14.03.2018 22:24:00

Tidewater Reports Results For The Three Months Ended December 31, 2017 and The Nine Month Transition Period From April 1, 2017 through December 31, 2017

HOUSTON, March 14, 2018 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a net loss for the three months ended December 31, 2017 (Successor), of $23.6 million, or $1.02 per common share, on revenues of $104.5 million. For the five month period from August 1, 2017 through December 31, 2017 (Successor), the net loss was $39.3 million, or $1.82 per common share, on revenues of $178.8 million.

As more fully explained in the company's Form 10-K for the nine month transition period ended December 31, 2017, upon emergence from Chapter 11 bankruptcy on July 31, 2017, the company adopted fresh start accounting in accordance with applicable accounting and reporting regulations, which resulted in the company becoming a new entity for financial reporting purposes on July 31, 2017. References herein to "Successor" relate to the financial position and results of operations of the reorganized company subsequent to July 31, 2017, while references to "Predecessor" relate to the financial position and results of operations of the company through July 31, 2017.

Included in the $23.6 million ($1.02 per common share) net loss for the three months ending December 31, 2017 (Successor) were the following:

  • $16.8 million ($0.72 per common share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the three months ended December 31, 2017.
  • $2.4 million ($0.10 per common share) of reorganization items related to the company's Chapter 11 proceedings.

Included in the $39.3 million ($1.82 per common share) net loss for the five month period from August 1, 2017 through December 31, 2017 (Successor) were the following:

  • $16.8 million ($0.78 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the five month period ended December 31, 2017.
  • $4.3 million ($0.20 per share) of reorganization items related to the company's Chapter 11 proceedings.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months ended December 31, 2017 (Successor), which excludes reorganization items and asset impairment charges, but includes $2.6 million of stock-based compensation expense, was $13.3 million. EBITDA for the five month period from August 1, 2017 through December 31, 2017 (Successor), which excludes reorganization items and asset impairment charges, but includes $3.7 million of stock-based compensation expense and $1.2 million of vessel operating lease expense for vessels returned to their respective owners in connection with the company's Plan of Reorganization, was $17.7 million. (See disclosures related to Non-GAAP measures in other fleet and financial data beginning on page 13 herein.)

John Rynd, President and Chief Executive Officer of Tidewater stated, "The extended weakness in the offshore supply vessel market continued to be reflected in our fourth quarter financial results. While improvements in oil prices are encouraging, our customers have not yet committed to a meaningful increase in offshore exploration and development spending. As we continue to navigate a market that we expect to remain challenging in 2018, the management team remains focused on executing its post-restructuring business plan, including additional cost reductions, a targeted rationalization of the owned fleet, preserving a low-leverage balance sheet and maintaining a strong liquidity position."

Tom Bates, Chairman of the Board of Directors, added, "I would like to again thank Larry Rigdon for his leadership of the business during his tenure as interim President and Chief Executive Officer.  Significant progress has been made in achieving the company's near-term objective of reaching a cash flow breakeven. John, Larry and I look forward to working with our fellow directors on behalf of all Tidewater stakeholders."

Tidewater will hold a conference call to discuss results for the three months ended December 31, 2017 on Thursday, March 15, 2018, at 10:00 a.m. Central Time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405 if calling from outside the U.S.) and ask for the "Tidewater" call just prior to the scheduled start. A replay of the conference call will be available beginning at 12:00 p.m. Central Time on March 15, 2018, and will continue until 11:59 p.m. Central Time on March 17, 2018. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 46593166.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, (www.tdw.com). The online replay will be available until April 15, 2018.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involve numerous risks and uncertainties that may cause the company's actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Risk Factors" section of Tidewater's recent Forms 10-Q and 10-K.

Tidewater owns and operates one of the largest fleets of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.

Note: all per-share amounts are stated on a diluted basis.

Financial information is displayed on the next page.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

(In thousands, except share and per share data) 














Successor




Predecessor




Three Months




Three Months




Ended




Ended




December 31, 2017




December 31, 2016


Revenues:










Vessel revenues


$

101,313





125,120


Other operating revenues



3,140





4,095





104,453





129,215


Costs and expenses:










Vessel operating costs



68,201





82,358


Costs of other operating revenues



1,519





2,714


General and administrative (A)



30,373





34,151


Vessel operating leases



91





8,441


Depreciation and amortization



12,195





41,302


Gain on asset dispositions, net



(6,612)





(6,139)


Asset impairments



16,777





253,422





122,544





416,249


Operating loss



(18,091)





(287,034)


Other income (expenses):










Foreign exchange gain (loss)



(349)





2,970


Equity in net earnings of unconsolidated companies



825





1,557


Interest income and other



1,898





1,437


Reorganization items (B)



(2,419)





—


Interest and other debt costs



(7,769)





(18,587)





(7,814)





(12,623)


Loss before income taxes



(25,905)





(299,657)


Income tax (benefit) expense



(2,706)





(2,884)


Net loss


$

(23,199)





(296,773)


Less: Net income (loss) attributable to noncontrolling interests



374





903


Net loss attributable to Tidewater Inc.


$

(23,573)





(297,676)


Basic loss per common share


$

(1.02)





(6.32)


Diluted loss per common share


$

(1.02)





(6.32)


Weighted average common shares outstanding (C)



23,137,909





47,068,079


Dilutive effect of stock options and restricted stock



—





—


Adjusted weighted average common shares



23,137,909





47,068,079


Note (A):  Restructuring-related professional services costs for the three months ended December 31, 2017 (Successor) are included in reorganization items. Restructuring-related professional services costs included in general and administrative expenses for the three months ended December 31, 2016 (Predecessor), were $5.2 million.

Note (B):  Restructuring-related professional services and sale leaseback redelivery costs included in reorganization items for the three months ended December 31, 2017 (Successor) were $2.0 million and $0.4 million, respectively.

Note (C):  Weighted average shares outstanding include 924,125 shares issuable upon the exercise of Jones Act-related New Creditor Warrants held by U.S. citizens.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

(In thousands, except share and per share data)


















Successor




Predecessor




Period from




Period from








August 1, 2017




April 1, 2017



Nine Months




through




through



Ended




December 31, 2017




July 31, 2017



December 31, 2016


Revenues:














Vessel revenues


$

171,884





146,597




426,911


Other operating revenues



6,869





4,772




13,951





178,753





151,369




440,862


Costs and expenses:














Vessel operating costs



120,502





116,438




278,326


Costs of other operating revenues



3,792





2,348




10,040


General and administrative (D)



46,619





41,832




104,152


Vessel operating leases



1,215





6,165




25,323


Depreciation and amortization



20,337





47,447




129,699


Gain on asset dispositions, net



(6,616)





(3,561)




(18,035)


Asset impairments



16,777





184,748




419,870





202,626





395,417




949,375


Operating loss



(23,873)





(244,048)




(508,513)


Other income (expenses):














Foreign exchange loss



(407)





(3,181)




(2,302)


Equity in net earnings of unconsolidated companies



2,130





4,786




2,869


Interest income and other



2,771





2,384




3,605


Reorganization items (E)



(4,299)





(1,396,905)




—


Interest and other debt costs



(13,009)





(11,179)




(54,018)





(12,814)





(1,404,095)




(49,846)


Loss before income taxes



(36,687)





(1,648,143)




(558,359)


Income tax (benefit) expense



2,039





(1,234)




4,680


Net loss


$

(38,726)





(1,646,909)




(563,039)


Less: Net income attributable to noncontrolling interests



540





—




2,224


Net loss attributable to Tidewater Inc.


