Business Wire | May 6, 2021 04:16PM EDT

Tidewater Reports Results for the Three Months Ending March 31, 2021

May 06, 2021

HOUSTON--(BUSINESS WIRE)--May 06, 2021--Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ending March 31, 2021 of $83.5 million compared with $116.4 million for the three months ending March 31, 2020. Tidewater's net losses for the three months ending March 31, 2021, were $35.3 million ($0.87 per common share) compared with $18.4 million ($0.46 per common share) for the three months ending March 31, 2020. Included in the net losses for the three months ending March 31, 2021 were severance expenses totaling $0.1 million; excluding these costs, we would have reported a net loss for the three months ending March 31, 2021 of $35.2 million ($0.86 per common share). Included in the net losses for the three months ending March 31, 2020 were $10.3 million in long-lived asset impairments and one-time severance expenses; excluding these costs, net losses for the three months ending March 31, 2020 were $8.1 million (or $0.20 per common share).

Quintin Kneen, Tidewater's President and Chief Executive Officer, commented, "I am pleased to report that we once again generated free cash flow for the latest quarter. In the first quarter of 2021, we generated $19.2 million of free cash flow and for the trailing twelve months, which were the most difficult twelve months the company has ever seen, we generated $87.1 million of free cash flow.

"Since late 2018, we have dedicated ourselves to building an offshore vessel company that is able to generate positive free cash flow throughout the business cycle by optimizing the earnings potential of the fleet, being the lowest cost operator and by adroitly managing drydocks and capital investments. The shore base infrastructure we have built is highly scalable and the operations have a substantial degree of operating leverage. I look forward to the acceleration in cash generation that will result from combined benefit of higher day rates as we enter a more balanced supply and demand environment and the lower per unit administrative cost of our scalable shore based infrastructure as more vessels are put to work.

"Compared to the first quarter of last year, revenue was down 28%, which is in line with the expectations we set out on the first quarter call last year after the pandemic broke. Operating costs were down 23%. Pandemic-driven inefficiencies kept operating expenses a bit higher than they otherwise would have been. General and administrative costs are down 25% since the first quarter of 2020. We have demonstrated again that we can swiftly and seamlessly adjust the scale of our operations to meet market demand.

"Our ongoing fleet development program includes the sale or recycling of vessels that are deemed uneconomic or that otherwise do not meet our future strategic goals, and during the first quarter we disposed of six vessels for $11.0 million.

"During the quarter, we reduced outstanding debt by $26.4 million and decreased our net debt position by $14.4 million. We ended the quarter with $143.4 million of cash on hand. We repurchased $11.8 million of the 2022 bonds at 100.5% of par during the first quarter.

"As highlighted in our recently issued inaugural sustainability report, which I encourage you to read, although 2020 posed many unique challenges, nothing caused us to waver from our environmental, social and governance (ESG) standards. While the report covers a great deal of what we have and continue to strive to achieve, I want to underscore that maintaining a safe working environment for our employees is a cornerstone of the Tidewater culture. During calendar year 2020, our employees clocked in more than 17 million hours and we had no lost time incidents. This is a tremendous achievement and I want to thank all of our employees for their dedication to creating a safe working environment."

In addition to the number of outstanding shares, as of March 31, 2021, the company also has the following in-the-money warrants.

Common shares outstanding 40,731,777

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 42,204,555

Tidewater will hold a conference call to discuss results for the three months ending March 31, 2021 on May 7, 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 May 7, 2021 and will continue until 11:59 p.m. Central Time on June 7, 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 one of the largest fleets of offshore support vessels in the industry, with more than 65 years of experience supporting offshore energy exploration, production, and generation 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

March 31, March 31,

2021 2020

Revenues:

Vessel revenues $ 80,993 $ 111,974

Other operating revenues 2,511 4,394

Total revenues 83,504 116,368

Costs and expenses:

Vessel operating costs 61,020 78,825

Costs of other operating revenues 1,067 2,673

General and administrative 16,043 21,420

Depreciation and amortization 29,727 27,107

Long-lived asset impairments and other - 10,207

(Gain) loss on asset dispositions, net 1,948 (5,331 )

109,805 134,901

Operating loss (26,301 ) (18,533 )

Other income (expense):

Foreign exchange gain (loss) (850 ) 864

Equity in net losses of unconsolidated companies (1,849 ) -

Interest income and other, net 23 116

Interest and other debt costs, net (4,541 ) (6,142 )

Total other expense (7,217 ) (5,162 )

Loss before income taxes (33,518 ) (23,695 )

Income tax (benefit) expense 2,009 (5,171 )

Net loss $ (35,527 ) $ (18,524 )

Less: Net loss attributable to noncontrolling (212 ) (79 )interests

Net loss attributable to Tidewater Inc. $ (35,315 ) $ (18,445 )

Basic loss per common share $ (0.87 ) $ (0.46 )

Diluted loss per common share $ (0.87 ) $ (0.46 )

Weighted average common shares outstanding 40,716 40,101

Dilutive effect of stock options and restricted - - stock

Adjusted weighted average common shares 40,716 40,101

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

March 31,

December 31,

ASSETS

2021

2020

Current assets:

Cash and cash equivalents

$

131,858

$

149,933

Restricted cash

9,061

2,079

Trade and other receivables, less allowance for credit losses of $2,136 and $1,516 at March 31, 2021 and December 31, 2020, respectively

99,865

112,623

Due from affiliate, less allowance for credit losses of $71,595 and $71,800 at March 31, 2021 and December 31, 2020, respectively

62,474

62,050

Marine operating supplies

15,676

15,876

Assets held for sale

31,214

34,396

Prepaid expenses and other current assets

13,594

11,692

Total current assets

363,742

388,649

Net properties and equipment

754,707

780,318

Deferred drydocking and survey costs

46,648

56,468

Other assets

23,833

25,742

Total assets

$

1,188,930

$

1,251,177

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

14,622

$

16,981

Accrued expenses

48,466

52,422

Due to affiliates

56,356

53,194

Current portion of long-term debt

18,201

27,797

Other current liabilities

35,003

32,785

Total current liabilities

172,648

183,179

Long-term debt

148,337

164,934

Other liabilities and deferred credits

79,234

79,792

Commitments and contingencies

Equity:

Common stock

41

41

Additional paid-in-capital

1,372,846

1,371,809

Accumulated deficit

(584,246

)

(548,931

)

Accumulated other comprehensive loss

(875

)

(804

)

Total stockholder's equity

787,766

822,115

Noncontrolling interests

945

1,157

Total equity

788,711

823,272

Total liabilities and equity

$

1,188,930

$

1,251,177

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

March 31, December 31,

ASSETS 2021 2020

Current assets:

Cash and cash equivalents $ 131,858 $ 149,933

Restricted cash 9,061 2,079

Trade and other receivables, less allowance forcredit losses of $2,136 and $1,516 at March 31, 99,865 112,623 2021 and December 31, 2020, respectively

Due from affiliate, less allowance for creditlosses of $71,595 and $71,800 at March 31, 2021 62,474 62,050 and December 31, 2020, respectively

Marine operating supplies 15,676 15,876

Assets held for sale 31,214 34,396

Prepaid expenses and other current assets 13,594 11,692

Total current assets 363,742 388,649

Net properties and equipment 754,707 780,318

Deferred drydocking and survey costs 46,648 56,468

Other assets 23,833 25,742

Total assets $ 1,188,930 $ 1,251,177



LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable $ 14,622 $ 16,981

Accrued expenses 48,466 52,422

Due to affiliates 56,356 53,194

Current portion of long-term debt 18,201 27,797

Other current liabilities 35,003 32,785

Total current liabilities 172,648 183,179

Long-term debt 148,337 164,934

Other liabilities and deferred credits 79,234 79,792



Commitments and contingencies



Equity:

Common stock 41 41

Additional paid-in-capital 1,372,846 1,371,809

Accumulated deficit (584,246 ) (548,931 )

Accumulated other comprehensive loss (875 ) (804 )

Total stockholder's equity 787,766 822,115

Noncontrolling interests 945 1,157

Total equity 788,711 823,272

Total liabilities and equity $ 1,188,930 $ 1,251,177

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

Three Months Ended

March 31,

March 31,

2021

2020

Net loss

$

(35,527

)

$

(18,524

)

Other comprehensive income (loss):

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

(71

)

369

Total comprehensive loss

$

(35,598

)

$

(18,155

)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

Three Months Ended

March 31, March 31,

2021 2020

Net loss $ (35,527 ) $ (18,524 )

Other comprehensive income (loss):

Change in pension plan and supplemental pensionplan liability, net of tax of $0 and $0, (71 ) 369 respectively

Total comprehensive loss $ (35,598 ) $ (18,155 )

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Three Months

Three Months

Ended

Ended

March 31,

March 31,

2021

2020

Operating activities:

Net loss

$

(35,527

)

