Tidewater Reports Results for the Three and Nine Months Ended September 30, 2023
Third Quarter 2023 Highlights
- Revenue of $299.3 million, a 39.2% increase from the second quarter of 2023
- Average day rate increased to $17,865 per day, $1,823 higher than the second quarter of 2023
- Composite leading edge term contract day rate up 21.7% to $28,609
- Net income of $26.2 million, an increase of $3.6 million from the second quarter of 2023
- Adjusted EBITDA of $117.2 million, an increase of $45.2 million from the second quarter of 2023
- Completed integration of 32 of the 37 recently acquired PSVs from Solstad Offshore
- Initiating 2024 revenue guidance of $1.40 to $1.45 billion and 2024 gross margin guidance of 52%
- Announcing share repurchase authorization for the maximum permissible amount under existing debt agreements
HOUSTON–(BUSINESS WIRE)–Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2023 of $299.3 million and $707.3 million, respectively, compared with $191.8 million and $460.9 million, respectively, for the three and nine months ended September 30, 2022. Tidewater’s net income for the three and nine months ended September 30, 2023, was $26.2 million ($0.49 per common share) and $59.5 million ($1.13 per common share), respectively, compared with net income (losses) of $5.4 million ($0.10 per common share) and $(32.4) million ($0.76 per common share), respectively, for the three and nine months ended September 30, 2022.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The third quarter marks the third consecutive quarterly cyclical revenue and global average day rate high-water marks. Third quarter revenue nicely exceeded our expectations as a continued push on day rates globally drove consolidated day rates up by approximately $1,800 per day sequentially, representing the largest sequential improvement in day rates since the recovery began. The pace of day rate expansion was largely a combination of legacy contracts rolling on to current market day rates and a meaningful step up in leading edge term contract day rates; leading edge term contracts increased to $28,609 sequentially, an improvement of approximately $5,100 per day over the same measure in the prior quarter. The momentum in day rates is being driven by a global supply shortage of large and small offshore vessels, and, in fact, our medium and small classes of PSVs showed the most relative improvement in leading edge term contract day rates during the third quarter. We remain confident in the outlook for the business as demand for our vessels remains robust across a variety of end markets, including offshore drilling, subsea, construction, offshore wind and existing production work. This confidence allows us to initiate revenue guidance for 2024 of $1.40 to $1.45 billion and initial gross margin guidance of 52%, which is driven by our projection of an increase in year-over-year day rates of over $4,000 and an annual utilization level of 86%, increases that are in line with our recent quarterly improvements.
“On a global basis, revenue, gross profit, utilization, and day rate were all up from the previous quarter. Revenue for the quarter totaled $299.3 million, an increase of $84.3 million, or 39.2% sequentially through a combination of the recently acquired PSVs and improved day rates and utilization globally. Utilization increased to 82.1% from 79.4% in the prior quarter. We incurred approximately $6.0 million of acquisition and integration related expenses associated with the acquisition of 37 PSVs from Solstad Offshore. As of today, we have 32 of the acquired PSVs integrated into the Tidewater infrastructure and anticipate the remaining five vessels to be completed by the end of November. We now anticipate fourth quarter 2023 revenue of approximately $309 million and that gross margin will be approximately 47%.
“We are pleased to announce that the Board has authorized a stock repurchase program, under which we are authorized to purchase up to $35.0 million of the Company’s common stock over the next four months. We plan to use the repurchase program opportunistically, taking into consideration market conditions, our business outlook and opportunity to deploy the capital into value accretive acquisitions. Similar to the Solstad and Swire acquisitions, we continue to pursue additional acquisitions that enhance the Company’s strategic position and leadership in certain vessel classes or geographies. Our philosophy will be to weigh the value of stock repurchases against other capital allocation opportunities and commit to pursuing the highest return on capital opportunity available. We are excited to again be in a position to actively consider returning capital to our shareholders.
“Turning to our regional operating results, each of our regions experienced an overall increase in revenue, gross profit, and average day rate, further evidence of the global shortage of large and small offshore vessels. Day rates in the Americas region increased approximately 15.9% sequentially with particular areas of strength in the U.S. Gulf of Mexico and the Caribbean. Day rates in West Africa increased 9.0% sequentially due to broad-based secular tailwinds in the region. Similarly, day rates in Asia Pacific increased by 6.7% sequentially as activity through-out Southeast Asia and Australia continues to improve. Day rates in the Europe and Mediterranean region moved up modestly during the quarter, up approximately 0.6%, as a somewhat muted late summer season in the North Sea, particularly for our large AHTS vessels, was offset by strength in the Mediterranean. Regional utilization was up in all regions except for West Africa region, where utilization was down due to higher frictional unemployment during the quarter.
