ex_247983.htm

EX-99.1 2 ex_247983.htm EXHIBIT 99.1 ex_247983.htm

Exhibit 99.1

Tidewater Inc.

6002 Rogerdale Road, Suite 600

Houston, TX 77072-1655, USA

+1.713.470.5300

Tidewater Reports Results for the Three and Six Months Ended June 30, 2021

HOUSTON, August 9, 2021 - Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2021 of $90.0 million and $173.5 million, respectively, compared with $102.3 million and $218.7 million, respectively, for the three and six months ended June 30, 2020. Tidewater's net losses for the three and six months ended June 30, 2021, were $29.5 million ($0.72 per common share) and $64.8 million ($1.59 per common share), respectively, compared with $110.6 million ($2.74 per common share) and $129.1 million ($3.21 per common share) for the three and six months ended June 30, 2020. Included in the net losses for the three and six months ended June 30, 2021 were severance expenses of $0.8 and $0.9 million, respectively; and a credit loss impairment credit of $1.0 million for both periods. Excluding these items, we would have reported a net loss for the three and six months ended June 30, 2021 of $29.7 million ($0.73 per common share) and $64.9 million ($1.59 per common share), respectively. Included in the net losses for the three and six months ended June 30, 2020 were $111.5 million and $121.8 million, respectively, in long-lived asset impairments, affiliate credit losses, affiliate guarantee obligations, and one-time severance expenses. Excluding these costs, we would have reported net income for the three months ended June 30, 2020 of $0.9 million ($0.02 per common share) and a net loss for the six months ended June 30, 2020 of $7.3 million (or $0.18 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Revenue, active vessels, average day rate, active utilization, and operating margin were all up on a consolidated basis in the second quarter. Individual geographic segments were mixed, but the overall trend and our outlook are constructive as we proceed through the remainder of the year. We continued our track record of generating meaningful free cash flow during the second quarter of 2021. During the second quarter, we generated $26.0 million of free cash flow, and over the trailing 12 months we have generated $84.0 million. The scalable shore base infrastructure we built over the past few years is helping us drive reliable and increasing free cash flow generation, as demonstrated by the substantial incremental operating income margins in the quarter.

“During the second quarter of 2021, revenue improved 7.7% sequentially, driven primarily by vessels reactivated in response to the increase in activity in the Europe and Mediterranean and West Africa regions. During the second quarter, we reactivated seven vessels, bringing the total number of vessel reactivations to 12 during the first six months of 2021.

“At the end of the second quarter, we had $135.2 million of principal outstanding on our senior secured notes, which are scheduled to mature in August 2022, along with $151.4 million of cash on the balance sheet. We continue to monitor the debt capital markets for the optimal timing of a potential refinance of all or a portion of these notes, as early repayment of this debt carries a significant pre-payment penalty. During the quarter, we decreased our net debt position by $21.1 million, ending the second quarter with $4.5 million of net debt on the balance sheet. We remain dedicated to our objective of meaningful free cash flow generation though the maturity of these notes and thereafter.

“Our ongoing fleet development program includes the sale or responsible recycling of vessels that are deemed uneconomic or which otherwise do not meet our future strategic goals, and during the second quarter we disposed of seven vessels and other assets for $18.6 million. We expect both the sale and recycling of vessels to taper off in the next 12 months as we work through the 14 vessels remaining in assets held for sale.

“Lastly, we continue to monitor the COVID-19 Delta variant. Similar to the steps we took in 2020 to protect our employees and our cash generation capability, we will take appropriate steps to continue to safeguard our employees and optimize our business as these later phases of the pandemic unfold. We have not seen a significant impact to our operations due to the Delta variant, although we were originally anticipating the additional costs of the pandemic to wane throughout 2021 and we now anticipate those costs to continue at the same level for the next few quarters. The new phase of the pandemic, however, doesn’t seem to be limiting broader market inertia and, in fact, we continue to see activity increase in most geographic regions.”

In addition to the number of outstanding shares, as of June 30, 2021, the company also has the following in-the-money warrants.

Common Shares Outstanding			41,000,575
New Creditor Warrants (strike price $0.001 per common share)			639,354
GulfMark Creditor Warrants (strike price $0.01 per common share)			669,601
Total			42,309,530

Tidewater will hold a conference call to discuss results for the three months ending June 30, 2021 on August 10, 2021, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call 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 asking for the “Tidewater” call just prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 10:30 a.m. Central Time on August 10, 2021 and will continue until 11:59 p.m. Central Time on September 10, 2021. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involves numerous risks and uncertainties that may cause the company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.

Tidewater owns and operates one of the largest fleets of offshore support vessels in the industry, with more than 65 years of experience supporting offshore energy exploration, production, and generation activities worldwide.

