Tidewater Reports Results for the Three and Twelve Months Ending December 31, 2021
HOUSTON–(BUSINESS WIRE)–Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ending December 31, 2021, of $105.2 million and $371.0 million, respectively, compared with $91.9 million and $397.0 million, respectively, for the three and twelve months ending December 31, 2020. Tidewater’s net losses for the three and twelve months ending December 31, 2021, were $37.9 million ($0.92 per share) and $129.0 million ($3.14 per share), respectively, compared with $29.2 million ($0.72 per share) and $196.2 million ($4.86 per share), respectively, for the three and twelve months ending December 31, 2020. Included in the net losses for the three and twelve months ending December 31, 2021 were impairment charges related to assets held for sale, affiliate credit loss expense, inventory obsolescence, loss on debt extinguishment and severance expenses totaling $26.2 million and $28.4 million, respectively. Excluding these costs, we would have reported a net loss for the three months ending December 31, 2021 of $11.7 million ($0.28 per common share) and a net loss for the twelve months ending December 31, 2021 of $100.6 million ($2.45 per common share). Included in the net losses for the three and twelve months ending December 31, 2020 were impairment charges related to assets held for sale, affiliate credit losses, affiliate guarantee obligation, inventory obsolescence and severance expenses totaling $6.2 million and $130.6 million, respectively. Excluding these costs, we would have reported a net loss for the three months ending December 31, 2020 of $23.1 million ($0.57 per common share) and a net loss for the twelve months ending December 31, 2020 of $65.6 million ($1.63 per common share).
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “After a strong fourth quarter of 2021 supported by improving global industry fundamentals, I am excited to announce that we have simultaneously announced in a separate release an agreement to acquire Swire Pacific Offshore, a leading global owner of 50 OSVs with a significant presence in West Africa, Southeast Asia and the Middle East. This acquisition adds a significant number of newer, larger PSVs and AHTSs to our fleet, provides for meaningful synergy opportunities, maintains balance sheet strength and liquidity, and better positions Tidewater to increase earnings and free cash flow generation from the improving offshore supply vessel market.
“In the fourth quarter of 2021, revenue increased 13.8% over the third quarter, driven by six additional vessels working during the quarter as well as increases in the global average day rate and global utilization. The global average day rate moved up approximately $300 per day, driven by improvements in the Americas and West Africa regions, and the slight global utilization increase was driven by improvements in the Middle East region.
“Since the first quarter of 2021, the low point in the pandemic driven portion of the offshore downturn that began in 2014, quarterly revenue increased 26.0%, and recurring vessel level cash gross margin increased from 24.7% to 29.1%. This substantial margin improvement is a function of an improving vessel supply and demand balance, a reduction in the pandemic cost burdens and a reduction in stacked vessel costs.
“The fourth quarter of 2021 demonstrated noteworthy consolidated revenue growth, margin expansion and average day rate improvement in a quarter in which typical seasonal factors lower the overall results, which reflects the fundamental improvements taking place in our industry.
“From a geographic perspective, all of our operating regions saw sequential quarterly revenue growth, with our West Africa and Americas regions up 14.5% and 13.5%, respectively. In West Africa, the revenue improvement, which has begun to rebound from the pandemic, was driven by the increase in average active vessel count of 3, and an increase in the average day rate of $490 per day, or 5.7%. In the Americas, the revenue improvement was driven by an increase in the average active vessel count of 1 and an $861 per day, or 6.3%, increase in the average day rate.
“Complementing the revenue increases in West Africa, vessel operating margin in the region increased 7.2 percentage points to 31.6%. Also in West Africa, during the first quarter of 2022 we bought our partner’s 51% ownership stake in our Angolan joint venture. This transaction will allow us to consolidate this business going forward and enable us to grow our West Africa operations from Angola as the recovery there continues to unfold.
“During the fourth quarter, we closed on the previously announced $175.0 million senior secured notes issuance as well as a new $25.0 million senior secured revolving credit facility. In addition, we established a $30.0 million “at-the-market” (“ATM”) equity issuance facility, which we established for the principal purpose of repurchasing Jones Act Warrants from time to time. At the end of the fourth quarter, there were no outstanding borrowings under the revolving credit facility and no ATM shares were issued or Jones Act Warrants repurchased during the quarter. We ended the year with $154.3 million of cash which includes $4.0 million of long-term restricted cash and total liquidity of $179.3 million inclusive of the availability under our revolving credit facility.