“I am grateful to all of our diligent and committed employees who have contributed to our continued business success, and I would like to extend a special thank you to both the Tidewater and Solstad employees who have contributed to the integration of the newly acquired vessels to further enhance our industry-leading fleet. As always, we remain committed to providing a safe and rewarding environment for our employees as we move forward together building 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 September 30, 2023, the company also has the following in-the-money warrants.
|
Common shares outstanding |
|
|
52,839,862 |
|
|
New Creditor Warrants (strike price $0.001 per common share) |
|
|
81,244 |
|
|
GulfMark Creditor Warrants (strike price $0.01 per common share) |
|
|
95,835 |
|
|
Total |
|
|
53,016,941 |
|
Tidewater will hold a conference call to discuss results for the three months ending September 30, 2023 on November 7, 2023, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.888.770.7135 if calling from the U.S. or Canada (+1.929.203.0820 if calling from outside the U.S.) and provide Conference ID: 2444624 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 November 7, 2023 and will continue until 11:59 p.m. Central Time on December 7, 2023. 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 Forms 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 September 30, 2023 and December 31, 2022; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and nine months ended September 30, 2023 and 2022; and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022. Extracts are drawn from the September 30, 2023 unaudited quarterly and year to date financial statements and the December 31, 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 |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
296,975 |
|
|
$ |
190,247 |
|
|
$ |
698,478 |
|
|
$ |
456,298 |
|
|
Other operating revenues |
|
|
2,287 |
|
|
|
1,515 |
|
|
|
8,849 |
|
|
|
4,640 |
|
|
Total revenues |
|
|
299,262 |
|
|
|
191,762 |
|
|
|
707,327 |
|
|
|
460,938 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs |
|
|
164,239 |
|
|
|
113,037 |
|
|
|
397,962 |
|
|
|
281,805 |
|
|
Costs of other operating revenues |
|
|
1,481 |
|
|
|
592 |
|
|
|
3,005 |
|
|
|
1,436 |
|
|
General and administrative |
|
|
21,001 |
|
|
|
27,267 |
|
|
|
70,559 |
|
|
|
73,288 |
|
|
Depreciation and amortization |
|
|
57,730 |
|
|
|
30,856 |
|
|
|
121,164 |
|
|
|
89,279 |
|
|
Long-lived asset impairment and other |
|
|
— |
|
|
|
1,214 |
|
|
|
— |
|
|
|
714 |
|
|
(Gain) loss on asset dispositions, net |
|
|
(863 |
) |
|
|
(264 |
) |
|
|
(4,483 |
) |
|
|
826 |
|
|
Total costs and expenses |
|
|
243,588 |
|
|
|
172,702 |
|
|
|
588,207 |
|
|
|
447,348 |
|
|
Operating income |
|
|
55,674 |
|
|
|
19,060 |
|
|
|
119,120 |
|
|
|
13,590 |
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange loss |
|
|
(2,149 |
) |
|
|
(3,997 |
) |
|
|
(3,620 |
) |
|
|
(4,932 |
) |
|
Equity in net earnings (losses) of unconsolidated companies |
|
|
4 |
|
|
|
9 |
|
|
|
29 |
|
|
|
(235 |
) |
|
Interest income and other, net |
|
|
568 |
|
|
|
581 |
|
|
|
3,488 |
|
|
|
4,416 |
|
|
Loss on warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,175 |
) |
|
Interest and other debt costs, net |
|
|
(19,288 |
) |
|
|
(4,391 |
) |
|
|
(28,209 |
) |
|
|
(12,850 |
) |
|
Total other expense |
|
|
(20,865 |
) |
|
|
(7,798 |
) |
|
|
(28,312 |
) |
|
|
(27,776 |
) |
|
Income (loss) before income taxes |
