Tidewater Reports Results For The Three Months Ended March 31, 2018

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May 14, 2018, 04:30 ET

HOUSTON, May 14, 2018 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a net loss for the three months ended March 31, 2018, of $39.2 million, or $1.67 per common share, on revenues of $91.5 million.

As more fully explained in the company's Form 10-Q for the quarter ended March 31, 2018, upon emergence from Chapter 11 bankruptcy on July 31, 2017, the company adopted fresh start accounting in accordance with applicable accounting and reporting regulations, which resulted in the company becoming a new entity for financial reporting purposes on July 31, 2017. References herein to "Successor" relate to the financial position and results of operations of the reorganized company subsequent to July 31, 2017, while references to "Predecessor" relate to the financial position and results of operations of the company through July 31, 2017.

Included in the $39.2 million ($1.67 per common share) net loss for the three months ending March 31, 2018 were the following:

$15.2 million ($0.65 per common share) of foreign exchange losses, $14.8 million of which ($0.63 per common share) is included in Equity in net earnings (losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.
$6.2 million ($0.26 per common share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the three months ended March 31, 2018.

Consolidated earnings (loss) before interest, taxes, depreciation and amortization (EBITDA) for the three months ended March 31, 2018, which excludes asset impairment charges, but includes $3.0 million of stock-based compensation expense and $15.2 million of foreign exchange losses, was ($9.9) million. (See disclosures related to Non-GAAP measures in other fleet and financial data beginning on page 10 herein.)

Common shares and New Creditor Warrants, each of which is exercisable to acquire one common share at a price of $0.001, and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 were 23,988,075, 6,021,696 and 30,009,771, respectively.

Tidewater will hold a conference call to discuss results for the three months ended March 31, 2018 on Tuesday, May 15, 2018 at 10:00 a.m. Central Time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405 if calling from outside the U.S.) and ask for the "Tidewater" call just prior to the scheduled start. A replay of the conference call will be available beginning at 12:00 p.m. Central Time on May 15, 2018, and will continue until 11:59 p.m. Central Time on May 17, 2018. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 46923575.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, (www.tdw.com). The online replay will be available until June 15, 2018.

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 involve 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 recent Forms 10-Q and 10-K.

Tidewater owns and operates one of the largest fleets of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.

Note: all per-share amounts are stated on a diluted basis.

Financial information is displayed on the next page.

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited)
(In thousands, except share and per share data)
	Successor		Predecessor
	Quarter Ended		Quarter Ended
	March 31, 2018		March 31, 2017
Revenues:
Vessel revenues	$	87,494		156,905
Other operating revenues		3,999		3,844
		91,493		160,749
Costs and expenses:
Vessel operating costs		61,364		80,845
Costs of other operating revenues		2,474		2,689
General and administrative (A)		23,565		41,727
Vessel operating leases		—		8,443
Depreciation and amortization		12,017		37,592
Gain on asset dispositions, net		(1,919)		(6,064)
Asset impairments		6,186		64,857
		103,687		230,089
Operating loss		(12,194)		(69,340)
Other income (expenses):
Foreign exchange gain (loss)		(348)		664
Equity in net earnings (losses) of unconsolidated companies (B)		(15,439)		2,841
Interest income and other, net		(128)		1,588
Interest and other debt costs, net		(7,599)		(21,008)
		(23,514)		(15,915)
Loss before income taxes		(35,708)		(85,255)
Income tax expense		3,321		1,717
Net loss	$	(39,029)		(86,972)
Less: Net income attributable to noncontrolling interests		143		7,883
Net loss attributable to Tidewater Inc.	$	(39,172)		(94,855)
Basic loss per common share	$	(1.67)		(2.01)
Diluted loss per common share	$	(1.67)		(2.01)
Weighted average common shares outstanding (C)		23,424,943		47,080,783
Dilutive effect of stock options and restricted stock		—		—
Adjusted weighted average common shares		23,424,943		47,080,783

Note (A): The company did not incur any restructuring-related professional services costs during the quarter ended March 31, 2018 (Successor). Restructuring-related professional services costs included in general and administrative expenses for the quarter ended March 31, 2017 (Predecessor), were $16.8 million. General and administrative expenses for the quarter ended March 31, 2018 (Successor) and March 31, 2017 (Predecessor) included stock-based compensation of $3 million and $(0.9) million, respectively.

Note (B): Equity in net earnings (losses) of unconsolidated companies for the quarter ended March 31, 2018 (Successor) includes $14.8 million of foreign exchange losses related to our Angola joint venture, Sonatide.

Note (C): Weighted average shares outstanding for the quarter ended March 31, 2018 (Successor) include 108,044 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at March 31, 2018 (Successor). Common shares and new creditor warrants and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 (Successor) were 23,988,075, 6,021,696 and 30,009,771, respectively.

TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and par value data)
	Successor
	March 31,		December 31,
ASSETS	2018		2017
Current assets:
Cash and cash equivalents	$	442,472		432,035
Restricted cash		2,847		21,300
Trade and other receivables, net		115,754		114,184
Due from affiliate		207,919		230,315
Marine operating supplies		28,896		28,220
Other current assets		18,181		19,130
Total current assets		816,069		845,184
Investments in, at equity, and advances to unconsolidated companies		13,503		29,216
Net properties and equipment		814,263		837,520
Deferred drydocking and survey costs		11,430		3,208
Other assets		30,783		31,052
Total assets	$	1,686,048		1,746,180

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	45,781		38,497
Accrued expenses		56,408		54,806
Due to affiliate		78,135		99,448
Accrued property and liability losses		2,852		2,585
Current portion of long-term debt		5,215		5,103
Other liabilities		8,826		19,693
Total current liabilities		197,217		220,132
Long-term debt		442,729		443,057
Accrued property and liability losses		2,561		2,471
Other liabilities and deferred credits		58,060		58,576

Commitments and Contingencies

Equity:
Successor Common stock of $0.001 par value, 125,000,000 shares authorized, 23,988,075 and 22,115,916 shares issues and outstanding at March 31, 2018 and December 31, 2017, respectively		24		22
Additional paid-in capital		1,061,983		1,059,120
Retained deficit		(78,438)		(39,266)
Accumulated other comprehensive loss		(446)		(147)
Total stockholders' equity		983,123		1,019,729
Noncontrolling interests		2,358		2,215
Total equity		985,481		1,021,944
Total liabilities and equity	$	1,686,048		1,746,180

