Tidewater Reports Results for the Three and Six Months Ended June 30, 2024

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2024 of $339.2 million and $660.4 million, respectively, compared with $215.0 million and $408.1 million, respectively, for the three and six months ended June 30, 2023. Tidewater's net income for the three and six months ended June 30, 2024, was $50.4 million ($0.94 per common share) and $97.4 million ($1.83 per common share), respectively, compared with net income of $22.6 million ($0.43 per common share) and $33.3 million ($0.64 per common share), respectively, for the three and six months ended June 30, 2023.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Second quarter revenue came in nicely above our expectations driven by continued strength in global day rates. Our consolidated global average day rate expanded materially during the quarter, with the average day rate increasing nearly $1,600 per day sequentially, the second largest sequential increase in day rate since the offshore vessel recovery began in early 2022. The improvement in day rates was broad-based with each vessel class and each segment posting day rate improvement sequentially. We saw particular strength in our large and mid-sized AHTS vessels, with significant day rate increases on both a term contract and spot basis, which is indicative of the strength of drilling activity during the seasonably favorable second quarter and of the preparation for additional drilling projects as we progress towards the end of the year.

“Chartering activity for our PSVs and AHTS vessels continued to improve, with notable term contract day rate progression in our Europe and Mediterranean and Asia Pacific segments as preparation for activity towards the end of the year and 2025 continues to firm up amid tight vessel supply. The composite leading edge term contract average day rate this quarter declined approximately 6% sequentially as we had several of our smallest vessels come off of long-term contracts early in the Middle East. We were able to immediately re-contract these vessels and the new day rates were on average 29% higher than the previous contracts, but nonetheless the low day rate nature of this market and vessel size brought down the composite quarterly average.

“Revenue in the second quarter came in at $339.2 million with a gross margin of 47.7%. On a global basis, revenue, gross margin and day rate were all up from the previous quarter; both absolute gross margin dollars and day rate marked a new record for Tidewater and we generated the highest gross margin percentage in fifteen years. Utilization declined modestly as drydock days increased sequentially due to more vessels undergoing drydocks during the quarter. We anticipate that drydock days in the third quarter should decline modestly from the second quarter and drop meaningfully in the fourth quarter as we finish off our peak drydock year in the typical five year drydock cycle.

“We generated $87.6 million of free cash flow during the second quarter, a nice increase from the first quarter and a demonstration of the free cash flow generation capability of the fleet. We were active in repurchasing shares during the second quarter and we currently retain the unused capacity under the previously announced share repurchase authorization. In addition, we are pleased to announce the Board has authorized an additional $13.9 million of share repurchase capacity, for a total outstanding share repurchase capacity of $47.7 million. The outstanding authorization represents the maximum permissible amount of share repurchases under our existing debt agreements. Since the inception of the share repurchase program in the fourth quarter of 2023, we have repurchased approximately $67.9 million of outstanding shares. We believe that the pace of our return of capital program to-date is sustainable on a long-term basis given the outlook for the business and the structural supply and demand factors supporting the offshore supply vessel industry.

“We anticipate strength in the various elements of demand for our vessels to continue to build throughout the year, though we do anticipate several drilling campaigns to begin later during the third quarter and early into the fourth quarter than originally anticipated, and in addition we expect an increase in drydock days from what was previously anticipated for the third quarter. As such, we update our full-year revenue guidance to $1.39 to $1.41 billion and gross margin guidance of 51%. We remain optimistic about the outlook for 2025, as the observable supply and demand factors driving the offshore vessel industry remain highly constructive, which should allow us to maintain the pace of day rate increases that we have achieved over the past year, combined with a substantial increase in available vessel days as the heaviest drydock schedule in 2024 rolls into the lightest drydock schedule in 2025, naturally lifting vessel utilization.”

In addition to the number of outstanding shares, as of June 30, 2024, the Company also has the following in-the-money warrants.