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

Financial information is displayed beginning on the next page.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021			2020
Revenues:
Vessel revenues	$	88,514		$	100,975		$	169,507		$	212,949
Other operating revenues		1,439			1,369			3,950			5,763
Total revenues		89,953			102,344			173,457			218,712
Costs and expenses:
Vessel operating costs		64,263			64,774			125,283			143,599
Costs of other operating revenues		581			171			1,648			2,844
General and administrative		16,787			17,597			32,830			39,017
Depreciation and amortization		28,549			28,144			58,276			55,251
Long-lived asset impairments and other		—			55,482			—			65,689
Affiliate credit loss impairment expense (credit)		(1,000	)		53,581			(1,000	)		53,581
Affiliate guarantee obligation		—			2,000			—			2,000
(Gain) loss on asset dispositions, net		932			(1,660	)		2,880			(6,991	)
		110,112			220,089			219,917			354,990
Operating loss		(20,159	)		(117,745	)		(46,460	)		(136,278	)
Other income (expense):
Foreign exchange gain (loss)		422			(2,076	)		(428	)		(1,212	)
Equity in net earnings (losses) of unconsolidated companies		52			—			(1,797	)		—
Dividend income from unconsolidated company		—			17,150			—			17,150
Interest income and other, net		8			696			31			812
Interest and other debt costs, net		(3,944	)		(5,959	)		(8,485	)		(12,101	)
Total other expense		(3,462	)		9,811			(10,679	)		4,649
Loss before income taxes		(23,621	)		(107,934	)		(57,139	)		(131,629	)
Income tax (benefit) expense		6,026			2,730			8,035			(2,441	)
Net loss	$	(29,647	)	$	(110,664	)	$	(65,174	)	$	(129,188	)
Less: Net loss attributable to noncontrolling interests		(185	)		(41	)		(397	)		(120	)
Net loss attributable to Tidewater Inc.	$	(29,462	)	$	(110,623	)	$	(64,777	)	$	(129,068	)
Basic loss per common share	$	(0.72	)	$	(2.74	)	$	(1.59	)	$	(3.21	)
Diluted loss per common share	$	(0.72	)	$	(2.74	)	$	(1.59	)	$	(3.21	)
Weighted average common shares outstanding		40,899			40,306			40,808			40,203
Adjusted weighted average common shares		40,899			40,306			40,808			40,203

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

	June 30,			December 31,
ASSETS	2021			2020
Current assets:
Cash and cash equivalents	$	131,157		$	149,933
Restricted cash		20,284			2,079
Trade and other receivables, less allowance for credit losses of $2,099 and $1,516 at June 30, 2021 and December 31, 2020, respectively		90,229			112,623
Due from affiliates, less allowance for credit losses of $70,695 and $71,800 at June 30, 2021 and December 31, 2020, respectively		64,922			62,050
Marine operating supplies		15,404			15,876
Assets held for sale		17,214			34,396
Prepaid expenses and other current assets		15,953			11,692
Total current assets		355,163			388,649
Net properties and equipment		731,659			780,318
Deferred drydocking and survey costs		40,372			56,468
Other assets		24,539			25,742
Total assets	$	1,151,733		$	1,251,177

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	16,189		$	16,981
Accrued expenses		50,532			52,422
Due to affiliates		59,759			53,194
Current portion of long-term debt		7,355			27,797
Other current liabilities		28,825			32,785
Total current liabilities		162,660			183,179
Long-term debt		148,612			164,934
Other liabilities and deferred credits		80,723			79,792

Commitments and contingencies

Equity:
Common stock		41			41
Additional paid-in-capital		1,373,727			1,371,809
Accumulated deficit		(613,708	)		(548,931	)
Accumulated other comprehensive loss		(1,082	)		(804	)
Total stockholder's equity		758,978			822,115
Noncontrolling interests		760			1,157
Total equity		759,738			823,272
Total liabilities and equity	$	1,151,733		$	1,251,177

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021			2020
Net loss	$	(29,647	)	$	(110,664	)	$	(65,174	)	$	(129,188	)
Other comprehensive income (loss):
Change in pension plan and supplemental pension plan liability, net of tax of $0, $0.2 million, $0 and $0.2 million, respectively		(207	)		448			(278	)		817
Total comprehensive loss	$	(29,854	)	$	(110,216	)	$	(65,452	)	$	(128,371	)

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Six Months			Six Months
	Ended			Ended
	June 30,			June 30,
	2021			2020
Operating activities:
Net loss	$	(65,174	)	$	(129,188	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		36,694			34,271
Amortization of deferred drydocking and survey costs		21,582			20,980
Amortization of debt premiums and discounts		1,986			1,357
Provision for deferred income taxes		648			206
(Gain) loss on asset dispositions, net		2,880			(6,991	)
Loss on debt extinguishment		59			—
Affiliate credit loss impairment expense (credit)		(1,000	)		53,581
Affiliate guarantee obligation		—			2,000
Long-lived asset impairments and other		—			65,689
Stock-based compensation expense		2,676			2,736
Changes in operating assets and liabilities, net:
Trade and other receivables		22,394			(4,991	)
Changes in due to/from affiliates, net		4,693			3,242
Accounts payable		(792	)		(10,390	)
Accrued expenses		(2,074	)		(13,007	)
Deferred drydocking and survey costs		(6,771	)		(28,964	)
Other, net		(7,234	)		(3,354	)
Net cash provided by (used in) operating activities		10,567			(12,823	)
Cash flows from investing activities:
Proceeds from asset dispositions		29,560			20,906
Additions to properties and equipment		(1,861	)		(4,075	)
Net cash provided by investing activities		27,699			16,831
Cash flows from financing activities:
Principal payments on long-term debt		(37,901	)		(4,742	)
Debt modification costs		(855	)		(612	)
Debt extinguishment premium		(59	)		—
Tax on share-based awards		(758	)		—
Net cash used in financing activities		(39,573	)		(5,354	)
Net change in cash, cash equivalents and restricted cash		(1,307	)		(1,346	)
Cash, cash equivalents and restricted cash at beginning of period		155,225			227,608
Cash, cash equivalents and restricted cash at end of period	$	153,918		$	226,262


Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	7,028	10,734
Income taxes	6,609	6,461

Note (A): Cash, cash equivalents and restricted cash at June 30, 2021 includes $2.5 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

