Tidewater Reports Results for the Three Months Ended March 31, 2023

First Quarter 2023 Highlights

• Revenue of $193.1 million; Highest quarterly revenue since fourth quarter of 2015; an 83% increase over the first quarter of 2022
• Highest quarterly global average day rate since third quarter of 2015
• Net income of $10.7 million, or $0.21 per share
• Adjusted EBITDA of $59.1 million; Highest quarterly EBITDA since third quarter of 2015
• Quarter-end net debt balance of $4.3 million

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2023 of $193.1 million compared with $105.7 million for the three months ended March 31, 2022. Tidewater's net income for the three months ended March 31, 2023, were $10.7 million ($0.21 per common share) compared with a net loss of $12.2 million ($0.29 per common share) for the three months ended March 31, 2022. Included in the net income for the three months ended March 31, 2023 were merger and severance expenses of $1.4 million. Excluding this item, we would have reported a net income for the three months ended March 31, 2023 of $12.2 million ($0.23 per common share). 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).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “We are encouraged by the continued momentum we saw during the first quarter and the new cyclical revenue and global average day rate high-water marks, especially for what is anticipated to be the slowest quarter of the year due to seasonality in certain markets. Consolidated global average day rates continued the upward trend we saw throughout 2022, with the average day rate increasing nearly $1,100 per day sequentially. In addition, each individual geographic region increased its average day rate during the quarter. Also, all individual vessel classes except the 4-8k AHTS class increased in average day rate during the quarter. Seasonality did play a factor during the quarter as activity in the North Sea and the Mediterranean declined sequentially though, notably, we did see net day rate improvements in these markets during the quarter.

“The first quarter is typically the slowest calendar quarter of the year due to harsher weather conditions, calendar year budgets and the contracting habits of some of our global customers. This year we used the period to reposition vessels and to perform as many drydocks as possible so that we can maximize the utilization and profitability during the higher activity periods we typically see in the second and third quarters. Incidentally, we anticipate a stronger fourth quarter than third quarter, which is atypical, but representative of a market strengthening in excess of the typical calendar year seasonality. The repositioning in the first quarter resulted in disproportionally higher drydock cost and idle time. Drydock days were up approximately 41.0% from the fourth quarter and drydock spend was approximately $31.0 million. Our forecasted drydock spend for the year remains unchanged at $77.0 million. Similar to what we are expecting in the fourth quarter of this year, first quarter revenue actually increased over the fourth quarter, as the $1,100 increase in the global average day rate overtook the active fleet utilization decrease of 1.9 percentage points.

“During the first quarter, we announced an agreement to acquire 37 PSVs from Solstad Offshore. We are excited about the addition of this high-quality fleet of PSVs to the Tidewater fleet. We expect to close the acquisition by the end of the second quarter, and we continue to evaluate a variety of commercial banking and debt capital market financing alternatives with the objective of optimizing the cost of capital and financial flexibility.

“Turning to our regional operating results, the Americas had a strong quarter as utilization improved five percentage points and day rate expanded by over $1,500 per day. This improvement was spread across nearly all of the subregions within the Americas segment, with particular strength in the Caribbean. The Asia Pacific region also experienced a strong quarter with significant sequential day rate expansion of approximately $5,700 per day, although vessels transiting in and out of Australia and drydocks materially impacted utilization. Vessel operating margin in Asia Pacific increased by nearly 16 percentage points to just over 43.0%, driven by the day rate expansion. Utilization in West Africa declined during the quarter as a number of vessels were in-transit within the region and the aforementioned increase in drydock days, nonetheless, the average day rates in the region improved by nearly $800 per day.

“As we survey the market and evaluate the momentum that built during the quarter, particularly as we moved beyond the seasonally slow period of the quarter, we remain confident in our outlook for 2023. As such, we reiterate our 2023 annual guidance of $900 million of revenue and approximately 50.0% vessel operating margin for the legacy Tidewater business and reiterate our updated pro forma 2023 guidance of $1.03 billion of revenue and approximately 50.0% vessel operating margin which contemplates closing the Solstad PSV acquisition by the end of the second quarter of 2023.”

In addition to the number of outstanding shares, as of March 31, 2023, the company also has the following in-the-money warrants.

Common shares outstanding			50,780,847
New Creditor Warrants (strike price $0.001 per common share)			81,244
GulfMark Creditor Warrants (strike price $0.01 per common share)			107,877
Total			50,969,968

Tidewater will hold a conference call to discuss results for the three months ending March 31, 2023 on May 9, 2023, 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 Conference ID: 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 9, 2023 and will continue until 11:59 p.m. Central Time on June 9, 2023. 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; 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 Forms 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 March 31, 2023 and December 31, 2022; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three months ended March 31, 2023 and 2022; and the Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022. Extracts are drawn from the March 31, 2023 unaudited quarterly and year to date financial statements and the December 31, 2022 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

In conjunction with the acquisition of Swire Pacific Offshore (SPO), we realigned our reportable segments to better reflect the post-acquisition operating environment. The previous Middle East/Asia Pacific segment has been split into the Middle East segment and the Asia Pacific segment. Our previous operations in Southeast Asia and Australia, along with the legacy SPO operations in the Asia Pacific region, now form the new Asia Pacific segment. Our segment disclosures reflect the current segment alignment for all periods presented.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, except per share data)
		Three Months Ended
		March 31, 2023				March 31, 2022
Revenues:
Vessel revenues		$	191,180			$	103,876
Other operating revenues			1,924				1,853
Total revenues			193,104				105,729
Costs and expenses:
Vessel operating costs			115,459				68,511
Costs of other operating revenues			1,151				361
General and administrative			23,545				18,217
Depreciation and amortization			30,666				26,657
Long-lived asset impairment and other			—				(500	)
Gain on asset dispositions, net			(2,216	)			(207	)
Total costs and expenses			168,605				113,039
Operating income (loss)			24,499				(7,310	)
Other income (expense):
Foreign exchange loss			2,348				946
Interest income and other, net			130				3,486
Interest and other debt costs, net			(4,190	)			(4,175	)
Total other expense			(1,712	)			257
Income (loss) before income taxes			22,787				(7,053	)
Income tax expense			11,971				5,218
Net income (loss)			10,816				(12,271	)
Less: Net income (loss) attributable to noncontrolling interests			78				(103	)
Net income (loss) attributable to Tidewater Inc.		$	10,738			$	(12,168	)
Basic income (loss) per common share		$	0.21			$	(0.29	)
Diluted income (loss) per common share		$	0.21			$	(0.29	)
Weighted average common shares outstanding			50,604				41,412
Dilutive effect of warrants, restricted stock units and stock options			1,368				—
Adjusted weighted average common shares			51,972				41,412

