Tidewater Reports Results for the Three and Twelve Months Ending December 31, 2020

Rhea-AI Summary

Tidewater Inc. (NYSE:TDW) reported revenues of $91.9 million and $397.0 million for Q4 and 2020, down from $118.8 million and $486.5 million respectively in 2019. The net losses were $29.2 million ($0.72 per share) for Q4 and $196.2 million ($4.86 per share) for the year. Excluding certain charges, adjusted losses were $23.1 million for Q4 and $65.6 million for 2020. The company generated $52.7 million in free cash flow and reduced debt by $96.2 million. Tidewater also focused on sustainability, achieving up to 18% emissions reduction through hybrid technologies.

Positive

• Generated free cash flow of $52.7 million for 2020.
• Reduced outstanding debt by $96.2 million.
• Achieved emissions reductions of up to 18% through hybrid technologies.
• Acquired 11 modern crew boats for $5.3 million, enhancing fleet efficiency.

Negative

• Reported a net loss of $196.2 million for 2020, representing a significant financial challenge.
• Decline in revenue by approximately 24% compared to 2019.

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ending December 31, 2020, of $91.9 million and $397.0 million, respectively compared with $118.8 million and $486.5 million, respectively, for the three and twelve months ending December 31, 2019. Tidewater's net losses for the three and twelve months ending December 31, 2020, were $29.2 million ($0.72 per share) and $196.2 million ($4.86 per share), respectively, compared with $59.9 million ($1.52 per share) and $141.7 million ($3.71 per share), respectively, for the three and twelve months ending December 31, 2019. Included in the net losses for the three and twelve months ending December 31, 2020 were impairment charges related to assets held for sale, affiliate credit losses, affiliate guaranteed obligation, inventory obsolescence and general and administrative severance expenses totaling $6.2 million and $130.6 million, respectively. Excluding these costs, we would have reported a net loss for the three months ending December 31, 2020 of $23.1 million ($0.57 per common share) and a net loss for the twelve months ending December 31, 2020 of $65.6 million ($1.63 per common share). Excluding long-lived asset impairments and one-time expenses, net losses for the three and twelve months ending December 31, 2019 were $25.2 million (or $0.64 per common share) and $91.4 million (or $2.39) per common share), respectively.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “I am pleased to report that we again generated free cash flow in the latest quarter and that we generated $52.7 million of free cash flow for the calendar year. Achieving these results during a considerably challenging year was due to the ability of our offshore and onshore team to quickly and skillfully adjust to the changing market.

“The offshore supply vessel market continues to evolve, and the ability of Tidewater to continue to transform itself is key to delivering top value to our shareholders. In addition to adapting to the market changes mentioned previously, Tidewater’s digital transformation has been underway since the 2018 merger. We were featured in a press release by global satellite provider Inmarsat last month regarding the completion of our high bandwidth vessel connectivity. This connectivity allows us to expand our in-house suite of tablet-based applications directly to the vessel, which will enable us to provide comprehensive real-time vessel system monitoring as well as administrative efficiencies.

“The other transformation we are embracing is how our business contributes to a lower carbon future. Shipping is a hard to abate industry, and although the hydrocarbon fuels utilized by our working vessels are provided by our customers, our ability to contribute to a lower carbon future by working with our customers to reduce carbon emissions through operational efficiencies enabled by the utilization of the technology platform referenced previously, and by working with our customers on the adoption of currently available hybrid battery and other environmentally friendly technologies are two pathways to contributing immediately to the environment.

“While we remained focused on capital expenditure and working capital management, we continued our commitment to improving the operational and environmental efficiency of our fleet through investments this past quarter in communications, hybrid battery technologies and strategic vessel acquisitions. A key element of our strategy going forward is the reduction of emissions through technology and operational efficiency. Our vessels operating with hybrid technology throughout 2020 achieved baseline emissions reductions as high as 18%. In addition, approximately 10% of our vessels were engaged in renewable energy activities during the year.

“Our fleet development program includes the sale or recycling of vessels that are deemed uneconomic or that do not meet our future strategic goals, and the acquisition of high-specification tonnage that meets our carbon reduction and financial return objectives. In 2020, we completed the disposal of 56 vessels and other assets for total proceeds of $38.3 million, and we acquired 11 modern crew boats that are more fuel efficient than our current fleet for $5.3 million.

“During the year, we reduced outstanding debt by $96.2 million and decreased our net debt position by $23.8 million. We ended the year with $155.2 million of cash on hand.

