Business Wire | Nov 9, 2021 04:19PM EST

Tidewater Reports Results for the Three and Nine Months Ended September 30, 2021

Nov. 09, 2021

HOUSTON--(BUSINESS WIRE)--Nov. 09, 2021--Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2021 of $92.4 million and $265.9 million, respectively, compared with $86.5 million and $305.2 million, respectively, for the three and nine months ended September 30, 2020. Tidewater's net losses for the three and nine months ended September 30, 2021, were $26.3 million ($0.64 per common share) and $91.0 million ($2.22 per common share), respectively, compared with $37.9 million ($0.94 per common share) and $167.0 million ($4.15 per common share) for the three and nine months ended September 30, 2020. Included in the net losses for the three and nine months ended September 30, 2021 were long-lived asset impairments, affiliate credit loss credit, and severance expenses of $2.3 and $2.1 million, respectively. Excluding these items, we would have reported a net loss for the three and nine months ended September 30, 2021 of $24.0 million ($0.58 per common share) and $88.9 million ($2.17 per common share), respectively. Included in the net losses for the three and nine months ended September 30, 2020 were $2.6 million and $124.4 million, respectively, in long-lived asset impairments, affiliate credit losses, affiliate guarantee obligations, and severance expenses. Excluding these costs, we would have reported net loss for the three months ended September 30, 2020 of $35.3 million ($0.87 per common share) and a net loss for the nine months ended September 30, 2020 of $42.6 million (or $1.06 per common share).

Quintin Kneen, Tidewater's President and Chief Executive Officer, commented, "We recently marked an important achievement with the upcoming refinancing of our senior secured notes that were due in August of 2022 with the new senior secured $175.0 million notes that mature in November of 2026. The refinancing is scheduled to close next week, and we anticipate closing on a new $25.0 million revolving credit facility and the establishment of a $30.0 million "At-the-Market" equity issuance facility shortly thereafter. The 2026 notes provide substantially increased flexibility to grow the business. The refinancing transaction was set up to be cash flow neutral, so upon closing we expect to have approximately $150.0 million of cash on hand. The new revolving credit and ATM facilities will be available to provide additional cash as needed, but we do not foresee the need to utilize these facilities in the near term due to our significant current cash position.

"The successful refinancing of the 2022 senior notes is a sign of the progress Tidewater has made over the past four years to streamline the cost structure, high-grade the fleet, generate meaningful free cash flow, and position the business to prosper as the broader industry recovery unfolds. The 2026 notes and the new revolving credit and ATM facilities will provide us with the liquidity and flexibility to take advantage of opportunities in the legacy hydrocarbon business and position us to participate in the rapidly evolving offshore renewables business.

"From an operational perspective, the business continued to show signs of improvement during the third quarter as we move towards a more robust 2022. Revenue, active vessels and utilization continued to trend up, although day rate did see a modest reduction primarily due to geographic mix. During the third quarter, we generated $4.1 million of free cash flow, even after the reinvestment of $11.1 million in drydock and vessel reactivation costs during the quarter. We remain committed to generating sustainable free cash flow, and over the trailing 12 months we generated $58.3 million in free cash flow. The total number of vessels reactivated in 2021 is now up to 15.

"During the third quarter of 2021, revenue improved 2.7% sequentially, driven primarily by the full effect of vessels being reactivated throughout the year in response to the increase in activity, particularly in the West Africa and Americas regions. We continue to see improving demand fundamentals globally, and during the third quarter we executed a five-year agreement for 17 vessels in West Africa with a major customer.

"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 third quarter we disposed of six vessels and other assets for $4.4 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.

"Our confidence in 2022 is growing as certain geographic regions and certain vessel classes have tightened such that we've seen material price increases, some in-excess of 50%, as the available supply of easy-to-reactivate vessels has been largely consumed by increased demand. This degree of tightness in supply is not yet pervasive in all regions or vessel classes, but we see it as indicative of improving fundamentals and a reflection of fewer available vessels than readily observable metrics would otherwise suggest. Our growing confidence is further underpinned by increased tendering activity for work that was delayed during the pandemic and by new projects scheduled for 2022, particularly in West Africa, the Middle East, and the Americas regions. We are also encouraged by the pricing discipline our competitors are exhibiting as tendering activity continues to build."

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

Common Shares Outstanding 41,277,377

New Creditor Warrants (strike price $0.001 per common share) 635,663

GulfMark Creditor Warrants (strike price $0.01 per common 565,155 share)

Total 42,478,195

Tidewater will hold a conference call to discuss results for the three months ending September 30, 2021 on November 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 November 10, 2021 and will continue until 11:59 p.m. Central Time on December 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 offshore wind 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

(Unaudited)

(In thousands, except per share data)

Three Months Ended Nine Months Ended

September September September September 30, 2021 30, 2020 30, 2021 30, 2020

Revenues:

Vessel revenues $ 91,634 $ 85,395 $ 261,141 $ 298,344

Other operating revenues 767 1,072 4,717 6,835

Total revenues 92,401 86,467 265,858 305,179

Costs and expenses:

Vessel operating costs 65,344 61,784 190,627 205,383

Costs of other operating 355 219 2,003 3,063 revenues

General and 18,045 17,438 50,875 56,455 administrative

Depreciation and 27,980 30,777 86,256 86,028 amortization

Long-lived asset 2,167 1,945 2,167 67,634 impairments and other

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

Affiliate guarantee - - - 2,000 obligation

(Gain) loss on asset 74 (520 ) 2,954 (7,511 )dispositions, net

113,965 111,643 333,882 466,633

Operating loss (21,564 ) (25,176 ) (68,024 ) (161,454 )

Other income (expense):

Foreign exchange loss (523 ) (1,153 ) (951 ) (2,365 )

Equity in net earnings(losses) of 100 - (1,697 ) - unconsolidated companies

Dividend income from - - - 17,150 unconsolidated company

Interest income and 148 272 179 1,084 other, net

Interest and other debt (3,681 ) (6,071 ) (12,166 ) (18,172 )costs, net

Total other expense (3,956 ) (6,952 ) (14,635 ) (2,303 )

Loss before income taxes (25,520 ) (32,128 ) (82,659 ) (163,757 )

Income tax expense 887 5,953 8,922 3,512

Net loss $ (26,407 ) $ (38,081 ) $ (91,581 ) $ (167,269 )

Less: Net lossattributable to (149 ) (154 ) (546 ) (274 )noncontrolling interests

Net loss attributable to $ (26,258 ) $ (37,927 ) $ (91,035 ) $ (166,995 )Tidewater Inc.

Basic loss per common $ (0.64 ) $ (0.94 ) $ (2.22 ) $ (4.15 )share

Diluted loss per common $ (0.64 ) $ (0.94 ) $ (2.22 ) $ (4.15 )share

Weighted average common 41,132 40,405 40,918 40,271 shares outstanding

Adjusted weighted 41,132 40,405 40,918 40,271 average common shares

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)

September 30, 2021

December 31, 2020

ASSETS

Current assets:

Cash and cash equivalents

$

127,414

$

149,933

Restricted cash

24,092

2,079

Trade and other receivables, less allowance for credit losses of $2,134 and $1,516 at September 30, 2021 and December 31, 2020, respectively

86,015

112,623

Due from affiliates, less allowance for credit losses of $70,638 and $71,800 at September 30, 2021 and December 31, 2020, respectively

68,217

62,050

Marine operating supplies

13,335

15,876

Assets held for sale

17,891

34,396

Prepaid expenses and other current assets

13,129

11,692

Total current assets

350,093

388,649

Net properties and equipment

709,324

780,318

Deferred drydocking and survey costs

40,510

56,468

Other assets

23,146

25,742

Total assets

$

1,123,073

$

1,251,177

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

18,042

$

16,981

Accrued expenses

52,133

52,422

Due to affiliates

59,571

53,194

Current portion of long-term debt

140,995

27,797

Other current liabilities

29,139

32,785

Total current liabilities

299,880

183,179

Long-term debt

14,139

164,934

Other liabilities and deferred credits

74,442

79,792

Commitments and contingencies

Equity:

Common stock

41

41

Additional paid-in-capital

1,375,215

1,371,809

Accumulated deficit

(639,966

)

(548,931

)

Accumulated other comprehensive loss

(1,289

)

(804

)

Total stockholder's equity

734,001

822,115

Noncontrolling interests

611

1,157

Total equity

734,612

823,272

Total liabilities and equity

$

1,123,073

$

1,251,177

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)

September December 30, 2021 31, 2020

ASSETS

Current assets:

Cash and cash equivalents $ 127,414 $ 149,933

Restricted cash 24,092 2,079

Trade and other receivables, less allowance forcredit losses of $2,134 and $1,516 at September 86,015 112,623 30, 2021 and December 31, 2020, respectively

Due from affiliates, less allowance for creditlosses of $70,638 and $71,800 at September 30, 68,217 62,050 2021 and December 31, 2020, respectively

Marine operating supplies 13,335 15,876

Assets held for sale 17,891 34,396

Prepaid expenses and other current assets 13,129 11,692

Total current assets 350,093 388,649

Net properties and equipment 709,324 780,318

Deferred drydocking and survey costs 40,510 56,468

Other assets 23,146 25,742

Total assets $ 1,123,073 $ 1,251,177



LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable $ 18,042 $ 16,981

Accrued expenses 52,133 52,422

Due to affiliates 59,571 53,194

Current portion of long-term debt 140,995 27,797

Other current liabilities 29,139 32,785

Total current liabilities 299,880 183,179

Long-term debt 14,139 164,934

Other liabilities and deferred credits 74,442 79,792



Commitments and contingencies



Equity:

