Business Wire | Mar 4, 2021 05:29PM EST

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

Mar. 04, 2021

HOUSTON--(BUSINESS WIRE)--Mar. 04, 2021--Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ending December 31, 2020, of $91.9 million and $397.0 million, respectively compared with $118.8 million and $486.5 million, respectively, for the three and twelve months ending December 31, 2019. Tidewater's net losses for the three and twelve months ending December 31, 2020, were $29.2 million ($0.72 per share) and $196.2 million ($4.86 per share), respectively, compared with $59.9 million ($1.52 per share) and $141.7 million ($3.71 per share), respectively, for the three and twelve months ending December 31, 2019. Included in the net losses for the three and twelve months ending December 31, 2020 were impairment charges related to assets held for sale, affiliate credit losses, affiliate guaranteed obligation, inventory obsolescence and general and administrative severance expenses totaling $6.2 million and $130.6 million, respectively. Excluding these costs, we would have reported a net loss for the three months ending December 31, 2020 of $23.1 million ($0.57 per common share) and a net loss for the twelve months ending December 31, 2020 of $65.6 million ($1.63 per common share). Excluding long-lived asset impairments and one-time expenses, net losses for the three and twelve months ending December 31, 2019 were $25.2 million (or $0.64 per common share) and $91.4 million (or $2.39) per common share), respectively.

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

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

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

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

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

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

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

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

Common shares outstanding 40,704,984

New Creditor Warrants (strike price $0.001 per common share) 657,203

GulfMark Creditor Warrants (strike price $0.01 per common 815,575 share)

Total 42,177,762

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

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

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

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

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

Financial information is displayed beginning on the next page.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

Three Months Ended Twelve Months Ended

December December December December 31, 31, 31, 31,

2020 2019 2020 2019

Revenues:

Vessel revenues $ 87,830 116,539 386,174 477,015

Other operating 4,029 2,237 10,864 9,534 revenues

Total revenues 91,859 118,776 397,038 486,549

Costs and expenses:

Vessel operating 63,397 85,935 268,780 329,196 costs

Costs of other 342 916 3,405 2,800 operating revenues

General and 16,992 22,406 73,447 103,716 administrative

Depreciation and 30,681 28,226 116,709 101,931 amortization

Long-lived asset 6,475 32,549 74,109 37,773 impairments and other

Affiliate credit loss (600 ) - 52,981 - impairment expense

Affiliate guarantee - - 2,000 - obligation

Gain on asset (80 ) (1,217 ) (7,591 ) (2,263 )dispositions, net

117,207 168,815 583,840 573,153

Operating loss (25,348 ) (50,039 ) (186,802 ) (86,604 )

Other income (expense):

Foreign exchange loss (2,880 ) (945 ) (5,245 ) (1,269 )

Equity in net lossesof unconsolidated 164 (2,717 ) 164 (3,152 )companies

Dividend income fromunconsolidated - - 17,150 - companies

Interest income and 144 690 1,228 6,598 other, net

Interest and other (5,984 ) (6,282 ) (24,156 ) (29,068 )debt costs, net

Total other expense (8,556 ) (9,254 ) (10,859 ) (26,891 )

Loss before income (33,904 ) (59,293 ) (197,661 ) (113,495 )taxes

Income tax (benefit) (4,477 ) 1,281 (965 ) 27,724 expense

Net loss $ (29,427 ) (60,574 ) (196,696 ) (141,219 )

Less: Net income(loss) attributable (180 ) (721 ) (454 ) 524 to noncontrollinginterests

Net loss attributable $ (29,247 ) (59,853 ) (196,242 ) (141,743 )to Tidewater Inc.

Basic loss per common (0.72 ) (1.52 ) (4.86 ) (3.71 )share

Diluted loss per (0.72 ) (1.52 ) (4.86 ) (3.71 )common share

Weighted averagecommon shares 40,604 39,504 40,355 38,205 outstanding

Dilutive effect ofstock options and - - - - restricted stock

Adjusted weighted 40,604 39,504 40,355 38,205 average common shares

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

December 31,

December 31,

ASSETS

2020

2019

Current assets:

Cash and cash equivalents

$

149,933

218,290

Restricted cash

2,079

5,755

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

112,623

110,180

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

62,050

125,972

Marine operating supplies

15,876

21,856

Assets held for sale

34,396

39,287

Prepaid expenses and other current assets

11,692

15,956

Total current assets

388,649

537,296

Net properties and equipment

780,318

938,961

Deferred drydocking and survey costs

56,468

66,936

Other assets

25,742

36,335

Total assets

$

1,251,177

1,579,528

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

16,981

27,501

Accrued costs and expenses

52,422

74,000

Due to affiliates

53,194

50,186

Current portion of long-term debt

27,797

9,890

Other current liabilities

32,785

24,100

Total current liabilities

183,179

185,677

Long-term debt

164,934

279,044

Other liabilities and deferred credits

79,792

98,397

Commitments and contingencies

Equity:

Common stock

41

40

Additional paid-in-capital

1,371,809

1,367,521

Accumulated deficit

(548,931

)

(352,526

)

Accumulated other comprehensive loss

(804

)

(236

)

Total stockholder's equity

822,115

1,014,799

Noncontrolling interests

1,157

1,611

Total equity

823,272

1,016,410

Total liabilities and equity

$

1,251,177

1,579,528

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

December December 31, 31,

ASSETS 2020 2019

Current assets:

Cash and cash equivalents $ 149,933 218,290

Restricted cash 2,079 5,755

Trade and other receivables, less allowance forcredit losses of $1,516 as of December 31, 2020 112,623 110,180 and less allowance for doubtful accounts of $70as of December 31, 2019

Due from affiliate, less allowance for creditlosses of $71,800 as of December 31, 2020 and 62,050 125,972 less due from affiliate allowance of $20,083 asof December 31, 2019

Marine operating supplies 15,876 21,856

Assets held for sale 34,396 39,287

Prepaid expenses and other current assets 11,692 15,956

Total current assets 388,649 537,296

Net properties and equipment 780,318 938,961

Deferred drydocking and survey costs 56,468 66,936

Other assets 25,742 36,335

Total assets $ 1,251,177 1,579,528



LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable $ 16,981 27,501

Accrued costs and expenses 52,422 74,000

Due to affiliates 53,194 50,186

Current portion of long-term debt 27,797 9,890

Other current liabilities 32,785 24,100

Total current liabilities 183,179 185,677

Long-term debt 164,934 279,044

Other liabilities and deferred credits 79,792 98,397



Commitments and contingencies



Equity:

Common stock 41 40

Additional paid-in-capital 1,371,809 1,367,521

Accumulated deficit (548,931 ) (352,526 )

Accumulated other comprehensive loss (804 ) (236 )

Total stockholder's equity 822,115 1,014,799

Noncontrolling interests 1,157 1,611

Total equity 823,272 1,016,410

Total liabilities and equity $ 1,251,177 1,579,528

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

December 31,

December 31,

2020

2019

2020

2019

Net loss

$

(29,427

)

$

(60,574

)

$

(196,696

)

$

(141,219

)

Other comprehensive income (loss):

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

(2,011

)

(2,121

)

(2,309

)

(2,121

)

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

101

(309

)

1,741

(309

)

Total comprehensive loss

$

(31,337

)

$

(63,004

)

$

(197,264

)

$

(143,649

)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

Three Months Ended Twelve Months Ended

December December December December 31, 31, 31, 31,

2020 2019 2020 2019

Net loss $ (29,427 ) $ (60,574 ) $ (196,696 ) $ (141,219 )

Other comprehensive income (loss):

Change insupplementalexecutive retirementplan pension (2,011 ) (2,121 ) (2,309 ) (2,121 )liability, net of taxof $0, $0, $0 and $0,respectively

Change in pensionplan minimumliability, net of tax 101 (309 ) 1,741 (309 )of $0, $0, $0, and$0, respectively

Total comprehensive $ (31,337 ) $ (63,004 ) $ (197,264 ) $ (143,649 )loss

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Twelve Months

Twelve Months

Ended

Ended

December 31,

December 31,

2020

2019

Operating activities:

Net loss

$

(196,696

)

$

(141,219

)

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

Depreciation and amortization

73,030

77,045

Amortization of deferred drydocking and survey costs

43,679

24,886

Amortization of debt premiums and discounts

3,961

(4,877

)

Provision for deferred income taxes

1,224

672

Gain on asset dispositions, net

(7,591

)

(2,263

)

Affiliate credit loss impairment expense

52,981

-

Affiliate guarantee obligation

2,000

-

Long-lived asset impairments and other

74,109

37,773

Changes in investments in unconsolidated companies

-

1,039

Stock-based compensation expense

5,117

19,603

Changes in operating assets and liabilities, net:

Trade and other receivables

(2,606

)

1,086

Changes in due to/from affiliate, net

11,949

22,193

Accounts payable

(10,520

)

(4,438

)

Accrued expenses

(17,551

)

8,189

Deferred drydocking and survey costs

(33,271

)

(70,437

)

Other, net

4,171

(675

)

Net cash provided by (used in) operating activities

3,986

(31,423

)

Cash flows from investing activities:

Proceeds from sales of assets

38,296

28,847

Additions to properties and equipment

(14,900

)