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)
		March 31, 2023				December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents		$	165,145			$	164,192
Restricted cash			4,972				1,241
Trade and other receivables, less allowance for credit losses of $12,640 and $14,060 at March 31, 2023 and December 31, 2022, respectively			182,198				156,465
Marine operating supplies			24,448				30,830
Assets held for sale			695				4,195
Prepaid expenses and other current assets			18,978				20,985
Total current assets			396,436				377,908
Net properties and equipment			786,168				796,655
Deferred drydocking and survey costs			82,787				61,080
Indemnification assets			27,698				28,369
Other assets			34,058				33,644
Total assets		$	1,327,147			$	1,297,656
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	64,775			$	38,946
Accrued costs and expenses			107,348				105,518
Other current liabilities			43,220				50,323
Total current liabilities			215,343				194,787
Long-term debt			169,423				169,036
Other liabilities and deferred credits			68,968				67,843
Commitments and contingencies
Equity:
Common stock			51				51
Additional paid-in-capital			1,553,919				1,556,990
Accumulated deficit			(688,911	)			(699,649	)
Accumulated other comprehensive loss			8,254				8,576
Total stockholders' equity			873,313				865,968
Noncontrolling interests			100				22
Total equity			873,413				865,990
Total liabilities and equity		$	1,327,147			$	1,297,656

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In Thousands)
		Three Months Ended
		March 31, 2023				March 31, 2022
Net income (loss)		$	10,816			$	(12,271	)
Other comprehensive income (loss):
Unrealized loss on note receivable			(132	)			—
Change in liability of pension plans			(190	)			(197	)
Total comprehensive income (loss)		$	10,494			$	(12,468	)

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
		Three Months				Three Months
		Ended				Ended
		March 31, 2023				March 31, 2022
Operating activities:
Net loss		$	10,816			$	(12,271	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			21,048				17,673
Amortization of deferred drydocking and survey costs			9,618				8,984
Amortization of debt premiums and discounts			420				375
Provision for deferred income taxes			35				177
Loss on asset dispositions, net			(2,216	)			(207	)
Gain on bargain purchase			—				(1,300	)
Long-lived asset impairment and other			—				(500	)
Stock-based compensation expense			2,103				1,458
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			(25,733	)			(15,570	)
Changes in due to/from affiliate, net			—				(20	)
Accounts payable			25,829				2,825
Accrued expenses			1,830				3,207
Deferred drydocking and survey costs			(31,325	)			(12,612	)
Other, net			369				(3,843	)
Net cash provided by (used in) operating activities			12,794				(11,624	)
Cash flows from investing activities:
Proceeds from sales of assets			5,716				4,628
Acquisitions, net of cash acquired			—				(1,039	)
Additions to properties and equipment			(8,651	)			(1,229	)
Net cash provided by (used in) investing activities			(2,935	)			2,360
Cash flows from financing activities:
Acquisition of non-controlling interest in a majority owned subsidiary			(1,427	)			—
Debt issuance and modification costs			—				(263	)
Tax on share-based awards			(3,747	)			(1,017	)
Net cash used in financing activities			(5,174	)			(1,280	)
Net change in cash, cash equivalents and restricted cash			4,685				(10,544	)
Cash, cash equivalents and restricted cash at beginning of period			167,977				154,276
Cash, cash equivalents and restricted cash at end of period		$	172,662			$	143,732

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	98			$	—
Income taxes		$	17,057			$	3,200
Note: Cash, cash equivalents and restricted cash at March 31, 2023 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				income (loss)				interest				Total
Balance at December 31, 2022		$	51			$	1,556,990			$	(699,649	)		$	8,576			$	22			$	865,990
Total comprehensive income (loss)			—				—				10,738				(322	)			78				10,494
Acquisition of non-controlling interest in a majority owned subsidiary			—				(1,427	)			—				—				—				(1,427	)
Amortization of share-based awards			—				(1,644	)			—				—				—				(1,644	)
Balance at March 31, 2023		$	51			$	1,553,919			$	(688,911	)		$	8,254			$	100			$	873,413
Balance at December 31, 2021		$	41			$	1,376,494			$	(677,900	)		$	2,668			$	466			$	701,769
Total comprehensive 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

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, 2023								March 31, 2022
Vessel revenues:
Americas		$	47,687				25	%		$	28,444				27	%
Asia Pacific			22,024				12	%			4,897				5	%
Middle East			30,762				16	%			20,218				19	%
Europe/Mediterranean			31,250				16	%			23,919				23	%
West Africa			59,457				31	%			26,398				26	%
Total vessel revenues		$	191,180				100	%		$	103,876				100	%
Vessel operating costs:
Crew costs		$	66,643				35	%		$	40,837				39	%
Repair and maintenance			16,652				9	%			9,461				9	%
Insurance			2,005				1	%			1,384				1	%
Fuel, lube and supplies			13,555				7	%			7,076				7	%
Other			16,604				8	%			9,753				9	%
Total vessel operating costs			115,459				60	%			68,511				66	%
Vessel operating margin (A)		$	75,721				40	%		$	35,365				34	%
Note (A): Vessel operating margin equals vessel revenues less vessel operating costs.