Common stock 41 41

Additional paid-in-capital 1,375,215 1,371,809

Accumulated deficit (639,966 ) (548,931 )

Accumulated other comprehensive loss (1,289 ) (804 )

Total stockholder's equity 734,001 822,115

Noncontrolling interests 611 1,157

Total equity 734,612 823,272

Total liabilities and equity $ 1,123,073 $ 1,251,177

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(In thousands)

Three Months Ended

Nine Months Ended

September 30, 2021

September 30, 2020

September 30, 2021

September 30, 2020

Net loss

$

(26,407

)

$

(38,081

)

$

(91,581

)

$

(167,269

)

Other comprehensive income (loss):

Change in pension plan and supplemental pension plan liability, net of tax of $0, $0.2 million, $0 and $0.4 million, respectively

(207

)

525

(485

)

1,342

Total comprehensive loss

$

(26,614

)

$

(37,556

)

$

(92,066

)

$

(165,927

)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(In thousands)

Three Months Ended Nine Months Ended

September September September September 30, 2021 30, 2020 30, 2021 30, 2020

Net loss $ (26,407 ) $ (38,081 ) $ (91,581 ) $ (167,269 )

Other comprehensive income (loss):

Change in pension planand supplementalpension planliability, net of tax (207 ) 525 (485 ) 1,342 of $0, $0.2 million,$0 and $0.4 million,respectively

Total comprehensive $ (26,614 ) $ (37,556 ) $ (92,066 ) $ (165,927 )loss

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Nine Months

Nine Months

Ended

Ended

September 30, 2021

September 30, 2020

Operating activities:

Net loss

$

(91,581

)

$

(167,269

)

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

Depreciation and amortization

54,605

53,614

Amortization of deferred drydocking and survey costs

31,651

32,414

Amortization of debt premiums and discounts

2,662

2,418

Provision for deferred income taxes

167

107

(Gain) loss on asset dispositions, net

2,954

(7,511

)

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

2,167

67,634

Stock-based compensation expense

4,199

3,959

Changes in operating assets and liabilities, net:

Trade and other receivables

26,608

9,434

Changes in due to/from affiliates, net

1,210

9,852

Accounts payable

1,061

(14,548

)

Accrued expenses

(473

)

(18,189

)

Deferred drydocking and survey costs

(17,388

)

(29,499

)

Other, net

(8,833

)

3,809

Net cash provided by operating activities

8,068

1,806

Cash flows from investing activities:

Proceeds from asset dispositions

33,956

31,498

Additions to properties and equipment

(2,583

)

(4,682

)

Net cash provided by investing activities

31,373

26,816

Cash flows from financing activities:

Principal payments on long-term debt

(39,259

)

(33,520

)

Debt modification costs

(855

)

-

Debt extinguishment premium

(59

)

-

Tax on share-based awards

(793

)

(702

)

Net cash used in financing activities

(40,966

)

(34,222

)

Net change in cash, cash equivalents and restricted cash

(1,525

)

(5,600

)

Cash, cash equivalents and restricted cash at beginning of period

155,225

227,608

Cash, cash equivalents and restricted cash at end of period

$

153,700

$

222,008

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Nine Nine Months Months

Ended Ended

September September 30, 2021 30, 2020

Operating activities:

Net loss $ (91,581 ) $ (167,269 )

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

Depreciation and amortization 54,605 53,614

Amortization of deferred drydocking and survey 31,651 32,414 costs

Amortization of debt premiums and discounts 2,662 2,418

Provision for deferred income taxes 167 107

(Gain) loss on asset dispositions, net 2,954 (7,511 )

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 2,167 67,634

Stock-based compensation expense 4,199 3,959

Changes in operating assets and liabilities, net:

Trade and other receivables 26,608 9,434

Changes in due to/from affiliates, net 1,210 9,852

Accounts payable 1,061 (14,548 )

Accrued expenses (473 ) (18,189 )

Deferred drydocking and survey costs (17,388 ) (29,499 )

Other, net (8,833 ) 3,809

Net cash provided by operating activities 8,068 1,806

Cash flows from investing activities:

Proceeds from asset dispositions 33,956 31,498

Additions to properties and equipment (2,583 ) (4,682 )

Net cash provided by investing activities 31,373 26,816

Cash flows from financing activities:

Principal payments on long-term debt (39,259 ) (33,520 )

Debt modification costs (855 ) -

Debt extinguishment premium (59 ) -

Tax on share-based awards (793 ) (702 )

Net cash used in financing activities (40,966 ) (34,222 )

Net change in cash, cash equivalents and (1,525 ) (5,600 )restricted cash

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

Cash, cash equivalents and restricted cash at end $ 153,700 $ 222,008 of period

Supplemental disclosure of cash flow information:

Cash paid during the year for:

Interest, net of amounts capitalized

10,083

16,169

Income taxes

14,735

9,940



Supplemental disclosure of cash flow information:

Cash paid during the year for:

Interest, net of amounts capitalized 10,083 16,169

Income taxes 14,735 9,940

Note: Cash, cash equivalents and restricted cash at September 30, 2021 includes $2.2 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

Note: Cash, cash equivalents and restricted cash at September 30, 2021 includes$2.2 million in long-term restricted cash, which is included in other assets inour consolidated balance sheet.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)

Three Months Ended

Accumulated

Additional

other

Non

Common

paid-in

Accumulated

comprehensive

controlling

stock

capital

deficit

income (loss)

interest

Total

Balance at June 30, 2021

$

41

1,373,727

(613,708

)

(1,082

)

760

759,738

Total comprehensive loss

-

-

(26,258

)

(207

)

(149

)

(26,614

)

Amortization of share-based awards

-

1,488

-

-

-

1,488

Balance at September 30, 2021

$

41

1,375,215

(639,966

)

(1,289

)

611

734,612

Balance at June 30, 2020

$

40

1,369,645

(481,757

)

581

1,491

890,000

Total comprehensive income (loss)

-

-

(37,927

)

525

(154

)

(37,556

)

Amortization of share-based awards

-

1,133

-

-

-

1,133

Balance at September 30, 2020

$

40

1,370,778

(519,684

)

1,106

1,337

853,577

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)

Three Months Ended

Accumulated

Additional other Non

Common paid-in Accumulated comprehensive controlling

stock capital deficit income (loss) interest Total

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

Total - - (26,258 ) (207 ) (149 ) (26,614 )comprehensive loss

Amortization of - 1,488 - - - 1,488 share-based awards

Balance at $ 41 1,375,215 (639,966 ) (1,289 ) 611 734,612 September 30, 2021



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

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

Amortization of - 1,133 - - - 1,133 share-based awards

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

Nine 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

-

-

(91,035

)

(485

)

(546

)

(92,066

)

Amortization of share-based awards

-

3,406

-

-

-

3,406

Balance at September 30, 2021

$

41

1,375,215

(639,966

)

(1,289

)

611

734,612

Balance at December 31, 2019

$

40

1,367,521

(352,526

)

(236

)

1,611

1,016,410

Total comprehensive income (loss)

-

-

(166,995

)

1,342

(274

)

(165,927

)

Adoption of credit loss accounting standard

-

-

(163

)

-

-

(163

)

Amortization of share-based awards

-

3,257

-

-

-

3,257

Balance at September 30, 2020

$

40

1,370,778

(519,684

)

1,106

1,337

853,577

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

Nine Months Ended

Accumulated

Additional other Non

Common paid-in Accumulated comprehensive controlling

stock capital deficit income (loss) interest Total

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

Total comprehensive - - (91,035 ) (485 ) (546 ) (92,066 )loss

Amortization of - 3,406 - - - 3,406 share-based awards

Balance at September $ 41 1,375,215 (639,966 ) (1,289 ) 611 734,612 30, 2021



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

Total comprehensive - - (166,995 ) 1,342 (274 ) (165,927 )income (loss)

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

Amortization of - 3,257 - - - 3,257 share-based awards

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

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

Three Months Ended Nine Months Ended

(Inthousands, September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 except forpercentages)

Vessel revenues:

Americas $ 24,564 27 % $ 28,705 34 % $ 74,269 29 % $ 94,608 32 %

Middle East/ 25,633 28 % 23,280 27 % 75,675 29 % 72,091 24 %Asia Pacific

Europe/ 21,197 23 % 17,716 21 % 58,413 22 % 67,827 23 %Mediterranean

West Africa 20,240 22 % 15,694 18 % 52,784 20 % 63,818 21 %

Total vessel $ 91,634 100 % $ 85,395 100 % $ 261,141 100 % $ 298,344 100 %revenues

Vesseloperating costs:

Crew costs $ 35,609 39 % $ 36,686 43 % $ 108,456 42 % $ 119,864 40 %

Repair and 10,497 11 % 5,932 7 % 29,468 11 % 23,186 8 %maintenance

Insurance 812 1 % 1,953 2 % 1,298 1 % 5,748 2 %

Fuel, lube 6,751 7 % 6,757 8 % 19,152 7 % 22,892 8 %and supplies

Other 11,675 13 % 10,456 12 % 32,253 12 % 33,693 11 %

Total vesseloperating 65,344 71 % 61,784 72 % 190,627 73 % 205,383 69 %costs

Vesseloperating $ 26,290 29 % $ 23,611 28 % $ 70,514 27 % $ 92,961 31 %margin (A)

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

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

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

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

Three Months Ended Nine Months Ended

(Inthousands, September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 except forpercentages)

Vesseloperating profit(loss):

Americas $ (1,770 ) (2 ) $ 107 0 % $ (8,361 ) (3 ) $ 3,448 1 % % %

Middle East/ (713 ) (1 ) (2,222 ) (3 ) (2,300 ) (1 ) (2,479 ) (1 )Asia Pacific % % % %

Europe/ (2,866 ) (3 ) (3,883 ) (4 ) (12,873 ) (5 ) (4,086 ) (1 )Mediterranean % % % %

West Africa (3,724 ) (4 ) (10,168 ) (12 ) (15,846 ) (6 ) (19,015 ) (6 ) % % % %

Otheroperating 412 0 % 853 1 % 2,714 1 % 3,772 1 %profit

(8,661 ) (9 ) (15,313 ) (18 ) (36,666 ) (14 ) (18,360 ) (6 ) % % % %



Corporate (10,662 ) (12 ) (8,438 ) (10 ) (27,237 ) (10 ) (27,390 ) (9 )expenses (A) % % % %

Gain (loss)on asset (74 ) (0 ) 520 1 % (2,954 ) (1 ) 7,511 2 %dispositions, % %net

Affiliatecredit loss )impairment - 0 % - 0 % 1,000 0 % (53,581 ) (18 %(expense)credit

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

Long-livedasset (2,167 ) (2 ) (1,945 ) (2 ) (2,167 ) (1 ) (67,634 ) (22 )impairments % % % %and other

Operating $ (21,564 ) (23 ) $ (25,176 ) (29 ) $ (68,024 ) (26 ) $ (161,454 ) (53 )loss % % % %

Note (A): General and administrative expenses for the three and nine months ended September 30, 2021 include stock-based compensation of $1.5 million and $4.2 million, respectively. General and administrative expenses for the three and nine months ended September 30, 2020 include stock-based compensation of $1.3 million and $4.0 million, respectively. In addition, vessel operating and general and administrative costs for the three and nine months ended September 30, 2021, include $0.1 million and $1.0 million in one-time restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and nine months ended September 30, 2020, include $0.6 million and $1.2 million in one-time restructuring and integration related costs, respectively.

Note (A): General and administrative expenses for the three and nine monthsended September 30, 2021 include stock-based compensation of $1.5 million and$4.2 million, respectively. General and administrative expenses for the threeand nine months ended September 30, 2020 include stock-based compensation of$1.3 million and $4.0 million, respectively. In addition, vessel operating andgeneral and administrative costs for the three and nine months ended September30, 2021, include $0.1 million and $1.0 million in one-time restructuring andintegration related costs, respectively. Vessel operating and general andadministrative costs for the three and nine months ended September 30, 2020,include $0.6 million and $1.2 million in one-time restructuring and integrationrelated costs, respectively.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - QUARTERLY DATA

(Unaudited)

(In thousands, except per share data)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

Revenues:

Vessel revenues

$

91,634

88,514

80,993

87,830

85,395

Other operating revenues

767

1,439

2,511

4,029

1,072

Total revenues

92,401

89,953

83,504

91,859

86,467

Costs and expenses:

Vessel operating costs (A)

65,344

64,263

61,020

63,397

61,784

Costs of other operating revenue

355

581

1,067

342

219

General and administrative (A)

18,045

16,787

16,043

16,992

17,438

Depreciation and amortization

27,980

28,549

29,727

30,681

30,777

Long-lived asset impairments and other

2,167

-

-

6,475

1,945

Affiliate credit loss impairment credit

-

(1,000

)

-

(600

)

-

(Gain) loss on asset dispositions, net

74

932

1,948

(80

)

(520

)

Total operating costs and expenses

113,965

110,112

109,805

117,207

111,643

Operating loss

(21,564

)

(20,159

)

(26,301

)

(25,348

)

(25,176

)

Other income (expense):

Foreign exchange gain (loss)

(523

)

422

(850

)

(2,880

)

(1,153

)

Equity in net earnings (losses) of unconsolidated companies

100

52

(1,849

)

164

-

Interest income and other, net

148

8

23

144

272

Interest and other debt costs, net

(3,681

)

(3,944

)

(4,541

)

(5,984

)

(6,071

)

Total other expense

(3,956

)

(3,462

)

(7,217

)

(8,556

)

(6,952

)

Loss before income taxes

(25,520

)

(23,621

)

(33,518

)

(33,904

)

(32,128

)

Income tax (benefit) expense

887

6,026

2,009

(4,477

)

5,953

Net loss

(26,407

)

(29,647

)

(35,527

)

(29,427

)

(38,081

)

Net loss attributable to noncontrolling interests

(149

)

(185

)

(212

)

(180

)

(154

)

Net loss attributable to Tidewater Inc.

$

(26,258

)

(29,462

)

(35,315

)

(29,247

)

(37,927

)

Basic loss per common share

$

(0.64

)

(0.72

)

(0.87

)

(0.72

)

(0.94

)

Diluted loss per common share

$

(0.64

)

(0.72

)

(0.87

)

(0.72

)

(0.94

)

Weighted average common shares outstanding

41,132

40,899

40,716

40,604

40,405

Dilutive effect of stock options and restricted stock

-

-

-

-

-

Adjusted weighted average common shares

41,132

40,899

40,716

40,604

40,405

Vessel operating margin

$

26,290

24,251

19,973

24,433

23,611

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

$

112

795

103

291

641

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - QUARTERLY DATA

(Unaudited)

(In thousands, except per share data)

Three Months Ended

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

2021 2021 2021 2020 2020

Revenues:

Vessel revenues $ 91,634 88,514 80,993 87,830 85,395

Other operating 767 1,439 2,511 4,029 1,072 revenues

Total revenues 92,401 89,953 83,504 91,859 86,467

Costs and expenses:

Vessel operating 65,344 64,263 61,020 63,397 61,784 costs (A)

Costs of otheroperating 355 581 1,067 342 219 revenue

General andadministrative 18,045 16,787 16,043 16,992 17,438 (A)

Depreciation and 27,980 28,549 29,727 30,681 30,777 amortization

Long-lived assetimpairments and 2,167 - - 6,475 1,945 other

Affiliate creditloss impairment - (1,000 ) - (600 ) - credit

(Gain) loss onasset 74 932 1,948 (80 ) (520 )dispositions,net

Total operatingcosts and 113,965 110,112 109,805 117,207 111,643 expenses

Operating loss (21,564 ) (20,159 ) (26,301 ) (25,348 ) (25,176 )

Other income (expense):

Foreign exchange (523 ) 422 (850 ) (2,880 ) (1,153 )gain (loss)

Equity in netearnings(losses) of 100 52 (1,849 ) 164 - unconsolidatedcompanies

Interest income 148 8 23 144 272 and other, net

Interest andother debt (3,681 ) (3,944 ) (4,541 ) (5,984 ) (6,071 )costs, net

Total other (3,956 ) (3,462 ) (7,217 ) (8,556 ) (6,952 )expense

Loss before (25,520 ) (23,621 ) (33,518 ) (33,904 ) (32,128 )income taxes

Income tax(benefit) 887 6,026 2,009 (4,477 ) 5,953 expense

Net loss (26,407 ) (29,647 ) (35,527 ) (29,427 ) (38,081 )

Net lossattributable to (149 ) (185 ) (212 ) (180 ) (154 )noncontrollinginterests

Net lossattributable to $ (26,258 ) (29,462 ) (35,315 ) (29,247 ) (37,927 )Tidewater Inc.

