Full-year 2024 Highlights
Revenue of $1,345.8 million, a 33.3% increase from 2023
Average day rate increased to $21,273 per day, $4,471, or 26.6%, higher than 2023
Net income of $180.7 million, an increase of $83.5 million, or 85.9%, from 2023
Adjusted EBITDA of $559.6 million, an increase of $172.9 million, or 44.7%, from 2023
Net Income and Adjusted EBITDA adversely impacted by the $15.3 million foreign exchange loss due the strengthening of the U.S. dollar
Net cash provided by operating activities of $273.8 million, an increase of $169.1 million, or 161.5%, from 2023
Free cash flow of $331.0 million, an increase of $219.6 million, or 197.1% from 2023
Repurchased 1.4 million shares during full-year 2024 for $90.7 million at an average price of $65.53 per share
Fourth Quarter 2024 Highlights
Revenue of $345.1 million
Average day rate of $22,236 per day
Net income of $36.9 million and Adjusted EBITDA of $138.4 million
Net Income and Adjusted EBITDA adversely impacted by the $14.3 million foreign exchange loss due the strengthening of the U.S. dollar
Net cash provided by operating activities of $91.3 million and free cash flow of $107.0 million
Repurchased 864,104 shares during the fourth quarter for $44.1 million at an average price of $51.02 per share
Share Repurchase Authorization and 2025 Guidance
Board approves additional share repurchase authorization of $90.3 million, the maximum permissible amount under existing debt agreements
Initiating 2025 revenue guidance of $1.32 to $1.38 billion and 2025 gross margin guidance of 48% to 50%
HOUSTON, February 27, 2025--(BUSINESS WIRE)--Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2024 of $345.1 million and $1,345.8 million, respectively, compared with $302.7 million and $1,010.0 million, respectively, for the three and twelve months ended December 31, 2023. Tidewater's net income for the three and twelve months ended December 31, 2024, was $36.9 million ($0.70 per common share) and $180.7 million ($3.40 per common share), respectively, compared with net income of $37.7 million ($0.70 per common share) and $97.2 million ($1.84 per common share), respectively, for the three and twelve months ended December 31, 2023.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, "2024 proved to be a successful year by all measures. Revenue, gross margin, earnings and free cash flow all increased significantly as the fundamental supply and demand imbalance in the offshore vessel market persisted. Day rate progression realized during the year is the most substantial we’ve experienced since the offshore recovery began and well-beyond the historical rate of annual day rate progression we’ve seen in prior cycles. The financial successes realized during 2024 can be attributed to our multi-year effort to high-grade the fleet through the disposal of older, smaller vessels and through the acquisition of younger, higher-specification vessels, along with our short-term contracting strategy that has allowed us to realize the day rate benefits of vessel scarcity in a healthy demand environment.
"Free cash flow for the year was $331.0 million, a significant increase from the prior year, driven by improving day rate realization and the full year’s benefit of the acquisition completed in 2023. During the year, we used $103.0 million of cash to pay down the required amortization on our outstanding debt and $119.4 million to reduce the number of shares outstanding, inclusive of both open market repurchases and the reduction of shares in exchange for payment of employee taxes on the vesting of equity compensation. We are pleased with the free cash flow generation of the business and remain committed to directing our free cash flow to avenues to enhance shareholder value.
"The fourth quarter of 2024 came in slightly better than anticipated, with revenue of $345.1 million driven by an uptick in utilization and gross margin cresting the 50% threshold for the first time in nearly 16 years. Adjusted EBITDA of $138.4 million and net income of $36.9 million were both adversely impacted by the $14.3 million foreign exchange loss due to the strengthening of the U.S. dollar. Free cash flow of $107.0 million improved nearly 60% sequentially primarily through a combination of an increase in gross margin and a reduction in drydock spend. During the fourth quarter, we returned over 41% of our free cash flow to shareholders in the form of share repurchases. The $44.1 million of share repurchases during the fourth quarter was the maximum permissible amount of repurchases available to us under our existing debt agreements and was the largest amount of shares repurchased since the share repurchase program commenced in the fourth quarter of 2023.
"Given our expectations for free cash flow for 2025 and the health of our balance sheet, we are pleased to announce that the Board has authorized a new share repurchase program, under which we are authorized to purchase up to $90.3 million of the Company’s common stock. Our current unused capacity is similarly $90.3 million. The new authorization represents the maximum permissible amount of share repurchases under our existing debt agreements. Our desire to repurchase shares at current trading levels remains strong and we will continue to take advantage of the inefficiencies we see in the market.
"Visibility for 2025 has improved and can be characterized by a relatively slow start to the year, with improving demand fundamentals as we progress towards the end of the year. We anticipate revenue, gross margin and free cash flow for 2025 to look similar to or slightly better than 2024. We are encouraged by the nature of conversations with our customers as it relates to their longer-term plans for continued growth in offshore activity. Offshore vessel supply remains in a favorable position, with only modest additions to the newbuild orderbook and no new deliveries expected during 2025. We are confident that the fundamental supply and demand forces that have propelled our financial performance over the last few years remain intact and that as the anticipated growth in offshore activity resumes, we will be well positioned to continue to drive material improvements in the financial performance of the business."
In addition to the number of outstanding shares, as of December 31, 2024, the Company also has the following in-the-money warrants.
Common shares outstanding | 51,461,472 | |||
New Creditor Warrants (strike price $0.001 per common share) | 76,175 | |||
GulfMark Creditor Warrants (strike price $0.01 per common share) | 77,204 | |||
Total | 51,614,851 |
Tidewater will hold a conference call to discuss results for the three months ending December 31, 2024 on February 28, 2025, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 5089610 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.
A replay of the conference call will be available beginning at 11:00 a.m. Central Time on February 28, 2025. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.
About Tidewater
Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.
Cautionary Statement
This news release contains "forward-looking statements" within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as "expect," "believe," "think," "anticipate," "predict," "plan," "assume," "estimate," "forecast," "target," "projections," "intend," "should," "will," "shall" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the "Company").
These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; uncertainty around the use and impacts of artificial intelligence applications; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.
If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Financial information is displayed beginning on the next page.
