Company Quick10K Filing
Quick10K
Tidewater
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$23.09 38 $866
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-K 2017-03-31 Annual: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-K 2016-03-31 Annual: 2016-03-31
10-Q 2015-12-31 Quarter: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-K 2015-03-31 Annual: 2015-03-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-K 2014-03-31 Annual: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
8-K 2019-07-24 Other Events, Exhibits
8-K 2019-06-17 Other Events, Exhibits
8-K 2019-05-21 Other Events, Exhibits
8-K 2019-05-06 Earnings, Exhibits
8-K 2019-04-30 Shareholder Vote, Regulation FD
8-K 2019-04-15 Officers, Exhibits
8-K 2019-03-22 Other Events, Exhibits
8-K 2019-02-19 Other Events, Exhibits
8-K 2019-02-12 Other Events, Exhibits
8-K 2019-02-12 Other Events, Exhibits
8-K 2019-01-11 Other Events, Exhibits
8-K 2018-12-28 Officers, Exhibits
8-K 2018-11-15 Enter Agreement, M&A, Officers, Amend Bylaw, Shareholder Vote, Other Events, Exhibits
8-K 2018-11-15 Officers, Exhibits
8-K 2018-11-13 Regulation FD, Exhibits
8-K 2018-10-30 Other Events, Exhibits
8-K 2018-09-30 Earnings, Exhibits
8-K 2018-09-13 Other Events, Exhibits
8-K 2018-09-10 Other Events, Exhibits
8-K 2018-09-06 Other Events, Exhibits
8-K 2018-08-31 Other Events, Exhibits
8-K 2018-08-30 Other Events, Exhibits
8-K 2018-08-14 Regulation FD, Exhibits
8-K 2018-08-13 Earnings, Exhibits
8-K 2018-08-06 Other Events, Exhibits
8-K 2018-07-16 Other Events, Exhibits
8-K 2018-07-15 Enter Agreement, Regulation FD, Exhibits
8-K 2018-06-21 Other Events
8-K 2018-05-23 Other Events, Exhibits
8-K 2018-05-15 Regulation FD, Exhibits
8-K 2018-05-14 Earnings, Exhibits
8-K 2018-05-08 Other Events, Exhibits
8-K 2018-05-01 Shareholder Vote
8-K 2018-03-26 Other Events, Exhibits
8-K 2018-03-16 Other Events, Exhibits
8-K 2018-03-15 Regulation FD, Exhibits
8-K 2018-03-07 Other Events, Exhibits
8-K 2018-02-16 Officers, Exhibits
8-K 2018-02-15 Other Events, Exhibits
8-K 2018-02-12 Other Events
8-K 2018-02-05 Other Events, Exhibits
8-K 2018-01-29 Other Events
JEF Jefferies 5,710
FCFS Firstcash 4,150
ARCH Arch Coal 1,610
OXM Oxford Industries 1,340
VHI Valhi 787
SB Safe Bulkers 160
MHH Mastech Digital 56
CHEK Check-Cap 20
DEAC Elite Data Services 0
REAC Renewable Energy Acquisition 0
TDW 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-10.12 tdw-ex1012_144.htm
EX-10.13 tdw-ex1013_145.htm
EX-31.1 tdw-ex311_8.htm
EX-31.2 tdw-ex312_7.htm
EX-32.1 tdw-ex321_6.htm