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
(In thousands)
	Successor		Predecessor
	Quarter Ended		Quarter Ended
	March 31, 2018		March 31, 2017
Net loss	$	(39,029)		(86,972)
Other comprehensive income:
Unrealized gains (losses) on available for sale securities, net of tax of $0 and $61		(299)		(94)
Change in loss on derivative contract, net of tax of $0 and $823		—		1,317
Change in supplemental executive retirement plan liability, net of tax of $0 and ($927)		—		(1,721)
Change in pension plan minimum liability, net of tax of $0 and $215		—		399
Change in other benefit plan minimum liability, net of tax of $0 and ($2,046)		—		(3,799)
Total comprehensive loss	$	(39,328)		(90,870)

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
	Successor		Predecessor
	Quarter Ended		Quarter Ended
	March 31, 2018		March 31, 2017
Operating activities:
Net loss	$	(39,029)		(86,972)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		11,380		37,592
Amortization of deferred drydocking and survey costs		638		—
Amortization of debt premium and discounts		(443)		—
Provision for deferred income taxes		—		(2,200)
Gain on asset dispositions, net		(1,919)		(6,064)
Asset impairments		6,186		64,857
Changes in investments in, at equity, and advances to unconsolidated companies		15,713		(5,062)
Compensation expense - stock-based		2,956		(888)
Excess tax liability on stock option activity		—		4,927
Changes in assets and liabilities, net:
Trade and other receivables		(1,662)		51,051
Changes in due to/from affiliate, net		1,083		24,961
Marine operating supplies		(677)		(408)
Other current assets		949		(6,458)
Accounts payable		7,284		(18,872)
Accrued expenses		845		9,267
Accrued property and liability losses		267		9
Other current liabilities		(2,695)		(3,860)
Other liabilities and deferred credits		(58)		1,884
Cash paid for deferred drydocking and survey costs		(8,860)		—
Other, net		2,058		6,386
Net cash provided by (used in) operating activities		(5,984)		70,150
Cash flows from investing activities:
Proceeds from sales of assets		9,492		2,464
Additions to properties and equipment		(1,677)		(8,355)
Net cash provided by (used in) investing activities		7,815		(5,891)
Cash flows from financing activities:
Principal payment on long-term debt		(1,471)		(2,732)
Payments to General Unsecured Creditors		(8,377)		—
Other		1		(4,927)
Net cash used in financing activities		(9,847)		(7,659)
Net change in cash, cash equivalents and restricted cash		(8,016)		56,600
Cash, cash equivalents and restricted cash at beginning of period		453,335		649,804
Cash, cash equivalents and restricted cash at end of period	$	445,319		706,404
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized	$	8,152		8,218
Income taxes	$	6,429		2,167
Supplemental disclosure of non-cash investing activities:
Additions to properties and equipment	$	—		282

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(In thousands)
							Accumulated
			Additional		Retained		other		Non
	Common		paid-in		(deficit)		comprehensive		controlling
	stock		capital		earnings		loss		interest		Total
Balance at December 31, 2017 (Successor)	$	22		1,059,120		(39,266)		(147)		2,215		1,021,944
Total comprehensive loss		—		—		(39,172)		(299)		143		(39,328)
Stock option expense		—		(98)		—		—		—		(98)
Issuance of common stock		2		—		—		—		—		2
Amortization of restricted stock units		—		2,961		—		—		—		2,961
Balance at March 31, 2018 (Successor)	$	24		1,061,983		(78,438)		(446)		2,358		985,481

Balance at December 31, 2016 (Predecessor)	$	4,707		171,018		1,570,027		(6,446)		8,258		1,747,564
Total comprehensive loss		—		—		(94,855)		(3,898)		7,883		(90,870)
Stock option activity		—		269		—		—		—		269
Cancellation of restricted stock awards		—		—		157		—		—		157
Amortization/cancellation of restricted stock units		5		(6,066)		—		—		—		(6,061)
Balance at March 31, 2017 (Predecessor)	$	4,712		165,221		1,475,329		(10,344)		16,141		1,651,059

The company's vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:

	Successor				Predecessor
	Quarter Ended				Quarter Ended
	March 31, 2018				March 31, 2017
(In thousands)			%				%
Vessel revenues:
Americas (D)	$	26,081		30%		80,533		51%
Middle East/Asia Pacific		18,388		21%		26,678		17%
Europe/Mediterranean Sea		9,623		11%		10,166		7%
West Africa		33,402		38%		39,528		25%
Total vessel revenues	$	87,494		100%		156,905		100%
Vessel operating costs:
Crew costs	$	34,224		39%		41,829		27%
Repair and maintenance		7,704		9%		17,074		11%
Insurance and loss reserves		(1,071)		(1%)		(1,767)		(1%)
Fuel, lube and supplies		9,012		10%		9,279		6%
Other		11,495		13%		14,430		9%
Total vessel operating costs		61,364		70%		80,845		52%
Vessel operating margin (E)	$	26,130		30%		76,060		48%

Note (D): Included in Americas vessel revenues for the quarter ended March 31, 2017 (Predecessor) is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.

Note (E): Vessel operating margin equals vessel revenues less vessel operating costs and excludes general and administrative expenses, vessel operating leases and depreciation and amortization expenses. The following tables reconcile vessel operating margin as presented above to vessel operating profit (loss):

	Successor		Predecessor
	Quarter Ended		Quarter Ended
(In thousands)	March 31, 2018		March 31, 2017
Vessel operating margin	$	26,130		76,060
General and administrative expenses - vessel operations		(16,867)		(19,445)
Vessel operating leases		—		(8,443)
Depreciation and amortization - vessel operations		(11,912)		(36,173)
Vessel operating profit (loss)	$	(2,649)		11,999

The company's other operating profit (loss) consists of the following:

	Successor		Predecessor
	Quarter Ended		Quarter Ended
(In thousands)	March 31, 2018		March 31, 2017
Other operating revenues	$	3,999		3,844
Costs of other marine revenues		(2,474)		(2,689)
General and administrative expenses - other operating activities		(14)		(525)
Depreciation and amortization - other operating activities		(5)		(855)
Other operating profit (loss)	$	1,506		(225)

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

	Successor				Predecessor
	Quarter Ended				Quarter Ended
	March 31, 2018				March 31, 2017
(In thousands)			%				%
Vessel operating profit (loss):
Americas (F)	$	4,911		5%		30,618		19%
Middle East/Asia Pacific		(2,253)		(2%)		(6,164)		(4%)
Europe/Mediterranean Sea		(3,554)		(4%)		(7,102)		(5%)
West Africa		(1,753)		(2%)		(5,353)		(3%)
		(2,649)		(3%)		11,999		7%
Other operating profit (loss)		1,506		2%		(225)		(<1%)
		(1,143)		(1%)		11,774		7%

