Tidewater Aktie [WKN DE: A2DVJZ / ISIN: US88642R1095]

Kurse + Charts + Realtime		News + Analysen	Fundamental	Unternehmen	zugeh. Wertpapiere	Aktion
Kurs + Chart	Chart (groß)	News + Adhoc	Bilanz/GuV	Termine	Zertifikate	Portfolio
Times + Sales	Chartvergleich	Analysen	Schätzungen	Profil	Optionsscheine	Watchlist
Börsenplätze	Realtime Push	Kursziele	Dividende/GV	Knock-Outs
Historisch	Analysen

Kurse + Charts + Realtime
Kurs + Chart
Times + Sales
Börsenplätze
Historisch

News + Analysen
News + Adhoc
Analysen
Kursziele

Fundamental
Bilanz/GuV
Schätzungen
Dividende/GV
Analysen

Unternehmen
Termine
Profil

zugeh. Wertpapiere
Zertifikate
Optionsscheine
Knock-Outs

08.11.2017 23:15:00

Tidewater Reports Results For The Three Months Ended September 30, 2017

Drucken

NEW ORLEANS, Nov. 8, 2017 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a net loss for the period from August 1, 2017 through September 30, 2017 (Successor), of $15.7 million, or $0.81 per common share, on revenues of $74.3 million. For the period from July 1, 2017 through July 31, 2017 (Predecessor), the net loss was$1,122.5 million, or $23.82 per common share, on revenues of $36.3 million. For the quarter ended September 30, 2016 (Predecessor), the net loss was $178.5 million, or $3.79 per common share, on revenues of $143.7 million. For the immediately preceding quarter ended June 30, 2017 (Predecessor), the net loss was $524.4 million, or $11.13 per common share, on revenues of $115.1 million.

As more fully explained in the company's September 30, 2017 Form 10-Q, 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 financial position and results of operations of the company through July 31, 2017.

Larry Rigdon, company CEO and President, stated, "We are pleased to have successfully completed the financial restructuring of Tidewater during the September quarter. With a young, modern fleet, a global operating footprint and a financial profile characterized by low leverage and ample liquidity, the company is in a strong position, despite the challenging medium-term outlook for offshore energy services. Our near-term goals include further reducing costs in order to achieve a cash flow break even. Our ultimate goals include a return to sustainable profitability and positioning the company for an eventual recovery in offshore energy services.

Included in the net loss for the period from August 1, 2017 through September 30, 2017 (Successor) were the following:

$1.9 million ($1.9 million after-tax, or $0.10 per share) in reorganization items, including $1.3 million related to re-delivery of sale leaseback vessels to their respective owners and $0.6 million of reorganization-related professional fees.

Included in the net loss for the period from July 1, 2017 through July 31, 2017 (Predecessor) were the following:

$1.1 billion ($1.1 billion after-tax, or $23.00 per share) in reorganization items, including $1.8 billion of fresh start accounting adjustments, $22.9 million of reorganization-related professional fees and a gain on settlement of liabilities subject to compromise of $767.6 million.
$21.3 million ($21.3 million after-tax, or $0.45 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the period from July 1, 2017 through July 31, 2017.

Included in the net loss for the prior fiscal year's quarter ended September 30, 2016 (Predecessor) were the following:

$129.6 million ($129.6 million after-tax, or $2.75 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the September 2016 quarter.
$2.5 million ($2.2 million after-tax, or $0.05 per share) of foreign exchange losses resulting primarily from the strengthening of the Norwegian kroner relative to the U.S. dollar and the revaluation of kroner-denominated liabilities.
$0.6 million ($0.6 million after-tax, or $0.01 per share) of foreign exchange gains which is included in Equity in net earnings (losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.

Included in the net loss for the preceding quarter ended June 30, 2017 (Predecessor) were the following:

$313.2 million ($313.2 million after-tax, or $6.65 per share) of reorganization items, including (i) 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, (ii) the recognition of $94.8 million of make-whole claims on the Senior Notes and $5.1 million of debt issue costs and (iii) professional fees associated with the restructuring incurred subsequent to the Petition Date of $5.2 million.
$163.4 million ($163.4 million after-tax, or $3.47 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the June 2017 quarter.
$11.9 million ($11.9 million after-tax, or $0.25 per share) of debt negotiation expenses that were incurred in the quarter, which includes $6.7 million classified as general and administrative expenses and $5.2 million classified as reorganization items.
$1.2 million ($1.2 million after-tax, or $0.02 per share) of foreign exchange losses resulting primarily from the strengthening of the Norwegian kroner relative to the U.S. dollar and the revaluation of kroner-denominated liabilities.

Income tax expense largely reflects tax liabilities in certain jurisdictions that levy taxes on bases other than pre-tax profitability (so called "deemed profit" regimes.)

Tidewater will hold a conference call to discuss results for the three months ended September 30, 2017 on Thursday, November 9, 2017, at 9:00 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 November 9, 2017, and will continue until 11:59 p.m. Central time on November 11, 2017. 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 45919170.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, (http://www.tdw.com). The online replay will be available until December 9, 2017.

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 is the leading provider of Offshore Service Vessels (OSVs) to the global energy industry.

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

Financial information is displayed on the next page.

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited)
(In thousands, except share and per share data)


	Successor		Predecessor
	Period from		Period from
	August 1, 2017		July 1, 2017		Three Months
	through		through		Ended
	September 30, 2017		July 31, 2017		September 30, 2016
Revenues:
Vessel revenues	$	70,571		34,340		139,361
Other operating revenues		3,729		1,923		4,361
		74,300		36,263		143,722
Costs and expenses:
Vessel operating costs		52,301		32,665		87,094
Costs of other operating revenues		2,273		763		3,423
General and administrative		16,246		8,773		32,954
Vessel operating leases		1,124		623		8,441
Depreciation and amortization		8,142		11,160		43,845
Gain on asset dispositions, net		(4)		(372)		(6,253)
Asset impairments		—		21,325		129,562
		80,082		74,937		299,066
Operating loss		(5,782)		(38,674)		(155,344)
Other income (expenses):
Foreign exchange loss		(58)		(2,024)		(2,539)
Equity in net earnings of unconsolidated companies		1,305		269		1,313
Interest income and other		873		704		992
Reorganization items		(1,880)		(1,083,729)		—
Interest and other debt costs		(5,240)		(574)		(18,477)
		(5,000)		(1,085,354)		(18,711)
Loss before income taxes		(10,782)		(1,124,028)		(174,055)
Income tax (benefit) expense		4,745		(1,529)		3,568
Net loss	$	(15,527)		(1,122,499)		(177,623)
Less: Net income (loss) attributable to noncontrolling interests		166		(24)		867
Net loss attributable to Tidewater Inc.	$	(15,693)		(1,122,475)		(178,490)
Basic loss per common share	$	(0.81)		(23.82)		(3.79)
Diluted loss per common share	$	(0.81)		(23.82)		(3.79)
Weighted average common shares outstanding		19,389,031		47,121,407		47,067,864
Dilutive effect of stock options and restricted stock		—		—		—
Adjusted weighted average common shares		19,389,031		47,121,407		47,067,864

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited)
(In thousands, except share and per share data)