(17,998

)

Net cash provided by investing activities

23,396

10,849

Cash flows from financing activities:

Principal payments on long-term debt

(98,080

)

(133,693

)

Premium paid for redemption of secured notes

-

(11,402

)

Tax on share-based award

(828

)

(4,467

)

Other

(857

)

-

Net cash used in financing activities

(99,765

)

(149,562

)

Net change in cash, cash equivalents and restricted cash

(72,383

)

(170,136

)

Cash, cash equivalents and restricted cash at beginning of period

227,608

397,744

Cash, cash equivalents and restricted cash at end of period

$

155,225

$

227,608

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Twelve Twelve Months Months

Ended Ended

December December 31, 31,

2020 2019

Operating activities:

Net loss $ (196,696 ) $ (141,219 )

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

Depreciation and amortization 73,030 77,045

Amortization of deferred drydocking and survey 43,679 24,886 costs

Amortization of debt premiums and discounts 3,961 (4,877 )

Provision for deferred income taxes 1,224 672

Gain on asset dispositions, net (7,591 ) (2,263 )

Affiliate credit loss impairment expense 52,981 -

Affiliate guarantee obligation 2,000 -

Long-lived asset impairments and other 74,109 37,773

Changes in investments in unconsolidated companies - 1,039

Stock-based compensation expense 5,117 19,603

Changes in operating assets and liabilities, net:

Trade and other receivables (2,606 ) 1,086

Changes in due to/from affiliate, net 11,949 22,193

Accounts payable (10,520 ) (4,438 )

Accrued expenses (17,551 ) 8,189

Deferred drydocking and survey costs (33,271 ) (70,437 )

Other, net 4,171 (675 )

Net cash provided by (used in) operating 3,986 (31,423 )activities

Cash flows from investing activities:

Proceeds from sales of assets 38,296 28,847

Additions to properties and equipment (14,900 ) (17,998 )

Net cash provided by investing activities 23,396 10,849

Cash flows from financing activities:

Principal payments on long-term debt (98,080 ) (133,693 )

Premium paid for redemption of secured notes - (11,402 )

Tax on share-based award (828 ) (4,467 )

Other (857 ) -

Net cash used in financing activities (99,765 ) (149,562 )

Net change in cash, cash equivalents and (72,383 ) (170,136 )restricted cash

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

Cash, cash equivalents and restricted cash at end $ 155,225 $ 227,608 of period

Supplemental disclosure of cash flow information:

Cash paid during the year for:

Interest, net of amounts capitalized

$

21,235

32,687

Income taxes

13,018

14,378

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



Supplemental disclosure of cash flow information:

Cash paid during the year for:

Interest, net of amounts capitalized $ 21,235 32,687

Income taxes 13,018 14,378

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

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

Accumulated

Additional

other

Non

Common

paid-in

Accumulated

comprehensive

controlling

stock

capital

(deficit)

loss

interest

Total

Balance at December 31, 2018

$

37

1,352,388

(210,783

)

2,194

1,087

1,144,923

Total comprehensive income (loss)

-

-

(141,743

)

(2,430

)

524

(143,649

)

Issuance of common stock from exercise of warrants

3

(3

)

-

-

-

-

Amortization/cancellation of restricted stock units

-

15,136

-

-

-

15,136

Balance at December 31, 2019

$

40

1,367,521

(352,526

)

(236

)

1,611

1,016,410

Total comprehensive income (loss)

-

-

(196,242

)

(568

)

(454

)

(197,264

)

Adoption of credit loss accounting standard

-

-

(163

)

-

-

(163

)

Issuance of common stock from exercise of warrants

1

(1

)

-

-

-

-

Amortization of restricted stock units

-

4,289

-

-

-

4,289

Balance at December 31, 2020

$

41

1,371,809

(548,931

)

(804

)

1,157

823,272

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

Accumulated

Additional other Non

Common paid-in Accumulated comprehensive controlling

stock capital (deficit) loss interest Total

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

Totalcomprehensive - - (141,743 ) (2,430 ) 524 (143,649 )income (loss)

Issuance ofcommon stock 3 (3 ) - - - - from exerciseof warrants

Amortization/cancellation - 15,136 - - - 15,136 of restrictedstock units

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

Totalcomprehensive - - (196,242 ) (568 ) (454 ) (197,264 )income (loss)

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

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

Amortizationof restricted - 4,289 - - - 4,289 stock units

Balance atDecember 31, $ 41 1,371,809 (548,931 ) (804 ) 1,157 823,272 2020

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

Three Months Ended

Twelve Months Ended

December 31,

December 31,

December 31,

December 31,

2020

2019

2020

2019

(In thousands)

%

%

%

%

Vessel revenues:

Americas

$

32,068

37

%

$

33,333

29

%

$

126,676

33

%

$

136,958

29

%

Middle East/Asia Pacific

25,042

29

%

26,651

23

%

97,133

25

%

90,321

19

%

Europe/Mediterranean

15,775

18

%

29,180

25

%

83,602

22

%

123,711

26

%

West Africa

14,945

17

%

27,375

23

%

78,763

20

%

126,025

26

%

Total vessel revenues

$

87,830

100

%

$

116,539

100

%

$

386,174

100

%

$

477,015

100

%

Vessel operating costs:

Crew costs

$

36,760

42

%

$

46,071

40

%

$

156,624

41

%

$

187,599

39

%

Repair and maintenance

8,027

9

%

15,181

13

%

31,213

8

%

47,761

10

%

Insurance

1,447

2

%

1,174

1

%

7,195

2

%

6,129

1

%

Fuel, lube and supplies

6,221

7

%

9,782

8

%

29,113

7

%

36,359

8

%

Other

10,942

12

%

13,726

12

%

44,635

12

%

51,348

11

%

Total vessel operating costs

63,397

72

%

85,935

74

%

268,780

70

%

329,196

69

%

Vessel operating margin (A)

$

24,433

28

%

$

30,604

26

%

$

117,394

30

%

$

147,819

31

%

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

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

Three Months Ended Twelve Months Ended

December 31, December 31, December 31, December 31,

2020 2019 2020 2019

(In thousands) % % % %

Vessel revenues:

Americas $ 32,068 37 % $ 33,333 29 % $ 126,676 33 % $ 136,958 29 %

Middle East/Asia 25,042 29 % 26,651 23 % 97,133 25 % 90,321 19 %Pacific

Europe/Mediterranean 15,775 18 % 29,180 25 % 83,602 22 % 123,711 26 %

West Africa 14,945 17 % 27,375 23 % 78,763 20 % 126,025 26 %

Total vessel revenues $ 87,830 100 % $ 116,539 100 % $ 386,174 100 % $ 477,015 100 %

Vessel operating costs:

Crew costs $ 36,760 42 % $ 46,071 40 % $ 156,624 41 % $ 187,599 39 %

Repair and maintenance 8,027 9 % 15,181 13 % 31,213 8 % 47,761 10 %

Insurance 1,447 2 % 1,174 1 % 7,195 2 % 6,129 1 %

Fuel, lube and 6,221 7 % 9,782 8 % 29,113 7 % 36,359 8 %supplies

Other 10,942 12 % 13,726 12 % 44,635 12 % 51,348 11 %

Total vessel operating 63,397 72 % 85,935 74 % 268,780 70 % 329,196 69 %costs

Vessel operating $ 24,433 28 % $ 30,604 26 % $ 117,394 30 % $ 147,819 31 %margin (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

Twelve Months Ended

December 31,

December 31,

December 31,

December 31,

2020

2019

2020

2019

(In thousands)

%

%

%

%

Vessel operating profit (loss):

Americas

$

1,496

2

%

$

(2,507

)

(2

)%

$

4,944

1

%

$

(805

)

(0

)%

Middle East/Asia Pacific

(3,456

)

(4

)%

(1,946

)

(2

)%

(5,935

)

(1

)%

(6,044

)

(1

)%

Europe/Mediterranean

(4,543

)

(5

)%

(521

)

(0

)%

(8,629

)

(2

)%

(1,289

)

(0

)%

West Africa

(8,493

)

(9

)%

(3,593

)

(3

)%

(27,508

)

(7

)%

8,298

2

%

Other operating profit

3,686

4

%

1,353

1

%

7,458

2

%

6,734

1

%

(11,310

)

(12

)%

(7,214

)

(6

)%

(29,670

)

(7

)%

6,894

1

%

Corporate expenses (A)

(8,243

)

(9

)%

(11,493

)

(10

)%

(35,633

)

(9

)%

(57,988

)

(12

)%

Gain on asset dispositions, net

80

0

%

1,217

1

%

7,591

2

%

2,263

0

%

Affiliate credit loss impairment expense

600

0

%

-

0

%

(52,981

)

(13

)%

-

0

%

Affiliate guarantee obligation

-

0

%

-

0

%

(2,000

)

(1

)%

-

0

%

Long-lived asset impairments and other

(6,475

)

(7

)%

(32,549

)

(27

)%

(74,109

)

(19

)%

(37,773

)

(8

)%

Operating loss

$

(25,348

)

(28

)%

$

(50,039

)

(42

)%

$

(186,802

)

(47

)%

$

(86,604

)

