Tidewater Reports Results for the Three and Nine Months Ended September 30, 2023

11/6/23 4:12:00 PM ET

$TDW

Marine Transportation

Consumer Discretionary

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Third Quarter 2023 Highlights

Revenue of $299.3 million, a 39.2% increase from the second quarter of 2023
Average day rate increased to $17,865 per day, $1,823 higher than the second quarter of 2023
Composite leading edge term contract day rate up 21.7% to $28,609
Net income of $26.2 million, an increase of $3.6 million from the second quarter of 2023
Adjusted EBITDA of $117.2 million, an increase of $45.2 million from the second quarter of 2023
Completed integration of 32 of the 37 recently acquired PSVs from Solstad Offshore
Initiating 2024 revenue guidance of $1.40 to $1.45 billion and 2024 gross margin guidance of 52%
Announcing share repurchase authorization for the maximum permissible amount under existing debt agreements

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2023 of $299.3 million and $707.3 million, respectively, compared with $191.8 million and $460.9 million, respectively, for the three and nine months ended September 30, 2022. Tidewater's net income for the three and nine months ended September 30, 2023, was $26.2 million ($0.49 per common share) and $59.5 million ($1.13 per common share), respectively, compared with net income (losses) of $5.4 million ($0.10 per common share) and $(32.4) million ($0.76 per common share), respectively, for the three and nine months ended September 30, 2022.

Quintin Kneen, Tidewater's President and Chief Executive Officer, commented, "The third quarter marks the third consecutive quarterly cyclical revenue and global average day rate high-water marks. Third quarter revenue nicely exceeded our expectations as a continued push on day rates globally drove consolidated day rates up by approximately $1,800 per day sequentially, representing the largest sequential improvement in day rates since the recovery began. The pace of day rate expansion was largely a combination of legacy contracts rolling on to current market day rates and a meaningful step up in leading edge term contract day rates; leading edge term contracts increased to $28,609 sequentially, an improvement of approximately $5,100 per day over the same measure in the prior quarter. The momentum in day rates is being driven by a global supply shortage of large and small offshore vessels, and, in fact, our medium and small classes of PSVs showed the most relative improvement in leading edge term contract day rates during the third quarter. We remain confident in the outlook for the business as demand for our vessels remains robust across a variety of end markets, including offshore drilling, subsea, construction, offshore wind and existing production work. This confidence allows us to initiate revenue guidance for 2024 of $1.40 to $1.45 billion and initial gross margin guidance of 52%, which is driven by our projection of an increase in year-over-year day rates of over $4,000 and an annual utilization level of 86%, increases that are in line with our recent quarterly improvements.

"On a global basis, revenue, gross profit, utilization, and day rate were all up from the previous quarter. Revenue for the quarter totaled $299.3 million, an increase of $84.3 million, or 39.2% sequentially through a combination of the recently acquired PSVs and improved day rates and utilization globally. Utilization increased to 82.1% from 79.4% in the prior quarter. We incurred approximately $6.0 million of acquisition and integration related expenses associated with the acquisition of 37 PSVs from Solstad Offshore. As of today, we have 32 of the acquired PSVs integrated into the Tidewater infrastructure and anticipate the remaining five vessels to be completed by the end of November. We now anticipate fourth quarter 2023 revenue of approximately $309 million and that gross margin will be approximately 47%.

"We are pleased to announce that the Board has authorized a stock repurchase program, under which we are authorized to purchase up to $35.0 million of the Company's common stock over the next four months. We plan to use the repurchase program opportunistically, taking into consideration market conditions, our business outlook and opportunity to deploy the capital into value accretive acquisitions. Similar to the Solstad and Swire acquisitions, we continue to pursue additional acquisitions that enhance the Company's strategic position and leadership in certain vessel classes or geographies. Our philosophy will be to weigh the value of stock repurchases against other capital allocation opportunities and commit to pursuing the highest return on capital opportunity available. We are excited to again be in a position to actively consider returning capital to our shareholders.

"Turning to our regional operating results, each of our regions experienced an overall increase in revenue, gross profit, and average day rate, further evidence of the global shortage of large and small offshore vessels. Day rates in the Americas region increased approximately 15.9% sequentially with particular areas of strength in the U.S. Gulf of Mexico and the Caribbean. Day rates in West Africa increased 9.0% sequentially due to broad-based secular tailwinds in the region. Similarly, day rates in Asia Pacific increased by 6.7% sequentially as activity through-out Southeast Asia and Australia continues to improve. Day rates in the Europe and Mediterranean region moved up modestly during the quarter, up approximately 0.6%, as a somewhat muted late summer season in the North Sea, particularly for our large AHTS vessels, was offset by strength in the Mediterranean. Regional utilization was up in all regions except for West Africa region, where utilization was down due to higher frictional unemployment during the quarter.

"I am grateful to all of our diligent and committed employees who have contributed to our continued business success, and I would like to extend a special thank you to both the Tidewater and Solstad employees who have contributed to the integration of the newly acquired vessels to further enhance our industry-leading fleet. As always, we remain committed to providing a safe and rewarding environment for our employees as we move forward together building the safest, most sustainable, most reliable, most profitable, high specification offshore energy support vessel fleet in the world."

In addition to the number of outstanding shares, as of September 30, 2023, the company also has the following in-the-money warrants.

Common shares outstanding			52,839,862
New Creditor Warrants (strike price $0.001 per common share)			81,244
GulfMark Creditor Warrants (strike price $0.01 per common share)			95,835
Total			53,016,941

Tidewater will hold a conference call to discuss results for the three months ending September 30, 2023 on November 7, 2023, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.888.770.7135 if calling from the U.S. or Canada (+1.929.203.0820 if calling from outside the U.S.) and provide Conference ID: 2444624 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 November 7, 2023 and will continue until 11:59 p.m. Central Time on December 7, 2023. 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 Forms 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 September 30, 2023 and December 31, 2022; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and nine months ended September 30, 2023 and 2022; and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022. Extracts are drawn from the September 30, 2023 unaudited quarterly and year to date financial statements and the December 31, 2022 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Revenues:
Vessel revenues	$	296,975		$	190,247		$	698,478		$	456,298
Other operating revenues		2,287			1,515			8,849			4,640
Total revenues		299,262			191,762			707,327			460,938
Costs and expenses:
Vessel operating costs		164,239			113,037			397,962			281,805
Costs of other operating revenues		1,481			592			3,005			1,436
General and administrative		21,001			27,267			70,559			73,288
Depreciation and amortization		57,730			30,856			121,164			89,279
Long-lived asset impairment and other		—			1,214			—			714
(Gain) loss on asset dispositions, net		(863	)		(264	)		(4,483	)		826
Total costs and expenses		243,588			172,702			588,207			447,348
Operating income		55,674			19,060			119,120			13,590
Other income (expense):
Foreign exchange loss		(2,149	)		(3,997	)		(3,620	)		(4,932	)
Equity in net earnings (losses) of unconsolidated companies		4			9			29			(235	)
Interest income and other, net		568			581			3,488			4,416
Loss on warrants		—			—			—			(14,175	)
Interest and other debt costs, net		(19,288	)		(4,391	)		(28,209	)		(12,850	)
Total other expense		(20,865	)		(7,798	)		(28,312	)		(27,776	)
Income (loss) before income taxes		34,809			11,262			90,808			(14,186	)
Income tax expense		9,260			6,352			32,515			18,189
Net income (loss)		25,549			4,910			58,293			(32,375	)
Less: Net loss attributable to noncontrolling interests		(650	)		(470	)		(1,228	)		(6	)
Net income (loss) attributable to Tidewater Inc.	$	26,199		$	5,380		$	59,521		$	(32,369	)
Basic income (loss) per common share	$	0.50		$	0.12		$	1.16		$	(0.76	)
Diluted income (loss) per common share	$	0.49		$	0.10		$	1.13		$	(0.76	)
Weighted average common shares outstanding		52,230			44,451			51,235			42,570
Dilutive effect of warrants, restricted stock units and stock options		1,380			7,069			1,322			—
Adjusted weighted average common shares		53,610			51,520			52,557			42,570


TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)

	September 30, 2023			December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	275,070		$	164,192
Restricted cash		4,973			1,241
Trade and other receivables, net of allowance for credit losses of $15,448 and $14,060 at September 30, 2023 and December 31, 2022, respectively		250,671			156,465
Marine operating supplies		27,489			30,830
Assets held for sale		565			4,195
Prepaid expenses and other current assets		16,598			20,985
Total current assets		575,366			377,908
Net properties and equipment		1,348,001			796,655
Deferred drydocking and survey costs		99,215			61,080
Indemnification assets		18,648			28,369
Other assets		30,325			33,644
Total assets	$	2,071,555		$	1,297,656

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	57,183		$	38,946
Accrued expenses		119,631			105,518
Current portion of long-term debt		102,369			—
Other current liabilities		53,301			50,323
Total current liabilities		332,484			194,787
Long-term debt		641,301			169,036
Other liabilities		66,246			67,843

Commitments and contingencies

Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 52,839,862 and 50,554,179 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively		53			51
Additional paid-in-capital		1,668,392			1,556,990
Accumulated deficit		(640,128	)		(699,649	)
Accumulated other comprehensive loss		4,413			8,576
Total stockholders' equity		1,032,730			865,968
Noncontrolling interests		(1,206	)		22
Total equity		1,031,524			865,990
Total liabilities and equity	$	2,071,555		$	1,297,656


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In Thousands)

	Three Months Ended						Nine Months Ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Net income (loss)	$	25,549		$	4,910		$	58,293		$	(32,375	)
Other comprehensive income (loss):
Unrealized loss on note receivable		(153	)		(429	)		(469	)		(1,275	)
Change in liability of pension plans		—			140			(3,694	)		81
Total comprehensive income (loss)	$	25,396		$	4,621		$	54,130		$	(33,569	)


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)

	Nine Months			Nine Months
	Ended			Ended
	September 30, 2023			September 30, 2022
Operating activities:
Net income (loss)	$	58,293		$	(32,375	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		85,989			62,539
Amortization of deferred drydocking and survey costs		35,175			26,740
Amortization of debt premiums and discounts		2,644			1,157
Amortization of below market contracts		(1,906	)		—
Provision for deferred income taxes		69			134
(Gain) loss on asset dispositions, net		(4,483	)		826
Gain on pension settlement		(1,807	)		—
Gain on bargain purchase		—			(1,300	)
Long-lived asset impairment and other		—			714
Loss on warrants		—			14,175
Stock-based compensation expense		7,247			5,344
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables		(92,684	)		(30,301	)
Changes in due to/from affiliate, net		—			(20	)
Accounts payable		18,237			9,364
Accrued expenses		14,231			(913	)
Deferred drydocking and survey costs		(73,309	)		(43,883	)
Other, net		9,778			(17,315	)
Net cash provided by (used in) operating activities		57,474			(5,114	)
Cash flows from investing activities:
Proceeds from sales of assets		9,604			8,475
Acquisitions, net of cash acquired		(594,191	)		(20,740	)
Additions to properties and equipment		(23,202	)		(11,708	)
Net cash used in investing activities		(607,789	)		(23,973	)
Cash flows from financing activities:
Exercise of warrants		111,483			—
Proceeds from issuance of shares		—			70,630
Repurchase of SPO acquisition warrants		—			(70,630	)
Issuance of long-term debt		575,000			—
Acquisition of non-controlling interest in a majority owned subsidiary		(1,427	)		—
Debt issuance costs		(14,758	)		(393	)
Tax on share-based awards		(5,899	)		(2,276	)
Net cash provided by (used in) financing activities		664,399			(2,669	)
Net change in cash, cash equivalents and restricted cash		114,084			(31,756	)
Cash, cash equivalents and restricted cash at beginning of period		167,977			154,276
Cash, cash equivalents and restricted cash at end of period	$	282,061		$	122,520


Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	8,452	$	7,979
Income taxes	$	36,585	$	16,143
Supplemental disclosure of noncash investing activities:
Acquisition of SPO	$	—	$	162,648
Purchase of three vessels	$	12,198	$	—
Supplemental disclosure of noncash financing activities:
Warrants issued for SPO acquisition	$	—	$	162,648
Repurchase of SPO acquisition warrants	$	—	$	992
Debt incurred for the purchase of three vessels	$	12,198	$	—

Note: Cash, cash equivalents and restricted cash at September 30, 2023 includes $2.0 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 (loss)			interest			Total
Balance at June 30, 2023	$	51	$	1,554,793		$	(666,327	)	$	4,566		$	(556	)	$	892,527
Total comprehensive income (loss)		—		—			26,199			(153	)		(650	)		25,396
Exercise of warrants into common stock		2		111,481			—			—			—			111,483
Amortization of share-based awards		—		2,118			—			—			—			2,118
Balance at September 30, 2023	$	53	$	1,668,392		$	(640,128	)	$	4,413		$	(1,206	)	$	1,031,524

Balance at June 30, 2022	$	42	$	1,554,561		$	(715,649	)	$	1,763		$	930		$	841,647
Total comprehensive loss		—		—			5,380			(289	)		(470	)		4,621
Issuance of common stock		4		72,253			—			—			—			72,257
SPO acquisition warrants		—		(73,249	)		—			—			—			(73,249	)
Amortization of share-based awards		—		1,823			—			—			—			1,823
Balance at September 30, 2022	$	46	$	1,555,388		$	(710,269	)	$	1,474		$	460		$	847,099

	Nine Months Ended
									Accumulated
			Additional						other			Non
	Common		paid-in			Accumulated			comprehensive			controlling
	stock		capital			deficit			income (loss)			interest			Total
Balance at December 31, 2022	$	51	$	1,556,990		$	(699,649	)	$	8,576		$	22		$	865,990
Total comprehensive income (loss)		—		—			59,521			(4,163	)		(1,228	)		54,130
Acquisition of non-controlling interest in a majority owned subsidiary		—		(1,427	)		—			—			—			(1,427	)
Exercise of warrants into common stock		2		111,481			—			—			—			111,483
Amortization of share-based awards		—		1,348			—			—			—			1,348
Balance at September 30, 2023	$	53	$	1,668,392		$	(640,128	)	$	4,413		$	(1,206	)	$	1,031,524


Balance at December 31, 2021	$	41	$	1,376,494		$	(677,900	)	$	2,668		$	466		$	701,769
Total comprehensive loss		—		—			(32,369	)		(1,194	)		(6	)		(33,569	)
Issuance of common stock		5		72,252			—			—			—			72,257
SPO acquisition warrants		—		176,823			—			—			—			176,823
Repurchase of SPO acquisition warrants		—		(73,249	)		—			—			—			(73,249	)
Amortization of share-based awards		—		3,068			—			—			—			3,068
Balance at September 30, 2022	$	46	$	1,555,388		$	(710,269	)	$	1,474		$	460		$	847,099