Common shares outstanding			52,487,862
New Creditor Warrants (strike price $0.001 per common share)			76,175
GulfMark Creditor Warrants (strike price $0.01 per common share)			81,179
Total			52,645,216

Tidewater will hold a conference call to discuss results for the three months ending June 30, 2024 on August 7, 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: 1488572 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 August 7, 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 June 30, 2024 and December 31, 2023; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and six months ended June 30, 2024 and 2023; and the Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023. Extracts are drawn from the June 30, 2024 unaudited quarterly and year to date financial statements and the December 31, 2023 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

TIDEWATER INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (In Thousands, except per share data)
		Three Months Ended								Six Months Ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Revenues:
Vessel revenues		$	337,003			$	210,323			$	655,689			$	401,503
Other operating revenues			2,227				4,638				4,705				6,562
Total revenues			339,230				214,961				660,394				408,065
Costs and expenses:
Vessel operating costs			176,513				118,264				344,069				233,723
Costs of other operating revenues			816				373				1,966				1,524
General and administrative			26,329				26,013				51,658				49,558
Depreciation and amortization			59,445				32,768				115,715				63,434
Gain on asset dispositions, net			(2,000	)			(1,404	)			(13,039	)			(3,620	)
Total costs and expenses			261,103				176,014				500,369				344,619
Operating income			78,127				38,947				160,025				63,446
Other income (expense):
Foreign exchange loss			(2,376	)			(3,819	)			(6,461	)			(1,471	)
Equity in net earnings of unconsolidated companies			5				25				—				25
Interest income and other, net			1,175				2,790				2,658				2,920
Interest and other debt costs, net			(19,127	)			(4,731	)			(38,603	)			(8,921	)
Total other expense			(20,323	)			(5,735	)			(42,406	)			(7,447	)
Income before income taxes			57,804				33,212				117,619				55,999
Income tax expense			7,887				11,284				20,957				23,255
Net income			49,917				21,928				96,662				32,744
Less: Net loss attributable to noncontrolling interests			(437	)			(656	)			(718	)			(578	)
Net income attributable to Tidewater Inc.		$	50,354			$	22,584			$	97,380			$	33,322
Basic income per common share		$	0.96			$	0.44			$	1.85			$	0.66
Diluted income per common share		$	0.94			$	0.43			$	1.83			$	0.64
Weighted average common shares outstanding			52,684				50,857				52,502				50,731
Dilutive effect of warrants, restricted stock units and stock options			663				1,148				640				1,260
Adjusted weighted average common shares			53,347				52,005				53,142				51,991

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)
		June 30, 2024				December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents		$	315,897			$	274,437
Restricted cash			3,527				1,241
Trade and other receivables, net of allowance for credit losses of $3,350 and $15,914 at June 30, 2024 and December 31, 2023, respectively			280,498				268,352
Marine operating supplies			26,908				31,933
Prepaid expenses and other current assets			20,115				15,172
Total current assets			646,945				591,135
Net properties and equipment			1,253,583				1,315,122
Deferred drydocking and survey costs			148,657				106,698
Indemnification assets			10,920				17,370
Other assets			29,643				32,449
Total assets		$	2,089,748			$	2,062,774
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	60,740			$	44,931
Accrued expenses			133,149				125,590
Current portion of long-term debt			102,993				103,077
Other current liabilities			43,342				55,133
Total current liabilities			340,224				328,731
Long-term debt			607,998				631,361
Other liabilities			62,539				64,985
Commitments and contingencies
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 52,487,862 and 52,259,303 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively			52				52
Additional paid-in-capital			1,649,523				1,671,759
Accumulated deficit			(573,390	)			(637,838	)
Accumulated other comprehensive loss			5,062				5,266
Total stockholders' equity			1,081,247				1,039,239
Noncontrolling interests			(2,260	)			(1,542	)
Total equity			1,078,987				1,037,697
Total liabilities and equity		$	2,089,748			$	2,062,774

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands)
		Three Months Ended								Six Months Ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Net income		$	49,917			$	21,928			$	96,662			$	32,744
Other comprehensive income (loss):
Unrealized gain (loss) on note receivable			73				(184	)			153				(316	)
Change in liability of pension plans			(220	)			(3,504	)			(357	)			(3,694	)
Total comprehensive income		$	49,770			$	18,240			$	96,458			$	28,734

