Tidewater Reports Results for the Three Months Ended March 31, 2022

Rhea-AI Summary

Tidewater Inc. (NYSE:TDW) reported Q1 2022 revenue of $105.7 million, up from $83.5 million in Q1 2021. Although the company faced a net loss of $12.2 million ($0.29 per share), this is an improvement compared to the $35.3 million loss recorded last year. Vessel level gross margins rose from 24.7% to 34.0%, with active fleet utilization at 82.5%. The recent acquisition of Swire Pacific Offshore positions Tidewater as a market leader poised to exploit the growing demand for offshore vessels.

Positive

• Revenue increased to $105.7 million from $83.5 million, a growth of 26.1%.
• Net loss decreased significantly from $35.3 million to $12.2 million year-over-year.
• Vessel level gross margins improved from 24.7% to 34.0%, indicating operational efficiency.
• Active fleet utilization rose to 82.5%, demonstrating strong demand.
• Acquisition of Swire Pacific Offshore enhances market position, adding 50 high-quality vessels.

Negative

• Despite improvements, the company still reported a net loss of $12.2 million.
• Ongoing integration costs and challenges associated with the acquisition of Swire Pacific Offshore.

Average Active Fleet Increases by 6 Vessels During the Quarter and Active Utilization Remains Strong at 82.5%

Average Day Rate Increases to $10,687; Highest Since Q4 2020

Vessel Level Gross Margin Increased From 24.7% to 34.0% and Global Fleet Utilization Increased From 52.9% to 70.9% Compared to the First Quarter of 2021

Following the Acquisition of Swire Pacific Offshore, Tidewater Now Operates the Premier Global Fleet Poised to Capitalize on the Significant Increase in Demand for High Quality Offshore Vessels

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2022 of $105.7 million compared with $83.5 million for the three months ended March 31, 2021. Tidewater's net losses for the three months ended March 31, 2022, were $12.2 million ($0.29 per common share) compared with $35.3 million ($0.87 per common share) for the three months ended March 31, 2021. Included in the net losses for the three months ended March 31, 2022 were long-lived asset impairment credit, gain on bargain purchase and merger and severance expenses of $0.5 million. Excluding these items, we would have reported a net loss for the three months ended March 31, 2022 of $11.7 million ($0.28 per common share). Included in the net losses for the three months ending March 31, 2021 were severance expenses totaling $0.1 million; excluding these costs, we would have reported a net loss for the three months ending March 31, 2021 of $35.2 million ($0.86 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Tidewater is uniquely positioned to capitalize on what is looking to be a truly transformational period for vessel activity and day rate improvements over the next several quarters.

“Over the past several years we have been executing on a multi-faceted strategy to build significant and sustainable value at Tidewater. Recognizing the cyclicality of our highly fragmented, capital intensive industry, there were several priorities we focused on to prepare the company to successfully weather the lean times, while being well-positioned to capitalize on the inevitable upswings in the cycle when they occur. First and foremost, it starts with the people, and we are proud to say that we have built the strongest and most capable leadership and operational team in the industry, and that team will continue to get stronger as we move forward including as we welcome and integrate the talented team from Swire Pacific Offshore ("SPO") into our organization. Our team's initial focus was operational execution, including the integration of GulfMark into Tidewater, and driving efficiencies to weather the challenges the industry had experienced for many years while maximizing the operating leverage for the eventual recovery. With a strong team and efficient cost-structure and operations, we were then in a good position to address the company's balance sheet, and we are proud that Tidewater now has the strongest, most liquid and most flexible capital structure in the industry. Finally, with all of those pieces in place, Tidewater is well-positioned to act strategically, acquire the best assets to complement our global fleet and capitalize on improving industry dynamics and drive sustainable value. The acquisition of SPO that we closed in April is transformational as Tidewater is now the undisputed industry leader at a time when the demand for high quality offshore vessels is poised to significantly exceed the available supply.

"As an illustration of our progress in operational improvements, vessel level gross margins increased from 24.7% in the first quarter of 2021 to 34.0% in the first quarter of 2022. While some of this improvement is due to COVID related costs that impacted 2021, this trend reflects an overall company-wide focus on efficient operational execution. We do expect this positive trend to continue as we realize the full potential benefits of the changes we have put in place. We have also achieved significant savings in G&A expenses as illustrated by the reduction of approximately $80.0 million in G&A since the 2018 merger. To put all of this in perspective, our overall G&A cost structure in the first quarter of 2022 for the combined Tidewater and GulfMark is approximately 30% less than the stand-alone cost structure of Tidewater alone before the merger. We are now applying these techniques and processes to the integration of our latest acquisition of SPO, and we intend to continue the intense focus on efficient operational execution going forward.

“The SPO acquisition includes 50 high quality vessels which augments our already strong position in West Africa, a region that is just beginning to recover from the pandemic and which is likely to be a substantial beneficiary of the world’s search for hydrocarbons outside of Russia. The acquisition also gives us substantial leverage to the Southeast Asia and Australian markets, as well as adding vessels to areas of increasing activity, such as the Middle East. We remain confident that our combination synergies of $45.0 million can be achieved over the next 18 months.

“The OSV industry has historically experienced demand fluctuations that correlate with offshore oil and gas activity, but are impacted by other factors that are unique to our industry, such as shipbuilding and mariner labor cycles. Since the offshore energy downturn began in 2014, there have been very few new vessels enter the market, and existing vessels have aged or been taken out of service. Many operators in the industry have struggled to survive under the burden of high debt levels, low day rates, and inefficient operations. As a result, the available supply of high quality PSVs has declined substantially over the past 8 years such that only approximately 30 remain to be reactivated worldwide.