“As we look forward into 2022, our conviction continues to build around the fundamental and long-term improvements taking shape in our industry and for our business. The factors that drove the improvement in the fourth quarter are in their initial stages of development and we continue to see these factors driving demand for our business through the remainder of 2022 and beyond. The pace of tendering activity and capital spending increases by the global E&P industry, sustained by consistently strong and resilient commodity prices, continue to support a strengthening demand outlook. Additionally, vessel supply continues to tighten, which has been evident in the large vessel classes over the past few quarters, and is now also reflected by the quickly reducing supply of easy-to-reactivate ships in the mid-sized vessel classes. Furthermore, we remain encouraged by the pricing discipline our industry is exhibiting on a global basis. While the first quarter is typically the slowest of the year due to seasonality, the combination of the fundamental supply and demand factors described supports our view that 2022 will yield significantly improved operational and financial results.”
In addition to the number of outstanding shares, as of December 31, 2021, the company also has the following in the money warrants.
|
Common shares outstanding |
|
|
41,307,617 |
|
|
New Creditor Warrants (strike price $0.001 per common share) |
|
|
635,663 |
|
|
GulfMark Creditor Warrants (strike price $0.01 per common share) |
|
|
559,125 |
|
|
Total |
|
|
42,502,405 |
|
Tidewater will hold a conference call to discuss results for the three and twelve-month periods ending December 31, 2021 on March 9, 2022, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.844.200.6205 if calling from the U.S. or Canada (+1.929.526.1599 if calling from outside the U.S.) and provide Access Code: 568379 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.
A replay of the conference call will be available beginning at 10:30 a.m. Central Time on March 9, 2022 and will continue until 11:59 p.m. Central Time on April 9, 2022. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.
The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involves numerous risks and uncertainties that may cause the company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.
Tidewater owns and operates one of the largest fleet of offshore support vessels in the industry, with more than 60 years of experience supporting offshore energy exploration and production activities worldwide.
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 31,2021 and 2020 as well as the Consolidated Statements of Operations, Consolidated Statements of Equity and Consolidated Statements of Cash Flows for the twelve months ended December 31, 2021 and 2020 that are drawn from the December 31, 2021 audited 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, 2021 |
|
December 31, 2020 |
|
December 31, |
|
December 31, 2020 |
||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
100,428 |
|
|
$ |
87,830 |
|
|
$ |
361,569 |
|
|
$ |
386,174 |
|
|
Other operating revenues |
|
|
4,747 |
|
|
|
4,029 |
|
|
|
