Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2024 of $321.2 million, compared with $193.1 million, for the three months ended March 31, 2023. Tidewater’s net income for the three months ended March 31, 2024, was $47.0 million ($0.89 per common share), compared with net income of $10.7 million ($0.21 per common share), for the three months ended March 31, 2023.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “First quarter results came in nicely above our expectations, especially for a period that is typically the slowest quarter of the year due to seasonality in certain markets and a front-loaded drydock schedule. Our consolidated global average day rate continued the upward trend we saw throughout 2023, with the average day rate increasing nearly $1,500 per day sequentially, an increase of over 8%. Each of our classes of vessels saw day rate expansion during the first quarter, with material improvements in each of our large vessel classes and particular strength in our >16K AHTS class vessels. This is notable as the busiest time of the calendar year for AHTS vessels is typically during the second and third quarters, a seasonably favorable time of year for AHTS activity. We believe the strength shown in our large AHTS vessels is a leading indicator for the relative strength of the market as we progress through 2024.
“Vessel revenue in the first quarter came in at $321.2 million with a gross margin of 47.5%, both of which nicely exceeded our expectations. The improvements in day rates offset the normal first quarter seasonality. Seasonality did play a factor in the first quarter, with activity down modestly in the Europe and Mediterranean segment sequentially, but this was offset by improvements in activity in other regions of the world. Additionally, our front-loaded drydock schedule consumed nearly six percentage points of utilization during the quarter. The improvement in day rates drove the revenue growth and margin performance in the first quarter and we expect as the typical seasonal factors abate and as we progress through our front-loaded drydock schedule, that quarterly revenue will continue to improve throughout the year through a combination of continued increases in day rates and improved utilization.
“We generated $69.4 million of free cash flow and we currently retain the unused capacity under the previously announced share repurchase authorization and are pleased to announce the Board has authorized an additional $18.1 million of additional share repurchase capacity, for a total share repurchase capacity of $50.7 million. The outstanding authorization represents the maximum permissible amount of share repurchases under our existing debt agreements. We will continue to weigh the value of share repurchases against other capital allocation opportunities so as to maximize shareholder value.
“We remain encouraged by the outlook for demand over the coming years and by the persistent tightness in vessel supply. Newbuilding vessel orders still have not materialized in any meaningful way, providing for a significant runway of time before new vessel supply can enter the market. We reiterate our full-year revenue guidance of $1.40 to $1.45 billion and gross margin guidance of 52.0% and we remain optimistic on the continued pace of offshore activity acceleration as a result of the constructive leading indicators we observed during the first quarter.”
In addition to the number of outstanding shares, as of March 31, 2024, the Company also has the following in-the-money warrants.
Common shares outstanding
52,759,223
New Creditor Warrants (strike price $0.001 per common share)
81,244
GulfMark Creditor Warrants (strike price $0.01 per common share)
88,887
Total
52,929,354
Tidewater will hold a conference call to discuss results for the three months ending March 31, 2024 on May 3, 2024, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 6663124 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 May 3, 2024. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.
About Tidewater
Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.
Cautionary Statement
This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”).
These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.
If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Financial information is displayed beginning on the next page.
The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at March 31, 2024 and December 31, 2023; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023; and the Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023. Extracts are drawn from the December 31, 2023 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.
TIDEWATER INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(In Thousands, except per share data)
Three Months Ended
March 31, 2024
March 31, 2023
Revenues:
Vessel revenues
$
318,686
$
191,180
Other operating revenues
2,478
1,924
Total revenues
321,164
193,104
Costs and expenses:
Vessel operating costs
167,556
115,459
Costs of other operating revenues
1,150
1,151
General and administrative
25,329
23,545
Depreciation and amortization
56,270
30,666
Gain on asset dispositions, net
(11,039
)
(2,216
)
Total costs and expenses
239,266
168,605
Operating income
81,898
24,499
Other income (expense):
Foreign exchange gain (loss)
(4,085
)
2,348
Equity in net earnings (losses) of unconsolidated companies
(5
)
—
Interest income and other, net
1,483
130
Interest and other debt costs, net
(19,476
)
(4,190
)
Total other expense
(22,083
)
(1,712
)
Income before income taxes
59,815
22,787
Income tax expense
13,070
11,971
Net income
46,745
10,816
Less: Net income (loss) attributable to noncontrolling interests
(281
)
78
Net income attributable to Tidewater Inc.
