Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2023

February 29, 2024 at 16:13 PM EST

Full-Year 2023 Highlights

Revenue of $1,010.0 million, a 55.9% increase from 2022
Average day rate increased to $16,802 per day, $4,048 higher than 2022
Net income of $97.2 million, an increase of $118.9 million from 2022
Adjusted EBITDA of $386.7 million, an increase of $220.0 million from 2022
Net cash provided by operating activities of $104.7 million, an increase of $64.5 million from 2022
Free cash flow of $111.3 million, an increase of $60.8 million from 2022
Completed acquisition and financing of 37 PSVs from Solstad Offshore

Fourth Quarter 2023 Highlights

Revenue of $302.7 million, highest quarterly revenue in eight years
Average day rate increased to $18,066 per day, $201 higher than the third quarter of 2023
Composite leading edge term contract day rate of $29,511, $902 higher than the third quarter of 2023
Net income of $37.7 million, an increase of $11.5 million from the third quarter of 2023
Adjusted EBITDA of $131.3 million, an increase of $11.6 million from the third quarter of 2023
Net cash provided by operating activities of $47.2 million, an increase of $12.3 million from the third quarter of 2023
Free cash flow of $61.0 million, an increase of $31.9 million from the third quarter of 2023

Share Repurchase Program and 2024 Guidance

Completed $35.0 million of share repurchases during the fourth quarter of 2023 at an average price of $59.29 per share
Board approves a new share repurchase authorization of $48.6 million, the maximum permissible amount under existing debt agreements
Reiterating 2024 revenue guidance of $1.40 to $1.45 billion and 2024 gross margin guidance of 52%

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2023 of $302.7 million and $1,010.0 million, respectively, compared with $186.7 million and $647.7 million, respectively, for the three and twelve months ended December 31, 2022. Tidewater's net income for the three and twelve months ended December 31, 2023, was $37.7 million ($0.70 per common share) and $97.2 million ($1.84 per common share), respectively, compared with net income (losses) of $10.6 million ($0.20 per common share) and $(21.7) million ($0.49 per common share), respectively, for the three and twelve months ended December 31, 2022.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The past year represented a year of significant milestones and profitable growth for Tidewater with revenue and gross profit improving each quarter throughout the year. The supply and demand dynamics positively influencing the offshore vessel industry drove strong financial and operational results, with revenue cresting the $1.0 billion mark, a significant achievement for Tidewater that was bolstered by the acquisitions done in 2022 and 2023. Day rate progression realized during the year is faster than anything we have seen in the industry. The shortage of vessels, a record-low vessel newbuilding order book and improving offshore vessel demand visibility all support improving operational performance into 2024 and beyond, as indicated by our continued confidence in our ability to grow revenue by 40% and grow gross margin by 66% in 2024. As a result of improved industry fundamentals and associated financial performance, Tidewater is once again in a position to return capital to shareholders, the initial phase of which we completed during the fourth quarter of 2023 with an initial $35.0 million of share repurchases. We are excited to continue to grow free cash flow and return capital to our shareholders as this upcycle continues to unfold.

“Since 2017, we have been high-grading the fleet through the disposal of lower-specification vessels and the acquisition of higher-specification vessels. The financial impact of this strategy continues to be demonstrated by the higher revenue and gross margin outlook for our business. Fourth quarter revenue of $302.7 million is the highest quarterly revenue in over eight years and we anticipate quarterly revenue growth each quarter in 2024, outgrowing the seasonality we typically see in the first and fourth quarters of the year. Gross margin for the fourth quarter came in at 47.2%, the highest gross margin percentage in 15 years, and we anticipate gross margin for the fourth quarter of 2024 to reach 56.0%. Leading edge day rates continued their upward trend, with leading edge day rates up $902 sequentially, to $29,511. We continue to see improving demand across all regions and for a variety of end markets beyond drilling and, as such, we reiterate our full-year 2024 revenue guidance of $1.40 to $1.45 billion and gross margin guidance of 52.0%.

“We generated $61.0 million of free cash flow and returned nearly 60% of this to our shareholders in the form of share repurchases during the fourth quarter. Given our free cash flow performance, business outlook and healthy balance sheet, we are pleased to announce the Board has authorized a new share repurchase program, under which we are authorized to purchase up to $48.6 million of the Company’s common stock. The new authorization represents the maximum permissible amount of share repurchases under our existing debt agreements. As we have previously communicated, we anticipate utilizing this repurchase program opportunistically, weighing the value of share repurchases against other capital allocation opportunities to optimize the use of our capital to maximize shareholder returns.

“The past year was an important chapter in Tidewater’s history and was a successful year by all measures. I want to thank our dedicated team for their tremendous contributions to this achievement. We have even greater success ahead of us and I look forward to working together to achieve the goals we have set for ourselves. As always, we remain committed to providing a safe and rewarding environment for our employees as we continue to build the safest, most sustainable, most reliable, most profitable, high specification offshore energy support vessel fleet in the world.”

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

Common shares outstanding			52,259,303
New Creditor Warrants (strike price $0.001 per common share)			81,244
GulfMark Creditor Warrants (strike price $0.01 per common share)			91,436
Total			52,431,983

Tidewater will hold a conference call to discuss results for the three and twelve months ending December 31, 2023 on March 1, 2024, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 6663124 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 March 1, 2024. 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 Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.

If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Financial information is displayed beginning on the next page.

The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at December 31, 2023 and 2022; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and twelve months ended December 31, 2023 and 2022; and the Consolidated Statements of Cash Flows for the three and twelve months ended December 31, 2023 and 2022. Extracts are drawn from the December 31, 2023 and 2022 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, except per share data)

	Three Months Ended						Twelve Months Ended
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Revenues:
Vessel revenues	$	300,515		$	185,106		$	998,993		$	641,404
Other operating revenues		2,143			1,640			10,992			6,280
Total revenues		302,658			186,746			1,009,985			647,684
Costs and expenses:
Vessel operating costs		158,553			115,496			556,515			397,301
Costs of other operating revenues		1,337			694			4,342			2,130
General and administrative		24,724			28,633			95,283			101,921
Depreciation and amortization		59,167			29,881			180,331			119,160
Long-lived asset impairment and other		—			—			—			714
Gain on asset dispositions, net		(4,218	)		(1,076	)		(8,701	)		(250	)
Total costs and expenses		239,563			173,628			827,770			620,976
Operating income		63,095			13,118			182,215			26,708
Other income (expense):
Foreign exchange gain (loss)		2,250			2,105			(1,370	)		(2,827	)
Equity in net earnings (losses) of unconsolidated companies		10			14			39			(221	)
Interest income and other, net		3,029			981			6,517			5,397
Loss on warrants		—			—			—			(14,175	)
Interest and other debt costs, net		(20,263	)		(4,339	)		(48,472	)		(17,189	)
Total other expense		(14,974	)		(1,239	)		(43,286	)		(29,015	)
Income (loss) before income taxes		48,121			11,879			138,929			(2,307	)
Income tax expense		10,793			1,697			43,308			19,886
Net income (loss)		37,328			10,182			95,621			(22,193	)
Less: Net loss attributable to noncontrolling interests		(336	)		(438	)		(1,564	)		(444	)
Net income (loss) attributable to Tidewater Inc.	$	37,664		$	10,620		$	97,185		$	(21,749	)
Basic income (loss) per common share	$	0.72		$	0.22		$	1.88		$	(0.49	)
Diluted income (loss) per common share	$	0.70		$	0.20		$	1.84		$	(0.49	)
Weighted average common shares outstanding		52,648			48,766			51,591			44,132
Dilutive effect of warrants, restricted stock units and stock options		1,351			3,069			1,346			—
Adjusted weighted average common shares		53,999			51,835			52,937			44,132


TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)

	December 31, 2023			December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	274,437		$	164,192
Restricted cash		1,241			1,241
Trade and other receivables, less allowance for credit losses of $15,914 and $14,060 as of December 31, 2023 and 2022, respectively		268,352			156,465
Marine operating supplies		31,933			30,830
Assets held for sale		—			4,195
Prepaid expenses and other current assets		15,172			20,985
Total current assets		591,135			377,908
Net properties and equipment		1,315,122			796,655
Deferred drydocking and survey costs		106,698			61,080
Indemnification assets		17,370			28,369
Other assets		32,449			33,644
Total assets	$	2,062,774		$	1,297,656

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	44,931		$	38,946
Accrued expenses		125,590			105,518
Current portion of long-term debt		103,077			—
Other current liabilities		55,133			50,323
Total current liabilities		328,731			194,787
Long-term debt		631,361			169,036
Other liabilities		64,985			67,843

Commitments and contingencies

Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized. 52,259,303 and 50,554,179 shares issued and outstanding at December 31, 2023 and 2022, respectively		52			51
Additional paid-in-capital		1,671,759			1,556,990
Accumulated deficit		(637,838	)		(699,649	)
Accumulated other comprehensive loss		5,266			8,576
Total stockholders' equity		1,039,239			865,968
Noncontrolling interests		(1,542	)		22
Total equity		1,037,697			865,990
Total liabilities and equity	$	2,062,774		$	1,297,656


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In Thousands)

	Three Months Ended					Twelve Months Ended
	December 31, 2023			December 31, 2022		December 31, 2023			December 31, 2022
Net income (loss)	$	37,328		$	10,182	$	95,621		$	(22,193	)
Other comprehensive income (loss):
Unrealized gain (loss) on note receivable		682			779		213			(496	)
Change in supplemental executive retirement plan pension liability		(525	)		4,561		(525	)		4,561
Change in liability of pension plans		696			1,762		(2,998	)		1,843
Total comprehensive income (loss)	$	38,181		$	17,284	$	92,311		$	(16,285	)


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)

	Twelve Months			Twelve Months
	Ended			Ended
	December 31, 2023			December 31, 2022
Operating activities:
Net income (loss)	$	95,621		$	(22,193	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation		128,777			83,522
Amortization of deferred drydocking and survey costs		51,554			35,638
Amortization of debt premiums and discounts		4,619			1,679
Amortization of below market contracts		(3,800	)		—
Provision for deferred income taxes		92			36
Gain on asset dispositions, net		(8,701	)		(250	)
Gain on pension settlement		(2,313	)		—
Gain on bargain purchase		—			(1,300	)
Long-lived asset impairment and other		—			714
Loss on warrants		—			14,175
Stock-based compensation expense		10,755			7,372
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables		(109,756	)		(4,129	)
Changes in due to/from affiliate, net		—			(20	)
Accounts payable		5,985			16,481
Accrued expenses		20,072			(1,340	)
Deferred drydocking and survey costs		(97,378	)		(56,000	)
Other, net		9,178			(34,159	)
Net cash provided by operating activities		104,705			40,226
Cash flows from investing activities:
Proceeds from asset dispositions		15,506			13,568
Acquisitions, net of cash acquired		(594,191	)		(20,740	)
Additions to properties and equipment		(31,588	)		(16,637	)
Net cash used in investing activities		(610,273	)		(23,809	)
Cash flows from financing activities:
Exercise of warrants		111,483			—
Proceeds from issuance of shares		—			187,832
Repurchase of SPO acquisition warrants		—			(187,832	)
Issuance of long-term debt		575,000			—
Principal payments on long-term debt		(13,677	)		—
Purchase of common stock		(35,025	)		—
Acquisition of non-controlling interest in a majority owned subsidiary		(1,427	)		—
Debt issuance costs		(14,758	)		(393	)
Tax on share-based awards		(6,040	)		(2,323	)
Net cash provided by (used in) financing activities		615,556			(2,716	)
Net change in cash, cash equivalents and restricted cash		109,988			13,701
Cash, cash equivalents and restricted cash at beginning of period		167,977			154,276
Cash, cash equivalents and restricted cash at end of period	$	277,965		$	167,977


Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	26,638	$	15,554
Income taxes	$	43,880	$	22,275
Supplemental disclosure of noncash investing activities:
Acquisition of SPO	$	—	$	162,648
Purchase of three vessels	$	14,265	$	—
Supplemental disclosure of noncash financing activities:
Warrants issued for SPO acquisition	$	—	$	162,648
Repurchase of SPO acquisition warrants	$	—	$	1,365
Debt incurred for the purchase of three vessels	$	15,235	$	—

Note: Cash, cash equivalents and restricted cash at December 31, 2023 includes $2.3 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		interest			Total
Balance at September 30, 2023	$	53		$	1,668,392		$	(640,128	)	$	4,413	$	(1,206	)	$	1,031,524
Total comprehensive income (loss)		—			—			37,664			853		(336	)		38,181
Exercise of warrants into common stock		—			—			—			—		—			—
Repurchase and retirement of common stock		(1	)		—			(35,374	)		—		—			(35,375	)
Amortization of share-based awards		—			3,367			—			—		—			3,367
Balance at December 31, 2023	$	52		$	1,671,759		$	(637,838	)	$	5,266	$	(1,542	)	$	1,037,697

Balance at September 30, 2022	$	46		$	1,555,388		$	(710,269	)	$	1,474	$	460		$	847,099
Total comprehensive income (loss)		—			—			10,620			7,102		(438	)		17,284
Issuance of common stock		5			120,629			—			—		—			120,634
Repurchase of SPO acquisition warrants		—			(121,007	)		—			—		—			(121,007	)
Amortization of share-based awards		—			1,980			—			—		—			1,980
Balance at December 31, 2022	$	51		$	1,556,990		$	(699,649	)	$	8,576	$	22		$	865,990

	Twelve 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)		—			—			97,185			(3,310	)		(1,564	)		92,311
Exercise of warrants into common stock		2			111,481			—			—			—			111,483
Repurchase and retirement of common stock		(1	)		—			(35,374	)		—			—			(35,375	)
Acquisition of non-controlling interest in a majority owned subsidiary		—			(1,427	)		—			—			—			(1,427	)
Amortization of share-based awards		—			4,715			—			—			—			4,715
Balance at December 31, 2023	$	52		$	1,671,759		$	(637,838	)	$	5,266		$	(1,542	)	$	1,037,697


Balance at December 31, 2021	$	41		$	1,376,494		$	(677,900	)	$	2,668		$	466		$	701,769
Total comprehensive income (loss)		—			—			(21,749	)		5,908			(444	)		(16,285	)
Issuance of common stock		10			192,881			—			—			—			192,891
SPO acquisition warrants		—			176,823			—			—			—			176,823
Repurchase of SPO acquisition warrants		—			(194,256	)		—			—			—			(194,256	)
Amortization of share-based awards		—			5,048			—			—			—			5,048
Balance at December 31, 2022	$	51		$	1,556,990		$	(699,649	)	$	8,576		$	22		$	865,990


