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

·9 min read

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

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

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

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

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

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

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

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

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

Common shares outstanding

40,704,984

New Creditor Warrants (strike price $0.001 per common share)

657,203

GulfMark Creditor Warrants (strike price $0.01 per common share)

815,575

Total

42,177,762

Tidewater will hold a conference call to discuss results for the three and twelve-month periods ending December 31, 2020 on March 5, 2021, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1-888-771-4371 if calling from the U.S. or Canada (+1-847-585-4405 if calling from outside the U.S.) and asking for the "Tidewater" call just prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com

A replay of the conference call will be available beginning at 10:30 a.m. Central Time on March 5, 2021 and will continue until 11:59 p.m. Central Time on April 5, 2021. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involves numerous risks and uncertainties that may cause the company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Risk Factors" section of Tidewater’s most recent Forms 10-Q and 10-K.

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with more than 60 years of experience supporting offshore energy exploration and production activities worldwide.

Note: All per-share amounts are stated on a diluted basis.

Financial information is displayed beginning on the next page.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

December 31,

December 31,

2020

2019

2020

2019

Revenues:

Vessel revenues

$

87,830

116,539

386,174

477,015

Other operating revenues

4,029

2,237

10,864

9,534

Total revenues

91,859

118,776

397,038

486,549

Costs and expenses:

Vessel operating costs

63,397

85,935

268,780

329,196

Costs of other operating revenues

342

916

3,405

2,800

General and administrative

16,992

22,406

73,447

103,716

Depreciation and amortization

30,681

28,226

116,709

101,931

Long-lived asset impairments and other

6,475

32,549

74,109

37,773

Affiliate credit loss impairment expense

(600

)

52,981

Affiliate guarantee obligation

2,000

Gain on asset dispositions, net

(80

)

(1,217

)

(7,591

)

(2,263

)

117,207

168,815

583,840

573,153

Operating loss

(25,348

)

(50,039

)

(186,802

)

(86,604

)

Other income (expense):

Foreign exchange loss

(2,880

)

(945

)

(5,245

)

(1,269

)

Equity in net losses of unconsolidated companies

164

(2,717

)

164

(3,152

)

Dividend income from unconsolidated companies

17,150

Interest income and other, net

144

690

1,228

6,598

Interest and other debt costs, net

(5,984

)

(6,282

)

(24,156

)

(29,068

)

Total other expense

(8,556

)

(9,254

)

(10,859

)

(26,891

)

Loss before income taxes

(33,904

)

(59,293

)

(197,661

)

(113,495

)

Income tax (benefit) expense

(4,477

)

1,281

(965

)

27,724

Net loss

$

(29,427

)

(60,574

)

(196,696

)

(141,219

)

Less: Net income (loss) attributable to noncontrolling interests

(180

)

(721

)

(454

)

524

Net loss attributable to Tidewater Inc.

$

(29,247

)

(59,853

)

(196,242

)

(141,743

)

Basic loss per common share

(0.72

)

(1.52

)

(4.86

)

(3.71

)

Diluted loss per common share

(0.72

)

(1.52

)

(4.86

)

(3.71

)

Weighted average common shares outstanding

40,604

39,504

40,355

38,205

Dilutive effect of stock options and restricted stock

Adjusted weighted average common shares

40,604

39,504

40,355

38,205

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

December 31,

December 31,

ASSETS

2020

2019

Current assets:

Cash and cash equivalents

$

149,933

218,290

Restricted cash

2,079

5,755

Trade and other receivables, less allowance for credit losses of $1,516 as of December 31, 2020 and less allowance for doubtful accounts of $70 as of December 31, 2019

112,623

110,180

Due from affiliate, less allowance for credit losses of $71,800 as of December 31, 2020 and less due from affiliate allowance of $20,083 as of December 31, 2019

62,050

125,972

Marine operating supplies

15,876

21,856

Assets held for sale

34,396

39,287

Prepaid expenses and other current assets

11,692

15,956

Total current assets

388,649

537,296

Net properties and equipment

780,318

938,961

Deferred drydocking and survey costs

56,468

66,936

Other assets

25,742

36,335

Total assets

$

1,251,177

1,579,528

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

16,981

27,501

Accrued costs and expenses

52,422

74,000

Due to affiliates

53,194

50,186

Current portion of long-term debt

27,797

9,890

Other current liabilities

32,785

24,100

Total current liabilities

183,179

185,677

Long-term debt

164,934

279,044

Other liabilities and deferred credits

79,792

98,397

Commitments and contingencies

Equity:

Common stock

41

40

Additional paid-in-capital

1,371,809

1,367,521

Accumulated deficit

(548,931

)

(352,526

)

Accumulated other comprehensive loss

(804

)

(236

)

Total stockholder's equity

822,115

1,014,799

Noncontrolling interests

1,157

1,611

Total equity

823,272

1,016,410

Total liabilities and equity

$

1,251,177

1,579,528

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

December 31,

December 31,

2020

2019

2020

2019

Net loss

$

(29,427

)

$

(60,574

)

$

(196,696

)

$

(141,219

)

Other comprehensive income (loss):

Change in supplemental executive retirement plan pension liability, net of tax of $0, $0, $0 and $0, respectively

(2,011

)

(2,121

)

(2,309

)

(2,121

)

Change in pension plan minimum liability, net of tax of $0, $0, $0, and $0, respectively

101

(309

)

1,741

(309

)

Total comprehensive loss

$

(31,337

)

$

(63,004

)

$

(197,264

)

$

(143,649

)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Twelve Months

Twelve Months

Ended

Ended

December 31,

December 31,

2020

2019

Operating activities:

Net loss

$

(196,696

)

$

(141,219

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization

73,030

77,045

Amortization of deferred drydocking and survey costs

43,679

24,886

Amortization of debt premiums and discounts

3,961

(4,877

)

Provision for deferred income taxes

1,224

672

Gain on asset dispositions, net

(7,591

)

(2,263

)

Affiliate credit loss impairment expense

52,981

Affiliate guarantee obligation

2,000

Long-lived asset impairments and other

74,109

37,773

Changes in investments in unconsolidated companies

1,039

Stock-based compensation expense

5,117

19,603

Changes in operating assets and liabilities, net:

Trade and other receivables

(2,606

)

1,086

Changes in due to/from affiliate, net

11,949

22,193

Accounts payable

(10,520

)

(4,438

)

Accrued expenses

(17,551

)

8,189

Deferred drydocking and survey costs

(33,271

)

(70,437

)

Other, net

4,171

(675

)

Net cash provided by (used in) operating activities

3,986

(31,423

)

Cash flows from investing activities:

Proceeds from sales of assets

38,296

28,847

Additions to properties and equipment

(14,900

)

(17,998

)

Net cash provided by investing activities

23,396

10,849

Cash flows from financing activities:

Principal payments on long-term debt

(98,080

)

(133,693

)

Premium paid for redemption of secured notes

(11,402

)

Tax on share-based award

(828

)

(4,467

)

Other

(857

)

Net cash used in financing activities

(99,765

)

(149,562

)

Net change in cash, cash equivalents and restricted cash

(72,383

)

(170,136

)

Cash, cash equivalents and restricted cash at beginning of period

227,608

397,744

Cash, cash equivalents and restricted cash at end of period

$

155,225

$

227,608

Supplemental disclosure of cash flow information:

Cash paid during the year for:

Interest, net of amounts capitalized

$

21,235

32,687

Income taxes

13,018

14,378

Note (A): Cash, cash equivalents and restricted cash at December 31, 2020 includes $3.2 million in long-term restricted cash.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

Accumulated

Additional

other

Non

Common

paid-in

Accumulated

comprehensive

controlling

stock

capital

(deficit)

loss

interest

Total

Balance at December 31, 2018

$

37

1,352,388

(210,783

)

2,194

1,087

1,144,923

Total comprehensive income (loss)

(141,743

)

(2,430

)

524

(143,649

)

Issuance of common stock from exercise of warrants

3

(3

)

Amortization/cancellation of restricted stock units

15,136

15,136

Balance at December 31, 2019

$

40

1,367,521

(352,526

)

(236

)

1,611

1,016,410

Total comprehensive income (loss)

(196,242

)

(568

)

(454

)

(197,264

)

Adoption of credit loss accounting standard

(163

)

(163

)

Issuance of common stock from exercise of warrants

1

(1

)

Amortization of restricted stock units

4,289

4,289

Balance at December 31, 2020

$

41

1,371,809

(548,931

)

(804

)

1,157

823,272

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:

Three Months Ended

Twelve Months Ended

December 31,

December 31,

December 31,

December 31,

2020

2019

2020

2019

(In thousands)

%

%

%

%

Vessel revenues:

Americas

$

32,068

37

%

$

33,333

29

%

$

126,676

33

%

$

136,958

29

%

Middle East/Asia Pacific

25,042

29

%

26,651

23

%

97,133

25

%

90,321

19

%

Europe/Mediterranean

15,775

18

%

29,180

25

%

83,602

22

%

123,711

26

%

West Africa

14,945

17

%

27,375

23

%

78,763

20

%

126,025

26

%

Total vessel revenues

$

87,830

100

%

$

116,539

100

%

$

386,174

100

%

$

477,015

100

%

Vessel operating costs:

Crew costs

$

36,760

42

%

$

46,071

40

%

$

156,624

41

%

$

187,599

39

%

Repair and maintenance

8,027

9

%

15,181

13

%

31,213

8

%

47,761

10

%

Insurance

1,447

2

%

1,174

1

%

7,195

2

%

6,129

1

%

Fuel, lube and supplies

6,221

7

%

9,782

8

%

29,113

7

%

36,359

8

%

Other

10,942

12

%

13,726

12

%

44,635

12

%

51,348

11

%

Total vessel operating costs

63,397

72

%

85,935

74

%

268,780

70

%

329,196

69

%

Vessel operating margin (A)

$

24,433

28

%

$

30,604

26

%

$

117,394

30

%

$

147,819

31

%

Note (A): Vessel operating margin equals revenues less vessel operating costs and excludes general and administrative expenses and depreciation and amortization.

The company’s operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:

Three Months Ended

Twelve Months Ended

December 31,

December 31,

December 31,

December 31,

2020

2019

2020

2019

(In thousands)

%

%

%

%

Vessel operating profit (loss):

Americas

$

1,496

2

%

$

(2,507

)

(2

)%

$

4,944

1

%

$

(805

)

(0

)%

Middle East/Asia Pacific

(3,456

)

(4

)%

(1,946

)

(2

)%

(5,935

)

(1

)%

(6,044

)

(1

)%

Europe/Mediterranean

(4,543

)

(5

)%

(521

)

(0

)%

(8,629

)

(2

)%

(1,289

)

(0

)%

West Africa

(8,493

)

(9

)%

(3,593

)

(3

)%

(27,508

)

(7

)%

8,298

2

%

Other operating profit

3,686

4

%

1,353

1

%

7,458

2

%

6,734

1

%

(11,310

)

(12

)%

(7,214

)

(6

)%

(29,670

)

(7

)%

6,894

1

%

Corporate expenses (A)

(8,243

)

(9

)%

(11,493

)

(10

)%

(35,633

)

(9

)%

(57,988

)

(12

)%

Gain on asset dispositions, net

80

0

%

1,217

1

%

7,591

2

%

2,263

0

%

Affiliate credit loss impairment expense

600

0

%

0

%

(52,981

)

(13

)%

0

%

Affiliate guarantee obligation

0

%

0

%

(2,000

)

(1

)%

0

%

Long-lived asset impairments and other

(6,475

)

(7

)%

(32,549

)

(27

)%

(74,109

)

(19

)%

(37,773

)

(8

)%

Operating loss

$

(25,348

)

(28

)%

$

(50,039

)

(42

)%

$

(186,802

)

(47

)%

$

(86,604

)

(18

)%

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

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(Unaudited)

(In thousands, except per share data)

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

Revenues:

Vessel revenues

$

87,830

85,395

100,975

111,974

116,539

Other operating revenues

4,029

1,072

1,369

4,394

2,237

Total revenues

91,859

86,467

102,344

116,368

118,776

Costs and expenses:

Vessel operating costs

63,397

61,784

64,774

78,825

85,935

Costs of other operating revenue

342

219

171

2,673

916

General and administrative (A)

16,992

17,438

17,597

21,420

22,406

Depreciation and amortization

30,681

30,777

28,144

27,107

28,226

Long-lived asset impairments and other

6,475

1,945

55,482

10,207

32,549

Affiliate credit loss impairment expense

(600

)

53,581

Affiliate guarantee obligation

2,000

Gain on asset dispositions, net

(80

)

(520

)

(1,660

)

(5,331

)

(1,217

)

