Business Wire | Nov 5, 2020 04:16PM EST

Tidewater Reports Results for the Three and Nine Months Ended September 30, 2020

Nov. 05, 2020

HOUSTON--(BUSINESS WIRE)--Nov. 05, 2020--Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2020, of $86.5 million and $305.2 million, respectively compared with $119.8 million and $367.8 million, respectively, for the three and nine months ended September 30, 2019. Tidewater also reported net losses for the three and nine months ended September 30, 2020, of $37.9 million ($0.94 per share) and $167.0 million ($4.15 per share), respectively, compared with $44.2 million ($1.15 per share) and $81.9 million ($2.17 per share), respectively, for the three and nine months ended September 30, 2019. Included in the net losses for the three and nine months ended September 30, 2020 were impairment charges related to assets held for sale, affiliate credit losses, affiliate guaranteed obligation, inventory obsolescence and general and administrative severance expenses totaling $2.6 million and $124.4 million, respectively. Excluding these costs, we would have reported a net loss for the three months ended September 30, 2020 of $35.3 million ($0.87 per common share) and a net loss for the nine months ended September 30, 2020 of $42.6 million ($1.06 per common share). Included in the net losses for the three and nine months ended September 30, 2019 were general and administrative expenses for severance and similar expenses related to integrating Tidewater and GulfMark operations of $6.3 million and $10.5 million, respectively. Excluding these costs, net losses for the three and nine months ended September 30, 2019 were $37.9 million (or $0.98 per common share) and $71.4 million (or $1.89 per common share), respectively.

Quintin Kneen, Tidewater's President and Chief Executive Officer, commented, "Tidewater generated $30.0 million of free cash flow in the third-quarter, its best quarterly performance since its restructuring in 2017. That cash was used to repurchase $27.7 million of our outstanding bonds at 95% of par, and we completed the quarter with $33.7 million of net debt. We recently launched a tender for another $50.0 million of the bonds at 100.5% of par, and we simultaneously launched a consent to relax the financial covenants in 2021.

"We are executing on the plan we laid out on the first quarter call after reassessing our business outlook as a result of the pandemic. As of the third quarter we were positive cash flow from operations and free cash flow positive for the nine-month period. We are dedicated to remaining free cash flow positive for the year, and we are repositioning our shore base operations and our fleet so our business can remain free cash flow positive under the currently depressed market conditions.

"Our quarterly cash generation performance is both important and noteworthy, but the operational impact of the pandemic and overall lower market demand have been both severe and challenging. The Tidewater team has dedicated to our objectives of capital expenditure management, working capital management, and the restructure of our business to accommodate the lower level of demand around the world for our vessels.

"Domestic and international travel restrictions have started to ease in some regions, and as a result we have been able to improve the frequency of crew changes and allow our mariners to return home safely to their families and to more easily return to work. The situation remains far from solved, however, and we continue to urge global government coordination to support open travel for seafarers as designated key workers. For 2020, we continue to see the additional costs associated with managing the travel inefficiencies to be approximately $20.0 million, and this is in addition to the decreased level of profitability from lower overall demand.

"Another key element to our strategy is high-grading our fleet through strategic acquisitions and disposals. We disposed of 22 vessels in the third quarter for $10.6 million and early in the fourth quarter we made an acquisition of 11 modern crew boats for $5.3 million.

"I continue to be humbled by the commitment and resilience of the dedicated women and men across the company during these arduous times. These individuals are who enabled the company to so readily adapt and to progress as much as it has towards achieving its goals in today's challenging environment."

In addition to the number of outstanding shares, as of September 30, 2020, the company also has the following in the money warrants.

Common shares outstanding 40,460,982

New Creditor Warrants (strike price $0.001 per common share) 761,395

GulfMark Creditor Warrants (strike price $0.01 per common 930,027 share)

Total 42,152,404

Tidewater will hold a conference call to discuss results for the three and nine months ended September 30, 2020 on Friday, November 6, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1-888-771-4371 if calling from the U.S. or Canada (+1-847-585-4405 if calling from outside the U.S.) and asking for the "Tidewater" call just prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater's website at investor.tdw.com.

A replay of the conference call will be available beginning at 10:30 a.m. Central Time on November 6, 2020 and will continue until 11:59 p.m. Central Time on December 6, 2020. To access the replay, visit the Investor Relations section of Tidewater's website at investor.tdw.com.

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

Tidewater owns and operates the largest fleet of Offshore Support Vessels in the industry, with 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 beginning on the next page.

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

Three Months Ended Nine Months Ended

September September September September 30, 2020 30, 2019 30, 2020 30, 2019

Revenues:

Vessel revenues $ 85,395 $ 117,173 $ 298,344 $ 360,476

Other operating 1,072 2,592 6,835 7,296 revenues

Total revenues 86,467 119,765 305,179 367,772

Costs and expenses:

Vessel operating costs 61,784 80,619 205,383 243,261

Costs of other 219 534 3,063 1,884 operating revenue

General and 17,438 30,474 56,455 81,310 administrative

Depreciation and 30,777 25,735 86,028 73,705 amortization

Long-lived asset 1,945 5,224 67,634 5,224 impairments

Affiliate credit loss - - 53,581 - impairment expense

Affiliate guarantee - - 2,000 - obligation

(Gain) loss on asset (520 ) (270 ) (7,511 ) (1,047 )dispositions, net

111,643 142,316 466,633 404,337

Operating loss (25,176 ) (22,551 ) (161,454 ) (36,565 )

Other income (expense):

Foreign exchange gain (1,153 ) 173 (2,365 ) (324 )(loss)

Equity in net lossesof unconsolidated - (468 ) - (435 )companies

Dividend income from - - 17,150 - unconsolidated company

Interest income and 272 1,579 1,084 5,908 other, net

Interest and other (6,071 ) (7,468 ) (18,172 ) (22,786 )debt costs, net

(6,952 ) (6,184 ) (2,303 ) (17,637 )

Loss before income (32,128 ) (28,735 ) (163,757 ) (54,202 )taxes

Income tax (benefit) 5,953 15,071 3,512 26,443 expense

Net loss $ (38,081 ) $ (43,806 ) $ (167,269 ) $ (80,645 )

Net income (loss)attributable to (154 ) 394 (274 ) 1,245 noncontrollinginterests

Net loss attributable $ (37,927 ) $ (44,200 ) $ (166,995 ) $ (81,890 )to Tidewater Inc.

Basic loss per common $ (0.94 ) $ (1.15 ) $ (4.15 ) $ (2.17 )share

Diluted loss per $ (0.94 ) $ (1.15 ) $ (4.15 ) $ (2.17 )common share

Weighted averagecommon shares 40,405 38,537 40,271 37,767 outstanding

Adjusted weighted 40,405 38,537 40,271 37,767 average common shares

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

September 30,

December 31,

ASSETS

2020

2019

Current assets:

Cash and cash equivalents

$

192,243

$

218,290

Restricted cash

26,401

5,755

Trade and other receivables, less allowance for credit losses of $651 as of September 30, 2020 and less allowance for doubtful accounts of $70 as of December 31, 2019.

100,583

110,180

Due from affiliate, less allowance for credit losses of $72,696 as of September 30, 2020 and less due from affiliate allowance of $20,083 as of December 31, 2019

65,692

125,972

Marine operating supplies

17,808

21,856

Assets held for sale

19,163

39,287

Prepaid expenses and other current assets

18,925

15,956

Total current assets

440,815

537,296

Net properties and equipment

820,876

938,961

Deferred drydocking and survey costs

63,975

66,936

Other assets

25,108

36,335

Total assets

$

1,350,774

$

1,579,528

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

12,953

$

27,501

Accrued costs and expenses

55,811

74,000

Due to affiliates

53,355

50,186

Current portion of long-term debt

9,576

9,890

Other current liabilities

31,599

24,100

Total current liabilities

163,294

185,677

Long-term debt

246,179

279,044

Other liabilities and deferred credits

87,724

98,397

Equity:

Common stock

40

40

Additional paid-in-capital

1,370,778

1,367,521

Accumulated deficit

(519,684

)

(352,526

)

Accumulated other comprehensive income (loss)

1,106

(236

)

Total stockholder's equity

852,240

1,014,799

Noncontrolling interests

1,337

1,611

Total equity

853,577

1,016,410

Total liabilities and equity

$

1,350,774

$

1,579,528

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

September December 30, 31,

ASSETS 2020 2019



Current assets:

Cash and cash equivalents $ 192,243 $ 218,290

Restricted cash 26,401 5,755

Trade and other receivables, less allowance forcredit losses of $651 as of September 30, 2020 100,583 110,180 and less allowance for doubtful accounts of $70as of December 31, 2019.