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, 2023								March 31, 2022
Vessel operating profit (loss):
Americas		$	7,962				4	%		$	(82	)			(0	)%
Asia Pacific			5,568				3	%			2,173				2	%
Middle East			(344	)			(0	)%			(1,883	)			(2	)%
Europe/Mediterranean			2,036				1	%			(2,429	)			(2	)%
West Africa			17,221				9	%			3,215				3	%
Other operating profit			773				0	%			1,492				1	%
		33,216					17	%		2,486					2	%
Corporate expenses (A)			(10,933	)			(5	)%			(10,503	)			(10	)%
Gain on asset dispositions, net			2,216				1	%			207				0	%
Long-lived asset impairments and other			—				0	%			500				1	%
Operating income (loss)		$	24,499				13	%		$	(7,310	)			(7	)%
Note (A): General and administrative expenses for the three months ended March 31, 2023 and 2022, include stock-based compensation of $2.1 million and $1.5 million, respectively. In addition, vessel operating and general and administrative costs for the three months ended March 31, 2023 and 2022, include $1.4 million and $2.3 million in one-time acquisition, 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,
		2023				2022				2022				2022				2022
Revenues:
Vessel revenues		$	191,180			$	185,106			$	190,247			$	162,175			$	103,876
Other operating revenues			1,924				1,640				1,515				1,272				1,853
Total revenues			193,104				186,746				191,762				163,447				105,729
Costs and expenses:
Vessel operating costs (A)			115,459				115,496				113,037				100,257				68,511
Costs of other operating revenue			1,151				694				592				483				361
General and administrative (A)			23,545				28,633				27,267				27,804				18,217
Depreciation and amortization			30,666				29,881				30,856				31,766				26,657
Long-lived asset impairment (credit)			—				—				1,214				—				(500	)
(Gain) loss on asset dispositions, net			(2,216	)			(1,076	)			(264	)			1,297				(207	)
Total operating costs and expenses			168,605				173,628				172,702				161,607				113,039
Operating income (loss)			24,499				13,118				19,060				1,840				(7,310	)
Other income (expense):
Foreign exchange gain (loss)			2,348				2,105				(3,997	)			(1,881	)			946
Equity in net earnings (losses) of unconsolidated companies			—				14				9				(244	)			—
Interest income and other, net			130				981				581				349				3,486
Loss on warrants			—				—				—				(14,175	)			—
Interest and other debt costs, net			(4,190	)			(4,339	)			(4,391	)			(4,284	)			(4,175	)
Total other income (expense)			(1,712	)			(1,239	)			(7,798	)			(20,235	)			257
Income (loss) before income taxes			22,787				11,879				11,262				(18,395	)			(7,053	)
Income tax expense			11,971				1,697				6,352				6,619				5,218
Net income (loss)			10,816				10,182				4,910				(25,014	)			(12,271	)
Net income (loss) attributable to noncontrolling interests			78				(438	)			(470	)			567				(103	)
Net income (loss) attributable to Tidewater Inc.		$	10,738			$	10,620			$	5,380			$	(25,581	)		$	(12,168	)
Basic income (loss) per common share		$	0.21			$	0.22			$	0.12			$	(0.61	)		$	(0.29	)
Diluted income (loss) per common share		$	0.21			$	0.20			$	0.10			$	(0.61	)		$	(0.29	)
Weighted average common shares outstanding			50,604				48,766				44,451				41,814				41,412
Dilutive effect of warrants, restricted stock units and stock options			1,368				3,069				7,069				—				—
Adjusted weighted average common shares			51,972				51,835				51,520				41,814				41,412
Vessel operating margin		$	75,721			$	69,610			$	77,210			$	61,918			$	35,365
Note (A): One-time acquisition, restructuring and integration related costs		$	1,426			$	5,150			$	4,332			$	7,314			$	2,305

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)
		March 31,				December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
ASSETS
Current assets:
Cash and cash equivalents		$	165,145			$	164,192			$	115,014			$	87,981			$	136,234
Restricted cash			4,972				1,241				4,965				1,240				4,958
Trade and other receivables, net			182,198				156,465				181,646				189,259				112,953
Due from affiliates, net			—				—				—				—				21,191
Marine operating supplies			24,448				30,830				20,764				21,182				13,252
Assets held for sale			695				4,195				6,815				6,862				8,591
Prepaid expenses and other current assets			18,978				20,985				17,509				23,259				12,012
Total current assets			396,436				377,908				346,713				329,783				309,191
Net properties and equipment			786,168				796,655				815,990				838,612				677,580
Deferred drydocking and survey costs			82,787				61,080				57,877				53,661				44,362
Indemnification assets			27,698				28,369				30,117				30,269				—
Other assets			34,058				33,644				32,364				30,410				22,997
Total assets		$	1,327,147			$	1,297,656			$	1,283,061			$	1,282,735			$	1,054,130
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	64,775			$	38,946			$	31,829			$	30,537			$	23,696
Accrued costs and expenses			107,348				105,518				105,945				109,212				55,141
Due to affiliates			—				—				—				—				21,191
Other current liabilities			43,220				50,323				46,629				47,872				25,471
Total current liabilities			215,343				194,787				184,403				187,621				125,499
Long-term debt			169,423				169,036				168,649				168,279				167,997
Other liabilities and deferred credits			68,968				67,843				82,910				85,188				70,892
Equity:
Common stock			51				51				46				42				42
Additional paid-in-capital			1,553,919				1,556,990				1,555,388				1,554,561				1,376,934
Accumulated deficit			(688,911	)			(699,649	)			(710,269	)			(715,649	)			(690,068	)
Accumulated other comprehensive income			8,254				8,576				1,474				1,763				2,471
Total stockholders' equity			873,313				865,968				846,639				840,717				689,379
Noncontrolling interests			100				22				460				930				363
Total equity			873,413				865,990				847,099				841,647				689,742
Total liabilities and equity		$	1,327,147			$	1,297,656			$	1,283,061			$	1,282,735			$	1,054,130

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
Operating activities:
Net income (loss)		$	10,816			$	10,182			$	4,910			$	(25,014	)		$	(12,271	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			21,048				20,983				22,252				22,614				17,673
Amortization of deferred drydocking and survey costs			9,618				8,898				8,604				9,152				8,984
Amortization of debt premiums and discounts			420				522				392				390				375
Provision for deferred income taxes			35				(98	)			(11	)			(32	)			177
(Gain) loss on asset dispositions, net			(2,216	)			(1,076	)			(264	)			1,297				(207	)
Gain on bargain purchase			—				—				—				—				(1,300	)
Long-lived asset impairment and other			—				—				1,214				—				(500	)
Loss on warrants			—				—				—				14,175				—
Stock-based compensation expense			2,103				2,028				1,923				1,963				1,458
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			(25,733	)			26,172				4,784				(19,515	)			(15,570	)
Changes in due to/from affiliate, net			—				—				—				—				(20	)
Accounts payable			25,829				7,117				1,292				5,247				2,825
Accrued expenses			1,830				(427	)			(3,267	)			(853	)			3,207
Deferred drydocking and survey costs			(31,325	)			(12,117	)			(12,820	)			(18,451	)			(12,612	)
Other, net			369				(16,844	)			(896	)			(12,576	)			(3,843	)
Net cash provided by (used in) operating activities			12,794				45,340				28,113				(21,603	)			(11,624	)
Cash flows from investing activities:
Proceeds from sales of assets			5,716				5,093				312				3,535				4,628
Acquisitions, net of cash acquired			—				—				8,785				(28,486	)			(1,039	)
Additions to properties and equipment			(8,651	)			(4,929	)			(6,328	)			(4,151	)			(1,229	)
Net cash provided by (used in) investing activities			(2,935	)			164				2,769				(29,102	)			2,360
Cash flows from financing activities:
Proceeds from stock offering			—				117,202				70,630				—				—
Repurchase of SPO Acquisition Warrants			—				(117,202	)			(70,630	)			—				—
Acquisition of non-controlling interest in a majority owned subsidiary			(1,427	)			—				—				—				—
Debt issuance and modification costs			—				—				(22	)			(108	)			(263	)
Tax on share-based awards			(3,747	)			(47	)			(100	)			(1,159	)			(1,017	)
Net cash used in financing activities			(5,174	)			(47	)			(122	)			(1,267	)			(1,280	)
Net change in cash, cash equivalents and restricted cash			4,685				45,457				30,760				(51,972	)			(10,544	)
Cash, cash equivalents and restricted cash at beginning of period			167,977				122,520				91,760				143,732				154,276
Cash, cash equivalents and restricted cash at end of period		$	172,662			$	167,977			$	122,520			$	91,760			$	143,732
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	98			$	7,575			$	353			$	7,626			$	—
Income taxes		$	17,057			$	6,132			$	6,813			$	6,130			$	3,200
Supplemental disclosure of noncash investing activities:
Acquisition of SPO		$	—			$	—			$	—			$	162,648			$	—
Supplemental disclosure of noncash financing activities:
Warrants issued for SPO acquisition		$	—			$	—			$	—			$	162,648			$	—
Repurchase of SPO Acquisition Warrants		$	—			$	373			$	992			$	—			$	—

