38,947

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

(2,376

)

 

 

(4,085

)

 

 

2,250

 

 

 

(2,149

)

 

 

(3,819

)

Equity in net earnings (losses) of unconsolidated companies

 

 

5

 

 

 

(5

)

 

 

10

 

 

 

4

 

 

 

25

 

Interest income and other, net

 

 

1,175

 

 

 

1,483

 

 

 

3,029

 

 

 

568

 

 

 

2,790

 

Interest and other debt costs, net

 

 

(19,127

)

 

 

(19,476

)

 

 

(20,263

)

 

 

(19,288

)

 

 

(4,731

)

Total other expense

 

 

(20,323

)

 

 

(22,083

)

 

 

(14,974

)

 

 

(20,865

)

 

 

(5,735

)

Income before income taxes

 

 

57,804

 

 

 

59,815

 

 

 

48,121

 

 

 

34,809

 

 

 

33,212

 

Income tax expense

 

 

7,887

 

 

 

13,070

 

 

 

10,793

 

 

 

9,260

 

 

 

11,284

 

Net income

 

 

49,917

 

 

 

46,745

 

 

 

37,328

 

 

 

25,549

 

 

 

21,928

 

Net loss attributable to noncontrolling interests

 

 

(437

)

 

 

(281

)

 

 

(336

)

 

 

(650

)

 

 

(656

)

Net income attributable to Tidewater Inc.

 

$

50,354

 

 

$

47,026

 

 

$

37,664

 

 

$

26,199

 

 

$

22,584

 

Basic income per common share

 

$

0.96

 

 

$

0.90

 

 

$

0.72

 

 

$

0.50

 

 

$

0.44

 

Diluted income per common share

 

$

0.94

 

 

$

0.89

 

 

$

0.70

 

 

$

0.49

 

 

$

0.43

 

Weighted average common shares outstanding

 

 

52,684

 

 

 

52,320

 

 

 

52,648

 

 

 

52,230

 

 

 

50,857

 

Dilutive effect of warrants, restricted stock units and stock options

 

 

663

 

 

 

580

 

 

 

1,351

 

 

 

1,380

 

 

 

1,148

 

Adjusted weighted average common shares

 

 

53,347

 

 

 

52,900

 

 

 

53,999

 

 

 

53,610

 

 

 

52,005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin

 

$

160,490

 

 

$

151,130

 

 

$

141,962

 

 

$

132,736

 

 

$

92,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note (A): Acquisition, restructuring and integration related costs

 

$

 

 

$

709

 

 

$

2,177

 

 

$

6,079

 

 

$

1,242

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

315,897

 

 

$

280,853

 

 

$

274,437

 

 

$

275,070

 

 

$

171,261

 

Restricted cash

 

 

3,527

 

 

 

6,474

 

 

 

1,241

 

 

 

4,973

 

 

 

1,242

 

Trade and other receivables, net

 

 

280,498

 

 

 

285,968

 

 

 

268,352

 

 

 

250,671

 

 

 

195,906

 

Marine operating supplies

 

 

26,908

 

 

 

24,767

 

 

 

31,933

 

 

 

27,489

 

 

 

22,495

 

Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

565

 

 

 

630

 

Prepaid expenses and other current assets

 

 

20,115

 

 

 

17,447

 

 

 

15,172

 

 

 

16,598

 

 

 

18,958

 

Total current assets

 

 

646,945

 

 

 

615,509

 

 

 

591,135

 

 

 

575,366

 

 

 

410,492

 

Net properties and equipment

 

 

1,253,583

 

 

 

1,286,618

 

 

 

1,315,122

 

 

 

1,348,001

 

 

 

784,873

 

Deferred drydocking and survey costs

 

 

148,657

 

 

 

128,639

 

 

 

106,698

 

 

 

99,215

 

 

 

92,481

 

Indemnification assets

 

 

10,920

 

 

 

16,642

 

 

 

17,370

 

 

 

18,648

 

 

 

22,678

 

Other assets

 

 

29,643

 

 

 

30,408

 

 

 

32,449

 

 

 

30,325

 

 

 

33,640

 

Total assets

 

$

2,089,748

 

 

$

2,077,816

 

 

$

2,062,774

 

 

$

2,071,555

 

 

$

1,344,164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

60,740

 

 

$

51,774

 

 

$

44,931

 

 

$

57,183

 

 

$

69,822

 

Accrued expenses

 

 

133,149

 

 

 

132,190

 

 

 

125,590

 

 

 

119,631

 

 

 

91,875

 

Current portion of long-term debt

 

 

102,993

 

 

 

103,009

 

 

 

103,077

 

 

 

102,369

 

 

 

2,441

 

Other current liabilities

 

 

43,342

 

 

 

52,164

 

 

 

55,133

 

 

 

53,301

 

 

 

42,305

 

Total current liabilities

 

 

340,224

 

 

 

339,137

 

 

 

328,731

 

 

 

332,484

 

 

 

206,443

 

Long-term debt

 

 

607,998

 

 

 

620,329

 

 

 

631,361

 

 

 

641,301

 

 

 

179,573

 

Other liabilities

 

 

62,539

 

 

 

63,197

 

 

 

64,985

 

 

 

66,246

 

 

 

65,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

52

 

 

 

53

 

 

 

52

 

 

 

53

 

 

 

51

 

Additional paid-in-capital

 

 

1,649,523

 

 

 

1,646,061

 

 

 

1,671,759

 

 

 

1,668,392

 

 

 

1,554,793

 

Accumulated deficit

 

 

(573,390

)

 

 

(594,347

)

 

 

(637,838

)

 

 

(640,128

)

 

 

(666,327

)

Accumulated other comprehensive income

 

 

5,062

 

 

 

5,209

 

 

 

5,266

 

 

 

4,413

 

 

 

4,566

 

Total stockholders' equity

 

 

1,081,247

 

 

 

1,056,976

 

 

 

1,039,239

 

 

 

1,032,730

 

 

 

893,083

 

Noncontrolling interests

 

 

(2,260

)

 

 

(1,823

)

 

 

(1,542

)

 

 

(1,206

)

 

 

(556

)

Total equity

 

 

1,078,987

 

 

 

1,055,153

 

 

 

1,037,697

 

 

 

1,031,524

 

 

 

892,527

 

Total liabilities and equity

 

$

2,089,748

 

 

$

2,077,816

 

 

$

2,062,774

 

 

$

2,071,555

 

 

$

1,344,164

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

49,917

 

 

$

46,745

 

 

$

37,328

 

 

$

25,549

 

 

$

21,928

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

39,380

 

 

 

38,811

 

 

 

42,788

 

 

 

43,845

 

 

 

21,096

 

Amortization of deferred drydocking and survey costs

 

 

20,065

 

 

 

17,459

 

 

 

16,379

 

 

 

13,885

 

 

 

11,672

 

Amortization of debt premiums and discounts

 

 

1,779

 

 

 

1,814

 

 

 

1,975

 

 

 

1,802

 

 

 

422

 

Amortization of below market contracts

 

 

(1,650

)

 

 

(1,206

)

 

 

(1,894

)

 

 

(1,906

)

 

 

 

Provision (benefit) for deferred income taxes

 

 

(41

)

 

 

73

 

 

 

23

 

 

 

35

 

 

 

(1

)

Gain on asset dispositions, net

 

 

(2,000

)

 

 

(11,039

)

 

 

(4,218

)

 

 

(863

)

 

 

(1,404

)

Gain on pension settlement

 

 

 

 

 

 

 

 

(506

)

 

 

 

 

 

(1,807

)

Stock-based compensation expense

 

 

3,460

 

 

 

2,766

 

 

 

3,508

 

 

 

2,496

 

 

 

2,648

 

Changes in assets and liabilities, net of effects of business acquisition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

5,470

 

 

 

(17,616

)

 

 

(17,072

)

 

 

(54,765

)

 

 

(12,186

)

Accounts payable

 

 

8,966

 

 

 

6,843

 

 

 

(12,252

)

 

 

(12,639

)

 

 

5,047

 

Accrued expenses

 

 

4,048

 

 

 

6,600

 

 

 

5,841

 

 

 

27,775

 

 

 

(15,374

)

Deferred drydocking and survey costs

 

 

(40,083

)

 

 

(40,018

)

 

 

(24,069

)

 

 

(20,618

)

 

 

(21,366

)

Other, net

 

 

(10,666

)

 

 

3,533

 

 

 

(600

)

 

 

10,343

 

 

 

(934

)

Net cash provided by operating activities

 