	Three Months Ended
								Accumulated
			Additional					other			Non
	Common		paid-in		Accumulated			comprehensive			controlling
	stock		capital		deficit			income (loss)			interest			Total
Balance at March 31, 2021	$	41		1,372,846		(584,246	)		(875	)		945			788,711
Total comprehensive loss		—		—		(29,462	)		(207	)		(185	)		(29,854	)
Amortization of share-based awards		—		881		—			—			—			881
Balance at June 30, 2021	$	41		1,373,727		(613,708	)		(1,082	)		760			759,738

Balance at March 31, 2020	$	40		1,368,325		(371,134	)		133			1,532			998,896
Total comprehensive income (loss)		—		—		(110,623	)		448			(41	)		(110,216	)
Amortization of share-based awards		—		1,320		—			—			—			1,320
Balance at June 30, 2020	$	40		1,369,645		(481,757	)		581			1,491			890,000

	Six Months Ended
								Accumulated
			Additional					other			Non
	Common		paid-in		Accumulated			comprehensive			controlling
	stock		capital		deficit			income (loss)			interest			Total
Balance at December 31, 2020	$	41		1,371,809		(548,931	)		(804	)		1,157			823,272
Total comprehensive loss		—		—		(64,777	)		(278	)		(397	)		(65,452	)
Amortization of share-based awards		—		1,918		—			—			—			1,918
Balance at June 30, 2021	$	41		1,373,727		(613,708	)		(1,082	)		760			759,738

Balance at December 31, 2019	$	40		1,367,521		(352,526	)		(236	)		1,611			1,016,410
Total comprehensive income (loss)		—		—		(129,068	)		817			(120	)		(128,371	)
Adoption of credit loss accounting standard		—		—		(163	)		—			—			(163	)
Amortization of share-based awards		—		2,124		—			—			—			2,124
Balance at June 30, 2020	$	40		1,369,645		(481,757	)		581			1,491			890,000

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

	Three Months Ended									Six Months Ended
	June 30,					June 30,				June 30,				June 30,
	2021					2020				2021				2020
(In thousands)					%				%				%				%
Vessel revenues:
Americas	$	23,481		27	%	$	34,044	34	%	$	49,705	29	%	$	65,903	31	%
Middle East/Asia Pacific		25,628		29	%		23,983	24	%		50,042	30	%		48,811	23	%
Europe/Mediterranean		22,467		25	%		20,620	20	%		37,216	22	%		50,111	24	%
West Africa		16,938		19	%		22,328	22	%		32,544	19	%		48,124	23	%
Total vessel revenues	$	88,514		100	%	$	100,975	100	%	$	169,507	100	%	$	212,949	100	%
Vessel operating costs:
Crew costs	$	37,685		43	%	$	38,691	38	%	$	72,847	43	%	$	83,178	39	%
Repair and maintenance		9,534		11	%		6,656	7	%		18,971	11	%		17,254	8	%
Insurance		(137	)	(0	)%		2,010	2	%		486	1	%		3,795	2	%
Fuel, lube and supplies		6,541		7	%		6,383	6	%		12,401	7	%		16,135	8	%
Other		10,640		12	%		11,034	11	%		20,578	12	%		23,237	11	%
Total vessel operating costs		64,263		73	%		64,774	64	%		125,283	74	%		143,599	67	%
Vessel operating margin (A)	$	24,251		27	%	$	36,201	36	%	$	44,224	26	%	$	69,350	33	%

Note (A): Vessel operating margin equals revenues less vessel operating costs and excludes general and administrative expenses and depreciation and amortization.

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

	Three Months Ended										Six Months Ended
	June 30,					June 30,					June 30,					June 30,
	2021					2020					2021					2020
(In thousands)					%					%					%					%
Vessel operating profit (loss):
Americas	$	(4,940	)	(5	)%	$	4,505		4	%	$	(6,591	)	(4	)%	$	3,341		2	%
Middle East/Asia Pacific		266		0	%		599		1	%		(1,587	)	(1	)%		(257	)	(0	)%
Europe/Mediterranean		(1,986	)	(2	)%		(1,750	)	(2	)%		(10,007	)	(6	)%		(203	)	(0	)%
West Africa		(5,355	)	(6	)%		(3,984	)	(4	)%		(12,122	)	(7	)%		(8,847	)	(4	)%
Other operating profit		858		1	%		1,198		1	%		2,302		1	%		2,919		1	%
		(11,157	)	(12	)%		568		1	%		(28,005	)	(16	)%		(3,047	)	(1	)%

Corporate expenses (A)		(9,070	)	(10	)%		(8,910	)	(9	)%		(16,575	)	(10	)%		(18,952	)	(9	)%
Gain (loss) on asset dispositions, net		(932	)	(1	)%		1,660		2	%		(2,880	)	(2	)%		6,991		3	%
Affiliate credit loss impairment (expense) credit		1,000		1	%		(53,581	)	(52	)%		1,000		1	%		(53,581	)	(24	)%
Affiliate guarantee obligation		—		0	%		(2,000	)	(2	)%		—		0	%		(2,000	)	(1	)%
Long-lived asset impairments and other		—		0	%		(55,482	)	(54	)%		—		0	%		(65,689	)	(30	)%
Operating loss	$	(20,159	)	(22	)%	$	(117,745	)	(115	)%	$	(46,460	)	(27	)%	$	(136,278	)	(62	)%

