Tidewater Reports Results For The Three Months Ended June 30, 2018

Montag, 13.08.2018 22:30 von PR Newswire

PR Newswire

HOUSTON, Aug. 13, 2018

HOUSTON, Aug. 13, 2018 /PRNewswire/ -- 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:

$6.8 million ($0.27 per common share) of Foreign exchange losses, $5.8 million ($0.23 per common share) of which is included in Equity in net earnings (losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.
$4.9 million ($0.20 per common share) gain included in Equity in net earnings (losses) of unconsolidated companies, representing dividends received from Sonatide ($12.3 million) in excess of the company's investment balance ($7.3 million) at June 30, 2018.
$1.2 million ($0.05 per common share) in non-cash Asset impairments that resulted from impairment reviews undertaken during the three months ended June 30, 2018.

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.

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

Financial information is displayed on the next page.

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited)
(In thousands, except share and per share data)
	Successor		Predecessor		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.

TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and par value data)
	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

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
(In thousands)
	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)

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
	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

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(In thousands)
							Accumulated
			Additional		Retained		other		Non
	Common		paid-in		(deficit)		comprehensive		controlling
	stock		capital		earnings		loss		interest		Total
Balance at December 31, 2017 (Successor)	$	22		1,059,120		(39,266)		(147)		2,215		1,021,944
Total comprehensive loss		—		—		(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):

	Successor		Predecessor		Successor		Predecessor
	Quarter Ended		Quarter Ended		Six Months Ended		Six Months Ended
(In thousands)	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Vessel operating margin	$	36,162		28,484	$	62,292		104,544
General and administrative expenses - vessel operations		(16,613)		(18,002)		(33,480)		(37,447)
Vessel operating leases		—		(5,542)		—		(13,985)
Depreciation and amortization - vessel operations		(12,680)		(34,892)		(24,592)		(71,065)
Vessel operating profit (loss)	$	6,869		(29,952)	$	4,220		(17,953)

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

	Successor		Predecessor		Successor		Predecessor
	Quarter Ended		Quarter Ended		Six Months Ended		Six Months Ended
(In thousands)	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Other operating revenues	$	1,427		2,849		5,426		6,693
Costs of other marine revenues		(642)		(1,585)		(3,116)		(4,274)
General and administrative expenses - other operating activities		(2)		(355)		(16)		(880)
Depreciation and amortization - other operating activities		(5)		(854)		(10)		(1,709)
Other operating profit (loss)	$	778		55		2,284		(170)

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.

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

		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.

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

		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.

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		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

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	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.

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	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

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	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

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	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

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	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.

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	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.

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

	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

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		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

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		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

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		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		—		—

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		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

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		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

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		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

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA

		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.

Non-GAAP Financial Measures

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

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

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

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

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

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SOURCE Tidewater Inc.

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