 

78,645

 

 

 

54,765

 

 

 

47,231

 

 

 

34,939

 

 

 

9,741

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset dispositions

 

 

2,354

 

 

 

12,463

 

 

 

5,902

 

 

 

945

 

 

 

2,943

 

Proceeds from sale of notes

 

 

702

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisitions, net of cash acquired

 

 

 

 

 

 

 

 

 

 

 

(594,191

)

 

 

 

Additions to properties and equipment

 

 

(6,392

)

 

 

(10,942

)

 

 

(8,386

)

 

 

(5,702

)

 

 

(8,849

)

Net cash provided by (used in) investing activities

 

 

(3,336

)

 

 

1,521

 

 

 

(2,484

)

 

 

(598,948

)

 

 

(5,906

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of warrants

 

 

 

 

 

 

 

 

 

 

 

111,483

 

 

 

 

Proceeds from issuance of shares

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of long-term debt

 

 

 

 

 

 

 

 

 

 

 

575,000

 

 

 

 

Principal payments on long-term debt

 

 

(14,007

)

 

 

(12,500

)

 

 

(13,677

)

 

 

 

 

 

 

Purchase of common stock

 

 

(29,397

)

 

 

(3,501

)

 

 

(35,025

)

 

 

 

 

 

 

Debt issuance costs

 

 

(58

)

 

 

(135

)

 

 

 

 

 

(14,758

)

 

 

 

Share based awards reacquired to pay taxes

 

 

(1

)

 

 

(28,462

)

 

 

(141

)

 

 

(378

)

 

 

(1,774

)

Net cash provided by (used in) financing activities

 

 

(43,461

)

 

 

(44,598

)

 

 

(48,843

)

 

 

671,347

 

 

 

(1,774

)

Net change in cash, cash equivalents and restricted cash

 

 

31,848

 

 

 

11,688

 

 

 

(4,096

)

 

 

107,338

 

 

 

2,061

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

289,653

 

 

 

277,965

 

 

 

282,061

 

 

 

174,723

 

 

 

172,662

 

Cash, cash equivalents and restricted cash at end of period

 

$

321,501

 

 

$

289,653

 

 

$

277,965

 

 

$

282,061

 

 

$

174,723

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

14,925

 

 

$

15,621

 

 

$

18,186

 

 

$

606

 

 

$

7,748

 

Income taxes

 

$

17,481

 

 

$

15,603

 

 

$

7,295

 

 

$

9,384

 

 

$

10,144

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of vessels

 

$

 

 

$

 

 

$

2,067

 

 

$

27

 

 

$

12,171

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt incurred for purchase of vessels

 

$

 

 

$

 

 

$

3,037

 

 

$

27

 

 

$

12,171

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

VESSEL REVENUE BY VESSEL CLASS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

$

31,400

 

 

$

29,924

 

 

$

28,714

 

 

$

29,270

 

 

$

20,316

 

PSV < 900

 

 

28,010

 

 

 

24,531

 

 

 

28,143

 

 

 

28,886

 

 

 

19,134

 

AHTS > 16K

 

 

7,228

 

 

 

2,036

 

 

 

4,034

 

 

 

3,584

 

 

 

3,425

 

AHTS 8 - 16K

 

 

2,002

 

 

 

2,476

 

 

 

2,316

 

 

 

2,064

 

 

 

2,807

 

AHTS 4 - 8K

 

 

219

 

 

 

945

 

 

 

1,428

 

 

 

1,570

 

 

 

1,480

 

Other

 

 

4,283

 

 

 

4,029

 

 

 

3,790

 

 

 

5,343

 

 

 

3,214

 

Total

 

 

73,142

 

 

 

63,941

 

 

 

68,425

 

 

 

70,717

 

 

 

50,376

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

21,578

 

 

 

23,210

 

 

 

19,485

 

 

 

20,159

 

 

 

9,648

 

PSV < 900

 

 

14,402

 

 

 

11,830

 

 

 

8,679

 

 

 

8,292

 

 

 

5,811

 

AHTS > 16K

 

 

7,815

 

 

 

4,555

 

 

 

3,759

 

 

 

3,271

 

 

 

2,065

 

AHTS 8 - 16K

 

 

7,874

 

 

 

4,507

 

 

 

4,706

 

 

 

5,287

 

 

 

5,001

 

AHTS 4 - 8K

 

 

1,269

 

 

 

1,576

 

 

 

1,601

 

 

 

1,582

 

 

 

8

 

Other

 

 

2,283

 

 

 

2,103

 

 

 

402

 

 

 

403

 

 

 

52

 

Total

 

 

55,221

 

 

 

47,781

 

 

 

38,632

 

 

 

38,994

 

 

 

22,585

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1,359

 

 

 

1,365

 

 

 

1,378

 

 

 

1,088

 

 

 

1,211

 

PSV < 900

 

 

19,963

 

 

 

21,017

 

 

 

19,215

 

 

 

17,790

 

 

 

16,812

 

AHTS > 16K

 

 

(3

)

 

 

287

 

 

 

1,178

 

 

 

1,196

 

 

 

1,217

 

AHTS 8 - 16K

 

 

3,163

 

 

 

2,397

 

 

 

3,094

 

 

 

3,420

 

 

 

4,276

 

AHTS 4 - 8K

 

 

12,054

 

 

 

12,866

 

 

 

13,207

 

 

 

11,191

 

 

 

8,340

 

Total

 

 

36,536

 

 

 

37,932

 

 

 

38,072

 

 

 

34,685

 

 

 

31,856

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

64,875

 

 

 

61,827

 

 

 

61,559

 

 

 

59,872

 

 

 

27,602

 

PSV < 900

 

 

13,290

 

 

 

14,126

 

 

 

15,356

 

 

 

14,039

 

 

 

9,195

 

AHTS > 16K

 

 

4,057

 

 

 

3,346

 

 

 

2,437

 

 

 

3,617

 

 

 

2,228

 

Other

 

 

1,044

 

 

 

1,082

 

 

 

1,391

 

 

 

1,401

 

 

 

270

 

Total

 

 

83,266

 

 

 

80,381

 

 

 

80,743

 

 

 

78,929

 

 

 

39,295

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

20,044

 

 

 

21,743

 

 

 

15,478

 

 

 

17,566

 

 

 

11,550

 

PSV < 900

 

 

32,601

 

 

 

31,812

 

 

 

31,893

 

 

 

26,396

 

 

 

25,419

 

AHTS > 16K

 

 

8,065

 

 

 

8,048

 

 

 

6,994

 

 

 

7,138

 

 

 

9,129

 

AHTS 8 - 16K

 

 

18,466

 

 

 

16,316

 

 

 

11,219

 

 

 

11,917

 

 

 

9,870

 

AHTS 4 - 8K

 

 

2,827

 

 

 

2,370

 

 

 

2,126

 

 

 

2,745

 

 

 

3,496

 

Other

 

 

6,835

 

 

 

8,362

 

 

 

6,933

 

 

 

7,888

 

 

 

6,747

 

Total

 

 

88,838

 

 

 

88,651

 

 

 

74,643

 

 

 

73,650

 

 

 

66,211

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

139,256

 

 

 

138,069

 

 

 

126,614

 

 

 

127,955

 

 

 

70,327

 

PSV < 900

 

 

108,266

 

 

 

103,316

 

 

 

103,286

 

 

 

95,403

 

 

 

76,371

 

AHTS > 16K

 

 

27,162

 

 

 

18,272

 

 

 

18,402

 

 

 

18,806

 

 

 

18,064

 

AHTS 8 - 16K

 

 

31,505

 

 

 

25,696

 

 

 

21,335

 

 

 

22,688

 

 

 

21,954

 

AHTS 4 - 8K

 

 

16,369

 

 

 

17,757

 

 

 

18,362

 

 

 

17,088

 

 

 

13,324

 

Other

 

 

14,445

 

 

 

15,576

 

 

 

12,516

 

 

 

15,035

 

 

 

10,283

 

Total

 

$

337,003

 

 

$

318,686

 

 

$

300,515

 

 

$

296,975

 

 

$

210,323

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

AVERAGE NUMBER OF VESSELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

11

 

 

 

11

 

 

 

12

 

 

 

12

 

 

 

10

 

PSV < 900

 

 

17

 

 

 

18

 

 

 

18

 

 

 

18

 

 

 

15

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

AHTS 8 - 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

AHTS 4 - 8K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

Other

 

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

 

 

2

 

Total

 

 

35

 

 

 

36

 

 

 

