Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2023

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2023 of $302.7 million and $1,010.0 million, respectively, compared with $186.7 million and $647.7 million, respectively, for the three and twelve months ended December 31, 2022. Tidewater's net income for the three and twelve months ended December 31, 2023, was $37.7 million ($0.70 per common share) and $97.2 million ($1.84 per common share), respectively, compared with net income (losses) of $10.6 million ($0.20 per common share) and $(21.7) million ($0.49 per common share), respectively, for the three and twelve months ended December 31, 2022.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The past year represented a year of significant milestones and profitable growth for Tidewater with revenue and gross profit improving each quarter throughout the year. The supply and demand dynamics positively influencing the offshore vessel industry drove strong financial and operational results, with revenue cresting the $1.0 billion mark, a significant achievement for Tidewater that was bolstered by the acquisitions done in 2022 and 2023. Day rate progression realized during the year is faster than anything we have seen in the industry. The shortage of vessels, a record-low vessel newbuilding order book and improving offshore vessel demand visibility all support improving operational performance into 2024 and beyond, as indicated by our continued confidence in our ability to grow revenue by 40% and grow gross margin by 66% in 2024. As a result of improved industry fundamentals and associated financial performance, Tidewater is once again in a position to return capital to shareholders, the initial phase of which we completed during the fourth quarter of 2023 with an initial $35.0 million of share repurchases. We are excited to continue to grow free cash flow and return capital to our shareholders as this upcycle continues to unfold.

“Since 2017, we have been high-grading the fleet through the disposal of lower-specification vessels and the acquisition of higher-specification vessels. The financial impact of this strategy continues to be demonstrated by the higher revenue and gross margin outlook for our business. Fourth quarter revenue of $302.7 million is the highest quarterly revenue in over eight years and we anticipate quarterly revenue growth each quarter in 2024, outgrowing the seasonality we typically see in the first and fourth quarters of the year. Gross margin for the fourth quarter came in at 47.2%, the highest gross margin percentage in 15 years, and we anticipate gross margin for the fourth quarter of 2024 to reach 56.0%. Leading edge day rates continued their upward trend, with leading edge day rates up $902 sequentially, to $29,511. We continue to see improving demand across all regions and for a variety of end markets beyond drilling and, as such, we reiterate our full-year 2024 revenue guidance of $1.40 to $1.45 billion and gross margin guidance of 52.0%.

“We generated $61.0 million of free cash flow and returned nearly 60% of this to our shareholders in the form of share repurchases during the fourth quarter. Given our free cash flow performance, business outlook and healthy balance sheet, we are pleased to announce the Board has authorized a new share repurchase program, under which we are authorized to purchase up to $48.6 million of the Company’s common stock. The new authorization represents the maximum permissible amount of share repurchases under our existing debt agreements. As we have previously communicated, we anticipate utilizing this repurchase program opportunistically, weighing the value of share repurchases against other capital allocation opportunities to optimize the use of our capital to maximize shareholder returns.

“The past year was an important chapter in Tidewater’s history and was a successful year by all measures. I want to thank our dedicated team for their tremendous contributions to this achievement. We have even greater success ahead of us and I look forward to working together to achieve the goals we have set for ourselves. As always, we remain committed to providing a safe and rewarding environment for our employees as we continue to build the safest, most sustainable, most reliable, most profitable, high specification offshore energy support vessel fleet in the world.”

In addition to the number of outstanding shares, as of December 31, 2023, the Company also has the following in-the-money warrants.

Common shares outstanding			52,259,303
New Creditor Warrants (strike price $0.001 per common share)			81,244
GulfMark Creditor Warrants (strike price $0.01 per common share)			91,436
Total			52,431,983

Tidewater will hold a conference call to discuss results for the three and twelve months ending December 31, 2023 on March 1, 2024, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 6663124 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 11:00 a.m. Central Time on March 1, 2024. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

About Tidewater

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

Cautionary Statement

This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”).

These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.

If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Financial information is displayed beginning on the next page.

The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at December 31, 2023 and 2022; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and twelve months ended December 31, 2023 and 2022; and the Consolidated Statements of Cash Flows for the three and twelve months ended December 31, 2023 and 2022. Extracts are drawn from the December 31, 2023 and 2022 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, except per share data)
		Three Months Ended								Twelve Months Ended
		December 31, 2023				December 31, 2022				December 31, 2023				December 31, 2022
Revenues:
Vessel revenues		$	300,515			$	185,106			$	998,993			$	641,404
Other operating revenues			2,143				1,640				10,992				6,280
Total revenues			302,658				186,746				1,009,985				647,684
Costs and expenses:
Vessel operating costs			158,553				115,496				556,515				397,301
Costs of other operating revenues			1,337				694				4,342				2,130
General and administrative			24,724				28,633				95,283				101,921
Depreciation and amortization			59,167				29,881				180,331				119,160
Long-lived asset impairment and other			—				—				—				714
Gain on asset dispositions, net			(4,218	)			(1,076	)			(8,701	)			(250	)
Total costs and expenses			239,563				173,628				827,770				620,976
Operating income			63,095				13,118				182,215				26,708
Other income (expense):
Foreign exchange gain (loss)			2,250				2,105				(1,370	)			(2,827	)
Equity in net earnings (losses) of unconsolidated companies			10				14				39				(221	)
Interest income and other, net			3,029				981				6,517				5,397
Loss on warrants			—				—				—				(14,175	)
Interest and other debt costs, net			(20,263	)			(4,339	)			(48,472	)			(17,189	)
Total other expense			(14,974	)			(1,239	)			(43,286	)			(29,015	)
Income (loss) before income taxes			48,121				11,879				138,929				(2,307	)
Income tax expense			10,793				1,697				43,308				19,886
Net income (loss)			37,328				10,182				95,621				(22,193	)
Less: Net loss attributable to noncontrolling interests			(336	)			(438	)			(1,564	)			(444	)
Net income (loss) attributable to Tidewater Inc.		$	37,664			$	10,620			$	97,185			$	(21,749	)
Basic income (loss) per common share		$	0.72			$	0.22			$	1.88			$	(0.49	)
Diluted income (loss) per common share		$	0.70			$	0.20			$	1.84			$	(0.49	)
Weighted average common shares outstanding			52,648				48,766				51,591				44,132
Dilutive effect of warrants, restricted stock units and stock options			1,351				3,069				1,346				—
Adjusted weighted average common shares			53,999				51,835				52,937				44,132

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)
		December 31, 2023				December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents		$	274,437			$	164,192
Restricted cash			1,241				1,241
Trade and other receivables, less allowance for credit losses of $15,914 and $14,060 as of December 31, 2023 and 2022, respectively			268,352				156,465
Marine operating supplies			31,933				30,830
Assets held for sale			—				4,195
Prepaid expenses and other current assets			15,172				20,985
Total current assets			591,135				377,908
Net properties and equipment			1,315,122				796,655
Deferred drydocking and survey costs			106,698				61,080
Indemnification assets			17,370				28,369
Other assets			32,449				33,644
Total assets		$	2,062,774			$	1,297,656
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	44,931			$	38,946
Accrued expenses			125,590				105,518
Current portion of long-term debt			103,077				—
Other current liabilities			55,133				50,323
Total current liabilities			328,731				194,787
Long-term debt			631,361				169,036
Other liabilities			64,985				67,843
Commitments and contingencies
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized. 52,259,303 and 50,554,179 shares issued and outstanding at December 31, 2023 and 2022, respectively			52				51
Additional paid-in-capital			1,671,759				1,556,990
Accumulated deficit			(637,838	)			(699,649	)
Accumulated other comprehensive loss			5,266				8,576
Total stockholders' equity			1,039,239				865,968
Noncontrolling interests			(1,542	)			22
Total equity			1,037,697				865,990
Total liabilities and equity		$	2,062,774			$	1,297,656

