Business Wire | Aug 9, 2021 04:15PM EDT

Tidewater Reports Results for the Three and Six Months Ended June 30, 2021

Aug. 09, 2021

HOUSTON--(BUSINESS WIRE)--Aug. 09, 2021--Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2021 of $90.0 million and $173.5 million, respectively, compared with $102.3 million and $218.7 million, respectively, for the three and six months ended June 30, 2020. Tidewater's net losses for the three and six months ended June 30, 2021, were $29.5 million ($0.72 per common share) and $64.8 million ($1.59 per common share), respectively, compared with $110.6 million ($2.74 per common share) and $129.1 million ($3.21 per common share) for the three and six months ended June 30, 2020. Included in the net losses for the three and six months ended June 30, 2021 were severance expenses of $0.8 and $0.9 million, respectively; and a credit loss impairment credit of $1.0 million for both periods. Excluding these items, we would have reported a net loss for the three and six months ended June 30, 2021 of $29.7 million ($0.73 per common share) and $64.9 million ($1.59 per common share), respectively. Included in the net losses for the three and six months ended June 30, 2020 were $111.5 million and $121.8 million, respectively, in long-lived asset impairments, affiliate credit losses, affiliate guarantee obligations, and one-time severance expenses. Excluding these costs, we would have reported net income for the three months ended June 30, 2020 of $0.9 million ($0.02 per common share) and a net loss for the six months ended June 30, 2020 of $7.3 million (or $0.18 per common share).

Quintin Kneen, Tidewater's President and Chief Executive Officer, commented, "Revenue, active vessels, average day rate, active utilization, and operating margin were all up on a consolidated basis in the second quarter. Individual geographic segments were mixed, but the overall trend and our outlook are constructive as we proceed through the remainder of the year. We continued our track record of generating meaningful free cash flow during the second quarter of 2021. During the second quarter, we generated $26.0 million of free cash flow, and over the trailing 12 months we have generated $84.0 million. The scalable shore base infrastructure we built over the past few years is helping us drive reliable and increasing free cash flow generation, as demonstrated by the substantial incremental operating income margins in the quarter.

"During the second quarter of 2021, revenue improved 7.7% sequentially, driven primarily by vessels reactivated in response to the increase in activity in the Europe and Mediterranean and West Africa regions. During the second quarter, we reactivated seven vessels, bringing the total number of vessel reactivations to 12 during the first six months of 2021.

"At the end of the second quarter, we had $135.2 million of principal outstanding on our senior secured notes, which are scheduled to mature in August 2022, along with $151.4 million of cash on the balance sheet. We continue to monitor the debt capital markets for the optimal timing of a potential refinance of all or a portion of these notes, as early repayment of this debt carries a significant pre-payment penalty. During the quarter, we decreased our net debt position by $21.1 million, ending the second quarter with $4.5 million of net debt on the balance sheet. We remain dedicated to our objective of meaningful free cash flow generation though the maturity of these notes and thereafter.

"Our ongoing fleet development program includes the sale or responsible recycling of vessels that are deemed uneconomic or which otherwise do not meet our future strategic goals, and during the second quarter we disposed of seven vessels and other assets for $18.6 million. We expect both the sale and recycling of vessels to taper off in the next 12 months as we work through the 14 vessels remaining in assets held for sale.

"Lastly, we continue to monitor the COVID-19 Delta variant. Similar to the steps we took in 2020 to protect our employees and our cash generation capability, we will take appropriate steps to continue to safeguard our employees and optimize our business as these later phases of the pandemic unfold. We have not seen a significant impact to our operations due to the Delta variant, although we were originally anticipating the additional costs of the pandemic to wane throughout 2021 and we now anticipate those costs to continue at the same level for the next few quarters. The new phase of the pandemic, however, doesn't seem to be limiting broader market inertia and, in fact, we continue to see activity increase in most geographic regions."

In addition to the number of outstanding shares, as of June 30, 2021, the company also has the following in-the-money warrants.

Common Shares Outstanding 41,000,575

New Creditor Warrants (strike price $0.001 per common share) 639,354

GulfMark Creditor Warrants (strike price $0.01 per common 669,601 share)

Total 42,309,530

Tidewater will hold a conference call to discuss results for the three months ending June 30, 2021 on August 10, 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 August 10, 2021 and will continue until 11:59 p.m. Central Time on September 10, 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 Six Months Ended

June 30, June 30, June 30, June 30,

2021 2020 2021 2020

Revenues:

Vessel revenues $ 88,514 $ 100,975 $ 169,507 $ 212,949

Other operating revenues 1,439 1,369 3,950 5,763

Total revenues 89,953 102,344 173,457 218,712

Costs and expenses:

Vessel operating costs 64,263 64,774 125,283 143,599

Costs of other operating 581 171 1,648 2,844 revenues

General and 16,787 17,597 32,830 39,017 administrative

Depreciation and 28,549 28,144 58,276 55,251 amortization

Long-lived asset - 55,482 - 65,689 impairments and other

Affiliate credit lossimpairment expense (1,000 ) 53,581 (1,000 ) 53,581 (credit)

Affiliate guarantee - 2,000 - 2,000 obligation

(Gain) loss on asset 932 (1,660 ) 2,880 (6,991 )dispositions, net

110,112 220,089 219,917 354,990

Operating loss (20,159 ) (117,745 ) (46,460 ) (136,278 )

Other income (expense):

Foreign exchange gain 422 (2,076 ) (428 ) (1,212 )(loss)

Equity in net earnings(losses) of 52 - (1,797 ) - unconsolidated companies

Dividend income from - 17,150 - 17,150 unconsolidated company

Interest income and 8 696 31 812 other, net

Interest and other debt (3,944 ) (5,959 ) (8,485 ) (12,101 )costs, net

Total other expense (3,462 ) 9,811 (10,679 ) 4,649

Loss before income taxes (23,621 ) (107,934 ) (57,139 ) (131,629 )

Income tax (benefit) 6,026 2,730 8,035 (2,441 )expense

Net loss $ (29,647 ) $ (110,664 ) $ (65,174 ) $ (129,188 )

Less: Net lossattributable to (185 ) (41 ) (397 ) (120 )noncontrolling interests

Net loss attributable to $ (29,462 ) $ (110,623 ) $ (64,777 ) $ (129,068 )Tidewater Inc.

Basic loss per common $ (0.72 ) $ (2.74 ) $ (1.59 ) $ (3.21 )share

Diluted loss per common $ (0.72 ) $ (2.74 ) $ (1.59 ) $ (3.21 )share

Weighted average common 40,899 40,306 40,808 40,203 shares outstanding

Adjusted weighted average 40,899 40,306 40,808 40,203 common shares

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

June 30,

December 31,

ASSETS

2021

2020

Current assets:

Cash and cash equivalents

$

131,157

$

149,933

Restricted cash

20,284

2,079

Trade and other receivables, less allowance for credit losses of $2,099 and $1,516 at June 30, 2021 and December 31, 2020, respectively

90,229

112,623

Due from affiliates, less allowance for credit losses of $70,695 and $71,800 at June 30, 2021 and December 31, 2020, respectively

64,922

62,050

Marine operating supplies

15,404

15,876

Assets held for sale

17,214

34,396

Prepaid expenses and other current assets

15,953

11,692

Total current assets

355,163

388,649

Net properties and equipment

731,659

780,318

Deferred drydocking and survey costs

40,372

56,468

Other assets

24,539

25,742

Total assets

$

1,151,733

$

1,251,177

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

16,189

$

16,981

Accrued expenses

50,532

52,422

Due to affiliates

59,759

53,194

Current portion of long-term debt

7,355

27,797

Other current liabilities

28,825

32,785

Total current liabilities

162,660

183,179

Long-term debt

148,612

164,934

Other liabilities and deferred credits

80,723

79,792

Commitments and contingencies

Equity:

Common stock

41

41

Additional paid-in-capital

1,373,727

1,371,809

Accumulated deficit

(613,708

)

(548,931

)

Accumulated other comprehensive loss

(1,082

)

(804

)

Total stockholder's equity

758,978

822,115

Noncontrolling interests

760

1,157

Total equity

759,738

823,272

Total liabilities and equity

$

1,151,733

$

1,251,177

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

June 30, December 31,

ASSETS 2021 2020

Current assets:

Cash and cash equivalents $ 131,157 $ 149,933

Restricted cash 20,284 2,079

Trade and other receivables, less allowance forcredit losses of $2,099 and $1,516 at June 30, 90,229 112,623 2021 and December 31, 2020, respectively

Due from affiliates, less allowance for creditlosses of $70,695 and $71,800 at June 30, 2021 64,922 62,050 and December 31, 2020, respectively

Marine operating supplies 15,404 15,876

Assets held for sale 17,214 34,396

Prepaid expenses and other current assets 15,953 11,692

Total current assets 355,163 388,649

Net properties and equipment 731,659 780,318

Deferred drydocking and survey costs 40,372 56,468

Other assets 24,539 25,742

Total assets $ 1,151,733 $ 1,251,177



LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable $ 16,189 $ 16,981

Accrued expenses 50,532 52,422

Due to affiliates 59,759 53,194

Current portion of long-term debt 7,355 27,797

Other current liabilities 28,825 32,785

Total current liabilities 162,660 183,179

Long-term debt 148,612 164,934

Other liabilities and deferred credits 80,723 79,792



Commitments and contingencies



Equity:

Common stock 41 41

Additional paid-in-capital 1,373,727 1,371,809

Accumulated deficit (613,708 ) (548,931 )

Accumulated other comprehensive loss (1,082 ) (804 )

