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    Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2024

    2/27/25 4:18:00 PM ET
    $TDW
    Marine Transportation
    Consumer Discretionary
    Get the next $TDW alert in real time by email

    Full-year 2024 Highlights

    • Revenue of $1,345.8 million, a 33.3% increase from 2023
    • Average day rate increased to $21,273 per day, $4,471, or 26.6%, higher than 2023
    • Net income of $180.7 million, an increase of $83.5 million, or 85.9%, from 2023
    • Adjusted EBITDA of $559.6 million, an increase of $172.9 million, or 44.7%, from 2023
      • Net Income and Adjusted EBITDA adversely impacted by the $15.3 million foreign exchange loss due the strengthening of the U.S. dollar
    • Net cash provided by operating activities of $273.8 million, an increase of $169.1 million, or 161.5%, from 2023
    • Free cash flow of $331.0 million, an increase of $219.6 million, or 197.1% from 2023
    • Repurchased 1.4 million shares during full-year 2024 for $90.7 million at an average price of $65.53 per share

    Fourth Quarter 2024 Highlights

    • Revenue of $345.1 million
    • Average day rate of $22,236 per day
    • Net income of $36.9 million and Adjusted EBITDA of $138.4 million
      • Net Income and Adjusted EBITDA adversely impacted by the $14.3 million foreign exchange loss due the strengthening of the U.S. dollar
    • Net cash provided by operating activities of $91.3 million and free cash flow of $107.0 million
    • Repurchased 864,104 shares during the fourth quarter for $44.1 million at an average price of $51.02 per share

    Share Repurchase Authorization and 2025 Guidance

    • Board approves additional share repurchase authorization of $90.3 million, the maximum permissible amount under existing debt agreements
    • Initiating 2025 revenue guidance of $1.32 to $1.38 billion and 2025 gross margin guidance of 48% to 50%

    Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2024 of $345.1 million and $1,345.8 million, respectively, compared with $302.7 million and $1,010.0 million, respectively, for the three and twelve months ended December 31, 2023. Tidewater's net income for the three and twelve months ended December 31, 2024, was $36.9 million ($0.70 per common share) and $180.7 million ($3.40 per common share), respectively, compared with net income of $37.7 million ($0.70 per common share) and $97.2 million ($1.84 per common share), respectively, for the three and twelve months ended December 31, 2023.

    Quintin Kneen, Tidewater's President and Chief Executive Officer, commented, "2024 proved to be a successful year by all measures. Revenue, gross margin, earnings and free cash flow all increased significantly as the fundamental supply and demand imbalance in the offshore vessel market persisted. Day rate progression realized during the year is the most substantial we've experienced since the offshore recovery began and well-beyond the historical rate of annual day rate progression we've seen in prior cycles. The financial successes realized during 2024 can be attributed to our multi-year effort to high-grade the fleet through the disposal of older, smaller vessels and through the acquisition of younger, higher-specification vessels, along with our short-term contracting strategy that has allowed us to realize the day rate benefits of vessel scarcity in a healthy demand environment.

    "Free cash flow for the year was $331.0 million, a significant increase from the prior year, driven by improving day rate realization and the full year's benefit of the acquisition completed in 2023. During the year, we used $103.0 million of cash to pay down the required amortization on our outstanding debt and $119.4 million to reduce the number of shares outstanding, inclusive of both open market repurchases and the reduction of shares in exchange for payment of employee taxes on the vesting of equity compensation. We are pleased with the free cash flow generation of the business and remain committed to directing our free cash flow to avenues to enhance shareholder value.

    "The fourth quarter of 2024 came in slightly better than anticipated, with revenue of $345.1 million driven by an uptick in utilization and gross margin cresting the 50% threshold for the first time in nearly 16 years. Adjusted EBITDA of $138.4 million and net income of $36.9 million were both adversely impacted by the $14.3 million foreign exchange loss due to the strengthening of the U.S. dollar. Free cash flow of $107.0 million improved nearly 60% sequentially primarily through a combination of an increase in gross margin and a reduction in drydock spend. During the fourth quarter, we returned over 41% of our free cash flow to shareholders in the form of share repurchases. The $44.1 million of share repurchases during the fourth quarter was the maximum permissible amount of repurchases available to us under our existing debt agreements and was the largest amount of shares repurchased since the share repurchase program commenced in the fourth quarter of 2023.

    "Given our expectations for free cash flow for 2025 and the health of our balance sheet, we are pleased to announce that the Board has authorized a new share repurchase program, under which we are authorized to purchase up to $90.3 million of the Company's common stock. Our current unused capacity is similarly $90.3 million. The new authorization represents the maximum permissible amount of share repurchases under our existing debt agreements. Our desire to repurchase shares at current trading levels remains strong and we will continue to take advantage of the inefficiencies we see in the market.

    "Visibility for 2025 has improved and can be characterized by a relatively slow start to the year, with improving demand fundamentals as we progress towards the end of the year. We anticipate revenue, gross margin and free cash flow for 2025 to look similar to or slightly better than 2024. We are encouraged by the nature of conversations with our customers as it relates to their longer-term plans for continued growth in offshore activity. Offshore vessel supply remains in a favorable position, with only modest additions to the newbuild orderbook and no new deliveries expected during 2025. We are confident that the fundamental supply and demand forces that have propelled our financial performance over the last few years remain intact and that as the anticipated growth in offshore activity resumes, we will be well positioned to continue to drive material improvements in the financial performance of the business."

    In addition to the number of outstanding shares, as of December 31, 2024, the Company also has the following in-the-money warrants.

    Common shares outstanding

     

     

    51,461,472

     

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

     

     

    76,175

     

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

     

     

    77,204

     

    Total

     

     

    51,614,851

     

    Tidewater will hold a conference call to discuss results for the three months ending December 31, 2024 on February 28, 2025, 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: 5089610 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 February 28, 2025. 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; uncertainty around the use and impacts of artificial intelligence applications; 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 December 31, 2024 and December 31, 2023; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and twelve months ended December 31, 2024 and 2023; and the Consolidated Statements of Cash Flows for the twelve months ended December 31, 2024 and 2023. Extracts are drawn from the December 31, 2024 and 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

     

     

    Twelve Months Ended

     

     

     

    December 31,

    2024

     

     

    December 31,

    2023

     

     

    December 31,

    2024

     

     

    December 31,

    2023

     

    Revenues:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel revenues

     

    $

    343,463

     

     

    $

    300,515

     

     

    $

    1,337,637

     

     

    $

    998,993

     

    Other operating revenues

     

     

    1,622

     

     

     

    2,143

     

     

     

    8,198

     

     

     

    10,992

     

    Total revenues

     

     

    345,085

     

     

     

    302,658

     

     

     

    1,345,835

     

     

     

    1,009,985

     

    Costs and expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel operating costs

     

     

    170,384

     

     

     

    158,553

     

     

     

    693,107

     

     

     

    556,515

     

    Costs of other operating revenues

     

     

    688

     

     

     

    1,337

     

     

     

    3,555

     

     

     

    4,342

     

    General and administrative

     

     

    30,688

     

     

     

    24,724

     

     

     

    110,817

     

     

     

    95,283

     

    Depreciation and amortization

     

     

    64,620

     

     

     

    59,167

     

     

     

    242,770

     

     

     

    180,331

     

    Gain on asset dispositions, net

     

     

    (2,672

    )

     

     

    (4,218

    )

     

     

    (15,762

    )

     

     

    (8,701

    )

    Total costs and expenses

     

     

    263,708

     

     

     

    239,563

     

     

     

    1,034,487

     

     

     

    827,770

     

    Operating income

     

     

    81,377

     

     

     

    63,095

     

     

     

    311,348

     

     

     

    182,215

     

    Other income (expense):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Foreign exchange gain (loss)

     

     

    (14,337

    )

     

     

    2,250

     

     

     

    (15,276

    )

     

     

    (1,370

    )

    Equity in net earnings of unconsolidated companies

     

     

    —

     

     

     

    10

     

     

     

    —

     

     

     

    39

     

    Interest income and other, net

     

     

    2,697

     

     

     

    3,029

     

     

     

    6,383

     

     

     

    6,517

     

    Interest and other debt costs, net

     

     

    (16,742

    )

     

     

    (20,263

    )

     

     

    (72,967

    )

     

     

    (48,472

    )

    Total other expense

     

     

    (28,382

    )

     

     

    (14,974

    )

     

     

    (81,860

    )

     

     

    (43,286

    )

    Income before income taxes

     

     

    52,995

     

     

     

    48,121

     

     

     

    229,488

     

     

     

    138,929

     

    Income tax expense

     

     

    16,376

     

     

     

    10,793

     

     

     

    50,216

     

     

     

    43,308

     

    Net income

     

     

    36,619

     

     

     

    37,328

     

     

     

    179,272

     

     

     

    95,621

     

    Less: Net loss attributable to noncontrolling interests

     

     

    (286

    )

     

     

    (336

    )

     

     

    (1,384

    )

     

     

    (1,564

    )

    Net income attributable to Tidewater Inc.

     

    $

    36,905

     

     

    $

    37,664

     

     

    $

    180,656

     

     

    $

    97,185

     

    Basic income per common share

     

    $

    0.71

     

     

    $

    0.72

     

     

    $

    3.44

     

     

    $

    1.88

     

    Diluted income per common share

     

    $

    0.70

     

     

    $

    0.70

     

     

    $

    3.40

     

     

    $

    1.84

     

    Weighted average common shares outstanding

     

     

    52,315

     

     

     

    52,648

     

     

     

    52,452

     

     

     

    51,591

     

    Dilutive effect of warrants, restricted stock units and stock options

     

     

    514

     

     

     

    1,351

     

     

     

    619

     

     

     

    1,346

     

    Adjusted weighted average common shares

     

     

    52,829

     

     

     

    53,999

     

     

     

    53,071

     

     

     

    52,937

     

     
     

    TIDEWATER INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In Thousands, except share and par value data) 

     

     

     

    December 31, 2024

     

     

    December 31, 2023

     

    ASSETS

     

     

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    324,918

     

     

    $

    274,437

     

    Restricted cash

     

     

    2,032

     

     

     

    1,241

     

    Trade and other receivables, less allowance for credit losses of $3,184 and $15,914 as of December 31, 2024 and 2023, respectively

     

     

    323,805

     

     

     

    268,352

     

    Marine operating supplies

     

     

    34,319

     

     

     

    31,933

     

    Prepaid expenses and other current assets

     

     

    13,588

     

     

     

    15,172

     

    Total current assets

     

     

    698,662

     

     

     

    591,135

     

    Net properties and equipment

     

     

    1,184,282

     

     

     

    1,315,122

     

    Deferred drydocking and survey costs

     

     

    152,550

     

     

     

    106,698

     

    Indemnification assets

     

     

    11,946

     

     

     

    17,370

     

    Other assets

     

     

    27,464

     

     

     

    32,449

     

    Total assets

     

    $

    2,074,904

     

     

    $

    2,062,774

     

     

     

     

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

     

     

    Accounts payable

     

    $

    71,385

     

     

    $

    44,931

     

    Accrued expenses

     

     

    129,894

     

     

     

    125,590

     

    Current portion of long-term debt

     

     

    65,386

     

     

     

    103,077

     

    Other current liabilities

     

     

    64,948

     

     

     

    55,133

     

    Total current liabilities

     

     

    331,613

     

     

     

    328,731

     

    Long-term debt

     

     

    571,710

     

     

     

    631,361

     

    Other liabilities

     

     

    60,396

     

     

     

    64,985

     

     

     

     

     

     

     

     

     

     

    Commitments and contingencies

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Equity:

     

     

     

     

     

     

     

     

    Common stock of $0.001 par value, 125,000,000 shares authorized. 51,461,472 and 52,259,303 shares issued and outstanding at December 31, 2024 and 2023, respectively

     

     

    52

     

     

     

    52

     

    Additional paid-in-capital

     

     

    1,656,830

     

     

     

    1,671,759

     

    Accumulated deficit

     

     

    (548,831

    )

     

     

    (637,838

    )

    Accumulated other comprehensive loss

     

     

    6,060

     

     

     

    5,266

     

    Total stockholders' equity

     

     

    1,114,111

     

     

     

    1,039,239

     

    Noncontrolling interests

     

     

    (2,926

    )

     

     

    (1,542

    )

    Total equity

     

     

    1,111,185

     

     

     

    1,037,697

     

    Total liabilities and equity

     

    $

    2,074,904

     

     

    $

    2,062,774

     

     
     

    TIDEWATER INC.

