Tidewater Reports Results For The Three Months Ended March 31, 2018
Tidewater Reports Results For The Three Months Ended March 31, 2018
HOUSTON, May 14, 2018 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a net loss for the three months ended March 31, 2018, of $39.2 million, or $1.67 per common share, on revenues of $91.5 million.
As more fully explained in the company's Form 10-Q for the quarter ended March 31, 2018, 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 $39.2 million ($1.67 per common share) net loss for the three months ending March 31, 2018 were the following:
-- $15.2 million ($0.65 per common share) of foreign exchange losses, $14.8
million of which ($0.63 per common share) is included in Equity in net
earnings (losses) of unconsolidated companies and related to our Angola
joint venture, Sonatide.
-- $6.2 million ($0.26 per common share) in non-cash asset impairment
charges that resulted from impairment reviews undertaken during the
three months ended March 31, 2018.
Consolidated earnings (loss) before interest, taxes, depreciation and amortization (EBITDA) for the three months ended March 31, 2018, which excludes asset impairment charges, but includes $3.0 million of stock-based compensation expense and $15.2 million of foreign exchange losses, was ($9.9) million. (See disclosures related to Non-GAAP measures in other fleet and financial data beginning on page 10 herein.)
Common shares and New Creditor Warrants, each of which is exercisable to acquire one common share at a price of $0.001, and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 were 23,988,075, 6,021,696 and 30,009,771, respectively.
Tidewater will hold a conference call to discuss results for the three months ended March 31, 2018 on Tuesday, May 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 May 15, 2018, and will continue until 11:59 p.m. Central Time on May 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 46923575.
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 June 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.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited)
(In thousands, except share and per share data)
Successor Predecessor
--------- -----------
Quarter Ended Quarter Ended
March 31, 2018 March 31, 2017
-------------- --------------
Revenues:
Vessel revenues $87,494 156,905
Other operating revenues 3,999 3,844
------------------------ ----- -----
91,493 160,749
------ -------
Costs and expenses:
Vessel operating costs 61,364 80,845
Costs of other operating revenues 2,474 2,689
General and administrative (A) 23,565 41,727
Vessel operating leases - 8,443
Depreciation and amortization 12,017 37,592
Gain on asset dispositions, net (1,919) (6,064)
Asset impairments 6,186 64,857
----------------- ----- ------
103,687 230,089
------- -------
Operating loss (12,194) (69,340)
Other income (expenses):
Foreign exchange gain (loss) (348) 664
Equity in net earnings (losses) of unconsolidated companies (B) (15,439) 2,841
Interest income and other, net (128) 1,588
Interest and other debt costs, net (7,599) (21,008)
---------------------------------- ------ -------
(23,514) (15,915)
------- -------
Loss before income taxes (35,708) (85,255)
Income tax expense 3,321 1,717
------------------ ----- -----
Net loss $(39,029) (86,972)
Less: Net income attributable to noncontrolling interests 143 7,883
--------------------------------------------------------- --- -----
Net loss attributable to Tidewater Inc. $(39,172) (94,855)
--------------------------------------- -------- -------
Basic loss per common share $(1.67) (2.01)
=========================== ====== =====
Diluted loss per common share $(1.67) (2.01)
============================= ====== =====
Weighted average common shares outstanding (C) 23,424,943 47,080,783
Dilutive effect of stock options and restricted stock - -
----------------------------------------------------- --- ---
Adjusted weighted average common shares 23,424,943 47,080,783
======================================= ========== ==========
Note (A): The company did not incur any restructuring-related professional services costs during the quarter ended March 31, 2018 (Successor). Restructuring-related professional services costs included in general and administrative expenses for the quarter ended March 31, 2017 (Predecessor), were $16.8 million. General and administrative expenses for the quarter ended March 31, 2018 (Successor) and March 31, 2017 (Predecessor) included stock-based compensation of $3 million and $(0.9) million, respectively.
Note (B): Equity in net earnings (losses) of unconsolidated companies for the quarter ended March 31, 2018 (Successor) includes $14.8 million of foreign exchange losses related to our Angola joint venture, Sonatide.
Note (C): Weighted average shares outstanding for the quarter ended March 31, 2018 (Successor) include 108,044 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at March 31, 2018 (Successor). Common shares and new creditor warrants and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 (Successor) were 23,988,075, 6,021,696 and 30,009,771, respectively.
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and par value data)
Successor
---------
March 31, December 31,
ASSETS 2018 2017
------ ---- ----
Current assets:
Cash and cash equivalents $442,472 432,035
Restricted cash 2,847 21,300
Trade and other receivables, net 115,754 114,184
Due from affiliate 207,919 230,315
Marine operating supplies 28,896 28,220
Other current assets 18,181 19,130
-------------------- ------ ------
Total current assets 816,069 845,184
-------------------- ------- -------
Investments in, at equity, and advances to unconsolidated companies 13,503 29,216
Net properties and equipment 814,263 837,520
Deferred drydocking and survey costs 11,430 3,208
Other assets 30,783 31,052
------------ ------ ------
Total assets $1,686,048 1,746,180
============ ========== =========
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $45,781 38,497
Accrued expenses 56,408 54,806
Due to affiliate 78,135 99,448
Accrued property and liability losses 2,852 2,585
Current portion of long-term debt 5,215 5,103
Other liabilities 8,826 19,693
----------------- ----- ------
Total current liabilities 197,217 220,132
------------------------- ------- -------
Long-term debt 442,729 443,057
Accrued property and liability losses 2,561 2,471
Other liabilities and deferred credits 58,060 58,576
Commitments and Contingencies
Equity:
Successor Common stock of $0.001 par value, 125,000,000 shares 24 22
authorized, 23,988,075 and 22,115,916 shares issues and outstanding at
March 31, 2018 and December 31, 2017, respectively
Additional paid-in capital 1,061,983 1,059,120
Retained deficit (78,438) (39,266)
Accumulated other comprehensive loss (446) (147)
------------------------------------ ---- ----
Total stockholders' equity 983,123 1,019,729
Noncontrolling interests 2,358 2,215
------------------------ ----- -----
Total equity 985,481 1,021,944
Total liabilities and equity $1,686,048 1,746,180
============================ ========== =========
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
(In thousands)
Successor Predecessor
--------- -----------
Quarter Ended Quarter Ended
March 31, 2018 March 31, 2017
-------------- --------------
Net loss $(39,029) (86,972)
Other comprehensive income:
Unrealized gains (losses) on available for sale securities, (299) (94)
net of tax of $0 and $61
Change in loss on derivative contract, net of tax of - 1,317
$0 and $823
Change in supplemental executive retirement plan liability, - (1,721)
net of tax of $0 and ($927)
Change in pension plan minimum liability, net of tax - 399
of $0 and $215
Change in other benefit plan minimum liability, net of tax - (3,799)
of $0 and ($2,046)
-----------------
Total comprehensive loss $(39,328) (90,870)
======================== ======== =======