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								Nine Months Ended
	September 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Vessel revenues:
Americas	$	70,717	24	%	$	39,122	21	%	$	168,780	24	%	$	105,086	23	%
Asia Pacific		38,994	13	%		23,902	12	%		83,603	12	%		45,161	10	%
Middle East		34,685	12	%		31,186	16	%		97,303	14	%		79,800	17	%
Europe/Mediterranean		78,929	26	%		39,702	21	%		149,474	21	%		96,096	21	%
West Africa		73,650	25	%		56,335	30	%		199,318	29	%		130,155	29	%
Total vessel revenues	$	296,975	100	%	$	190,247	100	%	$	698,478	100	%	$	456,298	100	%
Vessel operating costs:
Crew costs	$	97,286	32	%	$	71,189	37	%	$	231,936	33	%	$	172,665	38	%
Repair and maintenance		23,595	8	%		13,544	7	%		57,081	8	%		36,482	8	%
Insurance		2,359	1	%		1,988	1	%		6,532	1	%		4,738	1	%
Fuel, lube and supplies		17,770	6	%		12,291	7	%		45,283	7	%		30,888	7	%
Other		23,229	8	%		14,025	7	%		57,130	8	%		37,032	8	%
Total vessel operating costs		164,239	55	%		113,037	59	%		397,962	57	%		281,805	62	%
Vessel operating margin (A)	$	132,736	45	%	$	77,210	41	%	$	300,516	43	%	$	174,493	38	%

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

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

(In Thousands)	Three Months Ended										Nine Months Ended
	September 30, 2023					September 30, 2022					September 30, 2023					September 30, 2022
Vessel operating profit (loss):
Americas	$	12,586		4	%	$	2,952		2	%	$	26,793		4	%	$	8,800		2	%
Asia Pacific		14,555		5	%		3,260		2	%		27,149		4	%		4,534		1	%
Middle East		(1,143	)	(0	)%		605		0	%		(3,144	)	(1	)%		(1,585	)	(0	)%
Europe/Mediterranean		9,576		3	%		13,137		7	%		19,919		3	%		14,970		3	%
West Africa		28,392		10	%		12,322		6	%		71,087		10	%		24,807		5	%
Other operating profit		806		0	%		922		0	%		5,844		1	%		3,204		1	%
	64,772			22	%	33,198			17	%	147,648			21	%	54,730			12	%

Corporate expenses (A)		(9,961	)	(3	)%		(13,188	)	(7	)%		(33,011	)	(5	)%		(39,600	)	(9	)%
Gain (loss) on asset dispositions, net		863		0	%		264		0	%		4,483		1	%		(826	)	(0	)%
Long-lived asset impairment and other		—		0	%		(1,214	)	0	%		—		0	%		(714	)	(0	)%
Operating income	$	55,674		19	%	$	19,060		10	%	$	119,120		17	%	$	13,590		3	%

Note (A): General and administrative expenses for the three months and nine months ended September 30, 2023 include stock-based compensation of $2.4 million and $7.2 million, respectively. General and administrative expenses for the three and nine months ended September 30, 2022 include stock-based compensation of $1.9 million and $5.3 million, respectively. In addition, vessel operating and general and administrative costs for the three months and nine months ended September 30, 2023, include $6.0 million and $8.7 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and nine months ended September 30, 2022, include $4.3 million and $14.0 million in acquisition, restructuring and integration related costs, respectively.


TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA (In Thousands, except per share data)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022
Revenues:
Vessel revenues	$	296,975		$	210,323		$	191,180		$	185,106		$	190,247
Other operating revenues		2,287			4,638			1,924			1,640			1,515
Total revenues		299,262			214,961			193,104			186,746			191,762
Costs and expenses:
Vessel operating costs (A)		164,239			118,264			115,459			115,496			113,037
Costs of other operating revenue		1,481			373			1,151			694			592
General and administrative (A)		21,001			26,013			23,545			28,633			27,267
Depreciation and amortization		57,730			32,768			30,666			29,881			30,856
Long-lived asset impairment and other		—			—			—			—			1,214
Gain on asset dispositions, net		(863	)		(1,404	)		(2,216	)		(1,076	)		(264	)
Total operating costs and expenses		243,588			176,014			168,605			173,628			172,702
Operating income		55,674			38,947			24,499			13,118			19,060
Other income (expense):
Foreign exchange gain (loss)		(2,149	)		(3,819	)		2,348			2,105			(3,997	)
Equity in net earnings of unconsolidated companies		4			25			—			14			9
Interest income and other, net		568			2,790			130			981			581
Interest and other debt costs, net		(19,288	)		(4,731	)		(4,190	)		(4,339	)		(4,391	)
Total other expense		(20,865	)		(5,735	)		(1,712	)		(1,239	)		(7,798	)
Income before income taxes		34,809			33,212			22,787			11,879			11,262
Income tax expense		9,260			11,284			11,971			1,697			6,352
Net income		25,549			21,928			10,816			10,182			4,910
Net income (loss) attributable to noncontrolling interests		(650	)		(656	)		78			(438	)		(470	)
Net income attributable to Tidewater Inc.	$	26,199		$	22,584		$	10,738		$	10,620		$	5,380
Basic income per common share	$	0.50		$	0.44		$	0.21		$	0.22		$	0.12
Diluted income per common share	$	0.49		$	0.43		$	0.21		$	0.20		$	0.10
Weighted average common shares outstanding		52,230			50,857			50,604			48,766			44,451
Dilutive effect of warrants, restricted stock units and stock options		1,380			1,148			1,368			3,069			7,069
Adjusted weighted average common shares		53,610			52,005			51,972			51,835			51,520

Vessel operating margin	$	132,736		$	92,059		$	75,721		$	69,610		$	77,210

Note (A): Acquisition, restructuring and integration related costs	$	6,079		$	1,242		$	1,426		$	5,150		$	4,332


TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)

	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022
ASSETS
Current assets:
Cash and cash equivalents	$	275,070		$	171,261		$	165,145		$	164,192		$	115,014
Restricted cash		4,973			1,242			4,972			1,241			4,965
Trade and other receivables, net		250,671			195,906			182,198			156,465			181,646
Marine operating supplies		27,489			22,495			24,448			30,830			20,764
Assets held for sale		565			630			695			4,195			6,815
Prepaid expenses and other current assets		16,598			18,958			18,978			20,985			17,509
Total current assets		575,366			410,492			396,436			377,908			346,713
Net properties and equipment		1,348,001			784,873			786,168			796,655			815,990
Deferred drydocking and survey costs		99,215			92,481			82,787			61,080			57,877
Indemnification assets		18,648			22,678			27,698			28,369			30,117
Other assets		30,325			33,640			34,058			33,644			32,364
Total assets	$	2,071,555		$	1,344,164		$	1,327,147		$	1,297,656		$	1,283,061

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	57,183		$	69,822		$	64,775		$	38,946		$	31,829
Accrued expenses		119,631			91,875			107,348			105,518			105,945
Current portion of long-term debt		102,369			2,441			—			—			—
Other current liabilities		53,301			42,305			43,220			50,323			46,629
Total current liabilities		332,484			206,443			215,343			194,787			184,403
Long-term debt		641,301			179,573			169,423			169,036			168,649
Other liabilities		66,246			65,621			68,968			67,843			82,910