“I want to extend my gratitude to the many dedicated women and men across Tidewater who are responsible for the company’s notable performance in such a challenging year. Through their commitment and talent I am confident that we will continue to transform Tidewater, and that we will leverage opportunities for growth as the renewable energy market evolves and the hydrocarbon energy market normalizes.”

In addition to the number of outstanding shares, as of December 31, 2020, the company also has the following in the money warrants.

Common shares outstanding			40,704,984
New Creditor Warrants (strike price $0.001 per common share)			657,203
GulfMark Creditor Warrants (strike price $0.01 per common share)			815,575
Total			42,177,762

Tidewater will hold a conference call to discuss results for the three and twelve-month periods ending December 31, 2020 on March 5, 2021, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call 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 asking for the “Tidewater” call just 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 10:30 a.m. Central Time on March 5, 2021 and will continue until 11:59 p.m. Central Time on April 5, 2021. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com

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 involves 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 most recent Forms 10-Q and 10-K.

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with more than 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 beginning on the next page.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
		Three Months Ended								Twelve Months Ended
		December 31,				December 31,				December 31,				December 31,
		2020				2019				2020				2019
Revenues:
Vessel revenues		$	87,830				116,539				386,174				477,015
Other operating revenues			4,029				2,237				10,864				9,534
Total revenues			91,859				118,776				397,038				486,549
Costs and expenses:
Vessel operating costs			63,397				85,935				268,780				329,196
Costs of other operating revenues			342				916				3,405				2,800
General and administrative			16,992				22,406				73,447				103,716
Depreciation and amortization			30,681				28,226				116,709				101,931
Long-lived asset impairments and other			6,475				32,549				74,109				37,773
Affiliate credit loss impairment expense			(600	)			—				52,981				—
Affiliate guarantee obligation			—				—				2,000				—
Gain on asset dispositions, net			(80	)			(1,217	)			(7,591	)			(2,263	)
			117,207				168,815				583,840				573,153
Operating loss			(25,348	)			(50,039	)			(186,802	)			(86,604	)
Other income (expense):
Foreign exchange loss			(2,880	)			(945	)			(5,245	)			(1,269	)
Equity in net losses of unconsolidated companies			164				(2,717	)			164				(3,152	)
Dividend income from unconsolidated companies			—				—				17,150				—
Interest income and other, net			144				690				1,228				6,598
Interest and other debt costs, net			(5,984	)			(6,282	)			(24,156	)			(29,068	)
Total other expense			(8,556	)			(9,254	)			(10,859	)			(26,891	)
Loss before income taxes			(33,904	)			(59,293	)			(197,661	)			(113,495	)
Income tax (benefit) expense			(4,477	)			1,281				(965	)			27,724
Net loss		$	(29,427	)			(60,574	)			(196,696	)			(141,219	)
Less: Net income (loss) attributable to noncontrolling interests			(180	)			(721	)			(454	)			524
Net loss attributable to Tidewater Inc.		$	(29,247	)			(59,853	)			(196,242	)			(141,743	)
Basic loss per common share			(0.72	)			(1.52	)			(4.86	)			(3.71	)
Diluted loss per common share			(0.72	)			(1.52	)			(4.86	)			(3.71	)
Weighted average common shares outstanding			40,604				39,504				40,355				38,205
Dilutive effect of stock options and restricted stock			—				—				—				—
Adjusted weighted average common shares			40,604				39,504				40,355				38,205

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and par value data)
		December 31,				December 31,
ASSETS		2020				2019
Current assets:
Cash and cash equivalents		$	149,933				218,290
Restricted cash			2,079				5,755
Trade and other receivables, less allowance for credit losses of $1,516 as of December 31, 2020 and less allowance for doubtful accounts of $70 as of December 31, 2019			112,623				110,180
Due from affiliate, less allowance for credit losses of $71,800 as of December 31, 2020 and less due from affiliate allowance of $20,083 as of December 31, 2019			62,050				125,972
Marine operating supplies			15,876				21,856
Assets held for sale			34,396				39,287
Prepaid expenses and other current assets			11,692				15,956
Total current assets			388,649				537,296
Net properties and equipment			780,318				938,961
Deferred drydocking and survey costs			56,468				66,936
Other assets			25,742				36,335
Total assets		$	1,251,177				1,579,528
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	16,981				27,501
Accrued costs and expenses			52,422				74,000
Due to affiliates			53,194				50,186
Current portion of long-term debt			27,797				9,890
Other current liabilities			32,785				24,100
Total current liabilities			183,179				185,677
Long-term debt			164,934				279,044
Other liabilities and deferred credits			79,792				98,397
Commitments and contingencies
Equity:
Common stock			41				40
Additional paid-in-capital			1,371,809				1,367,521
Accumulated deficit			(548,931	)			(352,526	)
Accumulated other comprehensive loss			(804	)			(236	)
Total stockholder's equity			822,115				1,014,799
Noncontrolling interests			1,157				1,611
Total equity			823,272				1,016,410
Total liabilities and equity		$	1,251,177				1,579,528