$
47,026
$
10,738
Basic income per common share
$
0.90
$
0.21
Diluted income per common share
$
0.89
$
0.21
Weighted average common shares outstanding
52,320
50,604
Dilutive effect of warrants, restricted stock units and stock options
580
1,368
Adjusted weighted average common shares
52,900
51,972
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, except share and par value data)
March 31, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
280,853
$
274,437
Restricted cash
6,474
1,241
Trade and other receivables, net of allowance for credit losses of $3,687 and $15,914 at March 31, 2024 and December 31, 2023, respectively
285,968
268,352
Marine operating supplies
24,767
31,933
Prepaid expenses and other current assets
17,447
15,172
Total current assets
615,509
591,135
Net properties and equipment
1,286,618
1,315,122
Deferred drydocking and survey costs
128,639
106,698
Indemnification assets
16,642
17,370
Other assets
30,408
32,449
Total assets
$
2,077,816
$
2,062,774
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
51,774
$
44,931
Accrued expenses
132,190
125,590
Current portion of long-term debt
103,009
103,077
Other current liabilities
52,164
55,133
Total current liabilities
339,137
328,731
Long-term debt
620,329
631,361
Other liabilities
63,197
64,985
Commitments and contingencies
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 52,759,223 and 52,259,303 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
53
52
Additional paid-in-capital
1,646,061
1,671,759
Accumulated deficit
(594,347
)
(637,838
)
Accumulated other comprehensive loss
5,209
5,266
Total stockholders’ equity
1,056,976
1,039,239
Noncontrolling interests
(1,823
)
(1,542
)
Total equity
1,055,153
1,037,697
Total liabilities and equity
$
2,077,816
$
2,062,774
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)
Three Months Ended
March 31, 2024
March 31, 2023
Net income
$
46,745
$
10,816
Other comprehensive income (loss):
Unrealized gain (loss) on note receivable
80
(132
)
Change in liability of pension plans
(137
)
(190
)
Total comprehensive income
$
46,688
$
10,494
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Three Months
Three Months
Ended
Ended
March 31, 2024
March 31, 2023
Operating activities:
Net income
$
46,745
$
10,816
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
38,811
21,048
Amortization of deferred drydocking and survey costs
17,459
9,618
Amortization of debt premiums and discounts
1,814
420
Amortization of below market contracts
(1,206
)
—
Provision for deferred income taxes
73
35
Gain on asset dispositions, net
(11,039
)
(2,216
)
Stock-based compensation expense
2,766
2,103
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables
(17,616
)
(25,733
)
Accounts payable
6,843
25,829
Accrued expenses
6,600
1,830
Deferred drydocking and survey costs
(40,018
)
(31,325
)
Other, net
3,533
369
Net cash provided by operating activities
54,765
12,794
Cash flows from investing activities:
Proceeds from asset dispositions
12,463
5,716
Additions to properties and equipment
(10,942
)
(8,651
)
Net cash provided by (used in) investing activities
1,521
(2,935
)
Cash flows from financing activities:
Principal payments on long-term debt
(12,500
)
—
Purchase of common stock
(3,501
)
—
Acquisition of non-controlling interest in a majority owned subsidiary
—
(1,427
)
Debt issuance costs
(135
)
—
Share based awards reacquired to pay taxes
(28,462
)
(3,747
)
Net cash used in financing activities
(44,598
)
(5,174
)
Net change in cash, cash equivalents and restricted cash
11,688
4,685
Cash, cash equivalents and restricted cash at beginning of period
277,965
167,977
Cash, cash equivalents and restricted cash at end of period
$
289,653
$
172,662
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
15,621
$
98
Income taxes
$
15,603
$
17,057
Note: Cash, cash equivalents and restricted cash at March 31, 2024 includes $2.3 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 December 31, 2023
$
52
$
1,671,759
$
(637,838
)
$
5,266
$
1,542
$
1,040,781
Total comprehensive income (loss)
—
—
47,026
(57
)
(281
)
46,688
Amortization of share-based awards
—
(25,697
)
—
—
—
(25,697
)
Balance at March 31, 2024
$
53
$
1,647,488
$
(594,347
)
$
5,209
$
1,261
$
1,059,664
Balance at December 31, 2022
$
51
$
1,556,990
$
(699,649
)
$
8,576
$
22
$
865,990
Total comprehensive income (loss)
—
—
10,738
(322
)
78
10,494
Acquisition of non-controlling interest in a majority owned subsidiary
—
(1,427
)
—
—
—
(1,427
)
Amortization of share-based awards
—
(1,644
)
—
—
—
(1,644
)
Balance at March 31, 2023
$
51
$
1,553,919
$
(688,911
)
$
8,254
$
100
$
873,413
The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
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
March 31, 2024
March 31, 2023
Vessel operating profit:
Americas
$
10,126
3
%
$
7,962
4
%
Asia Pacific
14,847
5
%
5,568
3
%
Middle East
1,529
0
%
(344
)
(0
)%
Europe/Mediterranean
14,757
5
%
2,036
1
%
West Africa
41,010
13
%
17,221
9
%
Other operating profit
1,328
0
%
773
0
%
83,597
26
%
33,216
17
%
Corporate expenses (A)
(12,738
)
(4
)%
(10,933
)
(6
)%
Gain on asset dispositions, net
11,039
3
%
2,216
1
%
Operating income
$
81,898
26
%
$
24,499
13
%
Note (A): General and administrative expenses for the three months ended March 31, 2024 and 2023 include stock-based compensation of $2.8 million and $2.1 million, respectively. In addition, vessel operating and general and administrative costs for the three months March 31, 2024 and 2023, include $0.7 million and $1.4 million in acquisition, restructuring and integration related costs, respectively.
TIDEWATER INC.
CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA
(In Thousands, except per share data)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Revenues:
Vessel revenues
$
318,686
$
300,515
$
296,975
$
210,323
$
191,180
Other operating revenues
2,478
2,143
2,287
4,638
1,924
Total revenues
321,164
302,658
299,262
214,961
193,104
Costs and expenses:
Vessel operating costs (A)
167,556
158,553
164,239
118,264
115,459
Costs of other operating revenue
1,150
1,337
1,481
373
1,151
General and administrative (A)
25,329
24,724
21,001
26,013
23,545
Depreciation and amortization
56,270
59,167
57,730
32,768
30,666
Gain on asset dispositions, net
(11,039
)
(4,218
)
(863
)
(1,404
)
(2,216
)
Total operating costs and expenses
239,266
239,563
243,588
176,014
168,605
Operating income
81,898
63,095
55,674
38,947
24,499
Other income (expense):
Foreign exchange gain (loss)
(4,085
)
2,250
(2,149
)
(3,819
)
2,348
Equity in net earnings (losses) of unconsolidated companies
(5
)
10
4
25
—
Interest income and other, net
1,483
3,029
568
2,790
130
Interest and other debt costs, net
(19,476
)
(20,263
)
(19,288
)
(4,731
)
(4,190
)
Total other expense
(22,083
)
(14,974
)
(20,865
)
(5,735
)
(1,712
)
Income before income taxes
59,815
48,121
34,809
33,212
22,787
Income tax expense
13,070
10,793
9,260
11,284
11,971
Net income
46,745
37,328
25,549
21,928
10,816
Net income (loss) attributable to noncontrolling interests
(281
)
(336
)
(650
)
(656
)
78
Net income attributable to Tidewater Inc.