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
		Six Months				Six Months
		Ended				Ended
		June 30, 2024				June 30, 2023
Operating activities:
Net income		$	96,662			$	32,744
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			78,191				42,144
Amortization of deferred drydocking and survey costs			37,524				21,290
Amortization of debt premiums and discounts			3,593				842
Amortization of below market contracts			(2,856	)			—
Provision for deferred income taxes			32				34
Gain on asset dispositions, net			(13,039	)			(3,620	)
Gain on pension settlement			—				(1,807	)
Stock-based compensation expense			6,226				4,751
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			(12,146	)			(37,919	)
Accounts payable			15,809				30,876
Accrued expenses			10,648				(13,544	)
Deferred drydocking and survey costs			(80,101	)			(52,691	)
Other, net			(7,133	)			(565	)
Net cash provided by operating activities			133,410				22,535
Cash flows from investing activities:
Proceeds from asset dispositions			14,817				8,659
Proceeds from sale of notes			702				—
Additions to properties and equipment			(17,334	)			(17,500	)
Net cash used in investing activities			(1,815	)			(8,841	)
Cash flows from financing activities:
Proceeds from issuance of shares			2				—
Principal payments on long-term debt			(26,507	)			—
Purchase of common stock			(32,898	)			—
Acquisition of non-controlling interest in a majority owned subsidiary			—				(1,427	)
Debt issuance costs			(193	)			—
Share based awards reacquired to pay taxes			(28,463	)			(5,521	)
Net cash used in financing activities			(88,059	)			(6,948	)
Net change in cash, cash equivalents and restricted cash			43,536				6,746
Cash, cash equivalents and restricted cash at beginning of period			277,965				167,977
Cash, cash equivalents and restricted cash at end of period		$	321,501			$	174,723

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	30,546			$	7,846
Income taxes		$	33,084			$	27,201
Supplemental disclosure of noncash investing activities:
Purchase of vessels		$	—			$	12,171
Supplemental disclosure of noncash financing activities:
Debt incurred for the purchase of vessels		$	—			$	12,171

Note: Cash, cash equivalents and restricted cash at June 30, 2024 includes $2.1 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 March 31, 2024		$	53			$	1,646,061			$	(594,347	)		$	5,209			$	(1,823	)		$	1,055,153
Total comprehensive income (loss)			—				—				50,354				(147	)			(437	)			49,770
Issuance of common stock			—				2				—				—				—				2
Repurchase and retirement of common stock			(1	)			—				(29,397	)			—				—				(29,398	)
Amortization of share-based awards			—				3,460				—				—				—				3,460
Balance at June 30, 2024		$	52			$	1,649,523			$	(573,390	)		$	5,062			$	(2,260	)		$	1,078,987
Balance at March 31, 2023		$	51			$	1,553,919			$	(688,911	)		$	8,254			$	100			$	873,413
Total comprehensive income (loss)			—				—				22,584				(3,688	)			(656	)			18,240
Amortization of share-based awards			—				874				—				—				—				874
Balance at June 30, 2023		$	51			$	1,554,793			$	(666,327	)		$	4,566			$	(556	)		$	892,527

		Six Months Ended
														Accumulated
						Additional								other				Non
		Common				paid-in				Accumulated				comprehensive				controlling
		stock				capital				deficit				income (loss)				interest				Total
Balance at December 31, 2023		$	52			$	1,671,759			$	(637,838	)		$	5,266			$	(1,542	)		$	1,037,697
Total comprehensive income (loss)			—				—				97,380				(204	)			(718	)			96,458
Issuance of common stock			1				1				—				—				—				2
Repurchase and retirement of common stock			(1	)			—				(32,932	)			—				—				(32,933	)
Amortization of share-based awards			—				(22,237	)			—				—				—				(22,237	)
Balance at June 30, 2024		$	52			$	1,649,523			$	(573,390	)		$	5,062			$	(2,260	)		$	1,078,987
Balance at December 31, 2022		$	51			$	1,556,990			$	(699,649	)		$	8,576			$	22			$	865,990
Total comprehensive income (loss)			—				—				33,322				(4,010	)			(578	)			28,734
Acquisition of non-controlling interest in a majority owned subsidiary			—				(1,427	)			—				—				—				(1,427	)
Amortization of share-based awards			—				(770	)			—				—				—				(770	)
Balance at June 30, 2023		$	51			$	1,554,793			$	(666,327	)		$	4,566			$	(556	)		$	892,527