Note (A): General and administrative expenses for the three and six months ended June 30, 2021 include stock-based compensation of $1.5 million and $2.7 million, respectively. General and administrative expenses for the three and six months ended June 30, 2020 include stock-based compensation of $1.4 million and $2.7 million, respectively. In addition, vessel operating and general and administrative costs for the three and six months ended June 30, 2021, include $0.8 million and $0.9 million in one-time restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and six months ended June 30, 2020, include $0.4 million and $0.6 million in one-time restructuring and integration related costs, respectively.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(Unaudited)

(In thousands, except per share data)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020
Revenues:
Vessel revenues	$	88,514			80,993			87,830			85,395			100,975
Other operating revenues		1,439			2,511			4,029			1,072			1,369
Total revenues		89,953			83,504			91,859			86,467			102,344
Costs and expenses:
Vessel operating costs (A)		64,263			61,020			63,397			61,784			64,774
Costs of other operating revenue		581			1,067			342			219			171
General and administrative (A)		16,787			16,043			16,992			17,438			17,597
Depreciation and amortization		28,549			29,727			30,681			30,777			28,144
Long-lived asset impairments and other		—			—			6,475			1,945			55,482
Affiliate credit loss impairment expense (credit)		(1,000	)		—			(600	)		—			53,581
Affiliate guarantee obligation		—			—			—			—			2,000
(Gain) loss on asset dispositions, net		932			1,948			(80	)		(520	)		(1,660	)
Total operating costs and expenses		110,112			109,805			117,207			111,643			220,089
Operating loss		(20,159	)		(26,301	)		(25,348	)		(25,176	)		(117,745	)
Other income (expense):
Foreign exchange gain (loss)		422			(850	)		(2,880	)		(1,153	)		(2,076	)
Equity in net earnings (losses) of unconsolidated companies		52			(1,849	)		164			—			—
Dividend income from unconsolidated company		—			—			—			—			17,150
Interest income and other, net		8			23			144			272			696
Interest and other debt costs, net		(3,944	)		(4,541	)		(5,984	)		(6,071	)		(5,959	)
Total other expense		(3,462	)		(7,217	)		(8,556	)		(6,952	)		9,811
Loss before income taxes		(23,621	)		(33,518	)		(33,904	)		(32,128	)		(107,934	)
Income tax (benefit) expense		6,026			2,009			(4,477	)		5,953			2,730
Net loss		(29,647	)		(35,527	)		(29,427	)		(38,081	)		(110,664	)
Net loss attributable to noncontrolling interests		(185	)		(212	)		(180	)		(154	)		(41	)
Net loss attributable to Tidewater Inc.	$	(29,462	)		(35,315	)		(29,247	)		(37,927	)		(110,623	)
Basic loss per common share	$	(0.72	)		(0.87	)		(0.72	)		(0.94	)		(2.74	)
Diluted loss per common share	$	(0.72	)		(0.87	)		(0.72	)		(0.94	)		(2.74	)
Weighted average common shares outstanding		40,899			40,716			40,604			40,405			40,306
Dilutive effect of stock options and restricted stock		—			—			—			—			—
Adjusted weighted average common shares		40,899			40,716			40,604			40,405			40,306
Vessel operating margin	$	24,251			19,973			24,433			23,611			36,201


Note (A) One-time restructuring and integration related costs	$	795			103			291			641			446

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

	June 30,			March 31,			December 31,			September 30,			June 30,
ASSETS	2021			2021			2020			2020			2020

Current assets:
Cash and cash equivalents	$	131,157			131,858			149,933			192,243			203,119
Restricted cash		20,284			9,061			2,079			26,401			19,880
Trade and other receivables, net		90,229			99,865			112,623			100,583			115,008
Due from affiliate, net		64,922			62,474			62,050			65,692			65,766
Marine operating supplies		15,404			15,676			15,876			17,808			20,580
Assets held for sale		17,214			31,214			34,396			19,163			29,064
Prepaid expenses and other current assets		15,953			13,594			11,692			18,925			20,350
Total current assets		355,163			363,742			388,649			440,815			473,767
Net properties and equipment		731,659			754,707			780,318			820,876			839,912
Deferred drydocking and survey costs		40,372			46,648			56,468			63,975			74,585
Other assets		24,539			23,833			25,742			25,108			27,411
Total assets	$	1,151,733			1,188,930			1,251,177		$	1,350,774		$	1,415,675

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	16,189			14,622			16,981			12,953			17,111
Accrued expenses		50,532			48,466			52,422			55,811			60,993
Due to affiliates		59,759			56,356			53,194			53,355			48,803
Current portion of long-term debt		7,355			18,201			27,797			9,576			9,437
Other current liabilities		28,825			35,003			32,785			31,599			25,815
Total current liabilities		162,660			172,648			183,179			163,294			162,159
Long-term debt		148,612			148,337			164,934			246,179			273,215
Other liabilities and deferred credits		80,723			79,234			79,792			87,724			90,301


Equity:
Common stock		41			41			41			40			40
Additional paid-in-capital		1,373,727			1,372,846			1,371,809			1,370,778			1,369,645
Accumulated deficit		(613,708	)		(584,246	)		(548,931	)		(519,684	)		(481,757	)
Accumulated other comprehensive income (loss)		(1,082	)		(875	)		(804	)		1,106			581
Total stockholder's equity		758,978			787,766			822,115			852,240			888,509
Noncontrolling interests		760			945			1,157			1,337			1,491
Total equity		759,738			788,711			823,272			853,577			890,000
Total liabilities and equity	$	1,151,733			1,188,930			1,251,177			1,350,774			1,415,675

Supplemental information
Due from related parties, net of due to related parties:
Sonatide (Angola)	$	5,163			6,118			8,856			12,337			16,963