38

 

 

 

38

 

 

 

33

 

Stacked vessels

 

 

 

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

Active vessels

 

 

35

 

 

 

35

 

 

 

37

 

 

 

37

 

 

 

32

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

9

 

 

 

8

 

 

 

8

 

 

 

8

 

 

 

6

 

PSV < 900

 

 

5

 

 

 

5

 

 

 

5

 

 

 

4

 

 

 

2

 

AHTS > 16K

 

 

3

 

 

 

3

 

 

 

2

 

 

 

2

 

 

 

2

 

AHTS 8 - 16K

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

AHTS 4 - 8K

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

Other

 

 

1

 

 

 

1

 

 

 

 

 

 

 

 

 

 

Total

 

 

22

 

 

 

21

 

 

 

19

 

 

 

18

 

 

 

14

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active vessels

 

 

22

 

 

 

21

 

 

 

19

 

 

 

18

 

 

 

14

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

PSV < 900

 

 

20

 

 

 

20

 

 

 

20

 

 

 

20

 

 

 

20

 

AHTS > 16K

 

 

 

 

 

 

 

 

1

 

 

 

1

 

 

 

1

 

AHTS 8 - 16K

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

AHTS 4 - 8K

 

 

17

 

 

 

17

 

 

 

18

 

 

 

18

 

 

 

17

 

Total

 

 

43

 

 

 

43

 

 

 

45

 

 

 

45

 

 

 

44

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active vessels

 

 

43

 

 

 

43

 

 

 

45

 

 

 

45

 

 

 

44

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

39

 

 

 

40

 

 

 

39

 

 

 

38

 

 

 

18

 

PSV < 900

 

 

9

 

 

 

9

 

 

 

10

 

 

 

10

 

 

 

7

 

AHTS > 16K

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

1

 

Total

 

 

50

 

 

 

51

 

 

 

51

 

 

 

50

 

 

 

26

 

Stacked vessels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active vessels

 

 

50

 

 

 

51

 

 

 

51

 

 

 

50

 

 

 

26

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

9

 

 

 

9

 

 

 

9

 

 

 

9

 

 

 

7

 

PSV < 900

 

 

19

 

 

 

19

 

 

 

19

 

 

 

19

 

 

 

18

 

AHTS > 16K

 

 

4

 

 

 

4

 

 

 

4

 

 

 

4

 

 

 

5

 

AHTS 8 - 16K

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

AHTS 4 - 8K

 

 

4

 

 

 

4

 

 

 

4

 

 

 

5

 

 

 

6

 

Other

 

 

20

 

 

 

21

 

 

 

21

 

 

 

24

 

 

 

23

 

Total

 

 

67

 

 

 

68

 

 

 

68

 

 

 

72

 

 

 

70

 

Stacked vessels

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(3

)

 

 

(5

)

Active vessels

 

 

66

 

 

 

67

 

 

 

67

 

 

 

69

 

 

 

65

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

69

 

 

 

69

 

 

 

69

 

 

 

68

 

 

 

42

 

PSV < 900

 

 

70

 

 

 

71

 

 

 

72

 

 

 

71

 

 

 

62

 

AHTS > 16K

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

 

 

11

 

AHTS 8 - 16K

 

 

21

 

 

 

21

 

 

 

21

 

 

 

21

 

 

 

21

 

AHTS 4 - 8K

 

 

24

 

 

 

24

 

 

 

25

 

 

 

26

 

 

 

26

 

Other

 

 

22

 

 

 

23

 

 

 

23

 

 

 

26

 

 

 

25

 

Total

 

 

217

 

 

 

219

 

 

 

221

 

 

 

223

 

 

 

187

 

Stacked vessels

 

 

(1

)

 

 

(2

)

 

 

(2

)

 

 

(4

)

 

 

(6

)

Active vessels

 

 

216

 

 

 

217

 

 

 

219

 

 

 

219

 

 

 

181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total active

 

 

216

 

 

 

217

 

 

 

219

 

 

 

219

 

 

 

181

 

Total stacked

 

 

1

 

 

 

2

 

 

 

2

 

 

 

4

 

 

 

6

 

Total

 

 

217

 

 

 

219

 

 

 

221

 

 

 

223

 

 

 

187

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

AVAILABLE DAYS - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

960

 

 

 

1,001

 

 

 

1,104

 

 

 

1,095

 

 

 

910

 

PSV < 900

 

 

1,547

 

 

 

1,631

 

 

 

1,675

 

 

 

1,730

 

 

 

1,365

 

AHTS > 16K

 

 

182

 

 

 

182

 

 

 

184

 

 

 

184

 

 

 

182

 

AHTS 8 - 16K

 

 

182

 

 

 

182

 

 

 

184

 

 

 

184

 

 

 

182

 

AHTS 4 - 8K

 

 

182

 

 

 

182

 

 

 

184

 

 

 

184

 

 

 

182

 

Other

 

 

123

 

 

 

128

 

 

 

184

 

 

 

184

 

 

 

182

 

Total

 

 

3,176

 

 

 

3,306

 

 

 

3,515

 

 

 

3,561

 

 

 

3,003

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

819

 

 

 

765

 

 

 

736

 

 

 

726

 

 

 

559

 

PSV < 900

 

 

455

 

 

 

455

 

 

 

454

 

 

 

358

 

 

 

182

 

AHTS > 16K

 

 

273

 

 

 

241

 

 

 

184

 

 

 

184

 

 

 

182

 

AHTS 8 - 16K

 

 

273

 

 

 

273

 

 

 

276

 

 

 

276

 

 

 

273

 

AHTS 4 - 8K

 

 

91

 

 

 

91

 

 

 

92

 

 

 

92

 

 

 

91

 

Other

 

 

59

 

 

 

54

 

 

 

 

 

 

 

 

 

 

Total

 

 

1,970

 

 

 

1,879

 

 

 

1,742

 

 

 

1,636

 

 

 

1,287

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

91

 

 

 

91

 

 

 

92

 

 

 

92

 

 

 

91

 

PSV < 900

 

 

1,820

 

 

 

1,820

 

 

 

1,840

 

 

 

1,840

 

 

 

1,820

 

AHTS > 16K

 

 

 

 

 

32

 

 

 

92

 

 

 

92

 

 

 

91

 

AHTS 8 - 16K

 

 

455

 

 

 

455

 

 

 

460

 

 

 

460

 

 

 

455

 

AHTS 4 - 8K

 

 

1,547

 

 

 

1,547

 

 

 

1,615

 

 

 

1,640

 

 

 

1,556

 

Total

 

 

3,913

 

 

 

3,945

 

 

 

4,099

 

 

 

4,124

 

 

 

4,013

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

3,590

 

 

 

3,603

 

 

 

3,588

 

 

 

3,492

 

 

 

1,638

 

PSV < 900

 

 

819

 

 

 

838

 

 

 

920

 

 

 

907

 

 

 

637

 

AHTS > 16K

 

 

182

 

 

 

182

 

 

 

184

 

 

 

184

 

 

 

139

 

Total

 

 

4,591

 

 

 

4,623

 

 

 

4,692

 

 

 

4,583

 

 

 

2,414

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

819

 

 

 

819

 

 

 

828

 

 

 

819

 

 

 

637

 

PSV < 900

 

 

1,729

 

 

 

1,729

 

 

 

1,735

 

 

 

1,744

 

 

 

1,638

 

AHTS > 16K

 

 

364

 

 

 

364

 

 

 

368

 

 

 

368

 

 

 

407

 

AHTS 8 - 16K

 

 

1,001

 

 

 

1,001

 

 

 

1,012

 

 

 

1,012

 

 

 

1,001

 

AHTS 4 - 8K

 

 

330

 

 

 

364

 

 

 

385

 

 

 

476

 

 

 

546

 

Other

 

 

1,820

 

 

 

1,875

 

 

 

1,899

 

 

 

2,184

 

 

 

2,099

 

Total

 

 

6,063

 

 

 

6,152

 

 

 

6,227

 

 

 

6,603

 

 

 

6,328

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

6,279

 

 

 

6,279

 

 

 

6,348

 

 

 

6,224

 

 

 

3,835

 

PSV < 900

 

 

6,370

 

 

 

6,473

 

 

 

6,624

 

 

 

6,579

 

 

 

5,642

 

AHTS > 16K

 

 

1,001

 

 

 

1,001

 

 

 

1,012

 

 

 

1,012

 

 

 

1,001

 

AHTS 8 - 16K

 

 

1,911

 

 

 

1,911

 