$

(39,266)





(1,646,909)




(565,263)


Basic loss per common share


$

(1.82)





(34.95)




(12.01)


Diluted loss per common share


$

(1.82)





(34.95)




(12.01)


Weighted average common shares outstanding (F)



21,539,143





47,121,330




47,067,887


Dilutive effect of stock options and restricted stock



—





—




—


Adjusted weighted average common shares



21,539,143





47,121,330




47,067,887


Note (D):  Restructuring-related professional services costs for the five month period from August 1, 2017 through December 31, 2017 (Successor) are included in reorganization items. Restructuring-related professional services costs included in general and administrative expenses for the four month period from April 1, 2017 through July 31, 2017 (Predecessor), and for the nine months ended December 31, 2016 (Predecessor), were $6.7 million and $12.2 million, respectively.

Note (E):  Reorganization items for the five month period from August 1, 2017 through December 31, 2017 (Successor) of $4.3 million include (i) $1.6 million related to re-delivery of sale leaseback vessels to their respective owners and (ii) $2.7 million of restructuring-related professional services costs.

Reorganization items for the four month period from April 1, 2017 through July 31, 2017 (Predecessor) of $1.4 billion include (i) $1.8 billion of fresh start accounting adjustments, (ii) the establishment of a reserve in regards to sale leaseback claims of $323.6 million and the write-off of leasehold improvements to vessels underlying sale leaseback transactions of $1.7 million, partially offset by the recognition of sale leaseback-related deferred gains of $105.9 million and accrued liabilities associated with the recognition of lease expense on a straight-line basis of $11.3 million, (iii) $94.8 million of make-whole claims on the Senior Notes and $5.2 million of debt issue costs and (iv) restructuring-related professional services costs incurred subsequent to the Petition Date of $28.0 million. Offsetting these reorganization charges is a gain on settlement of liabilities subject to compromise of $767.6 million.

Note (F):  Weighted average shares outstanding include 924,125 shares issuable upon the exercise of Jones Act-related New Creditor Warrants held by U.S. citizens.

TIDEWATER INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)




Successor




Predecessor




December 31,




March 31,


ASSETS


2017




2017


Current assets:










Cash and cash equivalents


$

432,035





706,404


Restricted cash



21,300





—


Trade and other receivables, less allowance for doubtful accounts of $1,800
  and $16,165 as of December 31, 2017 and March 31, 2017, respectively



114,184





123,262


Due from affiliate



230,315





262,652


Marine operating supplies



28,220





30,560


Other current assets



19,130





18,409


Total current assets



845,184





1,141,287


Investments in, at equity, and advances to unconsolidated companies



29,216





45,115


Net properties and equipment



837,520





2,864,762


Deferred drydocking and survey costs



3,208





—


Other assets



31,052





139,535


Total assets


$

1,746,180





4,190,699












LIABILITIES AND EQUITY










Current liabilities:










Accounts payable


$

38,497





31,599


Accrued expenses



54,806





78,121


Due to affiliate



99,448





132,857


Accrued property and liability losses



2,585





3,583


Current portion of long-term debt



5,103





2,034,124


Other current liabilities



19,693





48,429


Total current liabilities



220,132





2,328,713


Long-term debt



443,057





—


Deferred income taxes



—





46,013


Accrued property and liability losses



2,471





10,209


Other liabilities and deferred credits



58,576





154,705












Commitments and Contingencies




















Equity:










Predecessor Common stock of $0.10 par value, 125,000,000 shares authorized,
  47,121,304 shares issued and outstanding at March 31, 2017



—





4,712


Predecessor Additional paid-in capital



—





165,221


Successor Common stock of $0.001 par value, 125,000,000 shares authorized,
  22,115,916 shares issued and outstanding at December 31, 2017



22





—


Successor Additional paid-in capital



1,059,120





—


Retained (deficit) earnings



(39,266)





1,475,329


Accumulated other comprehensive loss



(147)





(10,344)


Total stockholders' equity



1,019,729





1,634,918


Noncontrolling interests



2,215





16,141


Total equity



1,021,944





1,651,059


Total liabilities and equity


$

1,746,180





4,190,699


 

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS














Successor




Predecessor




Three Months




Three Months




Ended




Ended


(In thousands)


December 31, 2017




December 31, 2016


Net loss


$

(23,199)





(296,773)


Other comprehensive income:










Unrealized gains (losses) on available for sale securities,
  net of tax of $0 and $0



174





(73)


Change in loss on derivative contract,
  net of tax of $0 and $0



—





70


Changes in supplemental executive retirement plan
  liability, net of tax of $0 and $0



(1,582)





—


Changes in pension plan minimum liability,
  net of tax of $0 and $0



(357)





—


Change in other benefit plan minimum liability,
  net of tax of $0 and $0



1,536





—


Total comprehensive loss


$

(23,428)





(296,776)


 

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS


















Successor




Predecessor




Period from




Period from








August 1, 2017




April 1, 2017



Nine Months




through




through



Ended


(In thousands)


December 31, 2017




July 31, 2017



December 31, 2016


Net loss


$

(38,726)





(1,646,909)




(563,039)


Other comprehensive income:














Unrealized gains on available for sale securities,
  net of tax of $0, $0 and $0



256





163




207


Change in loss on derivative contract,
  net of tax of $0, $0 and $0



—





—




213


Changes in supplemental executive retirement plan
  liability, net of tax of $0, $0 and $0



(1,582)





(536)




—


Changes in pension plan minimum liability,
  net of tax of $0, $0 and $0



(357)





(594)




—


Change in other benefit plan minimum liability,
  net of tax of $0, $0 and $0



1,536





(1,468)




—


Total comprehensive loss


$

(38,873)





(1,649,344)




(562,619)


 

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS


















Successor




Predecessor




Period from




Period from








August 1, 2017




April 1, 2017



Nine Months




through




through



Ended


(In thousands)


December 31, 2017




July 31, 2017



December 31, 2016


Operating activities:














Net loss (G)


$

(38,726)





(1,646,909)




(563,039)


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














Reorganization items (non-cash)



—





1,368,882




—


Depreciation and amortization



20,131





47,447




129,699


Amortization of deferred drydocking and survey costs



206





—




—


Amortization of debt premiums and discounts



(715)





—




—


Provision for deferred income taxes



—





(5,543)




—


Gain on asset dispositions, net



(6,616)





(3,561)




(18,035)


Asset impairments



16,777





184,748




419,870


Changes in investments in, at equity, and advances tounconsolidated companies



(4,531)





(4,252)




(2,551)


Compensation expense - stock-based



3,731





1,707




4,166


Changes in operating assets and liabilities, net:














Trade and other receivables



2,312





6,286




53,778


Changes in due to/from affiliate, net



(2,373)





1,301




(4,132)


Marine operating supplies



1,229





88




2,693


Other current assets



10,305





(1,840)




(6,065)


Accounts payable



(1,259)





8,157




1,341


Accrued expenses



(24,896)





17,245




(27,954)


Accrued property and liability losses



(176)





(822)




253


Other current liabilities



(4,026)





(2,337)




(22,798)


Other liabilities and deferred credits



(1,089)





2,884




(4,541)


Other, net



(5,830)





4,932




(3,014)


Net cash used in operating activities



(35,546)





(21,587)




(40,329)


Cash flows from investing activities:














Proceeds from sales of assets



32,742





2,172




12,333


Additions to properties and equipment



(9,834)





(2,265)




(17,144)


Payments related to novated vessel construction contract



—





5,272




—


Refunds from cancelled vessel construction contracts



—





—




25,565


Net cash provided by investing activities



22,908





5,179




20,754


Cash flows from financing activities:














Principal payment on long-term debt



(1,176)





(5,124)




(7,337)


Cash payments to creditors pursuant to the plan of reorganization



(93,719)





(122,806)




—


Cash received for issuance of common stock



2





—




—


Other



—





(1,200)




(1,722)


Net cash used in financing activities



(94,893)





(129,130)




(9,059)


Net change in cash and cash equivalents



(107,531)





(145,538)




(28,634)


Cash and cash equivalents at beginning of period



560,866





706,404




678,438


Cash and cash equivalents at end of period


$

453,335





560,866




649,804


Supplemental disclosure of cash flow information:














Cash paid during the period for:














Interest, net of amounts capitalized


$

8,223





1,577




62,469


Income taxes


$

4,654





4,740




24,749


Supplemental disclosure of non-cash investing activities:














Additions to properties and equipment


$

—





—




5,330

















Note (G): Net loss includes restructuring-related professional services costs and costs related to the re-delivery of sale leaseback vessels to their respective owners for the five month period from August 1, 2017 through December 31, 2017 (Successor), the four month period from April 1, 2017 through July 31, 2017 (Predecessor), and for the nine months ended December 31, 2016 (Predecessor), of $4.3 million, $34.7 million and $12.2 million, respectively.

