tdw-ex991

____________________________________________________________________________________________________________________________________________

TIDEWATER INC. ● 6002 Rogerdale Road, Suite 600 ● Houston, TX 77072 ● Telephone (713) 470-5300 ● Fax (888) 909-0946

HOUSTON, August 13, 2018 — Tidewater Inc. (NYSE:TDW) announced today a net loss for the three months ended June 30, 2018, of $10.9 million, or $0.44 per common share, on revenues of $105.6 million.

As more fully explained in the company's Form 10-Q for the quarter ended June 30, 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 $10.9 million ($0.44 per common share) net loss for the three months ending June 30, 2018 were the following:

Consolidated earnings (loss) before interest, taxes, depreciation and amortization (EBITDA) for the three months ended June 30, 2018, was $16.2 million, which excludes $1.2 million of Asset impairments, but includes $3.2 million of stock-based compensation expense, $6.8 million of Foreign exchange losses and $4.9 million of Sonatide dividends received in excess of our investment balance. (See disclosures related to Non-GAAP measures in other fleet and financial data beginning on page 10 herein.)

John Rynd, Tidewater President and Chief Executive Officer commented, “Our results for the second quarter reflect strong execution by our team and a modest improvement in the overall market. As expected, utilization, vessel revenues and vessel operating margin recovered relative to reported results in the first quarter, and average day rates were generally stable quarter-to-quarter. Our focus for the remainder of the year will be on maintaining our global commitment to safe operations and high quality, cost efficient customer service. In addition, we are executing our business plan in regards to cash flow and other financial targets. We will also continue to work with the team at GulfMark to develop integration plans that will allow us to quickly and fully realize identified cost and operational synergies and to best position the combined company for future organic

and other growth opportunities. As previously disclosed, we expect to close the GulfMark transaction during the fourth quarter. We continue to believe that the combination of Tidewater and GulfMark creates clear and compelling value for stakeholders of both companies. There are no financing contingencies associated with the proposed Tidewater/GulfMark merger and we are committed to completing the transaction.”

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 June 30, 2018 were 26,085,274, 3,924,441 and 30,009,715, respectively.

Tidewater will hold a conference call to discuss results for the three months ended June 30, 2018 on Tuesday, August 14, 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 August 14, 2018, and will continue until 11:59 p.m. Central Time on August 16, 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 47353238.

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 September 14, 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. For risks related to the proposed transaction with GulfMark Offshore Inc. (“GulfMark”), please see the press release dated July 16, 2018, issued by Tidewater and GulfMark.

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.

	Successor			Predecessor			Successor			Predecessor
	Quarter Ended			Quarter Ended			Six Months Ended			Six Months Ended
	June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017
Revenues:
Vessel revenues	$	104,174			112,257			191,668			269,162
Other operating revenues		1,427			2,849			5,426			6,693
		105,601			115,106			197,094			275,855
Costs and expenses:
Vessel operating costs		68,012			83,773			129,376			164,618
Costs of other operating revenues		642			1,585			3,116			4,274
General and administrative		24,425			33,059			47,990			74,786
Vessel operating leases		—			5,542			—			13,985
Depreciation and amortization		12,785			36,287			24,802			73,879
Gain on asset dispositions, net		(1,338	)		(3,189	)		(3,257	)		(9,253	)
Asset impairments		1,215			163,423			7,401			228,280
		105,741			320,480			209,428			550,569
Operating loss		(140	)		(205,374	)		(12,334	)		(274,714	)
Other income (expenses):
Foreign exchange loss		(1,002	)		(1,157	)		(1,350	)		(493	)
Equity in net earnings (losses) of unconsolidated companies		390			4,517			(15,049	)		7,358
Interest income and other, net		2,914			1,680			2,786			3,268
Reorganization items		—			(313,176	)		—			(313,176	)
Interest and other debt costs, net		(7,547	)		(10,605	)		(15,146	)		(31,613	)
		(5,245	)		(318,741	)		(28,759	)		(334,656	)
Loss before income taxes		(5,385	)		(524,115	)		(41,093	)		(609,370	)
Income tax expense		5,797			295			9,118			2,012
Net loss	$	(11,182	)		(524,410	)		(50,211	)		(611,382	)
Less: Net income attributable to noncontrolling interests		(242	)		24			(99	)		7,907
Net loss attributable to Tidewater Inc.	$	(10,940	)		(524,434	)		(50,112	)		(619,289	)
Basic loss per common share	$	(0.44	)		(11.13	)		(2.09	)		(13.15	)
Diluted loss per common share	$	(0.44	)		(11.13	)		(2.09	)		(13.15	)
Weighted average common shares outstanding		24,654,220			47,121,304			23,989,254			47,101,155
Dilutive effect of stock options and restricted stock		—			—			—			—
Adjusted weighted average common shares		24,654,220			47,121,304			23,989,254			47,101,155

Note (A): The company did not incur any restructuring-related professional services costs during the quarter and six months ended June 30, 2018 (Successor), but did incur professional services costs related the proposed combination with GulfMark during the quarter ended June 30, 2018 of $1.5 million. Restructuring-related professional services costs included in general and administrative expenses for the quarter and six months ended June 30, 2017 (Predecessor), were $6.7 million and $23.4 million, respectively. General and administrative expenses for the quarter and six months ended June 30, 2018 (Successor) included stock-based compensation of $3.2 million and $6.1 million, respectively. General and administrative expenses for the quarter and six months ended June 30, 2017 (Predecessor) included stock-based compensation of $0.3 million and ($0.6) million, respectively.

Note (B): Equity in net earnings (losses) of unconsolidated companies for the quarter and six months ended June 30, 2018 (Successor) includes $5.8 million and $20.6 million of foreign exchange losses, respectively, related to our Angola joint venture, Sonatide.

Note (C): Common shares and new creditor warrants and the sum of common shares and New Creditor Warrants outstanding at June 30, 2018 (Successor) were 26,085,274, 3,924,441 and 30,009,715, respectively.