	Successor		Predecessor
	Period from		Period from
	August 1, 2017		April 1, 2017		Six Months
	through		through		Ended
	September 30, 2017		July 31, 2017		September 30, 2016
Revenues:
Vessel revenues	$	70,571		146,597		301,791
Other operating revenues		3,729		4,772		9,856
		74,300		151,369		311,647
Costs and expenses:
Vessel operating costs		52,301		116,438		195,968
Costs of other operating revenues		2,273		2,348		7,326
General and administrative		16,246		41,832		70,001
Vessel operating leases		1,124		6,165		16,882
Depreciation and amortization		8,142		47,447		88,397
Gain on asset dispositions, net		(4)		(3,561)		(11,896)
Asset impairments		—		184,748		166,448
		80,082		395,417		533,126
Operating loss		(5,782)		(244,048)		(221,479)
Other income (expenses):
Foreign exchange loss		(58)		(3,181)		(5,272)
Equity in net earnings of unconsolidated companies		1,305		4,786		1,312
Interest income and other		873		2,384		2,168
Reorganization items		(1,880)		(1,396,905)		—
Interest and other debt costs		(5,240)		(11,179)		(35,431)
		(5,000)		(1,404,095)		(37,223)
Loss before income taxes		(10,782)		(1,648,143)		(258,702)
Income tax (benefit) expense		4,745		(1,234)		7,564
Net loss	$	(15,527)		(1,646,909)		(266,266)
Less: Net income attributable to noncontrolling interests		166		—		1,321
Net loss attributable to Tidewater Inc.	$	(15,693)		(1,646,909)		(267,587)
Basic loss per common share	$	(0.81)		(34.95)		(5.69)
Diluted loss per common share	$	(0.81)		(34.95)		(5.69)
Weighted average common shares outstanding		19,389,031		47,121,330		47,067,790
Dilutive effect of stock options and restricted stock		—		—		—
Adjusted weighted average common shares		19,389,031		47,121,330		47,067,790

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

	Successor		Predecessor
	September 30,		March 31,
ASSETS	2017		2017
Current assets:
Cash and cash equivalents	$	459,978		706,404
Trade and other receivables, less allowance for doubtful accounts of $200 and $16,165 as of September 30, 2017 and March 31, 2017, respectively		120,271		123,262
Due from affiliate		245,056		262,652
Marine operating supplies		31,083		30,560
Other current assets		14,813		18,409
Total current assets		871,201		1,141,287
Investments in, at equity, and advances to unconsolidated companies		25,729		45,115
Net properties and equipment		868,689		2,864,762
Deferred drydocking and survey costs		388		—
Other assets		46,845		139,535
Total assets	$	1,812,852		4,190,699

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	39,439		31,599
Accrued expenses		61,115		78,121
Due to affiliate		112,642		132,857
Accrued property and liability losses		2,774		3,583
Current portion of long-term debt		5,174		2,034,124
Other current liabilities		38,041		48,429
Total current liabilities		259,185		2,328,713
Long-term debt		445,677		—
Deferred income taxes		—		46,013
Accrued property and liability losses		2,607		10,209
Other liabilities and deferred credits		62,569		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 20,738,076 shares issued and outstanding at September 30, 2017		21		—
Successor Additional paid-in capital		1,056,563		—
Retained earnings		(15,693)		1,475,329
Accumulated other comprehensive loss		82		(10,344)
Total stockholders' equity		1,040,973		1,634,918
Noncontrolling interests		1,841		16,141
Total equity		1,042,814		1,651,059
Total liabilities and equity	$	1,812,852		4,190,699

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


	Successor		Predecessor
	Period from		Period from
	August 1, 2017		July 1, 2017		Three Months
	through		through		Ended
	September 30, 2017		July 31, 2017		September 30, 2016
Net loss	$	(15,527)		(1,122,499)		(177,623)
Other comprehensive income:
Unrealized gains on available for sale securities, net of tax of $0, $0 and $0		82		77		119
Change in loss on derivative contract, net of tax of $0, $0 and $0		—		—		72
Changes in supplemental executive retirement plan liability, net of tax of $0, $0 and $0		—		(536)		—
Changes in minimum pension liability, net of tax of $0, $0 and $0		—		(594)		—
Change in other benefit plan minimum liability, net of tax of $0, $0 and $0		—		(1,468)		—
Total comprehensive loss	$	(15,445)		(1,125,020)		(177,432)

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


	Successor		Predecessor
	Period from		Period from
	August 1, 2017		April 1, 2017		Six Months
	through		through		Ended
	September 30, 2017		July 31, 2017		September 30, 2016
Net loss	$	(15,527)		(1,646,909)		(266,266)
Other comprehensive income:
Unrealized gains on available for sale securities, net of tax of $0, $0 and $0		82		163		280
Change in loss on derivative contract, net of tax of $0, $0 and $0		—		—		143
Changes in supplemental executive retirement plan liability, net of tax of $0, $0 and $0		—		(536)		—
Changes in minimum pension liability, net of tax of $0, $0 and $0		—		(594)		—
Change in other benefit plan minimum liability, net of tax of $0, $0 and $0		—		(1,468)		—
Total comprehensive loss	$	(15,445)		(1,649,344)		(265,843)

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


	Successor		Predecessor
	Period from		Period from
	August 1, 2017		April 1, 2017		Six Months
	through		through		Ended
	September 30, 2017		July 31, 2017		September 30, 2016
Operating activities:
Net loss	$	(15,527)		(1,646,909)		(266,266)
Adjustments to reconcile net loss to net cash provided by operating activities:
Reorganization items		—		1,368,882		—
Depreciation and amortization		8,138		47,447		88,397
Amortization of deferred drydocking and survey costs		4		—		—
Amortization of debt premiums and discounts		(281)		—		—
Provision for deferred income taxes		—		(5,543)		—
Gain on asset dispositions, net		(4)		(3,561)		(11,896)
Asset impairments		—		184,748		166,448
Equity in earnings of unconsolidated companies, less dividends		(1,044)		(4,252)		(1,659)
Compensation expense - stock-based		1,173		1,707		2,628
Changes in assets and liabilities, net:
Trade and other receivables		(3,775)		6,286		18,263
Changes in due to/from affiliate, net		(3,920)		1,301		25,792
Marine operating supplies		1,005		88		2,289
Other current assets		5,714		(1,840)		(1,827)
Accounts payable		(317)		8,157		9,671
Accrued expenses		(10,555)		17,245		(16,386)
Accrued property and liability losses		13		(822)		281
Other current liabilities		3,753		(2,337)		(9,716)
Other liabilities and deferred credits		(847)		2,884		(5,173)
Other, net		(1,339)		4,932		(1,448)
Net cash used in operating activities		(17,809)		(21,587)		(602)
Cash flows from investing activities:
Proceeds from sales of assets		4,875		2,172		1,839
Additions to properties and equipment		(589)		(2,265)		(9,509)
Payments related to novated vessel construction contract		—		5,272		—
Refunds from cancelled vessel construction contracts		—		—		11,515
Net cash provided by investing activities		4,286		5,179		3,845
Cash flows from financing activities:
Principal payment on long-term debt		—		(5,124)		(5,036)
Cash payments to creditors pursuant to the plan of reorganization		(87,366)		(122,806)		—
Cash received for issuance of common stock		1		—		—
Other		—		(1,200)		(1,722)
Net cash used in financing activities		(87,365)		(129,130)		(6,758)
Net change in cash and cash equivalents		(100,888)		(145,538)		(3,515)
Cash and cash equivalents at beginning of period		560,866		706,404		678,438
Cash and cash equivalents at end of period	$	459,978		560,866		674,923
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized	$	59		1,577		34,209
Income taxes	$	1,392		4,740		16,790
Supplemental disclosure of non-cash investing activities:
Additions to properties and equipment	$	—		—		10,477

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(In thousands)

							Accumulated
			Additional				other		Non
	Common		paid-in		Retained		comprehensive		controlling
	stock		capital		earnings		loss		interest		Total
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 or 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		—		—		(15,693)		82		166		(15,445)
Issuance of common stock		3		(1)		—		—		—		2
Amortization of restricted stock units		—		1,173		—		—		—		1,173
Balance at September 30, 2017 (Successor)	$	21		1,056,563		(15,693)		82		1,841		1,042,814