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In Thousands)
		Three Months Ended								Twelve Months Ended
		December 31, 2023				December 31, 2022				December 31, 2023				December 31, 2022
Net income (loss)		$	37,328			$	10,182			$	95,621			$	(22,193	)
Other comprehensive income (loss):
Unrealized gain (loss) on note receivable			682				779				213				(496	)
Change in supplemental executive retirement plan pension liability			(525	)			4,561				(525	)			4,561
Change in liability of pension plans			696				1,762				(2,998	)			1,843
Total comprehensive income (loss)		$	38,181			$	17,284			$	92,311			$	(16,285	)

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
		Twelve Months				Twelve Months
		Ended				Ended
		December 31, 2023				December 31, 2022
Operating activities:
Net income (loss)		$	95,621			$	(22,193	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation			128,777				83,522
Amortization of deferred drydocking and survey costs			51,554				35,638
Amortization of debt premiums and discounts			4,619				1,679
Amortization of below market contracts			(3,800	)			—
Provision for deferred income taxes			92				36
Gain on asset dispositions, net			(8,701	)			(250	)
Gain on pension settlement			(2,313	)			—
Gain on bargain purchase			—				(1,300	)
Long-lived asset impairment and other			—				714
Loss on warrants			—				14,175
Stock-based compensation expense			10,755				7,372
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			(109,756	)			(4,129	)
Changes in due to/from affiliate, net			—				(20	)
Accounts payable			5,985				16,481
Accrued expenses			20,072				(1,340	)
Deferred drydocking and survey costs			(97,378	)			(56,000	)
Other, net			9,178				(34,159	)
Net cash provided by operating activities			104,705				40,226
Cash flows from investing activities:
Proceeds from asset dispositions			15,506				13,568
Acquisitions, net of cash acquired			(594,191	)			(20,740	)
Additions to properties and equipment			(31,588	)			(16,637	)
Net cash used in investing activities			(610,273	)			(23,809	)
Cash flows from financing activities:
Exercise of warrants			111,483				—
Proceeds from issuance of shares			—				187,832
Repurchase of SPO acquisition warrants			—				(187,832	)
Issuance of long-term debt			575,000				—
Principal payments on long-term debt			(13,677	)			—
Purchase of common stock			(35,025	)			—
Acquisition of non-controlling interest in a majority owned subsidiary			(1,427	)			—
Debt issuance costs			(14,758	)			(393	)
Tax on share-based awards			(6,040	)			(2,323	)
Net cash provided by (used in) financing activities			615,556				(2,716	)
Net change in cash, cash equivalents and restricted cash			109,988				13,701
Cash, cash equivalents and restricted cash at beginning of period			167,977				154,276
Cash, cash equivalents and restricted cash at end of period		$	277,965			$	167,977

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	26,638			$	15,554
Income taxes		$	43,880			$	22,275
Supplemental disclosure of noncash investing activities:
Acquisition of SPO		$	—			$	162,648
Purchase of three vessels		$	14,265			$	—
Supplemental disclosure of noncash financing activities:
Warrants issued for SPO acquisition		$	—			$	162,648
Repurchase of SPO acquisition warrants		$	—			$	1,365
Debt incurred for the purchase of three vessels		$	15,235			$	—
Note: Cash, cash equivalents and restricted cash at December 31, 2023 includes $2.3 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In Thousands)
		Three Months Ended
														Accumulated
						Additional								other				Non
		Common				paid-in				Accumulated				comprehensive				controlling
		stock				capital				deficit				income				interest				Total
Balance at September 30, 2023		$	53			$	1,668,392			$	(640,128	)		$	4,413			$	(1,206	)		$	1,031,524
Total comprehensive income (loss)			—				—				37,664				853				(336	)			38,181
Exercise of warrants into common stock			—				—				—				—				—				—
Repurchase and retirement of common stock			(1	)			—				(35,374	)			—				—				(35,375	)
Amortization of share-based awards			—				3,367				—				—				—				3,367
Balance at December 31, 2023		$	52			$	1,671,759			$	(637,838	)		$	5,266			$	(1,542	)		$	1,037,697
Balance at September 30, 2022		$	46			$	1,555,388			$	(710,269	)		$	1,474			$	460			$	847,099
Total comprehensive income (loss)			—				—				10,620				7,102				(438	)			17,284
Issuance of common stock			5				120,629				—				—				—				120,634
Repurchase of SPO acquisition warrants			—				(121,007	)			—				—				—				(121,007	)
Amortization of share-based awards			—				1,980				—				—				—				1,980
Balance at December 31, 2022		$	51			$	1,556,990			$	(699,649	)		$	8,576			$	22			$	865,990

		Twelve Months Ended
														Accumulated
						Additional								other				Non
		Common				paid-in				Accumulated				comprehensive				controlling
		stock				capital				deficit				income (loss)				interest				Total
Balance at December 31, 2022		$	51			$	1,556,990			$	(699,649	)		$	8,576			$	22			$	865,990
Total comprehensive income (loss)			—				—				97,185				(3,310	)			(1,564	)			92,311
Exercise of warrants into common stock			2				111,481				—				—				—				111,483
Repurchase and retirement of common stock			(1	)			—				(35,374	)			—				—				(35,375	)
Acquisition of non-controlling interest in a majority owned subsidiary			—				(1,427	)			—				—				—				(1,427	)
Amortization of share-based awards			—				4,715				—				—				—				4,715
Balance at December 31, 2023		$	52			$	1,671,759			$	(637,838	)		$	5,266			$	(1,542	)		$	1,037,697
Balance at December 31, 2021		$	41			$	1,376,494			$	(677,900	)		$	2,668			$	466			$	701,769
Total comprehensive income (loss)			—				—				(21,749	)			5,908				(444	)			(16,285	)
Issuance of common stock			10				192,881				—				—				—				192,891
SPO acquisition warrants			—				176,823				—				—				—				176,823
Repurchase of SPO acquisition warrants			—				(194,256	)			—				—				—				(194,256	)
Amortization of share-based awards			—				5,048				—				—				—				5,048
Balance at December 31, 2022		$	51			$	1,556,990			$	(699,649	)		$	8,576			$	22			$	865,990

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
(In Thousands)		Three Months Ended														Twelve Months Ended
		December 31, 2023							December 31, 2022							December 31, 2023							December 31, 2022
Vessel revenues:
Americas		$	68,425			23	%		$	41,785			23	%		$	237,205			24	%		$	146,871			23	%
Asia Pacific			38,632			13	%			19,070			10	%			122,235			12	%			64,231			10	%
Middle East			38,072			12	%			30,575			16	%			135,375			14	%			110,375			17	%
Europe/Mediterranean			80,743			27	%			33,482			18	%			230,217			23	%			129,578			20	%
West Africa			74,643			25	%			60,194			33	%			273,961			27	%			190,349			30	%
Total vessel revenues		$	300,515			100	%		$	185,106			100	%		$	998,993			100	%		$	641,404			100	%
Vessel operating costs:
Crew costs		$	97,537			33	%		$	69,699			37	%		$	329,473			33	%		$	242,364			38	%
Repair and maintenance			21,635			7	%			14,774			8	%			78,716			8	%			51,256			8	%
Insurance			2,765			1	%			2,027			1	%			9,297			1	%			6,765			1	%
Fuel, lube and supplies			15,265			5	%			12,841			7	%			60,548			6	%			43,729			7	%
Other			21,351			7	%			16,155			9	%			78,481			8	%			53,187			8	%
Total vessel operating costs			158,553			53	%			115,496			62	%			556,515			56	%			397,301			62	%
Vessel operating margin (A)		$	141,962			47	%		$	69,610			38	%		$	442,478			44	%		$	244,103			38	%
Note (A): Vessel operating margin equals vessel revenues less vessel operating costs.

