Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2022
Tidewater Inc. (TDW) reported a strong performance for full-year 2022, with revenue increasing 74.6% to $647.7 million compared to 2021. The company achieved a vessel operating margin of 38.1%, an improvement of 10.5 percentage points. Operating income surged to $26.7 million from a loss of $95 million in 2021. Projecting for 2023, Tidewater forecasts revenue of approximately $900 million, marking a 39% increase, with a vessel operating margin expected at 50%. The positive trend is attributed to the acquisition of Swire Pacific Offshore and growing demand for offshore services. The firm ended 2022 with a net debt of only $9.6 million.
- 2023 revenue forecast of $900 million, up 39% from 2022.
- Vessel operating margin expected to improve to 50%, up 12 percentage points.
- 2022 revenue of $647.7 million, a 74.6% increase from 2021.
- Operating income of $26.7 million, a turnaround from a $95 million loss in 2021.
- Free cash flow of $53.3 million and strong cash position with net debt of $9.6 million.
- 2022 net losses of $21.7 million ($0.49 per share).
- Incurring merger and severance expenses totaling $24.2 million in 2022.
Full-Year 2023 Guidance
-
Forecasted revenue for 2023 of approximately
, an increase of$900 million 39.0% compared to full-year 2022 revenue of$647.7 million -
Forecasted 2023 vessel operating margin of approximately
50.0% , an increase of 11.9 percentage points compared to full-year 2022 vessel operating margin of38.1%
Full-Year 2022 Highlights
-
Revenue of
, an increase of$647.7 million 74.6% compared to full-year 2021 revenue of$371.0 million -
Vessel operating margin of
38.1% , an increase of 10.5 percentage points compared to full-year 2021 vessel operating margin of27.6% -
Operating income of
, an increase of$26.7 million 128.1% compared to full-year 2021 operating loss of$95.0 million -
Adjusted EBITDA of
, an increase of$166.7 million 380.3% compared to full-year 2021 adjusted EBITDA of$34.7 million
Fourth Quarter 2022 Highlights
-
Adjusted EBITDA of
$51.2 million -
Free cash flow of
$53.3 million -
Year-end net debt balance of
$9.6 million -
Second consecutive quarter of positive net income, generating
in the fourth quarter of 2022$10.6 million
“While we are pleased with the momentum that was built throughout 2022, we believe that the macroeconomic trends driving the business will persist and that Tidewater is well-positioned to drive continued financial performance and cash flow generation in 2023 and beyond. We are forecasting revenue for 2023 of approximately
“Our West Africa business continued to perform well during the fourth quarter, with revenue up about
“As we look forward into 2023, we are confident that not only is the recovery here, but that the demand for offshore vessels will continue to strengthen throughout this year. The renewed global focus on securing reliable sources of hydrocarbons has prioritized offshore oil and gas development and we believe that offshore oil and gas capital spending plans will accelerate throughout 2023 and beyond.
“Just as encouraging as the acceleration in demand for offshore vessels services is the continued reduction in the available supply of offshore vessels. The number of large OSVs that are currently laid up is quite limited and the likelihood any of these vessels returning to the market is remote. We see a similar situation developing in the mid-sized OSV fleet, where additional available supply is also very limited. We see essentially no new vessels on order, indicating that the supply of vessels will continue to decline modestly as vessels naturally attrition out of the global fleet. Accordingly, it is our view that the industry is positioned to benefit from an increase in demand over the medium-to-long term and a slowly shrinking supply of vessels. We believe this imbalance in supply and demand will continue to provide the opportunity for day rate and utilization increases, and we remain committed to maximizing the earnings and cash flow generation from our fleet.
“Finally, we are excited to announce that we will be publishing our 2022 Sustainability Report later this week. Tidewater remains committed to excellence in safe vessel operations as well as leading the industry through the energy transition. Look for the report later this week on our website.”
In addition to the number of outstanding shares, as of
Common shares outstanding |
|
|
50,554,179 |
|
New Creditor Warrants (strike price |
|
|
80,954 |
|
GulfMark Creditor Warrants (strike price |
|
|
165,479 |
|
Total |
|
|
50,800,612 |
|
Tidewater will hold a conference call to discuss results for the three and twelve months ending
A replay of the conference call will be available beginning at
About Tidewater
Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.
Cautionary Statement
This news release contains “forward-looking statements” within the meaning of the
These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Forms 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the
If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the
Financial information is displayed beginning on the next page.
The financial statements and supplementary information presented in this press release have been audited. This press release presents extracts from the Consolidated Balance Sheets at
In conjunction with the acquisition of
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, except per share data) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
185,106 |
|
|
$ |
100,428 |
|
|
$ |
641,404 |
|
|
$ |
361,569 |
|
Other operating revenues |
|
|
1,640 |
|
|
|
4,747 |
|
|
|
6,280 |
|
|
|
9,464 |
|
Total revenues |
|
|
186,746 |
|
|
|
105,175 |
|
|
|
647,684 |
|
|
|
371,033 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs |
|
|
115,496 |
|
|
|
71,187 |
|
|
|
397,301 |
|
|
|
261,814 |
|
Costs of other operating revenues |
|
|
694 |
|
|
|
228 |
|
|
|
2,130 |
|
|
|
2,231 |
|
General and administrative |
|
|
28,633 |
|
|
|
17,641 |
|
|
|
101,921 |
|
|
|
68,516 |
|
Depreciation and amortization |
|
|
29,881 |
|
|
|
28,288 |
|
|
|
119,160 |
|
|
|
114,544 |
|
Long-lived asset impairment and other |
|
|
— |
|
|
|
13,476 |
|
|
|
714 |
|
|
|
15,643 |
|
Affiliate credit loss impairment |
|
|
— |
|
|
|
1,400 |
|
|
|
— |
|
|
|
400 |
|
(Gain) loss on asset dispositions, net |
|
|
(1,076 |
) |
|
|
(53 |
) |
|
|
(250 |
) |
|
|
2,901 |
|
Total costs and expenses |
|
|
173,628 |
|
|
|
132,167 |
|
|
|
620,976 |
|
|
|
466,049 |
|
Operating income (loss) |
|
|
13,118 |
|
|
|
(26,992 |
) |
|
|
26,708 |
|
|
|
(95,016 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
2,105 |
|
|
|
582 |
|
|
|
(2,827 |
) |
|
|
(369 |
) |
Equity in net earnings (losses) of unconsolidated companies |
|
|
14 |
|
|
|
(1,625 |
) |
|
|
(221 |
) |
|
|
(3,322 |
) |
Interest income and other, net |
|
|
981 |
|
|
|
1,426 |
|
|
|
5,397 |
|
|
|
1,605 |
|
Loss on warrants |
|
|
— |
|
|
|
— |
|
|
|
(14,175 |
) |
|
|
— |
|
Loss on early extinguishment of debt |
|
|
— |
|
|
|
(11,100 |
) |
|
|
— |
|
|
|
(11,100 |
) |
Interest and other debt costs, net |
|
|
(4,339 |
) |
|
|
(3,417 |
) |
|
|
(17,189 |
) |
|
|
(15,583 |
) |
Total other expense |
|
|
(1,239 |
) |
|
|
(14,134 |
) |
|
|
(29,015 |
) |
|
|
(28,769 |
) |
Income (loss) before income taxes |
|
|
11,879 |
|
|
|
(41,126 |
) |
|
|
(2,307 |
) |
|
|
(123,785 |
) |
Income tax expense (benefit) |
|
|
1,697 |
|
|
|
(3,047 |
) |
|
|
19,886 |
|
|
|
5,875 |
|
Net income (loss) |
|
|
10,182 |
|
|
|
(38,079 |
) |
|
|
(22,193 |
) |
|
|
(129,660 |
) |
Less: Net loss attributable to noncontrolling interests |
|
|
(438 |
) |
|
|
(145 |
) |
|
|
(444 |
) |
|
|
(691 |
) |
Net income (loss) attributable to |
|
$ |
10,620 |
|
|
$ |
(37,934 |
) |
|
$ |
(21,749 |
) |
|
$ |
(128,969 |
) |
Basic income (loss) per common share |
|
$ |
0.22 |
|
|
$ |
(0.92 |
) |
|
$ |
(0.49 |
) |
|
$ |
(3.14 |
) |
Diluted income (loss) per common share |
|
$ |
0.20 |
|
|
$ |
(0.92 |
) |
|
$ |
(0.49 |
) |
|
$ |
(3.14 |
) |
Weighted average common shares outstanding |
|
|
48,766 |
|
|
|
41,280 |
|
|
|
44,132 |
|
|
|
41,009 |
|
Dilutive effect of warrants, restricted stock units and stock options |
|
|
3,069 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted weighted average common shares |
|
|
51,835 |
|
|
|
41,280 |
|
|
|
44,132 |
|
|
|
41,009 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data) |
||||||||
|
|
|
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
164,192 |
|
|
$ |
149,037 |
|
Restricted cash |
|
|
1,241 |
|
|
|
1,240 |
|
Trade and other receivable, less allowance for credit losses of |
|
|
156,465 |
|
|
|
86,503 |
|
Due from affiliates, less allowance for credit losses of |
|
|
— |
|
|
|
70,134 |
|
Marine operating supplies |
|
|
30,830 |
|
|
|
12,606 |
|
Assets held for sale |
|
|
4,195 |
|
|
|
14,421 |
|
Prepaid expenses and other current assets |
|
|
20,985 |
|
|
|
8,731 |
|
Total current assets |
|
|
377,908 |
|
|
|
342,672 |
|
Net properties and equipment |
|
|
796,655 |
|
|
|
688,040 |
|
Deferred drydocking and survey costs |
|
|
61,080 |
|
|
|
40,734 |
|
Indemnification assets |
|
|
28,369 |
|
|
|
— |
|
Other assets |
|
|
33,644 |
|
|
|
24,334 |
|
Total assets |
|
$ |
1,297,656 |
|
|
$ |
1,095,780 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
38,946 |
|
|
$ |
20,788 |
|
Accrued costs and expenses |
|
|
105,518 |
|
|
|
51,734 |
|
Due to affiliates |
|
|
— |
|
|
|
61,555 |
|
Other current liabilities |
|
|
50,323 |
|
|
|
23,865 |
|
Total current liabilities |
|
|
194,787 |
|
|
|