The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at December 31, 2024 and December 31, 2023; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and twelve months ended December 31, 2024 and 2023; and the Consolidated Statements of Cash Flows for the twelve months ended December 31, 2024 and 2023. Extracts are drawn from the December 31, 2024 and 2023 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.
TIDEWATER INC. | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||
Revenues: | ||||||||||||||||
Vessel revenues | $ | 343,463 | $ | 300,515 | $ | 1,337,637 | $ | 998,993 | ||||||||
Other operating revenues | 1,622 | 2,143 | 8,198 | 10,992 | ||||||||||||
Total revenues | 345,085 | 302,658 | 1,345,835 | 1,009,985 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Vessel operating costs | 170,384 | 158,553 | 693,107 | 556,515 | ||||||||||||
Costs of other operating revenues | 688 | 1,337 | 3,555 | 4,342 | ||||||||||||
General and administrative | 30,688 | 24,724 | 110,817 | 95,283 | ||||||||||||
Depreciation and amortization | 64,620 | 59,167 | 242,770 | 180,331 | ||||||||||||
Gain on asset dispositions, net | (2,672 | ) | (4,218 | ) | (15,762 | ) | (8,701 | ) | ||||||||
Total costs and expenses | 263,708 | 239,563 | 1,034,487 | 827,770 | ||||||||||||
Operating income | 81,377 | 63,095 | 311,348 | 182,215 | ||||||||||||
Other income (expense): | ||||||||||||||||
Foreign exchange gain (loss) | (14,337 | ) | 2,250 | (15,276 | ) | (1,370 | ) | |||||||||
Equity in net earnings of unconsolidated companies | — | 10 | — | 39 | ||||||||||||
Interest income and other, net | 2,697 | 3,029 | 6,383 | 6,517 | ||||||||||||
Interest and other debt costs, net | (16,742 | ) | (20,263 | ) | (72,967 | ) | (48,472 | ) | ||||||||
Total other expense | (28,382 | ) | (14,974 | ) | (81,860 | ) | (43,286 | ) | ||||||||
Income before income taxes | 52,995 | 48,121 | 229,488 | 138,929 | ||||||||||||
Income tax expense | 16,376 | 10,793 | 50,216 | 43,308 | ||||||||||||
Net income | 36,619 | 37,328 | 179,272 | 95,621 | ||||||||||||
Less: Net loss attributable to noncontrolling interests | (286 | ) | (336 | ) | (1,384 | ) | (1,564 | ) | ||||||||
Net income attributable to Tidewater Inc. | $ | 36,905 | $ | 37,664 | $ | 180,656 | $ | 97,185 | ||||||||
Basic income per common share | $ | 0.71 | $ | 0.72 | $ | 3.44 | $ | 1.88 | ||||||||
Diluted income per common share | $ | 0.70 | $ | 0.70 | $ | 3.40 | $ | 1.84 | ||||||||
Weighted average common shares outstanding | 52,315 | 52,648 | 52,452 | 51,591 | ||||||||||||
Dilutive effect of warrants, restricted stock units and stock options | 514 | 1,351 | 619 | 1,346 | ||||||||||||
Adjusted weighted average common shares | 52,829 | 53,999 | 53,071 | 52,937 | ||||||||||||
TIDEWATER INC. | ||||||||
December 31, 2024 | December 31, 2023 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 324,918 | $ | 274,437 | ||||
Restricted cash | 2,032 | 1,241 | ||||||
Trade and other receivables, less allowance for credit losses of $3,184 and $15,914 as of December 31, 2024 and 2023, respectively | 323,805 | 268,352 | ||||||
Marine operating supplies | 34,319 | 31,933 | ||||||
Prepaid expenses and other current assets | 13,588 | 15,172 | ||||||
Total current assets | 698,662 | 591,135 | ||||||
Net properties and equipment | 1,184,282 | 1,315,122 | ||||||
Deferred drydocking and survey costs | 152,550 | 106,698 | ||||||
Indemnification assets | 11,946 | 17,370 | ||||||
Other assets | 27,464 | 32,449 | ||||||
Total assets | $ | 2,074,904 | $ | 2,062,774 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 71,385 | $ | 44,931 | ||||
Accrued expenses | 129,894 | 125,590 | ||||||
Current portion of long-term debt | 65,386 | 103,077 | ||||||
Other current liabilities | 64,948 | 55,133 | ||||||
Total current liabilities | 331,613 | 328,731 | ||||||
Long-term debt | 571,710 | 631,361 | ||||||
Other liabilities | 60,396 | 64,985 | ||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Common stock of $0.001 par value, 125,000,000 shares authorized. 51,461,472 and 52,259,303 shares issued and outstanding at December 31, 2024 and 2023, respectively | 52 | 52 | ||||||
Additional paid-in-capital | 1,656,830 | 1,671,759 | ||||||
Accumulated deficit | (548,831 | ) | (637,838 | ) | ||||
Accumulated other comprehensive loss | 6,060 | 5,266 | ||||||
Total stockholders' equity | 1,114,111 | 1,039,239 | ||||||
Noncontrolling interests | (2,926 | ) | (1,542 | ) | ||||
Total equity | 1,111,185 | 1,037,697 | ||||||
Total liabilities and equity | $ | 2,074,904 | $ | 2,062,774 | ||||
TIDEWATER INC. | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||
Net income | $ | 36,619 | $ | 37,328 | $ | 179,272 | $ | 95,621 | ||||||||
Other comprehensive income (loss): | ||||||||||||||||
Unrealized gain on note receivable | — | 682 | 283 | 213 | ||||||||||||
Change in supplemental executive retirement plan pension liability | 318 | (525 | ) | 318 | (525 | ) | ||||||||||
Change in liability of pension plans | 1,150 | 696 | 193 | (2,998 | ) | |||||||||||
Total comprehensive income | $ | 38,087 | $ | 38,181 | $ | 180,066 | $ | 92,311 | ||||||||
TIDEWATER INC. | ||||||||
Twelve Months | Twelve Months | |||||||
Ended | Ended | |||||||
December 31, 2024 | December 31, 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 179,272 | $ | 95,621 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 156,166 | 128,777 | ||||||
Amortization of deferred drydocking and survey costs | 86,604 | 51,554 | ||||||
Amortization of debt premiums and discounts | 6,741 | 4,619 | ||||||
Amortization of below market contracts | (5,000 | ) | (3,800 | ) | ||||
Deferred income taxes provision (benefit) | (2,807 | ) | 92 | |||||
Gain on asset dispositions, net | (15,762 | ) | (8,701 | ) | ||||
Gain on pension settlement | — | (2,313 | ) | |||||
Stock-based compensation expense | 13,681 | 10,755 | ||||||
Changes in assets and liabilities, net of effects of business acquisition: | ||||||||
Trade and other receivables | (55,453 | ) | (109,756 | ) | ||||
Accounts payable | 26,454 | 5,985 | ||||||
Accrued expenses | 7,393 | 20,072 | ||||||
Deferred drydocking and survey costs | (133,258 | ) | (97,378 | ) | ||||
Other, net | 9,818 | 9,178 | ||||||
Net cash provided by operating activities | 273,849 | 104,705 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from asset dispositions | 19,338 | 15,506 | ||||||
Proceeds from sale of notes | 8,054 | — | ||||||
Acquisitions, net of cash acquired | — | (594,191 | ) | |||||
Additions to properties and equipment | (27,580 | ) | (31,588 | ) | ||||
Net cash used in investing activities | (188 | ) | (610,273 | ) | ||||
Cash flows from financing activities: | ||||||||
Exercise of warrants | 4 | 111,483 | ||||||
Issuance of long-term debt | — | 575,000 | ||||||
Principal payments on long-term debt | (103,030 | ) | (13,677 | ) | ||||
Purchase of common stock | (90,742 | ) | (35,025 | ) | ||||
Acquisition of non-controlling interest in a majority owned subsidiary | — | (1,427 | ) | |||||
Debt issuance costs | (213 | ) | (14,758 | ) | ||||
Share based awards reacquired to pay taxes | (28,614 | ) | (6,040 | ) | ||||
Net cash provided by (used in) financing activities | (222,595 | ) | 615,556 | |||||
Net change in cash, cash equivalents and restricted cash | 51,066 | 109,988 | ||||||
Cash, cash equivalents and restricted cash at beginning of period | 277,965 | 167,977 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 329,031 | $ | 277,965 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid during the year for: | ||||||||
Interest, net of amounts capitalized | $ | 66,897 | $ | 26,638 | ||||
Income taxes | $ | 56,909 | $ | 43,880 | ||||
Supplemental disclosure of noncash investing activities: | ||||||||
Purchase of vessels | $ | — | $ | 14,265 | ||||
Supplemental disclosure of noncash financing activities: | ||||||||
Debt incurred for the purchase of vessels | $ | — | $ | 15,235 | ||||