(18

)%

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

Three Months Ended Twelve Months Ended

December 31, December 31, December 31, December 31,

2020 2019 2020 2019

(In thousands) % % % %

Vessel operating profit (loss):

Americas $ 1,496 2 % $ (2,507 ) (2 ) $ 4,944 1 % $ (805 ) (0 ) % %

Middle East/Asia (3,456 ) (4 ) (1,946 ) (2 ) (5,935 ) (1 ) (6,044 ) (1 )Pacific % % % %

Europe/Mediterranean (4,543 ) (5 ) (521 ) (0 ) (8,629 ) (2 ) (1,289 ) (0 ) % % % %

West Africa (8,493 ) (9 ) (3,593 ) (3 ) (27,508 ) (7 ) 8,298 2 % % % %

Other operating 3,686 4 % 1,353 1 % 7,458 2 % 6,734 1 %profit

(11,310 ) (12 ) (7,214 ) (6 ) (29,670 ) (7 ) 6,894 1 % % % %



Corporate expenses (8,243 ) (9 ) (11,493 ) (10 ) (35,633 ) (9 ) (57,988 ) (12 )(A) % % % %

Gain on asset 80 0 % 1,217 1 % 7,591 2 % 2,263 0 %dispositions, net

Affiliate credit )loss impairment 600 0 % - 0 % (52,981 ) (13 % - 0 %expense

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

Long-lived asset ) ) ) )impairments and (6,475 ) (7 % (32,549 ) (27 % (74,109 ) (19 % (37,773 ) (8 %other

Operating loss $ (25,348 ) (28 ) $ (50,039 ) (42 ) $ (186,802 ) (47 ) $ (86,604 ) (18 ) % % % %

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

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

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

Revenues:

Vessel revenues

$

87,830

85,395

100,975

111,974

116,539

Other operating revenues

4,029

1,072

1,369

4,394

2,237

Total revenues

91,859

86,467

102,344

116,368

118,776

Costs and expenses:

Vessel operating costs

63,397

61,784

64,774

78,825

85,935

Costs of other operating revenue

342

219

171

2,673

916

General and administrative (A)

16,992

17,438

17,597

21,420

22,406

Depreciation and amortization

30,681

30,777

28,144

27,107

28,226

Long-lived asset impairments and other

6,475

1,945

55,482

10,207

32,549

Affiliate credit loss impairment expense

(600

)

-

53,581

-

-

Affiliate guarantee obligation

-

-

2,000

-

-

Gain on asset dispositions, net

(80

)

(520

)

(1,660

)

(5,331

)

(1,217

)

Total operating costs and expenses

117,207

111,643

220,089

134,901

168,815

Operating loss

(25,348

)

(25,176

)

(117,745

)

(18,533

)

(50,039

)

Other income (expense):

Foreign exchange gain (loss)

(2,880

)

(1,153

)

(2,076

)

864

(945

)

Equity in net (losses) earnings of unconsolidated companies

164

-

-

-

(2,717

)

Dividend income from unconsolidated company

-

-

17,150

-

-

Interest income and other, net

144

272

696

116

690

Interest and other debt costs, net

(5,984

)

(6,071

)

(5,959

)

(6,142

)

(6,282

)

Total other expense

(8,556

)

(6,952

)

9,811

(5,162

)

(9,254

)

Loss before income taxes

(33,904

)

(32,128

)

(107,934

)

(23,695

)

(59,293

)

Income tax (benefit) expense

(4,477

)

5,953

2,730

(5,171

)

1,281

Net loss

(29,427

)

(38,081

)

(110,664

)

(18,524

)

(60,574

)

Net income (loss) attributable to noncontrolling interests

(180

)

(154

)

(41

)

(79

)

(721

)

Net loss attributable to Tidewater Inc.

$

(29,247

)

(37,927

)

(110,623

)

(18,445

)

(59,853

)

Basic loss per common share

(0.72

)

(0.94

)

(2.74

)

(0.46

)

(1.52

)

Diluted loss per common share

(0.72

)

(0.94

)

(2.74

)

(0.46

)

(1.52

)

Weighted average common shares outstanding

40,604

40,405

40,306

40,101

39,504

Dilutive effect of stock options and restricted stock

-

-

-

-

-

Adjusted weighted average common shares

40,604

40,405

40,306

40,101

39,504

Vessel operating margin

$

24,433

$

23,611

$

36,201

$

33,149

$

30,604

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

$

291

641

446

129

2,123

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - QUARTERLY DATA

(Unaudited)

(In thousands, except per share data)

Three Months Ended

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

2020 2020 2020 2020 2019

Revenues:

Vessel $ 87,830 85,395 100,975 111,974 116,539 revenues

Otheroperating 4,029 1,072 1,369 4,394 2,237 revenues

Total revenues 91,859 86,467 102,344 116,368 118,776

Costs and expenses:

Vesseloperating 63,397 61,784 64,774 78,825 85,935 costs

Costs of otheroperating 342 219 171 2,673 916 revenue

General andadministrative 16,992 17,438 17,597 21,420 22,406 (A)

Depreciationand 30,681 30,777 28,144 27,107 28,226 amortization

Long-livedasset 6,475 1,945 55,482 10,207 32,549 impairmentsand other

Affiliatecredit loss (600 ) - 53,581 - - impairmentexpense

Affiliateguarantee - - 2,000 - - obligation

Gain on assetdispositions, (80 ) (520 ) (1,660 ) (5,331 ) (1,217 )net

Totaloperating 117,207 111,643 220,089 134,901 168,815 costs andexpenses

Operating loss (25,348 ) (25,176 ) (117,745 ) (18,533 ) (50,039 )

Other income (expense):

Foreignexchange gain (2,880 ) (1,153 ) (2,076 ) 864 (945 )(loss)

Equity in net(losses)earnings of 164 - - - (2,717 )unconsolidatedcompanies

Dividendincome from - - 17,150 - - unconsolidatedcompany

Interestincome and 144 272 696 116 690 other, net

Interest andother debt (5,984 ) (6,071 ) (5,959 ) (6,142 ) (6,282 )costs, net

Total other (8,556 ) (6,952 ) 9,811 (5,162 ) (9,254 )expense

Loss before (33,904 ) (32,128 ) (107,934 ) (23,695 ) (59,293 )income taxes

Income tax(benefit) (4,477 ) 5,953 2,730 (5,171 ) 1,281 expense

Net loss (29,427 ) (38,081 ) (110,664 ) (18,524 ) (60,574 )

Net income(loss)attributable (180 ) (154 ) (41 ) (79 ) (721 )tononcontrollinginterests

Net lossattributable $ (29,247 ) (37,927 ) (110,623 ) (18,445 ) (59,853 )to TidewaterInc.

Basic loss per (0.72 ) (0.94 ) (2.74 ) (0.46 ) (1.52 )common share

Diluted lossper common (0.72 ) (0.94 ) (2.74 ) (0.46 ) (1.52 )share

Weightedaverage common 40,604 40,405 40,306 40,101 39,504 sharesoutstanding

Dilutiveeffect ofstock options - - - - - and restrictedstock

Adjustedweighted 40,604 40,405 40,306 40,101 39,504 average commonshares

Vesseloperating $ 24,433 $ 23,611 $ 36,201 $ 33,149 $ 30,604 margin





Note (A):One-timeintegrationrelated costs $ 291 641 446 129 2,123 related to thebusinesscombinationwith GulfMark

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

December 31,

September 30,

June 30,

March 31,

December 31,

ASSETS

2020

2020

2020

2020

2019

Current assets:

Cash and cash equivalents

$

149,933

192,243

203,119

187,802

218,290

Restricted cash

2,079

26,401

19,880

12,461

5,755

Trade and other receivables, net

112,623

100,583

115,008

119,455

110,180

Due from affiliate, less allowances

62,050

65,692

65,766

128,204

125,972

Marine operating supplies

15,876

17,808

20,580

21,944

21,856

Assets held for sale

34,396

19,163

29,064

26,142

39,287

Prepaid expenses and other current assets

11,692

18,925

20,350

22,185

15,956

Total current assets

388,649

440,815

473,767

518,193

537,296

Net properties and equipment

780,318

820,876

839,912

922,979

938,961

Deferred drydocking and survey costs

56,468

63,975

74,585

81,981

66,936

Other assets

25,742

25,108

27,411

29,971

36,335

Total assets

$

1,251,177

1,350,774

$

1,415,675

$

1,553,124

$

1,579,528

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

16,981

12,953

17,111

30,711

27,501

Accrued costs and expenses

52,422

55,811

60,993

72,854

74,000

Due to affiliates

53,194

53,355

48,803

50,013

50,186

Current portion of long-term debt

27,797

9,576

9,437

9,104

9,890

Other current liabilities

32,785

31,599

25,815

26,953

24,100

Total current liabilities

183,179

163,294

162,159

189,635

185,677

Long-term debt

164,934

246,179

273,215

273,015

279,044

Other liabilities and deferred credits

79,792

87,724

90,301

91,578

98,397

Equity:

Common stock

41

40

40

40

40

Additional paid-in-capital

1,371,809

1,370,778

1,369,645

1,368,325

1,367,521

Accumulated deficit

(548,931

)

(519,684

)

(481,757

)

(371,134

)

