Market Overview

Tidewater Reports Results For The Three Months Ended June 30, 2018

Share:

Tidewater Reports Results For The Three Months Ended June 30, 2018

PR Newswire

HOUSTON, Aug. 13, 2018 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a net loss for the three months ended June 30, 2018, of $10.9 million, or $0.44 per common share, on revenues of $105.6 million.

As more fully explained in the company's Form 10-Q for the quarter ended June 30, 2018, upon emergence from Chapter 11 bankruptcy on July 31, 2017, the company adopted fresh start accounting in accordance with applicable accounting and reporting regulations, which resulted in the company becoming a new entity for financial reporting purposes on July 31, 2017.  References herein to "Successor" relate to the financial position and results of operations of the reorganized company subsequent to July 31, 2017, while references to "Predecessor" relate to the financial position and results of operations of the company through July 31, 2017.

Included in the $10.9 million ($0.44 per common share) net loss for the three months ending June 30, 2018 were the following:

  • $6.8 million ($0.27 per common share) of Foreign exchange losses, $5.8 million ($0.23 per common share) of which is included in Equity in net earnings (losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.
  • $4.9 million ($0.20 per common share) gain included in Equity in net earnings (losses) of unconsolidated companies, representing dividends received from Sonatide ($12.3 million) in excess of the company's investment balance ($7.3 million) at June 30, 2018.
  • $1.2 million ($0.05 per common share) in non-cash Asset impairments that resulted from impairment reviews undertaken during the three months ended June 30, 2018.

Consolidated earnings (loss) before interest, taxes, depreciation and amortization (EBITDA) for the three months ended June 30, 2018, was $16.2 million, which excludes $1.2 million of Asset impairments, but includes $3.2 million of stock-based compensation expense, $6.8 million of Foreign exchange losses and $4.9 million of Sonatide dividends received in excess of our investment balance.  (See disclosures related to Non-GAAP measures in other fleet and financial data beginning on page 10 herein.)

John Rynd, Tidewater President and Chief Executive Officer commented, "Our results for the second quarter reflect strong execution by our team and a modest improvement in the overall market. As expected, utilization, vessel revenues and vessel operating margin recovered relative to reported results in the first quarter, and average day rates were generally stable quarter-to-quarter.  Our focus for the remainder of the year will be on maintaining our global commitment to safe operations and high quality, cost efficient customer service. In addition, we are executing our business plan in regards to cash flow and other financial targets. We will also continue to work with the team at GulfMark to develop integration plans that will allow us to quickly and fully realize identified cost and operational synergies and to best position the combined company for future organic and other growth opportunities. As previously disclosed, we expect to close the GulfMark transaction during the fourth quarter. We continue to believe that the combination of Tidewater and GulfMark creates clear and compelling value for stakeholders of both companies. There are no financing contingencies associated with the proposed Tidewater/GulfMark merger and we are committed to completing the transaction."

Common shares and New Creditor Warrants, each of which is exercisable to acquire one common share at a price of $0.001, and the sum of common shares and New Creditor Warrants outstanding at June 30, 2018 were 26,085,274, 3,924,441 and 30,009,715, respectively.

Tidewater will hold a conference call to discuss results for the three months ended June 30, 2018 on Tuesday, August 14, 2018 at 10:00 a.m. Central Time. Investors and interested parties may listen to the teleconference 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 ask for the "Tidewater" call just prior to the scheduled start.  A replay of the conference call will be available beginning at 12:00 p.m. Central Time on August 14, 2018, and will continue until 11:59 p.m. Central Time on August 16, 2018.  To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 47353238.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, (www.tdw.com). The online replay will be available until September 14, 2018.

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 involve 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 recent Forms 10-Q and 10-K. For risks related to the proposed transaction with GulfMark Offshore Inc. ("GulfMark"), please see the press release dated July 16, 2018, issued by Tidewater and GulfMark.