|
|
34,809 |
|
|
|
11,262 |
|
|
|
90,808 |
|
|
|
(14,186 |
) |
|
Income tax expense |
|
|
9,260 |
|
|
|
6,352 |
|
|
|
32,515 |
|
|
|
18,189 |
|
|
Net income (loss) |
|
|
25,549 |
|
|
|
4,910 |
|
|
|
58,293 |
|
|
|
(32,375 |
) |
|
Less: Net loss attributable to noncontrolling interests |
|
|
(650 |
) |
|
|
(470 |
) |
|
|
(1,228 |
) |
|
|
(6 |
) |
|
Net income (loss) attributable to Tidewater Inc. |
|
$ |
26,199 |
|
|
$ |
5,380 |
|
|
$ |
59,521 |
|
|
$ |
(32,369 |
) |
|
Basic income (loss) per common share |
|
$ |
0.50 |
|
|
$ |
0.12 |
|
|
$ |
1.16 |
|
|
$ |
(0.76 |
) |
|
Diluted income (loss) per common share |
|
$ |
0.49 |
|
|
$ |
0.10 |
|
|
$ |
1.13 |
|
|
$ |
(0.76 |
) |
|
Weighted average common shares outstanding |
|
|
52,230 |
|
|
|
44,451 |
|
|
|
51,235 |
|
|
|
42,570 |
|
|
Dilutive effect of warrants, restricted stock units and stock options |
|
|
1,380 |
|
|
|
7,069 |
|
|
|
1,322 |
|
|
|
— |
|
|
Adjusted weighted average common shares |
|
|
53,610 |
|
|
|
51,520 |
|
|
|
52,557 |
|
|
|
42,570 |
|
|
TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data) |
||||||||
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
275,070 |
|
|
$ |
164,192 |
|
|
Restricted cash |
|
|
4,973 |
|
|
|
1,241 |
|
|
Trade and other receivables, net of allowance for credit losses of $15,448 and $14,060 at September 30, 2023 and December 31, 2022, respectively |
|
|
250,671 |
|
|
|
156,465 |
|
|
Marine operating supplies |
|
|
27,489 |
|
|
|
30,830 |
|
|
Assets held for sale |
|
|
565 |
|
|
|
4,195 |
|
|
Prepaid expenses and other current assets |
|
|
16,598 |
|
|
|
20,985 |
|
|
Total current assets |
|
|
575,366 |
|
|
|
377,908 |
|
|
Net properties and equipment |
|
|
1,348,001 |
|
|
|
796,655 |
|
|
Deferred drydocking and survey costs |
|
|
99,215 |
|
|
|
61,080 |
|
|
Indemnification assets |
|
|
18,648 |
|
|
|
28,369 |
|
|
Other assets |
|
|
30,325 |
|
|
|
33,644 |
|
|
Total assets |
|
$ |
2,071,555 |
|
|
$ |
1,297,656 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
57,183 |
|
|
$ |
38,946 |
|
|
Accrued expenses |
|
|
119,631 |
|
|
|
105,518 |
|
|
Current portion of long-term debt |
|
|
102,369 |
|
|
|
— |
|
|
Other current liabilities |
|
|
53,301 |
|
|
|
50,323 |
|
|
Total current liabilities |
|
|
332,484 |
|
|
|
194,787 |
|
|
Long-term debt |
|
|
641,301 |
|
|
|
169,036 |
|
|
Other liabilities |
|
|
66,246 |
|
|
|
67,843 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
Common stock of $0.001 par value, 125,000,000 shares authorized, 52,839,862 and 50,554,179 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
|
|
53 |
|
|
|
51 |
|
|
Additional paid-in-capital |
|
|
1,668,392 |
|
|
|
1,556,990 |
|
|
Accumulated deficit |
|
|
(640,128 |
) |
|
|
(699,649 |
) |
|
Accumulated other comprehensive loss |
|
|
4,413 |
|
|
|
8,576 |
|
|
Total stockholders’ equity |
|
|
1,032,730 |
|
|
|
865,968 |
|
|
Noncontrolling interests |
|
|
(1,206 |
) |
|
|
22 |
|
|
Total equity |
|
|
1,031,524 |
|
|
|
865,990 |
|
|
Total liabilities and equity |
|
$ |
2,071,555 |
|
|
$ |
1,297,656 |
|
|
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In Thousands) |
||||||||||||||||
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
||||
|
Net income (loss) |
|
$ |
25,549 |
|
|
$ |
4,910 |
|
|
$ |
58,293 |
|
|
$ |
(32,375 |
) |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on note receivable |
|
|
(153 |
) |
|
|
(429 |
) |
|
|
(469 |
) |
|
|
(1,275 |
) |
|
Change in liability of pension plans |
|
|
— |