Tidewater Earnings 2019-06-30

TDW 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

tdw-10q_20190630.htm
false Q2 TIDEWATER INC 0000098222 --12-31 Large Accelerated Filer Yes 720487776 P1Y true 0 0 0 0 720487776 us-gaap:OtherAssetsMember us-gaap:OtherCurrentLiabilitiesMember us-gaap:OtherNoncurrentLiabilitiesMember P4Y2M12D 0000098222 2019-01-01 2019-06-30 xbrli:shares 0000098222 2019-07-26 iso4217:USD 0000098222 2019-06-30 0000098222 2018-12-31 iso4217:USD xbrli:shares 0000098222 tdw:VesselMember 2019-04-01 2019-06-30 0000098222 tdw:VesselMember 2018-04-01 2018-06-30 0000098222 tdw:VesselMember 2019-01-01 2019-06-30 0000098222 tdw:VesselMember 2018-01-01 2018-06-30 0000098222 us-gaap:ProductAndServiceOtherMember 2019-04-01 2019-06-30 0000098222 us-gaap:ProductAndServiceOtherMember 2018-04-01 2018-06-30 0000098222 us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-06-30 0000098222 us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-06-30 0000098222 2019-04-01 2019-06-30 0000098222 2018-04-01 2018-06-30 0000098222 2018-01-01 2018-06-30 0000098222 2017-12-31 0000098222 2018-06-30 0000098222 us-gaap:CommonStockMember 2019-03-31 0000098222 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000098222 us-gaap:RetainedEarningsMember 2019-03-31 0000098222 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000098222 us-gaap:NoncontrollingInterestMember 2019-03-31 0000098222 2019-03-31 0000098222 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000098222 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0000098222 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0000098222 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0000098222 us-gaap:CommonStockMember 2019-06-30 0000098222 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000098222 us-gaap:RetainedEarningsMember 2019-06-30 0000098222 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000098222 us-gaap:NoncontrollingInterestMember 2019-06-30 0000098222 us-gaap:CommonStockMember 2018-03-31 0000098222 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0000098222 us-gaap:RetainedEarningsMember 2018-03-31 0000098222 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0000098222 us-gaap:NoncontrollingInterestMember 2018-03-31 0000098222 2018-03-31 0000098222 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0000098222 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000098222 us-gaap:NoncontrollingInterestMember 2018-04-01 2018-06-30 0000098222 us-gaap:CommonStockMember 2018-04-01 2018-06-30 0000098222 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0000098222 us-gaap:CommonStockMember 2018-06-30 0000098222 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000098222 us-gaap:RetainedEarningsMember 2018-06-30 0000098222 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000098222 us-gaap:NoncontrollingInterestMember 2018-06-30 0000098222 us-gaap:CommonStockMember 2018-12-31 0000098222 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000098222 us-gaap:RetainedEarningsMember 2018-12-31 0000098222 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000098222 us-gaap:NoncontrollingInterestMember 2018-12-31 0000098222 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0000098222 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-06-30 0000098222 us-gaap:CommonStockMember 2019-01-01 2019-06-30 0000098222 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0000098222 us-gaap:CommonStockMember 2017-12-31 0000098222 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000098222 us-gaap:RetainedEarningsMember 2017-12-31 0000098222 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000098222 us-gaap:NoncontrollingInterestMember 2017-12-31 0000098222 us-gaap:RetainedEarningsMember 2018-01-01 2018-06-30 0000098222 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000098222 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-06-30 0000098222 us-gaap:CommonStockMember 2018-01-01 2018-06-30 0000098222 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-06-30 0000098222 tdw:GulfMarkOffshoreIncMember 2019-04-01 2019-06-30 0000098222 tdw:GulfMarkOffshoreIncMember 2019-01-01 2019-06-30 0000098222 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0000098222 tdw:VesselMobilizationMember 2019-06-30 0000098222 us-gaap:OtherAssetsMember tdw:VesselMobilizationMember 2019-06-30 0000098222 tdw:VesselMobilizationMember tdw:UnsatisfiedPerformanceObligationsMember