“The prolonged under-investment in offshore hydrocarbon infrastructure began to result in increased demand for offshore oil and gas activity in the second half of 2021, and that demand has been compounded by recent geopolitical issues. The demand for offshore wind energy infrastructure continues to accelerate as well. As a result, the outlook for OSV demand to support these offshore energy activities has begun to accelerate significantly. We are already seeing this impact in the market, but the most significant improvements will materialize over the next several quarters as this demand swiftly eclipses available supply. As an example, during the first quarter of 2022, we entered into contracts of various durations for 16 vessels with charter dates beginning after the first quarter. The average day rate improvement across these vessels’ contracts compared to their previous contracts is over 20%, with our largest PSVs in this group achieving average day rate improvement of nearly 30%. We believe the improvements in day rates are a clear signal of the fundamental shift in vessel supply and demand, and that as additional tendering continues and existing contracts roll-off, upward acceleration of day rates will continue.

“Everything we have been working on these past several years has positioned us to thrive under any market condition, and now that the market is rapidly improving, we are poised to capitalize. I want to take a moment to thank our employees for driving all the change and improvements that has prepared us for this opportunity. Finally, I want to welcome our 1,300 new employees from SPO to the Tidewater family. I look forward to your contributions and welcome you to the most exciting OSV company in the world.”

In addition to the number of outstanding shares, as of March 31, 2022, the company also has the following in-the-money warrants.

Common shares outstanding			41,716,885
New Creditor Warrants (strike price $0.001 per common share)			465,398
GulfMark Creditor Warrants (strike price $0.01 per common share)			429,812
Total			42,612,095

Tidewater will hold a conference call to discuss results for the three months ending March 31, 2022 on May 10, 2022, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.888.770.7135 if calling from the U.S. or Canada (+1.929.203.0820 if calling from outside the U.S.) and provide Access Code: 2444624 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 May 10, 2022 and will continue until 11:59 p.m. Central Time on June 10, 2022. 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 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

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 March 31, 2022 and December 31, 2021 as well as the Consolidated Statements of Operations, Consolidated Statements of Equity and Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and for the twelve months ended December 31, 2021. Extracts are drawn from the March 31, 2022 unaudited quarterly financial statements and the December 31, 2021 audited annual financial statements of Tidewater, Inc. All per-share amounts are stated on a diluted basis.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, except per share data)
	Three Months Ended
	March 31, 2022				March 31, 2021
Revenues:
Vessel revenues	$	103,876			$	80,993
Other operating revenues		1,853				2,511
Total revenues		105,729				83,504
Costs and expenses:
Vessel operating costs		68,511				61,020
Costs of other operating revenues		361				1,067
General and administrative		18,217				16,043
Depreciation and amortization		26,657				29,727
Long-lived asset impairment credit		(500	)			—
(Gain) loss on asset dispositions, net		(207	)			1,948
Total costs and expenses		113,039				109,805
Operating loss		(7,310	)			(26,301	)
Other income (expense):
Foreign exchange gain (loss)		946				(850	)
Equity in net losses of unconsolidated companies		—				(1,849	)
Interest income and other, net		3,486				23
Interest and other debt costs, net		(4,175	)			(4,541	)
Total other income (expense)		257				(7,217	)
Loss before income taxes		(7,053	)			(33,518	)
Income tax expense		5,218				2,009
Net loss		(12,271	)			(35,527	)
Less: Net loss attributable to noncontrolling interests		(103	)			(212	)
Net loss attributable to Tidewater Inc.	$	(12,168	)		$	(35,315	)
Basic loss per common share	$	(0.29	)		$	(0.87	)
Diluted loss per common share	$	(0.29	)		$	(0.87	)
Weighted average common shares outstanding		41,412				40,716
Dilutive effect of stock options and restricted stock		—				—
Adjusted weighted average common shares		41,412				40,716

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)
	March 31, 2022				December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	136,234			$	149,037
Restricted cash		4,958				1,240
Trade and other receivables, less allowance for credit losses of $1,987 and $1,948 as of March 31, 2022 and 2021, respectively		112,953				86,503
Due from affiliates, less allowance for credit losses of $12,812 and $72,456 as of March 31, 2022 and 2021, respectively		21,191				70,134
Marine operating supplies		13,252				12,606
Assets held for sale		8,591				14,421
Prepaid expenses and other current assets		12,012				8,731
Total current assets		309,191				342,672
Net properties and equipment		677,580				688,040
Deferred drydocking and survey costs		44,362				40,734
Other assets		22,997				24,334
Total assets	$	1,054,130			$	1,095,780
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	23,696			$	20,788
Accrued costs and expenses		55,141				51,734
Due to affiliates		21,191				61,555
Other current liabilities		25,471				23,865
Total current liabilities		125,499				157,942
Long-term debt		167,997				167,885
Other liabilities and deferred credits		70,892				68,184
Commitments and contingencies
Equity:
Common stock		42				41
Additional paid-in-capital		1,376,934				1,376,494
Accumulated deficit		(690,068	)			(677,900	)
Accumulated other comprehensive loss		2,471				2,668
Total stockholders' equity		689,379				701,303
Noncontrolling interests		363				466
Total equity		689,742				701,769
Total liabilities and equity	$	1,054,130			$	1,095,780

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In Thousands)
	Three Months Ended
	March 31, 2022				March 31, 2021
Net loss	$	(12,271	)		$	(35,527	)
Other comprehensive loss:
Change in liability of pension plans		(197	)			(71	)
Total comprehensive loss	$	(12,468	)		$	(35,598	)