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																Six Months Ended
		June 30, 2024								June 30, 2023								June 30, 2024								June 30, 2023
Vessel revenues:
Americas		$	73,142				22	%		$	50,376				24	%		$	137,083				21	%		$	98,063				24	%
Asia Pacific			55,221				16	%			22,585				11	%			103,002				16	%			44,609				11	%
Middle East			36,536				11	%			31,856				15	%			74,468				11	%			62,618				16	%
Europe/Mediterranean			83,266				25	%			39,295				19	%			163,647				25	%			70,545				18	%
West Africa			88,838				26	%			66,211				31	%			177,489				27	%			125,668				31	%
Total vessel revenues		$	337,003				100	%		$	210,323				100	%		$	655,689				100	%		$	401,503				100	%
Vessel operating costs:
Crew costs		$	106,231				31	%		$	68,007				32	%		$	208,583				32	%		$	134,650				34	%
Repair and maintenance			24,743				7	%			16,834				8	%			46,091				7	%			33,486				8	%
Insurance			2,625				1	%			2,168				1	%			5,205				1	%			4,173				1	%
Fuel, lube and supplies			15,562				5	%			13,958				7	%			32,880				5	%			27,513				7	%
Other			27,352				8	%			17,297				8	%			51,310				7	%			33,901				8	%
Total vessel operating costs			176,513				52	%			118,264				56	%			344,069				52	%			233,723				58	%
Vessel operating margin (A)		$	160,490				48	%		$	92,059				44	%		$	311,620				48	%		$	167,780				42	%

Note (A): Vessel operating margin equals vessel revenues less vessel operating costs.

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

(In Thousands)		Three Months Ended																Six Months Ended
		June 30, 2024								June 30, 2023								June 30, 2024								June 30, 2023
Vessel operating profit:
Americas		$	20,148				6	%		$	6,245				3	%		$	30,274				5	%		$	14,207				3	%
Asia Pacific			16,931				5	%			7,026				3	%			31,778				5	%			12,594				3	%
Middle East			(1,842	)			(1	)%			(1,657	)			(1	)%			(313	)			(0	)%			(2,001	)			(0	)%
Europe/Mediterranean			15,129				4	%			8,307				4	%			29,886				4	%			10,343				3	%
West Africa			37,739				11	%			25,474				12	%			78,749				12	%			42,695				10	%
Other operating profit			1,411				1	%			4,265				2	%			2,739				0	%			5,038				1	%
			89,516				26	%			49,660				23	%			173,113				26	%			82,876				20	%
Corporate expenses (A)			(13,389	)			(4	)%			(12,117	)			(6	)%			(26,127	)			(4	)%			(23,050	)			(5	)%
Gain on asset dispositions, net			2,000				1	%			1,404				1	%			13,039				2	%			3,620				1	%
Operating income		$	78,127				23	%		$	38,947				18	%		$	160,025				24	%		$	63,446				16	%

Note (A): General and administrative expenses for the three and six months ended June 30, 2024 include stock-based compensation of $3.4 million and $6.2 million, respectively. General and administrative expenses for the three months and six months ended June 30, 2023 include stock-based compensation of $2.7 million and $4.8 million, respectively. In addition, vessel operating and general and administrative costs for the three and six months ended June 30, 2024, include nil and $0.7 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three months and six months ended June 30, 2023, include $1.3 million and $2.7 million in one-time acquisition, restructuring and integration related costs, respectively.

TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA (In Thousands, except per share data)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2024				2024				2023				2023				2023
Revenues:
Vessel revenues		$	337,003			$	318,686			$	300,515			$	296,975			$	210,323
Other operating revenues			2,227				2,478				2,143				2,287				4,638
Total revenues			339,230				321,164				302,658				299,262				214,961
Costs and expenses:
Vessel operating costs (A)			176,513				167,556				158,553				164,239				118,264
Costs of other operating revenue			816				1,150				1,337				1,481				373
General and administrative (A)			26,329				25,329				24,724				21,001				26,013
Depreciation and amortization			59,445				56,270				59,167				57,730				32,768
Gain on asset dispositions, net			(2,000	)			(11,039	)			(4,218	)			(863	)			(1,404	)
Total operating costs and expenses			261,103				239,266				239,563				243,588				176,014
Operating income			78,127				81,898				63,095				55,674				38,947
Other income (expense):
Foreign exchange gain (loss)			(2,376	)			(4,085	)			2,250				(2,149	)			(3,819	)
Equity in net earnings (losses) of unconsolidated companies			5				(5	)			10				4				25
Interest income and other, net			1,175				1,483				3,029				568				2,790
Interest and other debt costs, net			(19,127	)			(19,476	)			(20,263	)			(19,288	)			(4,731	)
Total other expense			(20,323	)			(22,083	)			(14,974	)			(20,865	)			(5,735	)
Income before income taxes			57,804				59,815				48,121				34,809				33,212
Income tax expense			7,887				13,070				10,793				9,260				11,284
Net income			49,917				46,745				37,328				25,549				21,928
Net loss attributable to noncontrolling interests			(437	)			(281	)			(336	)			(650	)			(656	)
Net income attributable to Tidewater Inc.		$	50,354			$	47,026			$	37,664			$	26,199			$	22,584
Basic income per common share		$	0.96			$	0.90			$	0.72			$	0.50			$	0.44
Diluted income per common share		$	0.94			$	0.89			$	0.70			$	0.49			$	0.43
Weighted average common shares outstanding			52,684				52,320				52,648				52,230				50,857
Dilutive effect of warrants, restricted stock units and stock options			663				580				1,351				1,380				1,148
Adjusted weighted average common shares			53,347				52,900				53,999				53,610				52,005
Vessel operating margin		$	160,490			$	151,130			$	141,962			$	132,736			$	92,059
Note (A): Acquisition, restructuring and integration related costs		$	—			$	709			$	2,177			$	6,079			$	1,242