$
47,026
$
37,664
$
26,199
$
22,584
$
10,738
Basic income per common share
$
0.90
$
0.72
$
0.50
$
0.44
$
0.21
Diluted income per common share
$
0.89
$
0.70
$
0.49
$
0.43
$
0.21
Weighted average common shares outstanding
52,320
52,648
52,230
50,857
50,604
Dilutive effect of warrants, restricted stock units and stock options
580
1,351
1,380
1,148
1,368
Adjusted weighted average common shares
52,900
53,999
53,610
52,005
51,972
Vessel operating margin
$
151,130
$
141,962
$
132,736
$
92,059
$
75,721
Note (A): Acquisition, restructuring and integration related costs
$
709
$
2,177
$
6,079
$
1,242
$
1,426
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
ASSETS
Current assets:
Cash and cash equivalents
$
280,853
$
274,437
$
275,070
$
171,261
$
165,145
Restricted cash
6,474
1,241
4,973
1,242
4,972
Trade and other receivables, net
285,968
268,352
250,671
195,906
182,198
Marine operating supplies
24,767
31,933
27,489
22,495
24,448
Assets held for sale
—
—
565
630
695
Prepaid expenses and other current assets
17,447
15,172
16,598
18,958
18,978
Total current assets
615,509
591,135
575,366
410,492
396,436
Net properties and equipment
1,286,618
1,315,122
1,348,001
784,873
786,168
Deferred drydocking and survey costs
128,639
106,698
99,215
92,481
82,787
Indemnification assets
16,642
17,370
18,648
22,678
27,698
Other assets
30,408
32,449
30,325
33,640
34,058
Total assets
$
2,077,816
$
2,062,774
$
2,071,555
$
1,344,164
$
1,327,147
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
51,774
$
44,931
$
57,183
$
69,822
$
64,775
Accrued expenses
132,190
125,590
119,631
91,875
107,348
Current portion of long-term debt
103,009
103,077
102,369
2,441
—
Other current liabilities
52,164
55,133
53,301
42,305
43,220
Total current liabilities
339,137
328,731
332,484
206,443
215,343
Long-term debt
620,329
631,361
641,301
179,573
169,423
Other liabilities
63,197
64,985
66,246
65,621
68,968
Equity:
Common stock
53
52
53
51
51
Additional paid-in-capital
1,646,061
1,671,759
1,668,392
1,554,793
1,553,919
Accumulated deficit
(594,347
)
(637,838
)
(640,128
)
(666,327
)
(688,911
)
Accumulated other comprehensive income
5,209
5,266
4,413
4,566
8,254
Total stockholders’ equity
1,056,976
1,039,239
1,032,730
893,083
873,313
Noncontrolling interests
(1,823
)
(1,542
)
(1,206
)
(556
)
100
Total equity
1,055,153
1,037,697
1,031,524
892,527
873,413
Total liabilities and equity
$
2,077,816
$
2,062,774
$
2,071,555
$
1,344,164
$
1,327,147
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Operating activities:
Net income
$
46,745
$
37,328
$
25,549
$
21,928
$
10,816
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
38,811
42,788
43,845
21,096
21,048
Amortization of deferred drydocking and survey costs
17,459
16,379
13,885
11,672
9,618
Amortization of debt premiums and discounts
1,814
1,975
1,802
422
420
Amortization of below market contracts
(1,206
)
(1,894
)
(1,906
)
—
—
(Provision) benefit for deferred income taxes
73
23
35
(1
)
35
Gain on asset dispositions, net
(11,039
)
(4,218
)
(863
)
(1,404
)
(2,216
)
Gain on pension settlement
—
(506
)
—
(1,807
)
—
Stock-based compensation expense
2,766
3,508
2,496
2,648
2,103
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables
(17,616
)
(17,072
)
(54,765
)
(12,186
)
(25,733
)
Accounts payable
6,843
(12,252
)
(12,639
)
5,047
25,829
Accrued expenses
6,600
5,841
27,775
(15,374
)
1,830
Deferred drydocking and survey costs
(40,018
)
(24,069
)
(20,618
)
(21,366
)
(31,325
)
Other, net
3,533
(600
)
10,343
(934
)
369
Net cash provided by operating activities
54,765
47,231
34,939
9,741
12,794
Cash flows from investing activities:
Proceeds from asset dispositions
12,463
5,902
945
2,943
5,716
Acquisitions, net of cash acquired
—
—
(594,191
)
—
—
Additions to properties and equipment
(10,942
)
(8,386
)
(5,702
)
(8,849
)
(8,651
)
Net cash provided by (used in) investing activities
1,521
(2,484
)
(598,948
)
(5,906
)
(2,935
)
Cash flows from financing activities:
Exercise of warrants
—
—
111,483
—
—
Issuance of long-term debt
—
—
575,000
—
—
Principal payments on long-term debt
(12,500
)
(13,677
)
—
—
—
Purchase of common stock
(3,501
)
(35,025
)
—
—
—
Acquisition of non-controlling interest in a majority owned subsidiary
—
—
—
—
(1,427
)
Debt issuance costs
(135
)
—
(14,758
)
—
—
Share based awards reacquired to pay taxes
(28,462
)
(141
)
(378
)
(1,774
)
(3,747
)
Net cash provided by (used in) financing activities