Tidewater owns and operates one of the largest fleets of Offshore Support Vessels in the industry, with over 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 on the next page.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

(Unaudited)

(In thousands, except share and per share data)



Successor




Predecessor



Successor




Predecessor




Quarter Ended




Quarter Ended



Six Months Ended




Six Months Ended




June 30, 2018




June 30, 2017



June 30, 2018




June 30, 2017


Revenues:



















Vessel revenues


$

104,174





112,257




191,668





269,162


Other operating revenues



1,427





2,849




5,426





6,693





105,601





115,106




197,094





275,855


Costs and expenses:



















Vessel operating costs



68,012





83,773




129,376





164,618


Costs of other operating revenues



642





1,585




3,116





4,274


General and administrative



24,425





33,059




47,990





74,786


Vessel operating leases







5,542








13,985


Depreciation and amortization



12,785





36,287




24,802





73,879


Gain on asset dispositions, net



(1,338)





(3,189)




(3,257)





(9,253)


Asset impairments



1,215





163,423




7,401





228,280





105,741





320,480




209,428





550,569


Operating loss



(140)





(205,374)




(12,334)





(274,714)


Other income (expenses):



















Foreign exchange loss



(1,002)





(1,157)




(1,350)





(493)


Equity in net earnings (losses) of unconsolidated
companies



390





4,517




(15,049)





7,358


Interest income and other, net



2,914





1,680




2,786





3,268


Reorganization items







(313,176)








(313,176)


Interest and other debt costs, net



(7,547)





(10,605)




(15,146)





(31,613)





(5,245)





(318,741)




(28,759)





(334,656)


Loss before income taxes



(5,385)





(524,115)




(41,093)





(609,370)


Income tax expense



5,797





295




9,118





2,012


Net loss


$

(11,182)





(524,410)




(50,211)





(611,382)


Less: Net income attributable to noncontrolling interests



(242)





24




(99)





7,907


Net loss attributable to Tidewater Inc.


$

(10,940)





(524,434)




(50,112)





(619,289)


Basic loss per common share


$

(0.44)





(11.13)




(2.09)





(13.15)


Diluted loss per common share


$

(0.44)





(11.13)




(2.09)





(13.15)


Weighted average common shares outstanding



24,654,220





47,121,304




23,989,254





47,101,155


Dilutive effect of stock options and restricted stock















Adjusted weighted average common shares



24,654,220





47,121,304




23,989,254





47,101,155


Note (A):  The company did not incur any restructuring-related professional services costs during the quarter and six months ended June 30, 2018 (Successor), but did incur professional services costs related the proposed combination with GulfMark during the quarter ended June 30, 2018 of $1.5 million.  Restructuring-related professional services costs included in general and administrative expenses for the quarter and six months ended June 30, 2017 (Predecessor), were $6.7 million and $23.4 million, respectively.  General and administrative expenses for the quarter and six months ended June 30, 2018 (Successor) included stock-based compensation of $3.2 million and $6.1 million, respectively. General and administrative expenses for the quarter and six months ended June 30, 2017 (Predecessor) included stock-based compensation of $0.3 million and ($0.6) million, respectively.

Note (B):  Equity in net earnings (losses) of unconsolidated companies for the quarter and six months ended June 30, 2018 (Successor) includes $5.8 million and $20.6 million of foreign exchange losses, respectively, related to our Angola joint venture, Sonatide.

Note (C):  Common shares and new creditor warrants and the sum of common shares and New Creditor Warrants outstanding at June 30, 2018 (Successor) were 26,085,274, 3,924,441 and 30,009,715, respectively.

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)



Successor




June 30,



December 31,


ASSETS


2018



2017


Current assets:









Cash and cash equivalents


$

459,286




432,035


Restricted cash



5,213




21,300


Trade and other receivables, net



96,630




114,184


Due from affiliates



197,059




230,315


Marine operating supplies



28,930




28,220


Other current assets



10,213




19,130


Total current assets



797,331




845,184


Investments in, at equity, and advances to unconsolidated companies



1,335




29,216


Net properties and equipment



803,725




837,520


Deferred drydocking and survey costs



14,372




3,208


Other assets



26,779




31,052


Total assets


$

1,643,542




1,746,180











LIABILITIES AND EQUITY









Current liabilities:









Accounts payable


$

30,561




38,497


Accrued expenses



49,312




54,806


Due to affiliates



62,353




99,448


Accrued property and liability losses



2,790




2,585


Current portion of long-term debt



6,290




5,103


Other current liabilities



17,815




19,693


Total current liabilities



169,121




220,132


Long-term debt



438,559




443,057


Accrued property and liability losses



2,651




2,471


Other liabilities



57,685




58,576











Commitments and Contingencies


















Equity:









Successor Common stock of $0.001 par value, 125,000,000 shares
 authorized, 26,085,274 and 22,115,916 shares issued and outstanding
 at June 30, 2018 and December 31, 2017, respectively



26




22


Additional paid-in capital



1,064,039




1,059,120


Retained deficit



(89,378)




(39,266)


Accumulated other comprehensive loss



(403)




(147)


Total stockholders' equity



974,284




1,019,729


Noncontrolling interests



1,242




2,215


Total equity



975,526




1,021,944


Total liabilities and equity


$

1,643,542




1,746,180


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(In thousands)



Successor




Predecessor



Successor




Predecessor




Quarter Ended




Quarter Ended



Six Months Ended




Six Months Ended




June 30, 2018




June 30, 2017



June 30, 2018




June 30, 2017


Net loss


$

(11,182)





(524,410)




(50,211)





(611,382)


Other comprehensive income:



















Unrealized gains (losses) on available for
 
sale securities, net of tax of $0, $0, $0 and
 
$61



43





86




(256)





(8)


Change in loss on derivative contract, net of
 
tax of $0, $0, $0 and $823














1,317


Change in supplemental executive retirement
 
plan liability, net of tax of $0, $0, $0 and
 
($927)














(1,721)


Change in pension plan minimum liability,
  net
of tax of $0, $0, $0 and $215














399


Change in other benefit plan minimum
 
liability, net of tax of $0, $0, $0 and
 
($2,046)














(3,799)


Total comprehensive loss


$

(11,139)





(524,324)




(50,467)





(615,194)


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)



Successor




Predecessor




Six Months Ended




Six Months Ended




June 30, 2018




June 30, 2017


Operating activities:










Net loss


$

(50,211)





(611,382)


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

  activities:










Reorganization items







308,011


Depreciation and amortization



22,572





73,879


Amortization of deferred drydocking and survey costs



2,230






Amortization of debt premium and discounts



(900)






Provision for deferred income taxes







(7,743)


Gain on asset dispositions, net



(3,257)





(9,253)


Asset impairments



7,401





228,280


Changes in investments in, at equity, and advances
  
 to unconsolidated companies



27,881





(9,163)


Compensation expense - stock-based



6,139





(562)


Excess tax liability on stock option activity







4,927


Changes in assets and liabilities, net:










Trade and other receivables



(15,097)





57,701


Changes in due to/from related parties, net



19,869





22,983


Marine operating supplies



(711)





(922)


Other current assets



8,752





(22,668)


Accounts payable



1,709





(15,384)


Accrued expenses



(6,652)





17,870


Accrued property and liability losses



205





(816)


Other current liabilities



5,590





(1,216)


Other liabilities



11





3,135


Cash paid for deferred drydocking and survey costs



(13,394)






Other, net



4,846





9,110


Net cash provided by operating activities



16,983





46,787


Cash flows from investing activities:










Proceeds from sales of assets



12,968





3,072


Additions to properties and equipment



(5,775)





(9,982)


Payments related to novated vessel construction contract







5,272


Net cash provided by (used in) investing activities



7,193





(1,638)


Cash flows from financing activities:










Principal payment on long-term debt



(2,637)





(5,048)


Payments to General Unsecured Creditors



(8,377)






Other



(1,998)





(6,127)


Net cash used in financing activities



(13,012)





(11,175)


Net change in cash, cash equivalents and restricted cash



11,164





33,974


Cash, cash equivalents and restricted cash at beginning of period



453,335





649,804


Cash, cash equivalents and restricted cash at end of period


$

464,499





683,778


Supplemental disclosure of cash flow information:










Cash paid during the period for:










Interest, net of amounts capitalized


$

16,134





8,651


Income taxes


$

10,083





5,778


Supplemental disclosure of non-cash investing activities:










Additions to properties and equipment


$





282


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)















Accumulated
















Additional



Retained



other



Non








Common



paid-in



(deficit)



comprehensive



controlling








stock



capital



earnings



loss



interest



Total


Balance at December 31, 2017 (Successor)


$

22




1,059,120




(39,266)