Corporate general and administrative expenses (G)		(6,684)		(7%)		(21,757)		(14%)
Corporate depreciation		(100)		(<1%)		(564)		(<1%)
Corporate expenses		(6,784)		(7%)		(22,321)		(14%)

Gain on asset dispositions, net		1,919		2%		6,064		3%
Asset impairments		(6,186)		(7%)		(64,857)		(40%)
Operating loss	$	(12,194)		(13%)		(69,340)		(43%)
Foreign exchange gain (loss)		(348)		(<1%)		664		<1%
Equity in net earnings (losses) of unconsolidated companies		(15,439)		(17%)		2,841		2%
Interest income and other, net		(128)		(<1%)		1,588		1%
Interest and other debt costs		(7,599)		(8%)		(21,008)		(13%)
Loss before income taxes	$	(35,708)		(39%)		(85,255)		(53%)

Note (F): Americas segment vessel operating profit for the quarter ended March 31, 2017 (Predecessor) includes $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.

Note (G): The company did not incur any restructuring-related professional services costs during the quarter ended March 31, 2018 (Successor). Restructuring-related professional services costs included in general and administrative expenses for the quarter ended March 31, 2017 (Predecessor), were $16.8 million. General and administrative expenses for the quarter ended March 31, 2018 (Successor) and March 31, 2017 (Predecessor) included stock-based compensation of $3 million and $(0.9) million, respectively.

For the following tables for illustrative purposes, the company has combined the Successor and Predecessor results to derive combined results for the three months ended September 30, 2017. The combination was generated by addition of comparable financial statement line items. However, because of various adjustments to the consolidated financial statements in connection with the application of fresh-start reporting, including asset valuation adjustments and liability adjustments, the results of operations for the Successor may not be comparable to those of the Predecessor. The quarters ended June 30, 2017 and March 31, 2017 are Predecessor periods while the quarters ended March 31, 2018 and December 31, 2017 are Successor periods.

TIDEWATER INC.
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA
(Unaudited)
(In thousands, except share and per share data)


		Three Months Ended

		March 31,		December 31,		September 30,		June 30,		March 31,
		2018		2017		2017		2017		2017
Revenues:
Vessel revenues	$		87,494		101,313		104,911		112,257		156,905
Other operating revenues			3,999		3,140		5,652		2,849		3,844
			91,493		104,453		110,563		115,106		160,749
Costs and expenses:
Vessel operating costs			61,364		68,201		84,966		83,773		80,845
Costs of other operating revenues			2,474		1,519		3,036		1,585		2,689
General and administrative (H)			23,565		30,373		25,019		33,059		41,727
Vessel operating leases			—		91		1,747		5,542		8,443
Depreciation and amortization			12,017		12,195		19,302		36,287		37,592
Gain on asset dispositions, net			(1,919)		(6,612)		(376)		(3,189)		(6,064)
Asset impairments			6,186		16,777		21,325		163,423		64,857
			103,687		122,544		155,019		320,480		230,089
Operating loss			(12,194)		(18,091)		(44,456)		(205,374)		(69,340)
Other income (expenses):
Foreign exchange gain (loss)			(348)		(349)		(2,082)		(1,157)		664
Equity in net earnings (losses) of unconsolidated companies			(15,439)		825		1,574		4,517		2,841
Interest income and other			(128)		1,898		1,577		1,680		1,588
Reorganization items (H)			—		(2,419)		(1,085,609)		(313,176)		—
Interest and other debt costs			(7,599)		(7,769)		(5,814)		(10,605)		(21,008)
			(23,514)		(7,814)		(1,090,354)		(318,741)		(15,915)
Loss before income taxes			(35,708)		(25,905)		(1,134,810)		(524,115)		(85,255)
Income tax (benefit) expense			3,321		(2,706)		3,216		295		1,717
Net loss	$		(39,029)		(23,199)		(1,138,026)		(524,410)		(86,972)
Less: Net income (loss) attributable to noncontrolling interests			143		374		142		24		7,883
Net loss attributable to Tidewater Inc.	$		(39,172)		(23,573)		(1,138,168)		(524,434)		(94,855)
Basic loss per common share	$		(1.67)		(1.02)		—		—		—
Diluted loss per common share	$		(1.67)		(1.02)		—		—		—
Weighted average common shares outstanding (I)			23,424,943		23,137,909		—		—		—
Dilutive effect of stock options and restricted stock			—		—		—		—		—
Adjusted weighted average common shares			23,424,943		23,137,909		—		—		—

Vessel operating margin	$		26,130		33,112		19,945		28,484		76,060

Note (H): Restructuring-related items:
Restructuring-related professional services costs included in general and administrative expenses	$		—		—		—		6,709		16,805
Restructuring-related professional services costs included in reorganization items			—		2,031		23,494		5,165		—
Restructuring-related sale leaseback vessel redelivery costs included in reorganization items			—		388		1,244		—		—
Total	$		—		2,419		24,738		11,874		16,805

Note (I): Weighted average shares outstanding for the quarters ended March 31, 2018 and December 31, 2017 include 108,044 and 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens, respectively, at March 31 2018 and December 31, 2017. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 were 23,988,075, 6,021,696 and 30,009,771, respectively. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at December 31, 2017 were 22,115,916, 7,884,006 and 29,999,922, respectively.

TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)

		March 31,		December 31,		September 30,		June 30,		March 31,
ASSETS		2018		2017		2017		2017		2017
Current assets:
Cash and cash equivalents	$		442,472		432,035		459,978		683,778		706,404
Restricted Cash			2,847		21,300		—		—		—
Trade and other receivables, net			115,754		114,184		120,271		116,612		123,262
Due from affiliate			207,919		230,315		245,056		252,810		262,652
Marine operating supplies			28,896		28,220		31,083		31,097		30,560
Other current assets			18,181		19,130		14,813		34,619		18,409
Total current assets			816,069		845,184		871,201		1,118,916		1,141,287
Investments in, at equity, and advances to unconsolidated companies			13,503		29,216		25,729		49,216		45,115
Net properties and equipment			814,263		837,520		868,689		2,659,314		2,864,762
Deferred drydocking and survey costs			11,430		3,208		388		—		—
Other assets			30,783		31,052		46,845		92,134		139,535
Total assets	$		1,686,048		1,746,180		1,812,852		3,919,580		4,190,699