    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

    (In Thousands) 

     

     

     

    Three Months Ended

     

     

    Twelve Months Ended

     

     

     

    December 31, 2024

     

     

    December 31, 2023

     

     

    December 31, 2024

     

     

    December 31, 2023

     

    Net income

     

    $

    36,619

     

     

    $

    37,328

     

     

    $

    179,272

     

     

    $

    95,621

     

    Other comprehensive income (loss):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Unrealized gain on note receivable

     

     

    —

     

     

     

    682

     

     

     

    283

     

     

     

    213

     

    Change in supplemental executive retirement plan pension liability

     

     

    318

     

     

     

    (525

    )

     

     

    318

     

     

     

    (525

    )

    Change in liability of pension plans

     

     

    1,150

     

     

     

    696

     

     

     

    193

     

     

     

    (2,998

    )

    Total comprehensive income

     

    $

    38,087

     

     

    $

    38,181

     

     

    $

    180,066

     

     

    $

    92,311

     

     
     

    TIDEWATER INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In Thousands) 

     

     

     

    Twelve Months

     

     

    Twelve Months

     

     

     

    Ended

     

     

    Ended

     

     

     

    December 31, 2024

     

     

    December 31, 2023

     

    Cash flows from operating activities:

     

     

     

     

     

     

     

     

    Net income

     

    $

    179,272

     

     

    $

    95,621

     

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

     

     

     

     

     

     

     

     

    Depreciation

     

     

    156,166

     

     

     

    128,777

     

    Amortization of deferred drydocking and survey costs

     

     

    86,604

     

     

     

    51,554

     

    Amortization of debt premiums and discounts

     

     

    6,741

     

     

     

    4,619

     

    Amortization of below market contracts

     

     

    (5,000

    )

     

     

    (3,800

    )

    Deferred income taxes provision (benefit)

     

     

    (2,807

    )

     

     

    92

     

    Gain on asset dispositions, net

     

     

    (15,762

    )

     

     

    (8,701

    )

    Gain on pension settlement

     

     

    —

     

     

     

    (2,313

    )

    Stock-based compensation expense

     

     

    13,681

     

     

     

    10,755

     

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

     

     

     

     

     

     

     

     

    Trade and other receivables

     

     

    (55,453

    )

     

     

    (109,756

    )

    Accounts payable

     

     

    26,454

     

     

     

    5,985

     

    Accrued expenses

     

     

    7,393

     

     

     

    20,072

     

    Deferred drydocking and survey costs

     

     

    (133,258

    )

     

     

    (97,378

    )

    Other, net

     

     

    9,818

     

     

     

    9,178

     

    Net cash provided by operating activities

     

     

    273,849

     

     

     

    104,705

     

    Cash flows from investing activities:

     

     

     

     

     

     

     

     

    Proceeds from asset dispositions

     

     

    19,338

     

     

     

    15,506

     

    Proceeds from sale of notes

     

     

    8,054

     

     

     

    —

     

    Acquisitions, net of cash acquired

     

     

    —

     

     

     

    (594,191

    )

    Additions to properties and equipment

     

     

    (27,580

    )

     

     

    (31,588

    )

    Net cash used in investing activities

     

     

    (188

    )

     

     

    (610,273

    )

    Cash flows from financing activities:

     

     

     

     

     

     

     

     

    Exercise of warrants

     

     

    4

     

     

     

    111,483

     

    Issuance of long-term debt

     

     

    —

     

     

     

    575,000

     

    Principal payments on long-term debt

     

     

    (103,030

    )

     

     

    (13,677

    )

    Purchase of common stock

     

     

    (90,742

    )

     

     

    (35,025

    )

    Acquisition of non-controlling interest in a majority owned subsidiary

     

     

    —

     

     

     

    (1,427

    )

    Debt issuance costs

     

     

    (213

    )

     

     

    (14,758

    )

    Share based awards reacquired to pay taxes

     

     

    (28,614

    )

     

     

    (6,040

    )

    Net cash provided by (used in) financing activities

     

     

    (222,595

    )

     

     

    615,556

     

    Net change in cash, cash equivalents and restricted cash

     

     

    51,066

     

     

     

    109,988

     

    Cash, cash equivalents and restricted cash at beginning of period

     

     

    277,965

     

     

     

    167,977

     

    Cash, cash equivalents and restricted cash at end of period

     

    $

    329,031

     

     

    $

    277,965

     

     

     

     

     

     

     

     

    Supplemental disclosure of cash flow information:

     

     

     

     

     

     

     

     

    Cash paid during the year for:

     

     

     

     

     

     

     

     

    Interest, net of amounts capitalized

     

    $

    66,897

     

     

    $

    26,638

     

    Income taxes

     

    $

    56,909

     

     

    $

    43,880

     

    Supplemental disclosure of noncash investing activities:

     

     

     

     

     

     

     

     

    Purchase of vessels

     

    $

    —

     

     

    $

    14,265

     

    Supplemental disclosure of noncash financing activities:

     

     

     

     

     

     

     

     

    Debt incurred for the purchase of vessels

     

    $

    —

     

     

    $

    15,235

     

     

    Note:  Cash, cash equivalents and restricted cash at December 31, 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 September 30, 2024

     

    $

    52

     

     

    $

    1,653,027

     

     

    $

    (541,191

    )

     

    $

    4,592

     

     

    $

    (2,640

    )

     

    $

    1,113,840

     

    Total comprehensive income (loss)

     

     

    —

     

     

     

    —

     

     

     

    36,905

     

     

     

    1,468

     

     

     

    (286

    )

     

     

    38,087

     

    Exercise of warrants into common stock

     

     

    —

     

     

     

    2

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2

     

    Repurchase and retirement of common stock

     

     

    —

     

     

     

    —

     

     

     

    (44,545

    )

     

     

    —

     

     

     

    —

     

     

     

    (44,545

    )

    Amortization of share-based awards

     

     

    —

     

     

     

    3,801

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    3,801

     

    Balance at December 31, 2024

     

    $

    52

     

     

    $

    1,656,830

     

     

    $

    (548,831

    )

     

    $

    6,060

     

     

    $

    (2,926

    )

     

    $

    1,111,185

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Balance at September 30, 2023

     

    $

    53

     

     

    $

    1,668,392

     

     

    $

    (640,128

    )

     

    $

    4,413

     

     

    $

    (1,206

    )

     

    $

    1,031,524

     

    Total comprehensive income (loss)

     

     

    —

     

     

     

    —

     

     

     

    37,664

     

     

     

    853

     

     

     

    (336

    )

     

     

    38,181

     

    Repurchase and retirement of common stock

     

     

    (1

    )

     

     

    —

     

     

     

    (35,374

    )

     

     

    —

     

     

     

    —

     

     

     

    (35,375

    )

    Amortization of share-based awards

     

     

    —

     

     

     

    3,367

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    3,367

     

    Balance at December 31, 2023

     

    $

    52

     

     

    $

    1,671,759

     

     

    $

    (637,838

    )

     

    $

    5,266

     

     

    $

    (1,542

    )

     

    $

    1,037,697

     

     

     

     

    Twelve 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)

     

     

    —

     

     

     

    —

     

     

     

    180,656

     

     

     

    794

     

     

     

    (1,384

    )

     

     

    180,066

     

    Exercise of warrants into common stock

     

     

    —

     

     

     

    4

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    4

     

    Issuance of common stock

     

     

    1

     

     

     

    (1

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Repurchase and retirement of common stock

     

     

    (1

    )

     

     

    —

     

     

     

    (91,649

    )

     

     

    —

     

     

     

    —

     

     

     

    (91,650

    )

    Amortization of share-based awards

     

     

    —

     

     

     

    (14,932

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (14,932

    )

    Balance at December 31, 2024

     

    $

    52

     

     

    $

    1,656,830

     

     

    $

    (548,831

    )

     

    $

    6,060

     

     

    $

    (2,926

    )

     

    $

    1,111,185

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Balance at December 31, 2022

     

    $

    51

     

     

    $

    1,556,990

     

     

    $

    (699,649

    )

     

    $

    8,576

     

     

    $

    22

     

     

    $

    865,990

     

    Total comprehensive income (loss)

     

     

    —

     

     

     

    —

     

     

     

    97,185

     

     

     

    (3,310

    )

     

     

    (1,564

    )

     

     

    92,311

     

    Exercise of warrants into common stock

     

     

    2

     

     

     

    111,481

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    111,483

     

    Repurchase and retirement of common stock

     

     

    (1

    )

     

     

    —

     

     

     

    (35,374

    )

     

     

    —

     

     

     

    —

     

     

     

    (35,375

    )

    Acquisition of non-controlling interest in a majority owned subsidiary

     

     

    —

     

     

     

    (1,427

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,427

    )

    Amortization of share-based awards

     

     

    —

     

     

     

    4,715

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    4,715

     

    Balance at December 31, 2023

     

    $

    52

     

     

    $

    1,671,759

     

     

    $

    (637,838

    )

     

    $

    5,266

     

     

    $

    (1,542

    )

     

    $

    1,037,697

     

     
     

    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

     

     

    Twelve Months Ended

     

     

     

    December 31, 2024

     

     

    December 31, 2023

     

     

    December 31, 2024

     

     

    December 31, 2023

     

    Vessel revenues:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Americas

     

    $

    60,240

     

     

     

    18

    %

     

    $

    68,425

     

     

     

    23

    %

     

    $

    261,929

     

     

     

    20

    %

     

    $

    237,205

     

     

     

    24

    %

    Asia Pacific

     

     

    51,043

     

     

     

    15

    %

     

     

    38,632

     

     

     

    13

    %

     

     

    210,328

     

     

     

    16

    %

     

     

    122,235

     

     

     

    12

    %

    Middle East

     

     

    40,772

     

     

     

    12

    %

     

     

    38,072

     

     

     

    12

    %

     

     

    152,187

     

     

     

    11

    %

     

     

    135,375

     

     

     

    14

    %

    Europe/Mediterranean

     

     

    84,109

     

     

     

    24

    %

     

     

    80,743

     

     

     

    27

    %

     

     

    333,081

     

     

     

    25

    %

     

     

    230,217

     

     

     

    23

    %

    West Africa

     

     

    107,299

     

     

     

    31

    %

     

     

    74,643

     

     

     

    25

    %

     

     

    380,112

     

     

     

    28

    %

     

     

    273,961

     

     

     

    27

    %

    Total vessel revenues

     

    $

    343,463

     

     

     

    100

    %

     

    $

    300,515

     

     

     

    100

    %

     

    $

    1,337,637

     

     

     

    100

    %

     

    $

    998,993

     

     

     

    100

    %

    Vessel operating costs:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Crew costs

     

    $

    99,985

     

     

     

    29

    %

     

    $

    97,537

     

     

     

    33

    %

     

    $

    416,276

     

     

     

    31

    %

     

    $

    329,473

     

     

     

    33

    %

    Repair and maintenance

     

     

    26,731

     

     

     

    8

    %

     

     

    21,635

     

     

     

    7

    %

     

     

    98,376

     

     

     

    7

    %

     

     

    78,716

     

     

     

    8

    %

    Insurance

     

     

    2,857

     

     

     

    1

    %

     

     

    2,765

     

     

     

    1

    %

     

     

    11,027

     

     

     

    1

    %

     

     

    9,297

     

     

     

    1

    %

    Fuel, lube and supplies

     

     

    15,278

     

     

     

    5

    %

     

     

    15,265

     

     

     

    5

    %

     

     

    65,371

     

     

     

    5

    %

     

     

    60,548

     

     

     

    6

    %

    Other

     

     

    25,533

     

     

     

    7

    %

     

     

    21,351

     

     

     

    7

    %

     

     

    102,057

     

     

     

    8

    %

     

     

    78,481

     

     

     

    8

    %

    Total vessel operating costs

     

     

    170,384

     

     

     

    50

    %

     

     

    158,553

     

     

     

    53

    %

     

     

    693,107

     

     

     

    52

    %

     

     

    556,515

     

     

     

    56

    %

    Vessel operating margin (A)

     

    $

    173,079

     

     

     

    50

    %

     

    $

    141,962

     

     

     

    47

    %

     

    $

    644,530

     

     

     

    48

    %

     

    $

    442,478

     

     

     

    44

    %

     

    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

     

     

    Twelve Months Ended

     

     

     

    December 31, 2024

     

     

    December 31, 2023

     

     

    December 31, 2024

     

     

    December 31, 2023

     

    Vessel operating profit:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Americas

     

    $

    11,206

     

     

     

    3

    %

     

    $

    16,171

     

     

     

    5

    %

     

    $

    54,779

     

     

     

    4

    %

     

    $

    42,964

     

     

     

    4

    %

    Asia Pacific

     

     

    12,799

     

     

     

    4

    %

     

     

    11,322

     

     

     

    4

    %

     

     

    59,869

     

     

     

    4

    %

     

     

    38,471

     

     

     

    4

    %

    Middle East

     

     

    4,983

     

     

     

    2

    %

     

     

    2,093

     

     

     

    1

    %

     

     

    3,770

     

     

     

    0

    %

     

     

    (1,051

    )

     

     

    (0

    )%

    Europe/Mediterranean

     

     

    11,624

     

     

     

    3

    %

     

     

    13,768

     

     

     

    5

    %

     

     

    53,873

     

     

     

    4

    %

     

     

    33,687

     

     

     

    3

    %

    West Africa

     

     

    54,157

     

     

     

    16

    %

     

     

    27,360

     

     

     

    9

    %

     

     

    176,432

     

     

     

    13

    %

     

     

    98,447

     

     

     

    10

    %

    Other operating profit

     

     

    934

     

     

     

    0

    %

     

     

    806

     

     

     

    0

    %

     

     

    4,643

     

     

     

    1

    %

     

     

    6,650

     

     

     

    1

    %

     

     

     

    95,703

     

     

     

    28

    %

     

     

    71,520

     

     

     

    24

    %

     

     

    353,366

     

     

     

    26

    %

     

     

    219,168

     

     

     

    22

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Corporate expenses (A)

     

     

    (16,998

    )

     

     

    (5

    )%

     

     

    (12,643

    )

     

     

    (4

    )%

     

     

    (57,780

    )

     

     

    (4

    )%

     

     

    (45,654

    )

     

     

    (5

    )%

    Gain on asset dispositions, net

     

     

    2,672

     

     

     

    1

    %

     

     

    4,218

     

     

     

    1

    %

     

     

    15,762

     

     

     

    1

    %

     

     

    8,701

     

     

     

    1

    %

    Operating income

     

    $

    81,377

     

     

     

    24

    %

     

    $

    63,095

     

     

     

    21

    %

     

    $

    311,348

     

     

     

    23

    %

     

    $

    182,215

     

     

     

    18

    %

     

    Note (A):  General and administrative expenses for the three and twelve months ended December 31, 2024 include stock-based compensation of $3.9 million and $13.7 million, respectively. General and administrative expenses for the three months and twelve months ended December 31, 2023 include stock-based compensation of $3.5 million and $10.8 million, respectively. In addition, vessel operating and general and administrative costs for the three and twelve months ended December 31, 2024, include $1.0 million and $2.3 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and twelve months ended December 31, 2023, include $2.2 million and $10.9 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