|
|
|
140 |
|
|
|
(3,694 |
) |
|
|
81 |
|
|
Total comprehensive income (loss) |
|
$ |
25,396 |
|
|
$ |
4,621 |
|
|
$ |
54,130 |
|
|
$ |
(33,569 |
) |
|
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) |
||||||||
|
|
|
Nine Months |
|
|
Nine Months |
|
||
|
|
|
Ended |
|
|
Ended |
|
||
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
||
|
Operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
58,293 |
|
|
$ |
(32,375 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
85,989 |
|
|
|
62,539 |
|
|
Amortization of deferred drydocking and survey costs |
|
|
35,175 |
|
|
|
26,740 |
|
|
Amortization of debt premiums and discounts |
|
|
2,644 |
|
|
|
1,157 |
|
|
Amortization of below market contracts |
|
|
(1,906 |
) |
|
|
— |
|
|
Provision for deferred income taxes |
|
|
69 |
|
|
|
134 |
|
|
(Gain) loss on asset dispositions, net |
|
|
(4,483 |
) |
|
|
826 |
|
|
Gain on pension settlement |
|
|
(1,807 |
) |
|
|
— |
|
|
Gain on bargain purchase |
|
|
— |
|
|
|
(1,300 |
) |
|
Long-lived asset impairment and other |
|
|
— |
|
|
|
714 |
|
|
Loss on warrants |
|
|
— |
|
|
|
14,175 |
|
|
Stock-based compensation expense |
|
|
7,247 |
|
|
|
5,344 |
|
|
Changes in assets and liabilities, net of effects of business acquisition: |
|
|
|
|
|
|
|
|
|
Trade and other receivables |
|
|
(92,684 |
) |
|
|
(30,301 |
) |
|
Changes in due to/from affiliate, net |
|
|
— |
|
|
|
(20 |
) |
|
Accounts payable |
|
|
18,237 |
|
|
|
9,364 |
|
|
Accrued expenses |
|
|
14,231 |
|
|
|
(913 |
) |
|
Deferred drydocking and survey costs |
|
|
(73,309 |
) |
|
|
(43,883 |
) |
|
Other, net |
|
|
9,778 |
|
|
|
(17,315 |
) |
|
Net cash provided by (used in) operating activities |
|
|
57,474 |
|
|
|
(5,114 |
) |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from sales of assets |
|
|
9,604 |
|
|
|
8,475 |
|
|
Acquisitions, net of cash acquired |
|
|
(594,191 |
) |
|
|
(20,740 |
) |
|
Additions to properties and equipment |
|
|
(23,202 |
) |
|
|
(11,708 |
) |
|
Net cash used in investing activities |
|
|
(607,789 |
) |
|
|
(23,973 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Exercise of warrants |
|
|
111,483 |
|
|
|
— |
|
|
Proceeds from issuance of shares |
|
|
— |
|
|
|
70,630 |
|
|
Repurchase of SPO acquisition warrants |
|
|
— |
|
|
|
(70,630 |
) |
|
Issuance of long-term debt |
|
|
575,000 |
|
|
|
— |
|
|
Acquisition of non-controlling interest in a majority owned subsidiary |
|
|
(1,427 |
) |
|
|
— |
|
|
Debt issuance costs |
|
|
(14,758 |
) |
|
|
(393 |
) |
|
Tax on share-based awards |
|
|
(5,899 |
) |
|
|
(2,276 |
) |
|
Net cash provided by (used in) financing activities |
|
|
664,399 |
|
|
|
(2,669 |
) |
|
Net change in cash, cash equivalents and restricted cash |
|
|
114,084 |
|
|
|
(31,756 |
) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
167,977 |
|
|
|
154,276 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
282,061 |
|
|
$ |
122,520 |
|
|
|
|
|
|
|
|
|
||
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
Cash paid during the year for: |
|
|
|
|
|
|
|
|
|
Interest, net of amounts capitalized |
|
$ |
8,452 |
|
|
$ |
7,979 |
|
|
Income taxes |
|
$ |
36,585 |
|
|
$ |
16,143 |
|
|
Supplemental disclosure of noncash investing activities: |
|
|
|
|
|
|
|
|
|
Acquisition of SPO |
|
$ |
— |
|
|
$ |
162,648 |
|
|
Purchase of three vessels |
|
$ |
12,198 |
|
|
$ |
— |
|
|
Supplemental disclosure of noncash financing activities: |
|
|
|
|
|
|
|
|
|
Warrants issued for SPO acquisition |
|
$ |
— |
|