157,942 |
|
Long-term debt |
|
|
169,036 |
|
|
|
167,885 |
|
Other liabilities and deferred credits |
|
|
67,843 |
|
|
|
68,184 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
51 |
|
|
|
41 |
|
Additional paid-in-capital |
|
|
1,556,990 |
|
|
|
1,376,494 |
|
Accumulated deficit |
|
|
(699,649 |
) |
|
|
(677,900 |
) |
Accumulated other comprehensive loss |
|
|
8,576 |
|
|
|
2,668 |
|
Total stockholders' equity |
|
|
865,968 |
|
|
|
701,303 |
|
Noncontrolling interests |
|
|
22 |
|
|
|
466 |
|
Total equity |
|
|
865,990 |
|
|
|
701,769 |
|
Total liabilities and equity |
|
$ |
1,297,656 |
|
|
$ |
1,095,780 |
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In Thousands) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
10,182 |
|
|
$ |
(38,079 |
) |
|
$ |
(22,193 |
) |
|
$ |
(129,660 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (gain) loss on note receivable |
|
|
779 |
|
|
|
— |
|
|
|
(496 |
) |
|
|
— |
|
Change in supplemental executive retirement plan pension liability, net of tax |
|
|
4,561 |
|
|
|
(763 |
) |
|
|
4,561 |
|
|
|
(763 |
) |
Change in liability of pension plans |
|
|
1,762 |
|
|
|
3,957 |
|
|
|
1,843 |
|
|
|
4,235 |
|
Total comprehensive income (loss) |
|
$ |
17,284 |
|
|
$ |
(34,885 |
) |
|
$ |
(16,285 |
) |
|
$ |
(126,188 |
) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) |
||||||||
|
|
Twelve Months |
|
|
Twelve Months |
|
||
|
|
Ended |
|
|
Ended |
|
||
|
|
|
|
|
|
|
||
Operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(22,193 |
) |
|
$ |
(129,660 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
83,522 |
|
|
|
73,223 |
|
Amortization of deferred drydocking and survey costs |
|
|
35,638 |
|
|
|
41,321 |
|
Amortization of debt premiums and discounts |
|
|
1,679 |
|
|
|
3,171 |
|
Provision for deferred income taxes |
|
|
36 |
|
|
|
(1,287 |
) |
(Gain) loss on asset dispositions, net |
|
|
(250 |
) |
|
|
2,901 |
|
Gain on bargain purchase |
|
|
(1,300 |
) |
|
|
— |
|
Affiliate credit loss impairment |
|
|
— |
|
|
|
400 |
|
Long-lived asset impairment and other |
|
|
714 |
|
|
|
15,643 |
|
Loss on warrants |
|
|
14,175 |
|
|
|
— |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
11,100 |
|
Stock-based compensation expense |
|
|
7,372 |
|
|
|
5,638 |
|
Changes in assets and liabilities, net of effects of business acquisition: |
|
|
|
|
|
|
|
|
Trade and other receivables |
|
|
(4,129 |
) |
|
|
26,120 |
|
Changes in due to/from affiliate, net |
|
|
(20 |
) |
|
|
(123 |
) |
Accounts payable |
|
|
16,481 |
|
|
|
3,807 |
|
Accrued expenses |
|
|
(1,340 |
) |
|
|
(688 |
) |
Deferred drydocking and survey costs |
|
|
(56,000 |
) |
|
|
(27,282 |
) |
Other, net |
|
|
(34,159 |
) |
|
|
(9,278 |
) |
Net cash provided by (used in) operating activities |
|
|
40,226 |
|
|
|
15,006 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Proceeds from sales of assets |
|
|
13,568 |
|
|
|
34,010 |
|
Acquisitions, net of cash acquired |
|
|
(20,740 |
) |
|
|
— |
|
Additions to properties and equipment |
|
|
(16,637 |
) |
|
|
(8,951 |
) |
Net cash provided by (used in) investing activities |
|
|
(23,809 |
) |
|
|
25,059 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from stock offering |
|
|
187,832 |
|
|
|
— |
|
Repurchase of SPO Acquisition Warrants |
|
|
(187,832 |
) |
|
|
— |
|
Issuance of long-term debt |
|
|
— |
|
|
|
172,375 |
|
Principal payments on long-term debt |
|
|
— |
|
|
|
(198,918 |
) |
Debt extinguishment premium |
|
|
— |
|
|
|
(7,781 |
) |
Debt issuance and modification costs |
|
|
(393 |
) |
|
|
(5,737 |
) |
Tax on share-based awards |
|
|
(2,323 |
) |
|
|
(953 |
) |
Net cash used in financing activities |
|
|
(2,716 |
) |
|
|
(41,014 |
) |
Net change in cash, cash equivalents and restricted cash |
|
|
13,701 |
|
|
|
(949 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
154,276 |
|
|
|
155,225 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
167,977 |
|
|
$ |
154,276 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) |
||||||||
|
|
|
|
|
|
|
||
|
|
Twelve Months |
|
|
Twelve Months |
|
||
|
|
Ended |
|
|
Ended |
|
||
|
|
|
|
|
|
|
||
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid during the year for: |
|
|
|
|
|
|
|
|
Interest, net of amounts capitalized |
|
$ |
15,554 |
|
|
$ |
13,747 |
|
Income taxes |
|
$ |
22,275 |
|
|
$ |
19,013 |
|
Supplemental disclosure of noncash investing activities: |
|
|
|
|
|
|
|
|
Acquisition of SPO |
|
$ |
162,648 |
|
|
$ |
— |
|
Supplemental disclosure of noncash financing activities: |
|
|
|
|
|
|
|
|
Warrants issued for SPO acquisition |
|
$ |
162,648 |
|
|
$ |
— |
|
Repurchase of SPO Acquisition Warrants |
|
$ |
1,365 |
|
|
$ |
— |
|
Note: Cash, cash equivalents and restricted cash at |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In Thousands) |
||||||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
other |
|
|
Non |
|
|
|
|
|
|||
|
|
Common |
|
|
paid-in |
|
|
Accumulated |
|
|
comprehensive |
|
|
controlling |
|
|
|
|
|
|||||
|
|
stock |
|
|
capital |
|
|
deficit |
|
|
income (loss) |
|
|
interest |
|
|
Total |
|
||||||
Balance at |
|
$ |
46 |
|
|
$ |
1,555,388 |
|
|
$ |
(710,269 |
) |
|
$ |
1,474 |
|
|
$ |
460 |
|
|
$ |
847,099 |
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
10,620 |
|
|
|
7,102 |
|
|
|
(438 |
) |
|
|
17,284 |
|
Issuance of common stock |
|
|
5 |
|
|
|
120,629 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
120,634 |
|
Repurchase of SPO Acquisition Warrants |
|
|
— |
|
|
|
(121,007 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(121,007 |
) |
Amortization of share-based awards |
|
|
— |
|
|
|
1,980 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,980 |
|
Balance at |
|
$ |
51 |
|
|
$ |
1,556,990 |
|
|
$ |
(699,649 |
) |
|
$ |
8,576 |
|
|
$ |
22 |
|
|
$ |
865,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
|
$ |
41 |
|
|
$ |
1,375,215 |
|
|
$ |
(639,966 |
) |
|
$ |
(1,289 |
) |
|
$ |
611 |
|
|
$ |
734,612 |
|
Total comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
(37,934 |
) |
|
|
3,957 |
|
|
|
(145 |
) |
|
|
(34,122 |
) |
Amortization of share-based awards |
|
|
— |
|
|
|
1,279 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,279 |
|
Balance at |
|
$ |
41 |
|
|
$ |
1,376,494 |
|
|
$ |
(677,900 |
) |
|
$ |
2,668 |
|
|
$ |
466 |
|
|
$ |
701,769 |
|
|
|
Twelve Months Ended |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
other |
|
|
Non |
|
|
|
|
|
|||
|
|
Common |
|
|
paid-in |
|
|
Accumulated |
|
|
comprehensive |
|
|
controlling |
|
|
|
|
|
|||||
|
|
stock |
|
|
capital |
|
|
deficit |
|
|
income (loss) |
|
|
interest |
|
|
Total |
|
||||||
Balance at |
|
$ |
41 |
|
|
$ |
1,376,494 |
|
|
$ |
(677,900 |
) |
|
$ |
2,668 |
|
|
$ |
466 |
|
|
$ |
701,769 |
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
(21,749 |
) |
|
|
5,908 |
|
|
|
(444 |
) |
|
|
(16,285 |
) |
Issuance of common stock |
|
|
10 |
|
|
|
192,881 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
192,891 |
|
SPO acquisition warrants |
|
|
— |
|
|
|
176,823 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
176,823 |
|
Repurchase of SPO Acquisition Warrants |
|
|
— |
|
|
|
(194,256 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(194,256 |
) |
Amortization of share-based awards |
|
|
— |
|
|
|
5,048 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,048 |
|
Balance at |
|
$ |
51 |
|
|
$ |
1,556,990 |
|
|
$ |
(699,649 |
) |
|
$ |
8,576 |
|
|
$ |
22 |
|
|
$ |
865,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
|
$ |
41 |
|
|
$ |
1,371,809 |
|
|
$ |
(548,931 |
) |
|
$ |
(804 |
) |
|
$ |
1,157 |
|
|
$ |
823,272 |
|
Total comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
(128,969 |
) |
|
|
3,472 |
|
|
|
(691 |
) |
|
|
(126,188 |
) |
Amortization of share-based awards |
|
|
— |
|
|
|
4,685 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,685 |
|
Balance at |
|
$ |
41 |
|
|
$ |
1,376,494 |
|
|
$ |
(677,900 |
) |
|
$ |
2,668 |
|
|
$ |
466 |
|
|
$ |
701,769 |
|
The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
(In Thousands) |
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Vessel revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
41,785 |
|
|
|
23 |
% |
|
$ |
27,882 |
|
|
|
28 |
% |
|
$ |
146,871 |
|
|
|
23 |
% |
|
$ |
102,151 |
|
|
|
28 |
% |
|
|
|
19,070 |
|
|
|
10 |
% |
|
|
4,914 |
|
|
|
5 |
% |
|
|
64,231 |
|
|
|
10 |
% |
|
|
18,142 |
|
|
|
5 |
% |
|
|
|
30,575 |
|
|
|
16 |
% |
|
|
21,948 |
|
|
|
22 |
% |
|
|
110,375 |
|
|
|
17 |
% |
|
|
84,395 |
|
|
|
24 |
% |
|
|
|
33,482 |
|
|
|
18 |
% |
|
|
22,501 |
|
|
|
22 |
% |
|
|
129,578 |
|
|
|
20 |
% |
|
|
80,914 |
|
|
|
22 |
% |
|
|
|
60,194 |
|
|
|
33 |
% |
|
|
23,183 |
|
|
|
23 |
% |
|
|
190,349 |
|
|
|
30 |
% |
|
|
75,967 |
|
|
|
21 |
% |
Total vessel revenues |
|
$ |
185,106 |
|
|
|
100 |
% |
|
$ |
100,428 |
|
|
|
100 |
% |
|
$ |
641,404 |
|
|
|
100 |
% |
|
$ |
361,569 |
|
|
|
100 |
% |
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
$ |
69,699 |
|
|
|
37 |
% |
|
$ |
39,715 |
|
|
|
40 |
% |
|
$ |
242,364 |
|
|
|
38 |
% |
|
$ |
148,171 |
|
|
|
41 |
% |
Repair and maintenance |
|
|
14,774 |
|
|
|
8 |
% |
|
|
11,502 |
|
|
|
11 |
% |
|
|
51,256 |
|
|
|
8 |
% |
|
|
40,970 |
|
|
|
11 |
% |
Insurance |
|
|
2,027 |
|
|
|
1 |
% |
|
|
517 |
|
|
|
1 |
% |
|
|
6,765 |
|
|
|
1 |
% |
|
|
1,815 |
|
|
|
1 |
% |
Fuel, lube and supplies |
|
|
12,841 |
|
|
|
7 |
% |
|
|
6,405 |
|
|
|
6 |
% |
|
|
43,729 |
|
|
|
7 |
% |
|
|
25,557 |
|
|
|
7 |
% |
Other |
|
|
16,155 |
|
|
|
9 |
% |
|
|
13,048 |
|
|
|
13 |
% |
|
|
53,187 |
|
|
|
8 |
% |
|
|
45,301 |
|
|
|
12 |
% |
Total vessel operating costs |
|
|
115,496 |
|
|
|
62 |
% |
|
|
71,187 |