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

	Three Months Ended
	June 30,		March 31,		December 31,		September 30,			June 30,
	2021		2021		2020		2020			2020
VESSEL REVENUE BY VESSEL CLASS

Americas fleet:
Deepwater	$	17,796		19,876		25,706		22,836			27,858
Towing-supply		4,535		4,817		4,603		4,119			4,455
Other		1,150		1,531		1,759		1,750			1,731
Total		23,481		26,224		32,068		28,705			34,044
Middle East/Asia Pacific fleet:
Deepwater	$	17,264		15,931		16,822		13,819			14,195
Towing-supply		8,364		8,483		8,220		9,461			9,788
Total		25,628		24,414		25,042		23,280			23,983
Europe/Mediterranean fleet:
Deepwater	$	22,293		14,588		15,621		17,578			20,476
Towing-supply		11		—		—		(13	)		—
Other		163		161		154		151			144
Total		22,467		14,749		15,775		17,716			20,620
West Africa fleet:
Deepwater	$	8,814		7,909		6,237		4,905			8,748
Towing-supply		5,564		4,879		5,202		7,711			11,029
Other		2,560		2,818		3,506		3,078			2,552
Total	$	16,938		15,606		14,945		15,694			22,329
Worldwide fleet:
Deepwater	$	66,167		58,304		64,386		59,137			71,277
Towing-supply		18,474		18,179		18,025		21,278			25,271
Other		3,873		4,510		5,419		4,980			4,427
Total	$	88,514		80,993		87,830		85,395			100,975

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020
AVERAGE NUMBER OF VESSELS:

Americas fleet:
Deepwater		27			29			32			32			32
Towing-supply		8			8			10			12			15
Other		3			3			3			3			3
Total		38			40			45			47			50
Stacked vessels		(13	)		(12	)		(15	)		(17	)		(17	)
Active vessels		25			28			30			30			33
Middle East/Asia Pacific fleet:
Deepwater		20			21			21			22			26
Towing-supply		18			20			22			23			26
Total		38			41			43			45			52
Stacked vessels		(1	)		(3	)		(3	)		(4	)		(9	)
Active vessels		37			38			40			41			43
Europe/Mediterranean fleet:
Deepwater		29			31			31			32			36
Towing-supply		—			—			—			—			1
Total		29			31			31			32			37
Stacked vessels		(8	)		(14	)		(16	)		(17	)		(17	)
Active vessels		21			17			15			15			20
West Africa fleet:
Deepwater		20			20			20			25			26
Towing-supply		11			12			13			17			18
Other		26			26			23			16			19
Total		57			58			56			58			63
Stacked vessels		(22	)		(25	)		(26	)		(31	)		(21	)
Active vessels		35			33			30			27			42
Worldwide fleet:
Deepwater		96			101			104			111			120
Towing-supply		37			40			45			52			60
Other		29			29			26			19			22
Total		162			170			175			182			202
Stacked vessels		(44	)		(54	)		(60	)		(69	)		(64	)
Active vessels		118			116			115			113			138

Total active		118			116			115			113			138
Total stacked		44			54			60			69			64
Total joint venture and other vessels		3			3			3			3			3
Total		165			173			178			185			205

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,
	2021		2021		2020		2020		2020
AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:
Deepwater		2,497		2,627		2,944		2,996		2,940
Towing-supply		728		720		898		1,098		1,329
Other		273		270		276		276		273
Total		3,498		3,617		4,118		4,370		4,542
Middle East/Asia Pacific fleet:
Deepwater		1,820		1,863		1,932		2,025		2,411
Towing-supply		1,667		1,822		2,032		2,118		2,342
Total		3,487		3,685		3,964		4,143		4,753
Europe/Mediterranean fleet:
Deepwater		2,672		2,756		2,852		2,916		3,256
Towing-supply		—		—		—		24		91
Total		2,672		2,756		2,852		2,940		3,347
West Africa fleet:
Deepwater		1,853		1,827		1,840		2,269		2,366
Towing-supply		1,001		1,084		1,196		1,588		1,654
Other		2,366		2,340		2,095		1,469		1,698
Total		5,220		5,251		5,131		5,326		5,718
Worldwide fleet:
Deepwater		8,842		9,073		9,568		10,206		10,973
Towing-supply		3,396		3,626		4,126		4,828		5,416
Other		2,639		2,610		2,371		1,745		1,971
Total		14,877		15,309		16,065		16,779		18,360

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,
	2021		2021		2020		2020		2020
OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:
Deepwater		889		923		1,105		1,134		863
Towing-supply		91		90		189		362		601
Other		182		90		92		92		91
Total		1,162		1,103		1,386		1,588		1,555
Middle East/Asia Pacific fleet:
Deepwater		91		90		92		185		500
Towing-supply		29		180		177		186		310
Total		120		270		269		371		810
Europe/Mediterranean fleet:
Deepwater		766		1,238		1,448		1,522		1,422
Towing-supply		—		—		—		24		91
Total		766		1,238		1,448		1,546		1,513
West Africa fleet:
Deepwater		852		1,104		1,288		1,809		919
Towing-supply		516		544		644		882		563
Other		637		599		417		181		446
Total		2,005		2,247		2,349		2,872		1,928
Worldwide fleet:
Deepwater		2,598		3,355		3,933		4,650		3,704
Towing-supply		636		814		1,010		1,454		1,565
Other		819		689		509		273		537
Total		4,053		4,858		5,452		6,377		5,806