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900		$	20,556			$	17,814			$	15,676			$	15,204			$	9,462
PSV < 900			17,390				16,486				16,460				15,470				14,628
AHTS > 16K			3,395				2,873				3,429				2,390				971
AHTS 8 - 16K			2,807				1,899				1,601				1,130				774
AHTS 4 - 8K			1,521				1,553				1,185				1,438				1,472
Other			2,018				1,160				771				1,888				1,137
Total			47,687				41,785				39,122				37,520				28,444
Asia Pacific fleet:
PSV > 900			9,101				6,692				10,896				7,258				3,923
PSV < 900			5,133				3,120				3,891				3,006				—
AHTS > 16K			1,342				3,260				3,128				1,504				—
AHTS 8 - 16K			5,397				4,364				4,333				2,940				—
AHTS 4 - 8K			998				1,584				1,605				1,433				974
Other			53				50				49				221				—
Total			22,024				19,070				23,902				16,362				4,897
Middle East fleet:
PSV > 900			1,192				1,218				2,771				2,814				1,183
PSV < 900			14,965				15,517				16,063				13,798				9,559
AHTS > 16K			2,316				2,351				2,350				1,750				—
AHTS 8 - 16K			4,593				4,146				3,397				3,808				4,137
AHTS 4 - 8K			7,696				7,343				6,605				6,226				5,339
Total			30,762				30,575				31,186				28,396				20,218
Europe/Mediterranean fleet:
PSV > 900			23,368				24,783				27,167				23,684				18,390
PSV < 900			5,153				7,874				7,092				6,868				5,375
AHTS > 16K			2,511				643				5,251				1,776				—
Other			218				182				192				147				154
Total			31,250				33,482				39,702				32,475				23,919
West Africa fleet:
PSV > 900			9,900				10,534				8,041				6,487				3,987
PSV < 900			24,835				20,494				18,249				13,801				8,499
AHTS > 16K			6,237				5,385				6,152				4,315				—
AHTS 8 - 16K			9,827				11,810				11,236				10,724				5,049
AHTS 4 - 8K			2,360				5,780				6,445				4,576				1,547
Other			6,298				6,191				6,212				7,519				7,316
Total			59,457				60,194				56,335				47,422				26,398
Worldwide fleet:
PSV > 900			64,117				61,041				64,551				55,447				36,945
PSV < 900			67,476				63,491				61,755				52,943				38,061
AHTS > 16K			15,801				14,512				20,310				11,735				971
AHTS 8 - 16K			22,624				22,219				20,567				18,602				9,960
AHTS 4 - 8K			12,575				16,260				15,840				13,673				9,332
Other			8,587				7,583				7,224				9,775				8,607
Total		$	191,180			$	185,106			$	190,247			$	162,175			$	103,876

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900			10				10				11				10				10
PSV < 900			15				16				17				17				17
AHTS > 16K			2				2				2				2				1
AHTS 8 - 16K			2				2				1				1				1
AHTS 4 - 8K			2				2				2				3				3
Other			1				1				1				1				2
Total			32				33				34				34				34
Stacked vessels			(1	)			(2	)			(3	)			(5	)			(7	)
Active vessels			31				31				31				29				27
Asia Pacific fleet:
PSV > 900			5				5				5				6				3
PSV < 900			2				2				2				2				—
AHTS > 16K			1				2				2				1				—
AHTS 8 - 16K			3				3				3				2				—
AHTS 4 - 8K			2				3				4				3				2
Other			1				1				1				5				—
Total			14				16				17				19				5
Stacked vessels			(1	)			(2	)			(2	)			(1	)			—
Active vessels			13				14				15				18				5
Middle East fleet:
PSV > 900			1				2				2				2				1
PSV < 900			21				20				20				19				14
AHTS > 16K			2				2				2				1				—
AHTS 8 - 16K			5				5				5				6				5
AHTS 4 - 8K			14				14				13				13				13
Total			43				43				42				41				33
Stacked vessels			—				—				—				—				—
Active vessels			43				43				42				41				33
Europe/Mediterranean fleet:
PSV > 900			20				20				19				19				19
PSV < 900			6				6				6				7				9
AHTS > 16K			1				1				1				1				—
Total			27				27				26				27				28
Stacked vessels			—				—				—				(2	)			(4	)
Active vessels			27				27				26				25				24
West Africa fleet:
PSV > 900			7				6				6				4				3
PSV < 900			18				18				18				15				12
AHTS > 16K			5				4				4				3				—
AHTS 8 - 16K			11				11				12				10				5
AHTS 4 - 8K			8				8				8				6				3
Other			25				28				28				29				29
Total			74				75				76				67				52
Stacked vessels			(8	)			(10	)			(9	)			(8	)			(10	)
Active vessels			66				65				67				59				42
Worldwide fleet:
PSV > 900			43				43				43				41				36
PSV < 900			62				62				63				60				52
AHTS > 16K			11				11				11				8				1
AHTS 8 - 16K			21				21				21				19				11
AHTS 4 - 8K			26				27				27				25				21
Other			27				30				30				35				31
Total			190				194				195				188				152
Stacked vessels			(10	)			(14	)			(14	)			(16	)			(21	)
Active vessels			180				180				181				172				131
Total active			180				180				181				172				131
Total stacked			10				14				14				16				21
Total joint venture			—				1				1				1				1
Total			190				195				196				189				153