|
|
|
71 |
% |
|
|
397,301 |
|
|
|
62 |
% |
|
|
261,814 |
|
|
|
72 |
% |
Vessel operating margin (A) |
|
$ |
69,610 |
|
|
|
38 |
% |
|
$ |
29,241 |
|
|
|
29 |
% |
|
$ |
244,103 |
|
|
|
38 |
% |
|
$ |
99,755 |
|
|
|
28 |
% |
Note (A): Vessel operating margin equals vessel revenues less vessel operating costs. |
The company’s operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:
(In Thousands) |
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Vessel operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,216 |
|
|
|
2 |
% |
|
$ |
(2,909 |
) |
|
|
(3 |
)% |
|
$ |
12,016 |
|
|
|
2 |
% |
|
$ |
(11,270 |
) |
|
|
(3 |
)% |
|
|
|
(808 |
) |
|
|
(0 |
)% |
|
|
1,873 |
|
|
|
2 |
% |
|
|
3,726 |
|
|
|
(0 |
)% |
|
|
4,896 |
|
|
|
2 |
% |
|
|
|
492 |
|
|
|
0 |
% |
|
|
(747 |
) |
|
|
(1 |
)% |
|
|
(1,093 |
) |
|
|
(0 |
)% |
|
|
(6,070 |
) |
|
|
(2 |
)% |
|
|
|
3,874 |
|
|
|
2 |
% |
|
|
(4,095 |
) |
|
|
(4 |
)% |
|
|
18,844 |
|
|
|
3 |
% |
|
|
(16,968 |
) |
|
|
(5 |
)% |
|
|
|
18,305 |
|
|
|
10 |
% |
|
|
(1,139 |
) |
|
|
(1 |
)% |
|
|
43,112 |
|
|
|
7 |
% |
|
|
(16,985 |
) |
|
|
(5 |
)% |
Other operating profit |
|
|
946 |
|
|
|
(0 |
)% |
|
|
4,519 |
|
|
|
4 |
% |
|
|
4,150 |
|
|
|
1 |
% |
|
|
7,233 |
|
|
|
2 |
% |
|
|
|
26,025 |
|
|
|
14 |
% |
|
|
(2,498 |
) |
|
|
(3 |
)% |
|
|
80,755 |
|
|
|
13 |
% |
|
|
(39,164 |
) |
|
|
(11 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses (A) |
|
|
(13,983 |
) |
|
|
(7 |
)% |
|
|
(9,671 |
) |
|
|
(9 |
)% |
|
|
(53,583 |
) |
|
|
(9 |
)% |
|
|
(36,908 |
) |
|
|
(10 |
)% |
Gain (loss) on asset dispositions, net |
|
|
1,076 |
|
|
|
1 |
% |
|
|
53 |
|
|
|
0 |
% |
|
|
250 |
|
|
|
0 |
% |
|
|
(2,901 |
) |
|
|
(1 |
)% |
Affiliate credit loss impairment |
|
|
— |
|
|
|
0 |
% |
|
|
(1,400 |
) |
|
|
(1 |
)% |
|
|
— |
|
|
|
0 |
% |
|
|
(400 |
) |
|
|
(0 |
)% |
Long-lived asset impairments and other |
|
|
— |
|
|
|
0 |
% |
|
|
(13,476 |
) |
|
|
(13 |
)% |
|
|
(714 |
) |
|
|
(0 |
)% |
|
|
(15,643 |
) |
|
|
(4 |
)% |
Operating income (loss) |
|
$ |
13,118 |
|
|
|
7 |
% |
|
$ |
(26,992 |
) |
|
|
(26 |
)% |
|
$ |
26,708 |
|
|
|
4 |
% |
|
$ |
(95,016 |
) |
|
|
(26 |
)% |
Note (A): General and administrative expenses for the three months and twelve months ended |
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA (In Thousands, except per share data) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
185,106 |
|
|
$ |
190,247 |
|
|
$ |
162,175 |
|
|
$ |
103,876 |
|
|
$ |
100,428 |
|
Other operating revenues |
|
|
1,640 |
|
|
|
1,515 |
|
|
|
1,272 |
|
|
|
1,853 |
|
|
|
4,747 |
|
Total revenues |
|
|
186,746 |
|
|
|
191,762 |
|
|
|
163,447 |
|
|
|
105,729 |
|
|
|
105,175 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs (A) |
|
|
115,496 |
|
|
|
113,037 |
|
|
|
100,257 |
|
|
|
68,511 |
|
|
|
71,187 |
|
Costs of other operating revenue |
|
|
694 |
|
|
|
592 |
|
|
|
483 |
|
|
|
361 |
|
|
|
228 |
|
General and administrative (A) |
|
|
28,633 |
|
|
|
27,267 |
|
|
|
27,804 |
|
|
|
18,217 |
|
|
|
17,641 |
|
Depreciation and amortization |
|
|
29,881 |
|
|
|
30,856 |
|
|
|
31,766 |
|
|
|
26,657 |
|
|
|
28,288 |
|
Long-lived asset impairment (credit) and other |
|
|
— |
|
|
|
1,214 |
|
|
|
— |
|
|
|
(500 |
) |
|
|
13,476 |
|
Affiliate credit loss impairment expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,400 |
|
(Gain) loss on asset dispositions, net |
|
|
(1,076 |
) |
|
|
(264 |
) |
|
|
1,297 |
|
|
|
(207 |
) |
|
|
(53 |
) |
Total operating costs and expenses |
|
|
173,628 |
|
|
|
172,702 |
|
|
|
161,607 |
|
|
|
113,039 |
|
|
|
132,167 |
|
Operating income (loss) |
|
|
13,118 |
|
|
|
19,060 |
|
|
|
1,840 |
|
|
|
(7,310 |
) |
|
|
(26,992 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
2,105 |
|
|
|
(3,997 |
) |
|
|
(1,881 |
) |
|
|
946 |
|
|
|
582 |
|
Equity in net earnings (losses) of unconsolidated companies |
|
|
14 |
|
|
|
9 |
|
|
|
(244 |
) |
|
|
— |
|
|
|
(1,625 |
) |
Interest income and other, net |
|
|
981 |
|
|
|
581 |
|
|
|
349 |
|
|
|
3,486 |
|
|
|
1,426 |
|
Loss on early extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,100 |
) |
Loss on warrants |
|
|
— |
|
|
|
— |
|
|
|
(14,175 |
) |
|
|
— |
|
|
|
— |
|
Interest and other debt costs, net |
|
|
(4,339 |
) |
|
|
(4,391 |
) |
|
|
(4,284 |
) |
|
|
(4,175 |
) |
|
|
(3,417 |
) |
Total other expense |
|
|
(1,239 |
) |
|
|
(7,798 |
) |
|
|
(20,235 |
) |
|
|
257 |
|
|
|
(14,134 |
) |
Income (loss) before income taxes |
|
|
11,879 |
|
|
|
11,262 |
|
|
|
(18,395 |
) |
|
|
(7,053 |
) |
|
|
(41,126 |
) |
Income tax (benefit) expense |
|
|
1,697 |
|
|
|
6,352 |
|
|
|
6,619 |
|
|
|
5,218 |
|
|
|
(3,047 |
) |
Net income (loss) |
|
|
10,182 |
|
|
|
4,910 |
|
|
|
(25,014 |
) |
|
|
(12,271 |
) |
|
|
(38,079 |
) |
Net income (loss) attributable to noncontrolling interests |
|
|
(438 |
) |
|
|
(470 |
) |
|
|
567 |
|
|
|
(103 |
) |
|
|
(145 |
) |
Net income (loss) attributable to |
|
$ |
10,620 |
|
|
$ |
5,380 |
|
|
$ |
(25,581 |
) |
|
$ |
(12,168 |
) |
|
$ |
(37,934 |
) |
Basic income (loss) per common share |
|
$ |
0.22 |
|
|
$ |
0.12 |
|
|
$ |
(0.61 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.92 |
) |
Diluted income (loss) per common share |
|
$ |
0.20 |
|
|
$ |
0.10 |
|
|
$ |
(0.61 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.92 |
) |
Weighted average common shares outstanding |
|
|
48,766 |
|
|
|
44,451 |
|
|
|
41,814 |
|
|
|
41,412 |
|
|
|
41,280 |
|
Dilutive effect of warrants, restricted stock units and stock options |
|
|
3,069 |
|
|
|
7,069 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted weighted average common shares |
|
|
51,835 |
|
|
|
51,520 |
|
|
|
41,814 |
|
|
|
41,412 |
|
|
|
41,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin |
|
$ |
69,610 |
|
|
$ |
77,210 |
|
|
$ |
61,918 |
|
|
$ |
35,365 |
|
|
$ |
29,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (A): One-time acquisition, restructuring and integration related costs |
|
$ |
5,150 |
|
|
$ |
4,332 |
|
|
$ |
7,314 |
|
|
$ |
2,305 |
|
|
$ |
221 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
164,192 |
|
|
$ |
115,014 |
|
|
$ |
87,981 |
|
|
$ |
136,234 |
|
|
$ |
149,037 |
|
Restricted cash |
|
|
1,241 |
|
|
|
4,965 |
|
|
|
1,240 |
|
|
|
4,958 |
|
|
|
1,240 |
|
Trade and other receivables, net |
|
|
156,465 |
|
|
|
181,646 |
|
|
|
189,259 |
|
|
|
112,953 |
|
|
|
86,503 |
|
Due from affiliates, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21,191 |
|
|
|
70,134 |
|
Marine operating supplies |
|
|
30,830 |
|
|
|
20,764 |
|
|
|
21,182 |
|
|
|
13,252 |
|
|
|
12,606 |
|
Assets held for sale |
|
|
4,195 |
|
|
|
6,815 |
|
|
|
6,862 |
|
|
|
8,591 |
|
|
|
14,421 |
|
Prepaid expenses and other current assets |
|
|
20,985 |
|
|
|
17,509 |
|
|
|
23,259 |
|
|
|
12,012 |
|
|
|
8,731 |
|
Total current assets |
|
|
377,908 |
|
|
|
346,713 |
|
|
|
329,783 |
|
|
|
309,191 |
|
|
|
342,672 |
|
Net properties and equipment |
|
|
796,655 |
|
|
|
815,990 |
|
|
|
838,612 |
|
|
|
677,580 |
|
|
|
688,040 |
|
Deferred drydocking and survey costs |
|
|
61,080 |
|
|
|
57,877 |
|
|
|
53,661 |
|
|
|
44,362 |
|
|
|
40,734 |
|
Indemnification assets |
|
|
28,369 |
|
|
|
30,117 |
|
|
|
30,269 |
|
|
|
— |
|
|
|
— |
|
Other assets |
|
|
33,644 |
|
|
|
32,364 |
|
|
|
30,410 |
|
|
|
22,997 |
|
|
|
24,334 |
|
Total assets |
|
$ |
1,297,656 |
|
|
$ |
1,283,061 |
|
|
$ |
1,282,735 |
|
|
$ |
1,054,130 |
|
|
$ |
1,095,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
38,946 |
|
|
$ |
31,829 |
|
|
$ |
30,537 |
|
|
$ |
23,696 |
|
|
$ |
20,788 |
|
Accrued costs and expenses |
|
|
105,518 |
|
|
|
105,945 |
|
|
|
109,212 |
|
|
|
55,141 |
|
|
|
51,734 |
|
Due to affiliates |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21,191 |
|
|
|
61,555 |
|
Other current liabilities |
|
|
50,323 |
|
|
|
46,629 |
|
|
|
47,872 |
|
|
|
25,471 |
|
|
|
23,865 |
|
Total current liabilities |
|
|
194,787 |
|
|
|
184,403 |
|
|
|
187,621 |
|
|
|
125,499 |
|
|
|
157,942 |
|
Long-term debt |
|
|
169,036 |
|
|
|
168,649 |
|
|
|
168,279 |
|
|
|
167,997 |
|
|
|
167,885 |
|
Other liabilities and deferred credits |
|
|
67,843 |
|
|
|
82,910 |
|
|
|
85,188 |
|
|
|
70,892 |
|
|
|
68,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
51 |
|
|
|
46 |
|
|
|
42 |
|
|
|
42 |
|
|
|
41 |
|
Additional paid-in-capital |
|
|
1,556,990 |
|
|
|
1,555,388 |
|
|
|
1,554,561 |
|
|
|
1,376,934 |
|
|
|
1,376,494 |
|
Accumulated deficit |
|
|
(699,649 |
) |
|
|
(710,269 |
) |
|
|
(715,649 |
) |
|
|
(690,068 |
) |
|
|
(677,900 |
) |
Accumulated other comprehensive income |
|
|
8,576 |
|
|
|
1,474 |
|
|
|
1,763 |
|
|
|
2,471 |
|
|
|
2,668 |
|
Total stockholders' equity |
|
|
865,968 |
|
|
|
846,639 |
|
|
|
840,717 |
|
|
|
689,379 |
|
|
|
701,303 |
|
Noncontrolling interests |
|
|
22 |
|
|
|
460 |
|
|
|
930 |
|
|
|
363 |
|
|
|
466 |
|
Total equity |
|
|
865,990 |
|
|
|
847,099 |
|
|
|
841,647 |
|
|
|
689,742 |
|
|
|
701,769 |
|
Total liabilities and equity |
|
$ |
1,297,656 |
|
|
$ |
1,283,061 |
|
|
$ |
1,282,735 |
|
|
$ |
1,054,130 |
|
|
$ |
1,095,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due from related parties, net of due to related parties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonatide ( |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,579 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - QUARTERLY DATA (In Thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
Operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
10,182 |
|
|
$ |
4,910 |
|
|
$ |
(25,014 |
) |
|
$ |
(12,271 |
) |
|
$ |
(38,079 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
20,983 |
|
|
|
22,252 |
|
|
|
22,614 |
|
|
|
17,673 |
|
|
|
18,618 |
|