(44,598
)
(48,843
)
671,347
(1,774
)
(5,174
)
Net change in cash, cash equivalents and restricted cash
11,688
(4,096
)
107,338
2,061
4,685
Cash, cash equivalents and restricted cash at beginning of period
277,965
282,061
174,723
172,662
167,977
Cash, cash equivalents and restricted cash at end of period
$
289,653
$
277,965
$
282,061
$
174,723
$
172,662
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
15,621
$
18,186
$
606
$
7,748
$
98
Income taxes
$
15,603
$
7,295
$
9,384
$
10,144
$
17,057
Supplemental disclosure of noncash investing activities:
Purchase of vessels
$
—
$
2,067
$
27
$
12,171
$
—
Supplemental disclosure of noncash financing activities:
Debt incurred for purchase of vessels
$
—
$
3,037
$
27
$
12,171
$
—
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900
$
29,924
$
28,714
$
29,270
$
20,316
$
20,556
PSV < 900
24,531
28,143
28,886
19,134
17,390
AHTS > 16K
2,036
4,034
3,584
3,425
3,395
AHTS 8 – 16K
2,476
2,316
2,064
2,807
2,807
AHTS 4 – 8K
945
1,428
1,570
1,480
1,521
Other
4,029
3,790
5,343
3,214
2,018
Total
63,941
68,425
70,717
50,376
47,687
Asia Pacific fleet:
PSV > 900
23,210
19,485
20,159
9,648
9,101
PSV < 900
11,830
8,679
8,292
5,811
5,133
AHTS > 16K
4,555
3,759
3,271
2,065
1,342
AHTS 8 – 16K
4,507
4,706
5,287
5,001
5,397
AHTS 4 – 8K
1,576
1,601
1,582
8
998
Other
2,103
402
403
52
53
Total
47,781
38,632
38,994
22,585
22,024
Middle East fleet:
PSV > 900
1,365
1,378
1,088
1,211
1,192
PSV < 900
21,017
19,215
17,790
16,812
14,965
AHTS > 16K
287
1,178
1,196
1,217
2,316
AHTS 8 – 16K
2,397
3,094
3,420
4,276
4,593
AHTS 4 – 8K
12,866
13,207
11,191
8,340
7,696
Total
37,932
38,072
34,685
31,856
30,762
Europe/Mediterranean fleet:
PSV > 900
61,827
61,559
59,872
27,602
21,858
PSV < 900
14,126
15,356
14,039
9,195
6,663
AHTS > 16K
3,346
2,437
3,617
2,228
2,511
Other
1,082
1,391
1,401
270
218
Total
80,381
80,743
78,929
39,295
31,250
West Africa fleet:
PSV > 900
21,743
15,478
17,566
11,550
9,900
PSV < 900
31,812
31,893
26,396
25,419
24,835
AHTS > 16K
8,048
6,994
7,138
9,129
6,237
AHTS 8 – 16K
16,316
11,219
11,917
9,870
9,827
AHTS 4 – 8K
2,370
2,126
2,745
3,496
2,360
Other
8,362
6,933
7,888
6,747
6,298
Total
88,651
74,643
73,650
66,211
59,457
Worldwide fleet:
PSV > 900
138,069
126,614
127,955
70,327
62,607
PSV < 900
103,316
103,286
95,403
76,371
68,986
AHTS > 16K
18,272
18,402
18,806
18,064
15,801
AHTS 8 – 16K
25,696
21,335
22,688
21,954
22,624
AHTS 4 – 8K
17,757
18,362
17,088
13,324
12,575
Other
15,576
12,516
15,035
10,283
8,587
Total
$
318,686
$
300,515
$
296,975
$
210,323
$
191,180
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900
11
12
12
10
10
PSV < 900
18
18
18
15
15
AHTS > 16K
2
2
2
2
2
AHTS 8 – 16K
2
2
2
2
2
AHTS 4 – 8K
2
2
2
2
2
Other
1
2
2
2
1
Total
36
38
38
33
32
Stacked vessels
(1
)
(1
)
(1
)
(1
)
(1
)
Active vessels
35
37
37
32
31
Asia Pacific fleet:
PSV > 900
8
8
8
6
5
PSV < 900
5
5
4
2
2
AHTS > 16K
3
2
2
2
1
AHTS 8 – 16K
3
3
3
3
3
AHTS 4 – 8K
1
1
1
1
2
Other
1
—
—
—
1
Total
21
19
18
14
14
Stacked vessels
—
—
—
—
(1
)
Active vessels
21
19
18
14
13
Middle East fleet:
PSV > 900
1
1
1
1
1
PSV < 900
20
20
20
20
21
AHTS > 16K
—
1
1
1
2
AHTS 8 – 16K
5
5
5
5
5
AHTS 4 – 8K
17
18
18
17
14
Total
43
45
45
44
43
Stacked vessels
—
—
—
—
—
Active vessels
43
45
45
44
43
Europe/Mediterranean fleet:
PSV > 900
40
39
38
18
19
PSV < 900
9
10
10
7
7
AHTS > 16K
2
2
2
1
1
Total
51
51
50
26
27
Stacked vessels
—
—
—
—
—
Active vessels
51
51
50
26
27
West Africa fleet:
PSV > 900
9
9
9
7
7
PSV < 900
19
19
19
18
18
AHTS > 16K
4
4
4
5
5
AHTS 8 – 16K
11
11
11
11
11
AHTS 4 – 8K
4
4
5
6
8
Other
21
21
24
23
25
Total
68
68
72
70
74
Stacked vessels
(1
)
(1
)
(3
)
(5
)
(8
)
Active vessels
67
67
69
65
66
Worldwide fleet:
PSV > 900
69
69
68
42
42
PSV < 900
71
72
71
62
63
AHTS > 16K
11
11
11
11
11
AHTS 8 – 16K
21
21
21
21
21
AHTS 4 – 8K
24
25
26
26
26
Other
23
23
26
25
27
Total
219
221
223
187
190
Stacked vessels
(2
)
(2
)
(4
)
(6
)
(10
)
Active vessels
217
219
219
181
180
Total active
217
219
219
181
180
Total stacked
2
2
4
6
10
Total
219
221
223
187
190
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
AVAILABLE DAYS – TOTAL FLEET:
Americas fleet:
PSV > 900
1,001
1,104
1,095
910
907
PSV < 900
1,631
1,675
1,730
1,365
1,359
AHTS > 16K
182
184
184
182
180
AHTS 8 – 16K
182
184
184
182
180
AHTS 4 – 8K
182
184
184
182
180
Other
128
184
184
182
121
Total
3,306
3,515
3,561
3,003
2,927
Asia Pacific fleet:
PSV > 900
765
736
726