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    Revenues:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel revenues

     

    $

    343,463

     

     

    $

    338,485

     

     

    $

    337,003

     

     

    $

    318,686

     

     

    $

    300,515

     

    Other operating revenues

     

     

    1,622

     

     

     

    1,871

     

     

     

    2,227

     

     

     

    2,478

     

     

     

    2,143

     

    Total revenues

     

     

    345,085

     

     

     

    340,356

     

     

     

    339,230

     

     

     

    321,164

     

     

     

    302,658

     

    Costs and expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel operating costs (A)

     

     

    170,384

     

     

     

    178,654

     

     

     

    176,513

     

     

     

    167,556

     

     

     

    158,553

     

    Costs of other operating revenue

     

     

    688

     

     

     

    901

     

     

     

    816

     

     

     

    1,150

     

     

     

    1,337

     

    General and administrative (A)

     

     

    30,688

     

     

     

    28,471

     

     

     

    26,329

     

     

     

    25,329

     

     

     

    24,724

     

    Depreciation and amortization

     

     

    64,620

     

     

     

    62,435

     

     

     

    59,445

     

     

     

    56,270

     

     

     

    59,167

     

    Gain on asset dispositions, net

     

     

    (2,672

    )

     

     

    (51

    )

     

     

    (2,000

    )

     

     

    (11,039

    )

     

     

    (4,218

    )

    Total operating costs and expenses

     

     

    263,708

     

     

     

    270,410

     

     

     

    261,103

     

     

     

    239,266

     

     

     

    239,563

     

    Operating income

     

     

    81,377

     

     

     

    69,946

     

     

     

    78,127

     

     

     

    81,898

     

     

     

    63,095

     

    Other income (expense):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Foreign exchange gain (loss)

     

     

    (14,337

    )

     

     

    5,522

     

     

     

    (2,376

    )

     

     

    (4,085

    )

     

     

    2,250

     

    Equity in net earnings (losses) of unconsolidated companies

     

     

    —

     

     

     

    —

     

     

     

    5

     

     

     

    (5

    )

     

     

    10

     

    Interest income and other, net

     

     

    2,697

     

     

     

    1,028

     

     

     

    1,175

     

     

     

    1,483

     

     

     

    3,029

     

    Interest and other debt costs, net

     

     

    (16,742

    )

     

     

    (17,622

    )

     

     

    (19,127

    )

     

     

    (19,476

    )

     

     

    (20,263

    )

    Total other expense

     

     

    (28,382

    )

     

     

    (11,072

    )

     

     

    (20,323

    )

     

     

    (22,083

    )

     

     

    (14,974

    )

    Income before income taxes

     

     

    52,995

     

     

     

    58,874

     

     

     

    57,804

     

     

     

    59,815

     

     

     

    48,121

     

    Income tax expense

     

     

    16,376

     

     

     

    12,883

     

     

     

    7,887

     

     

     

    13,070

     

     

     

    10,793

     

    Net income

     

     

    36,619

     

     

     

    45,991

     

     

     

    49,917

     

     

     

    46,745

     

     

     

    37,328

     

    Net loss attributable to noncontrolling interests

     

     

    (286

    )

     

     

    (380

    )

     

     

    (437

    )

     

     

    (281

    )

     

     

    (336

    )

    Net income attributable to Tidewater Inc.

     

    $

    36,905

     

     

    $

    46,371

     

     

    $

    50,354

     

     

    $

    47,026

     

     

    $

    37,664

     

    Basic income per common share

     

    $

    0.71

     

     

    $

    0.88

     

     

    $

    0.96

     

     

    $

    0.90

     

     

    $

    0.72

     

    Diluted income per common share

     

    $

    0.70

     

     

    $

    0.87

     

     

    $

    0.94

     

     

    $

    0.89

     

     

    $

    0.70

     

    Weighted average common shares outstanding

     

     

    52,315

     

     

     

    52,490

     

     

     

    52,684

     

     

     

    52,320

     

     

     

    52,648

     

    Dilutive effect of warrants, restricted stock units and stock options

     

     

    514

     

     

     

    593

     

     

     

    663

     

     

     

    580

     

     

     

    1,351

     

    Adjusted weighted average common shares

     

     

    52,829

     

     

     

    53,083

     

     

     

    53,347

     

     

     

    52,900

     

     

     

    53,999

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel operating margin

     

    $

    173,079

     

     

    $

    159,831

     

     

    $

    160,490

     

     

    $

    151,130

     

     

    $

    141,962

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

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

     

    $

    978

     

     

    $

    581

     

     

    $

    —

     

     

    $

    709

     

     

    $

    2,177

     

     
     

    TIDEWATER INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In Thousands) 

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    ASSETS

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    324,918

     

     

    $

    280,840

     

     

    $

    315,897

     

     

    $

    280,853

     

     

    $

    274,437

     

    Restricted cash

     

     

    2,032

     

     

     

    7,259

     

     

     

    3,527

     

     

     

    6,474

     

     

     

    1,241

     

    Trade and other receivables, net

     

     

    323,805

     

     

     

    293,085

     

     

     

    280,498

     

     

     

    285,968

     

     

     

    268,352

     

    Marine operating supplies

     

     

    34,319

     

     

     

    26,670

     

     

     

    26,908

     

     

     

    24,767

     

     

     

    31,933

     

    Prepaid expenses and other current assets

     

     

    13,588

     

     

     

    18,117

     

     

     

    20,115

     

     

     

    17,447

     

     

     

    15,172

     

    Total current assets

     

     

    698,662

     

     

     

    625,971

     

     

     

    646,945

     

     

     

    615,509

     

     

     

    591,135

     

    Net properties and equipment

     

     

    1,184,282

     

     

     

    1,220,056

     

     

     

    1,253,583

     

     

     

    1,286,618

     

     

     

    1,315,122

     

    Deferred drydocking and survey costs

     

     

    152,550

     

     

     

    160,944

     

     

     

    148,657

     

     

     

    128,639

     

     

     

    106,698

     

    Indemnification assets

     

     

    11,946

     

     

     

    12,216

     

     

     

    10,920

     

     

     

    16,642

     

     

     

    17,370

     

    Other assets

     

     

    27,464

     

     

     

    27,944

     

     

     

    29,643

     

     

     

    30,408

     

     

     

    32,449

     

    Total assets

     

    $

    2,074,904

     

     

    $

    2,047,131

     

     

    $

    2,089,748

     

     

    $

    2,077,816

     

     

    $

    2,062,774

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    LIABILITIES AND EQUITY

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Accounts payable

     

    $

    71,385

     

     

    $

    64,058

     

     

    $

    60,740

     

     

    $

    51,774

     

     

    $

    44,931

     

    Accrued expenses

     

     

    129,894

     

     

     

    117,878

     

     

     

    133,149

     

     

     

    132,190

     

     

     

    125,590

     

    Current portion of long-term debt

     

     

    65,386

     

     

     

    53,105

     

     

     

    102,993

     

     

     

    103,009

     

     

     

    103,077

     

    Other current liabilities

     

     

    64,948

     

     

     

    38,532

     

     

     

    43,342

     

     

     

    52,164

     

     

     

    55,133

     

    Total current liabilities

     

     

    331,613

     

     

     

    273,573

     

     

     

    340,224

     

     

     

    339,137

     

     

     

    328,731

     

    Long-term debt

     

     

    571,710

     

     

     

    597,352

     

     

     

    607,998

     

     

     

    620,329

     

     

     

    631,361

     

    Other liabilities

     

     

    60,396

     

     

     

    62,366

     

     

     

    62,539

     

     

     

    63,197

     

     

     

    64,985

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Equity:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Common stock

     

     

    52

     

     

     

    52

     

     

     

    52

     

     

     

    53

     

     

     

    52

     

    Additional paid-in-capital

     

     

    1,656,830

     

     

     

    1,653,027

     

     

     

    1,649,523

     

     

     

    1,646,061

     

     

     

    1,671,759

     

    Accumulated deficit

     

     

    (548,831

    )

     

     

    (541,191

    )

     

     

    (573,390

    )

     

     

    (594,347

    )

     

     

    (637,838

    )

    Accumulated other comprehensive income

     

     

    6,060

     

     

     

    4,592

     

     

     

    5,062

     

     

     

    5,209

     

     

     

    5,266

     

    Total stockholders' equity

     

     

    1,114,111

     

     

     

    1,116,480

     

     

     

    1,081,247

     

     

     

    1,056,976

     

     

     

    1,039,239

     

    Noncontrolling interests

     

     

    (2,926

    )

     

     

    (2,640

    )

     

     

    (2,260

    )

     

     

    (1,823

    )

     

     

    (1,542

    )

    Total equity

     

     

    1,111,185

     

     

     

    1,113,840

     

     

     

    1,078,987

     

     

     

    1,055,153

     

     

     

    1,037,697

     

    Total liabilities and equity

     

    $

    2,074,904

     

     

    $

    2,047,131

     

     

    $

    2,089,748

     

     

    $

    2,077,816

     

     

    $

    2,062,774

     

     
     

    TIDEWATER INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA

    (In Thousands) 

     

     

     

    Three Months Ended

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    Cash flows from operating activities:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income

     

    $

    36,619

     

     

    $

    45,991

     

     

    $

    49,917

     

     

    $

    46,745

     

     

    $

    37,328

     

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

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Depreciation

     

     

    38,736

     

     

     

    39,239

     

     

     

    39,380

     

     

     

    38,811

     

     

     

    42,788

     

    Amortization of deferred drydocking and survey costs

     

     

    25,884

     

     

     

    23,196

     

     

     

    20,065

     

     

     

    17,459

     

     

     

    16,379

     

    Amortization of debt premiums and discounts

     

     

    1,612

     

     

     

    1,536

     

     

     

    1,779

     

     

     

    1,814

     

     

     

    1,975

     

    Amortization of below market contracts

     

     

    (1,071

    )

     

     

    (1,073

    )

     

     

    (1,650

    )

     

     

    (1,206

    )

     

     

    (1,894

    )

    Deferred income taxes provision (benefit)

     

     

    (2,863

    )

     

     

    24

     

     

     

    (41

    )

     

     

    73

     

     

     

    23

     

    Gain on asset dispositions, net

     

     

    (2,672

    )

     

     

    (51

    )

     

     

    (2,000

    )

     

     

    (11,039

    )

     

     

    (4,218

    )

    Gain on pension settlement

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (506

    )

    Stock-based compensation expense

     

     

    3,886

     

     

     

    3,569

     

     

     

    3,460

     

     

     

    2,766

     

     

     

    3,508

     

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

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Trade and other receivables

     

     

    (30,720

    )

     

     

    (12,587

    )

     

     

    5,470

     

     

     

    (17,616

    )

     

     

    (17,072

    )

    Accounts payable

     

     

    7,327

     

     

     

    3,318

     

     

     

    8,966

     

     

     

    6,843

     

     

     

    (12,252

    )

    Accrued expenses

     

     

    12,016

     

     

     

    (15,271

    )

     

     

    4,048

     

     

     

    6,600

     

     

     

    5,841

     

    Deferred drydocking and survey costs

     

     

    (17,674

    )

     

     

    (35,483

    )

     

     

    (40,083

    )

     

     

    (40,018

    )

     

     

    (24,069

    )

    Other, net

     

     

    20,223

     

     

     

    (3,272

    )

     

     

    (10,666

    )

     

     

    3,533

     

     

     

    (600

    )

    Net cash provided by operating activities

     

     

    91,303

     

     

     

    49,136

     

     

     

    78,645

     

     

     

    54,765

     

     

     

    47,231

     

    Cash flows from investing activities:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Proceeds from asset dispositions

     

     

    4,470

     

     

     

    51

     

     

     

    2,354

     

     

     

    12,463

     

     

     

    5,902

     

    Proceeds from sale of notes

     

     

    5,846

     

     

     

    1,506

     

     

     

    702

     

     

     

    —

     

     

     

    —

     

    Additions to properties and equipment

     

     

    (4,534

    )

     

     

    (5,712

    )

     

     

    (6,392

    )

     

     

    (10,942

    )

     

     

    (8,386

    )

    Net cash provided by (used in) investing activities

     

     

    5,782

     

     

     

    (4,155

    )

     

     

    (3,336

    )

     

     

    1,521

     

     

     

    (2,484

    )

    Cash flows from financing activities:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Exercise of warrants

     

     

    2

     

     

     

    —

     

     

     

    2

     

     

     

    —

     

     

     

    —

     

    Principal payments on long-term debt

     

     

    (14,023

    )

     

     

    (62,500

    )

     

     

    (14,007

    )

     

     

    (12,500

    )

     

     

    (13,677

    )

    Purchase of common stock

     

     

    (44,103

    )

     

     

    (13,741

    )

     

     

    (29,397

    )

     

     

    (3,501

    )

     

     

    (35,025

    )

    Debt issuance costs

     

     

    (20

    )

     

     

    —

     

     

     

    (58

    )

     

     

    (135

    )

     

     

    —

     

    Share based awards reacquired to pay taxes

     

     

    (86

    )

     

     

    (65

    )

     

     

    (1

    )

     

     

    (28,462

    )

     

     

    (141

    )

    Net cash used in financing activities

     

     

    (58,230

    )

     

     

    (76,306

    )

     

     

    (43,461

    )

     

     

    (44,598

    )

     

     

    (48,843

    )

    Net change in cash, cash equivalents and restricted cash

     

     

    38,855

     

     

     

    (31,325

    )

     

     

    31,848

     

     

     

    11,688

     

     

     

    (4,096

    )

    Cash, cash equivalents and restricted cash at beginning of period

     

     

    290,176

     

     

     

    321,501

     

     

     

    289,653

     

     

     

    277,965

     

     

     

    282,061

     

    Cash, cash equivalents and restricted cash at end of period

     

    $

    329,031

     

     

    $

    290,176

     

     

    $

    321,501

     

     

    $

    289,653

     

     

    $

    277,965

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Supplemental disclosure of cash flow information:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cash paid during the year for:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest, net of amounts capitalized

     

    $

    12,816

     

     

    $

    23,535

     

     

    $

    14,925

     

     

    $

    15,621

     

     

    $

    18,186

     

    Income taxes

     

    $

    11,268

     

     

    $

    12,557

     

     

    $

    17,481

     

     

    $

    15,603

     

     

    $

    7,295

     

    Supplemental disclosure of noncash investing activities:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Purchase of vessels

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    2,067

     

    Supplemental disclosure of noncash financing activities:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Debt incurred for purchase of vessels

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    3,037

     

     
     

    TIDEWATER INC.