|
$ |
162,648 |
|
|
Repurchase of SPO acquisition warrants |
|
$ |
— |
|
|
$ |
992 |
|
|
Debt incurred for the purchase of three vessels |
|
$ |
12,198 |
|
|
$ |
— |
|
|
Note: Cash, cash equivalents and restricted cash at September 30, 2023 includes $2.0 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 (loss) |
|
|
interest |
|
|
Total |
|
||||||
|
Balance at June 30, 2023 |
|
$ |
51 |
|
|
$ |
1,554,793 |
|
|
$ |
(666,327 |
) |
|
$ |
4,566 |
|
|
$ |
(556 |
) |
|
$ |
892,527 |
|
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
26,199 |
|
|
|
(153 |
) |
|
|
(650 |
) |
|
|
25,396 |
|
|
Exercise of warrants into common stock |
|
|
2 |
|
|
|
111,481 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
111,483 |
|
|
Amortization of share-based awards |
|
|
— |
|
|
|
2,118 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,118 |
|
|
Balance at September 30, 2023 |
|
$ |
53 |
|
|
$ |
1,668,392 |
|
|
$ |
(640,128 |
) |
|
$ |
4,413 |
|
|
$ |
(1,206 |
) |
|
$ |
1,031,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2022 |
|
$ |
42 |
|
|
$ |
1,554,561 |
|
|
$ |
(715,649 |
) |
|
$ |
1,763 |
|
|
$ |
930 |
|
|
$ |
841,647 |
|
|
Total comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
5,380 |
|
|
|
(289 |
) |
|
|
(470 |
) |
|
|
4,621 |
|
|
Issuance of common stock |
|
|
4 |
|
|
|
72,253 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
72,257 |
|
|
SPO acquisition warrants |
|
|
— |
|
|
|
(73,249 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(73,249 |
) |
|
Amortization of share-based awards |
|
|
— |
|
|
|
1,823 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,823 |
|
|
Balance at September 30, 2022 |
|
$ |
46 |
|
|
$ |
1,555,388 |
|
|
$ |
(710,269 |
) |
|
$ |
1,474 |
|
|
$ |
460 |
|
|
$ |
847,099 |
|
|
|
|
Nine 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) |
|
|
— |
|
|
|
— |
|
|
|
59,521 |
|
|
|
(4,163 |
) |
|
|
(1,228 |
) |
|
|
54,130 |
|
|
Acquisition of non-controlling interest in a majority owned subsidiary |
|
|
— |
|
|
|
(1,427 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,427 |
) |
|
Exercise of warrants into common stock |
|
|
2 |
|
|
|
111,481 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
111,483 |
|
|
Amortization of share-based awards |
|
|
— |
|
|
|
1,348 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,348 |
|
|
Balance at September 30, 2023 |
|
$ |
53 |
|
|
$ |
1,668,392 |
|
|
$ |
(640,128 |
) |
|
$ |
4,413 |
|
|
$ |
(1,206 |
) |
|
$ |
1,031,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2021 |
|
$ |
41 |
|
|
$ |
1,376,494 |
|
|
$ |
(677,900 |
) |
|
$ |
2,668 |
|
|
$ |
466 |
|
|
$ |
701,769 |
|
|
Total comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
(32,369 |
) |
|
|
(1,194 |
) |
|
|
(6 |
) |
|
|
(33,569 |
) |
|
Issuance of common stock |
|
|
5 |
|
|
|
72,252 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
72,257 |
|
|
SPO acquisition warrants |
|
|
— |
|
|
|
176,823 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
176,823 |
|
|
Repurchase of SPO acquisition warrants |
|
|
— |
|
|
|
(73,249 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(73,249 |
) |
|
Amortization of share-based awards |
|
|
— |
|
|
|
3,068 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,068 |
|
|
Balance at September 30, 2022 |
|
$ |
46 |
|
|
$ |
1,555,388 |
|
|
$ |
(710,269 |
) |
|
$ |
1,474 |
|
|
$ |
460 |
|
|
$ |
847,099 |
|
Contacts
Tidewater Inc.
West Gotcher
Vice President,
Finance and Investor Relations
+1.713.470.5285