559
481
PSV < 900
455
454
358
182
180
AHTS > 16K
241
184
184
182
90
AHTS 8 – 16K
273
276
276
273
270
AHTS 4 – 8K
91
92
92
91
180
Other
54
—
—
—
48
Total
1,879
1,742
1,636
1,287
1,249
Middle East fleet:
PSV > 900
91
92
92
91
90
PSV < 900
1,820
1,840
1,840
1,820
1,842
AHTS > 16K
32
92
92
91
180
AHTS 8 – 16K
455
460
460
455
450
AHTS 4 – 8K
1,547
1,615
1,640
1,556
1,291
Total
3,945
4,099
4,124
4,013
3,853
Europe/Mediterranean fleet:
PSV > 900
3,603
3,588
3,492
1,638
1,672
PSV < 900
838
920
907
637
630
AHTS > 16K
182
184
184
139
90
Total
4,623
4,692
4,583
2,414
2,392
West Africa fleet:
PSV > 900
819
828
819
637
630
PSV < 900
1,729
1,735
1,744
1,638
1,620
AHTS > 16K
364
368
368
407
450
AHTS 8 – 16K
1,001
1,012
1,012
1,001
990
AHTS 4 – 8K
364
385
476
546
720
Other
1,875
1,899
2,184
2,099
2,256
Total
6,152
6,227
6,603
6,328
6,666
Worldwide fleet:
PSV > 900
6,279
6,348
6,224
3,835
3,780
PSV < 900
6,473
6,624
6,579
5,642
5,631
AHTS > 16K
1,001
1,012
1,012
1,001
990
AHTS 8 – 16K
1,911
1,932
1,932
1,911
1,890
AHTS 4 – 8K
2,184
2,276
2,392
2,375
2,371
Other
2,057
2,083
2,368
2,281
2,425
Total
19,905
20,275
20,507
17,045
17,087
TIDEWATER INC.OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
OUT-OF-SERVICE – STACKED DAYS:
Americas fleet:
PSV < 900
84
92
92
91
99
Total
84
92
92
91
99
Asia Pacific fleet:
Other
—
—
—
—
48
Total
—
—
—
—
48
West Africa fleet:
AHTS 4 – 8K
91
109
184
182
180
Other
—
16
103
265
540
Total
91
125
287
447
720
Worldwide fleet:
PSV < 900
84
92
92
91
99
AHTS 4 – 8K
91
109
184
182
180
Other
—
16
103
265
588
Total
175
217
379
538
867
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
AVAILABLE DAYS – ACTIVE FLEET:
Americas fleet:
PSV > 900
1,001
1,104
1,095
910
907
PSV < 900
1,547
1,583
1,638
1,274
1,260
AHTS > 16K
182
184
184
182
180
AHTS 8 – 16K
182
184
184
182
180
AHTS 4 – 8K
182
184
184
182
180
Other
128
184
184
182
121
Total
3,222
3,423
3,469
2,912
2,828
Asia Pacific fleet:
PSV > 900
765
736
726
559
481
PSV < 900
455
454
358
182
180
AHTS > 16K
241
184
184
182
90
AHTS 8 – 16K
273
276
276
273
270
AHTS 4 – 8K
91
92
92
91
180
Total
1,879
1,742
1,636
1,287
1,201
Middle East fleet:
PSV > 900
91
92
92
91
90
PSV < 900
1,820
1,840
1,840
1,820
1,842
AHTS > 16K
32
92
92
91
180
AHTS 8 – 16K
455
460
460
455
450
AHTS 4 – 8K
1,547
1,615
1,640
1,556
1,291
Total
3,945
4,099
4,124
4,013
3,853
Europe/Mediterranean fleet:
PSV > 900
3,603
3,588
3,492
1,638
1,672
PSV < 900
838
920
907
637
630
AHTS > 16K
182
184
184
139
90
Total
4,623
4,692
4,583
2,414
2,392
West Africa fleet:
PSV > 900
819
828
819
637
630
PSV < 900
1,729
1,735
1,744
1,638
1,620
AHTS > 16K
364
368
368
407
450
AHTS 8 – 16K
1,001
1,012
1,012
1,001
990
AHTS 4 – 8K
273
276
292
364
540
Other
1,875
1,883
2,081
1,834
1,716
Total
6,061
6,102
6,316
5,881
5,946
Worldwide fleet:
PSV > 900
6,279
6,348
6,224
3,835
3,780
PSV < 900
6,389
6,532
6,487
5,551
5,532
AHTS > 16K
1,001
1,012
1,012
1,001
990
AHTS 8 – 16K
1,911
1,932
1,932
1,911
1,890
AHTS 4 – 8K
2,093
2,167
2,208
2,193
2,191
Other
2,057
2,067
2,265
2,016
1,837
Total
19,730
20,058
20,128
16,507
16,220
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
UTILIZATION – TOTAL FLEET:
Americas fleet:
PSV > 900
87.9
%
77.2
%
84.5
%
78.5
%
84.2
%
PSV < 900
70.0
78.9
85.7
83.9
79.8
AHTS > 16K
33.4
59.0
54.7
50.0
50.0
AHTS 8 – 16K
80.2
74.0
65.4
100.0
100.0
AHTS 4 – 8K
59.7
93.7
97.8
93.7
96.4
Other
100.0
100.0
100.0
100.0
97.5
Total
74.5
%
78.9
%
84.1
%
82.8
%
82.3
%
Asia Pacific fleet:
PSV > 900
93.7
%
93.4
%
97.3
%
71.1
%
70.8
%
PSV < 900
86.3
92.3
99.0
100.0
90.6
AHTS > 16K
53.4
72.7
66.7
60.7
78.1
AHTS 8 – 16K
75.9
63.9
78.9
85.0
79.8
AHTS 4 – 8K
100.0
100.0
100.0
10.4
80.3
Total
84.0
%
86.6
%
91.3
%
72.4
%
74.8
%
Middle East fleet:
PSV > 900
100.0
%
100.0
%
90.2
%
100.0
%
100.0
%
PSV < 900
95.3
88.6
82.8
81.6
74.4
AHTS > 16K
69.3
100.0
100.0
100.0
100.0
AHTS 8 – 16K
50.1
60.4
69.0
87.0
96.0
AHTS 4 – 8K
86.5
87.6
77.7
63.4
85.7
Total
86.6
%
85.6
%
79.8
%
76.0
%
82.5
%
Europe/Mediterranean fleet:
PSV > 900
88.9
%
91.4
%
90.8
%
91.0
%
82.7
%
PSV < 900
90.9
86.8
86.4
81.3
85.0
AHTS > 16K
34.1
53.2
63.3
43.4
84.1
Total
87.1
%
89.0
%
88.8
%
85.7
%
83.4
%
West Africa fleet:
PSV > 900
86.9
%
64.9
%
88.5
%
83.1
%
83.0
%
PSV < 900
82.6
95.4
85.1
91.1
95.3
AHTS > 16K
89.8
91.1
77.0
92.9
73.5
AHTS 8 – 16K
98.6
72.4
79.5
79.6
79.8
AHTS 4 – 8K
66.7
57.6
58.5
62.9
32.4
Other
55.9
56.9
50.0
49.4
50.3
Total
77.1
%
73.3
%
70.7
%