Equity:
Common stock		53			51			51			51			46
Additional paid-in-capital		1,668,392			1,554,793			1,553,919			1,556,990			1,555,388
Accumulated deficit		(640,128	)		(666,327	)		(688,911	)		(699,649	)		(710,269	)
Accumulated other comprehensive income		4,413			4,566			8,254			8,576			1,474
Total stockholders' equity		1,032,730			893,083			873,313			865,968			846,639
Noncontrolling interests		(1,206	)		(556	)		100			22			460
Total equity		1,031,524			892,527			873,413			865,990			847,099
Total liabilities and equity	$	2,071,555		$	1,344,164		$	1,327,147		$	1,297,656		$	1,283,061


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA (In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022
Operating activities:
Net income (loss)	$	25,549		$	21,928		$	10,816		$	10,182		$	4,910
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		43,845			21,096			21,048			20,983			22,252
Amortization of deferred drydocking and survey costs		13,885			11,672			9,618			8,898			8,604
Amortization of debt premiums and discounts		1,802			422			420			522			392
Amortization of below market contracts		(1,906	)		—			—			—			—
(Provision) benefit for deferred income taxes		35			(1	)		35			(98	)		(11	)
Gain on asset dispositions, net		(863	)		(1,404	)		(2,216	)		(1,076	)		(264	)
Gain on pension settlement		—			(1,807	)		—			—			—
Long-lived asset impairment and other		—			—			—			—			1,214
Stock-based compensation expense		2,496			2,648			2,103			2,028			1,923
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables		(54,765	)		(12,186	)		(25,733	)		26,172			4,784
Accounts payable		(12,639	)		5,047			25,829			7,117			1,292
Accrued expenses		27,775			(15,374	)		1,830			(427	)		(3,267	)
Deferred drydocking and survey costs		(20,618	)		(21,366	)		(31,325	)		(12,117	)		(12,820	)
Other, net		10,343			(934	)		369			(16,844	)		(896	)
Net cash provided by operating activities		34,939			9,741			12,794			45,340			28,113
Cash flows from investing activities:
Proceeds from sales of assets		945			2,943			5,716			5,093			312
Acquisitions, net of cash acquired		(594,191	)		—			—			—			8,785
Additions to properties and equipment		(5,702	)		(8,849	)		(8,651	)		(4,929	)		(6,328	)
Net cash provided by (used in) investing activities		(598,948	)		(5,906	)		(2,935	)		164			2,769
Cash flows from financing activities:
Exercise of warrants		111,483			—			—			—			—
Proceeds from issuance of shares		—			—			—			117,202			70,630
Repurchase of SPO acquisition warrants		—			—			—			(117,202	)		(70,630	)
Issuance of long-term debt		575,000			—			—			—			—
Acquisition of non-controlling interest in a majority owned subsidiary		—			—			(1,427	)		—			—
Debt issuance costs		(14,758	)		—			—			—			(22	)
Tax on share-based awards		(378	)		(1,774	)		(3,747	)		(47	)		(100	)
Net cash provided by (used in) financing activities		671,347			(1,774	)		(5,174	)		(47	)		(122	)
Net change in cash, cash equivalents and restricted cash		107,338			2,061			4,685			45,457			30,760
Cash, cash equivalents and restricted cash at beginning of period		174,723			172,662			167,977			122,520			91,760
Cash, cash equivalents and restricted cash at end of period	$	282,061		$	174,723		$	172,662		$	167,977		$	122,520

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	606		$	7,748		$	98		$	7,575		$	353
Income taxes	$	9,384		$	10,144		$	17,057		$	6,132		$	6,813
Supplemental disclosure of noncash investing activities:
Purchase of three vessels	$	27		$	12,171		$	—		$	—		$	—
Supplemental disclosure of noncash financing activities:
Repurchase of SPO acquisition warrants	$	—		$	—		$	—		$	373		$	992
Debt incurred for purchase of three vessels	$	27		$	12,171		$	—		$	—		$	—


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2023		2023		2023		2022		2022
VESSEL REVENUE BY VESSEL CLASS

Americas fleet:
PSV > 900	$	29,270	$	20,316	$	20,556	$	17,814	$	15,676
PSV < 900		28,886		19,134		17,390		16,486		16,460
AHTS > 16K		3,584		3,425		3,395		2,873		3,429
AHTS 8 - 16K		2,064		2,807		2,807		1,899		1,601
AHTS 4 - 8K		1,570		1,480		1,521		1,553		1,185
Other		4,942		3,214		2,018		1,160		771
Total		70,316		50,376		47,687		41,785		39,122
Asia Pacific fleet:
PSV > 900		20,159		9,648		9,101		6,692		10,896
PSV < 900		8,292		5,811		5,133		3,120		3,891
AHTS > 16K		3,271		2,065		1,342		3,260		3,128
AHTS 8 - 16K		5,287		5,001		5,397		4,364		4,333
AHTS 4 - 8K		1,582		8		998		1,584		1,605
Other		52		52		53		50		49
Total		38,643		22,585		22,024		19,070		23,902
Middle East fleet:
PSV > 900		1,088		1,211		1,192		1,218		2,771
PSV < 900		17,790		16,812		14,965		15,517		16,063
AHTS > 16K		1,197		1,217		2,316		2,351		2,350
AHTS 8 - 16K		3,420		4,276		4,593		4,146		3,397
AHTS 4 - 8K		11,191		8,340		7,696		7,343		6,605
Total		34,686		31,856		30,762		30,575		31,186
Europe/Mediterranean fleet:
PSV > 900		63,582		29,592		23,368		24,783		27,167
PSV < 900		10,329		7,205		5,153		7,874		7,092
AHTS > 16K		3,617		2,228		2,511		643		5,251
Other		247		270		218		182		192
Total		77,775		39,295		31,250		33,482		39,702
West Africa fleet:
PSV > 900		17,566		11,550		9,900		10,534		8,041
PSV < 900		26,396		25,419		24,835		20,494		18,249
AHTS > 16K		7,138		9,129		6,237		5,385		6,152
AHTS 8 - 16K		11,917		9,870		9,827		11,810		11,236
AHTS 4 - 8K		2,745		3,496		2,360		5,780		6,445
Other		7,888		6,747		6,298		6,191		6,212
Total		73,650		66,211		59,457		60,194		56,335
Worldwide fleet:
PSV > 900		131,665		72,317		64,117		61,041		64,551
PSV < 900		91,693		74,381		67,476		63,491		61,755
AHTS > 16K		18,807		18,064		15,801		14,512		20,310
AHTS 8 - 16K		22,688		21,954		22,624		22,219		20,567
AHTS 4 - 8K		17,088		13,324		12,575		16,260		15,840
Other		13,129		10,283		8,587		7,583		7,224
Total	$	295,070	$	210,323	$	191,180	$	185,106	$	190,247


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022
AVERAGE NUMBER OF VESSELS:

Americas fleet:
PSV > 900		12			10			10			10			11
PSV < 900		18			15			15			16			17
AHTS > 16K		2			2			2			2			2
AHTS 8 - 16K		2			2			2			2			1
AHTS 4 - 8K		2			2			2			2			2
Other		2			2			1			1			1
Total		38			33			32			33			34
Stacked vessels		(1	)		(1	)		(1	)		(2	)		(3	)
Active vessels		37			32			31			31			31
Asia Pacific fleet:
PSV > 900		8			6			5			5			5
PSV < 900		4			2			2			2			2
AHTS > 16K		2			2			1			2			2
AHTS 8 - 16K		3			3			3			3			3
AHTS 4 - 8K		1			1			2			3			4
Other		—			—			1			1			1
Total		18			14			14			16			17
Stacked vessels		—			—			(1	)		(2	)		(2	)
Active vessels		18			14			13			14			15
Middle East fleet:
PSV > 900		1			1			1			2			2
PSV < 900		20			20			21			20			20
AHTS > 16K		1			1			2			2			2
AHTS 8 - 16K		5			5			5			5			5
AHTS 4 - 8K		18			17			14			14			13
Total		45			44			43			43			42
Stacked vessels		—			—			—			—			—
Active vessels		45			44			43			43			42
Europe/Mediterranean fleet:
PSV > 900		40			19			20			20			19
PSV < 900		8			6			6			6			6
AHTS > 16K		2			1			1			1			1
Total		50			26			27			27			26
Stacked vessels		—			—			—			—			—
Active vessels		50			26			27			27			26
West Africa fleet:
PSV > 900		9			7			7			6			6
PSV < 900		19			18			18			18			18
AHTS > 16K		4			5			5			4			4
AHTS 8 - 16K		11			11			11			11			12
AHTS 4 - 8K		5			6			8			8			8
Other		24			23			25			28			28
Total		72			70			74			75			76
Stacked vessels		(3	)		(5	)		(8	)		(10	)		(9	)
Active vessels		69			65			66			65			67
Worldwide fleet:
PSV > 900		70			43			43			43			43
PSV < 900		69			61			62			62			63
AHTS > 16K		11			11			11			11			11
AHTS 8 - 16K		21			21			21			21			21
AHTS 4 - 8K		26			26			26			27			27
Other		26			25			27			30			30
Total		223			187			190			194			195
Stacked vessels		(4	)		(6	)		(10	)		(14	)		(14	)
Active vessels		219			181			180			180			181

Total active		219			181			180			180			181
Total stacked		4			6			10			14			14
Total joint venture		—			—			—			1			1
Total		223			187			190			195			196


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2023		2023		2023		2022		2022
AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:
PSV > 900		1,095		910		907		922		1,012
PSV < 900		1,730		1,365		1,359		1,499		1,564
AHTS > 16K		184		182		180		184		184
AHTS 8 - 16K		184		182		180		184		122
AHTS 4 - 8K		184		182		180		184		184
Other		184		182		121		92		92
Total		3,561		3,003		2,927		3,065		3,158
Asia Pacific fleet:
PSV > 900		726		559		481		460		460
PSV < 900		358		182		180		184		184
AHTS > 16K		184		182		90		184		184
AHTS 8 - 16K		276		273		270		276		276
AHTS 4 - 8K		92		91		180		292		368
Other		—		—		48		92		92
Total		1,636		1,287		1,249		1,488		1,564
Middle East fleet:
PSV > 900		92		91		90		92		123
PSV < 900		1,840		1,820		1,842		1,840		1,840
AHTS > 16K		92		91		180		184		184
AHTS 8 - 16K		460		455		450		460		465
AHTS 4 - 8K		1,640		1,556		1,291		1,288		1,217
Total		4,124		4,013		3,853		3,864		3,829
Europe/Mediterranean fleet:
PSV > 900		3,672		1,729		1,762		1,838		1,748
PSV < 900		727		546		540		552		552
AHTS > 16K		184		139		90		92		92
Total		4,583		2,414		2,392		2,482		2,392
West Africa fleet:
PSV > 900		819		637		630		644		613
PSV < 900		1,744		1,638		1,620		1,656		1,656
AHTS > 16K		368		407		450		368		368
AHTS 8 - 16K		1,012		1,001		990		1,012		1,074
AHTS 4 - 8K		476		546		720		736		736
Other		2,184		2,099		2,256		2,545		2,582
Total		6,603		6,328		6,666		6,961		7,029
Worldwide fleet:
PSV > 900		6,404		3,926		3,870		3,956		3,956
PSV < 900		6,399		5,551		5,541		5,731		5,796
AHTS > 16K		1,012		1,001		990		1,012		1,012
AHTS 8 - 16K		1,932		1,911		1,890		1,932		1,937
AHTS 4 - 8K		2,392		2,375		2,371		2,500		2,505
Other		2,368		2,281		2,425		2,729		2,766
Total		20,507		17,045		17,087		17,860		17,972


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2023		2023		2023		2022		2022
OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:
PSV < 900		92		91		99		211		276
Total		92		91		99		211		276
Asia Pacific fleet:
AHTS 4 - 8K		—		—		—		54		61
Other		—		—		48		92		92
Total		—		—		48		146		153
West Africa fleet:
AHTS 4 - 8K		184		182		180		158		92
Other		103		265		540		797		747
Total		287		447		720		955		839
Worldwide fleet:
PSV < 900		92		91		99		211		276
AHTS 4 - 8K		184		182		180		212		153
Other		103		265		588		889		839
Total		379		538		867		1,312		1,268


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2023		2023		2023		2022		2022
AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:
PSV > 900		1,095		910		907		922		1,012
PSV < 900		1,638		1,274		1,260		1,288		1,288
AHTS > 16K		184		182		180		184		184
AHTS 8 - 16K		184		182		180		184		122
AHTS 4 - 8K		184		182		180		184		184
Other		184		182		121		92		92
Total		3,469		2,912		2,828		2,854		2,882
Asia Pacific fleet:
PSV > 900		726		559		481		460		460
PSV < 900		358		182		180		184		184
AHTS > 16K		184		182		90		184		184
AHTS 8 - 16K		276		273		270		276		276
AHTS 4 - 8K		92		91		180		238		307
Total		1,636		1,287		1,201		1,342		1,411
Middle East fleet:
PSV > 900		92		91		90		92		123
PSV < 900		1,840		1,820		1,842		1,840		1,840
AHTS > 16K		92		91		180		184		184
AHTS 8 - 16K		460		455		450		460		465
AHTS 4 - 8K		1,640		1,556		1,291		1,288		1,217
Total		4,124		4,013		3,853		3,864		3,829
Europe/Mediterranean fleet:
PSV > 900		3,672		1,729		1,762		1,838		1,748
PSV < 900		727		546		540		552		552
AHTS > 16K		184		139		90		92		92
Total		4,583		2,414		2,392		2,482		2,392
West Africa fleet:
PSV > 900		819		637		630		644		613
PSV < 900		1,744		1,638		1,620		1,656		1,656
AHTS > 16K		368		407		450		368		368
AHTS 8 - 16K		1,012		1,001		990		1,012		1,074
AHTS 4 - 8K		292		364		540		578		644
Other		2,081		1,834		1,716		1,748		1,835
Total		6,316		5,881		5,946		6,006		6,190
Worldwide fleet:
PSV > 900		6,404		3,926		3,870		3,956		3,956
PSV < 900		6,307		5,460		5,442		5,520		5,520
AHTS > 16K		1,012		1,001		990		1,012		1,012
AHTS 8 - 16K		1,932		1,911		1,890		1,932		1,937
AHTS 4 - 8K		2,208		2,193		2,191		2,288		2,352
Other		2,265		2,016		1,837		1,840		1,927
Total		20,128		16,507		16,220		16,548		16,704


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	September 30,				June 30,			March 31,			December 31,			September 30,
		2023			2023			2023			2022			2022
UTILIZATION - TOTAL FLEET:

Americas fleet:
PSV > 900			84.5	%		78.5	%		84.2	%		82.6	%		74.6	%
PSV < 900			85.7			83.9			79.8			68.1			69.3
AHTS > 16K			54.7			50.0			50.0			48.2			92.4
AHTS 8 - 16K			65.4			100.0			100.0			76.8			89.5
AHTS 4 - 8K			97.8			93.7			96.4			99.2			74.4
Other			100.0			100.0			97.5			100.0			66.5
Total			84.1	%		82.8	%		82.3	%		74.6	%		73.3	%
Asia Pacific fleet:
PSV > 900			97.3	%		71.1	%		70.8	%		62.6	%		94.5	%
PSV < 900			99.0			100.0			90.6			78.4			100.0
AHTS > 16K			66.7			60.7			78.1			90.8			89.9
AHTS 8 - 16K			78.9			85.0			79.8			85.4			97.2
AHTS 4 - 8K			100.0			10.4			80.3			79.5			64.5
Total			91.3	%		72.4	%		74.8	%		71.7	%		82.5	%
Middle East fleet:
PSV > 900			90.2	%		100.0	%		100.0	%		100.0	%		93.6	%
PSV < 900			82.8			81.6			74.4			78.3			84.1
AHTS > 16K			100.0			100.0			100.0			100.0			94.7
AHTS 8 - 16K			69.0			87.0			96.0			84.8			68.5
AHTS 4 - 8K			77.7			63.4			85.7			86.3			84.9
Total			79.8	%		76.0	%		82.5	%		83.3	%		83.3	%
Europe/Mediterranean fleet:
PSV > 900			90.3	%		91.2	%		82.7	%		87.1	%		95.8	%
PSV < 900			87.7			79.0			85.4			93.8			96.4
AHTS > 16K			63.3			43.4			84.1			65.5			76.9
Total			88.8	%		85.7	%		83.4	%		87.8	%		95.2	%
West Africa fleet:
PSV > 900			88.5	%		83.1	%		83.0	%		85.7	%		70.9	%
PSV < 900			85.1			91.1			95.3			89.9			86.6
AHTS > 16K			77.0			92.9			73.5			89.4			100.0
AHTS 8 - 16K			79.5			79.6			79.8			91.1			85.7
AHTS 4 - 8K			58.5			62.9			32.4			62.1			82.6
Other			50.0			49.4			50.3			45.4			44.4
Total			70.7	%		72.3	%		68.4	%		70.5	%		69.9	%
Worldwide fleet:
PSV > 900			89.9	%		84.3	%		82.0	%		83.3	%		86.3	%
PSV < 900			85.7			85.3			83.4			80.5			82.5
AHTS > 16K			70.7			73.0			75.4			81.9			93.7
AHTS 8 - 16K			75.6			84.1			85.6			87.4			83.4
AHTS 4 - 8K			76.3			63.5			69.9			79.4			80.5
Other			53.9			53.4			51.7			45.7			43.7
Total			80.5	%		76.9	%		76.5	%		76.5	%		77.8	%


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	September 30,				June 30,			March 31,			December 31,			September 30,
		2023			2023			2023			2022			2022
UTILIZATION - ACTIVE FLEET:

Americas fleet:
PSV > 900			84.5	%		78.5	%		84.2	%		82.6	%		74.6	%
PSV < 900			90.5			89.9			86.1			79.3			84.1
AHTS > 16K			54.7			50.0			50.0			48.2			92.4
AHTS 8 - 16K			65.4			100.0			100.0			76.8			89.5
AHTS 4 - 8K			97.8			93.7			96.4			99.2			74.4
Other			100.0			100.0			97.5			100.0			66.5
Total			86.3	%		85.4	%		85.2	%		80.1	%		80.3	%
Asia Pacific fleet:
PSV > 900			97.3	%		71.1	%		70.8	%		62.6	%		94.5	%
PSV < 900			99.0			100.0			90.6			78.4			100.0
AHTS > 16K			66.7			60.7			78.1			90.8			89.9
AHTS 8 - 16K			78.9			85.0			79.8			85.4			97.2
AHTS 4 - 8K			100.0			10.4			80.3			97.4			77.4
Total			91.3	%		72.4	%		77.8	%		79.5	%		91.4	%
Middle East fleet:
PSV > 900			90.2	%		100.0	%		100.0	%		100.0	%		93.6	%
PSV < 900			82.8			81.6			74.4			78.3			84.1
AHTS > 16K			100.0			100.0			100.0			100.0			94.7
AHTS 8 - 16K			69.0			87.0			96.0			84.8			68.5
AHTS 4 - 8K			77.7			63.4			85.7			86.3			84.9
Total			79.8	%		76.0	%		82.5	%		83.3	%		83.3	%
Europe/Mediterranean fleet:
PSV > 900			90.3	%		91.2	%		82.7	%		87.1	%		95.8	%
PSV < 900			87.7			79.0			85.4			93.8			96.4
AHTS > 16K			63.3			43.4			84.1			65.5			76.9
Total			88.8	%		85.7	%		83.4	%		87.8	%		95.2	%
West Africa fleet:
PSV > 900			88.5	%		83.1	%		83.0	%		85.7	%		70.9	%
PSV < 900			85.1			91.1			95.3			89.9			86.6
AHTS > 16K			77.0			92.9			73.5			89.4			100.0
AHTS 8 - 16K			79.5			79.6			79.8			91.1			85.7
AHTS 4 - 8K			95.4			94.3			43.2			79.1			94.5
Other			52.5			56.5			66.2			66.1			62.5
Total			73.9	%		77.8	%		76.6	%		81.7	%		79.4	%
Worldwide fleet:
PSV > 900			89.9	%		84.3	%		82.0	%		83.3	%		86.3	%
PSV < 900			86.9			86.7			84.9			83.6			86.6
AHTS > 16K			70.7			73.0			75.4			81.9			93.7
AHTS 8 - 16K			75.6			84.1			85.6			87.4			83.4
AHTS 4 - 8K			82.6			68.8			75.7			86.7			85.7
Other			56.4			60.4			68.2			67.8			62.7
Total			82.1	%		79.4	%		80.6	%		82.5	%		83.7	%


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2023		2023		2023		2022		2022
AVERAGE VESSEL DAY RATES: (A)

Americas fleet:
PSV > 900	$	31,648	$	28,446	$	26,930	$	23,401	$	20,775
PSV < 900		19,479		16,702		16,037		16,146		15,197
AHTS > 16K		35,598		37,640		37,720		32,368		20,175
AHTS 8 - 16K		17,157		15,421		15,593		13,431		14,668
AHTS 4 - 8K		8,717		8,678		8,764		8,511		8,654
Other		26,857		17,658		17,110		12,611		12,616
Total		23,495		20,269		19,794		18,271		16,901
Asia Pacific fleet:
PSV > 900		28,525		24,276		26,723		23,237		25,072
PSV < 900		23,380		31,927		31,488		21,627		21,148
AHTS > 16K		26,649		18,690		19,095		19,519		18,902
AHTS 8 - 16K		24,275		21,561		25,049		18,509		16,144
AHTS 4 - 8K		17,197		946		6,903		6,822		6,759
Total		25,867		24,250		23,582		17,868		18,530
Middle East fleet:
PSV > 900		13,112		13,304		13,251		13,234		24,061
PSV < 900		11,677		11,320		10,926		10,768		10,378
AHTS > 16K		13,004		13,378		12,868		12,777		13,487
AHTS 8 - 16K		10,771		10,804		10,632		10,627		10,666
AHTS 4 - 8K		8,787		8,460		6,953		6,604		6,396
Total		10,544		10,449		9,679		9,498		9,781
Europe/Mediterranean fleet:
PSV > 900		19,170		18,757		16,031		15,476		16,229
PSV < 900		16,197		16,709		11,177		15,212		13,323
AHTS > 16K		31,048		36,913		33,164		10,682		74,231
Total		19,105		18,990		15,669		15,364		17,436
West Africa fleet:
PSV > 900		24,220		21,815		18,931		19,096		18,502
PSV < 900		17,781		17,040		16,080		13,758		12,721
AHTS > 16K		25,192		24,154		18,863		16,367		16,719
AHTS 8 - 16K		14,804		12,382		12,433		12,809		12,212
AHTS 4 - 8K		9,858		10,178		10,113		12,637		10,595
Other		7,217		6,511		5,548		5,359		5,415
Total		15,772		14,469		13,047		12,272		11,467
Worldwide fleet:
PSV > 900		22,872		21,850		20,198		18,529		18,914
PSV < 900		16,722		15,706		14,597		13,762		12,915
AHTS > 16K		26,293		24,719		21,163		17,505		21,415
AHTS 8 - 16K		15,533		13,662		13,984		13,153		12,726
AHTS 4 - 8K		9,368		8,828		7,583		8,196		7,859
Other		10,281		8,441		6,852		6,080		5,979
Total	$	17,865	$	16,042	$	14,624	$	13,554	$	13,606