	Successor
	June 30,			December 31,
ASSETS	2018			2017
Current assets:
Cash and cash equivalents	$	459,286			432,035
Restricted cash		5,213			21,300
Trade and other receivables, net		96,630			114,184
Due from affiliates		197,059			230,315
Marine operating supplies		28,930			28,220
Other current assets		10,213			19,130
Total current assets		797,331			845,184
Investments in, at equity, and advances to unconsolidated companies		1,335			29,216
Net properties and equipment		803,725			837,520
Deferred drydocking and survey costs		14,372			3,208
Other assets		26,779			31,052
Total assets	$	1,643,542			1,746,180

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	30,561			38,497
Accrued expenses		49,312			54,806
Due to affiliates		62,353			99,448
Accrued property and liability losses		2,790			2,585
Current portion of long-term debt		6,290			5,103
Other current liabilities		17,815			19,693
Total current liabilities		169,121			220,132
Long-term debt		438,559			443,057
Accrued property and liability losses		2,651			2,471
Other liabilities		57,685			58,576

Commitments and Contingencies

Equity:
Successor Common stock of $0.001 par value, 125,000,000 shares authorized, 26,085,274 and 22,115,916 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively		26			22
Additional paid-in capital		1,064,039			1,059,120
Retained deficit		(89,378	)		(39,266	)
Accumulated other comprehensive loss		(403	)		(147	)
Total stockholders’ equity		974,284			1,019,729
Noncontrolling interests		1,242			2,215
Total equity		975,526			1,021,944
Total liabilities and equity	$	1,643,542			1,746,180

	Successor			Predecessor			Successor			Predecessor
	Quarter Ended			Quarter Ended			Six Months Ended			Six Months Ended
	June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017
Net loss	$	(11,182	)		(524,410	)		(50,211	)		(611,382	)
Other comprehensive income:
Unrealized gains (losses) on available for sale securities, net of tax of $0, $0, $0 and $61		43			86			(256	)		(8	)
Change in loss on derivative contract, net of tax of $0, $0, $0 and $823		—			—			—			1,317
Change in supplemental executive retirement plan liability, net of tax of $0, $0, $0 and ($927)		—			—			—			(1,721	)
Change in pension plan minimum liability, net of tax of $0, $0, $0 and $215		—			—			—			399
Change in other benefit plan minimum liability, net of tax of $0, $0, $0 and ($2,046)		—			—			—			(3,799	)
Total comprehensive loss	$	(11,139	)		(524,324	)		(50,467	)		(615,194	)

	Successor			Predecessor
	Six Months Ended			Six Months Ended
	June 30, 2018			June 30, 2017
Operating activities:
Net loss	$	(50,211	)		(611,382	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Reorganization items		—			308,011
Depreciation and amortization		22,572			73,879
Amortization of deferred drydocking and survey costs		2,230			—
Amortization of debt premium and discounts		(900	)		—
Provision for deferred income taxes		—			(7,743	)
Gain on asset dispositions, net		(3,257	)		(9,253	)
Asset impairments		7,401			228,280
Changes in investments in, at equity, and advances to unconsolidated companies		27,881			(9,163	)
Compensation expense - stock-based		6,139			(562	)
Excess tax liability on stock option activity		—			4,927
Changes in assets and liabilities, net:
Trade and other receivables		(15,097	)		57,701
Changes in due to/from related parties, net		19,869			22,983
Marine operating supplies		(711	)		(922	)
Other current assets		8,752			(22,668	)
Accounts payable		1,709			(15,384	)
Accrued expenses		(6,652	)		17,870
Accrued property and liability losses		205			(816	)
Other current liabilities		5,590			(1,216	)
Other liabilities		11			3,135
Cash paid for deferred drydocking and survey costs		(13,394	)		—
Other, net		4,846			9,110
Net cash provided by operating activities		16,983			46,787
Cash flows from investing activities:
Proceeds from sales of assets		12,968			3,072
Additions to properties and equipment		(5,775	)		(9,982	)
Payments related to novated vessel construction contract		—			5,272
Net cash provided by (used in) investing activities		7,193			(1,638	)
Cash flows from financing activities:
Principal payment on long-term debt		(2,637	)		(5,048	)
Payments to General Unsecured Creditors		(8,377	)		—
Other		(1,998	)		(6,127	)
Net cash used in financing activities		(13,012	)		(11,175	)
Net change in cash, cash equivalents and restricted cash		11,164			33,974
Cash, cash equivalents and restricted cash at beginning of period		453,335			649,804
Cash, cash equivalents and restricted cash at end of period	$	464,499			683,778
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized	$	16,134			8,651
Income taxes	$	10,083			5,778
Supplemental disclosure of non-cash investing activities:
Additions to properties and equipment	$	—			282

									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		—		—			(50,112	)		(256	)		(99	)		(50,467	)
Issuance of common stock		4		(2	)		—			—			—			2
Amortization of restricted stock units		—		6,047			—			—			—			6,047
Acquisition of noncontrolling interest		—		(1,126	)		—			—			(874	)		(2,000	)
Balance at June 30, 2018 (Successor)	$	26		1,064,039			(89,378	)		(403	)		1,242			975,526

Balance at December 31, 2016 (Predecessor)	$	4,707		171,018			1,570,027			(6,446	)		8,258			1,747,564
Total comprehensive loss		—		—			(619,289	)		(3,812	)		7,907			(615,194	)
Stock option activity		—		562			—			—			—			562
Cancellation of restricted stock awards		—		—			157			—			—			157
Amortization/cancellation of restricted stock units		5		(6,064	)		—			—			—			(6,059	)
Cash paid to noncontrolling interests		—		—			—			—			(1,200	)		(1,200	)
Balance at June 30, 2017 (Predecessor)	$	4,712		165,516			950,895			(10,258	)		14,965			1,125,830

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

	Successor					Predecessor					Successor					Predecessor
	Quarter Ended					Quarter Ended					Six Months Ended					Six Months Ended
	June 30, 2018					June 30, 2017					June 30, 2018					June 30, 2017
(In thousands)			%					%					%					%
Vessel revenues:
Americas (D)	$	32,601		31	%		31,887		28	%		58,682		31	%		112,420		42	%
Middle East/Asia Pacific		22,406		21	%		27,766		25	%		40,794		21	%		54,444		20	%
Europe/Mediterranean Sea		13,357		13	%		11,031		10	%		22,980		12	%		21,197		8	%
West Africa		35,810		35	%		41,573		37	%		69,212		36	%		81,101		30	%
Total vessel revenues	$	104,174		100	%		112,257		100	%		191,668		100	%		269,162		100	%
Vessel operating costs:
Crew costs	$	36,368		35	%		42,210		38	%		70,592		37	%		84,039		31	%
Repair and maintenance		7,978		8	%		13,844		12	%		15,682		8	%		30,918		11	%
Insurance and loss reserves		2,191		2	%		3,124		3	%		1,120		2	%		1,357		1	%
Fuel, lube and supplies		8,181		8	%		9,428		8	%		17,193		9	%		18,707		7	%
Other		13,294		13	%		15,167		14	%		24,789		13	%		29,597		11	%
Total vessel operating costs		68,012		65	%		83,773		75	%		129,376		69	%		164,618		61	%
Vessel operating margin (E)	$	36,162		35	%		28,484		25	%		62,292		31	%		104,544		39	%