Total operating costs and expenses

117,207

111,643

220,089

134,901

168,815

Operating loss

(25,348

)

(25,176

)

(117,745

)

(18,533

)

(50,039

)

Other income (expense):

Foreign exchange gain (loss)

(2,880

)

(1,153

)

(2,076

)

864

(945

)

Equity in net (losses) earnings of unconsolidated companies

164

(2,717

)

Dividend income from unconsolidated company

17,150

Interest income and other, net

144

272

696

116

690

Interest and other debt costs, net

(5,984

)

(6,071

)

(5,959

)

(6,142

)

(6,282

)

Total other expense

(8,556

)

(6,952

)

9,811

(5,162

)

(9,254

)

Loss before income taxes

(33,904

)

(32,128

)

(107,934

)

(23,695

)

(59,293

)

Income tax (benefit) expense

(4,477

)

5,953

2,730

(5,171

)

1,281

Net loss

(29,427

)

(38,081

)

(110,664

)

(18,524

)

(60,574

)

Net income (loss) attributable to noncontrolling interests

(180

)

(154

)

(41

)

(79

)

(721

)

Net loss attributable to Tidewater Inc.

$

(29,247

)

(37,927

)

(110,623

)

(18,445

)

(59,853

)

Basic loss per common share

(0.72

)

(0.94

)

(2.74

)

(0.46

)

(1.52

)

Diluted loss per common share

(0.72

)

(0.94

)

(2.74

)

(0.46

)

(1.52

)

Weighted average common shares outstanding

40,604

40,405

40,306

40,101

39,504

Dilutive effect of stock options and restricted stock

Adjusted weighted average common shares

40,604

40,405

40,306

40,101

39,504

Vessel operating margin

$

24,433

$

23,611

$

36,201

$

33,149

$

30,604

Note (A): One-time integration related costs related to the business combination with GulfMark

$

291

641

446

129

2,123

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

December 31,

September 30,

June 30,

March 31,

December 31,

ASSETS

2020

2020

2020

2020

2019

Current assets:

Cash and cash equivalents

$

149,933

192,243

203,119

187,802

218,290

Restricted cash

2,079

26,401

19,880

12,461

5,755

Trade and other receivables, net

112,623

100,583

115,008

119,455

110,180

Due from affiliate, less allowances

62,050

65,692

65,766

128,204

125,972

Marine operating supplies

15,876

17,808

20,580

21,944

21,856

Assets held for sale

34,396

19,163

29,064

26,142

39,287

Prepaid expenses and other current assets

11,692

18,925

20,350

22,185

15,956

Total current assets

388,649

440,815

473,767

518,193

537,296

Net properties and equipment

780,318

820,876

839,912

922,979

938,961

Deferred drydocking and survey costs

56,468

63,975

74,585

81,981

66,936

Other assets

25,742

25,108

27,411

29,971

36,335

Total assets

$

1,251,177

1,350,774

$

1,415,675

$

1,553,124

$

1,579,528

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

16,981

12,953

17,111

30,711

27,501

Accrued costs and expenses

52,422

55,811

60,993

72,854

74,000

Due to affiliates

53,194

53,355

48,803

50,013

50,186

Current portion of long-term debt

27,797

9,576

9,437

9,104

9,890

Other current liabilities

32,785

31,599

25,815

26,953

24,100

Total current liabilities

183,179

163,294

162,159

189,635

185,677

Long-term debt

164,934

246,179

273,215

273,015

279,044

Other liabilities and deferred credits

79,792

87,724

90,301

91,578

98,397

Equity:

Common stock

41

40

40

40

40

Additional paid-in-capital

1,371,809

1,370,778

1,369,645

1,368,325

1,367,521

Accumulated deficit

(548,931

)

(519,684

)

(481,757

)

(371,134

)

(352,526

)

Accumulated other comprehensive income (loss)

(804

)

1,106

581

133

(236

)

Total stockholder's equity

822,115

852,240

888,509

997,364

1,014,799

Noncontrolling interests

1,157

1,337

1,491

1,532

1,611

Total equity

823,272

853,577

890,000

998,896

1,016,410

Total liabilities and equity

$

1,251,177

1,350,774

1,415,675

1,553,124

1,579,528

Supplemental information

Due from related parties, net of due to related parties:

Sonatide (Angola)

$

8,856

12,337

16,963

64,184

57,771

DTDW (Nigeria)