 

 

1,932

 

 

 

1,932

 

 

 

1,911

 

AHTS 4 - 8K

 

 

2,150

 

 

 

2,184

 

 

 

2,276

 

 

 

2,392

 

 

 

2,375

 

Other

 

 

2,002

 

 

 

2,057

 

 

 

2,083

 

 

 

2,368

 

 

 

2,281

 

Total

 

 

19,713

 

 

 

19,905

 

 

 

20,275

 

 

 

20,507

 

 

 

17,045

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

OUT-OF-SERVICE - STACKED DAYS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV < 900

 

 

 

 

 

84

 

 

 

92

 

 

 

92

 

 

 

91

 

Total

 

 

 

 

 

84

 

 

 

92

 

 

 

92

 

 

 

91

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AHTS 4 - 8K

 

 

57

 

 

 

91

 

 

 

109

 

 

 

184

 

 

 

182

 

Other

 

 

 

 

 

 

 

 

16

 

 

 

103

 

 

 

265

 

Total

 

 

57

 

 

 

91

 

 

 

125

 

 

 

287

 

 

 

447

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV < 900

 

 

 

 

 

84

 

 

 

92

 

 

 

92

 

 

 

91

 

AHTS 4 - 8K

 

 

57

 

 

 

91

 

 

 

109

 

 

 

184

 

 

 

182

 

Other

 

 

 

 

 

 

 

 

16

 

 

 

103

 

 

 

265

 

Total

 

 

57

 

 

 

175

 

 

 

217

 

 

 

379

 

 

 

538

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

AVAILABLE DAYS - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

960

 

 

 

1,001

 

 

 

1,104

 

 

 

1,095

 

 

 

910

 

PSV < 900

 

 

1,547

 

 

 

1,547

 

 

 

1,583

 

 

 

1,638

 

 

 

1,274

 

AHTS > 16K

 

 

182

 

 

 

182

 

 

 

184

 

 

 

184

 

 

 

182

 

AHTS 8 - 16K

 

 

182

 

 

 

182

 

 

 

184

 

 

 

184

 

 

 

182

 

AHTS 4 - 8K

 

 

182

 

 

 

182

 

 

 

184

 

 

 

184

 

 

 

182

 

Other

 

 

123

 

 

 

128

 

 

 

184

 

 

 

184

 

 

 

182

 

Total

 

 

3,176

 

 

 

3,222

 

 

 

3,423

 

 

 

3,469

 

 

 

2,912

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

819

 

 

 

765

 

 

 

736

 

 

 

726

 

 

 

559

 

PSV < 900

 

 

455

 

 

 

455

 

 

 

454

 

 

 

358

 

 

 

182

 

AHTS > 16K

 

 

273

 

 

 

241

 

 

 

184

 

 

 

184

 

 

 

182

 

AHTS 8 - 16K

 

 

273

 

 

 

273

 

 

 

276

 

 

 

276

 

 

 

273

 

AHTS 4 - 8K

 

 

91

 

 

 

91

 

 

 

92

 

 

 

92

 

 

 

91

 

Other

 

 

59

 

 

 

54

 

 

 

 

 

 

 

 

 

 

Total

 

 

1,970

 

 

 

1,879

 

 

 

1,742

 

 

 

1,636

 

 

 

1,287

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

91

 

 

 

91

 

 

 

92

 

 

 

92

 

 

 

91

 

PSV < 900

 

 

1,820

 

 

 

1,820

 

 

 

1,840

 

 

 

1,840

 

 

 

1,820

 

AHTS > 16K

 

 

 

 

 

32

 

 

 

92

 

 

 

92

 

 

 

91

 

AHTS 8 - 16K

 

 

455

 

 

 

455

 

 

 

460

 

 

 

460

 

 

 

455

 

AHTS 4 - 8K

 

 

1,547

 

 

 

1,547

 

 

 

1,615

 

 

 

1,640

 

 

 

1,556

 

Total

 

 

3,913

 

 

 

3,945

 

 

 

4,099

 

 

 

4,124

 

 

 

4,013

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

3,590

 

 

 

3,603

 

 

 

3,588

 

 

 

3,492

 

 

 

1,638

 

PSV < 900

 

 

819

 

 

 

838

 

 

 

920

 

 

 

907

 

 

 

637

 

AHTS > 16K

 

 

182

 

 

 

182

 

 

 

184

 

 

 

184

 

 

 

139

 

Total

 

 

4,591

 

 

 

4,623

 

 

 

4,692

 

 

 

4,583

 

 

 

2,414

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

819

 

 

 

819

 

 

 

828

 

 

 

819

 

 

 

637

 

PSV < 900

 

 

1,729

 

 

 

1,729

 

 

 

1,735

 

 

 

1,744

 

 

 

1,638

 

AHTS > 16K

 

 

364

 

 

 

364

 

 

 

368

 

 

 

368

 

 

 

407

 

AHTS 8 - 16K

 

 

1,001

 

 

 

1,001

 

 

 

1,012

 

 

 

1,012

 

 

 

1,001

 

AHTS 4 - 8K

 

 

273

 

 

 

273

 

 

 

276

 

 

 

292

 

 

 

364

 

Other

 

 

1,820

 

 

 

1,875

 

 

 

1,883

 

 

 

2,081

 

 

 

1,834

 

Total

 

 

6,006

 

 

 

6,061

 

 

 

6,102

 

 

 

6,316

 

 

 

5,881

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

6,279

 

 

 

6,279

 

 

 

6,348

 

 

 

6,224

 

 

 

3,835

 

PSV < 900

 

 

6,370

 

 

 

6,389

 

 

 

6,532

 

 

 

6,487

 

 

 

5,551

 

AHTS > 16K

 

 

1,001

 

 

 

1,001

 

 

 

1,012

 

 

 

1,012

 

 

 

1,001

 

AHTS 8 - 16K

 

 

1,911

 

 

 

1,911

 

 

 

1,932

 

 

 

1,932

 

 

 

1,911

 

AHTS 4 - 8K

 

 

2,093

 

 

 

2,093

 

 

 

2,167

 

 

 

2,208

 

 

 

2,193

 

Other

 

 

2,002

 

 

 

2,057

 

 

 

2,067

 

 

 

2,265

 

 

 

2,016

 

Total

 

 

19,656

 

 

 

19,730

 

 

 

20,058

 

 

 

20,128

 

 

 

16,507

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

UTILIZATION - TOTAL FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

92.2

%

 

 

87.9

%

 

 

77.2

%

 

 

84.5

%

 

 

78.5

%

PSV < 900

 

 

80.3

 

 

 

70.0

 

 

 

78.9

 

 

 

85.7

 

 

 

83.9

 

AHTS > 16K

 

 

99.1

 

 

 

33.4

 

 

 

59.0

 

 

 

54.7

 

 

 

50.0

 

AHTS 8 - 16K

 

 

58.6

 

 

 

80.2

 

 

 

74.0

 

 

 

65.4

 

 

 

100.0

 

AHTS 4 - 8K

 

 

14.2

 

 

 

59.7

 

 

 

93.7

 

 

 

97.8

 

 

 

93.7

 

Other

 

 

99.4

 

 

 

100.0

 

 

 

100.0

 

 

 

100.0

 

 

 

100.0

 

Total

 

 

80.7

%

 

 

74.5

%

 

 

78.9

%

 

 

84.1

%

 

 

82.8

%

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

87.6

%

 

 

93.7

%

 

 

93.4

%

 

 

97.3

%

 

 

71.1

%

PSV < 900

 

 

96.3

 

 

 

86.3

 

 

 

92.3

 

 

 

99.0

 

 

 

100.0

 

AHTS > 16K

 

 

65.3

 

 

 

53.4

 

 

 

72.7

 

 

 

66.7

 

 

 

60.7

 

AHTS 8 - 16K

 

 

80.8

 

 

 

75.9

 

 

 

63.9

 

 

 

78.9

 

 

 

85.0

 

AHTS 4 - 8K

 

 

78.5

 

 

 

100.0

 

 

 

100.0

 

 

 

100.0

 

 

 

10.4

 

Other

 

 

77.9

 

 

 

76.8

 

 

 

 

 

 

 

 

 

 

Total

 

 

84.9

%

 

 

84.0

%

 

 

86.6

%

 

 

91.3

%

 

 

72.4

%

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

90.2

%

 

 

100.0

%

PSV < 900

 

 

88.0

 

 

 

95.3

 

 

 

88.6

 

 

 

82.8

 

 

 

81.6

 

