Mittwoch, 08.11.2017 23:20 von PR Newswire | Aufrufe: 68

Tidewater Reports Results For The Three Months Ended September 30, 2017

Zeitungsständer (Symbolbild). © AdrianHancu / iStock Editorial / Getty Images Plus / Getty Images

PR Newswire


NEW ORLEANS, Nov. 8, 2017 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a net loss for the period from August 1, 2017 through September 30, 2017 (Successor), of $15.7 million, or $0.81 per common share, on revenues of $74.3 million. For the period from July 1, 2017 through July 31, 2017 (Predecessor), the net loss was $1,122.5 million, or $23.82 per common share, on revenues of $36.3 million. For the quarter ended September 30, 2016 (Predecessor), the net loss was $178.5 million, or $3.79 per common share, on revenues of $143.7 million. For the immediately preceding quarter ended June 30, 2017 (Predecessor), the net loss was $524.4 million, or $11.13 per common share, on revenues of $115.1 million.

As more fully explained in the company's September 30, 2017 Form 10-Q, 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 financial position and results of operations of the company through July 31, 2017.

Larry Rigdon, company CEO and President, stated, "We are pleased to have successfully completed the financial restructuring of Tidewater during the September quarter. With a young, modern fleet, a global operating footprint and a financial profile characterized by low leverage and ample liquidity, the company is in a strong position, despite the challenging medium-term outlook for offshore energy services. Our near-term goals include further reducing costs in order to achieve a cash flow break even. Our ultimate goals include a return to sustainable profitability and positioning the company for an eventual recovery in offshore energy services.

Included in the net loss for the period from August 1, 2017 through September 30, 2017 (Successor) were the following:

  • $1.9 million ($1.9 million after-tax, or $0.10 per share) in reorganization items, including $1.3 million related to re-delivery of sale leaseback vessels to their respective owners and $0.6 million of reorganization-related professional fees.

Included in the net loss for the period from July 1, 2017 through July 31, 2017 (Predecessor) were the following:

  • $1.1 billion ($1.1 billion after-tax, or $23.00 per share) in reorganization items, including $1.8 billion of fresh start accounting adjustments, $22.9 million of reorganization-related professional fees and a gain on settlement of liabilities subject to compromise of $767.6 million
  • $21.3 million ($21.3 million after-tax, or $0.45 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the period from July 1, 2017 through July 31, 2017.

Included in the net loss for the prior fiscal year's quarter ended September 30, 2016 (Predecessor) were the following:

  • $129.6 million ($129.6 million after-tax, or $2.75 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the September 2016 quarter.
  • $2.5 million ($2.2 million after-tax, or $0.05 per share) of foreign exchange losses resulting primarily from the strengthening of the Norwegian kroner relative to the U.S. dollar and the revaluation of kroner-denominated liabilities.
  • $0.6 million ($0.6 million after-tax, or $0.01 per share) of foreign exchange gains which is included in Equity in net earnings (losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.

Included in the net loss for the preceding quarter ended June 30, 2017 (Predecessor) were the following:

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  • $313.2 million ($313.2 million after-tax, or $6.65 per share) of reorganization items, including (i) the establishment of a reserve in regards to sale leaseback claims of $323.6 million and the write-off of leasehold improvements to vessels underlying sale leaseback transactions of $1.7 million, partially offset by the recognition of sale leaseback-related deferred gains of $105.9 million and accrued liabilities associated with the recognition of lease expense on a straight-line basis of $11.3 million, (ii) the recognition of $94.8 million of make-whole claims on the Senior Notes and $5.1 million of debt issue costs and (iii) professional fees associated with the restructuring incurred subsequent to the Petition Date of $5.2 million.
  • $163.4 million ($163.4 million after-tax, or $3.47 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the June 2017 quarter.
  • $11.9 million ($11.9 million after-tax, or $0.25 per share) of debt negotiation expenses that were incurred in the quarter, which includes $6.7 million classified as general and administrative expenses and $5.2 million classified as reorganization items.
  • $1.2 million ($1.2 million after-tax, or $0.02 per share) of foreign exchange losses resulting primarily from the strengthening of the Norwegian kroner relative to the U.S. dollar and the revaluation of kroner-denominated liabilities.

Income tax expense largely reflects tax liabilities in certain jurisdictions that levy taxes on bases other than pre-tax profitability (so called "deemed profit" regimes.)

Tidewater will hold a conference call to discuss results for the three months ended September 30, 2017 on Thursday, November 9, 2017, at 9:00 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 November 9, 2017, and will continue until 11:59 p.m. Central time on November 11, 2017. 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 45919170.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, (http://www.tdw.com). The online replay will be available until December 9, 2017.

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

Tidewater is the leading provider of Offshore Service Vessels (OSVs) to the global energy industry.

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




Period from




Period from








August 1, 2017




July 1, 2017



Three Months




through




through



Ended




September 30, 2017




July 31, 2017



September 30, 2016


Revenues:














Vessel revenues


$

70,571





34,340




139,361


Other operating revenues



3,729





1,923




4,361





74,300





36,263




143,722


Costs and expenses:














Vessel operating costs



52,301





32,665




87,094


Costs of other operating revenues



2,273





763




3,423


General and administrative



16,246





8,773




32,954


Vessel operating leases



1,124





623




8,441


Depreciation and amortization



8,142





11,160




43,845


Gain on asset dispositions, net



(4)





(372)




(6,253)


Asset impairments







21,325




129,562





80,082





74,937




299,066


Operating loss



(5,782)





(38,674)




(155,344)


Other income (expenses):














Foreign exchange loss



(58)





(2,024)




(2,539)


Equity in net earnings of unconsolidated companies



1,305





269




1,313


Interest income and other



873





704




992


Reorganization items



(1,880)





(1,083,729)





Interest and other debt costs

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