The company’s operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:
(In Thousands)		Three Months Ended														Twelve Months Ended
		December 31, 2023							December 31, 2022							December 31, 2023							December 31, 2022
Vessel operating profit (loss):
Americas		$	16,171			5	%		$	3,216			2	%		$	42,964			4	%		$	12,016			2	%
Asia Pacific			11,322			4	%			(808	)		(0	)%			38,471			4	%			3,726			0	%
Middle East			2,093			1	%			492			0	%			(1,051	)		(0	)%			(1,093	)		(0	)%
Europe/Mediterranean			13,768			5	%			3,874			2	%			33,687			3	%			18,844			3	%
West Africa			27,360			9	%			18,305			10	%			98,447			10	%			43,112			7	%
Other operating profit			806			0	%			946			0	%			6,650			1	%			4,150			1	%
		71,520				24	%		26,025				14	%		219,168				22	%		80,755				13	%
			—
Corporate expenses (A)			(12,643	)		(4	)%			(13,983	)		(7	)%			(45,654	)		(5	)%			(53,583	)		(9	)%
Gain on asset dispositions, net			4,218			1	%			1,076			1	%			8,701			1	%			250			0	%
Long-lived asset impairment and other			—			0	%			—			0	%			—			0	%			(714	)		(0	)%
Operating income		$	63,095			21	%		$	13,118			7	%		$	182,215			18	%		$	26,708			4	%
Note (A): General and administrative expenses for the three months and twelve months ended December 31, 2023 include stock-based compensation of $3.5 million and $10.8 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2022 include stock-based compensation of $2.1 million and $7.4 million, respectively. In addition, vessel operating and general and administrative costs for the three months and twelve months ended December 31, 2023, include $2.2 million and $10.9 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and twelve months ended December 31, 2022, include $5.1 million and $19.1 million in acquisition, restructuring and integration related costs, respectively.

TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA (In Thousands, except per share data)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
Revenues:
Vessel revenues		$	300,515			$	296,975			$	210,323			$	191,180			$	185,106
Other operating revenues			2,143				2,287				4,638				1,924				1,640
Total revenues			302,658				299,262				214,961				193,104				186,746
Costs and expenses:
Vessel operating costs (A)			158,553				164,239				118,264				115,459				115,496
Costs of other operating revenue			1,337				1,481				373				1,151				694
General and administrative (A)			24,724				21,001				26,013				23,545				28,633
Depreciation and amortization			59,167				57,730				32,768				30,666				29,881
Gain on asset dispositions, net			(4,218	)			(863	)			(1,404	)			(2,216	)			(1,076	)
Total operating costs and expenses			239,563				243,588				176,014				168,605				173,628
Operating income			63,095				55,674				38,947				24,499				13,118
Other income (expense):
Foreign exchange gain (loss)			2,250				(2,149	)			(3,819	)			2,348				2,105
Equity in net earnings of unconsolidated companies			10				4				25				—				14
Interest income and other, net			3,029				568				2,790				130				981
Interest and other debt costs, net			(20,263	)			(19,288	)			(4,731	)			(4,190	)			(4,339	)
Total other expense			(14,974	)			(20,865	)			(5,735	)			(1,712	)			(1,239	)
Income before income taxes			48,121				34,809				33,212				22,787				11,879
Income tax expense			10,793				9,260				11,284				11,971				1,697
Net income			37,328				25,549				21,928				10,816				10,182
Net income (loss) attributable to noncontrolling interests			(336	)			(650	)			(656	)			78				(438	)
Net income attributable to Tidewater Inc.		$	37,664			$	26,199			$	22,584			$	10,738			$	10,620
Basic income per common share		$	0.72			$	0.50			$	0.44			$	0.21			$	0.22
Diluted income per common share		$	0.70			$	0.49			$	0.43			$	0.21			$	0.20
Weighted average common shares outstanding			52,648				52,230				50,857				50,604				48,766
Dilutive effect of warrants, restricted stock units and stock options			1,351				1,380				1,148				1,368				3,069
Adjusted weighted average common shares			53,999				53,610				52,005				51,972				51,835
Vessel operating margin		$	141,962			$	132,736			$	92,059			$	75,721			$	69,610
Note (A): Acquisition, restructuring and integration related costs		$	2,177			$	6,079			$	1,242			$	1,426			$	5,150

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
ASSETS
Current assets:
Cash and cash equivalents		$	274,437			$	275,070			$	171,261			$	165,145			$	164,192
Restricted cash			1,241				4,973				1,242				4,972				1,241
Trade and other receivables, net			268,352				250,671				195,906				182,198				156,465
Marine operating supplies			31,933				27,489				22,495				24,448				30,830
Assets held for sale			—				565				630				695				4,195
Prepaid expenses and other current assets			15,172				16,598				18,958				18,978				20,985
Total current assets			591,135				575,366				410,492				396,436				377,908
Net properties and equipment			1,315,122				1,348,001				784,873				786,168				796,655
Deferred drydocking and survey costs			106,698				99,215				92,481				82,787				61,080
Indemnification assets			17,370				18,648				22,678				27,698				28,369
Other assets			32,449				30,325				33,640				34,058				33,644
Total assets		$	2,062,774			$	2,071,555			$	1,344,164			$	1,327,147			$	1,297,656
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	44,931			$	57,183			$	69,822			$	64,775			$	38,946
Accrued expenses			125,590				119,631				91,875				107,348				105,518
Current portion of long-term debt			103,077				102,369				2,441				—				—
Other current liabilities			55,133				53,301				42,305				43,220				50,323
Total current liabilities			328,731				332,484				206,443				215,343				194,787
Long-term debt			631,361				641,301				179,573				169,423				169,036
Other liabilities			64,985				66,246				65,621				68,968				67,843
Equity:
Common stock			52				53				51				51				51
Additional paid-in-capital			1,671,759				1,668,392				1,554,793				1,553,919				1,556,990
Accumulated deficit			(637,838	)			(640,128	)			(666,327	)			(688,911	)			(699,649	)
Accumulated other comprehensive income			5,266				4,413				4,566				8,254				8,576
Total stockholders' equity			1,039,239				1,032,730				893,083				873,313				865,968
Noncontrolling interests			(1,542	)			(1,206	)			(556	)			100				22
Total equity			1,037,697				1,031,524				892,527				873,413				865,990
Total liabilities and equity		$	2,062,774			$	2,071,555			$	1,344,164			$	1,327,147			$	1,297,656