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands)
		Three Months Ended								Twelve Months Ended
		December 31,				December 31,				December 31,				December 31,
		2020				2019				2020				2019
Net loss		$	(29,427	)		$	(60,574	)		$	(196,696	)		$	(141,219	)
Other comprehensive income (loss):
Change in supplemental executive retirement plan pension liability, net of tax of $0, $0, $0 and $0, respectively			(2,011	)			(2,121	)			(2,309	)			(2,121	)
Change in pension plan minimum liability, net of tax of $0, $0, $0, and $0, respectively			101				(309	)			1,741				(309	)
Total comprehensive loss		$	(31,337	)		$	(63,004	)		$	(197,264	)		$	(143,649	)

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
		Twelve Months				Twelve Months
		Ended				Ended
		December 31,				December 31,
		2020				2019
Operating activities:
Net loss		$	(196,696	)		$	(141,219	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			73,030				77,045
Amortization of deferred drydocking and survey costs			43,679				24,886
Amortization of debt premiums and discounts			3,961				(4,877	)
Provision for deferred income taxes			1,224				672
Gain on asset dispositions, net			(7,591	)			(2,263	)
Affiliate credit loss impairment expense			52,981				—
Affiliate guarantee obligation			2,000				—
Long-lived asset impairments and other			74,109				37,773
Changes in investments in unconsolidated companies			—				1,039
Stock-based compensation expense			5,117				19,603
Changes in operating assets and liabilities, net:
Trade and other receivables			(2,606	)			1,086
Changes in due to/from affiliate, net			11,949				22,193
Accounts payable			(10,520	)			(4,438	)
Accrued expenses			(17,551	)			8,189
Deferred drydocking and survey costs			(33,271	)			(70,437	)
Other, net			4,171				(675	)
Net cash provided by (used in) operating activities			3,986				(31,423	)
Cash flows from investing activities:
Proceeds from sales of assets			38,296				28,847
Additions to properties and equipment			(14,900	)			(17,998	)
Net cash provided by investing activities			23,396				10,849
Cash flows from financing activities:
Principal payments on long-term debt			(98,080	)			(133,693	)
Premium paid for redemption of secured notes			—				(11,402	)
Tax on share-based award			(828	)			(4,467	)
Other			(857	)			—
Net cash used in financing activities			(99,765	)			(149,562	)
Net change in cash, cash equivalents and restricted cash			(72,383	)			(170,136	)
Cash, cash equivalents and restricted cash at beginning of period			227,608				397,744
Cash, cash equivalents and restricted cash at end of period		$	155,225			$	227,608

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	21,235				32,687
Income taxes			13,018				14,378
Note (A): Cash, cash equivalents and restricted cash at December 31, 2020 includes $3.2 million in long-term restricted cash.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In thousands)
														Accumulated
						Additional								other				Non
		Common				paid-in				Accumulated				comprehensive				controlling
		stock				capital				(deficit)				loss				interest				Total
Balance at December 31, 2018		$	37				1,352,388				(210,783	)			2,194				1,087				1,144,923
Total comprehensive income (loss)			—				—				(141,743	)			(2,430	)			524				(143,649	)
Issuance of common stock from exercise of warrants			3				(3	)			—				—				—				—
Amortization/cancellation of restricted stock units			—				15,136				—				—				—				15,136
Balance at December 31, 2019		$	40				1,367,521				(352,526	)			(236	)			1,611				1,016,410
Total comprehensive income (loss)			—				—				(196,242	)			(568	)			(454	)			(197,264	)
Adoption of credit loss accounting standard			—				—				(163	)			—				—				(163	)
Issuance of common stock from exercise of warrants			1				(1	)			—				—				—				—
Amortization of restricted stock units			—				4,289				—				—				—				4,289
Balance at December 31, 2020		$	41				1,371,809				(548,931	)			(804	)			1,157				823,272