Note: Cash, cash equivalents and restricted cash at December 31, 2024 includes $2.1 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet. | ||||||||
TIDEWATER INC. | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||
Additional | other | Non | ||||||||||||||||||||||
Common | paid-in | Accumulated | comprehensive | controlling | ||||||||||||||||||||
stock | capital | deficit | income | interest | Total | |||||||||||||||||||
Balance at September 30, 2024 | $ | 52 | $ | 1,653,027 | $ | (541,191 | ) | $ | 4,592 | $ | (2,640 | ) | $ | 1,113,840 | ||||||||||
Total comprehensive income (loss) | — | — | 36,905 | 1,468 | (286 | ) | 38,087 | |||||||||||||||||
Exercise of warrants into common stock | — | 2 | — | — | — | 2 | ||||||||||||||||||
Repurchase and retirement of common stock | — | — | (44,545 | ) | — | — | (44,545 | ) | ||||||||||||||||
Amortization of share-based awards | — | 3,801 | — | — | — | 3,801 | ||||||||||||||||||
Balance at December 31, 2024 | $ | 52 | $ | 1,656,830 | $ | (548,831 | ) | $ | 6,060 | $ | (2,926 | ) | $ | 1,111,185 | ||||||||||
Balance at September 30, 2023 | $ | 53 | $ | 1,668,392 | $ | (640,128 | ) | $ | 4,413 | $ | (1,206 | ) | $ | 1,031,524 | ||||||||||
Total comprehensive income (loss) | — | — | 37,664 | 853 | (336 | ) | 38,181 | |||||||||||||||||
Repurchase and retirement of common stock | (1 | ) | — | (35,374 | ) | — | — | (35,375 | ) | |||||||||||||||
Amortization of share-based awards | — | 3,367 | — | — | — | 3,367 | ||||||||||||||||||
Balance at December 31, 2023 | $ | 52 | $ | 1,671,759 | $ | (637,838 | ) | $ | 5,266 | $ | (1,542 | ) | $ | 1,037,697 | ||||||||||
Twelve Months Ended | ||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||
Additional | other | Non | ||||||||||||||||||||||
Common | paid-in | Accumulated | comprehensive | controlling | ||||||||||||||||||||
stock | capital | deficit | income (loss) | interest | Total | |||||||||||||||||||
Balance at December 31, 2023 | $ | 52 | $ | 1,671,759 | $ | (637,838 | ) | $ | 5,266 | $ | (1,542 | ) | $ | 1,037,697 | ||||||||||
Total comprehensive income (loss) | — | — | 180,656 | 794 | (1,384 | ) | 180,066 | |||||||||||||||||
Exercise of warrants into common stock | — | 4 | — | — | — | 4 | ||||||||||||||||||
Issuance of common stock | 1 | (1 | ) | — | — | — | — | |||||||||||||||||
Repurchase and retirement of common stock | (1 | ) | — | (91,649 | ) | — | — | (91,650 | ) | |||||||||||||||
Amortization of share-based awards | — | (14,932 | ) | — | — | — | (14,932 | ) | ||||||||||||||||
Balance at December 31, 2024 | $ | 52 | $ | 1,656,830 | $ | (548,831 | ) | $ | 6,060 | $ | (2,926 | ) | $ | 1,111,185 | ||||||||||
Balance at December 31, 2022 | $ | 51 | $ | 1,556,990 | $ | (699,649 | ) | $ | 8,576 | $ | 22 | $ | 865,990 | |||||||||||
Total comprehensive income (loss) | — | — | 97,185 | (3,310 | ) | (1,564 | ) | 92,311 | ||||||||||||||||
Exercise of warrants into common stock | 2 | 111,481 | — | — | — | 111,483 | ||||||||||||||||||
Repurchase and retirement of common stock | (1 | ) | — | (35,374 | ) | — | — | (35,375 | ) | |||||||||||||||
Acquisition of non-controlling interest in a majority owned subsidiary | — | (1,427 | ) | — | — | — | (1,427 | ) | ||||||||||||||||
Amortization of share-based awards | — | 4,715 | — | — | — | 4,715 | ||||||||||||||||||
Balance at December 31, 2023 | $ | 52 | $ | 1,671,759 | $ | (637,838 | ) | $ | 5,266 | $ | (1,542 | ) | $ | 1,037,697 | ||||||||||
The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows: | ||||||||||||||||||||||||||||||||
(In Thousands) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||
December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||
Vessel revenues: | ||||||||||||||||||||||||||||||||
Americas | $ | 60,240 | 18 | % | $ | 68,425 | 23 | % | $ | 261,929 | 20 | % | $ | 237,205 | 24 | % | ||||||||||||||||
Asia Pacific | 51,043 | 15 | % | 38,632 | 13 | % | 210,328 | 16 | % | 122,235 | 12 | % | ||||||||||||||||||||
Middle East | 40,772 | 12 | % | 38,072 | 12 | % | 152,187 | 11 | % | 135,375 | 14 | % | ||||||||||||||||||||
Europe/Mediterranean | 84,109 | 24 | % | 80,743 | 27 | % | 333,081 | 25 | % | 230,217 | 23 | % | ||||||||||||||||||||
West Africa | 107,299 | 31 | % | 74,643 | 25 | % | 380,112 | 28 | % | 273,961 | 27 | % | ||||||||||||||||||||
Total vessel revenues | $ | 343,463 | 100 | % | $ | 300,515 | 100 | % | $ | 1,337,637 | 100 | % | $ | 998,993 | 100 | % | ||||||||||||||||
Vessel operating costs: | ||||||||||||||||||||||||||||||||
Crew costs | $ | 99,985 | 29 | % | $ | 97,537 | 33 | % | $ | 416,276 | 31 | % | $ | 329,473 | 33 | % | ||||||||||||||||
Repair and maintenance | 26,731 | 8 | % | 21,635 | 7 | % | 98,376 | 7 | % | 78,716 | 8 | % | ||||||||||||||||||||
Insurance | 2,857 | 1 | % | 2,765 | 1 | % | 11,027 | 1 | % | 9,297 | 1 | % | ||||||||||||||||||||
Fuel, lube and supplies | 15,278 | 5 | % | 15,265 | 5 | % | 65,371 | 5 | % | 60,548 | 6 | % | ||||||||||||||||||||
Other | 25,533 | 7 | % | 21,351 | 7 | % | 102,057 | 8 | % | 78,481 | 8 | % | ||||||||||||||||||||
Total vessel operating costs | 170,384 | 50 | % | 158,553 | 53 | % | 693,107 | 52 | % | 556,515 | 56 | % | ||||||||||||||||||||
Vessel operating margin (A) | $ | 173,079 | 50 | % | $ | 141,962 | 47 | % | $ | 644,530 | 48 | % | $ | 442,478 | 44 | % | ||||||||||||||||
Note (A): Vessel operating margin equals vessel revenues less vessel operating costs. | ||||||||||||||||||||||||||||||||
The company’s operating income (loss) and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows: | ||||||||||||||||||||||||||||||||
(In Thousands) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||
December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||
Vessel operating profit: | ||||||||||||||||||||||||||||||||
Americas | $ | 11,206 | 3 | % | $ | 16,171 | 5 | % | $ | 54,779 | 4 | % | $ | 42,964 | 4 | % | ||||||||||||||||
Asia Pacific | 12,799 | 4 | % | 11,322 | 4 | % | 59,869 | 4 | % | 38,471 | 4 | % | ||||||||||||||||||||
Middle East | 4,983 | 2 | % | 2,093 | 1 | % | 3,770 | 0 | % | (1,051 | ) | (0 | )% | |||||||||||||||||||
Europe/Mediterranean | 11,624 | 3 | % | 13,768 | 5 | % | 53,873 | 4 | % | 33,687 | 3 | % | ||||||||||||||||||||
West Africa | 54,157 | 16 | % | 27,360 | 9 | % | 176,432 | 13 | % | 98,447 | 10 | % | ||||||||||||||||||||
Other operating profit | 934 | 0 | % | 806 | 0 | % | 4,643 | 1 | % | 6,650 | 1 | % | ||||||||||||||||||||
95,703 | 28 | % | 71,520 | 24 | % | 353,366 | 26 | % | 219,168 | 22 | % | |||||||||||||||||||||
Corporate expenses (A) | (16,998 | ) | (5 | )% | (12,643 | ) | (4 | )% | (57,780 | ) | (4 | )% | (45,654 | ) | (5 | )% | ||||||||||||||||
Gain on asset dispositions, net | 2,672 | 1 | % | 4,218 | 1 | % | 15,762 | 1 | % | 8,701 | 1 | % | ||||||||||||||||||||
Operating income | $ | 81,377 | 24 | % | $ | 63,095 | 21 | % | $ | 311,348 | 23 | % | $ | 182,215 | 18 | % | ||||||||||||||||
Note (A): General and administrative expenses for the three and twelve months ended December 31, 2024 include stock-based compensation of $3.9 million and $13.7 million, respectively. General and administrative expenses for the three months and twelve months ended December 31, 2023 include stock-based compensation of $3.5 million and $10.8 million, respectively. In addition, vessel operating and general and administrative costs for the three and twelve months ended December 31, 2024, include $1.0 million and $2.3 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and twelve months ended December 31, 2023, include $2.2 million and $10.9 million in one-time acquisition, restructuring and integration related costs, respectively. | ||||||||||||||||||||||||||||||||
TIDEWATER INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Vessel revenues | $ | 343,463 | $ | 338,485 | $ | 337,003 | $ | 318,686 | $ | 300,515 | ||||||||||