us-gaap:ScenarioForecastMember 2019-09-30 0000098222 srt:MinimumMember 2019-06-30 0000098222 srt:MaximumMember 2019-06-30 xbrli:pure 0000098222 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000098222 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-03-31 0000098222 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000098222 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000098222 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000098222 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-04-01 2018-06-30 0000098222 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-01-01 2018-06-30 0000098222 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000098222 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000098222 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000098222 tdw:InTheMoneyOptionsWarrantsAndRestrictedStockAwardsAndUnitsMember 2019-01-01 2019-06-30 0000098222 tdw:InTheMoneyOptionsWarrantsAndRestrictedStockAwardsAndUnitsMember 2018-01-01 2018-06-30 0000098222 tdw:NewCreditorWarrantsStrikePrice0001PerCommonShareMember 2019-06-30 0000098222 tdw:NewCreditorWarrantsStrikePrice0001PerCommonShareMember 2018-06-30 0000098222 tdw:GulfMarkCreditorWarrantsStrikePrice001PerCommonShareMember 2019-06-30 0000098222 tdw:GulfMarkCreditorWarrantsStrikePrice001PerCommonShareMember 2018-06-30 0000098222 tdw:OutOfTheMoneyWarrantsMember 2019-06-30 0000098222 tdw:OutOfTheMoneyWarrantsMember 2018-06-30 0000098222 tdw:OutOfTheMoneyWarrantsMember tdw:SeriesAWarrantsMember 2019-06-30 0000098222 tdw:OutOfTheMoneyWarrantsMember tdw:SeriesAWarrantsMember 2018-06-30 0000098222 tdw:OutOfTheMoneyWarrantsMember tdw:SeriesBWarrantsMember 2019-06-30 0000098222 tdw:OutOfTheMoneyWarrantsMember tdw:SeriesBWarrantsMember 2018-06-30 0000098222 tdw:OutOfTheMoneyWarrantsMember tdw:GLFEquityWarrantsMember 2019-06-30 0000098222 tdw:OutOfTheMoneyWarrantsMember tdw:GLFEquityWarrantsMember 2018-06-30 0000098222 tdw:SonatideMarineLtdMember country:AO 2019-06-30 0000098222 tdw:SonatideMarineLtdMember country:AO 2018-12-31 0000098222 tdw:DtdwHoldingsLtdMember country:NG 2019-06-30 0000098222 tdw:DtdwHoldingsLtdMember country:NG 2018-12-31 0000098222 tdw:SonatideMarineLtdMember 2018-12-31 0000098222 tdw:SonatideMarineLtdMember 2019-01-01 2019-06-30 0000098222 tdw:SonatideMarineLtdMember 2019-06-30 0000098222 tdw:SonatideMarineLtdMember us-gaap:TradeAccountsReceivableMember 2019-06-30 0000098222 tdw:SonatideMarineLtdMember currency:AOA 2019-06-30 tdw:Vessel 0000098222 country:AO 2019-04-01 2019-06-30 0000098222 country:AO 2018-04-01 2018-06-30 0000098222 country:AO 2019-01-01 2019-06-30 0000098222 country:AO 2018-01-01 2018-06-30 0000098222 us-gaap:PensionPlansDefinedBenefitMember 2018-04-01 2018-06-30 0000098222 us-gaap:PensionPlansDefinedBenefitMember 2018-01-01 2018-06-30 0000098222 us-gaap:PensionPlansDefinedBenefitMember 2019-04-01 2019-06-30 0000098222 us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-06-30 0000098222 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2019-04-01 2019-06-30 0000098222 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2019-01-01 2019-06-30 0000098222 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember us-gaap:ScenarioForecastMember 2019-07-01 2019-12-31 0000098222 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2019-06-30 0000098222 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2018-12-31 0000098222 tdw:PensionPlanAndSupplementalPlanMember 2019-04-01 2019-06-30 0000098222 tdw:PensionPlanAndSupplementalPlanMember 2018-04-01 2018-06-30 0000098222 tdw:PensionPlanAndSupplementalPlanMember 2019-01-01 2019-06-30 0000098222 tdw:PensionPlanAndSupplementalPlanMember 2018-01-01 2018-06-30 0000098222 tdw:EightPointZeroZeroPercentSeniorSecuredNotesDueAugustTwoThousandTwentyTwoMember 2019-06-30 0000098222 tdw:EightPointZeroZeroPercentSeniorSecuredNotesDueAugustTwoThousandTwentyTwoMember 2018-12-31 0000098222 tdw:NorwegianKronerDenominatedNotesDueMayTwoThousandTwentyFourMember tdw:TromsOffshoreSupplyAsMember 2019-06-30 0000098222 tdw:NorwegianKronerDenominatedNotesDueMayTwoThousandTwentyFourMember tdw:TromsOffshoreSupplyAsMember 2018-12-31 0000098222 tdw:NorwegianKronerDenominatedNotesDueJanuaryTwoThousandTwentySixMember tdw:TromsOffshoreSupplyAsMember 2019-06-30 0000098222 tdw:NorwegianKronerDenominatedNotesDueJanuaryTwoThousandTwentySixMember tdw:TromsOffshoreSupplyAsMember 2018-12-31 0000098222 