$

(18,524

)

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

Depreciation and amortization

18,470

17,285

Amortization of deferred drydocking and survey costs

11,257

9,822

Amortization of debt premiums and discounts

1,108

675

Provision for deferred income taxes

30

-

(Gain) loss on asset dispositions, net

1,948

(5,331

)

Loss on debt extinguishment

59

-

Long-lived asset impairments and other

-

10,207

Stock-based compensation expense

1,172

1,335

Changes in operating assets and liabilities, net:

Trade and other receivables

12,758

(9,438

)

Changes in due to/from affiliate, net

2,738

(2,405

)

Accounts payable

(2,359

)

3,210

Accrued expenses

(4,270

)

(1,146

)

Deferred drydocking and survey costs

(2,722

)

(24,867

)

Other, net

1,054

(8,348

)

Net cash provided by (used in) operating activities

5,716

(27,525

)

Cash flows from investing activities:

Proceeds from sales of assets

10,983

9,452

Additions to properties and equipment

(1,196

)

(2,449

)

Net cash provided by investing activities

9,787

7,003

Cash flows from financing activities:

Principal payments on long-term debt

(26,414

)

(2,600

)

Debt modification costs

(725

)

-

Debt extinguishment premium

(59

)

-

Tax on share-based awards

(135

)

(531

)

Net cash used in financing activities

(27,333

)

(3,131

)

Net change in cash, cash equivalents and restricted cash

(11,830

)

(23,653

)

Cash, cash equivalents and restricted cash at beginning of period

155,225

227,608

Cash, cash equivalents and restricted cash at end of period

$

143,395

$

203,955

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Three Three Months Months

Ended Ended

March 31, March 31,

2021 2020

Operating activities:

Net loss $ (35,527 ) $ (18,524 )

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

Depreciation and amortization 18,470 17,285

Amortization of deferred drydocking and survey costs 11,257 9,822

Amortization of debt premiums and discounts 1,108 675

Provision for deferred income taxes 30 -

(Gain) loss on asset dispositions, net 1,948 (5,331 )

Loss on debt extinguishment 59 -

Long-lived asset impairments and other - 10,207

Stock-based compensation expense 1,172 1,335

Changes in operating assets and liabilities, net:

Trade and other receivables 12,758 (9,438 )

Changes in due to/from affiliate, net 2,738 (2,405 )

Accounts payable (2,359 ) 3,210

Accrued expenses (4,270 ) (1,146 )

Deferred drydocking and survey costs (2,722 ) (24,867 )

Other, net 1,054 (8,348 )

Net cash provided by (used in) operating activities 5,716 (27,525 )

Cash flows from investing activities:

Proceeds from sales of assets 10,983 9,452

Additions to properties and equipment (1,196 ) (2,449 )

Net cash provided by investing activities 9,787 7,003

Cash flows from financing activities:

Principal payments on long-term debt (26,414 ) (2,600 )

Debt modification costs (725 ) -

Debt extinguishment premium (59 ) -

Tax on share-based awards (135 ) (531 )

Net cash used in financing activities (27,333 ) (3,131 )

Net change in cash, cash equivalents and restricted (11,830 ) (23,653 )cash

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

Cash, cash equivalents and restricted cash at end of $ 143,395 $ 203,955 period

Supplemental disclosure of cash flow information:

Cash paid during the year for:

Interest, net of amounts capitalized

3,746

5,442

Income taxes

2,535

2,550



Supplemental disclosure of cash flow information:

Cash paid during the year for:

Interest, net of amounts capitalized 3,746 5,442

Income taxes 2,535 2,550

Note (A): Cash, cash equivalents and restricted cash at March 31, 2021 includes $2.5 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

Note (A): Cash, cash equivalents and restricted cash at March 31, 2021includes $2.5 million in long-term restricted cash, which is included in otherassets in our consolidated balance sheet.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

Three Months Ended

Accumulated

Additional

other

Non

Common

paid-in

Accumulated

comprehensive

controlling

stock

capital

deficit

income (loss)

interest

Total

Balance at December 31, 2020

$

41

1,371,809

(548,931

)

(804

)

1,157

823,272

Total comprehensive loss

-

-

(35,315

)

(71

)

(212

)

(35,598

)

Amortization of share-based awards

-

1,037

-

-

-

1,037

Balance at March 31, 2021

$

41

1,372,846

(584,246

)

(875

)

945

788,711

Balance at December 31, 2019

$

40

1,367,521

(352,526

)

(236

)

1,611

1,016,410

Total comprehensive loss

-

-

(18,445

)

369

(79

)

(18,155

)

Adoption of credit loss accounting standard

-

-

(163

)

-

-

(163

)

Amortization of share-based awards

-

804

-

-

-

804

Balance at March 31, 2020

$

40

1,368,325

(371,134

)

133

1,532

998,896

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

Total comprehensive - - (35,315 ) (71 ) (212 ) (35,598 )loss

Amortization of - 1,037 - - - 1,037 share-based awards

Balance at March 31, $ 41 1,372,846 (584,246 ) (875 ) 945 788,711 2021



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

Total comprehensive - - (18,445 ) 369 (79 ) (18,155 )loss

Adoption of creditloss accounting - - (163 ) - - (163 )standard

Amortization of - 804 - - - 804 share-based awards

Balance at March 31, $ 40 1,368,325 (371,134 ) 133 1,532 998,896 2020

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

Three Months Ended

March 31,

March 31,

2021

2020

(In thousands)

%

%

Vessel revenues:

Americas

$

26,224

32

%

$

31,859

28

%

Middle East/Asia Pacific

24,414

30

%

24,828

22

%

Europe/Mediterranean

14,749

18

%

29,491

26

%

West Africa

15,606

19

%

25,796

23

%

Total vessel revenues

$

80,993

100

%

$

111,974

100

%

Vessel operating costs:

Crew costs

$

35,162

43

%

$

44,487

40

%

Repair and maintenance

9,437

12

%

10,598

9

%

Insurance

623

1

%

1,785

2

%

Fuel, lube and supplies

5,860

7

%

9,752

9

%

Other

9,938

12

%

12,203

11

%

Total vessel operating costs

61,020

75

%

78,825

70

%

Vessel operating margin (A)

$

19,973

25

%

$

33,149

30

%

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

Three Months Ended

March 31, March 31,

2021 2020

(In thousands) % %

Vessel revenues:

Americas $ 26,224 32 % $ 31,859 28 %

Middle East/Asia Pacific 24,414 30 % 24,828 22 %

Europe/Mediterranean 14,749 18 % 29,491 26 %

West Africa 15,606 19 % 25,796 23 %

Total vessel revenues $ 80,993 100 % $ 111,974 100 %

Vessel operating costs:

Crew costs $ 35,162 43 % $ 44,487 40 %

Repair and maintenance 9,437 12 % 10,598 9 %

Insurance 623 1 % 1,785 2 %

Fuel, lube and supplies 5,860 7 % 9,752 9 %

Other 9,938 12 % 12,203 11 %

Total vessel operating costs 61,020 75 % 78,825 70 %

Vessel operating margin (A) $ 19,973 25 % $ 33,149 30 %

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

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

March 31,

March 31,

2021

2020

(In thousands)

%

%

Vessel operating profit (loss):

Americas

$

(1,651

)

(2

)%

$

(1,164

)

(1

)%

Middle East/Asia Pacific

(1,853

)

(2

)%

(856

)

(1

)%

Europe/Mediterranean

(8,021

)

(10

)%

1,547

1

%

West Africa

(6,767

)

(8

)%

(4,863

)

(4

)%

Other operating profit

1,444

2

%

1,721

1

%

(16,848

)

(20

)%

(3,615

)

(3

)%

Corporate expenses (A)

(7,505

)

(9

)%

(10,042

)

(9

)%

Gain (loss) on asset dispositions, net

(1,948

)

(2

)%

5,331

5

%

Long-lived asset impairments and other

-

0

%

(10,207

)

(9

)%

Operating loss

$

(26,301

)

(31

)%

$

(18,533

)

(16

)%

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

March 31, March 31,

2021 2020

(In thousands) % %

Vessel operating profit (loss):

Americas $ (1,651 ) (2 ) $ (1,164 ) (1 ) % %

Middle East/Asia Pacific (1,853 ) (2 ) (856 ) (1 ) % %

Europe/Mediterranean (8,021 ) (10 ) 1,547 1 % %

West Africa (6,767 ) (8 ) (4,863 ) (4 ) % %

Other operating profit 1,444 2 % 1,721 1 %

(16,848 ) (20 ) (3,615 ) (3 ) % %



Corporate expenses (A) (7,505 ) (9 ) (10,042 ) (9 ) % %

Gain (loss) on asset dispositions, (1,948 ) (2 ) 5,331 5 %net %

Long-lived asset impairments and - 0 % (10,207 ) (9 )other %

Operating loss $ (26,301 ) (31 ) $ (18,533 ) (16 ) % %

Note (A): General and administrative expenses for the three months ended March 31, 2021 and 2020 include stock-based compensation of $1.2 million and $1.3 million, respectively. In addition, vessel operating and general and administrative costs for the three months ended March 31, 2021 and 2020, respectively, both included $0.1 million in one-time restructuring and integration related costs.