AHTS > 16K

 

 

 

 

 

69.3

 

 

 

100.0

 

 

 

100.0

 

 

 

100.0

 

AHTS 8 - 16K

 

 

66.6

 

 

 

50.1

 

 

 

60.4

 

 

 

69.0

 

 

 

87.0

 

AHTS 4 - 8K

 

 

82.9

 

 

 

86.5

 

 

 

87.6

 

 

 

77.7

 

 

 

63.4

 

Total

 

 

83.8

%

 

 

86.6

%

 

 

85.6

%

 

 

79.8

%

 

 

76.0

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

87.4

%

 

 

88.9

%

 

 

91.4

%

 

 

90.8

%

 

 

91.0

%

PSV < 900

 

 

87.5

 

 

 

90.9

 

 

 

86.8

 

 

 

86.4

 

 

 

81.3

 

AHTS > 16K

 

 

46.4

 

 

 

34.1

 

 

 

53.2

 

 

 

63.3

 

 

 

43.4

 

Total

 

 

85.8

%

 

 

87.1

%

 

 

89.0

%

 

 

88.8

%

 

 

85.7

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

78.4

%

 

 

86.9

%

 

 

64.9

%

 

 

88.5

%

 

 

83.1

%

PSV < 900

 

 

79.2

 

 

 

82.6

 

 

 

95.4

 

 

 

85.1

 

 

 

91.1

 

AHTS > 16K

 

 

79.5

 

 

 

89.8

 

 

 

91.1

 

 

 

77.0

 

 

 

92.9

 

AHTS 8 - 16K

 

 

98.2

 

 

 

98.6

 

 

 

72.4

 

 

 

79.5

 

 

 

79.6

 

AHTS 4 - 8K

 

 

71.9

 

 

 

66.7

 

 

 

57.6

 

 

 

58.5

 

 

 

62.9

 

Other

 

 

49.5

 

 

 

55.9

 

 

 

56.9

 

 

 

50.0

 

 

 

49.4

 

Total

 

 

72.9

%

 

 

77.1

%

 

 

73.3

%

 

 

70.7

%

 

 

72.3

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

87.1

%

 

 

89.2

%

 

 

85.8

%

 

 

90.1

%

 

 

84.0

%

PSV < 900

 

 

84.3

 

 

 

84.3

 

 

 

87.9

 

 

 

85.6

 

 

 

85.5

 

AHTS > 16K

 

 

73.2

 

 

 

60.0

 

 

 

75.8

 

 

 

70.7

 

 

 

73.0

 

AHTS 8 - 16K

 

 

84.4

 

 

 

82.0

 

 

 

68.5

 

 

 

75.6

 

 

 

84.1

 

AHTS 4 - 8K

 

 

75.2

 

 

 

81.6

 

 

 

83.5

 

 

 

76.3

 

 

 

63.5

 

Other

 

 

53.4

 

 

 

59.2

 

 

 

60.7

 

 

 

53.9

 

 

 

53.4

 

Total

 

 

80.5

%

 

 

81.5

%

 

 

81.5

%

 

 

80.5

%

 

 

76.9

%

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

UTILIZATION - ACTIVE FLEET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

92.2

%

 

 

87.9

%

 

 

77.2

%

 

 

84.5

%

 

 

78.5

%

PSV < 900

 

 

80.3

 

 

 

73.8

 

 

 

83.4

 

 

 

90.5

 

 

 

89.9

 

AHTS > 16K

 

 

99.1

 

 

 

33.4

 

 

 

59.0

 

 

 

54.7

 

 

 

50.0

 

AHTS 8 - 16K

 

 

58.6

 

 

 

80.2

 

 

 

74.0

 

 

 

65.4

 

 

 

100.0

 

AHTS 4 - 8K

 

 

14.2

 

 

 

59.7

 

 

 

93.7

 

 

 

97.8

 

 

 

93.7

 

Other

 

 

99.4

 

 

 

100.0

 

 

 

100.0

 

 

 

100.0

 

 

 

100.0

 

Total

 

 

80.7

%

 

 

76.5

%

 

 

81.0

%

 

 

86.3

%

 

 

85.4

%

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

87.6

%

 

 

93.7

%

 

 

93.4

%

 

 

97.3

%

 

 

71.1

%

PSV < 900

 

 

96.3

 

 

 

86.3

 

 

 

92.3

 

 

 

99.0

 

 

 

100.0

 

AHTS > 16K

 

 

65.3

 

 

 

53.4

 

 

 

72.7

 

 

 

66.7

 

 

 

60.7

 

AHTS 8 - 16K

 

 

80.8

 

 

 

75.9

 

 

 

63.9

 

 

 

78.9

 

 

 

85.0

 

AHTS 4 - 8K

 

 

78.5

 

 

 

100.0

 

 

 

100.0

 

 

 

100.0

 

 

 

10.4

 

Other

 

 

77.9

 

 

 

76.8

 

 

 

 

 

 

 

 

 

 

Total

 

 

84.9

%

 

 

84.0

%

 

 

86.6

%

 

 

91.3

%

 

 

72.4

%

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

90.2

%

 

 

100.0

%

PSV < 900

 

 

88.0

 

 

 

95.3

 

 

 

88.6

 

 

 

82.8

 

 

 

81.6

 

AHTS > 16K

 

 

 

 

 

69.3

 

 

 

100.0

 

 

 

100.0

 

 

 

100.0

 

AHTS 8 - 16K

 

 

66.6

 

 

 

50.1

 

 

 

60.4

 

 

 

69.0

 

 

 

87.0

 

AHTS 4 - 8K

 

 

82.9

 

 

 

86.5

 

 

 

87.6

 

 

 

77.7

 

 

 

63.4

 

Total

 

 

83.8

%

 

 

86.6

%

 

 

85.6

%

 

 

79.8

%

 

 

76.0

%

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

87.4

%

 

 

88.9

%

 

 

91.4

%

 

 

90.8

%

 

 

91.0

%

PSV < 900

 

 

87.5

 

 

 

90.9

 

 

 

86.8

 

 

 

86.4

 

 

 

81.3

 

AHTS > 16K

 

 

46.4

 

 

 

34.1

 

 

 

53.2

 

 

 

63.3

 

 

 

43.4

 

Total

 

 

85.8

%

 

 

87.1

%

 

 

89.0

%

 

 

88.8

%

 

 

85.7

%

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

78.4

%

 

 

86.9

%

 

 

64.9

%

 

 

88.5

%

 

 

83.1

%

PSV < 900

 

 

79.2

 

 

 

82.6

 

 

 

95.4

 

 

 

85.1

 

 

 

91.1

 

AHTS > 16K

 

 

79.5

 

 

 

89.8

 

 

 

91.1

 

 

 

77.0

 

 

 

92.9

 

AHTS 8 - 16K

 

 

98.2

 

 

 

98.6

 

 

 

72.4

 

 

 

79.5

 

 

 

79.6

 

AHTS 4 - 8K

 

 

86.9

 

 

 

88.9

 

 

 

80.4

 

 

 

95.4

 

 

 

94.3

 

Other

 

 

49.5

 

 

 

55.9

 

 

 

57.4

 

 

 

52.5

 

 

 

56.5

 

Total

 

 

73.6

%

 

 

78.3

%

 

 

74.8

%

 

 

73.9

%

 

 

77.8

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

87.1

%

 

 

89.2

%

 

 

85.8

%

 

 

90.1

%

 

 

84.0

%

PSV < 900

 

 

84.3

 

 

 

85.4

 

 

 

89.2

 

 

 

86.8

 

 

 

86.9

 

AHTS > 16K

 

 

73.2

 

 

 

60.0

 

 

 

75.8

 

 

 

70.7

 

 

 

73.0

 

AHTS 8 - 16K

 

 

84.4

 

 

 

82.0

 

 

 

68.5

 

 

 

75.6

 

 

 

84.1

 

AHTS 4 - 8K

 

 

77.2

 

 

 

85.1

 

 

 

87.7

 

 

 

82.6

 

 

 

68.8

 

Other

 

 

53.4

 

 

 

59.2

 

 

 

61.2

 

 

 

56.4

 

 

 

60.4

 

Total

 

 

80.7

%

 

 

82.3

%

 

 

82.4

%

 

 

82.1

%

 

 

79.4

%

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

AVERAGE VESSEL DAY RATES: (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

$

35,490

 

 

$

34,015

 

 

$

33,707

 

 

$

31,648

 

 

$

28,446

 

PSV < 900

 

 

22,542

 

 

 