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
PSV > 900			907				922				1,012				943				900
PSV < 900			1,359				1,499				1,564				1,547				1,530
AHTS > 16K			180				184				184				152				90
AHTS 8 - 16K			180				184				122				91				90
AHTS 4 - 8K			180				184				184				246				270
Other			121				92				92				121				145
Total			2,927				3,065				3,158				3,100				3,025
Asia Pacific fleet:
PSV > 900			481				460				460				507				270
PSV < 900			180				184				184				183				—
AHTS > 16K			90				184				184				122				—
AHTS 8 - 16K			270				276				276				183				—
AHTS 4 - 8K			180				292				368				304				180
Other			48				92				92				453				—
Total			1,249				1,488				1,564				1,752				450
Middle East fleet:
PSV > 900			90				92				123				152				90
PSV < 900			1,842				1,840				1,840				1,700				1,269
AHTS > 16K			180				184				184				122				—
AHTS 8 - 16K			450				460				465				546				458
AHTS 4 - 8K			1,291				1,288				1,217				1,183				1,170
Total			3,853				3,864				3,829				3,703				2,987
Europe/Mediterranean fleet:
PSV > 900			1,762				1,838				1,748				1,729				1,710
PSV < 900			540				552				552				696				826
AHTS > 16K			90				92				92				61				—
Total			2,392				2,482				2,392				2,486				2,536
West Africa fleet:
PSV > 900			630				644				613				406				270
PSV < 900			1,620				1,656				1,656				1,367				1,103
AHTS > 16K			450				368				368				244				—
AHTS 8 - 16K			990				1,012				1,074				882				470
AHTS 4 - 8K			720				736				736				548				255
Other			2,256				2,545				2,582				2,639				2,610
Total			6,666				6,961				7,029				6,086				4,708
Worldwide fleet:
PSV > 900			3,870				3,956				3,956				3,737				3,240
PSV < 900			5,541				5,731				5,796				5,493				4,728
AHTS > 16K			990				1,012				1,012				701				90
AHTS 8 - 16K			1,890				1,932				1,937				1,702				1,018
AHTS 4 - 8K			2,371				2,500				2,505				2,281				1,875
Other			2,425				2,729				2,766				3,213				2,755
Total			17,087				17,860				17,972				17,127				13,706

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
PSV > 900			—				—				—				155				180
PSV < 900			99				211				276				273				270
AHTS 4 - 8K			—				—				—				64				90
Other			—				—				—				—				55
Total			99				211				276				492				595
Asia Pacific fleet:
AHTS 4 - 8K			—				54				61				—				—
Other			48				92				92				61				—
Total			48				146				153				61				—
Middle East fleet:
PSV < 900			—				—				—				—				25
Total			—				—				—				—				25
Europe/Mediterranean fleet:
PSV > 900			—				—				—				—				90
PSV < 900			—				—				—				150				286
Total			—				—				—				150				376
West Africa fleet:
PSV < 900			—				—				—				18				203
AHTS 8 - 16K			—				—				—				—				20
AHTS 4 - 8K			180				158				92				56				75
Other			540				797				747				678				630
Total			720				955				839				752				928
Worldwide fleet:
PSV > 900			—				—				—				155				270
PSV < 900			99				211				276				441				784
AHTS 8 - 16K			—				—				—				—				20
AHTS 4 - 8K			180				212				153				120				165
Other			588				889				839				739				685
Total			867				1,312				1,268				1,455				1,924

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
PSV > 900			907				922				1,012				788				720
PSV < 900			1,260				1,288				1,288				1,274				1,260
AHTS > 16K			180				184				184				152				90
AHTS 8 - 16K			180				184				122				91				90
AHTS 4 - 8K			180				184				184				182				180
Other			121				92				92				121				90
Total			2,828				2,854				2,882				2,608				2,430
Asia Pacific fleet:
PSV > 900			481				460				460				507				270
PSV < 900			180				184				184				183				—
AHTS > 16K			90				184				184				122				—
AHTS 8 - 16K			270				276				276				183				—
AHTS 4 - 8K			180				238				307				304				180
Other			—				—				—				392				—
Total			1,201				1,342				1,411				1,691				450
Middle East fleet:
PSV > 900			90				92				123				152				90
PSV < 900			1,842				1,840				1,840				1,700				1,244
AHTS > 16K			180				184				184				122				—
AHTS 8 - 16K			450				460				465				546				458
AHTS 4 - 8K			1,291				1,288				1,217				1,183				1,170
Total			3,853				3,864				3,829				3,703				2,962
Europe/Mediterranean fleet:
PSV > 900			1,762				1,838				1,748				1,729				1,620
PSV < 900			540				552				552				546				540
AHTS > 16K			90				92				92				61				—
Total			2,392				2,482				2,392				2,336				2,160
West Africa fleet:
PSV > 900			630				644				613				406				270
PSV < 900			1,620				1,656				1,656				1,349				900
AHTS > 16K			450				368				368				244				—
AHTS 8 - 16K			990				1,012				1,074				882				450
AHTS 4 - 8K			540				578				644				492				180
Other			1,716				1,748				1,835				1,961				1,980
Total			5,946				6,006				6,190				5,334				3,780
Worldwide fleet:
PSV > 900			3,870				3,956				3,956				3,582				2,970
PSV < 900			5,442				5,520				5,520				5,052				3,944
AHTS > 16K			990				1,012				1,012				701				90
AHTS 8 - 16K			1,890				1,932				1,937				1,702				998
AHTS 4 - 8K			2,191				2,288				2,352				2,161				1,710
Other			1,837				1,840				1,927				2,474				2,070
Total			16,220				16,548				16,704				15,672				11,782