    OTHER FLEET AND FINANCIAL DATA

    (In Thousands) 

     

     

     

    Three Months Ended

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    VESSEL REVENUE BY VESSEL CLASS

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Americas fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

    $

    24,158

     

     

    $

    27,192

     

     

    $

    31,400

     

     

    $

    29,924

     

     

    $

    28,714

     

    PSV < 900

     

     

    26,743

     

     

     

    26,926

     

     

     

    28,010

     

     

     

    24,531

     

     

     

    28,143

     

    AHTS > 16K

     

     

    2,969

     

     

     

    6,249

     

     

     

    7,228

     

     

     

    2,036

     

     

     

    4,034

     

    AHTS 8 - 16K

     

     

    930

     

     

     

    908

     

     

     

    2,002

     

     

     

    2,476

     

     

     

    2,316

     

    AHTS 4 - 8K

     

     

    1,726

     

     

     

    351

     

     

     

    219

     

     

     

    945

     

     

     

    1,428

     

    Other

     

     

    3,714

     

     

     

    2,980

     

     

     

    4,283

     

     

     

    4,029

     

     

     

    3,790

     

    Total

     

     

    60,240

     

     

     

    64,606

     

     

     

    73,142

     

     

     

    63,941

     

     

     

    68,425

     

    Asia Pacific fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    18,881

     

     

     

    19,535

     

     

     

    21,578

     

     

     

    23,210

     

     

     

    19,485

     

    PSV < 900

     

     

    16,101

     

     

     

    17,214

     

     

     

    14,402

     

     

     

    11,830

     

     

     

    8,679

     

    AHTS > 16K

     

     

    10,851

     

     

     

    12,358

     

     

     

    7,815

     

     

     

    4,555

     

     

     

    3,759

     

    AHTS 8 - 16K

     

     

    2,836

     

     

     

    4,640

     

     

     

    7,874

     

     

     

    4,507

     

     

     

    4,706

     

    AHTS 4 - 8K

     

     

    2,020

     

     

     

    2,182

     

     

     

    1,269

     

     

     

    1,576

     

     

     

    1,601

     

    Other

     

     

    354

     

     

     

    354

     

     

     

    2,283

     

     

     

    2,103

     

     

     

    402

     

    Total

     

     

    51,043

     

     

     

    56,283

     

     

     

    55,221

     

     

     

    47,781

     

     

     

    38,632

     

    Middle East fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    1,485

     

     

     

    1,387

     

     

     

    1,359

     

     

     

    1,365

     

     

     

    1,378

     

    PSV < 900

     

     

    21,962

     

     

     

    19,909

     

     

     

    19,963

     

     

     

    21,017

     

     

     

    19,215

     

    AHTS > 16K

     

     

    —

     

     

     

    —

     

     

     

    (3

    )

     

     

    287

     

     

     

    1,178

     

    AHTS 8 - 16K

     

     

    3,425

     

     

     

    3,450

     

     

     

    3,163

     

     

     

    2,397

     

     

     

    3,094

     

    AHTS 4 - 8K

     

     

    13,900

     

     

     

    12,201

     

     

     

    12,054

     

     

     

    12,866

     

     

     

    13,207

     

    Total

     

     

    40,772

     

     

     

    36,947

     

     

     

    36,536

     

     

     

    37,932

     

     

     

    38,072

     

    Europe/Mediterranean fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    66,380

     

     

     

    66,808

     

     

     

    64,875

     

     

     

    61,827

     

     

     

    61,559

     

    PSV < 900

     

     

    15,287

     

     

     

    13,679

     

     

     

    13,290

     

     

     

    14,126

     

     

     

    15,356

     

    AHTS > 16K

     

     

    1,378

     

     

     

    3,790

     

     

     

    4,057

     

     

     

    3,346

     

     

     

    2,437

     

    Other

     

     

    1,064

     

     

     

    1,048

     

     

     

    1,044

     

     

     

    1,082

     

     

     

    1,391

     

    Total

     

     

    84,109

     

     

     

    85,325

     

     

     

    83,266

     

     

     

    80,381

     

     

     

    80,743

     

    West Africa fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    28,064

     

     

     

    17,012

     

     

     

    20,044

     

     

     

    21,743

     

     

     

    15,478

     

    PSV < 900

     

     

    44,047

     

     

     

    41,367

     

     

     

    32,601

     

     

     

    31,812

     

     

     

    31,893

     

    AHTS > 16K

     

     

    9,602

     

     

     

    8,916

     

     

     

    8,065

     

     

     

    8,048

     

     

     

    6,994

     

    AHTS 8 - 16K

     

     

    17,898

     

     

     

    18,453

     

     

     

    18,466

     

     

     

    16,316

     

     

     

    11,219

     

    AHTS 4 - 8K

     

     

    3,185

     

     

     

    3,100

     

     

     

    2,827

     

     

     

    2,370

     

     

     

    2,126

     

    Other

     

     

    4,503

     

     

     

    6,476

     

     

     

    6,835

     

     

     

    8,362

     

     

     

    6,933

     

    Total

     

     

    107,299

     

     

     

    95,324

     

     

     

    88,838

     

     

     

    88,651

     

     

     

    74,643

     

    Worldwide fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    138,968

     

     

     

    131,934

     

     

     

    139,256

     

     

     

    138,069

     

     

     

    126,614

     

    PSV < 900

     

     

    124,140

     

     

     

    119,095

     

     

     

    108,266

     

     

     

    103,316

     

     

     

    103,286

     

    AHTS > 16K

     

     

    24,800

     

     

     

    31,313

     

     

     

    27,162

     

     

     

    18,272

     

     

     

    18,402

     

    AHTS 8 - 16K

     

     

    25,089

     

     

     

    27,451

     

     

     

    31,505

     

     

     

    25,696

     

     

     

    21,335

     

    AHTS 4 - 8K

     

     

    20,831

     

     

     

    17,834

     

     

     

    16,369

     

     

     

    17,757

     

     

     

    18,362

     

    Other

     

     

    9,635

     

     

     

    10,858

     

     

     

    14,445

     

     

     

    15,576

     

     

     

    12,516

     

    Total

     

    $

    343,463

     

     

    $

    338,485

     

     

    $

    337,003

     

     

    $

    318,686

     

     

    $

    300,515

     

     
     

    TIDEWATER INC.

    OTHER FLEET AND FINANCIAL DATA
     

     

     

     

    Three Months Ended

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    AVERAGE NUMBER OF VESSELS:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Americas fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    10

     

     

     

    10

     

     

     

    11

     

     

     

    11

     

     

     

    12

     

    PSV < 900

     

     

    16

     

     

     

    17

     

     

     

    17

     

     

     

    18

     

     

     

    18

     

    AHTS > 16K

     

     

    2

     

     

     

    2

     

     

     

    2

     

     

     

    2

     

     

     

    2

     

    AHTS 8 - 16K

     

     

    1

     

     

     

    1

     

     

     

    2

     

     

     

    2

     

     

     

    2

     

    AHTS 4 - 8K

     

     

    2

     

     

     

    2

     

     

     

    2

     

     

     

    2

     

     

     

    2

     

    Other

     

     

    2

     

     

     

    2

     

     

     

    1

     

     

     

    1

     

     

     

    2

     

    Total

     

     

    33

     

     

     

    34

     

     

     

    35

     

     

     

    36

     

     

     

    38

     

    Stacked vessels

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1

    )

     

     

    (1

    )

    Active vessels

     

     

    33

     

     

     

    34

     

     

     

    35

     

     

     

    35

     

     

     

    37

     

    Asia Pacific fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    9

     

     

     

    9

     

     

     

    9

     

     

     

    8

     

     

     

    8

     

    PSV < 900

     

     

    5

     

     

     

    5

     

     

     

    5

     

     

     

    5

     

     

     

    5

     

    AHTS > 16K

     

     

    3

     

     

     

    3

     

     

     

    3

     

     

     

    3

     

     

     

    2

     

    AHTS 8 - 16K

     

     

    2

     

     

     

    2

     

     

     

    3

     

     

     

    3

     

     

     

    3

     

    AHTS 4 - 8K

     

     

    1

     

     

     

    1

     

     

     

    1

     

     

     

    1

     

     

     

    1

     

    Other

     

     

    —

     

     

     

    —

     

     

     

    1

     

     

     

    1

     

     

     

    —

     

    Total

     

     

    20

     

     

     

    20

     

     

     

    22

     

     

     

    21

     

     

     

    19

     

    Stacked vessels

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Active vessels

     

     

    20

     

     

     

    20

     

     

     

    22

     

     

     

    21

     

     

     

    19

     

    Middle East fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    1

     

     

     

    1

     

     

     

    1

     

     

     

    1

     

     

     

    1

     

    PSV < 900

     

     

    20

     

     

     

    20

     

     

     

    20

     

     

     

    20

     

     

     

    20

     

    AHTS > 16K

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1

     

    AHTS 8 - 16K

     

     

    5

     

     

     

    5

     

     

     

    5

     

     

     

    5

     

     

     

    5

     

    AHTS 4 - 8K

     

     

    17

     

     

     

    17

     

     

     

    17

     

     

     

    17

     

     

     

    18

     

    Total

     

     

    43

     

     

     

    43

     

     

     

    43

     

     

     

    43

     

     

     

    45

     

    Stacked vessels

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Active vessels

     

     

    43

     

     

     

    43

     

     

     

    43

     

     

     

    43

     

     

     

    45

     

    Europe/Mediterranean fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    39

     

     

     

    40

     

     

     

    39

     

     

     

    40

     

     

     

    39

     

    PSV < 900

     

     

    9

     

     

     

    9

     

     

     

    9

     

     

     

    9

     

     

     

    10

     

    AHTS > 16K

     

     

    2

     

     

     

    2

     

     

     

    2

     

     

     

    2

     

     

     

    2

     

    Total

     

     

    50

     

     

     

    51

     

     

     

    50

     

     

     

    51

     

     

     

    51

     

    Stacked vessels

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Active vessels

     

     

    50

     

     

     

    51

     

     

     

    50

     

     

     

    51

     

     

     

    51

     

    West Africa fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    10

     

     

     

    9

     

     

     

    9

     

     

     

    9

     

     

     

    9

     

    PSV < 900

     

     

    20

     

     

     

    19

     

     

     

    19

     

     

     

    19

     

     

     

    19

     

    AHTS > 16K

     

     

    4

     

     

     

    4

     

     

     

    4

     

     

     

    4

     

     

     

    4

     

    AHTS 8 - 16K

     

     

    13

     

     

     

    13

     

     

     

    11

     

     

     

    11

     

     

     

    11

     

    AHTS 4 - 8K

     

     

    3

     

     

     

    3

     

     

     

    4

     

     

     

    4

     

     

     

    4

     

    Other

     

     

    20

     

     

     

    20

     

     

     

    20

     

     

     

    21

     

     

     

    21

     

    Total

     

     

    70

     

     

     

    68

     

     

     

    67

     

     

     

    68

     

     

     

    68

     

    Stacked vessels

     

     

    —

     

     

     

    —

     

     

     

    (1

    )

     

     

    (1

    )

     

     

    (1

    )

    Active vessels

     

     

    70

     

     

     

    68

     

     

     

    66

     

     

     

    67

     

     

     

    67

     

    Worldwide fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    69

     

     

     

    69

     

     

     

    69

     

     

     

    69

     

     

     

    69

     

    PSV < 900

     

     

    70

     

     

     

    70

     

     

     

    70

     

     

     

    71

     

     

     

    72

     

    AHTS > 16K

     

     

    11

     

     

     

    11

     

     

     

    11

     

     

     

    11

     

     

     

    11

     

    AHTS 8 - 16K

     

     

    21

     

     

     

    21

     

     

     

    21

     

     

     

    21

     

     

     

    21

     

    AHTS 4 - 8K

     

     

    23

     

     

     

    23

     

     

     

    24

     

     

     

    24

     

     

     

    25

     

    Other

     

     

    22

     

     

     

    22

     

     

     

    22

     

     

     

    23

     

     

     

    23

     

    Total

     

     

    216

     

     

     

    216

     

     

     

    217

     

     

     

    219

     

     

     

    221

     

    Stacked vessels

     

     

    —

     

     

     

    —

     

     

     

    (1

    )

     

     

    (2

    )

     

     

    (2

    )

    Active vessels

     

     

    216

     

     

     

    216

     

     

     

    216

     

     

     

    217

     

     

     

    219

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total active

     

     

    216

     

     

     

    216

     

     

     

    216

     

     

     

    217

     

     

     

    219

     

    Total stacked

     

     

    —

     

     

     

    —

     

     

     

    1

     

     

     

    2

     

     

     

    2

     

    Total

     

     

    216

     

     

     

    216

     

     

     

    217

     

     

     

    219

     

     

     

    221

     

     
     

    TIDEWATER INC.