9,464 |
|
|
|
10,864 |
|
|
Total revenues |
|
|
105,175 |
|
|
|
91,859 |
|
|
|
371,033 |
|
|
|
397,038 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs |
|
|
71,187 |
|
|
|
63,397 |
|
|
|
261,814 |
|
|
|
268,780 |
|
|
Costs of other operating revenues |
|
|
228 |
|
|
|
342 |
|
|
|
2,231 |
|
|
|
3,405 |
|
|
General and administrative |
|
|
17,641 |
|
|
|
16,992 |
|
|
|
68,516 |
|
|
|
73,447 |
|
|
Depreciation and amortization |
|
|
28,288 |
|
|
|
30,681 |
|
|
|
114,544 |
|
|
|
116,709 |
|
|
Long-lived asset impairments and other |
|
|
13,476 |
|
|
|
6,475 |
|
|
|
15,643 |
|
|
|
74,109 |
|
|
Affiliate credit loss impairment expense (credit) |
|
|
1,400 |
|
|
|
(600 |
) |
|
|
400 |
|
|
|
52,981 |
|
|
Affiliate guarantee obligation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,000 |
|
|
(Gain) loss on asset dispositions, net |
|
|
(53 |
) |
|
|
(80 |
) |
|
|
2,901 |
|
|
|
(7,591 |
) |
|
Total costs and expenses |
|
|
132,167 |
|
|
|
117,207 |
|
|
|
466,049 |
|
|
|
583,840 |
|
|
Operating loss |
|
|
(26,992 |
) |
|
|
(25,348 |
) |
|
|
(95,016 |
) |
|
|
(186,802 |
) |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
582 |
|
|
|
(2,880 |
) |
|
|
(369 |
) |
|
|
(5,245 |
) |
|
Equity in net earnings (losses) of unconsolidated companies |
|
|
(1,625 |
) |
|
|
164 |
|
|
|
(3,322 |
) |
|
|
164 |
|
|
Dividend income from unconsolidated companies |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,150 |
|
|
Interest income and other, net |
|
|
1,426 |
|
|
|
144 |
|
|
|
1,605 |
|
|
|
1,228 |
|
|
Loss on early extinguishment of debt |
|
|
(11,100 |
) |
|
|
— |
|
|
|
(11,100 |
) |
|
|
— |
|
|
Interest and other debt costs, net |
|
|
(3,417 |
) |
|
|
(5,984 |
) |
|
|
(15,583 |
) |
|
|
(24,156 |
) |
|
Total other expense |
|
|
(14,134 |
) |
|
|
(8,556 |
) |
|
|
(28,769 |
) |
|
|
(10,859 |
) |
|
Loss before income taxes |
|
|
(41,126 |
) |
|
|
(33,904 |
) |
|
|
(123,785 |
) |
|
|
(197,661 |
) |
|
Income tax (benefit) expense |
|
|
(3,047 |
) |
|
|
(4,477 |
) |
|
|
5,875 |
|
|
|
(965 |
) |
|
Net loss |
|
|
(38,079 |
) |
|
|
(29,427 |
) |
|
|
(129,660 |
) |
|
|
(196,696 |
) |
|
Less: Net loss attributable to noncontrolling interests |
|
|
(145 |
) |
|
|
(180 |
) |
|
|
(691 |
) |
|
|
(454 |
) |
|
Net loss attributable to Tidewater Inc. |
|
$ |
(37,934 |
) |
|
$ |
(29,247 |
) |
|
$ |
(128,969 |
) |
|
$ |
(196,242 |
) |
|
Basic loss per common share |
|
$ |
(0.92 |
) |
|
$ |
(0.72 |
) |
|
$ |
(3.14 |
) |
|
$ |
(4.86 |
) |
|
Diluted loss per common share |
|
$ |
(0.92 |
) |
|
$ |
(0.72 |
) |
|
$ |
(3.14 |
) |
|
$ |
(4.86 |
) |
|
Weighted average common shares outstanding |
|
|
41,280 |
|
|
|
40,604 |
|
|
|
41,009 |
|
|
|
40,355 |
|
|
Dilutive effect of stock options and restricted stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Adjusted weighted average common shares |
|
|
41,280 |
|
|
|
40,604 |
|
|
|
41,009 |
|
|
|
40,355 |
|
|
TIDEWATER INC. |
||||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
|
(In Thousands, except share and par value data) |
||||||||
|
|
|
December 31, |
|
December 31, |
||||
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
149,037 |
|
|
$ |
149,933 |
|
|
Restricted cash |
|
|
1,240 |