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

	Successor				Predecessor
	Period from				Period from
	August 1, 2017				July 1, 2017				Three Months
	through				through				Ended
	September 30, 2017				July 31, 2017				September 30, 2016
(In thousands)			%				%				%
Vessel revenues:
Americas	$	17,449		25%		8,961		26%		53,125		38%
Middle East/Asia Pacific		16,669		24%		8,547		25%		29,584		21%
Africa/Europe		36,453		51%		16,832		49%		56,652		41%
Total vessel revenues	$	70,571		100%		34,340		100%		139,361		100%
Vessel operating costs:
Crew costs	$	27,705		39%		14,443		42%		49,370		35%
Repair and maintenance		6,373		9%		9,196		27%		13,440		10%
Insurance and loss reserves		1,679		2%		825		2%		2,637		2%
Fuel, lube and supplies		6,990		10%		2,851		8%		10,176		7%
Other		9,554		14%		5,350		16%		11,471		8%
Total vessel operating costs		52,301		74%		32,665		95%		87,094		62%
Vessel operating margin (A)	$	18,270		26%		1,675		5%		52,267		38%

	Successor				Predecessor
	Period from				Period from
	August 1, 2017				April 1, 2017				Six Months
	through				through				Ended
	September 30, 2017				July 31, 2017				September 30, 2016
(In thousands)			%				%				%
Vessel revenues:
Americas	$	17,449		25%		40,848		28%		113,733		38%
Middle East/Asia Pacific		16,669		24%		36,313		25%		61,707		20%
Africa/Europe		36,453		51%		69,436		47%		126,351		42%
Total vessel revenues	$	70,571		100%		146,597		100%		301,791		100%
Vessel operating costs:
Crew costs	$	27,705		39%		56,653		39%		105,258		35%
Repair and maintenance		6,373		9%		23,040		16%		29,969		10%
Insurance and loss reserves		1,679		2%		3,949		3%		9,633		3%
Fuel, lube and supplies		6,990		10%		12,279		8%		20,948		7%
Other		9,554		14%		20,517		14%		30,160		10%
Total vessel operating costs		52,301		74%		116,438		80%		195,968		65%
Vessel operating margin (A)	$	18,270		26%		30,159		20%		105,823		35%

Note (A): The following tables reconcile vessel operating margin as presented above to vessel operating loss:

	Successor		Predecessor
	Period from		Period from
	August 1, 2017		July 1, 2017		Three Months
	through		through		Ended
(In thousands)	September 30, 2017		July 31, 2017		September 30, 2016
Vessel operating margin	$	18,270		1,675		52,267
General and administrative expenses - vessel operations		(11,214)		(5,879)		(22,337)
Vessel operating leases		(1,124)		(623)		(8,441)
Depreciation and amortization - vessel operations		(7,663)		(10,712)		(41,909)
Vessel operating loss	$	(1,731)		(15,539)		(20,420)

	Successor		Predecessor
	Period from		Period from
	August 1, 2017		April 1, 2017		Six Months
	through		through		Ended
(In thousands)	September 30, 2017		July 31, 2017		September 30, 2016
Vessel operating margin	$	18,270		30,159		105,823
General and administrative expenses - vessel operations		(11,214)		(23,881)		(48,253)
Vessel operating leases		(1,124)		(6,165)		(16,882)
Depreciation and amortization - vessel operations		(7,663)		(45,604)		(84,350)
Vessel operating loss	$	(1,731)		(45,491)		(43,662)

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

	Successor		Predecessor
	Period from		Period from
	August 1, 2017		July 1, 2017		Three Months
	through		through		Ended
(In thousands)	September 30, 2017		July 31, 2017		September 30, 2016
Other operating revenues	$	3,729		1,923		4,361
Costs of other marine revenues		(2,273)		(763)		(3,423)
General and administrative expenses - other operating activities		(235)		(54)		(611)
Depreciation and amortization - other operating activities		(412)		(285)		(1,339)
Other operating profit (loss)	$	809		821		(1,012)

	Successor		Predecessor
	Period from		Period from
	August 1, 2017		April 1, 2017		Six Months
	through		through		Ended
(In thousands)	September 30, 2017		July 31, 2017		September 30, 2016
Other operating revenues	$	3,729		4,772		9,856
Costs of other marine revenues		(2,273)		(2,348)		(7,326)
General and administrative expenses - other operating activities		(235)		(409)		(1,249)
Depreciation and amortization - other operating activities		(412)		(1,139)		(2,720)
Other operating profit (loss)	$	809		876		(1,439)

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
	Period from				Period from
	August 1, 2017				July 1, 2017				Three Months
	through				through				Ended
	September 30, 2017				July 31, 2017				September 30, 2016
(In thousands)			%				%				%
Vessel operating profit (loss):
Americas	$	(2,651)		(4%)		(6,850)		(19%)		(1,177)		(1%)
Middle East/Asia Pacific		944		1%		(118)		(<1%)		(5,171)		(3%)
Africa/Europe		(24)		(<1%)		(8,571)		(24%)		(14,072)		(10%)
		(1,731)		(3%)		(15,539)		(43%)		(20,420)		(14%)
Other operating profit (loss)		809		1%		821		2%		(1,012)		(1%)
		(922)		(2%)		(14,718)		(41%)		(21,432)		(15%)

Corporate general and administrative expenses (B)		(4,797)		(7%)		(2,840)		(8%)		(10,006)		(7%)
Corporate depreciation		(67)		(<1%)		(163)		(<1%)		(597)		(<1%)
Corporate expenses		(4,864)		(7%)		(3,003)		(8%)		(10,603)		(7%)

Gain on asset dispositions, net		4		<1%		372		1%		6,253		4%
Asset impairments		—		—		(21,325)		(59%)		(129,562)		(90%)
Operating loss	$	(5,782)		(9%)		(38,674)		(107%)		(155,344)		(108%)
Foreign exchange loss		(58)		(<1%)		(2,024)		(5%)		(2,539)		(2%)
Equity in net earnings of unconsolidated companies		1,305		2%		269		1%		1,313		1%
Interest income and other, net		873		1%		704		2%		992		1%
Reorganization items (C)		(1,880)		(2%)		(1,083,729)		(2989%)		—		—
Interest and other debt costs		(5,240)		(7%)		(574)		(2%)		(18,477)		(13%)
Loss before income taxes	$	(10,782)		(15%)		(1,124,028)		(3100%)		(174,055)		(121%)

	Successor				Predecessor
	Period from				Period from
	August 1, 2017				April 1, 2017				Six Months
	through				through				Ended
	September 30, 2017				July 31, 2017				September 30, 2016
(In thousands)			%				%				%
Vessel operating profit (loss):
Americas	$	(2,651)		(4%)		(22,549)		(15%)		(5,503)		(2%)
Middle East/Asia Pacific		944		1%		(1,434)		(1%)		(10,778)		(3%)
Africa/Europe		(24)		(<1%)		(21,508)		(14%)		(27,381)		(9%)
		(1,731)		(3%)		(45,491)		(30%)		(43,662)		(14%)
Other operating profit (loss)		809		1%		876		1%		(1,439)		(<1%)
		(922)		(2%)		(44,615)		(29%)		(45,101)		(14%)

Corporate general and administrative expenses (B)		(4,797)		(7%)		(17,542)		(12%)		(20,499)		(7%)
Corporate depreciation		(67)		(<1%)		(704)		(<1%)		(1,327)		(<1%)
Corporate expenses		(4,864)		(7%)		(18,246)		(12%)		(21,826)		(7%)