Note (A): General and administrative expenses for the three months ended March31, 2021 and 2020 include stock-based compensation of $1.2 million and $1.3million, respectively. In addition, vessel operating and general andadministrative costs for the three months ended March 31, 2021 and 2020,respectively, both included $0.1 million in one-time restructuring andintegration related costs.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - QUARTERLY DATA

(Unaudited)

(In thousands, except per share data)

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

Revenues:

Vessel revenues

$

80,993

87,830

85,395

100,975

111,974

Other operating revenues

2,511

4,029

1,072

1,369

4,394

Total revenues

83,504

91,859

86,467

102,344

116,368

Costs and expenses:

Vessel operating costs (A)

61,020

63,397

61,784

64,774

78,825

Costs of other operating revenue

1,067

342

219

171

2,673

General and administrative (A)

16,043

16,992

17,438

17,597

21,420

Depreciation and amortization

29,727

30,681

30,777

28,144

27,107

Long-lived asset impairments and other

-

6,475

1,945

55,482

10,207

Affiliate credit loss impairment expense

-

(600

)

-

53,581

-

Affiliate guarantee obligation

-

-

-

2,000

-

(Gain) loss on asset dispositions, net

1,948

(80

)

(520

)

(1,660

)

(5,331

)

Total operating costs and expenses

109,805

117,207

111,643

220,089

134,901

Operating loss

(26,301

)

(25,348

)

(25,176

)

(117,745

)

(18,533

)

Other income (expense):

Foreign exchange gain (loss)

(850

)

(2,880

)

(1,153

)

(2,076

)

864

Equity in net earnings (losses) of unconsolidated companies

(1,849

)

164

-

-

-

Dividend income from unconsolidated company

-

-

-

17,150

-

Interest income and other, net

23

144

272

696

116

Interest and other debt costs, net

(4,541

)

(5,984

)

(6,071

)

(5,959

)

(6,142

)

Total other expense

(7,217

)

(8,556

)

(6,952

)

9,811

(5,162

)

Loss before income taxes

(33,518

)

(33,904

)

(32,128

)

(107,934

)

(23,695

)

Income tax (benefit) expense

2,009

(4,477

)

5,953

2,730

(5,171

)

Net loss

(35,527

)

(29,427

)

(38,081

)

(110,664

)

(18,524

)

Net income (loss) attributable to noncontrolling interests

(212

)

(180

)

(154

)

(41

)

(79

)

Net loss attributable to Tidewater Inc.

$

(35,315

)

(29,247

)

(37,927

)

(110,623

)

(18,445

)

Basic loss per common share

(0.87

)

(0.72

)

(0.94

)

(2.74

)

(0.46

)

Diluted loss per common share

(0.87

)

(0.72

)

(0.94

)

(2.74

)

(0.46

)

Weighted average common shares outstanding

40,716

40,604

40,405

40,306

40,101

Dilutive effect of stock options and restricted stock

-

-

-

-

-

Adjusted weighted average common shares

40,716

40,604

40,405

40,306

40,101

Vessel operating margin

$

19,973

24,433

23,611

36,201

33,149

Note (A) One-time restructuring and integration related costs

$

103

291

641

446

129

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - QUARTERLY DATA

(Unaudited)

(In thousands, except per share data)

Three Months Ended

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

2021 2020 2020 2020 2020

Revenues:

Vessel $ 80,993 87,830 85,395 100,975 111,974 revenues

Otheroperating 2,511 4,029 1,072 1,369 4,394 revenues

Total revenues 83,504 91,859 86,467 102,344 116,368

Costs and expenses:

Vesseloperating 61,020 63,397 61,784 64,774 78,825 costs (A)

Costs of otheroperating 1,067 342 219 171 2,673 revenue

General andadministrative 16,043 16,992 17,438 17,597 21,420 (A)

Depreciationand 29,727 30,681 30,777 28,144 27,107 amortization

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

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

Affiliateguarantee - - - 2,000 - obligation

(Gain) loss onasset 1,948 (80 ) (520 ) (1,660 ) (5,331 )dispositions,net

Totaloperating 109,805 117,207 111,643 220,089 134,901 costs andexpenses

Operating loss (26,301 ) (25,348 ) (25,176 ) (117,745 ) (18,533 )

Other income (expense):

Foreignexchange gain (850 ) (2,880 ) (1,153 ) (2,076 ) 864 (loss)

Equity in netearnings(losses) of (1,849 ) 164 - - - unconsolidatedcompanies

Dividendincome from - - - 17,150 - unconsolidatedcompany

Interestincome and 23 144 272 696 116 other, net

Interest andother debt (4,541 ) (5,984 ) (6,071 ) (5,959 ) (6,142 )costs, net

Total other (7,217 ) (8,556 ) (6,952 ) 9,811 (5,162 )expense

Loss before (33,518 ) (33,904 ) (32,128 ) (107,934 ) (23,695 )income taxes

Income tax(benefit) 2,009 (4,477 ) 5,953 2,730 (5,171 )expense

Net loss (35,527 ) (29,427 ) (38,081 ) (110,664 ) (18,524 )

Net income(loss)attributable (212 ) (180 ) (154 ) (41 ) (79 )tononcontrollinginterests

Net lossattributable $ (35,315 ) (29,247 ) (37,927 ) (110,623 ) (18,445 )to TidewaterInc.

Basic loss per (0.87 ) (0.72 ) (0.94 ) (2.74 ) (0.46 )common share

Diluted lossper common (0.87 ) (0.72 ) (0.94 ) (2.74 ) (0.46 )share

Weightedaverage common 40,716 40,604 40,405 40,306 40,101 sharesoutstanding

Dilutiveeffect ofstock options - - - - - and restrictedstock

Adjustedweighted 40,716 40,604 40,405 40,306 40,101 average commonshares

Vesseloperating $ 19,973 24,433 23,611 36,201 33,149 margin





Note (A)One-timerestructuring $ 103 291 641 446 129 andintegrationrelated costs

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

March 31,

December 31,

September 30,

June 30,

March 31,

ASSETS

2021

2020

2020

2020

2020

Current assets:

Cash and cash equivalents

$

131,858

149,933

192,243

203,119

187,802

Restricted cash

9,061

2,079

26,401

19,880

12,461

Trade and other receivables, net

99,865

112,623

100,583

115,008

119,455

Due from affiliate, net

62,474

62,050

65,692

65,766

128,204

Marine operating supplies

15,676

15,876

17,808

20,580

21,944

Assets held for sale

31,214

34,396

19,163

29,064

26,142

Prepaid expenses and other current assets

13,594

11,692

18,925

20,350

22,185

Total current assets

363,742

388,649

440,815

473,767

518,193

Net properties and equipment

754,707

780,318

820,876

839,912

922,979

Deferred drydocking and survey costs

46,648

56,468

63,975

74,585

81,981

Other assets

23,833

25,742

25,108

27,411

29,971

Total assets

$

1,188,930

1,251,177

1,350,774

$

1,415,675

$

1,553,124

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

14,622

16,981

12,953

17,111

30,711

Accrued expenses

48,466

52,422

55,811

60,993

72,854

Due to affiliates

56,356

53,194

53,355

48,803

50,013

Current portion of long-term debt

18,201

27,797

9,576

9,437

9,104

Other current liabilities

35,003

32,785

31,599

25,815

26,953

Total current liabilities

172,648

183,179

163,294

162,159

189,635

Long-term debt

148,337

164,934

246,179

273,215

273,015

Other liabilities and deferred credits

79,234

79,792

87,724

90,301

91,578

Equity:

Common stock

41

41

40

40

40

Additional paid-in-capital

1,372,846

1,371,809

1,370,778

1,369,645

1,368,325

Accumulated deficit

(584,246

)

(548,931

)

(519,684

)

(481,757

)

(371,134

)

Accumulated other comprehensive income (loss)

(875

)

(804

)

1,106

581

133

Total stockholder's equity

787,766

822,115

852,240

888,509

997,364

Noncontrolling interests

945

1,157

1,337

1,491

1,532

Total equity

788,711

823,272

853,577

890,000

998,896

Total liabilities and equity

$

1,188,930

1,251,177

1,350,774

1,415,675

1,553,124

Supplemental information

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

Sonatide (Angola)

$

6,118

8,856

12,337

16,963

64,184

DTDW (Nigeria)

-

-

-

-

14,007

Total

$

6,118

8,856

12,337

16,963

78,191

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

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

ASSETS 2021 2020 2020 2020 2020



Current assets:

Cash and cash $ 131,858 149,933 192,243 203,119 187,802 equivalents

Restricted cash 9,061 2,079 26,401 19,880 12,461

Trade and otherreceivables, 99,865 112,623 100,583 115,008 119,455 net

Due from 62,474 62,050 65,692 65,766 128,204 affiliate, net

Marineoperating 15,676 15,876 17,808 20,580 21,944 supplies

Assets held for 31,214 34,396 19,163 29,064 26,142 sale

Prepaidexpenses and 13,594 11,692 18,925 20,350 22,185 other currentassets

Total current 363,742 388,649 440,815 473,767 518,193 assets

Net properties 754,707 780,318 820,876 839,912 922,979 and equipment

Deferreddrydocking and 46,648 56,468 63,975 74,585 81,981 survey costs

Other assets 23,833 25,742 25,108 27,411 29,971

Total assets $ 1,188,930 1,251,177 1,350,774 $ 1,415,675 $ 1,553,124



LIABILITIES AND EQUITY

Current liabilities:

Accounts $ 14,622 16,981 12,953 17,111 30,711 payable

Accrued 48,466 52,422 55,811 60,993 72,854 expenses

Due to 56,356 53,194 53,355 48,803 50,013 affiliates

Current portionof long-term 18,201 27,797 9,576 9,437 9,104 debt

Other current 35,003 32,785 31,599 25,815 26,953 liabilities

Total current 172,648 183,179 163,294 162,159 189,635 liabilities

Long-term debt 148,337 164,934 246,179 273,215 273,015

Otherliabilities and 79,234 79,792 87,724 90,301 91,578 deferredcredits





Equity:

Common stock 41 41 40 40 40

Additional 1,372,846 1,371,809 1,370,778 1,369,645 1,368,325 paid-in-capital

Accumulated (584,246 ) (548,931 ) (519,684 ) (481,757 ) (371,134 )deficit

Accumulatedother (875 ) (804 ) 1,106 581 133 comprehensiveincome (loss)

Totalstockholder's 787,766 822,115 852,240 888,509 997,364 equity

Noncontrolling 945 1,157 1,337 1,491 1,532 interests

Total equity 788,711 823,272 853,577 890,000 998,896

Totalliabilities and $ 1,188,930 1,251,177 1,350,774 1,415,675 1,553,124 equity



Supplemental information

Due fromrelatedparties, net of due to relatedparties:

Sonatide $ 6,118 8,856 12,337 16,963 64,184 (Angola)

DTDW (Nigeria) - - - - 14,007

Total $ 6,118 8,856 12,337 16,963 78,191

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

VESSEL REVENUE BY VESSEL CLASS

Americas fleet:

Deepwater

$

19,876

25,706

22,836

27,858

22,882

Towing-supply

4,817

4,603

4,119

4,455

7,243

Other

1,531

1,759

1,750

1,731

1,734

Total

26,224

32,068

28,705

34,044

31,859

Middle East/Asia Pacific fleet:

Deepwater

$

15,931

16,822

13,819

14,195

14,326

Towing-supply

8,483

8,220

9,461

9,788

10,502

Total

24,414

25,042

23,280

23,983

24,828

Europe/Mediterranean fleet:

Deepwater

$

14,588

15,621

17,578

20,476

29,163

Towing-supply

-

-

(13

)

-

179

Other

161

154

151

144

149

Total

14,749

15,775

17,716

20,620

29,491

West Africa fleet:

Deepwater

$

7,909

6,237

4,905

8,748

12,102

Towing-supply

4,879

5,202

7,711

11,029

10,521

Other

2,818

3,506

3,078

2,552

3,173

Total

$

15,606

14,945

15,694

22,329

25,796

Worldwide fleet:

Deepwater

$

58,304

64,386

59,137

71,277

78,473

Towing-supply

18,179

18,025

21,278

25,271

28,445

Other

4,510

5,419

4,980

4,427

5,056

Total

$

80,993

87,830

85,395

100,975

111,974

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2021 2020 2020 2020 2020

VESSELREVENUE BY VESSEL CLASS



Americas fleet:

Deepwater $ 19,876 25,706 22,836 27,858 22,882

Towing-supply 4,817 4,603 4,119 4,455 7,243

Other 1,531 1,759 1,750 1,731 1,734

Total 26,224 32,068 28,705 34,044 31,859

Middle East/Asia Pacific fleet:

Deepwater $ 15,931 16,822 13,819 14,195 14,326

Towing-supply 8,483 8,220 9,461 9,788 10,502

Total 24,414 25,042 23,280 23,983 24,828

Europe/Mediterranean fleet:

Deepwater $ 14,588 15,621 17,578 20,476 29,163

Towing-supply - - (13 ) - 179

Other 161 154 151 144 149

Total 14,749 15,775 17,716 20,620 29,491

West Africa fleet:

Deepwater $ 7,909 6,237 4,905 8,748 12,102

Towing-supply 4,879 5,202 7,711 11,029 10,521

Other 2,818 3,506 3,078 2,552 3,173

Total $ 15,606 14,945 15,694 22,329 25,796

Worldwide fleet:

Deepwater $ 58,304 64,386 59,137 71,277 78,473

Towing-supply 18,179 18,025 21,278 25,271 28,445

Other 4,510 5,419 4,980 4,427 5,056

Total $ 80,993 87,830 85,395 100,975 111,974

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

AVERAGE NUMBER OF VESSELS:

Americas fleet:

Deepwater

29

32

32

32

32

Towing-supply

8

10

12

15

17

Other

3

3

3

3

3

Total

40

45

47

50

52

Stacked vessels

(12

)

(15

)

(17

)

(17

)

(17

)

Active vessels

28

30

30

33

35

Middle East/Asia Pacific fleet:

Deepwater

21

21

22

26

27

Towing-supply

20

22

23

26

28

Total

41

43

45

52

55

Stacked vessels

(3

)

(3

)

(4

)

(9

)

(10

)

Active vessels

38

40

41

43

45

Europe/Mediterranean fleet:

Deepwater

31

31

32

36

39

Towing-supply

-

-

-

1

2

Total

31

31

32

37

41

Stacked vessels

(14

)

(16

)

(17

)

(17

)

(11

)

Active vessels

17

15

15

20

30

West Africa fleet:

Deepwater

20

20

25

26

26

Towing-supply

12

13

17

18

19

Other

26

23

16

19

20

Total

58

56

58

63

65

Stacked vessels

(25

)

(26

)

(31

)

(21

)

(21

)

Active vessels

33

30

27

42

44

Worldwide fleet:

Deepwater

101

104

111

120

124

Towing-supply

40

45

52

60

66

Other

29

26

19

22

23

Total

170

175

182

202

213

Stacked vessels

(54

)

(60

)

(69

)

(64

)

(60

)

Active vessels

116

115

113

138

153

Total active

116

115

113

138

153

Total stacked

54

60

69

64

60

Total joint venture and other vessels

3

3

3

3

3

Total

173

178

185

205

216

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2021 2020 2020 2020 2020

AVERAGE NUMBER OF VESSELS:



Americas fleet:

Deepwater 29 32 32 32 32

Towing-supply 8 10 12 15 17

Other 3 3 3 3 3

Total 40 45 47 50 52

Stacked vessels (12 ) (15 ) (17 ) (17 ) (17 )

Active vessels 28 30 30 33 35

Middle East/Asia Pacific fleet:

Deepwater 21 21 22 26 27

Towing-supply 20 22 23 26 28

Total 41 43 45 52 55

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

Active vessels 38 40 41 43 45

Europe/Mediterranean fleet:

Deepwater 31 31 32 36 39

Towing-supply - - - 1 2

Total 31 31 32 37 41

Stacked vessels (14 ) (16 ) (17 ) (17 ) (11 )

Active vessels 17 15 15 20 30

West Africa fleet:

Deepwater 20 20 25 26 26

Towing-supply 12 13 17 18 19

Other 26 23 16 19 20

Total 58 56 58 63 65

Stacked vessels (25 ) (26 ) (31 ) (21 ) (21 )

Active vessels 33 30 27 42 44

Worldwide fleet:

Deepwater 101 104 111 120 124

Towing-supply 40 45 52 60 66

Other 29 26 19 22 23

Total 170 175 182 202 213

Stacked vessels (54 ) (60 ) (69 ) (64 ) (60 )

Active vessels 116 115 113 138 153



Total active 116 115 113 138 153

Total stacked 54 60 69 64 60

Total joint venture and 3 3 3 3 3 other vessels

Total 173 178 185 205 216

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:

Deepwater

2,627

2,944

2,996

2,940

2,873

Towing-supply

720

898

1,098

1,329

1,547

Other

270

276

276

273

285

Total

3,617

4,118

4,370

4,542

4,705

Middle East/Asia Pacific fleet:

Deepwater

1,863

1,932

2,025

2,411

2,496

Towing-supply

1,822

2,032

2,118

2,342

2,512

Total

3,685

3,964

4,143

4,753

5,008

Europe/Mediterranean fleet:

Deepwater

2,756

2,852

2,916

3,256

3,581

Towing-supply

-

-

24

91

122

Total

2,756

2,852

2,940

3,347

3,703

West Africa fleet:

Deepwater

1,827

1,840

2,269

2,366

2,366

Towing-supply

1,084

1,196

1,588

1,654

1,729

Other

2,340

2,095

1,469

1,698

1,820

Total

5,251

5,131

5,326

5,718

5,915

Worldwide fleet:

Deepwater

9,073

9,568

10,206

10,973

11,316

Towing-supply

3,626

4,126

4,828

5,416

5,910

Other

2,610

2,371

1,745

1,971

2,105

Total

15,309

16,065

16,779

18,360

19,331

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2021 2020 2020 2020 2020

AVAILABLE DAYS - TOTAL FLEET:



Americas fleet:

Deepwater 2,627 2,944 2,996 2,940 2,873

Towing-supply 720 898 1,098 1,329 1,547

Other 270 276 276 273 285

Total 3,617 4,118 4,370 4,542 4,705

Middle East/Asia Pacific fleet:

Deepwater 1,863 1,932 2,025 2,411 2,496

Towing-supply 1,822 2,032 2,118 2,342 2,512

Total 3,685 3,964 4,143 4,753 5,008

Europe/Mediterranean fleet:

Deepwater 2,756 2,852 2,916 3,256 3,581

Towing-supply - - 24 91 122

Total 2,756 2,852 2,940 3,347 3,703

West Africa fleet:

Deepwater 1,827 1,840 2,269 2,366 2,366

Towing-supply 1,084 1,196 1,588 1,654 1,729

Other 2,340 2,095 1,469 1,698 1,820

Total 5,251 5,131 5,326 5,718 5,915

Worldwide fleet:

Deepwater 9,073 9,568 10,206 10,973 11,316

Towing-supply 3,626 4,126 4,828 5,416 5,910

Other 2,610 2,371 1,745 1,971 2,105

Total 15,309 16,065 16,779 18,360 19,331

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:

Deepwater

923

1,105

1,134

863

873

Towing-supply

90

189

362

601

593

Other

90

92

92

91

103

Total

1,103

1,386

1,588

1,555

1,569

Middle East/Asia Pacific fleet:

Deepwater

90

92

185

500

546

Towing-supply

180

177

186

310

396

Total

270

269

371

810

942

Europe/Mediterranean fleet:

Deepwater

1,238

1,448

1,522

1,422

1,004

Towing-supply

-

-

24

91

-

Total

1,238

1,448

1,546

1,513

1,004

West Africa fleet:

Deepwater

1,104

1,288

1,809

919

819

Towing-supply

544

644

882

563

469

Other

599

417

181

446

637

Total

2,247

2,349

2,872

1,928

1,925

Worldwide fleet:

Deepwater

3,355

3,933

4,650

3,704

3,242

Towing-supply

814

1,010

1,454

1,565

1,458

Other

689

509

273

537

740

Total

4,858

5,452

6,377

5,806

5,440

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2021 2020 2020 2020 2020

OUT-OF-SERVICE - STACKED DAYS:



Americas fleet:

Deepwater 923 1,105 1,134 863 873

Towing-supply 90 189 362 601 593

Other 90 92 92 91 103

Total 1,103 1,386 1,588 1,555 1,569

Middle East/Asia Pacific fleet:

Deepwater 90 92 185 500 546

Towing-supply 180 177 186 310 396

Total 270 269 371 810 942

Europe/Mediterranean fleet:

Deepwater 1,238 1,448 1,522 1,422 1,004

Towing-supply - - 24 91 -

Total 1,238 1,448 1,546 1,513 1,004

West Africa fleet:

Deepwater 1,104 1,288 1,809 919 819

Towing-supply 544 644 882 563 469

Other 599 417 181 446 637

Total 2,247 2,349 2,872 1,928 1,925

Worldwide fleet:

Deepwater 3,355 3,933 4,650 3,704 3,242

Towing-supply 814 1,010 1,454 1,565 1,458

Other 689 509 273 537 740

Total 4,858 5,452 6,377 5,806 5,440

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:

Deepwater

1,704

1,839

1,862

2,077

2,000

Towing-supply

630

709

736

728

954

Other

180

184

184

182

182

Total

2,514

2,732

2,782

2,987

3,136

Middle East/Asia Pacific fleet:

Deepwater

1,773

1,840

1,840

1,911

1,950

Towing-supply

1,642

1,855

1,932

2,032

2,116

Total

3,415

3,695

3,772

3,943

4,066

Europe/Mediterranean fleet:

Deepwater

1,518

1,404

1,394

1,834

2,577

Towing-supply

-

-

-

-

122

Total

1,518

1,404

1,394

1,834

2,699

West Africa fleet:

Deepwater

723

552

460

1,447

1,547

Towing-supply

540

552

706

1,091

1,260

Other

1,741

1,678

1,288

1,252

1,183

Total

3,004

2,782

2,454

3,790

3,990

Worldwide fleet:

Deepwater

5,718

5,635

5,556

7,269

8,074

Towing-supply

2,812

3,116

3,374

3,851

4,452

Other

1,921

1,862

1,472

1,434

1,365

Total

10,451

10,613

10,402

12,554

13,891

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2021 2020 2020 2020 2020

AVAILABLE DAYS - ACTIVE FLEET:



Americas fleet:

Deepwater 1,704 1,839 1,862 2,077 2,000

Towing-supply 630 709 736 728 954

Other 180 184 184 182 182

Total 2,514 2,732 2,782 2,987 3,136

Middle East/Asia Pacific fleet:

Deepwater 1,773 1,840 1,840 1,911 1,950

Towing-supply 1,642 1,855 1,932 2,032 2,116

Total 3,415 3,695 3,772 3,943 4,066

Europe/Mediterranean fleet:

Deepwater 1,518 1,404 1,394 1,834 2,577

Towing-supply - - - - 122

Total 1,518 1,404 1,394 1,834 2,699

West Africa fleet:

Deepwater 723 552 460 1,447 1,547

Towing-supply 540 552 706 1,091 1,260

Other 1,741 1,678 1,288 1,252 1,183

Total 3,004 2,782 2,454 3,790 3,990

Worldwide fleet:

Deepwater 5,718 5,635 5,556 7,269 8,074

Towing-supply 2,812 3,116 3,374 3,851 4,452

Other 1,921 1,862 1,472 1,434 1,365

Total 10,451 10,613 10,402 12,554 13,891

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

UTILIZATION - TOTAL FLEET:

Americas fleet:

Deepwater

55.6

%

53.2

%

51.7

%

64.3

%

57.7

%

Towing-supply

83.2

67.7

50.0

43.5

54.9

Other

55.7

66.7

66.7

65.2

63.1

Total

61.1

%

57.2

%

52.2

%

58.3

%

57.1

%

Middle East/Asia Pacific fleet:

Deepwater

80.1

%

78.2

%

67.4

%

57.9

%

56.8

%

Towing-supply

75.6

62.5

72.3

68.2

69.2

Total

77.9

%

70.2

%

69.9

%

63.0

%

63.0

%

Europe/Mediterranean fleet:

Deepwater

44.7

%

44.7

%

45.5

%

49.9

%

64.2

%

Towing-supply

-

-

-

-

46.7

Total

44.7

%

44.7

%

45.1

%

48.6

%

63.6

%

West Africa fleet:

Deepwater

36.2

%

27.2

%

17.5

%

31.1

%

41.5

%

Towing-supply

30.1

30.8

28.4

41.3

45.5

Other

34.4

42.3

53.1

39.2

51.5

Total

34.1

%

34.2

%

30.6

%

36.5

%

45.7

%

Worldwide fleet:

Deepwater

53.4

%

50.7

%

45.4

%

51.5

%

56.2

%

Towing-supply

63.5

54.4

52.4

52.8

58.0

Other

36.6

45.2

55.3

42.8

53.1

Total

52.9

%

50.9

%

48.5

%

50.9

%

56.4

%

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2021 2020 2020 2020 2020

UTILIZATION - TOTAL FLEET:



Americas fleet:

Deepwater 55.6 % 53.2 % 51.7 % 64.3 % 57.7 %

Towing-supply 83.2 67.7 50.0 43.5 54.9

Other 55.7 66.7 66.7 65.2 63.1

Total 61.1 % 57.2 % 52.2 % 58.3 % 57.1 %

Middle East/Asia Pacific fleet:

Deepwater 80.1 % 78.2 % 67.4 % 57.9 % 56.8 %

Towing-supply 75.6 62.5 72.3 68.2 69.2

Total 77.9 % 70.2 % 69.9 % 63.0 % 63.0 %

Europe/Mediterranean fleet:

Deepwater 44.7 % 44.7 % 45.5 % 49.9 % 64.2 %

Towing-supply - - - - 46.7

Total 44.7 % 44.7 % 45.1 % 48.6 % 63.6 %

West Africa fleet:

Deepwater 36.2 % 27.2 % 17.5 % 31.1 % 41.5 %

Towing-supply 30.1 30.8 28.4 41.3 45.5

Other 34.4 42.3 53.1 39.2 51.5

Total 34.1 % 34.2 % 30.6 % 36.5 % 45.7 %

Worldwide fleet:

Deepwater 53.4 % 50.7 % 45.4 % 51.5 % 56.2 %

Towing-supply 63.5 54.4 52.4 52.8 58.0

Other 36.6 45.2 55.3 42.8 53.1

Total 52.9 % 50.9 % 48.5 % 50.9 % 56.4 %

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

UTILIZATION - ACTIVE FLEET:

Americas fleet:

Deepwater

85.7

%

85.1

%

83.2

%

91.0

%

72.8

%

Towing-supply

95.1

85.7

74.6

79.4

89.0

Other

83.6

100.0

100.0

97.8

98.8

Total

87.9

%

86.3

%

82.0

%

88.6

%

85.7

%

Middle East/Asia Pacific fleet:

Deepwater

84.2

%

82.1

%

74.2

%

73.1

%

72.8

%

Towing-supply

83.9

68.5

79.2

78.6

82.2

Total

84.0

%

75.3

%

76.8

%

75.9

%

77.7

%

Europe/Mediterranean fleet:

Deepwater

81.3

%

90.9

%

95.1

%

88.6

%

89.2

%

Towing-supply

-

-

-

-

46.7

Total

81.3

%

90.9

%

95.1

%

88.6

%

87.3

%

West Africa fleet:

Deepwater

91.4

%

90.8

%

86.2

%

50.9

%

63.4

%

Towing-supply

60.4

66.7

63.8

62.6

62.4

Other

46.2

52.9

60.6

53.2

79.2

Total

59.6

%

63.1

%

66.3

%

55.0

%

67.8

%

Worldwide fleet:

Deepwater

84.8

%

86.1

%

83.4

%

77.7

%

78.8

%

Towing-supply

81.9

72.1

75.0

74.2

77.0

Other

49.7

57.5

65.5

58.9

81.9

Total

77.6

%

77.0

%

78.2

%

74.5

%

78.5

%

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2021 2020 2020 2020 2020

UTILIZATION - ACTIVE FLEET:



Americas fleet:

Deepwater 85.7 % 85.1 % 83.2 % 91.0 % 72.8 %

Towing-supply 95.1 85.7 74.6 79.4 89.0

Other 83.6 100.0 100.0 97.8 98.8

Total 87.9 % 86.3 % 82.0 % 88.6 % 85.7 %

Middle East/Asia Pacific fleet:

Deepwater 84.2 % 82.1 % 74.2 % 73.1 % 72.8 %

Towing-supply 83.9 68.5 79.2 78.6 82.2

Total 84.0 % 75.3 % 76.8 % 75.9 % 77.7 %

Europe/Mediterranean fleet:

Deepwater 81.3 % 90.9 % 95.1 % 88.6 % 89.2 %

Towing-supply - - - - 46.7

Total 81.3 % 90.9 % 95.1 % 88.6 % 87.3 %

West Africa fleet:

Deepwater 91.4 % 90.8 % 86.2 % 50.9 % 63.4 %

Towing-supply 60.4 66.7 63.8 62.6 62.4

Other 46.2 52.9 60.6 53.2 79.2

Total 59.6 % 63.1 % 66.3 % 55.0 % 67.8 %

Worldwide fleet:

Deepwater 84.8 % 86.1 % 83.4 % 77.7 % 78.8 %

Towing-supply 81.9 72.1 75.0 74.2 77.0

Other 49.7 57.5 65.5 58.9 81.9

Total 77.6 % 77.0 % 78.2 % 74.5 % 78.5 %

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

AVERAGE VESSEL DAY RATES: (A)

Americas fleet:

Deepwater

$

13,608

16,416

14,743

14,738

13,793

Towing-supply

8,040

7,576

7,506

7,707

8,532

Other

10,179

9,559

9,514

9,723

9,638

Total

$

11,865

13,602

12,581

12,865

11,854

Middle East/Asia Pacific fleet:

Deepwater

$

10,670

11,129

10,127

10,161

10,097

Towing-supply

6,159

6,471

6,180

6,128

6,041

Total

$

8,506

9,002

8,040

8,009

7,863

Europe/Mediterranean fleet:

Deepwater

$

11,829

12,368

13,257

12,600

12,682

Towing-supply

-

-

-

-

3,138

Total

$

11,960

12,368

13,361

12,689

12,514

West Africa fleet:

Deepwater

$

11,972

12,449

12,365

11,891

12,337

Towing-supply

14,967

14,136

17,122

16,158

13,389

Other

3,501

3,952

3,944

3,829

3,384

Total

$

8,711

8,510

9,643

10,711

9,539

Worldwide fleet:

Deepwater

$

12,028

13,265

12,756

12,620

12,342

Towing-supply

7,896

8,026

8,411

8,843

8,292

Other

4,721

5,059

5,163

5,243

4,524

Total

$

9,993

10,749

10,503

10,799

10,267

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2021 2020 2020 2020 2020

AVERAGE VESSEL DAY RATES: (A)



Americas fleet:

Deepwater $ 13,608 16,416 14,743 14,738 13,793

Towing-supply 8,040 7,576 7,506 7,707 8,532

Other 10,179 9,559 9,514 9,723 9,638

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

Middle East/Asia Pacific fleet:

Deepwater $ 10,670 11,129 10,127 10,161 10,097

Towing-supply 6,159 6,471 6,180 6,128 6,041

Total $ 8,506 9,002 8,040 8,009 7,863

Europe/Mediterranean fleet:

Deepwater $ 11,829 12,368 13,257 12,600 12,682

Towing-supply - - - - 3,138

Total $ 11,960 12,368 13,361 12,689 12,514

West Africa fleet:

Deepwater $ 11,972 12,449 12,365 11,891 12,337

Towing-supply 14,967 14,136 17,122 16,158 13,389

Other 3,501 3,952 3,944 3,829 3,384

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

Worldwide fleet:

Deepwater $ 12,028 13,265 12,756 12,620 12,342

Towing-supply 7,896 8,026 8,411 8,843 8,292

Other 4,721 5,059 5,163 5,243 4,524

Total $ 9,993 10,749 10,503 10,799 10,267

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

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

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

Americas

Vessel revenues

$

26,224

32,068

28,705

34,044

31,859

Vessel operating costs:

Crew costs

$

10,594

12,795

11,711

13,138

14,186

Repair and maintenance

2,714

2,065

1,259

1,703

2,171

Insurance

200

402

426

427

417

Fuel, lube and supplies

1,774

1,822

1,754

1,373

2,615

Other

1,980

2,306

2,486

1,956

2,673

Total vessel operating costs

$

17,262

19,390

17,636

18,597

22,062

Vessel operating margin ($)

$

8,962

12,678

11,069

15,447

9,797

Vessel operating margin (%)

34.2

%

39.5

%

38.6

%

45.4

%

30.8

%

Americas - Select operating statistics

Average vessels - Total fleet

40

45

47

50

52

Utilization - Total fleet

61.1

%

57.2

%

52.2

%

58.3

%

57.1

%

Average vessels - Active fleet

28

30

30

33

35

Utilization - Active fleet

87.9

%

86.3

%

82.0

%

88.6

%

85.7

%

Average day rates

$

11,865

13,602

12,581

12,865

11,854

Vessels commencing drydocks

1

1

-

5

5

Deferred drydocking and survey costs - beginning balance

$

15,440

17,774

20,024

21,599

18,561

Cash paid for deferred drydocking and survey costs

881

1,015

1,086

1,819

5,912

Amortization of deferred drydocking and survey costs

(3,222

)

(3,349

)

(3,336

)

(3,394

)

(2,874

)

Disposals, intersegment transfers and other

(1,286

)

-

-

-

-

Deferred drydocking and survey costs - ending balance

$

11,813

15,440

17,774

20,024

21,599

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2021 2020 2020 2020 2020



Americas

Vessel $ 26,224 32,068 28,705 34,044 31,859 revenues



Vesseloperating costs:

Crew costs $ 10,594 12,795 11,711 13,138 14,186

Repair and 2,714 2,065 1,259 1,703 2,171 maintenance

Insurance 200 402 426 427 417

Fuel, lube 1,774 1,822 1,754 1,373 2,615 and supplies

Other 1,980 2,306 2,486 1,956 2,673

Total vesseloperating $ 17,262 19,390 17,636 18,597 22,062 costs



Vesseloperating $ 8,962 12,678 11,069 15,447 9,797 margin ($)