Other operating revenues | 1,622 | 1,871 | 2,227 | 2,478 | 2,143 | |||||||||||||||
Total revenues | 345,085 | 340,356 | 339,230 | 321,164 | 302,658 | |||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Vessel operating costs (A) | 170,384 | 178,654 | 176,513 | 167,556 | 158,553 | |||||||||||||||
Costs of other operating revenue | 688 | 901 | 816 | 1,150 | 1,337 | |||||||||||||||
General and administrative (A) | 30,688 | 28,471 | 26,329 | 25,329 | 24,724 | |||||||||||||||
Depreciation and amortization | 64,620 | 62,435 | 59,445 | 56,270 | 59,167 | |||||||||||||||
Gain on asset dispositions, net | (2,672 | ) | (51 | ) | (2,000 | ) | (11,039 | ) | (4,218 | ) | ||||||||||
Total operating costs and expenses | 263,708 | 270,410 | 261,103 | 239,266 | 239,563 | |||||||||||||||
Operating income | 81,377 | 69,946 | 78,127 | 81,898 | 63,095 | |||||||||||||||
Other income (expense): | ||||||||||||||||||||
Foreign exchange gain (loss) | (14,337 | ) | 5,522 | (2,376 | ) | (4,085 | ) | 2,250 | ||||||||||||
Equity in net earnings (losses) of unconsolidated companies | — | — | 5 | (5 | ) | 10 | ||||||||||||||
Interest income and other, net | 2,697 | 1,028 | 1,175 | 1,483 | 3,029 | |||||||||||||||
Interest and other debt costs, net | (16,742 | ) | (17,622 | ) | (19,127 | ) | (19,476 | ) | (20,263 | ) | ||||||||||
Total other expense | (28,382 | ) | (11,072 | ) | (20,323 | ) | (22,083 | ) | (14,974 | ) | ||||||||||
Income before income taxes | 52,995 | 58,874 | 57,804 | 59,815 | 48,121 | |||||||||||||||
Income tax expense | 16,376 | 12,883 | 7,887 | 13,070 | 10,793 | |||||||||||||||
Net income | 36,619 | 45,991 | 49,917 | 46,745 | 37,328 | |||||||||||||||
Net loss attributable to noncontrolling interests | (286 | ) | (380 | ) | (437 | ) | (281 | ) | (336 | ) | ||||||||||
Net income attributable to Tidewater Inc. | $ | 36,905 | $ | 46,371 | $ | 50,354 | $ | 47,026 | $ | 37,664 | ||||||||||
Basic income per common share | $ | 0.71 | $ | 0.88 | $ | 0.96 | $ | 0.90 | $ | 0.72 | ||||||||||
Diluted income per common share | $ | 0.70 | $ | 0.87 | $ | 0.94 | $ | 0.89 | $ | 0.70 | ||||||||||
Weighted average common shares outstanding | 52,315 | 52,490 | 52,684 | 52,320 | 52,648 | |||||||||||||||
Dilutive effect of warrants, restricted stock units and stock options | 514 | 593 | 663 | 580 | 1,351 | |||||||||||||||
Adjusted weighted average common shares | 52,829 | 53,083 | 53,347 | 52,900 | 53,999 | |||||||||||||||
Vessel operating margin | $ | 173,079 | $ | 159,831 | $ | 160,490 | $ | 151,130 | $ | 141,962 | ||||||||||
Note (A): Acquisition, restructuring and integration related costs | $ | 978 | $ | 581 | $ | — | $ | 709 | $ | 2,177 | ||||||||||
TIDEWATER INC. | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 324,918 | $ | 280,840 | $ | 315,897 | $ | 280,853 | $ | 274,437 | ||||||||||
Restricted cash | 2,032 | 7,259 | 3,527 | 6,474 | 1,241 | |||||||||||||||
Trade and other receivables, net | 323,805 | 293,085 | 280,498 | 285,968 | 268,352 | |||||||||||||||
Marine operating supplies | 34,319 | 26,670 | 26,908 | 24,767 | 31,933 | |||||||||||||||
Prepaid expenses and other current assets | 13,588 | 18,117 | 20,115 | 17,447 | 15,172 | |||||||||||||||
Total current assets | 698,662 | 625,971 | 646,945 | 615,509 | 591,135 | |||||||||||||||
Net properties and equipment | 1,184,282 | 1,220,056 | 1,253,583 | 1,286,618 | 1,315,122 | |||||||||||||||
Deferred drydocking and survey costs | 152,550 | 160,944 | 148,657 | 128,639 | 106,698 | |||||||||||||||
Indemnification assets | 11,946 | 12,216 | 10,920 | 16,642 | 17,370 | |||||||||||||||
Other assets | 27,464 | 27,944 | 29,643 | 30,408 | 32,449 | |||||||||||||||
Total assets | $ | 2,074,904 | $ | 2,047,131 | $ | 2,089,748 | $ | 2,077,816 | $ | 2,062,774 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 71,385 | $ | 64,058 | $ | 60,740 | $ | 51,774 | $ | 44,931 | ||||||||||
Accrued expenses | 129,894 | 117,878 | 133,149 | 132,190 | 125,590 | |||||||||||||||
Current portion of long-term debt | 65,386 | 53,105 | 102,993 | 103,009 | 103,077 | |||||||||||||||
Other current liabilities | 64,948 | 38,532 | 43,342 | 52,164 | 55,133 | |||||||||||||||
Total current liabilities | 331,613 | 273,573 | 340,224 | 339,137 | 328,731 | |||||||||||||||
Long-term debt | 571,710 | 597,352 | 607,998 | 620,329 | 631,361 | |||||||||||||||
Other liabilities | 60,396 | 62,366 | 62,539 | 63,197 | 64,985 | |||||||||||||||
Equity: | ||||||||||||||||||||
Common stock | 52 | 52 | 52 | 53 | 52 | |||||||||||||||
Additional paid-in-capital | 1,656,830 | 1,653,027 | 1,649,523 | 1,646,061 | 1,671,759 | |||||||||||||||
Accumulated deficit | (548,831 | ) | (541,191 | ) | (573,390 | ) | (594,347 | ) | (637,838 | ) | ||||||||||
Accumulated other comprehensive income | 6,060 | 4,592 | 5,062 | 5,209 | 5,266 | |||||||||||||||
Total stockholders' equity | 1,114,111 | 1,116,480 | 1,081,247 | 1,056,976 | 1,039,239 | |||||||||||||||
Noncontrolling interests | (2,926 | ) | (2,640 | ) | (2,260 | ) | (1,823 | ) | (1,542 | ) | ||||||||||
Total equity | 1,111,185 | 1,113,840 | 1,078,987 | 1,055,153 | 1,037,697 | |||||||||||||||
Total liabilities and equity | $ | 2,074,904 | $ | 2,047,131 | $ | 2,089,748 | $ | 2,077,816 | $ | 2,062,774 | ||||||||||
TIDEWATER INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 36,619 | $ | 45,991 | $ | 49,917 | $ | 46,745 | $ | 37,328 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation | 38,736 | 39,239 | 39,380 | 38,811 | 42,788 | |||||||||||||||
Amortization of deferred drydocking and survey costs | 25,884 | 23,196 | 20,065 | 17,459 | 16,379 | |||||||||||||||
Amortization of debt premiums and discounts | 1,612 | 1,536 | 1,779 | 1,814 | 1,975 | |||||||||||||||
Amortization of below market contracts | (1,071 | ) | (1,073 | ) | (1,650 | ) | (1,206 | ) | (1,894 | ) | ||||||||||
Deferred income taxes provision (benefit) | (2,863 | ) | 24 | (41 | ) | 73 | 23 | |||||||||||||
Gain on asset dispositions, net | (2,672 | ) | (51 | ) | (2,000 | ) | (11,039 | ) | (4,218 | ) | ||||||||||
Gain on pension settlement | — | — | — | — | (506 | ) | ||||||||||||||
Stock-based compensation expense | 3,886 | 3,569 | 3,460 | 2,766 | 3,508 | |||||||||||||||
Changes in assets and liabilities, net of effects of business acquisition: | ||||||||||||||||||||
Trade and other receivables | (30,720 | ) | (12,587 | ) | 5,470 | (17,616 | ) | (17,072 | ) | |||||||||||
Accounts payable | 7,327 | 3,318 | 8,966 | 6,843 | (12,252 | ) | ||||||||||||||
Accrued expenses | 12,016 | (15,271 | ) | 4,048 | 6,600 | 5,841 | ||||||||||||||
Deferred drydocking and survey costs | (17,674 | ) | (35,483 | ) | (40,083 | ) | (40,018 | ) | (24,069 | ) | ||||||||||
Other, net | 20,223 | (3,272 | ) | (10,666 | ) | 3,533 | (600 | ) | ||||||||||||
Net cash provided by operating activities | 91,303 | 49,136 | 78,645 | 54,765 | 47,231 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Proceeds from asset dispositions | 4,470 | 51 | 2,354 | 12,463 | 5,902 | |||||||||||||||
Proceeds from sale of notes | 5,846 | 1,506 | 702 | — | — | |||||||||||||||
Additions to properties and equipment | (4,534 | ) | (5,712 | ) | (6,392 | ) | (10,942 | ) | (8,386 | ) | ||||||||||
Net cash provided by (used in) investing activities | 5,782 | (4,155 | ) | (3,336 | ) | 1,521 | (2,484 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Exercise of warrants | 2 | — | 2 | — | — | |||||||||||||||
Principal payments on long-term debt | (14,023 | ) | (62,500 | ) | (14,007 | ) | (12,500 | ) | (13,677 | ) | ||||||||||
Purchase of common stock | (44,103 | ) | (13,741 | ) | (29,397 | ) | (3,501 | ) | (35,025 | ) | ||||||||||
Debt issuance costs | (20 | ) | — | (58 | ) | (135 | ) | — | ||||||||||||
Share based awards reacquired to pay taxes | (86 | ) | (65 | ) | (1 | ) | (28,462 | ) | (141 | ) | ||||||||||