72.3
%
68.4
%
Worldwide fleet:
PSV > 900
89.2
%
85.8
%
90.1
%
84.0
%
82.0
%
PSV < 900
84.3
87.9
85.6
85.5
83.4
AHTS > 16K
60.0
75.8
70.7
73.0
75.4
AHTS 8 – 16K
82.0
68.5
75.6
84.1
85.6
AHTS 4 – 8K
81.6
83.5
76.3
63.5
69.9
Other
59.2
60.7
53.9
53.4
51.7
Total
81.5
%
81.5
%
80.5
%
76.9
%
76.5
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
UTILIZATION – ACTIVE FLEET:
Americas fleet:
PSV > 900
87.9
%
77.2
%
84.5
%
78.5
%
84.2
%
PSV < 900
73.8
83.4
90.5
89.9
86.1
AHTS > 16K
33.4
59.0
54.7
50.0
50.0
AHTS 8 – 16K
80.2
74.0
65.4
100.0
100.0
AHTS 4 – 8K
59.7
93.7
97.8
93.7
96.4
Other
100.0
100.0
100.0
100.0
97.5
Total
76.5
%
81.0
%
86.3
%
85.4
%
85.2
%
Asia Pacific fleet:
PSV > 900
93.7
%
93.4
%
97.3
%
71.1
%
70.8
%
PSV < 900
86.3
92.3
99.0
100.0
90.6
AHTS > 16K
53.4
72.7
66.7
60.7
78.1
AHTS 8 – 16K
75.9
63.9
78.9
85.0
79.8
AHTS 4 – 8K
100.0
100.0
100.0
10.4
80.3
Total
84.0
%
86.6
%
91.3
%
72.4
%
77.8
%
Middle East fleet:
PSV > 900
100.0
%
100.0
%
90.2
%
100.0
%
100.0
%
PSV < 900
95.3
88.6
82.8
81.6
74.4
AHTS > 16K
69.3
100.0
100.0
100.0
100.0
AHTS 8 – 16K
50.1
60.4
69.0
87.0
96.0
AHTS 4 – 8K
86.5
87.6
77.7
63.4
85.7
Total
86.6
%
85.6
%
79.8
%
76.0
%
82.5
%
Europe/Mediterranean fleet:
PSV > 900
88.9
%
91.4
%
90.8
%
91.0
%
82.7
%
PSV < 900
90.9
86.8
86.4
81.3
85.0
AHTS > 16K
34.1
53.2
63.3
43.4
84.1
Total
87.1
%
89.0
%
88.8
%
85.7
%
83.4
%
West Africa fleet:
PSV > 900
86.9
%
64.9
%
88.5
%
83.1
%
83.0
%
PSV < 900
82.6
95.4
85.1
91.1
95.3
AHTS > 16K
89.8
91.1
77.0
92.9
73.5
AHTS 8 – 16K
98.6
72.4
79.5
79.6
79.8
AHTS 4 – 8K
88.9
80.4
95.4
94.3
43.2
Other
55.9
57.4
52.5
56.5
66.2
Total
78.3
%
74.8
%
73.9
%
77.8
%
76.6
%
Worldwide fleet:
PSV > 900
89.2
%
85.8
%
90.1
%
84.0
%
82.0
%
PSV < 900
85.4
89.2
86.8
86.9
84.9
AHTS > 16K
60.0
75.8
70.7
73.0
75.4
AHTS 8 – 16K
82.0
68.5
75.6
84.1
85.6
AHTS 4 – 8K
85.1
87.7
82.6
68.8
75.7
Other
59.2
61.2
56.4
60.4
68.2
Total
82.3
%
82.4
%
82.1
%
79.4
%
80.6
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900
$
34,015
$
33,707
$
31,648
$
28,446
$
26,930
PSV < 900
21,499
21,306
19,479
16,702
16,037
AHTS > 16K
33,490
37,174
35,598
37,640
37,720
AHTS 8 – 16K
16,964
16,997
17,157
15,421
15,593
AHTS 4 – 8K
8,703
8,285
8,717
8,678
8,764
Other
30,423
18,427
26,857
17,658
17,110
Total
25,894
24,524
23,495
20,269
19,794
Asia Pacific fleet:
PSV > 900
32,387
28,351
28,525
24,276
26,723
PSV < 900
30,122
20,703
23,380
31,927
31,488
AHTS > 16K
35,411
28,120
26,649
18,690
19,095
AHTS 8 – 16K
21,757
26,680
24,275
21,561
25,049
AHTS 4 – 8K
17,315
17,404
17,197
946
6,903
Total
30,101
25,378
25,867
24,250
23,582
Middle East fleet:
PSV > 900
14,996
14,972
13,112
13,304
13,251
PSV < 900
12,115
11,785
11,677
11,320
10,926
AHTS > 16K
12,968
12,801
13,004
13,378
12,868
AHTS 8 – 16K
10,515
11,140
10,771
10,804
10,632
AHTS 4 – 8K
9,609
9,334
8,787
8,460
6,953
Total
11,108
10,855
10,544
10,449
9,679
Europe/Mediterranean fleet:
PSV > 900
19,294
18,771
18,879
18,512
15,798
PSV < 900
18,557
19,227
17,926
17,756
12,451
AHTS > 16K
53,966
24,899
31,048
36,913
33,164
Total
19,763
19,061
19,105
18,990
15,669
West Africa fleet:
PSV > 900
30,557
28,797
24,220
21,815
18,931
PSV < 900
22,287
19,271
17,781
17,040
16,080
AHTS > 16K
24,611
20,869
25,192
24,154
18,863
AHTS 8 – 16K
16,536
15,302
14,804
12,382
12,433
AHTS 4 – 8K
9,766
9,583
9,858
10,178
10,113
Other
7,975
6,415
7,217
6,511
5,548
Total
18,687
16,356
15,772
14,469
13,047
Worldwide fleet:
PSV > 900
24,640
23,240
22,804
21,820
20,193
PSV < 900
18,932
17,734
16,949
15,837
14,688
AHTS > 16K
30,423
23,985
26,293
24,719
21,163
AHTS 8 – 16K
16,390
16,120
15,533
13,662
13,984
AHTS 4 – 8K
9,969
9,658
9,368
8,828
7,583
Other
11,797
8,397
10,281
8,441
6,852
Total
$
19,563
$
18,066
$
17,865
$
16,042
$
14,624
Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Americas
Vessel revenues
$
63,941
$
68,425
$
70,717
$
50,376
$
47,687
Vessel operating costs:
Crew costs
24,062
24,045
26,848
18,033
17,402
Repair and maintenance
4,534
3,846
5,588
3,973
3,888
Insurance
494
526
476
479
410
Fuel, lube and supplies
4,522
3,241
4,386
2,549
2,999
Other
5,928
5,172
5,924
4,564
3,572
Total vessel operating costs
39,540
36,830
43,222
29,598
28,271
Vessel operating margin ($)
24,401
31,595
27,495
20,778
19,416
Vessel operating margin (%)
38.2
%
46.2
%
38.9
%
41.2
%
40.7
%
Americas – Select operating statistics
Average vessels – Total fleet
36
38
38
33
32
Utilization – Total fleet
74.5
%