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Successor Predecessor
--------- -----------
Quarter Ended Quarter Ended
March 31, 2018 March 31, 2017
-------------- --------------
Operating activities:
Net loss $(39,029) (86,972)
Adjustments to reconcile net loss to net cash provided by (used in) operating
activities:
Depreciation and amortization 11,380 37,592
Amortization of deferred drydocking and survey costs 638 -
Amortization of debt premium and discounts (443) -
Provision for deferred income taxes - (2,200)
Gain on asset dispositions, net (1,919) (6,064)
Asset impairments 6,186 64,857
Changes in investments in, at equity, and advances 15,713 (5,062)
to unconsolidated companies
Compensation expense - stock-based 2,956 (888)
Excess tax liability on stock option activity - 4,927
Changes in assets and liabilities, net:
Trade and other receivables (1,662) 51,051
Changes in due to/from affiliate, net 1,083 24,961
Marine operating supplies (677) (408)
Other current assets 949 (6,458)
Accounts payable 7,284 (18,872)
Accrued expenses 845 9,267
Accrued property and liability losses 267 9
Other current liabilities (2,695) (3,860)
Other liabilities and deferred credits (58) 1,884
Cash paid for deferred drydocking and survey costs (8,860) -
Other, net 2,058 6,386
---------- ----- -----
Net cash provided by (used in) operating activities (5,984) 70,150
--------------------------------------------------- ------ ------
Cash flows from investing activities:
Proceeds from sales of assets 9,492 2,464
Additions to properties and equipment (1,677) (8,355)
------------------------------------- ------ ------
Net cash provided by (used in) investing activities 7,815 (5,891)
--------------------------------------------------- ----- ------
Cash flows from financing activities:
Principal payment on long-term debt (1,471) (2,732)
Payments to General Unsecured Creditors (8,377) -
Other 1 (4,927)
----- --- ------
Net cash used in financing activities (9,847) (7,659)
------------------------------------- ------ ------
Net change in cash, cash equivalents and restricted cash (8,016) 56,600
Cash, cash equivalents and restricted cash at beginning of period 453,335 649,804
----------------------------------------------------------------- ------- -------
Cash, cash equivalents and restricted cash at end of period $445,319 706,404
=========================================================== ======== =======
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized $8,152 8,218
Income taxes $6,429 2,167
Supplemental disclosure of non-cash investing activities:
Additions to properties and equipment $ - 282
===================================== === === ===
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(In thousands)
-------------
Accumulated
Additional Retained other Non
Common paid-in (deficit) comprehensive controlling
stock capital earnings loss interest Total
----- ------- -------- ---- -------- -----
Balance at December 31, 2017 (Successor) $22 1,059,120 (39,266) (147) 2,215 1,021,944
Total comprehensive loss - - (39,172) (299) 143 (39,328)
Stock option expense - (98) - - - (98)
Issuance of common stock 2 - - - - 2
Amortization of restricted stock units - 2,961 - - - 2,961
-------------------------------------- --- ----- --- --- --- -----
Balance at March 31, 2018 (Successor) $24 1,061,983 (78,438) (446) 2,358 985,481
==================================== === ========= ======= ==== ===== =======
Balance at December 31, 2016 (Predecessor) $4,707 171,018 1,570,027 (6,446) 8,258 1,747,564
Total comprehensive loss - - (94,855) (3,898) 7,883 (90,870)
Stock option activity - 269 - - - 269
Cancellation of restricted stock awards - - 157 - - 157
Amortization/cancellation of restricted stock units 5 (6,066) - - - (6,061)
--------------------------------------------------- --- ------ --- --- --- ------
Balance at March 31, 2017 (Predecessor) $4,712 165,221 1,475,329 (10,344) 16,141 1,651,059
====================================== ====== ======= ========= ======= ====== =========
The company's vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
Successor Predecessor
--------- -----------
Quarter Ended Quarter Ended
March 31, 2018 March 31, 2017
-------------- --------------
(In thousands) % %
------------- --- ---
Vessel revenues:
Americas (D) $26,081 30% 80,533 51%
Middle East/Asia Pacific 18,388 21% 26,678 17%
Europe/Mediterranean Sea 9,623 11% 10,166 7%
West Africa 33,402 38% 39,528 25%
----------- ------ --- ------ ---
Total vessel revenues $87,494 100% 156,905 100%
===================== ======= === ======= ===
Vessel operating costs:
Crew costs $34,224 39% 41,829 27%
Repair and maintenance 7,704 9% 17,074 11%
Insurance and loss reserves (1,071) (1%) (1,767) (1%)
Fuel, lube and supplies 9,012 10% 9,279 6%
Other 11,495 13% 14,430 9%
----- ------ --- ------ ---
Total vessel operating costs 61,364 70% 80,845 52%
Vessel operating margin (E) $26,130 30% 76,060 48%
========================== ======= === ====== ===
Note (D): Included in Americas vessel revenues 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.
Note (E): 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
--------- -----------
Quarter Ended Quarter Ended
(In thousands) March 31, 2018 March 31, 2017
------------- -------------- --------------
Vessel operating margin $26,130 76,060
General and administrative expenses - vessel operations (16,867) (19,445)
Vessel operating leases - (8,443)
Depreciation and amortization - vessel operations (11,912) (36,173)
------------------------------------------------- ------- -------
Vessel operating profit (loss) $(2,649) 11,999
============================= ======= ======
The company's other operating profit (loss) consists of the following:
Successor Predecessor
--------- -----------
Quarter Ended Quarter Ended
(In thousands) March 31, 2018 March 31, 2017
------------- -------------- --------------
Other operating revenues $3,999 3,844
Costs of other marine revenues (2,474) (2,689)
General and administrative expenses - other operating activities (14) (525)
Depreciation and amortization - other operating activities (5) (855)
---------------------------------------------------------- --- ----
Other operating profit (loss) $1,506 (225)
============================ ====== ====
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
--------- -----------
Quarter Ended Quarter Ended
March 31, 2018 March 31, 2017
-------------- --------------
(In thousands) % %
------------- --- ---
Vessel operating profit (loss):
Americas (F) $4,911 5% 30,618 19%
Middle East/Asia Pacific (2,253) (2%) (6,164) (4%)
Europe/Mediterranean Sea (3,554) (4%) (7,102) (5%)
West Africa (1,753) (2%) (5,353) (3%)
----------- ------ --- ------ ---
(2,649) (3%) 11,999 7%
Other operating profit (loss) 1,506 2% (225) (<1%)
---------------------------- ----- --- ---- ----
(1,143) (1%) 11,774 7%
Corporate general and administrative expenses (G) (6,684) (7%) (21,757) (14%)
Corporate depreciation (100) (<1%) (564) (<1%)
---------------------- ---- ---- ---- ----
Corporate expenses (6,784) (7%) (22,321) (14%)
Gain on asset dispositions, net 1,919 2% 6,064 3%
Asset impairments (6,186) (7%) (64,857) (40%)
----------------- ------ --- ------- ----
Operating loss $(12,194) (13%) (69,340) (43%)
-------------- -------- ---- ------- ----
Foreign exchange gain (loss) (348) (<1%) 664 <1%
Equity in net earnings (losses) of unconsolidated companies (15,439) (17%) 2,841 2%
Interest income and other, net (128) (<1%) 1,588 1%
Interest and other debt costs (7,599) (8%) (21,008) (13%)
----------------------------- ------ --- ------- ----
Loss before income taxes $(35,708) (39%) (85,255) (53%)
======================== ======== ==== ======= ====
Note (F): Americas segment vessel operating profit for the quarter ended March 31, 2017 (Predecessor) includes $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.