Gain on asset dispositions, net		4		<1%		3,561		2%		11,896		4%
Asset impairments		—		—		(184,748)		(122%)		(166,448)		(54%)
Operating loss	$	(5,782)		(9%)		(244,048)		(161%)		(221,479)		(71%)
Foreign exchange loss		(58)		(<1%)		(3,181)		(2%)		(5,272)		(2%)
Equity in net earnings of unconsolidated companies		1,305		2%		4,786		3%		1,312		<1%
Interest income and other, net		873		1%		2,384		2%		2,168		1%
Reorganization items (C)		(1,880)		(2%)		(1,396,905)		(923%)		—		—
Interest and other debt costs		(5,240)		(7%)		(11,179)		(8%)		(35,431)		(11%)
Loss before income taxes	$	(10,782)		(15%)		(1,648,143)		(1089%)		(258,702)		(83%)

Note (B): Costs associated with debt negotiations were classified as general and administrative expenses until our chapter 11 Petition Date of May 17, 2017. Subsequent to the Petition Date, costs associated with debt negotiations were classified as reorganization items. Professional services costs related to debt negotiations for the period from August 1, 2017 through September 30, 2017 (Successor) and for the period from July 1, 2017 through July 31, 2017 (Predecessor) of $0.6 million and $22.9 million, respectively, were classified as reorganization items. For the quarter ended September 30, 2016 (Predecessor), $3.1 million of debt negotiation-related professional services costs were included in general and administrative expenses. Professional services costs related to debt negotiations for the period from August 1, 2017 through September 30, 2017 (Successor) and for the period from April 1, 2017 through July 31, 2017 (Predecessor) of $0.6 million and $28 million, respectively, were classified as reorganization items. For the six months ended September 30, 2016 (Predecessor), $7 million of debt-negotiation related professional services costs were included in general and administrative expenses.

Note (C): Reorganization items for the period from August 1, 2017 through September 30, 2017 (Successor) of $1.9 million include (i) $1.3 million related to re-delivery of sale leaseback vessels to their respective owners and (ii) $0.6 million of reorganization-related professional fees.

Reorganization items for the period from July 1, 2017 through July 31, 2017 (Predecessor) of $1.1 billion include (i) $1.8 billion of fresh start accounting adjustments, (ii) $22.9 million of reorganization-related professional fees. Offsetting these reorganization charges is a gain on settlement of liabilities subject to compromise of $767.6 million.

Reorganization items for the 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) professional fees associated with the restructuring 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.

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited)
(In thousands, except share and per share data)

		Successor		Predecessor
		Period from		Period from		Three Months Ended
		August 1, 2017		July 1, 2017
		through		through		June 30,		March 31,		December 31,		September 30,
		September 30, 2017		July 31, 2017		2017		2017		2016		2016
Revenues:
Vessel revenues	$		70,571		34,340		112,257		156,905		125,120		139,361
Other operating revenues			3,729		1,923		2,849		3,844		4,095		4,361
			74,300		36,263		115,106		160,749		129,215		143,722
Costs and expenses:
Vessel operating costs			52,301		32,665		83,773		80,845		82,358		87,094
Costs of other operating revenues			2,273		763		1,585		2,689		2,714		3,423
General and administrative (D)			16,246		8,773		33,059		41,727		34,151		32,954
Vessel operating leases			1,124		623		5,542		8,443		8,441		8,441
Depreciation and amortization			8,142		11,160		36,287		37,592		41,302		43,845
Gain on asset dispositions, net			(4)		(372)		(3,189)		(6,064)		(6,139)		(6,253)
Asset impairments			—		21,325		163,423		64,857		253,422		129,562
			80,082		74,937		320,480		230,089		416,249		299,066
Operating loss			(5,782)		(38,674)		(205,374)		(69,340)		(287,034)		(155,344)
Other income (expenses):
Foreign exchange gain (loss)			(58)		(2,024)		(1,157)		664		2,970		(2,539)
Equity in net earnings of unconsolidated companies			1,305		269		4,517		2,841		1,557		1,313
Interest income and other			873		704		1,680		1,588		1,437		992
Reorganization items (D)			(1,880)		(1,083,729)		(313,176)		—		—		—
Interest and other debt costs			(5,240)		(574)		(10,605)		(21,008)		(18,587)		(18,477)
			(5,000)		(1,085,354)		(318,741)		(15,915)		(12,623)		(18,711)
Loss before income taxes			(10,782)		(1,124,028)		(524,115)		(85,255)		(299,657)		(174,055)
Income tax (benefit) expense			4,745		(1,529)		295		1,717		(2,884)		3,568
Net loss	$		(15,527)		(1,122,499)		(524,410)		(86,972)		(296,773)		(177,623)
Less: Net income (loss) attributable to noncontrolling interests			166		(24)		24		7,883		903		867
Net loss attributable to Tidewater Inc.	$		(15,693)		(1,122,475)		(524,434)		(94,855)		(297,676)		(178,490)
Basic loss per common share	$		(0.81)		(23.82)		(11.13)		(2.01)		(6.32)		(3.79)
Diluted loss per common share	$		(0.81)		(23.82)		(11.13)		(2.01)		(6.32)		(3.79)
Weighted average common shares outstanding			19,389,031		47,121,407		47,121,304		47,080,783		47,068,079		47,067,864
Dilutive effect of stock options and restricted stock			—		—		—		—		—		—
Adjusted weighted average common shares			19,389,031		47,121,407		47,121,304		47,080,783		47,068,079		47,067,864

'Note (D): Restructuring-related professional services costs
Included in general and administrative expenses	$		—		—		6,709		16,805		5,188		3,054
Included in reorganization items			636		22,858		5,165		—		—		—
Total	$		636		22,858		11,874		16,805		5,188		3,054

TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)

		Successor		Predecessor
		September 30,		June 30,		March 31,		December 31,		September 30,
ASSETS		2017		2017		2017		2016		2016
Current assets:
Cash and cash equivalents	$		459,978		683,778		706,404		649,804		674,923
Trade and other receivables, net			120,271		116,612		123,262		174,335		209,850
Due from affiliate			245,056		252,810		262,652		287,592		300,757
Marine operating supplies			31,083		31,097		30,560		30,720		31,124
Other current assets			14,813		34,619		18,409		22,053		31,874
Total current assets			871,201		1,118,916		1,141,287		1,164,504		1,248,528
Investments in, at equity, and advances to unconsolidated companies			25,729		49,216		45,115		42,516		38,200
Net properties and equipment			868,689		2,659,314		2,864,762		3,009,407		3,311,567
Deferred drydocking and survey costs			388		—		—		—		—
Other assets			46,845		92,134		139,535		98,772		89,967
Total assets	$		1,812,852		3,919,580		4,190,699		4,315,199		4,688,262

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$		39,439		35,087		31,599		50,754		64,231
Accrued expenses			61,115		63,155		78,121		67,412		76,085
Due to affiliate			112,642		121,037		132,857		132,836		175,925
Accrued property and liability losses			2,774		2,758		3,583		3,574		3,602
Current portion of long-term debt			5,174		10,106		2,034,124		2,036,060		2,041,367
Other current liabilities			38,041		28,029		48,429		50,274		60,345
Total current liabilities			259,185		260,172		2,328,713		2,340,910		2,421,555
Long-term debt			445,677		80,863		—		—		—
Deferred income taxes			—		—		46,013		56,375		48,204
Accrued property and liability losses			2,607		2,776		10,209		11,113		11,210
Other liabilities and deferred credits			62,569		60,382		154,705		159,237		164,530
Liabilities subject to compromise			—		2,389,557		—		—		—

Commitments and Contingencies

Equity:
Common stock			21		4,712		4,712		4,707		4,707
Additional paid-in capital			1,056,563		165,516		165,221		171,018		169,443
Retained earnings			(15,693)		950,895		1,475,329		1,570,027		1,867,701
Accumulated other comprehensive loss			82		(10,258)		(10,344)		(6,446)		(6,443)
Total stockholders' equity			1,040,973		1,110,865		1,634,918		1,739,306		2,035,408
Noncontrolling interests			1,841		14,965		16,141		8,258		7,355
Total equity			1,042,814		1,125,830		1,651,059		1,747,564		2,042,763
Total liabilities and equity	$		1,812,852		3,919,580		4,190,699		4,315,199		4,688,262