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
Operating activities:
Net income		$	37,328			$	25,549			$	21,928			$	10,816			$	10,182
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			42,788				43,845				21,096				21,048				20,983
Amortization of deferred drydocking and survey costs			16,379				13,885				11,672				9,618				8,898
Amortization of debt premiums and discounts			1,975				1,802				422				420				522
Amortization of below market contracts			(1,894	)			(1,906	)			—				—				—
(Provision) benefit for deferred income taxes			23				35				(1	)			35				(98	)
Gain on asset dispositions, net			(4,218	)			(863	)			(1,404	)			(2,216	)			(1,076	)
Gain on pension settlement			(506	)			—				(1,807	)			—				—
Stock-based compensation expense			3,508				2,496				2,648				2,103				2,028
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			(17,072	)			(54,765	)			(12,186	)			(25,733	)			26,172
Accounts payable			(12,252	)			(12,639	)			5,047				25,829				7,117
Accrued expenses			5,841				27,775				(15,374	)			1,830				(427	)
Deferred drydocking and survey costs			(24,069	)			(20,618	)			(21,366	)			(31,325	)			(12,117	)
Other, net			(600	)			10,343				(934	)			369				(16,844	)
Net cash provided by operating activities			47,231				34,939				9,741				12,794				45,340
Cash flows from investing activities:
Proceeds from asset dispositions			5,902				945				2,943				5,716				5,093
Acquisitions, net of cash acquired			—				(594,191	)			—				—				—
Additions to properties and equipment			(8,386	)			(5,702	)			(8,849	)			(8,651	)			(4,929	)
Net cash provided by (used in) investing activities			(2,484	)			(598,948	)			(5,906	)			(2,935	)			164
Cash flows from financing activities:
Exercise of warrants			—				111,483				—				—				—
Proceeds from issuance of shares			—				—				—				—				117,202
Repurchase of SPO acquisition warrants			—				—				—				—				(117,202	)
Issuance of long-term debt			—				575,000				—				—				—
Principal payments on long-term debt			(13,677	)			—				—				—				—
Purchase of common stock			(35,025	)			—				—				—				—
Acquisition of non-controlling interest in a majority owned subsidiary			—				—				—				(1,427	)			—
Debt issuance costs			—				(14,758	)			—				—				—
Tax on share-based awards			(141	)			(378	)			(1,774	)			(3,747	)			(47	)
Net cash provided by (used in) financing activities			(48,843	)			671,347				(1,774	)			(5,174	)			(47	)
Net change in cash, cash equivalents and restricted cash			(4,096	)			107,338				2,061				4,685				45,457
Cash, cash equivalents and restricted cash at beginning of period			282,061				174,723				172,662				167,977				122,520
Cash, cash equivalents and restricted cash at end of period		$	277,965			$	282,061			$	174,723			$	172,662			$	167,977
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	18,186			$	606			$	7,748			$	98			$	7,575
Income taxes		$	7,295			$	9,384			$	10,144			$	17,057			$	6,132
Supplemental disclosure of noncash investing activities:
Purchase of three vessels		$	2,067			$	27			$	12,171			$	—			$	—
Supplemental disclosure of noncash financing activities:
Repurchase of SPO acquisition warrants		$	—			$	—			$	—			$	—			$	373
Debt incurred for purchase of three vessels		$	3,037			$	27			$	12,171			$	—			$	—

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900		$	28,714			$	29,270			$	20,316			$	20,556			$	17,814
PSV < 900			28,143				28,886				19,134				17,390				16,486
AHTS > 16K			4,034				3,584				3,425				3,395				2,873
AHTS 8 - 16K			2,316				2,064				2,807				2,807				1,899
AHTS 4 - 8K			1,428				1,570				1,480				1,521				1,553
Other			3,790				5,343				3,214				2,018				1,160
Total			68,425				70,717				50,376				47,687				41,785
Asia Pacific fleet:
PSV > 900			19,485				20,159				9,648				9,101				6,692
PSV < 900			8,679				8,292				5,811				5,133				3,120
AHTS > 16K			3,759				3,271				2,065				1,342				3,260
AHTS 8 - 16K			4,706				5,287				5,001				5,397				4,364
AHTS 4 - 8K			1,601				1,582				8				998				1,584
Other			402				403				52				53				50
Total			38,632				38,994				22,585				22,024				19,070
Middle East fleet:
PSV > 900			1,378				1,088				1,211				1,192				1,218
PSV < 900			19,215				17,790				16,812				14,965				15,517
AHTS > 16K			1,178				1,196				1,217				2,316				2,351
AHTS 8 - 16K			3,094				3,420				4,276				4,593				4,146
AHTS 4 - 8K			13,207				11,191				8,340				7,696				7,343
Total			38,072				34,685				31,856				30,762				30,575
Europe/Mediterranean fleet:
PSV > 900			61,559				59,872				27,602				21,858				23,640
PSV < 900			15,356				14,039				9,195				6,663				9,017
AHTS > 16K			2,437				3,617				2,228				2,511				643
Other			1,391				1,401				270				218				182
Total			80,743				78,929				39,295				31,250				33,482
West Africa fleet:
PSV > 900			15,478				17,566				11,550				9,900				10,534
PSV < 900			31,893				26,396				25,419				24,835				20,494
AHTS > 16K			6,994				7,138				9,129				6,237				5,385
AHTS 8 - 16K			11,219				11,917				9,870				9,827				11,810
AHTS 4 - 8K			2,126				2,745				3,496				2,360				5,780
Other			6,933				7,888				6,747				6,298				6,191
Total			74,643				73,650				66,211				59,457				60,194
Worldwide fleet:
PSV > 900			126,614				127,955				70,327				62,607				59,898
PSV < 900			103,286				95,403				76,371				68,986				64,634
AHTS > 16K			18,402				18,806				18,064				15,801				14,512
AHTS 8 - 16K			21,335				22,688				21,954				22,624				22,219
AHTS 4 - 8K			18,362				17,088				13,324				12,575				16,260
Other			12,516				15,035				10,283				8,587				7,583
Total		$	300,515			$	296,975			$	210,323			$	191,180			$	185,106

