Montag, 13.08.2018 22:30 von PR Newswire | Aufrufe: 57

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

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PR Newswire


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.

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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

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