Net cash used in financing activities | (58,230 | ) | (76,306 | ) | (43,461 | ) | (44,598 | ) | (48,843 | ) | ||||||||||
Net change in cash, cash equivalents and restricted cash | 38,855 | (31,325 | ) | 31,848 | 11,688 | (4,096 | ) | |||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 290,176 | 321,501 | 289,653 | 277,965 | 282,061 | |||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 329,031 | $ | 290,176 | $ | 321,501 | $ | 289,653 | $ | 277,965 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||
Cash paid during the year for: | ||||||||||||||||||||
Interest, net of amounts capitalized | $ | 12,816 | $ | 23,535 | $ | 14,925 | $ | 15,621 | $ | 18,186 | ||||||||||
Income taxes | $ | 11,268 | $ | 12,557 | $ | 17,481 | $ | 15,603 | $ | 7,295 | ||||||||||
Supplemental disclosure of noncash investing activities: | ||||||||||||||||||||
Purchase of vessels | $ | — | $ | — | $ | — | $ | — | $ | 2,067 | ||||||||||
Supplemental disclosure of noncash financing activities: | ||||||||||||||||||||
Debt incurred for purchase of vessels | $ | — | $ | — | $ | — | $ | — | $ | 3,037 | ||||||||||
TIDEWATER INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
VESSEL REVENUE BY VESSEL CLASS | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV > 900 | $ | 24,158 | $ | 27,192 | $ | 31,400 | $ | 29,924 | $ | 28,714 | ||||||||||
PSV < 900 | 26,743 | 26,926 | 28,010 | 24,531 | 28,143 | |||||||||||||||
AHTS > 16K | 2,969 | 6,249 | 7,228 | 2,036 | 4,034 | |||||||||||||||
AHTS 8 - 16K | 930 | 908 | 2,002 | 2,476 | 2,316 | |||||||||||||||
AHTS 4 - 8K | 1,726 | 351 | 219 | 945 | 1,428 | |||||||||||||||
Other | 3,714 | 2,980 | 4,283 | 4,029 | 3,790 | |||||||||||||||
Total | 60,240 | 64,606 | 73,142 | 63,941 | 68,425 | |||||||||||||||
Asia Pacific fleet: | ||||||||||||||||||||
PSV > 900 | 18,881 | 19,535 | 21,578 | 23,210 | 19,485 | |||||||||||||||
PSV < 900 | 16,101 | 17,214 | 14,402 | 11,830 | 8,679 | |||||||||||||||
AHTS > 16K | 10,851 | 12,358 | 7,815 | 4,555 | 3,759 | |||||||||||||||
AHTS 8 - 16K | 2,836 | 4,640 | 7,874 | 4,507 | 4,706 | |||||||||||||||
AHTS 4 - 8K | 2,020 | 2,182 | 1,269 | 1,576 | 1,601 | |||||||||||||||
Other | 354 | 354 | 2,283 | 2,103 | 402 | |||||||||||||||
Total | 51,043 | 56,283 | 55,221 | 47,781 | 38,632 | |||||||||||||||
Middle East fleet: | ||||||||||||||||||||
PSV > 900 | 1,485 | 1,387 | 1,359 | 1,365 | 1,378 | |||||||||||||||
PSV < 900 | 21,962 | 19,909 | 19,963 | 21,017 | 19,215 | |||||||||||||||
AHTS > 16K | — | — | (3 | ) | 287 | 1,178 | ||||||||||||||
AHTS 8 - 16K | 3,425 | 3,450 | 3,163 | 2,397 | 3,094 | |||||||||||||||
AHTS 4 - 8K | 13,900 | 12,201 | 12,054 | 12,866 | 13,207 | |||||||||||||||
Total | 40,772 | 36,947 | 36,536 | 37,932 | 38,072 | |||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
PSV > 900 | 66,380 | 66,808 | 64,875 | 61,827 | 61,559 | |||||||||||||||
PSV < 900 | 15,287 | 13,679 | 13,290 | 14,126 | 15,356 | |||||||||||||||
AHTS > 16K | 1,378 | 3,790 | 4,057 | 3,346 | 2,437 | |||||||||||||||
Other | 1,064 | 1,048 | 1,044 | 1,082 | 1,391 | |||||||||||||||
Total | 84,109 | 85,325 | 83,266 | 80,381 | 80,743 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
PSV > 900 | 28,064 | 17,012 | 20,044 | 21,743 | 15,478 | |||||||||||||||
PSV < 900 | 44,047 | 41,367 | 32,601 | 31,812 | 31,893 | |||||||||||||||
AHTS > 16K | 9,602 | 8,916 | 8,065 | 8,048 | 6,994 | |||||||||||||||
AHTS 8 - 16K | 17,898 | 18,453 | 18,466 | 16,316 | 11,219 | |||||||||||||||
AHTS 4 - 8K | 3,185 | 3,100 | 2,827 | 2,370 | 2,126 | |||||||||||||||
Other | 4,503 | 6,476 | 6,835 | 8,362 | 6,933 | |||||||||||||||
Total | 107,299 | 95,324 | 88,838 | 88,651 | 74,643 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV > 900 | 138,968 | 131,934 | 139,256 | 138,069 | 126,614 | |||||||||||||||
PSV < 900 | 124,140 | 119,095 | 108,266 | 103,316 | 103,286 | |||||||||||||||
AHTS > 16K | 24,800 | 31,313 | 27,162 | 18,272 | 18,402 | |||||||||||||||
AHTS 8 - 16K | 25,089 | 27,451 | 31,505 | 25,696 | 21,335 | |||||||||||||||
AHTS 4 - 8K | 20,831 | 17,834 | 16,369 | 17,757 | 18,362 | |||||||||||||||
Other | 9,635 | 10,858 | 14,445 | 15,576 | 12,516 | |||||||||||||||
Total | $ | 343,463 | $ | 338,485 | $ | 337,003 | $ | 318,686 | $ | 300,515 | ||||||||||
TIDEWATER INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
AVERAGE NUMBER OF VESSELS: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV > 900 | 10 | 10 | 11 | 11 | 12 | |||||||||||||||
PSV < 900 | 16 | 17 | 17 | 18 | 18 | |||||||||||||||
AHTS > 16K | 2 | 2 | 2 | 2 | 2 | |||||||||||||||
AHTS 8 - 16K | 1 | 1 | 2 | 2 | 2 | |||||||||||||||
AHTS 4 - 8K | 2 | 2 | 2 | 2 | 2 | |||||||||||||||
Other | 2 | 2 | 1 | 1 | 2 | |||||||||||||||
Total | 33 | 34 | 35 | 36 | 38 | |||||||||||||||
Stacked vessels | — | — | — | (1 | ) | (1 | ) | |||||||||||||
Active vessels | 33 | 34 | 35 | 35 | 37 | |||||||||||||||
Asia Pacific fleet: | ||||||||||||||||||||
PSV > 900 | 9 | 9 | 9 | 8 | 8 | |||||||||||||||
PSV < 900 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||
AHTS > 16K | 3 | 3 | 3 | 3 | 2 | |||||||||||||||
AHTS 8 - 16K | 2 | 2 | 3 | 3 | 3 | |||||||||||||||
AHTS 4 - 8K | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Other | — | — | 1 | 1 | — | |||||||||||||||
Total | 20 | 20 | 22 | 21 | 19 | |||||||||||||||
Stacked vessels | — | — | — | — | — | |||||||||||||||
Active vessels | 20 | 20 | 22 | 21 | 19 | |||||||||||||||
Middle East fleet: | ||||||||||||||||||||
PSV > 900 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
PSV < 900 | 20 | 20 | 20 | 20 | 20 | |||||||||||||||
AHTS > 16K | — | — | — | — | 1 | |||||||||||||||
AHTS 8 - 16K | 5 | 5 | 5 | 5 | 5 | |||||||||||||||
AHTS 4 - 8K | 17 | 17 | 17 | 17 | 18 | |||||||||||||||
Total | 43 | 43 | 43 | 43 | 45 | |||||||||||||||
Stacked vessels | — | — | — | — | — | |||||||||||||||
Active vessels | 43 | 43 | 43 | 43 | 45 | |||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
PSV > 900 | 39 | 40 | 39 | 40 | 39 | |||||||||||||||
PSV < 900 | 9 | 9 | 9 | 9 | 10 | |||||||||||||||
AHTS > 16K | 2 | 2 | 2 | 2 | 2 | |||||||||||||||
Total | 50 | 51 | 50 | 51 | 51 | |||||||||||||||
Stacked vessels | — | — | — | — | — | |||||||||||||||
Active vessels | 50 | 51 | 50 | 51 | 51 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
PSV > 900 | 10 | 9 | 9 | 9 | 9 | |||||||||||||||
PSV < 900 | 20 | 19 | 19 | 19 | 19 | |||||||||||||||
AHTS > 16K | 4 | 4 | 4 | 4 | 4 | |||||||||||||||
AHTS 8 - 16K | 13 | 13 | 11 | 11 | 11 | |||||||||||||||
AHTS 4 - 8K | 3 | 3 | 4 | 4 | 4 | |||||||||||||||
Other | 20 | 20 | 20 | 21 | 21 | |||||||||||||||
Total | 70 | 68 | 67 | 68 | 68 | |||||||||||||||
Stacked vessels | — | — | (1 | ) | (1 | ) | (1 | ) | ||||||||||||
Active vessels | 70 | 68 | 66 | 67 | 67 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV > 900 | 69 | 69 | 69 | 69 | 69 | |||||||||||||||
PSV < 900 | 70 | 70 | 70 | 71 | 72 | |||||||||||||||
AHTS > 16K | 11 | 11 | 11 | 11 | 11 | |||||||||||||||
AHTS 8 - 16K | 21 | 21 | 21 | 21 | 21 | |||||||||||||||
AHTS 4 - 8K | 23 | 23 | 24 | 24 | 25 | |||||||||||||||
Other | 22 | 22 | 22 | 23 | 23 | |||||||||||||||
Total | 216 | 216 | 217 | 219 | 221 | |||||||||||||||
Stacked vessels | — | — | (1 | ) | (2 | ) | (2 | ) | ||||||||||||
Active vessels | 216 | 216 | 216 | 217 | 219 | |||||||||||||||
Total active | 216 | 216 | 216 | 217 | 219 | |||||||||||||||
Total stacked | — | — | 1 | 2 | 2 | |||||||||||||||
Total | 216 | 216 | 217 | 219 | 221 | |||||||||||||||
TIDEWATER INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
AVAILABLE DAYS - TOTAL FLEET: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV > 900 | 920 | 920 | 960 | 1,001 | 1,104 | |||||||||||||||
PSV < 900 | 1,472 | 1,531 | 1,547 | 1,631 | 1,675 | |||||||||||||||
AHTS > 16K | 184 | 184 | 182 | 182 | 184 | |||||||||||||||
AHTS 8 - 16K | 92 | 92 | 182 | 182 | 184 | |||||||||||||||
AHTS 4 - 8K | 184 | 184 | 182 | 182 | 184 | |||||||||||||||