(147)




2,215




1,021,944


Total comprehensive loss









(50,112)




(256)




(99)




(50,467)


Issuance of common stock



4




(2)













2


Amortization of restricted stock units






6,047













6,047


Acquisition of noncontrolling interest






(1,126)










(874)




(2,000)


Balance at June 30, 2018 (Successor)


$

26




1,064,039




(89,378)




(403)




1,242




975,526



























Balance at December 31, 2016  (Predecessor)


$

4,707




171,018




1,570,027




(6,446)




8,258




1,747,564


Total comprehensive loss









(619,289)




(3,812)




7,907




(615,194)


Stock option activity






562













562


Cancellation of restricted stock awards









157










157


Amortization/cancellation of restricted stock units



5




(6,064)













(6,059)


Cash paid to noncontrolling interests















(1,200)




(1,200)


Balance at June 30, 2017 (Predecessor)


$

4,712




165,516




950,895




(10,258)




14,965




1,125,830


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



Successor




Predecessor



Successor




Predecessor




Quarter Ended




Quarter Ended



Six Months Ended




Six Months Ended




June 30, 2018




June 30, 2017



June 30, 2018




June 30, 2017


(In thousands)






%








%







%








%


Vessel revenues:



































Americas (D)


$

32,601




31%





31,887




28%




58,682




31%





112,420




42%


Middle East/Asia Pacific



22,406




21%





27,766




25%




40,794




21%





54,444




20%


Europe/Mediterranean Sea



13,357




13%





11,031




10%




22,980




12%





21,197




8%


West Africa



35,810




35%





41,573




37%




69,212




36%





81,101




30%


Total vessel revenues


$

104,174




100%





112,257




100%




191,668




100%





269,162




100%


Vessel operating costs:



































Crew costs


$

36,368




35%





42,210




38%




70,592




37%





84,039




31%


Repair and maintenance



7,978




8%





13,844




12%




15,682




8%





30,918




11%


Insurance and loss reserves



2,191




2%





3,124




3%




1,120




2%





1,357




1%


Fuel, lube and supplies



8,181




8%





9,428




8%




17,193




9%





18,707




7%


Other



13,294




13%





15,167




14%




24,789




13%





29,597




11%


Total vessel operating costs



68,012




65%





83,773




75%




129,376




69%





164,618




61%


Vessel operating margin (E)


$

36,162




35%





28,484




25%




62,292




31%





104,544




39%


Note (D):  Included in Americas vessel revenues for the six months ended June 30, 2017 (Predecessor) is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.

Note (E):  Vessel operating margin equals vessel revenues less vessel operating costs and excludes general and administrative expenses, vessel operating leases and depreciation and amortization expenses.  The following tables reconcile vessel operating margin as presented above to vessel operating profit (loss):



Successor




Predecessor



Successor




Predecessor




Quarter Ended




Quarter Ended



Six Months Ended




Six Months Ended


(In thousands)


June 30, 2018




June 30, 2017



June 30, 2018




June 30, 2017


Vessel operating margin


$

36,162





28,484



$

62,292





104,544


General and administrative expenses - vessel
operations



(16,613)





(18,002)




(33,480)





(37,447)


Vessel operating leases







(5,542)








(13,985)


Depreciation and amortization - vessel operations



(12,680)





(34,892)




(24,592)





(71,065)


Vessel operating profit (loss)


$

6,869





(29,952)



$

4,220





(17,953)


The company's other operating profit (loss) consists of the following:



Successor




Predecessor



Successor




Predecessor




Quarter Ended




Quarter Ended



Six Months Ended




Six Months Ended


(In thousands)


June 30, 2018




June 30, 2017



June 30, 2018




June 30, 2017


Other operating revenues


$

1,427





2,849




5,426





6,693


Costs of other marine revenues



(642)





(1,585)




(3,116)





(4,274)


General and administrative expenses - other
operating activities



(2)





(355)




(16)





(880)


Depreciation and amortization - other operating
activities



(5)





(854)




(10)





(1,709)


Other operating profit (loss)


$

778





55




2,284





(170)


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



Successor




Predecessor



Successor




Predecessor




Quarter Ended




Quarter Ended



Six Months Ended




Six Months Ended




June 30, 2018




June 30, 2017



June 30, 2018




June 30, 2017


(In thousands)