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


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022

Americas
Vessel revenues	$	70,717		$	50,376		$	47,687		$	41,785		$	39,122

Vessel operating costs:
Crew costs		26,848			18,033			17,402			16,486			16,080
Repair and maintenance		5,588			3,973			3,888			3,619			3,594
Insurance		476			479			410			410			414
Fuel, lube and supplies		4,386			2,549			2,999			2,387			2,557
Other		5,924			4,564			3,572			5,102			3,090
Total vessel operating costs		43,222			29,598			28,271			28,004			25,735

Vessel operating margin ($)		27,495			20,778			19,416			13,781			13,387
Vessel operating margin (%)		38.9	%		41.2	%		40.7	%		33.0	%		34.2	%

Americas - Select operating statistics
Average vessels - Total fleet		38			33			32			33			34
Utilization - Total fleet		84.1	%		82.8	%		82.3	%		74.6	%		73.3	%

Average vessels - Active fleet		37			32			31			31			31
Utilization - Active fleet		86.3	%		85.4	%		85.2	%		80.1	%		80.3	%

Average day rates	$	23,495		$	20,269		$	19,794		$	18,271		$	16,901

Vessels commencing drydocks		3			4			2			2			4


Deferred drydocking and survey costs - beginning balance	$	29,769		$	27,832		$	21,720		$	21,772		$	19,208
Cash paid for deferred drydocking and survey costs		4,658			5,867			8,218			4,389			5,678
Amortization of deferred drydocking and survey costs		(3,727	)		(2,626	)		(3,417	)		(3,025	)		(2,932	)
Disposals, intersegment transfers and other		(1,016	)		(1,304	)		1,311			(1,416	)		(182	)
Deferred drydocking and survey costs - ending balance	$	29,684		$	29,769		$	27,832		$	21,720		$	21,772


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022

Asia Pacific
Vessel revenues	$	38,994		$	22,585		$	22,024		$	19,070		$	23,902

Vessel operating costs:
Crew costs		12,390			7,062			7,311			9,876			10,631
Repair and maintenance		2,969			1,517			1,749			901			947
Insurance		183			219			123			183			189
Fuel, lube and supplies		909			1,521			1,630			1,299			1,145
Other		2,380			1,648			1,678			1,574			1,909
Total vessel operating costs		18,831			11,967			12,491			13,833			14,821

Vessel operating margin ($)		20,163			10,618			9,533			5,237			9,081
Vessel operating margin (%)		51.7	%		47.0	%		43.3	%		27.5	%		38.0	%

Asia Pacific - Select operating statistics
Average vessels - Total fleet		18			14			14			16			17
Utilization - Total fleet		91.3	%		72.4	%		74.8	%		71.7	%		82.5	%

Average vessels - Active fleet		18			14			13			14			15
Utilization - Active fleet		91.3	%		72.4	%		77.8	%		79.5	%		91.4	%

Average day rates	$	25,867		$	24,250		$	23,582		$	17,868		$	18,530

Vessels commencing drydocks		—			—			1			2			—


Deferred drydocking and survey costs - beginning balance	$	2,128		$	2,525		$	553		$	979		$	852
Cash paid for deferred drydocking and survey costs		84			(4	)		2,368			156			702
Amortization of deferred drydocking and survey costs		(637	)		(393	)		(282	)		(117	)		(139	)
Disposals, intersegment transfers and other		2,020			—			(114	)		(465	)		(436	)
Deferred drydocking and survey costs - ending balance	$	3,595		$	2,128		$	2,525		$	553		$	979


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022

Middle East
Vessel revenues	$	34,685		$	31,856		$	30,762		$	30,575		$	31,186

Vessel operating costs:
Crew costs		13,914			13,170			12,616			12,472			12,814
Repair and maintenance		4,828			3,779			3,475			3,216			3,441
Insurance		385			465			433			384			406
Fuel, lube and supplies		3,142			3,470			2,870			2,991			3,281
Other		4,796			3,756			3,669			2,505			1,804
Total vessel operating costs		27,065			24,640			23,063			21,568			21,746

Vessel operating margin ($)		7,620			7,216			7,699			9,007			9,440
Vessel operating margin (%)		22.0	%		22.7	%		25.0	%		29.5	%		30.3	%

Middle East - Select operating statistics
Average vessels - Total fleet		45			44			43			43			42
Utilization - Total fleet		79.8	%		76.0	%		82.5	%		83.3	%		83.3	%

Average vessels - Active fleet		45			44			43			43			42
Utilization - Active fleet		79.8	%		76.0	%		82.5	%		83.3	%		83.3	%

Average day rates	$	10,544		$	10,449		$	9,679		$	9,498		$	9,781

Vessels commencing drydocks		4			7			5			5			5


Deferred drydocking and survey costs - beginning balance	$	22,717		$	20,677		$	15,062		$	14,993		$	14,980
Cash paid for deferred drydocking and survey costs		3,234			4,262			7,787			1,930			2,345
Amortization of deferred drydocking and survey costs		(2,776	)		(3,778	)		(1,913	)		(2,323	)		(2,346	)
Disposals, intersegment transfers and other		(2,022	)		1,556			(259	)		462			14
Deferred drydocking and survey costs - ending balance	$	21,153		$	22,717		$	20,677		$	15,062		$	14,993


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022

Europe/Mediterranean
Vessel revenues	$	78,929		$	39,295		$	31,250		$	33,482		$	39,702

Vessel operating costs:
Crew costs		26,632			13,406			12,727			13,010			12,347
Repair and maintenance		5,342			2,900			2,706			3,067			1,652
Insurance		689			354			384			386			440
Fuel, lube and supplies		4,033			2,363			1,584			2,051			1,158
Other		5,376			2,292			2,371			1,762			2,170
Total vessel operating costs		42,072			21,315			19,772			20,276			17,767

Vessel operating margin ($)		36,857			17,980			11,478			13,206			21,935
Vessel operating margin (%)		46.7	%		45.8	%		36.7	%		39.4	%		55.2	%

Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		50			26			27			27			26
Utilization - Total fleet		88.8	%		85.7	%		83.4	%		87.8	%		95.2	%

Average vessels - Active fleet		50			26			27			27			26
Utilization - Active fleet		88.8	%		85.7	%		83.4	%		87.8	%		95.2	%