Amortization of deferred drydocking and survey costs |
|
|
8,898 |
|
|
|
8,604 |
|
|
|
9,152 |
|
|
|
8,984 |
|
|
|
9,670 |
|
Amortization of debt premiums and discounts |
|
|
522 |
|
|
|
392 |
|
|
|
390 |
|
|
|
375 |
|
|
|
509 |
|
Provision for deferred income taxes |
|
|
(98 |
) |
|
|
(11 |
) |
|
|
(32 |
) |
|
|
177 |
|
|
|
(1,454 |
) |
(Gain) loss on asset dispositions, net |
|
|
(1,076 |
) |
|
|
(264 |
) |
|
|
1,297 |
|
|
|
(207 |
) |
|
|
(53 |
) |
Gain on bargain purchase |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,300 |
) |
|
|
— |
|
Affiliate credit loss impairment expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,400 |
|
Long-lived asset impairment and other |
|
|
— |
|
|
|
1,214 |
|
|
|
— |
|
|
|
(500 |
) |
|
|
13,476 |
|
Loss on warrants |
|
|
— |
|
|
|
— |
|
|
|
14,175 |
|
|
|
— |
|
|
|
— |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,041 |
|
Stock-based compensation expense |
|
|
2,028 |
|
|
|
1,923 |
|
|
|
1,963 |
|
|
|
1,458 |
|
|
|
1,439 |
|
Changes in assets and liabilities, net of effects of business acquisition: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables |
|
|
26,172 |
|
|
|
4,784 |
|
|
|
(19,515 |
) |
|
|
(15,570 |
) |
|
|
(488 |
) |
Changes in due to/from affiliate, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(20 |
) |
|
|
(1,333 |
) |
Accounts payable |
|
|
7,117 |
|
|
|
1,292 |
|
|
|
5,247 |
|
|
|
2,825 |
|
|
|
2,746 |
|
Accrued expenses |
|
|
(427 |
) |
|
|
(3,267 |
) |
|
|
(853 |
) |
|
|
3,207 |
|
|
|
(215 |
) |
Deferred drydocking and survey costs |
|
|
(12,117 |
) |
|
|
(12,820 |
) |
|
|
(18,451 |
) |
|
|
(12,612 |
) |
|
|
(9,894 |
) |
Other, net |
|
|
(16,844 |
) |
|
|
(896 |
) |
|
|
(12,576 |
) |
|
|
(3,843 |
) |
|
|
(445 |
) |
Net cash provided by (used in) operating activities |
|
|
45,340 |
|
|
|
28,113 |
|
|
|
(21,603 |
) |
|
|
(11,624 |
) |
|
|
6,938 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of assets |
|
|
5,093 |
|
|
|
312 |
|
|
|
3,535 |
|
|
|
4,628 |
|
|
|
54 |
|
Acquisitions, net of cash acquired |
|
|
— |
|
|
|
8,785 |
|
|
|
(28,486 |
) |
|
|
(1,039 |
) |
|
|
— |
|
Additions to properties and equipment |
|
|
(4,929 |
) |
|
|
(6,328 |
) |
|
|
(4,151 |
) |
|
|
(1,229 |
) |
|
|
(6,368 |
) |
Net cash provided by (used in) investing activities |
|
|
164 |
|
|
|
2,769 |
|
|
|
(29,102 |
) |
|
|
2,360 |
|
|
|
(6,314 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from stock offering |
|
|
117,202 |
|
|
|
70,630 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Repurchase of SPO Acquisition Warrants |
|
|
(117,202 |
) |
|
|
(70,630 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of long-term debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
172,375 |
|
Principal payments on long-term debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(159,659 |
) |
Debt extinguishment premium |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,722 |
) |
Debt issuance and modification costs |
|
|
— |
|
|
|
(22 |
) |
|
|
(108 |
) |
|
|
(263 |
) |
|
|
(4,882 |
) |
Tax on share-based awards |
|
|
(47 |
) |
|
|
(100 |
) |
|
|
(1,159 |
) |
|
|
(1,017 |
) |
|
|
(160 |
) |
Net cash used in financing activities |
|
|
(47 |
) |
|
|
(122 |
) |
|
|
(1,267 |
) |
|
|
(1,280 |
) |
|
|
(48 |
) |
Net change in cash, cash equivalents and restricted cash |
|
|
45,457 |
|
|
|
30,760 |
|
|
|
(51,972 |
) |
|
|
(10,544 |
) |
|
|
576 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
122,520 |
|
|
|
91,760 |
|
|
|
143,732 |
|
|
|
154,276 |
|
|
|
153,700 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
167,977 |
|
|
$ |
122,520 |
|
|
$ |
91,760 |
|
|
$ |
143,732 |
|
|
$ |
154,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the year for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest, net of amounts capitalized |
|
$ |
7,575 |
|
|
$ |
353 |
|
|
$ |
7,626 |
|
|
$ |
— |
|
|
$ |
3,664 |
|
Income taxes |
|
$ |
6,132 |
|
|
$ |
6,813 |
|
|
$ |
6,130 |
|
|
$ |
3,200 |
|
|
$ |
4,278 |
|
Supplemental disclosure of noncash investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of SPO |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
162,648 |
|
|
$ |
— |
|
|
$ |
— |
|
Supplemental disclosure of noncash financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued for SPO acquisition |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
162,648 |
|
|
$ |
— |
|
|
$ |
— |
|
Repurchase of SPO Acquisition Warrants |
|
$ |
373 |
|
|
$ |
992 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
VESSEL REVENUE BY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
$ |
17,814 |
|
|
$ |
15,676 |
|
|
$ |
15,204 |
|
|
$ |
9,462 |
|
|
$ |
10,491 |
|
PSV < 900 |
|
|
16,486 |
|
|
|
16,460 |
|
|
|
15,470 |
|
|
|
14,628 |
|
|
|
14,261 |
|
AHTS > 16K |
|
|
2,873 |
|
|
|
3,429 |
|
|
|
2,390 |
|
|
|
971 |
|
|
|
409 |
|
AHTS 8 - 16K |
|
|
1,899 |
|
|
|
1,601 |
|
|
|
1,130 |
|
|
|
774 |
|
|
|
683 |
|
AHTS 4 - 8K |
|
|
1,553 |
|
|
|
1,185 |
|
|
|
1,438 |
|
|
|
1,472 |
|
|
|
875 |
|
Other |
|
|
1,160 |
|
|
|
771 |
|
|
|
1,888 |
|
|
|
1,137 |
|
|
|
1,163 |
|
Total |
|
|
41,785 |
|
|
|
39,122 |
|
|
|
37,520 |
|
|
|
28,444 |
|
|
|
27,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
6,692 |
|
|
|
10,896 |
|
|
|
7,258 |
|
|
|
3,923 |
|
|
|
3,951 |
|
PSV < 900 |
|
|
3,120 |
|
|
|
3,891 |
|
|
|
3,006 |
|
|
|
— |
|
|
|
— |
|
AHTS > 16K |
|
|
3,260 |
|
|
|
3,128 |
|
|
|
1,504 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
4,364 |
|
|
|
4,333 |
|
|
|
2,940 |
|
|
|
— |
|
|
|
— |
|
AHTS 4 - 8K |
|
|
1,584 |
|
|
|
1,605 |
|
|
|
1,433 |
|
|
|
974 |
|
|
|
963 |
|
Other |
|
|
50 |
|
|
|
49 |
|
|
|
221 |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
19,070 |
|
|
|
23,902 |
|
|
|
16,362 |
|
|
|
4,897 |
|
|
|
4,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
1,218 |
|
|
|
2,771 |
|
|
|
2,814 |
|
|
|
1,183 |
|
|
|
1,203 |
|
PSV < 900 |
|
|
15,517 |
|
|
|
16,063 |
|
|
|
13,798 |
|
|
|
9,559 |
|
|
|
10,279 |
|
AHTS > 16K |
|
|
2,351 |
|
|
|
2,350 |
|
|
|
1,750 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
4,146 |
|
|
|
3,397 |
|
|
|
3,808 |
|
|
|
4,137 |
|
|
|
4,076 |
|
AHTS 4 - 8K |
|
|
7,343 |
|
|
|
6,605 |
|
|
|
6,226 |
|
|
|
5,339 |
|
|
|
6,390 |
|
Total |
|
|
30,575 |
|
|
|
31,186 |
|
|
|
28,396 |
|
|
|
20,218 |
|
|
|
21,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
24,783 |
|
|
|
27,167 |
|
|
|
23,684 |
|
|
|
18,390 |
|
|
|
17,993 |
|
PSV < 900 |
|
|
7,874 |
|
|
|
7,092 |
|
|
|
6,868 |
|
|
|
5,375 |
|
|
|
4,351 |
|
AHTS > 16K |
|
|
643 |
|
|
|
5,251 |
|
|
|
1,776 |
|
|
|
— |
|
|
|
— |
|
Other |
|
|
182 |
|
|
|
192 |
|
|
|
147 |
|
|
|
154 |
|
|
|
157 |
|
Total |
|
|
33,482 |
|
|
|
39,702 |
|
|
|
32,475 |
|
|
|
23,919 |
|
|
|
22,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
10,534 |
|
|
|
8,041 |
|
|
|
6,487 |
|
|
|
3,987 |
|
|
|
4,011 |
|
PSV < 900 |
|
|
20,494 |
|
|
|
18,249 |
|
|
|
13,801 |
|
|
|
8,499 |
|
|
|
8,076 |
|
AHTS > 16K |
|
|
5,385 |
|
|
|
6,152 |
|
|
|
4,315 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
11,810 |
|
|
|
11,236 |
|
|
|
10,724 |
|
|
|
5,049 |
|
|
|
4,388 |
|
AHTS 4 - 8K |
|
|
5,780 |
|
|
|
6,445 |
|
|
|
4,576 |
|
|
|
1,547 |
|
|
|
782 |
|
Other |
|
|
6,191 |
|
|
|
6,212 |
|
|
|
7,519 |
|
|
|
7,316 |
|
|
|
5,926 |
|
Total |
|
|
60,194 |
|
|
|
56,335 |
|
|
|
47,422 |
|
|
|
26,398 |
|
|
|
23,183 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
61,041 |
|
|
|
64,551 |
|
|
|
55,447 |
|
|
|
36,945 |
|
|
|
37,649 |
|
PSV < 900 |
|
|
63,491 |
|
|
|
61,755 |
|
|
|
52,943 |
|
|
|
38,061 |
|
|
|
36,967 |
|
AHTS > 16K |
|
|
14,512 |
|
|
|
20,310 |
|
|
|
11,735 |
|
|
|
971 |
|
|
|
409 |
|
AHTS 8 - 16K |
|
|
22,219 |
|
|
|
20,567 |
|
|
|
18,602 |
|
|
|
9,960 |
|
|
|
9,147 |
|
AHTS 4 - 8K |
|
|
16,260 |
|
|
|
15,840 |
|
|
|
13,673 |
|
|
|
9,332 |
|
|
|
9,010 |
|
Other |
|
|
7,583 |
|
|
|
7,224 |
|
|
|
9,775 |
|
|
|
8,607 |
|
|
|
7,246 |
|
Total |
|
$ |
185,106 |
|
|
$ |
190,247 |
|
|
$ |
162,175 |
|
|
$ |
103,876 |
|
|
$ |
100,428 |
|
OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
AVERAGE NUMBER OF VESSELS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
10 |
|
|
|
11 |
|
|
|
10 |
|
|
|
10 |
|
|
|
11 |
|
PSV < 900 |
|
|
16 |
|
|
|
17 |
|
|
|
17 |
|
|
|
17 |
|
|
|
17 |
|
AHTS > 16K |
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
1 |
|
|
|
1 |
|
AHTS 8 - 16K |
|
|
2 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
AHTS 4 - 8K |
|
|
2 |
|
|
|
2 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
Other |
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
2 |
|
Total |
|
|
33 |
|
|
|
34 |
|
|
|
34 |
|
|
|
34 |
|
|
|
35 |
|
Stacked vessels |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(7 |
) |
|
|
(9 |
) |
Active vessels |
|
|
31 |
|
|
|
31 |
|
|
|
29 |
|
|
|
27 |
|
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
5 |
|
|
|
5 |
|
|
|
6 |
|
|
|
3 |
|
|
|
3 |
|
PSV < 900 |
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
AHTS > 16K |
|
|
2 |
|
|
|
2 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
3 |
|
|
|
3 |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
AHTS 4 - 8K |
|
|
3 |
|
|
|
4 |
|
|
|
3 |
|
|
|
2 |
|
|
|
2 |
|
Other |
|
|
1 |
|
|
|
1 |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
16 |
|
|
|
17 |
|
|
|
19 |
|
|
|
5 |
|
|
|
5 |
|
Stacked vessels |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
Active vessels |
|
|
14 |
|
|
|
15 |
|
|
|
18 |
|
|
|
5 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
1 |
|
|
|
1 |
|
PSV < 900 |
|
|
20 |
|
|
|
20 |
|
|
|
19 |
|
|
|
14 |
|
|
|
14 |
|
AHTS > 16K |
|
|
2 |
|
|
|
2 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
5 |
|
|
|
5 |