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900			12				12				10				10				10
PSV < 900			18				18				15				15				16
AHTS > 16K			2				2				2				2				2
AHTS 8 - 16K			2				2				2				2				2
AHTS 4 - 8K			2				2				2				2				2
Other			2				2				2				1				1
Total			38				38				33				32				33
Stacked vessels			(1	)			(1	)			(1	)			(1	)			(2	)
Active vessels			37				37				32				31				31
Asia Pacific fleet:
PSV > 900			8				8				6				5				5
PSV < 900			5				4				2				2				2
AHTS > 16K			2				2				2				1				2
AHTS 8 - 16K			3				3				3				3				3
AHTS 4 - 8K			1				1				1				2				3
Other			—				—				—				1				1
Total			19				18				14				14				16
Stacked vessels			—				—				—				(1	)			(2	)
Active vessels			19				18				14				13				14
Middle East fleet:
PSV > 900			1				1				1				1				2
PSV < 900			20				20				20				21				20
AHTS > 16K			1				1				1				2				2
AHTS 8 - 16K			5				5				5				5				5
AHTS 4 - 8K			18				18				17				14				14
Total			45				45				44				43				43
Stacked vessels			—				—				—				—				—
Active vessels			45				45				44				43				43
Europe/Mediterranean fleet:
PSV > 900			39				38				18				19				19
PSV < 900			10				10				7				7				7
AHTS > 16K			2				2				1				1				1
Total			51				50				26				27				27
Stacked vessels			—				—				—				—				—
Active vessels			51				50				26				27				27
West Africa fleet:
PSV > 900			9				9				7				7				6
PSV < 900			19				19				18				18				18
AHTS > 16K			4				4				5				5				4
AHTS 8 - 16K			11				11				11				11				11
AHTS 4 - 8K			4				5				6				8				8
Other			21				24				23				25				28
Total			68				72				70				74				75
Stacked vessels			(1	)			(3	)			(5	)			(8	)			(10	)
Active vessels			67				69				65				66				65
Worldwide fleet:
PSV > 900			69				68				42				42				42
PSV < 900			72				71				62				63				63
AHTS > 16K			11				11				11				11				11
AHTS 8 - 16K			21				21				21				21				21
AHTS 4 - 8K			25				26				26				26				27
Other			23				26				25				27				30
Total			221				223				187				190				194
Stacked vessels			(2	)			(4	)			(6	)			(10	)			(14	)
Active vessels			219				219				181				180				180
Total active			219				219				181				180				180
Total stacked			2				4				6				10				14
Total joint venture			—				—				—				—				1
Total			221				223				187				190				195

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
PSV > 900			1,104				1,095				910				907				922
PSV < 900			1,675				1,730				1,365				1,359				1,499
AHTS > 16K			184				184				182				180				184
AHTS 8 - 16K			184				184				182				180				184
AHTS 4 - 8K			184				184				182				180				184
Other			184				184				182				121				92
Total			3,515				3,561				3,003				2,927				3,065
Asia Pacific fleet:
PSV > 900			736				726				559				481				460
PSV < 900			454				358				182				180				184
AHTS > 16K			184				184				182				90				184
AHTS 8 - 16K			276				276				273				270				276
AHTS 4 - 8K			92				92				91				180				292
Other			—				—				—				48				92
Total			1,742				1,636				1,287				1,249				1,488
Middle East fleet:
PSV > 900			92				92				91				90				92
PSV < 900			1,840				1,840				1,820				1,842				1,840
AHTS > 16K			92				92				91				180				184
AHTS 8 - 16K			460				460				455				450				460
AHTS 4 - 8K			1,615				1,640				1,556				1,291				1,288
Total			4,099				4,124				4,013				3,853				3,864
Europe/Mediterranean fleet:
PSV > 900			3,588				3,492				1,638				1,672				1,746
PSV < 900			920				907				637				630				644
AHTS > 16K			184				184				139				90				92
Total			4,692				4,583				2,414				2,392				2,482
West Africa fleet:
PSV > 900			828				819				637				630				644
PSV < 900			1,735				1,744				1,638				1,620				1,656
AHTS > 16K			368				368				407				450				368
AHTS 8 - 16K			1,012				1,012				1,001				990				1,012
AHTS 4 - 8K			385				476				546				720				736
Other			1,899				2,184				2,099				2,256				2,545
Total			6,227				6,603				6,328				6,666				6,961
Worldwide fleet:
PSV > 900			6,348				6,224				3,835				3,780				3,864
PSV < 900			6,624				6,579				5,642				5,631				5,823
AHTS > 16K			1,012				1,012				1,001				990				1,012
AHTS 8 - 16K			1,932				1,932				1,911				1,890				1,932
AHTS 4 - 8K			2,276				2,392				2,375				2,371				2,500
Other			2,083				2,368				2,281				2,425				2,729
Total			20,275				20,507				17,045				17,087				17,860

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
PSV < 900			92				92				91				99				211
Total			92				92				91				99				211
Asia Pacific fleet:
AHTS 4 - 8K			—				—				—				—				54
Other			—				—				—				48				92
Total			—				—				—				48				146
West Africa fleet:
AHTS 4 - 8K			109				184				182				180				158
Other			16				103				265				540				797
Total			125				287				447				720				955
Worldwide fleet:
PSV < 900			92				92				91				99				211
AHTS 4 - 8K			109				184				182				180				212
Other			16				103				265				588				889
Total			217				379				538				867				1,312

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
PSV > 900			1,104				1,095				910				907				922
PSV < 900			1,583				1,638				1,274				1,260				1,288
AHTS > 16K			184				184				182				180				184
AHTS 8 - 16K			184				184				182				180				184
AHTS 4 - 8K			184				184				182				180				184
Other			184				184				182				121				92
Total			3,423				3,469				2,912				2,828				2,854
Asia Pacific fleet:
PSV > 900			736				726				559				481				460
PSV < 900			454				358				182				180				184
AHTS > 16K			184				184				182				90				184
AHTS 8 - 16K			276				276				273				270				276
AHTS 4 - 8K			92				92				91				180				238
Total			1,742				1,636				1,287				1,201				1,342
Middle East fleet:
PSV > 900			92				92				91				90				92
PSV < 900			1,840				1,840				1,820				1,842				1,840
AHTS > 16K			92				92				91				180				184
AHTS 8 - 16K			460				460				455				450				460
AHTS 4 - 8K			1,615				1,640				1,556				1,291				1,288
Total			4,099				4,124				4,013				3,853				3,864
Europe/Mediterranean fleet:
PSV > 900			3,588				3,492				1,638				1,672				1,746
PSV < 900			920				907				637				630				644
AHTS > 16K			184				184				139				90				92
Total			4,692				4,583				2,414				2,392				2,482
West Africa fleet:
PSV > 900			828				819				637				630				644
PSV < 900			1,735				1,744				1,638				1,620				1,656
AHTS > 16K			368				368				407				450				368
AHTS 8 - 16K			1,012				1,012				1,001				990				1,012
AHTS 4 - 8K			276				292				364				540				578
Other			1,883				2,081				1,834				1,716				1,748
Total			6,102				6,316				5,881				5,946				6,006
Worldwide fleet:
PSV > 900			6,348				6,224				3,835				3,780				3,864
PSV < 900			6,532				6,487				5,551				5,532				5,612
AHTS > 16K			1,012				1,012				1,001				990				1,012
AHTS 8 - 16K			1,932				1,932				1,911				1,890				1,932
AHTS 4 - 8K			2,167				2,208				2,193				2,191				2,288
Other			2,067				2,265				2,016				1,837				1,840
Total			20,058				20,128				16,507				16,220				16,548