 

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EQUITY













Accumulated













Additional



Retained



other



Non







Common



paid-in



earnings



comprehensive



controlling





 (In thousands)


stock



capital



(deficit)



loss



interest



Total


Balance at March 31, 2016 (Predecessor)


$

4,707




166,604




2,135,075




(6,866)




6,034




2,305,554


Total comprehensive loss



—




—




(660,118)




(3,478)




10,107




(653,489)


Stock option activity



—




1,146




—




—




—




1,146


Amortization/cancellation of restricted stock units



5




(2,529)




372




—




—




(2,152)


Balance at March 31, 2017 (Predecessor)


$

4,712




165,221




1,475,329




(10,344)




16,141




1,651,059


Total comprehensive loss



—




—




(1,646,909)




(2,435)




—




(1,649,344)


Stock option expense



—




390




—




—




—




390


Cancellation/forfeiture of restricted stock units



—




1,254




—




—




—




1,254


Amortization of restricted stock units



—




2




—




—




—




2


Cash paid to noncontrolling interests



—




—




—




—




(1,200)




(1,200)


Balance at July 31, 2017 (Predecessor)


$

4,712




166,867




(171,580)




(12,779)




14,941




2,161


Cancellation of Predecessor equity



(4,712)




(166,867)




171,580




12,779




(13,266)




(486)


Balance at July 31, 2017 (Predecessor)


$

—




—




—




—




1,675




1,675



























Issuance of Successor common stock and warrants


$

18




1,055,391




—




—




—




1,055,409



























Balance at August 1, 2017 (Successor)


$

18




1,055,391




—




—




1,675




1,057,084


Total comprehensive loss



—




—




(39,266)




(147)




540




(38,873)


Issuance of common stock



4




(2)




—




—




—




2


Amortization/cancellation of restricted stock units



—




3,731




—




—




—




3,731


Balance at December 31, 2017 (Successor)


$

22




1,059,120




(39,266)




(147)




2,215




1,021,944



 

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



Successor




Predecessor




Three Months




Three Months




Ended




Ended




December 31, 2017




December 31, 2016


(In thousands)






%








%


Vessel revenues:


















Americas


$

28,335




28%





45,577




36%


Middle East/Asia Pacific



23,176




23%





26,233




21%


Africa/Europe



49,802




49%





53,310




43%


Total vessel revenues


$

101,313




100%





125,120




100%


Vessel operating costs:


















Crew costs


$

37,149




37%





43,384




35%


Repair and maintenance



7,709




7%





13,214




10%


Insurance and loss reserves



2,946




3%





2,142




2%


Fuel, lube and supplies



9,400




9%





7,782




6%


Other



10,997




11%





15,836




13%


Total vessel operating costs



68,201




67%





82,358




66%


Vessel operating margin (H)


$

33,112




33%





42,762




34%


 



Successor




Predecessor




Period from




Period from







August 1, 2017




April 1, 2017



Nine Months




through




through



Ended




December 31, 2017




July 31, 2017



December 31, 2016


(In thousands)






%








%







%


Vessel revenues:


























Americas


$

45,784




27%





40,848




28%




159,310




37%


Middle East/Asia Pacific



39,845




23%





36,313




25%




87,940




21%


Africa/Europe



86,255




50%





69,436




47%




179,661




42%


Total vessel revenues


$

171,884




100%





146,597




100%




426,911




100%


Vessel operating costs:


























Crew costs


$

64,854




38%





56,653




39%




148,642




35%


Repair and maintenance



14,082




8%





23,040




16%




43,183




10%


Insurance and loss reserves



4,625




3%





3,949




3%




11,775




2%


Fuel, lube and supplies



16,390




9%





12,279




8%




28,730




7%


Other



20,551




12%





20,517




14%




45,996




11%


Total vessel operating costs



120,502




70%





116,438




80%




278,326




65%


Vessel operating margin (H)


$

51,382




30%





30,159




20%




148,585




35%


Note (H):  Vessel operating margin equals vessel revenues less vessel operating costs and excludes general and administrative expenses, vessel operating leases and depreciation and amortization expenses. The following tables reconcile vessel operating margin as presented above to vessel operating profit (loss):



Successor




Predecessor




Three Months




Three Months




Ended




Ended


(In thousands)


December 31, 2017




December 31, 2016


Vessel operating margin


$

33,112





42,762


General and administrative expenses - vessel operations



(19,946)





(20,608)


Vessel operating leases



(91)





(8,441)


Depreciation and amortization - vessel operations



(11,681)





(39,882)


Vessel operating profit (loss)


$

1,394





(26,169)


 



Successor




Predecessor




Period from




Period from








August 1, 2017




April 1, 2017



Nine Months




through




through



Ended


(In thousands)


December 31, 2017




July 31, 2017



December 31, 2016


Vessel operating margin


$

51,382





30,159




148,585


General and administrative expenses - vessel operations



(31,160)





(23,881)




(68,861)


Vessel operating leases



(1,215)





(6,165)




(25,323)


Depreciation and amortization - vessel operations



(19,344)





(45,604)




(124,232)


Vessel operating profit (loss)


$

(337)





(45,491)




(69,831)


The company's other operating profit (loss) consists of the following:



Successor




Predecessor




Three Months




Three Months




Ended




Ended


(In thousands)


December 31, 2017




December 31, 2016


Other operating revenues


$

3,140





4,095


Costs of other marine revenues



(1,519)





(2,714)


General and administrative expenses - other operating activities



(401)





(410)


Depreciation and amortization - other operating activities



(415)





(855)


Other operating profit


$

805





116


 



Successor




Predecessor




Period from




Period from








August 1, 2017




April 1, 2017



Nine Months




through




through



Ended


(In thousands)


December 31, 2017




July 31, 2017



December 31, 2016


Other operating revenues


$

6,869





4,772




13,951


Costs of other marine revenues



(3,792)





(2,348)




(10,040)


General and administrative expenses - other operating activities



(636)





(409)




(1,659)


Depreciation and amortization - other operating activities



(827)





(1,139)




(3,575)


Other operating profit (loss)


$

1,614





876




(1,323)


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



Successor




Predecessor




Three Months




Three Months




Ended




Ended




December 31, 2017




December 31, 2016


(In thousands)






%








%


Vessel operating profit (loss):


















Americas


$

1,052




1%





(6,242)




(5%)


Middle East/Asia Pacific



(493)




(<1%)





(8,368)




(6%)


Africa/Europe



835




<1%





(11,559)




(9%)





1,394




1%





(26,169)




(20%)


Other operating profit (loss)



805




1%





116




(<1%)





2,199




2%





(26,053)




(20%)




















Corporate general and administrative expenses (I)



(10,026)




(10%)





(13,133)




(10%)


Corporate depreciation



(99)




(<1%)





(565)




(1%)


Corporate expenses



(10,125)




(10%)





(13,698)




(11%)




















Gain on asset dispositions, net



6,612




6%





6,139




5%


Asset impairments



(16,777)




(15%)





(253,422)




(196%)


Operating loss


$

(18,091)




(17%)





(287,034)




(222%)


Foreign exchange gain (loss)



(349)




(<1%)





2,970




2%


Equity in net earnings of unconsolidated companies



825




<1%





1,557




1%


Interest income and other, net



1,898




2%





1,437




1%


Reorganization items (J)



(2,419)




(2%)





—




—


Interest and other debt costs



(7,769)




(8%)





(18,587)




(14%)


Loss before income taxes


$

(25,905)




(25%)





(299,657)




(232%)


Note (I):  Restructuring-related professional services costs included in general and administrative expenses for the three months ended December 31, 2016 (Predecessor), were $5.2 million.