21,499

 

 

 

21,306

 

 

 

19,479

 

 

 

16,702

 

AHTS > 16K

 

 

40,088

 

 

 

33,490

 

 

 

37,174

 

 

 

35,598

 

 

 

37,640

 

AHTS 8 - 16K

 

 

18,771

 

 

 

16,964

 

 

 

16,997

 

 

 

17,157

 

 

 

15,421

 

AHTS 4 - 8K

 

 

8,453

 

 

 

8,703

 

 

 

8,285

 

 

 

8,717

 

 

 

8,678

 

Other

 

 

30,266

 

 

 

30,423

 

 

 

18,427

 

 

 

26,857

 

 

 

17,658

 

Total

 

 

28,317

 

 

 

25,894

 

 

 

24,524

 

 

 

23,495

 

 

 

20,269

 

Asia Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

30,070

 

 

 

32,387

 

 

 

28,351

 

 

 

28,525

 

 

 

24,276

 

PSV < 900

 

 

32,875

 

 

 

30,122

 

 

 

20,703

 

 

 

23,380

 

 

 

31,927

 

AHTS > 16K

 

 

43,808

 

 

 

35,411

 

 

 

28,120

 

 

 

26,649

 

 

 

18,690

 

AHTS 8 - 16K

 

 

35,678

 

 

 

21,757

 

 

 

26,680

 

 

 

24,275

 

 

 

21,561

 

AHTS 4 - 8K

 

 

17,758

 

 

 

17,315

 

 

 

17,404

 

 

 

17,197

 

 

 

946

 

Other

 

 

43,350

 

 

 

43,703

 

 

 

 

 

 

 

 

 

 

Total

 

 

32,848

 

 

 

30,101

 

 

 

25,378

 

 

 

25,867

 

 

 

24,250

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

14,936

 

 

 

14,996

 

 

 

14,972

 

 

 

13,112

 

 

 

13,304

 

PSV < 900

 

 

12,466

 

 

 

12,115

 

 

 

11,785

 

 

 

11,677

 

 

 

11,320

 

AHTS > 16K

 

 

 

 

 

12,968

 

 

 

12,801

 

 

 

13,004

 

 

 

13,378

 

AHTS 8 - 16K

 

 

10,440

 

 

 

10,515

 

 

 

11,140

 

 

 

10,771

 

 

 

10,804

 

AHTS 4 - 8K

 

 

9,404

 

 

 

9,609

 

 

 

9,334

 

 

 

8,787

 

 

 

8,460

 

Total

 

 

11,148

 

 

 

11,108

 

 

 

10,855

 

 

 

10,544

 

 

 

10,449

 

Europe/Mediterranean fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

20,686

 

 

 

19,294

 

 

 

18,771

 

 

 

18,879

 

 

 

18,512

 

PSV < 900

 

 

18,543

 

 

 

18,557

 

 

 

19,227

 

 

 

17,926

 

 

 

17,756

 

AHTS > 16K

 

 

47,999

 

 

 

53,966

 

 

 

24,899

 

 

 

31,048

 

 

 

36,913

 

Total

 

 

20,950

 

 

 

19,763

 

 

 

19,061

 

 

 

19,105

 

 

 

18,990

 

West Africa fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

31,231

 

 

 

30,557

 

 

 

28,797

 

 

 

24,220

 

 

 

21,815

 

PSV < 900

 

 

23,818

 

 

 

22,287

 

 

 

19,271

 

 

 

17,781

 

 

 

17,040

 

AHTS > 16K

 

 

27,861

 

 

 

24,611

 

 

 

20,869

 

 

 

25,192

 

 

 

24,154

 

AHTS 8 - 16K

 

 

18,784

 

 

 

16,536

 

 

 

15,302

 

 

 

14,804

 

 

 

12,382

 

AHTS 4 - 8K

 

 

11,915

 

 

 

9,766

 

 

 

9,583

 

 

 

9,858

 

 

 

10,178

 

Other

 

 

7,587

 

 

 

7,975

 

 

 

6,415

 

 

 

7,217

 

 

 

6,511

 

Total

 

 

20,093

 

 

 

18,687

 

 

 

16,356

 

 

 

15,772

 

 

 

14,469

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSV > 900

 

 

25,452

 

 

 

24,640

 

 

 

23,240

 

 

 

22,804

 

 

 

21,820

 

PSV < 900

 

 

20,170

 

 

 

18,932

 

 

 

17,734

 

 

 

16,949

 

 

 

15,837

 

AHTS > 16K

 

 

37,073

 

 

 

30,423

 

 

 

23,985

 

 

 

26,293

 

 

 

24,719

 

AHTS 8 - 16K

 

 

19,527

 

 

 

16,390

 

 

 

16,120

 

 

 

15,533

 

 

 

13,662

 

AHTS 4 - 8K

 

 

10,127

 

 

 

9,969

 

 

 

9,658

 

 

 

9,368

 

 

 

8,828

 

Other

 

 

11,968

 

 

 

11,797

 

 

 

8,397

 

 

 

10,281

 

 

 

8,441

 

Total

 

$

21,130

 

 

$

19,563

 

 

$

18,066

 

 

$

17,865

 

 

$

16,042

 

Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

73,142

 

 

$

63,941

 

 

$

68,425

 

 

$

70,717

 

 

$

50,376

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

23,318

 

 

 

24,062

 

 

 

24,045

 

 

 

26,848

 

 

 

18,033

 

Repair and maintenance

 

 

5,645

 

 

 

4,534

 

 

 

3,846

 

 

 

5,588

 

 

 

3,973

 

Insurance

 

 

463

 

 

 

494

 

 

 

526

 

 

 

476

 

 

 

479

 

Fuel, lube and supplies

 

 

2,994

 

 

 

4,522

 

 

 

3,241

 

 

 

4,386

 

 

 

2,549

 

Other

 

 

5,747

 

 

 

5,928

 

 

 

5,172

 

 

 

5,924

 

 

 

4,564

 

Total vessel operating costs

 

 

38,167

 

 

 

39,540

 

 

 

36,830

 

 

 

43,222

 

 

 

29,598

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

34,975

 

 

 

24,401

 

 

 

31,595

 

 

 

27,495

 

 

 

20,778

 

Vessel operating margin (%)

 

 

47.8

%

 

 

38.2

%

 

 

46.2

%

 

 

38.9

%

 

 

41.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

35

 

 

 

36

 

 

 

38

 

 

 

38

 

 

 

33

 

Utilization - Total fleet

 

 

80.7

%

 

 

74.5

%

 

 

78.9

%

 

 

84.1

%

 

 

82.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

35

 

 

 

35

 

 

 

37

 

 

 

37

 

 

 

32

 

Utilization - Active fleet

 

 

80.7

%

 

 

76.5

%

 

 

81.0

%

 

 

86.3

%

 

 

85.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

28,317

 

 

$

25,894

 

 

$

24,524

 

 

$

23,495

 

 

$

20,269

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

3

 

 

 

7

 

 

 

3

 

 

 

3

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

31,698

 

 

$

28,688

 

 

$

29,684

 

 

$

29,769

 

 

$

27,832

 

Cash paid for deferred drydocking and survey costs

 

 

9,190

 

 

 

8,014

 

 

 

5,025

 

 

 

4,658

 

 

 

5,867

 

Amortization of deferred drydocking and survey costs

 

 

(5,704

)

 

 

(5,004

)

 

 

(5,353

)

 

 

(3,727

)

 

 

(2,626

)

Disposals, intersegment transfers and other

 

 

1,919

 

 

 

 

 

 

(668

)

 

 

(1,016

)

 

 

(1,304

)

Deferred drydocking and survey costs - ending balance

 

$

37,103

 

 

$

31,698

 

 

$

28,688

 

 

$

29,684

 

 

$

29,769

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia Pacific

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

55,221

 

 

$

47,781

 

 

$

38,632

 

 

$

38,994

 

 

$

22,585

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

23,023

 

 

 

19,306

 

 

 

15,177

 

 

 

12,390

 

 

 

7,062

 

Repair and maintenance

 

 

3,092

 

 

 

2,769

 

 

 

2,977

 

 

 

2,969

 

 

 

1,517

 

Insurance

 

 

278

 

 

 

273

 

 

 

269

 

 

 

183

 

 

 

219

 

Fuel, lube and supplies

 

 

2,335

 

 

 

1,937

 

 

 

1,191

 

 

 

909

 

 

 

1,521

 

Other

 

 

2,968

 

 

 

2,491

 

 

 