Other | 184 | 184 | 123 | 128 | 184 | |||||||||||||||
Total | 3,036 | 3,095 | 3,176 | 3,306 | 3,515 | |||||||||||||||
Asia Pacific fleet: | ||||||||||||||||||||
PSV > 900 | 828 | 828 | 819 | 765 | 736 | |||||||||||||||
PSV < 900 | 460 | 460 | 455 | 455 | 454 | |||||||||||||||
AHTS > 16K | 276 | 276 | 273 | 241 | 184 | |||||||||||||||
AHTS 8 - 16K | 184 | 221 | 273 | 273 | 276 | |||||||||||||||
AHTS 4 - 8K | 92 | 92 | 91 | 91 | 92 | |||||||||||||||
Other | — | — | 59 | 54 | — | |||||||||||||||
Total | 1,840 | 1,877 | 1,970 | 1,879 | 1,742 | |||||||||||||||
Middle East fleet: | ||||||||||||||||||||
PSV > 900 | 92 | 92 | 91 | 91 | 92 | |||||||||||||||
PSV < 900 | 1,840 | 1,840 | 1,820 | 1,820 | 1,840 | |||||||||||||||
AHTS > 16K | — | — | — | 32 | 92 | |||||||||||||||
AHTS 8 - 16K | 460 | 460 | 455 | 455 | 460 | |||||||||||||||
AHTS 4 - 8K | 1,564 | 1,564 | 1,547 | 1,547 | 1,615 | |||||||||||||||
Total | 3,956 | 3,956 | 3,913 | 3,945 | 4,099 | |||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
PSV > 900 | 3,588 | 3,680 | 3,590 | 3,603 | 3,588 | |||||||||||||||
PSV < 900 | 828 | 828 | 819 | 838 | 920 | |||||||||||||||
AHTS > 16K | 184 | 184 | 182 | 182 | 184 | |||||||||||||||
Total | 4,600 | 4,692 | 4,591 | 4,623 | 4,692 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
PSV > 900 | 920 | 828 | 819 | 819 | 828 | |||||||||||||||
PSV < 900 | 1,840 | 1,781 | 1,729 | 1,729 | 1,735 | |||||||||||||||
AHTS > 16K | 368 | 368 | 364 | 364 | 368 | |||||||||||||||
AHTS 8 - 16K | 1,196 | 1,159 | 1,001 | 1,001 | 1,012 | |||||||||||||||
AHTS 4 - 8K | 235 | 276 | 330 | 364 | 385 | |||||||||||||||
Other | 1,840 | 1,840 | 1,820 | 1,875 | 1,899 | |||||||||||||||
Total | 6,399 | 6,252 | 6,063 | 6,152 | 6,227 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV > 900 | 6,348 | 6,348 | 6,279 | 6,279 | 6,348 | |||||||||||||||
PSV < 900 | 6,440 | 6,440 | 6,370 | 6,473 | 6,624 | |||||||||||||||
AHTS > 16K | 1,012 | 1,012 | 1,001 | 1,001 | 1,012 | |||||||||||||||
AHTS 8 - 16K | 1,932 | 1,932 | 1,911 | 1,911 | 1,932 | |||||||||||||||
AHTS 4 - 8K | 2,075 | 2,116 | 2,150 | 2,184 | 2,276 | |||||||||||||||
Other | 2,024 | 2,024 | 2,002 | 2,057 | 2,083 | |||||||||||||||
Total | 19,831 | 19,872 | 19,713 | 19,905 | 20,275 | |||||||||||||||
TIDEWATER INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
OUT-OF-SERVICE - STACKED DAYS: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV < 900 | 15 | — | — | 84 | 92 | |||||||||||||||
Total | 15 | — | — | 84 | 92 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
AHTS 4 - 8K | — | — | 57 | 91 | 109 | |||||||||||||||
Other | — | — | — | — | 16 | |||||||||||||||
Total | — | — | 57 | 91 | 125 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV < 900 | 15 | — | — | 84 | 92 | |||||||||||||||
AHTS 4 - 8K | — | — | 57 | 91 | 109 | |||||||||||||||
Other | — | — | — | — | 16 | |||||||||||||||
Total | 15 | — | 57 | 175 | 217 | |||||||||||||||
TIDEWATER INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
AVAILABLE DAYS - ACTIVE FLEET: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV > 900 | 920 | 920 | 960 | 1,001 | 1,104 | |||||||||||||||
PSV < 900 | 1,457 | 1,531 | 1,547 | 1,547 | 1,583 | |||||||||||||||
AHTS > 16K | 184 | 184 | 182 | 182 | 184 | |||||||||||||||
AHTS 8 - 16K | 92 | 92 | 182 | 182 | 184 | |||||||||||||||
AHTS 4 - 8K | 184 | 184 | 182 | 182 | 184 | |||||||||||||||
Other | 184 | 184 | 123 | 128 | 184 | |||||||||||||||
Total | 3,021 | 3,095 | 3,176 | 3,222 | 3,423 | |||||||||||||||
Asia Pacific fleet: | ||||||||||||||||||||
PSV > 900 | 828 | 828 | 819 | 765 | 736 | |||||||||||||||
PSV < 900 | 460 | 460 | 455 | 455 | 454 | |||||||||||||||
AHTS > 16K | 276 | 276 | 273 | 241 | 184 | |||||||||||||||
AHTS 8 - 16K | 184 | 221 | 273 | 273 | 276 | |||||||||||||||
AHTS 4 - 8K | 92 | 92 | 91 | 91 | 92 | |||||||||||||||
Other | — | — | 59 | 54 | — | |||||||||||||||
Total | 1,840 | 1,877 | 1,970 | 1,879 | 1,742 | |||||||||||||||
Middle East fleet: | ||||||||||||||||||||
PSV > 900 | 92 | 92 | 91 | 91 | 92 | |||||||||||||||
PSV < 900 | 1,840 | 1,840 | 1,820 | 1,820 | 1,840 | |||||||||||||||
AHTS > 16K | — | — | — | 32 | 92 | |||||||||||||||
AHTS 8 - 16K | 460 | 460 | 455 | 455 | 460 | |||||||||||||||
AHTS 4 - 8K | 1,564 | 1,564 | 1,547 | 1,547 | 1,615 | |||||||||||||||
Total | 3,956 | 3,956 | 3,913 | 3,945 | 4,099 | |||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
PSV > 900 | 3,588 | 3,680 | 3,590 | 3,603 | 3,588 | |||||||||||||||
PSV < 900 | 828 | 828 | 819 | 838 | 920 | |||||||||||||||
AHTS > 16K | 184 | 184 | 182 | 182 | 184 | |||||||||||||||
Total | 4,600 | 4,692 | 4,591 | 4,623 | 4,692 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
PSV > 900 | 920 | 828 | 819 | 819 | 828 | |||||||||||||||
PSV < 900 | 1,840 | 1,781 | 1,729 | 1,729 | 1,735 | |||||||||||||||
AHTS > 16K | 368 | 368 | 364 | 364 | 368 | |||||||||||||||
AHTS 8 - 16K | 1,196 | 1,159 | 1,001 | 1,001 | 1,012 | |||||||||||||||
AHTS 4 - 8K | 235 | 276 | 273 | 273 | 276 | |||||||||||||||
Other | 1,840 | 1,840 | 1,820 | 1,875 | 1,883 | |||||||||||||||
Total | 6,399 | 6,252 | 6,006 | 6,061 | 6,102 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV > 900 | 6,348 | 6,348 | 6,279 | 6,279 | 6,348 | |||||||||||||||
PSV < 900 | 6,425 | 6,440 | 6,370 | 6,389 | 6,532 | |||||||||||||||
AHTS > 16K | 1,012 | 1,012 | 1,001 | 1,001 | 1,012 | |||||||||||||||
AHTS 8 - 16K | 1,932 | 1,932 | 1,911 | 1,911 | 1,932 | |||||||||||||||
AHTS 4 - 8K | 2,075 | 2,116 | 2,093 | 2,093 | 2,167 | |||||||||||||||
Other | 2,024 | 2,024 | 2,002 | 2,057 | 2,067 | |||||||||||||||
Total | 19,816 | 19,872 | 19,656 | 19,730 | 20,058 | |||||||||||||||
TIDEWATER INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
UTILIZATION - TOTAL FLEET: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV > 900 | 77.4 | % | 83.5 | % | 92.2 | % | 87.9 | % | 77.2 | % | ||||||||||
PSV < 900 | 74.2 | 76.5 | 80.3 | 70.0 | 78.9 | |||||||||||||||
AHTS > 16K | 50.3 | 83.9 | 99.1 | 33.4 | 59.0 | |||||||||||||||
AHTS 8 - 16K | 77.3 | 76.4 | 58.6 | 80.2 | 74.0 | |||||||||||||||
AHTS 4 - 8K | 90.2 | 23.4 | 14.2 | 59.7 | 93.7 | |||||||||||||||
Other | 72.4 | 69.2 | 99.4 | 100.0 | 100.0 | |||||||||||||||
Total | 74.7 | % | 75.4 | % | 80.7 | % | 74.5 | % | 78.9 | % | ||||||||||
Asia Pacific fleet: | ||||||||||||||||||||
PSV > 900 | 63.4 | % | 63.2 | % | 87.6 | % | 93.7 | % | 93.4 | % | ||||||||||
PSV < 900 | 99.5 | 91.7 | 96.3 | 86.3 | 92.3 | |||||||||||||||
AHTS > 16K | 75.4 | 81.8 | 65.3 | 53.4 | 72.7 | |||||||||||||||
AHTS 8 - 16K | 64.9 | 58.8 | 80.8 | 75.9 | 63.9 | |||||||||||||||
AHTS 4 - 8K | 100.0 | 91.7 | 78.5 | 100.0 | 100.0 | |||||||||||||||
Other | — | — | 77.9 | 76.8 | — | |||||||||||||||
Total | 76.2 | % | 73.8 | % | 84.9 | % | 84.0 | % | 86.6 | % | ||||||||||
Middle East fleet: | ||||||||||||||||||||
PSV > 900 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||
PSV < 900 | 91.9 | 85.0 | 88.0 | 95.3 | 88.6 | |||||||||||||||
AHTS > 16K | — | — | — | 69.3 | 100.0 | |||||||||||||||
AHTS 8 - 16K | 64.3 | 71.0 | 66.6 | 50.1 | 60.4 | |||||||||||||||
AHTS 4 - 8K | 80.8 | 75.8 | 82.9 | 86.5 | 87.6 | |||||||||||||||
Total | 84.5 | % | 80.1 | % | 83.8 | % | 86.6 | % | 85.6 | % | ||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
PSV > 900 | 86.1 | % | 86.1 | % | 87.4 | % | 88.9 | % | 91.4 | % | ||||||||||
PSV < 900 | 93.6 | 81.2 | 87.5 | 90.9 | 86.8 | |||||||||||||||
AHTS > 16K | 32.3 | 52.0 | 46.4 | 34.1 | 53.2 | |||||||||||||||
Total | 85.3 | % | 83.9 | % | 85.8 | % | 87.1 | % | 89.0 | % | ||||||||||
West Africa fleet: | ||||||||||||||||||||
PSV > 900 | 88.8 | % | 66.0 | % | 78.4 | % | 86.9 | % | 64.9 | % | ||||||||||
PSV < 900 | 80.9 | 80.0 | 79.2 | 82.6 | 95.4 | |||||||||||||||
AHTS > 16K | 80.1 | 74.7 | 79.5 | 89.8 | 91.1 | |||||||||||||||
AHTS 8 - 16K | 78.6 | 85.5 | 98.2 | 98.6 | 72.4 | |||||||||||||||