Due from affiliate, net of due to affiliate	$		132,414		131,773		129,795		154,756		124,832

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Successor		Predecessor
		Period from		Period from		Three Months Ended
		August 1, 2017		July 1, 2017
		through		through		June 30,		March 31,		December 31,		September 30,
		September 30, 2017		July 31, 2017		2017		2017		2016		2016
REVENUE BY VESSEL CLASS (In thousands):

Americas fleet:
Deepwater (E)	$		9,798		4,304		17,313		62,831		30,846		37,270
Towing-supply			5,572		3,747		11,274		14,738		11,905		13,039
Other			2,079		910		3,300		2,964		2,826		2,816
Total (E)	$		17,449		8,961		31,887		80,533		45,577		53,125
Middle East/Asia Pacific fleet:
Deepwater	$		5,726		2,667		10,701		9,433		8,605		8,860
Towing-supply			10,943		5,880		17,065		17,245		17,628		20,724
Other			—		—		—		—		—		—
Total	$		16,669		8,547		27,766		26,678		26,233		29,584
Africa/Europe fleet:
Deepwater	$		17,582		7,588		22,158		23,032		21,748		24,305
Towing-supply			15,049		8,124		27,019		22,794		26,087		25,934
Other			3,822		1,120		3,427		3,868		5,475		6,413
Total	$		36,453		16,832		52,604		49,694		53,310		56,652
Worldwide fleet:
Deepwater (E)	$		33,106		14,559		50,172		95,296		61,199		70,435
Towing-supply			31,564		17,751		55,358		54,777		55,620		59,697
Other			5,901		2,030		6,727		6,832		8,301		9,229
Total (E)	$		70,571		34,340		112,257		156,905		125,120		139,361

Note (E): 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

	Successor		Predecessor
	Period from		Period from		Three Months Ended
	August 1, 2017		July 1, 2017
	through		through		June 30,		March 31,		December 31,		September 30,
	September 30, 2017		July 31, 2017		2017		2017		2016		2016
AVERAGE NUMBER OF VESSELS:

Americas fleet:
Deepwater		37		41		41		41		41		41
Towing-supply		19		20		21		22		22		23
Other		8		8		8		8		8		9
Total		64		69		70		71		71		73
Stacked vessels		(38)		(41)		(35)		(34)		(35)		(34)
Active vessels		26		28		35		37		36		39
Middle East/Asia Pacific fleet:
Deepwater		21		21		22		23		22		22
Towing-supply		43		44		44		44		46		46
Other		1		1		1		1		1		1
Total		65		66		67		68		69		69
Stacked vessels		(24)		(26)		(25)		(24)		(30)		(26)
Active vessels		41		40		42		44		39		43
Africa/Europe fleet:
Deepwater		44		42		41		41		42		42
Towing-supply		44		44		44		43		43		43
Other		32		34		37		38		38		38
Total		120		120		122		122		123		123
Stacked vessels		(41)		(45)		(49)		(54)		(50)		(41)
Active vessels		79		75		73		68		73		82
Worldwide fleet:
Deepwater		102		104		104		105		105		105
Towing-supply		106		108		109		109		111		112
Other		41		43		46		47		47		48
Total		249		255		259		261		263		265
Stacked vessels		(103)		(112)		(109)		(112)		(115)		(101)
Active vessels		146		143		150		149		148		164

Total active		146		143		150		149		148		164
Total stacked		103		112		109		112		115		101
Total joint venture and other vessels		8		8		8		8		8		8
Total		257		263		267		269		271		273

Note (F): Included in total owned or chartered vessels at September 30, 2017 (Successor), July 31, 2017 (Predecessor), June 30, 2017 (Predecessor), March 31, 2017 (Predecessor), December 31, 2016 (Predecessor) and September 30, 2016 (Predecessor), were 91, 109, 115, 111, 116 and 115 vessels, respectively, that were stacked by the company. These vessels were considered to be in service and are included in the calculation of our utilization statistics.

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Successor		Predecessor
	Period from		Period from		Three Months Ended
	August 1, 2017		July 1, 2017
	through		through		June 30,		March 31,		December 31,		September 30,
	September 30, 2017		July 31, 2017		2017		2017		2016		2016
AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:
Deepwater		2,284		1,261		3,731		3,690		3,812		3,864
Towing-supply		1,156		617		1,941		1,980		2,012		2,120
Other		488		248		728		720		736		805
Total		3,928		2,126		6,400		6,390		6,560		6,789
Middle East/Asia Pacific fleet:
Deepwater		1,281		651		2,001		2,070		2,068		1,993
Towing-supply		2,616		1,364		3,974		3,952		4,232		4,232
Other		61		31		91		90		92		92
Total		3,958		2,046		6,066		6,112		6,392		6,317
Africa/Europe fleet:
Deepwater		2,684		1,312		3,732		3,650		3,822		3,830
Towing-supply		2,681		1,364		4,004		3,886		3,956		3,956
Other		1,965		1,056		3,352		3,420		3,496		3,496
Total		7,330		3,732		11,088		10,956		11,274		11,282
Worldwide fleet:
Deepwater		6,249		3,224		9,464		9,410		9,702		9,687
Towing-supply		6,453		3,345		9,919		9,818		10,200		10,308
Other		2,514		1,335		4,171		4,230		4,324		4,393
Total		15,216		7,904		23,554		23,458		24,226		24,388

	Successor		Predecessor
	Period from		Period from		Three Months Ended
	August 1, 2017		July 1, 2017
	through		through		June 30,		March 31,		December 31,		September 30,
	September 30, 2017		July 31, 2017		2017		2017		2016		2016
OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:
Deepwater		1,522		837		2,110		1,874		1,990		1,866
Towing-supply		582		307		849		900		969		939
Other		244		124		273		270		276		345
Total		2,348		1,268		3,232		3,044		3,235		3,150
Middle East/Asia Pacific fleet:
Deepwater		488		258		702		900		1,179		1,082
Towing-supply		908		527		1,446		1,240		1,455		1,215
Other		61		31		91		90		92		92
Total		1,457		816		2,239		2,230		2,726		2,389
Africa/Europe fleet:
Deepwater		610		310		1,047		1,310		1,507		1,305
Towing-supply		1,049		527		1,554		1,637		1,507		1,219
Other		829		552		1,896		1,887		1,620		1,247
Total		2,488		1,389		4,497		4,834		4,634		3,771
Worldwide fleet:
Deepwater		2,620		1,405		3,859		4,084		4,676		4,253
Towing-supply		2,539		1,361		3,849		3,777		3,931		3,373
Other		1,134		707		2,260		2,247		1,988		1,684
Total		6,293		3,473		9,968		10,108		10,595		9,310

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Successor		Predecessor
	Period from		Period from		Three Months Ended
	August 1, 2017		July 1, 2017
	through		through		June 30,		March 31,		December 31,		September 30,
	September 30, 2017		July 31, 2017		2017		2017		2016		2016
AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:
Deepwater		762		424		1,621		1,816		1,822		1,998
Towing-supply		574		310		1,092		1,080		1,043		1,181
Other		244		124		455		450		460		460
Total		1,580		858		3,168		3,346		3,325		3,639
Middle East/Asia Pacific fleet:
Deepwater		793		393		1,299		1,170		889		911
Towing-supply		1,708		837		2,528		2,712		2,777		3,017
Other		—		—		—		—		—		—
Total		2,501		1,230		3,827		3,882		3,666		3,928
Africa/Europe fleet:
Deepwater		2,074		1,002		2,685		2,340		2,315		2,525
Towing-supply		1,632		837		2,450		2,249		2,449		2,737
Other		1,136		504		1,456		1,533		1,876		2,249
Total		4,842		2,343		6,591		6,122		6,640		7,511
Worldwide fleet:
Deepwater		3,629		1,819		5,605		5,326		5,026		5,434
Towing-supply		3,914		1,984		6,070		6,041		6,269		6,935
Other		1,380		628		1,911		1,983		2,336		2,709
Total		8,923		4,431		13,586		13,350		13,631		15,078

Note (G): Available days - active fleet equals available days - total fleet less out-of-service - stacked days.