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

(In Thousands)	Three Months Ended								Twelve Months Ended
	December 31, 2023				December 31, 2022				December 31, 2023				December 31, 2022
Vessel revenues:
Americas	$	68,425	23	%	$	41,785	23	%	$	237,205	24	%	$	146,871	23	%
Asia Pacific		38,632	13	%		19,070	10	%		122,235	12	%		64,231	10	%
Middle East		38,072	12	%		30,575	16	%		135,375	14	%		110,375	17	%
Europe/Mediterranean		80,743	27	%		33,482	18	%		230,217	23	%		129,578	20	%
West Africa		74,643	25	%		60,194	33	%		273,961	27	%		190,349	30	%
Total vessel revenues	$	300,515	100	%	$	185,106	100	%	$	998,993	100	%	$	641,404	100	%
Vessel operating costs:
Crew costs	$	97,537	33	%	$	69,699	37	%	$	329,473	33	%	$	242,364	38	%
Repair and maintenance		21,635	7	%		14,774	8	%		78,716	8	%		51,256	8	%
Insurance		2,765	1	%		2,027	1	%		9,297	1	%		6,765	1	%
Fuel, lube and supplies		15,265	5	%		12,841	7	%		60,548	6	%		43,729	7	%
Other		21,351	7	%		16,155	9	%		78,481	8	%		53,187	8	%
Total vessel operating costs		158,553	53	%		115,496	62	%		556,515	56	%		397,301	62	%
Vessel operating margin (A)	$	141,962	47	%	$	69,610	38	%	$	442,478	44	%	$	244,103	38	%

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										Twelve Months Ended
	December 31, 2023					December 31, 2022					December 31, 2023					December 31, 2022
Vessel operating profit (loss):
Americas	$	16,171		5	%	$	3,216		2	%	$	42,964		4	%	$	12,016		2	%
Asia Pacific		11,322		4	%		(808	)	(0	)%		38,471		4	%		3,726		0	%
Middle East		2,093		1	%		492		0	%		(1,051	)	(0	)%		(1,093	)	(0	)%
Europe/Mediterranean		13,768		5	%		3,874		2	%		33,687		3	%		18,844		3	%
West Africa		27,360		9	%		18,305		10	%		98,447		10	%		43,112		7	%
Other operating profit		806		0	%		946		0	%		6,650		1	%		4,150		1	%
	71,520			24	%	26,025			14	%	219,168			22	%	80,755			13	%
		—
Corporate expenses (A)		(12,643	)	(4	)%		(13,983	)	(7	)%		(45,654	)	(5	)%		(53,583	)	(9	)%
Gain on asset dispositions, net		4,218		1	%		1,076		1	%		8,701		1	%		250		0	%
Long-lived asset impairment and other		—		0	%		—		0	%		—		0	%		(714	)	(0	)%
Operating income	$	63,095		21	%	$	13,118		7	%	$	182,215		18	%	$	26,708		4	%

Note (A): General and administrative expenses for the three months and twelve months ended December 31, 2023 include stock-based compensation of $3.5 million and $10.8 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2022 include stock-based compensation of $2.1 million and $7.4 million, respectively. In addition, vessel operating and general and administrative costs for the three months and twelve months ended December 31, 2023, include $2.2 million and $10.9 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and twelve months ended December 31, 2022, include $5.1 million and $19.1 million in 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
	December 31,			September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022
Revenues:
Vessel revenues	$	300,515		$	296,975		$	210,323		$	191,180		$	185,106
Other operating revenues		2,143			2,287			4,638			1,924			1,640
Total revenues		302,658			299,262			214,961			193,104			186,746
Costs and expenses:
Vessel operating costs (A)		158,553			164,239			118,264			115,459			115,496
Costs of other operating revenue		1,337			1,481			373			1,151			694
General and administrative (A)		24,724			21,001			26,013			23,545			28,633
Depreciation and amortization		59,167			57,730			32,768			30,666			29,881
Gain on asset dispositions, net		(4,218	)		(863	)		(1,404	)		(2,216	)		(1,076	)
Total operating costs and expenses		239,563			243,588			176,014			168,605			173,628
Operating income		63,095			55,674			38,947			24,499			13,118
Other income (expense):
Foreign exchange gain (loss)		2,250			(2,149	)		(3,819	)		2,348			2,105
Equity in net earnings of unconsolidated companies		10			4			25			—			14
Interest income and other, net		3,029			568			2,790			130			981
Interest and other debt costs, net		(20,263	)		(19,288	)		(4,731	)		(4,190	)		(4,339	)
Total other expense		(14,974	)		(20,865	)		(5,735	)		(1,712	)		(1,239	)
Income before income taxes		48,121			34,809			33,212			22,787			11,879
Income tax expense		10,793			9,260			11,284			11,971			1,697
Net income		37,328			25,549			21,928			10,816			10,182
Net income (loss) attributable to noncontrolling interests		(336	)		(650	)		(656	)		78			(438	)
Net income attributable to Tidewater Inc.	$	37,664		$	26,199		$	22,584		$	10,738		$	10,620
Basic income per common share	$	0.72		$	0.50		$	0.44		$	0.21		$	0.22
Diluted income per common share	$	0.70		$	0.49		$	0.43		$	0.21		$	0.20
Weighted average common shares outstanding		52,648			52,230			50,857			50,604			48,766
Dilutive effect of warrants, restricted stock units and stock options		1,351			1,380			1,148			1,368			3,069
Adjusted weighted average common shares		53,999			53,610			52,005			51,972			51,835

Vessel operating margin	$	141,962		$	132,736		$	92,059		$	75,721		$	69,610

Note (A): Acquisition, restructuring and integration related costs	$	2,177		$	6,079		$	1,242		$	1,426		$	5,150


TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)

	December 31,			September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022
ASSETS
Current assets:
Cash and cash equivalents	$	274,437		$	275,070		$	171,261		$	165,145		$	164,192
Restricted cash		1,241			4,973			1,242			4,972			1,241
Trade and other receivables, net		268,352			250,671			195,906			182,198			156,465
Marine operating supplies		31,933			27,489			22,495			24,448			30,830
Assets held for sale		—			565			630			695			4,195
Prepaid expenses and other current assets		15,172			16,598			18,958			18,978			20,985
Total current assets		591,135			575,366			410,492			396,436			377,908
Net properties and equipment		1,315,122			1,348,001			784,873			786,168			796,655
Deferred drydocking and survey costs		106,698			99,215			92,481			82,787			61,080
Indemnification assets		17,370			18,648			22,678			27,698			28,369
Other assets		32,449			30,325			33,640			34,058			33,644
Total assets	$	2,062,774		$	2,071,555		$	1,344,164		$	1,327,147		$	1,297,656

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	44,931		$	57,183		$	69,822		$	64,775		$	38,946
Accrued expenses		125,590			119,631			91,875			107,348			105,518
Current portion of long-term debt		103,077			102,369			2,441			—			—
Other current liabilities		55,133			53,301			42,305			43,220			50,323
Total current liabilities		328,731			332,484			206,443			215,343			194,787
Long-term debt		631,361			641,301			179,573			169,423			169,036
Other liabilities		64,985			66,246			65,621			68,968			67,843