|
|
|
2,079 |
|
|
Trade and other receivables, less allowance for credit losses of $1,948 and $1,516 as of December 31, 2021 and 2020, respectively |
|
|
86,503 |
|
|
|
112,623 |
|
|
Due from affiliates, less allowance for credit losses of $72,456 and $71,800 as of December 31, 2021 and 2020, respectively |
|
|
70,134 |
|
|
|
62,050 |
|
|
Marine operating supplies |
|
|
12,606 |
|
|
|
15,876 |
|
|
Assets held for sale |
|
|
14,421 |
|
|
|
34,396 |
|
|
Prepaid expenses and other current assets |
|
|
8,731 |
|
|
|
11,692 |
|
|
Total current assets |
|
|
342,672 |
|
|
|
388,649 |
|
|
Net properties and equipment |
|
|
688,040 |
|
|
|
780,318 |
|
|
Deferred drydocking and survey costs |
|
|
40,734 |
|
|
|
56,468 |
|
|
Other assets |
|
|
24,334 |
|
|
|
25,742 |
|
|
Total assets |
|
$ |
1,095,780 |
|
|
$ |
1,251,177 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
20,788 |
|
|
$ |
16,981 |
|
|
Accrued costs and expenses |
|
|
51,734 |
|
|
|
52,422 |
|
|
Due to affiliates |
|
|
61,555 |
|
|
|
53,194 |
|
|
Current portion of long-term debt |
|
|
— |
|
|
|
27,797 |
|
|
Other current liabilities |
|
|
23,865 |
|
|
|
32,785 |
|
|
Total current liabilities |
|
|
157,942 |
|
|
|
183,179 |
|
|
Long-term debt |
|
|
167,885 |
|
|
|
164,934 |
|
|
Other liabilities and deferred credits |
|
|
68,184 |
|
|
|
79,792 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
41 |
|
|
|
41 |
|
|
Additional paid-in-capital |
|
|
1,376,494 |
|
|
|
1,371,809 |
|
|
Accumulated deficit |
|
|
(677,900 |
) |
|
|
(548,931 |
) |
|
Accumulated other comprehensive loss |
|
|
2,668 |
|
|
|
(804 |
) |
|
Total stockholders’ equity |
|
|
701,303 |
|
|
|
822,115 |
|
|
Noncontrolling interests |
|
|
466 |
|
|
|
1,157 |
|
|
Total equity |
|
|
701,769 |
|
|
|
823,272 |
|
|
Total liabilities and equity |
|
$ |
1,095,780 |
|
|
$ |
1,251,177 |
|
|
TIDEWATER INC. |
||||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
||||||||||||||||
|
(In Thousands) |
||||||||||||||||
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
December 31, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2020 |
||||||||
|
Net loss |
|
$ |
(38,079 |
) |
|
$ |
(29,427 |
) |
|
$ |
(129,660 |
) |
|
$ |
(196,696 |
) |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in supplemental executive retirement plan pension liability, net of tax of $0, $0, $0 and $0, respectively |
|
|
(763 |
) |
|
|
(2,011 |
) |
|
|
(763 |
) |
|
|
(2,309 |
) |
|
Change in pension plan minimum liability, net of tax of $0, $0, $0, and $0, respectively |
|
|
4,720 |
|
|
|
101 |
|
|
|
4,235 |
|
|
|
1,741 |
|
|
Total comprehensive loss |
|
$ |
(34,122 |
) |
|
$ |
(31,337 |
) |
|
$ |
(126,188 |
) |
|
$ |
(197,264 |
) |
|
TIDEWATER INC. |
||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
|
(In Thousands) |
||||||||
|
|
|
Twelve Months |
|
Twelve Months |
||||
|
|
|
Ended |
|
Ended |
||||
|
|
|
December 31, |
|
December 31, |
||||
|
Operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(129,660 |
) |
|
$ |
(196,696 |
) |
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
73,223 |
|
|
|
73,030 |
|
|
Amortization of deferred drydocking and survey costs |
|
|
41,321 |
|
|
|
43,679 |
|
|