Note (D): Included in Americas vessel revenues for the six months ended June 30, 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):

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						Successor						Predecessor
	Quarter Ended						Quarter Ended						Six Months Ended						Six Months Ended
	June 30, 2018						June 30, 2017						June 30, 2018						June 30, 2017
(In thousands)				%						%						%						%
Vessel operating profit (loss):
Americas (F)	$	5,681			5	%		(15,699	)		(14	%)	$	10,592			5	%		14,919			5	%
Middle East/Asia Pacific		625			1	%		(1,316	)		(1	%)		(1,628	)		(1	%)		(7,480	)		(3	%)
Europe/Mediterranean Sea		(1,142	)		(1	%)		(10,163	)		(9	%)		(4,696	)		(2	%)		(17,265	)		(6	%)
West Africa		1,705			2	%		(2,774	)		(2	%)		(48	)		<1	%		(8,127	)		(3	%)
		6,869			7	%		(29,952	)		(26	%)		4,220			2	%		(17,953	)		(7	%)
Other operating profit (loss)		778			1	%		55			<1	%		2,284			1	%		(170	)		(<1	%)
		7,647			7	%		(29,897	)		(26	%)		6,504			2	%		(18,123	)		(7	%)

Corporate general and administrative expenses (G)		(7,810	)		(7	%)		(14,702	)		(13	%)		(14,494	)		(7	%)		(36,459	)		(13	%)
Corporate depreciation		(100	)		(<1	%)		(541	)		(<1	%)		(200	)		(<1	%)		(1,105	)		(<1	%)
Corporate expenses		(7,910	)		(7	%)		(15,243	)		(13	%)		(14,694	)		(7	%)		(37,564	)		(13	%)

Gain on asset dispositions, net		1,338			1	%		3,189			3	%		3,257			2	%		9,253			3	%
Asset impairments		(1,215	)		(1	%)		(163,423	)		(142	%)		(7,401	)		(4	%)		(228,280	)		(83	%)
Operating loss	$	(140	)		(<1	%)		(205,374	)		(178	%)	$	(12,334	)		(6	%)		(274,714	)		(100	%)
Foreign exchange loss		(1,002	)		(1	%)		(1,157	)		(1	%)		(1,350	)		(1	%)		(493	)		(<1	%)
Equity in net earnings (losses) of unconsolidated companies		390			<1	%		4,517			4	%		(15,049	)		(8	%)		7,358			3	%
Interest income and other, net		2,914			3	%		1,680			1	%		2,786			2	%		3,268			1	%
Reorganization items		—			—			(313,176	)		(272	%)		—			—			(313,176	)		(114	%)
Interest and other debt costs		(7,547	)		(7	%)		(10,605	)		(9	%)		(15,146	)		(8	%)		(31,613	)		(11	%)
Loss before income taxes	$	(5,385	)		(5	%)		(524,115	)		(455	%)	$	(41,093	)		(21	%)		(609,370	)		(221	%)

Note (F): Americas segment vessel operating profit for the six months ended June 30, 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 and six months ended June 30, 2018 (Successor), but did incur professional services costs related the proposed combination with GulfMark during the quarter ended June 30, 2018 of $1.5 million. Restructuring-related professional services costs included in general and administrative expenses for the quarter and six months ended June 30, 2017 (Predecessor), were $6.7 million and $23.4 million, respectively. General and administrative expenses for the quarter and six months ended June 30, 2018 (Successor) included stock-based compensation of $3.2 million and $6.1 million, respectively. General and administrative expenses for the quarter and six months ended June 30, 2017 (Predecessor) included stock-based compensation of $0.3 million and ($0.6) 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 quarter ended June 30, 2017 is a Predecessor period while the quarters ended June 30, 2018, March 31, 2018 and December 31, 2017 are Successor periods.


		Three Months Ended

		June 30,			March 31,			December 31,			September 30,			June 30,
		2018			2018			2017			2017			2017
Revenues:
Vessel revenues	$		104,174			87,494			101,313			104,911			112,257
Other operating revenues			1,427			3,999			3,140			5,652			2,849
			105,601			91,493			104,453			110,563			115,106
Costs and expenses:
Vessel operating costs			68,012			61,364			68,201			84,966			83,773
Costs of other operating revenues			642			2,474			1,519			3,036			1,585
General and administrative (H)			24,425			23,565			30,373			25,019			33,059
Vessel operating leases			—			—			91			1,747			5,542
Depreciation and amortization			12,785			12,017			12,195			19,302			36,287
Gain on asset dispositions, net			(1,338	)		(1,919	)		(6,612	)		(376	)		(3,189	)
Asset impairments			1,215			6,186			16,777			21,325			163,423
			105,741			103,687			122,544			155,019			320,480
Operating loss			(140	)		(12,194	)		(18,091	)		(44,456	)		(205,374	)
Other income (expenses):
Foreign exchange loss			(1,002	)		(348	)		(349	)		(2,082	)		(1,157	)
Equity in net earnings (losses) of unconsolidated companies			390			(15,439	)		825			1,574			4,517
Interest income and other			2,914			(128	)		1,898			1,577			1,680
Reorganization items (H)			—			—			(2,419	)		(1,085,609	)		(313,176	)
Interest and other debt costs			(7,547	)		(7,599	)		(7,769	)		(5,814	)		(10,605	)
			(5,245	)		(23,514	)		(7,814	)		(1,090,354	)		(318,741	)
Loss before income taxes			(5,385	)		(35,708	)		(25,905	)		(1,134,810	)		(524,115	)
Income tax (benefit) expense			5,797			3,321			(2,706	)		3,216			295
Net loss	$		(11,182	)		(39,029	)		(23,199	)		(1,138,026	)		(524,410	)
Less: Net income (loss) attributable to noncontrolling interests			(242	)		143			374			142			24
Net loss attributable to Tidewater Inc.	$		(10,940	)		(39,172	)		(23,573	)		(1,138,168	)		(524,434	)
Basic loss per common share	$		(0.44	)		(1.67	)		(1.02	)		—			—
Diluted loss per common share	$		(0.44	)		(1.67	)		(1.02	)		—			—
Weighted average common shares outstanding (I)			24,654,220			23,424,943			23,137,909			—			—
Dilutive effect of stock options and restricted stock			—			—			—			—			—
Adjusted weighted average common shares			24,654,220			23,424,943			23,137,909			—			—

Vessel operating margin	$		36,162			26,130			33,112			19,945			28,484

Note (H): Restructuring-related items:
Restructuring-related professional services costs included in general and administrative expenses	$		—			—			—			—			6,709
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

Note (I): Weighted average shares outstanding for the quarters ended June 30, 2018, March 31, 2018 and December 31, 2017 include 0, 108,044 and 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens, respectively, at June 30, 2018, 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 June 30, 2018 were 26,085,274, 3,924,441 and 30,009,715, respectively. 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.