Basic loss per $ (0.64 ) (0.72 ) (0.87 ) (0.72 ) (0.94 )common share

Diluted loss per $ (0.64 ) (0.72 ) (0.87 ) (0.72 ) (0.94 )common share

Weighted averagecommon shares 41,132 40,899 40,716 40,604 40,405 outstanding

Dilutive effectof stock options - - - - - and restrictedstock

Adjustedweighted average 41,132 40,899 40,716 40,604 40,405 common shares

Vessel operating $ 26,290 24,251 19,973 24,433 23,611 margin





Note (A)One-timerestructuring $ 112 795 103 291 641 and integrationrelated costs

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

ASSETS

Current assets:

Cash and cash equivalents

$

127,414

131,157

131,858

149,933

192,243

Restricted cash

24,092

20,284

9,061

2,079

26,401

Trade and other receivables, net

86,015

90,229

99,865

112,623

100,583

Due from affiliate, net

68,217

64,922

62,474

62,050

65,692

Marine operating supplies

13,335

15,404

15,676

15,876

17,808

Assets held for sale

17,891

17,214

31,214

34,396

19,163

Prepaid expenses and other current assets

13,129

15,953

13,594

11,692

18,925

Total current assets

350,093

355,163

363,742

388,649

440,815

Net properties and equipment

709,324

731,659

754,707

780,318

820,876

Deferred drydocking and survey costs

40,510

40,372

46,648

56,468

63,975

Other assets

23,146

24,539

23,833

25,742

25,108

Total assets

$

1,123,073

1,151,733

1,188,930

$

1,251,177

$

1,350,774

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

18,042

16,189

14,622

16,981

12,953

Accrued expenses

52,133

50,532

48,466

52,422

55,811

Due to affiliates

59,571

59,759

56,356

53,194

53,355

Current portion of long-term debt

140,995

7,355

18,201

27,797

9,576

Other current liabilities

29,139

28,825

35,003

32,785

31,599

Total current liabilities

299,880

162,660

172,648

183,179

163,294

Long-term debt

14,139

148,612

148,337

164,934

246,179

Other liabilities and deferred credits

74,442

80,723

79,234

79,792

87,724

Equity:

Common stock

41

41

41

41

40

Additional paid-in-capital

1,375,215

1,373,727

1,372,846

1,371,809

1,370,778

Accumulated deficit

(639,966

)

(613,708

)

(584,246

)

(548,931

)

(519,684

)

Accumulated other comprehensive income (loss)

(1,289

)

(1,082

)

(875

)

(804

)

1,106

Total stockholder's equity

734,001

758,978

787,766

822,115

852,240

Noncontrolling interests

611

760

945

1,157

1,337

Total equity

734,612

759,738

788,711

823,272

853,577

Total liabilities and equity

$

1,123,073

1,151,733

1,188,930

1,251,177

1,350,774

Supplemental information

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

Sonatide (Angola)

$

8,646

5,163

6,118

8,856

12,337

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

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

2021 2021 2021 2020 2020

ASSETS

Current assets:

Cash and cash $ 127,414 131,157 131,858 149,933 192,243 equivalents

Restricted cash 24,092 20,284 9,061 2,079 26,401

Trade and otherreceivables, 86,015 90,229 99,865 112,623 100,583 net

Due from 68,217 64,922 62,474 62,050 65,692 affiliate, net

Marineoperating 13,335 15,404 15,676 15,876 17,808 supplies

Assets held for 17,891 17,214 31,214 34,396 19,163 sale

Prepaidexpenses and 13,129 15,953 13,594 11,692 18,925 other currentassets

Total current 350,093 355,163 363,742 388,649 440,815 assets

Net properties 709,324 731,659 754,707 780,318 820,876 and equipment

Deferreddrydocking and 40,510 40,372 46,648 56,468 63,975 survey costs

Other assets 23,146 24,539 23,833 25,742 25,108

Total assets $ 1,123,073 1,151,733 1,188,930 $ 1,251,177 $ 1,350,774



LIABILITIES AND EQUITY

Current liabilities:

Accounts $ 18,042 16,189 14,622 16,981 12,953 payable

Accrued 52,133 50,532 48,466 52,422 55,811 expenses

Due to 59,571 59,759 56,356 53,194 53,355 affiliates

Current portionof long-term 140,995 7,355 18,201 27,797 9,576 debt

Other current 29,139 28,825 35,003 32,785 31,599 liabilities

Total current 299,880 162,660 172,648 183,179 163,294 liabilities

Long-term debt 14,139 148,612 148,337 164,934 246,179

Otherliabilities and 74,442 80,723 79,234 79,792 87,724 deferredcredits





Equity:

Common stock 41 41 41 41 40

Additional 1,375,215 1,373,727 1,372,846 1,371,809 1,370,778 paid-in-capital

Accumulated (639,966 ) (613,708 ) (584,246 ) (548,931 ) (519,684 )deficit

Accumulatedother (1,289 ) (1,082 ) (875 ) (804 ) 1,106 comprehensiveincome (loss)

Totalstockholder's 734,001 758,978 787,766 822,115 852,240 equity

Noncontrolling 611 760 945 1,157 1,337 interests

Total equity 734,612 759,738 788,711 823,272 853,577

Totalliabilities and $ 1,123,073 1,151,733 1,188,930 1,251,177 1,350,774 equity



Supplemental information

Due fromrelatedparties, net of due to relatedparties:

Sonatide $ 8,646 5,163 6,118 8,856 12,337 (Angola)

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

(In thousands)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

VESSEL REVENUE BY VESSEL CLASS

Americas fleet:

Deepwater

$

18,961

17,796

19,876

25,706

22,836

Towing-supply

4,440

4,535

4,817

4,603

4,119

Other

1,163

1,150

1,531

1,759

1,750

Total

24,564

23,481

26,224

32,068

28,705

Middle East/Asia Pacific fleet:

Deepwater

$

17,292

17,264

15,931

16,822

13,819

Towing-supply

8,341

8,364

8,483

8,220

9,461

Total

25,633

25,628

24,414

25,042

23,280

Europe/Mediterranean fleet:

Deepwater

$

21,037

22,293

14,588

15,621

17,578

Towing-supply

-

11

-

-

(13

)

Other

160

163

161

154

151

Total

21,197

22,467

14,749

15,775

17,716

West Africa fleet:

Deepwater

$

10,967

8,814

7,909

6,237

4,905

Towing-supply

5,474

5,564

4,879

5,202

7,711

Other

3,799

2,560

2,818

3,506

3,078

Total

$

20,240

16,938

15,606

14,945

15,694

Worldwide fleet:

Deepwater

$

68,257

66,167

58,304

64,386

59,138

Towing-supply

18,255

18,474

18,179

18,025

21,278

Other

5,122

3,873

4,510

5,419

4,979

Total

$

91,634

88,514

80,993

87,830

85,395

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

(In thousands)

Three Months Ended

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

2021 2021 2021 2020 2020

VESSEL REVENUE BY VESSEL CLASS



Americas fleet:

Deepwater $ 18,961 17,796 19,876 25,706 22,836

Towing-supply 4,440 4,535 4,817 4,603 4,119

Other 1,163 1,150 1,531 1,759 1,750

Total 24,564 23,481 26,224 32,068 28,705

Middle East/Asia Pacific fleet:

Deepwater $ 17,292 17,264 15,931 16,822 13,819

Towing-supply 8,341 8,364 8,483 8,220 9,461

Total 25,633 25,628 24,414 25,042 23,280

Europe/Mediterranean fleet:

Deepwater $ 21,037 22,293 14,588 15,621 17,578

Towing-supply - 11 - - (13 )

Other 160 163 161 154 151

Total 21,197 22,467 14,749 15,775 17,716

West Africa fleet:

Deepwater $ 10,967 8,814 7,909 6,237 4,905

Towing-supply 5,474 5,564 4,879 5,202 7,711

Other 3,799 2,560 2,818 3,506 3,078

Total $ 20,240 16,938 15,606 14,945 15,694

Worldwide fleet:

Deepwater $ 68,257 66,167 58,304 64,386 59,138

Towing-supply 18,255 18,474 18,179 18,025 21,278

Other 5,122 3,873 4,510 5,419 4,979

Total $ 91,634 88,514 80,993 87,830 85,395

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

AVERAGE NUMBER OF VESSELS:

Americas fleet:

Deepwater

25

27

29

32

32

Towing-supply

8

8

8

10

12

Other

3

3

3

3

3

Total

36

38

40

45

47

Stacked vessels

(11

)

(13

)

(12

)

(15

)

(17

)

Active vessels

25

25

28

30

30

Middle East/Asia Pacific fleet:

Deepwater

20

20

21

21

22

Towing-supply

18

18

20

22

23

Total

38

38

41

43

45

Stacked vessels

(1

)

(1

)

(3

)

(3

)

(4

)

Active vessels

37

37

38

40

41

Europe/Mediterranean fleet:

Deepwater

28

29

31

31

32

Total

28

29

31

31

32

Stacked vessels

(7

)

(8

)

(14

)

(16

)

(17

)

Active vessels

21

21

17

15

15

West Africa fleet:

Deepwater

19

20

20

20

25

Towing-supply

11

11

12

13

17

Other

25

26

26

23

16

Total

55

57

58

56

58

Stacked vessels

(19

)

(22

)

(25

)

(26

)

(31

)

Active vessels

36

35

33

30

27

Worldwide fleet:

Deepwater

92

96

101

104

111

Towing-supply

37

37

40

45

52

Other

28

29

29

26

19

Total

157

162

170

175

182

Stacked vessels

(38

)

(44

)

(54

)

(60

)

(69

)

Active vessels

119

118

116

115

113

Total active

119

118

116

115

113

Total stacked

38

44

54

60

69

Total joint venture and other vessels

3

3

3

3

3

Total

160

165

173

178

185

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

Three Months Ended

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

2021 2021 2021 2020 2020

AVERAGE NUMBER OF VESSELS:



Americas fleet:

Deepwater 25 27 29 32 32

Towing-supply 8 8 8 10 12

Other 3 3 3 3 3

Total 36 38 40 45 47

Stacked vessels (11 ) (13 ) (12 ) (15 ) (17 )

Active vessels 25 25 28 30 30

Middle East/Asia Pacific fleet:

Deepwater 20 20 21 21 22

Towing-supply 18 18 20 22 23

Total 38 38 41 43 45

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

Active vessels 37 37 38 40 41

Europe/Mediterranean fleet:

Deepwater 28 29 31 31 32

Total 28 29 31 31 32

Stacked vessels (7 ) (8 ) (14 ) (16 ) (17 )