    OTHER FLEET AND FINANCIAL DATA
     

     

     

     

    Three Months Ended

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    AVAILABLE DAYS - TOTAL FLEET:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Americas fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    920

     

     

     

    920

     

     

     

    960

     

     

     

    1,001

     

     

     

    1,104

     

    PSV < 900

     

     

    1,472

     

     

     

    1,531

     

     

     

    1,547

     

     

     

    1,631

     

     

     

    1,675

     

    AHTS > 16K

     

     

    184

     

     

     

    184

     

     

     

    182

     

     

     

    182

     

     

     

    184

     

    AHTS 8 - 16K

     

     

    92

     

     

     

    92

     

     

     

    182

     

     

     

    182

     

     

     

    184

     

    AHTS 4 - 8K

     

     

    184

     

     

     

    184

     

     

     

    182

     

     

     

    182

     

     

     

    184

     

    Other

     

     

    184

     

     

     

    184

     

     

     

    123

     

     

     

    128

     

     

     

    184

     

    Total

     

     

    3,036

     

     

     

    3,095

     

     

     

    3,176

     

     

     

    3,306

     

     

     

    3,515

     

    Asia Pacific fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    828

     

     

     

    828

     

     

     

    819

     

     

     

    765

     

     

     

    736

     

    PSV < 900

     

     

    460

     

     

     

    460

     

     

     

    455

     

     

     

    455

     

     

     

    454

     

    AHTS > 16K

     

     

    276

     

     

     

    276

     

     

     

    273

     

     

     

    241

     

     

     

    184

     

    AHTS 8 - 16K

     

     

    184

     

     

     

    221

     

     

     

    273

     

     

     

    273

     

     

     

    276

     

    AHTS 4 - 8K

     

     

    92

     

     

     

    92

     

     

     

    91

     

     

     

    91

     

     

     

    92

     

    Other

     

     

    —

     

     

     

    —

     

     

     

    59

     

     

     

    54

     

     

     

    —

     

    Total

     

     

    1,840

     

     

     

    1,877

     

     

     

    1,970

     

     

     

    1,879

     

     

     

    1,742

     

    Middle East fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    92

     

     

     

    92

     

     

     

    91

     

     

     

    91

     

     

     

    92

     

    PSV < 900

     

     

    1,840

     

     

     

    1,840

     

     

     

    1,820

     

     

     

    1,820

     

     

     

    1,840

     

    AHTS > 16K

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    32

     

     

     

    92

     

    AHTS 8 - 16K

     

     

    460

     

     

     

    460

     

     

     

    455

     

     

     

    455

     

     

     

    460

     

    AHTS 4 - 8K

     

     

    1,564

     

     

     

    1,564

     

     

     

    1,547

     

     

     

    1,547

     

     

     

    1,615

     

    Total

     

     

    3,956

     

     

     

    3,956

     

     

     

    3,913

     

     

     

    3,945

     

     

     

    4,099

     

    Europe/Mediterranean fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    3,588

     

     

     

    3,680

     

     

     

    3,590

     

     

     

    3,603

     

     

     

    3,588

     

    PSV < 900

     

     

    828

     

     

     

    828

     

     

     

    819

     

     

     

    838

     

     

     

    920

     

    AHTS > 16K

     

     

    184

     

     

     

    184

     

     

     

    182

     

     

     

    182

     

     

     

    184

     

    Total

     

     

    4,600

     

     

     

    4,692

     

     

     

    4,591

     

     

     

    4,623

     

     

     

    4,692

     

    West Africa fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    920

     

     

     

    828

     

     

     

    819

     

     

     

    819

     

     

     

    828

     

    PSV < 900

     

     

    1,840

     

     

     

    1,781

     

     

     

    1,729

     

     

     

    1,729

     

     

     

    1,735

     

    AHTS > 16K

     

     

    368

     

     

     

    368

     

     

     

    364

     

     

     

    364

     

     

     

    368

     

    AHTS 8 - 16K

     

     

    1,196

     

     

     

    1,159

     

     

     

    1,001

     

     

     

    1,001

     

     

     

    1,012

     

    AHTS 4 - 8K

     

     

    235

     

     

     

    276

     

     

     

    330

     

     

     

    364

     

     

     

    385

     

    Other

     

     

    1,840

     

     

     

    1,840

     

     

     

    1,820

     

     

     

    1,875

     

     

     

    1,899

     

    Total

     

     

    6,399

     

     

     

    6,252

     

     

     

    6,063

     

     

     

    6,152

     

     

     

    6,227

     

    Worldwide fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    6,348

     

     

     

    6,348

     

     

     

    6,279

     

     

     

    6,279

     

     

     

    6,348

     

    PSV < 900

     

     

    6,440

     

     

     

    6,440

     

     

     

    6,370

     

     

     

    6,473

     

     

     

    6,624

     

    AHTS > 16K

     

     

    1,012

     

     

     

    1,012

     

     

     

    1,001

     

     

     

    1,001

     

     

     

    1,012

     

    AHTS 8 - 16K

     

     

    1,932

     

     

     

    1,932

     

     

     

    1,911

     

     

     

    1,911

     

     

     

    1,932

     

    AHTS 4 - 8K

     

     

    2,075

     

     

     

    2,116

     

     

     

    2,150

     

     

     

    2,184

     

     

     

    2,276

     

    Other

     

     

    2,024

     

     

     

    2,024

     

     

     

    2,002

     

     

     

    2,057

     

     

     

    2,083

     

    Total

     

     

    19,831

     

     

     

    19,872

     

     

     

    19,713

     

     

     

    19,905

     

     

     

    20,275

     

     
     

    TIDEWATER INC.

    OTHER FLEET AND FINANCIAL DATA
     

     

     

     

    Three Months Ended

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    OUT-OF-SERVICE - STACKED DAYS:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Americas fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV < 900

     

     

    15

     

     

     

    —

     

     

     

    —

     

     

     

    84

     

     

     

    92

     

    Total

     

     

    15

     

     

     

    —

     

     

     

    —

     

     

     

    84

     

     

     

    92

     

    West Africa fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    AHTS 4 - 8K

     

     

    —

     

     

     

    —

     

     

     

    57

     

     

     

    91

     

     

     

    109

     

    Other

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    16

     

    Total

     

     

    —

     

     

     

    —

     

     

     

    57

     

     

     

    91

     

     

     

    125

     

    Worldwide fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV < 900

     

     

    15

     

     

     

    —

     

     

     

    —

     

     

     

    84

     

     

     

    92

     

    AHTS 4 - 8K

     

     

    —

     

     

     

    —

     

     

     

    57

     

     

     

    91

     

     

     

    109

     

    Other

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    16

     

    Total

     

     

    15

     

     

     

    —

     

     

     

    57

     

     

     

    175

     

     

     

    217

     

     
     

    TIDEWATER INC.

    OTHER FLEET AND FINANCIAL DATA
     

     

     

     

    Three Months Ended

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    AVAILABLE DAYS - ACTIVE FLEET:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Americas fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    920

     

     

     

    920

     

     

     

    960

     

     

     

    1,001

     

     

     

    1,104

     

    PSV < 900

     

     

    1,457

     

     

     

    1,531

     

     

     

    1,547

     

     

     

    1,547

     

     

     

    1,583

     

    AHTS > 16K

     

     

    184

     

     

     

    184

     

     

     

    182

     

     

     

    182

     

     

     

    184

     

    AHTS 8 - 16K

     

     

    92

     

     

     

    92

     

     

     

    182

     

     

     

    182

     

     

     

    184

     

    AHTS 4 - 8K

     

     

    184

     

     

     

    184

     

     

     

    182

     

     

     

    182

     

     

     

    184

     

    Other

     

     

    184

     

     

     

    184

     

     

     

    123

     

     

     

    128

     

     

     

    184

     

    Total

     

     

    3,021

     

     

     

    3,095

     

     

     

    3,176

     

     

     

    3,222

     

     

     

    3,423

     

    Asia Pacific fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    828

     

     

     

    828

     

     

     

    819

     

     

     

    765

     

     

     

    736

     

    PSV < 900

     

     

    460

     

     

     

    460

     

     

     

    455

     

     

     

    455

     

     

     

    454

     

    AHTS > 16K

     

     

    276

     

     

     

    276

     

     

     

    273

     

     

     

    241

     

     

     

    184

     

    AHTS 8 - 16K

     

     

    184

     

     

     

    221

     

     

     

    273

     

     

     

    273

     

     

     

    276

     

    AHTS 4 - 8K

     

     

    92

     

     

     

    92

     

     

     

    91

     

     

     

    91

     

     

     

    92

     

    Other

     

     

    —

     

     

     

    —

     

     

     

    59

     

     

     

    54

     

     

     

    —

     

    Total

     

     

    1,840

     

     

     

    1,877

     

     

     

    1,970

     

     

     

    1,879

     

     

     

    1,742

     

    Middle East fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    92

     

     

     

    92

     

     

     

    91

     

     

     

    91

     

     

     

    92

     

    PSV < 900

     

     

    1,840

     

     

     

    1,840

     

     

     

    1,820

     

     

     

    1,820

     

     

     

    1,840

     

    AHTS > 16K

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    32

     

     

     

    92

     

    AHTS 8 - 16K

     

     

    460

     

     

     

    460

     

     

     

    455

     

     

     

    455

     

     

     

    460

     

    AHTS 4 - 8K

     

     

    1,564

     

     

     

    1,564

     

     

     

    1,547

     

     

     

    1,547

     

     

     

    1,615

     

    Total

     

     

    3,956

     

     

     

    3,956

     

     

     

    3,913

     

     

     

    3,945

     

     

     

    4,099

     

    Europe/Mediterranean fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    3,588

     

     

     

    3,680

     

     

     

    3,590

     

     

     

    3,603

     

     

     

    3,588

     

    PSV < 900

     

     

    828

     

     

     

    828

     

     

     

    819

     

     

     

    838

     

     

     

    920

     

    AHTS > 16K

     

     

    184

     

     

     

    184

     

     

     

    182

     

     

     

    182

     

     

     

    184

     

    Total

     

     

    4,600

     

     

     

    4,692

     

     

     

    4,591

     

     

     

    4,623

     

     

     

    4,692

     

    West Africa fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    920

     

     

     

    828

     

     

     

    819

     

     

     

    819

     

     

     

    828

     

    PSV < 900

     

     

    1,840

     

     

     

    1,781

     

     

     

    1,729

     

     

     

    1,729

     

     

     

    1,735

     

    AHTS > 16K

     

     

    368

     

     

     

    368

     

     

     

    364

     

     

     

    364

     

     

     

    368

     

    AHTS 8 - 16K

     

     

    1,196

     

     

     

    1,159

     

     

     

    1,001

     

     

     

    1,001

     

     

     

    1,012

     

    AHTS 4 - 8K

     

     

    235

     

     

     

    276

     

     

     

    273

     

     

     

    273

     

     

     

    276

     

    Other

     

     

    1,840

     

     

     

    1,840

     

     

     

    1,820

     

     

     

    1,875

     

     

     

    1,883

     

    Total

     

     

    6,399

     

     

     

    6,252

     

     

     

    6,006

     

     

     

    6,061

     

     

     

    6,102

     

    Worldwide fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    6,348

     

     

     

    6,348

     

     

     

    6,279

     

     

     

    6,279

     

     

     

    6,348

     

    PSV < 900

     

     

    6,425

     

     

     

    6,440

     

     

     

    6,370

     

     

     

    6,389

     

     

     

    6,532

     

    AHTS > 16K

     

     

    1,012

     

     

     

    1,012

     

     

     

    1,001

     

     

     

    1,001

     

     

     

    1,012

     

    AHTS 8 - 16K

     

     

    1,932

     

     

     

    1,932

     

     

     

    1,911

     

     

     

    1,911

     

     

     

    1,932

     

    AHTS 4 - 8K

     

     

    2,075

     

     

     

    2,116

     

     

     

    2,093

     

     

     

    2,093

     

     

     

    2,167

     

    Other

     

     

    2,024

     

     

     

    2,024

     

     

     

    2,002

     

     

     

    2,057

     

     

     

    2,067

     

    Total

     

     

    19,816

     

     

     

    19,872

     

     

     

    19,656

     

     

     

    19,730

     

     

     

    20,058

     

     
     

    TIDEWATER INC.