		June 30,			March 31,			December 31,			September 30,			June 30,
ASSETS		2018			2018			2017			2017			2017
Current assets:
Cash and cash equivalents	$		459,286			442,472			432,035			459,978			683,778
Restricted cash			5,213			2,847			21,300			—			—
Trade and other receivables, net (J)			96,630			115,754			114,184			120,271			116,612
Due from affiliates			197,059			207,919			230,315			245,056			252,810
Marine operating supplies			28,930			28,896			28,220			31,083			31,097
Other current assets			10,213			18,181			19,130			14,813			34,619
Total current assets			797,331			816,069			845,184			871,201			1,118,916
Investments in, at equity, and advances to unconsolidated companies			1,335			13,503			29,216			25,729			49,216
Net properties and equipment			803,725			814,263			837,520			868,689			2,659,314
Deferred drydocking and survey costs			14,372			11,430			3,208			388			—
Other assets			26,779			30,783			31,052			46,845			92,134
Total assets	$		1,643,542			1,686,048			1,746,180			1,812,852			3,919,580

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable (J)	$		30,561			45,781			38,497			39,439			35,087
Accrued expenses			49,312			56,408			54,806			61,115			63,155
Due to affiliates			62,353			78,135			99,448			112,642			121,037
Accrued property and liability losses			2,790			2,852			2,585			2,774			2,758
Current portion of long-term debt			6,290			5,215			5,103			5,174			10,106
Other current liabilities			17,815			8,826			19,693			38,041			28,029
Total current liabilities			169,121			197,217			220,132			259,185			260,172
Long-term debt			438,559			442,729			443,057			445,677			80,863
Accrued property and liability losses			2,651			2,561			2,471			2,607			2,776
Other liabilities and deferred credits			57,685			58,060			58,576			62,569			60,382
Liabilities subject to compromise			—			—			—			—			2,389,557

Commitments and Contingencies

Equity:
Common stock			26			24			22			21			4,712
Additional paid-in capital			1,064,039			1,061,983			1,059,120			1,056,563			165,516
Retained earnings			(89,378	)		(78,438	)		(39,266	)		(15,693	)		950,895
Accumulated other comprehensive income (loss)			(403	)		(446	)		(147	)		82			(10,258	)
Total stockholders’ equity			974,284			983,123			1,019,729			1,040,973			1,110,865
Noncontrolling interests			1,242			2,358			2,215			1,841			14,965
Total equity			975,526			985,481			1,021,944			1,042,814			1,125,830
Total liabilities and equity	$		1,643,542			1,686,048			1,746,180			1,812,852			3,919,580


Supplemental Information
Due from related parties, net of due to related parties:
Sonatide (Angola)	$		106,084			129,784			130,867			132,414			131,773
DTDW (Nigeria)			28,622			25,184			23,708			20,423			17,164
Total	$		134,706			154,968			154,575			152,837			148,937

Note (J): Included in Trade and other receivables, net, for the quarters ended March 31, 2018, December 31, 2017, September 31, 2017 and June 30, 2017 are $37,761; $33,353; $27,616 and $22,919, respectively, of amounts due from our DTDW (Nigeria) joint venture. Included in Accounts payable for the quarters ended March 31, 2018, December 31, 2017, September 31, 2017 and June 30, 2017 are $12,577; $9,645; $7,193 and $5,755, respectively, of amounts due to our DTDW (Nigeria) joint venture.


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

Americas fleet:
Deepwater	$		22,661		16,205		17,062		14,102		17,313
Towing-supply			7,560		6,846		8,263		9,319		11,274
Other			2,380		3,030		3,010		2,989		3,300
Total	$		32,601		26,081		28,335		26,410		31,887
Middle East/Asia Pacific fleet:
Deepwater	$		9,603		9,564		9,066		8,393		10,701
Towing-supply			12,783		8,824		14,110		16,823		17,065
Other			20		—		—		—		—
Total	$		22,406		18,388		23,176		25,216		27,766
Europe/Mediterranean Sea fleet:
Deepwater	$		12,596		9,020		10,395		11,192		8,237
Towing-supply			761		603		641		2,102		2,794
Total	$		13,357		9,623		11,036		13,294		11,031
West Africa fleet:
Deepwater	$		14,314		13,938		14,358		13,978		13,921
Towing-supply			17,321		16,139		19,807		21,071		24,225
Other			4,175		3,325		4,601		4,942		3,427
Total	$		35,810		33,402		38,766		39,991		41,573
Worldwide fleet:
Deepwater	$		59,174		48,727		50,881		47,665		50,172
Towing-supply			38,425		32,412		42,821		49,315		55,358
Other			6,575		6,355		7,611		7,931		6,727
Total	$		104,174		87,494		101,313		104,911		112,257


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

Americas fleet:
Deepwater		25			26			31			39			41
Towing-supply		15			15			16			19			21
Other		6			6			6			8			8
Total		46			47			53			66			70
Stacked vessels		(19	)		(20	)		(27	)		(39	)		(35	)
Active vessels		27			27			26			27			35
Middle East/Asia Pacific fleet:
Deepwater		18			19			21			21			22
Towing-supply		35			37			39			43			44
Other		—			—			—			1			1
Total		53			56			60			65			67
Stacked vessels		(12	)		(15	)		(20	)		(25	)		(25	)
Active vessels		41			41			40			40			42
Europe/Mediterranean Sea fleet:
Deepwater		18			17			17			18			17
Towing-supply		4			4			4			6			6
Other		—			—			—			1			2
Total		22			21			21			25			25
Stacked vessels		(4	)		(5	)		(5	)		(5	)		(6	)
Active vessels		18			16			16			20			19
West Africa fleet:
Deepwater		26			27			27			25			24
Towing-supply		31			35			37			38			38
Other		27			31			31			32			35
Total		84			93			95			95			97
Stacked vessels		(29	)		(39	)		(37	)		(37	)		(43	)
Active vessels		55			54			58			58			54
Worldwide fleet:
Deepwater		87			89			96			103			104
Towing-supply		85			91			96			106			109
Other		33			37			37			42			46
Total		205			217			229			251			259
Stacked vessels		(64	)		(79	)		(89	)		(106	)		(109	)
Active vessels		141			138			140			145			150