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	December 31,					September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
UTILIZATION - TOTAL FLEET:
Americas fleet:
PSV > 900			77.2	%			84.5	%			78.5	%			84.2	%			82.6	%
PSV < 900			78.9				85.7				83.9				79.8				68.1
AHTS > 16K			59.0				54.7				50.0				50.0				48.2
AHTS 8 - 16K			74.0				65.4				100.0				100.0				76.8
AHTS 4 - 8K			93.7				97.8				93.7				96.4				99.2
Other			100.0				100.0				100.0				97.5				100.0
Total			78.9	%			84.1	%			82.8	%			82.3	%			74.6	%
Asia Pacific fleet:
PSV > 900			93.4	%			97.3	%			71.1	%			70.8	%			62.6	%
PSV < 900			92.3				99.0				100.0				90.6				78.4
AHTS > 16K			72.7				66.7				60.7				78.1				90.8
AHTS 8 - 16K			63.9				78.9				85.0				79.8				85.4
AHTS 4 - 8K			100.0				100.0				10.4				80.3				79.5
Total			86.6	%			91.3	%			72.4	%			74.8	%			71.7	%
Middle East fleet:
PSV > 900			100.0	%			90.2	%			100.0	%			100.0	%			100.0	%
PSV < 900			88.6				82.8				81.6				74.4				78.3
AHTS > 16K			100.0				100.0				100.0				100.0				100.0
AHTS 8 - 16K			60.4				69.0				87.0				96.0				84.8
AHTS 4 - 8K			87.6				77.7				63.4				85.7				86.3
Total			85.6	%			79.8	%			76.0	%			82.5	%			83.3	%
Europe/Mediterranean fleet:
PSV > 900			91.4	%			90.8	%			91.0	%			82.7	%			88.5	%
PSV < 900			86.8				86.4				81.3				85.0				89.2
AHTS > 16K			53.2				63.3				43.4				84.1				65.5
Total			89.0	%			88.8	%			85.7	%			83.4	%			87.8	%
West Africa fleet:
PSV > 900			64.9	%			88.5	%			83.1	%			83.0	%			85.7	%
PSV < 900			95.4				85.1				91.1				95.3				89.9
AHTS > 16K			91.1				77.0				92.9				73.5				89.4
AHTS 8 - 16K			72.4				79.5				79.6				79.8				91.1
AHTS 4 - 8K			57.6				58.5				62.9				32.4				62.1
Other			56.9				50.0				49.4				50.3				45.4
Total			73.3	%			70.7	%			72.3	%			68.4	%			70.5	%
Worldwide fleet:
PSV > 900			85.8	%			90.1	%			84.0	%			82.0	%			83.8	%
PSV < 900			87.9				85.6				85.5				83.4				80.2
AHTS > 16K			75.8				70.7				73.0				75.4				81.9
AHTS 8 - 16K			68.5				75.6				84.1				85.6				87.4
AHTS 4 - 8K			83.5				76.3				63.5				69.9				79.4
Other			60.7				53.9				53.4				51.7				45.7
Total			81.5	%			80.5	%			76.9	%			76.5	%			76.5	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	December 31,					September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
UTILIZATION - ACTIVE FLEET:
Americas fleet:
PSV > 900			77.2	%			84.5	%			78.5	%			84.2	%			82.6	%
PSV < 900			83.4				90.5				89.9				86.1				79.3
AHTS > 16K			59.0				54.7				50.0				50.0				48.2
AHTS 8 - 16K			74.0				65.4				100.0				100.0				76.8
AHTS 4 - 8K			93.7				97.8				93.7				96.4				99.2
Other			100.0				100.0				100.0				97.5				100.0
Total			81.0	%			86.3	%			85.4	%			85.2	%			80.1	%
Asia Pacific fleet:
PSV > 900			93.4	%			97.3	%			71.1	%			70.8	%			62.6	%
PSV < 900			92.3				99.0				100.0				90.6				78.4
AHTS > 16K			72.7				66.7				60.7				78.1				90.8
AHTS 8 - 16K			63.9				78.9				85.0				79.8				85.4
AHTS 4 - 8K			100.0				100.0				10.4				80.3				97.4
Total			86.6	%			91.3	%			72.4	%			77.8	%			79.5	%
Middle East fleet:
PSV > 900			100.0	%			90.2	%			100.0	%			100.0	%			100.0	%
PSV < 900			88.6				82.8				81.6				74.4				78.3
AHTS > 16K			100.0				100.0				100.0				100.0				100.0
AHTS 8 - 16K			60.4				69.0				87.0				96.0				84.8
AHTS 4 - 8K			87.6				77.7				63.4				85.7				86.3
Total			85.6	%			79.8	%			76.0	%			82.5	%			83.3	%
Europe/Mediterranean fleet:
PSV > 900			91.4	%			90.8	%			91.0	%			82.7	%			88.5	%
PSV < 900			86.8				86.4				81.3				85.0				89.2
AHTS > 16K			53.2				63.3				43.4				84.1				65.5
Total			89.0	%			88.8	%			85.7	%			83.4	%			87.8	%
West Africa fleet:
PSV > 900			64.9	%			88.5	%			83.1	%			83.0	%			85.7	%
PSV < 900			95.4				85.1				91.1				95.3				89.9
AHTS > 16K			91.1				77.0				92.9				73.5				89.4
AHTS 8 - 16K			72.4				79.5				79.6				79.8				91.1
AHTS 4 - 8K			80.4				95.4				94.3				43.2				79.1
Other			57.4				52.5				56.5				66.2				66.1
Total			74.8	%			73.9	%			77.8	%			76.6	%			81.7	%
Worldwide fleet:
PSV > 900			85.8	%			90.1	%			84.0	%			82.0	%			83.8	%
PSV < 900			89.2				86.8				86.9				84.9				83.2
AHTS > 16K			75.8				70.7				73.0				75.4				81.9
AHTS 8 - 16K			68.5				75.6				84.1				85.6				87.4
AHTS 4 - 8K			87.7				82.6				68.8				75.7				86.7
Other			61.2				56.4				60.4				68.2				67.8
Total			82.4	%			82.1	%			79.4	%			80.6	%			82.5	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900		$	33,707			$	31,648			$	28,446			$	26,930			$	23,401
PSV < 900			21,306				19,479				16,702				16,037				16,146
AHTS > 16K			37,174				35,598				37,640				37,720				32,368
AHTS 8 - 16K			16,997				17,157				15,421				15,593				13,431
AHTS 4 - 8K			8,285				8,717				8,678				8,764				8,511
Other			18,427				26,857				17,658				17,110				12,611
Total			24,524				23,495				20,269				19,794				18,271
Asia Pacific fleet:
PSV > 900			28,351				28,525				24,276				26,723				23,237
PSV < 900			20,703				23,380				31,927				31,488				21,627
AHTS > 16K			28,120				26,649				18,690				19,095				19,519
AHTS 8 - 16K			26,680				24,275				21,561				25,049				18,509
AHTS 4 - 8K			17,404				17,197				946				6,903				6,822
Total			25,378				25,867				24,250				23,582				17,868
Middle East fleet:
PSV > 900			14,972				13,112				13,304				13,251				13,234
PSV < 900			11,785				11,677				11,320				10,926				10,768
AHTS > 16K			12,801				13,004				13,378				12,868				12,777
AHTS 8 - 16K			11,140				10,771				10,804				10,632				10,627
AHTS 4 - 8K			9,334				8,787				8,460				6,953				6,604
Total			10,855				10,544				10,449				9,679				9,498
Europe/Mediterranean fleet:
PSV > 900			18,771				18,879				18,512				15,798				15,306
PSV < 900			19,227				17,926				17,756				12,451				15,696
AHTS > 16K			24,899				31,048				36,913				33,164				10,682
Total			19,061				19,105				18,990				15,669				15,364
West Africa fleet:
PSV > 900			28,797				24,220				21,815				18,931				19,096
PSV < 900			19,271				17,781				17,040				16,080				13,758
AHTS > 16K			20,869				25,192				24,154				18,863				16,367
AHTS 8 - 16K			15,302				14,804				12,382				12,433				12,809
AHTS 4 - 8K			9,583				9,858				10,178				10,113				12,637
Other			6,415				7,217				6,511				5,548				5,359
Total			16,356				15,772				14,469				13,047				12,272
Worldwide fleet:
PSV > 900			23,240				22,804				21,820				20,193				18,502
PSV < 900			17,734				16,949				15,837				14,688				13,839
AHTS > 16K			23,985				26,293				24,719				21,163				17,505
AHTS 8 - 16K			16,120				15,533				13,662				13,984				13,153
AHTS 4 - 8K			9,658				9,368				8,828				7,583				8,196
Other			8,397				10,281				8,441				6,852				6,080
Total		$	18,066			$	17,865			$	16,042			$	14,624			$	13,554
Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
Americas
Vessel revenues		$	68,425			$	70,717			$	50,376			$	47,687			$	41,785
Vessel operating costs:
Crew costs			24,045				26,848				18,033				17,402				16,486
Repair and maintenance			3,846				5,588				3,973				3,888				3,619
Insurance			526				476				479				410				410
Fuel, lube and supplies			3,241				4,386				2,549				2,999				2,387
Other			5,172				5,924				4,564				3,572				5,102
Total vessel operating costs			36,830				43,222				29,598				28,271				28,004
Vessel operating margin ($)			31,595				27,495				20,778				19,416				13,781
Vessel operating margin (%)			46.2	%			38.9	%			41.2	%			40.7	%			33.0	%
Americas - Select operating statistics
Average vessels - Total fleet			38				38				33				32				33
Utilization - Total fleet			78.9	%			84.1	%			82.8	%			82.3	%			74.6	%
Average vessels - Active fleet			37				37				32				31				31
Utilization - Active fleet			81.0	%			86.3	%			85.4	%			85.2	%			80.1	%
Average day rates		$	24,524			$	23,495			$	20,269			$	19,794			$	18,271
Vessels commencing drydocks			3				3				4				2				2
Deferred drydocking and survey costs - beginning balance		$	29,684			$	29,769			$	27,832			$	21,720			$	21,772
Cash paid for deferred drydocking and survey costs			5,025				4,658				5,867				8,218				4,389
Amortization of deferred drydocking and survey costs			(5,353	)			(3,727	)			(2,626	)			(3,417	)			(3,025	)
Disposals, intersegment transfers and other			(668	)			(1,016	)			(1,304	)			1,311				(1,416	)
Deferred drydocking and survey costs - ending balance		$	28,688			$	29,684			$	29,769			$	27,832			$	21,720