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
	Three Months				Three Months
	Ended				Ended
	March 31, 2022				March 31, 2021
Operating activities:
Net loss	$	(12,271	)		$	(35,527	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		17,673				18,470
Amortization of deferred drydocking and survey costs		8,984				11,257
Amortization of debt premiums and discounts		375				1,108
Provision for deferred income taxes		177				30
(Gain) loss on asset dispositions, net		(207	)			1,948
Gain on bargain purchase		(1,300	)			—
Loss on debt extinguishment		—				59
Long-lived asset impairment credit		(500	)			—
Stock-based compensation expense		1,458				1,172
Changes in operating assets and liabilities, net of effects of business acquisition:
Trade and other receivables		(15,570	)			12,758
Changes in due to/from affiliate, net		(20	)			2,738
Accounts payable		2,825				(2,359	)
Accrued expenses		3,207				(4,270	)
Deferred drydocking and survey costs		(12,612	)			(2,722	)
Other, net		(3,843	)			1,054
Net cash provided by (used in) operating activities		(11,624	)			5,716
Cash flows from investing activities:
Proceeds from sales of assets		4,628				10,983
Acquisition of joint venture, net of cash acquired		(1,039	)			—
Additions to properties and equipment		(1,229	)			(1,196	)
Net cash provided by investing activities		2,360				9,787
Cash flows from financing activities:
Principal payments on long-term debt		—				(26,414	)
Debt issuance and modification costs		(263	)			(725	)
Debt extinguishment premium		—				(59	)
Tax on share-based award		(1,017	)			(135	)
Net cash used in financing activities		(1,280	)			(27,333	)
Net change in cash, cash equivalents and restricted cash		(10,544	)			(11,830	)
Cash, cash equivalents and restricted cash at beginning of period		154,276				155,225
Cash, cash equivalents and restricted cash at end of period	$	143,732			$	143,395
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	—			$	3,746
Income taxes		3,200				2,535
Note: Cash, cash equivalents and restricted cash at March 31, 2022 includes $2.5 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In Thousands)
		Three Months Ended
														Accumulated
						Additional								other				Non
		Common				paid-in				Accumulated				comprehensive				controlling
		stock				capital				(deficit)				loss				interest				Total
Balance at December 31, 2021		$	41			$	1,376,494			$	(677,900	)		$	2,668			$	466			$	701,769
Total comprehensive income (loss)			—				—				(12,168	)			(197	)			(103	)			(12,468	)
Issuance of common stock			1				(1	)			—				—				—				—
Amortization of share-based awards			—				441				—				—				—				441
Balance at March 31, 2022		$	42			$	1,376,934			$	(690,068	)		$	2,471			$	363			$	689,742
Balance at December 31, 2020		$	41			$	1,371,809			$	(548,931	)		$	(804	)		$	1,157			$	823,272
Total comprehensive income (loss)			—				—				(35,315	)			(71	)			(212	)			(35,598	)
Amortization of share-based awards			—				1,037				—				—				—				1,037
Balance at March 31, 2021		$	41			$	1,372,846			$	(584,246	)		$	(875	)		$	945			$	788,711

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
		March 31, 2022								March 31, 2021
Vessel revenues:
Americas		$	28,444				27	%		$	26,224				32	%
Middle East/Asia Pacific			25,115				24	%			24,414				30	%
Europe/Mediterranean			23,919				23	%			14,749				18	%
West Africa			26,398				26	%			15,606				19	%
Total vessel revenues		$	103,876				100	%		$	80,993				100	%
Vessel operating costs:
Crew costs		$	40,837				39	%		$	35,162				43	%
Repair and maintenance			9,461				9	%			9,437				12	%
Insurance			1,384				1	%			623				1	%
Fuel, lube and supplies			7,076				7	%			5,860				7	%
Other			9,753				9	%			9,938				12	%
Total vessel operating costs			68,511				66	%			61,020				75	%
Vessel operating margin (A)		$	35,365				34	%		$	19,973				25	%
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:
(In Thousands)		Three Months Ended
		March 31, 2022								March 31, 2021
Vessel operating profit (loss):
Americas		$	(82	)			(0	)%		$	(1,651	)			(2	)%
Middle East/Asia Pacific			290				0	%			(1,853	)			(2	)%
Europe/Mediterranean			(2,429	)			(2	)%			(8,021	)			(10	)%
West Africa			3,215				3	%			(6,767	)			(8	)%
Other operating profit			1,492				1	%			1,444				2	%
			2,486				2	%			(16,848	)			(20	)%
Corporate expenses (A)			(10,503	)			(10	)%			(7,505	)			(9	)%
Gain (loss) on asset dispositions, net			207				0	%			(1,948	)			(2	)%
Long-lived asset impairments and other			500				1	%			—				0	%
Operating loss		$	(7,310	)			(7	)%		$	(26,301	)			(31	)%
Note (A): General and administrative expenses for the three months ended March 31, 2022 and 2021 include stock-based compensation of $1.5 million and $1.2 million, respectively. In addition, vessel operating and general and administrative costs for the three months ended March 31, 2022 and 2021, include $0.1 million and $0.1 million in one-time restructuring and integration related costs, respectively.

TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA (In Thousands, except per share data)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
Revenues:
Vessel revenues		$	103,876			$	100,428			$	91,634			$	88,514			$	80,993
Other operating revenues			1,853				4,747				767				1,439				2,511
Total revenues			105,729				105,175				92,401				89,953				83,504
Costs and expenses:
Vessel operating costs (A)			68,511				71,187				65,344				64,263				61,020
Costs of other operating revenue			361				228				355				581				1,067
General and administrative (A)			18,217				17,641				18,045				16,787				16,043
Depreciation and amortization			26,657				28,288				27,980				28,549				29,727
Long-lived asset impairment (credit) and other			(500	)			13,476				2,167				—				—
Affiliate credit loss impairment expense (credit)			—				1,400				—				(1,000	)			—
(Gain) loss on asset dispositions, net			(207	)			(53	)			74				932				1,948
Total operating costs and expenses			113,039				132,167				113,965				110,112				109,805
Operating loss			(7,310	)			(26,992	)			(21,564	)			(20,159	)			(26,301	)
Other income (expense):
Foreign exchange gain (loss)			946				582				(523	)			422				(850	)
Equity in net earnings (losses) of unconsolidated companies			—				(1,625	)			100				52				(1,849	)
Interest income and other, net			3,486				1,426				148				8				23
Loss on early extinguishment of debt			—				(11,100	)			—				—				—
Interest and other debt costs, net			(4,175	)			(3,417	)			(3,681	)			(3,944	)			(4,541	)
Total other expense			257				(14,134	)			(3,956	)			(3,462	)			(7,217	)
Loss before income taxes			(7,053	)			(41,126	)			(25,520	)			(23,621	)			(33,518	)
Income tax (benefit) expense			5,218				(3,047	)			887				6,026				2,009
Net loss			(12,271	)			(38,079	)			(26,407	)			(29,647	)			(35,527	)
Net loss attributable to noncontrolling interests			(103	)			(145	)			(149	)			(185	)			(212	)
Net loss attributable to Tidewater Inc.		$	(12,168	)		$	(37,934	)		$	(26,258	)		$	(29,462	)		$	(35,315	)
Basic loss per common share		$	(0.29	)		$	(0.92	)		$	(0.64	)		$	(0.72	)		$	(0.87	)
Diluted loss per common share		$	(0.29	)		$	(0.92	)		$	(0.64	)		$	(0.72	)		$	(0.87	)
Weighted average common shares outstanding			41,412				41,280				41,132				40,899				40,716
Dilutive effect of stock options and restricted stock			—				—				—				—				—
Adjusted weighted average common shares			41,412				41,280				41,132				40,899				40,716
Vessel operating margin		$	35,365			$	29,241			$	26,290			$	24,251			$	19,973
Note (A) One-time restructuring and integration related costs		$	2,305			$	221			$	112			$	795			$	103

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
ASSETS
Current assets:
Cash and cash equivalents		$	136,234			$	149,037			$	127,414			$	131,157			$	131,858
Restricted cash			4,958				1,240				24,092				20,284				9,061
Trade and other receivables, net			112,953				86,503				86,015				90,229				99,865
Due from affiliates, less allowances			21,191				70,134				68,217				64,922				62,474
Marine operating supplies			13,252				12,606				13,335				15,404				15,676
Assets held for sale			8,591				14,421				17,891				17,214				31,214
Prepaid expenses and other current assets			12,012				8,731				13,129				15,953				13,594
Total current assets			309,191				342,672				350,093				355,163				363,742
Net properties and equipment			677,580				688,040				709,324				731,659				754,707
Deferred drydocking and survey costs			44,362				40,734				40,510				40,372				46,648
Other assets			22,997				24,334				23,146				24,539				23,833
Total assets		$	1,054,130			$	1,095,780			$	1,123,073			$	1,151,733			$	1,188,930
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	23,696			$	20,788			$	18,042			$	16,189			$	14,622
Accrued costs and expenses			55,141				51,734				52,133				50,532				48,466
Due to affiliates			21,191				61,555				59,571				59,759				56,356
Current portion of long-term debt			—				—				140,995				7,355				18,201
Other current liabilities			25,471				23,865				29,139				28,825				35,003
Total current liabilities			125,499				157,942				299,880				162,660				172,648
Long-term debt			167,997				167,885				14,139				148,612				148,337
Other liabilities and deferred credits			70,892				68,184				74,442				80,723				79,234
Equity:
Common stock			42				41				41				41				41
Additional paid-in-capital			1,376,934				1,376,494				1,375,215				1,373,727				1,372,846
Accumulated deficit			(690,068	)			(677,900	)			(639,966	)			(613,708	)			(584,246	)
Accumulated other comprehensive income (loss)			2,471				2,668				(1,289	)			(1,082	)			(875	)
Total stockholders' equity			689,379				701,303				734,001				758,978				787,766
Noncontrolling interests			363				466				611				760				945
Total equity			689,742				701,769				734,612				759,738				788,711
Total liabilities and equity		$	1,054,130			$	1,095,780			$	1,123,073			$	1,151,733			$	1,188,930
Supplemental information
Due from related parties, net of due to related parties:
Sonatide (Angola)		$	—			$	8,579			$	8,646			$	5,163			$	6,118