%








%







%








%


Vessel operating profit (loss):



































Americas (F)


$

5,681




5%





(15,699)




(14%)



$

10,592




5%





14,919




5%


Middle East/Asia Pacific



625




1%





(1,316)




(1%)




(1,628)




(1%)





(7,480)




(3%)


Europe/Mediterranean Sea



(1,142)




(1%)





(10,163)




(9%)




(4,696)




(2%)





(17,265)




(6%)


West Africa



1,705




2%





(2,774)




(2%)




(48)




<1%





(8,127)




(3%)





6,869




7%





(29,952)




(26%)




4,220




2%





(17,953)




(7%)


Other operating profit (loss)



778




1%





55




<1%




2,284




1%





(170)




(<1%)





7,647




7%





(29,897)




(26%)




6,504




2%





(18,123)




(7%)





































Corporate general and administrative
expenses (G)



(7,810)




(7%)





(14,702)




(13%)




(14,494)




(7%)





(36,459)




(13%)


Corporate depreciation



(100)




(<1%)





(541)




(<1%)




(200)




(<1%)





(1,105)




(<1%)


Corporate expenses



(7,910)




(7%)





(15,243)




(13%)




(14,694)




(7%)





(37,564)




(13%)





































Gain on asset dispositions, net



1,338




1%





3,189




3%




3,257




2%





9,253




3%


Asset impairments



(1,215)




(1%)





(163,423)




(142%)




(7,401)




(4%)





(228,280)




(83%)


Operating loss


$

(140)




(<1%)





(205,374)




(178%)



$

(12,334)




(6%)





(274,714)




(100%)


Foreign exchange loss



(1,002)




(1%)





(1,157)




(1%)




(1,350)




(1%)





(493)




(<1%)


Equity in net earnings (losses) of
unconsolidated companies



390




<1%





4,517




4%




(15,049)




(8%)





7,358




3%


Interest income and other, net



2,914




3%





1,680




1%




2,786




2%





3,268




1%


Reorganization items










(313,176)




(272%)











(313,176)




(114%)


Interest and other debt costs



(7,547)




(7%)





(10,605)




(9%)




(15,146)




(8%)





(31,613)




(11%)


Loss before income taxes


$

(5,385)




(5%)





(524,115)




(455%)



$

(41,093)




(21%)





(609,370)




(221%)


Note (F):  Americas segment vessel operating profit for the six months ended June 30, 2017 (Predecessor) includes $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.

Note (G):  The company did not incur any restructuring-related professional services costs during the quarter and six months ended June 30, 2018 (Successor), but did incur professional services costs related the proposed combination with GulfMark during the quarter ended June 30, 2018 of $1.5 million.  Restructuring-related professional services costs included in general and administrative expenses for the quarter and six months ended June 30, 2017 (Predecessor), were $6.7 million and $23.4 million, respectively.  General and administrative expenses for the quarter and six months ended June 30, 2018 (Successor) included stock-based compensation of $3.2 million and $6.1 million, respectively. General and administrative expenses for the quarter and six months ended June 30, 2017 (Predecessor) included stock-based compensation of $0.3 million and ($0.6) million, respectively.

For the following tables for illustrative purposes, the company has combined the Successor and Predecessor results to derive combined results for the three months ended September 30, 2017.  The combination was generated by addition of comparable financial statement line items.  However, because of various adjustments to the consolidated financial statements in connection with the application of fresh-start reporting, including asset valuation adjustments and liability adjustments, the results of operations for the Successor may not be comparable to those of the Predecessor.  The quarter ended June 30, 2017 is a Predecessor period while the quarters ended June 30, 2018, March 31, 2018 and December 31, 2017 are Successor periods.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(Unaudited)

(In thousands, except share and per share data)







Three Months Ended

























June 30,



March 31,



December 31,



September 30,



June 30,




2018



2018



2017



2017



2017


Revenues:





















Vessel revenues

$


104,174




87,494




101,313




104,911




112,257


Other operating revenues



1,427




3,999




3,140




5,652




2,849





105,601




91,493




104,453




110,563




115,106


Costs and expenses:





