Due from affiliate, less allowance for creditlosses of $72,696 as of September 30, 2020 and 65,692 125,972 less due from affiliate allowance of $20,083 asof December 31, 2019

Marine operating supplies 17,808 21,856

Assets held for sale 19,163 39,287

Prepaid expenses and other current assets 18,925 15,956

Total current assets 440,815 537,296

Net properties and equipment 820,876 938,961

Deferred drydocking and survey costs 63,975 66,936

Other assets 25,108 36,335

Total assets $ 1,350,774 $ 1,579,528



LIABILITIES AND EQUITY

Current liabilities:

Accounts payable $ 12,953 $ 27,501

Accrued costs and expenses 55,811 74,000

Due to affiliates 53,355 50,186

Current portion of long-term debt 9,576 9,890

Other current liabilities 31,599 24,100

Total current liabilities 163,294 185,677

Long-term debt 246,179 279,044

Other liabilities and deferred credits 87,724 98,397





Equity:

Common stock 40 40

Additional paid-in-capital 1,370,778 1,367,521

Accumulated deficit (519,684 ) (352,526 )

Accumulated other comprehensive income (loss) 1,106 (236 )

Total stockholder's equity 852,240 1,014,799

Noncontrolling interests 1,337 1,611

Total equity 853,577 1,016,410

Total liabilities and equity $ 1,350,774 $ 1,579,528

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

Three Months Ended

Nine Months Ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

Net loss

$

(38,081

)

$

(43,806

)

$

(167,269

)

$

(80,645

)

Other comprehensive income:

Change in pension plan and supplemental pension plan liability, net of tax of $0.2 million and $0.4 million, respectively

525

-

1,342

-

Total comprehensive loss

$

(37,556

)

$

(43,806

)

$

(165,927

)

$

(80,645

)

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

Three Months Ended Nine Months Ended

September September September September 30, 2020 30, 2019 30, 2020 30, 2019

Net loss $ (38,081 ) $ (43,806 ) $ (167,269 ) $ (80,645 )

Other comprehensive income:

Change in pension planand supplementalpension planliability, net of tax 525 - 1,342 - of $0.2 million and$0.4 million,respectively

Total comprehensive $ (37,556 ) $ (43,806 ) $ (165,927 ) $ (80,645 )loss

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

Nine Months

Nine Months

Ended

Ended

September 30, 2020

September 30, 2019

Operating activities:

Net loss

$

(167,269

)

$

(80,645

)

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

Depreciation

53,614

57,629

Amortization of deferred drydocking and survey costs

32,414

16,076

Amortization of debt premiums and discounts

2,418

(1,562

)

Provision (benefit) for deferred income taxes

107

759

Gain on asset dispositions, net

(7,511

)

(1,047

)

Affiliate credit loss impairment expense

53,581

-

Affiliate guarantee obligation

2,000

-

Long-lived asset impairments

67,634

5,224

Changes in investments in unconsolidated companies

-

435

Compensation expense - stock based

3,959

16,599

Changes in operating assets and liabilities, net:

Trade and other receivables

9,434

(11,796

)

Changes in due to/from affiliate, net

9,852

14,898

Accounts payable

(14,548

)

(8,267

)

Accrued costs and expenses

(18,189

)

(10,574

)

Cash paid for deferred drydocking and survey costs

(29,499

)

(43,701

)

Other, net

3,809

9,268

Net cash used in operating activities

1,806

(36,704

)

Cash flows from investing activities:

Proceeds from sales of assets

31,498

25,092

Additions to property and equipment

(4,682

)

(13,931

)

Net cash provided by investing activities

26,816

11,161

Cash flows from financing activities:

Principal payments on long-term debt

(33,520

)

(6,458

)

Taxes on share-based awards

(702

)

(3,112

)

Other

-

1

Net cash used in financing activities

(34,222

)

(9,569

)

Net change in cash, cash equivalents and restricted cash

(5,600

)

(35,112

)

Cash, cash equivalents and restricted cash at beginning of period

227,608

397,744

Cash, cash equivalents and restricted cash at end of period (A)

$

222,008

$

362,632

Supplemental disclosure of cash flow information:

Cash paid during the period for:

Interest, net of amounts capitalized

$

16,169

$

24,482

Income taxes

$

9,940

$

10,386

Note (A): Cash, cash equivalents and restricted cash at September 30, 2020 includes $3.4 million in long-term restricted cash.

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

Nine Nine Months Months

Ended Ended

September September 30, 2020 30, 2019

Operating activities:

Net loss $ (167,269 ) $ (80,645 )

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

Depreciation 53,614 57,629

Amortization of deferred drydocking and survey 32,414 16,076 costs

Amortization of debt premiums and discounts 2,418 (1,562 )

Provision (benefit) for deferred income taxes 107 759

Gain on asset dispositions, net (7,511 ) (1,047 )

Affiliate credit loss impairment expense 53,581 -

Affiliate guarantee obligation 2,000 -

Long-lived asset impairments 67,634 5,224

Changes in investments in unconsolidated companies - 435

Compensation expense - stock based 3,959 16,599

Changes in operating assets and liabilities, net:

Trade and other receivables 9,434 (11,796 )

Changes in due to/from affiliate, net 9,852 14,898

Accounts payable (14,548 ) (8,267 )

Accrued costs and expenses (18,189 ) (10,574 )

Cash paid for deferred drydocking and survey costs (29,499 ) (43,701 )

Other, net 3,809 9,268

Net cash used in operating activities 1,806 (36,704 )

Cash flows from investing activities:

Proceeds from sales of assets 31,498 25,092

Additions to property and equipment (4,682 ) (13,931 )

Net cash provided by investing activities 26,816 11,161

Cash flows from financing activities:

Principal payments on long-term debt (33,520 ) (6,458 )

Taxes on share-based awards (702 ) (3,112 )

Other - 1

Net cash used in financing activities (34,222 ) (9,569 )

Net change in cash, cash equivalents and restricted (5,600 ) (35,112 )cash

Cash, cash equivalents and restricted cash at 227,608 397,744 beginning of period

Cash, cash equivalents and restricted cash at end $ 222,008 $ 362,632 of period (A)

Supplemental disclosure of cash flow information:

Cash paid during the period for:

Interest, net of amounts capitalized $ 16,169 $ 24,482

Income taxes $ 9,940 $ 10,386

Note (A): Cash, cash equivalents and restricted cash at September 30, 2020includes $3.4 million in long-term restricted cash.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY(In thousands)

Three Months Ended

Accumulated

Additional

other

Non

Common

paid-in

Accumulated

comprehensive

controlling

stock

capital

deficit

income (loss)

interest

Total

Balance at June 30,2020

$

40

1,369,645

(481,757

)

581

1,491

890,000

Total comprehensive loss

-

-

(37,927

)

525

(154

)

(37,556

)

Amortization, net of taxes, on share-based awards

-

1,133

-

-

-

1,133

Balance at September 30, 2020

$

40

1,370,778

(519,684

)

1,106

1,337

853,577

Balance at June 30, 2019

$

38

1,359,842

(248,473

)

2,194

1,938

1,115,539

Total comprehensive loss

-

-

(44,200

)

-

394

(43,806

)

Issuance of common stock from exercise of warrants

1

(1

)

-

-

-

-

Amortization/cancellation of restricted stock units

-

6,031

-

-

-

6,031

Balance at September 30, 2019

$

39

1,365,872

(292,673

)

2,194

2,332

1,077,764

TIDEWATER INC.CONDENSED CONSOLIDATED STATEMENTS OF EQUITY(In thousands)

Three Months Ended

Accumulated

Additional other Non

Common paid-in Accumulated comprehensive controlling

stock capital deficit income (loss) interest Total

Balance at $ 40 1,369,645 (481,757 ) 581 1,491 890,000 June 30,2020

Totalcomprehensive - - (37,927 ) 525 (154 ) (37,556 )loss

Amortization,net of taxes, - 1,133 - - - 1,133 on share-basedawards

Balance atSeptember 30, $ 40 1,370,778 (519,684 ) 1,106 1,337 853,577 2020





Balance at $ 38 1,359,842 (248,473 ) 2,194 1,938 1,115,539 June 30, 2019

Totalcomprehensive - - (44,200 ) - 394 (43,806 )loss

Issuance ofcommon stock 1 (1 ) - - - - from exerciseof warrants

Amortization/cancellation - 6,031 - - - 6,031 of restrictedstock units

Balance atSeptember 30, $ 39 1,365,872 (292,673 ) 2,194 2,332 1,077,764 2019

Nine Months Ended

Accumulated

Additional

other

Non

Common

paid-in

Accumulated

comprehensive

controlling

stock

capital

deficit

income (loss)

interest

Total

Balance at December 31, 2019

$

40

1,367,521

(352,526

)

(236

)

1,611

1,016,410

Total comprehensive loss

-

-

(166,995

)

1,342

(274

)

(165,927

)

Adoption of credit loss accounting standard

-

-

(163

)

-

-

(163

)

Amortization, net of taxes, on share-based awards

-

3,257

-

-

-

3,257

Balance at September 30, 2020

$

40

1,370,778

(519,684

)

1,106

1,337

853,577

Balance at December 31, 2018

$

37

1,352,388

(210,783

)

2,194

1,087

1,144,923

Total comprehensive loss

-

-

(81,890

)

-

1,245

(80,645

)

Issuance of common stock from exercise of warrants

2

-

-

-

-

2

Amortization/cancellation of restricted stock units

-

13,484

-

-

-

13,484

Balance at September 30, 2019

$

39

1,365,872

(292,673

)

2,194

2,332

1,077,764

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

Nine Months Ended

Accumulated

Additional other Non

Common paid-in Accumulated comprehensive controlling

stock capital deficit income (loss) interest Total

Balance atDecember 31, $ 40 1,367,521 (352,526 ) (236 ) 1,611 1,016,410 2019

Totalcomprehensive - - (166,995 ) 1,342 (274 ) (165,927 )loss

Adoption ofcredit loss - - (163 ) - - (163 )accountingstandard

Amortization,net of taxes, - 3,257 - - - 3,257 on share-basedawards

Balance atSeptember 30, $ 40 1,370,778 (519,684 ) 1,106 1,337 853,577 2020





Balance atDecember 31, $ 37 1,352,388 (210,783 ) 2,194 1,087 1,144,923 2018

Totalcomprehensive - - (81,890 ) - 1,245 (80,645 )loss

Issuance ofcommon stock 2 - - - - 2 from exerciseof warrants

Amortization/cancellation - 13,484 - - - 13,484 of restrictedstock units

Balance atSeptember 30, $ 39 1,365,872 (292,673 ) 2,194 2,332 1,077,764 2019

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

Three Months Ended Nine Months Ended

September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019

(In thousands) % % % %

Vessel revenues:

Americas $ 28,705 34 % $ 33,147 28 % $ 94,608 32 % $ 103,624 29 %

Middle East/Asia Pacific 23,280 27 % 22,765 19 % 72,091 24 % 63,670 18 %

Europe/Mediterranean 17,716 21 % 30,946 26 % 67,827 23 % 94,531 26 %

West Africa 15,694 18 % 30,315 26 % 63,818 21 % 98,651 27 %

Total vessel revenues $ 85,395 100 % $ 117,173 100 % $ 298,344 100 % $ 360,476 100 %

Vessel operating costs:

Crew costs $ 36,686 43 % $ 46,193 39 % $ 119,864 40 % $ 141,528 39 %

Repair and maintenance 5,932 7 % 11,967 10 % 23,186 8 % 32,579 9 %

Insurance 1,953 2 % 2,027 2 % 5,748 2 % 4,955 1 %

Fuel, lube and supplies 6,757 8 % 8,781 7 % 22,892 8 % 26,577 7 %

Other 10,456 12 % 11,651 10 % 33,693 11 % 37,622 10 %

Total vessel operating 61,784 72 % 80,619 69 % 205,383 69 % 243,261 67 %costs

Vessel operating margin $ 23,611 28 % $ 36,554 31 % $ 92,961 31 % $ 117,215 33 %(A)

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

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

Three Months Ended Nine Months Ended

September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019

(In thousands) % % % %

Vessel operating profit (loss):

Americas $ 107 0 % $ (168 ) (0 ) $ 3,448 1 % $ 1,702 0 % %

Middle East/Asia (2,222 ) (3 ) (809 ) (1 ) (2,479 ) (1 ) (4,098 ) (1 )Pacific % % % %

Europe/Mediterranean (3,883 ) (4 ) (276 ) (0 ) (4,086 ) (1 ) (768 ) (0 ) % % % %

West Africa (10,168 ) (12 ) 678 1 % (19,015 ) (6 ) 11,891 3 % % %

Other operating 853 1 % 2,052 2 % 3,772 1 % 5,381 1 %profit

(15,313 ) (18 ) 1,477 1 % (18,360 ) (6 ) 14,108 4 % % %



Corporate expenses (8,438 ) (10 ) (19,074 ) (16 ) (27,390 ) (9 ) (46,496 ) (13 )(A) % % % %

Gain (loss) on asset 520 1 % 270 0 % 7,511 2 % 1,047 1 %dispositions, net

Affiliate credit )loss impairment - 0 % - 0 % (53,581 ) (18 % - 0 %expense

Affiliate guarantee - 0 % - 0 % (2,000 ) (1 ) - 0 %obligation %

Long-lived asset (1,945 ) (2 ) (5,224 ) (4 ) (67,634 ) (22 ) (5,224 ) (1 )impairments % % % %

Operating loss $ (25,176 ) (29 ) $ (22,551 ) (19 ) $ (161,454 ) (53 ) $ (36,565 ) (9 ) % % % %

Note (A): General and administrative expenses for the three and nine monthsended September 30, 2020 include stock-based compensation of $1.3 million and$4.0 million, respectively. General and administrative expenses for the threeand nine months ended September 30, 2019 includes stock-based compensation of$7.4 million and $16.6 million, respectively. In addition, general andadministrative costs for the three months and nine ended September 30, 2020include $0.6 million and $1.2 million, respectively, of severance and similarcosts related to integrating Tidewater and GulfMark operations. General andadministrative expenses for the three and nine months ended September 30, 2019include $6.3 million and $10.5 million, respectively, of severance and othercosts related to integrating Tidewater and GulfMark operations.

TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - QUARTERLY DATA(Unaudited) (In thousands, except per share data)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2020

2020

2020

2019

2019

Revenues:

Vessel revenues

$

85,395

$

100,975

$

111,974

$

116,539

$

117,173

Other operating revenues

1,072

1,369

4,394

2,237

2,592

Total revenues

86,467

102,344

116,368

118,776

119,765

Costs and expenses:

Vessel operating costs

61,784

64,774

78,825

85,935

80,619

Costs of other operating revenue

219

171

2,673

916

534

General and administrative (A)

17,438

17,597

21,420

22,406

30,474

Depreciation and amortization

30,777

28,144

27,107

28,226

25,735

(Gain) loss on asset dispositions, net

1,945

(1,660

)

(5,331

)

(1,217

)

(270

)

Affiliate credit loss impairment expense

-

53,581

-

-

-

Affiliate guarantee obligation

-

2,000

-

-

-

Asset impairments and other

(520

)

55,482

10,207

32,549

5,224

Total operating costs and expenses

111,643

220,089

134,901

168,815

142,316

Operating loss

(25,176

)

(117,745

)

(18,533

)

(50,039

)

(22,551

)

Other income (expense):

Foreign exchange gain (loss)

(1,153

)

(2,076

)

864

(945

)

173

Equity in net (losses) earnings of unconsolidated companies

-

-

-

(2,717

)

(468

)

Dividend income from unconsolidated company

-

17,150

-

-

-

Interest income and other, net

272

696

116

690

1,579

Interest and other debt costs, net

(6,071

)

(5,959

)

(6,142

)

(6,282

)

(7,468

)

Total other expense

(6,952

)

9,811

(5,162

)

(9,254

)

(6,184

)

Loss before income taxes

(32,128

)

(107,934

)

(23,695

)

(59,293

)

(28,735

)

Income tax (benefit) expense

5,953

2,730

(5,171

)

1,281

15,071

Net loss

$

(38,081

)

$

(110,664

)

$

(18,524

)

$

(60,574

)

$

(43,806

)

Net income (loss) attributable to noncontrolling interests

(154

)

(41

)

(79

)

(721

)

394

Net loss attributable to Tidewater Inc.

$

(37,927

)

$

(110,623

)

$

(18,445

)

$

(59,853

)

$

(44,200

)

Basic loss per common share

$

(0.94

)

$

(2.74

)

$

(0.46

)

$

(1.52

)

$

(1.15

)

Diluted loss per common share

$

(0.94

)

$

(2.74

)

$

(0.46

)

$

(1.52

)

$

(1.15

)

Weighted average common shares outstanding

40,405

40,306

40,101

39,504

38,537

Dilutive effect of stock options and restricted stock

-

-

-

-

-

Adjusted weighted average common shares

40,405

40,306

40,101

39,504

38,537

Vessel operating margin

$

23,611

$

36,201

$

33,149

$

30,604

$

36,554

Note (A) Integration related costs related to the business combination with GulfMark

641

446

129

2,123

6,293

TIDEWATER INC.CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - QUARTERLY DATA(Unaudited)(In thousands, except per share data)

Three Months Ended

September June 30, March 31, December September 30, 31, 30,

2020 2020 2020 2019 2019

Revenues:

Vessel $ 85,395 $ 100,975 $ 111,974 $ 116,539 $ 117,173 revenues

Otheroperating 1,072 1,369 4,394 2,237 2,592 revenues

Total revenues 86,467 102,344 116,368 118,776 119,765

Costs and expenses:

Vesseloperating 61,784 64,774 78,825 85,935 80,619 costs

Costs of otheroperating 219 171 2,673 916 534 revenue

General andadministrative 17,438 17,597 21,420 22,406 30,474 (A)

Depreciationand 30,777 28,144 27,107 28,226 25,735 amortization

(Gain) loss onasset 1,945 (1,660 ) (5,331 ) (1,217 ) (270 )dispositions,net

Affiliatecredit loss - 53,581 - - - impairmentexpense

Affiliateguarantee - 2,000 - - - obligation

Assetimpairments (520 ) 55,482 10,207 32,549 5,224 and other

Totaloperating 111,643 220,089 134,901 168,815 142,316 costs andexpenses

Operating loss (25,176 ) (117,745 ) (18,533 ) (50,039 ) (22,551 )

Other income (expense):

Foreignexchange gain (1,153 ) (2,076 ) 864 (945 ) 173 (loss)

Equity in net(losses)earnings of - - - (2,717 ) (468 )unconsolidatedcompanies

Dividendincome from - 17,150 - - - unconsolidatedcompany

Interestincome and 272 696 116 690 1,579 other, net

Interest andother debt (6,071 ) (5,959 ) (6,142 ) (6,282 ) (7,468 )costs, net

Total other (6,952 ) 9,811 (5,162 ) (9,254 ) (6,184 )expense

Loss before (32,128 ) (107,934 ) (23,695 ) (59,293 ) (28,735 )income taxes

Income tax(benefit) 5,953 2,730 (5,171 ) 1,281 15,071 expense

Net loss $ (38,081 ) $ (110,664 ) $ (18,524 ) $ (60,574 ) $ (43,806 )

Net income(loss)attributable (154 ) (41 ) (79 ) (721 ) 394 tononcontrollinginterests

Net lossattributable $ (37,927 ) $ (110,623 ) $ (18,445 ) $ (59,853 ) $ (44,200 )to TidewaterInc.

Basic loss per $ (0.94 ) $ (2.74 ) $ (0.46 ) $ (1.52 ) $ (1.15 )common share

Diluted lossper common $ (0.94 ) $ (2.74 ) $ (0.46 ) $ (1.52 ) $ (1.15 )share

Weightedaverage common 40,405 40,306 40,101 39,504 38,537 sharesoutstanding

Dilutiveeffect ofstock options - - - - - and restrictedstock

Adjustedweighted 40,405 40,306 40,101 39,504 38,537 average commonshares

Vesseloperating $ 23,611 $ 36,201 $ 33,149 $ 30,604 $ 36,554 margin





Note (A)Integrationrelated costsrelated to the 641 446 129 2,123 6,293 businesscombinationwith GulfMark

TIDEWATER INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) (In thousands)

September 30,

June 30,

March 31,

December 31,

September 30,

ASSETS

2020

2020

2020

2019

2019

Current assets:

Cash and cash equivalents

$

192,243

203,119

187,802

218,290

359,332

Restricted cash

26,401

19,880

12,461

5,755

3,300

Trade and other receivables, net

100,583

115,008

119,455

110,180

123,133

Due from affiliate, less allowances

65,692

65,766

128,204

125,972

124,757

Marine operating supplies

17,808

20,580

21,944

21,856

21,303

Assets held for sale

19,163

29,064

26,142

39,287

-

Prepaid expenses and other current assets

18,925

20,350

22,185

15,956

13,116

Total current assets

440,815

473,767

518,193

537,296

644,941

Net properties and equipment

820,876

839,912

922,979

938,961

1,022,786

Deferred drydocking and survey costs

63,975

74,585

81,981

66,936

49,025

Other assets

25,108

27,411

29,971

36,335

37,269

Total assets

$

1,350,774

1,415,675

1,553,124

1,579,528

1,754,021

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

12,953

17,111

30,711

27,501

23,672

Accrued costs and expenses

55,811

60,993

72,854

74,000

54,792

Due to affiliates

53,355

48,803

50,013

50,186

41,676

Current portion of long-term debt

9,576

9,437

9,104

9,890

9,689

Other current liabilities

31,599

25,815

26,953

24,100

30,024

Total current liabilities

163,294

162,159

189,635

185,677

159,853

Long-term debt

246,179

273,215

273,015

279,044

419,905

Other liabilities and deferred credits

87,724

90,301

91,578

98,397

96,499

Equity:

Common stock

40

40

40

40

39

Additional paid-in-capital

1,370,778

1,369,645

1,368,325

1,367,521

1,365,872

Accumulated deficit

(519,684

)

(481,757

)

(371,134

)

(352,526

)

(292,673

)

Accumulated other comprehensive income (loss)

1,106

581

133

(236

)

2,194

Total stockholder's equity

852,240

888,509

997,364

1,014,799

1,075,432

Noncontrolling interests

1,337

1,491

1,532

1,611

2,332

Total equity

853,577

890,000

998,896

1,016,410

1,077,764

Total liabilities and equity

$

1,350,774

1,415,675

1,553,124

1,579,528

1,754,021

Supplemental information

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

Sonatide (Angola)

$

12,337

16,963

64,184

57,771

64,660

DTDW (Nigeria)

-

-

14,007

18,015

18,421

Total

$

12,337

16,963

78,191

75,786

83,081

TIDEWATER INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(In thousands)

September June 30, March 31, December September 30, 31, 30,

ASSETS 2020 2020 2020 2019 2019



Current assets:

Cash and cash $ 192,243 203,119 187,802 218,290 359,332 equivalents

Restricted cash 26,401 19,880 12,461 5,755 3,300

Trade and otherreceivables, 100,583 115,008 119,455 110,180 123,133 net

Due fromaffiliate, less 65,692 65,766 128,204 125,972 124,757 allowances

Marineoperating 17,808 20,580 21,944 21,856 21,303 supplies

Assets held for 19,163 29,064 26,142 39,287 - sale

Prepaidexpenses and 18,925 20,350 22,185 15,956 13,116 other currentassets

Total current 440,815 473,767 518,193 537,296 644,941 assets

Net properties 820,876 839,912 922,979 938,961 1,022,786 and equipment

Deferreddrydocking and 63,975 74,585 81,981 66,936 49,025 survey costs

Other assets 25,108 27,411 29,971 36,335 37,269

Total assets $ 1,350,774 1,415,675 1,553,124 1,579,528 1,754,021



LIABILITIES AND EQUITY

Current liabilities:

Accounts $ 12,953 17,111 30,711 27,501 23,672 payable

Accrued costs 55,811 60,993 72,854 74,000 54,792 and expenses

Due to 53,355 48,803 50,013 50,186 41,676 affiliates

Current portionof long-term 9,576 9,437 9,104 9,890 9,689 debt

Other current 31,599 25,815 26,953 24,100 30,024 liabilities

Total current 163,294 162,159 189,635 185,677 159,853 liabilities

Long-term debt 246,179 273,215 273,015 279,044 419,905

Otherliabilities and 87,724 90,301 91,578 98,397 96,499 deferredcredits





Equity:

Common stock 40 40 40 40 39

Additional 1,370,778 1,369,645 1,368,325 1,367,521 1,365,872 paid-in-capital

Accumulated (519,684 ) (481,757 ) (371,134 ) (352,526 ) (292,673 )deficit

Accumulatedother 1,106 581 133 (236 ) 2,194 comprehensiveincome (loss)

Totalstockholder's 852,240 888,509 997,364 1,014,799 1,075,432 equity

Noncontrolling 1,337 1,491 1,532 1,611 2,332 interests

Total equity 853,577 890,000 998,896 1,016,410 1,077,764

Totalliabilities and $ 1,350,774 1,415,675 1,553,124 1,579,528 1,754,021 equity



Supplemental information

Due fromrelatedparties, net of due to relatedparties:

Sonatide $ 12,337 16,963 64,184 57,771 64,660 (Angola)

DTDW (Nigeria) - - 14,007 18,015 18,421

Total $ 12,337 16,963 78,191 75,786 83,081

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

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2020

2020

2020

2019

2019

VESSEL REVENUE BY VESSEL CLASS

Americas fleet:

Deepwater

$

22,836

27,858

22,882

22,883

24,575

Towing-supply

4,119

4,455

7,243

8,639

7,831

Other

1,750

1,731

1,734

1,811

741

Total

28,705

34,044

31,859

33,333

33,147

Middle East/Asia Pacific fleet:

Deepwater

$

13,819

14,195

14,326

16,015

14,960

Towing-supply

9,461

9,788

10,502

10,636

7,805

Total

23,280

23,983

24,828

26,651

22,765

Europe/Mediterranean fleet:

Deepwater

$

17,578

20,476

29,163

28,652

30,608

Towing-supply

(13

)

-

179

528

338

Other

151

144

149

-

-

Total

17,716

20,620

29,491

29,180

30,946

West Africa fleet:

Deepwater

$

4,905

8,748

12,102

14,066

14,923

Towing-supply

7,711

11,029

10,521

9,981

11,598

Other

3,078

2,552

3,173

3,328

3,794

Total

$

15,694

22,329

25,796

27,375

30,315

Worldwide fleet:

Deepwater

$

59,137

71,277

78,473

81,616

85,066

Towing-supply

21,278

25,271

28,445

29,784

27,572

Other

4,980

4,427

5,056

5,139

4,535

Total

85,395

100,975

111,974

116,539

117,173

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

Three Months Ended

September June 30, March 31, December September 30, 31, 30,

2020 2020 2020 2019 2019

VESSELREVENUE BY VESSEL CLASS



Americas fleet:

Deepwater $ 22,836 27,858 22,882 22,883 24,575

Towing-supply 4,119 4,455 7,243 8,639 7,831

Other 1,750 1,731 1,734 1,811 741

Total 28,705 34,044 31,859 33,333 33,147

Middle East/Asia Pacific fleet:

Deepwater $ 13,819 14,195 14,326 16,015 14,960

Towing-supply 9,461 9,788 10,502 10,636 7,805

Total 23,280 23,983 24,828 26,651 22,765

Europe/Mediterranean fleet:

Deepwater $ 17,578 20,476 29,163 28,652 30,608

Towing-supply (13 ) - 179 528 338

Other 151 144 149 - -

Total 17,716 20,620 29,491 29,180 30,946

West Africa fleet:

Deepwater $ 4,905 8,748 12,102 14,066 14,923

Towing-supply 7,711 11,029 10,521 9,981 11,598

Other 3,078 2,552 3,173 3,328 3,794

Total $ 15,694 22,329 25,796 27,375 30,315

Worldwide fleet:

Deepwater $ 59,137 71,277 78,473 81,616 85,066

Towing-supply 21,278 25,271 28,445 29,784 27,572

Other 4,980 4,427 5,056 5,139 4,535

Total 85,395 100,975 111,974 116,539 117,173

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2020

2020

2020

2019

2019

AVERAGE NUMBER OF VESSELS:

Americas fleet:

Deepwater

32

32

32

31

32

Towing-supply

12

15

17

17

17

Other

3

3

3

4

5

Total

47

50

52

52

54

Stacked vessels

(17

)

(17

)

(17

)

(15

)

(17

)

Active vessels

30

33

35

37

37

Middle East/Asia Pacific fleet:

Deepwater

22

26

27

27

26

Towing-supply

23

26

28

28

26

Total

45

52

55

55

52

Stacked vessels

(4

)

(9

)

(10

)

(10

)

(11

)

Active vessels

41

43

45

44

41

Europe/Mediterranean fleet:

Deepwater

32

36

39

42

42

Towing-supply

-

1

2

3

3

Total

32

37

41

45

45

Stacked vessels

(17

)

(17

)

(11

)

(15

)

(13

)

Active vessels

15

20

30

30

32

West Africa fleet:

Deepwater

25

26

26

27

29

Towing-supply

17

18

19

19

20

Other

16

19

20

21

21

Total

58

63

65

67

70

Stacked vessels

(31

)

(21

)

(21

)

(22

)

(22

)

Active vessels

27

42

44

45

48

Worldwide fleet:

Deepwater

111

120

124

126

129

Towing-supply

52

60

66

68

66

Other

19

22

23

25

26

Total

182

202

213

219

221

Stacked vessels

(69

)

(64

)

(60

)

(62

)

(63

)

Active vessels

113

138

153

157

158

Total active

113

138

153

157

158

Total stacked

69

64

60

62

63

Total joint venture and other vessels

3

3

3

4

4

Total

185

205

216

223

225

TIDEWATER INC.UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

September June March December September 30, 30, 31, 31, 30,

2020 2020 2020 2019 2019

AVERAGE NUMBER OF VESSELS:



Americas fleet:

Deepwater 32 32 32 31 32

Towing-supply 12 15 17 17 17

Other 3 3 3 4 5

Total 47 50 52 52 54

Stacked vessels (17 ) (17 ) (17 ) (15 ) (17 )

Active vessels 30 33 35 37 37

Middle East/Asia Pacific fleet:

Deepwater 22 26 27 27 26

Towing-supply 23 26 28 28 26

Total 45 52 55 55 52

Stacked vessels (4 ) (9 ) (10 ) (10 ) (11 )

Active vessels 41 43 45 44 41

Europe/Mediterranean fleet:

Deepwater 32 36 39 42 42

Towing-supply - 1 2 3 3

Total 32 37 41 45 45

Stacked vessels (17 ) (17 ) (11 ) (15 ) (13 )

Active vessels 15 20 30 30 32

West Africa fleet:

Deepwater 25 26 26 27 29

Towing-supply 17 18 19 19 20

Other 16 19 20 21 21

Total 58 63 65 67 70

Stacked vessels (31 ) (21 ) (21 ) (22 ) (22 )

Active vessels 27 42 44 45 48

Worldwide fleet:

Deepwater 111 120 124 126 129

Towing-supply 52 60 66 68 66

Other 19 22 23 25 26

Total 182 202 213 219 221

Stacked vessels (69 ) (64 ) (60 ) (62 ) (63 )