Amortization of debt premiums and discounts |
|
|
3,171 |
|
|
|
3,961 |
|
|
Provision for deferred income taxes |
|
|
(1,287 |
) |
|
|
1,224 |
|
|
(Gain) loss on asset dispositions, net |
|
|
2,901 |
|
|
|
(7,591 |
) |
|
Affiliate credit loss impairment expense |
|
|
400 |
|
|
|
52,981 |
|
|
Affiliate guarantee obligation |
|
|
— |
|
|
|
2,000 |
|
|
Long-lived asset impairments and other |
|
|
15,643 |
|
|
|
74,109 |
|
|
Loss on debt extinguishment |
|
|
11,100 |
|
|
|
— |
|
|
Stock-based compensation expense |
|
|
5,638 |
|
|
|
5,117 |
|
|
Changes in operating assets and liabilities, net: |
|
|
|
|
|
|
|
|
|
Trade and other receivables |
|
|
26,120 |
|
|
|
(2,606 |
) |
|
Changes in due to/from affiliate, net |
|
|
(123 |
) |
|
|
11,949 |
|
|
Accounts payable |
|
|
3,807 |
|
|
|
(10,520 |
) |
|
Accrued expenses |
|
|
(688 |
) |
|
|
(17,551 |
) |
|
Deferred drydocking and survey costs |
|
|
(27,282 |
) |
|
|
(33,271 |
) |
|
Other, net |
|
|
(9,278 |
) |
|
|
4,171 |
|
|
Net cash provided by operating activities |
|
|
15,006 |
|
|
|
3,986 |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from sales of assets |
|
|
34,010 |
|
|
|
38,296 |
|
|
Additions to properties and equipment |
|
|
(8,951 |
) |
|
|
(14,900 |
) |
|
Net cash provided by investing activities |
|
|
25,059 |
|
|
|
23,396 |
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Issuance of long-term debt |
|
|
172,375 |
|
|
|
— |
|
|
Principal payments on long-term debt |
|
|
(198,918 |
) |
|
|
(98,080 |
) |
|
Debt extinguishment premium |
|
|
(7,781 |
) |
|
|
— |
|
|
Debt issuance and modification costs |
|
|
(5,737 |
) |
|
|
— |
|
|
Tax on share-based award |
|
|
(953 |
) |
|
|
(828 |
) |
|
Other |
|
|
— |
|
|
|
(857 |
) |
|
Net cash used in financing activities |
|
|
(41,014 |
) |
|
|
(99,765 |
) |
|
Net change in cash, cash equivalents and restricted cash |
|
|
(949 |
) |
|
|
(72,383 |
) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
155,225 |
|
|
|
227,608 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
154,276 |
|
|
$ |
155,225 |
|
|
|
|
|
|
|
|
|
||
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
Cash paid during the year for: |
|
|
|
|
|
|
|
|
|
Interest, net of amounts capitalized |
|
$ |
13,747 |
|
|
$ |
21,235 |
|
|
Income taxes |
|
|
19,013 |
|
|
|
13,018 |
|
|
Note: Cash, cash equivalents and restricted cash at December 31, 2021 and 2020 includes $4.0 million and $3.2 million, respectively, in long-term restricted cash. |
|
TIDEWATER INC. |
||||||||||||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY |
||||||||||||||||||||||||
|
(In Thousands) |
||||||||||||||||||||||||
|
|
|
Twelve Months Ended |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
other |
|
Non |
|
|
|
|
||||||
|
|
|
Common |
|
paid-in |
|
Accumulated |
|
comprehensive |
|
controlling |
|
|
|
|
||||||||||
|
|
|
stock |
|
capital |
|
deficit |
|
income (loss) |
|
interest |
|
Total |
||||||||||||
|
Balance at December 31, 2020 |
|
$ |
41 |
|
|
|
1,371,809 |
|
|
|
(548,931 |
) |
|
|
(804 |
) |
|
|
1,157 |
|
|
$ |
823,272 |
|
|
Total comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
(128,969 |
) |
|
|
3,472 |
|
|
|
(691 |
) |
|
|
(126,188 |
) |
|