|
|
|
6 |
|
|
|
5 |
|
|
|
5 |
|
AHTS 4 - 8K |
|
|
14 |
|
|
|
13 |
|
|
|
13 |
|
|
|
13 |
|
|
|
13 |
|
Total |
|
|
43 |
|
|
|
42 |
|
|
|
41 |
|
|
|
33 |
|
|
|
33 |
|
Stacked vessels |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Active vessels |
|
|
43 |
|
|
|
42 |
|
|
|
41 |
|
|
|
33 |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
20 |
|
|
|
19 |
|
|
|
19 |
|
|
|
19 |
|
|
|
18 |
|
PSV < 900 |
|
|
6 |
|
|
|
6 |
|
|
|
7 |
|
|
|
9 |
|
|
|
10 |
|
AHTS > 16K |
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
27 |
|
|
|
26 |
|
|
|
27 |
|
|
|
28 |
|
|
|
28 |
|
Stacked vessels |
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
(4 |
) |
|
|
(5 |
) |
Active vessels |
|
|
27 |
|
|
|
26 |
|
|
|
25 |
|
|
|
24 |
|
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
6 |
|
|
|
6 |
|
|
|
4 |
|
|
|
3 |
|
|
|
3 |
|
PSV < 900 |
|
|
18 |
|
|
|
18 |
|
|
|
15 |
|
|
|
12 |
|
|
|
13 |
|
AHTS > 16K |
|
|
4 |
|
|
|
4 |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
11 |
|
|
|
12 |
|
|
|
10 |
|
|
|
5 |
|
|
|
6 |
|
AHTS 4 - 8K |
|
|
8 |
|
|
|
8 |
|
|
|
6 |
|
|
|
3 |
|
|
|
3 |
|
Other |
|
|
28 |
|
|
|
28 |
|
|
|
29 |
|
|
|
29 |
|
|
|
27 |
|
Total |
|
|
75 |
|
|
|
76 |
|
|
|
67 |
|
|
|
52 |
|
|
|
52 |
|
Stacked vessels |
|
|
(10 |
) |
|
|
(9 |
) |
|
|
(8 |
) |
|
|
(10 |
) |
|
|
(13 |
) |
Active vessels |
|
|
65 |
|
|
|
67 |
|
|
|
59 |
|
|
|
42 |
|
|
|
39 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
43 |
|
|
|
43 |
|
|
|
41 |
|
|
|
36 |
|
|
|
36 |
|
PSV < 900 |
|
|
62 |
|
|
|
63 |
|
|
|
60 |
|
|
|
52 |
|
|
|
54 |
|
AHTS > 16K |
|
|
11 |
|
|
|
11 |
|
|
|
8 |
|
|
|
1 |
|
|
|
1 |
|
AHTS 8 - 16K |
|
|
21 |
|
|
|
21 |
|
|
|
19 |
|
|
|
11 |
|
|
|
12 |
|
AHTS 4 - 8K |
|
|
27 |
|
|
|
27 |
|
|
|
25 |
|
|
|
21 |
|
|
|
21 |
|
Other |
|
|
30 |
|
|
|
30 |
|
|
|
35 |
|
|
|
31 |
|
|
|
29 |
|
Total |
|
|
194 |
|
|
|
195 |
|
|
|
188 |
|
|
|
152 |
|
|
|
153 |
|
Stacked vessels |
|
|
(14 |
) |
|
|
(14 |
) |
|
|
(16 |
) |
|
|
(21 |
) |
|
|
(28 |
) |
Active vessels |
|
|
180 |
|
|
|
181 |
|
|
|
172 |
|
|
|
131 |
|
|
|
125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total active |
|
|
180 |
|
|
|
181 |
|
|
|
172 |
|
|
|
131 |
|
|
|
125 |
|
Total stacked |
|
|
14 |
|
|
|
14 |
|
|
|
16 |
|
|
|
21 |
|
|
|
28 |
|
Total joint venture |
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
3 |
|
Total |
|
|
195 |
|
|
|
196 |
|
|
|
189 |
|
|
|
153 |
|
|
|
156 |
|
OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
AVAILABLE DAYS - TOTAL FLEET: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
922 |
|
|
|
1,012 |
|
|
|
943 |
|
|
|
900 |
|
|
|
981 |
|
PSV < 900 |
|
|
1,499 |
|
|
|
1,564 |
|
|
|
1,547 |
|
|
|
1,530 |
|
|
|
1,564 |
|
AHTS > 16K |
|
|
184 |
|
|
|
184 |
|
|
|
152 |
|
|
|
90 |
|
|
|
92 |
|
AHTS 8 - 16K |
|
|
184 |
|
|
|
122 |
|
|
|
91 |
|
|
|
90 |
|
|
|
92 |
|
AHTS 4 - 8K |
|
|
184 |
|
|
|
184 |
|
|
|
246 |
|
|
|
270 |
|
|
|
276 |
|
Other |
|
|
92 |
|
|
|
92 |
|
|
|
121 |
|
|
|
145 |
|
|
|
184 |
|
Total |
|
|
3,065 |
|
|
|
3,158 |
|
|
|
3,100 |
|
|
|
3,025 |
|
|
|
3,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
460 |
|
|
|
460 |
|
|
|
507 |
|
|
|
270 |
|
|
|
276 |
|
PSV < 900 |
|
|
184 |
|
|
|
184 |
|
|
|
183 |
|
|
|
— |
|
|
|
— |
|
AHTS > 16K |
|
|
184 |
|
|
|
184 |
|
|
|
122 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
276 |
|
|
|
276 |
|
|
|
183 |
|
|
|
— |
|
|
|
— |
|
AHTS 4 - 8K |
|
|
292 |
|
|
|
368 |
|
|
|
304 |
|
|
|
180 |
|
|
|
184 |
|
Other |
|
|
92 |
|
|
|
92 |
|
|
|
453 |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
1,488 |
|
|
|
1,564 |
|
|
|
1,752 |
|
|
|
450 |
|
|
|
460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
92 |
|
|
|
123 |
|
|
|
152 |
|
|
|
90 |
|
|
|
92 |
|
PSV < 900 |
|
|
1,840 |
|
|
|
1,840 |
|
|
|
1,700 |
|
|
|
1,269 |
|
|
|
1,288 |
|
AHTS > 16K |
|
|
184 |
|
|
|
184 |
|
|
|
122 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
460 |
|
|
|
465 |
|
|
|
546 |
|
|
|
458 |
|
|
|
460 |
|
AHTS 4 - 8K |
|
|
1,288 |
|
|
|
1,217 |
|
|
|
1,183 |
|
|
|
1,170 |
|
|
|
1,196 |
|
Total |
|
|
3,864 |
|
|
|
3,829 |
|
|
|
3,703 |
|
|
|
2,987 |
|
|
|
3,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
1,838 |
|
|
|
1,748 |
|
|
|
1,729 |
|
|
|
1,710 |
|
|
|
1,687 |
|
PSV < 900 |
|
|
552 |
|
|
|
552 |
|
|
|
696 |
|
|
|
826 |
|
|
|
920 |
|
AHTS > 16K |
|
|
92 |
|
|
|
92 |
|
|
|
61 |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
2,482 |
|
|
|
2,392 |
|
|
|
2,486 |
|
|
|
2,536 |
|
|
|
2,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
644 |
|
|
|
613 |
|
|
|
406 |
|
|
|
270 |
|
|
|
276 |
|
PSV < 900 |
|
|
1,656 |
|
|
|
1,656 |
|
|
|
1,367 |
|
|
|
1,103 |
|
|
|
1,196 |
|
AHTS > 16K |
|
|
368 |
|
|
|
368 |
|
|
|
244 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
1,012 |
|
|
|
1,074 |
|
|
|
882 |
|
|
|
470 |
|
|
|
552 |
|
AHTS 4 - 8K |
|
|
736 |
|
|
|
736 |
|
|
|
548 |
|
|
|
255 |
|
|
|
276 |
|
Other |
|
|
2,545 |
|
|
|
2,582 |
|
|
|
2,639 |
|
|
|
2,610 |
|
|
|
2,484 |
|
Total |
|
|
6,961 |
|
|
|
7,029 |
|
|
|
6,086 |
|
|
|
4,708 |
|
|
|
4,784 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
3,956 |
|
|
|
3,956 |
|
|
|
3,737 |
|
|
|
3,240 |
|
|
|
3,312 |
|
PSV < 900 |
|
|
5,731 |
|
|
|
5,796 |
|
|
|
5,493 |
|
|
|
4,728 |
|
|
|
4,968 |
|
AHTS > 16K |
|
|
1,012 |
|
|
|
1,012 |
|
|
|
701 |
|
|
|
90 |
|
|
|
92 |
|
AHTS 8 - 16K |
|
|
1,932 |
|
|
|
1,937 |
|
|
|
1,702 |
|
|
|
1,018 |
|
|
|
1,104 |
|
AHTS 4 - 8K |
|
|
2,500 |
|
|
|
2,505 |
|
|
|
2,281 |
|
|
|
1,875 |
|
|
|
1,932 |
|
Other |
|
|
2,729 |
|
|
|
2,766 |
|
|
|
3,213 |
|
|
|
2,755 |
|
|
|
2,668 |
|
Total |
|
|
17,860 |
|
|
|
17,972 |
|
|
|
17,127 |
|
|
|
13,706 |
|
|
|
14,076 |
|
OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
OUT-OF-SERVICE - STACKED DAYS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
— |
|
|
|
— |
|
|
|
155 |
|
|
|
180 |
|
|
|
271 |
|
PSV < 900 |
|
|
211 |
|
|
|
276 |
|
|
|
273 |
|
|
|
270 |
|
|
|
350 |
|
AHTS 4 - 8K |
|
|
— |
|
|
|
— |
|
|
|
64 |
|
|
|
90 |
|
|
|
92 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
55 |
|
|
|
92 |
|
Total |
|
|
211 |
|
|
|
276 |
|
|
|
492 |
|
|
|
595 |
|
|
|
805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AHTS 4 - 8K |
|
|
54 |
|
|
|
61 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other |
|
|
92 |
|
|
|
92 |
|
|
|
61 |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
146 |
|
|
|
153 |
|
|
|
61 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV < 900 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25 |
|
|
|
92 |
|
Total |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25 |
|
|
|
92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
90 |
|
|
|
106 |
|
PSV < 900 |
|
|
— |
|
|
|
— |
|
|
|
150 |
|
|
|
286 |
|
|
|
368 |
|
Total |
|
|
— |
|
|
|
— |
|
|
|
150 |
|
|
|
376 |
|
|
|
474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV < 900 |
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
|
203 |
|
|
|
307 |
|
AHTS 8 - 16K |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
92 |
|
AHTS 4 - 8K |
|
|
158 |
|
|
|
92 |
|
|
|
56 |
|
|
|
75 |
|
|
|
106 |
|
Other |
|
|
797 |
|
|
|
747 |
|
|
|
678 |
|
|
|
630 |
|
|
|
690 |
|
Total |
|
|
955 |
|
|
|
839 |
|
|
|
752 |
|
|
|
928 |
|
|
|
1,195 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
— |
|
|
|
— |
|
|
|
155 |
|
|
|
270 |
|
|
|
377 |
|
PSV < 900 |
|
|
211 |
|
|
|
276 |
|
|
|
441 |
|
|
|
784 |
|
|
|
1,117 |
|
AHTS 8 - 16K |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
92 |
|
AHTS 4 - 8K |
|
|
212 |
|
|
|
153 |
|
|
|
120 |
|
|
|
165 |
|
|
|
198 |
|
Other |
|
|
889 |
|
|
|
839 |
|
|
|
739 |
|
|
|
685 |
|
|
|
782 |
|
Total |
|
|
1,312 |
|
|
|
1,268 |
|
|
|
1,455 |
|
|
|
1,924 |
|
|
|
2,566 |
|
OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
AVAILABLE DAYS - ACTIVE FLEET: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
922 |
|
|
|
1,012 |
|
|
|
788 |
|
|
|
720 |
|
|
|
710 |
|
PSV < 900 |
|
|
1,288 |
|
|
|
1,288 |
|
|
|
1,274 |
|
|
|
1,260 |
|
|
|
1,214 |
|
AHTS > 16K |
|
|
184 |
|
|
|
184 |
|
|
|
152 |
|
|
|
90 |
|
|
|
92 |
|
AHTS 8 - 16K |
|
|
184 |
|
|
|
122 |
|
|
|
91 |
|
|
|
90 |
|
|
|
92 |
|
AHTS 4 - 8K |
|
|
184 |
|
|
|
184 |
|
|
|
182 |
|
|
|
180 |
|
|
|
184 |
|
Other |
|
|
92 |
|
|
|
92 |
|
|
|
121 |
|
|
|
90 |
|
|
|
92 |
|
Total |
|
|
2,854 |
|
|
|
2,882 |
|
|
|
2,608 |
|
|
|
2,430 |
|
|
|
2,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
460 |
|
|
|
460 |
|
|
|
507 |
|
|
|
270 |
|
|
|
276 |
|
PSV < 900 |
|
|
184 |
|
|
|
184 |
|
|
|
183 |
|
|
|
— |
|
|
|
— |
|
AHTS > 16K |
|
|
184 |
|
|
|
184 |
|
|
|
122 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
276 |
|
|
|
276 |
|
|
|
183 |
|
|
|
— |
|
|
|
— |
|
AHTS 4 - 8K |
|
|
238 |
|
|
|
307 |
|
|
|
304 |
|
|
|
180 |
|
|
|
184 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
392 |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
1,342 |
|
|
|
1,411 |
|
|
|
1,691 |
|
|
|
450 |
|
|
|
460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
92 |
|
|
|
123 |
|
|
|
152 |
|
|
|
90 |
|
|
|
92 |
|
PSV < 900 |
|
|
1,840 |
|
|
|
1,840 |
|
|
|
1,700 |
|
|
|
1,244 |
|
|
|
1,196 |
|
AHTS > 16K |
|
|
184 |
|
|
|
184 |
|
|
|
122 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
460 |
|
|
|
465 |
|
|
|
546 |
|
|
|
458 |
|
|
|
460 |
|
AHTS 4 - 8K |
|
|
1,288 |
|
|
|
1,217 |
|
|
|
1,183 |
|
|
|
1,170 |
|
|
|
1,196 |
|
Total |
|
|
3,864 |
|
|
|
3,829 |
|
|
|
3,703 |
|
|
|
2,962 |
|
|
|
2,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
1,838 |
|
|
|
1,748 |
|
|
|
1,729 |
|
|
|
1,620 |
|
|
|
1,581 |
|
PSV < 900 |
|
|
552 |
|
|
|
552 |
|
|
|
546 |
|
|
|
540 |
|
|
|
552 |
|
AHTS > 16K |
|
|
92 |
|
|
|
92 |
|
|
|