Average day rates	$	19,105		$	18,990		$	15,669		$	15,364		$	17,436

Vessels commencing drydocks		5			4			4			3			1


Deferred drydocking and survey costs - beginning balance	$	11,705		$	11,363		$	9,566		$	8,588		$	9,231
Cash paid for deferred drydocking and survey costs		6,733			2,217			5,128			1,175			315
Amortization of deferred drydocking and survey costs		(3,201	)		(1,875	)		(1,739	)		(1,523	)		(1,244	)
Disposals, intersegment transfers and other		1,019			—			(1,592	)		1,326			286
Deferred drydocking and survey costs - ending balance	$	16,256		$	11,705		$	11,363		$	9,566		$	8,588


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022

West Africa
Vessel revenues	$	73,650		$	66,211		$	59,457		$	60,194		$	56,335

Vessel operating costs:
Crew costs		17,502			16,336			16,587			17,855			19,317
Repair and maintenance		4,868			4,665			4,834			3,971			3,910
Insurance		626			651			655			664			539
Fuel, lube and supplies		5,300			4,055			4,472			4,113			4,150
Other		4,753			5,037			5,314			5,212			5,052
Total vessel operating costs		33,049			30,744			31,862			31,815			32,968

Vessel operating margin ($)		40,601			35,467			27,595			28,379			23,367
Vessel operating margin (%)		55.1	%		53.6	%		46.4	%		47.1	%		41.5	%

West Africa - Select operating statistics
Average vessels - Total fleet		72			70			74			75			76
Utilization - Total fleet		70.7	%		72.3	%		68.4	%		70.5	%		69.9	%

Average vessels - Active fleet		69			65			66			65			67
Utilization - Active fleet		73.9	%		77.8	%		76.6	%		81.7	%		79.4	%

Average day rates	$	15,772		$	14,469		$	13,047		$	12,272		$	11,467

Vessels commencing drydocks		7			4			6			2			5


Deferred drydocking and survey costs - beginning balance	$	26,162		$	20,390		$	14,179		$	11,545		$	9,390
Cash paid for deferred drydocking and survey costs		5,909			9,024			7,824			4,467			3,780
Amortization of deferred drydocking and survey costs		(3,544	)		(3,000	)		(2,267	)		(1,909	)		(1,943	)
Disposals, intersegment transfers and other		—			(252	)		654			76			318
Deferred drydocking and survey costs - ending balance	$	28,527		$	26,162		$	20,390		$	14,179		$	11,545


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022

Worldwide
Vessel revenues	$	296,975		$	210,323		$	191,180		$	185,106		$	190,247

Vessel operating costs:
Crew costs		97,286			68,007			66,643			69,699			71,189
Repair and maintenance		23,595			16,834			16,652			14,774			13,544
Insurance		2,359			2,168			2,005			2,027			1,988
Fuel, lube and supplies		17,770			13,958			13,555			12,841			12,291
Other		23,229			17,297			16,604			16,155			14,025
Total vessel operating costs		164,239			118,264			115,459			115,496			113,037

Vessel operating margin ($)		132,736			92,059			75,721			69,610			77,210
Vessel operating margin (%)		44.7	%		43.8	%		39.6	%		37.6	%		40.6	%

Worldwide - Select operating statistics
Average vessels - Total fleet		223			187			190			194			195
Utilization - Total fleet		80.5	%		76.9	%		76.5	%		76.5	%		77.8	%

Average vessels - Active fleet		219			181			180			180			181
Utilization - Active fleet		82.1	%		79.4	%		80.6	%		82.5	%		83.7	%

Average day rates	$	17,865		$	16,042		$	14,624		$	13,554		$	13,606

Vessels commencing drydocks		19			19			18			14			15


Deferred drydocking and survey costs - beginning balance	$	92,481		$	82,787		$	61,080		$	57,877		$	53,661
Cash paid for deferred drydocking and survey costs		20,618			21,366			31,325			12,117			12,820
Amortization of deferred drydocking and survey costs		(13,885	)		(11,672	)		(9,618	)		(8,897	)		(8,604	)
Disposals, intersegment transfers and other		1			—			—			(17	)		—
Deferred drydocking and survey costs - ending balance	$	99,215		$	92,481		$	82,787		$	61,080		$	57,877


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	September 30,			June 30,		March 31,		December 31,		September 30,
	2023			2023		2023		2022		2022

Net income (loss)	$	25,549		$	21,928	$	10,816	$	10,182	$	4,910

Interest and other debt costs		19,288			4,731		4,190		4,339		4,391
Income tax expense		9,260			11,284		11,971		1,697		6,352
Depreciation		43,845			21,096		21,048		20,983		22,252
Amortization of deferred drydock and survey costs		13,885			11,672		9,618		8,898		8,604
Amortization of below market contracts		(1,906	)		—		—		—		—
EBITDA (A), (B), (C)		109,921			70,711		57,643		46,099		46,509

Indemnification assets non-cash charge		1,184			—		—		—		—
Long-lived asset impairment and other		—			—		—		—		1,214
Acquisition, restructuring and integration related costs		6,079			1,242		1,426		5,150		4,332
Adjusted EBITDA (A), (B), (C)	$	117,184		$	71,953	$	59,069	$	51,249	$	52,055

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 indemnification assets non-cash charge included in interest income and other, impairment charges, and acquisition, restructuring and integration related costs. Note (B): EBITDA and Adjusted EBITDA for the three months ended September 30, 2023, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $2,496, $2,648, $2,103, $2,028 and $1,923 respectively. Note (C): EBITDA and Adjusted EBITDA for the three months ended September 30, 2023, and for each of the prior four quarters includes foreign exchange gain (losses) of $(2,149), $(3,819), $2,348, $2,105 and $(3,997) respectively.

Non-GAAP Financial Measures

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

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

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

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


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022

Net cash provided by operating activities (A)	$	34,939		$	9,741		$	12,794		$	45,340		$	28,113

Cash interest expense		606			7,748			98			7,575			353
Interest income and other		(568	)		(2,790	)		(130	)		(981	)		(581	)
Indemnification assets charge		(1,184	)		—			—			—			—
Additions to property and equipment		(5,702	)		(8,849	)		(8,651	)		(4,929	)		(6,328	)
Acquisitions		(594,191	)		—			—			—			8,785
Expansion capital		594,252			2,493			109			1,240			(8,441	)
Free cash flow before proceeds from asset sales		28,152			8,343			4,220			48,245			21,901

Proceeds from asset sales		945			2,943			5,716			5,093			312

Free cash flow	$	29,097		$	11,286		$	9,936		$	53,338		$	22,213

Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by (used in) operating activities adjusted for capital expenditures, 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 (used in) operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	(29,286	)	$	(23,447	)	$	2,295		$	16,018		$	1,913
Cash paid for deferred drydock and survey costs		(20,618	)		(21,366	)		(31,325	)		(12,117	)		(12,820	)
Total sources (uses) of cash for changes in assets and liabilities	$	(49,904	)	$	(44,813	)	$	(29,030	)	$	3,901		$	(10,907	)

View source version on businesswire.com: https://www.businesswire.com/news/home/20231102513767/en/

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Date	Price Target	Rating	Analyst
11/11/2024	$131.00 → $102.00	Strong Buy → Outperform	Raymond James
2/9/2024	$88.00	Buy	Johnson Rice
1/30/2024		Outperform	Pickering Energy Partners
7/14/2023	$85.00	Strong Buy	Raymond James
7/7/2023	$90.00	Outperform	Evercore ISI
6/21/2023	$75.00	Buy	BTIG Research
9/6/2022	$42.00	Outperform	Evercore ISI

Tidewater Reports Results for the Three and Nine Months Ended September 30, 2023

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