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
Asia Pacific
Vessel revenues		$	38,632			$	38,994			$	22,585			$	22,024			$	19,070
Vessel operating costs:
Crew costs			15,177				12,390				7,062				7,311				9,876
Repair and maintenance			2,977				2,969				1,517				1,749				901
Insurance			269				183				219				123				183
Fuel, lube and supplies			1,191				909				1,521				1,630				1,299
Other			2,045				2,380				1,648				1,678				1,574
Total vessel operating costs			21,659				18,831				11,967				12,491				13,833
Vessel operating margin ($)			16,973				20,163				10,618				9,533				5,237
Vessel operating margin (%)			43.9	%			51.7	%			47.0	%			43.3	%			27.5	%
Asia Pacific - Select operating statistics
Average vessels - Total fleet			19				18				14				14				16
Utilization - Total fleet			86.6	%			91.3	%			72.4	%			74.8	%			71.7	%
Average vessels - Active fleet			19				18				14				13				14
Utilization - Active fleet			86.6	%			91.3	%			72.4	%			77.8	%			79.5	%
Average day rates		$	25,378			$	25,867			$	24,250			$	23,582			$	17,868
Vessels commencing drydocks			—				—				—				1				2
Deferred drydocking and survey costs - beginning balance		$	3,595			$	2,128			$	2,525			$	553			$	979
Cash paid for deferred drydocking and survey costs			(18	)			84				(4	)			2,368				156
Amortization of deferred drydocking and survey costs			(720	)			(637	)			(393	)			(282	)			(117	)
Disposals, intersegment transfers and other			912				2,020				—				(114	)			(465	)
Deferred drydocking and survey costs - ending balance		$	3,769			$	3,595			$	2,128			$	2,525			$	553

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
Middle East
Vessel revenues		$	38,072			$	34,685			$	31,856			$	30,762			$	30,575
Vessel operating costs:
Crew costs			13,716				13,914				13,170				12,616				12,472
Repair and maintenance			4,105				4,828				3,779				3,475				3,216
Insurance			501				385				465				433				384
Fuel, lube and supplies			2,610				3,142				3,470				2,870				2,991
Other			4,906				4,796				3,756				3,669				2,505
Total vessel operating costs			25,838				27,065				24,640				23,063				21,568
Vessel operating margin ($)			12,234				7,620				7,216				7,699				9,007
Vessel operating margin (%)			32.1	%			22.0	%			22.7	%			25.0	%			29.5	%
Middle East - Select operating statistics
Average vessels - Total fleet			45				45				44				43				43
Utilization - Total fleet			85.6	%			79.8	%			76.0	%			82.5	%			83.3	%
Average vessels - Active fleet			45				45				44				43				43
Utilization - Active fleet			85.6	%			79.8	%			76.0	%			82.5	%			83.3	%
Average day rates		$	10,855			$	10,544			$	10,449			$	9,679			$	9,498
Vessels commencing drydocks			3				4				7				5				5
Deferred drydocking and survey costs - beginning balance		$	21,153			$	22,717			$	20,677			$	15,062			$	14,993
Cash paid for deferred drydocking and survey costs			1,360				3,234				4,262				7,787				1,930
Amortization of deferred drydocking and survey costs			(3,182	)			(2,776	)			(3,778	)			(1,913	)			(2,323	)
Disposals, intersegment transfers and other			—				(2,022	)			1,556				(259	)			462
Deferred drydocking and survey costs - ending balance		$	19,331			$	21,153			$	22,717			$	20,677			$	15,062

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
Europe/Mediterranean
Vessel revenues		$	80,743			$	78,929			$	39,295			$	31,250			$	33,482
Vessel operating costs:
Crew costs			25,848				26,632				13,406				12,727				13,010
Repair and maintenance			6,081				5,342				2,900				2,706				3,067
Insurance			791				689				354				384				386
Fuel, lube and supplies			3,717				4,033				2,363				1,584				2,051
Other			3,719				5,376				2,292				2,371				1,762
Total vessel operating costs			40,156				42,072				21,315				19,772				20,276
Vessel operating margin ($)			40,587				36,857				17,980				11,478				13,206
Vessel operating margin (%)			50.3	%			46.7	%			45.8	%			36.7	%			39.4	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet			51				50				26				27				27
Utilization - Total fleet			89.0	%			88.8	%			85.7	%			83.4	%			87.8	%
Average vessels - Active fleet			51				50				26				27				27
Utilization - Active fleet			89.0	%			88.8	%			85.7	%			83.4	%			87.8	%
Average day rates		$	19,061			$	19,105			$	18,990			$	15,669			$	15,364
Vessels commencing drydocks			5				5				4				4				3
Deferred drydocking and survey costs - beginning balance		$	16,256			$	11,705			$	11,363			$	9,566			$	8,588
Cash paid for deferred drydocking and survey costs			7,580				6,733				2,217				5,128				1,175
Amortization of deferred drydocking and survey costs			(2,758	)			(3,201	)			(1,875	)			(1,739	)			(1,523	)
Disposals, intersegment transfers and other			—				1,019				—				(1,592	)			1,326
Deferred drydocking and survey costs - ending balance		$	21,078			$	16,256			$	11,705			$	11,363			$	9,566