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
		Three Months Ended																Twelve Months Ended
		December 31,								December 31,								December 31,								December 31,
		2020								2019								2020								2019
(In thousands)						%								%								%								%
Vessel revenues:
Americas		$	32,068				37	%		$	33,333				29	%		$	126,676				33	%		$	136,958				29	%
Middle East/Asia Pacific			25,042				29	%			26,651				23	%			97,133				25	%			90,321				19	%
Europe/Mediterranean			15,775				18	%			29,180				25	%			83,602				22	%			123,711				26	%
West Africa			14,945				17	%			27,375				23	%			78,763				20	%			126,025				26	%
Total vessel revenues		$	87,830				100	%		$	116,539				100	%		$	386,174				100	%		$	477,015				100	%
Vessel operating costs:
Crew costs		$	36,760				42	%		$	46,071				40	%		$	156,624				41	%		$	187,599				39	%
Repair and maintenance			8,027				9	%			15,181				13	%			31,213				8	%			47,761				10	%
Insurance			1,447				2	%			1,174				1	%			7,195				2	%			6,129				1	%
Fuel, lube and supplies			6,221				7	%			9,782				8	%			29,113				7	%			36,359				8	%
Other			10,942				12	%			13,726				12	%			44,635				12	%			51,348				11	%
Total vessel operating costs			63,397				72	%			85,935				74	%			268,780				70	%			329,196				69	%
Vessel operating margin (A)		$	24,433				28	%		$	30,604				26	%		$	117,394				30	%		$	147,819				31	%
Note (A): Vessel operating margin equals revenues less vessel operating costs and excludes general and administrative expenses and depreciation and amortization.

The company’s operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:
		Three Months Ended																Twelve Months Ended
		December 31,								December 31,								December 31,								December 31,
		2020								2019								2020								2019
(In thousands)						%								%								%								%
Vessel operating profit (loss):
Americas		$	1,496				2	%		$	(2,507	)			(2	)%		$	4,944				1	%		$	(805	)			(0	)%
Middle East/Asia Pacific			(3,456	)			(4	)%			(1,946	)			(2	)%			(5,935	)			(1	)%			(6,044	)			(1	)%
Europe/Mediterranean			(4,543	)			(5	)%			(521	)			(0	)%			(8,629	)			(2	)%			(1,289	)			(0	)%
West Africa			(8,493	)			(9	)%			(3,593	)			(3	)%			(27,508	)			(7	)%			8,298				2	%
Other operating profit			3,686				4	%			1,353				1	%			7,458				2	%			6,734				1	%
			(11,310	)			(12	)%			(7,214	)			(6	)%			(29,670	)			(7	)%			6,894				1	%
Corporate expenses (A)			(8,243	)			(9	)%			(11,493	)			(10	)%			(35,633	)			(9	)%			(57,988	)			(12	)%
Gain on asset dispositions, net			80				0	%			1,217				1	%			7,591				2	%			2,263				0	%
Affiliate credit loss impairment expense			600				0	%			—				0	%			(52,981	)			(13	)%			—				0	%
Affiliate guarantee obligation			—				0	%			—				0	%			(2,000	)			(1	)%			—				0	%
Long-lived asset impairments and other			(6,475	)			(7	)%			(32,549	)			(27	)%			(74,109	)			(19	)%			(37,773	)			(8	)%
Operating loss		$	(25,348	)			(28	)%		$	(50,039	)			(42	)%		$	(186,802	)			(47	)%		$	(86,604	)			(18	)%

Note (A): General and administrative expenses for the three and twelve months ended December 31, 2020 include stock-based compensation of $1.2 million and $5.1 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2019 includes stock-based compensation of $3.0 million and $19.6 million, respectively. In addition, general and administrative costs for the three and twelve months ended December 31, 2020 include $0.3 million and $1.5 million, respectively, of severance and similar costs related to integrating Tidewater and GulfMark operations. General and administrative expenses for the three and twelve months ended December 31, 2019 include $2.1 million and $12.6 million, respectively, of severance and other costs related to integrating Tidewater and GulfMark operations.

TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA (Unaudited) (In thousands, except per share data)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2020				2020				2020				2020				2019
Revenues:
Vessel revenues		$	87,830				85,395				100,975				111,974				116,539
Other operating revenues			4,029				1,072				1,369				4,394				2,237
Total revenues			91,859				86,467				102,344				116,368				118,776
Costs and expenses:
Vessel operating costs			63,397				61,784				64,774				78,825				85,935
Costs of other operating revenue			342				219				171				2,673				916
General and administrative (A)			16,992				17,438				17,597				21,420				22,406
Depreciation and amortization			30,681				30,777				28,144				27,107				28,226
Long-lived asset impairments and other			6,475				1,945				55,482				10,207				32,549
Affiliate credit loss impairment expense			(600	)			—				53,581				—				—
Affiliate guarantee obligation			—				—				2,000				—				—
Gain on asset dispositions, net			(80	)			(520	)			(1,660	)			(5,331	)			(1,217	)
Total operating costs and expenses			117,207				111,643				220,089				134,901				168,815
Operating loss			(25,348	)			(25,176	)			(117,745	)			(18,533	)			(50,039	)
Other income (expense):
Foreign exchange gain (loss)			(2,880	)			(1,153	)			(2,076	)			864				(945	)
Equity in net (losses) earnings of unconsolidated companies			164				—				—				—				(2,717	)
Dividend income from unconsolidated company			—				—				17,150				—				—
Interest income and other, net			144				272				696				116				690
Interest and other debt costs, net			(5,984	)			(6,071	)			(5,959	)			(6,142	)			(6,282	)
Total other expense			(8,556	)			(6,952	)			9,811				(5,162	)			(9,254	)
Loss before income taxes			(33,904	)			(32,128	)			(107,934	)			(23,695	)			(59,293	)
Income tax (benefit) expense			(4,477	)			5,953				2,730				(5,171	)			1,281
Net loss			(29,427	)			(38,081	)			(110,664	)			(18,524	)			(60,574	)
Net income (loss) attributable to noncontrolling interests			(180	)			(154	)			(41	)			(79	)			(721	)
Net loss attributable to Tidewater Inc.		$	(29,247	)			(37,927	)			(110,623	)			(18,445	)			(59,853	)
Basic loss per common share			(0.72	)			(0.94	)			(2.74	)			(0.46	)			(1.52	)
Diluted loss per common share			(0.72	)			(0.94	)			(2.74	)			(0.46	)			(1.52	)
Weighted average common shares outstanding			40,604				40,405				40,306				40,101				39,504
Dilutive effect of stock options and restricted stock			—				—				—				—				—
Adjusted weighted average common shares			40,604				40,405				40,306				40,101				39,504
Vessel operating margin		$	24,433			$	23,611			$	36,201			$	33,149			$	30,604
Note (A): One-time integration related costs related to the business combination with GulfMark		$	291				641				446				129				2,123

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands)
		December 31,				September 30,				June 30,				March 31,				December 31,
ASSETS		2020				2020				2020				2020				2019
Current assets:
Cash and cash equivalents		$	149,933				192,243				203,119				187,802				218,290
Restricted cash			2,079				26,401				19,880				12,461				5,755
Trade and other receivables, net			112,623				100,583				115,008				119,455				110,180
Due from affiliate, less allowances			62,050				65,692				65,766				128,204				125,972
Marine operating supplies			15,876				17,808				20,580				21,944				21,856
Assets held for sale			34,396				19,163				29,064				26,142				39,287
Prepaid expenses and other current assets			11,692				18,925				20,350				22,185				15,956
Total current assets			388,649				440,815				473,767				518,193				537,296
Net properties and equipment			780,318				820,876				839,912				922,979				938,961
Deferred drydocking and survey costs			56,468				63,975				74,585				81,981				66,936
Other assets			25,742				25,108				27,411				29,971				36,335
Total assets		$	1,251,177				1,350,774			$	1,415,675			$	1,553,124			$	1,579,528
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	16,981				12,953				17,111				30,711				27,501
Accrued costs and expenses			52,422				55,811				60,993				72,854				74,000
Due to affiliates			53,194				53,355				48,803				50,013				50,186
Current portion of long-term debt			27,797				9,576				9,437				9,104				9,890
Other current liabilities			32,785				31,599				25,815				26,953				24,100
Total current liabilities			183,179				163,294				162,159				189,635				185,677
Long-term debt			164,934				246,179				273,215				273,015				279,044
Other liabilities and deferred credits			79,792				87,724				90,301				91,578				98,397
Equity:
Common stock			41				40				40				40				40
Additional paid-in-capital			1,371,809				1,370,778				1,369,645				1,368,325				1,367,521
Accumulated deficit			(548,931	)			(519,684	)			(481,757	)			(371,134	)			(352,526	)
Accumulated other comprehensive income (loss)			(804	)			1,106				581				133				(236	)
Total stockholder's equity			822,115				852,240				888,509				997,364				1,014,799
Noncontrolling interests			1,157				1,337				1,491				1,532				1,611
Total equity			823,272				853,577				890,000				998,896				1,016,410
Total liabilities and equity		$	1,251,177				1,350,774				1,415,675				1,553,124				1,579,528
Supplemental information
Due from related parties, net of due to related parties:
Sonatide (Angola)		$	8,856				12,337				16,963				64,184				57,771
DTDW (Nigeria)			—				—				—				14,007				18,015
Total		$	8,856				12,337				16,963				78,191				75,786