Total active		141			138			140			145			150
Total stacked		64			79			89			106			109
Total joint venture and other vessels		8			8			8			8			8
Total		213			225			237			259			267

Note (K): Included in total owned or chartered vessels at June 30, 2018 (Successor), March 31, 2018 (Successor), December 31, 2017 (Successor), September 30, 2017 (Successor) and June 30, 2017 (Predecessor), were 66, 70, 89, 91 and 115 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.


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

Americas fleet:
Deepwater		—		—		—		7			8
Towing-supply		—		—		—		3			3
Total		—		—		—		10			11
Stacked vessels		—		—		—		(10	)		(10	)
Active vessels		—		—		—		—			1
Europe/Mediterranean Sea fleet:
Towing-supply		—		—		—		2			2
Total		—		—		—		2			2
Stacked vessels		—		—		—		—			—
Active vessels		—		—		—		2			2
West Africa fleet:
Towing-supply		—		—		—		3			3
Total		—		—		—		3			3
Stacked vessels		—		—		—		—			—
Active vessels		—		—		—		3			3
Worldwide fleet:
Deepwater		—		—		—		7			8
Towing-supply		—		—		—		8			8
Total		—		—		—		15			16
Stacked vessels		—		—		—		(10	)		(10	)
Active vessels		—		—		—		5			6


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

Americas fleet:
Deepwater		2,275		2,309		2,893		3,545		3,731
Towing-supply		1,399		1,350		1,441		1,773		1,941
Other		546		540		574		736		728
Total		4,220		4,199		4,908		6,054		6,400
Middle East/Asia Pacific fleet:
Deepwater		1,611		1,738		1,908		1,932		2,001
Towing-supply		3,203		3,348		3,604		3,980		3,974
Other		3		—		3		92		91
Total		4,817		5,086		5,515		6,004		6,066
Europe/Mediterranean Sea fleet:
Deepwater		1,638		1,527		1,588		1,649		1,539
Towing-supply		364		360		379		552		567
Other		—		—		—		136		182
Total		2,002		1,887		1,967		2,337		2,288
West Africa fleet:
Deepwater		2,393		2,470		2,484		2,347		2,193
Towing-supply		2,821		3,123		3,340		3,493		3,437
Other		2,417		2,745		2,852		2,885		3,170
Total		7,631		8,338		8,676		8,725		8,800
Worldwide fleet:
Deepwater		7,917		8,044		8,873		9,473		9,464
Towing-supply		7,787		8,181		8,764		9,798		9,919
Other		2,966		3,285		3,429		3,849		4,171
Total		18,670		19,510		21,066		23,120		23,554


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

Americas fleet:
Deepwater		819		898		1,565		2,359		2,110
Towing-supply		728		720		705		889		849
Other		182		180		206		368		273
Total		1,729		1,798		2,476		3,616		3,232
Middle East/Asia Pacific fleet:
Deepwater		364		478		705		746		702
Towing-supply		780		873		1,089		1,435		1,446
Other		—		—		3		92		91
Total		1,144		1,351		1,797		2,273		2,239
Europe/Mediterranean Sea fleet:
Deepwater		91		167		276		276		334
Towing-supply		243		270		180		92		91
Other		—		—		—		136		182
Total		334		437		456		504		607
West Africa fleet:
Deepwater		590		744		671		644		713
Towing-supply		1,183		1,463		1,472		1,484		1,463
Other		878		1,305		1,295		1,246		1,714
Total		2,652		3,512		3,438		3,374		3,890
Worldwide fleet:
Deepwater		1,864		2,287		3,217		4,025		3,859
Towing-supply		2,934		3,326		3,446		3,900		3,849
Other		1,060		1,485		1,504		1,842		2,260
Total		5,859		7,098		8,167		9,767		9,968


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

Americas fleet:
Deepwater		1,456		1,411		1,328		1,186		1,621
Towing-supply		671		630		736		884		1,092
Other		364		360		368		368		455
Total		2,491		2,401		2,432		2,438		3,168
Middle East/Asia Pacific fleet:
Deepwater		1,247		1,260		1,203		1,186		1,299
Towing-supply		2,423		2,475		2,515		2,545		2,528
Other		3		—		—		—		—
Total		3,673		3,735		3,718		3,731		3,827
Europe/Mediterranean Sea fleet:
Deepwater		1,547		1,360		1,312		1,373		1,205
Towing-supply		121		90		199		460		476
Total		1,668		1,450		1,511		1,833		1,681
West Africa fleet:
Deepwater		1,803		1,726		1,813		1,703		1,480
Towing-supply		1,638		1,660		1,868		2,009		1,974
Other		1,539		1,440		1,557		1,639		1,456
Total		4,979		4,826		5,238		5,351		4,910
Worldwide fleet:
Deepwater		6,053		5,757		5,656		5,448		5,605
Towing-supply		4,853		4,855		5,318		5,898		6,070
Other		1,906		1,800		1,925		2,007		1,911
Total		12,811		12,412		12,899		13,353		13,586

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


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

Americas fleet:
Deepwater		54.8	%		42.2	%		32.2	%		20.5	%		23.4	%
Towing-supply		37.7			35.7			39.0			36.1			36.4
Other		48.3			61.9			60.8			45.3			50.0
Total		48.3	%		42.7	%		37.6	%		28.1	%		30.3	%
Middle East/Asia Pacific fleet:
Deepwater		64.2	%		54.4	%		48.7	%		44.0	%		54.4	%
Towing-supply		60.2			40.0			57.7			57.1			57.2
Other		100.0			—			—			—			—
Total		61.6	%		44.9	%		54.5	%		52.0	%		55.4	%
Europe/Mediterranean Sea fleet:
Deepwater		79.5	%		64.7	%		69.4	%		71.7	%		59.7	%
Towing-supply		29.0			25.0			24.1			53.8			66.1
Total		70.3	%		57.1	%		60.7	%		63.3	%		56.5	%
West Africa fleet:
Deepwater		60.2	%		52.3	%		49.4	%		49.3	%		46.1	%
Towing-supply		47.0			39.0			45.7			45.2			49.4
Other		49.2			36.6			44.8			44.6			33.1
Total		51.9	%		42.2	%		46.5	%		46.1	%		42.7	%
Worldwide fleet:
Deepwater		63.5	%		52.2	%		47.2	%		41.3	%		41.1	%
Towing-supply		49.9			38.3			48.6			48.9			50.9
Other		49.1			40.8			47.4			42.1			33.9
Total		55.5	%		44.4	%		47.8	%		44.7	%		44.0	%