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Successor		Predecessor
	Period from		Period from		Three Months Ended
	August 1, 2017		July 1, 2017
	through		through		June 30,		March 31,		December 31,		September 30,
	September 30, 2017		July 31, 2017		2017		2017		2016		2016
UTILIZATION - TOTAL FLEET:

Americas fleet:
Deepwater		21.8%		18.1%		23.4%		29.7%		32.1%		38.1%
Towing-supply		35.6		37.0		36.4		41.8		36.4		37.5
Other		46.1		43.8		50.0		45.7		37.0		34.1
Total		28.9%		26.6%		30.3%		35.2%		34.0%		37.5%
Middle East/Asia Pacific fleet:
Deepwater		45.6%		40.8%		54.4%		45.9%		35.9%		35.0%
Towing-supply		57.1		57.2		57.2		54.2		52.9		54.7
Other		—		—		—		—		—		—
Total		52.5%		51.1%		55.4%		50.6%		46.7%		47.7%
Africa/Europe fleet:
Deepwater		61.3%		53.0%		51.7%		53.6%		42.9%		44.0%
Towing-supply		45.0		49.1		51.7		42.1		47.4		42.7
Other		47.8		32.8		31.3		31.0		37.6		42.8
Total		51.7%		45.8%		45.6%		42.5%		42.8%		43.2%
Worldwide fleet:
Deepwater		43.6%		36.9%		41.1%		42.6%		37.2%		39.8%
Towing-supply		48.2		50.1		50.9		46.9		47.5		46.6
Other		46.3		34.1		33.9		32.8		36.7		40.3
Total		46.0%		42.0%		44.0%		42.6%		41.4%		42.8%

Note (H): Utilization total fleet equals days worked / available days total fleet.

	Successor		Predecessor
	Period from		Period from		Three Months Ended
	August 1, 2017		July 1, 2017
	through		through		June 30,		March 31,		December 31,		September 30,
	September 30, 2017		July 31, 2017		2017		2017		2016		2016
UTILIZATION - ACTIVE FLEET:

Americas fleet:
Deepwater		65.3%		53.9%		53.8%		60.4%		67.2%		73.7%
Towing-supply		71.7		73.5		64.7		76.6		70.3		67.3
Other		92.1		87.5		79.9		73.1		59.2		59.8
Total		71.7%		65.8%		61.3%		67.3%		67.1%		69.9%
Middle East/Asia Pacific fleet:
Deepwater		73.6%		67.5%		83.8%		81.2%		83.6%		76.6%
Towing-supply		87.5		93.2		89.9		79.0		80.6		76.7
Other		—		—		—		—		—		—
Total		83.1%		85.0%		87.8%		79.7%		81.4%		76.7%
Africa/Europe fleet:
Deepwater		79.3%		69.4%		71.9%		83.7%		70.8%		66.8%
Towing-supply		74.0		80.0		84.6		72.7		76.6		61.8
Other		82.7		68.7		72.1		69.1		70.0		66.5
Total		78.3%		73.0%		76.6%		76.0%		72.7%		64.9%
Worldwide fleet:
Deepwater		75.1%		65.4%		69.4%		75.2%		71.8%		71.0%
Towing-supply		79.5		84.5		83.2		76.2		77.3		69.2
Other		84.4		72.4		74.0		70.0		67.9		65.4
Total		78.5%		75.0%		76.2%		74.9%		73.7%		69.2%

Note (I): Utilization active fleet equals days worked / available days - active fleet.

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Successor		Predecessor
		Period from		Period from		Three Months Ended
		August 1, 2017		July 1, 2017
		through		through		June 30,		March 31,		December 31,		September 30,
		September 30, 2017		July 31, 2017		2017		2017		2016		2016
AVERAGE VESSEL DAY RATES:

Americas fleet:
Deepwater (J)	$		19,698		18,845		19,869		57,311		25,181		25,302
Towing-supply			13,547		16,435		15,959		17,816		16,239		16,401
Other			9,250		8,384		9,071		9,015		10,384		10,246
Total (J)	$		15,394		15,863		16,423		35,756		20,436		20,892
Middle East/Asia Pacific fleet:
Deepwater	$		9,805		10,054		9,825		9,927		11,576		12,687
Towing-supply			7,325		7,537		7,511		8,045		7,872		8,954
Other			—		—		—		—		—		—
Total	$		8,022		8,175		8,261		8,623		8,795		9,819
Africa/Europe fleet:
Deepwater	$		10,687		10,908		11,482		11,763		13,262		14,416
Towing-supply			12,464		12,139		13,040		13,940		13,917		15,339
Other			4,068		3,234		3,265		3,652		4,169		4,288
Total	$		9,613		9,837		10,413		10,682		11,042		11,627
Worldwide fleet:
Deepwater (J)	$		12,142		12,242		12,897		23,797		16,961		18,260
Towing-supply			10,141		10,583		10,961		11,893		11,476		12,436
Other			5,068		4,463		4,759		4,922		5,235		5,213
Total (J)	$		10,077		10,339		10,842		15,693		12,461		13,364

Note (J): 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

		Successor		Predecessor
		Period from		Period from		Three Months Ended
		August 1, 2017		July 1, 2017
		through		through		June 30,		March 31,		December 31,		September 30,
(In thousands)		September 30, 2017		July 31, 2017		2017		2017		2016		2016
Americas
Vessel revenues (K)	$		17,449		8,961		31,887		80,533		45,577		53,125

Vessel operating costs:
Crew costs	$		8,402		4,250		14,457		15,761		16,416		17,970
Routine repairs and maintenance			1,265		945		2,705		2,879		3,017		3,446
Major repairs			206		3,961		1,136		7		1,435		1,860
Insurance and loss reserves			404		201		933		(519)		664		826
Fuel, lube and supplies			2,175		760		3,394		3,896		2,382		3,168
Other			1,771		536		4,655		3,555		3,216		1,158
Total vessel operating costs	$		14,223		10,653		27,280		25,579		27,130		28,428

Vessel operating margin ($)	$		3,226		(1,692)		4,607		54,954		18,447		24,697
Vessel operating margin (%)			18.5%		-18.9%		14.4%		68.2%		40.5%		46.5%

Vessel operating lease expense	$		—		62		3,787		6,627		6,626		6,626
Vessel depreciation	$		2,291		3,197		10,748		11,297		12,039		12,700
Amortization of deferred drydocking and survey costs	$		4		—		—		—		—		—
Vessel operations general and administrative expenses	$		3,582		1,899		5,771		6,412		6,024		6,548
Vessel operating profit (loss)	$		(2,651)		(6,850)		(15,699)		30,618		(6,242)		(1,177)

Americas - Select operating statistics
Average vessels - Total fleet			64		69		70		71		71		73
Utilization - Total fleet			28.9%		26.6%		30.3%		35.2%		34.0%		37.5%

Average vessels - Active fleet			26		28		35		37		36		39
Utilization - Active fleet			71.7%		65.8%		61.3%		67.3%		67.1%		69.9%

Average day rates (K)	$		15,394		15,863		16,423		35,756		20,436		20,892

Vessels commencing drydocks			2		5		2		2		2		2

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		206		3,961		1,136		7		1,435		1,860
Cash paid for deferred drydocking and survey costs	$		243		—		—		—		—		—
	$		449		3,961		1,136		7		1,435		1,860

Deferred drydocking and survey costs - beginning balance	$		—		—		—		—		—		—
Cash paid for deferred drydocking and survey costs	$		243		—		—		—		—		—
Amortization of deferred drydocking and survey costs	$		4		—		—		—		—		—
Deferred drydocking and survey costs - ending balance	$		239		—		—		—		—		—

Note (K): Included in Americas vessel 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. Excluding the early cancellation revenue, Americas average day rates would have been $18,374 for the quarter ended March 31, 2017 (Predecessor).