Note (G): The company did not incur any restructuring-related professional services costs during the quarter ended March 31, 2018 (Successor). Restructuring-related professional services costs included in general and administrative expenses for the quarter ended March 31, 2017 (Predecessor), were $16.8 million. General and administrative expenses for the quarter ended March 31, 2018 (Successor) and March 31, 2017 (Predecessor) included stock-based compensation of $3 million and $(0.9) million, respectively.
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. The quarters ended June 30, 2017 and March 31, 2017 are Predecessor periods while the quarters ended March 31, 2018 and December 31, 2017 are Successor periods.
TIDEWATER INC.
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - QUARTERLY DATA
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
------------------
March 31, December 31, September 30, June 30, March 31,
2018 2017 2017 2017 2017
---- ---- ---- ---- ----
Revenues:
Vessel revenues $ 87,494 101,313 104,911 112,257 156,905
Other operating revenues 3,999 3,140 5,652 2,849 3,844
------------------------ ----- ----- ----- ----- -----
91,493 104,453 110,563 115,106 160,749
------ ------- ------- ------- -------
Costs and expenses:
Vessel operating costs 61,364 68,201 84,966 83,773 80,845
Costs of other operating revenues 2,474 1,519 3,036 1,585 2,689
General and administrative (H) 23,565 30,373 25,019 33,059 41,727
Vessel operating leases - 91 1,747 5,542 8,443
Depreciation and amortization 12,017 12,195 19,302 36,287 37,592
Gain on asset dispositions, net (1,919) (6,612) (376) (3,189) (6,064)
Asset impairments 6,186 16,777 21,325 163,423 64,857
----------------- ----- ------ ------ ------- ------
103,687 122,544 155,019 320,480 230,089
------- ------- ------- ------- -------
Operating loss (12,194) (18,091) (44,456) (205,374) (69,340)
Other income (expenses):
Foreign exchange gain (loss) (348) (349) (2,082) (1,157) 664
Equity in net earnings (losses) of unconsolidated companies (15,439) 825 1,574 4,517 2,841
Interest income and other (128) 1,898 1,577 1,680 1,588
Reorganization items (H) - (2,419) (1,085,609) (313,176) -
Interest and other debt costs (7,599) (7,769) (5,814) (10,605) (21,008)
----------------------------- ------ ------ ------ ------- -------
(23,514) (7,814) (1,090,354) (318,741) (15,915)
------- ------ ---------- -------- -------
Loss before income taxes (35,708) (25,905) (1,134,810) (524,115) (85,255)
Income tax (benefit) expense 3,321 (2,706) 3,216 295 1,717
---------------------------- ----- ------ ----- --- -----
Net loss $ (39,029) (23,199) (1,138,026) (524,410) (86,972)
Less: Net income (loss) attributable to 143 374 142 24 7,883
noncontrolling interests
------------------------
Net loss attributable to Tidewater Inc. $ (39,172) (23,573) (1,138,168) (524,434) (94,855)
--------------------------------------- --- ------- ------- ---------- -------- -------
Basic loss per common share $ (1.67) (1.02) - - -
=========================== === ===== ===== === === ===
Diluted loss per common share $ (1.67) (1.02) - - -
============================= === ===== ===== === === ===
Weighted average common shares outstanding (I) 23,424,943 23,137,909 - - -
Dilutive effect of stock options and restricted stock - - - - -
----------------------------------------------------- --- --- --- --- ---
Adjusted weighted average common shares 23,424,943 23,137,909 - - -
======================================= ========== ========== === === ===
Vessel operating margin $ 26,130 33,112 19,945 28,484 76,060
----------------------- --- ------ ------ ------ ------ ------
Note (H): Restructuring-related items:
Restructuring-related professional services $ - - - 6,709 16,805
costs included in general and administrative
expenses
Restructuring-related professional services - 2,031 23,494 5,165 -
costs included in reorganization items
Restructuring-related sale leaseback vessel - 388 1,244 - -
redelivery costs included in reorganization
items
-----
Total $ - 2,419 24,738 11,874 16,805
===== === === ===== ====== ====== ======
Note (I): Weighted average shares outstanding for the quarters ended March 31, 2018 and December 31, 2017 include 108,044 and 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens, respectively, at March 31 2018 and December 31, 2017. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 were 23,988,075, 6,021,696 and 30,009,771, respectively. 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)
March 31, December 31, September 30, June 30, March 31,
ASSETS 2018 2017 2017 2017 2017
------ ---- ---- ---- ---- ----
Current assets:
Cash and cash equivalents $ 442,472 432,035 459,978 683,778 706,404
Restricted Cash 2,847 21,300 - - -
Trade and other receivables, net 115,754 114,184 120,271 116,612 123,262
Due from affiliate 207,919 230,315 245,056 252,810 262,652
Marine operating supplies 28,896 28,220 31,083 31,097 30,560
Other current assets 18,181 19,130 14,813 34,619 18,409
-------------------- ------ ------ ------ ------ ------
Total current assets 816,069 845,184 871,201 1,118,916 1,141,287
-------------------- ------- ------- ------- --------- ---------
Investments in, at equity, and advances to 13,503 29,216 25,729 49,216 45,115
unconsolidated companies
Net properties and equipment 814,263 837,520 868,689 2,659,314 2,864,762
Deferred drydocking and survey costs 11,430 3,208 388 - -
Other assets 30,783 31,052 46,845 92,134 139,535
------------ ------ ------ ------ ------ -------
Total assets $ 1,686,048 1,746,180 1,812,852 3,919,580 4,190,699
============ === ========= ========= ========= ========= =========
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 45,781 38,497 39,439 35,087 31,599
Accrued expenses 56,408 54,806 61,115 63,155 78,121
Due to affiliate 78,135 99,448 112,642 121,037 132,857
Accrued property and liability losses 2,852 2,585 2,774 2,758 3,583
Current portion of long-term debt 5,215 5,103 5,174 10,106 2,034,124