78.9
%
84.1
%
82.8
%
82.3
%
Average vessels – Active fleet
35
37
37
32
31
Utilization – Active fleet
76.5
%
81.0
%
86.3
%
85.4
%
85.2
%
Average day rates
$
25,894
$
24,524
$
23,495
$
20,269
$
19,794
Vessels commencing drydocks
7
3
3
4
2
Deferred drydocking and survey costs – beginning balance
$
28,688
$
29,684
$
29,769
$
27,832
$
21,720
Cash paid for deferred drydocking and survey costs
8,014
5,025
4,658
5,867
8,218
Amortization of deferred drydocking and survey costs
(5,004
)
(5,353
)
(3,727
)
(2,626
)
(3,417
)
Disposals, intersegment transfers and other
—
(668
)
(1,016
)
(1,304
)
1,311
Deferred drydocking and survey costs – ending balance
$
31,698
$
28,688
$
29,684
$
29,769
$
27,832
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Asia Pacific
Vessel revenues
$
47,781
$
38,632
$
38,994
$
22,585
$
22,024
Vessel operating costs:
Crew costs
19,306
15,177
12,390
7,062
7,311
Repair and maintenance
2,769
2,977
2,969
1,517
1,749
Insurance
273
269
183
219
123
Fuel, lube and supplies
1,937
1,191
909
1,521
1,630
Other
2,491
2,045
2,380
1,648
1,678
Total vessel operating costs
26,776
21,659
18,831
11,967
12,491
Vessel operating margin ($)
21,005
16,973
20,163
10,618
9,533
Vessel operating margin (%)
44.0
%
43.9
%
51.7
%
47.0
%
43.3
%
Asia Pacific – Select operating statistics
Average vessels – Total fleet
21
19
18
14
14
Utilization – Total fleet
84.0
%
86.6
%
91.3
%
72.4
%
74.8
%
Average vessels – Active fleet
21
19
18
14
13
Utilization – Active fleet
84.0
%
86.6
%
91.3
%
72.4
%
77.8
%
Average day rates
$
30,101
$
25,378
$
25,867
$
24,250
$
23,582
Vessels commencing drydocks
3
—
—
—
1
Deferred drydocking and survey costs – beginning balance
$
3,769
$
3,595
$
2,128
$
2,525
$
553
Cash paid for deferred drydocking and survey costs
4,734
(18
)
84
(4
)
2,368
Amortization of deferred drydocking and survey costs
(844
)
(720
)
(637
)
(393
)
(282
)
Disposals, intersegment transfers and other
717
912
2,020
—
(114
)
Deferred drydocking and survey costs – ending balance
$
8,376
$
3,769
$
3,595
$
2,128
$
2,525
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Middle East
Vessel revenues
$
37,932
$
38,072
$
34,685
$
31,856
$
30,762
Vessel operating costs:
Crew costs
13,270
13,716
13,914
13,170
12,616
Repair and maintenance
4,508
4,105
4,828
3,779
3,475
Insurance
420
501
385
465
433
Fuel, lube and supplies
2,304
2,610
3,142
3,470
2,870
Other
6,006
4,906
4,796
3,756
3,669
Total vessel operating costs
26,508
25,838
27,065
24,640
23,063
Vessel operating margin ($)
11,424
12,234
7,620
7,216
7,699
Vessel operating margin (%)
30.1
%
32.1
%
22.0
%
22.7
%
25.0
%
Middle East – Select operating statistics
Average vessels – Total fleet
43
45
45
44
43
Utilization – Total fleet
86.6
%
85.6
%
79.8
%
76.0
%
82.5
%
Average vessels – Active fleet
43
45
45
44
43
Utilization – Active fleet
86.6
%
85.6
%
79.8
%
76.0
%
82.5
%
Average day rates
$
11,108
$
10,855
$
10,544
$
10,449
$
9,679
Vessels commencing drydocks
11
3
4
7
5
Deferred drydocking and survey costs – beginning balance
$
19,331
$
21,153
$
22,717
$
20,677
$
15,062
Cash paid for deferred drydocking and survey costs
7,520
1,360
3,234
4,262
7,787
Amortization of deferred drydocking and survey costs
(3,161
)
(3,182
)
(2,776
)
(3,778
)
(1,913
)
Disposals, intersegment transfers and other
—
—
(2,022
)
1,556
(259
)
Deferred drydocking and survey costs – ending balance
Deferred drydocking and survey costs – beginning balance
$
21,078
$
16,256
$
11,705
$
11,363
$
9,566
Cash paid for deferred drydocking and survey costs
10,876
7,580
6,733
2,217
5,128
Amortization of deferred drydocking and survey costs
(3,359
)
(2,758
)
(3,201
)
(1,875
)
(1,739
)
Disposals, intersegment transfers and other
(1,335
)
—
1,019
—
(1,592
)
Deferred drydocking and survey costs – ending balance
$
27,260
$
21,078
$
16,256
$
11,705
$
11,363
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
West Africa
Vessel revenues
$
88,651
$
74,643
$
73,650
$
66,211
$
59,457
Vessel operating costs:
Crew costs
19,432
18,751
17,502
16,336
16,587
Repair and maintenance
4,044
4,626
4,868
4,665
4,834
Insurance
637
678
626
651
655
Fuel, lube and supplies
4,461
4,506
5,300
4,055
4,472
Other
5,174
5,509
4,753
5,037
5,314
Total vessel operating costs
33,748
34,070
33,049
30,744
31,862
Vessel operating margin ($)
54,903
40,573
40,601
35,467
27,595
Vessel operating margin (%)
61.9
%
54.4
%
55.1
%
53.6
%
46.4
%
West Africa – Select operating statistics