Note (J):  Reorganization items for the three months ended December 31, 2017 (Successor) included $2.0 million of restructuring-related professional services and sale leaseback redelivery costs of $0.4 million.



Successor




Predecessor




Period from




Period from







August 1, 2017




April 1, 2017



Nine Months




through




through



Ended




December 31, 2017




July 31, 2017



December 31, 2016


(In thousands)






%








%







%


Vessel operating profit (loss):


























Americas


$

(1,599)




(1%)





(22,549)




(15%)




(11,745)




(3%)


Middle East/Asia Pacific



451




<1%





(1,434)




(1%)




(19,146)




(4%)


Africa/Europe



811




1%





(21,508)




(14%)




(38,940)




(9%)





(337)




(<1%)





(45,491)




(30%)




(69,831)




(16%)


Other operating profit (loss)



1,614




1%





876




1%




(1,323)




(<1%)





1,277




1%





(44,615)




(29%)




(71,154)




(16%)




























Corporate general and administrative
 expenses (K)



(14,823)




(8%)





(17,542)




(12%)




(33,632)




(8%)


Corporate depreciation



(166)




(<1%)





(704)




(<1%)




(1,892)




(<1%)


Corporate expenses



(14,989)




(8%)





(18,246)




(12%)




(35,524)




(8%)




























Gain on asset dispositions, net



6,616




3%





3,561




2%




18,035




4%


Asset impairments



(16,777)




(9%)





(184,748)




(122%)




(419,870)




(95%)


Operating loss


$

(23,873)




(13%)





(244,048)




(161%)




(508,513)




(115%)


Foreign exchange loss



(407)




(<1%)





(3,181)




(2%)




(2,302)




(1%)


Equity in net earnings of unconsolidated

companies



2,130




1%





4,786




3%




2,869




<1%


Interest income and other, net



2,771




1%





2,384




2%




3,605




1%


Reorganization items (L)



(4,299)




(3%)





(1,396,905)




(923%)




—




—


Interest and other debt costs



(13,009)




(7%)





(11,179)




(8%)




(54,018)




(12%)


Loss before income taxes


$

(36,687)




(21%)





(1,648,143)




(1089%)




(558,359)




(127%)


Note (K):  Restructuring-related professional services costs for the five month period from August 1, 2017 through December 31, 2017 (Successor) are included in reorganization items. Restructuring-related professional services costs included in general and administrative expenses for the four month period from April 1, 2017 through July 31, 2017 (Predecessor), and for the nine months ended December 31, 2016 (Predecessor), were $6.7 million and $12.2 million, respectively.

Note (L):  Reorganization items for the five month period from August 1, 2017 through December 31, 2017 (Successor) of $4.3 million include (i) $1.6 million related to re-delivery of sale leaseback vessels to their respective owners and (ii) $2.7 million of restructuring-related professional services costs.

Reorganization items for the four month period from April 1, 2017 through July 31, 2017 (Predecessor) of $1.4 billion include (i) $1.8 billion of fresh start accounting adjustments, (ii) the establishment of a reserve in regards to sale leaseback claims of $323.6 million and the write-off of leasehold improvements to vessels underlying sale leaseback transactions of $1.7 million, partially offset by the recognition of sale leaseback-related deferred gains of $105.9 million and accrued liabilities associated with the recognition of lease expense on a straight-line basis of $11.3 million, (iii) $94.8 million of make-whole claims on the Senior Notes and $5.2 million of debt issue costs and (iv) restructuring-related professional services costs incurred subsequent to the Petition Date of $28.0 million. Offsetting these reorganization charges is a gain on settlement of liabilities subject to compromise of $767.6 million.

For the following tables for illustrative purposes, the company has combined the Successor and Predecessor results to derive combined results for the three months ended September 30, 2017. The combination was generated by addition of comparable financial statement line items. However, because of various adjustments to the consolidated financial statements in connection with the application of fresh-start reporting, including asset valuation adjustments and liability adjustments, the results of operations for the Successor may not be comparable to those of the Predecessor.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(Unaudited)

(In thousands, except share and per share data)








Three Months Ended

























December 31,



September 30,



June 30,



March 31,



December 31,




2017



2017



2017



2017



2016


Revenues:





















Vessel revenues

$


101,313




104,911




112,257




156,905




125,120


Other operating revenues



3,140




5,652




2,849




3,844




4,095





104,453




110,563




115,106




160,749




129,215


Costs and expenses:





















Vessel operating costs



68,201




84,966




83,773




80,845




82,358


Costs of other operating revenues



1,519




3,036




1,585




2,689




2,714


General and administrative (M)



30,373




25,019




33,059




41,727




34,151


Vessel operating leases



91




1,747




5,542




8,443




8,441


Depreciation and amortization



12,195




19,302




36,287




37,592




41,302


Gain on asset dispositions, net



(6,612)




(376)




(3,189)




(6,064)




(6,139)


Asset impairments



16,777




21,325




163,423




64,857




253,422





122,544




155,019




320,480




230,089




416,249


Operating loss



(18,091)




(44,456)




(205,374)




(69,340)




(287,034)


Other income (expenses):





















Foreign exchange gain (loss)



(349)




(2,082)




(1,157)




664




2,970


Equity in net earnings of unconsolidated
companies



825




1,574




4,517




2,841




1,557


Interest income and other



1,898




1,577




1,680




1,588




1,437


Reorganization items (M)



(2,419)




(1,085,609)




(313,176)




—




—


Interest and other debt costs



(7,769)




(5,814)




(10,605)




(21,008)




(18,587)





(7,814)




(1,090,354)




(318,741)




(15,915)




(12,623)


Loss before income taxes



(25,905)




(1,134,810)




(524,115)




(85,255)




(299,657)


Income tax (benefit) expense



(2,706)




3,216




295




1,717




(2,884)


Net loss

$


(23,199)




(1,138,026)




(524,410)




(86,972)




(296,773)


Less: Net income (loss) attributable to
noncontrolling interests



374




142




24




7,883




903


Net loss attributable to Tidewater Inc.

$


(23,573)




(1,138,168)




(524,434)




(94,855)




(297,676)


Basic loss per common share

$


(1.02)




—




—




—




—


Diluted loss per common share

$


(1.02)




—




—




—




—


Weighted average common shares outstanding (N)



23,137,909




—




—




—




—


Dilutive effect of stock options and restricted stock



—




—




—




—




—


Adjusted weighted average common shares



23,137,909




—




—




—




—























Vessel operating margin

$


33,112




19,945




28,484




76,060




42,762























Note (M): Restructuring-related items:





















Restructuring-related professional services
costs included in general and administrative
expenses

$


—




—




6,709




16,805




5,188


Restructuring-related professional services
costs included in reorganization items



2,031




23,494




5,165




—




—


Restructuring-related sale leaseback vessel
redelivery costs included in reorganization
items



388




1,244




—




—




—


Total

$


2,419




24,738




11,874




16,805




5,188























Note (N): Weighted average shares outstanding include 924,125 shares issuable upon the exercise of Jones Act-related New Creditor Warrants held by U.S. citizens. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at December 31, 2017 were 22,115,916, 7,884,006 and 29,999,922, respectively.