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	March 31,					December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
UTILIZATION - TOTAL FLEET:
Americas fleet:
PSV > 900			84.2	%			82.6	%			74.6	%			74.4	%			54.6	%
PSV < 900			79.8				68.1				69.3				67.7				63.3
AHTS > 16K			50.0				48.2				92.4				90.2				57.6
AHTS 8 - 16K			100.0				76.8				89.5				100.0				68.9
AHTS 4 - 8K			96.4				99.2				74.4				67.2				63.7
Other			97.5				100.0				66.5				100.0				62.1
Total			82.3	%			74.6	%			73.3	%			73.0	%			60.7	%
Asia Pacific fleet:
PSV > 900			70.8	%			62.6	%			94.5	%			65.5	%			100.0	%
PSV < 900			90.6				78.4				100.0				66.7				—
AHTS > 16K			78.1				90.8				89.9				50.0				—
AHTS 8 - 16K			79.8				85.4				97.2				91.2				—
AHTS 4 - 8K			80.3				79.5				64.5				56.9				97.9
Other			—				—				—				74.0				—
Total			74.8	%			71.7	%			82.5	%			67.9	%			99.2	%
Middle East fleet:
PSV > 900			100.0	%			100.0	%			93.6	%			100.0	%			100.0	%
PSV < 900			74.4				78.3				84.1				76.5				78.0
AHTS > 16K			100.0				100.0				94.7				100.0				—
AHTS 8 - 16K			96.0				84.8				68.5				70.9				99.7
AHTS 4 - 8K			85.7				86.3				84.9				87.1				80.4
Total			82.5	%			83.3	%			83.3	%			80.8	%			82.9	%
Europe/Mediterranean fleet:
PSV > 900			82.7	%			87.1	%			95.8	%			88.4	%			84.7	%
PSV < 900			85.4				93.8				96.4				71.5				63.5
AHTS > 16K			84.1				65.5				76.9				53.4				—
Total			83.4	%			87.8	%			95.2	%			82.8	%			77.8	%
West Africa fleet:
PSV > 900			83.0	%			85.7	%			70.9	%			96.3	%			100.0	%
PSV < 900			95.3				89.9				86.6				80.6				66.0
AHTS > 16K			73.5				89.4				100.0				98.1				—
AHTS 8 - 16K			79.8				91.1				85.7				95.4				95.7
AHTS 4 - 8K			32.4				62.1				82.6				82.6				69.6
Other			50.3				45.4				44.4				52.9				52.2
Total			68.4	%			70.5	%			69.9	%			72.7	%			63.5	%
Worldwide fleet:
PSV > 900			82.0	%			83.3	%			86.3	%			83.1	%			79.3	%
PSV < 900			83.4				80.5				82.5				74.1				67.9
AHTS > 16K			75.4				81.9				93.7				84.4				57.6
AHTS 8 - 16K			85.6				87.4				83.4				87.4				95.1
AHTS 4 - 8K			69.9				79.4				80.5				79.8				78.2
Other			51.7				45.7				43.7				57.7				52.7
Total			76.5	%			76.5	%			77.8	%			75.5	%			70.9	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	March 31,					December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
UTILIZATION - ACTIVE FLEET:
Americas fleet:
PSV > 900			84.2	%			82.6	%			74.6	%			89.1	%			68.2	%
PSV < 900			86.1				79.3				84.1				82.3				76.8
AHTS > 16K			50.0				48.2				92.4				90.2				57.6
AHTS 8 - 16K			100.0				76.8				89.5				100.0				68.9
AHTS 4 - 8K			96.4				99.2				74.4				90.8				95.5
Other			97.5				100.0				66.5				100.0				100.0
Total			85.2	%			80.1	%			80.3	%			86.8	%			75.5	%
Asia Pacific fleet:
PSV > 900			70.8	%			62.6	%			94.5	%			65.5	%			100.0	%
PSV < 900			90.6				78.4				100.0				66.7				—
AHTS > 16K			78.1				90.8				89.9				50.0				—
AHTS 8 - 16K			79.8				85.4				97.2				91.2				—
AHTS 4 - 8K			80.3				97.4				77.4				56.9				97.9
Other			—				—				—				85.5				—
Total			77.8	%			79.5	%			91.4	%			70.4	%			99.2	%
Middle East fleet:
PSV > 900			100.0	%			100.0	%			93.6	%			100.0	%			100.0	%
PSV < 900			74.4				78.3				84.1				76.5				79.6
AHTS > 16K			100.0				100.0				94.7				100.0				—
AHTS 8 - 16K			96.0				84.8				68.5				70.9				99.7
AHTS 4 - 8K			85.7				86.3				84.9				87.1				80.4
Total			82.5	%			83.3	%			83.3	%			80.8	%			83.6	%
Europe/Mediterranean fleet:
PSV > 900			82.7	%			87.1	%			95.8	%			88.4	%			89.4	%
PSV < 900			85.4				93.8				96.4				91.1				97.1
AHTS > 16K			84.1				65.5				76.9				53.4				—
Total			83.4	%			87.8	%			95.2	%			88.1	%			91.3	%
West Africa fleet:
PSV > 900			83.0	%			85.7	%			70.9	%			96.3	%			100.0	%
PSV < 900			95.3				89.9				86.6				81.7				80.9
AHTS > 16K			73.5				89.4				100.0				98.1				—
AHTS 8 - 16K			79.8				91.1				85.7				95.4				100.0
AHTS 4 - 8K			43.2				79.1				94.5				92.0				98.6
Other			66.2				66.1				62.5				71.2				68.8
Total			76.6	%			81.7	%			79.4	%			82.9	%			79.1	%
Worldwide fleet:
PSV > 900			82.0	%			83.3	%			86.3	%			86.7	%			86.5	%
PSV < 900			84.9				83.6				86.6				80.6				81.4
AHTS > 16K			75.4				81.9				93.7				84.4				57.6
AHTS 8 - 16K			85.6				87.4				83.4				87.4				97.0
AHTS 4 - 8K			75.7				86.7				85.7				84.3				85.8
Other			68.2				67.8				62.7				74.9				70.2
Total			80.6	%			82.5	%			83.7	%			82.5	%			82.5	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900		$	26,930			$	23,401			$	20,775			$	21,658			$	19,265
PSV < 900			16,037				16,146				15,197				14,762				15,111
AHTS > 16K			37,720				32,368				20,175				17,430				18,745
AHTS 8 - 16K			15,593				13,431				14,668				12,424				12,480
AHTS 4 - 8K			8,764				8,511				8,654				8,701				8,562
Other			17,110				12,611				12,616				15,601				12,633
Total			19,794				18,271				16,901				16,569				15,501
Asia Pacific fleet:
PSV > 900			26,723				23,237				25,072				21,850				14,529
PSV < 900			31,488				21,627				21,148				24,640				—
AHTS > 16K			19,095				19,519				18,902				24,664				—
AHTS 8 - 16K			25,049				18,509				16,144				17,609				—
AHTS 4 - 8K			6,903				6,822				6,759				8,281				5,528
Other			—				—				—				660				—
Total			23,582				17,868				18,530				13,748				10,975
Middle East fleet:
PSV > 900			13,251				13,234				24,061				18,513				13,147
PSV < 900			10,926				10,768				10,378				10,607				9,658
AHTS > 16K			12,868				12,777				13,487				14,348				—
AHTS 8 - 16K			10,632				10,627				10,666				9,832				9,058
AHTS 4 - 8K			6,953				6,604				6,396				6,044				5,672
Total			9,679				9,498				9,781				9,490				8,160
Europe/Mediterranean fleet:
PSV > 900			16,031				15,476				16,229				15,496				12,697
PSV < 900			11,177				15,212				13,323				13,806				10,248
AHTS > 16K			33,164				10,682				74,231				54,472				—
Total			15,669				15,364				17,436				15,776				12,124
West Africa fleet:
PSV > 900			18,931				19,096				18,502				16,592				14,768
PSV < 900			16,080				13,758				12,721				12,528				11,672
AHTS > 16K			18,863				16,367				16,719				18,036				—
AHTS 8 - 16K			12,433				12,809				12,212				12,743				11,219
AHTS 4 - 8K			10,113				12,637				10,595				10,105				8,721
Other			5,548				5,359				5,415				5,381				5,368
Total			13,047				12,272				11,467				10,721				8,834
Worldwide fleet:
PSV > 900			20,198				18,529				18,914				17,854				14,378
PSV < 900			14,597				13,762				12,915				13,008				11,855
AHTS > 16K			21,163				17,505				21,415				19,824				18,745
AHTS 8 - 16K			13,984				13,153				12,726				12,511				10,281
AHTS 4 - 8K			7,583				8,196				7,859				7,507				6,362
Other			6,852				6,080				5,979				5,275				5,924
Total		$	14,624			$	13,554			$	13,606			$	12,544			$	10,687
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,
		2023				2022				2022				2022				2022
Americas
Vessel revenues		$	47,687			$	41,785			$	39,122			$	37,520			$	28,444
Vessel operating costs:
Crew costs			17,402				16,486				16,080				12,949				11,252
Repair and maintenance			3,888				3,619				3,594				2,866				2,627
Insurance			410				410				414				248				367
Fuel, lube and supplies			2,999				2,387				2,557				2,326				2,385
Other			3,572				5,102				3,090				3,054				2,196
Total vessel operating costs			28,271				28,004				25,735				21,443				18,827
Vessel operating margin ($)			19,416				13,781				13,387				16,077				9,617
Vessel operating margin (%)			40.7	%			33.0	%			34.2	%			42.8	%			33.8	%
Americas - Select operating statistics
Average vessels - Total fleet			32				33				34				34				34
Utilization - Total fleet			82.3	%			74.6	%			73.3	%			73.0	%			60.7	%
Average vessels - Active fleet			31				31				31				29				27
Utilization - Active fleet			85.2	%			80.1	%			80.3	%			86.8	%			75.5	%
Average day rates		$	19,794			$	18,271			$	16,901			$	16,569			$	15,501
Vessels commencing drydocks			2				2				4				3				5
Deferred drydocking and survey costs - beginning balance		$	21,720			$	21,772			$	19,208			$	18,422			$	16,270
Cash paid for deferred drydocking and survey costs			8,218				4,389				5,678				3,857				5,060
Amortization of deferred drydocking and survey costs			(3,417	)			(3,025	)			(2,932	)			(3,071	)			(2,908	)
Disposals, intersegment transfers and other			1,311				(1,416	)			(182	)			—				—
Deferred drydocking and survey costs - ending balance		$	27,832			$	21,720			$	21,772			$	19,208			$	18,422