Other liabilities 8,826 19,693 38,041 28,029 48,429
----------------- ----- ------ ------ ------ ------
Total current liabilities 197,217 220,132 259,185 260,172 2,328,713
------------------------- ------- ------- ------- ------- ---------
Long-term debt 442,729 443,057 445,677 80,863 -
Deferred income taxes - - - - 46,013
Accrued property and liability losses 2,561 2,471 2,607 2,776 10,209
Other liabilities and deferred credits 58,060 58,576 62,569 60,382 154,705
Liabilities subject to compromise - - - 2,389,557 -
Commitments and Contingencies
Equity:
Common stock 24 22 21 4,712 4,712
Additional paid-in capital 1,061,983 1,059,120 1,056,563 165,516 165,221
Retained earnings (78,438) (39,266) (15,693) 950,895 1,475,329
Accumulated other comprehensive loss (446) (147) 82 (10,258) (10,344)
------------------------------------ ---- ---- --- ------- -------
Total stockholders' equity 983,123 1,019,729 1,040,973 1,110,865 1,634,918
Noncontrolling interests 2,358 2,215 1,841 14,965 16,141
------------------------ ----- ----- ----- ------ ------
Total equity 985,481 1,021,944 1,042,814 1,125,830 1,651,059
Total liabilities and equity $ 1,686,048 1,746,180 1,812,852 3,919,580 4,190,699
============================ === ========= ========= ========= ========= =========
Due from affiliate, net of due to affiliate $ 129,784 130,867 132,414 131,773 129,795
=========================================== === ======= ======= ======= ======= =======
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
Three Months Ended
------------------
March 31, December 31, September 30, June 30, March 31,
2018 2017 2017 2017 2017
---- ---- ---- ---- ----
VESSEL REVENUE BY VESSEL CLASS
(In thousands):
---------------
Americas fleet:
---------------
Deepwater (J) $ 16,205 17,062 14,102 17,313 62,831
Towing-supply 6,846 8,263 9,319 11,274 14,738
Other 3,030 3,010 2,989 3,300 2,964
----- ----- ----- ----- ----- -----
Total (J) $ 26,081 28,335 26,410 31,887 80,533
Middle East/Asia Pacific fleet:
-------------------------------
Deepwater $ 9,564 9,066 8,393 10,701 9,433
Towing-supply 8,824 14,110 16,823 17,065 17,245
Total $ 18,388 23,176 25,216 27,766 26,678
Europe/Mediterranean Sea fleet:
-------------------------------
Deepwater $ 9,020 10,395 11,192 8,237 9,853
Towing-supply 603 641 2,102 2,794 322
Other - - - - (9)
----- --- --- --- --- ---
Total $ 9,623 11,036 13,294 11,031 10,166
West Africa fleet:
------------------
Deepwater $ 13,938 14,358 13,978 13,921 13,179
Towing-supply 16,139 19,807 21,071 24,225 22,472
Other 3,325 4,601 4,942 3,427 3,877
----- ----- ----- ----- ----- -----
Total $ 33,402 38,766 39,991 41,573 39,528
Worldwide fleet:
----------------
Deepwater (J) $ 48,727 50,881 47,665 50,172 95,296
Towing-supply 32,412 42,821 49,315 55,358 54,777
Other 6,355 7,611 7,931 6,727 6,832
----- ----- ----- ----- ----- -----
Total (J) $ 87,494 101,313 104,911 112,257 156,905
======== === ====== ======= ======= ======= =======
Note (J): 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
------------------
March 31, December 31, September 30, June 30, March 31,
2018 2017 2017 2017 2017
---- ---- ---- ---- ----
AVERAGE NUMBER OF VESSELS:
--------------------------
Americas fleet:
---------------
Deepwater 26 31 39 41 41
Towing-supply 15 16 19 21 22
Other 6 6 8 8 8
----- --- --- --- --- ---
Total 47 53 66 70 71
Stacked vessels (20) (27) (39) (35) (34)
--------------- --- --- --- --- ---
Active vessels 27 26 27 35 37
-------------- --- --- --- --- ---
Middle East/Asia Pacific fleet:
-------------------------------
Deepwater 19 21 21 22 23
Towing-supply 37 39 43 44 44
Other - - 1 1 1
----- --- --- --- --- ---
Total 56 60 65 67 68
Stacked vessels (15) (20) (25) (25) (24)
--------------- --- --- --- --- ---
Active vessels 41 40 40 42 44
-------------- --- --- --- --- ---
Europe/Mediterranean Sea fleet:
-------------------------------
Deepwater 17 17 18 17 18
Towing-supply 4 4 6 6 4
Other - - 1 2 2
----- --- --- --- --- ---
Total 21 21 25 25 24
Stacked vessels (5) (5) (5) (6) (8)
--------------- --- --- --- --- ---
Active vessels 16 16 20 19 16
-------------- --- --- --- --- ---
West Africa fleet:
------------------
Deepwater 27 27 25 24 23
Towing-supply 35 37 38 38 39
Other 31 31 32 35 36
----- --- --- --- --- ---
Total 93 95 95 97 98
Stacked vessels (39) (37) (37) (43) (46)
--------------- --- --- --- --- ---
Active vessels 54 58 58 54 52
-------------- --- --- --- --- ---
Worldwide fleet:
----------------
Deepwater 89 96 103 104 105
Towing-supply 91 96 106 109 109
Other 37 37 42 46 47
----- --- --- --- --- ---
Total 217 229 251 259 261
Stacked vessels (79) (89) (106) (109) (112)
--------------- --- --- ---- ---- ----
Active vessels 138 140 145 150 149
============== === === === === ===
Total active 138 140 145 150 149
Total stacked 79 89 106 109 112
Total joint venture and other vessels 8 8 8 8 8
------------------------------------- --- --- --- --- ---
Total 225 237 259 267 269
===== === === === === ===
Note (K): Included in total owned or chartered vessels at March 31, 2018 (Successor), December 31, 2017 (Successor), September 30, 2017 (Successor), June 30, 2017 (Predecessor) and March 31, 2017 (Predecessor), were 70, 89, 91, 115, and 111 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
------------------
March 31, December 31, September 30, June 30, March 31,
2018 2017 2017 2017 2017
---- ---- ---- ---- ----
AVERAGE NUMBER OF LEASED VESSELS
INCLUDED IN VESSEL COUNTS ABOVE:
--------------------------------
Americas fleet:
---------------
Deepwater - - 7 8 8
Towing-supply - - 3 3 3
------------- --- --- --- --- ---
Total - - 10 11 11
Stacked vessels - - (7) (7) (7)
--------------- --- --- --- --- ---
Active vessels - - 3 4 4
-------------- --- --- --- --- ---
Europe/Mediterranean Sea fleet:
-------------------------------
Towing-supply - - 2 2 1
------------- --- --- --- --- ---
Total - - 2 2 1
Stacked vessels - - - - -
--------------- --- --- --- --- ---
Active vessels - - 2 2 1
-------------- --- --- --- --- ---