    OTHER FLEET AND FINANCIAL DATA
     

     

     

     

    Three Months Ended

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    UTILIZATION - TOTAL FLEET:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Americas fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    77.4

    %

     

     

    83.5

    %

     

     

    92.2

    %

     

     

    87.9

    %

     

     

    77.2

    %

    PSV < 900

     

     

    74.2

     

     

     

    76.5

     

     

     

    80.3

     

     

     

    70.0

     

     

     

    78.9

     

    AHTS > 16K

     

     

    50.3

     

     

     

    83.9

     

     

     

    99.1

     

     

     

    33.4

     

     

     

    59.0

     

    AHTS 8 - 16K

     

     

    77.3

     

     

     

    76.4

     

     

     

    58.6

     

     

     

    80.2

     

     

     

    74.0

     

    AHTS 4 - 8K

     

     

    90.2

     

     

     

    23.4

     

     

     

    14.2

     

     

     

    59.7

     

     

     

    93.7

     

    Other

     

     

    72.4

     

     

     

    69.2

     

     

     

    99.4

     

     

     

    100.0

     

     

     

    100.0

     

    Total

     

     

    74.7

    %

     

     

    75.4

    %

     

     

    80.7

    %

     

     

    74.5

    %

     

     

    78.9

    %

    Asia Pacific fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    63.4

    %

     

     

    63.2

    %

     

     

    87.6

    %

     

     

    93.7

    %

     

     

    93.4

    %

    PSV < 900

     

     

    99.5

     

     

     

    91.7

     

     

     

    96.3

     

     

     

    86.3

     

     

     

    92.3

     

    AHTS > 16K

     

     

    75.4

     

     

     

    81.8

     

     

     

    65.3

     

     

     

    53.4

     

     

     

    72.7

     

    AHTS 8 - 16K

     

     

    64.9

     

     

     

    58.8

     

     

     

    80.8

     

     

     

    75.9

     

     

     

    63.9

     

    AHTS 4 - 8K

     

     

    100.0

     

     

     

    91.7

     

     

     

    78.5

     

     

     

    100.0

     

     

     

    100.0

     

    Other

     

     

    —

     

     

     

    —

     

     

     

    77.9

     

     

     

    76.8

     

     

     

    —

     

    Total

     

     

    76.2

    %

     

     

    73.8

    %

     

     

    84.9

    %

     

     

    84.0

    %

     

     

    86.6

    %

    Middle East fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    100.0

    %

     

     

    100.0

    %

     

     

    100.0

    %

     

     

    100.0

    %

     

     

    100.0

    %

    PSV < 900

     

     

    91.9

     

     

     

    85.0

     

     

     

    88.0

     

     

     

    95.3

     

     

     

    88.6

     

    AHTS > 16K

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    69.3

     

     

     

    100.0

     

    AHTS 8 - 16K

     

     

    64.3

     

     

     

    71.0

     

     

     

    66.6

     

     

     

    50.1

     

     

     

    60.4

     

    AHTS 4 - 8K

     

     

    80.8

     

     

     

    75.8

     

     

     

    82.9

     

     

     

    86.5

     

     

     

    87.6

     

    Total

     

     

    84.5

    %

     

     

    80.1

    %

     

     

    83.8

    %

     

     

    86.6

    %

     

     

    85.6

    %

    Europe/Mediterranean fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    86.1

    %

     

     

    86.1

    %

     

     

    87.4

    %

     

     

    88.9

    %

     

     

    91.4

    %

    PSV < 900

     

     

    93.6

     

     

     

    81.2

     

     

     

    87.5

     

     

     

    90.9

     

     

     

    86.8

     

    AHTS > 16K

     

     

    32.3

     

     

     

    52.0

     

     

     

    46.4

     

     

     

    34.1

     

     

     

    53.2

     

    Total

     

     

    85.3

    %

     

     

    83.9

    %

     

     

    85.8

    %

     

     

    87.1

    %

     

     

    89.0

    %

    West Africa fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    88.8

    %

     

     

    66.0

    %

     

     

    78.4

    %

     

     

    86.9

    %

     

     

    64.9

    %

    PSV < 900

     

     

    80.9

     

     

     

    80.0

     

     

     

    79.2

     

     

     

    82.6

     

     

     

    95.4

     

    AHTS > 16K

     

     

    80.1

     

     

     

    74.7

     

     

     

    79.5

     

     

     

    89.8

     

     

     

    91.1

     

    AHTS 8 - 16K

     

     

    78.6

     

     

     

    85.5

     

     

     

    98.2

     

     

     

    98.6

     

     

     

    72.4

     

    AHTS 4 - 8K

     

     

    73.4

     

     

     

    63.3

     

     

     

    71.9

     

     

     

    66.7

     

     

     

    57.6

     

    Other

     

     

    40.8

     

     

     

    49.6

     

     

     

    49.5

     

     

     

    55.9

     

     

     

    56.9

     

    Total

     

     

    69.8

    %

     

     

    69.2

    %

     

     

    72.9

    %

     

     

    77.1

    %

     

     

    73.3

    %

    Worldwide fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    82.5

    %

     

     

    80.3

    %

     

     

    87.1

    %

     

     

    89.2

    %

     

     

    85.8

    %

    PSV < 900

     

     

    85.5

     

     

     

    81.6

     

     

     

    84.3

     

     

     

    84.3

     

     

     

    87.9

     

    AHTS > 16K

     

     

    64.7

     

     

     

    74.2

     

     

     

    73.2

     

     

     

    60.0

     

     

     

    75.8

     

    AHTS 8 - 16K

     

     

    73.9

     

     

     

    78.6

     

     

     

    84.4

     

     

     

    82.0

     

     

     

    68.5

     

    AHTS 4 - 8K

     

     

    81.6

     

     

     

    70.3

     

     

     

    75.2

     

     

     

    81.6

     

     

     

    83.5

     

    Other

     

     

    43.7

     

     

     

    51.4

     

     

     

    53.4

     

     

     

    59.2

     

     

     

    60.7

     

    Total

     

     

    77.6

    %

     

     

    76.2

    %

     

     

    80.5

    %

     

     

    81.5

    %

     

     

    81.5

    %

     
     

    TIDEWATER INC.

    OTHER FLEET AND FINANCIAL DATA
     

     

     

     

    Three Months Ended

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    UTILIZATION - ACTIVE FLEET:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Americas fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    77.4

    %

     

     

    83.5

    %

     

     

    92.2

    %

     

     

    87.9

    %

     

     

    77.2

    %

    PSV < 900

     

     

    75.0

     

     

     

    76.5

     

     

     

    80.3

     

     

     

    73.8

     

     

     

    83.4

     

    AHTS > 16K

     

     

    50.3

     

     

     

    83.9

     

     

     

    99.1

     

     

     

    33.4

     

     

     

    59.0

     

    AHTS 8 - 16K

     

     

    77.3

     

     

     

    76.4

     

     

     

    58.6

     

     

     

    80.2

     

     

     

    74.0

     

    AHTS 4 - 8K

     

     

    90.2

     

     

     

    23.4

     

     

     

    14.2

     

     

     

    59.7

     

     

     

    93.7

     

    Other

     

     

    72.4

     

     

     

    69.2

     

     

     

    99.4

     

     

     

    100.0

     

     

     

    100.0

     

    Total

     

     

    75.1

    %

     

     

    75.4

    %

     

     

    80.7

    %

     

     

    76.5

    %

     

     

    81.0

    %

    Asia Pacific fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    63.4

    %

     

     

    63.2

    %

     

     

    87.6

    %

     

     

    93.7

    %

     

     

    93.4

    %

    PSV < 900

     

     

    99.5

     

     

     

    91.7

     

     

     

    96.3

     

     

     

    86.3

     

     

     

    92.3

     

    AHTS > 16K

     

     

    75.4

     

     

     

    81.8

     

     

     

    65.3

     

     

     

    53.4

     

     

     

    72.7

     

    AHTS 8 - 16K

     

     

    64.9

     

     

     

    58.8

     

     

     

    80.8

     

     

     

    75.9

     

     

     

    63.9

     

    AHTS 4 - 8K

     

     

    100.0

     

     

     

    91.7

     

     

     

    78.5

     

     

     

    100.0

     

     

     

    100.0

     

    Other

     

     

    —

     

     

     

    —

     

     

     

    77.9

     

     

     

    76.8

     

     

     

    —

     

    Total

     

     

    76.2

    %

     

     

    73.8

    %

     

     

    84.9

    %

     

     

    84.0

    %

     

     

    86.6

    %

    Middle East fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    100.0

    %

     

     

    100.0

    %

     

     

    100.0

    %

     

     

    100.0

    %

     

     

    100.0

    %

    PSV < 900

     

     

    91.9

     

     

     

    85.0

     

     

     

    88.0

     

     

     

    95.3

     

     

     

    88.6

     

    AHTS > 16K

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    69.3

     

     

     

    100.0

     

    AHTS 8 - 16K

     

     

    64.3

     

     

     

    71.0

     

     

     

    66.6

     

     

     

    50.1

     

     

     

    60.4

     

    AHTS 4 - 8K

     

     

    80.8

     

     

     

    75.8

     

     

     

    82.9

     

     

     

    86.5

     

     

     

    87.6

     

    Total

     

     

    84.5

    %

     

     

    80.1

    %

     

     

    83.8

    %

     

     

    86.6

    %

     

     

    85.6

    %

    Europe/Mediterranean fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    86.1

    %

     

     

    86.1

    %

     

     

    87.4

    %

     

     

    88.9

    %

     

     

    91.4

    %

    PSV < 900

     

     

    93.6

     

     

     

    81.2

     

     

     

    87.5

     

     

     

    90.9

     

     

     

    86.8

     

    AHTS > 16K

     

     

    32.3

     

     

     

    52.0

     

     

     

    46.4

     

     

     

    34.1

     

     

     

    53.2

     

    Total

     

     

    85.3

    %

     

     

    83.9

    %

     

     

    85.8

    %

     

     

    87.1

    %

     

     

    89.0

    %

    West Africa fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    88.8

    %

     

     

    66.0

    %

     

     

    78.4

    %

     

     

    86.9

    %

     

     

    64.9

    %

    PSV < 900

     

     

    80.9

     

     

     

    80.0

     

     

     

    79.2

     

     

     

    82.6

     

     

     

    95.4

     

    AHTS > 16K

     

     

    80.1

     

     

     

    74.7

     

     

     

    79.5

     

     

     

    89.8

     

     

     

    91.1

     

    AHTS 8 - 16K

     

     

    78.6

     

     

     

    85.5

     

     

     

    98.2

     

     

     

    98.6

     

     

     

    72.4

     

    AHTS 4 - 8K

     

     

    73.4

     

     

     

    63.3

     

     

     

    86.9

     

     

     

    88.9

     

     

     

    80.4

     

    Other

     

     

    40.8

     

     

     

    49.6

     

     

     

    49.5

     

     

     

    55.9

     

     

     

    57.4

     

    Total

     

     

    69.8

    %

     

     

    69.2

    %

     

     

    73.6

    %

     

     

    78.3

    %

     

     

    74.8

    %

    Worldwide fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    82.5

    %

     

     

    80.3

    %

     

     

    87.1

    %

     

     

    89.2

    %

     

     

    85.8

    %

    PSV < 900

     

     

    85.7

     

     

     

    81.6

     

     

     

    84.3

     

     

     

    85.4

     

     

     

    89.2

     

    AHTS > 16K

     

     

    64.7

     

     

     

    74.2

     

     

     

    73.2

     

     

     

    60.0

     

     

     

    75.8

     

    AHTS 8 - 16K

     

     

    73.9

     

     

     

    78.6

     

     

     

    84.4

     

     

     

    82.0

     

     

     

    68.5

     

    AHTS 4 - 8K

     

     

    81.6

     

     

     

    70.3

     

     

     

    77.2

     

     

     

    85.1

     

     

     

    87.7

     

    Other

     

     

    43.7

     

     

     

    51.4

     

     

     

    53.4

     

     

     

    59.2

     

     

     

    61.2

     

    Total

     

     

    77.7

    %

     

     

    76.2

    %

     

     

    80.7

    %

     

     

    82.3

    %

     

     

    82.4

    %

     
     

    TIDEWATER INC.

    OTHER FLEET AND FINANCIAL DATA
     

     

     

     

    Three Months Ended

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

    AVERAGE VESSEL DAY RATES: (A)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Americas fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

    $

    33,907

     

     

    $

    35,404

     

     

    $

    35,490

     

     

    $

    34,015

     

     

    $

    33,707

     

    PSV < 900

     

     

    24,479

     

     

     

    22,986

     

     

     

    22,542

     

     

     

    21,499

     

     

     

    21,306

     

    AHTS > 16K

     

     

    32,095

     

     

     

    40,478

     

     

     

    40,088

     

     

     

    33,490

     

     

     

    37,174

     

    AHTS 8 - 16K

     

     

    13,079

     

     

     

    12,925

     

     

     

    18,771

     

     

     

    16,964

     

     

     

    16,997

     

    AHTS 4 - 8K

     

     

    10,399

     

     

     

    8,167

     

     

     

    8,453

     

     

     

    8,703

     

     

     

    8,285

     

    Other

     

     

    27,870

     

     

     

    23,420

     

     

     

    30,266

     

     

     

    30,423

     

     

     

    18,427

     

    Total

     

     

    26,563

     

     

     

    27,676

     

     

     

    28,317

     

     

     

    25,894

     

     

     

    24,524

     

    Asia Pacific fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    35,984

     

     

     

    37,341

     

     

     

    30,070

     

     

     

    32,387

     

     

     

    28,351

     

    PSV < 900

     

     

    35,192

     

     

     

    40,805

     

     

     

    32,875

     

     

     

    30,122

     

     

     

    20,703

     

    AHTS > 16K

     

     

    52,170

     

     

     

    54,756

     

     

     

    43,808

     

     

     

    35,411

     

     

     

    28,120

     

    AHTS 8 - 16K

     

     

    23,746

     

     

     

    35,682

     

     

     

    35,678

     

     

     

    21,757

     

     

     

    26,680

     

    AHTS 4 - 8K

     

     

    21,959

     

     

     

    25,883

     

     

     

    17,758

     

     

     

    17,315

     

     

     

    17,404

     

    Other

     

     

    —

     

     

     

    —

     

     

     

    43,350

     

     

     

    43,703

     

     

     

    —

     

    Total

     

     

    36,203

     

     

     

    40,419

     

     

     

    32,848

     

     

     

    30,101

     

     

     

    25,378

     

    Middle East fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    16,146

     

     

     

    15,079

     

     

     

    14,936

     

     

     

    14,996

     

     

     

    14,972

     

    PSV < 900

     

     

    12,981

     

     

     

    12,730

     

     

     

    12,466

     

     

     

    12,115

     

     

     

    11,785

     

    AHTS > 16K

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    12,968

     

     

     

    12,801

     

    AHTS 8 - 16K

     

     

    11,575

     

     

     

    10,558

     

     

     

    10,440

     

     

     

    10,515

     

     

     

    11,140

     

    AHTS 4 - 8K

     

     

    11,006

     

     

     

    10,291

     

     

     

    9,404

     

     

     

    9,609

     

     

     

    9,334

     

    Total

     

     

    12,197

     

     

     

    11,661

     

     

     

    11,148

     

     

     

    11,108

     

     

     

    10,855

     

    Europe/Mediterranean fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    21,499

     

     

     

    21,092

     

     

     

    20,686

     

     

     

    19,294

     

     

     

    18,771

     

    PSV < 900

     

     

    19,727

     

     

     

    20,347

     

     

     

    18,543

     

     

     

    18,557

     

     

     

    19,227

     

    AHTS > 16K

     

     

    23,177

     

     

     

    39,597

     

     

     

    47,999

     

     

     