Active vessels 113 138 153 157 158



Total active 113 138 153 157 158

Total stacked 69 64 60 62 63

Total joint venture 3 3 3 4 4 and other vessels

Total 185 205 216 223 225

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2020

2020

2020

2019

2019

AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:

Deepwater

2,996

2,940

2,873

2,852

2,932

Towing-supply

1,098

1,329

1,547

1,580

1,552

Other

276

273

285

368

460

Total

4,370

4,542

4,705

4,800

4,944

Middle East/Asia Pacific fleet:

Deepwater

2,025

2,411

2,496

2,453

2,370

Towing-supply

2,118

2,342

2,512

2,576

2,392

Total

4,143

4,753

5,008

5,029

4,762

Europe/Mediterranean fleet:

Deepwater

2,916

3,256

3,581

3,848

3,874

Towing-supply

24

91

122

276

276

Total

2,940

3,347

3,703

4,124

4,150

West Africa fleet:

Deepwater

2,269

2,366

2,366

2,439

2,723

Towing-supply

1,588

1,654

1,729

1,779

1,840

Other

1,469

1,698

1,820

1,932

1,932

Total

5,326

5,718

5,915

6,150

6,495

Worldwide fleet:

Deepwater

10,206

10,973

11,316

11,592

11,899

Towing-supply

4,828

5,416

5,910

6,211

6,060

Other

1,745

1,971

2,105

2,300

2,392

Total

16,779

18,360

19,331

20,103

20,351

TIDEWATER INC.UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

September June 30, March December September 30, 31, 31, 30,

2020 2020 2020 2019 2019

AVAILABLE DAYS - TOTAL FLEET:



Americas fleet:

Deepwater 2,996 2,940 2,873 2,852 2,932

Towing-supply 1,098 1,329 1,547 1,580 1,552

Other 276 273 285 368 460

Total 4,370 4,542 4,705 4,800 4,944

Middle East/Asia Pacific fleet:

Deepwater 2,025 2,411 2,496 2,453 2,370

Towing-supply 2,118 2,342 2,512 2,576 2,392

Total 4,143 4,753 5,008 5,029 4,762

Europe/Mediterranean fleet:

Deepwater 2,916 3,256 3,581 3,848 3,874

Towing-supply 24 91 122 276 276

Total 2,940 3,347 3,703 4,124 4,150

West Africa fleet:

Deepwater 2,269 2,366 2,366 2,439 2,723

Towing-supply 1,588 1,654 1,729 1,779 1,840

Other 1,469 1,698 1,820 1,932 1,932

Total 5,326 5,718 5,915 6,150 6,495

Worldwide fleet:

Deepwater 10,206 10,973 11,316 11,592 11,899

Towing-supply 4,828 5,416 5,910 6,211 6,060

Other 1,745 1,971 2,105 2,300 2,392

Total 16,779 18,360 19,331 20,103 20,351

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2020

2020

2020

2019

2019

OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:

Deepwater

1,134

863

873

656

723

Towing-supply

362

601

593

568

632

Other

92

91

103

184

184

Total

1,588

1,555

1,569

1,408

1,539

Middle East/Asia Pacific fleet:

Deepwater

185

500

546

552

552

Towing-supply

186

310

396

399

460

Total

371

810

942

951

1,012

Europe/Mediterranean fleet:

Deepwater

1,522

1,422

1,004

1,196

1,104

Towing-supply

24

91

-

153

92

Total

1,546

1,513

1,004

1,349

1,196

West Africa fleet:

Deepwater

1,809

919

819

766

768

Towing-supply

882

563

469

583

552

Other

181

446

637

643

736

Total

2,872

1,928

1,925

1,992

2,056

Worldwide fleet:

Deepwater

4,650

3,704

3,242

3,170

3,147

Towing-supply

1,454

1,565

1,458

1,703

1,736

Other

273

537

740

827

920

Total

6,377

5,806

5,440

5,700

5,803

TIDEWATER INC.UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

September June March December September 30, 30, 31, 31, 30,

2020 2020 2020 2019 2019

OUT-OF-SERVICE - STACKED DAYS:



Americas fleet:

Deepwater 1,134 863 873 656 723

Towing-supply 362 601 593 568 632

Other 92 91 103 184 184

Total 1,588 1,555 1,569 1,408 1,539

Middle East/Asia Pacific fleet:

Deepwater 185 500 546 552 552

Towing-supply 186 310 396 399 460

Total 371 810 942 951 1,012

Europe/Mediterranean fleet:

Deepwater 1,522 1,422 1,004 1,196 1,104

Towing-supply 24 91 - 153 92

Total 1,546 1,513 1,004 1,349 1,196

West Africa fleet:

Deepwater 1,809 919 819 766 768

Towing-supply 882 563 469 583 552

Other 181 446 637 643 736

Total 2,872 1,928 1,925 1,992 2,056

Worldwide fleet:

Deepwater 4,650 3,704 3,242 3,170 3,147

Towing-supply 1,454 1,565 1,458 1,703 1,736

Other 273 537 740 827 920

Total 6,377 5,806 5,440 5,700 5,803

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2020

2020

2020

2019

2019

AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:

Deepwater

1,862

2,077

2,000

2,196

2,209

Towing-supply

736

728

954

1,012

920

Other

184

182

182

184

276

Total

2,782

2,987

3,136

3,392

3,405

Middle East/Asia Pacific fleet:

Deepwater

1,840

1,911

1,950

1,901

1,818

Towing-supply

1,932

2,032

2,116

2,177

1,932

Total

3,772

3,943

4,066

4,078

3,750

Europe/Mediterranean fleet:

Deepwater

1,394

1,834

2,577

2,652

2,770

Towing-supply

-

-

122

123

184

Total

1,394

1,834

2,699

2,775

2,954

West Africa fleet:

Deepwater

460

1,447

1,547

1,673

1,955

Towing-supply

706

1,091

1,260

1,196

1,288

Other

1,288

1,252

1,183

1,289

1,196

Total

2,454

3,790

3,990

4,158

4,439

Worldwide fleet:

Deepwater

5,556

7,269

8,074

8,422

8,752

Towing-supply

3,374

3,851

4,452

4,508

4,324

Other

1,472

1,434

1,365

1,473

1,472

Total

10,402

12,554

13,891

14,403

14,548

TIDEWATER INC.UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

September June 30, March December September 30, 31, 31, 30,

2020 2020 2020 2019 2019

AVAILABLE DAYS - ACTIVE FLEET:



Americas fleet:

Deepwater 1,862 2,077 2,000 2,196 2,209

Towing-supply 736 728 954 1,012 920

Other 184 182 182 184 276

Total 2,782 2,987 3,136 3,392 3,405

Middle East/Asia Pacific fleet:

Deepwater 1,840 1,911 1,950 1,901 1,818

Towing-supply 1,932 2,032 2,116 2,177 1,932

Total 3,772 3,943 4,066 4,078 3,750

Europe/Mediterranean fleet:

Deepwater 1,394 1,834 2,577 2,652 2,770

Towing-supply - - 122 123 184

Total 1,394 1,834 2,699 2,775 2,954

West Africa fleet:

Deepwater 460 1,447 1,547 1,673 1,955

Towing-supply 706 1,091 1,260 1,196 1,288

Other 1,288 1,252 1,183 1,289 1,196

Total 2,454 3,790 3,990 4,158 4,439

Worldwide fleet:

Deepwater 5,556 7,269 8,074 8,422 8,752

Towing-supply 3,374 3,851 4,452 4,508 4,324

Other 1,472 1,434 1,365 1,473 1,472

Total 10,402 12,554 13,891 14,403 14,548

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2020

2020

2020

2019

2019

UTILIZATION - TOTAL FLEET:

Americas fleet:

Deepwater

51.7

%

64.3

%

57.7

%

61.7

%

64.5

%

Towing-supply

50.0

%

43.5

54.9

58.6

53.1

Other

66.7

%

65.2

63.1

50.0

21.0

Total

52.2

%

58.3

%

57.1

%

59.8

%

56.9

%

Middle East/Asia Pacific fleet:

Deepwater

67.4

%

57.9

%

56.8

%

66.7

%

65.4

%

Towing-supply

72.3

%

68.2

69.2

70.0

61.7

Total

69.9

%

63.0

%

63.0

%

68.4

%

63.6

%

Europe/Mediterranean fleet:

Deepwater

45.5

%

49.9

%

64.2

%

60.0

%

64.0

%

Towing-supply

0.0

%

-

46.7

31.6

24.5

Total

45.1

%

48.6

%

63.6

%

58.1

%

61.4

%

West Africa fleet:

Deepwater

17.5

%

31.1

%

41.5

%

46.9

%

50.6

%

Towing-supply

28.4

%

41.3

45.5

43.8

46.3

Other

53.1

%

39.2

51.5

56.6

55.6

Total

30.6

%

36.5

%

45.7

%

49.1

%

50.9

%

Worldwide fleet:

Deepwater

45.4

%

51.5

%

56.2

%

59.1

%

61.4

%

Towing-supply

52.4

%

52.8

58.0

57.9

53.1

Other

55.3

%

42.8

53.1

55.6

49.0

Total

48.5

%

50.9

%

56.4

%

58.3

%

57.5

%

TIDEWATER INC.UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

September June March December September 30, 30, 31, 31, 30,

2020 2020 2020 2019 2019

UTILIZATION - TOTAL FLEET:



Americas fleet:

Deepwater 51.7 % 64.3 % 57.7 % 61.7 % 64.5 %

Towing-supply 50.0 % 43.5 54.9 58.6 53.1

Other 66.7 % 65.2 63.1 50.0 21.0

Total 52.2 % 58.3 % 57.1 % 59.8 % 56.9 %

Middle East/Asia Pacific fleet:

Deepwater 67.4 % 57.9 % 56.8 % 66.7 % 65.4 %

Towing-supply 72.3 % 68.2 69.2 70.0 61.7

Total 69.9 % 63.0 % 63.0 % 68.4 % 63.6 %

Europe/Mediterranean fleet:

Deepwater 45.5 % 49.9 % 64.2 % 60.0 % 64.0 %

Towing-supply 0.0 % - 46.7 31.6 24.5

Total 45.1 % 48.6 % 63.6 % 58.1 % 61.4 %

West Africa fleet:

Deepwater 17.5 % 31.1 % 41.5 % 46.9 % 50.6 %

Towing-supply 28.4 % 41.3 45.5 43.8 46.3

Other 53.1 % 39.2 51.5 56.6 55.6

Total 30.6 % 36.5 % 45.7 % 49.1 % 50.9 %

Worldwide fleet:

Deepwater 45.4 % 51.5 % 56.2 % 59.1 % 61.4 %

Towing-supply 52.4 % 52.8 58.0 57.9 53.1

Other 55.3 % 42.8 53.1 55.6 49.0

Total 48.5 % 50.9 % 56.4 % 58.3 % 57.5 %

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2020

2020

2020

2019

2019

UTILIZATION - ACTIVE FLEET:

Americas fleet:

Deepwater

83.2

%

91.0

%

72.8

%

80.1

%

85.7

%

Towing-supply

74.6

%

79.4

89.0

91.4

89.6

Other

100.0

%

97.8

98.8

100.0

35.0

Total

82.0

%

88.6

%

85.7

%

84.6

%

82.6

%

Middle East/Asia Pacific fleet:

Deepwater

74.2

%

73.1

%

72.8

%

86.1

%

85.3

%

Towing-supply

79.2

%

78.6

82.2

82.9

76.4

Total

76.8

%

75.9

%

77.7

%

84.4

%

80.7

%

Europe/Mediterranean fleet:

Deepwater

95.1

%

88.6

%

89.2

%

87.1

%

89.5

%

Towing-supply

0.0

%

-

46.7

70.9

36.8

Total

95.1

%

88.6

%

87.3

%

86.4

%

86.3

%

West Africa fleet:

Deepwater

86.2

%

50.9

%

63.4

%

68.3

%

70.5

%

Towing-supply

63.8

%

62.6

62.4

65.1

66.1

Other

60.6

%

53.2

79.2

84.9

89.9

Total

66.3

%

55.0

%

67.8

%

72.5

%

74.4

%

Worldwide fleet:

Deepwater

83.4

%

77.7

%

78.8

%

81.3

%

83.4

%

Towing-supply

75.0

%

74.2

77.0

79.8

74.5

Other

65.5

%

58.9

81.9

86.8

79.6

Total

78.2

%

74.5

%

78.5

%

81.4

%

80.4

%

TIDEWATER INC.UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

September June March December September 30, 30, 31, 31, 30,

2020 2020 2020 2019 2019

UTILIZATION - ACTIVE FLEET:



Americas fleet:

Deepwater 83.2 % 91.0 % 72.8 % 80.1 % 85.7 %

Towing-supply 74.6 % 79.4 89.0 91.4 89.6

Other 100.0 % 97.8 98.8 100.0 35.0

Total 82.0 % 88.6 % 85.7 % 84.6 % 82.6 %

Middle East/Asia Pacific fleet:

Deepwater 74.2 % 73.1 % 72.8 % 86.1 % 85.3 %

Towing-supply 79.2 % 78.6 82.2 82.9 76.4

Total 76.8 % 75.9 % 77.7 % 84.4 % 80.7 %

Europe/Mediterranean fleet:

Deepwater 95.1 % 88.6 % 89.2 % 87.1 % 89.5 %

Towing-supply 0.0 % - 46.7 70.9 36.8

Total 95.1 % 88.6 % 87.3 % 86.4 % 86.3 %

West Africa fleet:

Deepwater 86.2 % 50.9 % 63.4 % 68.3 % 70.5 %

Towing-supply 63.8 % 62.6 62.4 65.1 66.1

Other 60.6 % 53.2 79.2 84.9 89.9

Total 66.3 % 55.0 % 67.8 % 72.5 % 74.4 %

Worldwide fleet:

Deepwater 83.4 % 77.7 % 78.8 % 81.3 % 83.4 %

Towing-supply 75.0 % 74.2 77.0 79.8 74.5

Other 65.5 % 58.9 81.9 86.8 79.6

Total 78.2 % 74.5 % 78.5 % 81.4 % 80.4 %

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2020

2020

2020

2019

2019

AVERAGE VESSEL DAY RATES: (A)

Americas fleet:

Deepwater

$

14,743

14,738

13,793

13,001

12,986

Towing-supply

7,506

7,707

8,532

9,337

9,504

Other

9,514

9,723

9,638

9,838

7,674

Total

$

12,581

12,865

11,854

11,617

11,783

Middle East/Asia Pacific fleet:

Deepwater

$

10,127

10,161

10,097

9,784

9,648

Towing-supply

6,180

6,128

6,041

5,897

5,285

Total

$

8,040

8,009

7,863

7,746

7,520

Europe/Mediterranean fleet:

Deepwater

$

13,257

12,600

12,682

12,336

12,342

Towing-supply

-

-

3,138

6,055

4,995

Total

$

13,361

12,689

12,514

12,171

12,147

West Africa fleet:

Deepwater

$

12,365

11,891

12,337

12,304

10,827

Towing-supply

17,122

16,158

13,389

12,810

13,628

Other

3,944

3,829

3,384

3,041

3,530

Total

$

9,643

10,711

9,539

9,075

9,174

Worldwide fleet:

Deepwater

$

12,756

12,620

12,342

11,892

11,651

Towing-supply

8,411

8,843

8,292

8,284

8,564

Other

5,163

5,243

4,524

4,137

3,871

Total

$

10,503

10,799

10,267

9,940

10,021

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

TIDEWATER INC.UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

September June 30, March December September 30, 31, 31, 30,

2020 2020 2020 2019 2019

AVERAGE VESSEL DAY RATES: (A)



Americas fleet:

Deepwater $ 14,743 14,738 13,793 13,001 12,986

Towing-supply 7,506 7,707 8,532 9,337 9,504

Other 9,514 9,723 9,638 9,838 7,674

Total $ 12,581 12,865 11,854 11,617 11,783

Middle East/Asia Pacific fleet:

Deepwater $ 10,127 10,161 10,097 9,784 9,648

Towing-supply 6,180 6,128 6,041 5,897 5,285

Total $ 8,040 8,009 7,863 7,746 7,520

Europe/Mediterranean fleet:

Deepwater $ 13,257 12,600 12,682 12,336 12,342

Towing-supply - - 3,138 6,055 4,995

Total $ 13,361 12,689 12,514 12,171 12,147

West Africa fleet:

Deepwater $ 12,365 11,891 12,337 12,304 10,827

Towing-supply 17,122 16,158 13,389 12,810 13,628

Other 3,944 3,829 3,384 3,041 3,530

Total $ 9,643 10,711 9,539 9,075 9,174

Worldwide fleet:

Deepwater $ 12,756 12,620 12,342 11,892 11,651

Towing-supply 8,411 8,843 8,292 8,284 8,564

Other 5,163 5,243 4,524 4,137 3,871

Total $ 10,503 10,799 10,267 9,940 10,021

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

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

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2020

2020

2020

2019

2019

Americas

Vessel revenues

$

28,705

34,044

31,859

33,333

33,147

Vessel operating costs:

Crew costs

$

11,711

13,138

14,186

15,307

15,108

Repair and maintenance

1,259

1,703

2,171

3,067

3,061

Insurance

426

427

417

299

305

Fuel, lube and supplies

1,754

1,373

2,615

1,853

1,919

Other

2,486

1,956

2,673

4,082

2,461

Total vessel operating costs

$

17,636

18,597

22,062

24,608

22,854

Vessel operating margin ($)

$

11,069

15,447

9,797

8,726

10,293

Vessel operating margin (%)

38.6

%

45.4

%

30.8

%

26.2

%

31.1

%

Americas - Select operating statistics

Average vessels - Total fleet

47

50

52

52

54

Utilization - Total fleet

52.2

%

58.3

%

57.1

%

59.8

%

56.9

%

Average vessels - Active fleet

30

33

35

37

37

Utilization - Active fleet

82.0

%

88.6

%

85.7

%

84.6

%

82.6

%

Average day rates

$

12,581

12,865

11,854

11,617

11,783

Vessels commencing drydocks

-

5

5

1

4

Cash paid for deferred drydocking and survey costs

$

1,086

1,819

5,912

5,381

5,368

Deferred drydocking and survey costs - beginning balance

$

20,024

21,599

18,561

15,678

12,154

Cash paid for deferred drydocking and survey costs

1,086

1,819

5,912

5,381

5,368

Amortization of deferred drydocking and survey costs

(3,336

)

(3,394

)

(2,874

)

(2,498

)

(1,964

)

Disposals, intersegment transfers and other

-

-

-

-

120

Deferred drydocking and survey costs - ending balance

$

17,774

20,024

21,599

18,561

15,678

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

Three Months Ended

September June 30, March December September 30, 31, 31, 30,

2020 2020 2020 2019 2019



Americas

Vessel $ 28,705 34,044 31,859 33,333 33,147 revenues



Vesseloperating costs:

Crew costs $ 11,711 13,138 14,186 15,307 15,108

Repair and 1,259 1,703 2,171 3,067 3,061 maintenance

Insurance 426 427 417 299 305

Fuel, lube 1,754 1,373 2,615 1,853 1,919 and supplies

Other 2,486 1,956 2,673 4,082 2,461

Total vesseloperating $ 17,636 18,597 22,062 24,608 22,854 costs



Vesseloperating $ 11,069 15,447 9,797 8,726 10,293 margin ($)

Vesseloperating 38.6 % 45.4 % 30.8 % 26.2 % 31.1 %margin (%)



Americas -Select operatingstatistics

Averagevessels - 47 50 52 52 54 Total fleet

Utilization- Total 52.2 % 58.3 % 57.1 % 59.8 % 56.9 %fleet



Averagevessels - 30 33 35 37 37 Active fleet

Utilization- Active 82.0 % 88.6 % 85.7 % 84.6 % 82.6 %fleet



Average day $ 12,581 12,865 11,854 11,617 11,783 rates



Vesselscommencing - 5 5 1 4 drydocks



Cash paidfor deferreddrydocking $ 1,086 1,819 5,912 5,381 5,368 and surveycosts



Deferreddrydockingand survey $ 20,024 21,599 18,561 15,678 12,154 costs -beginningbalance