West Africa fleet:
------------------
Towing-supply - - 3 3 4
------------- --- --- --- --- ---
Total - - 3 3 4
Stacked vessels - - - - (1)
--------------- --- --- --- --- ---
Active vessels - - 3 3 3
-------------- --- --- --- --- ---
Worldwide fleet:
----------------
Deepwater - - 7 8 8
Towing-supply - - 8 8 8
------------- --- --- --- --- ---
Total - - 15 16 16
Stacked vessels - - (7) (7) (8)
--------------- --- --- --- --- ---
Active vessels - - 8 9 8
============== === === === === ===
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
Three Months Ended
------------------
March 31, December 31, September 30, June 30, March 31,
2018 2017 2017 2017 2017
---- ---- ---- ---- ----
AVAILABLE DAYS - TOTAL FLEET:
-----------------------------
Americas fleet:
---------------
Deepwater 2,309 2,893 3,545 3,731 3,690
Towing-supply 1,350 1,441 1,773 1,941 1,980
Other 540 574 736 728 720
----- --- --- --- --- ---
Total 4,199 4,908 6,054 6,400 6,390
Middle East/Asia Pacific fleet:
-------------------------------
Deepwater 1,738 1,908 1,932 2,001 2,070
Towing-supply 3,348 3,604 3,980 3,974 3,952
Other - 3 92 91 90
----- --- --- --- --- ---
Total 5,086 5,515 6,004 6,066 6,112
Europe/Mediterranean Sea fleet:
-------------------------------
Deepwater 1,527 1,588 1,649 1,539 1,580
Towing-supply 360 379 552 567 356
Other - - 136 182 180
----- --- --- --- --- ---
Total 1,887 1,967 2,337 2,288 2,116
West Africa fleet:
------------------
Deepwater 2,470 2,484 2,347 2,193 2,070
Towing-supply 3,123 3,340 3,493 3,437 3,530
Other 2,745 2,852 2,885 3,170 3,240
----- ----- ----- ----- ----- -----
Total 8,338 8,676 8,725 8,800 8,840
Worldwide fleet:
----------------
Deepwater 8,044 8,873 9,473 9,464 9,410
Towing-supply 8,181 8,764 9,798 9,919 9,818
Other 3,285 3,429 3,849 4,171 4,230
----- ----- ----- ----- ----- -----
Total 19,510 21,066 23,120 23,554 23,458
===== ====== ====== ====== ====== ======
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
Three Months Ended
------------------
March 31, December 31, September 30, June 30, March 31,
2018 2017 2017 2017 2017
---- ---- ---- ---- ----
OUT-OF-SERVICE - STACKED DAYS:
------------------------------
Americas fleet:
---------------
Deepwater 898 1,565 2,359 2,110 1,874
Towing-supply 720 705 889 849 900
Other 180 206 368 273 270
----- --- --- --- --- ---
Total 1,798 2,476 3,616 3,232 3,044
Middle East/Asia Pacific fleet:
-------------------------------
Deepwater 478 705 746 702 900
Towing-supply 873 1,089 1,435 1,446 1,240
Other - 3 92 91 90
----- --- --- --- --- ---
Total 1,351 1,797 2,273 2,239 2,230
Europe/Mediterranean Sea fleet:
-------------------------------
Deepwater 167 276 276 334 410
Towing-supply 270 180 92 91 90
Other - - 136 182 180
----- --- --- --- --- ---
Total 437 456 504 607 680
West Africa fleet:
------------------
Deepwater 744 671 644 713 900
Towing-supply 1,463 1,472 1,484 1,463 1,547
Other 1,305 1,295 1,246 1,714 1,707
----- ----- ----- ----- ----- -----
Total 3,512 3,438 3,374 3,890 4,154
Worldwide fleet:
----------------
Deepwater 2,287 3,217 4,025 3,859 4,084
Towing-supply 3,326 3,446 3,900 3,849 3,777
Other 1,485 1,504 1,842 2,260 2,247
----- ----- ----- ----- ----- -----
Total 7,098 8,167 9,767 9,968 10,108
===== ===== ===== ===== ===== ======
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
Three Months Ended
------------------
March 31, December 31, September 30, June 30, March 31,
2018 2017 2017 2017 2017
---- ---- ---- ---- ----
AVAILABLE DAYS - ACTIVE FLEET:
------------------------------
Americas fleet:
---------------
Deepwater 1,411 1,328 1,186 1,621 1,816
Towing-supply 630 736 884 1,092 1,080
Other 360 368 368 455 450
----- --- --- --- --- ---
Total 2,401 2,432 2,438 3,168 3,346
Middle East/Asia Pacific fleet:
-------------------------------
Deepwater 1,260 1,203 1,186 1,299 1,170
Towing-supply 2,475 2,515 2,545 2,528 2,712
------------- ----- ----- ----- ----- -----
Total 3,735 3,718 3,731 3,827 3,882
Europe/Mediterranean Sea fleet:
-------------------------------
Deepwater 1,360 1,312 1,373 1,205 1,170
Towing-supply 90 199 460 476 266
------------- --- --- --- --- ---
Total 1,450 1,511 1,833 1,681 1,436
West Africa fleet:
------------------
Deepwater 1,726 1,813 1,703 1,480 1,170
Towing-supply 1,660 1,868 2,009 1,974 1,983
Other 1,440 1,557 1,639 1,456 1,533
----- ----- ----- ----- ----- -----
Total 4,826 5,238 5,351 4,910 4,686
Worldwide fleet:
----------------
Deepwater 5,757 5,656 5,448 5,605 5,326
Towing-supply 4,855 5,318 5,898 6,070 6,041
Other 1,800 1,925 2,007 1,911 1,983
----- ----- ----- ----- ----- -----
Total 12,412 12,899 13,353 13,586 13,350
===== ====== ====== ====== ====== ======
Note (L): 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
------------------
March 31, December 31, September 30, June 30, March 31,
2018 2017 2017 2017 2017
---- ---- ---- ---- ----
UTILIZATION - TOTAL FLEET:
--------------------------
Americas fleet:
---------------
Deepwater 42.2% 32.2% 20.5% 23.4% 29.7%
Towing-supply 35.7 39.0 36.1 36.4 41.8
Other 61.9 60.8 45.3 50.0 45.7
----- ---- ---- ---- ---- ----
Total 42.7% 37.6% 28.1% 30.3% 35.2%
Middle East/Asia Pacific fleet:
-------------------------------
Deepwater 54.4% 48.7% 44.0% 54.4% 45.9%
Towing-supply 40.0 57.7 57.1 57.2 54.2
------------- ---- ---- ---- ---- ----
Total 44.9% 54.5% 52.0% 55.4% 50.6%
Europe/Mediterranean Sea fleet:
-------------------------------
Deepwater 64.7% 69.4% 71.7% 59.7% 61.0%
Towing-supply 25.0 24.1 53.8 66.1 13.9
------------- ---- ---- ---- ---- ----
Total 57.1% 60.7% 63.3% 56.5% 47.9%
West Africa fleet:
------------------
Deepwater 52.3% 49.4% 49.3% 46.1% 48.0%
Towing-supply 39.0 45.7 45.2 49.4 44.9
Other 36.6 44.8 44.6 33.1 32.7
----- ---- ---- ---- ---- ----
Total 42.2% 46.5% 46.1% 42.7% 41.2%
Worldwide fleet:
----------------
Deepwater 52.2% 47.2% 41.3% 41.1% 42.6%
Towing-supply 38.3 48.6 48.9 50.9 46.9
Other 40.8 47.4 42.1 33.9 32.8
----- ---- ---- ---- ---- ----
Total 44.4% 47.8% 44.7% 44.0% 42.6%