Equity:
Common stock		52			53			51			51			51
Additional paid-in-capital		1,671,759			1,668,392			1,554,793			1,553,919			1,556,990
Accumulated deficit		(637,838	)		(640,128	)		(666,327	)		(688,911	)		(699,649	)
Accumulated other comprehensive income		5,266			4,413			4,566			8,254			8,576
Total stockholders' equity		1,039,239			1,032,730			893,083			873,313			865,968
Noncontrolling interests		(1,542	)		(1,206	)		(556	)		100			22
Total equity		1,037,697			1,031,524			892,527			873,413			865,990
Total liabilities and equity	$	2,062,774		$	2,071,555		$	1,344,164		$	1,327,147		$	1,297,656


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA (In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022
Operating activities:
Net income	$	37,328		$	25,549		$	21,928		$	10,816		$	10,182
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		42,788			43,845			21,096			21,048			20,983
Amortization of deferred drydocking and survey costs		16,379			13,885			11,672			9,618			8,898
Amortization of debt premiums and discounts		1,975			1,802			422			420			522
Amortization of below market contracts		(1,894	)		(1,906	)		—			—			—
(Provision) benefit for deferred income taxes		23			35			(1	)		35			(98	)
Gain on asset dispositions, net		(4,218	)		(863	)		(1,404	)		(2,216	)		(1,076	)
Gain on pension settlement		(506	)		—			(1,807	)		—			—
Stock-based compensation expense		3,508			2,496			2,648			2,103			2,028
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables		(17,072	)		(54,765	)		(12,186	)		(25,733	)		26,172
Accounts payable		(12,252	)		(12,639	)		5,047			25,829			7,117
Accrued expenses		5,841			27,775			(15,374	)		1,830			(427	)
Deferred drydocking and survey costs		(24,069	)		(20,618	)		(21,366	)		(31,325	)		(12,117	)
Other, net		(600	)		10,343			(934	)		369			(16,844	)
Net cash provided by operating activities		47,231			34,939			9,741			12,794			45,340
Cash flows from investing activities:
Proceeds from asset dispositions		5,902			945			2,943			5,716			5,093
Acquisitions, net of cash acquired		—			(594,191	)		—			—			—
Additions to properties and equipment		(8,386	)		(5,702	)		(8,849	)		(8,651	)		(4,929	)
Net cash provided by (used in) investing activities		(2,484	)		(598,948	)		(5,906	)		(2,935	)		164
Cash flows from financing activities:
Exercise of warrants		—			111,483			—			—			—
Proceeds from issuance of shares		—			—			—			—			117,202
Repurchase of SPO acquisition warrants		—			—			—			—			(117,202	)
Issuance of long-term debt		—			575,000			—			—			—
Principal payments on long-term debt		(13,677	)		—			—			—			—
Purchase of common stock		(35,025	)		—			—			—			—
Acquisition of non-controlling interest in a majority owned subsidiary		—			—			—			(1,427	)		—
Debt issuance costs		—			(14,758	)		—			—			—
Tax on share-based awards		(141	)		(378	)		(1,774	)		(3,747	)		(47	)
Net cash provided by (used in) financing activities		(48,843	)		671,347			(1,774	)		(5,174	)		(47	)
Net change in cash, cash equivalents and restricted cash		(4,096	)		107,338			2,061			4,685			45,457
Cash, cash equivalents and restricted cash at beginning of period		282,061			174,723			172,662			167,977			122,520
Cash, cash equivalents and restricted cash at end of period	$	277,965		$	282,061		$	174,723		$	172,662		$	167,977

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	18,186		$	606		$	7,748		$	98		$	7,575
Income taxes	$	7,295		$	9,384		$	10,144		$	17,057		$	6,132
Supplemental disclosure of noncash investing activities:
Purchase of three vessels	$	2,067		$	27		$	12,171		$	—		$	—
Supplemental disclosure of noncash financing activities:
Repurchase of SPO acquisition warrants	$	—		$	—		$	—		$	—		$	373
Debt incurred for purchase of three vessels	$	3,037		$	27		$	12,171		$	—		$	—


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2023		2023		2023		2023		2022
VESSEL REVENUE BY VESSEL CLASS

Americas fleet:
PSV > 900	$	28,714	$	29,270	$	20,316	$	20,556	$	17,814
PSV < 900		28,143		28,886		19,134		17,390		16,486
AHTS > 16K		4,034		3,584		3,425		3,395		2,873
AHTS 8 - 16K		2,316		2,064		2,807		2,807		1,899
AHTS 4 - 8K		1,428		1,570		1,480		1,521		1,553
Other		3,790		5,343		3,214		2,018		1,160
Total		68,425		70,717		50,376		47,687		41,785
Asia Pacific fleet:
PSV > 900		19,485		20,159		9,648		9,101		6,692
PSV < 900		8,679		8,292		5,811		5,133		3,120
AHTS > 16K		3,759		3,271		2,065		1,342		3,260
AHTS 8 - 16K		4,706		5,287		5,001		5,397		4,364
AHTS 4 - 8K		1,601		1,582		8		998		1,584
Other		402		403		52		53		50
Total		38,632		38,994		22,585		22,024		19,070
Middle East fleet:
PSV > 900		1,378		1,088		1,211		1,192		1,218
PSV < 900		19,215		17,790		16,812		14,965		15,517
AHTS > 16K		1,178		1,196		1,217		2,316		2,351
AHTS 8 - 16K		3,094		3,420		4,276		4,593		4,146
AHTS 4 - 8K		13,207		11,191		8,340		7,696		7,343
Total		38,072		34,685		31,856		30,762		30,575
Europe/Mediterranean fleet:
PSV > 900		61,559		59,872		27,602		21,858		23,640
PSV < 900		15,356		14,039		9,195		6,663		9,017
AHTS > 16K		2,437		3,617		2,228		2,511		643
Other		1,391		1,401		270		218		182
Total		80,743		78,929		39,295		31,250		33,482
West Africa fleet:
PSV > 900		15,478		17,566		11,550		9,900		10,534
PSV < 900		31,893		26,396		25,419		24,835		20,494
AHTS > 16K		6,994		7,138		9,129		6,237		5,385
AHTS 8 - 16K		11,219		11,917		9,870		9,827		11,810
AHTS 4 - 8K		2,126		2,745		3,496		2,360		5,780
Other		6,933		7,888		6,747		6,298		6,191
Total		74,643		73,650		66,211		59,457		60,194
Worldwide fleet:
PSV > 900		126,614		127,955		70,327		62,607		59,898
PSV < 900		103,286		95,403		76,371		68,986		64,634
AHTS > 16K		18,402		18,806		18,064		15,801		14,512
AHTS 8 - 16K		21,335		22,688		21,954		22,624		22,219
AHTS 4 - 8K		18,362		17,088		13,324		12,575		16,260
Other		12,516		15,035		10,283		8,587		7,583
Total	$	300,515	$	296,975	$	210,323	$	191,180	$	185,106


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022
AVERAGE NUMBER OF VESSELS:

Americas fleet:
PSV > 900		12			12			10			10			10
PSV < 900		18			18			15			15			16
AHTS > 16K		2			2			2			2			2
AHTS 8 - 16K		2			2			2			2			2
AHTS 4 - 8K		2			2			2			2			2
Other		2			2			2			1			1
Total		38			38			33			32			33
Stacked vessels		(1	)		(1	)		(1	)		(1	)		(2	)
Active vessels		37			37			32			31			31
Asia Pacific fleet:
PSV > 900		8			8			6			5			5
PSV < 900		5			4			2			2			2
AHTS > 16K		2			2			2			1			2
AHTS 8 - 16K		3			3			3			3			3
AHTS 4 - 8K		1			1			1			2			3
Other		—			—			—			1			1
Total		19			18			14			14			16
Stacked vessels		—			—			—			(1	)		(2	)
Active vessels		19			18			14			13			14
Middle East fleet:
PSV > 900		1			1			1			1			2
PSV < 900		20			20			20			21			20
AHTS > 16K		1			1			1			2			2
AHTS 8 - 16K		5			5			5			5			5
AHTS 4 - 8K		18			18			17			14			14
Total		45			45			44			43			43
Stacked vessels		—			—			—			—			—
Active vessels		45			45			44			43			43
Europe/Mediterranean fleet:
PSV > 900		39			38			18			19			19
PSV < 900		10			10			7			7			7
AHTS > 16K		2			2			1			1			1
Total		51			50			26			27			27
Stacked vessels		—			—			—			—			—
Active vessels		51			50			26			27			27
West Africa fleet:
PSV > 900		9			9			7			7			6
PSV < 900		19			19			18			18			18
AHTS > 16K		4			4			5			5			4
AHTS 8 - 16K		11			11			11			11			11
AHTS 4 - 8K		4			5			6			8			8
Other		21			24			23			25			28
Total		68			72			70			74			75
Stacked vessels		(1	)		(3	)		(5	)		(8	)		(10	)
Active vessels		67			69			65			66			65
Worldwide fleet:
PSV > 900		69			68			42			42			42
PSV < 900		72			71			62			63			63
AHTS > 16K		11			11			11			11			11
AHTS 8 - 16K		21			21			21			21			21
AHTS 4 - 8K		25			26			26			26			27
Other		23			26			25			27			30
Total		221			223			187			190			194
Stacked vessels		(2	)		(4	)		(6	)		(10	)		(14	)
Active vessels		219			219			181			180			180

Total active		219			219			181			180			180
Total stacked		2			4			6			10			14
Total joint venture		—			—			—			—			1
Total		221			223			187			190			195


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2023		2023		2023		2023		2022
AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:
PSV > 900		1,104		1,095		910		907		922
PSV < 900		1,675		1,730		1,365		1,359		1,499
AHTS > 16K		184		184		182		180		184
AHTS 8 - 16K		184		184		182		180		184
AHTS 4 - 8K		184		184		182		180		184
Other		184		184		182		121		92
Total		3,515		3,561		3,003		2,927		3,065
Asia Pacific fleet:
PSV > 900		736		726		559		481		460
PSV < 900		454		358		182		180		184
AHTS > 16K		184		184		182		90		184
AHTS 8 - 16K		276		276		273		270		276
AHTS 4 - 8K		92		92		91		180		292
Other		—		—		—		48		92
Total		1,742		1,636		1,287		1,249		1,488
Middle East fleet:
PSV > 900		92		92		91		90		92
PSV < 900		1,840		1,840		1,820		1,842		1,840
AHTS > 16K		92		92		91		180		184
AHTS 8 - 16K		460		460		455		450		460
AHTS 4 - 8K		1,615		1,640		1,556		1,291		1,288
Total		4,099		4,124		4,013		3,853		3,864
Europe/Mediterranean fleet:
PSV > 900		3,588		3,492		1,638		1,672		1,746
PSV < 900		920		907		637		630		644
AHTS > 16K		184		184		139		90		92
Total		4,692		4,583		2,414		2,392		2,482
West Africa fleet:
PSV > 900		828		819		637		630		644
PSV < 900		1,735		1,744		1,638		1,620		1,656
AHTS > 16K		368		368		407		450		368
AHTS 8 - 16K		1,012		1,012		1,001		990		1,012
AHTS 4 - 8K		385		476		546		720		736
Other		1,899		2,184		2,099		2,256		2,545
Total		6,227		6,603		6,328		6,666		6,961
Worldwide fleet:
PSV > 900		6,348		6,224		3,835		3,780		3,864
PSV < 900		6,624		6,579		5,642		5,631		5,823
AHTS > 16K		1,012		1,012		1,001		990		1,012
AHTS 8 - 16K		1,932		1,932		1,911		1,890		1,932
AHTS 4 - 8K		2,276		2,392		2,375		2,371		2,500
Other		2,083		2,368		2,281		2,425		2,729
Total		20,275		20,507		17,045		17,087		17,860


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2023		2023		2023		2023		2022
OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:
PSV < 900		92		92		91		99		211
Total		92		92		91		99		211
Asia Pacific fleet:
AHTS 4 - 8K		—		—		—		—		54
Other		—		—		—		48		92
Total		—		—		—		48		146
West Africa fleet:
AHTS 4 - 8K		109		184		182		180		158
Other		16		103		265		540		797
Total		125		287		447		720		955
Worldwide fleet:
PSV < 900		92		92		91		99		211
AHTS 4 - 8K		109		184		182		180		212
Other		16		103		265		588		889
Total		217		379		538		867		1,312


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2023		2023		2023		2023		2022
AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:
PSV > 900		1,104		1,095		910		907		922
PSV < 900		1,583		1,638		1,274		1,260		1,288
AHTS > 16K		184		184		182		180		184
AHTS 8 - 16K		184		184		182		180		184
AHTS 4 - 8K		184		184		182		180		184
Other		184		184		182		121		92
Total		3,423		3,469		2,912		2,828		2,854
Asia Pacific fleet:
PSV > 900		736		726		559		481		460
PSV < 900		454		358		182		180		184
AHTS > 16K		184		184		182		90		184
AHTS 8 - 16K		276		276		273		270		276
AHTS 4 - 8K		92		92		91		180		238
Total		1,742		1,636		1,287		1,201		1,342
Middle East fleet:
PSV > 900		92		92		91		90		92
PSV < 900		1,840		1,840		1,820		1,842		1,840
AHTS > 16K		92		92		91		180		184
AHTS 8 - 16K		460		460		455		450		460
AHTS 4 - 8K		1,615		1,640		1,556		1,291		1,288
Total		4,099		4,124		4,013		3,853		3,864
Europe/Mediterranean fleet:
PSV > 900		3,588		3,492		1,638		1,672		1,746
PSV < 900		920		907		637		630		644
AHTS > 16K		184		184		139		90		92
Total		4,692		4,583		2,414		2,392		2,482
West Africa fleet:
PSV > 900		828		819		637		630		644
PSV < 900		1,735		1,744		1,638		1,620		1,656
AHTS > 16K		368		368		407		450		368
AHTS 8 - 16K		1,012		1,012		1,001		990		1,012
AHTS 4 - 8K		276		292		364		540		578
Other		1,883		2,081		1,834		1,716		1,748
Total		6,102		6,316		5,881		5,946		6,006
Worldwide fleet:
PSV > 900		6,348		6,224		3,835		3,780		3,864
PSV < 900		6,532		6,487		5,551		5,532		5,612
AHTS > 16K		1,012		1,012		1,001		990		1,012
AHTS 8 - 16K		1,932		1,932		1,911		1,890		1,932
AHTS 4 - 8K		2,167		2,208		2,193		2,191		2,288
Other		2,067		2,265		2,016		1,837		1,840
Total		20,058		20,128		16,507		16,220		16,548


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	December 31,				September 30,			June 30,			March 31,			December 31,
		2023			2023			2023			2023			2022
UTILIZATION - TOTAL FLEET:

Americas fleet:
PSV > 900			77.2	%		84.5	%		78.5	%		84.2	%		82.6	%
PSV < 900			78.9			85.7			83.9			79.8			68.1
AHTS > 16K			59.0			54.7			50.0			50.0			48.2
AHTS 8 - 16K			74.0			65.4			100.0			100.0			76.8
AHTS 4 - 8K			93.7			97.8			93.7			96.4			99.2
Other			100.0			100.0			100.0			97.5			100.0
Total			78.9	%		84.1	%		82.8	%		82.3	%		74.6	%
Asia Pacific fleet:
PSV > 900			93.4	%		97.3	%		71.1	%		70.8	%		62.6	%
PSV < 900			92.3			99.0			100.0			90.6			78.4
AHTS > 16K			72.7			66.7			60.7			78.1			90.8
AHTS 8 - 16K			63.9			78.9			85.0			79.8			85.4
AHTS 4 - 8K			100.0			100.0			10.4			80.3			79.5
Total			86.6	%		91.3	%		72.4	%		74.8	%		71.7	%
Middle East fleet:
PSV > 900			100.0	%		90.2	%		100.0	%		100.0	%		100.0	%
PSV < 900			88.6			82.8			81.6			74.4			78.3
AHTS > 16K			100.0			100.0			100.0			100.0			100.0
AHTS 8 - 16K			60.4			69.0			87.0			96.0			84.8
AHTS 4 - 8K			87.6			77.7			63.4			85.7			86.3
Total			85.6	%		79.8	%		76.0	%		82.5	%		83.3	%
Europe/Mediterranean fleet:
PSV > 900			91.4	%		90.8	%		91.0	%		82.7	%		88.5	%
PSV < 900			86.8			86.4			81.3			85.0			89.2
AHTS > 16K			53.2			63.3			43.4			84.1			65.5
Total			89.0	%		88.8	%		85.7	%		83.4	%		87.8	%
West Africa fleet:
PSV > 900			64.9	%		88.5	%		83.1	%		83.0	%		85.7	%
PSV < 900			95.4			85.1			91.1			95.3			89.9
AHTS > 16K			91.1			77.0			92.9			73.5			89.4
AHTS 8 - 16K			72.4			79.5			79.6			79.8			91.1
AHTS 4 - 8K			57.6			58.5			62.9			32.4			62.1
Other			56.9			50.0			49.4			50.3			45.4
Total			73.3	%		70.7	%		72.3	%		68.4	%		70.5	%
Worldwide fleet:
PSV > 900			85.8	%		90.1	%		84.0	%		82.0	%		83.8	%
PSV < 900			87.9			85.6			85.5			83.4			80.2
AHTS > 16K			75.8			70.7			73.0			75.4			81.9
AHTS 8 - 16K			68.5			75.6			84.1			85.6			87.4
AHTS 4 - 8K			83.5			76.3			63.5			69.9			79.4
Other			60.7			53.9			53.4			51.7			45.7
Total			81.5	%		80.5	%		76.9	%		76.5	%		76.5	%


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	December 31,				September 30,			June 30,			March 31,			December 31,
		2023			2023			2023			2023			2022
UTILIZATION - ACTIVE FLEET:

Americas fleet:
PSV > 900			77.2	%		84.5	%		78.5	%		84.2	%		82.6	%
PSV < 900			83.4			90.5			89.9			86.1			79.3
AHTS > 16K			59.0			54.7			50.0			50.0			48.2
AHTS 8 - 16K			74.0			65.4			100.0			100.0			76.8
AHTS 4 - 8K			93.7			97.8			93.7			96.4			99.2
Other			100.0			100.0			100.0			97.5			100.0
Total			81.0	%		86.3	%		85.4	%		85.2	%		80.1	%
Asia Pacific fleet:
PSV > 900			93.4	%		97.3	%		71.1	%		70.8	%		62.6	%
PSV < 900			92.3			99.0			100.0			90.6			78.4
AHTS > 16K			72.7			66.7			60.7			78.1			90.8
AHTS 8 - 16K			63.9			78.9			85.0			79.8			85.4
AHTS 4 - 8K			100.0			100.0			10.4			80.3			97.4
Total			86.6	%		91.3	%		72.4	%		77.8	%		79.5	%
Middle East fleet:
PSV > 900			100.0	%		90.2	%		100.0	%		100.0	%		100.0	%
PSV < 900			88.6			82.8			81.6			74.4			78.3
AHTS > 16K			100.0			100.0			100.0			100.0			100.0
AHTS 8 - 16K			60.4			69.0			87.0			96.0			84.8
AHTS 4 - 8K			87.6			77.7			63.4			85.7			86.3
Total			85.6	%		79.8	%		76.0	%		82.5	%		83.3	%
Europe/Mediterranean fleet:
PSV > 900			91.4	%		90.8	%		91.0	%		82.7	%		88.5	%
PSV < 900			86.8			86.4			81.3			85.0			89.2
AHTS > 16K			53.2			63.3			43.4			84.1			65.5
Total			89.0	%		88.8	%		85.7	%		83.4	%		87.8	%
West Africa fleet:
PSV > 900			64.9	%		88.5	%		83.1	%		83.0	%		85.7	%
PSV < 900			95.4			85.1			91.1			95.3			89.9
AHTS > 16K			91.1			77.0			92.9			73.5			89.4
AHTS 8 - 16K			72.4			79.5			79.6			79.8			91.1
AHTS 4 - 8K			80.4			95.4			94.3			43.2			79.1
Other			57.4			52.5			56.5			66.2			66.1
Total			74.8	%		73.9	%		77.8	%		76.6	%		81.7	%
Worldwide fleet:
PSV > 900			85.8	%		90.1	%		84.0	%		82.0	%		83.8	%
PSV < 900			89.2			86.8			86.9			84.9			83.2
AHTS > 16K			75.8			70.7			73.0			75.4			81.9
AHTS 8 - 16K			68.5			75.6			84.1			85.6			87.4
AHTS 4 - 8K			87.7			82.6			68.8			75.7			86.7
Other			61.2			56.4			60.4			68.2			67.8
Total			82.4	%		82.1	%		79.4	%		80.6	%		82.5	%


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2023		2023		2023		2023		2022
AVERAGE VESSEL DAY RATES: (A)

Americas fleet:
PSV > 900	$	33,707	$	31,648	$	28,446	$	26,930	$	23,401
PSV < 900		21,306		19,479		16,702		16,037		16,146
AHTS > 16K		37,174		35,598		37,640		37,720		32,368
AHTS 8 - 16K		16,997		17,157		15,421		15,593		13,431
AHTS 4 - 8K		8,285		8,717		8,678		8,764		8,511
Other		18,427		26,857		17,658		17,110		12,611
Total		24,524		23,495		20,269		19,794		18,271
Asia Pacific fleet:
PSV > 900		28,351		28,525		24,276		26,723		23,237
PSV < 900		20,703		23,380		31,927		31,488		21,627
AHTS > 16K		28,120		26,649		18,690		19,095		19,519
AHTS 8 - 16K		26,680		24,275		21,561		25,049		18,509
AHTS 4 - 8K		17,404		17,197		946		6,903		6,822
Total		25,378		25,867		24,250		23,582		17,868
Middle East fleet:
PSV > 900		14,972		13,112		13,304		13,251		13,234
PSV < 900		11,785		11,677		11,320		10,926		10,768
AHTS > 16K		12,801		13,004		13,378		12,868		12,777
AHTS 8 - 16K		11,140		10,771		10,804		10,632		10,627
AHTS 4 - 8K		9,334		8,787		8,460		6,953		6,604
Total		10,855		10,544		10,449		9,679		9,498
Europe/Mediterranean fleet:
PSV > 900		18,771		18,879		18,512		15,798		15,306
PSV < 900		19,227		17,926		17,756		12,451		15,696
AHTS > 16K		24,899		31,048		36,913		33,164		10,682
Total		19,061		19,105		18,990		15,669		15,364
West Africa fleet:
PSV > 900		28,797		24,220		21,815		18,931		19,096
PSV < 900		19,271		17,781		17,040		16,080		13,758
AHTS > 16K		20,869		25,192		24,154		18,863		16,367
AHTS 8 - 16K		15,302		14,804		12,382		12,433		12,809
AHTS 4 - 8K		9,583		9,858		10,178		10,113		12,637
Other		6,415		7,217		6,511		5,548		5,359
Total		16,356		15,772		14,469		13,047		12,272
Worldwide fleet:
PSV > 900		23,240		22,804		21,820		20,193		18,502
PSV < 900		17,734		16,949		15,837		14,688		13,839
AHTS > 16K		23,985		26,293		24,719		21,163		17,505
AHTS 8 - 16K		16,120		15,533		13,662		13,984		13,153
AHTS 4 - 8K		9,658		9,368		8,828		7,583		8,196
Other		8,397		10,281		8,441		6,852		6,080
Total	$	18,066	$	17,865	$	16,042	$	14,624	$	13,554

Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022

Americas
Vessel revenues	$	68,425		$	70,717		$	50,376		$	47,687		$	41,785

Vessel operating costs:
Crew costs		24,045			26,848			18,033			17,402			16,486
Repair and maintenance		3,846			5,588			3,973			3,888			3,619
Insurance		526			476			479			410			410
Fuel, lube and supplies		3,241			4,386			2,549			2,999			2,387
Other		5,172			5,924			4,564			3,572			5,102
Total vessel operating costs		36,830			43,222			29,598			28,271			28,004

Vessel operating margin ($)		31,595			27,495			20,778			19,416			13,781
Vessel operating margin (%)		46.2	%		38.9	%		41.2	%		40.7	%		33.0	%

Americas - Select operating statistics
Average vessels - Total fleet		38			38			33			32			33
Utilization - Total fleet		78.9	%		84.1	%		82.8	%		82.3	%		74.6	%

Average vessels - Active fleet		37			37			32			31			31
Utilization - Active fleet		81.0	%		86.3	%		85.4	%		85.2	%		80.1	%

Average day rates	$	24,524		$	23,495		$	20,269		$	19,794		$	18,271

Vessels commencing drydocks		3			3			4			2			2


Deferred drydocking and survey costs - beginning balance	$	29,684		$	29,769		$	27,832		$	21,720		$	21,772
Cash paid for deferred drydocking and survey costs		5,025			4,658			5,867			8,218			4,389
Amortization of deferred drydocking and survey costs		(5,353	)		(3,727	)		(2,626	)		(3,417	)		(3,025	)
Disposals, intersegment transfers and other		(668	)		(1,016	)		(1,304	)		1,311			(1,416	)
Deferred drydocking and survey costs - ending balance	$	28,688		$	29,684		$	29,769		$	27,832		$	21,720


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022

Asia Pacific
Vessel revenues	$	38,632		$	38,994		$	22,585		$	22,024		$	19,070

Vessel operating costs:
Crew costs		15,177			12,390			7,062			7,311			9,876
Repair and maintenance		2,977			2,969			1,517			1,749			901
Insurance		269			183			219			123			183
Fuel, lube and supplies		1,191			909			1,521			1,630			1,299
Other		2,045			2,380			1,648			1,678			1,574
Total vessel operating costs		21,659			18,831			11,967			12,491			13,833

Vessel operating margin ($)		16,973			20,163			10,618			9,533			5,237
Vessel operating margin (%)		43.9	%		51.7	%		47.0	%		43.3	%		27.5	%

Asia Pacific - Select operating statistics
Average vessels - Total fleet		19			18			14			14			16
Utilization - Total fleet		86.6	%		91.3	%		72.4	%		74.8	%		71.7	%

Average vessels - Active fleet		19			18			14			13			14
Utilization - Active fleet		86.6	%		91.3	%		72.4	%		77.8	%		79.5	%

Average day rates	$	25,378		$	25,867		$	24,250		$	23,582		$	17,868

Vessels commencing drydocks		—			—			—			1			2


Deferred drydocking and survey costs - beginning balance	$	3,595		$	2,128		$	2,525		$	553		$	979
Cash paid for deferred drydocking and survey costs		(18	)		84			(4	)		2,368			156
Amortization of deferred drydocking and survey costs		(720	)		(637	)		(393	)		(282	)		(117	)
Disposals, intersegment transfers and other		912			2,020			—			(114	)		(465	)
Deferred drydocking and survey costs - ending balance	$	3,769		$	3,595		$	2,128		$	2,525		$	553


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022

Middle East
Vessel revenues	$	38,072		$	34,685		$	31,856		$	30,762		$	30,575

Vessel operating costs:
Crew costs		13,716			13,914			13,170			12,616			12,472
Repair and maintenance		4,105			4,828			3,779			3,475			3,216
Insurance		501			385			465			433			384
Fuel, lube and supplies		2,610			3,142			3,470			2,870			2,991
Other		4,906			4,796			3,756			3,669			2,505
Total vessel operating costs		25,838			27,065			24,640			23,063			21,568

Vessel operating margin ($)		12,234			7,620			7,216			7,699			9,007
Vessel operating margin (%)		32.1	%		22.0	%		22.7	%		25.0	%		29.5	%

Middle East - Select operating statistics
Average vessels - Total fleet		45			45			44			43			43
Utilization - Total fleet		85.6	%		79.8	%		76.0	%		82.5	%		83.3	%

Average vessels - Active fleet		45			45			44			43			43
Utilization - Active fleet		85.6	%		79.8	%		76.0	%		82.5	%		83.3	%

Average day rates	$	10,855		$	10,544		$	10,449		$	9,679		$	9,498

Vessels commencing drydocks		3			4			7			5			5


Deferred drydocking and survey costs - beginning balance	$	21,153		$	22,717		$	20,677		$	15,062		$	14,993
Cash paid for deferred drydocking and survey costs		1,360			3,234			4,262			7,787			1,930
Amortization of deferred drydocking and survey costs		(3,182	)		(2,776	)		(3,778	)		(1,913	)		(2,323	)
Disposals, intersegment transfers and other		—			(2,022	)		1,556			(259	)		462
Deferred drydocking and survey costs - ending balance	$	19,331		$	21,153		$	22,717		$	20,677		$	15,062


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022

Europe/Mediterranean
Vessel revenues	$	80,743		$	78,929		$	39,295		$	31,250		$	33,482

Vessel operating costs:
Crew costs		25,848			26,632			13,406			12,727			13,010
Repair and maintenance		6,081			5,342			2,900			2,706			3,067
Insurance		791			689			354			384			386
Fuel, lube and supplies		3,717			4,033			2,363			1,584			2,051
Other		3,719			5,376			2,292			2,371			1,762
Total vessel operating costs		40,156			42,072			21,315			19,772			20,276

Vessel operating margin ($)		40,587			36,857			17,980			11,478			13,206
Vessel operating margin (%)		50.3	%		46.7	%		45.8	%		36.7	%		39.4	%

Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		51			50			26			27			27
Utilization - Total fleet		89.0	%		88.8	%		85.7	%		83.4	%		87.8	%

