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

Second Quarter 2024 Highlights

  • Revenue of $339.2 million, an increase of $18.1 million, or 5.6%, from the first quarter of 2024
  • Average day rate increased to $21,130 per day, $1,567 higher than the first quarter of 2024
  • Composite leading edge term contract average day rate of $28,754

    • > 900m2 PSV – leading edge term contract average day rate improved 8% to $35,172
    • 700 – 900m2 PSV – leading edge term contract average day rate improved 9% to $28,026
    • > 16K BHP AHTS – leading edge term contract average day rate improved 13% to $48,615
    • 8 – 12K BHP AHTS – leading edge term contract average day rate improved 8% to $25,175
  • Net income of $50.4 million, an increase of $3.3 million from the first quarter of 2024
  • Adjusted EBITDA of $139.7 million, an increase of $0.8 million from the first quarter of 2024
  • Net cash provided by operating activities of $78.6 million, an increase of $23.9 million from the first quarter of 2024
  • Free cash flow of $87.6 million, an increase of $18.2 million from the first quarter of 2024

Share Repurchases and 2024 Guidance

  • Repurchased 176,555 shares from May 2, 2024 through the end of the second quarter through the repurchase of $16.9 million of shares at an average price of $95.66 per share
  • Board approves additional share repurchase authorization of $13.9 million, for a total current outstanding authorized capacity of $47.7 million, the maximum permissible amount under existing debt agreements
  • Updated 2024 revenue guidance to $1.39 to $1.41 billion and 2024 gross margin guidance of 51%

HOUSTON–(BUSINESS WIRE)–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

%

Contacts

Tidewater Inc.

West Gotcher

Senior Vice President,

Strategy, Corporate Development and Investor Relations

+1.713.470.5285

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