Active vessels 21 21 17 15 15

West Africa fleet:

Deepwater 19 20 20 20 25

Towing-supply 11 11 12 13 17

Other 25 26 26 23 16

Total 55 57 58 56 58

Stacked vessels (19 ) (22 ) (25 ) (26 ) (31 )

Active vessels 36 35 33 30 27

Worldwide fleet:

Deepwater 92 96 101 104 111

Towing-supply 37 37 40 45 52

Other 28 29 29 26 19

Total 157 162 170 175 182

Stacked vessels (38 ) (44 ) (54 ) (60 ) (69 )

Active vessels 119 118 116 115 113



Total active 119 118 116 115 113

Total stacked 38 44 54 60 69

Total joint venture 3 3 3 3 3 and other vessels

Total 160 165 173 178 185

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:

Deepwater

2,300

2,497

2,627

2,944

2,996

Towing-supply

736

728

720

898

1,098

Other

244

273

270

276

276

Total

3,280

3,498

3,617

4,118

4,370

Middle East/Asia Pacific fleet:

Deepwater

1,840

1,820

1,863

1,932

2,025

Towing-supply

1,656

1,667

1,822

2,032

2,118

Total

3,496

3,487

3,685

3,964

4,143

Europe/Mediterranean fleet:

Deepwater

2,612

2,672

2,756

2,852

2,916

Towing-supply

-

-

-

-

24

Total

2,612

2,672

2,756

2,852

2,940

West Africa fleet:

Deepwater

1,718

1,853

1,827

1,840

2,269

Towing-supply

1,011

1,001

1,084

1,196

1,588

Other

2,328

2,366

2,340

2,095

1,469

Total

5,057

5,220

5,251

5,131

5,326

Worldwide fleet:

Deepwater

8,470

8,842

9,073

9,568

10,206

Towing-supply

3,403

3,396

3,626

4,126

4,828

Other

2,572

2,639

2,610

2,371

1,745

Total

14,445

14,877

15,309

16,065

16,779

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

Three Months Ended

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

2021 2021 2021 2020 2020

AVAILABLE DAYS - TOTAL FLEET:



Americas fleet:

Deepwater 2,300 2,497 2,627 2,944 2,996

Towing-supply 736 728 720 898 1,098

Other 244 273 270 276 276

Total 3,280 3,498 3,617 4,118 4,370

Middle East/Asia Pacific fleet:

Deepwater 1,840 1,820 1,863 1,932 2,025

Towing-supply 1,656 1,667 1,822 2,032 2,118

Total 3,496 3,487 3,685 3,964 4,143

Europe/Mediterranean fleet:

Deepwater 2,612 2,672 2,756 2,852 2,916

Towing-supply - - - - 24

Total 2,612 2,672 2,756 2,852 2,940

West Africa fleet:

Deepwater 1,718 1,853 1,827 1,840 2,269

Towing-supply 1,011 1,001 1,084 1,196 1,588

Other 2,328 2,366 2,340 2,095 1,469

Total 5,057 5,220 5,251 5,131 5,326

Worldwide fleet:

Deepwater 8,470 8,842 9,073 9,568 10,206

Towing-supply 3,403 3,396 3,626 4,126 4,828

Other 2,572 2,639 2,610 2,371 1,745

Total 14,445 14,877 15,309 16,065 16,779

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:

Deepwater

814

889

923

1,105

1,134

Towing-supply

92

91

90

189

362

Other

152

182

90

92

92

Total

1,058

1,162

1,103

1,386

1,588

Middle East/Asia Pacific fleet:

Deepwater

92

91

90

92

185

Towing-supply

-

29

180

177

186

Total

92

120

270

269

371

Europe/Mediterranean fleet:

Deepwater

641

766

1,238

1,448

1,522

Towing-supply

-

-

-

-

24

Total

641

766

1,238

1,448

1,546

West Africa fleet:

Deepwater

537

852

1,104

1,288

1,809

Towing-supply

551

516

544

644

882

Other

655

637

599

417

181

Total

1,743

2,005

2,247

2,349

2,872

Worldwide fleet:

Deepwater

2,084

2,598

3,355

3,933

4,650

Towing-supply

643

636

814

1,010

1,454

Other

807

819

689

509

273

Total

3,534

4,053

4,858

5,452

6,377

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

Three Months Ended

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

2021 2021 2021 2020 2020

OUT-OF-SERVICE - STACKED DAYS:



Americas fleet:

Deepwater 814 889 923 1,105 1,134

Towing-supply 92 91 90 189 362

Other 152 182 90 92 92

Total 1,058 1,162 1,103 1,386 1,588

Middle East/Asia Pacific fleet:

Deepwater 92 91 90 92 185

Towing-supply - 29 180 177 186

Total 92 120 270 269 371

Europe/Mediterranean fleet:

Deepwater 641 766 1,238 1,448 1,522

Towing-supply - - - - 24

Total 641 766 1,238 1,448 1,546

West Africa fleet:

Deepwater 537 852 1,104 1,288 1,809

Towing-supply 551 516 544 644 882

Other 655 637 599 417 181

Total 1,743 2,005 2,247 2,349 2,872

Worldwide fleet:

Deepwater 2,084 2,598 3,355 3,933 4,650

Towing-supply 643 636 814 1,010 1,454

Other 807 819 689 509 273

Total 3,534 4,053 4,858 5,452 6,377

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:

Deepwater

1,486

1,608

1,704

1,839

1,862

Towing-supply

644

637

630

709

736

Other

92

91

180

184

184

Total

2,222

2,336

2,514

2,732

2,782

Middle East/Asia Pacific fleet:

Deepwater

1,748

1,729

1,773

1,840

1,840

Towing-supply

1,656

1,638

1,642

1,855

1,932

Total

3,404

3,367

3,415

3,695

3,772

Europe/Mediterranean fleet:

Deepwater

1,971

1,906

1,518

1,404

1,394

Total

1,971

1,906

1,518

1,404

1,394

West Africa fleet:

Deepwater

1,181

1,001

723

552

460

Towing-supply

460

485

540

552

706

Other

1,673

1,729

1,741

1,678

1,288

Total

3,314

3,215

3,004

2,782

2,454

Worldwide fleet:

Deepwater

6,386

6,244

5,718

5,635

5,556

Towing-supply

2,760

2,760

2,812

3,116

3,374

Other

1,765

1,820

1,921

1,862

1,472

Total

10,911

10,824

10,451

10,613

10,402

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

Three Months Ended

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

2021 2021 2021 2020 2020

AVAILABLE DAYS - ACTIVE FLEET:



Americas fleet:

Deepwater 1,486 1,608 1,704 1,839 1,862

Towing-supply 644 637 630 709 736

Other 92 91 180 184 184

Total 2,222 2,336 2,514 2,732 2,782

Middle East/Asia Pacific fleet:

Deepwater 1,748 1,729 1,773 1,840 1,840

Towing-supply 1,656 1,638 1,642 1,855 1,932

Total 3,404 3,367 3,415 3,695 3,772

Europe/Mediterranean fleet:

Deepwater 1,971 1,906 1,518 1,404 1,394

Total 1,971 1,906 1,518 1,404 1,394

West Africa fleet:

Deepwater 1,181 1,001 723 552 460

Towing-supply 460 485 540 552 706

Other 1,673 1,729 1,741 1,678 1,288

Total 3,314 3,215 3,004 2,782 2,454

Worldwide fleet:

Deepwater 6,386 6,244 5,718 5,635 5,556

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

Other 1,765 1,820 1,921 1,862 1,472

Total 10,911 10,824 10,451 10,613 10,402

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

UTILIZATION - TOTAL FLEET:

Americas fleet:

Deepwater

53.0

%

45.6

%

55.6

%

53.2

%

51.7

%

Towing-supply

64.9

76.3

83.2

67.7

50.0

Other

37.7

33.3

55.7

66.7

66.7

Total

54.5

%

51.0

%

61.1

%

57.2

%

52.2

%

Middle East/Asia Pacific fleet:

Deepwater

86.2

%

88.3

%

80.1

%

78.2

%

67.4

%

Towing-supply

83.7

82.5

75.6

62.5

72.3

Total

85.0

%

85.5

%

77.9

%

70.2

%

69.9

%

Europe/Mediterranean fleet:

Deepwater

68.3

%

64.7

%

44.7

%

44.7

%

45.5

%

Total

68.3

%

64.7

%

44.7

%

44.7

%

45.1

%

West Africa fleet:

Deepwater

54.6

%

42.3

%

36.2

%

27.2

%

17.5

%

Towing-supply

40.0

38.4

30.1

30.8

28.4

Other

43.9

34.6

34.4

42.3

53.1

Total

46.7

%

38.1

%

34.1

%

34.2

%

30.6

%

Worldwide fleet:

Deepwater

65.2

%

59.4

%

53.4

%

50.7

%

45.4

%

Towing-supply

66.6

68.2

63.5

54.4

52.4

Other

43.3

34.5

36.6

45.2

55.3

Total

61.7

%

57.0

%

52.9

%

50.9

%

48.5

%

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

Three Months Ended

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

2021 2021 2021 2020 2020

UTILIZATION - TOTAL FLEET:



Americas fleet:

Deepwater 53.0 % 45.6 % 55.6 % 53.2 % 51.7 %

Towing-supply 64.9 76.3 83.2 67.7 50.0

Other 37.7 33.3 55.7 66.7 66.7

Total 54.5 % 51.0 % 61.1 % 57.2 % 52.2 %

Middle East/Asia Pacific fleet:

Deepwater 86.2 % 88.3 % 80.1 % 78.2 % 67.4 %

Towing-supply 83.7 82.5 75.6 62.5 72.3

Total 85.0 % 85.5 % 77.9 % 70.2 % 69.9 %

Europe/Mediterranean fleet:

Deepwater 68.3 % 64.7 % 44.7 % 44.7 % 45.5 %

Total 68.3 % 64.7 % 44.7 % 44.7 % 45.1 %

West Africa fleet:

Deepwater 54.6 % 42.3 % 36.2 % 27.2 % 17.5 %

Towing-supply 40.0 38.4 30.1 30.8 28.4

Other 43.9 34.6 34.4 42.3 53.1

Total 46.7 % 38.1 % 34.1 % 34.2 % 30.6 %

Worldwide fleet:

Deepwater 65.2 % 59.4 % 53.4 % 50.7 % 45.4 %

Towing-supply 66.6 68.2 63.5 54.4 52.4

Other 43.3 34.5 36.6 45.2 55.3

Total 61.7 % 57.0 % 52.9 % 50.9 % 48.5 %

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

UTILIZATION - ACTIVE FLEET:

Americas fleet:

Deepwater

82.0

%

70.7

%

85.7

%

85.1

%

83.2

%

Towing-supply

74.1

87.2

95.1

85.7

74.6

Other

100.0

100.0

83.6

100.0

100.0

Total

80.4

%

76.4

%

87.9

%

86.3

%

82.0

%

Middle East/Asia Pacific fleet:

Deepwater

90.8

%

92.9

%

84.2

%

82.1

%

74.2

%

Towing-supply

83.7

84.0

83.9

68.5

79.2

Total

87.3

%

88.6

%

84.0

%

75.3

%

76.8

%

Europe/Mediterranean fleet:

Deepwater

90.5

%

90.6

%

81.3

%

90.9

%

95.1

%

Total

90.5

%

90.6

%

81.3

%

90.9

%

95.1

%

West Africa fleet:

Deepwater

79.4

%

78.3

%

91.4

%

90.8

%

86.2

%

Towing-supply

87.9

79.2

60.4

66.7

63.8

Other

61.1

47.4

46.2

52.9

60.6

Total

71.3

%

61.8

%

59.6

%

63.1

%

66.3

%

Worldwide fleet:

Deepwater

86.5

%

84.2

%

84.8

%

86.1

%

83.4

%

Towing-supply

82.2

83.9

81.9

72.1

75.0

Other

63.1

50.0

49.7

57.5

65.5

Total

81.6

%

78.4

%

77.6

%

77.0

%

78.2

%

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

Three Months Ended

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

2021 2021 2021 2020 2020

UTILIZATION - ACTIVE FLEET:



Americas fleet:

Deepwater 82.0 % 70.7 % 85.7 % 85.1 % 83.2 %

Towing-supply 74.1 87.2 95.1 85.7 74.6

Other 100.0 100.0 83.6 100.0 100.0

Total 80.4 % 76.4 % 87.9 % 86.3 % 82.0 %

Middle East/Asia Pacific fleet:

Deepwater 90.8 % 92.9 % 84.2 % 82.1 % 74.2 %

Towing-supply 83.7 84.0 83.9 68.5 79.2

Total 87.3 % 88.6 % 84.0 % 75.3 % 76.8 %

Europe/Mediterranean fleet:

Deepwater 90.5 % 90.6 % 81.3 % 90.9 % 95.1 %

Total 90.5 % 90.6 % 81.3 % 90.9 % 95.1 %

West Africa fleet:

Deepwater 79.4 % 78.3 % 91.4 % 90.8 % 86.2 %

Towing-supply 87.9 79.2 60.4 66.7 63.8

Other 61.1 47.4 46.2 52.9 60.6

Total 71.3 % 61.8 % 59.6 % 63.1 % 66.3 %

Worldwide fleet:

Deepwater 86.5 % 84.2 % 84.8 % 86.1 % 83.4 %

Towing-supply 82.2 83.9 81.9 72.1 75.0

Other 63.1 50.0 49.7 57.5 65.5

Total 81.6 % 78.4 % 77.6 % 77.0 % 78.2 %

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

AVERAGE VESSEL DAY RATES: (A)

Americas fleet:

Deepwater

$

15,568

15,646

13,608

16,416

14,743

Towing-supply

9,298

8,162

8,040

7,576

7,506

Other

12,640

12,634

10,179

9,559

9,514

Total

$

13,742

13,162

11,865

13,602

12,581

Middle East/Asia Pacific fleet:

Deepwater

$

10,899

10,743

10,670

11,129

10,127

Towing-supply

6,018

6,080

6,159

6,471

6,180

Total

$

8,623

8,593

8,506

9,002

8,040

Europe/Mediterranean fleet:

Deepwater

$

11,800

12,905

11,829

12,368

13,257

Total

$

11,890

13,005

11,960

12,368

13,361

West Africa fleet:

Deepwater

$

11,700

11,242

11,972

12,449

12,365

Towing-supply

13,536

14,480

14,967

14,136

17,122

Other

3,717

3,124

3,501

3,952

3,944

Total

$

8,562

8,521

8,711

8,510

9,643

Worldwide fleet:

Deepwater

$

12,355

12,589

12,028

13,265

12,756

Towing-supply

8,049

7,978

7,896

8,026

8,411

Other

4,598

4,253

4,721

5,059

5,163

Total

$

10,288

10,435

9,993

10,749

10,503

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

Three Months Ended

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

2021 2021 2021 2020 2020

AVERAGE VESSEL DAY RATES: (A)



Americas fleet:

Deepwater $ 15,568 15,646 13,608 16,416 14,743

Towing-supply 9,298 8,162 8,040 7,576 7,506

Other 12,640 12,634 10,179 9,559 9,514

Total $ 13,742 13,162 11,865 13,602 12,581

Middle East/Asia Pacific fleet:

Deepwater $ 10,899 10,743 10,670 11,129 10,127

Towing-supply 6,018 6,080 6,159 6,471 6,180

Total $ 8,623 8,593 8,506 9,002 8,040

Europe/Mediterranean fleet:

Deepwater $ 11,800 12,905 11,829 12,368 13,257

Total $ 11,890 13,005 11,960 12,368 13,361

West Africa fleet:

Deepwater $ 11,700 11,242 11,972 12,449 12,365

Towing-supply 13,536 14,480 14,967 14,136 17,122

Other 3,717 3,124 3,501 3,952 3,944

Total $ 8,562 8,521 8,711 8,510 9,643

Worldwide fleet:

Deepwater $ 12,355 12,589 12,028 13,265 12,756

Towing-supply 8,049 7,978 7,896 8,026 8,411

Other 4,598 4,253 4,721 5,059 5,163

Total $ 10,288 10,435 9,993 10,749 10,503

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

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

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

(In thousands)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

Americas

Vessel revenues

$

24,564

23,481

26,224

32,068

28,705

Vessel operating costs:

Crew costs

$

8,535

11,132

10,594

12,795

11,711

Repair and maintenance

2,951

2,192

2,714

2,065

1,259

Insurance

219

(30

)

200

402

426

Fuel, lube and supplies

2,028

1,952

1,774

1,822

1,754

Other

3,008

2,972

1,980

2,306

2,486

Total vessel operating costs

$

16,741

18,218

17,262

19,390

17,636

Vessel operating margin ($)

$

7,823

5,263

8,962

12,678

11,069

Vessel operating margin (%)

31.8

%

22.4

%

34.2

%

39.5

%

38.6

%

Americas - Select operating statistics

Average vessels - Total fleet

36

38

40

45

47

Utilization - Total fleet

54.5

%

51.0

%

61.1

%

57.2

%

52.2

%

Average vessels - Active fleet

25

25

28

30

30

Utilization - Active fleet

80.4

%

76.4

%

87.9

%

86.3

%

82.0

%

Average day rates

$

13,742

13,162

11,865

13,602

12,581

Vessels commencing drydocks

4

3

1

1

-

Deferred drydocking and survey costs - beginning balance

$

12,919

11,813

15,440

17,774

20,024

Cash paid for deferred drydocking and survey costs

4,906

2,157

881

1,015

1,086

Amortization of deferred drydocking and survey costs

(2,936

)

(2,753

)

(3,222

)

(3,349

)

(3,336

)

Disposals, intersegment transfers and other

(1,765

)

1,702

(1,286

)

-

-

Deferred drydocking and survey costs - ending balance

$

13,124

12,919

11,813

15,440

17,774

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

(In thousands)

Three Months Ended

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

2021 2021 2021 2020 2020



Americas

Vessel $ 24,564 23,481 26,224 32,068 28,705 revenues



Vesseloperating costs:

Crew costs $ 8,535 11,132 10,594 12,795 11,711

Repair and 2,951 2,192 2,714 2,065 1,259 maintenance

Insurance 219 (30 ) 200 402 426

Fuel, lube 2,028 1,952 1,774 1,822 1,754 and supplies

Other 3,008 2,972 1,980 2,306 2,486

Total vesseloperating $ 16,741 18,218 17,262 19,390 17,636 costs



Vesseloperating $ 7,823 5,263 8,962 12,678 11,069 margin ($)