Average vessels - Active fleet		51			50			26			27			27
Utilization - Active fleet		89.0	%		88.8	%		85.7	%		83.4	%		87.8	%

Average day rates	$	19,061		$	19,105		$	18,990		$	15,669		$	15,364

Vessels commencing drydocks		5			5			4			4			3


Deferred drydocking and survey costs - beginning balance	$	16,256		$	11,705		$	11,363		$	9,566		$	8,588
Cash paid for deferred drydocking and survey costs		7,580			6,733			2,217			5,128			1,175
Amortization of deferred drydocking and survey costs		(2,758	)		(3,201	)		(1,875	)		(1,739	)		(1,523	)
Disposals, intersegment transfers and other		—			1,019			—			(1,592	)		1,326
Deferred drydocking and survey costs - ending balance	$	21,078		$	16,256		$	11,705		$	11,363		$	9,566


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022

West Africa
Vessel revenues	$	74,643		$	73,650		$	66,211		$	59,457		$	60,194

Vessel operating costs:
Crew costs		18,751			17,502			16,336			16,587			17,855
Repair and maintenance		4,626			4,868			4,665			4,834			3,971
Insurance		678			626			651			655			664
Fuel, lube and supplies		4,506			5,300			4,055			4,472			4,113
Other		5,509			4,753			5,037			5,314			5,212
Total vessel operating costs		34,070			33,049			30,744			31,862			31,815

Vessel operating margin ($)		40,573			40,601			35,467			27,595			28,379
Vessel operating margin (%)		54.4	%		55.1	%		53.6	%		46.4	%		47.1	%

West Africa - Select operating statistics
Average vessels - Total fleet		68			72			70			74			75
Utilization - Total fleet		73.3	%		70.7	%		72.3	%		68.4	%		70.5	%

Average vessels - Active fleet		67			69			65			66			65
Utilization - Active fleet		74.8	%		73.9	%		77.8	%		76.6	%		81.7	%

Average day rates	$	16,356		$	15,772		$	14,469		$	13,047		$	12,272

Vessels commencing drydocks		7			7			4			6			2


Deferred drydocking and survey costs - beginning balance	$	28,527		$	26,162		$	20,390		$	14,179		$	11,545
Cash paid for deferred drydocking and survey costs		10,121			5,909			9,024			7,824			4,467
Amortization of deferred drydocking and survey costs		(4,367	)		(3,544	)		(3,000	)		(2,267	)		(1,909	)
Disposals, intersegment transfers and other		(449	)		—			(252	)		654			76
Deferred drydocking and survey costs - ending balance	$	33,832		$	28,527		$	26,162		$	20,390		$	14,179


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022

Worldwide
Vessel revenues	$	300,515		$	296,975		$	210,323		$	191,180		$	185,106

Vessel operating costs:
Crew costs		97,537			97,286			68,007			66,643			69,699
Repair and maintenance		21,635			23,595			16,834			16,652			14,774
Insurance		2,765			2,359			2,168			2,005			2,027
Fuel, lube and supplies		15,265			17,770			13,958			13,555			12,841
Other		21,351			23,229			17,297			16,604			16,155
Total vessel operating costs		158,553			164,239			118,264			115,459			115,496

Vessel operating margin ($)		141,962			132,736			92,059			75,721			69,610
Vessel operating margin (%)		47.2	%		44.7	%		43.8	%		39.6	%		37.6	%

Worldwide - Select operating statistics
Average vessels - Total fleet		221			223			187			190			194
Utilization - Total fleet		81.5	%		80.5	%		76.9	%		76.5	%		76.5	%

Average vessels - Active fleet		219			219			181			180			180
Utilization - Active fleet		82.4	%		82.1	%		79.4	%		80.6	%		82.5	%

Average day rates	$	18,066		$	17,865		$	16,042		$	14,624		$	13,554

Vessels commencing drydocks		18			19			19			18			14


Deferred drydocking and survey costs - beginning balance	$	99,215		$	92,481		$	82,787		$	61,080		$	57,877
Cash paid for deferred drydocking and survey costs		24,068			20,618			21,366			31,325			12,117
Amortization of deferred drydocking and survey costs		(16,380	)		(13,885	)		(11,672	)		(9,618	)		(8,897	)
Disposals, intersegment transfers and other		(205	)		1			—			—			(17	)
Deferred drydocking and survey costs - ending balance	$	106,698		$	99,215		$	92,481		$	82,787		$	61,080


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,		March 31,		December 31,
	2023			2023			2023		2023		2022

Net income	$	37,328		$	25,549		$	21,928	$	10,816	$	10,182

Interest and other debt costs		20,263			19,288			4,731		4,190		4,339
Income tax expense		10,793			9,260			11,284		11,971		1,697
Depreciation		42,788			43,845			21,096		21,048		20,983
Amortization of deferred drydock and survey costs		16,379			13,885			11,672		9,618		8,898
Amortization of below market contracts		(1,894	)		(1,906	)		—		—		—
EBITDA (A), (B), (C)		125,657			109,921			70,711		57,643		46,099

Non-cash indemnification assets charge		(70	)		1,184			—		—		—
Non-cash stock compensation expense		3,508			2,496			2,648		2,103		2,028
Acquisition, restructuring and integration related costs		2,177			6,079			1,242		1,426		5,150
Adjusted EBITDA (A), (B), (C)	$	131,272		$	119,680		$	74,601	$	61,172	$	53,277

Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization of deferred drydock and below market contracts. Additionally, Adjusted EBITDA excludes non-cash indemnification assets charge included in interest income and other; non-cash stock-based compensation expense; and acquisition, restructuring and integration related costs. Note (B): EBITDA for the three months ended December 31, 2023, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,508, $2,496, $2,648, $2,103 and $2,028 respectively. Note (C): EBITDA and Adjusted EBITDA for the three months ended December 31, 2023, and for each of the prior four quarters includes foreign exchange gain (losses) of $2,250, $(2,149), $(3,819), $2,348 and $2,105 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, non-cash indemnification asset charge, non-cash stock-based compensation expense 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
	December 31,			September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022

Net cash provided by operating activities (A)	$	47,231		$	34,939		$	9,741		$	12,794		$	45,340

Cash interest expense		18,186			606			7,748			98			7,575
Interest income and other		(3,029	)		(568	)		(2,790	)		(130	)		(981	)
Indemnification assets charge		70			(1,184	)		—			—			—
Additions to property and equipment		(8,386	)		(5,702	)		(8,849	)		(8,651	)		(4,929	)
Acquisitions		—			(594,191	)		—			—			—
Expansion capital		1,034			594,252			2,493			109			1,240
		55,106			28,152			8,343			4,220			48,245

Proceeds from asset sales		5,902			945			2,943			5,716			5,093

Free cash flow	$	61,008		$	29,097		$	11,286		$	9,936		$	53,338

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 excludes indemnification assets charge included in interest income and other. 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
	December 31,			September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	(24,083	)	$	(29,286	)	$	(23,447	)	$	2,295		$	16,018
Cash paid for deferred drydock and survey costs		(24,069	)		(20,618	)		(21,366	)		(31,325	)		(12,117	)
Total sources (uses) of cash for changes in assets and liabilities	$	(48,152	)	$	(49,904	)	$	(44,813	)	$	(29,030	)	$	3,901

View source version on businesswire.com: https://www.businesswire.com/news/home/20240226697169/en/

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Tidewater Inc.

West Gotcher

Vice President,

Finance and Investor Relations

+1.713.470.5285

Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2023

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