Total stockholder's equity 758,978 822,115

Noncontrolling interests 760 1,157

Total equity 759,738 823,272

Total liabilities and equity $ 1,151,733 $ 1,251,177

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2021

2020

2021

2020

Net loss

$

(29,647

)

$

(110,664

)

$

(65,174

)

$

(129,188

)

Other comprehensive income (loss):

Change in pension plan and supplemental pension plan liability, net of tax of $0, $0.2 million, $0 and $0.2 million, respectively

(207

)

448

(278

)

817

Total comprehensive loss

$

(29,854

)

$

(110,216

)

$

(65,452

)

$

(128,371

)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

Three Months Ended Six Months Ended

June 30, June 30, June 30, June 30,

2021 2020 2021 2020

Net loss $ (29,647 ) $ (110,664 ) $ (65,174 ) $ (129,188 )

Other comprehensive income (loss):

Change in pensionplan and supplementalpension planliability, net of tax (207 ) 448 (278 ) 817 of $0, $0.2 million,$0 and $0.2 million,respectively

Total comprehensive $ (29,854 ) $ (110,216 ) $ (65,452 ) $ (128,371 )loss

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Six Months

Six Months

Ended

Ended

June 30,

June 30,

2021

2020

Operating activities:

Net loss

$

(65,174

)

$

(129,188

)

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

Depreciation and amortization

36,694

34,271

Amortization of deferred drydocking and survey costs

21,582

20,980

Amortization of debt premiums and discounts

1,986

1,357

Provision for deferred income taxes

648

206

(Gain) loss on asset dispositions, net

2,880

(6,991

)

Loss on debt extinguishment

59

-

Affiliate credit loss impairment expense (credit)

(1,000

)

53,581

Affiliate guarantee obligation

-

2,000

Long-lived asset impairments and other

-

65,689

Stock-based compensation expense

2,676

2,736

Changes in operating assets and liabilities, net:

Trade and other receivables

22,394

(4,991

)

Changes in due to/from affiliates, net

4,693

3,242

Accounts payable

(792

)

(10,390

)

Accrued expenses

(2,074

)

(13,007

)

Deferred drydocking and survey costs

(6,771

)

(28,964

)

Other, net

(7,234

)

(3,354

)

Net cash provided by (used in) operating activities

10,567

(12,823

)

Cash flows from investing activities:

Proceeds from asset dispositions

29,560

20,906

Additions to properties and equipment

(1,861

)

(4,075

)

Net cash provided by investing activities

27,699

16,831

Cash flows from financing activities:

Principal payments on long-term debt

(37,901

)

(4,742

)

Debt modification costs

(855

)

(612

)

Debt extinguishment premium

(59

)

-

Tax on share-based awards

(758

)

-

Net cash used in financing activities

(39,573

)

(5,354

)

Net change in cash, cash equivalents and restricted cash

(1,307

)

(1,346

)

Cash, cash equivalents and restricted cash at beginning of period

155,225

227,608

Cash, cash equivalents and restricted cash at end of period

$

153,918

$

226,262

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Six Six Months Months

Ended Ended

June 30, June 30,

2021 2020

Operating activities:

Net loss $ (65,174 ) $ (129,188 )

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

Depreciation and amortization 36,694 34,271

Amortization of deferred drydocking and survey 21,582 20,980 costs

Amortization of debt premiums and discounts 1,986 1,357

Provision for deferred income taxes 648 206

(Gain) loss on asset dispositions, net 2,880 (6,991 )

Loss on debt extinguishment 59 -

Affiliate credit loss impairment expense (credit) (1,000 ) 53,581

Affiliate guarantee obligation - 2,000

Long-lived asset impairments and other - 65,689

Stock-based compensation expense 2,676 2,736

Changes in operating assets and liabilities, net:

Trade and other receivables 22,394 (4,991 )

Changes in due to/from affiliates, net 4,693 3,242

Accounts payable (792 ) (10,390 )

Accrued expenses (2,074 ) (13,007 )

Deferred drydocking and survey costs (6,771 ) (28,964 )

Other, net (7,234 ) (3,354 )

Net cash provided by (used in) operating 10,567 (12,823 )activities

Cash flows from investing activities:

Proceeds from asset dispositions 29,560 20,906

Additions to properties and equipment (1,861 ) (4,075 )

Net cash provided by investing activities 27,699 16,831

Cash flows from financing activities:

Principal payments on long-term debt (37,901 ) (4,742 )

Debt modification costs (855 ) (612 )

Debt extinguishment premium (59 ) -

Tax on share-based awards (758 ) -

Net cash used in financing activities (39,573 ) (5,354 )

Net change in cash, cash equivalents and (1,307 ) (1,346 )restricted cash

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

Cash, cash equivalents and restricted cash at end $ 153,918 $ 226,262 of period

Supplemental disclosure of cash flow information:

Cash paid during the year for:

Interest, net of amounts capitalized

7,028

10,734

Income taxes

6,609

6,461



Supplemental disclosure of cash flow information:

Cash paid during the year for:

Interest, net of amounts capitalized 7,028 10,734

Income taxes 6,609 6,461

Note (A): Cash, cash equivalents and restricted cash at June 30, 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 June 30, 2021 includes$2.5 million in long-term restricted cash, which is included in other assets inour 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 March 31, 2021

$

41

1,372,846

(584,246

)

(875

)

945

788,711

Total comprehensive loss

-

-

(29,462

)

(207

)

(185

)

(29,854

)

Amortization of share-based awards

-

881

-

-

-

881

Balance at June 30, 2021

$

41

1,373,727

(613,708

)

(1,082

)

760

759,738

Balance at March 31, 2020

$

40

1,368,325

(371,134

)

133

1,532

998,896

Total comprehensive income (loss)

-

-

(110,623

)

448

(41

)

(110,216

)

Amortization of share-based awards

-

1,320

-

-

-

1,320

Balance at June 30, 2020

$

40

1,369,645

(481,757

)

581

1,491

890,000

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

Total - - (29,462 ) (207 ) (185 ) (29,854 )comprehensive loss

Amortization of - 881 - - - 881 share-based awards

Balance at June $ 41 1,373,727 (613,708 ) (1,082 ) 760 759,738 30, 2021



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

Totalcomprehensive - - (110,623 ) 448 (41 ) (110,216 )income (loss)

Amortization of - 1,320 - - - 1,320 share-based awards

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

Six 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

-

-

(64,777

)

(278

)

(397

)

(65,452

)

Amortization of share-based awards

-

1,918

-

-

-

1,918

Balance at June 30, 2021

$

41

1,373,727

(613,708

)

(1,082

)

760

759,738

Balance at December 31, 2019

$

40

1,367,521

(352,526

)

(236

)

1,611

1,016,410

Total comprehensive income (loss)

-

-

(129,068

)

817

(120

)

(128,371

)

Adoption of credit loss accounting standard

-

-

(163

)

-

-

(163

)

Amortization of share-based awards

-

2,124

-

-

-

2,124

Balance at June 30, 2020

$

40

1,369,645

(481,757

)

581

1,491

890,000

Six 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 - - (64,777 ) (278 ) (397 ) (65,452 )loss

Amortization of - 1,918 - - - 1,918 share-based awards

Balance at June 30, $ 41 1,373,727 (613,708 ) (1,082 ) 760 759,738 2021



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

Total comprehensive - - (129,068 ) 817 (120 ) (128,371 )income (loss)

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

Amortization of - 2,124 - - - 2,124 share-based awards

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

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

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

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2021

2020

2021

2020

(In thousands)

%

%

%

%

Vessel revenues:

Americas

$

23,481

27

%

$

34,044

34

%

$

49,705

29

%

$

65,903

31

%

Middle East/Asia Pacific

25,628

29

%

23,983

24

%

50,042

30

%

48,811

23

%

Europe/Mediterranean

22,467

25

%

20,620

20

%

37,216

22

%

50,111

24

%

West Africa

16,938

19

%

22,328

22

%

32,544

19

%

48,124

23

%

Total vessel revenues

$

88,514

100

%

$

100,975

100

%

$

169,507

100

%

$

212,949

100

%

Vessel operating costs:

Crew costs

$

37,685

43

%

$

38,691

38

%

$

72,847

43

%

$

83,178

39

%

Repair and maintenance

9,534

11

%

6,656

7

%

18,971

11

%

17,254

8

%

Insurance

(137

)

(0

)%

2,010

2

%

486

1

%

3,795

2

%

Fuel, lube and supplies

6,541

7

%

6,383

6

%

12,401

7

%

16,135

8

%

Other

10,640

12

%

11,034

11

%

20,578

12

%

23,237

11

%

Total vessel operating costs

64,263

73

%

64,774

64

%

125,283

74

%

143,599

67

%

Vessel operating margin (A)

$

24,251

27

%

$

36,201

36

%

$

44,224

26

%

$

69,350

33

%

Three Months Ended Six Months Ended

June 30, June 30, June 30, June 30,

2021 2020 2021 2020

(In thousands) % % % %

Vessel revenues:

Americas $ 23,481 27 % $ 34,044 34 % $ 49,705 29 % $ 65,903 31 %

Middle East/Asia 25,628 29 % 23,983 24 % 50,042 30 % 48,811 23 %Pacific

Europe/Mediterranean 22,467 25 % 20,620 20 % 37,216 22 % 50,111 24 %

West Africa 16,938 19 % 22,328 22 % 32,544 19 % 48,124 23 %

Total vessel revenues $ 88,514 100 % $ 100,975 100 % $ 169,507 100 % $ 212,949 100 %

Vessel operating costs:

Crew costs $ 37,685 43 % $ 38,691 38 % $ 72,847 43 % $ 83,178 39 %

Repair and maintenance 9,534 11 % 6,656 7 % 18,971 11 % 17,254 8 %

Insurance (137 ) (0 ) 2,010 2 % 486 1 % 3,795 2 % %

Fuel, lube and 6,541 7 % 6,383 6 % 12,401 7 % 16,135 8 %supplies

Other 10,640 12 % 11,034 11 % 20,578 12 % 23,237 11 %

Total vessel operating 64,263 73 % 64,774 64 % 125,283 74 % 143,599 67 %costs

Vessel operating $ 24,251 27 % $ 36,201 36 % $ 44,224 26 % $ 69,350 33 %margin (A)

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:

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

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2021

2020

2021

2020

(In thousands)

%

%

%

%

Vessel operating profit (loss):

Americas

$

(4,940

)

(5

)%

$

4,505

4

%

$

(6,591

)

(4

)%

$

3,341

2

%

Middle East/Asia Pacific

266

0

%

599

1

%

(1,587

)

(1

)%

(257

)

(0

)%

Europe/Mediterranean

(1,986

)

(2

)%

(1,750

)

(2

)%

(10,007

)

(6

)%

(203

)

(0

)%

West Africa

(5,355

)

(6

)%

(3,984

)

(4

)%

(12,122

)

(7

)%

(8,847

)

(4

)%

Other operating profit

858

1

%

1,198

1

%

2,302

1

%

2,919

1

%

(11,157

)

(12

)%

568

1

%

(28,005

)

(16

)%

(3,047

)

(1

)%

Corporate expenses (A)

(9,070

)

(10

)%

(8,910

)

(9

)%

(16,575

)

(10

)%

(18,952

)

(9

)%

Gain (loss) on asset dispositions, net

(932

)

(1

)%

1,660

2

%

(2,880

)

(2

)%

6,991

3

%

Affiliate credit loss impairment (expense) credit

1,000

1

%

(53,581

)

(52

)%

1,000

1

%

(53,581

)

(24

)%

Affiliate guarantee obligation

-

0

%

(2,000

)

(2

)%

-

0

%

(2,000

)

(1

)%

Long-lived asset impairments and other

-

0

%

(55,482

)

(54

)%

-

0

%

(65,689

)

(30

)%

Operating loss

$

(20,159

)

(22

)%

$

(117,745

)

(115

)%

$

(46,460

)

(27

)%

$

(136,278

)

(62

)%

Three Months Ended Six Months Ended

June 30, June 30, June 30, June 30,

2021 2020 2021 2020

(In % % % %thousands)

Vesseloperating profit(loss):

Americas $ (4,940 ) (5 ) $ 4,505 4 % $ (6,591 ) (4 ) $ 3,341 2 % % %

Middle East/ 266 0 % 599 1 % (1,587 ) (1 ) (257 ) (0 )Asia Pacific % %

Europe/ (1,986 ) (2 ) (1,750 ) (2 ) (10,007 ) (6 ) (203 ) (0 )Mediterranean % % % %

West Africa (5,355 ) (6 ) (3,984 ) (4 ) (12,122 ) (7 ) (8,847 ) (4 ) % % % %

Otheroperating 858 1 % 1,198 1 % 2,302 1 % 2,919 1 %profit

(11,157 ) (12 ) 568 1 % (28,005 ) (16 ) (3,047 ) (1 ) % % %



Corporate (9,070 ) (10 ) (8,910 ) (9 ) (16,575 ) (10 ) (18,952 ) (9 )expenses (A) % % % %

Gain (loss)on asset (932 ) (1 ) 1,660 2 % (2,880 ) (2 ) 6,991 3 %dispositions, % %net

Affiliatecredit loss ) )impairment 1,000 1 % (53,581 ) (52 % 1,000 1 % (53,581 ) (24 %(expense)credit

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

Long-livedasset - 0 % (55,482 ) (54 ) - 0 % (65,689 ) (30 )impairments % %and other

Operating $ (20,159 ) (22 ) $ (117,745 ) (115 ) $ (46,460 ) (27 ) $ (136,278 ) (62 )loss % % % %

Note (A): General and administrative expenses for the three and six months ended June 30, 2021 include stock-based compensation of $1.5 million and $2.7 million, respectively. General and administrative expenses for the three and six months ended June 30, 2020 include stock-based compensation of $1.4 million and $2.7 million, respectively. In addition, vessel operating and general and administrative costs for the three and six months ended June 30, 2021, include $0.8 million and $0.9 million in one-time restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and six months ended June 30, 2020, include $0.4 million and $0.6 million in one-time restructuring and integration related costs, respectively.

Note (A): General and administrative expenses for the three and six monthsended June 30, 2021 include stock-based compensation of $1.5 million and $2.7million, respectively. General and administrative expenses for the three andsix months ended June 30, 2020 include stock-based compensation of $1.4 millionand $2.7 million, respectively. In addition, vessel operating and general andadministrative costs for the three and six months ended June 30, 2021, include$0.8 million and $0.9 million in one-time restructuring and integration relatedcosts, respectively. Vessel operating and general and administrative costs forthe three and six months ended June 30, 2020, include $0.4 million and $0.6million in one-time restructuring and integration related costs, respectively.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - QUARTERLY DATA

(Unaudited)

(In thousands, except per share data)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

Revenues:

Vessel revenues

$

88,514

80,993

87,830

85,395

100,975

Other operating revenues

1,439

2,511

4,029

1,072

1,369

Total revenues

89,953

83,504

91,859

86,467

102,344

Costs and expenses:

Vessel operating costs (A)

64,263

61,020

63,397

61,784

64,774

Costs of other operating revenue

581

1,067

342

219

171

General and administrative (A)

16,787

16,043

16,992

17,438

17,597

Depreciation and amortization

28,549

29,727

30,681

30,777

28,144

Long-lived asset impairments and other

-

-

6,475

1,945

55,482

Affiliate credit loss impairment expense (credit)

(1,000

)

-

(600

)

-

53,581

Affiliate guarantee obligation

-

-

-

-

2,000

(Gain) loss on asset dispositions, net

932

1,948

(80

)

(520

)

(1,660

)

Total operating costs and expenses

110,112

109,805

117,207

111,643

220,089

Operating loss

(20,159

)

(26,301

)

(25,348

)

(25,176

)

(117,745

)

Other income (expense):

Foreign exchange gain (loss)

422

(850

)

(2,880

)

(1,153

)

(2,076

)

Equity in net earnings (losses) of unconsolidated companies

52

(1,849

)

164

-

-

Dividend income from unconsolidated company

-

-

-

-

17,150

Interest income and other, net

8

23

144

272

696

Interest and other debt costs, net

(3,944

)

(4,541

)

(5,984

)

(6,071

)

(5,959

)

Total other expense

(3,462

)

(7,217

)

(8,556

)

(6,952

)

9,811

Loss before income taxes

(23,621

)

(33,518

)

(33,904

)

(32,128

)

(107,934

)

Income tax (benefit) expense

6,026

2,009

(4,477

)

5,953

2,730

Net loss

(29,647

)

(35,527

)

(29,427

)

(38,081

)

(110,664

)

Net loss attributable to noncontrolling interests

(185

)

(212

)

(180

)

(154

)

(41

)

Net loss attributable to Tidewater Inc.

$

(29,462

)

(35,315

)

(29,247

)

(37,927

)

(110,623

)

Basic loss per common share

$

(0.72

)

(0.87

)

(0.72

)

(0.94

)

(2.74

)

Diluted loss per common share

$

(0.72

)

(0.87

)

(0.72

)

(0.94

)

(2.74

)

Weighted average common shares outstanding

40,899

40,716

40,604

40,405

40,306

Dilutive effect of stock options and restricted stock

-

-

-

-

-

Adjusted weighted average common shares

40,899

40,716

40,604

40,405

40,306

Vessel operating margin

$

24,251

19,973

24,433

23,611

36,201

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

$

795

103

291

641

446

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - QUARTERLY DATA

(Unaudited)

(In thousands, except per share data)

Three Months Ended

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

2021 2021 2020 2020 2020

Revenues:

Vessel $ 88,514 80,993 87,830 85,395 100,975 revenues

Otheroperating 1,439 2,511 4,029 1,072 1,369 revenues

Total revenues 89,953 83,504 91,859 86,467 102,344

Costs and expenses:

Vesseloperating 64,263 61,020 63,397 61,784 64,774 costs (A)

Costs of otheroperating 581 1,067 342 219 171 revenue

General andadministrative 16,787 16,043 16,992 17,438 17,597 (A)

Depreciationand 28,549 29,727 30,681 30,777 28,144 amortization

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

Affiliatecredit lossimpairment (1,000 ) - (600 ) - 53,581 expense(credit)

Affiliateguarantee - - - - 2,000 obligation

(Gain) loss onasset 932 1,948 (80 ) (520 ) (1,660 )dispositions,net

Totaloperating 110,112 109,805 117,207 111,643 220,089 costs andexpenses

Operating loss (20,159 ) (26,301 ) (25,348 ) (25,176 ) (117,745 )

Other income (expense):

Foreignexchange gain 422 (850 ) (2,880 ) (1,153 ) (2,076 )(loss)

Equity in netearnings(losses) of 52 (1,849 ) 164 - - unconsolidatedcompanies

Dividendincome from - - - - 17,150 unconsolidatedcompany

Interestincome and 8 23 144 272 696 other, net

Interest andother debt (3,944 ) (4,541 ) (5,984 ) (6,071 ) (5,959 )costs, net

Total other (3,462 ) (7,217 ) (8,556 ) (6,952 ) 9,811 expense

Loss before (23,621 ) (33,518 ) (33,904 ) (32,128 ) (107,934 )income taxes

Income tax(benefit) 6,026 2,009 (4,477 ) 5,953 2,730 expense

Net loss (29,647 ) (35,527 ) (29,427 ) (38,081 ) (110,664 )

Net lossattributableto (185 ) (212 ) (180 ) (154 ) (41 )noncontrollinginterests

Net lossattributable $ (29,462 ) (35,315 ) (29,247 ) (37,927 ) (110,623 )to TidewaterInc.