Vesseloperating 34.2 % 39.5 % 38.6 % 45.4 % 30.8 %margin (%)



Americas -Select operatingstatistics

Averagevessels - 40 45 47 50 52 Total fleet

Utilization - 61.1 % 57.2 % 52.2 % 58.3 % 57.1 %Total fleet



Averagevessels - 28 30 30 33 35 Active fleet

Utilization - 87.9 % 86.3 % 82.0 % 88.6 % 85.7 %Active fleet



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



Vesselscommencing 1 1 - 5 5 drydocks





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

Cash paid fordeferreddrydocking 881 1,015 1,086 1,819 5,912 and surveycosts

Amortizationof deferreddrydocking (3,222 ) (3,349 ) (3,336 ) (3,394 ) (2,874 )and surveycosts

Disposals,intersegment (1,286 ) - - - - transfers andother

Deferreddrydockingand survey $ 11,813 15,440 17,774 20,024 21,599 costs -endingbalance

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

Middle East/Asia Pacific

Vessel revenues

$

24,414

25,042

23,280

23,983

24,828

Vessel operating costs:

Crew costs

$

9,639

9,982

10,468

8,726

10,085

Repair and maintenance

2,659

2,899

2,385

2,196

2,586

Insurance

(224

)

452

562

739

591

Fuel, lube and supplies

1,569

1,924

1,783

1,405

2,665

Other

2,959

3,532

2,057

2,412

1,696

Total vessel operating costs

$

16,602

18,789

17,255

15,478

17,623

Vessel operating margin ($)

$

7,812

6,253

6,025

8,505

7,205

Vessel operating margin (%)

32.0

%

25.0

%

25.9

%

35.5

%

29.0

%

Middle East/Asia Pacific - Select operating statistics

Average vessels - Total fleet

41

43

45

52

55

Utilization - Total fleet

77.9

%

70.2

%

69.9

%

63.0

%

63.0

%

Average vessels - Active fleet

38

40

41

43

45

Utilization - Active fleet

84.0

%

75.3

%

76.8

%

75.9

%

77.7

%

Average day rates

$

8,506

9,002

8,040

8,009

7,863

Vessels commencing drydocks

-

3

-

-

5

Deferred drydocking and survey costs - beginning balance

$

17,031

18,666

21,116

23,139

16,513

Cash paid for deferred drydocking and survey costs

72

1,447

386

850

8,897

Amortization of deferred drydocking and survey costs

(3,114

)

(3,082

)

(3,036

)

(2,589

)

(2,271

)

Disposals, intersegment transfers and other

-

-

200

(284

)

-

Deferred drydocking and survey costs - ending balance

13,989

17,031

18,666

21,116

23,139

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2021 2020 2020 2020 2020



Middle East/ Asia Pacific

Vessel $ 24,414 25,042 23,280 23,983 24,828 revenues



Vesseloperating costs:

Crew costs $ 9,639 9,982 10,468 8,726 10,085

Repair and 2,659 2,899 2,385 2,196 2,586 maintenance

Insurance (224 ) 452 562 739 591

Fuel, lube 1,569 1,924 1,783 1,405 2,665 and supplies

Other 2,959 3,532 2,057 2,412 1,696

Total vesseloperating $ 16,602 18,789 17,255 15,478 17,623 costs



Vesseloperating $ 7,812 6,253 6,025 8,505 7,205 margin ($)

Vesseloperating 32.0 % 25.0 % 25.9 % 35.5 % 29.0 %margin (%)



Middle East/Asia Pacific- Select operatingstatistics

Averagevessels - 41 43 45 52 55 Total fleet

Utilization - 77.9 % 70.2 % 69.9 % 63.0 % 63.0 %Total fleet



Averagevessels - 38 40 41 43 45 Active fleet

Utilization - 84.0 % 75.3 % 76.8 % 75.9 % 77.7 %Active fleet



Average day $ 8,506 9,002 8,040 8,009 7,863 rates



Vesselscommencing - 3 - - 5 drydocks





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

Cash paid fordeferreddrydocking 72 1,447 386 850 8,897 and surveycosts

Amortizationof deferreddrydocking (3,114 ) (3,082 ) (3,036 ) (2,589 ) (2,271 )and surveycosts

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

Deferreddrydockingand survey 13,989 17,031 18,666 21,116 23,139 costs -endingbalance

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

Europe/Mediterranean

Vessel revenues

$

14,749

15,775

17,716

20,620

29,491

Vessel operating costs:

Crew costs

$

9,022

8,179

7,952

9,707

11,696

Repair and maintenance

1,673

1,133

869

1,278

3,141

Insurance

299

297

448

420

431

Fuel, lube and supplies

759

710

592

924

1,098

Other

1,707

1,214

1,274

1,547

2,522

Total vessel operating costs

$

13,460

11,533

11,135

13,876

18,888

Vessel operating margin ($)

$

1,289

4,243

6,581

6,744

10,603

Vessel operating margin (%)

8.7

%

26.9

%

37.1

%

32.7

%

36.0

%

Europe/Mediterranean - Select operating statistics

Average vessels - Total fleet

31

31

32

37

41

Utilization - Total fleet

44.7

%

44.7

%

45.1

%

48.6

%

63.6

%

Average vessels - Active fleet

17

15

15

20

30

Utilization - Active fleet

81.3

%

90.9

%

95.1

%

88.6

%

87.3

%

Average day rates

$

11,960

12,368

13,361

12,689

12,514

Vessels commencing drydocks

3

4

-

-

2

Deferred drydocking and survey costs - beginning balance

$

7,317

7,147

9,143

10,387

9,406

Cash paid for deferred drydocking and survey costs

2,067

1,710

(361

)

517

2,591

Amortization of deferred drydocking and survey costs

(1,653

)

(1,540

)

(1,635

)

(1,710

)

(1,610

)

Disposals, intersegment transfers and other

-

-

-

(51

)

-

Deferred drydocking and survey costs - ending balance

$

7,731

7,317

7,147

9,143

10,387

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2021 2020 2020 2020 2020



Europe/ Mediterranean

Vessel $ 14,749 15,775 17,716 20,620 29,491 revenues



Vesseloperating costs:

Crew costs $ 9,022 8,179 7,952 9,707 11,696

Repair and 1,673 1,133 869 1,278 3,141 maintenance

Insurance 299 297 448 420 431

Fuel, lube 759 710 592 924 1,098 and supplies

Other 1,707 1,214 1,274 1,547 2,522

Total vesseloperating $ 13,460 11,533 11,135 13,876 18,888 costs



Vesseloperating $ 1,289 4,243 6,581 6,744 10,603 margin ($)

Vesseloperating 8.7 % 26.9 % 37.1 % 32.7 % 36.0 %margin (%)



Europe/Mediterranean- Select operatingstatistics

Averagevessels - 31 31 32 37 41 Total fleet

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



Averagevessels - 17 15 15 20 30 Active fleet

Utilization - 81.3 % 90.9 % 95.1 % 88.6 % 87.3 %Active fleet



Average day $ 11,960 12,368 13,361 12,689 12,514 rates



Vesselscommencing 3 4 - - 2 drydocks





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

Cash paid fordeferreddrydocking 2,067 1,710 (361 ) 517 2,591 and surveycosts

Amortizationof deferreddrydocking (1,653 ) (1,540 ) (1,635 ) (1,710 ) (1,610 )and surveycosts

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

Deferreddrydockingand survey $ 7,731 7,317 7,147 9,143 10,387 costs -endingbalance

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

West Africa

Vessel revenues

$

15,606

14,945

15,694

22,328

25,796

Vessel operating costs:

Crew costs

$

5,907

5,804

6,555

7,120

8,520

Repair and maintenance

2,391

1,930

1,419

1,479

2,700

Insurance

348

296

517

424

346

Fuel, lube and supplies

1,758

1,765

2,628

2,681

3,374

Other

3,292

3,890

4,639

5,119

5,312

Total vessel operating costs

$

13,696

13,685

15,758

16,823

20,252

Vessel operating margin ($)

$

1,910

1,260

(64

)

5,505

5,544

Vessel operating margin (%)

12.2

%

8.4

%

(0.4

)%

24.7

%

21.5

%

West Africa - Select operating statistics

Average vessels - Total fleet

58

56

58

63

65

Utilization - Total fleet

34.1

%

34.2

%

30.6

%

36.5

%

45.7

%

Average vessels - Active fleet

33

30

27

42

44

Utilization - Active fleet

59.6

%

63.1

%

66.3

%

55.0

%

67.8

%

Average day rates

$

8,711

8,510

9,643

10,711

9,539

Vessels commencing drydocks

-

-

-

-

3

Deferred drydocking and survey costs - beginning balance

$

16,680

20,388

24,301

26,856

22,456

Cash paid for deferred drydocking and survey costs

(298

)