2,045

 

 

 

2,380

 

 

 

1,648

 

Total vessel operating costs

 

 

31,696

 

 

 

26,776

 

 

 

21,659

 

 

 

18,831

 

 

 

11,967

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

23,525

 

 

 

21,005

 

 

 

16,973

 

 

 

20,163

 

 

 

10,618

 

Vessel operating margin (%)

 

 

42.6

%

 

 

44.0

%

 

 

43.9

%

 

 

51.7

%

 

 

47.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia Pacific - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

22

 

 

 

21

 

 

 

19

 

 

 

18

 

 

 

14

 

Utilization - Total fleet

 

 

84.9

%

 

 

84.0

%

 

 

86.6

%

 

 

91.3

%

 

 

72.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

22

 

 

 

21

 

 

 

19

 

 

 

18

 

 

 

14

 

Utilization - Active fleet

 

 

84.9

%

 

 

84.0

%

 

 

86.6

%

 

 

91.3

%

 

 

72.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

32,848

 

 

$

30,101

 

 

$

25,378

 

 

$

25,867

 

 

$

24,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

2

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

8,376

 

 

$

3,769

 

 

$

3,595

 

 

$

2,128

 

 

$

2,525

 

Cash paid for deferred drydocking and survey costs

 

 

1,602

 

 

 

4,734

 

 

 

(18

)

 

 

84

 

 

 

(4

)

Amortization of deferred drydocking and survey costs

 

 

(1,234

)

 

 

(844

)

 

 

(720

)

 

 

(637

)

 

 

(393

)

Disposals, intersegment transfers and other

 

 

 

 

 

717

 

 

 

912

 

 

 

2,020

 

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

8,744

 

 

$

8,376

 

 

$

3,769

 

 

$

3,595

 

 

$

2,128

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

36,536

 

 

$

37,932

 

 

$

38,072

 

 

$

34,685

 

 

$

31,856

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

13,540

 

 

 

13,270

 

 

 

13,716

 

 

 

13,914

 

 

 

13,170

 

Repair and maintenance

 

 

4,300

 

 

 

4,508

 

 

 

4,105

 

 

 

4,828

 

 

 

3,779

 

Insurance

 

 

464

 

 

 

420

 

 

 

501

 

 

 

385

 

 

 

465

 

Fuel, lube and supplies

 

 

2,274

 

 

 

2,304

 

 

 

2,610

 

 

 

3,142

 

 

 

3,470

 

Other

 

 

7,138

 

 

 

6,006

 

 

 

4,906

 

 

 

4,796

 

 

 

3,756

 

Total vessel operating costs

 

 

27,716

 

 

 

26,508

 

 

 

25,838

 

 

 

27,065

 

 

 

24,640

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

8,820

 

 

 

11,424

 

 

 

12,234

 

 

 

7,620

 

 

 

7,216

 

Vessel operating margin (%)

 

 

24.1

%

 

 

30.1

%

 

 

32.1

%

 

 

22.0

%

 

 

22.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

43

 

 

 

43

 

 

 

45

 

 

 

45

 

 

 

44

 

Utilization - Total fleet

 

 

83.8

%

 

 

86.6

%

 

 

85.6

%

 

 

79.8

%

 

 

76.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

43

 

 

 

43

 

 

 

45

 

 

 

45

 

 

 

44

 

Utilization - Active fleet

 

 

83.8

%

 

 

86.6

%

 

 

85.6

%

 

 

79.8

%

 

 

76.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

11,148

 

 

$

11,108

 

 

$

10,855

 

 

$

10,544

 

 

$

10,449

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

3

 

 

 

11

 

 

 

3

 

 

 

4

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

23,690

 

 

$

19,331

 

 

$

21,153

 

 

$

22,717

 

 

$

20,677

 

Cash paid for deferred drydocking and survey costs

 

 

2,737

 

 

 

7,520

 

 

 

1,360

 

 

 

3,234

 

 

 

4,262

 

Amortization of deferred drydocking and survey costs

 

 

(3,338

)

 

 

(3,161

)

 

 

(3,182

)

 

 

(2,776

)

 

 

(3,778

)

Disposals, intersegment transfers and other

 

 

 

 

 

 

 

 

 

 

 

(2,022

)

 

 

1,556

 

Deferred drydocking and survey costs - ending balance

 

$

23,089

 

 

$

23,690

 

 

$

19,331

 

 

$

21,153

 

 

$

22,717

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Mediterranean

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

83,266

 

 

$

80,381

 

 

$

80,743

 

 

$

78,929

 

 

$

39,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

27,085

 

 

 

26,282

 

 

 

25,848

 

 

 

26,632

 

 

 

13,406

 

Repair and maintenance

 

 

7,058

 

 

 

5,493

 

 

 

6,081

 

 

 

5,342

 

 

 

2,900

 

Insurance

 

 

761

 

 

 

756

 

 

 

791

 

 

 

689

 

 

 

354

 

Fuel, lube and supplies

 

 

3,461

 

 

 

4,094

 

 

 

3,717

 

 

 

4,033

 

 

 

2,363

 

Other

 

 

4,351

 

 

 

4,359

 

 

 

3,719

 

 

 

5,376

 

 

 

2,292

 

Total vessel operating costs

 

 

42,716

 

 

 

40,984

 

 

 

40,156

 

 

 

42,072

 

 

 

21,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

40,550

 

 

 

39,397

 

 

 

40,587

 

 

 

36,857

 

 

 

17,980

 

Vessel operating margin (%)

 

 

48.7

%

 

 

49.0

%

 

 

50.3

%

 

 

46.7

%

 

 

45.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe/Mediterranean - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

50

 

 

 

51

 

 

 

51

 

 

 

50

 

 

 

26

 

Utilization - Total fleet

 

 

85.8

%

 

 

87.1

%

 

 

89.0

%

 

 

88.8

%

 

 

85.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

50

 

 

 

51

 

 

 

51

 

 

 

50

 

 

 

26

 

Utilization - Active fleet

 

 

85.8

%

 

 

87.1

%

 

 

89.0

%

 

 

88.8

%

 

 

85.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

20,950

 

 

$

19,763

 

 

$

19,061

 

 

$

19,105

 

 

$

18,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

8

 

 

 

16

 

 

 

5

 

 

 

5

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

27,260

 

 

$

21,078

 

 

$

16,256

 

 

$

11,705

 

 

$

11,363

 

Cash paid for deferred drydocking and survey costs

 

 

11,584

 

 

 

10,876

 

 

 

7,580

 

 

 

6,733

 

 

 

2,217

 

Amortization of deferred drydocking and survey costs

 

 

(4,065

)

 

 

(3,359

)

 

 

(2,758

)

 

 

(3,201

)

 

 

(1,875

)

Disposals, intersegment transfers and other

 

 

 

 

 

(1,335

)

 

 

 

 

 

1,019

 

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

34,779

 

 

$

27,260

 

 

$

21,078

 

 

$

16,256

 

 

$

11,705

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

88,838

 

 

$

88,651

 

 

$

74,643

 

 

$

73,650

 

 

$

66,211

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

19,265

 

 

 

19,432

 

 

 

18,751

 

 

 

17,502

 

 

 

16,336

 

Repair and maintenance

 

 

4,648

 

 

 

4,044

 

 

 

4,626

 

 

 

4,868

 

 

 

4,665

 

Insurance

 

 

659

 

 

 

637

 

 

 

678

 

 

 

626

 

 

 

651

 

Fuel, lube and supplies

 

 

4,498

 

 

 

4,461

 

 

 

4,506

 

 

 

5,300

 

 

 

4,055

 

Other

 

 

7,148

 

 

 

5,174

 

 

 

5,509

 

 

 

4,753

 

 

 

5,037

 

Total vessel operating costs

 

 

36,218

 

 

 

33,748

 

 

 

34,070

 

 

 

33,049

 

 

 

30,744

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

52,620

 

 

 

54,903

 

 

 

40,573

 

 

 

40,601

 

 

 

35,467

 

Vessel operating margin (%)

 

 

59.2

%

 

 

61.9

%

 

 

54.4

%

 

 

55.1

%

 

 

53.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Africa - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

67

 

 

 

68

 

 

 

68

 

 

 

72

 

 

 

70

 

Utilization - Total fleet

 

 

72.9

%

 

 

77.1

%

 

 

73.3

%

 

 

70.7

%

 

 

72.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

66

 

 

 

67

 

 

 

67

 

 

 

69

 

 

 

65

 

Utilization - Active fleet

 

 