    53,966

     

     

     

    24,899

     

    Total

     

     

    21,249

     

     

     

    21,484

     

     

     

    20,950

     

     

     

    19,763

     

     

     

    19,061

     

    West Africa fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    34,334

     

     

     

    31,118

     

     

     

    31,231

     

     

     

    30,557

     

     

     

    28,797

     

    PSV < 900

     

     

    29,598

     

     

     

    29,031

     

     

     

    23,818

     

     

     

    22,287

     

     

     

    19,271

     

    AHTS > 16K

     

     

    32,557

     

     

     

    32,453

     

     

     

    27,861

     

     

     

    24,611

     

     

     

    20,869

     

    AHTS 8 - 16K

     

     

    19,033

     

     

     

    18,627

     

     

     

    18,784

     

     

     

    16,536

     

     

     

    15,302

     

    AHTS 4 - 8K

     

     

    18,462

     

     

     

    17,755

     

     

     

    11,915

     

     

     

    9,766

     

     

     

    9,583

     

    Other

     

     

    6,001

     

     

     

    7,096

     

     

     

    7,587

     

     

     

    7,975

     

     

     

    6,415

     

    Total

     

     

    24,038

     

     

     

    22,044

     

     

     

    20,093

     

     

     

    18,687

     

     

     

    16,356

     

    Worldwide fleet:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PSV > 900

     

     

    26,550

     

     

     

    25,883

     

     

     

    25,452

     

     

     

    24,640

     

     

     

    23,240

     

    PSV < 900

     

     

    22,550

     

     

     

    22,666

     

     

     

    20,170

     

     

     

    18,932

     

     

     

    17,734

     

    AHTS > 16K

     

     

    37,870

     

     

     

    41,721

     

     

     

    37,073

     

     

     

    30,423

     

     

     

    23,985

     

    AHTS 8 - 16K

     

     

    17,584

     

     

     

    18,087

     

     

     

    19,527

     

     

     

    16,390

     

     

     

    16,120

     

    AHTS 4 - 8K

     

     

    12,301

     

     

     

    11,990

     

     

     

    10,127

     

     

     

    9,969

     

     

     

    9,658

     

    Other

     

     

    9,691

     

     

     

    9,410

     

     

     

    11,968

     

     

     

    11,797

     

     

     

    8,397

     

    Total

     

    $

    22,236

     

     

    $

    22,275

     

     

    $

    21,130

     

     

    $

    19,563

     

     

    $

    18,066

     

     

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

     
     

    TIDEWATER INC.

    OTHER FLEET AND FINANCIAL DATA

    (In Thousands) 

     

     

     

    Three Months Ended

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Americas

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel revenues

     

    $

    60,240

     

     

    $

    64,606

     

     

    $

    73,142

     

     

    $

    63,941

     

     

    $

    68,425

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel operating costs:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Crew costs

     

     

    18,519

     

     

     

    21,646

     

     

     

    23,318

     

     

     

    24,062

     

     

     

    24,045

     

    Repair and maintenance

     

     

    5,271

     

     

     

    5,227

     

     

     

    5,645

     

     

     

    4,534

     

     

     

    3,846

     

    Insurance

     

     

    506

     

     

     

    571

     

     

     

    463

     

     

     

    494

     

     

     

    526

     

    Fuel, lube and supplies

     

     

    2,954

     

     

     

    3,165

     

     

     

    2,994

     

     

     

    4,522

     

     

     

    3,241

     

    Other

     

     

    6,795

     

     

     

    5,921

     

     

     

    5,747

     

     

     

    5,928

     

     

     

    5,172

     

    Total vessel operating costs

     

     

    34,045

     

     

     

    36,530

     

     

     

    38,167

     

     

     

    39,540

     

     

     

    36,830

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel operating margin ($)

     

     

    26,195

     

     

     

    28,076

     

     

     

    34,975

     

     

     

    24,401

     

     

     

    31,595

     

    Vessel operating margin (%)

     

     

    43.5

    %

     

     

    43.5

    %

     

     

    47.8

    %

     

     

    38.2

    %

     

     

    46.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Americas - Select operating statistics

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average vessels - Total fleet

     

     

    33

     

     

     

    34

     

     

     

    35

     

     

     

    36

     

     

     

    38

     

    Utilization - Total fleet

     

     

    74.7

    %

     

     

    75.4

    %

     

     

    80.7

    %

     

     

    74.5

    %

     

     

    78.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average vessels - Active fleet

     

     

    33

     

     

     

    34

     

     

     

    35

     

     

     

    35

     

     

     

    37

     

    Utilization - Active fleet

     

     

    75.1

    %

     

     

    75.4

    %

     

     

    80.7

    %

     

     

    76.5

    %

     

     

    81.0

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average day rates

     

    $

    26,563

     

     

    $

    27,676

     

     

    $

    28,317

     

     

    $

    25,894

     

     

    $

    24,524

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessels commencing drydocks

     

     

    1

     

     

     

    4

     

     

     

    3

     

     

     

    7

     

     

     

    3

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Deferred drydocking and survey costs - beginning balance

     

    $

    33,812

     

     

    $

    37,103

     

     

    $

    31,698

     

     

    $

    28,688

     

     

    $

    29,684

     

    Cash paid for deferred drydocking and survey costs

     

     

    3,317

     

     

     

    5,009

     

     

     

    9,190

     

     

     

    8,014

     

     

     

    5,025

     

    Amortization of deferred drydocking and survey costs

     

     

    (5,980

    )

     

     

    (5,621

    )

     

     

    (5,704

    )

     

     

    (5,004

    )

     

     

    (5,353

    )

    Disposals, intersegment transfers and other

     

     

    —

     

     

     

    (2,679

    )

     

     

    1,919

     

     

     

    —

     

     

     

    (668

    )

    Deferred drydocking and survey costs - ending balance

     

    $

    31,149

     

     

    $

    33,812

     

     

    $

    37,103

     

     

    $

    31,698

     

     

    $

    28,688

     

     
     

    TIDEWATER INC.

    OTHER FLEET AND FINANCIAL DATA

    (In Thousands) 

     

     

     

    Three Months Ended

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Asia Pacific

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel revenues

     

    $

    51,043

     

     

    $

    56,283

     

     

    $

    55,221

     

     

    $

    47,781

     

     

    $

    38,632

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel operating costs:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Crew costs

     

     

    21,954

     

     

     

    24,685

     

     

     

    23,023

     

     

     

    19,306

     

     

     

    15,177

     

    Repair and maintenance

     

     

    4,304

     

     

     

    3,834

     

     

     

    3,092

     

     

     

    2,769

     

     

     

    2,977

     

    Insurance

     

     

    319

     

     

     

    327

     

     

     

    278

     

     

     

    273

     

     

     

    269

     

    Fuel, lube and supplies

     

     

    2,002

     

     

     

    2,560

     

     

     

    2,335

     

     

     

    1,937

     

     

     

    1,191

     

    Other

     

     

    2,456

     

     

     

    2,396

     

     

     

    2,968

     

     

     

    2,491

     

     

     

    2,045

     

    Total vessel operating costs

     

     

    31,035

     

     

     

    33,802

     

     

     

    31,696

     

     

     

    26,776

     

     

     

    21,659

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel operating margin ($)

     

     

    20,008

     

     

     

    22,481

     

     

     

    23,525

     

     

     

    21,005

     

     

     

    16,973

     

    Vessel operating margin (%)

     

     

    39.2

    %

     

     

    39.9

    %

     

     

    42.6

    %

     

     

    44.0

    %

     

     

    43.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Asia Pacific - Select operating statistics

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average vessels - Total fleet

     

     

    20

     

     

     

    20

     

     

     

    22

     

     

     

    21

     

     

     

    19

     

    Utilization - Total fleet

     

     

    76.2

    %

     

     

    73.8

    %

     

     

    84.9

    %

     

     

    84.0

    %

     

     

    86.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average vessels - Active fleet

     

     

    20

     

     

     

    20

     

     

     

    22

     

     

     

    21

     

     

     

    19

     

    Utilization - Active fleet

     

     

    76.2

    %

     

     

    73.8

    %

     

     

    84.9

    %

     

     

    84.0

    %

     

     

    86.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average day rates

     

    $

    36,203

     

     

    $

    40,419

     

     

    $

    32,848

     

     

    $

    30,101

     

     

    $

    25,378

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessels commencing drydocks

     

     

    —

     

     

     

    2

     

     

     

    2

     

     

     

    3

     

     

     

    —

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Deferred drydocking and survey costs - beginning balance

     

    $

    11,248

     

     

    $

    8,744

     

     

    $

    8,376

     

     

    $

    3,769

     

     

    $

    3,595

     

    Cash paid for deferred drydocking and survey costs

     

     

    1,138

     

     

     

    4,069

     

     

     

    1,602

     

     

     

    4,734

     

     

     

    (18

    )

    Amortization of deferred drydocking and survey costs

     

     

    (1,968

    )

     

     

    (1,565

    )

     

     

    (1,234

    )

     

     

    (844

    )

     

     

    (720

    )

    Disposals, intersegment transfers and other

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    717

     

     

     

    912

     

    Deferred drydocking and survey costs - ending balance

     

    $

    10,418

     

     

    $

    11,248

     

     

    $

    8,744

     

     

    $

    8,376

     

     

    $

    3,769

     

     
     

    TIDEWATER INC.

    OTHER FLEET AND FINANCIAL DATA

    (In Thousands) 

     

     

     

    Three Months Ended

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Middle East

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel revenues

     

    $

    40,772

     

     

    $

    36,947

     

     

    $

    36,536

     

     

    $

    37,932

     

     

    $

    38,072

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel operating costs:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Crew costs

     

     

    13,509

     

     

     

    13,071

     

     

     

    13,540

     

     

     

    13,270

     

     

     

    13,716

     

    Repair and maintenance

     

     

    4,162

     

     

     

    4,625

     

     

     

    4,300

     

     

     

    4,508

     

     

     

    4,105

     

    Insurance

     

     

    488

     

     

     

    510

     

     

     

    464

     

     

     

    420

     

     

     

    501

     

    Fuel, lube and supplies

     

     

    2,599

     

     

     

    2,842

     

     

     

    2,274

     

     

     

    2,304

     

     

     

    2,610

     

    Other

     

     

    4,932

     

     

     

    6,000

     

     

     

    7,138

     

     

     

    6,006

     

     

     

    4,906

     

    Total vessel operating costs

     

     

    25,690

     

     

     

    27,048

     

     

     

    27,716

     

     

     

    26,508

     

     

     

    25,838

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel operating margin ($)

     

     

    15,082

     

     

     

    9,899

     

     

     

    8,820

     

     

     

    11,424

     

     

     

    12,234

     

    Vessel operating margin (%)

     

     

    37.0

    %

     

     

    26.8

    %

     

     

    24.1

    %

     

     

    30.1

    %

     

     

    32.1

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Middle East - Select operating statistics

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average vessels - Total fleet

     

     

    43

     

     

     

    43

     

     

     

    43

     

     

     

    43

     

     

     

    45

     

    Utilization - Total fleet

     

     

    84.5

    %

     

     

    80.1

    %

     

     

    83.8

    %

     

     

    86.6

    %

     

     

    85.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average vessels - Active fleet

     

     

    43

     

     

     

    43

     

     

     

    43

     

     

     

    43

     

     

     

    45

     

    Utilization - Active fleet

     

     

    84.5

    %

     

     

    80.1

    %

     

     

    83.8

    %

     

     

    86.6

    %

     

     

    85.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average day rates

     

    $

    12,197

     

     

    $

    11,661

     

     

    $

    11,148

     

     

    $

    11,108

     

     

    $

    10,855

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessels commencing drydocks

     

     

    6

     

     

     

    4

     

     

     

    3

     

     

     

    11

     

     

     

    3

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Deferred drydocking and survey costs - beginning balance

     

    $

    24,159

     

     

    $

    23,089

     

     

    $

    23,690

     

     

    $

    19,331

     

     

    $

    21,153

     

    Cash paid for deferred drydocking and survey costs

     

     

    1,328

     

     

     

    4,764

     

     

     

    2,737

     

     

     

    7,520

     

     

     

    1,360

     

    Amortization of deferred drydocking and survey costs

     

     

    (3,695

    )

     

     

    (3,694

    )

     

     

    (3,338

    )

     

     

    (3,161

    )

     

     

    (3,182

    )

    Disposals, intersegment transfers and other

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Deferred drydocking and survey costs - ending balance

     

    $

    21,792

     

     

    $

    24,159

     

     

    $

    23,089

     

     

    $

    23,690

     

     

    $

    19,331

     

     
     

    TIDEWATER INC.