Vessel operating costs



68,012




61,364




68,201




84,966




83,773


Costs of other operating revenues



642




2,474




1,519




3,036




1,585


General and administrative (H)



24,425




23,565




30,373




25,019




33,059


Vessel operating leases









91




1,747




5,542


Depreciation and amortization



12,785




12,017




12,195




19,302




36,287


Gain on asset dispositions, net



(1,338)




(1,919)




(6,612)




(376)




(3,189)


Asset impairments



1,215




6,186




16,777




21,325




163,423





105,741




103,687




122,544




155,019




320,480


Operating loss



(140)




(12,194)




(18,091)




(44,456)




(205,374)


Other income (expenses):





















Foreign exchange loss



(1,002)




(348)




(349)




(2,082)




(1,157)


Equity in net earnings (losses) of
unconsolidated companies



390




(15,439)




825




1,574




4,517


Interest income and other



2,914




(128)




1,898




1,577




1,680


Reorganization items (H)









(2,419)




(1,085,609)




(313,176)


Interest and other debt costs



(7,547)




(7,599)




(7,769)




(5,814)




(10,605)





(5,245)




(23,514)




(7,814)




(1,090,354)




(318,741)


Loss before income taxes



(5,385)




(35,708)




(25,905)




(1,134,810)




(524,115)


Income tax (benefit) expense



5,797




3,321




(2,706)




3,216




295


Net loss

$


(11,182)




(39,029)




(23,199)




(1,138,026)




(524,410)


Less: Net income (loss) attributable to
noncontrolling interests



(242)




143




374




142




24


Net loss attributable to Tidewater Inc.

$


(10,940)




(39,172)




(23,573)




(1,138,168)




(524,434)


Basic loss per common share

$


(0.44)




(1.67)




(1.02)








Diluted loss per common share

$


(0.44)




(1.67)




(1.02)








Weighted average common shares outstanding (I)



24,654,220




23,424,943




23,137,909








Dilutive effect of stock options and restricted stock
















Adjusted weighted average common shares



24,654,220




23,424,943




23,137,909





























Vessel operating margin

$


36,162




26,130




33,112




19,945




28,484























Note (H): Restructuring-related items:





















Restructuring-related professional services
costs included in general and administrative
expenses

$














6,709


Restructuring-related professional services
costs included in reorganization items









2,031




23,494




5,165


Restructuring-related sale leaseback vessel
redelivery costs included in reorganization
items









388




1,244





Total

$





-




2,419




24,738




11,874


Note (I): Weighted average shares outstanding for the quarters ended June 30, 2018, March 31, 2018 and December 31, 2017 include 0, 108,044 and 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens, respectively, at June 30, 2018, March 31, 2018 and December 31, 2017.  Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at June 30, 2018 were 26,085,274, 3,924,441 and 30,009,715, respectively. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 were 23,988,075, 6,021,696 and 30,009,771, respectively.  Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at December 31, 2017 were 22,115,916, 7,884,006 and 29,999,922, respectively.

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)
























June 30,



March 31,



December 31,



September 30,



June 30,


ASSETS


2018



2018



2017



2017



2017


Current assets:





















Cash and cash equivalents

$


459,286




442,472




432,035




459,978




683,778


Restricted cash



5,213




2,847




21,300








Trade and other receivables, net (J)



96,630




115,754




114,184




120,271




116,612


Due from affiliates



197,059




207,919




230,315




245,056




252,810


Marine operating supplies



28,930




28,896




28,220




31,083




31,097


Other current assets



10,213




18,181




19,130




14,813




34,619


Total current assets



797,331




816,069




845,184




871,201




1,118,916


Investments in, at equity, and advances to
unconsolidated companies



1,335




13,503




29,216




25,729




49,216


Net properties and equipment



803,725




814,263




837,520




868,689




2,659,314


Deferred drydocking and survey costs



14,372




11,430




3,208




388





Other assets



26,779




30,783




31,052




46,845




92,134


Total assets

$


1,643,542




1,686,048




1,746,180




1,812,852




3,919,580























LIABILITIES AND EQUITY





















Current liabilities:





















Accounts payable (J)