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2020				2020				2020				2020				2019
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
Deepwater		$	25,706				22,836				27,858				22,882				22,883
Towing-supply			4,603				4,119				4,455				7,243				8,639
Other			1,759				1,750				1,731				1,734				1,811
Total			32,068				28,705				34,044				31,859				33,333
Middle East/Asia Pacific fleet:
Deepwater		$	16,822				13,819				14,195				14,326				16,015
Towing-supply			8,220				9,461				9,788				10,502				10,636
Total			25,042				23,280				23,983				24,828				26,651
Europe/Mediterranean fleet:
Deepwater		$	15,621				17,578				20,476				29,163				28,652
Towing-supply			—				(13	)			—				179				528
Other			154				151				144				149				—
Total			15,775				17,716				20,620				29,491				29,180
West Africa fleet:
Deepwater		$	6,237				4,905				8,748				12,102				14,066
Towing-supply			5,202				7,711				11,029				10,521				9,981
Other			3,506				3,078				2,552				3,173				3,328
Total		$	14,945				15,694				22,329				25,796				27,375
Worldwide fleet:
Deepwater		$	64,386				59,137				71,277				78,473				81,616
Towing-supply			18,025				21,278				25,271				28,445				29,784
Other			5,419				4,980				4,427				5,056				5,139
Total		$	87,830				85,395				100,975				111,974				116,539

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2020				2020				2020				2020				2019
AVERAGE NUMBER OF VESSELS:
Americas fleet:
Deepwater			32				32				32				32				31
Towing-supply			10				12				15				17				17
Other			3				3				3				3				4
Total			45				47				50				52				52
Stacked vessels			(15	)			(17	)			(17	)			(17	)			(15	)
Active vessels			30				30				33				35				37
Middle East/Asia Pacific fleet:
Deepwater			21				22				26				27				27
Towing-supply			22				23				26				28				28
Total			43				45				52				55				55
Stacked vessels			(3	)			(4	)			(9	)			(10	)			(10	)
Active vessels			40				41				43				45				45
Europe/Mediterranean fleet:
Deepwater			31				32				36				39				42
Towing-supply			-				-				1				2				3
Total			31				32				37				41				45
Stacked vessels			(16	)			(17	)			(17	)			(11	)			(15	)
Active vessels			15				15				20				30				30
West Africa fleet:
Deepwater			20				25				26				26				27
Towing-supply			13				17				18				19				19
Other			23				16				19				20				21
Total			56				58				63				65				67
Stacked vessels			(16	)			(31	)			(21	)			(21	)			(22	)
Active vessels			40				27				42				44				45
Worldwide fleet:
Deepwater			104				111				120				124				126
Towing-supply			45				52				60				66				68
Other			26				19				22				23				25
Total			175				182				202				213				219
Stacked vessels			(50	)			(69	)			(64	)			(60	)			(62	)
Active vessels			125				113				138				153				157

FAQ

What were Tidewater's revenues for Q4 and the full year 2020?

Tidewater reported revenues of $91.9 million for Q4 and $397.0 million for the full year 2020.

What were Tidewater's net losses for 2020?

Tidewater's net losses for 2020 amounted to $196.2 million, or $4.86 per share.

How much free cash flow did Tidewater generate in 2020?

Tidewater generated $52.7 million in free cash flow for the calendar year 2020.

What initiatives did Tidewater undertake for environmental sustainability?

Tidewater achieved emissions reductions of up to 18% using hybrid technologies and had about 10% of its fleet engaged in renewable energy activities.

When will Tidewater hold its earnings conference call?

Tidewater will hold its earnings conference call on March 5, 2021, at 8:00 a.m. Central Time.