===== ==== ==== ==== ==== ====
Note (M): Utilization Total Fleet equals Days Worked / Available Days Total Fleet.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
Three Months Ended
------------------
March 31, December 31, September 30, June 30, March 31,
2018 2017 2017 2017 2017
---- ---- ---- ---- ----
UTILIZATION - ACTIVE FLEET:
---------------------------
Americas fleet:
---------------
Deepwater 69.1% 70.2% 61.2% 53.8% 60.4%
Towing-supply 76.6 76.4 72.3 64.7 76.6
Other 92.9 94.8 90.6 79.9 73.1
----- ---- ---- ---- ---- ----
Total 74.6% 75.8% 69.7% 61.3% 67.3%
Middle East/Asia Pacific fleet:
-------------------------------
Deepwater 75.0% 77.2% 71.6% 83.8% 81.2%
Towing-supply 54.1 82.7 89.4 89.9 79.0
------------- ---- ---- ---- ---- ----
Total 61.2% 80.9% 83.7% 87.8% 79.7%
Europe/Mediterranean Sea fleet:
-------------------------------
Deepwater 72.6% 84.0% 86.1% 76.2% 82.4%
Towing-supply 100.0 45.8 64.6 78.7 18.6
------------- ----- ---- ---- ---- ----
Total 74.3% 79.0% 80.7% 76.9% 70.6%
West Africa fleet:
------------------
Deepwater 74.8% 67.7% 68.0% 68.3% 84.9%
Towing-supply 73.4 81.7 78.6 86.0 80.0
Other 69.9 82.0 78.4 72.1 69.1
----- ---- ---- ---- ---- ----
Total 72.8% 76.9% 75.2% 76.5% 77.7%
Worldwide fleet:
----------------
Deepwater 72.9% 74.1% 71.9% 69.4% 75.2%
Towing-supply 64.5 80.1 81.2 83.2 76.2
Other 74.5 84.5 80.6 74.0 70.0
----- ---- ---- ---- ---- ----
Total 69.8% 78.1% 77.3% 76.2% 74.9%
===== ==== ==== ==== ==== ====
Note (N): Utilization Active Fleet equals Days Worked / Available Days - Active Fleet.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
Three Months Ended
------------------
March 31, December 31, September 30, June 30, March 31,
2018 2017 2017 2017 2017
---- ---- ---- ---- ----
AVERAGE VESSEL DAY RATES:
-------------------------
Americas fleet:
---------------
Deepwater (O) $ 16,626 18,301 19,429 19,869 57,311
Towing-supply 14,191 14,700 14,577 15,959 17,816
Other 9,061 8,628 8,968 9,071 9,015
----- ----- ----- ----- ----- -----
Total (O) $ 14,558 15,372 15,550 16,423 35,756
Middle East/Asia Pacific fleet:
-------------------------------
Deepwater $ 10,122 9,762 9,883 9,825 9,927
Towing-supply 6,589 6,787 7,398 7,511 8,045
------------- ----- ----- ----- ----- -----
Total $ 8,051 7,705 8,073 8,261 8,623
Europe/Mediterranean Sea fleet:
-------------------------------
Deepwater $ 9,132 9,427 9,464 8,967 10,220
Towing-supply 6,695 7,035 7,077 7,459 6,513
------------- ----- ----- ----- ----- -----
Total $ 8,928 9,244 8,985 8,530 10,030
West Africa fleet:
------------------
Deepwater $ 10,795 11,702 12,069 13,768 13,260
Towing-supply 13,245 12,979 13,339 14,271 14,171
Other 3,306 3,602 3,854 3,265 3,661
----- ----- ----- ----- ----- -----
Total $ 9,501 9,619 9,943 11,061 10,863
Worldwide fleet:
----------------
Deepwater (O) $ 11,606 12,142 12,172 12,897 23,797
Towing-supply 10,355 10,056 10,295 10,961 11,893
Other 4,742 4,681 4,906 4,759 4,922
----- ----- ----- ----- ----- -----
Total (O) $ 10,093 10,056 10,162 10,842 15,693
======== === ====== ====== ====== ====== ======
Note (O): 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. Americas fleet deepwater, Americas fleet total, Worldwide fleet deepwater and Worldwide fleet total average day rates were increased by $35,709, $17,385, $9,776 and $3,915, respectively, for the quarter ended March 31, 2017 (Predecessor) as a result of the recognition of revenue related to the early cancellation of the vessel charter contract.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
Three Months Ended
------------------
March 31, December 31, September 30, June 30, March 31,
(In thousands) 2018 2017 2017 2017 2017
------------- ---- ---- ---- ---- ----
Americas
--------
Vessel revenues (P) $ 26,081 28,335 26,410 31,887 80,533
Vessel operating costs:
Crew costs $ 9,093 11,190 12,652 14,457 15,761
Routine repairs and maintenance 1,917 2,203 2,210 2,705 2,879
Major repairs (187) (144) 4,167 1,136 7
Insurance and loss reserves (551) 788 605 933 (519)
Fuel, lube and supplies 1,618 2,413 2,935 3,394 3,896
Other 406 1,321 2,307 4,655 3,555
----- --- ----- ----- ----- -----
Total vessel operating costs $ 12,296 17,771 24,876 27,280 25,579
Vessel operating margin ($) $ 13,785 10,564 1,534 4,607 54,954
Vessel operating margin (%) 52.9% 37.3% 5.8% 14.4% 68.2%
Vessel operating lease expense $ - - 62 3,787 6,627
Vessel depreciation $ 3,223 3,386 5,488 10,748 11,297
Amortization of deferred drydocking and survey $ 90 86 4 - -
costs
Vessel operations general and administrative $ 5,561 6,040 5,481 5,771 6,412
expenses ($)
Vessel operations general and administrative 21.3% 21.3% 20.8% 18.1% 8.0%
expenses (%)
Vessel operating profit (loss) $ 4,911 1,052 (9,501) (15,699) 30,618
============================= === ===== ===== ====== ======= ======
Americas - Select operating statistics
--------------------------------------
Average vessels - Total fleet (Q) 47 53 66 70 71
Utilization - Total fleet 42.7% 37.6% 28.1% 30.3% 35.2%
Average vessels - Active fleet (Q) 27 26 27 35 37
Utilization - Active fleet 74.6% 75.8% 69.7% 61.3% 67.3%
Average day rates (P) $ 14,558 15,372 15,550 16,423 35,756
Vessels commencing drydocks 7 3 7 2 2
Major repairs expense and deferred
drydocking and survey costs:
Major repairs expense $ (187) (144) 4,167 1,136 7
Cash paid for deferred $ 2,775 554 243 - -
drydocking and survey costs
$ 2,588 410 4,410 1,136 7
Deferred drydocking and survey costs - $ 707 239 - - -
beginning balance
Cash paid for deferred drydocking and $ 2,775 554 243 - -
survey costs
Amortization of deferred drydocking and $ 90 86 4 - -
survey costs
Net vessel transfers in/out of the segment $ 9 - - - -
Deferred drydocking and survey costs - $ 3,383 707 239 - -
ending balance
Note (P): 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. Americas fleet average day rates were increased by $17,385 as a result of the recognition of revenue related to the early cancellation of
the vessel charter contract.