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

























December 31,



September 30,



June 30,



March 31,



December 31,


ASSETS


2017



2017



2017



2017



2016


Current assets:





















Cash and cash equivalents

$


432,035




459,978




683,778




706,404




649,804


Restricted Cash



21,300




—




—




—




—


Trade and other receivables, net



114,184




120,271




116,612




123,262




174,335


Due from affiliate



230,315




245,056




252,810




262,652




287,592


Marine operating supplies



28,220




31,083




31,097




30,560




30,720


Other current assets



19,130




14,813




34,619




18,409




22,053


Total current assets



845,184




871,201




1,118,916




1,141,287




1,164,504


Investments in, at equity, and advances to
unconsolidated companies



29,216




25,729




49,216




45,115




42,516


Net properties and equipment



837,520




868,689




2,659,314




2,864,762




3,009,407


Deferred drydocking and survey costs



3,208




388




—




—




—


Other assets



31,052




46,845




92,134




139,535




98,772


Total assets

$


1,746,180




1,812,852




3,919,580




4,190,699




4,315,199























LIABILITIES AND EQUITY





















Current liabilities:





















Accounts payable

$


38,497




39,439




35,087




31,599




50,754


Accrued expenses



54,806




61,115




63,155




78,121




67,412


Due to affiliate



99,448




112,642




121,037




132,857




132,836


Accrued property and liability losses



2,585




2,774




2,758




3,583




3,574


Current portion of long-term debt



5,103




5,174




10,106




2,034,124




2,036,060


Other current liabilities



19,693




38,041




28,029




48,429




50,274


Total current liabilities



220,132




259,185




260,172




2,328,713




2,340,910


Long-term debt



443,057




445,677




80,863




—




—


Deferred income taxes



—




—




—




46,013




56,375


Accrued property and liability losses



2,471




2,607




2,776




10,209




11,113


Other liabilities and deferred credits



58,576




62,569




60,382




154,705




159,237


Liabilities subject to compromise



—




—




2,389,557




—




—























Commitments and Contingencies










































Equity:





















Common stock



22




21




4,712




4,712




4,707


Additional paid-in capital



1,059,120




1,056,563




165,516




165,221




171,018


Retained earnings



(39,266)




(15,693)




950,895




1,475,329




1,570,027


Accumulated other comprehensive loss



(147)




82




(10,258)




(10,344)




(6,446)


Total stockholders' equity



1,019,729




1,040,973




1,110,865




1,634,918




1,739,306


Noncontrolling interests



2,215




1,841




14,965




16,141




8,258


Total equity



1,021,944




1,042,814




1,125,830




1,651,059




1,747,564


Total liabilities and equity

$


1,746,180




1,812,852




3,919,580




4,190,699




4,315,199























Due from affiliate, net of due to affiliate

$


130,867




132,414




131,773




129,795




154,756


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA








Three Months Ended




December 31,



September 30,



June 30,



March 31,



December 31,




2017



2017



2017



2017



2016


REVENUE BY VESSEL CLASS

(In thousands):










































Americas fleet:





















Deepwater (O)

$


17,062




14,102




17,313




62,831




30,846


Towing-supply



8,263




9,319




11,274




14,738




11,905


Other



3,010




2,989




3,300




2,964




2,826


Total (O)

$


28,335




26,410




31,887




80,533




45,577


Middle East/Asia Pacific fleet:





















Deepwater

$


9,066




8,393




10,701




9,433




8,605


Towing-supply



14,110




16,823




17,065




17,245




17,628


Other



—




—




—




—




—


Total

$


23,176




25,216




27,766




26,678




26,233


Africa/Europe fleet:





















Deepwater

$


24,753




25,170




22,158




23,032




21,748


Towing-supply



20,448




23,173




27,019




22,794




26,087


Other



4,601




4,942




3,427




3,868




5,475


Total

$


49,802




53,285




52,604




49,694




53,310


Worldwide fleet:





















Deepwater (O)

$


50,881




47,665




50,172




95,296




61,199


Towing-supply



42,821




49,315




55,358




54,777




55,620


Other



7,611




7,931




6,727




6,832




8,301


Total (O)

$


101,313




104,911




112,257




156,905




125,120
























Note (O): Included in Americas fleet deepwater, Americas fleet total, Worldwide fleet deepwater and Worldwide fleet total revenue for the quarter ended March 31, 2017 (Predecessor) is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

























Three Months Ended




December 31,



September 30,



June 30,



March 31,



December 31,




2017



2017



2017



2017



2016


AVERAGE NUMBER OF VESSELS:










































Americas fleet:





















Deepwater



31




39




41




41




41


Towing-supply



16




19




21




22




22


Other



6




8




8




8




8


Total



53




66




70




71




71


Stacked vessels



(27)




(39)




(35)




(34)




(35)


Active vessels



26




27




35




37




36


Middle East/Asia Pacific fleet:





















Deepwater



21




21




22




23




22


Towing-supply



39




43




44




44




46


Other



—




1




1




1




1


Total



60




65




67




68




69


Stacked vessels



(20)




(25)




(25)




(24)




(30)


Active vessels



40




40




42




44




39


Africa/Europe fleet:





















Deepwater



44




43




41




41




42


Towing-supply



41




44




44




43




43


Other



31




33




37




38




38


Total



116




120




122




122




123


Stacked vessels



(42)




(42)




(49)




(54)




(50)


Active vessels



74




78




73




68




73


Worldwide fleet:





















Deepwater



96




103




104




105




105


Towing-supply



96




106




109




109




111


Other



37




42




46




47




47


Total



229




251




259




261




263


Stacked vessels



(89)




(106)




(109)




(112)




(115)


Active vessels



140




145




150




149




148























Total active



140




145




150




149




148


Total stacked



89




106




109




112




115


Total joint venture and other vessels



8




8




8




8




8


Total



237




259




267




269




271























AVERAGE NUMBER OF LEASED VESSELS
INCLUDED IN VESSEL COUNTS ABOVE:










































Americas fleet:





















Deepwater



—




7




8




8




8


Towing-supply



—




3




3




3




3


Total



—




10




11




11




11


Stacked vessels



—




(7)




(7)




(7)




(6)


Active vessels



—




3




4




4




5


Africa/Europe fleet:





















Towing-supply



—




5




5




5




5


Total



—




5




5




5




5


Stacked vessels



—




—




—




(1)




(1)


Active vessels



—




5




5




4




4


Worldwide fleet:





















Deepwater



—




7




8




8




8


Towing-supply



—




8




8




8




8


Total



—




15




16




16




16


Stacked vessels



—




(7)




(7)




(8)




(7)


Active vessels



—




8




9




8




9


Note (P):  Included in total owned or chartered vessels at December 31, 2017 (Successor), September 30, 2017 (Successor), June 30, 2017 (Predecessor), March 31, 2017 (Predecessor) and December 31, 2016 (Predecessor), were 89, 91, 115, 111, and 116 vessels, respectively, that were stacked by the company. These vessels were considered to be in service and are included in the calculation of our total fleet utilization statistics.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

























Three Months Ended




December 31,



September 30,



June 30,



March 31,



December 31,




2017



2017



2017



2017



2016


AVAILABLE DAYS - TOTAL FLEET:










































Americas fleet:





















Deepwater



2,893




3,545




3,731




3,690




3,812


Towing-supply



1,441




1,773




1,941




1,980




2,012


Other



574




736




728




720




736


Total



4,908




6,054




6,400




6,390




6,560


Middle East/Asia Pacific fleet:





