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)
		June 30,				March 31,				December 31,				September 30,				June 30,
		2024				2024				2023				2023				2023
ASSETS
Current assets:
Cash and cash equivalents		$	315,897			$	280,853			$	274,437			$	275,070			$	171,261
Restricted cash			3,527				6,474				1,241				4,973				1,242
Trade and other receivables, net			280,498				285,968				268,352				250,671				195,906
Marine operating supplies			26,908				24,767				31,933				27,489				22,495
Assets held for sale			—				—				—				565				630
Prepaid expenses and other current assets			20,115				17,447				15,172				16,598				18,958
Total current assets			646,945				615,509				591,135				575,366				410,492
Net properties and equipment			1,253,583				1,286,618				1,315,122				1,348,001				784,873
Deferred drydocking and survey costs			148,657				128,639				106,698				99,215				92,481
Indemnification assets			10,920				16,642				17,370				18,648				22,678
Other assets			29,643				30,408				32,449				30,325				33,640
Total assets		$	2,089,748			$	2,077,816			$	2,062,774			$	2,071,555			$	1,344,164
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	60,740			$	51,774			$	44,931			$	57,183			$	69,822
Accrued expenses			133,149				132,190				125,590				119,631				91,875
Current portion of long-term debt			102,993				103,009				103,077				102,369				2,441
Other current liabilities			43,342				52,164				55,133				53,301				42,305
Total current liabilities			340,224				339,137				328,731				332,484				206,443
Long-term debt			607,998				620,329				631,361				641,301				179,573
Other liabilities			62,539				63,197				64,985				66,246				65,621
Equity:
Common stock			52				53				52				53				51
Additional paid-in-capital			1,649,523				1,646,061				1,671,759				1,668,392				1,554,793
Accumulated deficit			(573,390	)			(594,347	)			(637,838	)			(640,128	)			(666,327	)
Accumulated other comprehensive income			5,062				5,209				5,266				4,413				4,566
Total stockholders' equity			1,081,247				1,056,976				1,039,239				1,032,730				893,083
Noncontrolling interests			(2,260	)			(1,823	)			(1,542	)			(1,206	)			(556	)
Total equity			1,078,987				1,055,153				1,037,697				1,031,524				892,527
Total liabilities and equity		$	2,089,748			$	2,077,816			$	2,062,774			$	2,071,555			$	1,344,164