Note (Q): Average leased vessels - Americas - - 10 11 11
fleet
Average leased vessels - Americas active - - 3 4 4
fleet
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
----------------------------------------
Three Months Ended
------------------
March 31, December 31, September 30, June 30, March 31,
(In thousands) 2018 2017 2017 2017 2017
------------- ---- ---- ---- ---- ----
Middle East/Asia Pacific
------------------------
Vessel revenues $ 18,388 23,176 25,216 27,766 26,678
Vessel operating costs:
Crew costs $ 8,108 8,666 9,101 9,795 9,495
Routine repairs and maintenance 1,209 1,733 2,387 2,164 2,318
Major repairs 254 442 320 511 3,988
Insurance and loss reserves (150) 771 626 681 (732)
Fuel, lube and supplies 2,339 2,653 1,725 1,539 2,543
Other 2,742 2,723 2,977 2,908 3,351
----- ----- ----- ----- ----- -----
Total vessel operating costs $ 14,502 16,988 17,136 17,598 20,963
Vessel operating margin ($) $ 3,886 6,188 8,080 10,168 5,715
Vessel operating margin (%) 21.1% 26.7% 32.0% 36.6% 21.4%
Vessel operating lease expense $ - - - - -
Vessel depreciation $ 2,707 2,905 4,028 7,746 8,499
Amortization of deferred drydocking and survey $ 62 4 - - -
costs
Vessel operations general and administrative $ 3,370 3,772 3,226 3,738 3,380
expenses ($)
Vessel operations general and administrative 18.3% 16.3% 12.8% 13.5% 12.7%
expenses (%)
Vessel operating profit (loss) $ (2,253) (493) 826 (1,316) (6,164)
============================= === ====== ==== === ====== ======
Middle East/Asia Pacific - Select operating
statistics
----------
Average vessels - Total fleet 56 60 65 67 68
Utilization - Total fleet 44.9% 54.5% 52.0% 55.4% 50.6%
Average vessels - Active fleet 41 40 40 42 44
Utilization - Active fleet 61.2% 80.9% 83.7% 87.8% 79.7%
Average day rates $ 8,051 7,705 8,073 8,261 8,623
Vessels commencing drydocks 3 5 1 1 5
Major repairs expense and deferred
drydocking and survey costs:
Major repairs expense $ 254 442 320 511 3,988
Cash paid for deferred $ 1,728 209 - - -
drydocking and survey costs
$ 1,982 651 320 511 3,988
Deferred drydocking and survey costs - $ 205 - - - -
beginning balance
Cash paid for deferred drydocking and $ 1,728 209 - - -
survey costs
Amortization of deferred drydocking and $ 62 4 - - -
survey costs
Deferred drydocking and survey costs - $ 1,871 205 - - -
ending balance
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
----------------------------------------
Three Months Ended
------------------
March 31, December 31, September 30, June 30, March 31,
(In thousands) 2018 2017 2017 2017 2017
------------- ---- ---- ---- ---- ----
Europe/Mediterranean Sea
------------------------
Vessel revenues $ 9,623 11,036 13,294 11,031 10,166
Vessel operating costs:
Crew costs $ 4,991 5,147 6,460 5,593 4,927
Routine repairs and maintenance 1,240 1,145 1,430 1,244 925
Major repairs 338 - 290 1,983 336
Insurance and loss reserves 110 311 206 426 226
Fuel, lube and supplies 1,810 1,038 1,050 1,393 1,101
Other 1,606 1,466 1,754 1,835 1,394
----- ----- ----- ----- ----- -----
Total vessel operating costs $ 10,095 9,107 11,190 12,474 8,909
Vessel operating margin ($) $ (472) 1,929 2,104 (1,443) 1,257
Vessel operating margin (%) -4.9% 17.5% 15.8% -13.1% 12.4%
Vessel operating lease expense $ - - 670 721 432
Vessel depreciation $ 1,641 1,641 3,411 6,803 6,561
Amortization of deferred drydocking and survey $ 163 - - - -
costs
Vessel operations general and administrative $ 1,278 1,073 1,251 1,196 1,366
expenses ($)
Vessel operations general and administrative 13.3% 9.7% 9.4% 10.8% 13.4%
expenses (%)
Vessel operating profit (loss) $ (3,554) (785) (3,228) (10,163) (7,102)
============================= === ====== ==== ====== ======= ======
Europe/Mediterranean Sea - Select operating
statistics
----------
Average vessels - Total fleet (R) 21 21 25 25 24
Utilization - Total fleet 57.1% 60.7% 63.3% 56.5% 47.9%
Average vessels - Active fleet (R) 16 16 20 19 16
Utilization - Active fleet 74.3% 79.0% 80.7% 76.9% 70.6%
Average day rates $ 8,928 9,244 8,985 8,530 10,030
Vessels commencing drydocks 6 - 1 4 1
Major repairs expense and deferred
drydocking and survey costs:
Major repairs expense $ 338 - 290 1,983 336
Cash paid for deferred $ 2,633 - - - -
drydocking and survey costs
$ 2,971 - 290 1,983 336
Deferred drydocking and survey costs - $ - - - - -
beginning balance
Cash paid for deferred drydocking and $ 2,633 - - - -
survey costs
Amortization of deferred drydocking and $ 163 - - - -
survey costs
Deferred drydocking and survey costs - $ 2,470 - - - -
ending balance
Note (R): Average leased vessels - - - 2 2 1
Europe/Mediterranean Sea fleet
Average leased vessels - - - 2 2 1
Europe/Mediterranean Sea active fleet
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
----------------------------------------
Three Months Ended
------------------
March 31, December 31, September 30, June 30, March 31,
(In thousands) 2018 2017 2017 2017 2017
------------- ---- ---- ---- ---- ----
West Africa
-----------
Vessel revenues $ 33,402 38,766 39,991 41,573 39,528
Vessel operating costs:
Crew costs $ 12,032 12,145 13,935 12,365 11,646
Routine repairs and maintenance 2,816 2,246 2,244 2,094 2,399
Major repairs 117 85 2,521 2,007 4,222
Insurance and loss reserves (480) 1,076 1,067 1,084 (742)
Fuel, lube and supplies 3,245 3,296 4,131 3,102 1,739
Other 6,741 5,487 7,866 5,769 6,130
----- ----- ----- ----- ----- -----
Total vessel operating costs $ 24,471 24,335 31,764 26,421 25,394
Vessel operating margin ($) $ 8,931 14,431 8,227 15,152 14,134
Vessel operating margin (%) 26.7% 37.2% 20.6% 36.4% 35.8%
Vessel operating lease expense $ - 91 1,015 1,034 1,384
Vessel depreciation $ 3,703 3,547 5,444 9,595 9,816
Amortization of deferred drydocking and survey $ 323 112 - - -
costs
Vessel operations general and administrative $ 6,658 9,061 7,135 7,297 8,287
expenses ($)
Vessel operations general and administrative 19.9% 23.4% 17.8% 17.6% 21.0%
expenses (%)
Vessel operating loss $ (1,753) 1,620 (5,367) (2,774) (5,353)
===================== === ====== ===== ====== ====== ======
West Africa - Select operating statistics
-----------------------------------------
Average vessels - Total fleet (S) 93 95 95 97 98
Utilization - Total fleet 42.2% 46.5% 46.1% 42.7% 41.2%
Average vessels - Active fleet (S) 54 58 58 54 52
Utilization - Active fleet 72.8% 76.9% 75.2% 76.5% 77.7%
Average day rates $ 9,501 9,619 9,943 11,061 10,863
Vessels commencing drydocks 3 2 7 2 6
Major repairs expense and deferred
drydocking and survey costs:
Major repairs expense $ 117 85 2,521 2,007 4,222