Vesseloperating 31.8 % 22.4 % 34.2 % 39.5 % 38.6 %margin (%)



Americas -Select operatingstatistics

Averagevessels - 36 38 40 45 47 Total fleet

Utilization- Total 54.5 % 51.0 % 61.1 % 57.2 % 52.2 %fleet



Averagevessels - 25 25 28 30 30 Active fleet

Utilization- Active 80.4 % 76.4 % 87.9 % 86.3 % 82.0 %fleet



Average day $ 13,742 13,162 11,865 13,602 12,581 rates



Vesselscommencing 4 3 1 1 - drydocks





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

Cash paidfor deferreddrydocking 4,906 2,157 881 1,015 1,086 and surveycosts

Amortizationof deferreddrydocking (2,936 ) (2,753 ) (3,222 ) (3,349 ) (3,336 )and surveycosts

Disposals,intersegment (1,765 ) 1,702 (1,286 ) - - transfersand other

Deferreddrydockingand survey $ 13,124 12,919 11,813 15,440 17,774 costs -endingbalance

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

(In thousands)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

Middle East/Asia Pacific

Vessel revenues

$

25,633

25,628

24,414

25,042

23,280

Vessel operating costs:

Crew costs

$

9,950

9,910

9,639

9,982

10,468

Repair and maintenance

2,944

2,632

2,659

2,899

2,385

Insurance

60

37

(224

)

452

562

Fuel, lube and supplies

1,747

1,494

1,569

1,924

1,783

Other

3,334

2,692

2,959

3,532

2,057

Total vessel operating costs

$

18,035

16,765

16,602

18,789

17,255

Vessel operating margin ($)

$

7,598

8,863

7,812

6,253

6,025

Vessel operating margin (%)

29.6

%

34.6

%

32.0

%

25.0

%

25.9

%

Middle East/Asia Pacific - Select operating statistics

Average vessels - Total fleet

38

38

41

43

45

Utilization - Total fleet

85.0

%

85.5

%

77.9

%

70.2

%

69.9

%

Average vessels - Active fleet

37

37

38

40

41

Utilization - Active fleet

87.3

%

88.6

%

84.0

%

75.3

%

76.8

%

Average day rates

$

8,623

8,593

8,506

9,002

8,040

Vessels commencing drydocks

1

4

-

3

-

Deferred drydocking and survey costs - beginning balance

$

12,124

13,989

17,031

18,666

21,116

Cash paid for deferred drydocking and survey costs

2,441

1,354

72

1,447

386

Amortization of deferred drydocking and survey costs

(2,669

)

(2,820

)

(3,114

)

(3,082

)

(3,036

)

Disposals, intersegment transfers and other

(68

)

(399

)

-

-

200

Deferred drydocking and survey costs - ending balance

11,828

12,124

13,989

17,031

18,666

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

(In thousands)

Three Months Ended

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

2021 2021 2021 2020 2020



Middle East/ Asia Pacific

Vessel $ 25,633 25,628 24,414 25,042 23,280 revenues



Vesseloperating costs:

Crew costs $ 9,950 9,910 9,639 9,982 10,468

Repair and 2,944 2,632 2,659 2,899 2,385 maintenance

Insurance 60 37 (224 ) 452 562

Fuel, lube 1,747 1,494 1,569 1,924 1,783 and supplies

Other 3,334 2,692 2,959 3,532 2,057

Total vesseloperating $ 18,035 16,765 16,602 18,789 17,255 costs



Vesseloperating $ 7,598 8,863 7,812 6,253 6,025 margin ($)

Vesseloperating 29.6 % 34.6 % 32.0 % 25.0 % 25.9 %margin (%)



Middle East/Asia Pacific- Select operatingstatistics

Averagevessels - 38 38 41 43 45 Total fleet

Utilization- Total 85.0 % 85.5 % 77.9 % 70.2 % 69.9 %fleet



Averagevessels - 37 37 38 40 41 Active fleet

Utilization- Active 87.3 % 88.6 % 84.0 % 75.3 % 76.8 %fleet



Average day $ 8,623 8,593 8,506 9,002 8,040 rates



Vesselscommencing 1 4 - 3 - drydocks





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

Cash paidfor deferreddrydocking 2,441 1,354 72 1,447 386 and surveycosts

Amortizationof deferreddrydocking (2,669 ) (2,820 ) (3,114 ) (3,082 ) (3,036 )and surveycosts

Disposals,intersegment (68 ) (399 ) - - 200 transfersand other

Deferreddrydockingand survey 11,828 12,124 13,989 17,031 18,666 costs -endingbalance

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

(In thousands)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

Europe/Mediterranean

Vessel revenues

$

21,197

22,467

14,749

15,775

17,716

Vessel operating costs:

Crew costs

$

10,541

10,519

9,022

8,179

7,952

Repair and maintenance

1,754

2,244

1,673

1,133

869

Insurance

208

(131

)

299

297

448

Fuel, lube and supplies

846

864

759

710

592

Other

1,926

1,803

1,707

1,214

1,274

Total vessel operating costs

$

15,275

15,299

13,460

11,533

11,135

Vessel operating margin ($)

$

5,922

7,168

1,289

4,242

6,581

Vessel operating margin (%)

27.9

%

31.9

%

8.7

%

26.9

%

37.1

%

Europe/Mediterranean - Select operating statistics

Average vessels - Total fleet

28

29

31

31

32

Utilization - Total fleet

68.3

%

64.7

%

44.7

%

44.7

%

45.1

%

Average vessels - Active fleet

21

21

17

15

15

Utilization - Active fleet

90.5

%

90.6

%

81.3

%

90.9

%

95.1

%

Average day rates

$

11,890

13,005

11,960

12,368

13,361

Vessels commencing drydocks

1

2

3

4

-

Deferred drydocking and survey costs - beginning balance

$

6,340

7,731

7,317

7,147

9,143

Cash paid for deferred drydocking and survey costs

892

162

2,067

1,710

(361

)

Amortization of deferred drydocking and survey costs

(1,316

)

(1,553

)

(1,653

)

(1,540

)

(1,635

)

Disposals, intersegment transfers and other

(345

)

-

-

-

Deferred drydocking and survey costs - ending balance

$

5,571

6,340

7,731

7,317

7,147

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

(In thousands)

Three Months Ended

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

2021 2021 2021 2020 2020



Europe/ Mediterranean

Vessel $ 21,197 22,467 14,749 15,775 17,716 revenues



Vesseloperating costs:

Crew costs $ 10,541 10,519 9,022 8,179 7,952

Repair and 1,754 2,244 1,673 1,133 869 maintenance

Insurance 208 (131 ) 299 297 448

Fuel, lube 846 864 759 710 592 and supplies

Other 1,926 1,803 1,707 1,214 1,274

Total vesseloperating $ 15,275 15,299 13,460 11,533 11,135 costs



Vesseloperating $ 5,922 7,168 1,289 4,242 6,581 margin ($)

Vesseloperating 27.9 % 31.9 % 8.7 % 26.9 % 37.1 %margin (%)



Europe/Mediterranean- Select operatingstatistics

Averagevessels - 28 29 31 31 32 Total fleet

Utilization - 68.3 % 64.7 % 44.7 % 44.7 % 45.1 %Total fleet



Averagevessels - 21 21 17 15 15 Active fleet

Utilization - 90.5 % 90.6 % 81.3 % 90.9 % 95.1 %Active fleet



Average day $ 11,890 13,005 11,960 12,368 13,361 rates



Vesselscommencing 1 2 3 4 - drydocks





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

Cash paid fordeferreddrydocking 892 162 2,067 1,710 (361 )and surveycosts

Amortizationof deferreddrydocking (1,316 ) (1,553 ) (1,653 ) (1,540 ) (1,635 )and surveycosts

Disposals,intersegment (345 ) - - - transfers andother

Deferreddrydockingand survey $ 5,571 6,340 7,731 7,317 7,147 costs -endingbalance

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

(In thousands)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

West Africa

Vessel revenues

$

20,240

16,938

15,606

14,945

15,694

Vessel operating costs:

Crew costs

$

6,583

6,124

5,907

5,804

6,555

Repair and maintenance

2,848

2,466

2,391

1,930

1,419

Insurance

325

(13

)

348

296

517

Fuel, lube and supplies

2,130

2,231

1,758

1,765

2,628

Other

3,407

3,173

3,292

3,890

4,639

Total vessel operating costs

$

15,293

13,981

13,696

13,685

15,758

Vessel operating margin ($)

$

4,947

2,957

1,910

1,260

(64

)

Vessel operating margin (%)

24.4

%

17.5

%

12.2

%

8.4

%

(0.4

)%

West Africa - Select operating statistics

Average vessels - Total fleet

55

57

58

56

58

Utilization - Total fleet

46.7

%

38.1

%

34.1

%

34.2

%

30.6

%

Average vessels - Active fleet

36

35

33

30

27

Utilization - Active fleet

71.3

%

61.8

%

59.6

%

63.1

%

66.3

%

Average day rates

$

8,562

8,521

8,711

8,510

9,643

Vessels commencing drydocks

3

2

-

-

-

Deferred drydocking and survey costs - beginning balance

$

8,989

13,115

16,680

20,388

24,301

Cash paid for deferred drydocking and survey costs

2,378

376

(298

)