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Successor		Predecessor
		Period from		Period from		Three Months Ended
		August 1, 2017		July 1, 2017
		through		through		June 30,		March 31,		December 31,		September 30,
(In thousands)		September 30, 2017		July 31, 2017		2017		2017		2016		2016
Middle East/Asia Pacific
Vessel revenues	$		16,669		8,547		27,766		26,678		26,233		29,584

Vessel operating costs:
Crew costs	$		5,962		3,139		9,795		9,495		9,264		9,818
Routine repairs and maintenance			1,722		665		2,164		2,318		1,801		2,503
Major repairs			405		(85)		511		3,988		1,631		1,066
Insurance and loss reserves			376		250		681		(732)		659		874
Fuel, lube and supplies			1,268		457		1,539		2,543		1,568		2,066
Other			2,001		976		2,908		3,351		3,963		3,250
Total vessel operating costs	$		11,734		5,402		17,598		20,963		18,886		19,577

Vessel operating margin ($)	$		4,935		3,145		10,168		5,715		7,347		10,007
Vessel operating margin (%)			29.6%		36.8%		36.6%		21.4%		28.0%		33.8%

Vessel operating lease expense	$		—		—		—		—		—		—
Vessel depreciation	$		1,807		2,221		7,746		8,499		10,677		10,779
Amortization of deferred drydocking and survey costs	$		—		—		—		—		—		—
Vessel operations general and administrative expenses	$		2,184		1,042		3,738		3,380		5,038		4,399
Vessel operating profit (loss)	$		944		(118)		(1,316)		(6,164)		(8,368)		(5,171)

Middle East/Asia Pacific - Select operating statistics
Average vessels - Total fleet			65		66		67		68		69		69
Utilization - Total fleet			52.5%		51.1%		55.4%		50.6%		46.7%		47.7%

Average vessels - Active fleet			41		40		42		44		39		43
Utilization - Active fleet			83.1%		85.0%		87.8%		79.7%		81.4%		76.7%

Average day rates	$		8,022		8,175		8,261		8,623		8,795		9,819

Vessels commencing drydocks			1		—		1		5		3		3

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		405		(85)		511		3,988		1,631		1,066
Cash paid for deferred drydocking and survey costs	$		—		—		—		—		—		—
	$		405		(85)		511		3,988		1,631		1,066

Deferred drydocking and survey costs - beginning balance	$		—		—		—		—		—		—
Cash paid for deferred drydocking and survey costs	$		—		—		—		—		—		—
Amortization of deferred drydocking and survey costs	$		—		—		—		—		—		—
Deferred drydocking and survey costs - ending balance	$		—		—		—		—		—		—

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Successor		Predecessor
		Period from		Period from		Three Months Ended
		August 1, 2017		July 1, 2017
		through		through		June 30,		March 31,		December 31,		September 30,
(In thousands)		September 30, 2017		July 31, 2017		2017		2017		2016		2016
Africa/Europe
Vessel revenues	$		36,453		16,832		52,604		49,694		53,310		56,652

Vessel operating costs:
Crew costs	$		13,341		7,054		17,958		16,573		17,704		21,582
Routine repairs and maintenance			2,354		1,320		3,338		3,324		3,384		3,519
Major repairs			421		2,390		3,990		4,558		1,946		1,046
Insurance and loss reserves			899		374		1,510		(516)		819		937
Fuel, lube and supplies			3,547		1,634		4,495		2,840		3,832		4,942
Other			5,782		3,838		7,604		7,524		8,657		7,063
Total vessel operating costs	$		26,344		16,610		38,895		34,303		36,342		39,089

Vessel operating margin ($)	$		10,109		222		13,709		15,391		16,968		17,563
Vessel operating margin (%)			27.7%		1.3%		26.1%		31.0%		31.8%		31.0%

Vessel operating lease expense	$		1,124		561		1,755		1,816		1,815		1,815
Vessel depreciation	$		3,561		5,294		16,398		16,377		17,166		18,430
Amortization of deferred drydocking and survey costs	$		—		—		—		—		—		—
Vessel operations general and administrative expenses	$		5,448		2,938		8,493		9,653		9,546		11,390
Vessel operating loss	$		(24)		(8,571)		(12,937)		(12,455)		(11,559)		(14,072)

Africa/Europe - Select operating statistics
Average vessels - Total fleet			120		120		122		122		123		123
Utilization - Total fleet			51.7%		45.8%		45.6%		42.5%		42.8%		43.2%

Average vessels - Active fleet			79		75		73		68		73		82
Utilization - Active fleet			78.3%		73.0%		76.6%		76.0%		72.7%		64.9%

Average day rates	$		9,613		9,837		10,413		10,682		11,042		11,627

Vessels commencing drydocks			5		3		6		7		4		1

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		421		2,390		3,990		4,558		1,946		1,046
Cash paid for deferred drydocking and survey costs	$		149		—		—		—		—		—
	$		570		2,390		3,990		4,558		1,946		1,046

Deferred drydocking and survey costs - beginning balance	$		—		—		—		—		—		—
Cash paid for deferred drydocking and survey costs	$		149		—		—		—		—		—
Amortization of deferred drydocking and survey costs	$		—		—		—		—		—		—
Deferred drydocking and survey costs - ending balance	$		149		—		—		—		—		—

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Successor		Predecessor
		Period from		Period from		Three Months Ended
		August 1, 2017		July 1, 2017
		through		through		June 30,		March 31,		December 31,		September 30,
(In thousands)		September 30, 2017		July 31, 2017		2017		2017		2016		2016
Worldwide
Vessel revenues (L)	$		70,571		34,340		112,257		156,905		125,120		139,361

Vessel operating costs:
Crew costs	$		27,705		14,443		42,210		41,829		43,384		49,370
Routine repairs and maintenance			5,341		2,930		8,207		8,521		8,202		9,468
Major repairs			1,032		6,266		5,637		8,553		5,012		3,972
Insurance and loss reserves			1,679		825		3,124		(1,767)		2,142		2,637
Fuel, lube and supplies			6,990		2,851		9,428		9,279		7,782		10,176
Other			9,554		5,350		15,167		14,430		15,836		11,471
Total vessel operating costs	$		52,301		32,665		83,773		80,845		82,358		87,094

Vessel operating margin ($)	$		18,270		1,675		28,484		76,060		42,762		52,267
Vessel operating margin (%)			25.9%		4.9%		25.4%		48.5%		34.2%		37.5%

Vessel operating lease expense	$		1,124		623		5,542		8,443		8,441		8,441
Vessel depreciation	$		7,659		10,712		34,892		36,173		39,882		41,909
Amortization of deferred drydocking and survey costs	$		4		—		—		—		—		—
Vessel operations general and administrative expenses	$		11,214		5,879		18,002		19,445		20,608		22,337
Vessel operating profit (loss)	$		(1,731)		(15,539)		(29,952)		11,999		(26,169)		(20,420)

Worldwide - Select operating statistics
Average vessels - Total fleet			249		255		259		261		263		265
Utilization - Total fleet			46.0%		42.0%		44.0%		42.6%		41.4%		42.8%

Average vessels - Active fleet			146		143		150		149		148		164
Utilization - Active fleet			78.5%		75.0%		76.2%		74.9%		73.7%		69.2%

Average day rates (L)	$		10,077		10,339		10,842		15,693		12,461		13,364

Vessels commencing drydocks			8		8		9		14		9		6

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		1,032		6,266		5,637		8,553		5,012		3,972
Cash paid for deferred drydocking and survey costs	$		392		—		—		—		—		—
	$		1,424		6,266		5,637		8,553		5,012		3,972

Deferred drydocking and survey costs - beginning balance	$		—		—		—		—		—		—
Cash paid for deferred drydocking and survey costs	$		392		—		—		—		—		—
Amortization of deferred drydocking and survey costs	$		4		—		—		—		—		—
Deferred drydocking and survey costs - ending balance	$		388		—		—		—		—		—

Note (L): Included in Worldwide vessel 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. Excluding the early cancellation revenue, Worldwide average day rates would have been $11,778 for the quarter ended March 31, 2017 (Predecessor).