tdw:UnitedStatesDollarDenominatedNotesDueJanuaryTwoThousandTwentySevenMember tdw:TromsOffshoreSupplyAsMember 2019-06-30 0000098222 tdw:UnitedStatesDollarDenominatedNotesDueJanuaryTwoThousandTwentySevenMember tdw:TromsOffshoreSupplyAsMember 2018-12-31 0000098222 tdw:UnitedStatesDollarDenominatedNotesDueAprilTwoThousandTwentySevenMember tdw:TromsOffshoreSupplyAsMember 2019-06-30 0000098222 tdw:UnitedStatesDollarDenominatedNotesDueAprilTwoThousandTwentySevenMember tdw:TromsOffshoreSupplyAsMember 2018-12-31 0000098222 tdw:EightPointZeroZeroPercentSeniorSecuredNotesDueAugustTwoThousandTwentyTwoMember 2019-01-01 2019-06-30 0000098222 tdw:EightPointZeroZeroPercentSeniorSecuredNotesDueAugustTwoThousandTwentyTwoMember 2018-01-01 2018-12-31 0000098222 tdw:NorwegianKronerDenominatedNotesDueMayTwoThousandTwentyFourMember tdw:TromsOffshoreSupplyAsMember 2019-01-01 2019-06-30 0000098222 tdw:NorwegianKronerDenominatedNotesDueMayTwoThousandTwentyFourMember tdw:TromsOffshoreSupplyAsMember 2018-01-01 2018-12-31 0000098222 tdw:NorwegianKronerDenominatedNotesDueJanuaryTwoThousandTwentySixMember tdw:TromsOffshoreSupplyAsMember 2019-01-01 2019-06-30 0000098222 tdw:NorwegianKronerDenominatedNotesDueJanuaryTwoThousandTwentySixMember tdw:TromsOffshoreSupplyAsMember 2018-01-01 2018-12-31 0000098222 tdw:UnitedStatesDollarDenominatedNotesDueJanuaryTwoThousandTwentySevenMember tdw:TromsOffshoreSupplyAsMember 2019-01-01 2019-06-30 0000098222 tdw:UnitedStatesDollarDenominatedNotesDueJanuaryTwoThousandTwentySevenMember tdw:TromsOffshoreSupplyAsMember 2018-01-01 2018-12-31 0000098222 tdw:UnitedStatesDollarDenominatedNotesDueAprilTwoThousandTwentySevenMember tdw:TromsOffshoreSupplyAsMember 2019-01-01 2019-06-30 0000098222 tdw:UnitedStatesDollarDenominatedNotesDueAprilTwoThousandTwentySevenMember tdw:TromsOffshoreSupplyAsMember 2018-01-01 2018-12-31 0000098222 tdw:EightPointZeroZeroPercentSeniorSecuredNotesDueAugustTwoThousandTwentyTwoMember us-gaap:FairValueInputsLevel2Member 2019-06-30 0000098222 tdw:EightPointZeroZeroPercentSeniorSecuredNotesDueAugustTwoThousandTwentyTwoMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000098222 tdw:EightPointZeroZeroPercentSeniorSecuredNotesDueAugustTwoThousandTwentyTwoMember srt:MaximumMember tdw:TenderOfferMember 2018-12-31 0000098222 tdw:EightPointZeroZeroPercentSeniorSecuredNotesDueAugustTwoThousandTwentyTwoMember tdw:TenderOfferMember 2019-06-14 0000098222 tdw:TenderedNotesMember 2019-01-31 0000098222 tdw:TenderedNotesMember 2019-07-31 0000098222 tdw:TromsOffshoreSupplyAsMember 2019-01-01 2019-06-30 0000098222 us-gaap:FairValueInputsLevel2Member tdw:TromsOffshoreSupplyAsMember 2019-06-30 0000098222 us-gaap:FairValueInputsLevel2Member tdw:TromsOffshoreSupplyAsMember 2018-12-31 0000098222 tdw:TromsOffshoreSupplyAsMember 2019-06-30 tdw:Subsidiary 0000098222 country:VE tdw:CompensatoryPurposesMember 2019-06-30 0000098222 country:VE tdw:CompensatoryPurposesMember 2019-01-01 2019-06-30 0000098222 tdw:SonatideMember 2019-06-30 0000098222 tdw:SonatideMember 2018-12-31 0000098222 tdw:AmericasSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2019-04-01 2019-06-30 0000098222 tdw:AmericasSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2018-04-01 2018-06-30 0000098222 tdw:AmericasSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2019-01-01 2019-06-30 0000098222 tdw:AmericasSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2018-01-01 2018-06-30 0000098222 tdw:MiddleEastAndAsiaPacificSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2019-04-01 2019-06-30 0000098222 tdw:MiddleEastAndAsiaPacificSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2018-04-01 2018-06-30 0000098222 tdw:MiddleEastAndAsiaPacificSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2019-01-01 2019-06-30 0000098222 tdw:MiddleEastAndAsiaPacificSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2018-01-01 2018-06-30 0000098222 tdw:EuropeAndMediterraneanSeaSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2019-04-01 2019-06-30 0000098222 tdw:EuropeAndMediterraneanSeaSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2018-04-01 2018-06-30 0000098222 tdw:EuropeAndMediterraneanSeaSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2019-01-01 2019-06-30 0000098222 tdw:EuropeAndMediterraneanSeaSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2018-01-01 2018-06-30 0000098222 tdw:WestAfricaSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2019-04-01 