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
Deepwater		$	21,711			$	21,658			$	18,961			$	17,796			$	19,876
Towing-supply			5,596				5,062				4,440				4,535				4,817
Other			1,137				1,162				1,163				1,150				1,531
Total			28,444				27,882				24,564				23,481				26,224
Middle East/Asia Pacific fleet:
Deepwater			16,522				17,311				17,292				17,264				15,931
Towing-supply			8,593				9,551				8,341				8,364				8,483
Total			25,115				26,862				25,633				25,628				24,414
Europe/Mediterranean fleet:
Deepwater			23,765				22,344				21,037				22,293				14,588
Towing-supply			—				—				—				11				—
Other			154				157				160				163				161
Total			23,919				22,501				21,197				22,467				14,749
West Africa fleet:
Deepwater			14,746				13,658				10,967				8,814				7,909
Towing-supply			6,597				5,807				5,474				5,564				4,879
Other			5,055				3,718				3,799				2,560				2,818
Total			26,398				23,183				20,240				16,938				15,606
Worldwide fleet:
Deepwater			76,744				74,971				68,257				66,167				58,304
Towing-supply			20,786				20,420				18,255				18,474				18,179
Other			6,346				5,037				5,122				3,873				4,510
Total		$	103,876			$	100,428			$	91,634			$	88,514			$	80,993

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
AVERAGE NUMBER OF VESSELS:
Americas fleet:
Deepwater			24				25				25				27				29
Towing-supply			8				8				8				8				8
Other			2				2				3				3				3
Total			34				35				36				38				40
Stacked vessels			(7	)			(9	)			(11	)			(13	)			(12	)
Active vessels			27				26				25				25				28
Middle East/Asia Pacific fleet:
Deepwater			20				20				20				20				21
Towing-supply			18				18				18				18				20
Total			38				38				38				38				41
Stacked vessels			—				(1	)			(1	)			(1	)			(3	)
Active vessels			38				37				37				37				38
Europe/Mediterranean fleet:
Deepwater			28				28				28				29				31
Total			28				28				28				29				31
Stacked vessels			(4	)			(5	)			(7	)			(8	)			(14	)
Active vessels			24				23				21				21				17
West Africa fleet:
Deepwater			17				18				19				20				20
Towing-supply			9				10				11				11				12
Other			26				24				25				26				26
Total			52				52				55				57				58
Stacked vessels			(10	)			(13	)			(19	)			(22	)			(25	)
Active vessels			42				39				36				35				33
Worldwide fleet:
Deepwater			89				91				92				96				101
Towing-supply			35				36				37				37				40
Other			28				26				28				29				29
Total			152				153				157				162				170
Stacked vessels			(21	)			(28	)			(38	)			(44	)			(54	)
Active vessels			131				125				119				118				116
Total active			131				125				119				118				116
Total stacked			21				28				38				44				54
Total joint venture			1				3				3				3				3
Total			153				156				160				165				173

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
Deepwater			2,160				2,269				2,300				2,497				2,627
Towing-supply			720				736				736				728				720
Other			145				184				244				273				270
Total			3,025				3,189				3,280				3,498				3,617
Middle East/Asia Pacific fleet:
Deepwater			1,809				1,840				1,840				1,820				1,863
Towing-supply			1,628				1,656				1,656				1,667				1,822
Total			3,437				3,496				3,496				3,487				3,685
Europe/Mediterranean fleet:
Deepwater			2,536				2,607				2,612				2,672				2,756
Total			2,536				2,607				2,612				2,672				2,756
West Africa fleet:
Deepwater			1,553				1,656				1,718				1,853				1,827
Towing-supply			815				920				1,011				1,001				1,084
Other			2,340				2,208				2,328				2,366				2,340
Total			4,708				4,784				5,057				5,220				5,251
Worldwide fleet:
Deepwater			8,058				8,372				8,470				8,842				9,073
Towing-supply			3,163				3,312				3,403				3,396				3,626
Other			2,485				2,392				2,572				2,639				2,610
Total			13,706				14,076				14,445				14,877				15,309

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
Deepwater			450				621				814				889				923
Towing-supply			90				92				92				91				90
Other			55				92				152				182				90
Total			595				805				1,058				1,162				1,103
Middle East/Asia Pacific fleet:
Deepwater			25				92				92				91				90
Towing-supply			—				—				—				29				180
Total			25				92				92				120				270
Europe/Mediterranean fleet:
Deepwater			376				474				641				766				1,238
Total			376				474				641				766				1,238
West Africa fleet:
Deepwater			203				307				537				852				1,104
Towing-supply			275				382				551				516				544
Other			450				506				655				637				599
Total			928				1,195				1,743				2,005				2,247
Worldwide fleet:
Deepwater			1,054				1,494				2,084				2,598				3,355
Towing-supply			365				474				643				636				814
Other			505				598				807				819				689
Total			1,924				2,566				3,534				4,053				4,858

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
Deepwater			1,710				1,648				1,486				1,608				1,704
Towing-supply			630				644				644				637				630
Other			90				92				92				91				180
Total			2,430				2,384				2,222				2,336				2,514
Middle East/Asia Pacific fleet:
Deepwater			1,784				1,748				1,748				1,729				1,773
Towing-supply			1,628				1,656				1,656				1,638				1,642
Total			3,412				3,404				3,404				3,367				3,415
Europe/Mediterranean fleet:
Deepwater			2,160				2,133				1,971				1,906				1,518
Total			2,160				2,133				1,971				1,906				1,518
West Africa fleet:
Deepwater			1,350				1,349				1,181				1,001				723
Towing-supply			540				538				460				485				540
Other			1,890				1,702				1,673				1,729				1,741
Total			3,780				3,589				3,314				3,215				3,004
Worldwide fleet:
Deepwater			7,004				6,878				6,386				6,244				5,718
Towing-supply			2,798				2,838				2,760				2,760				2,812
Other			1,980				1,794				1,765				1,820				1,921
Total			11,782				11,510				10,911				10,824				10,451