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Successor		Predecessor
		Period from		Period from		Three Months Ended
		August 1, 2017		July 1, 2017
		through		through		June 30,		March 31,		December 31,		September 30,
(In thousands)		September 30, 2017		July 31, 2017		2017		2017		2016		2016


Consolidated EBITDA (M) (N) (O)	$		4,480		(7,240)		6,085		55,007		18,842		20,883

Restructuring-related professional services costs			(636)		(22,858)		(11,874)		(16,805)		(5,188)		(3,054)
Asset impairments			—		(21,325)		(163,423)		(64,857)		(253,422)		(129,562)
Reorganization items (excluding professional services costs)			(1,244)		(1,060,871)		(308,011)		—		—		—
Interest and other debt costs			(5,240)		(574)		(10,605)		(21,008)		(18,587)		(18,477)
Income tax benefit (expense)			(4,745)		1,529		(295)		(1,717)		2,884		(3,568)
Depreciation			(8,138)		(11,160)		(36,287)		(37,592)		(41,302)		(43,845)
Amortization of deferred drydocking and survey costs			(4)		—		—		—		—		—

Net loss	$		(15,527)		(1,122,499)		(524,410)		(86,972)		(296,773)		(177,623)


		Successor		Predecessor
		Period from		Period from		Three Months Ended
		August 1, 2017		July 1, 2017
		through		through		June 30,		March 31,		December 31,		September 30,
(In thousands)		September 30, 2017		July 31, 2017		2017		2017		2016		2016


Consolidated EBITDA (M) (N) (O)	$		4,480		(7,240)		6,085		55,007		18,842		20,883

Restructuring-related professional service costs			(636)		(22,858)		(11,874)		(16,805)		(5,188)		(3,054)
Cash paid for interest			(59)		(1,144)		(433)		(8,218)		(28,260)		(7,476)
Cash paid for taxes			(1,392)		(1,129)		(3,611)		(2,167)		(7,959)		(5,784)
Cash paid for deferred drydocking costs			(392)		—		—		—		—		—
Change in net working capital, excluding cash			(16,292)		33,633		(9,856)		42,205		(13,247)		13,059
Equity in net earnings (losses) of unconsol. companies			(1,044)		(151)		(4,101)		(5,062)		(892)		(1,767)
Stock-based compensation expense			1,173		1,381		326		(888)		1,538		1,092
Gain on asset disposition			(4)		(372)		(3,189)		(6,064)		(6,139)		(6,253)
Changes in other, net			(3,643)		(344)		3,290		12,142		1,578		(399)

Net cash provided (used) in operating activities	$		(17,809)		1,776		(23,363)		70,150		(39,727)		10,301

Note (M): Consolidated EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization, and restructuring-related professional services costs. Restructuring-related professional services costs have been separately presented in the above table. Such professional service 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 (N): Consolidated EBITDA for the period from August 1, 2017 to September 30, 2017 (Successor), the period July 1, 2017 through July 31, 2017 (Predecessor), the three months ended June 30, 2017 (Predecessor), March 31, 2017 (Predecessor), December 31, 2016 (Predecessor) and September 30, 2016 (Predecessor) includes non-cash, stock-based compensation expense of $1,173, $1,381, $326, $(888), $1,538 and $1,092, respectively.

Note (O): Consolidated EBITDA for the period from August 1, 2017 to September 30, 2017 (Successor), the period July 1, 2017 through July 31, 2017 (Predecessor), the three months ended June 30, 2017 (Predecessor), March 31, 2017 (Predecessor), December 31, 2016 (Predecessor) and September 30, 2016 (Predecessor) includes vessel operating lease expense of $1,124, $623, $5,542, $8,443, $8,441 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. 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.

Logo - http://mma.prnewswire.com/media/563905/Tidewater_Inc_Logo.jpg

View original content:http://www.prnewswire.com/news-releases/tidewater-reports-results-for-the-three-months-ended-september-30-2017-300552437.html

SOURCE Tidewater Inc.

Der finanzen.at Ratgeber für Aktien!
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!

Nachrichten zu Tidewater Inc Registered Shsmehr Nachrichten

06.11.24		Ausblick: Tidewater verkündet Quartalsergebnis zum jüngsten Jahresviertel (finanzen.net)
05.08.24		Ausblick: Tidewater informiert über die jüngsten Quartalsergebnisse (finanzen.net)

Analysen zu Tidewater Inc Registered Shsmehr Analysen

Newssuche

Aktien in diesem Artikel

Tidewater Inc Registered Shs

Aktie kaufen

46,93

4,54%

Börse aktuell - Live Ticker

US-Inflationsdaten im Blick: Dow schließt schwächer - NASDAQ mit Rekorden -- ATX schließt stabil -- DAX beendet Handel höher -- Asiens Märkte schließen verhalten - Hang Seng in Rot
Der heimische Aktienmarkt beendet den Handel am Mittwoch stabil. Der deutsche Leitindex bewegte sich letztendlich höher. Die US-Börsen zeigten sich zur Wochenmitte uneinheitlich. An den Börsen in Fernost herrschte zur Wochenmitte zurückhaltende Stimmung.

Nachrichten

finanzen.net Apps

ETF-Sparplan

Oskar ist der einfache und intelligente ETF-Sparplan. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig.

JETZT MEHR ERFAHREN

Aktien ATX DAX EuroStoxx 50 Dow Jones NASDAQ 100 Nikkei 225 S&P 500

Kontakt - Impressum - Werbung

Sitemap - Datenschutz - Disclaimer - AGB - Privatsphäre-Einstellungen

Für die aufgeführten Inhalte kann keine Gewährleistung für die Vollständigkeit, Richtigkeit und Genauigkeit übernommen werden.
Kursinformationen von SIX Financial Information Deutschland GmbH. Verzögerung 15 Min. (Nasdaq, NYSE: 20 Min.).
© 1999-2024 finanzen.net GmbH

*Werbehinweise: Die Billigung des Basisprospekts durch die Bundesanstalt für Finanzdienstleistungsaufsicht ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.

⁵Hinweis zu Plus500: 82% der Kleinanlegerkonten verlieren Geld beim CFD-Handel mit diesem Anbieter. Sie sollten überlegen, ob Sie es sich leisten können, das hohe Risiko einzugehen, Ihr Geld zu verlieren. Plus500UK Ltd ist zugelassen und reguliert durch Financial Conduct Authority (FRN 509909). Plus500CY Ltd authorized & regulated by CySEC (#250/14).

Währungsrechner News Devisen Dollarkurs Aktienkurse Bitcoin Rohstoffe Fonds

Portfolioname: Watchlistname:
Portfolio:
Name:
Typ:
ISIN:
Börse:
Anzahl:
Aktueller Kurs:
Kurszeit:
Kaufpreis:
Kaufdatum:	12.12.2024 02:53
Kaufwert:	EUR
	Hinzufügen Speichern