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
West Africa
Vessel revenues		$	74,643			$	73,650			$	66,211			$	59,457			$	60,194
Vessel operating costs:
Crew costs			18,751				17,502				16,336				16,587				17,855
Repair and maintenance			4,626				4,868				4,665				4,834				3,971
Insurance			678				626				651				655				664
Fuel, lube and supplies			4,506				5,300				4,055				4,472				4,113
Other			5,509				4,753				5,037				5,314				5,212
Total vessel operating costs			34,070				33,049				30,744				31,862				31,815
Vessel operating margin ($)			40,573				40,601				35,467				27,595				28,379
Vessel operating margin (%)			54.4	%			55.1	%			53.6	%			46.4	%			47.1	%
West Africa - Select operating statistics
Average vessels - Total fleet			68				72				70				74				75
Utilization - Total fleet			73.3	%			70.7	%			72.3	%			68.4	%			70.5	%
Average vessels - Active fleet			67				69				65				66				65
Utilization - Active fleet			74.8	%			73.9	%			77.8	%			76.6	%			81.7	%
Average day rates		$	16,356			$	15,772			$	14,469			$	13,047			$	12,272
Vessels commencing drydocks			7				7				4				6				2
Deferred drydocking and survey costs - beginning balance		$	28,527			$	26,162			$	20,390			$	14,179			$	11,545
Cash paid for deferred drydocking and survey costs			10,121				5,909				9,024				7,824				4,467
Amortization of deferred drydocking and survey costs			(4,367	)			(3,544	)			(3,000	)			(2,267	)			(1,909	)
Disposals, intersegment transfers and other			(449	)			—				(252	)			654				76
Deferred drydocking and survey costs - ending balance		$	33,832			$	28,527			$	26,162			$	20,390			$	14,179

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
Worldwide
Vessel revenues		$	300,515			$	296,975			$	210,323			$	191,180			$	185,106
Vessel operating costs:
Crew costs			97,537				97,286				68,007				66,643				69,699
Repair and maintenance			21,635				23,595				16,834				16,652				14,774
Insurance			2,765				2,359				2,168				2,005				2,027
Fuel, lube and supplies			15,265				17,770				13,958				13,555				12,841
Other			21,351				23,229				17,297				16,604				16,155
Total vessel operating costs			158,553				164,239				118,264				115,459				115,496
Vessel operating margin ($)			141,962				132,736				92,059				75,721				69,610
Vessel operating margin (%)			47.2	%			44.7	%			43.8	%			39.6	%			37.6	%
Worldwide - Select operating statistics
Average vessels - Total fleet			221				223				187				190				194
Utilization - Total fleet			81.5	%			80.5	%			76.9	%			76.5	%			76.5	%
Average vessels - Active fleet			219				219				181				180				180
Utilization - Active fleet			82.4	%			82.1	%			79.4	%			80.6	%			82.5	%
Average day rates		$	18,066			$	17,865			$	16,042			$	14,624			$	13,554
Vessels commencing drydocks			18				19				19				18				14
Deferred drydocking and survey costs - beginning balance		$	99,215			$	92,481			$	82,787			$	61,080			$	57,877
Cash paid for deferred drydocking and survey costs			24,068				20,618				21,366				31,325				12,117
Amortization of deferred drydocking and survey costs			(16,380	)			(13,885	)			(11,672	)			(9,618	)			(8,897	)
Disposals, intersegment transfers and other			(205	)			1				—				—				(17	)
Deferred drydocking and survey costs - ending balance		$	106,698			$	99,215			$	92,481			$	82,787			$	61,080

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
Net income		$	37,328			$	25,549			$	21,928			$	10,816			$	10,182
Interest and other debt costs			20,263				19,288				4,731				4,190				4,339
Income tax expense			10,793				9,260				11,284				11,971				1,697
Depreciation			42,788				43,845				21,096				21,048				20,983
Amortization of deferred drydock and survey costs			16,379				13,885				11,672				9,618				8,898
Amortization of below market contracts			(1,894	)			(1,906	)			—				—				—
EBITDA (A), (B), (C)			125,657				109,921				70,711				57,643				46,099
Non-cash indemnification assets charge			(70	)			1,184				—				—				—
Non-cash stock compensation expense			3,508				2,496				2,648				2,103				2,028
Acquisition, restructuring and integration related costs			2,177				6,079				1,242				1,426				5,150
Adjusted EBITDA (A), (B), (C)		$	131,272			$	119,680			$	74,601			$	61,172			$	53,277
Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization of deferred drydock and below market contracts. Additionally, Adjusted EBITDA excludes non-cash indemnification assets charge included in interest income and other; non-cash stock-based compensation expense; and acquisition, restructuring and integration related costs.   Note (B): EBITDA for the three months ended December 31, 2023, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,508, $2,496, $2,648, $2,103 and $2,028 respectively.   Note (C): EBITDA and Adjusted EBITDA for the three months ended December 31, 2023, and for each of the prior four quarters includes foreign exchange gain (losses) of $2,250, $(2,149), $(3,819), $2,348 and $2,105 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, non-cash indemnification asset charge, non-cash stock-based compensation expense and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

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

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

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

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
Net cash provided by operating activities (A)		$	47,231			$	34,939			$	9,741			$	12,794			$	45,340
Cash interest expense			18,186				606				7,748				98				7,575
Interest income and other			(3,029	)			(568	)			(2,790	)			(130	)			(981	)
Indemnification assets charge			70				(1,184	)			—				—				—
Additions to property and equipment			(8,386	)			(5,702	)			(8,849	)			(8,651	)			(4,929	)
Acquisitions			—				(594,191	)			—				—				—
Expansion capital			1,034				594,252				2,493				109				1,240
			55,106				28,152				8,343				4,220				48,245
Proceeds from asset sales			5,902				945				2,943				5,716				5,093
Free cash flow		$	61,008			$	29,097			$	11,286			$	9,936			$	53,338

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 excludes indemnification assets charge included in interest income and other. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.

Note (A): Net cash provided by (used in) operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments		$	(24,083	)		$	(29,286	)		$	(23,447	)		$	2,295			$	16,018
Cash paid for deferred drydock and survey costs			(24,069	)			(20,618	)			(21,366	)			(31,325	)			(12,117	)
Total sources (uses) of cash for changes in assets and liabilities		$	(48,152	)		$	(49,904	)		$	(44,813	)		$	(29,030	)		$	3,901

 

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The Tidewater Stock at the time of publication of the news with a raise of +0,23 % to 64,95EUR on Lang & Schwarz stock exchange (29. Februar 2024, 22:18 Uhr).