61 |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
2,482 |
|
|
|
2,392 |
|
|
|
2,336 |
|
|
|
2,160 |
|
|
|
2,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
644 |
|
|
|
613 |
|
|
|
406 |
|
|
|
270 |
|
|
|
276 |
|
PSV < 900 |
|
|
1,656 |
|
|
|
1,656 |
|
|
|
1,349 |
|
|
|
900 |
|
|
|
889 |
|
AHTS > 16K |
|
|
368 |
|
|
|
368 |
|
|
|
244 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
1,012 |
|
|
|
1,074 |
|
|
|
882 |
|
|
|
450 |
|
|
|
460 |
|
AHTS 4 - 8K |
|
|
578 |
|
|
|
644 |
|
|
|
492 |
|
|
|
180 |
|
|
|
170 |
|
Other |
|
|
1,748 |
|
|
|
1,835 |
|
|
|
1,961 |
|
|
|
1,980 |
|
|
|
1,794 |
|
Total |
|
|
6,006 |
|
|
|
6,190 |
|
|
|
5,334 |
|
|
|
3,780 |
|
|
|
3,589 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
3,956 |
|
|
|
3,956 |
|
|
|
3,582 |
|
|
|
2,970 |
|
|
|
2,935 |
|
PSV < 900 |
|
|
5,520 |
|
|
|
5,520 |
|
|
|
5,052 |
|
|
|
3,944 |
|
|
|
3,851 |
|
AHTS > 16K |
|
|
1,012 |
|
|
|
1,012 |
|
|
|
701 |
|
|
|
90 |
|
|
|
92 |
|
AHTS 8 - 16K |
|
|
1,932 |
|
|
|
1,937 |
|
|
|
1,702 |
|
|
|
998 |
|
|
|
1,012 |
|
AHTS 4 - 8K |
|
|
2,288 |
|
|
|
2,352 |
|
|
|
2,161 |
|
|
|
1,710 |
|
|
|
1,734 |
|
Other |
|
|
1,840 |
|
|
|
1,927 |
|
|
|
2,474 |
|
|
|
2,070 |
|
|
|
1,886 |
|
Total |
|
|
16,548 |
|
|
|
16,704 |
|
|
|
15,672 |
|
|
|
11,782 |
|
|
|
11,510 |
|
OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
UTILIZATION - TOTAL FLEET: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
82.6 |
% |
|
|
74.6 |
% |
|
|
74.4 |
% |
|
|
54.6 |
% |
|
|
54.0 |
% |
PSV < 900 |
|
|
68.1 |
|
|
|
69.3 |
|
|
|
67.7 |
|
|
|
63.3 |
|
|
|
69.2 |
|
AHTS > 16K |
|
|
48.2 |
|
|
|
92.4 |
|
|
|
90.2 |
|
|
|
57.6 |
|
|
|
26.2 |
|
AHTS 8 - 16K |
|
|
76.8 |
|
|
|
89.5 |
|
|
|
100.0 |
|
|
|
68.9 |
|
|
|
76.4 |
|
AHTS 4 - 8K |
|
|
99.2 |
|
|
|
74.4 |
|
|
|
67.2 |
|
|
|
63.7 |
|
|
|
40.0 |
|
Other |
|
|
100.0 |
|
|
|
66.5 |
|
|
|
100.0 |
|
|
|
62.1 |
|
|
|
50.0 |
|
Total |
|
|
74.6 |
% |
|
|
73.3 |
% |
|
|
73.0 |
% |
|
|
60.7 |
% |
|
|
59.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
62.6 |
% |
|
|
94.5 |
% |
|
|
65.5 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
PSV < 900 |
|
|
78.4 |
|
|
|
100.0 |
|
|
|
66.7 |
|
|
|
— |
|
|
|
— |
|
AHTS > 16K |
|
|
90.8 |
|
|
|
89.9 |
|
|
|
50.0 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
85.4 |
|
|
|
97.2 |
|
|
|
91.2 |
|
|
|
— |
|
|
|
— |
|
AHTS 4 - 8K |
|
|
79.5 |
|
|
|
64.5 |
|
|
|
56.9 |
|
|
|
97.9 |
|
|
|
100.0 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
74.0 |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
71.7 |
% |
|
|
82.5 |
% |
|
|
67.9 |
% |
|
|
99.2 |
% |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
100.0 |
% |
|
|
93.6 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
PSV < 900 |
|
|
78.3 |
|
|
|
84.1 |
|
|
|
76.5 |
|
|
|
78.0 |
|
|
|
79.3 |
|
AHTS > 16K |
|
|
100.0 |
|
|
|
94.7 |
|
|
|
100.0 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
84.8 |
|
|
|
68.5 |
|
|
|
70.9 |
|
|
|
99.7 |
|
|
|
96.3 |
|
AHTS 4 - 8K |
|
|
86.3 |
|
|
|
84.9 |
|
|
|
87.1 |
|
|
|
80.4 |
|
|
|
93.2 |
|
Total |
|
|
83.3 |
% |
|
|
83.3 |
% |
|
|
80.8 |
% |
|
|
82.9 |
% |
|
|
88.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
87.1 |
% |
|
|
95.8 |
% |
|
|
88.4 |
% |
|
|
84.7 |
% |
|
|
85.8 |
% |
PSV < 900 |
|
|
93.8 |
|
|
|
96.4 |
|
|
|
71.5 |
|
|
|
63.5 |
|
|
|
47.8 |
|
AHTS > 16K |
|
|
65.5 |
|
|
|
76.9 |
|
|
|
53.4 |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
87.8 |
% |
|
|
95.2 |
% |
|
|
82.8 |
% |
|
|
77.8 |
% |
|
|
72.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
85.7 |
% |
|
|
70.9 |
% |
|
|
96.3 |
% |
|
|
100.0 |
% |
|
|
97.1 |
% |
PSV < 900 |
|
|
89.9 |
|
|
|
86.6 |
|
|
|
80.6 |
|
|
|
66.0 |
|
|
|
57.8 |
|
AHTS > 16K |
|
|
89.4 |
|
|
|
100.0 |
|
|
|
98.1 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
91.1 |
|
|
|
85.7 |
|
|
|
95.4 |
|
|
|
95.7 |
|
|
|
73.3 |
|
AHTS 4 - 8K |
|
|
62.1 |
|
|
|
82.6 |
|
|
|
82.6 |
|
|
|
69.6 |
|
|
|
33.3 |
|
Other |
|
|
45.4 |
|
|
|
44.4 |
|
|
|
52.9 |
|
|
|
52.2 |
|
|
|
44.5 |
|
Total |
|
|
70.5 |
% |
|
|
69.9 |
% |
|
|
72.7 |
% |
|
|
63.5 |
% |
|
|
53.5 |
% |
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
83.3 |
% |
|
|
86.3 |
% |
|
|
83.1 |
% |
|
|
79.3 |
% |
|
|
78.9 |
% |
PSV < 900 |
|
|
80.5 |
|
|
|
82.5 |
|
|
|
74.1 |
|
|
|
67.9 |
|
|
|
65.1 |
|
AHTS > 16K |
|
|
81.9 |
|
|
|
93.7 |
|
|
|
84.4 |
|
|
|
57.6 |
|
|
|
26.2 |
|
AHTS 8 - 16K |
|
|
87.4 |
|
|
|
83.4 |
|
|
|
87.4 |
|
|
|
95.1 |
|
|
|
83.1 |
|
AHTS 4 - 8K |
|
|
79.4 |
|
|
|
80.5 |
|
|
|
79.8 |
|
|
|
78.2 |
|
|
|
77.7 |
|
Other |
|
|
45.7 |
|
|
|
43.7 |
|
|
|
57.7 |
|
|
|
52.7 |
|
|
|
44.9 |
|
Total |
|
|
76.5 |
% |
|
|
77.8 |
% |
|
|
75.5 |
% |
|
|
70.9 |
% |
|
|
67.4 |
% |
OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
||||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
UTILIZATION - ACTIVE FLEET: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
82.6 |
% |
|
|
74.6 |
% |
|
|
89.1 |
% |
|
|
68.2 |
% |
|
|
74.6 |
% |
PSV < 900 |
|
|
79.3 |
|
|
|
84.1 |
|
|
|
82.3 |
|
|
|
76.8 |
|
|
|
89.2 |
|
AHTS > 16K |
|
|
48.2 |
|
|
|
92.4 |
|
|
|
90.2 |
|
|
|
57.6 |
|
|
|
26.2 |
|
AHTS 8 - 16K |
|
|
76.8 |
|
|
|
89.5 |
|
|
|
100.0 |
|
|
|
68.9 |
|
|
|
76.4 |
|
AHTS 4 - 8K |
|
|
99.2 |
|
|
|
74.4 |
|
|
|
90.8 |
|
|
|
95.5 |
|
|
|
60.0 |
|
Other |
|
|
100.0 |
|
|
|
66.5 |
|
|
|
100.0 |
|
|
|
100.0 |
|
|
|
100.0 |
|
Total |
|
|
80.1 |
% |
|
|
80.3 |
% |
|
|
86.8 |
% |
|
|
75.5 |
% |
|
|
80.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
62.6 |
% |
|
|
94.5 |
% |
|
|
65.5 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
PSV < 900 |
|
|
78.4 |
|
|
|
100.0 |
|
|
|
66.7 |
|
|
|
— |
|
|
|
— |
|
AHTS > 16K |
|
|
90.8 |
|
|
|
89.9 |
|
|
|
50.0 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
85.4 |
|
|
|
97.2 |
|
|
|
91.2 |
|
|
|
— |
|
|
|
— |
|
AHTS 4 - 8K |
|
|
97.4 |
|
|
|
77.4 |
|
|
|
56.9 |
|
|
|
97.9 |
|
|
|
100.0 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
85.5 |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
79.5 |
% |
|
|
91.4 |
% |
|
|
70.4 |
% |
|
|
99.2 |
% |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
100.0 |
% |
|
|
93.6 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
PSV < 900 |
|
|
78.3 |
|
|
|
84.1 |
|
|
|
76.5 |
|
|
|
79.6 |
|
|
|
85.3 |
|
AHTS > 16K |
|
|
100.0 |
|
|
|
94.7 |
|
|
|
100.0 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
84.8 |
|
|
|
68.5 |
|
|
|
70.9 |
|
|
|
99.7 |
|
|
|
96.3 |
|
AHTS 4 - 8K |
|
|
86.3 |
|
|
|
84.9 |
|
|
|
87.1 |
|
|
|
80.4 |
|
|
|
93.2 |
|
Total |
|
|
83.3 |
% |
|
|
83.3 |
% |
|
|
80.8 |
% |
|
|
83.6 |
% |
|
|
90.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
87.1 |
% |
|
|
95.8 |
% |
|
|
88.4 |
% |
|
|
89.4 |
% |
|
|
91.6 |
% |
PSV < 900 |
|
|
93.8 |
|
|
|
96.4 |
|
|
|
91.1 |
|
|
|
97.1 |
|
|
|
79.7 |
|
AHTS > 16K |
|
|
65.5 |
|
|
|
76.9 |
|
|
|
53.4 |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
87.8 |
% |
|
|
95.2 |
% |
|
|
88.1 |
% |
|
|
91.3 |
% |
|
|
88.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
85.7 |
% |
|
|
70.9 |
% |
|
|
96.3 |
% |
|
|
100.0 |
% |
|
|
97.1 |
% |
PSV < 900 |
|
|
89.9 |
|
|
|
86.6 |
|
|
|
81.7 |
|
|
|
80.9 |
|
|
|
77.8 |
|
AHTS > 16K |
|
|
89.4 |
|
|
|
100.0 |
|
|
|
98.1 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
91.1 |
|
|
|
85.7 |
|
|
|
95.4 |
|
|
|
100.0 |
|
|
|
88.0 |
|
AHTS 4 - 8K |
|
|
79.1 |
|
|
|
94.5 |
|
|
|
92.0 |
|
|
|
98.6 |
|
|
|
54.1 |
|
Other |
|
|
66.1 |
|
|
|
62.5 |
|
|
|
71.2 |
|
|
|
68.8 |
|
|
|
61.6 |
|
Total |
|
|
81.7 |
% |
|
|
79.4 |
% |
|
|
82.9 |
% |
|
|
79.1 |
% |
|
|
71.4 |
% |
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
83.3 |
% |
|
|
86.3 |
% |
|
|
86.7 |
% |
|
|
86.5 |
% |
|
|
89.1 |
% |
PSV < 900 |
|
|
83.6 |
|
|
|
86.6 |
|
|
|
80.6 |
|
|
|
81.4 |
|
|
|
84.0 |
|
AHTS > 16K |
|
|
81.9 |
|
|
|
93.7 |
|
|
|
84.4 |
|
|
|
57.6 |
|
|
|
26.2 |
|
AHTS 8 - 16K |
|
|
87.4 |
|
|
|
83.4 |
|
|
|
87.4 |
|
|
|
97.0 |
|
|
|
90.7 |
|
AHTS 4 - 8K |
|
|
86.7 |
|
|
|
85.7 |
|
|
|
84.3 |
|
|
|
85.8 |
|
|
|
86.6 |
|
Other |
|
|
67.8 |
|
|
|
62.7 |
|
|
|
74.9 |
|
|
|
70.2 |
|
|
|
63.5 |
|
Total |
|
|
82.5 |
% |
|
|
83.7 |
% |
|
|
82.5 |
% |
|
|
82.5 |
% |
|
|
82.4 |
% |
OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
AVERAGE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
$ |
23,401 |
|
|
$ |
20,775 |
|
|
$ |
21,658 |
|
|
$ |
19,265 |
|
|
$ |
19,806 |
|
PSV < 900 |
|
|
16,146 |
|
|
|
15,197 |
|
|
|
14,762 |
|
|
|
15,111 |
|
|
|
13,169 |
|
AHTS > 16K |
|
|
32,368 |
|
|
|
20,175 |
|
|
|
17,430 |
|
|
|
18,745 |
|
|
|
16,942 |
|
AHTS 8 - 16K |
|
|
13,431 |
|
|
|
14,668 |
|
|
|
12,424 |
|
|
|
12,480 |
|
|
|
9,724 |
|
AHTS 4 - 8K |
|
|
8,511 |
|
|
|
8,654 |
|
|
|
8,701 |
|
|
|
8,562 |
|
|
|
7,929 |
|
Other |
|
|
12,611 |
|
|
|
12,616 |
|
|
|
15,601 |
|
|
|
12,633 |
|
|
|
12,644 |
|
Total |
|
|
18,271 |
|
|
|
16,901 |
|
|
|
16,569 |
|
|
|
15,501 |
|
|
|
14,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
23,237 |
|
|
|
25,072 |
|
|
|
21,850 |
|
|
|
14,529 |
|
|
|
14,315 |
|
PSV < 900 |
|
|
21,627 |
|
|
|
21,148 |
|
|
|
24,640 |
|
|
|
— |
|
|
|
— |
|
AHTS > 16K |
|
|
19,519 |
|
|
|
18,902 |
|
|
|
24,664 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
18,509 |
|
|
|
16,144 |
|
|
|
17,609 |
|
|
|
— |
|
|
|
— |
|
AHTS 4 - 8K |
|
|
6,822 |
|
|
|
6,759 |
|
|
|
8,281 |
|
|
|
5,528 |
|
|
|
5,236 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
660 |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
17,868 |
|
|
|
18,530 |
|
|
|
13,748 |
|
|
|
10,975 |
|
|
|
10,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
13,234 |
|
|
|
24,061 |
|
|
|
18,513 |
|
|
|
13,147 |
|
|
|
13,071 |
|