14,007

18,015

Total

$

8,856

12,337

16,963

78,191

75,786

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

VESSEL REVENUE BY VESSEL CLASS

Americas fleet:

Deepwater

$

25,706

22,836

27,858

22,882

22,883

Towing-supply

4,603

4,119

4,455

7,243

8,639

Other

1,759

1,750

1,731

1,734

1,811

Total

32,068

28,705

34,044

31,859

33,333

Middle East/Asia Pacific fleet:

Deepwater

$

16,822

13,819

14,195

14,326

16,015

Towing-supply

8,220

9,461

9,788

10,502

10,636

Total

25,042

23,280

23,983

24,828

26,651

Europe/Mediterranean fleet:

Deepwater

$

15,621

17,578

20,476

29,163

28,652

Towing-supply

(13

)

179

528

Other

154

151

144

149

Total

15,775

17,716

20,620

29,491

29,180

West Africa fleet:

Deepwater

$

6,237

4,905

8,748

12,102

14,066

Towing-supply

5,202

7,711

11,029

10,521

9,981

Other

3,506

3,078

2,552

3,173

3,328

Total

$

14,945

15,694

22,329

25,796

27,375

Worldwide fleet:

Deepwater

$

64,386

59,137

71,277

78,473

81,616

Towing-supply

18,025

21,278

25,271

28,445

29,784

Other

5,419

4,980

4,427

5,056

5,139

Total

$

87,830

85,395

100,975

111,974

116,539

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

AVERAGE NUMBER OF VESSELS:

Americas fleet:

Deepwater

32

32

32

32

31

Towing-supply

10

12

15

17

17

Other

3

3

3

3

4

Total

45

47

50

52

52

Stacked vessels

(15

)

(17

)

(17

)

(17

)

(15

)

Active vessels

30

30

33

35

37

Middle East/Asia Pacific fleet:

Deepwater

21

22

26

27

27

Towing-supply

22

23

26

28

28

Total

43

45

52

55

55

Stacked vessels

(3

)

(4

)

(9

)

(10

)

(10

)

Active vessels

40

41

43

45

45

Europe/Mediterranean fleet:

Deepwater

31

32

36

39

42

Towing-supply

-

-

1

2

3

Total

31

32

37

41

45

Stacked vessels

(16

)

(17

)

(17

)

(11

)

(15

)

Active vessels

15

15

20

30

30

West Africa fleet:

Deepwater

20

25

26

26

27

Towing-supply

13

17

18

19

19

Other

23

16

19

20

21

Total

56

58

63

65

67

Stacked vessels

(16

)

(31

)

(21

)

(21

)

(22

)

Active vessels

40

27

42

44

45

Worldwide fleet:

Deepwater

104

111

120

124

126

Towing-supply

45

52

60

66

68

Other

26

19

22

23

25

Total

175

182

202

213

219

Stacked vessels

(50

)

(69

)

(64

)

(60

)

(62

)

Active vessels

125

113

138

153

157

Total active

125

113

138

153

157

Total stacked

50

69

64

60

62

Total joint venture and other vessels

3

3

3

3

4

Total

178

185

205

216

223

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:

Deepwater

2,944

2,996

2,940

2,873

2,852

Towing-supply

898

1,098

1,329

1,547

1,580

Other

276

276

273

285

368

Total

4,118

4,370

4,542

4,705

4,800

Middle East/Asia Pacific fleet:

Deepwater

1,932

2,025

2,411

2,496

2,453

Towing-supply

2,032

2,118

2,342

2,512

2,576

Total

3,964

4,143

4,753

5,008

5,029

Europe/Mediterranean fleet:

Deepwater

2,852

2,916

3,256

3,581

3,848

Towing-supply

24

91

122

276

Total

2,852

2,940

3,347

3,703

4,124

West Africa fleet:

Deepwater

1,840

2,269

2,366

2,366

2,439

Towing-supply

1,196

1,588

1,654

1,729

1,779

Other

2,095

1,469

1,698

1,820

1,932

Total

5,131

5,326

5,718

5,915

6,150

Worldwide fleet:

Deepwater

9,568

10,206

10,973

11,316

11,592

Towing-supply

4,126

4,828

5,416

5,910

6,211

Other

2,371

1,745

1,971

2,105

2,300

Total

16,065

16,779

18,360

19,331

20,103

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

December 31,