Deepwater



1,908




1,932




2,001




2,070




2,068


Towing-supply



3,604




3,980




3,974




3,952




4,232


Other



3




92




91




90




92


Total



5,515




6,004




6,066




6,112




6,392


Africa/Europe fleet:





















Deepwater



4,072




3,996




3,732




3,650




3,822


Towing-supply



3,719




4,045




4,004




3,886




3,956


Other



2,852




3,021




3,352




3,420




3,496


Total



10,643




11,062




11,088




10,956




11,274


Worldwide fleet:





















Deepwater



8,873




9,473




9,464




9,410




9,702


Towing-supply



8,764




9,798




9,919




9,818




10,200


Other



3,429




3,849




4,171




4,230




4,324


Total



21,066




23,120




23,554




23,458




24,226


 
























Three Months Ended




December 31,



September 30,



June 30,



March 31,



December 31,




2017



2017



2017



2017



2016


OUT-OF-SERVICE - STACKED DAYS:










































Americas fleet:





















Deepwater



1,565




2,359




2,110




1,874




1,990


Towing-supply



705




889




849




900




969


Other



206




368




273




270




276


Total



2,476




3,616




3,232




3,044




3,235


Middle East/Asia Pacific fleet:





















Deepwater



705




746




702




900




1,179


Towing-supply



1,089




1,435




1,446




1,240




1,455


Other



3




92




91




90




92


Total



1,797




2,273




2,239




2,230




2,726


Africa/Europe fleet:





















Deepwater



947




920




1,047




1,310




1,507


Towing-supply



1,652




1,576




1,554




1,637




1,507


Other



1,295




1,382




1,896




1,887




1,620


Total



3,894




3,878




4,497




4,834




4,634


Worldwide fleet:





















Deepwater



3,217




4,025




3,859




4,084




4,676


Towing-supply



3,446




3,900




3,849




3,777




3,931


Other



1,504




1,842




2,260




2,247




1,988


Total



8,167




9,767




9,968




10,108




10,595


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA












Three Months Ended




December 31,



September 30,



June 30,



March 31,



December 31,




2017



2017



2017



2017



2016


AVAILABLE DAYS - ACTIVE FLEET:










































Americas fleet:





















Deepwater



1,328




1,186




1,621




1,816




1,822


Towing-supply



736




884




1,092




1,080




1,043


Other



368




368




455




450




460


Total



2,432




2,438




3,168




3,346




3,325


Middle East/Asia Pacific fleet:





















Deepwater



1,203




1,186




1,299




1,170




889


Towing-supply



2,515




2,545




2,528




2,712




2,777


Other



—




—




—




—




—


Total



3,718




3,731




3,827




3,882




3,666


Africa/Europe fleet:





















Deepwater



3,125




3,076




2,685




2,340




2,315


Towing-supply



2,067




2,469




2,450




2,249




2,449


Other



1,557




1,639




1,456




1,533




1,876


Total



6,749




7,184




6,591




6,122




6,640


Worldwide fleet:





















Deepwater



5,656




5,448




5,605




5,326




5,026


Towing-supply



5,318




5,898




6,070




6,041




6,269


Other



1,925




2,007




1,911




1,983




2,336


Total



12,899




13,353




13,586




13,350




13,631
























Note (Q): Available Days - Active Fleet equals Available Days - Total Fleet less Out-Of-Service - Stacked Days.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

























Three Months Ended




December 31,



September 30,



June 30,



March 31,



December 31,




2017



2017



2017



2017



2016


UTILIZATION - TOTAL FLEET:










































Americas fleet:





















Deepwater



32.2%




20.5%




23.4%




29.7%




32.1%


Towing-supply



39.0




36.1




36.4




41.8




36.4


Other



60.8




45.3




50.0




45.7




37.0


Total



37.6%




28.1%




30.3%




35.2%




34.0%


Middle East/Asia Pacific fleet:





















Deepwater



48.7%




44.0%




54.4%




45.9%




35.9%


Towing-supply



57.7




57.1




57.2




54.2




52.9


Other



—




—




—




—




—


Total



54.5%




52.0%




55.4%




50.6%




46.7%


Africa/Europe fleet:





















Deepwater



57.2%




58.6%




51.7%




53.6%




42.9%


Towing-supply



43.5




46.4




51.7




42.1




47.4


Other



44.8




42.6




31.3




31.0




37.6


Total



49.1%




49.7%




45.6%




42.5%




42.8%


Worldwide fleet:





















Deepwater



47.2%




41.3%




41.1%




42.6%




37.2%


Towing-supply



48.6




48.9




50.9




46.9




47.5


Other



47.4




42.1




33.9




32.8




36.7


Total



47.8%




44.7%




44.0%




42.6%




41.4%
























Note (R): Utilization Total Fleet equals Days Worked / Available Days Total Fleet.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

























Three Months Ended




December 31,



September 30,



June 30,



March 31,



December 31,




2017



2017



2017



2017



2016


UTILIZATION - ACTIVE FLEET:










































Americas fleet:





















Deepwater



70.2%




61.2%




53.8%




60.4%




67.2%


Towing-supply



76.4




72.3




64.7




76.6




70.3


Other



94.8




90.6




79.9




73.1%




59.2


Total



75.8%




69.7%




61.3%




67.3%




67.1%


Middle East/Asia Pacific fleet:





















Deepwater



77.2%




71.6%




83.8%




81.2%




83.6%


Towing-supply



82.7




89.4




89.9




79.0




80.6


Other



—




—




—




—




—


Total



80.9%




83.7%




87.8




79.7%




81.4%


Africa/Europe fleet:





















Deepwater



74.5%




76.1%




71.9%




83.7%




70.8%


Towing-supply



78.2




76.0




84.6




72.7




76.6


Other



82.0




78.4




72.1




69.1




70.0


Total



77.4%




76.6%




76.6%




76.0%




72.7%


Worldwide fleet:





















Deepwater



74.1%




71.9%




69.4%




75.2%




71.8%


Towing-supply



80.1




81.2




83.2




76.2




77.3


Other



84.5




80.6




74.0




70.0




67.9


Total



78.1%




77.3%




76.2%




74.9%




73.7%
























Note (S): Utilization Active Fleet equals Days Worked / Available Days - Active Fleet.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

























Three Months Ended




December 31,



September 30,



June 30,



March 31,



December 31,




2017



2017



2017



2017



2016


AVERAGE VESSEL DAY RATES:










































Americas fleet:





















Deepwater (T)

$


18,301




19,429




19,869




57,311




25,181


Towing-supply



14,700




14,577




15,959




17,816




16,239


Other



8,628




8,968




9,071




9,015




10,384


Total (T)

$


15,372




15,550




16,423




35,756




20,436


Middle East/Asia Pacific fleet:





















Deepwater

$


9,762




9,883




9,825




9,927




11,576


Towing-supply



6,787




7,398




7,511




8,045




7,872


Other



—




—




—




—




—


Total

$


7,705




8,073




8,261




8,623




8,795


Africa/Europe fleet:





















Deepwater

$


10,625




10,753




11,482




11,763




13,262


Towing-supply



12,644




12,348




13,040




13,940




13,917


Other



3,602




3,854




3,265




3,652




4,169


Total

$


9,533




9,685




10,413




10,682




11,042


Worldwide fleet:





















Deepwater (T)

$


12,142




12,172




12,897




23,797




16,961


Towing-supply



10,056




10,295




10,961




11,893




11,476


Other



4,681




4,906




4,759




4,922




5,235


Total (T)

$


10,056




10,162




10,842




15,693




12,461


Note (T):  Included in Americas fleet deepwater, Americas fleet total, Worldwide fleet deepwater and Worldwide fleet total average day rates for the quarter ended March 31, 2017 (Predecessor) is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract. Excluding the early cancellation revenue, Americas fleet deepwater, Americas fleet total, Worldwide fleet deepwater and Worldwide fleet total average day rates would have been $21,602, $18,374, $14,021 and $11,778, respectively, for the quarter ended March 31, 2017 (Predecessor).