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


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

Americas fleet:
Deepwater		85.7	%		69.1	%		70.2	%		61.2	%		53.8	%
Towing-supply		78.5			76.6			76.4			72.3			64.7
Other		72.4			92.9			94.8			90.6			79.9
Total		81.8	%		74.6	%		75.8	%		69.7	%		61.3	%
Middle East/Asia Pacific fleet:
Deepwater		82.9	%		75.0	%		77.2	%		71.6	%		83.8	%
Towing-supply		79.6			54.1			82.7			89.4			89.9
Other		100.0			—			—			—			—
Total		80.8	%		61.2	%		80.9	%		83.7	%		87.8	%
Europe/Mediterranean Sea fleet:
Deepwater		84.2	%		72.6	%		84.0	%		86.1	%		76.2	%
Towing-supply		87.4			100.0			45.8			64.6			78.7
Total		84.4	%		74.3	%		79.0	%		80.7	%		76.9	%
West Africa fleet:
Deepwater		79.9	%		74.8	%		67.7	%		68.0	%		68.3	%
Towing-supply		81.0			73.4			81.7			78.6			86.0
Other		77.3			69.9			82.0			78.4			72.1
Total		79.5	%		72.8	%		76.9	%		75.2	%		76.5	%
Worldwide fleet:
Deepwater		83.0	%		72.9	%		74.1	%		71.9	%		69.4	%
Towing-supply		80.1			64.5			80.1			81.2			83.2
Other		76.4			74.5			84.5			80.6			74.0
Total		80.9	%		69.8	%		78.1	%		77.3	%		76.2	%

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


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

Americas fleet:
Deepwater	$		18,162		16,626		18,301		19,429		19,869
Towing-supply			14,349		14,191		14,700		14,577		15,959
Other			9,029		9,061		8,628		8,968		9,071
Total	$		15,995		14,558		15,372		15,550		16,423
Middle East/Asia Pacific fleet:
Deepwater	$		9,287		10,122		9,762		9,883		9,825
Towing-supply			6,627		6,589		6,787		7,398		7,511
Other			6,122		—		—		—		—
Total	$		7,554		8,051		7,705		8,073		8,261
Europe/Mediterranean Sea fleet:
Deepwater	$		9,676		9,132		9,427		9,464		8,967
Towing-supply			7,195		6,695		7,035		7,077		7,459
Total	$		9,489		8,928		9,244		8,985		8,530
West Africa fleet:
Deepwater	$		9,940		10,795		11,702		12,069		13,768
Towing-supply			13,054		13,245		12,979		13,339		14,271
Other			3,508		3,306		3,602		3,854		3,265
Total	$		9,050		9,501		9,619		9,943		11,061
Worldwide fleet:
Deepwater	$		11,779		11,606		12,142		12,172		12,897
Towing-supply			9,882		10,355		10,056		10,295		10,961
Other			4,513		4,742		4,681		4,906		4,759
Total	$		10,047		10,093		10,056		10,162		10,842


		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)		2018			2018			2017			2017			2017
Americas
Vessel revenues	$		32,601			26,081			28,335			26,410			31,887

Vessel operating costs:
Crew costs	$		11,158			9,093			11,190			12,652			14,457
Routine repairs and maintenance			1,471			1,917			2,203			2,210			2,705
Major repairs			58			(187	)		(144	)		4,167			1,136
Insurance and loss reserves			1,031			(551	)		788			605			933
Fuel, lube and supplies			1,792			1,618			2,413			2,935			3,394
Other			2,790			406			1,321			2,307			4,655
Total vessel operating costs	$		18,300			12,296			17,771			24,876			27,280

Vessel operating margin ($)	$		14,301			13,785			10,564			1,534			4,607
Vessel operating margin (%)			43.9	%		52.9	%		37.3	%		5.8	%		14.4	%

Vessel operating lease expense	$		—			—			—			62			3,787
Vessel depreciation	$		3,141			3,223			3,386			5,488			10,748
Amortization of deferred drydocking and survey costs	$		389			90			86			4			—

Vessel operations general and administrative expenses ($)	$		5,090			5,561			6,040			5,481			5,771
Vessel operations general and administrative expenses (%)			15.6	%		21.3	%		21.3	%		20.8	%		18.1	%

Vessel operating profit (loss)	$		5,681			4,911			1,052			(9,501	)		(15,699	)

Americas - Select operating statistics
Average vessels - Total fleet (O)			46			47			53			66			70
Utilization - Total fleet			48.3	%		42.7	%		37.6	%		28.1	%		30.3	%

Average vessels - Active fleet (O)			27			27			26			27			35
Utilization - Active fleet			81.8	%		74.6	%		75.8	%		69.7	%		61.3	%

Average day rates	$		15,995			14,558			15,372			15,550			16,423

Vessels commencing drydocks			2			7			3			7			2

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		58			(187	)		(144	)		4,167			1,136
Cash paid for deferred drydocking and survey costs	$		1,097			2,775			554			243			—
	$		1,155			2,588			410			4,410			1,136

Deferred drydocking and survey costs - beginning balance	$		3,383			707			239			—			—
Cash paid for deferred drydocking and survey costs	$		1,097			2,775			554			243			—
Amortization of deferred drydocking and survey costs	$		389			90			86			4			—
Net vessel transfers in/out of the segment	$		(17	)		9			—			—			—
Deferred drydocking and survey costs - ending balance	$		4,108			3,383			707			239			—

Note (O): Average leased vessels - Americas fleet			—			—			—			10			11
Average leased vessels - Americas active fleet			—			—			—			—			1


		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)		2018			2018			2017			2017			2017
Middle East/Asia Pacific
Vessel revenues	$		22,406			18,388			23,176			25,216			27,766