73.6

%

 

 

78.3

%

 

 

74.8

%

 

 

73.9

%

 

 

77.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

20,093

 

 

$

18,687

 

 

$

16,356

 

 

$

15,772

 

 

$

14,469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

4

 

 

 

7

 

 

 

7

 

 

 

7

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

37,615

 

 

$

33,832

 

 

$

28,527

 

 

$

26,162

 

 

$

20,390

 

Cash paid for deferred drydocking and survey costs

 

 

14,970

 

 

 

8,874

 

 

 

10,121

 

 

 

5,909

 

 

 

9,024

 

Amortization of deferred drydocking and survey costs

 

 

(5,724

)

 

 

(5,091

)

 

 

(4,367

)

 

 

(3,544

)

 

 

(3,000

)

Disposals, intersegment transfers and other

 

 

(1,919

)

 

 

 

 

 

(449

)

 

 

 

 

 

(252

)

Deferred drydocking and survey costs - ending balance

 

$

44,942

 

 

$

37,615

 

 

$

33,832

 

 

$

28,527

 

 

$

26,162

 

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

337,003

 

 

$

318,686

 

 

$

300,515

 

 

$

296,975

 

 

$

210,323

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crew costs

 

 

106,231

 

 

 

102,352

 

 

 

97,537

 

 

 

97,286

 

 

 

68,007

 

Repair and maintenance

 

 

24,743

 

 

 

21,348

 

 

 

21,635

 

 

 

23,595

 

 

 

16,834

 

Insurance

 

 

2,625

 

 

 

2,580

 

 

 

2,765

 

 

 

2,359

 

 

 

2,168

 

Fuel, lube and supplies

 

 

15,562

 

 

 

17,318

 

 

 

15,265

 

 

 

17,770

 

 

 

13,958

 

Other

 

 

27,352

 

 

 

23,958

 

 

 

21,351

 

 

 

23,229

 

 

 

17,297

 

Total vessel operating costs

 

 

176,513

 

 

 

167,556

 

 

 

158,553

 

 

 

164,239

 

 

 

118,264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating margin ($)

 

 

160,490

 

 

 

151,130

 

 

 

141,962

 

 

 

132,736

 

 

 

92,059

 

Vessel operating margin (%)

 

 

47.6

%

 

 

47.4

%

 

 

47.2

%

 

 

44.7

%

 

 

43.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide - Select operating statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Total fleet

 

 

217

 

 

 

219

 

 

 

221

 

 

 

223

 

 

 

187

 

Utilization - Total fleet

 

 

80.5

%

 

 

81.5

%

 

 

81.5

%

 

 

80.5

%

 

 

76.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average vessels - Active fleet

 

 

216

 

 

 

217

 

 

 

219

 

 

 

219

 

 

 

181

 

Utilization - Active fleet

 

 

80.7

%

 

 

82.3

%

 

 

82.4

%

 

 

82.1

%

 

 

79.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average day rates

 

$

21,130

 

 

$

19,563

 

 

$

18,066

 

 

$

17,865

 

 

$

16,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessels commencing drydocks

 

 

20

 

 

 

44

 

 

 

18

 

 

 

19

 

 

 

19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred drydocking and survey costs - beginning balance

 

$

128,639

 

 

$

106,698

 

 

$

99,215

 

 

$

92,481

 

 

$

82,787

 

Cash paid for deferred drydocking and survey costs

 

 

40,083

 

 

 

40,018

 

 

 

24,068

 

 

 

20,618

 

 

 

21,366

 

Amortization of deferred drydocking and survey costs

 

 

(20,065

)

 

 

(17,459

)

 

 

(16,380

)

 

 

(13,885

)

 

 

(11,672

)

Disposals, intersegment transfers and other

 

 

 

 

 

(618

)

 

 

(205

)

 

 

1

 

 

 

 

Deferred drydocking and survey costs - ending balance

 

$

148,657

 

 

$

128,639

 

 

$

106,698

 

 

$

99,215

 

 

$

92,481

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

49,917

 

 

$

46,745

 

 

$

37,328

 

 

$

25,549

 

 

$

21,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt costs

 

 

19,127

 

 

 

19,476

 

 

 

20,263

 

 

 

19,288

 

 

 

4,731

 

Income tax expense

 

 

7,887

 

 

 

13,070

 

 

 

10,793

 

 

 

9,260

 

 

 

11,284

 

Depreciation

 

 

39,380

 

 

 

38,811

 

 

 

42,788

 

 

 

43,845

 

 

 

21,096

 

Amortization of deferred drydock and survey costs

 

 

20,065

 

 

 

17,459

 

 

 

16,379

 

 

 

13,885

 

 

 

11,672

 

Amortization of below market contracts

 

 

(1,650

)

 

 

(1,206

)

 

 

(1,894

)

 

 

(1,906

)

 

 

 

EBITDA (A), (B), (C)

 

 

134,726

 

 

 

134,355

 

 

 

125,657

 

 

 

109,921

 

 

 

70,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash indemnification assets credit (charge)

 

 

1,556

 

 

 

1,122

 

 

 

(70

)

 

 

1,184

 

 

 

 

Non-cash stock compensation expense

 

 

3,460

 

 

 

2,766

 

 

 

3,508

 

 

 

2,496

 

 

 

2,648

 

Acquisition, restructuring and integration related costs

 

 

 

 

 

709

 

 

 

2,177

 

 

 

6,079

 

 

 

1,242

 

Adjusted EBITDA (A), (B), (C)

 

$

139,742

 

 

$

138,952

 

 

$

131,272

 

 

$

119,680

 

 

$

74,601

 

Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization of deferred drydock and below market contracts. Additionally, Adjusted EBITDA excludes non-cash indemnification assets charge included in interest income and other; non-cash stock-based compensation expense; and acquisition, restructuring and integration related costs.

 

Note (B): EBITDA for the three months ended June 30, 2024, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,460, $2,766, $3,508, $2,496 and $2,648 respectively.

 

Note (C): EBITDA and Adjusted EBITDA for the three months ended June 30, 2024, and for each of the prior four quarters includes foreign exchange gain (losses) of $(2,376), $(4,085), $2,250, $(2,149) and $(3,819) respectively.

Non-GAAP Financial Measures

We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, non-cash indemnification asset charge, non-cash stock-based compensation expense and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.

EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.

 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In Thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities (A)

 

$

78,645

 

 

$

54,765

 

 

$

47,231

 

 

$

34,939

 

 

$

9,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest expense

 

 

14,925

 

 

 

15,621

 

 

 

18,186

 

 

 

606

 

 

 

7,748

 

Interest income and other

 

 

(1,175

)

 

 

(1,483

)

 

 

(3,029

)

 

 

(568

)

 

 

(2,790

)

Indemnification assets credit (charge)

 

 

(1,556

)

 

 

(1,122

)

 

 

70

 

 

 

(1,184

)

 

 

 

Additions to property and equipment

 

 

(6,392

)

 

 

(10,942

)

 

 

(8,386

)

 

 

(5,702

)

 

 

(8,849

)

Acquisitions

 

 

 

 

 

 

 

 

 

 

 

(594,191

)

 

 

 

Expansion capital

 

 

66

 

 

 

71

 

 

 

1,034

 

 

 

594,252

 

 

 

2,493

 

 

 

84,513

 

 

56,910

 

 

55,106

 

 

28,152

 

 

8,343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset sales

 

 

3,056

 

 

 

12,463

 

 

 

5,902

 

 

 

945

 

 

 

2,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Free cash flow

 

$

87,569

 

 

$

69,373

 

 

$

61,008

 

 

$

29,097

 

 

$

11,286

 

Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by operating activities adjusted for capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income. Free cash flow excludes indemnification assets charge included in interest income and other. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.

 

Note (A): Net cash provided by operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

Cash provided by (used in) changes in assets and liabilities, excluding drydock payments

 

$

7,818

 

 

$

(640

)

 

$

(24,083

)

 

$

(29,286

)

 

$

(23,447

)

Cash paid for deferred drydock and survey costs

 

 

(40,083

)

 

 

(40,018

)

 

 

(24,069

)

 

 

(20,618

)

 

 

(21,366

)

Total uses of cash for changes in assets and liabilities

 

$

(32,265

)

 

$

(40,658

)

 

$

(48,152

)

 

$

(49,904

)

 

$

(44,813

)

 

Contacts

Tidewater Inc.

West Gotcher

Senior Vice President,

Strategy, Corporate Development and Investor Relations

+1.713.470.5285

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