(400

)

(576

)

Amortization of deferred drydocking and survey costs

(3,148

)

(3,199

)

(3,268

)

(3,294

)

(3,426

)

Disposals, intersegment transfers and other

1,768

(1,303

)

1

(14

)

89

Deferred drydocking and survey costs - ending balance

$

9,987

8,989

13,115

16,680

20,388

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

(In thousands)

Three Months Ended

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

2021 2021 2021 2020 2020



West Africa

Vessel $ 20,240 16,938 15,606 14,945 15,694 revenues



Vesseloperating costs:

Crew costs $ 6,583 6,124 5,907 5,804 6,555

Repair and 2,848 2,466 2,391 1,930 1,419 maintenance

Insurance 325 (13 ) 348 296 517

Fuel, lube 2,130 2,231 1,758 1,765 2,628 and supplies

Other 3,407 3,173 3,292 3,890 4,639

Total vesseloperating $ 15,293 13,981 13,696 13,685 15,758 costs



Vesseloperating $ 4,947 2,957 1,910 1,260 (64 )margin ($)

Vessel )operating 24.4 % 17.5 % 12.2 % 8.4 % (0.4 %margin (%)



West Africa- Select operatingstatistics

Averagevessels - 55 57 58 56 58 Total fleet

Utilization- Total 46.7 % 38.1 % 34.1 % 34.2 % 30.6 %fleet



Averagevessels - 36 35 33 30 27 Active fleet

Utilization- Active 71.3 % 61.8 % 59.6 % 63.1 % 66.3 %fleet



Average day $ 8,562 8,521 8,711 8,510 9,643 rates



Vesselscommencing 3 2 - - - drydocks





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

Cash paidfor deferreddrydocking 2,378 376 (298 ) (400 ) (576 )and surveycosts

Amortizationof deferreddrydocking (3,148 ) (3,199 ) (3,268 ) (3,294 ) (3,426 )and surveycosts

Disposals,intersegment 1,768 (1,303 ) 1 (14 ) 89 transfersand other

Deferreddrydockingand survey $ 9,987 8,989 13,115 16,680 20,388 costs -endingbalance

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

(In thousands)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

Worldwide

Vessel revenues

$

91,634

88,514

80,993

87,830

85,395

Vessel operating costs:

Crew costs

$

35,609

37,685

35,162

36,760

36,686

Repair and maintenance

10,497

9,534

9,437

8,027

5,932

Insurance

812

(137

)

623

1,447

1,953

Fuel, lube and supplies

6,751

6,541

5,860

6,221

6,757

Other

11,675

10,640

9,938

10,942

10,456

Total vessel operating costs

$

65,344

64,263

61,020

63,397

61,784

Vessel operating margin ($)

$

26,290

24,251

19,973

24,433

23,611

Vessel operating margin (%)

28.7

%

27.4

%

24.7

%

27.8

%

27.6

%

Worldwide - Select operating statistics

Average vessels - Total fleet

157

162

170

175

182

Utilization - Total fleet

61.7

%

57.0

%

52.9

%

50.9

%

48.5

%

Average vessels - Active fleet

119

118

116

115

113

Utilization - Active fleet

81.6

%

78.4

%

77.6

%

77.0

%

78.2

%

Average day rates

$

10,288

10,435

9,993

10,749

10,503

Vessels commencing drydocks

9

11

4

8

-

Deferred drydocking and survey costs - beginning balance

$

40,372

46,648

56,468

63,975

74,584

Cash paid for deferred drydocking and survey costs

10,617

4,049

2,722

3,772

535

Amortization of deferred drydocking and survey costs

(10,069

)

(10,325

)

(11,257

)

(11,265

)

(11,433

)

Disposals, intersegment transfers and other

(410

)

-

(1,285

)

(14

)

289

Deferred drydocking and survey costs - ending balance

$

40,510

40,372

46,648

56,468

63,975

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

(In thousands)

Three Months Ended

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

2021 2021 2021 2020 2020



Worldwide

Vessel $ 91,634 88,514 80,993 87,830 85,395 revenues



Vesseloperating costs:

Crew costs $ 35,609 37,685 35,162 36,760 36,686

Repair and 10,497 9,534 9,437 8,027 5,932 maintenance

Insurance 812 (137 ) 623 1,447 1,953

Fuel, lube 6,751 6,541 5,860 6,221 6,757 and supplies

Other 11,675 10,640 9,938 10,942 10,456

Total vesseloperating $ 65,344 64,263 61,020 63,397 61,784 costs



Vesseloperating $ 26,290 24,251 19,973 24,433 23,611 margin ($)

Vesseloperating 28.7 % 27.4 % 24.7 % 27.8 % 27.6 %margin (%)



Worldwide -Select operatingstatistics

Averagevessels - 157 162 170 175 182 Total fleet

Utilization- Total 61.7 % 57.0 % 52.9 % 50.9 % 48.5 %fleet



Averagevessels - 119 118 116 115 113 Active fleet

Utilization- Active 81.6 % 78.4 % 77.6 % 77.0 % 78.2 %fleet



Average day $ 10,288 10,435 9,993 10,749 10,503 rates



Vesselscommencing 9 11 4 8 - drydocks





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

Cash paidfor deferreddrydocking 10,617 4,049 2,722 3,772 535 and surveycosts

Amortizationof deferreddrydocking (10,069 ) (10,325 ) (11,257 ) (11,265 ) (11,433 )and surveycosts

Disposals,intersegment (410 ) - (1,285 ) (14 ) 289 transfersand other

Deferreddrydockingand survey $ 40,510 40,372 46,648 56,468 63,975 costs -endingbalance

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

(In thousands)

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

Net loss

$

(26,407

)

(29,647

)

(35,527

)

(29,427

)

(38,081

)

Interest and other debt costs

3,681

3,944

4,541

5,984

6,071

Income tax (benefit) expense

887

6,026

2,009

(4,477

)

5,953

Depreciation

17,911

18,224

18,470

19,416

19,343

Amortization of deferred drydock and survey costs

10,069

10,325

11,257

11,265

11,434

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

$

6,141

8,872

750

2,761

4,720

Long-lived asset impairments and other

2,167

-

-

6,475

1,945

Affiliate credit loss impairment expense (credit)

-

(1,000

)

-

(600

)

-

One-time integration related costs

112

795

103

291

641

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

$

8,420

8,667

853

8,927

7,306

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(Unaudited)

(In thousands)

Three Months Ended

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

2021 2021 2021 2020 2020

Net loss $ (26,407 ) (29,647 ) (35,527 ) (29,427 ) (38,081 )



Interest andother debt 3,681 3,944 4,541 5,984 6,071 costs

Income tax(benefit) 887 6,026 2,009 (4,477 ) 5,953 expense

Depreciation 17,911 18,224 18,470 19,416 19,343

Amortizationof deferred 10,069 10,325 11,257 11,265 11,434 drydock andsurvey costs

EBITDA (A), $ 6,141 8,872 750 2,761 4,720 (B), (C)



Long-livedasset 2,167 - - 6,475 1,945 impairmentsand other

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

One-timeintegration 112 795 103 291 641 relatedcosts

AdjustedEBITDA (A), $ 8,420 8,667 853 8,927 7,306 (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 September 30, 2021, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,523, $1,504, $1,172, $1,158, and $1,223, respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended September 30, 2021, and for each of the prior four quarters includes foreign exchange gain (losses) of $(523), $422, $(850), $(2,880), and $(1,153), 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 September 30,2021, and for each of the prior four quarters includes non-cash, stock-basedcompensation expense of $1,523, $1,504, $1,172, $1,158, and $1,223,respectively.



Note (C): EBITDA and Adjusted EBITDA for the three months ended September 30,2021, and for each of the prior four quarters includes foreign exchange gain(losses) of $(523), $422, $(850), $(2,880), and $(1,153), 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

(Unaudited)

(In thousands)

Three Months Ended

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

2021 2021 2021 2020 2020

Net cashprovided by(used in) $ (2,499 ) 4,851 5,716 2,180 14,629 operatingactivities(A)



Cashinterest 3,055 3,282 3,746 5,066 5,435 expense

Interestincome and (148 ) (8 ) (23 ) (144 ) (272 )other

Additionsto property (722 ) (665 ) (1,196 ) (10,218 ) (607 )andequipment

Expansion - - - 5,300 - capital

Free cashflow beforeproceeds (314 ) 7,460 8,243 2,184 19,185 from assetsales



Proceedsfrom asset 4,396 18,577 10,983 6,798 10,592 sales



Free cash $ 4,082 26,037 19,226 8,982 29,777 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.

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

Three Months Ended

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

2021 2021 2021 2020 2020

Cashprovided by(used in)changes inassets and $ 2,586 7,066 9,921 (4,915 ) 18,858 liabilities,excludingdrydockpayments

Cash paidfor deferred (10,617 ) (4,049 ) (2,722 ) (3,772 ) (535 )drydock andsurvey costs

Totalsources(uses) ofcash for $ (8,031 ) 3,017 7,199 (8,687 ) 18,323 changes inassets andliabilities

View source version on businesswire.com: https://www.businesswire.com/news/home/20211109006485/en/

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