Vessel operating costs:
Crew costs	$		8,596			8,108			8,666			9,101			9,795
Routine repairs and maintenance			1,558			1,209			1,733			2,387			2,164
Major repairs			36			254			442			320			511
Insurance and loss reserves			383			(150	)		771			626			681
Fuel, lube and supplies			2,221			2,339			2,653			1,725			1,539
Other			2,578			2,742			2,723			2,977			2,908
Total vessel operating costs	$		15,372			14,502			16,988			17,136			17,598

Vessel operating margin ($)	$		7,034			3,886			6,188			8,080			10,168
Vessel operating margin (%)			31.4	%		21.1	%		26.7	%		32.0	%		36.6	%

Vessel operating lease expense	$		—			—			—			—			—
Vessel depreciation	$		2,521			2,707			2,905			4,028			7,746
Amortization of deferred drydocking and survey costs	$		323			62			4			—			—

Vessel operations general and administrative expenses ($)	$		3,565			3,370			3,772			3,226			3,738
Vessel operations general and administrative expenses (%)			15.9	%		18.3	%		16.3	%		12.8	%		13.5	%

Vessel operating profit (loss)	$		625			(2,253	)		(493	)		826			(1,316	)

Middle East/Asia Pacific - Select operating statistics
Average vessels - Total fleet			53			56			60			65			67
Utilization - Total fleet			61.6	%		44.9	%		54.5	%		52.0	%		55.4	%

Average vessels - Active fleet			41			41			40			40			42
Utilization - Active fleet			80.8	%		61.2	%		80.9	%		83.7	%		87.8	%

Average day rates	$		7,554			8,051			7,705			8,073			8,261

Vessels commencing drydocks			3			3			5			1			1

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		36			254			442			320			511
Cash paid for deferred drydocking and survey costs	$		1,813			1,728			209			—			—
	$		1,849			1,982			651			320			511

Deferred drydocking and survey costs - beginning balance	$		1,871			205			—			—			—
Cash paid for deferred drydocking and survey costs	$		1,813			1,728			209			—			—
Amortization of deferred drydocking and survey costs	$		323			62			4			—			—
Deferred drydocking and survey costs - ending balance	$		3,361			1,871			205			—			—


		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)		2018			2018			2017			2017			2017
Europe/Mediterranean Sea
Vessel revenues	$		13,357			9,623			11,036			13,294			11,031

Vessel operating costs:
Crew costs	$		5,777			4,991			5,147			6,460			5,593
Routine repairs and maintenance			1,083			1,240			1,145			1,430			1,244
Major repairs			900			338			—			290			1,983
Insurance and loss reserves			247			110			311			206			426
Fuel, lube and supplies			1,136			1,810			1,038			1,050			1,393
Other			1,459			1,606			1,466			1,754			1,835
Total vessel operating costs	$		10,602			10,095			9,107			11,190			12,474

Vessel operating margin ($)	$		2,755			(472	)		1,929			2,104			(1,443	)
Vessel operating margin (%)			20.6	%		-4.9	%		17.5	%		15.8	%		-13.1	%

Vessel operating lease expense	$		—			—			—			670			721
Vessel depreciation	$		1,854			1,641			1,641			3,411			6,803
Amortization of deferred drydocking and survey costs	$		385			163			—			—			—

Vessel operations general and administrative expenses ($)	$		1,658			1,278			1,073			1,251			1,196
Vessel operations general and administrative expenses (%)			12.4	%		13.3	%		9.7	%		9.4	%		10.8	%

Vessel operating loss	$		(1,142	)		(3,554	)		(785	)		(3,228	)		(10,163	)

Europe/Mediterranean Sea - Select operating statistics
Average vessels - Total fleet (P)			22			21			21			25			25
Utilization - Total fleet			70.3	%		57.1	%		60.7	%		63.3	%		56.5	%

Average vessels - Active fleet (P)			18			16			16			20			19
Utilization - Active fleet			84.4	%		74.3	%		79.0	%		80.7	%		76.9	%

Average day rates	$		9,489			8,928			9,244			8,985			8,530

Vessels commencing drydocks			6			6			—			1			4

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		900			338			—			290			1,983
Cash paid for deferred drydocking and survey costs	$		1,271			2,633			—			—			—
	$		2,171			2,971			—			290			1,983

Deferred drydocking and survey costs - beginning balance	$		2,470			—			—			—			—
Cash paid for deferred drydocking and survey costs	$		1,271			2,633			—			—			—
Amortization of deferred drydocking and survey costs	$		385			163			—			—			—
Deferred drydocking and survey costs - ending balance	$		3,356			2,470			—			—			—

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


		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)		2018			2018			2017			2017			2017
West Africa
Vessel revenues	$		35,810			33,402			38,766			39,991			41,573

Vessel operating costs:
Crew costs	$		10,837			12,032			12,145			13,935			12,365
Routine repairs and maintenance			2,263			2,816			2,246			2,244			2,094
Major repairs			609			117			85			2,521			2,007
Insurance and loss reserves			530			(480	)		1,076			1,067			1,084
Fuel, lube and supplies			3,032			3,245			3,296			4,131			3,102
Other			6,467			6,741			5,487			7,866			5,769
Total vessel operating costs	$		23,738			24,471			24,335			31,764			26,421

Vessel operating margin ($)	$		12,072			8,931			14,431			8,227			15,152
Vessel operating margin (%)			33.7	%		26.7	%		37.2	%		20.6	%		36.4	%

Vessel operating lease expense	$		—			—			91			1,015			1,034
Vessel depreciation	$		3,572			3,703			3,547			5,444			9,595
Amortization of deferred drydocking and survey costs	$		495			323			112			—			—

Vessel operations general and administrative expenses ($)	$		6,300			6,658			9,061			7,135			7,297
Vessel operations general and administrative expenses (%)			17.6	%		19.9	%		23.4	%		17.8	%		17.6	%

Vessel operating profit (loss)	$		1,705			(1,753	)		1,620			(5,367	)		(2,774	)

West Africa - Select operating statistics
Average vessels - Total fleet (Q)			84			93			95			95			97
Utilization - Total fleet			51.9	%		42.2	%		46.5	%		46.1	%		42.7	%

Average vessels - Active fleet (Q)			55			54			58			58			54
Utilization - Active fleet			79.5	%		72.8	%		76.9	%		75.2	%		76.5	%