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,
	2021		2021		2020		2020		2020
AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:
Deepwater		1,608		1,704		1,839		1,862		2,077
Towing-supply		637		630		709		736		728
Other		91		180		184		184		182
Total		2,336		2,514		2,732		2,782		2,987
Middle East/Asia Pacific fleet:
Deepwater		1,729		1,773		1,840		1,840		1,911
Towing-supply		1,638		1,642		1,855		1,932		2,032
Total		3,367		3,415		3,695		3,772		3,943
Europe/Mediterranean fleet:
Deepwater		1,906		1,518		1,404		1,394		1,834
Total		1,906		1,518		1,404		1,394		1,834
West Africa fleet:
Deepwater		1,001		723		552		460		1,447
Towing-supply		485		540		552		706		1,091
Other		1,729		1,741		1,678		1,288		1,252
Total		3,215		3,004		2,782		2,454		3,790
Worldwide fleet:
Deepwater		6,244		5,718		5,635		5,556		7,269
Towing-supply		2,760		2,812		3,116		3,374		3,851
Other		1,820		1,921		1,862		1,472		1,434
Total		10,824		10,451		10,613		10,402		12,554

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020
UTILIZATION - TOTAL FLEET:

Americas fleet:
Deepwater		45.6	%		55.6	%		53.2	%		51.7	%		64.3	%
Towing-supply		76.3			83.2			67.7			50.0			43.5
Other		33.3			55.7			66.7			66.7			65.2
Total		51.0	%		61.1	%		57.2	%		52.2	%		58.3	%
Middle East/Asia Pacific fleet:
Deepwater		88.3	%		80.1	%		78.2	%		67.4	%		57.9	%
Towing-supply		82.5			75.6			62.5			72.3			68.2
Total		85.5	%		77.9	%		70.2	%		69.9	%		63.0	%
Europe/Mediterranean fleet:
Deepwater		64.7	%		44.7	%		44.7	%		45.5	%		49.9	%
Total		64.7	%		44.7	%		44.7	%		45.1	%		48.6	%
West Africa fleet:
Deepwater		42.3	%		36.2	%		27.2	%		17.5	%		31.1	%
Towing-supply		38.4			30.1			30.8			28.4			41.3
Other		34.6			34.4			42.3			53.1			39.2
Total		38.1	%		34.1	%		34.2	%		30.6	%		36.5	%
Worldwide fleet:
Deepwater		59.4	%		53.4	%		50.7	%		45.4	%		51.5	%
Towing-supply		68.2			63.5			54.4			52.4			52.8
Other		34.5			36.6			45.2			55.3			42.8
Total		57.0	%		52.9	%		50.9	%		48.5	%		50.9	%

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020
UTILIZATION - ACTIVE FLEET:

Americas fleet:
Deepwater		70.7	%		85.7	%		85.1	%		83.2	%		91.0	%
Towing-supply		87.2			95.1			85.7			74.6			79.4
Other		100.0			83.6			100.0			100.0			97.8
Total		76.4	%		87.9	%		86.3	%		82.0	%		88.6	%
Middle East/Asia Pacific fleet:
Deepwater		92.9	%		84.2	%		82.1	%		74.2	%		73.1	%
Towing-supply		84.0			83.9			68.5			79.2			78.6
Total		88.6	%		84.0	%		75.3	%		76.8	%		75.9	%
Europe/Mediterranean fleet:
Deepwater		90.6	%		81.3	%		90.9	%		95.1	%		88.6	%
Total		90.6	%		81.3	%		90.9	%		95.1	%		88.6	%
West Africa fleet:
Deepwater		78.3	%		91.4	%		90.8	%		86.2	%		50.9	%
Towing-supply		79.2			60.4			66.7			63.8			62.6
Other		47.4			46.2			52.9			60.6			53.2
Total		61.8	%		59.6	%		63.1	%		66.3	%		55.0	%
Worldwide fleet:
Deepwater		84.2	%		84.8	%		86.1	%		83.4	%		77.7	%
Towing-supply		83.9			81.9			72.1			75.0			74.2
Other		50.0			49.7			57.5			65.5			58.9
Total		78.4	%		77.6	%		77.0	%		78.2	%		74.5	%

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,
	2021		2021		2020		2020		2020
AVERAGE VESSEL DAY RATES: (A)

Americas fleet:
Deepwater	$	15,646		13,608		16,416		14,743		14,738
Towing-supply		8,162		8,040		7,576		7,506		7,707
Other		12,634		10,179		9,559		9,514		9,723
Total	$	13,162		11,865		13,602		12,581		12,865
Middle East/Asia Pacific fleet:
Deepwater	$	10,743		10,670		11,129		10,127		10,161
Towing-supply		6,080		6,159		6,471		6,180		6,128
Total	$	8,593		8,506		9,002		8,040		8,009
Europe/Mediterranean fleet:
Deepwater	$	12,905		11,829		12,368		13,257		12,600
Total	$	13,005		11,960		12,368		13,361		12,689
West Africa fleet:
Deepwater	$	11,242		11,972		12,449		12,365		11,891
Towing-supply		14,480		14,967		14,136		17,122		16,158
Other		3,124		3,501		3,952		3,944		3,829
Total	$	8,521		8,711		8,510		9,643		10,711
Worldwide fleet:
Deepwater	$	12,589		12,028		13,265		12,756		12,620
Towing-supply		7,978		7,896		8,026		8,411		8,843
Other		4,253		4,721		5,059		5,163		5,243
Total	$	10,435		9,993		10,749		10,503		10,799

Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020

Americas
Vessel revenues	$	23,481			26,224			32,068			28,705			34,044

Vessel operating costs:
Crew costs	$	11,132			10,594			12,795			11,711			13,138
Repair and maintenance		2,192			2,714			2,065			1,259			1,703
Insurance		(30	)		200			402			426			427
Fuel, lube and supplies		1,952			1,774			1,822			1,754			1,373
Other		2,972			1,980			2,306			2,486			1,956
Total vessel operating costs	$	18,218			17,262			19,390			17,636			18,597

Vessel operating margin ($)	$	5,263			8,962			12,678			11,069			15,447
Vessel operating margin (%)		22.4	%		34.2	%		39.5	%		38.6	%		45.4	%

Americas - Select operating statistics
Average vessels - Total fleet		38			40			45			47			50
Utilization - Total fleet		51.0	%		61.1	%		57.2	%		52.2	%		58.3	%

Average vessels - Active fleet		25			28			30			30			33
Utilization - Active fleet		76.4	%		87.9	%		86.3	%		82.0	%		88.6	%

Average day rates	$	13,162			11,865			13,602			12,581			12,865

Vessels commencing drydocks		3			1			1			—			5


Deferred drydocking and survey costs - beginning balance	$	11,813			15,440			17,774			20,024			21,599
Cash paid for deferred drydocking and survey costs		2,157			881			1,015			1,086			1,819
Amortization of deferred drydocking and survey costs		(2,753	)		(3,222	)		(3,349	)		(3,336	)		(3,394	)
Disposals, intersegment transfers and other		1,702			(1,286	)		—			—			—
Deferred drydocking and survey costs - ending balance	$	12,919			11,813			15,440			17,774			20,024

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020

Middle East/Asia Pacific
Vessel revenues	$	25,628			24,414			25,042			23,280			23,983

Vessel operating costs:
Crew costs	$	9,910			9,639			9,982			10,468			8,726
Repair and maintenance		2,632			2,659			2,899			2,385			2,196
Insurance		37			(224	)		452			562			739
Fuel, lube and supplies		1,494			1,569			1,924			1,783			1,405
Other		2,692			2,959			3,532			2,057			2,412
Total vessel operating costs	$	16,765			16,602			18,789			17,255			15,478

Vessel operating margin ($)	$	8,863			7,812			6,253			6,025			8,505
Vessel operating margin (%)		34.6	%		32.0	%		25.0	%		25.9	%		35.5	%

Middle East/Asia Pacific - Select operating statistics
Average vessels - Total fleet		38			41			43			45			52
Utilization - Total fleet		85.5	%		77.9	%		70.2	%		69.9	%		63.0	%

Average vessels - Active fleet		37			38			40			41			43
Utilization - Active fleet		88.6	%		84.0	%		75.3	%		76.8	%		75.9	%

Average day rates	$	8,593			8,506			9,002			8,040			8,009

Vessels commencing drydocks		4			—			3			—			—


Deferred drydocking and survey costs - beginning balance	$	13,989			17,031			18,666			21,116			23,139
Cash paid for deferred drydocking and survey costs		1,354			72			1,447			386			850
Amortization of deferred drydocking and survey costs		(2,820	)		(3,114	)		(3,082	)		(3,036	)		(2,589	)
Disposals, intersegment transfers and other		(399	)		—			—			200			(284	)
Deferred drydocking and survey costs - ending balance		12,124			13,989			17,031			18,666			21,116

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020

Europe/Mediterranean
Vessel revenues	$	22,467			14,749			15,775			17,716			20,620

Vessel operating costs:
Crew costs	$	10,519			9,022			8,179			7,952			9,707
Repair and maintenance		2,244			1,673			1,133			869			1,278
Insurance		(131	)		299			297			448			420
Fuel, lube and supplies		864			759			710			592			924
Other		1,803			1,707			1,214			1,274			1,547
Total vessel operating costs	$	15,299			13,460			11,533			11,135			13,876

Vessel operating margin ($)	$	7,168			1,289			4,243			6,581			6,744
Vessel operating margin (%)		31.9	%		8.7	%		26.9	%		37.1	%		32.7	%

Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		29			31			31			32			37
Utilization - Total fleet		64.7	%		44.7	%		44.7	%		45.1	%		48.6	%

Average vessels - Active fleet		21			17			15			15			20
Utilization - Active fleet		90.6	%		81.3	%		90.9	%		95.1	%		88.6	%

Average day rates	$	13,005			11,960			12,368			13,361			12,689

Vessels commencing drydocks		2			3			4			—			—


Deferred drydocking and survey costs - beginning balance	$	7,731			7,317			7,147			9,143			10,387
Cash paid for deferred drydocking and survey costs		162			2,067			1,710			(361	)		517
Amortization of deferred drydocking and survey costs		(1,553	)		(1,653	)		(1,540	)		(1,635	)		(1,710	)
Disposals, intersegment transfers and other					—			—			—			(51	)
Deferred drydocking and survey costs - ending balance	$	6,340			7,731			7,317			7,147			9,143

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020

West Africa
Vessel revenues	$	16,938			15,606			14,945			15,694			22,328

Vessel operating costs:
Crew costs	$	6,124			5,907			5,804			6,555			7,120
Repair and maintenance		2,466			2,391			1,930			1,419			1,479
Insurance		(13	)		348			296			517			424
Fuel, lube and supplies		2,231			1,758			1,765			2,628			2,681
Other		3,173			3,292			3,890			4,639			5,119
Total vessel operating costs	$	13,981			13,696			13,685			15,758			16,823