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

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

Weightedaverage common 40,899 40,716 40,604 40,405 40,306 sharesoutstanding

Dilutiveeffect ofstock options - - - - - and restrictedstock

Adjustedweighted 40,899 40,716 40,604 40,405 40,306 average commonshares

Vesseloperating $ 24,251 19,973 24,433 23,611 36,201 margin





Note (A) One-timerestructuring $ 795 103 291 641 446 andintegrationrelated costs

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

June 30,

March 31,

December 31,

September 30,

June 30,

ASSETS

2021

2021

2020

2020

2020

Current assets:

Cash and cash equivalents

$

131,157

131,858

149,933

192,243

203,119

Restricted cash

20,284

9,061

2,079

26,401

19,880

Trade and other receivables, net

90,229

99,865

112,623

100,583

115,008

Due from affiliate, net

64,922

62,474

62,050

65,692

65,766

Marine operating supplies

15,404

15,676

15,876

17,808

20,580

Assets held for sale

17,214

31,214

34,396

19,163

29,064

Prepaid expenses and other current assets

15,953

13,594

11,692

18,925

20,350

Total current assets

355,163

363,742

388,649

440,815

473,767

Net properties and equipment

731,659

754,707

780,318

820,876

839,912

Deferred drydocking and survey costs

40,372

46,648

56,468

63,975

74,585

Other assets

24,539

23,833

25,742

25,108

27,411

Total assets

$

1,151,733

1,188,930

1,251,177

$

1,350,774

$

1,415,675

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

16,189

14,622

16,981

12,953

17,111

Accrued expenses

50,532

48,466

52,422

55,811

60,993

Due to affiliates

59,759

56,356

53,194

53,355

48,803

Current portion of long-term debt

7,355

18,201

27,797

9,576

9,437

Other current liabilities

28,825

35,003

32,785

31,599

25,815

Total current liabilities

162,660

172,648

183,179

163,294

162,159

Long-term debt

148,612

148,337

164,934

246,179

273,215

Other liabilities and deferred credits

80,723

79,234

79,792

87,724

90,301

Equity:

Common stock

41

41

41

40

40

Additional paid-in-capital

1,373,727

1,372,846

1,371,809

1,370,778

1,369,645

Accumulated deficit

(613,708

)

(584,246

)

(548,931

)

(519,684

)

(481,757

)

Accumulated other comprehensive income (loss)

(1,082

)

(875

)

(804

)

1,106

581

Total stockholder's equity

758,978

787,766

822,115

852,240

888,509

Noncontrolling interests

760

945

1,157

1,337

1,491

Total equity

759,738

788,711

823,272

853,577

890,000

Total liabilities and equity

$

1,151,733

1,188,930

1,251,177

1,350,774

1,415,675

Supplemental information

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

Sonatide (Angola)

$

5,163

6,118

8,856

12,337

16,963

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

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

ASSETS 2021 2021 2020 2020 2020



Current assets:

Cash and cash $ 131,157 131,858 149,933 192,243 203,119 equivalents

Restricted cash 20,284 9,061 2,079 26,401 19,880

Trade and otherreceivables, 90,229 99,865 112,623 100,583 115,008 net

Due from 64,922 62,474 62,050 65,692 65,766 affiliate, net

Marineoperating 15,404 15,676 15,876 17,808 20,580 supplies

Assets held for 17,214 31,214 34,396 19,163 29,064 sale

Prepaidexpenses and 15,953 13,594 11,692 18,925 20,350 other currentassets

Total current 355,163 363,742 388,649 440,815 473,767 assets

Net properties 731,659 754,707 780,318 820,876 839,912 and equipment

Deferreddrydocking and 40,372 46,648 56,468 63,975 74,585 survey costs

Other assets 24,539 23,833 25,742 25,108 27,411

Total assets $ 1,151,733 1,188,930 1,251,177 $ 1,350,774 $ 1,415,675



LIABILITIES AND EQUITY

Current liabilities:

Accounts $ 16,189 14,622 16,981 12,953 17,111 payable

Accrued 50,532 48,466 52,422 55,811 60,993 expenses

Due to 59,759 56,356 53,194 53,355 48,803 affiliates

Current portionof long-term 7,355 18,201 27,797 9,576 9,437 debt

Other current 28,825 35,003 32,785 31,599 25,815 liabilities

Total current 162,660 172,648 183,179 163,294 162,159 liabilities

Long-term debt 148,612 148,337 164,934 246,179 273,215

Otherliabilities and 80,723 79,234 79,792 87,724 90,301 deferredcredits





Equity:

Common stock 41 41 41 40 40

Additional 1,373,727 1,372,846 1,371,809 1,370,778 1,369,645 paid-in-capital

Accumulated (613,708 ) (584,246 ) (548,931 ) (519,684 ) (481,757 )deficit

Accumulatedother (1,082 ) (875 ) (804 ) 1,106 581 comprehensiveincome (loss)

Totalstockholder's 758,978 787,766 822,115 852,240 888,509 equity

Noncontrolling 760 945 1,157 1,337 1,491 interests

Total equity 759,738 788,711 823,272 853,577 890,000

Totalliabilities and $ 1,151,733 1,188,930 1,251,177 1,350,774 1,415,675 equity



Supplemental information

Due fromrelatedparties, net of due to relatedparties:

Sonatide $ 5,163 6,118 8,856 12,337 16,963 (Angola)

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

VESSEL REVENUE BY VESSEL CLASS

Americas fleet:

Deepwater

$

17,796

19,876

25,706

22,836

27,858

Towing-supply

4,535

4,817

4,603

4,119

4,455

Other

1,150

1,531

1,759

1,750

1,731

Total

23,481

26,224

32,068

28,705

34,044

Middle East/Asia Pacific fleet:

Deepwater

$

17,264

15,931

16,822

13,819

14,195

Towing-supply

8,364

8,483

8,220

9,461

9,788

Total

25,628

24,414

25,042

23,280

23,983

Europe/Mediterranean fleet:

Deepwater

$

22,293

14,588

15,621

17,578

20,476

Towing-supply

11

-

-

(13

)

-

Other

163

161

154

151

144

Total

22,467

14,749

15,775

17,716

20,620

West Africa fleet:

Deepwater

$

8,814

7,909

6,237

4,905

8,748

Towing-supply

5,564

4,879

5,202

7,711

11,029

Other

2,560

2,818

3,506

3,078

2,552

Total

$

16,938

15,606

14,945

15,694

22,329

Worldwide fleet:

Deepwater

$

66,167

58,304

64,386

59,137

71,277

Towing-supply

18,474

18,179

18,025

21,278

25,271

Other

3,873

4,510

5,419

4,980

4,427

Total

$

88,514

80,993

87,830

85,395

100,975

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2021 2021 2020 2020 2020

VESSELREVENUE BY VESSEL CLASS



Americas fleet:

Deepwater $ 17,796 19,876 25,706 22,836 27,858

Towing-supply 4,535 4,817 4,603 4,119 4,455

Other 1,150 1,531 1,759 1,750 1,731

Total 23,481 26,224 32,068 28,705 34,044

Middle East/Asia Pacific fleet:

Deepwater $ 17,264 15,931 16,822 13,819 14,195

Towing-supply 8,364 8,483 8,220 9,461 9,788

Total 25,628 24,414 25,042 23,280 23,983

Europe/Mediterranean fleet:

Deepwater $ 22,293 14,588 15,621 17,578 20,476

Towing-supply 11 - - (13 ) -

Other 163 161 154 151 144

Total 22,467 14,749 15,775 17,716 20,620

West Africa fleet:

Deepwater $ 8,814 7,909 6,237 4,905 8,748

Towing-supply 5,564 4,879 5,202 7,711 11,029

Other 2,560 2,818 3,506 3,078 2,552

Total $ 16,938 15,606 14,945 15,694 22,329

Worldwide fleet:

Deepwater $ 66,167 58,304 64,386 59,137 71,277

Towing-supply 18,474 18,179 18,025 21,278 25,271

Other 3,873 4,510 5,419 4,980 4,427

Total $ 88,514 80,993 87,830 85,395 100,975

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

AVERAGE NUMBER OF VESSELS:

Americas fleet:

Deepwater

27

29

32

32

32

Towing-supply

8

8

10

12

15

Other

3

3

3

3

3

Total

38

40

45

47

50

Stacked vessels

(13

)

(12

)

(15

)

(17

)

(17

)

Active vessels

25

28

30

30

33

Middle East/Asia Pacific fleet:

Deepwater

20

21

21

22

26

Towing-supply

18

20

22

23

26

Total

38

41

43

45

52

Stacked vessels

(1

)

(3

)

(3

)

(4

)

(9

)

Active vessels

37

38

40

41

43

Europe/Mediterranean fleet:

Deepwater

29

31

31

32

36

Towing-supply

-

-

-

-

1

Total

29

31

31

32

37

Stacked vessels

(8

)

(14

)

(16

)