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
Asia Pacific
Vessel revenues		$	22,024			$	19,070			$	23,902			$	16,362			$	4,897
Vessel operating costs:
Crew costs			7,311				9,876				10,631				8,138				788
Repair and maintenance			1,749				901				947				945				284
Insurance			123				183				189				90				54
Fuel, lube and supplies			1,630				1,299				1,145				1,590				105
Other			1,678				1,574				1,909				1,176				422
Total vessel operating costs			12,491				13,833				14,821				11,939				1,653
Vessel operating margin ($)			9,533				5,237				9,081				4,423				3,244
Vessel operating margin (%)			43.3	%			27.5	%			38.0	%			27.0	%			66.2	%
Asia Pacific - Select operating statistics
Average vessels - Total fleet			14				16				17				19				5
Utilization - Total fleet			74.8	%			71.7	%			82.5	%			67.9	%			99.2	%
Average vessels - Active fleet			13				14				15				18				5
Utilization - Active fleet			77.8	%			79.5	%			91.4	%			70.4	%			99.2	%
Average day rates		$	23,582			$	17,868			$	18,530			$	13,748			$	10,975
Vessels commencing drydocks			1				2				—				2				—
Deferred drydocking and survey costs - beginning balance		$	553			$	979			$	852			$	542			$	710
Cash paid for deferred drydocking and survey costs			2,368				156				702				1,262				—
Amortization of deferred drydocking and survey costs			(282	)			(117	)			(139	)			(163	)			(168	)
Disposals, intersegment transfers and other			(114	)			(465	)			(436	)			(789	)			—
Deferred drydocking and survey costs - ending balance		$	2,525			$	553			$	979			$	852			$	542

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
Middle East
Vessel revenues		$	30,762			$	30,575			$	31,186			$	28,396			$	20,218
Vessel operating costs:
Crew costs			12,616				12,472				12,814				11,193				8,465
Repair and maintenance			3,475				3,216				3,441				3,429				2,124
Insurance			433				384				406				325				297
Fuel, lube and supplies			2,870				2,991				3,281				2,700				1,559
Other			3,669				2,505				1,804				2,249				2,457
Total vessel operating costs			23,063				21,568				21,746				19,896				14,902
Vessel operating margin ($)			7,699				9,007				9,440				8,500				5,316
Vessel operating margin (%)			25.0	%			29.5	%			30.3	%			29.9	%			26.3	%
Middle East - Select operating statistics
Average vessels - Total fleet			43				43				42				41				33
Utilization - Total fleet			82.5	%			83.3	%			83.3	%			80.8	%			82.9	%
Average vessels - Active fleet			43				43				42				41				33
Utilization - Active fleet			82.5	%			83.3	%			83.3	%			80.8	%			83.6	%
Average day rates		$	9,679			$	9,498			$	9,781			$	9,490			$	8,160
Vessels commencing drydocks			5				5				5				7				2
Deferred drydocking and survey costs - beginning balance		$	15,062			$	14,993			$	14,980			$	10,665			$	8,994
Cash paid for deferred drydocking and survey costs			7,787				1,930				2,345				6,362				3,855
Amortization of deferred drydocking and survey costs			(1,913	)			(2,323	)			(2,346	)			(2,308	)			(2,184	)
Disposals, intersegment transfers and other			(259	)			462				14				261				—
Deferred drydocking and survey costs - ending balance		$	20,677			$	15,062			$	14,993			$	14,980			$	10,665

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
Europe/Mediterranean
Vessel revenues		$	31,250			$	33,482			$	39,702			$	32,475			$	23,919
Vessel operating costs:
Crew costs			12,727				13,010				12,347				12,349				12,003
Repair and maintenance			2,706				3,067				1,652				2,414				2,106
Insurance			384				386				440				307				309
Fuel, lube and supplies			1,584				2,051				1,158				1,740				1,077
Other			2,371				1,762				2,170				2,468				2,026
Total vessel operating costs			19,772				20,276				17,767				19,278				17,521
Vessel operating margin ($)			11,478				13,206				21,935				13,197				6,398
Vessel operating margin (%)			36.7	%			39.4	%			55.2	%			40.6	%			26.7	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet			27				27				26				27				28
Utilization - Total fleet			83.4	%			87.8	%			95.2	%			82.8	%			77.8	%
Average vessels - Active fleet			27				27				26				25				24
Utilization - Active fleet			83.4	%			87.8	%			95.2	%			88.1	%			91.3	%
Average day rates		$	15,669			$	15,364			$	17,436			$	15,776			$	12,124
Vessels commencing drydocks			4				3				1				3				1
Deferred drydocking and survey costs - beginning balance		$	9,566			$	8,588			$	9,231			$	6,425			$	4,983
Cash paid for deferred drydocking and survey costs			5,128				1,175				315				4,206				2,575
Amortization of deferred drydocking and survey costs			(1,739	)			(1,523	)			(1,244	)			(1,400	)			(1,133	)
Disposals, intersegment transfers and other			(1,592	)			1,326				286				—				—
Deferred drydocking and survey costs - ending balance		$	11,363			$	9,566			$	8,588			$	9,231			$	6,425