(352,526

)

Accumulated other comprehensive income (loss)

(804

)

1,106

581

133

(236

)

Total stockholder's equity

822,115

852,240

888,509

997,364

1,014,799

Noncontrolling interests

1,157

1,337

1,491

1,532

1,611

Total equity

823,272

853,577

890,000

998,896

1,016,410

Total liabilities and equity

$

1,251,177

1,350,774

1,415,675

1,553,124

1,579,528

Supplemental information

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

Sonatide (Angola)

$

8,856

12,337

16,963

64,184

57,771

DTDW (Nigeria)

-

-

-

14,007

18,015

Total

$

8,856

12,337

16,963

78,191

75,786

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

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

ASSETS 2020 2020 2020 2020 2019



Current assets:

Cash and cash $ 149,933 192,243 203,119 187,802 218,290 equivalents

Restricted cash 2,079 26,401 19,880 12,461 5,755

Trade and otherreceivables, 112,623 100,583 115,008 119,455 110,180 net

Due fromaffiliate, less 62,050 65,692 65,766 128,204 125,972 allowances

Marineoperating 15,876 17,808 20,580 21,944 21,856 supplies

Assets held for 34,396 19,163 29,064 26,142 39,287 sale

Prepaidexpenses and 11,692 18,925 20,350 22,185 15,956 other currentassets

Total current 388,649 440,815 473,767 518,193 537,296 assets

Net properties 780,318 820,876 839,912 922,979 938,961 and equipment

Deferreddrydocking and 56,468 63,975 74,585 81,981 66,936 survey costs

Other assets 25,742 25,108 27,411 29,971 36,335

Total assets $ 1,251,177 1,350,774 $ 1,415,675 $ 1,553,124 $ 1,579,528



LIABILITIES AND EQUITY

Current liabilities:

Accounts $ 16,981 12,953 17,111 30,711 27,501 payable

Accrued costs 52,422 55,811 60,993 72,854 74,000 and expenses

Due to 53,194 53,355 48,803 50,013 50,186 affiliates

Current portionof long-term 27,797 9,576 9,437 9,104 9,890 debt

Other current 32,785 31,599 25,815 26,953 24,100 liabilities

Total current 183,179 163,294 162,159 189,635 185,677 liabilities

Long-term debt 164,934 246,179 273,215 273,015 279,044

Otherliabilities and 79,792 87,724 90,301 91,578 98,397 deferredcredits





Equity:

Common stock 41 40 40 40 40

Additional 1,371,809 1,370,778 1,369,645 1,368,325 1,367,521 paid-in-capital

Accumulated (548,931 ) (519,684 ) (481,757 ) (371,134 ) (352,526 )deficit

Accumulatedother (804 ) 1,106 581 133 (236 )comprehensiveincome (loss)

Totalstockholder's 822,115 852,240 888,509 997,364 1,014,799 equity

Noncontrolling 1,157 1,337 1,491 1,532 1,611 interests

Total equity 823,272 853,577 890,000 998,896 1,016,410

Totalliabilities and $ 1,251,177 1,350,774 1,415,675 1,553,124 1,579,528 equity



Supplemental information

Due fromrelatedparties, net of due to relatedparties:

Sonatide $ 8,856 12,337 16,963 64,184 57,771 (Angola)

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

Total $ 8,856 12,337 16,963 78,191 75,786

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

VESSEL REVENUE BY VESSEL CLASS

Americas fleet:

Deepwater

$

25,706

22,836

27,858

22,882

22,883

Towing-supply

4,603

4,119

4,455

7,243

8,639

Other

1,759

1,750

1,731

1,734

1,811

Total

32,068

28,705

34,044

31,859

33,333

Middle East/Asia Pacific fleet:

Deepwater

$

16,822

13,819

14,195

14,326

16,015

Towing-supply

8,220

9,461

9,788

10,502

10,636

Total

25,042

23,280

23,983

24,828

26,651

Europe/Mediterranean fleet:

Deepwater

$

15,621

17,578

20,476

29,163

28,652

Towing-supply

-

(13

)

-

179

528

Other

154

151

144

149

-

Total

15,775

17,716

20,620

29,491

29,180

West Africa fleet:

Deepwater

$

6,237

4,905

8,748

12,102

14,066

Towing-supply

5,202

7,711

11,029

10,521

9,981

Other

3,506

3,078

2,552

3,173

3,328

Total

$

14,945

15,694

22,329

25,796

27,375

Worldwide fleet:

Deepwater

$

64,386

59,137

71,277

78,473

81,616

Towing-supply

18,025

21,278

25,271

28,445

29,784

Other

5,419

4,980

4,427

5,056

5,139

Total

$

87,830

85,395

100,975

111,974

116,539

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2020 2020 2020 2020 2019

VESSELREVENUE BY VESSEL CLASS



Americas fleet:

Deepwater $ 25,706 22,836 27,858 22,882 22,883

Towing-supply 4,603 4,119 4,455 7,243 8,639

Other 1,759 1,750 1,731 1,734 1,811

Total 32,068 28,705 34,044 31,859 33,333

Middle East/Asia Pacific fleet:

Deepwater $ 16,822 13,819 14,195 14,326 16,015

Towing-supply 8,220 9,461 9,788 10,502 10,636

Total 25,042 23,280 23,983 24,828 26,651

Europe/Mediterranean fleet:

Deepwater $ 15,621 17,578 20,476 29,163 28,652

Towing-supply - (13 ) - 179 528

Other 154 151 144 149 -

Total 15,775 17,716 20,620 29,491 29,180

West Africa fleet:

Deepwater $ 6,237 4,905 8,748 12,102 14,066

Towing-supply 5,202 7,711 11,029 10,521 9,981

Other 3,506 3,078 2,552 3,173 3,328

Total $ 14,945 15,694 22,329 25,796 27,375

Worldwide fleet:

Deepwater $ 64,386 59,137 71,277 78,473 81,616

Towing-supply 18,025 21,278 25,271 28,445 29,784

Other 5,419 4,980 4,427 5,056 5,139

Total $ 87,830 85,395 100,975 111,974 116,539

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

AVERAGE NUMBER OF VESSELS:

Americas fleet:

Deepwater

32

32

32

32

31

Towing-supply

10

12

15

17

17

Other

3

3

3

3

4

Total

45

47

50

52

52

Stacked vessels

(15

)

(17

)

(17

)

(17

)

(15

)

Active vessels

30

30

33

35

37

Middle East/Asia Pacific fleet:

Deepwater

21

22

26

27

27

Towing-supply

22

23

26

28

28

Total

43

45

52

55

55

Stacked vessels

(3

)

(4

)

(9

)

(10

)

(10

)

Active vessels

40

41

43

45

45

Europe/Mediterranean fleet:

Deepwater

31

32

36

39

42

Towing-supply

-

-

1

2

3

Total

31

32

37

41

45

Stacked vessels

(16

)

(17

)

(17

)

(11

)

(15

)

Active vessels

15

15

20

30

30

West Africa fleet:

Deepwater

20

25

26

26

27

Towing-supply

13

17

18

19

19

Other

23

16

19

20

21

Total

56

58

63

65

67

Stacked vessels

(16

)

(31

)

(21

)

(21

)

(22

)

Active vessels

40

27

42

44

45

Worldwide fleet:

Deepwater

104

111

120

124

126

Towing-supply

45

52

60

66

68

Other

26

19

22

23

25

Total

175

182

202

213

219

Stacked vessels

(50

)

(69

)

(64

)

(60

)

(62

)

Active vessels

125

113

138

153

157

Total active

125

113

138

153

157

Total stacked

50

69

64

60

62

Total joint venture and other vessels

3

3

3

3

4

Total

178

185

205

216

223

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2020 2020 2020 2020 2019

AVERAGE NUMBER OF VESSELS:



Americas fleet:

Deepwater 32 32 32 32 31

Towing-supply 10 12 15 17 17

Other 3 3 3 3 4

Total 45 47 50 52 52

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

Active vessels 30 30 33 35 37

Middle East/Asia Pacific fleet:

Deepwater 21 22 26 27 27

Towing-supply 22 23 26 28 28

Total 43 45 52 55 55

Stacked vessels (3 ) (4 ) (9 ) (10 ) (10 )

Active vessels 40 41 43 45 45

Europe/Mediterranean fleet:

Deepwater 31 32 36 39 42

Towing-supply - - 1 2 3

Total 31 32 37 41 45

Stacked vessels (16 ) (17 ) (17 ) (11 ) (15 )

Active vessels 15 15 20 30 30

West Africa fleet:

Deepwater 20 25 26 26 27

Towing-supply 13 17 18 19 19

Other 23 16 19 20 21

Total 56 58 63 65 67

Stacked vessels (16 ) (31 ) (21 ) (21 ) (22 )

Active vessels 40 27 42 44 45

Worldwide fleet:

Deepwater 104 111 120 124 126

Towing-supply 45 52 60 66 68

Other 26 19 22 23 25

Total 175 182 202 213 219

Stacked vessels (50 ) (69 ) (64 ) (60 ) (62 )

Active vessels 125 113 138 153 157



Total active 125 113 138 153 157

Total stacked 50 69 64 60 62

Total joint venture 3 3 3 3 4 and other vessels

Total 178 185 205 216 223

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:

Deepwater

2,944

2,996

2,940

2,873

2,852

Towing-supply

898

1,098

1,329

1,547

1,580

Other

276

276

273

285

368

Total

4,118

4,370

4,542

4,705

4,800

Middle East/Asia Pacific fleet:

Deepwater

1,932

2,025

2,411

2,496

2,453

Towing-supply

2,032

2,118

2,342

2,512

2,576

Total

3,964

4,143

4,753

5,008

5,029

Europe/Mediterranean fleet:

Deepwater

2,852

2,916

3,256

3,581

3,848

Towing-supply

-

24

91

122

276

Total

2,852

2,940

3,347

3,703

4,124

West Africa fleet:

Deepwater

1,840

2,269

2,366

2,366

2,439

Towing-supply

1,196

1,588

1,654

1,729

1,779

Other

2,095

1,469

1,698

1,820

1,932

Total

5,131

5,326

5,718

5,915

6,150

Worldwide fleet:

Deepwater

9,568

10,206

10,973

11,316

11,592

Towing-supply

4,126

4,828

5,416

5,910

6,211

Other

2,371

1,745

1,971

2,105

2,300

Total

16,065

16,779

18,360

19,331

20,103

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2020 2020 2020 2020 2019

AVAILABLE DAYS - TOTAL FLEET:



Americas fleet:

Deepwater 2,944 2,996 2,940 2,873 2,852

Towing-supply 898 1,098 1,329 1,547 1,580

Other 276 276 273 285 368

Total 4,118 4,370 4,542 4,705 4,800

Middle East/Asia Pacific fleet:

Deepwater 1,932 2,025 2,411 2,496 2,453

Towing-supply 2,032 2,118 2,342 2,512 2,576

Total 3,964 4,143 4,753 5,008 5,029

Europe/Mediterranean fleet:

Deepwater 2,852 2,916 3,256 3,581 3,848

Towing-supply - 24 91 122 276

Total 2,852 2,940 3,347 3,703 4,124

West Africa fleet:

Deepwater 1,840 2,269 2,366 2,366 2,439

Towing-supply 1,196 1,588 1,654 1,729 1,779

Other 2,095 1,469 1,698 1,820 1,932

Total 5,131 5,326 5,718 5,915 6,150

Worldwide fleet:

Deepwater 9,568 10,206 10,973 11,316 11,592

Towing-supply 4,126 4,828 5,416 5,910 6,211

Other 2,371 1,745 1,971 2,105 2,300

Total 16,065 16,779 18,360 19,331 20,103

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:

Deepwater

1,105

1,134

863

873

656

Towing-supply

189

362

601

593

568

Other

92

92

91

103

184

Total

1,386

1,588

1,555

1,569

1,408

Middle East/Asia Pacific fleet:

Deepwater

92

185

500

546

552

Towing-supply

177

186

310

396

399

Total

269

371

810

942

951

Europe/Mediterranean fleet:

Deepwater

1,448

1,522

1,422

1,004

1,196

Towing-supply

-

24

91

0

153

Total

1,448

1,546

1,513

1,004

1,349

West Africa fleet:

Deepwater

1,288

1,809

919

819

766

Towing-supply

644

882

563

469

583

Other

417

181

446

637

643

Total

2,349

2,872

1,928

1,925

1,992

Worldwide fleet:

Deepwater

3,933

4,650

3,704

3,242

3,170

Towing-supply

1,010

1,454

1,565

1,458

1,703

Other

509

273

537

740

827

Total

5,452

6,377

5,806

5,440

5,700

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2020 2020 2020 2020 2019

OUT-OF-SERVICE - STACKED DAYS:



Americas fleet:

Deepwater 1,105 1,134 863 873 656

Towing-supply 189 362 601 593 568

Other 92 92 91 103 184

Total 1,386 1,588 1,555 1,569 1,408

Middle East/Asia Pacific fleet:

Deepwater 92 185 500 546 552

Towing-supply 177 186 310 396 399

Total 269 371 810 942 951

Europe/Mediterranean fleet:

Deepwater 1,448 1,522 1,422 1,004 1,196

Towing-supply - 24 91 0 153

Total 1,448 1,546 1,513 1,004 1,349

West Africa fleet:

Deepwater 1,288 1,809 919 819 766

Towing-supply 644 882 563 469 583

Other 417 181 446 637 643

Total 2,349 2,872 1,928 1,925 1,992

Worldwide fleet:

Deepwater 3,933 4,650 3,704 3,242 3,170

Towing-supply 1,010 1,454 1,565 1,458 1,703

Other 509 273 537 740 827

Total 5,452 6,377 5,806 5,440 5,700

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:

Deepwater

1,839

1,862

2,077

2,000

2,196

Towing-supply

709

736

728

954

1,012

Other

184

184

182

182

184

Total

2,732

2,782

2,987

3,136

3,392

Middle East/Asia Pacific fleet:

Deepwater

1,840

1,840

1,911

1,950

1,901

Towing-supply

1,855

1,932

2,032

2,116

2,177

Total

3,695

3,772

3,943

4,066

4,078

Europe/Mediterranean fleet:

Deepwater

1,404

1,394

1,834

2,577

2,652

Towing-supply

-

-

-

122

123

Total

1,404

1,394

1,834

2,699

2,775

West Africa fleet:

Deepwater

552

460

1,447

1,547

1,673

Towing-supply

552

706

1,091

1,260

1,196

Other

1,678

1,288

1,252

1,183

1,289

Total

2,782

2,454

3,790

3,990

4,158

Worldwide fleet:

Deepwater

5,635

5,556

7,269

8,074

8,422

Towing-supply

3,116

3,374

3,851

4,452

4,508

Other

1,862

1,472

1,434

1,365

1,473

Total

10,613

10,402

12,554

13,891

14,403

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2020 2020 2020 2020 2019

AVAILABLE DAYS - ACTIVE FLEET:



Americas fleet:

Deepwater 1,839 1,862 2,077 2,000 2,196

Towing-supply 709 736 728 954 1,012

Other 184 184 182 182 184

Total 2,732 2,782 2,987 3,136 3,392

Middle East/Asia Pacific fleet:

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

Towing-supply 1,855 1,932 2,032 2,116 2,177

Total 3,695 3,772 3,943 4,066 4,078

Europe/Mediterranean fleet:

Deepwater 1,404 1,394 1,834 2,577 2,652

Towing-supply - - - 122 123

Total 1,404 1,394 1,834 2,699 2,775

West Africa fleet:

Deepwater 552 460 1,447 1,547 1,673

Towing-supply 552 706 1,091 1,260 1,196

Other 1,678 1,288 1,252 1,183 1,289

Total 2,782 2,454 3,790 3,990 4,158

Worldwide fleet:

Deepwater 5,635 5,556 7,269 8,074 8,422

Towing-supply 3,116 3,374 3,851 4,452 4,508

Other 1,862 1,472 1,434 1,365 1,473

Total 10,613 10,402 12,554 13,891 14,403

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

UTILIZATION - TOTAL FLEET:

Americas fleet:

Deepwater

53.2

%

51.7

%

64.3

%

57.7

%

61.7

%

Towing-supply

67.7

50.0

43.5

54.9

58.6

Other

66.7

66.7

65.2

63.1

50.0

Total

57.2

%

52.2

%

58.3

%

57.1

%

59.8

%

Middle East/Asia Pacific fleet:

Deepwater

78.2

%

67.4

%

57.9

%

56.8

%

66.7

%

Towing-supply

62.5

72.3

68.2

69.2

70.0

Total

70.2

%

69.9

%

63.0

%

63.0

%

68.4

%

Europe/Mediterranean fleet:

Deepwater

44.7

%

45.5

%

49.9

%

64.2

%

60.0

%

Towing-supply

-

-

-

46.7

31.6

Total

44.7

%

45.1

%

48.6

%

63.6

%

58.1

%

West Africa fleet:

Deepwater

27.2

%

17.5

%

31.1

%

41.5

%

46.9

%

Towing-supply

30.8

28.4

41.3

45.5

43.8

Other

42.3

53.1

39.2

51.5

56.6

Total

34.2

%

30.6

%

36.5

%

45.7

%

49.1

%

Worldwide fleet:

Deepwater

50.7

%

45.4

%

51.5

%

56.2

%

59.1

%

Towing-supply

54.4

52.4

52.8

58.0

57.9

Other

45.2

55.3

42.8

53.1

55.6

Total

50.9

%

48.5

%

50.9

%

56.4

%

58.3

%

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2020 2020 2020 2020 2019

UTILIZATION - TOTAL FLEET:



Americas fleet:

Deepwater 53.2 % 51.7 % 64.3 % 57.7 % 61.7 %

Towing-supply 67.7 50.0 43.5 54.9 58.6

Other 66.7 66.7 65.2 63.1 50.0

Total 57.2 % 52.2 % 58.3 % 57.1 % 59.8 %

Middle East/Asia Pacific fleet:

Deepwater 78.2 % 67.4 % 57.9 % 56.8 % 66.7 %

Towing-supply 62.5 72.3 68.2 69.2 70.0

Total 70.2 % 69.9 % 63.0 % 63.0 % 68.4 %

Europe/Mediterranean fleet:

Deepwater 44.7 % 45.5 % 49.9 % 64.2 % 60.0 %

Towing-supply - - - 46.7 31.6

Total 44.7 % 45.1 % 48.6 % 63.6 % 58.1 %

West Africa fleet:

Deepwater 27.2 % 17.5 % 31.1 % 41.5 % 46.9 %

Towing-supply 30.8 28.4 41.3 45.5 43.8

Other 42.3 53.1 39.2 51.5 56.6

Total 34.2 % 30.6 % 36.5 % 45.7 % 49.1 %

Worldwide fleet:

Deepwater 50.7 % 45.4 % 51.5 % 56.2 % 59.1 %

Towing-supply 54.4 52.4 52.8 58.0 57.9

Other 45.2 55.3 42.8 53.1 55.6

Total 50.9 % 48.5 % 50.9 % 56.4 % 58.3 %

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

UTILIZATION - ACTIVE FLEET:

Americas fleet:

Deepwater

85.1

%

83.2

%

91.0

%

72.8

%

80.1

%

Towing-supply

85.7

74.6

79.4

89.0

91.4

Other

100.0

100.0

97.8

98.8

100.0

Total

86.3

%

82.0

%

88.6

%

85.7

%

84.6

%

Middle East/Asia Pacific fleet:

Deepwater

82.1

%

74.2

%

73.1

%

72.8

%

86.1

%

Towing-supply

68.5

79.2

78.6

82.2

82.9

Total

75.3

%

76.8

%

75.9

%

77.7

%

84.4

%

Europe/Mediterranean fleet:

Deepwater

90.9

%

95.1

%

88.6

%

89.2

%

87.1

%

Towing-supply

-

-

-

46.7

70.9

Total

90.9

%

95.1

%

88.6

%

87.3

%

86.4

%

West Africa fleet:

Deepwater

90.8

%

86.2

%

50.9

%

63.4

%

68.3

%

Towing-supply

66.7

63.8

62.6

62.4

65.1

Other

52.9

60.6

53.2

79.2

84.9

Total

63.1

%

66.3

%

55.0

%

67.8

%

72.5

%

Worldwide fleet:

Deepwater

86.1

%

83.4

%

77.7

%

78.8

%

81.3

%

Towing-supply

72.1

75.0

74.2

77.0

79.8

Other

57.5

65.5

58.9

81.9

86.8

Total

77.0

%

78.2

%

74.5

%

78.5

%

81.4

%

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2020 2020 2020 2020 2019

UTILIZATION - ACTIVE FLEET:



Americas fleet:

Deepwater 85.1 % 83.2 % 91.0 % 72.8 % 80.1 %

Towing-supply 85.7 74.6 79.4 89.0 91.4

Other 100.0 100.0 97.8 98.8 100.0

Total 86.3 % 82.0 % 88.6 % 85.7 % 84.6 %

Middle East/Asia Pacific fleet:

Deepwater 82.1 % 74.2 % 73.1 % 72.8 % 86.1 %

Towing-supply 68.5 79.2 78.6 82.2 82.9

Total 75.3 % 76.8 % 75.9 % 77.7 % 84.4 %

Europe/Mediterranean fleet:

Deepwater 90.9 % 95.1 % 88.6 % 89.2 % 87.1 %

Towing-supply - - - 46.7 70.9

Total 90.9 % 95.1 % 88.6 % 87.3 % 86.4 %

West Africa fleet:

Deepwater 90.8 % 86.2 % 50.9 % 63.4 % 68.3 %

Towing-supply 66.7 63.8 62.6 62.4 65.1

Other 52.9 60.6 53.2 79.2 84.9

Total 63.1 % 66.3 % 55.0 % 67.8 % 72.5 %

Worldwide fleet:

Deepwater 86.1 % 83.4 % 77.7 % 78.8 % 81.3 %

Towing-supply 72.1 75.0 74.2 77.0 79.8

Other 57.5 65.5 58.9 81.9 86.8

Total 77.0 % 78.2 % 74.5 % 78.5 % 81.4 %

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

AVERAGE VESSEL DAY RATES: (A)

Americas fleet:

Deepwater

$

16,416

14,743

14,738

13,793

13,001

Towing-supply

7,576

7,506

7,707

8,532

9,337

Other

9,559

9,514

9,723

9,638

9,838

Total

$

13,602

12,581

12,865

11,854

11,617

Middle East/Asia Pacific fleet:

Deepwater

$

11,129

10,127

10,161

10,097

9,784

Towing-supply

6,471

6,180

6,128

6,041

5,897

Total

$

9,002

8,040

8,009

7,863

7,746

Europe/Mediterranean fleet:

Deepwater

$

12,368

13,257

12,600

12,682

12,336

Towing-supply

-

-

-

3,138

6,055

Total

$

12,368

13,361

12,689

12,514

12,171

West Africa fleet:

Deepwater

$

12,449

12,365

11,891

12,337

12,304

Towing-supply

14,136

17,122

16,158

13,389

12,810

Other

3,952

3,944

3,829

3,384

3,041

Total

$

8,510

9,643

10,711

9,539

9,075

Worldwide fleet:

Deepwater

$

13,265

12,756

12,620

12,342

11,892

Towing-supply

8,026

8,411

8,843

8,292

8,284

Other

5,059

5,163

5,243

4,524

4,137

Total

$

10,749

10,503

10,799

10,267

9,940

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

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2020 2020 2020 2020 2019

AVERAGE VESSEL DAY RATES: (A)



Americas fleet:

Deepwater $ 16,416 14,743 14,738 13,793 13,001

Towing-supply 7,576 7,506 7,707 8,532 9,337

Other 9,559 9,514 9,723 9,638 9,838

Total $ 13,602 12,581 12,865 11,854 11,617

Middle East/Asia Pacific fleet:

Deepwater $ 11,129 10,127 10,161 10,097 9,784

Towing-supply 6,471 6,180 6,128 6,041 5,897

Total $ 9,002 8,040 8,009 7,863 7,746

Europe/Mediterranean fleet:

Deepwater $ 12,368 13,257 12,600 12,682 12,336

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

Total $ 12,368 13,361 12,689 12,514 12,171

West Africa fleet:

Deepwater $ 12,449 12,365 11,891 12,337 12,304

Towing-supply 14,136 17,122 16,158 13,389 12,810

Other 3,952 3,944 3,829 3,384 3,041

Total $ 8,510 9,643 10,711 9,539 9,075

Worldwide fleet:

Deepwater $ 13,265 12,756 12,620 12,342 11,892

Towing-supply 8,026 8,411 8,843 8,292 8,284

Other 5,059 5,163 5,243 4,524 4,137

Total $ 10,749 10,503 10,799 10,267 9,940

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

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

Americas

Vessel revenues

$

32,068

28,705

34,044

31,859

33,333

Vessel operating costs:

Crew costs

$

12,795

11,711

13,138

14,186

15,307

Repair and maintenance

2,065

1,259

1,703

2,171

3,067

Insurance

402

426

427

417

299

Fuel, lube and supplies

1,822

1,754

1,373

2,615

1,853

Other

2,306

2,486

1,956

2,673

4,082

Total vessel operating costs

$

19,390

17,636

18,597

22,062

24,608

Vessel operating margin ($)

$

12,678

11,069

15,447

9,797

8,726

Vessel operating margin (%)

39.5

%

38.6

%

45.4

%

30.8

%

26.2

%

Americas - Select operating statistics

Average vessels - Total fleet

45

47

50

52

52

Utilization - Total fleet

57.2

%

52.2

%

58.3

%

57.1

%

59.8

%

Average vessels - Active fleet

30

30

33

35

37

Utilization - Active fleet

86.3

%

82.0

%

88.6

%

85.7

%

84.6

%

Average day rates

$

13,602

12,581

12,865

11,854

11,617

Vessels commencing drydocks

1

-

5

5

1

Deferred drydocking and survey costs - beginning balance

$

17,774

20,024

21,599

18,561

15,678

Cash paid for deferred drydocking and survey costs

1,015

1,086

1,819

5,912

5,381

Amortization of deferred drydocking and survey costs

(3,349

)

(3,336

)

(3,394

)

(2,874

)

(2,498

)

Disposals, intersegment transfers and other

-

-

-

-

-

Deferred drydocking and survey costs - ending balance

$

15,440

17,774

20,024

21,599

18,561

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2020 2020 2020 2020 2019



Americas

Vessel $ 32,068 28,705 34,044 31,859 33,333 revenues



Vesseloperating costs:

Crew costs $ 12,795 11,711 13,138 14,186 15,307

Repair and 2,065 1,259 1,703 2,171 3,067 maintenance

Insurance 402 426 427 417 299

Fuel, lube 1,822 1,754 1,373 2,615 1,853 and supplies

Other 2,306 2,486 1,956 2,673 4,082

Total vesseloperating $ 19,390 17,636 18,597 22,062 24,608 costs



Vesseloperating $ 12,678 11,069 15,447 9,797 8,726 margin ($)

Vesseloperating 39.5 % 38.6 % 45.4 % 30.8 % 26.2 %margin (%)