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
UTILIZATION - TOTAL FLEET:
Americas fleet:
Deepwater			59.3	%			57.0	%			53.0	%			45.6	%			55.6	%
Towing-supply			64.6				71.4				64.9				76.3				83.2
Other			62.1				50.0				37.7				33.3				55.7
Total			60.7	%			59.9	%			54.5	%			51.0	%			61.1	%
Middle East/Asia Pacific fleet:
Deepwater			84.5	%			85.4	%			86.2	%			88.3	%			80.1	%
Towing-supply			85.7				94.2				83.7				82.5				75.6
Total			85.1	%			89.6	%			85.0	%			85.5	%			77.9	%
Europe/Mediterranean fleet:
Deepwater			77.8	%			72.4	%			68.3	%			64.7	%			44.7	%
Total			77.8	%			72.4	%			68.3	%			64.7	%			44.7	%
West Africa fleet:
Deepwater			75.9	%			65.7	%			54.6	%			42.3	%			36.2	%
Towing-supply			65.9				50.0				40.0				38.4				30.1
Other			54.4				45.9				43.9				34.6				34.4
Total			63.5	%			53.5	%			46.7	%			38.1	%			34.1	%
Worldwide fleet:
Deepwater			74.0	%			69.7	%			65.2	%			59.4	%			53.4	%
Towing-supply			75.8				76.9				66.6				68.2				63.5
Other			54.8				46.2				43.3				34.5				36.6
Total			70.9	%			67.4	%			61.7	%			57.0	%			52.9	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
UTILIZATION - ACTIVE FLEET:
Americas fleet:
Deepwater			74.8	%			78.4	%			82.0	%			70.7	%			85.7	%
Towing-supply			73.8				81.5				74.1				87.2				95.1
Other			100.0				100.0				100.0				100.0				83.6
Total			75.5	%			80.1	%			80.4	%			76.4	%			87.9	%
Middle East/Asia Pacific fleet:
Deepwater			85.7	%			89.9	%			90.8	%			92.9	%			84.2	%
Towing-supply			85.7				94.2				83.7				84.0				83.9
Total			85.7	%			92.0	%			87.3	%			88.6	%			84.0	%
Europe/Mediterranean fleet:
Deepwater			91.3	%			88.5	%			90.5	%			90.6	%			81.3	%
Total			91.3	%			88.5	%			90.5	%			90.6	%			81.3	%
West Africa fleet:
Deepwater			87.3	%			80.7	%			79.4	%			78.3	%			91.4	%
Towing-supply			99.5				85.5				87.9				79.2				60.4
Other			67.3				59.5				61.1				47.4				46.2
Total			79.1	%			71.4	%			71.3	%			61.8	%			59.6	%
Worldwide fleet:
Deepwater			85.1	%			84.9	%			86.5	%			84.2	%			84.8	%
Towing-supply			85.7				89.7				82.2				83.9				81.9
Other			68.8				61.6				63.1				50.0				49.7
Total			82.5	%			82.4	%			81.6	%			78.4	%			77.6	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
Deepwater		$	16,964			$	16,760			$	15,568			$	15,646			$	13,608
Towing-supply			12,030				9,638				9,298				8,162				8,040
Other			12,633				12,644				12,640				12,634				10,179
Total			15,501				14,603				13,742				13,162				11,865
Middle East/Asia Pacific fleet:
Deepwater			10,809				11,021				10,899				10,743				10,670
Towing-supply			6,158				6,121				6,018				6,080				6,159
Total			8,589				8,580				8,623				8,593				8,506
Europe/Mediterranean fleet:
Deepwater			12,046				11,834				11,800				12,905				11,829
Total			12,124				11,917				11,890				13,005				11,960
West Africa fleet:
Deepwater			12,516				12,553				11,700				11,242				11,972
Towing-supply			12,275				12,624				13,536				14,480				14,967
Other			3,972				3,669				3,717				3,124				3,501
Total			8,834				9,052				8,562				8,521				8,711
Worldwide fleet:
Deepwater			12,878				12,840				12,355				12,589				12,028
Towing-supply			8,668				8,022				8,049				7,978				7,896
Other			4,657				4,558				4,598				4,253				4,721
Total		$	10,687			$	10,583			$	10,288			$	10,435			$	9,993
Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
Americas
Vessel revenues		$	28,444			$	27,882			$	24,564			$	23,481			$	26,224
Vessel operating costs:
Crew costs			11,252				11,080				8,535				11,132				10,594
Repair and maintenance			2,627				2,487				2,951				2,192				2,714
Insurance			367				161				219				(30	)			200
Fuel, lube and supplies			2,385				2,019				2,028				1,952				1,774
Other			2,196				4,347				3,008				2,972				1,980
Total vessel operating costs			18,827				20,094				16,741				18,218				17,262
Vessel operating margin ($)			9,617				7,788				7,823				5,263				8,962
Vessel operating margin (%)			33.8	%			27.9	%			31.8	%			22.4	%			34.2	%
Americas - Select operating statistics
Average vessels - Total fleet			34				35				36				38				40
Utilization - Total fleet			60.7	%			59.9	%			54.5	%			51.0	%			61.1	%
Average vessels - Active fleet			27				26				25				25				28
Utilization - Active fleet			75.5	%			80.1	%			80.4	%			76.4	%			87.9	%
Average day rates		$	15,501			$	14,603			$	13,742			$	13,162			$	11,865
Vessels commencing drydocks			5				5				4				3				1
Deferred drydocking and survey costs - beginning balance		$	16,270			$	13,124			$	12,919			$	11,813			$	15,440
Cash paid for deferred drydocking and survey costs			5,060				6,470				4,906				2,157				881
Amortization of deferred drydocking and survey costs			(2,908	)			(2,909	)			(2,936	)			(2,753	)			(3,222	)
Disposals, intersegment transfers and other			—				(415	)			(1,765	)			1,702				(1,286	)
Deferred drydocking and survey costs - ending balance		$	18,422			$	16,270			$	13,124			$	12,919			$	11,813