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$		45,781		38,497		39,439		35,087		31,599
Accrued expenses			56,408		54,806		61,115		63,155		78,121
Due to affiliate			78,135		99,448		112,642		121,037		132,857
Accrued property and liability losses			2,852		2,585		2,774		2,758		3,583
Current portion of long-term debt			5,215		5,103		5,174		10,106		2,034,124
Other liabilities			8,826		19,693		38,041		28,029		48,429
Total current liabilities			197,217		220,132		259,185		260,172		2,328,713
Long-term debt			442,729		443,057		445,677		80,863		—
Deferred income taxes			—		—		—		—		46,013
Accrued property and liability losses			2,561		2,471		2,607		2,776		10,209
Other liabilities and deferred credits			58,060		58,576		62,569		60,382		154,705
Liabilities subject to compromise			—		—		—		2,389,557		—

Commitments and Contingencies

Equity:
Common stock			24		22		21		4,712		4,712
Additional paid-in capital			1,061,983		1,059,120		1,056,563		165,516		165,221
Retained earnings			(78,438)		(39,266)		(15,693)		950,895		1,475,329
Accumulated other comprehensive loss			(446)		(147)		82		(10,258)		(10,344)
Total stockholders' equity			983,123		1,019,729		1,040,973		1,110,865		1,634,918
Noncontrolling interests			2,358		2,215		1,841		14,965		16,141
Total equity			985,481		1,021,944		1,042,814		1,125,830		1,651,059
Total liabilities and equity	$		1,686,048		1,746,180		1,812,852		3,919,580		4,190,699

Due from affiliate, net of due to affiliate	$		129,784		130,867		132,414		131,773		129,795

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
		2018		2017		2017		2017		2017
VESSEL REVENUE BY VESSEL CLASS (In thousands):

Americas fleet:
Deepwater (J)	$		16,205		17,062		14,102		17,313		62,831
Towing-supply			6,846		8,263		9,319		11,274		14,738
Other			3,030		3,010		2,989		3,300		2,964
Total (J)	$		26,081		28,335		26,410		31,887		80,533
Middle East/Asia Pacific fleet:
Deepwater	$		9,564		9,066		8,393		10,701		9,433
Towing-supply			8,824		14,110		16,823		17,065		17,245
Total	$		18,388		23,176		25,216		27,766		26,678
Europe/Mediterranean Sea fleet:
Deepwater	$		9,020		10,395		11,192		8,237		9,853
Towing-supply			603		641		2,102		2,794		322
Other			—		—		—		—		(9)
Total	$		9,623		11,036		13,294		11,031		10,166
West Africa fleet:
Deepwater	$		13,938		14,358		13,978		13,921		13,179
Towing-supply			16,139		19,807		21,071		24,225		22,472
Other			3,325		4,601		4,942		3,427		3,877
Total	$		33,402		38,766		39,991		41,573		39,528
Worldwide fleet:
Deepwater (J)	$		48,727		50,881		47,665		50,172		95,296
Towing-supply			32,412		42,821		49,315		55,358		54,777
Other			6,355		7,611		7,931		6,727		6,832
Total (J)	$		87,494		101,313		104,911		112,257		156,905

Note (J): Included in Americas fleet deepwater, Americas fleet total, Worldwide fleet deepwater and Worldwide fleet total revenue for the quarter ended March 31, 2017 (Predecessor) is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2018		2017		2017		2017		2017
AVERAGE NUMBER OF VESSELS:

Americas fleet:
Deepwater		26		31		39		41		41
Towing-supply		15		16		19		21		22
Other		6		6		8		8		8
Total		47		53		66		70		71
Stacked vessels		(20)		(27)		(39)		(35)		(34)
Active vessels		27		26		27		35		37
Middle East/Asia Pacific fleet:
Deepwater		19		21		21		22		23
Towing-supply		37		39		43		44		44
Other		—		—		1		1		1
Total		56		60		65		67		68
Stacked vessels		(15)		(20)		(25)		(25)		(24)
Active vessels		41		40		40		42		44
Europe/Mediterranean Sea fleet:
Deepwater		17		17		18		17		18
Towing-supply		4		4		6		6		4
Other		—		—		1		2		2
Total		21		21		25		25		24
Stacked vessels		(5)		(5)		(5)		(6)		(8)
Active vessels		16		16		20		19		16
West Africa fleet:
Deepwater		27		27		25		24		23
Towing-supply		35		37		38		38		39
Other		31		31		32		35		36
Total		93		95		95		97		98
Stacked vessels		(39)		(37)		(37)		(43)		(46)
Active vessels		54		58		58		54		52
Worldwide fleet:
Deepwater		89		96		103		104		105
Towing-supply		91		96		106		109		109
Other		37		37		42		46		47
Total		217		229		251		259		261
Stacked vessels		(79)		(89)		(106)		(109)		(112)
Active vessels		138		140		145		150		149

Total active		138		140		145		150		149
Total stacked		79		89		106		109		112
Total joint venture and other vessels		8		8		8		8		8
Total		225		237		259		267		269

Note (K): Included in total owned or chartered vessels at March 31, 2018 (Successor), December 31, 2017 (Successor), September 30, 2017 (Successor), June 30, 2017 (Predecessor) and March 31, 2017 (Predecessor), were 70, 89, 91, 115, and 111 vessels, respectively, that were stacked by the company. These vessels were considered to be in service and are included in the calculation of our total fleet utilization statistics.

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2018		2017		2017		2017		2017
AVERAGE NUMBER OF LEASED VESSELS INCLUDED IN VESSEL COUNTS ABOVE:

Americas fleet:
Deepwater		—		—		7		8		8
Towing-supply		—		—		3		3		3
Total		—		—		10		11		11
Stacked vessels		—		—		(7)		(7)		(7)
Active vessels		—		—		3		4		4
Europe/Mediterranean Sea fleet:
Towing-supply		—		—		2		2		1
Total		—		—		2		2		1
Stacked vessels		—		—		—		—		—
Active vessels		—		—		2		2		1
West Africa fleet:
Towing-supply		—		—		3		3		4
Total		—		—		3		3		4
Stacked vessels		—		—		—		—		(1)
Active vessels		—		—		3		3		3
Worldwide fleet:
Deepwater		—		—		7		8		8
Towing-supply		—		—		8		8		8
Total		—		—		15		16		16
Stacked vessels		—		—		(7)		(7)		(8)
Active vessels		—		—		8		9		8