Americas -Select operatingstatistics

Averagevessels - 45 47 50 52 52 Total fleet

Utilization - 57.2 % 52.2 % 58.3 % 57.1 % 59.8 %Total fleet



Averagevessels - 30 30 33 35 37 Active fleet

Utilization - 86.3 % 82.0 % 88.6 % 85.7 % 84.6 %Active fleet



Average day $ 13,602 12,581 12,865 11,854 11,617 rates



Vesselscommencing 1 - 5 5 1 drydocks





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

Cash paid fordeferreddrydocking 1,015 1,086 1,819 5,912 5,381 and surveycosts

Amortizationof deferreddrydocking (3,349 ) (3,336 ) (3,394 ) (2,874 ) (2,498 )and surveycosts

Disposals,intersegment - - - - - transfers andother

Deferreddrydockingand survey $ 15,440 17,774 20,024 21,599 18,561 costs -endingbalance

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

Middle East/Asia Pacific

Vessel revenues

$

25,042

23,280

23,983

24,828

26,651

Vessel operating costs:

Crew costs

$

9,982

10,468

8,726

10,085

10,308

Repair and maintenance

2,899

2,385

2,196

2,586

3,838

Insurance

452

562

739

591

790

Fuel, lube and supplies

1,924

1,783

1,405

2,665

1,937

Other

3,532

2,057

2,412

1,696

2,864

Total vessel operating costs

$

18,789

17,255

15,478

17,623

19,737

Vessel operating margin ($)

$

6,253

6,025

8,505

7,205

6,913

Vessel operating margin (%)

25.0

%

25.9

%

35.5

%

29.0

%

25.9

%

Middle East/Asia Pacific - Select operating statistics

Average vessels - Total fleet

43

45

52

55

55

Utilization - Total fleet

70.2

%

69.9

%

63.0

%

63.0

%

68.4

%

Average vessels - Active fleet

40

41

43

45

44

Utilization - Active fleet

75.3

%

76.8

%

75.9

%

77.7

%

84.4

%

Average day rates

$

9,002

8,040

8,009

7,863

7,746

Vessels commencing drydocks

3

-

-

5

3

Deferred drydocking and survey costs - beginning balance

$

18,666

21,116

23,139

16,513

12,572

Cash paid for deferred drydocking and survey costs

1,447

386

850

8,897

6,072

Amortization of deferred drydocking and survey costs

(3,082

)

(3,036

)

(2,589

)

(2,271

)

(2,131

)

Disposals, intersegment transfers and other

-

200

(284

)

-

-

Deferred drydocking and survey costs - ending balance

17,031

18,666

21,116

23,139

16,513

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2020 2020 2020 2020 2019



Middle East/ Asia Pacific

Vessel $ 25,042 23,280 23,983 24,828 26,651 revenues



Vesseloperating costs:

Crew costs $ 9,982 10,468 8,726 10,085 10,308

Repair and 2,899 2,385 2,196 2,586 3,838 maintenance

Insurance 452 562 739 591 790

Fuel, lube 1,924 1,783 1,405 2,665 1,937 and supplies

Other 3,532 2,057 2,412 1,696 2,864

Total vesseloperating $ 18,789 17,255 15,478 17,623 19,737 costs



Vesseloperating $ 6,253 6,025 8,505 7,205 6,913 margin ($)

Vesseloperating 25.0 % 25.9 % 35.5 % 29.0 % 25.9 %margin (%)



Middle East/Asia Pacific- Select operatingstatistics

Averagevessels - 43 45 52 55 55 Total fleet

Utilization - 70.2 % 69.9 % 63.0 % 63.0 % 68.4 %Total fleet



Averagevessels - 40 41 43 45 44 Active fleet

Utilization - 75.3 % 76.8 % 75.9 % 77.7 % 84.4 %Active fleet



Average day $ 9,002 8,040 8,009 7,863 7,746 rates



Vesselscommencing 3 - - 5 3 drydocks





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

Cash paid fordeferreddrydocking 1,447 386 850 8,897 6,072 and surveycosts

Amortizationof deferreddrydocking (3,082 ) (3,036 ) (2,589 ) (2,271 ) (2,131 )and surveycosts

Disposals,intersegment - 200 (284 ) - - transfers andother

Deferreddrydockingand survey 17,031 18,666 21,116 23,139 16,513 costs -endingbalance

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

Europe/Mediterranean

Vessel revenues

$

15,775

17,716

20,620

29,491

29,180

Vessel operating costs:

Crew costs

$

8,179

7,952

9,707

11,696

11,984

Repair and maintenance

1,133

869

1,278

3,141

3,617

Insurance

297

448

420

431

367

Fuel, lube and supplies

710

592

924

1,098

1,808

Other

1,214

1,274

1,547

2,522

2,098

Total vessel operating costs

$

11,533

11,135

13,876

18,888

19,874

Vessel operating margin ($)

$

4,243

6,581

6,744

10,603

9,306

Vessel operating margin (%)

26.9

%

37.1

%

32.7

%

36.0

%

31.9

%

Europe/Mediterranean - Select operating statistics

Average vessels - Total fleet

31

32

37

41

45

Utilization - Total fleet

44.7

%

45.1

%

48.6

%

63.6

%

58.1

%

Average vessels - Active fleet

15

15

20

30

30

Utilization - Active fleet

90.9

%

95.1

%

88.6

%

87.3

%

86.4

%

Average day rates

$

12,368

13,361

12,689

12,514

12,171

Vessels commencing drydocks

4

-

-

2

3

Deferred drydocking and survey costs - beginning balance

$

7,147

9,143

10,387

9,406

7,379

Cash paid for deferred drydocking and survey costs

1,710

(361

)

517

2,591

3,378

Amortization of deferred drydocking and survey costs

(1,540

)

(1,635

)

(1,710

)

(1,610

)

(1,335

)

Disposals, intersegment transfers and other

-

-

(51

)

-

(16

)

Deferred drydocking and survey costs - ending balance

$

7,317

7,147

9,143

10,387

9,406

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2020 2020 2020 2020 2019



Europe/ Mediterranean

Vessel $ 15,775 17,716 20,620 29,491 29,180 revenues



Vesseloperating costs:

Crew costs $ 8,179 7,952 9,707 11,696 11,984

Repair and 1,133 869 1,278 3,141 3,617 maintenance

Insurance 297 448 420 431 367

Fuel, lube 710 592 924 1,098 1,808 and supplies

Other 1,214 1,274 1,547 2,522 2,098

Total vesseloperating $ 11,533 11,135 13,876 18,888 19,874 costs



Vesseloperating $ 4,243 6,581 6,744 10,603 9,306 margin ($)

Vesseloperating 26.9 % 37.1 % 32.7 % 36.0 % 31.9 %margin (%)



Europe/Mediterranean- Select operatingstatistics

Averagevessels - 31 32 37 41 45 Total fleet

Utilization - 44.7 % 45.1 % 48.6 % 63.6 % 58.1 %Total fleet



Averagevessels - 15 15 20 30 30 Active fleet

Utilization - 90.9 % 95.1 % 88.6 % 87.3 % 86.4 %Active fleet



Average day $ 12,368 13,361 12,689 12,514 12,171 rates



Vesselscommencing 4 - - 2 3 drydocks





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

Cash paid fordeferreddrydocking 1,710 (361 ) 517 2,591 3,378 and surveycosts

Amortizationof deferreddrydocking (1,540 ) (1,635 ) (1,710 ) (1,610 ) (1,335 )and surveycosts

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

Deferreddrydockingand survey $ 7,317 7,147 9,143 10,387 9,406 costs -endingbalance

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

West Africa

Vessel revenues

$

14,945

15,694

22,328

25,796

27,375

Vessel operating costs:

Crew costs

$

5,804

6,555

7,120

8,520

8,472

Repair and maintenance

1,930

1,419

1,479

2,700

4,659

Insurance

296

517

424

346

(282

)

Fuel, lube and supplies

1,765

2,628

2,681

3,374

4,184

Other

3,890

4,639

5,119

5,312

4,682

Total vessel operating costs

$

13,685

15,758

16,823

20,252

21,715

Vessel operating margin ($)

$

1,260

(64

)

5,505

5,544

5,660

Vessel operating margin (%)

8.4

%

(0.4

)%

24.7

%

21.5

%

20.7

%

West Africa - Select operating statistics

Average vessels - Total fleet

56

58

63

65

67

Utilization - Total fleet

34.2

%

30.6

%

36.5

%

45.7

%

49.1

%

Average vessels - Active fleet

40

27

42

44

45

Utilization - Active fleet

63.1

%

66.3

%

55.0

%

67.8

%

72.5

%

Average day rates

$

8,510

9,643

10,711

9,539

9,075

Vessels commencing drydocks

-

-

-

3

1

Deferred drydocking and survey costs - beginning balance

$

20,388

24,301

26,856

22,456

13,397

Cash paid for deferred drydocking and survey costs

(400

)

(576

)

911

7,467

11,905

Amortization of deferred drydocking and survey costs

(3,294

)

(3,426

)

(3,466

)

(3,067

)

(2,846

)

Disposals, intersegment transfers and other

(14

)

89

-

-

-

Deferred drydocking and survey costs - ending balance

$

16,680

20,388

24,301

26,856

22,456

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2020 2020 2020 2020 2019



West Africa

Vessel $ 14,945 15,694 22,328 25,796 27,375 revenues



Vesseloperating costs:

Crew costs $ 5,804 6,555 7,120 8,520 8,472

Repair and 1,930 1,419 1,479 2,700 4,659 maintenance

Insurance 296 517 424 346 (282 )

Fuel, lube 1,765 2,628 2,681 3,374 4,184 and supplies

Other 3,890 4,639 5,119 5,312 4,682

Total vesseloperating $ 13,685 15,758 16,823 20,252 21,715 costs



Vesseloperating $ 1,260 (64 ) 5,505 5,544 5,660 margin ($)

Vessel )operating 8.4 % (0.4 % 24.7 % 21.5 % 20.7 %margin (%)



West Africa -Select operatingstatistics

Averagevessels - 56 58 63 65 67 Total fleet

Utilization - 34.2 % 30.6 % 36.5 % 45.7 % 49.1 %Total fleet



Averagevessels - 40 27 42 44 45 Active fleet

Utilization - 63.1 % 66.3 % 55.0 % 67.8 % 72.5 %Active fleet



Average day $ 8,510 9,643 10,711 9,539 9,075 rates



Vesselscommencing - - - 3 1 drydocks





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

Cash paid fordeferreddrydocking (400 ) (576 ) 911 7,467 11,905 and surveycosts

Amortizationof deferreddrydocking (3,294 ) (3,426 ) (3,466 ) (3,067 ) (2,846 )and surveycosts

Disposals,intersegment (14 ) 89 - - - transfers andother

Deferreddrydockingand survey $ 16,680 20,388 24,301 26,856 22,456 costs -endingbalance

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

Worldwide

Vessel revenues

$

87,830

85,395

100,975

111,974

116,539

Vessel operating costs:

Crew costs

$

36,760

36,686

38,691

44,487

46,071

Repair and maintenance

8,027

5,932

6,656

10,598

15,181

Insurance

1,447

1,953

2,010

1,785

1,174

Fuel, lube and supplies

6,221

6,757

6,383

9,752

9,782

Other

10,942

10,456

11,034

12,203

13,726

Total vessel operating costs

$

63,397

61,784

64,774

78,825

85,934

Vessel operating margin ($)

$

24,434

23,611

36,201

33,149

30,604

Vessel operating margin (%)

27.8

%

27.6

%

35.9

%

29.6

%

26.3

%

Worldwide - Select operating statistics

Average vessels - Total fleet

175

182

202

213

219

Utilization - Total fleet

50.9

%

48.5

%

50.9

%

56.4

%

58.3

%

Average vessels - Active fleet

125

113

138

153

157

Utilization - Active fleet

77.0

%

78.2

%

74.5

%

78.5

%

81.4

%

Average day rates

$

10,749

10,503

10,799

10,267

9,940

Vessels commencing drydocks

8

-

5

15

8

Deferred drydocking and survey costs - beginning balance

$

63,975

74,584

81,981

66,936

49,026

Cash paid for deferred drydocking and survey costs

3,772

535

4,097

24,867

26,736

Amortization of deferred drydocking and survey costs

(11,265

)

(11,433

)

(11,159

)

(9,822

)

(8,810

)

Disposals, intersegment transfers and other

(14

)

289

(335

)

-

(16

)

Deferred drydocking and survey costs - ending balance

$

56,468

63,975

74,584

81,981

66,936

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2020 2020 2020 2020 2019



Worldwide

Vessel $ 87,830 85,395 100,975 111,974 116,539 revenues



Vesseloperating costs:

Crew costs $ 36,760 36,686 38,691 44,487 46,071

Repair and 8,027 5,932 6,656 10,598 15,181 maintenance

Insurance 1,447 1,953 2,010 1,785 1,174

Fuel, lube 6,221 6,757 6,383 9,752 9,782 and supplies

Other 10,942 10,456 11,034 12,203 13,726

Total vesseloperating $ 63,397 61,784 64,774 78,825 85,934 costs



Vesseloperating $ 24,434 23,611 36,201 33,149 30,604 margin ($)

Vesseloperating 27.8 % 27.6 % 35.9 % 29.6 % 26.3 %margin (%)



Worldwide -Select operatingstatistics

Averagevessels - 175 182 202 213 219 Total fleet

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



Averagevessels - 125 113 138 153 157 Active fleet

Utilization- Active 77.0 % 78.2 % 74.5 % 78.5 % 81.4 %fleet



Average day $ 10,749 10,503 10,799 10,267 9,940 rates



Vesselscommencing 8 - 5 15 8 drydocks





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

Cash paidfor deferreddrydocking 3,772 535 4,097 24,867 26,736 and surveycosts

Amortizationof deferreddrydocking (11,265 ) (11,433 ) (11,159 ) (9,822 ) (8,810 )and surveycosts

Disposals,intersegment (14 ) 289 (335 ) - (16 )transfersand other

Deferreddrydockingand survey $ 56,468 63,975 74,584 81,981 66,936 costs -endingbalance

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

Net loss

$

(29,427

)

(38,081

)

(110,664

)

(18,524

)

(60,574

)

Interest and other debt costs

5,984

6,071

5,959

6,142

6,282

Income tax (benefit) expense

(4,477

)

5,953

2,730

(5,171

)

1,281

Depreciation

19,416

19,343

16,986

17,285

19,416

Amortization of deferred drydock and survey costs

11,265

11,434

11,158

9,822

8,810

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

$

2,761

4,720

(73,831

)

9,554

(24,785

)

Long-lived asset impairments and other

6,475

1,945

55,482

10,207

32,549

Affiliate credit loss impairment expense

(600

)

-

53,581

Affiliate guarantee obligation

-

-

2,000

-

-

One-time integration related costs

291

641

446

129

2,123

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

$

8,927

7,306

37,678

19,890

9,887

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2020 2020 2020 2020 2019

Net loss $ (29,427 ) (38,081 ) (110,664 ) (18,524 ) (60,574 )



Interest andother debt 5,984 6,071 5,959 6,142 6,282 costs

Income tax(benefit) (4,477 ) 5,953 2,730 (5,171 ) 1,281 expense

Depreciation 19,416 19,343 16,986 17,285 19,416

Amortizationof deferred 11,265 11,434 11,158 9,822 8,810 drydock andsurvey costs

EBITDA (A), $ 2,761 4,720 (73,831 ) 9,554 (24,785 )(B), (C)



Long-livedasset 6,475 1,945 55,482 10,207 32,549 impairmentsand other

Affiliatecredit loss (600 ) - 53,581 impairmentexpense

Affiliateguarantee - - 2,000 - - obligation

One-timeintegration 291 641 446 129 2,123 relatedcosts

AdjustedEBITDA (A), $ 8,927 7,306 37,678 19,890 9,887 (B), (C)

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 December 31, 2020, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,158, $1,223, $1,401, $1,335, and $2,972, respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended December 31, 2020, and for each of the prior four quarters includes foreign exchange gains (losses) of $(2,880), $(1,153), $(2,076), $864, and $(945), 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.

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 December 31,2020, and for each of the prior four quarters includes non-cash, stock-basedcompensation expense of $1,158, $1,223, $1,401, $1,335, and $2,972,respectively.



Note (C): EBITDA and Adjusted EBITDA for the three months ended December 31,2020, and for each of the prior four quarters includes foreign exchange gains(losses) of $(2,880), $(1,153), $(2,076), $864, and $(945), 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

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

2020 2020 2020 2020 2019

Net cashprovided by(used in) $ 2,180 14,629 14,702 (27,525 ) 5,281 operatingactivities(A)



Cashinterest 5,066 5,435 5,292 5,442 8,205 expense

Interestincome and (144 ) (272 ) (696 ) (116 ) (690 )other

Additionsto property (10,218 ) (607 ) (1,626 ) (2,449 ) (4,067 )andequipment

Expansion 5,300 - - - - capital

Free cashflow beforeproceeds 2,184 19,185 17,672 (24,648 ) 8,729 from assetsales



Proceedsfrom asset 6,798 10,592 11,454 9,452 3,755 sales



Free cash $ 8,982 29,777 29,126 (15,196 ) 12,484 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, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.

Free cash flow is a non-GAAP investment performance indicator which we believeprovides useful information regarding the net cash generated by the Companybefore any payments to capital providers. Free cash flow is determined from netcash provided by (used in) operating activities adjusted for capitalexpenditures, excluding expansion capital, proceeds from asset sales, cashinterest expense and interest income. Free cash flow is not defined by U.S.GAAP and is not a substitute for net cash provided by operating activities.

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

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

Cash provided by (used in) changes in assets and liabilities, excluding drydock payments

$

(4,915

)

18,858

(10,373

)

(18,127

)

32,826

Cash paid for deferred drydock and survey costs

(3,772

)

(535

)

(4,097

)

(24,867

)

(26,736

)

Total sources (uses) of cash for changes in assets and liabilities

$

(8,687

)

18,323

(14,470

)

(42,994

)

6,090

View source version on businesswire.com: https://www.businesswire.com/news/home/20210304006132/en/

CONTACT: Tidewater Inc. Jason Stanley Vice President, ESG and Investor Relations +1.713.470.5300