PSV < 900 |
|
|
10,768 |
|
|
|
10,378 |
|
|
|
10,607 |
|
|
|
9,658 |
|
|
|
10,071 |
|
AHTS > 16K |
|
|
12,777 |
|
|
|
13,487 |
|
|
|
14,348 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
10,627 |
|
|
|
10,666 |
|
|
|
9,832 |
|
|
|
9,058 |
|
|
|
9,201 |
|
AHTS 4 - 8K |
|
|
6,604 |
|
|
|
6,396 |
|
|
|
6,044 |
|
|
|
5,672 |
|
|
|
5,730 |
|
Total |
|
|
9,498 |
|
|
|
9,781 |
|
|
|
9,490 |
|
|
|
8,160 |
|
|
|
8,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
15,476 |
|
|
|
16,229 |
|
|
|
15,496 |
|
|
|
12,697 |
|
|
|
12,426 |
|
PSV < 900 |
|
|
15,212 |
|
|
|
13,323 |
|
|
|
13,806 |
|
|
|
10,248 |
|
|
|
9,887 |
|
AHTS > 16K |
|
|
10,682 |
|
|
|
74,231 |
|
|
|
54,472 |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
15,364 |
|
|
|
17,436 |
|
|
|
15,776 |
|
|
|
12,124 |
|
|
|
11,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
19,096 |
|
|
|
18,502 |
|
|
|
16,592 |
|
|
|
14,768 |
|
|
|
14,966 |
|
PSV < 900 |
|
|
13,758 |
|
|
|
12,721 |
|
|
|
12,528 |
|
|
|
11,672 |
|
|
|
11,682 |
|
AHTS > 16K |
|
|
16,367 |
|
|
|
16,719 |
|
|
|
18,036 |
|
|
|
— |
|
|
|
— |
|
AHTS 8 - 16K |
|
|
12,809 |
|
|
|
12,212 |
|
|
|
12,743 |
|
|
|
11,219 |
|
|
|
10,842 |
|
AHTS 4 - 8K |
|
|
12,637 |
|
|
|
10,595 |
|
|
|
10,105 |
|
|
|
8,721 |
|
|
|
8,500 |
|
Other |
|
|
5,359 |
|
|
|
5,415 |
|
|
|
5,381 |
|
|
|
5,368 |
|
|
|
5,362 |
|
Total |
|
|
12,272 |
|
|
|
11,467 |
|
|
|
10,721 |
|
|
|
8,834 |
|
|
|
9,052 |
|
Worldwide fleet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSV > 900 |
|
|
18,529 |
|
|
|
18,914 |
|
|
|
17,854 |
|
|
|
14,378 |
|
|
|
14,404 |
|
PSV < 900 |
|
|
13,762 |
|
|
|
12,915 |
|
|
|
13,008 |
|
|
|
11,855 |
|
|
|
11,427 |
|
AHTS > 16K |
|
|
17,505 |
|
|
|
21,415 |
|
|
|
19,824 |
|
|
|
18,745 |
|
|
|
16,942 |
|
AHTS 8 - 16K |
|
|
13,153 |
|
|
|
12,726 |
|
|
|
12,511 |
|
|
|
10,281 |
|
|
|
9,965 |
|
AHTS 4 - 8K |
|
|
8,196 |
|
|
|
7,859 |
|
|
|
7,507 |
|
|
|
6,362 |
|
|
|
6,000 |
|
Other |
|
|
6,080 |
|
|
|
5,979 |
|
|
|
5,275 |
|
|
|
5,924 |
|
|
|
6,053 |
|
Total |
|
$ |
13,554 |
|
|
$ |
13,606 |
|
|
$ |
12,544 |
|
|
$ |
10,687 |
|
|
$ |
10,583 |
|
Note (A): Average |
OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
41,785 |
|
|
$ |
39,122 |
|
|
$ |
37,520 |
|
|
$ |
28,444 |
|
|
$ |
27,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
|
16,486 |
|
|
|
16,080 |
|
|
|
12,949 |
|
|
|
11,252 |
|
|
|
11,080 |
|
Repair and maintenance |
|
|
3,619 |
|
|
|
3,594 |
|
|
|
2,866 |
|
|
|
2,627 |
|
|
|
2,487 |
|
Insurance |
|
|
410 |
|
|
|
414 |
|
|
|
248 |
|
|
|
367 |
|
|
|
161 |
|
Fuel, lube and supplies |
|
|
2,387 |
|
|
|
2,557 |
|
|
|
2,326 |
|
|
|
2,385 |
|
|
|
2,019 |
|
Other |
|
|
5,102 |
|
|
|
3,090 |
|
|
|
3,054 |
|
|
|
2,196 |
|
|
|
4,347 |
|
Total vessel operating costs |
|
|
28,004 |
|
|
|
25,735 |
|
|
|
21,443 |
|
|
|
18,827 |
|
|
|
20,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
|
13,781 |
|
|
|
13,387 |
|
|
|
16,077 |
|
|
|
9,617 |
|
|
|
7,788 |
|
Vessel operating margin (%) |
|
|
33.0 |
% |
|
|
34.2 |
% |
|
|
42.8 |
% |
|
|
33.8 |
% |
|
|
27.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
33 |
|
|
|
34 |
|
|
|
34 |
|
|
|
34 |
|
|
|
35 |
|
Utilization - Total fleet |
|
|
74.6 |
% |
|
|
73.3 |
% |
|
|
73.0 |
% |
|
|
60.7 |
% |
|
|
59.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
31 |
|
|
|
31 |
|
|
|
29 |
|
|
|
27 |
|
|
|
26 |
|
Utilization - Active fleet |
|
|
80.1 |
% |
|
|
80.3 |
% |
|
|
86.8 |
% |
|
|
75.5 |
% |
|
|
80.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
18,271 |
|
|
$ |
16,901 |
|
|
$ |
16,569 |
|
|
$ |
15,501 |
|
|
$ |
14,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
2 |
|
|
|
4 |
|
|
|
3 |
|
|
|
5 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
21,772 |
|
|
$ |
19,208 |
|
|
$ |
18,422 |
|
|
$ |
16,270 |
|
|
$ |
13,124 |
|
Cash paid for deferred drydocking and survey costs |
|
|
4,389 |
|
|
|
5,678 |
|
|
|
3,857 |
|
|
|
5,060 |
|
|
|
6,470 |
|
Amortization of deferred drydocking and survey costs |
|
|
(3,025 |
) |
|
|
(2,932 |
) |
|
|
(3,071 |
) |
|
|
(2,908 |
) |
|
|
(2,909 |
) |
Disposals, intersegment transfers and other |
|
|
(1,416 |
) |
|
|
(182 |
) |
|
|
— |
|
|
|
— |
|
|
|
(415 |
) |
Deferred drydocking and survey costs - ending balance |
|
$ |
21,720 |
|
|
$ |
21,772 |
|
|
$ |
19,208 |
|
|
$ |
18,422 |
|
|
$ |
16,270 |
|
OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
19,070 |
|
|
$ |
23,902 |
|
|
$ |
16,362 |
|
|
$ |
4,897 |
|
|
$ |
4,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
|
9,876 |
|
|
|
10,631 |
|
|
|
8,138 |
|
|
|
788 |
|
|
|
883 |
|
Repair and maintenance |
|
|
901 |
|
|
|
947 |
|
|
|
945 |
|
|
|
284 |
|
|
|
342 |
|
Insurance |
|
|
183 |
|
|
|
189 |
|
|
|
90 |
|
|
|
54 |
|
|
|
24 |
|
Fuel, lube and supplies |
|
|
1,299 |
|
|
|
1,145 |
|
|
|
1,590 |
|
|
|
105 |
|
|
|
166 |
|
Other |
|
|
1,574 |
|
|
|
1,909 |
|
|
|
1,176 |
|
|
|
422 |
|
|
|
459 |
|
Total vessel operating costs |
|
|
13,833 |
|
|
|
14,821 |
|
|
|
11,939 |
|
|
|
1,653 |
|
|
|
1,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
|
5,237 |
|
|
|
9,081 |
|
|
|
4,423 |
|
|
|
3,244 |
|
|
|
3,040 |
|
Vessel operating margin (%) |
|
|
27.5 |
% |
|
|
38.0 |
% |
|
|
27.0 |
% |
|
|
66.2 |
% |
|
|
61.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
16 |
|
|
|
17 |
|
|
|
19 |
|
|
|
5 |
|
|
|
5 |
|
Utilization - Total fleet |
|
|
71.7 |
% |
|
|
82.5 |
% |
|
|
67.9 |
% |
|
|
99.2 |
% |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
14 |
|
|
|
15 |
|
|
|
18 |
|
|
|
5 |
|
|
|
5 |
|
Utilization - Active fleet |
|
|
79.5 |
% |
|
|
91.4 |
% |
|
|
70.4 |
% |
|
|
99.2 |
% |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
17,868 |
|
|
$ |
18,530 |
|
|
$ |
13,748 |
|
|
$ |
10,975 |
|
|
$ |
10,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
979 |
|
|
$ |
852 |
|
|
$ |
542 |
|
|
$ |
710 |
|
|
$ |
1,019 |
|
Cash paid for deferred drydocking and survey costs |
|
|
156 |
|
|
|
702 |
|
|
|
1,262 |
|
|
|
— |
|
|
|
— |
|
Amortization of deferred drydocking and survey costs |
|
|
(117 |
) |
|
|
(139 |
) |
|
|
(163 |
) |
|
|
(168 |
) |
|
|
(309 |
) |
Disposals, intersegment transfers and other |
|
|
(465 |
) |
|
|
(436 |
) |
|
|
(789 |
) |
|
|
— |
|
|
|
— |
|
Deferred drydocking and survey costs - ending balance |
|
$ |
553 |
|
|
$ |
979 |
|
|
$ |
852 |
|
|
$ |
542 |
|
|
$ |
710 |
|
OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
30,575 |
|
|
$ |
31,186 |
|
|
$ |
28,396 |
|
|
$ |
20,218 |
|
|
$ |
21,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
|
12,472 |
|
|
|
12,814 |
|
|
|
11,193 |
|
|
|
8,465 |
|
|
|
8,827 |
|
Repair and maintenance |
|
|
3,216 |
|
|
|
3,441 |
|
|
|
3,429 |
|
|
|
2,124 |
|
|
|
2,804 |
|
Insurance |
|
|
384 |
|
|
|
406 |
|
|
|
325 |
|
|
|
297 |
|
|
|
179 |
|
Fuel, lube and supplies |
|
|
2,991 |
|
|
|
3,281 |
|
|
|
2,700 |
|
|
|
1,559 |
|
|
|
1,148 |
|
Other |
|
|
2,505 |
|
|
|
1,804 |
|
|
|
2,249 |
|
|
|
2,457 |
|
|
|
2,708 |
|
Total vessel operating costs |
|
|
21,568 |
|
|
|
21,746 |
|
|
|
19,896 |
|
|
|
14,902 |
|
|
|
15,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
|
9,007 |
|
|
|
9,440 |
|
|
|
8,500 |
|
|
|
5,316 |
|
|
|
6,282 |
|
Vessel operating margin (%) |
|
|
29.5 |
% |
|
|
30.3 |
% |
|
|
29.9 |
% |
|
|
26.3 |
% |
|
|
28.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
43 |
|
|
|
42 |
|
|
|
41 |
|
|
|
33 |
|
|
|
33 |
|
Utilization - Total fleet |
|
|
83.3 |
% |
|
|
83.3 |
% |
|
|
80.8 |
% |
|
|
82.9 |
% |
|
|
88.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
43 |
|
|
|
42 |
|
|
|
41 |
|
|
|
33 |
|
|
|
32 |
|
Utilization - Active fleet |
|
|
83.3 |
% |
|
|
83.3 |
% |
|
|
80.8 |
% |
|
|
83.6 |
% |
|
|
90.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
9,498 |
|
|
$ |
9,781 |
|
|
$ |
9,490 |
|
|
$ |
8,160 |
|
|
$ |
8,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
5 |
|
|
|
5 |
|
|
|
7 |
|
|
|
2 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
14,993 |
|
|
$ |
14,980 |
|
|
$ |
10,665 |
|
|
$ |
8,994 |
|
|
$ |
10,809 |
|
Cash paid for deferred drydocking and survey costs |
|
|
1,930 |
|
|
|
2,345 |
|
|
|
6,362 |
|
|
|
3,855 |
|
|
|
327 |
|
Amortization of deferred drydocking and survey costs |
|
|
(2,323 |
) |
|
|
(2,346 |
) |
|
|
(2,308 |
) |
|
|
(2,184 |
) |
|
|
(2,142 |
) |
Disposals, intersegment transfers and other |
|
|
462 |
|
|
|
14 |
|
|
|
261 |
|
|
|
— |
|
|
|
— |
|
Deferred drydocking and survey costs - ending balance |
|
$ |
15,062 |
|
|
$ |
14,993 |
|
|
$ |
14,980 |
|
|
$ |
10,665 |
|
|
$ |
8,994 |
|
OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
33,482 |
|
|
$ |
39,702 |
|
|
$ |
32,475 |
|
|
$ |
23,919 |
|
|
$ |
22,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
|
13,010 |
|
|
|
12,347 |
|
|
|
12,349 |
|
|
|
12,003 |
|
|
|
11,235 |
|
Repair and maintenance |
|
|
3,067 |
|
|
|
1,652 |
|
|
|
2,414 |
|
|
|
2,106 |
|
|
|
3,562 |
|
Insurance |
|
|
386 |
|
|
|
440 |
|
|
|
307 |
|
|
|
309 |
|
|
|
38 |
|
Fuel, lube and supplies |
|
|
2,051 |
|
|
|
1,158 |
|
|
|
1,740 |
|
|
|
1,077 |
|
|
|
936 |
|
Other |
|
|
1,762 |
|
|
|
2,170 |
|
|
|
2,468 |
|
|
|
2,026 |
|
|
|
1,919 |
|
Total vessel operating costs |
|
|
20,276 |
|
|
|
17,767 |
|
|
|
19,278 |
|
|
|
17,521 |
|
|
|
17,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
|
13,206 |
|
|
|
21,935 |
|
|
|
13,197 |
|
|
|
6,398 |
|
|
|
4,811 |
|
Vessel operating margin (%) |
|
|
39.4 |
% |
|
|
55.2 |
% |
|
|
40.6 |
% |
|
|
26.7 |
% |
|
|
21.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
27 |
|
|
|
26 |
|
|
|
27 |
|
|
|
28 |
|
|
|
28 |
|
Utilization - Total fleet |
|
|
87.8 |
% |
|
|
95.2 |
% |
|
|
82.8 |
% |
|
|
77.8 |
% |
|
|