2019-06-30 0000098222 tdw:WestAfricaSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2018-04-01 2018-06-30 0000098222 tdw:WestAfricaSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2019-01-01 2019-06-30 0000098222 tdw:WestAfricaSegmentMember us-gaap:OperatingSegmentsMember us-gaap:ServiceMember 2018-01-01 2018-06-30 0000098222 tdw:AmericasSegmentMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000098222 tdw:AmericasSegmentMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0000098222 tdw:AmericasSegmentMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000098222 tdw:AmericasSegmentMember us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0000098222 tdw:MiddleEastAndAsiaPacificSegmentMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000098222 tdw:MiddleEastAndAsiaPacificSegmentMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0000098222 tdw:MiddleEastAndAsiaPacificSegmentMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000098222 tdw:MiddleEastAndAsiaPacificSegmentMember us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0000098222 tdw:EuropeAndMediterraneanSeaSegmentMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000098222 tdw:EuropeAndMediterraneanSeaSegmentMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0000098222 tdw:EuropeAndMediterraneanSeaSegmentMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000098222 tdw:EuropeAndMediterraneanSeaSegmentMember us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0000098222 tdw:WestAfricaSegmentMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000098222 tdw:WestAfricaSegmentMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0000098222 tdw:WestAfricaSegmentMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000098222 tdw:WestAfricaSegmentMember us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0000098222 us-gaap:AllOtherSegmentsMember 2019-04-01 2019-06-30 0000098222 us-gaap:AllOtherSegmentsMember 2018-04-01 2018-06-30 0000098222 us-gaap:AllOtherSegmentsMember 2019-01-01 2019-06-30 0000098222 us-gaap:AllOtherSegmentsMember 2018-01-01 2018-06-30 0000098222 us-gaap:CorporateNonSegmentMember 2019-04-01 2019-06-30 0000098222 us-gaap:CorporateNonSegmentMember 2018-04-01 2018-06-30 0000098222 us-gaap:CorporateNonSegmentMember 2019-01-01 2019-06-30 0000098222 us-gaap:CorporateNonSegmentMember 2018-01-01 2018-06-30 0000098222 us-gaap:CorporateNonSegmentMember tdw:GulfMarkOffshoreIncMember 2019-04-01 2019-06-30 0000098222 us-gaap:CorporateNonSegmentMember tdw:GulfMarkOffshoreIncMember 2019-01-01 2019-06-30 0000098222 tdw:AmericasSegmentMember us-gaap:OperatingSegmentsMember 2019-06-30 0000098222 tdw:AmericasSegmentMember us-gaap:OperatingSegmentsMember 2018-12-31 0000098222 tdw:MiddleEastAndAsiaPacificSegmentMember us-gaap:OperatingSegmentsMember 2019-06-30 0000098222 tdw:MiddleEastAndAsiaPacificSegmentMember us-gaap:OperatingSegmentsMember 2018-12-31 0000098222 tdw:EuropeAndMediterraneanSeaSegmentMember us-gaap:OperatingSegmentsMember 2019-06-30 0000098222 tdw:EuropeAndMediterraneanSeaSegmentMember us-gaap:OperatingSegmentsMember 2018-12-31 0000098222 tdw:WestAfricaSegmentMember us-gaap:OperatingSegmentsMember 2019-06-30 0000098222 tdw:WestAfricaSegmentMember us-gaap:OperatingSegmentsMember 2018-12-31 0000098222 us-gaap:AllOtherSegmentsMember 2019-06-30 0000098222 us-gaap:AllOtherSegmentsMember 2018-12-31 0000098222 us-gaap:CorporateNonSegmentMember 2019-06-30 0000098222 us-gaap:CorporateNonSegmentMember 2018-12-31 0000098222 2018-10-01 2018-12-31 0000098222 2019-01-01 2019-03-31 0000098222 tdw:LeaseExitCostsMember tdw:EuropeAndMediterraneanSeaSegmentMember 2018-12-31 0000098222 tdw:LeaseExitCostsMember us-gaap:CorporateNonSegmentMember 2018-12-31 0000098222 tdw:SeveranceMember us-gaap:CorporateNonSegmentMember 2018-12-31 0000098222 tdw:LeaseExitCostsMember tdw:EuropeAndMediterraneanSeaSegmentMember 2019-01-01 2019-06-30 0000098222 tdw:LeaseExitCostsMember us-gaap:CorporateNonSegmentMember 2019-01-01 2019-06-30 0000098222 tdw:SeveranceMember tdw:EuropeAndMediterraneanSeaSegmentMember 2019-01-01 2019-06-30 0000098222 tdw:SeveranceMember us-gaap:CorporateNonSegmentMember 2019-01-01 2019-06-30 0000098222 tdw:LeaseExitCostsMember tdw:EuropeAndMediterraneanSeaSegmentMember 2019-06-30 0000098222 tdw:LeaseExitCostsMember us-gaap:CorporateNonSegmentMember 2019-06-30 0000098222 tdw:SeveranceMember tdw:EuropeAndMediterraneanSeaSegmentMember 2019-06-30