Cash paid for deferred $ 1,724 2,259 149 - -
drydocking and survey costs
$ 1,841 2,344 2,670 2,007 4,222
Deferred drydocking and survey costs - $ 2,296 149 - - -
beginning balance
Cash paid for deferred drydocking and $ 1,724 2,259 149 - -
survey costs
Amortization of deferred drydocking and $ 323 112 - - -
survey costs
Net vessel transfers in/out of the segment $ (9) - - - -
Deferred drydocking and survey costs - $ 3,706 2,296 149 - -
ending balance
Note (S): Average leased vessels - West Africa - - 3 3 4
fleet
Average leased vessels - West Africa active - - 3 3 3
fleet
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
----------------------------------------
Three Months Ended
------------------
March 31, December 31, September 30, June 30, March 31,
(In thousands) 2018 2017 2017 2017 2017
------------- ---- ---- ---- ---- ----
Worldwide
---------
Vessel revenues (T) $ 87,494 101,313 104,911 112,257 156,905
Vessel operating costs:
Crew costs $ 34,224 37,148 42,148 42,210 41,829
Routine repairs and maintenance 7,182 7,327 8,271 8,207 8,521
Major repairs 522 383 7,298 5,637 8,553
Insurance and loss reserves (1,071) 2,946 2,504 3,124 (1,767)
Fuel, lube and supplies 9,012 9,400 9,841 9,428 9,279
Other 11,495 10,997 14,904 15,167 14,430
----- ------ ------ ------ ------ ------
Total vessel operating costs $ 61,364 68,201 84,966 83,773 80,845
Vessel operating margin ($) $ 26,130 33,112 19,945 28,484 76,060
Vessel operating margin (%) 29.9% 32.7% 19.0% 25.4% 48.5%
Vessel operating lease expense $ - 91 1,747 5,542 8,443
Vessel depreciation $ 11,274 11,479 18,371 34,892 36,173
Amortization of deferred drydocking and survey $ 638 202 4 - -
costs
Vessel operations general and administrative $ 16,867 19,946 17,093 18,002 19,445
expenses ($)
Vessel operations general and administrative 19.3% 19.7% 16.3% 16.0% 12.4%
expenses (%)
Vessel operating profit (loss) $ (2,649) 1,394 (17,270) (29,952) 11,999
============================= === ====== ===== ======= ======= ======
Worldwide - Select operating statistics
---------------------------------------
Average vessels - Total fleet (U) 217 229 251 259 261
Utilization - Total fleet 44.4% 47.8% 44.7% 44.0% 42.6%
Average vessels - Active fleet (U) 138 140 145 150 149
Utilization - Active fleet 69.8% 78.1% 77.3% 76.2% 74.9%
Average day rates (T) $ 10,093 10,056 10,162 10,842 15,693
Vessels commencing drydocks 19 10 16 9 14
Major repairs expense and deferred
drydocking and survey costs:
Major repairs expense $ 522 383 7,298 5,637 8,553
Cash paid for deferred $ 8,860 3,022 392 - -
drydocking and survey costs
$ 9,382 3,405 7,690 5,637 8,553
Deferred drydocking and survey costs - $ 3,208 388 - - -
beginning balance
Cash paid for deferred drydocking and $ 8,860 3,022 392 - -
survey costs
Amortization of deferred drydocking and $ 638 202 4 - -
survey costs
Deferred drydocking and survey costs - $ 11,430 3,208 388 - -
ending balance
Note (T): 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. Worldwide average day rates were increased by $3,915 as a result of the recognition of revenue related to the early cancellation of the
vessel charter contract.
Note (U): Average leased vessels - Worldwide - - 15 16 16
fleet
Average leased vessels - Worldwide active - - 8 9 8
fleet
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
Three Months Ended
------------------
March 31, December 31, September 30, June 30, March 31,
(In thousands) 2018 2017 2017 2017 2017
------------- ---- ---- ---- ---- ----
Consolidated EBITDA (V) (W) (X) (Y) (Z) $ (9,905) 13,255 (2,760) 6,085 55,007
Restructuring-related professional services costs - (2,031) (23,494) (11,874) (16,805)
Asset impairments (6,186) (16,777) (21,325) (163,423) (64,857)
Sale leaseback redelivery costs - (388) (1,244) - -
Reorganization items (excluding professional - - (1,060,871) (308,011) -
services and sale leaseback redelivery costs)
Interest and other debt costs (7,599) (7,769) (5,814) (10,605) (21,008)
Income tax benefit (expense) (3,321) 2,706 (3,216) (295) (1,717)
Depreciation (11,380) (11,993) (19,298) (36,287) (37,592)
Amortization of deferred drydocking and survey (638) (202) (4) - -
costs
Net loss $ (39,029) (23,199) (1,138,026) (524,410) (86,972)
======== === ======= ======= ========== ======== =======
Three Months Ended
------------------
March 31, December 31, September 30, June 30, March 31,
(In thousands) 2018 2017 2017 2017 2017
------------- ---- ---- ---- ---- ----
Consolidated EBITDA (V) (W) (X) (Y) (Z) $ (9,905) 13,255 (2,760) 6,085 55,007
Restructuring-related professional service costs - (2,031) (23,494) (11,874) (16,805)
Sale leaseback redelivery costs - (388) (1,244) - -
Cash paid for interest (8,152) (8,164) (1,203) (433) (8,218)
Cash paid for taxes (6,429) (3,262) (2,521) (3,611) (2,167)
Cash paid for deferred drydocking costs (8,860) (3,022) (392) - -
Change in net working capital, excluding cash 8,649 (4,874) 18,585 (9,856) 42,205
Equity in net (earnings) losses of unconsol. 15,439 (825) (1,574) (4,101) (2,841)
companies (Z)
Stock-based compensation expense 2,956 2,558 2,554 326 (888)
Gain on asset disposition (1,919) (6,612) (376) (3,189) (6,064)
Changes in other, net 2,237 (4,372) (3,608) 3,706 9,921
Net cash provided (used) in operating activities $ (5,984) (17,737) (16,033) (22,947) 70,150
================================================ === ====== ======= ======= ======= ======
Note (V): 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 (W): Consolidated EBITDA for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes non-cash, stock-based compensation expense of $2,956, $2,558, $2,554, $326, and $(888), respectively.
Note (X): Consolidated EBITDA for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes vessel operating lease expense of $0, $91, $1,747, $5,542, and $8,443, respectively.
Note (Y): Consolidated EBITDA for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes foreign exchange gains (losses) of $(348), $(349), $(2,082), $(1,157), and $664, respectively.
Note (Z): Consolidated EBITDA and equity in net (earnings) losses of unconsol. companies for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes foreign exchange gains (losses) of $(14,823), $(74), $758, $3,480, and $4,965, 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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CONTACT: Tidewater Inc., Quinn P. Fanning, Chief Financial Officer, 713-470-5231, or Jason Stanley, Director, Investor Relations, 713-470-5292
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SOURCE Tidewater Inc.