Amortization of share based awards |
|
|
— |
|
|
|
4,685 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,685 |
|
|
Balance at December 31, 2021 |
|
$ |
41 |
|
|
|
1,376,494 |
|
|
|
(677,900 |
) |
|
|
2,668 |
|
|
|
466 |
|
|
$ |
701,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2019 |
|
$ |
40 |
|
|
|
1,367,521 |
|
|
|
(352,526 |
) |
|
|
(236 |
) |
|
|
1,611 |
|
|
$ |
1,016,410 |
|
|
Total comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
(196,242 |
) |
|
|
(568 |
) |
|
|
(454 |
) |
|
|
(197,264 |
) |
|
Adoption of credit loss accounting standard |
|
|
— |
|
|
|
— |
|
|
|
(163 |
) |
|
|
— |
|
|
|
— |
|
|
|
(163 |
) |
|
Issuance of common stock |
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Amortization of share based awards |
|
|
— |
|
|
|
4,289 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,289 |
|
|
Balance at December 31, 2020 |
|
$ |
41 |
|
|
|
1,371,809 |
|
|
|
(548,931 |
) |
|
|
(804 |
) |
|
|
1,157 |
|
|
$ |
823,272 |
|
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, 2021 |
|
|
December 31, 2020 |
|
|
|
December 31, 2021 |
|
|
|
December 31, 2020 |
|
||||||||||||||||||
|
Vessel revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
27,882 |
|
|
|
28 |
% |
|
$ |
32,068 |
|
|
|
36 |
% |
|
$ |
102,151 |
|
|
|
28 |
% |
|
$ |
126,676 |
|
|
|
33 |
% |
|
Middle East/Asia Pacific |
|
|
26,862 |
|
|
|
27 |
% |
|
|
25,042 |
|
|
|
29 |
% |
|
|
102,537 |
|
|
|
29 |
% |
|
|
97,133 |
|
|
|
25 |
% |
|
Europe/Mediterranean |
|
|
22,501 |
|
|
|
22 |
% |
|
|
15,775 |
|
|
|
18 |
% |
|
|
80,914 |
|
|
|
22 |
% |
|
|
83,602 |
|
|
|
22 |
% |
|
West Africa |
|
|
23,183 |
|
|
|
23 |
% |
|
|
14,945 |
|
|
|
17 |
% |
|
|
75,967 |
|
|
|
21 |
% |
|
|
78,763 |
|
|
|
20 |
% |
|
Total vessel revenues |
|
$ |
100,428 |
|
|
|
100 |
% |
|
$ |
87,830 |
|
|
|
100 |
% |
|
$ |
361,569 |
|
|
|
100 |
% |
|
$ |
386,174 |
|
|
|
100 |
% |
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
$ |
39,715 |
|
|
|
40 |
% |
|
$ |
36,760 |
|
|
|
42 |
% |
|
$ |
148,171 |
|
|
|
41 |
% |
|
$ |
156,624 |
|
|
|
41 |
% |
|
Repair and maintenance |
|
|
11,502 |
|
|
|
11 |
% |
|
|
8,027 |
|
|
|
9 |
% |
|
|
40,970 |
|
|
|
11 |
% |
|
|
31,213 |
|
|
|
8 |
% |
|
Insurance |
|
|
517 |
|
|
|
1 |
% |
|
|
1,447 |
|
|
|
2 |
% |
|
|
1,815 |
|
|
|
1 |
% |
|
|
7,195 |
|
|
|
2 |
% |
|
Fuel, lube and supplies |
|
|
6,405 |
|
|
|
6 |
% |
|
|
6,221 |
|
|
|
7 |
% |
|
|
25,557 |
|
|
|
7 |
% |
|
|
29,113 |
|
|
|
7 |
% |
|
Other |
|
|
13,048 |
|
|
|
13 |
% |
|
|
10,942 |
|
|
|
12 |
% |
|
|
45,301 |
|
|
|
12 |
% |
|
|
44,635 |
|
|
|
12 |
% |
|
Total vessel operating costs |
|
|
71,187 |
|
|
|
71 |
% |
|
|
63,397 |
|
|
|
72 |
% |
|
|
261,814 |
|
|
|
72 |
% |
|
|
268,780 |
|
|
|
70 |
% |
|
Vessel operating margin (A) |
|
$ |
29,241 |
|
|
|
29 |
% |
|
$ |
24,433 |
|
|
|
28 |
% |
|
$ |
99,755 |
|
|
|
28 |
% |
|
$ |
117,394 |
|
|
|
30 |
% |
|
Note (A): Vessel operating margin equals revenues less vessel operating costs and excludes general and administrative expenses and depreciation and amortization. |
The company’s operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:
|
(In Thousands) |
|
Three Months Ended |
|
|
|
Twelve Months Ended |
|
|||||||||||||||||||||||||