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2018		2017		2017		2017		2017
AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:
Deepwater		2,309		2,893		3,545		3,731		3,690
Towing-supply		1,350		1,441		1,773		1,941		1,980
Other		540		574		736		728		720
Total		4,199		4,908		6,054		6,400		6,390
Middle East/Asia Pacific fleet:
Deepwater		1,738		1,908		1,932		2,001		2,070
Towing-supply		3,348		3,604		3,980		3,974		3,952
Other		—		3		92		91		90
Total		5,086		5,515		6,004		6,066		6,112
Europe/Mediterranean Sea fleet:
Deepwater		1,527		1,588		1,649		1,539		1,580
Towing-supply		360		379		552		567		356
Other		—		—		136		182		180
Total		1,887		1,967		2,337		2,288		2,116
West Africa fleet:
Deepwater		2,470		2,484		2,347		2,193		2,070
Towing-supply		3,123		3,340		3,493		3,437		3,530
Other		2,745		2,852		2,885		3,170		3,240
Total		8,338		8,676		8,725		8,800		8,840
Worldwide fleet:
Deepwater		8,044		8,873		9,473		9,464		9,410
Towing-supply		8,181		8,764		9,798		9,919		9,818
Other		3,285		3,429		3,849		4,171		4,230
Total		19,510		21,066		23,120		23,554		23,458

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2018		2017		2017		2017		2017
OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:
Deepwater		898		1,565		2,359		2,110		1,874
Towing-supply		720		705		889		849		900
Other		180		206		368		273		270
Total		1,798		2,476		3,616		3,232		3,044
Middle East/Asia Pacific fleet:
Deepwater		478		705		746		702		900
Towing-supply		873		1,089		1,435		1,446		1,240
Other		—		3		92		91		90
Total		1,351		1,797		2,273		2,239		2,230
Europe/Mediterranean Sea fleet:
Deepwater		167		276		276		334		410
Towing-supply		270		180		92		91		90
Other		—		—		136		182		180
Total		437		456		504		607		680
West Africa fleet:
Deepwater		744		671		644		713		900
Towing-supply		1,463		1,472		1,484		1,463		1,547
Other		1,305		1,295		1,246		1,714		1,707
Total		3,512		3,438		3,374		3,890		4,154
Worldwide fleet:
Deepwater		2,287		3,217		4,025		3,859		4,084
Towing-supply		3,326		3,446		3,900		3,849		3,777
Other		1,485		1,504		1,842		2,260		2,247
Total		7,098		8,167		9,767		9,968		10,108

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2018		2017		2017		2017		2017
AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:
Deepwater		1,411		1,328		1,186		1,621		1,816
Towing-supply		630		736		884		1,092		1,080
Other		360		368		368		455		450
Total		2,401		2,432		2,438		3,168		3,346
Middle East/Asia Pacific fleet:
Deepwater		1,260		1,203		1,186		1,299		1,170
Towing-supply		2,475		2,515		2,545		2,528		2,712
Total		3,735		3,718		3,731		3,827		3,882
Europe/Mediterranean Sea fleet:
Deepwater		1,360		1,312		1,373		1,205		1,170
Towing-supply		90		199		460		476		266
Total		1,450		1,511		1,833		1,681		1,436
West Africa fleet:
Deepwater		1,726		1,813		1,703		1,480		1,170
Towing-supply		1,660		1,868		2,009		1,974		1,983
Other		1,440		1,557		1,639		1,456		1,533
Total		4,826		5,238		5,351		4,910		4,686
Worldwide fleet:
Deepwater		5,757		5,656		5,448		5,605		5,326
Towing-supply		4,855		5,318		5,898		6,070		6,041
Other		1,800		1,925		2,007		1,911		1,983
Total		12,412		12,899		13,353		13,586		13,350

Note (L): Available Days - Active Fleet equals Available Days - Total Fleet less Out-Of-Service - Stacked Days.

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2018		2017		2017		2017		2017
UTILIZATION - TOTAL FLEET:

Americas fleet:
Deepwater		42.2%		32.2%		20.5%		23.4%		29.7%
Towing-supply		35.7		39.0		36.1		36.4		41.8
Other		61.9		60.8		45.3		50.0		45.7
Total		42.7%		37.6%		28.1%		30.3%		35.2%
Middle East/Asia Pacific fleet:
Deepwater		54.4%		48.7%		44.0%		54.4%		45.9%
Towing-supply		40.0		57.7		57.1		57.2		54.2
Total		44.9%		54.5%		52.0%		55.4%		50.6%
Europe/Mediterranean Sea fleet:
Deepwater		64.7%		69.4%		71.7%		59.7%		61.0%
Towing-supply		25.0		24.1		53.8		66.1		13.9
Total		57.1%		60.7%		63.3%		56.5%		47.9%
West Africa fleet:
Deepwater		52.3%		49.4%		49.3%		46.1%		48.0%
Towing-supply		39.0		45.7		45.2		49.4		44.9
Other		36.6		44.8		44.6		33.1		32.7
Total		42.2%		46.5%		46.1%		42.7%		41.2%
Worldwide fleet:
Deepwater		52.2%		47.2%		41.3%		41.1%		42.6%
Towing-supply		38.3		48.6		48.9		50.9		46.9
Other		40.8		47.4		42.1		33.9		32.8
Total		44.4%		47.8%		44.7%		44.0%		42.6%

Note (M): Utilization Total Fleet equals Days Worked / Available Days Total Fleet.

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2018		2017		2017		2017		2017
UTILIZATION - ACTIVE FLEET:

Americas fleet:
Deepwater		69.1%		70.2%		61.2%		53.8%		60.4%
Towing-supply		76.6		76.4		72.3		64.7		76.6
Other		92.9		94.8		90.6		79.9		73.1
Total		74.6%		75.8%		69.7%		61.3%		67.3%
Middle East/Asia Pacific fleet:
Deepwater		75.0%		77.2%		71.6%		83.8%		81.2%
Towing-supply		54.1		82.7		89.4		89.9		79.0
Total		61.2%		80.9%		83.7%		87.8%		79.7%
Europe/Mediterranean Sea fleet:
Deepwater		72.6%		84.0%		86.1%		76.2%		82.4%
Towing-supply		100.0		45.8		64.6		78.7		18.6
Total		74.3%		79.0%		80.7%		76.9%		70.6%
West Africa fleet:
Deepwater		74.8%		67.7%		68.0%		68.3%		84.9%
Towing-supply		73.4		81.7		78.6		86.0		80.0
Other		69.9		82.0		78.4		72.1		69.1
Total		72.8%		76.9%		75.2%		76.5%		77.7%
Worldwide fleet:
Deepwater		72.9%		74.1%		71.9%		69.4%		75.2%
Towing-supply		64.5		80.1		81.2		83.2		76.2
Other		74.5		84.5		80.6		74.0		70.0
Total		69.8%		78.1%		77.3%		76.2%		74.9%

Note (N): Utilization Active Fleet equals Days Worked / Available Days - Active Fleet.