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
West Africa
Vessel revenues		$	59,457			$	60,194			$	56,335			$	47,422			$	26,398
Vessel operating costs:
Crew costs			16,587				17,855				19,317				16,010				8,329
Repair and maintenance			4,834				3,971				3,910				3,823				2,320
Insurance			655				664				539				396				357
Fuel, lube and supplies			4,472				4,113				4,150				3,165				1,950
Other			5,314				5,212				5,052				4,307				2,652
Total vessel operating costs			31,862				31,815				32,968				27,701				15,608
Vessel operating margin ($)			27,595				28,379				23,367				19,721				10,790
Vessel operating margin (%)			46.4	%			47.1	%			41.5	%			41.6	%			40.9	%
West Africa - Select operating statistics
Average vessels - Total fleet			74				75				76				67				52
Utilization - Total fleet			68.4	%			70.5	%			69.9	%			72.7	%			63.5	%
Average vessels - Active fleet			66				65				67				59				42
Utilization - Active fleet			76.6	%			81.7	%			79.4	%			82.9	%			79.1	%
Average day rates		$	13,047			$	12,272			$	11,467			$	10,721			$	8,834
Vessels commencing drydocks			6				2				5				5				3
Deferred drydocking and survey costs - beginning balance		$	14,179			$	11,545			$	9,390			$	8,308			$	9,777
Cash paid for deferred drydocking and survey costs			7,824				4,467				3,780				2,764				1,122
Amortization of deferred drydocking and survey costs			(2,267	)			(1,909	)			(1,943	)			(2,210	)			(2,591	)
Disposals, intersegment transfers and other			654				76				318				528				—
Deferred drydocking and survey costs - ending balance		$	20,390			$	14,179			$	11,545			$	9,390			$	8,308

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
Worldwide
Vessel revenues		$	191,180			$	185,106			$	190,247			$	162,175			$	103,876
Vessel operating costs:
Crew costs			66,643				69,699				71,189				60,639				40,837
Repair and maintenance			16,652				14,774				13,544				13,477				9,461
Insurance			2,005				2,027				1,988				1,366				1,384
Fuel, lube and supplies			13,555				12,841				12,291				11,521				7,076
Other			16,604				16,155				14,025				13,254				9,753
Total vessel operating costs			115,459				115,496				113,037				100,257				68,511
Vessel operating margin ($)			75,721				69,610				77,210				61,918				35,365
Vessel operating margin (%)			39.6	%			37.6	%			40.6	%			38.2	%			34.0	%
Worldwide - Select operating statistics
Average vessels - Total fleet			190				194				195				188				152
Utilization - Total fleet			76.5	%			76.5	%			77.8	%			75.5	%			70.9	%
Average vessels - Active fleet			180				180				181				172				131
Utilization - Active fleet			80.6	%			82.5	%			83.7	%			82.5	%			82.5	%
Average day rates		$	14,624			$	13,554			$	13,606			$	12,544			$	10,687
Vessels commencing drydocks			18				14				15				20				11
Deferred drydocking and survey costs - beginning balance		$	61,080			$	57,877			$	53,661			$	44,362			$	40,734
Cash paid for deferred drydocking and survey costs			31,325				12,117				12,820				18,451				12,612
Amortization of deferred drydocking and survey costs			(9,618	)			(8,897	)			(8,604	)			(9,152	)			(8,984	)
Disposals, intersegment transfers and other			—				(17	)			—				—				—
Deferred drydocking and survey costs - ending balance		$	82,787			$	61,080			$	57,877			$	53,661			$	44,362

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2023				2022				2022				2022				2022
Net income (loss)		$	10,816			$	10,182			$	4,910			$	(25,014	)		$	(12,271	)
Interest and other debt costs			4,190				4,339				4,391				4,284				4,175
Income tax (benefit) expense			11,971				1,697				6,352				6,619				5,218
Depreciation			21,048				20,983				22,252				22,614				17,673
Amortization of deferred drydock and survey costs			9,618				8,898				8,604				9,152				8,984
EBITDA (A), (B), (C)			57,643				46,099				46,509				17,655				23,779
Long-lived asset impairment (credit) and other			—				—				1,214				—				(500	)
Loss on warrants			—				—				—				14,175				—
Gain on bargain purchase			—				—				—				—				(1,300	)
One-time acquisition, restructuring and integration related costs			1,426				5,150				4,332				7,314				2,305
Adjusted EBITDA (A), (B), (C)		$	59,069			$	51,249			$	52,055			$	39,144			$	24,284
Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, loss on warrants, gain on bargain purchase and acquisition, restructuring and integration related costs.
Note (B): EBITDA and Adjusted EBITDA for the three months ended March 31, 2023, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $2,103, $2,028, $1,923, $1,963 and $1,458 respectively.
Note (C): EBITDA and Adjusted EBITDA for the three months ended March 31, 2023, and for each of the prior four quarters includes foreign exchange gain (losses) of $2,348, $2,105, $(3,997), $(1,881) and $946 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,
		2023				2022				2022				2022				2022
Net cash provided by (used in) operating activities (A)		$	12,794			$	45,340			$	28,113			$	(21,603	)		$	(11,624	)
Cash interest expense			98				7,575				353				7,626				—
Interest income and other			(130	)			(981	)			(581	)			(349	)			(2,186	)
Additions to property and equipment			(8,651	)			(4,929	)			(6,328	)			(4,151	)			(1,229	)
Acquisitions			—				—				8,785				(28,486	)			(1,039	)
Expansion capital			109				1,240				(8,441	)			28,678				1,207
Free cash flow before proceeds from asset sales			4,220				48,245				21,901				(18,285	)			(14,871	)
Proceeds from asset sales			5,716				5,093				312				3,535				4,628
Free cash flow		$	9,936			$	53,338			$	22,213			$	(14,750	)		$	(10,243	)
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,
		2023				2022				2022				2022				2022
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments		$	2,295			$	16,018			$	1,913			$	(27,697	)		$	(13,401	)
Cash paid for deferred drydock and survey costs			(31,325	)			(12,117	)			(12,820	)			(18,451	)			(12,612	)
Total sources (uses) of cash for changes in assets and liabilities		$	(29,030	)		$	3,901			$	(10,907	)		$	(46,148	)		$	(26,013	)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230506005007/en/

Tidewater Inc.

West Gotcher

Vice President,

Finance and Investor Relations

+1.713.470.5285

Source: Tidewater Inc.