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA (In Thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2024				2024				2023				2023				2023
Operating activities:
Net income		$	49,917			$	46,745			$	37,328			$	25,549			$	21,928
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			39,380				38,811				42,788				43,845				21,096
Amortization of deferred drydocking and survey costs			20,065				17,459				16,379				13,885				11,672
Amortization of debt premiums and discounts			1,779				1,814				1,975				1,802				422
Amortization of below market contracts			(1,650	)			(1,206	)			(1,894	)			(1,906	)			—
Provision (benefit) for deferred income taxes			(41	)			73				23				35				(1	)
Gain on asset dispositions, net			(2,000	)			(11,039	)			(4,218	)			(863	)			(1,404	)
Gain on pension settlement			—				—				(506	)			—				(1,807	)
Stock-based compensation expense			3,460				2,766				3,508				2,496				2,648
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			5,470				(17,616	)			(17,072	)			(54,765	)			(12,186	)
Accounts payable			8,966				6,843				(12,252	)			(12,639	)			5,047
Accrued expenses			4,048				6,600				5,841				27,775				(15,374	)
Deferred drydocking and survey costs			(40,083	)			(40,018	)			(24,069	)			(20,618	)			(21,366	)
Other, net			(10,666	)			3,533				(600	)			10,343				(934	)
Net cash provided by operating activities			78,645				54,765				47,231				34,939				9,741
Cash flows from investing activities:
Proceeds from asset dispositions			2,354				12,463				5,902				945				2,943
Proceeds from sale of notes			702				—				—				—				—
Acquisitions, net of cash acquired			—				—				—				(594,191	)			—
Additions to properties and equipment			(6,392	)			(10,942	)			(8,386	)			(5,702	)			(8,849	)
Net cash provided by (used in) investing activities			(3,336	)			1,521				(2,484	)			(598,948	)			(5,906	)
Cash flows from financing activities:
Exercise of warrants			—				—				—				111,483				—
Proceeds from issuance of shares			2				—				—				—				—
Issuance of long-term debt			—				—				—				575,000				—
Principal payments on long-term debt			(14,007	)			(12,500	)			(13,677	)			—				—
Purchase of common stock			(29,397	)			(3,501	)			(35,025	)			—				—
Debt issuance costs			(58	)			(135	)			—				(14,758	)			—
Share based awards reacquired to pay taxes			(1	)			(28,462	)			(141	)			(378	)			(1,774	)
Net cash provided by (used in) financing activities			(43,461	)			(44,598	)			(48,843	)			671,347				(1,774	)
Net change in cash, cash equivalents and restricted cash			31,848				11,688				(4,096	)			107,338				2,061
Cash, cash equivalents and restricted cash at beginning of period			289,653				277,965				282,061				174,723				172,662
Cash, cash equivalents and restricted cash at end of period		$	321,501			$	289,653			$	277,965			$	282,061			$	174,723
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	14,925			$	15,621			$	18,186			$	606			$	7,748
Income taxes		$	17,481			$	15,603			$	7,295			$	9,384			$	10,144
Supplemental disclosure of noncash investing activities:
Purchase of vessels		$	—			$	—			$	2,067			$	27			$	12,171
Supplemental disclosure of noncash financing activities:
Debt incurred for purchase of vessels		$	—			$	—			$	3,037			$	27			$	12,171

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2024				2024				2023				2023				2023
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900		$	31,400			$	29,924			$	28,714			$	29,270			$	20,316
PSV < 900			28,010				24,531				28,143				28,886				19,134
AHTS > 16K			7,228				2,036				4,034				3,584				3,425
AHTS 8 - 16K			2,002				2,476				2,316				2,064				2,807
AHTS 4 - 8K			219				945				1,428				1,570				1,480
Other			4,283				4,029				3,790				5,343				3,214
Total			73,142				63,941				68,425				70,717				50,376
Asia Pacific fleet:
PSV > 900			21,578				23,210				19,485				20,159				9,648
PSV < 900			14,402				11,830				8,679				8,292				5,811
AHTS > 16K			7,815				4,555				3,759				3,271				2,065
AHTS 8 - 16K			7,874				4,507				4,706				5,287				5,001
AHTS 4 - 8K			1,269				1,576				1,601				1,582				8
Other			2,283				2,103				402				403				52
Total			55,221				47,781				38,632				38,994				22,585
Middle East fleet:
PSV > 900			1,359				1,365				1,378				1,088				1,211
PSV < 900			19,963				21,017				19,215				17,790				16,812
AHTS > 16K			(3	)			287				1,178				1,196				1,217
AHTS 8 - 16K			3,163				2,397				3,094				3,420				4,276
AHTS 4 - 8K			12,054				12,866				13,207				11,191				8,340
Total			36,536				37,932				38,072				34,685				31,856
Europe/Mediterranean fleet:
PSV > 900			64,875				61,827				61,559				59,872				27,602
PSV < 900			13,290				14,126				15,356				14,039				9,195
AHTS > 16K			4,057				3,346				2,437				3,617				2,228
Other			1,044				1,082				1,391				1,401				270
Total			83,266				80,381				80,743				78,929 </