AHTS 4 - 8K | 73.4 | 63.3 | 71.9 | 66.7 | 57.6 | |||||||||||||||
Other | 40.8 | 49.6 | 49.5 | 55.9 | 56.9 | |||||||||||||||
Total | 69.8 | % | 69.2 | % | 72.9 | % | 77.1 | % | 73.3 | % | ||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV > 900 | 82.5 | % | 80.3 | % | 87.1 | % | 89.2 | % | 85.8 | % | ||||||||||
PSV < 900 | 85.5 | 81.6 | 84.3 | 84.3 | 87.9 | |||||||||||||||
AHTS > 16K | 64.7 | 74.2 | 73.2 | 60.0 | 75.8 | |||||||||||||||
AHTS 8 - 16K | 73.9 | 78.6 | 84.4 | 82.0 | 68.5 | |||||||||||||||
AHTS 4 - 8K | 81.6 | 70.3 | 75.2 | 81.6 | 83.5 | |||||||||||||||
Other | 43.7 | 51.4 | 53.4 | 59.2 | 60.7 | |||||||||||||||
Total | 77.6 | % | 76.2 | % | 80.5 | % | 81.5 | % | 81.5 | % | ||||||||||
TIDEWATER INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
UTILIZATION - ACTIVE FLEET: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV > 900 | 77.4 | % | 83.5 | % | 92.2 | % | 87.9 | % | 77.2 | % | ||||||||||
PSV < 900 | 75.0 | 76.5 | 80.3 | 73.8 | 83.4 | |||||||||||||||
AHTS > 16K | 50.3 | 83.9 | 99.1 | 33.4 | 59.0 | |||||||||||||||
AHTS 8 - 16K | 77.3 | 76.4 | 58.6 | 80.2 | 74.0 | |||||||||||||||
AHTS 4 - 8K | 90.2 | 23.4 | 14.2 | 59.7 | 93.7 | |||||||||||||||
Other | 72.4 | 69.2 | 99.4 | 100.0 | 100.0 | |||||||||||||||
Total | 75.1 | % | 75.4 | % | 80.7 | % | 76.5 | % | 81.0 | % | ||||||||||
Asia Pacific fleet: | ||||||||||||||||||||
PSV > 900 | 63.4 | % | 63.2 | % | 87.6 | % | 93.7 | % | 93.4 | % | ||||||||||
PSV < 900 | 99.5 | 91.7 | 96.3 | 86.3 | 92.3 | |||||||||||||||
AHTS > 16K | 75.4 | 81.8 | 65.3 | 53.4 | 72.7 | |||||||||||||||
AHTS 8 - 16K | 64.9 | 58.8 | 80.8 | 75.9 | 63.9 | |||||||||||||||
AHTS 4 - 8K | 100.0 | 91.7 | 78.5 | 100.0 | 100.0 | |||||||||||||||
Other | — | — | 77.9 | 76.8 | — | |||||||||||||||
Total | 76.2 | % | 73.8 | % | 84.9 | % | 84.0 | % | 86.6 | % | ||||||||||
Middle East fleet: | ||||||||||||||||||||
PSV > 900 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||
PSV < 900 | 91.9 | 85.0 | 88.0 | 95.3 | 88.6 | |||||||||||||||
AHTS > 16K | — | — | — | 69.3 | 100.0 | |||||||||||||||
AHTS 8 - 16K | 64.3 | 71.0 | 66.6 | 50.1 | 60.4 | |||||||||||||||
AHTS 4 - 8K | 80.8 | 75.8 | 82.9 | 86.5 | 87.6 | |||||||||||||||
Total | 84.5 | % | 80.1 | % | 83.8 | % | 86.6 | % | 85.6 | % | ||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
PSV > 900 | 86.1 | % | 86.1 | % | 87.4 | % | 88.9 | % | 91.4 | % | ||||||||||
PSV < 900 | 93.6 | 81.2 | 87.5 | 90.9 | 86.8 | |||||||||||||||
AHTS > 16K | 32.3 | 52.0 | 46.4 | 34.1 | 53.2 | |||||||||||||||
Total | 85.3 | % | 83.9 | % | 85.8 | % | 87.1 | % | 89.0 | % | ||||||||||
West Africa fleet: | ||||||||||||||||||||
PSV > 900 | 88.8 | % | 66.0 | % | 78.4 | % | 86.9 | % | 64.9 | % | ||||||||||
PSV < 900 | 80.9 | 80.0 | 79.2 | 82.6 | 95.4 | |||||||||||||||
AHTS > 16K | 80.1 | 74.7 | 79.5 | 89.8 | 91.1 | |||||||||||||||
AHTS 8 - 16K | 78.6 | 85.5 | 98.2 | 98.6 | 72.4 | |||||||||||||||
AHTS 4 - 8K | 73.4 | 63.3 | 86.9 | 88.9 | 80.4 | |||||||||||||||
Other | 40.8 | 49.6 | 49.5 | 55.9 | 57.4 | |||||||||||||||
Total | 69.8 | % | 69.2 | % | 73.6 | % | 78.3 | % | 74.8 | % | ||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV > 900 | 82.5 | % | 80.3 | % | 87.1 | % | 89.2 | % | 85.8 | % | ||||||||||
PSV < 900 | 85.7 | 81.6 | 84.3 | 85.4 | 89.2 | |||||||||||||||
AHTS > 16K | 64.7 | 74.2 | 73.2 | 60.0 | 75.8 | |||||||||||||||
AHTS 8 - 16K | 73.9 | 78.6 | 84.4 | 82.0 | 68.5 | |||||||||||||||
AHTS 4 - 8K | 81.6 | 70.3 | 77.2 | 85.1 | 87.7 | |||||||||||||||
Other | 43.7 | 51.4 | 53.4 | 59.2 | 61.2 | |||||||||||||||
Total | 77.7 | % | 76.2 | % | 80.7 | % | 82.3 | % | 82.4 | % | ||||||||||
TIDEWATER INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
AVERAGE VESSEL DAY RATES: (A) | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
PSV > 900 | $ | 33,907 | $ | 35,404 | $ | 35,490 | $ | 34,015 | $ | 33,707 | ||||||||||
PSV < 900 | 24,479 | 22,986 | 22,542 | 21,499 | 21,306 | |||||||||||||||
AHTS > 16K | 32,095 | 40,478 | 40,088 | 33,490 | 37,174 | |||||||||||||||
AHTS 8 - 16K | 13,079 | 12,925 | 18,771 | 16,964 | 16,997 | |||||||||||||||
AHTS 4 - 8K | 10,399 | 8,167 | 8,453 | 8,703 | 8,285 | |||||||||||||||
Other | 27,870 | 23,420 | 30,266 | 30,423 | 18,427 | |||||||||||||||
Total | 26,563 | 27,676 | 28,317 | 25,894 | 24,524 | |||||||||||||||
Asia Pacific fleet: | ||||||||||||||||||||
PSV > 900 | 35,984 | 37,341 | 30,070 | 32,387 | 28,351 | |||||||||||||||
PSV < 900 | 35,192 | 40,805 | 32,875 | 30,122 | 20,703 | |||||||||||||||
AHTS > 16K | 52,170 | 54,756 | 43,808 | 35,411 | 28,120 | |||||||||||||||
AHTS 8 - 16K | 23,746 | 35,682 | 35,678 | 21,757 | 26,680 | |||||||||||||||
AHTS 4 - 8K | 21,959 | 25,883 | 17,758 | 17,315 | 17,404 | |||||||||||||||
Other | — | — | 43,350 | 43,703 | — | |||||||||||||||
Total | 36,203 | 40,419 | 32,848 | 30,101 | 25,378 | |||||||||||||||
Middle East fleet: | ||||||||||||||||||||
PSV > 900 | 16,146 | 15,079 | 14,936 | 14,996 | 14,972 | |||||||||||||||
PSV < 900 | 12,981 | 12,730 | 12,466 | 12,115 | 11,785 | |||||||||||||||
AHTS > 16K | — | — | — | 12,968 | 12,801 | |||||||||||||||
AHTS 8 - 16K | 11,575 | 10,558 | 10,440 | 10,515 | 11,140 | |||||||||||||||
AHTS 4 - 8K | 11,006 | 10,291 | 9,404 | 9,609 | 9,334 | |||||||||||||||
Total | 12,197 | 11,661 | 11,148 | 11,108 | 10,855 | |||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
PSV > 900 | 21,499 | 21,092 | 20,686 | 19,294 | 18,771 | |||||||||||||||
PSV < 900 | 19,727 | 20,347 | 18,543 | 18,557 | 19,227 | |||||||||||||||
AHTS > 16K | 23,177 | 39,597 | 47,999 | 53,966 | 24,899 | |||||||||||||||
Total | 21,249 | 21,484 | 20,950 | 19,763 | 19,061 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
PSV > 900 | 34,334 | 31,118 | 31,231 | 30,557 | 28,797 | |||||||||||||||
PSV < 900 | 29,598 | 29,031 | 23,818 | 22,287 | 19,271 | |||||||||||||||
AHTS > 16K | 32,557 | 32,453 | 27,861 | 24,611 | 20,869 | |||||||||||||||
AHTS 8 - 16K | 19,033 | 18,627 | 18,784 | 16,536 | 15,302 | |||||||||||||||
AHTS 4 - 8K | 18,462 | 17,755 | 11,915 | 9,766 | 9,583 | |||||||||||||||
Other | 6,001 | 7,096 | 7,587 | 7,975 | 6,415 | |||||||||||||||
Total | 24,038 | 22,044 | 20,093 | 18,687 | 16,356 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
PSV > 900 | 26,550 | 25,883 | 25,452 | 24,640 | 23,240 | |||||||||||||||
PSV < 900 | 22,550 | 22,666 | 20,170 | 18,932 | 17,734 | |||||||||||||||
AHTS > 16K | 37,870 | 41,721 | 37,073 | 30,423 | 23,985 | |||||||||||||||
AHTS 8 - 16K | 17,584 | 18,087 | 19,527 | 16,390 | 16,120 | |||||||||||||||
AHTS 4 - 8K | 12,301 | 11,990 | 10,127 | 9,969 | 9,658 | |||||||||||||||
Other | 9,691 | 9,410 | 11,968 | 11,797 | 8,397 | |||||||||||||||
Total | $ | 22,236 | $ | 22,275 | $ | 21,130 | $ | 19,563 | $ | 18,066 | ||||||||||
Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked. | ||||||||||||||||||||
TIDEWATER INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
Americas | ||||||||||||||||||||
Vessel revenues | $ | 60,240 | $ | 64,606 | $ | 73,142 | $ | 63,941 | $ | 68,425 | ||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | 18,519 | 21,646 | 23,318 | 24,062 | 24,045 | |||||||||||||||
Repair and maintenance | 5,271 | 5,227 | 5,645 | 4,534 | 3,846 | |||||||||||||||
Insurance | 506 | 571 | 463 | 494 | 526 | |||||||||||||||
Fuel, lube and supplies | 2,954 | 3,165 | 2,994 | 4,522 | 3,241 | |||||||||||||||
Other | 6,795 | 5,921 | 5,747 | 5,928 | 5,172 | |||||||||||||||
Total vessel operating costs | 34,045 | 36,530 | 38,167 | 39,540 | 36,830 | |||||||||||||||
Vessel operating margin ($) | 26,195 | 28,076 | 34,975 | 24,401 | 31,595 | |||||||||||||||
Vessel operating margin (%) | 43.5 | % | 43.5 | % | 47.8 | % | 38.2 | % | 46.2 | % | ||||||||||
Americas - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 33 | 34 | 35 | 36 | 38 | |||||||||||||||
Utilization - Total fleet | 74.7 | % | 75.4 | % | 80.7 | % | 74.5 | % | 78.9 | % | ||||||||||