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
		2018		2017		2017		2017		2017
AVERAGE VESSEL DAY RATES:

Americas fleet:
Deepwater (O)	$		16,626		18,301		19,429		19,869		57,311
Towing-supply			14,191		14,700		14,577		15,959		17,816
Other			9,061		8,628		8,968		9,071		9,015
Total (O)	$		14,558		15,372		15,550		16,423		35,756
Middle East/Asia Pacific fleet:
Deepwater	$		10,122		9,762		9,883		9,825		9,927
Towing-supply			6,589		6,787		7,398		7,511		8,045
Total	$		8,051		7,705		8,073		8,261		8,623
Europe/Mediterranean Sea fleet:
Deepwater	$		9,132		9,427		9,464		8,967		10,220
Towing-supply			6,695		7,035		7,077		7,459		6,513
Total	$		8,928		9,244		8,985		8,530		10,030
West Africa fleet:
Deepwater	$		10,795		11,702		12,069		13,768		13,260
Towing-supply			13,245		12,979		13,339		14,271		14,171
Other			3,306		3,602		3,854		3,265		3,661
Total	$		9,501		9,619		9,943		11,061		10,863
Worldwide fleet:
Deepwater (O)	$		11,606		12,142		12,172		12,897		23,797
Towing-supply			10,355		10,056		10,295		10,961		11,893
Other			4,742		4,681		4,906		4,759		4,922
Total (O)	$		10,093		10,056		10,162		10,842		15,693

Note (O): Included in Americas fleet deepwater, Americas fleet total, Worldwide fleet deepwater and Worldwide fleet total average day rates for the quarter ended March 31, 2017 (Predecessor) is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract. Americas fleet deepwater, Americas fleet total, Worldwide fleet deepwater and Worldwide fleet total average day rates were increased by $35,709, $17,385, $9,776 and $3,915, respectively, for the quarter ended March 31, 2017 (Predecessor) as a result of the recognition of revenue related to the early cancellation of the vessel charter contract.

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
(In thousands)		2018		2017		2017		2017		2017
Americas
Vessel revenues (P)	$		26,081		28,335		26,410		31,887		80,533

Vessel operating costs:
Crew costs	$		9,093		11,190		12,652		14,457		15,761
Routine repairs and maintenance			1,917		2,203		2,210		2,705		2,879
Major repairs			(187)		(144)		4,167		1,136		7
Insurance and loss reserves			(551)		788		605		933		(519)
Fuel, lube and supplies			1,618		2,413		2,935		3,394		3,896
Other			406		1,321		2,307		4,655		3,555
Total vessel operating costs	$		12,296		17,771		24,876		27,280		25,579

Vessel operating margin ($)	$		13,785		10,564		1,534		4,607		54,954
Vessel operating margin (%)			52.9%		37.3%		5.8%		14.4%		68.2%

Vessel operating lease expense	$		—		—		62		3,787		6,627
Vessel depreciation	$		3,223		3,386		5,488		10,748		11,297
Amortization of deferred drydocking and survey costs	$		90		86		4		—		—

Vessel operations general and administrative expenses ($)	$		5,561		6,040		5,481		5,771		6,412
Vessel operations general and administrative expenses (%)			21.3%		21.3%		20.8%		18.1%		8.0%

Vessel operating profit (loss)	$		4,911		1,052		(9,501)		(15,699)		30,618

Americas - Select operating statistics
Average vessels - Total fleet (Q)			47		53		66		70		71
Utilization - Total fleet			42.7%		37.6%		28.1%		30.3%		35.2%

Average vessels - Active fleet (Q)			27		26		27		35		37
Utilization - Active fleet			74.6%		75.8%		69.7%		61.3%		67.3%

Average day rates (P)	$		14,558		15,372		15,550		16,423		35,756

Vessels commencing drydocks			7		3		7		2		2

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		(187)		(144)		4,167		1,136		7
Cash paid for deferred drydocking and survey costs	$		2,775		554		243		—		—
	$		2,588		410		4,410		1,136		7

Deferred drydocking and survey costs - beginning balance	$		707		239		—		—		—
Cash paid for deferred drydocking and survey costs	$		2,775		554		243		—		—
Amortization of deferred drydocking and survey costs	$		90		86		4		—		—
Net vessel transfers in/out of the segment	$		9		—		—		—		—
Deferred drydocking and survey costs - ending balance	$		3,383		707		239		—		—

Note (P): Included in Americas vessel revenue for the quarter ended March 31, 2017 is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract. Americas fleet average day rates were increased by $17,385 as a result of the recognition of revenue related to the early cancellation of the vessel charter contract.

Note (Q): Average leased vessels – Americas fleet			—		—		10		11		11
Average leased vessels - Americas active fleet			—		—		3		4		4

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
(In thousands)		2018		2017		2017		2017		2017
Middle East/Asia Pacific
Vessel revenues	$		18,388		23,176		25,216		27,766		26,678

Vessel operating costs:
Crew costs	$		8,108		8,666		9,101		9,795		9,495
Routine repairs and maintenance			1,209		1,733		2,387		2,164		2,318
Major repairs			254		442		320		511		3,988
Insurance and loss reserves			(150)		771		626		681		(732)
Fuel, lube and supplies			2,339		2,653		1,725		1,539		2,543
Other			2,742		2,723		2,977		2,908		3,351
Total vessel operating costs	$		14,502		16,988		17,136		17,598		20,963

Vessel operating margin ($)	$		3,886		6,188		8,080		10,168		5,715
Vessel operating margin (%)			21.1%		26.7%		32.0%		36.6%		21.4%

Vessel operating lease expense	$		—		—		—		—		—
Vessel depreciation	$		2,707		2,905		4,028		7,746		8,499
Amortization of deferred drydocking and survey costs	$		62		4		—		—		—

Vessel operations general and administrative expenses ($)	$		3,370		3,772		3,226		3,738		3,380
Vessel operations general and administrative expenses (%)			18.3%		16.3%		12.8%		13.5%		12.7%

Vessel operating profit (loss)	$		(2,253)		(493)		826		(1,316)		(6,164)

Middle East/Asia Pacific - Select operating statistics
Average vessels - Total fleet			56		60		65		67		68
Utilization - Total fleet			44.9%		54.5%		52.0%		55.4%		50.6%