(17

)

(17

)

Active vessels

21

17

15

15

20

West Africa fleet:

Deepwater

20

20

20

25

26

Towing-supply

11

12

13

17

18

Other

26

26

23

16

19

Total

57

58

56

58

63

Stacked vessels

(22

)

(25

)

(26

)

(31

)

(21

)

Active vessels

35

33

30

27

42

Worldwide fleet:

Deepwater

96

101

104

111

120

Towing-supply

37

40

45

52

60

Other

29

29

26

19

22

Total

162

170

175

182

202

Stacked vessels

(44

)

(54

)

(60

)

(69

)

(64

)

Active vessels

118

116

115

113

138

Total active

118

116

115

113

138

Total stacked

44

54

60

69

64

Total joint venture and other vessels

3

3

3

3

3

Total

165

173

178

185

205

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2021 2021 2020 2020 2020

AVERAGE NUMBER OF VESSELS:



Americas fleet:

Deepwater 27 29 32 32 32

Towing-supply 8 8 10 12 15

Other 3 3 3 3 3

Total 38 40 45 47 50

Stacked vessels (13 ) (12 ) (15 ) (17 ) (17 )

Active vessels 25 28 30 30 33

Middle East/Asia Pacific fleet:

Deepwater 20 21 21 22 26

Towing-supply 18 20 22 23 26

Total 38 41 43 45 52

Stacked vessels (1 ) (3 ) (3 ) (4 ) (9 )

Active vessels 37 38 40 41 43

Europe/Mediterranean fleet:

Deepwater 29 31 31 32 36

Towing-supply - - - - 1

Total 29 31 31 32 37

Stacked vessels (8 ) (14 ) (16 ) (17 ) (17 )

Active vessels 21 17 15 15 20

West Africa fleet:

Deepwater 20 20 20 25 26

Towing-supply 11 12 13 17 18

Other 26 26 23 16 19

Total 57 58 56 58 63

Stacked vessels (22 ) (25 ) (26 ) (31 ) (21 )

Active vessels 35 33 30 27 42

Worldwide fleet:

Deepwater 96 101 104 111 120

Towing-supply 37 40 45 52 60

Other 29 29 26 19 22

Total 162 170 175 182 202

Stacked vessels (44 ) (54 ) (60 ) (69 ) (64 )

Active vessels 118 116 115 113 138



Total active 118 116 115 113 138

Total stacked 44 54 60 69 64

Total joint venture and 3 3 3 3 3 other vessels

Total 165 173 178 185 205

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:

Deepwater

2,497

2,627

2,944

2,996

2,940

Towing-supply

728

720

898

1,098

1,329

Other

273

270

276

276

273

Total

3,498

3,617

4,118

4,370

4,542

Middle East/Asia Pacific fleet:

Deepwater

1,820

1,863

1,932

2,025

2,411

Towing-supply

1,667

1,822

2,032

2,118

2,342

Total

3,487

3,685

3,964

4,143

4,753

Europe/Mediterranean fleet:

Deepwater

2,672

2,756

2,852

2,916

3,256

Towing-supply

-

-

-

24

91

Total

2,672

2,756

2,852

2,940

3,347

West Africa fleet:

Deepwater

1,853

1,827

1,840

2,269

2,366

Towing-supply

1,001

1,084

1,196

1,588

1,654

Other

2,366

2,340

2,095

1,469

1,698

Total

5,220

5,251

5,131

5,326

5,718

Worldwide fleet:

Deepwater

8,842

9,073

9,568

10,206

10,973

Towing-supply

3,396

3,626

4,126

4,828

5,416

Other

2,639

2,610

2,371

1,745

1,971

Total

14,877

15,309

16,065

16,779

18,360

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2021 2021 2020 2020 2020

AVAILABLEDAYS - TOTAL FLEET:



Americas fleet:

Deepwater 2,497 2,627 2,944 2,996 2,940

Towing-supply 728 720 898 1,098 1,329

Other 273 270 276 276 273

Total 3,498 3,617 4,118 4,370 4,542

Middle East/Asia Pacific fleet:

Deepwater 1,820 1,863 1,932 2,025 2,411

Towing-supply 1,667 1,822 2,032 2,118 2,342

Total 3,487 3,685 3,964 4,143 4,753

Europe/Mediterranean fleet:

Deepwater 2,672 2,756 2,852 2,916 3,256

Towing-supply - - - 24 91

Total 2,672 2,756 2,852 2,940 3,347

West Africa fleet:

Deepwater 1,853 1,827 1,840 2,269 2,366

Towing-supply 1,001 1,084 1,196 1,588 1,654

Other 2,366 2,340 2,095 1,469 1,698

Total 5,220 5,251 5,131 5,326 5,718

Worldwide fleet:

Deepwater 8,842 9,073 9,568 10,206 10,973

Towing-supply 3,396 3,626 4,126 4,828 5,416

Other 2,639 2,610 2,371 1,745 1,971

Total 14,877 15,309 16,065 16,779 18,360

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:

Deepwater

889

923

1,105

1,134

863

Towing-supply

91

90

189

362

601

Other

182

90

92

92

91

Total

1,162

1,103

1,386

1,588

1,555

Middle East/Asia Pacific fleet:

Deepwater

91

90

92

185

500

Towing-supply

29

180

177

186

310

Total

120

270

269

371

810

Europe/Mediterranean fleet:

Deepwater

766

1,238

1,448

1,522

1,422

Towing-supply

-

-

-

24

91

Total

766

1,238

1,448

1,546

1,513

West Africa fleet:

Deepwater

852

1,104

1,288

1,809

919

Towing-supply

516

544

644

882

563

Other

637

599

417

181

446

Total

2,005

2,247

2,349

2,872

1,928

Worldwide fleet:

Deepwater

2,598

3,355

3,933

4,650

3,704

Towing-supply

636

814

1,010

1,454

1,565

Other

819

689

509

273

537

Total

4,053

4,858

5,452

6,377

5,806

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2021 2021 2020 2020 2020

OUT-OF-SERVICE - STACKED DAYS:



Americas fleet:

Deepwater 889 923 1,105 1,134 863

Towing-supply 91 90 189 362 601

Other 182 90 92 92 91

Total 1,162 1,103 1,386 1,588 1,555

Middle East/Asia Pacific fleet:

Deepwater 91 90 92 185 500

Towing-supply 29 180 177 186 310

Total 120 270 269 371 810

Europe/Mediterranean fleet:

Deepwater 766 1,238 1,448 1,522 1,422

Towing-supply - - - 24 91

Total 766 1,238 1,448 1,546 1,513

West Africa fleet:

Deepwater 852 1,104 1,288 1,809 919

Towing-supply 516 544 644 882 563

Other 637 599 417 181 446

Total 2,005 2,247 2,349 2,872 1,928

Worldwide fleet:

Deepwater 2,598 3,355 3,933 4,650 3,704

Towing-supply 636 814 1,010 1,454 1,565

Other 819 689 509 273 537

Total 4,053 4,858 5,452 6,377 5,806

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:

Deepwater

1,608

1,704

1,839

1,862

2,077

Towing-supply

637

630

709

736

728

Other

91

180

184

184

182

Total

2,336

2,514

2,732

2,782

2,987

Middle East/Asia Pacific fleet:

Deepwater

1,729

1,773

1,840

1,840

1,911

Towing-supply

1,638

1,642

1,855

1,932

2,032

Total

3,367

3,415

3,695

3,772

3,943

Europe/Mediterranean fleet:

Deepwater

1,906

1,518

1,404

1,394

1,834

Total

1,906

1,518

1,404

1,394

1,834

West Africa fleet:

Deepwater

1,001

723

552

460

1,447

Towing-supply

485

540

552

706

1,091

Other

1,729

1,741

1,678

1,288

1,252

Total

3,215

3,004

2,782

2,454

3,790

Worldwide fleet:

Deepwater

6,244

5,718

5,635

5,556

7,269

Towing-supply

2,760

2,812

3,116

3,374

3,851

Other

1,820

1,921

1,862

1,472

1,434

Total

10,824

10,451

10,613

10,402

12,554

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2021 2021 2020 2020 2020

AVAILABLEDAYS - ACTIVE FLEET:



Americas fleet:

Deepwater 1,608 1,704 1,839 1,862 2,077

Towing-supply 637 630 709 736 728

Other 91 180 184 184 182

Total 2,336 2,514 2,732 2,782 2,987

Middle East/Asia Pacific fleet:

Deepwater 1,729 1,773 1,840 1,840 1,911

Towing-supply 1,638 1,642 1,855 1,932 2,032

Total 3,367 3,415 3,695 3,772 3,943

Europe/Mediterranean fleet:

Deepwater 1,906 1,518 1,404 1,394 1,834

Total 1,906 1,518 1,404 1,394 1,834

West Africa fleet:

Deepwater 1,001 723 552 460 1,447

Towing-supply 485 540 552 706 1,091

Other 1,729 1,741 1,678 1,288 1,252

Total 3,215 3,004 2,782 2,454 3,790

Worldwide fleet:

Deepwater 6,244 5,718 5,635 5,556 7,269

Towing-supply 2,760 2,812 3,116 3,374 3,851

Other 1,820 1,921 1,862 1,472 1,434

Total 10,824 10,451 10,613 10,402 12,554

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

UTILIZATION - TOTAL FLEET:

Americas fleet:

Deepwater

45.6

%

55.6

%

53.2

%

51.7

%

64.3

%

Towing-supply

76.3

83.2

67.7

50.0

43.5

Other

33.3

55.7

66.7

66.7

65.2

Total

51.0

%

61.1

%

57.2

%

52.2

%

58.3

%

Middle East/Asia Pacific fleet:

Deepwater

88.3

%

80.1

%

78.2

%

67.4

%

57.9

%

Towing-supply

82.5

75.6

62.5

72.3

68.2

Total

85.5

%

77.9

%

70.2

%

69.9

%

63.0

%

Europe/Mediterranean fleet:

Deepwater

64.7

%

44.7

%

44.7

%

45.5

%

49.9

%

Total

64.7

%

44.7

%

44.7

%

45.1

%

48.6

%

West Africa fleet:

Deepwater

42.3

%

36.2

%

27.2

%

17.5

%

31.1

%

Towing-supply

38.4

30.1

30.8

28.4

41.3

Other

34.6

34.4

42.3

53.1

39.2

Total

38.1

%

34.1

%

34.2

%

30.6

%

36.5

%

Worldwide fleet:

Deepwater

59.4

%

53.4

%

50.7

%

45.4

%

51.5

%

Towing-supply

68.2

63.5

54.4

52.4

52.8

Other

34.5

36.6

45.2

55.3

42.8

Total

57.0

%

52.9

%

50.9

%

48.5

%

50.9

%

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2021 2021 2020 2020 2020

UTILIZATION - TOTAL FLEET:



Americas fleet:

Deepwater 45.6 % 55.6 % 53.2 % 51.7 % 64.3 %

Towing-supply 76.3 83.2 67.7 50.0 43.5

Other 33.3 55.7 66.7 66.7 65.2

Total 51.0 % 61.1 % 57.2 % 52.2 % 58.3 %

Middle East/Asia Pacific fleet:

Deepwater 88.3 % 80.1 % 78.2 % 67.4 % 57.9 %

Towing-supply 82.5 75.6 62.5 72.3 68.2

Total 85.5 % 77.9 % 70.2 % 69.9 % 63.0 %

Europe/Mediterranean fleet:

Deepwater 64.7 % 44.7 % 44.7 % 45.5 % 49.9 %

Total 64.7 % 44.7 % 44.7 % 45.1 % 48.6 %

West Africa fleet:

Deepwater 42.3 % 36.2 % 27.2 % 17.5 % 31.1 %

Towing-supply 38.4 30.1 30.8 28.4 41.3

Other 34.6 34.4 42.3 53.1 39.2

Total 38.1 % 34.1 % 34.2 % 30.6 % 36.5 %

Worldwide fleet:

Deepwater 59.4 % 53.4 % 50.7 % 45.4 % 51.5 %

Towing-supply 68.2 63.5 54.4 52.4 52.8

Other 34.5 36.6 45.2 55.3 42.8

Total 57.0 % 52.9 % 50.9 % 48.5 % 50.9 %

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

UTILIZATION - ACTIVE FLEET:

Americas fleet:

Deepwater

70.7

%

85.7

%

85.1

%

83.2

%

91.0

%

Towing-supply

87.2

95.1

85.7

74.6

79.4

Other

100.0

83.6

100.0

100.0

97.8

Total

76.4

%

87.9

%

86.3

%

82.0

%

88.6

%

Middle East/Asia Pacific fleet:

Deepwater

92.9

%

84.2

%

82.1

%

74.2

%

73.1

%

Towing-supply

84.0

83.9

68.5

79.2

78.6

Total

88.6

%

84.0

%

75.3

%

76.8

%

75.9

%

Europe/Mediterranean fleet:

Deepwater

90.6

%

81.3

%

90.9

%

95.1

%

88.6

%

Total

90.6

%

81.3

%

90.9

%

95.1

%

88.6

%

West Africa fleet:

Deepwater

78.3

%

91.4

%

90.8

%

86.2

%

50.9

%

Towing-supply

79.2

60.4

66.7

63.8

62.6

Other

47.4

46.2

52.9

60.6

53.2

Total

61.8

%

59.6

%

63.1

%

66.3

%

55.0

%

Worldwide fleet:

Deepwater

84.2

%

84.8

%

86.1

%

83.4

%

77.7

%

Towing-supply

83.9

81.9

72.1

75.0

74.2

Other

50.0

49.7

57.5

65.5

58.9

Total

78.4

%

77.6

%

77.0

%

78.2

%

74.5

%

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2021 2021 2020 2020 2020

UTILIZATION - ACTIVE FLEET:



Americas fleet:

Deepwater 70.7 % 85.7 % 85.1 % 83.2 % 91.0 %

Towing-supply 87.2 95.1 85.7 74.6 79.4

Other 100.0 83.6 100.0 100.0 97.8

Total 76.4 % 87.9 % 86.3 % 82.0 % 88.6 %

Middle East/Asia Pacific fleet:

Deepwater 92.9 % 84.2 % 82.1 % 74.2 % 73.1 %

Towing-supply 84.0 83.9 68.5 79.2 78.6

Total 88.6 % 84.0 % 75.3 % 76.8 % 75.9 %

Europe/Mediterranean fleet:

Deepwater 90.6 % 81.3 % 90.9 % 95.1 % 88.6 %

Total 90.6 % 81.3 % 90.9 % 95.1 % 88.6 %

West Africa fleet:

Deepwater 78.3 % 91.4 % 90.8 % 86.2 % 50.9 %

Towing-supply 79.2 60.4 66.7 63.8 62.6

Other 47.4 46.2 52.9 60.6 53.2

Total 61.8 % 59.6 % 63.1 % 66.3 % 55.0 %

Worldwide fleet:

Deepwater 84.2 % 84.8 % 86.1 % 83.4 % 77.7 %

Towing-supply 83.9 81.9 72.1 75.0 74.2

Other 50.0 49.7 57.5 65.5 58.9

Total 78.4 % 77.6 % 77.0 % 78.2 % 74.5 %

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

AVERAGE VESSEL DAY RATES: (A)

Americas fleet:

Deepwater

$

15,646

13,608

16,416

14,743

14,738

Towing-supply

8,162

8,040

7,576

7,506

7,707

Other

12,634

10,179

9,559

9,514

9,723

Total

$

13,162

11,865

13,602

12,581

12,865

Middle East/Asia Pacific fleet:

Deepwater

$

10,743

10,670

11,129

10,127

10,161

Towing-supply

6,080

6,159

6,471

6,180

6,128

Total

$

8,593

8,506

9,002

8,040

8,009

Europe/Mediterranean fleet:

Deepwater

$

12,905

11,829

12,368

13,257

12,600

Total

$

13,005

11,960

12,368

13,361

12,689

West Africa fleet:

Deepwater

$

11,242

11,972

12,449

12,365

11,891

Towing-supply

14,480

14,967

14,136

17,122

16,158

Other

3,124

3,501

3,952

3,944

3,829

Total

$

8,521

8,711

8,510

9,643

10,711

Worldwide fleet:

Deepwater

$

12,589

12,028

13,265

12,756

12,620

Towing-supply

7,978

7,896

8,026

8,411

8,843

Other

4,253

4,721

5,059

5,163

5,243

Total

$

10,435

9,993

10,749

10,503

10,799

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

Three Months Ended

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

2021 2021 2020 2020 2020

AVERAGEVESSEL DAY RATES: (A)



Americas fleet:

Deepwater $ 15,646 13,608 16,416 14,743 14,738

Towing-supply 8,162 8,040 7,576 7,506 7,707

Other 12,634 10,179 9,559 9,514 9,723

Total $ 13,162 11,865 13,602 12,581 12,865

Middle East/Asia Pacific fleet:

Deepwater $ 10,743 10,670 11,129 10,127 10,161

Towing-supply 6,080 6,159 6,471 6,180 6,128

Total $ 8,593 8,506 9,002 8,040 8,009

Europe/Mediterranean fleet:

Deepwater $ 12,905 11,829 12,368 13,257 12,600

Total $ 13,005 11,960 12,368 13,361 12,689

West Africa fleet:

Deepwater $ 11,242 11,972 12,449 12,365 11,891

Towing-supply 14,480 14,967 14,136 17,122 16,158

Other 3,124 3,501 3,952 3,944 3,829

Total $ 8,521 8,711 8,510 9,643 10,711

Worldwide fleet:

Deepwater $ 12,589 12,028 13,265 12,756 12,620

Towing-supply 7,978 7,896 8,026 8,411 8,843

Other 4,253 4,721 5,059 5,163 5,243

Total $ 10,435 9,993 10,749 10,503 10,799

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

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

Americas

Vessel revenues

$

23,481

26,224

32,068

28,705

34,044

Vessel operating costs:

Crew costs

$

11,132

10,594

12,795

11,711

13,138

Repair and maintenance

2,192

2,714

2,065

1,259

1,703

Insurance

(30

)

200

402

426

427

Fuel, lube and supplies

1,952

1,774

1,822

1,754

1,373

Other

2,972

1,980

2,306

2,486

1,956

Total vessel operating costs

$

18,218

17,262

19,390

17,636

18,597

Vessel operating margin ($)

$

5,263

8,962

12,678

11,069

15,447

Vessel operating margin (%)

22.4

%

34.2

%

39.5

%

38.6

%

45.4

%

Americas - Select operating statistics

Average vessels - Total fleet

38

40

45

47

50

Utilization - Total fleet

51.0

%

61.1

%

57.2

%

52.2

%

58.3

%

Average vessels - Active fleet

25

28

30

30

33

Utilization - Active fleet

76.4

%

87.9

%

86.3

%

82.0

%

88.6

%

Average day rates

$

13,162

11,865

13,602

12,581

12,865

Vessels commencing drydocks

3

1

1

-

5

Deferred drydocking and survey costs - beginning balance

$

11,813

15,440

17,774

20,024

21,599

Cash paid for deferred drydocking and survey costs

2,157

881

1,015

1,086

1,819

Amortization of deferred drydocking and survey costs

(2,753

)