(400

)

(576

)

911

7,467

Amortization of deferred drydocking and survey costs

(3,268

)

(3,294

)

(3,426

)

(3,466

)

(3,067

)

Disposals, intersegment transfers and other

1

(14

)

89

-

-

Deferred drydocking and survey costs - ending balance

$

13,115

16,680

20,388

24,301

26,856

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2021 2020 2020 2020 2020



West Africa

Vessel $ 15,606 14,945 15,694 22,328 25,796 revenues



Vesseloperating costs:

Crew costs $ 5,907 5,804 6,555 7,120 8,520

Repair and 2,391 1,930 1,419 1,479 2,700 maintenance

Insurance 348 296 517 424 346

Fuel, lube 1,758 1,765 2,628 2,681 3,374 and supplies

Other 3,292 3,890 4,639 5,119 5,312

Total vesseloperating $ 13,696 13,685 15,758 16,823 20,252 costs



Vesseloperating $ 1,910 1,260 (64 ) 5,505 5,544 margin ($)

Vessel )operating 12.2 % 8.4 % (0.4 % 24.7 % 21.5 %margin (%)



West Africa -Select operatingstatistics

Averagevessels - 58 56 58 63 65 Total fleet

Utilization - 34.1 % 34.2 % 30.6 % 36.5 % 45.7 %Total fleet



Averagevessels - 33 30 27 42 44 Active fleet

Utilization - 59.6 % 63.1 % 66.3 % 55.0 % 67.8 %Active fleet



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



Vesselscommencing - - - - 3 drydocks





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

Cash paid fordeferreddrydocking (298 ) (400 ) (576 ) 911 7,467 and surveycosts

Amortizationof deferreddrydocking (3,268 ) (3,294 ) (3,426 ) (3,466 ) (3,067 )and surveycosts

Disposals,intersegment 1 (14 ) 89 - - transfers andother

Deferreddrydockingand survey $ 13,115 16,680 20,388 24,301 26,856 costs -endingbalance

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

Worldwide

Vessel revenues

$

80,993

87,830

85,395

100,975

111,974

Vessel operating costs:

Crew costs

$

35,162

36,760

36,686

38,691

44,487

Repair and maintenance

9,437

8,027

5,932

6,656

10,598

Insurance

623

1,447

1,953

2,010

1,785

Fuel, lube and supplies

5,860

6,221

6,757

6,383

9,752

Other

9,938

10,942

10,456

11,034

12,203

Total vessel operating costs

$

61,020

63,397

61,784

64,774

78,825

Vessel operating margin ($)

$

19,973

24,434

23,611

36,201

33,149

Vessel operating margin (%)

24.7

%

27.8

%

27.6

%

35.9

%

29.6

%

Worldwide - Select operating statistics

Average vessels - Total fleet

170

175

182

202

213

Utilization - Total fleet

52.9

%

50.9

%

48.5

%

50.9

%

56.4

%

Average vessels - Active fleet

116

115

113

138

153

Utilization - Active fleet

77.6

%

77.0

%

78.2

%

74.5

%

78.5

%

Average day rates

$

9,993

10,749

10,503

10,799

10,267

Vessels commencing drydocks

4

8

-

5

15

Deferred drydocking and survey costs - beginning balance

$

56,468

63,975

74,584

81,981

66,936

Cash paid for deferred drydocking and survey costs

2,722

3,772

535

4,097

24,867

Amortization of deferred drydocking and survey costs

(11,257

)

(11,265

)

(11,433

)

(11,159

)

(9,822

)

Disposals, intersegment transfers and other

(1,285

)

(14

)

289

(335

)

-

Deferred drydocking and survey costs - ending balance

$

46,648

56,468

63,975

74,584

81,981

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2021 2020 2020 2020 2020



Worldwide

Vessel $ 80,993 87,830 85,395 100,975 111,974 revenues



Vesseloperating costs:

Crew costs $ 35,162 36,760 36,686 38,691 44,487

Repair and 9,437 8,027 5,932 6,656 10,598 maintenance

Insurance 623 1,447 1,953 2,010 1,785

Fuel, lube 5,860 6,221 6,757 6,383 9,752 and supplies

Other 9,938 10,942 10,456 11,034 12,203

Total vesseloperating $ 61,020 63,397 61,784 64,774 78,825 costs



Vesseloperating $ 19,973 24,434 23,611 36,201 33,149 margin ($)

Vesseloperating 24.7 % 27.8 % 27.6 % 35.9 % 29.6 %margin (%)



Worldwide -Select operatingstatistics

Averagevessels - 170 175 182 202 213 Total fleet

Utilization- Total 52.9 % 50.9 % 48.5 % 50.9 % 56.4 %fleet



Averagevessels - 116 115 113 138 153 Active fleet

Utilization- Active 77.6 % 77.0 % 78.2 % 74.5 % 78.5 %fleet



Average day $ 9,993 10,749 10,503 10,799 10,267 rates



Vesselscommencing 4 8 - 5 15 drydocks





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

Cash paidfor deferreddrydocking 2,722 3,772 535 4,097 24,867 and surveycosts

Amortizationof deferreddrydocking (11,257 ) (11,265 ) (11,433 ) (11,159 ) (9,822 )and surveycosts

Disposals,intersegment (1,285 ) (14 ) 289 (335 ) - transfersand other

Deferreddrydockingand survey $ 46,648 56,468 63,975 74,584 81,981 costs -endingbalance

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

Net loss

$

(35,527

)

(29,427

)

(38,081

)

(110,664

)

(18,524

)

Interest and other debt costs

4,541

5,984

6,071

5,959

6,142

Income tax (benefit) expense

2,009

(4,477

)

5,953

2,730

(5,171

)

Depreciation

18,470

19,416

19,343

16,986

17,285

Amortization of deferred drydock and survey costs

11,257

11,265

11,434

11,158

9,822

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

$

750

2,761

4,720

(73,831

)

9,554

Long-lived asset impairments and other

-

6,475

1,945

55,482

10,207

Affiliate credit loss impairment expense

-

(600

)

-

53,581

-

Affiliate guarantee obligation

-

-

-

2,000

-

One-time integration related costs

-

291

641

446

129

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

$

750

8,927

7,306

37,678

19,890

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2021 2020 2020 2020 2020

Net loss $ (35,527 ) (29,427 ) (38,081 ) (110,664 ) (18,524 )



Interest andother debt 4,541 5,984 6,071 5,959 6,142 costs

Income tax(benefit) 2,009 (4,477 ) 5,953 2,730 (5,171 )expense

Depreciation 18,470 19,416 19,343 16,986 17,285

Amortizationof deferred 11,257 11,265 11,434 11,158 9,822 drydock andsurvey costs

EBITDA (A), $ 750 2,761 4,720 (73,831 ) 9,554 (B), (C)



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

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

Affiliateguarantee - - - 2,000 - obligation

One-timeintegration - 291 641 446 129 relatedcosts

AdjustedEBITDA (A), $ 750 8,927 7,306 37,678 19,890 (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 March 31, 2021, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,172, $1,158, $1,223, $1,401, and $1,335 respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended March 31, 2021, and for each of the prior four quarters includes foreign exchange gains (losses) of $(850), $(2,880), $(1,153), $(2,076), and $864, 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 March 31,2021, and for each of the prior four quarters includes non-cash, stock-basedcompensation expense of $1,172, $1,158, $1,223, $1,401, and $1,335respectively.



Note (C): EBITDA and Adjusted EBITDA for the three months ended March 31,2021, and for each of the prior four quarters includes foreign exchange gains(losses) of $(850), $(2,880), $(1,153), $(2,076), and $864, 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

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

2021 2020 2020 2020 2020

Net cashprovided by(used in) $ 5,716 2,180 14,629 14,702 (27,525 )operatingactivities(A)



Cashinterest 3,746 5,066 5,435 5,292 5,442 expense

Interestincome and (23 ) (144 ) (272 ) (696 ) (116 )other

Additionsto property (1,196 ) (10,218 ) (607 ) (1,626 ) (2,449 )andequipment

Expansion - 5,300 - - - capital

Free cashflow beforeproceeds 8,243 2,184 19,185 17,672 (24,648 )from assetsales



Proceedsfrom asset 10,983 6,798 10,592 11,454 9,452 sales



Free cash $ 19,226 8,982 29,777 29,126 (15,196 )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:

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

March 31,

December 31,

September 30,

June 30,

March 31,

2021

2020

2020

2020

2020

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

$

9,921

(4,915

)

18,858

(10,373

)

(18,127

)

Cash paid for deferred drydock and survey costs

(2,722

)

(3,772

)

(535

)

(4,097

)

(24,867

)

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

$

7,199

(8,687

)

18,323

(14,470

)

(42,994

)

View source version on businesswire.com: https://www.businesswire.com/news/home/20210506006200/en/

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