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             .

Commission file number: 1-6311

Tidewater Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

72-0487776

(State of incorporation)

 

(I.R.S. Employer Identification No.)

6002 Rogerdale Road, Suite 600

Houston, Texas 77072

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code:     (713) 470-5300

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.001 par value per share

TDW

New York Stock Exchange

Series A Warrants to purchase shares of common stock

TDW.WS.A

New York Stock Exchange

Series B Warrants to purchase shares of common stock

TDW.WS.B

New York Stock Exchange

Warrants to purchase shares of common stock

TDW.WS

NYSE American

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,  a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer  

 

 

Accelerated filer  

Non-accelerated filer  

Emerging Growth Company

 

 

Smaller reporting company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    Yes      No  

 

38,298,540 shares of Tidewater Inc. common stock $0.001 par value per share were outstanding on July 26, 2019. 

 

 

 


 

PART I.  FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)

 

 

June 30,

 

 

December 31,

 

ASSETS

 

2019

 

 

2018

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

369,549

 

 

 

371,791

 

Restricted cash

 

 

13,614

 

 

 

25,953

 

Trade and other receivables, net

 

 

121,155

 

 

 

111,266

 

Due from affiliates

 

 

121,959

 

 

 

132,951

 

Marine operating supplies

 

 

29,141

 

 

 

29,505

 

Other current assets

 

 

14,460

 

 

 

11,836

 

Total current assets

 

 

669,878

 

 

 

683,302

 

Investments in, at equity, and advances to unconsolidated companies

 

 

658

 

 

 

1,039

 

Properties and equipment, net

 

 

1,041,054

 

 

 

1,089,857

 

Deferred drydocking and survey costs

 

 

41,029

 

 

 

22,215

 

Other assets

 

 

39,651

 

 

 

31,326

 

Total assets

 

$

1,792,270

 

 

 

1,827,739

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

24,170

 

 

 

31,939

 

Accrued costs and expenses

 

 

56,675

 

 

 

61,784

 

Due to affiliates

 

 

39,060

 

 

 

34,972

 

Current portion of long-term debt

 

 

10,002

 

 

 

8,568

 

Other current liabilities

 

 

24,442

 

 

 

21,092

 

Total current liabilities

 

 

154,349

 

 

 

158,355

 

Long-term debt

 

 

424,911

 

 

 

430,436

 

Other liabilities

 

 

97,471

 

 

 

94,025

 

 

 

 

 

 

 

 

 

 

Contingencies (Note 9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock of $0.001 par value, 125,000,000 shares authorized,

37,845,158 and 36,978,280 shares issued and outstanding

at June 30, 2019 and December 31, 2018, respectively

 

 

38

 

 

 

37

 

Additional paid-in capital

 

 