(3,222

)

(3,349

)

(3,336

)

(3,394

)

Disposals, intersegment transfers and other

1,702

(1,286

)

-

-

-

Deferred drydocking and survey costs - ending balance

$

12,919

11,813

15,440

17,774

20,024



TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2021 2021 2020 2020 2020



Americas

Vessel $ 23,481 26,224 32,068 28,705 34,044 revenues



Vesseloperating costs:

Crew costs $ 11,132 10,594 12,795 11,711 13,138

Repair and 2,192 2,714 2,065 1,259 1,703 maintenance

Insurance (30 ) 200 402 426 427

Fuel, lube 1,952 1,774 1,822 1,754 1,373 and supplies

Other 2,972 1,980 2,306 2,486 1,956

Total vesseloperating $ 18,218 17,262 19,390 17,636 18,597 costs



Vesseloperating $ 5,263 8,962 12,678 11,069 15,447 margin ($)

Vesseloperating 22.4 % 34.2 % 39.5 % 38.6 % 45.4 %margin (%)



Americas -Select operatingstatistics

Averagevessels - 38 40 45 47 50 Total fleet

Utilization - 51.0 % 61.1 % 57.2 % 52.2 % 58.3 %Total fleet



Averagevessels - 25 28 30 30 33 Active fleet

Utilization - 76.4 % 87.9 % 86.3 % 82.0 % 88.6 %Active fleet



Average day $ 13,162 11,865 13,602 12,581 12,865 rates



Vesselscommencing 3 1 1 - 5 drydocks





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

Cash paid fordeferreddrydocking 2,157 881 1,015 1,086 1,819 and surveycosts

Amortizationof deferreddrydocking (2,753 ) (3,222 ) (3,349 ) (3,336 ) (3,394 )and surveycosts

Disposals,intersegment 1,702 (1,286 ) - - - transfers andother

Deferreddrydockingand survey $ 12,919 11,813 15,440 17,774 20,024 costs -endingbalance

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

Middle East/Asia Pacific

Vessel revenues

$

25,628

24,414

25,042

23,280

23,983

Vessel operating costs:

Crew costs

$

9,910

9,639

9,982

10,468

8,726

Repair and maintenance

2,632

2,659

2,899

2,385

2,196

Insurance

37

(224

)

452

562

739

Fuel, lube and supplies

1,494

1,569

1,924

1,783

1,405

Other

2,692

2,959

3,532

2,057

2,412

Total vessel operating costs

$

16,765

16,602

18,789

17,255

15,478

Vessel operating margin ($)

$

8,863

7,812

6,253

6,025

8,505

Vessel operating margin (%)

34.6

%

32.0

%

25.0

%

25.9

%

35.5

%

Middle East/Asia Pacific - Select operating statistics

Average vessels - Total fleet

38

41

43

45

52

Utilization - Total fleet

85.5

%

77.9

%

70.2

%

69.9

%

63.0

%

Average vessels - Active fleet

37

38

40

41

43

Utilization - Active fleet

88.6

%

84.0

%

75.3

%

76.8

%

75.9

%

Average day rates

$

8,593

8,506

9,002

8,040

8,009

Vessels commencing drydocks

4

-

3

-

-

Deferred drydocking and survey costs - beginning balance

$

13,989

17,031

18,666

21,116

23,139

Cash paid for deferred drydocking and survey costs

1,354

72

1,447

386

850

Amortization of deferred drydocking and survey costs

(2,820

)

(3,114

)

(3,082

)

(3,036

)

(2,589

)

Disposals, intersegment transfers and other

(399

)

-

-

200

(284

)

Deferred drydocking and survey costs - ending balance

12,124

13,989

17,031

18,666

21,116

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2021 2021 2020 2020 2020



Middle East/ Asia Pacific

Vessel $ 25,628 24,414 25,042 23,280 23,983 revenues



Vesseloperating costs:

Crew costs $ 9,910 9,639 9,982 10,468 8,726

Repair and 2,632 2,659 2,899 2,385 2,196 maintenance

Insurance 37 (224 ) 452 562 739

Fuel, lube 1,494 1,569 1,924 1,783 1,405 and supplies

Other 2,692 2,959 3,532 2,057 2,412

Total vesseloperating $ 16,765 16,602 18,789 17,255 15,478 costs



Vesseloperating $ 8,863 7,812 6,253 6,025 8,505 margin ($)

Vesseloperating 34.6 % 32.0 % 25.0 % 25.9 % 35.5 %margin (%)



Middle East/Asia Pacific- Select operatingstatistics

Averagevessels - 38 41 43 45 52 Total fleet

Utilization - 85.5 % 77.9 % 70.2 % 69.9 % 63.0 %Total fleet



Averagevessels - 37 38 40 41 43 Active fleet

Utilization - 88.6 % 84.0 % 75.3 % 76.8 % 75.9 %Active fleet



Average day $ 8,593 8,506 9,002 8,040 8,009 rates



Vesselscommencing 4 - 3 - - drydocks





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

Cash paid fordeferreddrydocking 1,354 72 1,447 386 850 and surveycosts

Amortizationof deferreddrydocking (2,820 ) (3,114 ) (3,082 ) (3,036 ) (2,589 )and surveycosts

Disposals,intersegment (399 ) - - 200 (284 )transfers andother

Deferreddrydockingand survey 12,124 13,989 17,031 18,666 21,116 costs -endingbalance

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

Europe/Mediterranean

Vessel revenues

$

22,467

14,749

15,775

17,716

20,620

Vessel operating costs:

Crew costs

$

10,519

9,022

8,179

7,952

9,707

Repair and maintenance

2,244

1,673

1,133

869

1,278

Insurance

(131

)

299

297

448

420

Fuel, lube and supplies

864

759

710

592

924

Other

1,803

1,707

1,214

1,274

1,547

Total vessel operating costs

$

15,299

13,460

11,533

11,135

13,876

Vessel operating margin ($)

$

7,168

1,289

4,243

6,581

6,744

Vessel operating margin (%)

31.9

%

8.7

%

26.9

%

37.1

%

32.7

%

Europe/Mediterranean - Select operating statistics

Average vessels - Total fleet

29

31

31

32

37

Utilization - Total fleet

64.7

%

44.7

%

44.7

%

45.1

%

48.6

%

Average vessels - Active fleet

21

17

15

15

20

Utilization - Active fleet

90.6

%

81.3

%

90.9

%

95.1

%

88.6

%

Average day rates

$

13,005

11,960

12,368

13,361

12,689

Vessels commencing drydocks

2

3

4

-

-

Deferred drydocking and survey costs - beginning balance

$

7,731

7,317

7,147

9,143

10,387

Cash paid for deferred drydocking and survey costs

162

2,067

1,710

(361

)

517

Amortization of deferred drydocking and survey costs

(1,553

)

(1,653

)

(1,540

)

(1,635

)

(1,710

)

Disposals, intersegment transfers and other

-

-

-

(51

)

Deferred drydocking and survey costs - ending balance

$

6,340

7,731

7,317

7,147

9,143

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2021 2021 2020 2020 2020



Europe/ Mediterranean

Vessel $ 22,467 14,749 15,775 17,716 20,620 revenues



Vesseloperating costs:

Crew costs $ 10,519 9,022 8,179 7,952 9,707

Repair and 2,244 1,673 1,133 869 1,278 maintenance

Insurance (131 ) 299 297 448 420

Fuel, lube 864 759 710 592 924 and supplies

Other 1,803 1,707 1,214 1,274 1,547

Total vesseloperating $ 15,299 13,460 11,533 11,135 13,876 costs



Vesseloperating $ 7,168 1,289 4,243 6,581 6,744 margin ($)

Vesseloperating 31.9 % 8.7 % 26.9 % 37.1 % 32.7 %margin (%)



Europe/Mediterranean- Select operatingstatistics

Averagevessels - 29 31 31 32 37 Total fleet

Utilization - 64.7 % 44.7 % 44.7 % 45.1 % 48.6 %Total fleet



Averagevessels - 21 17 15 15 20 Active fleet

Utilization - 90.6 % 81.3 % 90.9 % 95.1 % 88.6 %Active fleet



Average day $ 13,005 11,960 12,368 13,361 12,689 rates



Vesselscommencing 2 3 4 - - drydocks





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

Cash paid fordeferreddrydocking 162 2,067 1,710 (361 ) 517 and surveycosts

Amortizationof deferreddrydocking (1,553 ) (1,653 ) (1,540 ) (1,635 ) (1,710 )and surveycosts

Disposals,intersegment - - - (51 )transfers andother

Deferreddrydockingand survey $ 6,340 7,731 7,317 7,147 9,143 costs -endingbalance

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

West Africa

Vessel revenues

$

16,938

15,606

14,945

15,694

22,328

Vessel operating costs:

Crew costs

$

6,124

5,907

5,804

6,555

7,120

Repair and maintenance

2,466

2,391

1,930

1,419

1,479

Insurance

(13

)

348

296

517

424

Fuel, lube and supplies

2,231

1,758

1,765

2,628

2,681

Other

3,173

3,292

3,890

4,639

5,119

Total vessel operating costs

$

13,981

13,696

13,685

15,758

16,823

Vessel operating margin ($)

$

2,957

1,910

1,260

(64

)

5,505

Vessel operating margin (%)