Average vessels – Total fleet
68
68
72
70
74
Utilization – Total fleet
77.1
%
73.3
%
70.7
%
72.3
%
68.4
%
Average vessels – Active fleet
67
67
69
65
66
Utilization – Active fleet
78.3
%
74.8
%
73.9
%
77.8
%
76.6
%
Average day rates
$
18,687
$
16,356
$
15,772
$
14,469
$
13,047
Vessels commencing drydocks
7
7
7
4
6
Deferred drydocking and survey costs – beginning balance
$
33,832
$
28,527
$
26,162
$
20,390
$
14,179
Cash paid for deferred drydocking and survey costs
8,874
10,121
5,909
9,024
7,824
Amortization of deferred drydocking and survey costs
(5,091
)
(4,367
)
(3,544
)
(3,000
)
(2,267
)
Disposals, intersegment transfers and other
—
(449
)
—
(252
)
654
Deferred drydocking and survey costs – ending balance
$
37,615
$
33,832
$
28,527
$
26,162
$
20,390
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Worldwide
Vessel revenues
$
318,686
$
300,515
$
296,975
$
210,323
$
191,180
Vessel operating costs:
Crew costs
102,352
97,537
97,286
68,007
66,643
Repair and maintenance
21,348
21,635
23,595
16,834
16,652
Insurance
2,580
2,765
2,359
2,168
2,005
Fuel, lube and supplies
17,318
15,265
17,770
13,958
13,555
Other
23,958
21,351
23,229
17,297
16,604
Total vessel operating costs
167,556
158,553
164,239
118,264
115,459
Vessel operating margin ($)
151,130
141,962
132,736
92,059
75,721
Vessel operating margin (%)
47.4
%
47.2
%
44.7
%
43.8
%
39.6
%
Worldwide – Select operating statistics
Average vessels – Total fleet
219
221
223
187
190
Utilization – Total fleet
81.5
%
81.5
%
80.5
%
76.9
%
76.5
%
Average vessels – Active fleet
217
219
219
181
180
Utilization – Active fleet
82.3
%
82.4
%
82.1
%
79.4
%
80.6
%
Average day rates
$
19,563
$
18,066
$
17,865
$
16,042
$
14,624
Vessels commencing drydocks
44
18
19
19
18
Deferred drydocking and survey costs – beginning balance
$
106,698
$
99,215
$
92,481
$
82,787
$
61,080
Cash paid for deferred drydocking and survey costs
40,018
24,068
20,618
21,366
31,325
Amortization of deferred drydocking and survey costs
(17,459
)
(16,380
)
(13,885
)
(11,672
)
(9,618
)
Disposals, intersegment transfers and other
(618
)
(205
)
1
—
—
Deferred drydocking and survey costs – ending balance
$
128,639
$
106,698
$
99,215
$
92,481
$
82,787
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Net income
$
46,745
$
37,328
$
25,549
$
21,928
$
10,816
Interest and other debt costs
19,476
20,263
19,288
4,731
4,190
Income tax expense
13,070
10,793
9,260
11,284
11,971
Depreciation
38,811
42,788
43,845
21,096
21,048
Amortization of deferred drydock and survey costs
17,459
16,379
13,885
11,672
9,618
Amortization of below market contracts
(1,206
)
(1,894
)
(1,906
)
—
—
EBITDA (A), (B), (C)
134,355
125,657
109,921
70,711
57,643
Non-cash indemnification assets charge
1,122
(70
)
1,184
—
—
Non-cash stock compensation expense
2,766
3,508
2,496
2,648
2,103
Acquisition, restructuring and integration related costs
709
2,177
6,079
1,242
1,426
Adjusted EBITDA (A), (B), (C)
$
138,952
$
131,272
$
119,680
$
74,601
$
61,172
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 March 31, 2024, and for each of the prior four quarters includes non-cash stock-based compensation expense of $2,766, $3,508, $2,496, $2,648 and $2,103 respectively.
Note (C): EBITDA and Adjusted EBITDA for the three months ended March 31, 2024, and for each of the prior four quarters includes foreign exchange gain (losses) of $(4,085), $2,250, $(2,149), $(3,819) and $2,348 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
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Net cash provided by operating activities (A)
$
54,765
$
47,231
$
34,939
$
9,741
$
12,794
Cash interest expense
15,621
18,186
606
7,748
98
Interest income and other
(1,483
)
(3,029
)
(568
)
(2,790
)
(130
)
Indemnification assets charge
(1,122
)
70
(1,184
)
—
—
Additions to property and equipment
(10,942
)
(8,386
)
(5,702
)
(8,849
)
(8,651
)
Acquisitions
—
—
(594,191
)
—
—
Expansion capital
71
1,034
594,252
2,493
109
56,910
55,106
28,152
8,343
4,220
Proceeds from asset sales
12,463
5,902
945
2,943
5,716
Free cash flow
$
69,373
$
61,008
$
29,097
$
11,286
$
9,936
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
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments
$
(640
)
$
(24,083
)
$
(29,286
)
$
(23,447
)
$
2,295
Cash paid for deferred drydock and survey costs
(40,018
)
(24,069
)
(20,618
)
(21,366
)
(31,325
)
Total uses of cash for changes in assets and liabilities