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
Middle East/Asia Pacific
Vessel revenues		$	25,115			$	26,862			$	25,633			$	25,628			$	24,414
Vessel operating costs:
Crew costs			9,253				9,710				9,950				9,910				9,639
Repair and maintenance			2,408				3,146				2,944				2,632				2,659
Insurance			351				203				60				37				(224	)
Fuel, lube and supplies			1,664				1,314				1,747				1,494				1,569
Other			2,879				3,167				3,334				2,692				2,959
Total vessel operating costs			16,555				17,540				18,035				16,765				16,602
Vessel operating margin ($)			8,560				9,322				7,598				8,863				7,812
Vessel operating margin (%)			34.1	%			34.7	%			29.6	%			34.6	%			32.0	%
Middle East/Asia Pacific - Select operating statistics
Average vessels - Total fleet			38				38				38				38				41
Utilization - Total fleet			85.1	%			89.6	%			85.0	%			85.5	%			77.9	%
Average vessels - Active fleet			38				37				37				37				38
Utilization - Active fleet			85.7	%			92.0	%			87.3	%			88.6	%			84.0	%
Average day rates		$	8,589			$	8,580			$	8,623			$	8,593			$	8,506
Vessels commencing drydocks			2				2				1				4				—
Deferred drydocking and survey costs - beginning balance		$	9,704			$	11,828			$	12,124			$	13,989			$	17,031
Cash paid for deferred drydocking and survey costs			3,855				327				2,441				1,354				72
Amortization of deferred drydocking and survey costs			(2,352	)			(2,451	)			(2,669	)			(2,820	)			(3,114	)
Disposals, intersegment transfers and other			—				—				(68	)			(399	)			—
Deferred drydocking and survey costs - ending balance		$	11,207			$	9,704			$	11,828			$	12,124			$	13,989

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
Europe/Mediterranean
Vessel revenues		$	23,919			$	22,501			$	21,197			$	22,467			$	14,749
Vessel operating costs:
Crew costs			12,003				11,235				10,541				10,519				9,022
Repair and maintenance			2,106				3,562				1,754				2,244				1,673
Insurance			309				38				208				(131	)			299
Fuel, lube and supplies			1,077				936				846				864				759
Other			2,026				1,919				1,926				1,803				1,707
Total vessel operating costs			17,521				17,690				15,275				15,299				13,460
Vessel operating margin ($)			6,398				4,811				5,922				7,168				1,289
Vessel operating margin (%)			26.7	%			21.4	%			27.9	%			31.9	%			8.7	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet			28				28				28				29				31
Utilization - Total fleet			77.8	%			72.4	%			68.3	%			64.7	%			44.7	%
Average vessels - Active fleet			24				23				21				21				17
Utilization - Active fleet			91.3	%			88.5	%			90.5	%			90.6	%			81.3	%
Average day rates		$	12,124			$	11,917			$	11,890			$	13,005			$	11,960
Vessels commencing drydocks			1				1				1				2				3
Deferred drydocking and survey costs - beginning balance		$	4,983			$	5,571			$	6,340			$	7,731			$	7,317
Cash paid for deferred drydocking and survey costs			2,575				93				892				162				2,067
Amortization of deferred drydocking and survey costs			(1,133	)			(1,096	)			(1,316	)			(1,553	)			(1,653	)
Disposals, intersegment transfers and other			—				415				(345	)			—				—
Deferred drydocking and survey costs - ending balance		$	6,425			$	4,983			$	5,571			$	6,340			$	7,731

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
West Africa
Vessel revenues		$	26,398			$	23,183			$	20,240			$	16,938			$	15,606
Vessel operating costs:
Crew costs			8,329				7,690				6,583				6,124				5,907
Repair and maintenance			2,320				2,307				2,848				2,466				2,391
Insurance			357				115				325				(13	)			348
Fuel, lube and supplies			1,950				2,136				2,130				2,231				1,758
Other			2,652				3,615				3,407				3,173				3,292
Total vessel operating costs			15,608				15,863				15,293				13,981				13,696
Vessel operating margin ($)			10,790				7,320				4,947				2,957				1,910
Vessel operating margin (%)			40.9	%			31.6	%			24.4	%			17.5	%			12.2	%
West Africa - Select operating statistics
Average vessels - Total fleet			52				52				55				57				58
Utilization - Total fleet			63.5	%			53.5	%			46.7	%			38.1	%			34.1	%
Average vessels - Active fleet			42				39				36				35				33
Utilization - Active fleet			79.1	%			71.4	%			71.3	%			61.8	%			59.6	%
Average day rates		$	8,834			$	9,052			$	8,562			$	8,521			$	8,711
Vessels commencing drydocks			3				3				3				2				—
Deferred drydocking and survey costs - beginning balance		$	9,777			$	9,987			$	8,989			$	13,115			$	16,680
Cash paid for deferred drydocking and survey costs			1,122				3,004				2,378				376				(298	)
Amortization of deferred drydocking and survey costs			(2,591	)			(3,214	)			(3,148	)			(3,199	)			(3,268	)
Disposals, intersegment transfers and other			—				—				1,768				(1,303	)			1
Deferred drydocking and survey costs - ending balance		$	8,308			$	9,777			$	9,987			$	8,989			$	13,115