Average vessels - Active fleet			41		40		40		42		44
Utilization - Active fleet			61.2%		80.9%		83.7%		87.8%		79.7%

Average day rates	$		8,051		7,705		8,073		8,261		8,623

Vessels commencing drydocks			3		5		1		1		5

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		254		442		320		511		3,988
Cash paid for deferred drydocking and survey costs	$		1,728		209		—		—		—
	$		1,982		651		320		511		3,988

Deferred drydocking and survey costs - beginning balance	$		205		—		—		—		—
Cash paid for deferred drydocking and survey costs	$		1,728		209		—		—		—
Amortization of deferred drydocking and survey costs	$		62		4		—		—		—
Deferred drydocking and survey costs - ending balance	$		1,871		205		—		—		—

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
(In thousands)		2018		2017		2017		2017		2017
Europe/Mediterranean Sea
Vessel revenues	$		9,623		11,036		13,294		11,031		10,166

Vessel operating costs:
Crew costs	$		4,991		5,147		6,460		5,593		4,927
Routine repairs and maintenance			1,240		1,145		1,430		1,244		925
Major repairs			338		—		290		1,983		336
Insurance and loss reserves			110		311		206		426		226
Fuel, lube and supplies			1,810		1,038		1,050		1,393		1,101
Other			1,606		1,466		1,754		1,835		1,394
Total vessel operating costs	$		10,095		9,107		11,190		12,474		8,909

Vessel operating margin ($)	$		(472)		1,929		2,104		(1,443)		1,257
Vessel operating margin (%)			-4.9%		17.5%		15.8%		-13.1%		12.4%

Vessel operating lease expense	$		—		—		670		721		432
Vessel depreciation	$		1,641		1,641		3,411		6,803		6,561
Amortization of deferred drydocking and survey costs	$		163		—		—		—		—

Vessel operations general and administrative expenses ($)	$		1,278		1,073		1,251		1,196		1,366
Vessel operations general and administrative expenses (%)			13.3%		9.7%		9.4%		10.8%		13.4%

Vessel operating profit (loss)	$		(3,554)		(785)		(3,228)		(10,163)		(7,102)

Europe/Mediterranean Sea - Select operating statistics
Average vessels - Total fleet (R)			21		21		25		25		24
Utilization - Total fleet			57.1%		60.7%		63.3%		56.5%		47.9%

Average vessels - Active fleet (R)			16		16		20		19		16
Utilization - Active fleet			74.3%		79.0%		80.7%		76.9%		70.6%

Average day rates	$		8,928		9,244		8,985		8,530		10,030

Vessels commencing drydocks			6		—		1		4		1

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		338		—		290		1,983		336
Cash paid for deferred drydocking and survey costs	$		2,633		—		—		—		—
	$		2,971		—		290		1,983		336

Deferred drydocking and survey costs - beginning balance	$		—		—		—		—		—
Cash paid for deferred drydocking and survey costs	$		2,633		—		—		—		—
Amortization of deferred drydocking and survey costs	$		163		—		—		—		—
Deferred drydocking and survey costs - ending balance	$		2,470		—		—		—		—

Note (R): Average leased vessels - Europe/Mediterranean Sea fleet			—		—		2		2		1
Average leased vessels - Europe/Mediterranean Sea active fleet			—		—		2		2		1

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
(In thousands)		2018		2017		2017		2017		2017
West Africa
Vessel revenues	$		33,402		38,766		39,991		41,573		39,528

Vessel operating costs:
Crew costs	$		12,032		12,145		13,935		12,365		11,646
Routine repairs and maintenance			2,816		2,246		2,244		2,094		2,399
Major repairs			117		85		2,521		2,007		4,222
Insurance and loss reserves			(480)		1,076		1,067		1,084		(742)
Fuel, lube and supplies			3,245		3,296		4,131		3,102		1,739
Other			6,741		5,487		7,866		5,769		6,130
Total vessel operating costs	$		24,471		24,335		31,764		26,421		25,394

Vessel operating margin ($)	$		8,931		14,431		8,227		15,152		14,134
Vessel operating margin (%)			26.7%		37.2%		20.6%		36.4%		35.8%

Vessel operating lease expense	$		—		91		1,015		1,034		1,384
Vessel depreciation	$		3,703		3,547		5,444		9,595		9,816
Amortization of deferred drydocking and survey costs	$		323		112		—		—		—

Vessel operations general and administrative expenses ($)	$		6,658		9,061		7,135		7,297		8,287
Vessel operations general and administrative expenses (%)			19.9%		23.4%		17.8%		17.6%		21.0%

Vessel operating loss	$		(1,753)		1,620		(5,367)		(2,774)		(5,353)

West Africa - Select operating statistics
Average vessels - Total fleet (S)			93		95		95		97		98
Utilization - Total fleet			42.2%		46.5%		46.1%		42.7%		41.2%

Average vessels - Active fleet (S)			54		58		58		54		52
Utilization - Active fleet			72.8%		76.9%		75.2%		76.5%		77.7%

Average day rates	$		9,501		9,619		9,943		11,061		10,863

Vessels commencing drydocks			3		2		7		2		6

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		117		85		2,521		2,007		4,222
Cash paid for deferred drydocking and survey costs	$		1,724		2,259		149		—		—
	$		1,841		2,344		2,670		2,007		4,222

Deferred drydocking and survey costs - beginning balance	$		2,296		149		—		—		—
Cash paid for deferred drydocking and survey costs	$		1,724		2,259		149		—		—
Amortization of deferred drydocking and survey costs	$		323		112		—		—		—
Net vessel transfers in/out of the segment	$		(9)		—		—		—		—
Deferred drydocking and survey costs - ending balance	$		3,706		2,296		149		—		—

Note (S): Average leased vessels - West Africa fleet			—		—		3		3		4
Average leased vessels - West Africa active fleet			—		—		3		3		3

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
(In thousands)		2018		2017		2017		2017		2017
Worldwide
Vessel revenues (T)	$		87,494		101,313		104,911		112,257		156,905

Vessel operating costs:
Crew costs	$		34,224		37,148		42,148		42,210		41,829
Routine repairs and maintenance			7,182		7,327		8,271		8,207		8,521
Major repairs			522		383		7,298		5,637		8,553
Insurance and loss reserves			(1,071)		2,946		2,504		3,124		(1,767)
Fuel, lube and supplies			9,012		9,400		9,841		9,428		9,279
Other			11,495		10,997		14,904		15,167		14,430
Total vessel operating costs	$		61,364		68,201		84,966		83,773		80,845