17.5

%

12.2

%

8.4

%

(0.4

)%

24.7

%

West Africa - Select operating statistics

Average vessels - Total fleet

57

58

56

58

63

Utilization - Total fleet

38.1

%

34.1

%

34.2

%

30.6

%

36.5

%

Average vessels - Active fleet

35

33

30

27

42

Utilization - Active fleet

61.8

%

59.6

%

63.1

%

66.3

%

55.0

%

Average day rates

$

8,521

8,711

8,510

9,643

10,711

Vessels commencing drydocks

2

-

-

-

-

Deferred drydocking and survey costs - beginning balance

$

13,115

16,680

20,388

24,301

26,856

Cash paid for deferred drydocking and survey costs

376

(298

)

(400

)

(576

)

911

Amortization of deferred drydocking and survey costs

(3,199

)

(3,268

)

(3,294

)

(3,426

)

(3,466

)

Disposals, intersegment transfers and other

(1,303

)

1

(14

)

89

-

Deferred drydocking and survey costs - ending balance

$

8,989

13,115

16,680

20,388

24,301

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2021 2021 2020 2020 2020



West Africa

Vessel $ 16,938 15,606 14,945 15,694 22,328 revenues



Vesseloperating costs:

Crew costs $ 6,124 5,907 5,804 6,555 7,120

Repair and 2,466 2,391 1,930 1,419 1,479 maintenance

Insurance (13 ) 348 296 517 424

Fuel, lube 2,231 1,758 1,765 2,628 2,681 and supplies

Other 3,173 3,292 3,890 4,639 5,119

Total vesseloperating $ 13,981 13,696 13,685 15,758 16,823 costs



Vesseloperating $ 2,957 1,910 1,260 (64 ) 5,505 margin ($)

Vessel )operating 17.5 % 12.2 % 8.4 % (0.4 % 24.7 %margin (%)



West Africa -Select operatingstatistics

Averagevessels - 57 58 56 58 63 Total fleet

Utilization - 38.1 % 34.1 % 34.2 % 30.6 % 36.5 %Total fleet



Averagevessels - 35 33 30 27 42 Active fleet

Utilization - 61.8 % 59.6 % 63.1 % 66.3 % 55.0 %Active fleet



Average day $ 8,521 8,711 8,510 9,643 10,711 rates



Vesselscommencing 2 - - - - drydocks





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

Cash paid fordeferreddrydocking 376 (298 ) (400 ) (576 ) 911 and surveycosts

Amortizationof deferreddrydocking (3,199 ) (3,268 ) (3,294 ) (3,426 ) (3,466 )and surveycosts

Disposals,intersegment (1,303 ) 1 (14 ) 89 - transfers andother

Deferreddrydockingand survey $ 8,989 13,115 16,680 20,388 24,301 costs -endingbalance

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

Worldwide

Vessel revenues

$

88,514

80,993

87,830

85,395

100,975

Vessel operating costs:

Crew costs

$

37,685

35,162

36,760

36,686

38,691

Repair and maintenance

9,534

9,437

8,027

5,932

6,656

Insurance

(137

)

623

1,447

1,953

2,010

Fuel, lube and supplies

6,541

5,860

6,221

6,757

6,383

Other

10,640

9,938

10,942

10,456

11,034

Total vessel operating costs

$

64,263

61,020

63,397

61,784

64,774

Vessel operating margin ($)

$

24,251

19,973

24,434

23,611

36,201

Vessel operating margin (%)

27.4

%

24.7

%

27.8

%

27.6

%

35.9

%

Worldwide - Select operating statistics

Average vessels - Total fleet

162

170

175

182

202

Utilization - Total fleet

57.0

%

52.9

%

50.9

%

48.5

%

50.9

%

Average vessels - Active fleet

118

116

115

113

138

Utilization - Active fleet

78.4

%

77.6

%

77.0

%

78.2

%

74.5

%

Average day rates

$

10,435

9,993

10,749

10,503

10,799

Vessels commencing drydocks

11

4

8

-

5

Deferred drydocking and survey costs - beginning balance

$

46,648

56,468

63,975

74,584

81,981

Cash paid for deferred drydocking and survey costs

4,049

2,722

3,772

535

4,097

Amortization of deferred drydocking and survey costs

(10,325

)

(11,257

)

(11,265

)

(11,433

)

(11,159

)

Disposals, intersegment transfers and other

-

(1,285

)

(14

)

289

(335

)

Deferred drydocking and survey costs - ending balance

$

40,372

46,648

56,468

63,975

74,584

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2021 2021 2020 2020 2020



Worldwide

Vessel $ 88,514 80,993 87,830 85,395 100,975 revenues



Vesseloperating costs:

Crew costs $ 37,685 35,162 36,760 36,686 38,691

Repair and 9,534 9,437 8,027 5,932 6,656 maintenance

Insurance (137 ) 623 1,447 1,953 2,010

Fuel, lube 6,541 5,860 6,221 6,757 6,383 and supplies

Other 10,640 9,938 10,942 10,456 11,034

Total vesseloperating $ 64,263 61,020 63,397 61,784 64,774 costs



Vesseloperating $ 24,251 19,973 24,434 23,611 36,201 margin ($)

Vesseloperating 27.4 % 24.7 % 27.8 % 27.6 % 35.9 %margin (%)



Worldwide -Select operatingstatistics

Averagevessels - 162 170 175 182 202 Total fleet

Utilization- Total 57.0 % 52.9 % 50.9 % 48.5 % 50.9 %fleet



Averagevessels - 118 116 115 113 138 Active fleet

Utilization- Active 78.4 % 77.6 % 77.0 % 78.2 % 74.5 %fleet



Average day $ 10,435 9,993 10,749 10,503 10,799 rates



Vesselscommencing 11 4 8 - 5 drydocks





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

Cash paidfor deferreddrydocking 4,049 2,722 3,772 535 4,097 and surveycosts

Amortizationof deferreddrydocking (10,325 ) (11,257 ) (11,265 ) (11,433 ) (11,159 )and surveycosts

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

Deferreddrydockingand survey $ 40,372 46,648 56,468 63,975 74,584 costs -endingbalance

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

Net loss

$

(29,647

)

(35,527

)

(29,427

)

(38,081

)

(110,664

)

Interest and other debt costs

3,944

4,541

5,984

6,071

5,959

Income tax (benefit) expense

6,026

2,009

(4,477

)

5,953

2,730

Depreciation

18,224

18,470

19,416

19,343

16,986

Amortization of deferred drydock and survey costs

10,325

11,257

11,265

11,434

11,158

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

$

8,872

750

2,761

4,720

(73,831

)

Long-lived asset impairments and other

-

-

6,475

1,945

55,482

Affiliate credit loss impairment expense (credit)

(1,000

)

-

(600

)

-

53,581

Affiliate guarantee obligation

-

-

-

-

2,000

One-time integration related costs

795

103

291

641

446

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

$

8,667

853

8,927

7,306

37,678

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

Three Months Ended

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

2021 2021 2020 2020 2020

Net loss $ (29,647 ) (35,527 ) (29,427 ) (38,081 ) (110,664 )



Interest andother debt 3,944 4,541 5,984 6,071 5,959 costs

Income tax(benefit) 6,026 2,009 (4,477 ) 5,953 2,730 expense

Depreciation 18,224 18,470 19,416 19,343 16,986

Amortizationof deferred 10,325 11,257 11,265 11,434 11,158 drydock andsurvey costs

EBITDA (A), $ 8,872 750 2,761 4,720 (73,831 )(B), (C)



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

Affiliatecredit lossimpairment (1,000 ) - (600 ) - 53,581 expense(credit)

Affiliateguarantee - - - - 2,000 obligation

One-timeintegration 795 103 291 641 446 relatedcosts

AdjustedEBITDA (A), $ 8,667 853 8,927 7,306 37,678 (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 June 30, 2021, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,504, $1,172, $1,158, $1,223, and $1,401, respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended June 30, 2021, and for each of the prior four quarters includes foreign exchange gain (losses) of $422, $(850), $(2,880), $(1,153), and $(2,076), 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 June 30, 2021,and for each of the prior four quarters includes non-cash, stock-basedcompensation expense of $1,504, $1,172, $1,158, $1,223, and $1,401,respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended June 30, 2021,and for each of the prior four quarters includes foreign exchange gain (losses)of $422, $(850), $(2,880), $(1,153), and $(2,076), 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

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

2021 2021 2020 2020 2020

Net cashprovided by(used in) $ 4,851 5,716 2,180 14,629 14,702 operatingactivities(A)



Cashinterest 3,282 3,746 5,066 5,435 5,292 expense

Interestincome and (8 ) (23 ) (144 ) (272 ) (696 )other

Additions toproperty and (665 ) (1,196 ) (10,218 ) (607 ) (1,626 )equipment

Expansion - - 5,300 - - capital

Free cashflow beforeproceeds 7,460 8,243 2,184 19,185 17,672 from assetsales



Proceedsfrom asset 18,577 10,983 6,798 10,592 11,454 sales



Free cash $ 26,037 19,226 8,982 29,777 29,126 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

June 30,

March 31,

December 31,

September 30,

June 30,

2021

2021

2020

2020

2020

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

$

7,066

9,921

(4,915

)

18,858

(10,373

)

Cash paid for deferred drydock and survey costs

(4,049

)

(2,722

)

(3,772

)

(535

)

(4,097

)

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

$

3,017

7,199

(8,687

)

18,323

(14,470

)

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005769/en/

CONTACT: Tidewater Inc. West Gotcher Vice President, Finance and Investor Relations +1.713.470.5285