Average vessels - Active fleet | 33 | 34 | 35 | 35 | 37 | |||||||||||||||
Utilization - Active fleet | 75.1 | % | 75.4 | % | 80.7 | % | 76.5 | % | 81.0 | % | ||||||||||
Average day rates | $ | 26,563 | $ | 27,676 | $ | 28,317 | $ | 25,894 | $ | 24,524 | ||||||||||
Vessels commencing drydocks | 1 | 4 | 3 | 7 | 3 | |||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 33,812 | $ | 37,103 | $ | 31,698 | $ | 28,688 | $ | 29,684 | ||||||||||
Cash paid for deferred drydocking and survey costs | 3,317 | 5,009 | 9,190 | 8,014 | 5,025 | |||||||||||||||
Amortization of deferred drydocking and survey costs | (5,980 | ) | (5,621 | ) | (5,704 | ) | (5,004 | ) | (5,353 | ) | ||||||||||
Disposals, intersegment transfers and other | — | (2,679 | ) | 1,919 | — | (668 | ) | |||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 31,149 | $ | 33,812 | $ | 37,103 | $ | 31,698 | $ | 28,688 | ||||||||||
TIDEWATER INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
Asia Pacific | ||||||||||||||||||||
Vessel revenues | $ | 51,043 | $ | 56,283 | $ | 55,221 | $ | 47,781 | $ | 38,632 | ||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | 21,954 | 24,685 | 23,023 | 19,306 | 15,177 | |||||||||||||||
Repair and maintenance | 4,304 | 3,834 | 3,092 | 2,769 | 2,977 | |||||||||||||||
Insurance | 319 | 327 | 278 | 273 | 269 | |||||||||||||||
Fuel, lube and supplies | 2,002 | 2,560 | 2,335 | 1,937 | 1,191 | |||||||||||||||
Other | 2,456 | 2,396 | 2,968 | 2,491 | 2,045 | |||||||||||||||
Total vessel operating costs | 31,035 | 33,802 | 31,696 | 26,776 | 21,659 | |||||||||||||||
Vessel operating margin ($) | 20,008 | 22,481 | 23,525 | 21,005 | 16,973 | |||||||||||||||
Vessel operating margin (%) | 39.2 | % | 39.9 | % | 42.6 | % | 44.0 | % | 43.9 | % | ||||||||||
Asia Pacific - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 20 | 20 | 22 | 21 | 19 | |||||||||||||||
Utilization - Total fleet | 76.2 | % | 73.8 | % | 84.9 | % | 84.0 | % | 86.6 | % | ||||||||||
Average vessels - Active fleet | 20 | 20 | 22 | 21 | 19 | |||||||||||||||
Utilization - Active fleet | 76.2 | % | 73.8 | % | 84.9 | % | 84.0 | % | 86.6 | % | ||||||||||
Average day rates | $ | 36,203 | $ | 40,419 | $ | 32,848 | $ | 30,101 | $ | 25,378 | ||||||||||
Vessels commencing drydocks | — | 2 | 2 | 3 | — | |||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 11,248 | $ | 8,744 | $ | 8,376 | $ | 3,769 | $ | 3,595 | ||||||||||
Cash paid for deferred drydocking and survey costs | 1,138 | 4,069 | 1,602 | 4,734 | (18 | ) | ||||||||||||||
Amortization of deferred drydocking and survey costs | (1,968 | ) | (1,565 | ) | (1,234 | ) | (844 | ) | (720 | ) | ||||||||||
Disposals, intersegment transfers and other | — | — | — | 717 | 912 | |||||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 10,418 | $ | 11,248 | $ | 8,744 | $ | 8,376 | $ | 3,769 | ||||||||||
TIDEWATER INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
Middle East | ||||||||||||||||||||
Vessel revenues | $ | 40,772 | $ | 36,947 | $ | 36,536 | $ | 37,932 | $ | 38,072 | ||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | 13,509 | 13,071 | 13,540 | 13,270 | 13,716 | |||||||||||||||
Repair and maintenance | 4,162 | 4,625 | 4,300 | 4,508 | 4,105 | |||||||||||||||
Insurance | 488 | 510 | 464 | 420 | 501 | |||||||||||||||
Fuel, lube and supplies | 2,599 | 2,842 | 2,274 | 2,304 | 2,610 | |||||||||||||||
Other | 4,932 | 6,000 | 7,138 | 6,006 | 4,906 | |||||||||||||||
Total vessel operating costs | 25,690 | 27,048 | 27,716 | 26,508 | 25,838 | |||||||||||||||
Vessel operating margin ($) | 15,082 | 9,899 | 8,820 | 11,424 | 12,234 | |||||||||||||||
Vessel operating margin (%) | 37.0 | % | 26.8 | % | 24.1 | % | 30.1 | % | 32.1 | % | ||||||||||
Middle East - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 43 | 43 | 43 | 43 | 45 | |||||||||||||||
Utilization - Total fleet | 84.5 | % | 80.1 | % | 83.8 | % | 86.6 | % | 85.6 | % | ||||||||||
Average vessels - Active fleet | 43 | 43 | 43 | 43 | 45 | |||||||||||||||
Utilization - Active fleet | 84.5 | % | 80.1 | % | 83.8 | % | 86.6 | % | 85.6 | % | ||||||||||
Average day rates | $ | 12,197 | $ | 11,661 | $ | 11,148 | $ | 11,108 | $ | 10,855 | ||||||||||
Vessels commencing drydocks | 6 | 4 | 3 | 11 | 3 | |||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 24,159 | $ | 23,089 | $ | 23,690 | $ | 19,331 | $ | 21,153 | ||||||||||
Cash paid for deferred drydocking and survey costs | 1,328 | 4,764 | 2,737 | 7,520 | 1,360 | |||||||||||||||
Amortization of deferred drydocking and survey costs | (3,695 | ) | (3,694 | ) | (3,338 | ) | (3,161 | ) | (3,182 | ) | ||||||||||
Disposals, intersegment transfers and other | — | — | — | — | — | |||||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 21,792 | $ | 24,159 | $ | 23,089 | $ | 23,690 | $ | 19,331 | ||||||||||
TIDEWATER INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
Europe/Mediterranean | ||||||||||||||||||||
Vessel revenues | $ | 84,109 | $ | 85,325 | $ | 83,266 | $ | 80,381 | $ | 80,743 | ||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | 26,993 | 28,818 | 27,085 | 26,282 | 25,848 | |||||||||||||||
Repair and maintenance | 8,458 | 7,279 | 7,058 | 5,493 | 6,081 | |||||||||||||||
Insurance | 827 | 827 | 761 | 756 | 791 | |||||||||||||||
Fuel, lube and supplies | 3,171 | 3,924 | 3,461 | 4,094 | 3,717 | |||||||||||||||
Other | 5,180 | 4,974 | 4,351 | 4,359 | 3,719 | |||||||||||||||
Total vessel operating costs | 44,629 | 45,822 | 42,716 | 40,984 | 40,156 | |||||||||||||||
Vessel operating margin ($) | 39,480 | 39,503 | 40,550 | 39,397 | 40,587 | |||||||||||||||
Vessel operating margin (%) | 46.9 | % | 46.3 | % | 48.7 | % | 49.0 | % | 50.3 | % | ||||||||||
Europe/Mediterranean - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 50 | 51 | 50 | 51 | 51 | |||||||||||||||
Utilization - Total fleet | 85.3 | % | 83.9 | % | 85.8 | % | 87.1 | % | 89.0 | % | ||||||||||
Average vessels - Active fleet | 50 | 51 | 50 | 51 | 51 | |||||||||||||||
Utilization - Active fleet | 85.3 | % | 83.9 | % | 85.8 | % | 87.1 | % | 89.0 | % | ||||||||||
Average day rates | $ | 21,249 | $ | 21,484 | $ | 20,950 | $ | 19,763 | $ | 19,061 | ||||||||||
Vessels commencing drydocks | 4 | 8 | 8 | 16 | 5 | |||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 41,637 | $ | 34,779 | $ | 27,260 | $ | 21,078 | $ | 16,256 | ||||||||||
Cash paid for deferred drydocking and survey costs | 3,554 | 12,225 | 11,584 | 10,876 | 7,580 | |||||||||||||||
Amortization of deferred drydocking and survey costs | (6,126 | ) | (5,367 | ) | (4,065 | ) | (3,359 | ) | (2,758 | ) | ||||||||||
Disposals, intersegment transfers and other | (634 | ) | — | — | (1,335 | ) | — | |||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 38,431 | $ | 41,637 | $ | 34,779 | $ | 27,260 | $ | 21,078 | ||||||||||
TIDEWATER INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
West Africa | ||||||||||||||||||||
Vessel revenues | $ | 107,299 | $ | 95,324 | $ | 88,838 | $ | 88,651 | $ | 74,643 | ||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | 19,010 | 19,488 | 19,265 | 19,432 | 18,751 | |||||||||||||||
Repair and maintenance | 4,536 | 4,589 | 4,648 | 4,044 | 4,626 | |||||||||||||||
Insurance | 717 | 730 | 659 | 637 | 678 | |||||||||||||||
Fuel, lube and supplies | 4,552 | 4,722 | 4,498 | 4,461 | 4,506 | |||||||||||||||
Other | 6,170 | 5,923 | 7,148 | 5,174 | 5,509 | |||||||||||||||
Total vessel operating costs | 34,985 | 35,452 | 36,218 | 33,748 | 34,070 | |||||||||||||||
Vessel operating margin ($) | 72,314 | 59,872 | 52,620 | 54,903 | 40,573 | |||||||||||||||
Vessel operating margin (%) | 67.4 | % | 62.8 | % | 59.2 | % | 61.9 | % | 54.4 | % | ||||||||||
West Africa - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 70 | 68 | 67 | 68 | 68 | |||||||||||||||
Utilization - Total fleet | 69.8 | % | 69.2 | % | 72.9 | % | 77.1 | % | 73.3 | % | ||||||||||