Cash paidfor deferreddrydocking 1,086 1,819 5,912 5,381 5,368 and surveycosts

Amortizationof deferreddrydocking (3,336 ) (3,394 ) (2,874 ) (2,498 ) (1,964 )and surveycosts

Disposals,intersegment - - - - 120 transfersand other

Deferreddrydockingand survey $ 17,774 20,024 21,599 18,561 15,678 costs -endingbalance

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

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2020

2020

2020

2019

2019

Middle East/Asia Pacific

Vessel revenues

$

23,280

23,983

24,828

26,651

22,765

Vessel operating costs:

Crew costs

$

10,468

8,726

10,085

10,308

9,243

Repair and maintenance

2,385

2,196

2,586

3,838

2,317

Insurance

562

739

591

790

358

Fuel, lube and supplies

1,783

1,405

2,665

1,937

2,431

Other

2,057

2,412

1,696

2,864

1,318

Total vessel operating costs

$

17,255

15,478

17,623

19,737

15,667

Vessel operating margin ($)

$

6,025

8,505

7,205

6,913

7,100

Vessel operating margin (%)

25.9

%

35.5

%

29.0

%

25.9

%

31.2

%

Middle East/Asia Pacific - Select operating statistics

Average vessels - Total fleet

45

52

55

55

52

Utilization - Total fleet

69.9

%

63.0

%

63.0

%

68.4

%

63.6

%

Average vessels - Active fleet

41

43

45

44

41

Utilization - Active fleet

76.8

%

75.9

%

77.7

%

84.4

%

80.7

%

Average day rates

$

8,040

8,009

7,863

7,746

7,520

Vessels commencing drydocks

-

-

5

3

3

Cash paid for deferred drydocking and survey costs

$

386

850

8,897

6,072

2,269

Deferred drydocking and survey costs - beginning balance

$

21,116

23,139

16,513

12,572

11,961

Cash paid for deferred drydocking and survey costs

386

850

8,897

6,072

2,269

Amortization of deferred drydocking and survey costs

(3,036

)

(2,589

)

(2,271

)

(2,131

)

(1,911

)

Disposals, intersegment transfers and other

200

(284

)

-

-

253

Deferred drydocking and survey costs - ending balance

$

18,666

21,116

23,139

16,513

12,572

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

Three Months Ended

September June 30, March December September 30, 31, 31, 30,

2020 2020 2020 2019 2019



Middle East/ Asia Pacific

Vessel $ 23,280 23,983 24,828 26,651 22,765 revenues



Vesseloperating costs:

Crew costs $ 10,468 8,726 10,085 10,308 9,243

Repair and 2,385 2,196 2,586 3,838 2,317 maintenance

Insurance 562 739 591 790 358

Fuel, lube 1,783 1,405 2,665 1,937 2,431 and supplies

Other 2,057 2,412 1,696 2,864 1,318

Total vesseloperating $ 17,255 15,478 17,623 19,737 15,667 costs



Vesseloperating $ 6,025 8,505 7,205 6,913 7,100 margin ($)

Vesseloperating 25.9 % 35.5 % 29.0 % 25.9 % 31.2 %margin (%)



Middle East/Asia Pacific- Select operatingstatistics

Averagevessels - 45 52 55 55 52 Total fleet

Utilization- Total 69.9 % 63.0 % 63.0 % 68.4 % 63.6 %fleet



Averagevessels - 41 43 45 44 41 Active fleet

Utilization- Active 76.8 % 75.9 % 77.7 % 84.4 % 80.7 %fleet



Average day $ 8,040 8,009 7,863 7,746 7,520 rates



Vesselscommencing - - 5 3 3 drydocks



Cash paidfor deferreddrydocking $ 386 850 8,897 6,072 2,269 and surveycosts



Deferreddrydockingand survey $ 21,116 23,139 16,513 12,572 11,961 costs -beginningbalance

Cash paidfor deferreddrydocking 386 850 8,897 6,072 2,269 and surveycosts

Amortizationof deferreddrydocking (3,036 ) (2,589 ) (2,271 ) (2,131 ) (1,911 )and surveycosts

Disposals,intersegment 200 (284 ) - - 253 transfersand other

Deferreddrydockingand survey $ 18,666 21,116 23,139 16,513 12,572 costs -endingbalance

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

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2020

2020

2020

2019

2019

Europe/Mediterranean

Vessel revenues

$

17,716

20,620

29,491

29,180

30,946

Vessel operating costs:

Crew costs

$

7,952

9,707

11,696

11,984

12,974

Repair and maintenance

869

1,278

3,141

3,617

3,307

Insurance

448

420

431

367

503

Fuel, lube and supplies

592

924

1,098

1,808

1,614

Other

1,274

1,547

2,522

2,098

2,658

Total vessel operating costs

$

11,135

13,876

18,888

19,874

21,056

Vessel operating margin ($)

$

6,581

6,744

10,603

9,306

9,890

Vessel operating margin (%)

37.1

%

32.7

%

36.0

%

31.9

%

32.0

%

Europe/Mediterranean - Select operating statistics

Average vessels - Total fleet

32

37

41

45

45

Utilization - Total fleet

45.1

%

48.6

%

63.6

%

58.1

%

61.4

%

Average vessels - Active fleet

15

20

30

30

32

Utilization - Active fleet

95.1

%

88.6

%

87.3

%

86.4

%

86.3

%

Average day rates

$

13,361

12,689

12,514

12,171

12,147

Vessels commencing drydocks

-

-

2

3

1

Cash paid for deferred drydocking and survey costs

$

(361

)

517

2,591

3,378

316

Deferred drydocking and survey costs - beginning balance

$

9,143

10,387

9,406

7,379

8,596

Cash paid for deferred drydocking and survey costs

(361

)

517

2,591

3,378

316

Amortization of deferred drydocking and survey costs

(1,635

)

(1,710

)

(1,610

)

(1,335

)

(1,160

)

Disposals, intersegment transfers and other

-

(51

)

-

(16

)

(373

)

Deferred drydocking and survey costs - ending balance

$

7,147

9,143

10,387

9,406

7,379

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

Three Months Ended

September June 30, March December September 30, 31, 31, 30,

2020 2020 2020 2019 2019



Europe/ Mediterranean

Vessel $ 17,716 20,620 29,491 29,180 30,946 revenues



Vesseloperating costs:

Crew costs $ 7,952 9,707 11,696 11,984 12,974

Repair and 869 1,278 3,141 3,617 3,307 maintenance

Insurance 448 420 431 367 503

Fuel, lube 592 924 1,098 1,808 1,614 and supplies

Other 1,274 1,547 2,522 2,098 2,658

Total vesseloperating $ 11,135 13,876 18,888 19,874 21,056 costs



Vesseloperating $ 6,581 6,744 10,603 9,306 9,890 margin ($)

Vesseloperating 37.1 % 32.7 % 36.0 % 31.9 % 32.0 %margin (%)



Europe/Mediterranean- Select operatingstatistics

Averagevessels - 32 37 41 45 45 Total fleet

Utilization - 45.1 % 48.6 % 63.6 % 58.1 % 61.4 %Total fleet



Averagevessels - 15 20 30 30 32 Active fleet

Utilization - 95.1 % 88.6 % 87.3 % 86.4 % 86.3 %Active fleet



Average day $ 13,361 12,689 12,514 12,171 12,147 rates



Vesselscommencing - - 2 3 1 drydocks



Cash paid fordeferreddrydocking $ (361 ) 517 2,591 3,378 316 and surveycosts



Deferreddrydockingand survey $ 9,143 10,387 9,406 7,379 8,596 costs -beginningbalance

Cash paid fordeferreddrydocking (361 ) 517 2,591 3,378 316 and surveycosts

Amortizationof deferreddrydocking (1,635 ) (1,710 ) (1,610 ) (1,335 ) (1,160 )and surveycosts

Disposals,intersegment - (51 ) - (16 ) (373 )transfers andother

Deferreddrydockingand survey $ 7,147 9,143 10,387 9,406 7,379 costs -endingbalance

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

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2020

2020

2020

2019

2019

West Africa

Vessel revenues

$

15,694

22,328

25,796

27,375

30,315

Vessel operating costs:

Crew costs

$

6,555

7,120

8,520

8,472

8,868

Repair and maintenance

1,419

1,479

2,700

4,659

3,282

Insurance

517

424

346

(282

)

863

Fuel, lube and supplies

2,628

2,681

3,374

4,184

2,817

Other

4,639

5,119

5,312

4,682

5,214

Total vessel operating costs

$

15,758

16,823

20,252

21,715

21,044

Vessel operating margin ($)

$

(64

)

5,505

5,544

5,660

9,271

Vessel operating margin (%)

(0.4

)%

24.7

%

21.5

%

20.7

%

30.6

%

West Africa - Select operating statistics

Average vessels - Total fleet

58

63

65

67

70

Utilization - Total fleet

30.6

%

36.5

%

45.7

%

49.1

%

50.9

%

Average vessels - Active fleet

27

42

44

45

48

Utilization - Active fleet

66.3

%

55.0

%

67.8

%

72.5

%

74.4

%

Average day rates

$

9,643

10,711

9,539

9,075

9,174

Vessels commencing drydocks

-

-

3

1

4

Cash paid for deferred drydocking and survey costs

$

(576

)

911

7,467

11,905

7,060

Deferred drydocking and survey costs - beginning balance

$

24,301

26,856

22,456

13,397

8,318

Cash paid for deferred drydocking and survey costs

(576

)

911

7,467

11,905

7,060

Amortization of deferred drydocking and survey costs

(3,426

)

(3,466

)

(3,067

)

(2,846

)

(1,653

)

Disposals, intersegment transfers and other

89

-

-

-

(328

)

Deferred drydocking and survey costs - ending balance

$

20,388

24,301

26,856

22,456

13,397

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

Three Months Ended

September June 30, March December September 30, 31, 31, 30,

2020 2020 2020 2019 2019



West Africa

Vessel $ 15,694 22,328 25,796 27,375 30,315 revenues



Vesseloperating costs:

Crew costs $ 6,555 7,120 8,520 8,472 8,868

Repair and 1,419 1,479 2,700 4,659 3,282 maintenance

Insurance 517 424 346 (282 ) 863

Fuel, lube 2,628 2,681 3,374 4,184 2,817 and supplies

Other 4,639 5,119 5,312 4,682 5,214

Total vesseloperating $ 15,758 16,823 20,252 21,715 21,044 costs



Vesseloperating $ (64 ) 5,505 5,544 5,660 9,271 margin ($)

Vessel )operating (0.4 % 24.7 % 21.5 % 20.7 % 30.6 %margin (%)



West Africa- Select operatingstatistics

Averagevessels - 58 63 65 67 70 Total fleet

Utilization- Total 30.6 % 36.5 % 45.7 % 49.1 % 50.9 %fleet



Averagevessels - 27 42 44 45 48 Active fleet

Utilization- Active 66.3 % 55.0 % 67.8 % 72.5 % 74.4 %fleet



Average day $ 9,643 10,711 9,539 9,075 9,174 rates



Vesselscommencing - - 3 1 4 drydocks



Cash paidfor deferreddrydocking $ (576 ) 911 7,467 11,905 7,060 and surveycosts



Deferreddrydockingand survey $ 24,301 26,856 22,456 13,397 8,318 costs -beginningbalance

Cash paidfor deferreddrydocking (576 ) 911 7,467 11,905 7,060 and surveycosts

Amortizationof deferreddrydocking (3,426 ) (3,466 ) (3,067 ) (2,846 ) (1,653 )and surveycosts

Disposals,intersegment 89 - - - (328 )transfersand other

Deferreddrydockingand survey $ 20,388 24,301 26,856 22,456 13,397 costs -endingbalance

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

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2020

2020

2020

2019

2019

Worldwide

Vessel revenues

$

85,395

100,975

111,974

116,539

117,173

Vessel operating costs:

Crew costs

$

36,686

38,691

44,487

46,071

46,193

Repair and maintenance

5,932

6,656

10,598

15,181

11,967

Insurance

1,953

2,010

1,785

1,174

2,027

Fuel, lube and supplies

6,757

6,383

9,752

9,782

8,781

Other

10,456

11,034

12,203

13,726

11,651

Total vessel operating costs

$

61,784

64,774

78,825

85,934

80,619

Vessel operating margin ($)

$

23,611

36,201

33,149

30,604

36,554

Vessel operating margin (%)

27.6

%

35.9

%

29.6

%

26.3

%

31.2

%

Worldwide - Select operating statistics

Average vessels - Total fleet

182

202

213

219

220

Utilization - Total fleet

48.5

%

50.9

%

56.4

%

58.3

%

57.5

%

Average vessels - Active fleet

113

138

153

157

158

Utilization - Active fleet

78.2

%

74.5

%

78.5

%

81.4

%

80.4

%

Average day rates

$

10,503

10,799

10,267

9,940

10,021

Vessels commencing drydocks

-

5

15

8

12

Cash paid for deferred drydocking and survey costs

$

535

4,097

24,867

26,736

15,013

Deferred drydocking and survey costs - beginning balance

$

74,584

81,981

66,936

49,026

41,029

Cash paid for deferred drydocking and survey costs

535

4,097

24,867

26,736

15,013

Amortization of deferred drydocking and survey costs

(11,433

)

(11,159

)

(9,822

)

(8,810

)

(6,688

)

Disposals, intersegment transfers and other

289

(335

)

-

(16

)

(328

)

Deferred drydocking and survey costs - ending balance

$

63,975

74,584

81,981

66,936

49,026

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

Three Months Ended

September June 30, March 31, December September 30, 31, 30,

2020 2020 2020 2019 2019



Worldwide

Vessel $ 85,395 100,975 111,974 116,539 117,173 revenues



Vesseloperating costs:

Crew costs $ 36,686 38,691 44,487 46,071 46,193

Repair and 5,932 6,656 10,598 15,181 11,967 maintenance

Insurance 1,953 2,010 1,785 1,174 2,027

Fuel, lube 6,757 6,383 9,752 9,782 8,781 and supplies

Other 10,456 11,034 12,203 13,726 11,651

Total vesseloperating $ 61,784 64,774 78,825 85,934 80,619 costs



Vesseloperating $ 23,611 36,201 33,149 30,604 36,554 margin ($)

Vesseloperating 27.6 % 35.9 % 29.6 % 26.3 % 31.2 %margin (%)



Worldwide -Select operatingstatistics

Averagevessels - 182 202 213 219 220 Total fleet

Utilization- Total 48.5 % 50.9 % 56.4 % 58.3 % 57.5 %fleet



Averagevessels - 113 138 153 157 158 Active fleet

Utilization- Active 78.2 % 74.5 % 78.5 % 81.4 % 80.4 %fleet



Average day $ 10,503 10,799 10,267 9,940 10,021 rates



Vesselscommencing - 5 15 8 12 drydocks



Cash paidfor deferreddrydocking $ 535 4,097 24,867 26,736 15,013 and surveycosts



Deferreddrydockingand survey $ 74,584 81,981 66,936 49,026 41,029 costs -beginningbalance

Cash paidfor deferreddrydocking 535 4,097 24,867 26,736 15,013 and surveycosts

Amortizationof deferreddrydocking (11,433 ) (11,159 ) (9,822 ) (8,810 ) (6,688 )and surveycosts

Disposals,intersegment 289 (335 ) - (16 ) (328 )transfersand other

Deferreddrydockingand survey $ 63,975 74,584 81,981 66,936 49,026 costs -endingbalance

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

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2020

2020

2020

2019

2019

Net loss

$

(38,081

)

(110,664

)

(18,524

)

(60,574

)

(43,806

)

Interest and other debt costs

6,071

5,959

6,142

6,282

7,468

Income tax (benefit) expense

5,953

2,730

(5,171

)

1,281

15,071

Depreciation

19,344

16,986

17,285

19,416

19,047

Amortization of deferred drydock and survey costs

11,433

11,158

9,822

8,810

6,688

EBITDA (A), (B), (C)

$

4,720

(73,831

)

9,554

(24,785

)

4,468

Long-lived asset impairments

1,945

55,482

10,207

32,549

5,224

Affiliate credit loss impairment expense

-

53,581

Affiliate guarantee obligation

-

2,000

-

-

-

One-time charges

641

446

129

2,123

6,293

Adjusted EBITDA (A), (B), (C)

$

7,306

37,678

19,890

9,887

15,985

Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs.

Note (B): EBITDA and Adjusted EBITDA for the three months ended September 30, 2020, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,223, $1,401, $1,335, $2,972, and $7,384, respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended September 30, 2020, and for each of the prior four quarters includes foreign exchange gains (losses) of $(1,153), $(2,076), $864, $(945), and $173, respectively.

Non-GAAP Financial Measures

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

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

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

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

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

Three Months Ended

September June 30, March 31, December September 30, 31, 30,

2020 2020 2020 2019 2019

Net loss $ (38,081 ) (110,664 ) (18,524 ) (60,574 ) (43,806 )



Interest andother debt 6,071 5,959 6,142 6,282 7,468 costs

Income tax(benefit) 5,953 2,730 (5,171 ) 1,281 15,071 expense

Depreciation 19,344 16,986 17,285 19,416 19,047

Amortizationof deferred 11,433 11,158 9,822 8,810 6,688 drydock andsurvey costs

EBITDA (A), $ 4,720 (73,831 ) 9,554 (24,785 ) 4,468 (B), (C)



Long-livedasset 1,945 55,482 10,207 32,549 5,224 impairments

Affiliatecredit loss - 53,581 impairmentexpense

Affiliateguarantee - 2,000 - - - obligation

One-time 641 446 129 2,123 6,293 charges

AdjustedEBITDA (A), $ 7,306 37,678 19,890 9,887 15,985 (B), (C)

Note (A): EBITDA excludes interest and other debt costs, income tax expense,depreciation and amortization. Additionally, Adjusted EBITDA excludesimpairment charges, and merger and integration related costs.

Note (B): EBITDA and Adjusted EBITDA for the three months ended September 30,2020, and for each of the prior four quarters includes non-cash, stock-basedcompensation expense of $1,223, $1,401, $1,335, $2,972, and $7,384,respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended September 30,2020, and for each of the prior four quarters includes foreign exchange gains(losses) of $(1,153), $(2,076), $864, $(945), and $173, respectively.

Non-GAAP Financial Measures

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

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

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

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

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

Three Months Ended

September June 30, March 31, December September 30, 31, 30,

2020 2020 2020 2019 2019

Net cashprovided by(used in) $ 14,629 14,702 (27,525 ) 5,281 (15,981 )operatingactivities(A)



Cashinterest 5,435 5,292 5,442 8,205 8,189 expense

Interestincome and (272 ) (696 ) (116 ) (690 ) (1,579 )other

Additionsto property (607 ) (1,626 ) (2,449 ) (4,067 ) (5,058 )andequipment

Free cashflow beforeproceeds $ 19,185 17,672 (24,648 ) 8,729 (14,429 )from assetsales



Proceedsfrom asset 10,592 11,454 9,452 3,755 4,526 sales



Free cash $ 29,777 29,126 (15,196 ) 12,484 (9,903 )flow

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, proceeds from asset sales, cash interest expense and interest income. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.

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

Three Months Ended

September June 30, March 31, December September 30, 31, 30,

2020 2020 2020 2019 2019

Cashprovided by(used in)changes inassets and $ 18,858 $ (10,373 ) (18,127 ) 32,826 4,502 liabilities,excludingdrydockpayments

Cash paidfor deferred (535 ) (4,097 ) (24,867 ) (26,736 ) (15,013 )drydock andsurvey costs

Totalsources(uses) ofcash for $ 18,323 $ (14,470 ) (42,994 ) 6,090 (10,511 )changes inassets andliabilities

View source version on businesswire.com: https://www.businesswire.com/news/home/20201105006113/en/

CONTACT: Tidewater Inc. Jason Stanley Vice President Investor Relations and ESG +1.713.470.5292

CONTACT: SOURCE: Tidewater Inc.