Vessel operating margin ($)	$		26,130		33,112		19,945		28,484		76,060
Vessel operating margin (%)			29.9%		32.7%		19.0%		25.4%		48.5%

Vessel operating lease expense	$		—		91		1,747		5,542		8,443
Vessel depreciation	$		11,274		11,479		18,371		34,892		36,173
Amortization of deferred drydocking and survey costs	$		638		202		4		—		—

Vessel operations general and administrative expenses ($)	$		16,867		19,946		17,093		18,002		19,445
Vessel operations general and administrative expenses (%)			19.3%		19.7%		16.3%		16.0%		12.4%

Vessel operating profit (loss)	$		(2,649)		1,394		(17,270)		(29,952)		11,999

Worldwide - Select operating statistics
Average vessels - Total fleet (U)			217		229		251		259		261
Utilization - Total fleet			44.4%		47.8%		44.7%		44.0%		42.6%

Average vessels - Active fleet (U)			138		140		145		150		149
Utilization - Active fleet			69.8%		78.1%		77.3%		76.2%		74.9%

Average day rates (T)	$		10,093		10,056		10,162		10,842		15,693

Vessels commencing drydocks			19		10		16		9		14

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		522		383		7,298		5,637		8,553
Cash paid for deferred drydocking and survey costs	$		8,860		3,022		392		—		—
	$		9,382		3,405		7,690		5,637		8,553

Deferred drydocking and survey costs - beginning balance	$		3,208		388		—		—		—
Cash paid for deferred drydocking and survey costs	$		8,860		3,022		392		—		—
Amortization of deferred drydocking and survey costs	$		638		202		4		—		—
Deferred drydocking and survey costs - ending balance	$		11,430		3,208		388		—		—

Note (T): Included in Worldwide vessel revenue for the quarter ended March 31, 2017 is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract. Worldwide average day rates were increased by $3,915 as a result of the recognition of revenue related to the early cancellation of the vessel charter contract.

Note (U): Average leased vessels – Worldwide fleet			—		—		15		16		16
Average leased vessels - Worldwide active fleet			—		—		8		9		8

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
(In thousands)		2018		2017		2017		2017		2017


Consolidated EBITDA (V) (W) (X) (Y) (Z)	$		(9,905)		13,255		(2,760)		6,085		55,007

Restructuring-related professional services costs			—		(2,031)		(23,494)		(11,874)		(16,805)
Asset impairments			(6,186)		(16,777)		(21,325)		(163,423)		(64,857)
Sale leaseback redelivery costs			—		(388)		(1,244)		—		—
Reorganization items (excluding professional services and sale leaseback redelivery costs)			—		—		(1,060,871)		(308,011)		—
Interest and other debt costs			(7,599)		(7,769)		(5,814)		(10,605)		(21,008)
Income tax benefit (expense)			(3,321)		2,706		(3,216)		(295)		(1,717)
Depreciation			(11,380)		(11,993)		(19,298)		(36,287)		(37,592)
Amortization of deferred drydocking and survey costs			(638)		(202)		(4)		—		—

Net loss	$		(39,029)		(23,199)		(1,138,026)		(524,410)		(86,972)



		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
(In thousands)		2018		2017		2017		2017		2017


Consolidated EBITDA (V) (W) (X) (Y) (Z)	$		(9,905)		13,255		(2,760)		6,085		55,007

Restructuring-related professional service costs			—		(2,031)		(23,494)		(11,874)		(16,805)
Sale leaseback redelivery costs			—		(388)		(1,244)		—		—
Cash paid for interest			(8,152)		(8,164)		(1,203)		(433)		(8,218)
Cash paid for taxes			(6,429)		(3,262)		(2,521)		(3,611)		(2,167)
Cash paid for deferred drydocking costs			(8,860)		(3,022)		(392)		—		—
Change in net working capital, excluding cash			8,649		(4,874)		18,585		(9,856)		42,205
Equity in net (earnings) losses of unconsol. companies (Z)			15,439		(825)		(1,574)		(4,101)		(2,841)
Stock-based compensation expense			2,956		2,558		2,554		326		(888)
Gain on asset disposition			(1,919)		(6,612)		(376)		(3,189)		(6,064)
Changes in other, net			2,237		(4,372)		(3,608)		3,706		9,921

Net cash provided (used) in operating activities	$		(5,984)		(17,737)		(16,033)		(22,947)		70,150

Note (V): Consolidated EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization, asset impairment charges, restructuring-related professional services costs and costs related to the redelivery of sale leaseback vessels. Restructuring-related professional services and sale leaseback redelivery costs have been separately presented in the above table. Restructuring-related professional services costs incurred prior to May 17, 2017 were included in general and administrative expenses and such costs incurred subsequent to May 17, 2017 were included in reorganization items in the company's Condensed Consolidated Statements of Earnings (Loss).

Note (W): Consolidated EBITDA for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes non-cash, stock-based compensation expense of $2,956, $2,558, $2,554, $326, and $(888), respectively.

Note (X): Consolidated EBITDA for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes vessel operating lease expense of $0, $91, $1,747, $5,542, and $8,443, respectively.

Note (Y): Consolidated EBITDA for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes foreign exchange gains (losses) of $(348), $(349), $(2,082), $(1,157), and $664, respectively.

Note (Z): Consolidated EBITDA and equity in net (earnings) losses of unconsol. companies for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes foreign exchange gains (losses) of $(14,823), $(74), $758, $3,480, and $4,965, respectively.

Non-GAAP Financial Measures

We disclose and discuss EBITDA as a non-GAAP financial measure in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income) before interest and other debt costs, income tax expense, depreciation and amortization, reorganization items, asset impairments, and restructuring-related professional services costs included in general and administrative expenses. Our measure of EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA differently than we do, which may limit its usefulness as a comparative measure.

We view EBITDA both as a performance and liquidity measure and, as such, we believe that the GAAP financial measures most directly comparable to it are net income and net cash provided (used) in operating activities, respectively. Because EBITDA is not a measure of financial performance calculated in accordance with GAAP, it should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

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

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

For illustrative purposes, the company has combined the Successor and Predecessor results to derive combined results for the three months ended September 30, 2017. The combination was generated by addition of comparable financial statement line items. However, because of various adjustments to the consolidated financial statements in connection with the application of fresh-start reporting, including asset valuation adjustments and liability adjustments, the results of operations for the Successor may not be comparable to those of the Predecessor.

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SOURCE Tidewater Inc.

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Tidewater Reports Results For The Three Months Ended March 31, 2018

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