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

























Three Months Ended




December 31,



September 30,



June 30,



March 31,



December 31,


(In thousands)


2017



2017



2017



2017



2016


Americas





















Vessel revenues (U)

$


28,335




26,410




31,887




80,533




45,577























Vessel operating costs:





















Crew costs

$


11,190




12,652




14,457




15,761




16,416


Routine repairs and maintenance



2,203




2,210




2,705




2,879




3,017


Major repairs



(144)




4,167




1,136




7




1,435


Insurance and loss reserves



788




605




933




(519)




664


Fuel, lube and supplies



2,413




2,935




3,394




3,896




2,382


Other



1,321




2,307




4,655




3,555




3,216


Total vessel operating costs

$


17,771




24,876




27,280




25,579




27,130























Vessel operating margin ($)

$


10,564




1,534




4,607




54,954




18,447


Vessel operating margin (%)



37.3%




5.8%




14.4%




68.2%




40.5%























Vessel operating lease expense

$


—




62




3,787




6,627




6,626


Vessel depreciation

$


3,386




5,488




10,748




11,297




12,039


Amortization of deferred drydocking and survey
costs

$


86




4




—




—




—


Vessel operations general and administrative
expenses

$


6,040




5,481




5,771




6,412




6,024


Vessel operating profit (loss)

$


1,052




(9,501)




(15,699)




30,618




(6,242)























Americas - Select operating statistics





















Average vessels - Total fleet (V)



53




66




70




71




71


Utilization - Total fleet



37.6%




28.1%




30.3%




35.2%




34.0%























Average vessels - Active fleet (V)



26




27




35




37




36


Utilization - Active fleet



75.8%




69.7%




61.3%




67.3%




67.1%























Average day rates (U)

$


15,372




15,550




16,423




35,756




20,436























Vessels commencing drydocks



3




7




2




2




2























Major repairs expense and deferred
drydocking and survey costs:





















   Major repairs expense

$


(144)




4,167




1,136




7




1,435


   Cash paid for deferred
   drydocking and survey costs

$


554




243




—




—




—



$


410




4,410




1,136




7




1,435























Deferred drydocking and survey costs -
beginning balance

$


239




—




—




—




—


Cash paid for deferred drydocking and
survey costs

$


554




243




—




—




—


Amortization of deferred drydocking and
survey costs

$


86




4




—




—




—


Deferred drydocking and survey costs -
ending balance

$


707




239




—




—




—




Note (U):  Included in Americas vessel revenue for the quarter ended March 31, 2017 is $39.1 million of revenue related to the early cancellation of a long-term
vessel charter contract. Excluding the early cancellation revenue, Americas average day rates would have been $18,374 for the quarter ended March 31, 2017.




Note (V): Average leased vessels - Total fleet



—




10




11




11




11


Average leased vessels - Active fleet



—




3




4




4




5























 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

























Three Months Ended




December 31,



September 30,



June 30,



March 31,



December 31,


(In thousands)


2017



2017



2017



2017



2016


Middle East/Asia Pacific





















Vessel revenues

$


23,176




25,216




27,766




26,678




26,233























Vessel operating costs:





















Crew costs

$


8,666




9,101




9,795




9,495




9,264


Routine repairs and maintenance



1,733




2,387




2,164




2,318




1,801


Major repairs



442




320




511




3,988




1,631


Insurance and loss reserves



771




626




681




(732)




659


Fuel, lube and supplies



2,653




1,725




1,539




2,543




1,568


Other



2,723




2,977




2,908




3,351




3,963


Total vessel operating costs

$


16,988




17,136




17,598




20,963




18,886























Vessel operating margin ($)

$


6,188




8,080




10,168




5,715




7,347


Vessel operating margin (%)



26.7%




32.0%




36.6%




21.4%




28.0%























Vessel operating lease expense

$


—




—




—




—




—


Vessel depreciation

$


2,905




4,028




7,746




8,499




10,677


Amortization of deferred drydocking and survey
costs

$


4




—




—




—




—


Vessel operations general and administrative
expenses

$


3,772




3,226




3,738




3,380




5,038


Vessel operating profit (loss)

$


(493)




826




(1,316)




(6,164)




(8,368)























Middle East/Asia Pacific - Select operating
statistics





















Average vessels - Total fleet



60




65




67




68




69


Utilization - Total fleet



54.5%




52.0%




55.4%




50.6%




46.7%























Average vessels - Active fleet



40




40




42




44




39


Utilization - Active fleet



80.9%




83.7%




87.8%




79.7%




81.4%























Average day rates

$


7,705




8,073




8,261




8,623




8,795























Vessels commencing drydocks



5




1




1




5




3























Major repairs expense and deferred
drydocking and survey costs:





















   Major repairs expense

$


442




320




511




3,988




1,631


   Cash paid for deferred
   drydocking and survey costs

$


209




—




—




—




—



$


651




320




511




3,988




1,631























Deferred drydocking and survey costs -
beginning balance

$


—




—




—




—




—


Cash paid for deferred drydocking and
survey costs

$


209




—




—




—




—


Amortization of deferred drydocking and
survey costs

$


4




—




—




—




—


Deferred drydocking and survey costs -
ending balance

$


205




—




—




—




—























 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

























Three Months Ended




December 31,



September 30,



June 30,



March 31,



December 31,


(In thousands)


2017



2017



2017



2017



2016


Africa/Europe





















Vessel revenues

$


49,802




53,285




52,604




49,694




53,310























Vessel operating costs:





















Crew costs

$


17,292




20,395




17,958




16,573




17,704


Routine repairs and maintenance



3,391




3,674




3,338




3,324




3,384


Major repairs



85




2,811




3,990




4,558




1,946


Insurance and loss reserves



1,387




1,273




1,510




(516)




819


Fuel, lube and supplies



4,334




5,181




4,495




2,840




3,832


Other



6,953




9,620




7,604




7,524




8,657


Total vessel operating costs

$


33,442




42,954




38,895




34,303




36,342























Vessel operating margin ($)

$


16,360




10,331




13,709




15,391




16,968


Vessel operating margin (%)



32.9%




19.4%




26.1%




31.0%




31.8%























Vessel operating lease expense

$


91




1,685




1,755




1,816




1,815


Vessel depreciation

$


5,188




8,855




16,398




16,377




17,166


Amortization of deferred drydocking and survey
costs

$


112




—




—




—




—


Vessel operations general and administrative
expenses

$


10,134




8,386




8,493




9,653




9,546


Vessel operating loss

$


835




(8,595)




(12,937)




(12,455)




(11,559)























Africa/Europe - Select operating statistics





















Average vessels - Total fleet (W)



116




120




122




122




123


Utilization - Total fleet



49.1%




49.7%




45.6%




42.5%




42.8%























Average vessels - Active fleet (W)



74




78




73




68




73


Utilization - Active fleet



77.4%




76.6%




76.6%




76.0%




72.7%























Average day rates

$


9,533




9,685




10,413




10,682




11,042























Vessels commencing drydocks



2




8




6




7




4























Major repairs expense and deferred
drydocking and survey costs:





















   Major repairs expense

$


85




2,811




3,990




4,558




1,946


   Cash paid for deferred
   drydocking and survey costs

$


2,259




149




—




—




—



$


2,344




2,960




3,990




4,558




1,946























Deferred drydocking and survey costs -
beginning balance

$


149




—




—




—




—


Cash paid for deferred drydocking and
survey costs

$


2,259




149




—




—




—


Amortization of deferred drydocking and
survey costs

$


112




—




—




—




—


Deferred drydocking and survey costs -
ending balance

$


2,296




149




—




—




—























Note (W): Average leased vessels - Total fleet



—




5




5




5




5


Average leased vessels - Active fleet



—




5




5




4




4


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

























Three Months Ended




December 31,



September 30,



June 30,



March 31,



December 31,


(In thousands)