Average day rates	$		9,050			9,501			9,619			9,943			11,061

Vessels commencing drydocks			3			3			2			7			2

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		609			117			85			2,521			2,007
Cash paid for deferred drydocking and survey costs	$		353			1,724			2,259			149			—
	$		962			1,841			2,344			2,670			2,007

Deferred drydocking and survey costs - beginning balance	$		3,706			2,296			149			—			—
Cash paid for deferred drydocking and survey costs	$		353			1,724			2,259			149			—
Amortization of deferred drydocking and survey costs	$		495			323			112			—			—
Net vessel transfers in/out of the segment	$		17			(9	)		—			—			—
Deferred drydocking and survey costs - ending balance	$		3,547			3,706			2,296			149			—

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


		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)		2018			2018			2017			2017			2017
Worldwide
Vessel revenues	$		104,174			87,494			101,313			104,911			112,257

Vessel operating costs:
Crew costs	$		36,368			34,224			37,148			42,148			42,210
Routine repairs and maintenance			6,375			7,182			7,327			8,271			8,207
Major repairs			1,603			522			383			7,298			5,637
Insurance and loss reserves			2,191			(1,071	)		2,946			2,504			3,124
Fuel, lube and supplies			8,181			9,012			9,400			9,841			9,428
Other			13,294			11,495			10,997			14,904			15,167
Total vessel operating costs	$		68,012			61,364			68,201			84,966			83,773

Vessel operating margin ($)	$		36,162			26,130			33,112			19,945			28,484
Vessel operating margin (%)			34.7	%		29.9	%		32.7	%		19.0	%		25.4	%

Vessel operating lease expense	$		—			—			91			1,747			5,542
Vessel depreciation	$		11,088			11,274			11,479			18,371			34,892
Amortization of deferred drydocking and survey costs	$		1,592			638			202			4			—

Vessel operations general and administrative expenses ($)	$		16,613			16,867			19,946			17,093			18,002
Vessel operations general and administrative expenses (%)			15.9	%		19.3	%		19.7	%		16.3	%		16.0	%

Vessel operating profit (loss)	$		6,869			(2,649	)		1,394			(17,270	)		(29,952	)

Worldwide - Select operating statistics
Average vessels - Total fleet (R)			205			217			229			251			259
Utilization - Total fleet			55.5	%		44.4	%		47.8	%		44.7	%		44.0	%

Average vessels - Active fleet (R)			141			138			140			145			150
Utilization - Active fleet			80.9	%		69.8	%		78.1	%		77.3	%		76.2	%

Average day rates	$		10,047			10,093			10,056			10,162			10,842

Vessels commencing drydocks			14			19			10			16			9

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		1,603			522			383			7,298			5,637
Cash paid for deferred drydocking and survey costs	$		4,534			8,860			3,022			392			—
	$		6,137			9,382			3,405			7,690			5,637

Deferred drydocking and survey costs - beginning balance	$		11,430			3,208			388			—			—
Cash paid for deferred drydocking and survey costs	$		4,534			8,860			3,022			392			—
Amortization of deferred drydocking and survey costs	$		1,592			638			202			4			—
Deferred drydocking and survey costs - ending balance	$		14,372			11,430			3,208			388			—

Note (R): Average leased vessels - Worldwide fleet			—			—			—			15			16
Average leased vessels - Worldwide active fleet			—			—			—			5			6


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


Consolidated EBITDA (S) (T) (U) (V) (W) (X)	$		16,162			(9,905	)		13,255			(2,760	)		6,085

Restructuring-related professional services costs			—			—			(2,031	)		(23,494	)		(11,874	)
Asset impairments			(1,215	)		(6,186	)		(16,777	)		(21,325	)		(163,423	)
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			(7,547	)		(7,599	)		(7,769	)		(5,814	)		(10,605	)
Income tax benefit (expense)			(5,797	)		(3,321	)		2,706			(3,216	)		(295	)
Depreciation			(11,192	)		(11,380	)		(11,993	)		(19,298	)		(36,287	)
Amortization of deferred drydocking and survey costs			(1,593	)		(638	)		(202	)		(4	)		—

Net loss	$		(11,182	)		(39,029	)		(23,199	)		(1,138,026	)		(524,410	)



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


Consolidated EBITDA (S) (T) (U) (V) (W) (X)	$		16,162			(9,905	)		13,255			(2,760	)		6,085

Restructuring-related professional service costs			—			—			(2,031	)		(23,494	)		(11,874	)
Sale leaseback redelivery costs			—			—			(388	)		(1,244	)		—
Cash paid for interest			(7,982	)		(8,152	)		(8,164	)		(1,203	)		(433	)
Cash paid for taxes			(3,654	)		(6,429	)		(3,262	)		(2,521	)		(3,611	)
Cash paid for deferred drydocking costs			(4,534	)		(8,860	)		(3,022	)		(392	)		—
Change in net working capital, excluding cash			7,466			8,649			(4,874	)		18,585			(9,856	)
Equity in net (earnings) losses of unconsol. companies (V)			(390	)		15,439			(825	)		(1,574	)		(4,101	)
Stock-based compensation expense			3,183			2,956			2,558			2,554			326
Gain on asset disposition			(1,338	)		(1,919	)		(6,612	)		(376	)		(3,189	)
Changes in other, net			14,054			2,237			(4,372	)		(3,608	)		3,706

Net cash provided (used) in operating activities	$		22,967			(5,984	)		(17,737	)		(16,033	)		(22,947	)

Note (S): 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 (T): Consolidated EBITDA for the three months ended June 30, 2018, March 31, 2018, December 31, 2017, September 30, 2017 and June 30, 2017 includes non-cash, stock-based compensation expense of $3,183, $2,956, $2,558, $2,554 and $326, respectively.

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

Note (V): Consolidated EBITDA for the three months ended June 30, 2018, March 31, 2018, December 31, 2017, September 30, 2017 and June 30, 2017 includes foreign exchange losses of $(1,002), $(348), $(349), $(2,082) and $(1,157), respectively.

Note (W): Consolidated EBITDA and equity in net (earnings) losses of unconsol. companies for the three months ended June 30, 2018, March 31, 2018, December 31, 2017, September 30, 2017 and June 30, 2017 includes foreign exchange gains (losses) of $(5,767), $(14,823), $(74), $758 and $3,480, respectively.

Note (X): Consolidated EBITDA for the three months ended June 30, 2018 includes professional services costs related to the proposed combination with GulfMark of $1,547.

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.



		Press Release