    OTHER FLEET AND FINANCIAL DATA

    (In Thousands) 

     

     

     

    Three Months Ended

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Europe/Mediterranean

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel revenues

     

    $

    84,109

     

     

    $

    85,325

     

     

    $

    83,266

     

     

    $

    80,381

     

     

    $

    80,743

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel operating costs:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Crew costs

     

     

    26,993

     

     

     

    28,818

     

     

     

    27,085

     

     

     

    26,282

     

     

     

    25,848

     

    Repair and maintenance

     

     

    8,458

     

     

     

    7,279

     

     

     

    7,058

     

     

     

    5,493

     

     

     

    6,081

     

    Insurance

     

     

    827

     

     

     

    827

     

     

     

    761

     

     

     

    756

     

     

     

    791

     

    Fuel, lube and supplies

     

     

    3,171

     

     

     

    3,924

     

     

     

    3,461

     

     

     

    4,094

     

     

     

    3,717

     

    Other

     

     

    5,180

     

     

     

    4,974

     

     

     

    4,351

     

     

     

    4,359

     

     

     

    3,719

     

    Total vessel operating costs

     

     

    44,629

     

     

     

    45,822

     

     

     

    42,716

     

     

     

    40,984

     

     

     

    40,156

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel operating margin ($)

     

     

    39,480

     

     

     

    39,503

     

     

     

    40,550

     

     

     

    39,397

     

     

     

    40,587

     

    Vessel operating margin (%)

     

     

    46.9

    %

     

     

    46.3

    %

     

     

    48.7

    %

     

     

    49.0

    %

     

     

    50.3

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Europe/Mediterranean - Select operating statistics

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average vessels - Total fleet

     

     

    50

     

     

     

    51

     

     

     

    50

     

     

     

    51

     

     

     

    51

     

    Utilization - Total fleet

     

     

    85.3

    %

     

     

    83.9

    %

     

     

    85.8

    %

     

     

    87.1

    %

     

     

    89.0

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average vessels - Active fleet

     

     

    50

     

     

     

    51

     

     

     

    50

     

     

     

    51

     

     

     

    51

     

    Utilization - Active fleet

     

     

    85.3

    %

     

     

    83.9

    %

     

     

    85.8

    %

     

     

    87.1

    %

     

     

    89.0

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average day rates

     

    $

    21,249

     

     

    $

    21,484

     

     

    $

    20,950

     

     

    $

    19,763

     

     

    $

    19,061

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessels commencing drydocks

     

     

    4

     

     

     

    8

     

     

     

    8

     

     

     

    16

     

     

     

    5

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Deferred drydocking and survey costs - beginning balance

     

    $

    41,637

     

     

    $

    34,779

     

     

    $

    27,260

     

     

    $

    21,078

     

     

    $

    16,256

     

    Cash paid for deferred drydocking and survey costs

     

     

    3,554

     

     

     

    12,225

     

     

     

    11,584

     

     

     

    10,876

     

     

     

    7,580

     

    Amortization of deferred drydocking and survey costs

     

     

    (6,126

    )

     

     

    (5,367

    )

     

     

    (4,065

    )

     

     

    (3,359

    )

     

     

    (2,758

    )

    Disposals, intersegment transfers and other

     

     

    (634

    )

     

     

    —

     

     

     

    —

     

     

     

    (1,335

    )

     

     

    —

     

    Deferred drydocking and survey costs - ending balance

     

    $

    38,431

     

     

    $

    41,637

     

     

    $

    34,779

     

     

    $

    27,260

     

     

    $

    21,078

     

     
     

    TIDEWATER INC.

    OTHER FLEET AND FINANCIAL DATA

    (In Thousands) 

     

     

     

    Three Months Ended

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    West Africa

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel revenues

     

    $

    107,299

     

     

    $

    95,324

     

     

    $

    88,838

     

     

    $

    88,651

     

     

    $

    74,643

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel operating costs:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Crew costs

     

     

    19,010

     

     

     

    19,488

     

     

     

    19,265

     

     

     

    19,432

     

     

     

    18,751

     

    Repair and maintenance

     

     

    4,536

     

     

     

    4,589

     

     

     

    4,648

     

     

     

    4,044

     

     

     

    4,626

     

    Insurance

     

     

    717

     

     

     

    730

     

     

     

    659

     

     

     

    637

     

     

     

    678

     

    Fuel, lube and supplies

     

     

    4,552

     

     

     

    4,722

     

     

     

    4,498

     

     

     

    4,461

     

     

     

    4,506

     

    Other

     

     

    6,170

     

     

     

    5,923

     

     

     

    7,148

     

     

     

    5,174

     

     

     

    5,509

     

    Total vessel operating costs

     

     

    34,985

     

     

     

    35,452

     

     

     

    36,218

     

     

     

    33,748

     

     

     

    34,070

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel operating margin ($)

     

     

    72,314

     

     

     

    59,872

     

     

     

    52,620

     

     

     

    54,903

     

     

     

    40,573

     

    Vessel operating margin (%)

     

     

    67.4

    %

     

     

    62.8

    %

     

     

    59.2

    %

     

     

    61.9

    %

     

     

    54.4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    West Africa - Select operating statistics

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average vessels - Total fleet

     

     

    70

     

     

     

    68

     

     

     

    67

     

     

     

    68

     

     

     

    68

     

    Utilization - Total fleet

     

     

    69.8

    %

     

     

    69.2

    %

     

     

    72.9

    %

     

     

    77.1

    %

     

     

    73.3

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average vessels - Active fleet

     

     

    70

     

     

     

    68

     

     

     

    66

     

     

     

    67

     

     

     

    67

     

    Utilization - Active fleet

     

     

    69.8

    %

     

     

    69.2

    %

     

     

    73.6

    %

     

     

    78.3

    %

     

     

    74.8

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average day rates

     

    $

    24,038

     

     

    $

    22,044

     

     

    $

    20,093

     

     

    $

    18,687

     

     

    $

    16,356

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessels commencing drydocks

     

     

    1

     

     

     

    5

     

     

     

    4

     

     

     

    7

     

     

     

    7

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Deferred drydocking and survey costs - beginning balance

     

    $

    50,088

     

     

    $

    44,942

     

     

    $

    37,615

     

     

    $

    33,832

     

     

    $

    28,527

     

    Cash paid for deferred drydocking and survey costs

     

     

    8,337

     

     

     

    9,416

     

     

     

    14,970

     

     

     

    8,874

     

     

     

    10,121

     

    Amortization of deferred drydocking and survey costs

     

     

    (8,115

    )

     

     

    (6,949

    )

     

     

    (5,724

    )

     

     

    (5,091

    )

     

     

    (4,367

    )

    Disposals, intersegment transfers and other

     

     

    450

     

     

     

    2,679

     

     

     

    (1,919

    )

     

     

    —

     

     

     

    (449

    )

    Deferred drydocking and survey costs - ending balance

     

    $

    50,760

     

     

    $

    50,088

     

     

    $

    44,942

     

     

    $

    37,615

     

     

    $

    33,832

     

     
     

    TIDEWATER INC.

    OTHER FLEET AND FINANCIAL DATA

    (In Thousands) 

     

     

     

    Three Months Ended

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Worldwide

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel revenues

     

    $

    343,463

     

     

    $

    338,485

     

     

    $

    337,003

     

     

    $

    318,686

     

     

    $

    300,515

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel operating costs:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Crew costs

     

     

    99,985

     

     

     

    107,708

     

     

     

    106,231

     

     

     

    102,352

     

     

     

    97,537

     

    Repair and maintenance

     

     

    26,731

     

     

     

    25,554

     

     

     

    24,743

     

     

     

    21,348

     

     

     

    21,635

     

    Insurance

     

     

    2,857

     

     

     

    2,965

     

     

     

    2,625

     

     

     

    2,580

     

     

     

    2,765

     

    Fuel, lube and supplies

     

     

    15,278

     

     

     

    17,213

     

     

     

    15,562

     

     

     

    17,318

     

     

     

    15,265

     

    Other

     

     

    25,533

     

     

     

    25,214

     

     

     

    27,352

     

     

     

    23,958

     

     

     

    21,351

     

    Total vessel operating costs

     

     

    170,384

     

     

     

    178,654

     

     

     

    176,513

     

     

     

    167,556

     

     

     

    158,553

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessel operating margin ($)

     

     

    173,079

     

     

     

    159,831

     

     

     

    160,490

     

     

     

    151,130

     

     

     

    141,962

     

    Vessel operating margin (%)

     

     

    50.4

    %

     

     

    47.2

    %

     

     

    47.6

    %

     

     

    47.4

    %

     

     

    47.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Worldwide - Select operating statistics

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average vessels - Total fleet

     

     

    216

     

     

     

    216

     

     

     

    217

     

     

     

    219

     

     

     

    221

     

    Utilization - Total fleet

     

     

    77.6

    %

     

     

    76.2

    %

     

     

    80.5

    %

     

     

    81.5

    %

     

     

    81.5

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average vessels - Active fleet

     

     

    216

     

     

     

    216

     

     

     

    216

     

     

     

    217

     

     

     

    219

     

    Utilization - Active fleet

     

     

    77.7

    %

     

     

    76.2

    %

     

     

    80.7

    %

     

     

    82.3

    %

     

     

    82.4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average day rates

     

    $

    22,236

     

     

    $

    22,275

     

     

    $

    21,130

     

     

    $

    19,563

     

     

    $

    18,066

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vessels commencing drydocks

     

     

    12

     

     

     

    23

     

     

     

    20

     

     

     

    44

     

     

     

    18

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Deferred drydocking and survey costs - beginning balance

     

    $

    160,944

     

     

    $

    148,657

     

     

    $

    128,639

     

     

    $

    106,698

     

     

    $

    99,215

     

    Cash paid for deferred drydocking and survey costs

     

     

    17,674

     

     

     

    35,483

     

     

     

    40,083

     

     

     

    40,018

     

     

     

    24,068

     

    Amortization of deferred drydocking and survey costs

     

     

    (25,884

    )

     

     

    (23,196

    )

     

     

    (20,065

    )

     

     

    (17,459

    )

     

     

    (16,380

    )

    Disposals, intersegment transfers and other

     

     

    (184

    )

     

     

    —

     

     

     

    —

     

     

     

    (618

    )

     

     

    (205

    )

    Deferred drydocking and survey costs - ending balance

     

    $

    152,550

     

     

    $

    160,944

     

     

    $

    148,657

     

     

    $

    128,639

     

     

    $

    106,698

     

     
     

    TIDEWATER INC.

    UNAUDITED OTHER FLEET AND FINANCIAL DATA

    (In Thousands) 

     

     

     

    Three Months Ended

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income

     

    $

    36,619

     

     

    $

    45,991

     

     

    $

    49,917

     

     

    $

    46,745

     

     

    $

    37,328

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest and other debt costs

     

     

    16,742

     

     

     

    17,622

     

     

     

    19,127

     

     

     

    19,476

     

     

     

    20,263

     

    Income tax expense

     

     

    16,376

     

     

     

    12,883

     

     

     

    7,887

     

     

     

    13,070

     

     

     

    10,793

     

    Depreciation

     

     

    38,736

     

     

     

    39,239

     

     

     

    39,380

     

     

     

    38,811

     

     

     

    42,788

     

    Amortization of deferred drydock and survey costs

     

     

    25,884

     

     

     

    23,196

     

     

     

    20,065

     

     

     

    17,459

     

     

     

    16,379

     

    Amortization of below market contracts

     

     

    (1,071

    )

     

     

    (1,073

    )

     

     

    (1,650

    )

     

     

    (1,206

    )

     

     

    (1,894

    )

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

     

     

    133,286

     

     

     

    137,858

     

     

     

    134,726

     

     

     

    134,355

     

     

     

    125,657

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Non-cash indemnification assets credit (charge)

     

     

    242

     

     

     

    553

     

     

     

    1,556

     

     

     

    1,122

     

     

     

    (70

    )

    Non-cash stock compensation expense

     

     

    3,886

     

     

     

    3,569

     

     

     

    3,460

     

     

     

    2,766

     

     

     

    3,508

     

    Acquisition, restructuring and integration related costs

     

     

    978

     

     

     

    581

     

     

     

    —

     

     

     

    709

     

     

     

    2,177

     

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

     

    $

    138,392

     

     

    $

    142,561

     

     

    $

    139,742

     

     

    $

    138,952

     

     

    $

    131,272

     

     

    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 December 31, 2024, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,886, $3,569, $3,460, $2,766 and $3,508 respectively. 

     

    Note (C): EBITDA and Adjusted EBITDA for the three months ended December 31, 2024, and for each of the prior four quarters includes foreign exchange gain (losses) of $(14,337), $5,522, $(2,376), $(4,085) and $2,250 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

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net cash provided by operating activities (A)

     

    $

    91,303

     

     

    $

    49,136

     

     

    $

    78,645

     

     

    $

    54,765

     

     

    $

    47,231

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cash interest expense

     

     

    12,816

     

     

     

    23,535

     

     

     

    14,925

     

     

     

    15,621

     

     

     

    18,186

     

    Interest income and other

     

     

    (2,697

    )

     

     

    (1,028

    )

     

     

    (1,175

    )

     

     

    (1,483

    )

     

     

    (3,029

    )

    Indemnification assets credit (charge)

     

     

    (242

    )

     

     

    (553

    )

     

     

    (1,556

    )

     

     

    (1,122

    )

     

     

    70

     

    Additions to property and equipment

     

     

    (4,534

    )

     

     

    (5,712

    )

     

     

    (6,392

    )

     

     

    (10,942

    )

     

     

    (8,386

    )

    Expansion capital

     

     

    63

     

     

     

    55

     

     

     

    66

     

     

     

    71

     

     

     

    1,034

     

     

     

    96,709

     

     

    65,433

     

     

    84,513

     

     

    56,910

     

     

    55,106

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Proceeds from asset sales

     

     

    10,316

     

     

     

    1,557

     

     

     

    3,056

     

     

     

    12,463

     

     

     

    5,902

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Free cash flow

     

    $

    107,025

     

     

    $

    66,990

     

     

    $

    87,569

     

     

    $

    69,373

     

     

    $

    61,008

     

     

    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

     

     

     

    December 31,

     

     

    September 30,

     

     

    June 30,

     

     

    March 31,

     

     

    December 31,

     

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2023

     

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

     

    $

    8,846

     

     

    $

    (27,812

    )

     

    $

    7,818

     

     

    $

    (640

    )

     

    $

    (24,083

    )

    Cash paid for deferred drydock and survey costs

     

     

    (17,674

    )

     

     

    (35,483

    )

     

     

    (40,083

    )

     

     

    (40,018

    )

     

     

    (24,069

    )

    Total uses of cash for changes in assets and liabilities

     

    $

    (8,828

    )

     

    $

    (63,295

    )

     

    $

    (32,265

    )

     

    $

    (40,658

    )

     

    $

    (48,152

    )

     
     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250221673524/en/

    Tidewater Inc.

    West Gotcher

    Senior Vice President,

    Strategy, Corporate Development and Investor Relations

    +1.713.470.5285

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