2017



2017



2017



2017



2016


Worldwide





















Vessel revenues (X)

$


101,313




104,911




112,257




156,905




125,120























Vessel operating costs:





















Crew costs

$


37,148




42,148




42,210




41,829




43,384


Routine repairs and maintenance



7,327




8,271




8,207




8,521




8,202


Major repairs



383




7,298




5,637




8,553




5,012


Insurance and loss reserves



2,946




2,504




3,124




(1,767)




2,142


Fuel, lube and supplies



9,400




9,841




9,428




9,279




7,782


Other



10,997




14,904




15,167




14,430




15,836


Total vessel operating costs

$


68,201




84,966




83,773




80,845




82,358























Vessel operating margin ($)

$


33,112




19,945




28,484




76,060




42,762


Vessel operating margin (%)



32.7%




19.0%




25.4%




48.5%




34.2%























Vessel operating lease expense

$


91




1,747




5,542




8,443




8,441


Vessel depreciation

$


11,479




18,371




34,892




36,173




39,882


Amortization of deferred drydocking and survey
costs

$


202




4




—




—




—


Vessel operations general and administrative
expenses

$


19,946




17,093




18,002




19,445




20,608


Vessel operating profit (loss)

$


1,394




(17,270)




(29,952)




11,999




(26,169)























Worldwide - Select operating statistics





















Average vessels - Total fleet (Y)



229




251




259




261




263


Utilization - Total fleet



47.8%




44.7%




44.0%




42.6%




41.4%























Average vessels - Active fleet (Y)



140




145




150




149




148


Utilization - Active fleet



78.1%




77.3%




76.2%




74.9%




73.7%























Average day rates (X)

$


10,056




10,162




10,842




15,693




12,461























Vessels commencing drydocks



10




16




9




14




9























Major repairs expense and deferred
drydocking and survey costs:





















   Major repairs expense

$


383




7,298




5,637




8,553




5,012


   Cash paid for deferred
   drydocking and survey costs

$


3,022




392




—




—




—



$


3,405




7,690




5,637




8,553




5,012























Deferred drydocking and survey costs -
beginning balance

$


388




—




—




—




—


Cash paid for deferred drydocking and
survey costs

$


3,022




392




—




—




—


Amortization of deferred drydocking and
survey costs

$


202




4




—




—




—


Deferred drydocking and survey costs -
ending balance

$


3,208




388




—




—




—























Note (X):  Included in Worldwide vessel revenue for the quarter ended March 31, 2017 is $39.1 million of revenue related to the early cancellation of a long-term
vessel charter contract. Excluding the early cancellation revenue, Worldwide average day rates would have been $11,778 for the quarter ended March 31, 2017.























Note (Y): Average leased vessels - Total fleet



—




15




16




16




16


Average leased vessels - Active fleet



—




8




9




8




9


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

























Three Months Ended




December 31,



September 30,



June 30,



March 31,



December 31,


(In thousands)


2017



2017



2017



2017



2016












































Consolidated EBITDA (Z) (AA) (AB)

$


13,255




(2,760)




6,085




55,007




18,842























Restructuring-related professional services costs



(2,031)




(23,494)




(11,874)




(16,805)




(5,188)


Asset impairments



(16,777)




(21,325)




(163,423)




(64,857)




(253,422)


Sale leaseback redelivery costs



(388)




(1,244)




—




—




—


Reorganization items (excluding professional
services and sale leaseback redelivery costs)



—




(1,060,871)




(308,011)




—




—


Interest and other debt costs



(7,769)




(5,814)




(10,605)




(21,008)




(18,587)


Income tax benefit (expense)



2,706




(3,216)




(295)




(1,717)




2,884


Depreciation



(11,993)




(19,298)




(36,287)




(37,592)




(41,302)


Amortization of deferred drydocking and survey
costs



(202)




(4)




—




—




—























Net loss

$


(23,199)




(1,138,026)




(524,410)




(86,972)




(296,773)



































































Three Months Ended




December 31,



September 30,



June 30,



March 31,



December 31,


(In thousands)


2017



2017



2017



2017



2016












































Consolidated EBITDA (Z) (AA) (AB)

$


13,255




(2,760)




6,085




55,007




18,842























Restructuring-related professional service costs



(2,031)




(23,494)




(11,874)




(16,805)




(5,188)


Sale leaseback redelivery costs



(388)




(1,244)




—




—




—


Cash paid for interest



(8,164)




(1,203)




(433)




(8,218)




(28,260)


Cash paid for taxes



(3,262)




(2,521)




(3,611)




(2,167)




(7,959)


Cash paid for deferred drydocking costs



(3,022)




(392)




—




—




—


Change in net working capital, excluding cash



(4,874)




18,585




(9,856)




42,205




(13,247)


Equity in net (earnings) losses of unconsol.
companies



(825)




(1,574)




(4,101)




(2,841)




(1,557)


Stock-based compensation expense



2,558




2,554




326




(888)




1,538


Gain on asset disposition



(6,612)




(376)




(3,189)




(6,064)




(6,139)


Changes in other, net



(4,372)




(3,608)




3,706




9,921




2,243























Net cash provided (used) in operating activities

$


(17,737)




(16,033)




(22,947)




70,150




(39,727)
























Note (Z): Consolidated EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization, asset impairment charges, restructuring-related professional services costs and costs related to the redelivery of sale leaseback vessels. Restructuring-related professional services and sale leaseback redelivery costs have been separately presented in the above table. Restructuring-related professional services costs incurred prior to May 17, 2017 were included in general and administrative expenses and such costs incurred subsequent to May 17, 2017 were included in reorganization items in the company's Condensed Consolidated Statements of Earnings (Loss).

Note (AA): Consolidated EBITDA for the three months ended December 31, 2017, September 30, 2017, June 30, 2017, March 31, 2017, and December 31, 2016  includes non-cash, stock-based compensation expense of $2,558, $2,554, $326, $(888), and $1,538, respectively.

Note (AB): Consolidated EBITDA for the three months ended December 31, 2017, September 30, 2017, June 30, 2017, March 31, 2017 and December 31, 2016 includes vessel operating lease expense of $91, $1,747, $5,542, $8,443, and $8,441, respectively.

Non-GAAP Financial Measures

We disclose and discuss EBITDA as a non-GAAP financial measure in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income) before interest and other debt costs, income tax expense, depreciation and amortization, reorganization items, asset impairments, and restructuring-related professional services costs included in general and administrative expenses. Our measure of EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA differently than we do, which may limit its usefulness as a comparative measure.

We view EBITDA both as a performance and liquidity measure and, as such, we believe that the GAAP financial measures most directly comparable to it are net income and net cash provided (used) in operating activities, respectively. Because EBITDA is not a measure of financial performance calculated in accordance with GAAP, it should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

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

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

For illustrative purposes, the company has combined the Successor and Predecessor results to derive combined results for the three months ended September 30, 2017. The combination was generated by addition of comparable financial statement line items. However, because of various adjustments to the consolidated financial statements in connection with the application of fresh-start reporting, including asset valuation adjustments and liability adjustments, the results of operations for the Successor may not be comparable to those of the Predecessor.  

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Cision View original content:http://www.prnewswire.com/news-releases/tidewater-reports-results-for-the-three-months-ended-december-31-2017-and-the-nine-month-transition-period-from-april-1-2017-through-december-31-2017-300614260.html

SOURCE Tidewater Inc.

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