1,359,842

 

 

 

1,352,388

 

Accumulated deficit

 

 

(248,473

)

 

 

(210,783

)

Accumulated other comprehensive income

 

 

2,194

 

 

 

2,194

 

Total stockholders’ equity

 

 

1,113,601

 

 

 

1,143,836

 

Noncontrolling interests

 

 

1,938

 

 

 

1,087

 

Total equity

 

 

1,115,539

 

 

 

1,144,923

 

Total liabilities and equity

 

$

1,792,270

 

 

 

1,827,739

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

2


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2019

 

 

June 30, 2018

 

 

June 30, 2019

 

 

June 30, 2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues

 

$

123,641

 

 

 

104,174

 

 

$

243,303

 

 

 

191,668

 

Other operating revenues

 

 

2,218

 

 

 

1,427

 

 

 

4,705

 

 

 

5,426

 

Total revenues

 

 

125,859

 

 

 

105,601

 

 

 

248,008

 

 

 

197,094

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

80,439

 

 

 

68,012

 

 

 

162,642

 

 

 

129,376

 

Costs of other operating revenues

 

 

586

 

 

 

642

 

 

 

1,350

 

 

 

3,116

 

General and administrative

 

 

23,696

 

 

 

24,425

 

 

 

50,836

 

 

 

47,990

 

Depreciation and amortization

 

 

25,038

 

 

 

12,785

 

 

 

47,970

 

 

 

24,802

 

Loss (gain) on asset dispositions, net

 

 

494

 

 

 

(1,338

)

 

 

(776

)

 

 

(3,257

)

Asset impairments

 

 

 

 

 

1,215

 

 

 

 

 

 

7,401

 

Total operating costs and expenses

 

 

130,253

 

 

 

105,741

 

 

 

262,022

 

 

 

209,428

 

Operating loss

 

 

(4,394

)

 

 

(140

)

 

 

(14,014

)

 

 

(12,334

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

11

 

 

 

(1,002

)

 

 

(497

)

 

 

(1,350

)

Equity in net earnings (losses) of unconsolidated companies

 

 

95

 

 

 

390

 

 

 

33

 

 

 

(15,049

)

Interest income and other, net

 

 

1,859

 

 

 

2,914

 

 

 

4,329

 

 

 

2,786

 

Interest and other debt costs, net

 

 

(7,582

)

 

 

(7,547

)

 

 

(15,318

)

 

 

(15,146

)

Total other expense

 

 

(5,617

)

 

 

(5,245

)

 

 

(11,453

)

 

 

(28,759

)

Loss before income taxes

 

 

(10,011

)

 

 

(5,385

)

 

 

(25,467

)

 

 

(41,093

)

Income tax expense

 

 

5,542

 

 

 

5,797

 

 

 

11,372

 

 

 

9,118

 

Net loss

 

$

(15,553

)

 

 

(11,182

)

 

$

(36,839

)

 

 

(50,211

)

Less: Net income attributable to noncontrolling interests

 

 

406

 

 

 

(242

)

 

 

851

 

 

 

(99

)

Net loss attributable to Tidewater Inc.

 

$

(15,959

)

 

 

(10,940

)

 

$

(37,690

)

 

 

(50,112

)

Basic loss per common share

 

$

(0.42

)

 

 

(0.44

)

 

$

(1.01

)

 

 

(2.09

)

Diluted loss per common share

 

$

(0.42

)

 

 

(0.44

)

 

$

(1.01

)

 

 

(2.09

)

Weighted average common shares outstanding

 

 

37,571

 

 

 

25,654

 

 

 

37,369

 

 

 

23,989

 

Dilutive effect of stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average common shares

 

 

37,571

 

 

 

25,654

 

 

 

37,369

 

 

 

23,989

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

3


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2019

 

 

June 30, 2018

 

 

June 30, 2019

 

 

June 30, 2018

 

Net loss

 

$

(15,553

)

 

 

(11,182

)

 

$

(36,839

)

 

 

(50,211

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized losses on available for sale securities,

   net of tax of $0, $0, $0 and $0

 

 

 

 

 

43

 

 

 

 

 

 

(256

)

Total comprehensive loss

 

$

(15,553

)

 

 

(11,139

)

 

$

(36,839

)

 

 

(50,467

)

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

4


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

 

Six Months Ended

 

 

 