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
Worldwide
Vessel revenues		$	103,876			$	100,428			$	91,634			$	88,514			$	80,993
Vessel operating costs:
Crew costs			40,837				39,715				35,609				37,685				35,162
Repair and maintenance			9,461				11,502				10,497				9,534				9,437
Insurance			1,384				517				812				(137	)			623
Fuel, lube and supplies			7,076				6,405				6,751				6,541				5,860
Other			9,753				13,048				11,675				10,640				9,938
Total vessel operating costs			68,511				71,187				65,344				64,263				61,020
Vessel operating margin ($)			35,365				29,241				26,290				24,251				19,973
Vessel operating margin (%)			34.0	%			29.1	%			28.7	%			27.4	%			24.7	%
Worldwide - Select operating statistics
Average vessels - Total fleet			152				153				157				162				170
Utilization - Total fleet			70.9	%			67.4	%			61.7	%			57.0	%			52.9	%
Average vessels - Active fleet			131				125				119				118				116
Utilization - Active fleet			82.5	%			82.4	%			81.6	%			78.4	%			77.6	%
Average day rates		$	10,687			$	10,583			$	10,288			$	10,435			$	9,993
Vessels commencing drydocks			11				11				9				11				4
Deferred drydocking and survey costs - beginning balance		$	40,734			$	40,510			$	40,372			$	46,648			$	56,468
Cash paid for deferred drydocking and survey costs			12,612				9,894				10,617				4,049				2,722
Amortization of deferred drydocking and survey costs			(8,984	)			(9,670	)			(10,069	)			(10,325	)			(11,257	)
Disposals, intersegment transfers and other			—				—				(410	)			—				(1,285	)
Deferred drydocking and survey costs - ending balance		$	44,362			$	40,734			$	40,510			$	40,372			$	46,648

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
Net loss		$	(12,271	)		$	(38,079	)		$	(26,407	)		$	(29,647	)		$	(35,527	)
Interest and other debt costs			4,175				3,417				3,681				3,944				4,541
Income tax (benefit) expense			5,218				(3,047	)			887				6,026				2,009
Depreciation			17,673				18,618				17,911				18,224				18,470
Amortization of deferred drydock and survey costs			8,984				9,670				10,069				10,325				11,257
EBITDA (A), (B), (C)			23,779				(9,421	)			6,141				8,872				750
Long-lived asset impairment (credit) and other			(500	)			13,476				2,167				—				—
Affiliate credit loss impairment expense (credit)			—				1,400				—				(1,000	)			—
Loss on early extinguishment of debt			—				11,100				—				—				—
Gain on bargain purchase			(1,300	)			—				—				—				—
One-time integration related costs			2,305				221				112				795				103
Adjusted EBITDA (A), (B), (C)		$	24,284			$	16,776			$	8,420			$	8,667			$	853

Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, loss on early extinguishment of debt, gain on bargain purchase and merger and integration related costs.

Note (B): EBITDA and Adjusted EBITDA for the three months ended March 31, 2022, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,458, $1,439, $1,523, $1,504, and $1,172, respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended March 31, 2022, and for each of the prior four quarters includes foreign exchange gain (losses) of $946, $582, $(523), $422 and $(850), respectively.

Non-GAAP Financial Measures

We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

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

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

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
Net cash provided by (used in) operating activities (A)		$	(11,624	)		$	6,938			$	(2,499	)		$	4,851			$	5,716
Cash interest expense			—				3,664				3,055				3,282				3,746
Interest income and other			(2,186	)			(1,426	)			(148	)			(8	)			(23	)
Additions to property and equipment			(1,229	)			(6,368	)			(722	)			(665	)			(1,196	)
Acquisition of joint venture			(1,039	)			—				—				—				—
Expansion capital			1,039				—				—				—				—
Free cash flow before proceeds from asset sales			(15,039	)			2,808				(314	)			7,460				8,243
Proceeds from asset sales			4,628				54				4,396				18,577				10,983
Free cash flow		$	(10,411	)		$	2,862			$	4,082			$	26,037			$	19,226

Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by (used in) operating activities adjusted for capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.

Note (A): Net cash provided by (used in) operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:

		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments		$	(13,401	)		$	265			$	2,586			$	7,066			$	9,921
Cash paid for deferred drydock and survey costs			(12,612	)			(9,894	)			(10,617	)			(4,049	)			(2,722	)
Total sources (uses) of cash for changes in assets and liabilities		$	(26,013	)		$	(9,629	)		$	(8,031	)		$	3,017			$	7,199

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220506005422/en/

Tidewater Inc.

West Gotcher

Vice President, Finance and Investor Relations

+1.713.470.5285

Source: Tidewater Inc.

FAQ

What was Tidewater's revenue for Q1 2022?

Tidewater reported revenue of $105.7 million for the first quarter of 2022.

How much did Tidewater's net loss decrease by in Q1 2022 compared to Q1 2021?

Tidewater's net loss decreased from $35.3 million in Q1 2021 to $12.2 million in Q1 2022.

What is the average day rate for Tidewater's vessels in Q1 2022?

The average day rate for Tidewater's vessels increased to $10,687 in Q1 2022.

How many vessels did Tidewater add in Q1 2022?

Tidewater's average active fleet increased by 6 vessels during the quarter.

What acquisition did Tidewater complete, and how many vessels did it include?

Tidewater acquired Swire Pacific Offshore, which included 50 high-quality vessels.