$


30,561




45,781




38,497




39,439




35,087


Accrued expenses



49,312




56,408




54,806




61,115




63,155


Due to affiliates



62,353




78,135




99,448




112,642




121,037


Accrued property and liability losses



2,790




2,852




2,585




2,774




2,758


Current portion of long-term debt



6,290




5,215




5,103




5,174




10,106


Other current liabilities



17,815




8,826




19,693




38,041




28,029


Total current liabilities



169,121




197,217




220,132




259,185




260,172


Long-term debt



438,559




442,729




443,057




445,677




80,863


Accrued property and liability losses



2,651




2,561




2,471




2,607




2,776


Other liabilities and deferred credits



57,685




58,060




58,576




62,569




60,382


Liabilities subject to compromise















2,389,557























Commitments and Contingencies










































Equity:





















Common stock



26




24




22




21




4,712


Additional paid-in capital



1,064,039




1,061,983




1,059,120




1,056,563




165,516


Retained earnings



(89,378)




(78,438)




(39,266)




(15,693)




950,895


Accumulated other comprehensive income (loss)



(403)




(446)




(147)




82




(10,258)


Total stockholders' equity



974,284




983,123




1,019,729




1,040,973




1,110,865


Noncontrolling interests



1,242




2,358




2,215




1,841




14,965


Total equity



975,526




985,481




1,021,944




1,042,814




1,125,830


Total liabilities and equity

$


1,643,542




1,686,048




1,746,180




1,812,852




3,919,580












































Supplemental Information





















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





















Sonatide (Angola)

$


106,084




129,784




130,867




132,414




131,773


DTDW (Nigeria)



28,622




25,184




23,708




20,423




17,164


Total

$


134,706




154,968




154,575




152,837




148,937


Note (J):  Included in Trade and other receivables, net, for the quarters ended March 31, 2018, December 31, 2017, September 31, 2017 and June 30, 2017 are $37,761; $33,353; $27,616 and $22,919, respectively, of amounts due from our DTDW (Nigeria) joint venture.  Included in Accounts payable  for the quarters ended March 31, 2018, December 31, 2017, September 31, 2017 and June 30, 2017 are $12,577; $9,645; $7,193 and $5,755, respectively, of amounts due to our DTDW (Nigeria) joint venture.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA







Three Months Ended




June 30,



March 31,



December 31,



September 30,



June 30,




2018



2018



2017



2017



2017


VESSEL REVENUE BY VESSEL CLASS

(In thousands):










































Americas fleet:





















Deepwater

$


22,661




16,205




17,062




14,102




17,313


Towing-supply



7,560




6,846




8,263




9,319




11,274


Other



2,380




3,030




3,010




2,989




3,300


Total

$


32,601




26,081




28,335




26,410




31,887


Middle East/Asia Pacific fleet:





















Deepwater

$


9,603




9,564




9,066




8,393




10,701


Towing-supply



12,783




8,824




14,110




16,823




17,065


Other



20














Total

$


22,406




18,388




23,176




25,216




27,766


Europe/Mediterranean Sea fleet:





















Deepwater

$


12,596




9,020




10,395




11,192




8,237


Towing-supply



761




603




641




2,102




2,794


Total

$


13,357




9,623




11,036




13,294




11,031


West Africa fleet:





















Deepwater

$


14,314




13,938




14,358




13,978




13,921


Towing-supply



17,321




16,139




19,807




21,071




24,225


Other



4,175




3,325




4,601




4,942




3,427


Total

$


35,810




33,402




38,766




39,991




41,573


Worldwide fleet:





















Deepwater

$


59,174




48,727




50,881




47,665




50,172


Towing-supply



38,425




32,412




42,821




49,315




55,358


Other



6,575




6,355




7,611




7,931




6,727


Total

$


104,174




87,494




101,313




104,911




112,257


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA
























Three Months Ended




June 30,



March 31,



December 31,



September 30,



June 30,




2018



2018



2017



2017



2017


AVERAGE NUMBER OF VESSELS:










































Americas fleet:





















Deepwater



25




26




31




39




41


Towing-supply



15




15




16




19




21


Other



6




6




6




8




8


Total



46




47




53




66




70


Stacked vessels



(19)




(20)




(27)




(39)




(35)


Active vessels



27




27




26




27




35


Middle East/Asia Pacific fleet:





















Deepwater



18




19




21




21




22


Towing-supply



35