|
|
|
December 31, 2021 |
|
|
|
December 31, 2020 |
|
|
|
December 31, 2021 |
|
|
|
December 31, 2020 |
|
|||||||||||||||||
|
Vessel operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
(2,909 |
) |
|
|
(3 |
)% |
|
$ |
1,496 |
|
|
|
2 |
% |
|
$ |
(11,270 |
) |
|
|
(3 |
)% |
|
$ |
4,944 |
|
|
|
1 |
% |
|
Middle East/Asia Pacific |
|
|
1,126 |
|
|
|
1 |
% |
|
|
(3,456 |
) |
|
|
(4 |
)% |
|
|
(1,174 |
) |
|
|
(0 |
)% |
|
|
(5,935 |
) |
|
|
(1 |
)% |
|
Europe/Mediterranean |
|
|
(4,095 |
) |
|
|
(4 |
)% |
|
|
(4,543 |
) |
|
|
(5 |
)% |
|
|
(16,968 |
) |
|
|
(5 |
)% |
|
|
(8,629 |
) |
|
|
(2 |
)% |
|
West Africa |
|
|
(1,139 |
) |
|
|
(1 |
)% |
|
|
(8,493 |
) |
|
|
(9 |
)% |
|
|
(16,985 |
) |
|
|
(5 |
)% |
|
|
(27,508 |
) |
|
|
(7 |
)% |
|
Other operating profit |
|
|
4,519 |
|
|
|
4 |
% |
|
|
3,686 |
|
|
|
4 |
% |
|
|
7,233 |
|
|
|
2 |
% |
|
|
7,458 |
|
|
|
2 |
% |
|
|
|
|
(2,498 |
) |
|
|
(3 |
)% |
|
|
(11,310 |
) |
|
|
(12 |
)% |
|
|
(39,164 |
) |
|
|
(11 |
)% |
|
|
(29,670 |
) |
|
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses (A) |
|
|
(9,671 |
) |
|
|
(9 |
)% |
|
|
(8,243 |
) |
|
|
(9 |
)% |
|
|
(36,908 |
) |
|
|
(10 |
)% |
|
|
(35,633 |
) |
|
|
(9 |
)% |
|
Gain (loss) on asset dispositions, net |
|
|
53 |
|
|
|
0 |
% |
|
|
80 |
|
|
|
0 |
% |
|
|
(2,901 |
) |
|
|
(1 |
)% |
|
|
7,591 |
|
|
|
2 |
% |
|
Affiliate credit loss impairment expense |
|
|
(1,400 |
) |
|
|
(1 |
)% |
|
|
600 |
|
|
|
0 |
% |
|
|
(400 |
) |
|
|
(0 |
)% |
|
|
(52,981 |
) |
|
|
(13 |
)% |
|
Affiliate guarantee obligation |
|
|
— |
|
|
|
0 |
% |
|
|
— |
|
|
|
0 |
% |
|
|
— |
|
|
|
0 |
% |
|
|
(2,000 |
) |
|
|
(1 |
)% |
|
Long-lived asset impairments and other |
|
|
(13,476 |
) |
|
|
(13 |
)% |
|
|
(6,475 |
) |
|
|
(7 |
)% |
|
|
(15,643 |
) |
|
|
(4 |
)% |
|
|
(74,109 |
) |
|
|
(19 |
)% |
|
Operating loss |
|
$ |
(26,992 |
) |
|
|
(26 |
)% |
|
$ |
(25,348 |
) |
|
|
(28 |
)% |
|
$ |
(95,016 |
) |
|
|
(26 |
)% |
|
$ |
(186,802 |
) |
|
|
(47 |
)% |
|
Note (A): General and administrative expenses for the three and twelve months ended December 31, 2021 include stock-based compensation of $1.4 million and $5.6 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2020 includes stock-based compensation of $1.2 million and $5.1 million, respectively. In addition, vessel operating and general and administrative costs for the three and twelve months ended December 31, 2021 include $0.2 million and $1.2 million, of one-time restructuring and integration related costs, respectively. Vessel operating and general and administrative expenses for the three and twelve months ended December 31, 2020 include $0.3 million and $1.5 million, in one-time 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, |
|
|||||
|
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
100,428 |
|
|
$ |
91,634 |
|
|
$ |
88,514 |
|
|
$ |
80,993 |
|
|
$ |
87,830 |
|
|
Other operating revenues |
|
|
4,747 |
|
|
|
767 |
|
|
|
1,439 |
|
|
|
2,511 |
|
|
|
4,029 |
|
|
Total revenues |
|
|
105,175 |
|
|
|
92,401 |
|
|
|
89,953 |
|
|
|
83,504 |
|
|
|
91,859 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs (A) |
|
|
71,187 |
|
|
|
65,344 |
|
|
|
64,263 |
|
|
|