Vessel operating margin ($)	$	2,957			1,910			1,260			(64	)		5,505
Vessel operating margin (%)		17.5	%		12.2	%		8.4	%		(0.4	)%		24.7	%

West Africa - Select operating statistics
Average vessels - Total fleet		57			58			56			58			63
Utilization - Total fleet		38.1	%		34.1	%		34.2	%		30.6	%		36.5	%

Average vessels - Active fleet		35			33			30			27			42
Utilization - Active fleet		61.8	%		59.6	%		63.1	%		66.3	%		55.0	%

Average day rates	$	8,521			8,711			8,510			9,643			10,711

Vessels commencing drydocks		2			—			—			—			—


Deferred drydocking and survey costs - beginning balance	$	13,115			16,680			20,388			24,301			26,856
Cash paid for deferred drydocking and survey costs		376			(298	)		(400	)		(576	)		911
Amortization of deferred drydocking and survey costs		(3,199	)		(3,268	)		(3,294	)		(3,426	)		(3,466	)
Disposals, intersegment transfers and other		(1,303	)		1			(14	)		89			—
Deferred drydocking and survey costs - ending balance	$	8,989			13,115			16,680			20,388			24,301

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020

Worldwide
Vessel revenues	$	88,514			80,993			87,830			85,395			100,975

Vessel operating costs:
Crew costs	$	37,685			35,162			36,760			36,686			38,691
Repair and maintenance		9,534			9,437			8,027			5,932			6,656
Insurance		(137	)		623			1,447			1,953			2,010
Fuel, lube and supplies		6,541			5,860			6,221			6,757			6,383
Other		10,640			9,938			10,942			10,456			11,034
Total vessel operating costs	$	64,263			61,020			63,397			61,784			64,774

Vessel operating margin ($)	$	24,251			19,973			24,434			23,611			36,201
Vessel operating margin (%)		27.4	%		24.7	%		27.8	%		27.6	%		35.9	%

Worldwide - Select operating statistics
Average vessels - Total fleet		162			170			175			182			202
Utilization - Total fleet		57.0	%		52.9	%		50.9	%		48.5	%		50.9	%

Average vessels - Active fleet		118			116			115			113			138
Utilization - Active fleet		78.4	%		77.6	%		77.0	%		78.2	%		74.5	%

Average day rates	$	10,435			9,993			10,749			10,503			10,799

Vessels commencing drydocks		11			4			8			—			5


Deferred drydocking and survey costs - beginning balance	$	46,648			56,468			63,975			74,584			81,981
Cash paid for deferred drydocking and survey costs		4,049			2,722			3,772			535			4,097
Amortization of deferred drydocking and survey costs		(10,325	)		(11,257	)		(11,265	)		(11,433	)		(11,159	)
Disposals, intersegment transfers and other		—			(1,285	)		(14	)		289			(335	)
Deferred drydocking and survey costs - ending balance	$	40,372			46,648			56,468			63,975			74,584

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020
Net loss	$	(29,647	)		(35,527	)		(29,427	)		(38,081	)		(110,664	)

Interest and other debt costs		3,944			4,541			5,984			6,071			5,959
Income tax (benefit) expense		6,026			2,009			(4,477	)		5,953			2,730
Depreciation		18,224			18,470			19,416			19,343			16,986
Amortization of deferred drydock and survey costs		10,325			11,257			11,265			11,434			11,158
EBITDA (A), (B), (C)	$	8,872			750			2,761			4,720			(73,831	)

Long-lived asset impairments and other		—			—			6,475			1,945			55,482
Affiliate credit loss impairment expense (credit)		(1,000	)		—			(600	)		—			53,581
Affiliate guarantee obligation		—			—			—			—			2,000
One-time integration related costs		795			103			291			641			446
Adjusted EBITDA (A), (B), (C)	$	8,667			853			8,927			7,306			37,678

Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs.

Note (B): EBITDA and Adjusted EBITDA for the three months ended June 30, 2021, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,504, $1,172, $1,158, $1,223, and $1,401, respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended June 30, 2021, and for each of the prior four quarters includes foreign exchange gain (losses) of $422, $(850), $(2,880), $(1,153), and $(2,076), respectively.

Non-GAAP Financial Measures

We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures 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 or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they 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 and Adjusted EBITDA are 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 provide 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 and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.

EBITDA and Adjusted EBITDA are also financial metrics 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 and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In thousands)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020
Net cash provided by (used in) operating activities (A)	$	4,851			5,716			2,180			14,629			14,702

Cash interest expense		3,282			3,746			5,066			5,435			5,292
Interest income and other		(8	)		(23	)		(144	)		(272	)		(696	)
Additions to property and equipment		(665	)		(1,196	)		(10,218	)		(607	)		(1,626	)
Expansion capital		—			—			5,300			—			—
Free cash flow before proceeds from asset sales		7,460			8,243			2,184			19,185			17,672

Proceeds from asset sales		18,577			10,983			6,798			10,592			11,454

Free cash flow	$	26,037			19,226			8,982			29,777			29,126

Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by (used in) operating activities adjusted for capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.

Note (A): Net cash provided by (used in) operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	7,066			9,921			(4,915	)		18,858			(10,373	)
Cash paid for deferred drydock and survey costs		(4,049	)		(2,722	)		(3,772	)		(535	)		(4,097	)
Total sources (uses) of cash for changes in assets and liabilities	$	3,017			7,199			(8,687	)		18,323			(14,470	)

Contacts

Tidewater Inc.

West Gotcher

Vice President,

Finance and Investor Relations

+1.713.470.5285

SOURCE: Tidewater Inc.