June 30, 2019

 

 

June 30, 2018

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(36,839

)

 

 

(50,211

)

Adjustments to reconcile net loss to net cash used in operating

   activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

38,582

 

 

 

22,572

 

Amortization of deferred drydocking and survey costs

 

 

9,388

 

 

 

2,230

 

Amortization of debt premium and discounts

 

 

(1,019

)

 

 

(900

)

Provision for deferred income taxes

 

 

6

 

 

 

 

Gain on asset dispositions, net

 

 

(776

)

 

 

(3,257

)

Asset impairments

 

 

 

 

 

7,401

 

Changes in investments in, at equity, and advances

     to unconsolidated companies

 

 

381

 

 

 

27,881

 

Compensation expense - stock-based

 

 

9,215

 

 

 

6,139

 

Changes in assets and liabilities, net:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(10,921

)

 

 

(15,097

)

Changes in due to/from affiliate, net

 

 

15,080

 

 

 

19,869

 

Accounts payable

 

 

(7,769

)

 

 

1,709

 

Accrued costs and expenses

 

 

(4,977

)

 

 

(6,652

)

Cash paid for deferred drydocking and survey costs

 

 

(28,688

)

 

 

(13,394

)

Other, net

 

 

(2,386

)

 

 

18,693

 

Net cash provided by (used in) operating activities

 

 

(20,723

)

 

 

16,983

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

20,566

 

 

 

12,968

 

Additions to properties and equipment

 

 

(8,873

)

 

 

(5,775

)

Net cash provided by investing activities

 

 

11,693

 

 

 

7,193

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Principal payments on long-term debt

 

 

(3,792

)

 

 

(2,637

)

Payments to General Unsecured Creditors

 

 

 

 

 

(8,377

)

Taxes on share based awards

 

 

(1,760

)

 

 

 

Other

 

 

1

 

 

 

(1,998

)

Net cash used in financing activities

 

 

(5,551

)

 

 

(13,012

)

Net change in cash, cash equivalents and restricted cash

 

 

(14,581

)

 

 

11,164

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

397,744

 

 

 

453,335

 

Cash, cash equivalents and restricted cash at end of period

 

$

383,163

 

 

 

464,499

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

16,293

 

 

 

16,134

 

Income taxes

 

$

7,754

 

 

 

10,083

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

5


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

deficit

 

 

loss

 

 

interest

 

 

Total

 

Balance at March 31, 2019

 

$

37

 

 

 

1,356,436

 

 

 

(232,514

)

 

 

2,194

 

 

 

1,532

 

 

 

1,127,685

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(15,959

)

 

 

 

 

 

406

 

 

 

(15,553

)

Issuance of common stock from exercise of warrants

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Amortization/cancellation of restricted stock units

 

 

 

 

 

3,406

 

 

 

 

 

 

 

 

 

 

 

 

3,406

 

Balance at June 30, 2019

 

$

38

 

 

 

1,359,842

 

 

 

(248,473

)

 

 

2,194

 

 

 

1,938

 

 

 

1,115,539

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2018

 

$

24

 

 

 

1,061,983

 

 

 

(78,438

)

 

 

(446

)

 

 

2,358

 

 

 

985,481

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(10,940

)

 

 

43

 

 

 

(242

)

 

 

(11,139

)

Issuance of common stock

 

 

2

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of restricted stock units

 

 

 

 

 

3,184

 

 

 

 

 

 

 

 

 

 

 

 

3,184

 

Acquisition of non-controlling interests

 

 

 

 

 

(1,126

)

 

 

 

 

 

 

 

 

(874

)

 

 

(2,000

)

Balance at June 30, 2018

 

$

26

 

 

 

1,064,039

 

 

 

(89,378

)

 

 

(403

)

 

 

1,242

 

 

 

975,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Non

 

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

controlling

 

 

 

 

 

 

 

stock

 

 

capital

 

 

deficit

 

 

loss

 

 

interest

 

 

Total

 

Balance at December 31, 2018

 

$

37

 

 

 

1,352,388

 

 

 

(210,783

)

 

 

2,194

 

 

 

1,087

 

 

 

1,144,923

 

Total comprehensive loss

 

 

 

 

 

 

 

 

(37,690

)

 

 

 

 

 

851

 

 

 

(36,839

)

Issuance of common stock from exercise of warrants

 

 

1