61,020 |
|
|
|
63,397 |
|
|
Costs of other operating revenue |
|
|
228 |
|
|
|
355 |
|
|
|
581 |
|
|
|
1,067 |
|
|
|
342 |
|
|
General and administrative (A) |
|
|
17,641 |
|
|
|
18,045 |
|
|
|
16,787 |
|
|
|
16,043 |
|
|
|
16,992 |
|
|
Depreciation and amortization |
|
|
28,288 |
|
|
|
27,980 |
|
|
|
28,549 |
|
|
|
29,727 |
|
|
|
30,681 |
|
|
Long-lived asset impairments and other |
|
|
13,476 |
|
|
|
2,167 |
|
|
|
— |
|
|
|
— |
|
|
|
6,475 |
|
|
Affiliate credit loss impairment expense (credit) |
|
|
1,400 |
|
|
|
— |
|
|
|
(1,000 |
) |
|
|
— |
|
|
|
(600 |
) |
|
(Gain) loss on asset dispositions, net |
|
|
(53 |
) |
|
|
74 |
|
|
|
932 |
|
|
|
1,948 |
|
|
|
(80 |
) |
|
Total operating costs and expenses |
|
|
132,167 |
|
|
|
113,965 |
|
|
|
110,112 |
|
|
|
109,805 |
|
|
|
117,207 |
|
|
Operating loss |
|
|
(26,992 |
) |
|
|
(21,564 |
) |
|
|
(20,159 |
) |
|
|
(26,301 |
) |
|
|
(25,348 |
) |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
582 |
|
|
|
(523 |
) |
|
|
422 |
|
|
|
(850 |
) |
|
|
(2,880 |
) |
|
Equity in net earnings (losses) of unconsolidated companies |
|
|
(1,625 |
) |
|
|
100 |
|
|
|
52 |
|
|
|
(1,849 |
) |
|
|
164 |
|
|
Interest income and other, net |
|
|
1,426 |
|
|
|
148 |
|
|
|
8 |
|
|
|
23 |
|
|
|
144 |
|
|
Loss on early extinguishment of debt |
|
|
(11,100 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Interest and other debt costs, net |
|
|
(3,417 |
) |
|
|
(3,681 |
) |
|
|
(3,944 |
) |
|
|
(4,541 |
) |
|
|
(5,984 |
) |
|
Total other expense |
|
|
(14,134 |
) |
|
|
(3,956 |
) |
|
|
(3,462 |
) |
|
|
(7,217 |
) |
|
|
(8,556 |
) |
|
Loss before income taxes |
|
|
(41,126 |
) |
|
|
(25,520 |
) |
|
|
(23,621 |
) |
|
|
(33,518 |
) |
|
|
(33,904 |
) |
|
Income tax (benefit) expense |
|
|
(3,047 |
) |
|
|
887 |
|
|
|
6,026 |
|
|
|
2,009 |
|
|
|
(4,477 |
) |
|
Net loss |
|
|
(38,079 |
) |
|
|
(26,407 |
) |
|
|
(29,647 |
) |
|
|
(35,527 |
) |
|
|
(29,427 |
) |
|
Net loss attributable to noncontrolling interests |
|
|
(145 |
) |
|
|
(149 |
) |
|
|
(185 |
) |
|
|
(212 |
) |
|
|
(180 |
) |
|
Net loss attributable to Tidewater Inc. |
|
$ |
(37,934 |
) |
|
$ |
(26,258 |
) |
|
$ |
(29,462 |
) |
|
$ |
(35,315 |
) |
|
$ |
(29,247 |
) |
|
Basic loss per common share |
|
$ |
(0.92 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.87 |
) |
|
$ |
(0.72 |
) |
|
Diluted loss per common share |
|
$ |
(0.92 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.87 |
) |
|
$ |
(0.72 |
) |
|
Weighted average common shares outstanding |
|
|
41,280 |
|
|
|
41,132 |
|
|
|
40,899 |
|
|
|
40,716 |
|
|
|
40,604 |
|
|
Dilutive effect of stock options and restricted stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Adjusted weighted average common shares |
|
|
41,280 |
|
|
|
41,132 |
|
|
|
40,899 |
|
|
|
40,716 |
|
|
|
40,604 |
|
|
Vessel operating margin |
|
$ |
29,241 |
|
|
$ |
26,290 |
|
|
$ |
24,251 |
|
|
$ |
19,973 |
|
|
$ |
24,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (A) One-time restructuring and integration related costs |
|
$ |
221 |
|
|
$ |
112 |
|
|
$ |
795 |
|
|
$ |
103 |
|
|
$ |
291 |
|
Contacts
Tidewater Inc.
West Gotcher
Vice President, Finance and Investor Relations
+1 713.470.5285