72.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
27 |
|
|
|
26 |
|
|
|
25 |
|
|
|
24 |
|
|
|
23 |
|
Utilization - Active fleet |
|
|
87.8 |
% |
|
|
95.2 |
% |
|
|
88.1 |
% |
|
|
91.3 |
% |
|
|
88.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
15,364 |
|
|
$ |
17,436 |
|
|
$ |
15,776 |
|
|
$ |
12,124 |
|
|
$ |
11,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
3 |
|
|
|
1 |
|
|
|
3 |
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
8,588 |
|
|
$ |
9,231 |
|
|
$ |
6,425 |
|
|
$ |
4,983 |
|
|
$ |
5,571 |
|
Cash paid for deferred drydocking and survey costs |
|
|
1,175 |
|
|
|
315 |
|
|
|
4,206 |
|
|
|
2,575 |
|
|
|
93 |
|
Amortization of deferred drydocking and survey costs |
|
|
(1,523 |
) |
|
|
(1,244 |
) |
|
|
(1,400 |
) |
|
|
(1,133 |
) |
|
|
(1,096 |
) |
Disposals, intersegment transfers and other |
|
|
1,326 |
|
|
|
286 |
|
|
|
— |
|
|
|
— |
|
|
|
415 |
|
Deferred drydocking and survey costs - ending balance |
|
$ |
9,566 |
|
|
$ |
8,588 |
|
|
$ |
9,231 |
|
|
$ |
6,425 |
|
|
$ |
4,983 |
|
OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
60,194 |
|
|
$ |
56,335 |
|
|
$ |
47,422 |
|
|
$ |
26,398 |
|
|
$ |
23,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
|
17,855 |
|
|
|
19,317 |
|
|
|
16,010 |
|
|
|
8,329 |
|
|
|
7,690 |
|
Repair and maintenance |
|
|
3,971 |
|
|
|
3,910 |
|
|
|
3,823 |
|
|
|
2,320 |
|
|
|
2,307 |
|
Insurance |
|
|
664 |
|
|
|
539 |
|
|
|
396 |
|
|
|
357 |
|
|
|
115 |
|
Fuel, lube and supplies |
|
|
4,113 |
|
|
|
4,150 |
|
|
|
3,165 |
|
|
|
1,950 |
|
|
|
2,136 |
|
Other |
|
|
5,212 |
|
|
|
5,052 |
|
|
|
4,307 |
|
|
|
2,652 |
|
|
|
3,615 |
|
Total vessel operating costs |
|
|
31,815 |
|
|
|
32,968 |
|
|
|
27,701 |
|
|
|
15,608 |
|
|
|
15,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
|
28,379 |
|
|
|
23,367 |
|
|
|
19,721 |
|
|
|
10,790 |
|
|
|
7,320 |
|
Vessel operating margin (%) |
|
|
47.1 |
% |
|
|
41.5 |
% |
|
|
41.6 |
% |
|
|
40.9 |
% |
|
|
31.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
75 |
|
|
|
76 |
|
|
|
67 |
|
|
|
52 |
|
|
|
52 |
|
Utilization - Total fleet |
|
|
70.5 |
% |
|
|
69.9 |
% |
|
|
72.7 |
% |
|
|
63.5 |
% |
|
|
53.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
65 |
|
|
|
67 |
|
|
|
59 |
|
|
|
42 |
|
|
|
39 |
|
Utilization - Active fleet |
|
|
81.7 |
% |
|
|
79.4 |
% |
|
|
82.9 |
% |
|
|
79.1 |
% |
|
|
71.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
12,272 |
|
|
$ |
11,467 |
|
|
$ |
10,721 |
|
|
$ |
8,834 |
|
|
$ |
9,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
2 |
|
|
|
5 |
|
|
|
5 |
|
|
|
3 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
11,545 |
|
|
$ |
9,390 |
|
|
$ |
8,308 |
|
|
$ |
9,777 |
|
|
$ |
9,987 |
|
Cash paid for deferred drydocking and survey costs |
|
|
4,467 |
|
|
|
3,780 |
|
|
|
2,764 |
|
|
|
1,122 |
|
|
|
3,004 |
|
Amortization of deferred drydocking and survey costs |
|
|
(1,909 |
) |
|
|
(1,943 |
) |
|
|
(2,210 |
) |
|
|
(2,591 |
) |
|
|
(3,214 |
) |
Disposals, intersegment transfers and other |
|
|
76 |
|
|
|
318 |
|
|
|
528 |
|
|
|
— |
|
|
|
— |
|
Deferred drydocking and survey costs - ending balance |
|
$ |
14,179 |
|
|
$ |
11,545 |
|
|
$ |
9,390 |
|
|
$ |
8,308 |
|
|
$ |
9,777 |
|
OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
185,106 |
|
|
$ |
190,247 |
|
|
$ |
162,175 |
|
|
$ |
103,876 |
|
|
$ |
100,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
|
69,699 |
|
|
|
71,189 |
|
|
|
60,639 |
|
|
|
40,837 |
|
|
|
39,715 |
|
Repair and maintenance |
|
|
14,774 |
|
|
|
13,544 |
|
|
|
13,477 |
|
|
|
9,461 |
|
|
|
11,502 |
|
Insurance |
|
|
2,027 |
|
|
|
1,988 |
|
|
|
1,366 |
|
|
|
1,384 |
|
|
|
517 |
|
Fuel, lube and supplies |
|
|
12,841 |
|
|
|
12,291 |
|
|
|
11,521 |
|
|
|
7,076 |
|
|
|
6,405 |
|
Other |
|
|
16,155 |
|
|
|
14,025 |
|
|
|
13,254 |
|
|
|
9,753 |
|
|
|
13,048 |
|
Total vessel operating costs |
|
|
115,496 |
|
|
|
113,037 |
|
|
|
100,257 |
|
|
|
68,511 |
|
|
|
71,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin ($) |
|
|
69,610 |
|
|
|
77,210 |
|
|
|
61,918 |
|
|
|
35,365 |
|
|
|
29,241 |
|
Vessel operating margin (%) |
|
|
37.6 |
% |
|
|
40.6 |
% |
|
|
38.2 |
% |
|
|
34.0 |
% |
|
|
29.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide - Select operating statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Total fleet |
|
|
194 |
|
|
|
195 |
|
|
|
188 |
|
|
|
152 |
|
|
|
153 |
|
Utilization - Total fleet |
|
|
76.5 |
% |
|
|
77.8 |
% |
|
|
75.5 |
% |
|
|
70.9 |
% |
|
|
67.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average vessels - Active fleet |
|
|
180 |
|
|
|
181 |
|
|
|
172 |
|
|
|
131 |
|
|
|
125 |
|
Utilization - Active fleet |
|
|
82.5 |
% |
|
|
83.7 |
% |
|
|
82.5 |
% |
|
|
82.5 |
% |
|
|
82.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average day rates |
|
$ |
13,554 |
|
|
$ |
13,606 |
|
|
$ |
12,544 |
|
|
$ |
10,687 |
|
|
$ |
10,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels commencing drydocks |
|
|
14 |
|
|
|
15 |
|
|
|
20 |
|
|
|
11 |
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred drydocking and survey costs - beginning balance |
|
$ |
57,877 |
|
|
$ |
53,661 |
|
|
$ |
44,362 |
|
|
$ |
40,734 |
|
|
$ |
40,510 |
|
Cash paid for deferred drydocking and survey costs |
|
|
12,117 |
|
|
|
12,820 |
|
|
|
18,451 |
|
|
|
12,612 |
|
|
|
9,894 |
|
Amortization of deferred drydocking and survey costs |
|
|
(8,897 |
) |
|
|
(8,604 |
) |
|
|
(9,152 |
) |
|
|
(8,984 |
) |
|
|
(9,670 |
) |
Disposals, intersegment transfers and other |
|
|
(17 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Deferred drydocking and survey costs - ending balance |
|
$ |
61,080 |
|
|
$ |
57,877 |
|
|
$ |
53,661 |
|
|
$ |
44,362 |
|
|
$ |
40,734 |
|
OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
10,182 |
|
|
$ |
4,910 |
|
|
$ |
(25,014 |
) |
|
$ |
(12,271 |
) |
|
$ |
(38,079 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other debt costs |
|
|
4,339 |
|
|
|
4,391 |
|
|
|
4,284 |
|
|
|
4,175 |
|
|
|
3,417 |
|
Income tax (benefit) expense |
|
|
1,697 |
|
|
|
6,352 |
|
|
|
6,619 |
|
|
|
5,218 |
|
|
|
(3,047 |
) |
Depreciation |
|
|
20,983 |
|
|
|
22,252 |
|
|
|
22,614 |
|
|
|
17,673 |
|
|
|
18,618 |
|
Amortization of deferred drydock and survey costs |
|
|
8,898 |
|
|
|
8,604 |
|
|
|
9,152 |
|
|
|
8,984 |
|
|
|
9,670 |
|
EBITDA (A), (B), (C) |
|
|
46,099 |
|
|
|
46,509 |
|
|
|
17,655 |
|
|
|
23,779 |
|
|
|
(9,421 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-lived asset impairment (credit) and other |
|
|
— |
|
|
|
1,214 |
|
|
|
— |
|
|
|
(500 |
) |
|
|
13,476 |
|
Affiliate credit loss impairment expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,400 |
|
Loss on early extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,100 |
|
Loss on warrants |
|
|
— |
|
|
|
— |
|
|
|
14,175 |
|
|
|
— |
|
|
|
— |
|
Gain on bargain purchase |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,300 |
) |
|
|
— |
|
One-time acquisition, restructuring and integration related costs |
|
|
5,150 |
|
|
|
4,332 |
|
|
|
7,314 |
|
|
|
2,305 |
|
|
|
221 |
|
Adjusted EBITDA (A), (B), (C) |
|
$ |
51,249 |
|
|
$ |
52,055 |
|
|
$ |
39,144 |
|
|
$ |
24,284 |
|
|
$ |
16,776 |
|
Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, loss on early extinguishment of debt, loss on warrants, gain on bargain purchase and acquisition, restructuring and integration related costs.
Note (B): EBITDA and Adjusted EBITDA for the three months ended December 31, 2022, and for each of the prior four quarters includes non-cash, stock-based compensation expense of
Note (C): EBITDA and Adjusted EBITDA for the three months ended December 31, 2022, and for each of the prior four quarters includes foreign exchange gain (losses) of |
Non-GAAP Financial Measures
We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.
Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.
EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.
EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.
OTHER FLEET AND FINANCIAL DATA (In Thousands) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities (A) |
|
$ |
45,340 |
|
|
$ |
28,113 |
|
|
$ |
(21,603 |
) |
|
$ |
(11,624 |
) |
|
$ |
6,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash interest expense |
|
|
7,575 |
|
|
|
353 |
|
|
|
7,626 |
|
|
|
— |
|
|
|
3,664 |
|
Interest income and other |
|
|
(981 |
) |
|
|
(581 |
) |
|
|
(349 |
) |
|
|
(2,186 |
) |
|
|
(1,426 |
) |
Additions to property and equipment |
|
|
(4,929 |
) |
|
|
(6,328 |
) |
|
|
(4,151 |
) |
|
|
(1,229 |
) |
|
|
(6,368 |
) |
Acquisitions |
|
|
— |
|
|
|
8,785 |
|
|
|
(28,486 |
) |
|
|
(1,039 |
) |
|
|
— |
|
Expansion capital |
|
|
1,240 |
|
|
|
(8,441 |
) |
|
|
28,678 |
|
|
|
1,207 |
|
|
|
2,302 |
|
Free cash flow before proceeds from asset sales |
|
|
48,245 |
|
|
|
21,901 |
|
|
|
(18,285 |
) |
|
|
(14,871 |
) |
|
|
5,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from asset sales |
|
|
5,093 |
|
|
|
312 |
|
|
|
3,535 |
|
|
|
4,628 |
|
|
|
54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow |
|
$ |
53,338 |
|
|
$ |
22,213 |
|
|
$ |
(14,750 |
) |
|
$ |
(10,243 |
) |
|
$ |
5,164 |
|
Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by (used in) operating activities adjusted for capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income. Free cash flow is not defined by
Note (A): Net cash provided by (used in) operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table: |
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments |
|
$ |
16,018 |
|
|
$ |
1,913 |
|
|
$ |
(27,697 |
) |
|
$ |
(13,401 |
) |
|
$ |
265 |
|
Cash paid for deferred drydock and survey costs |
|
|
(12,117 |
) |
|
|
(12,820 |
) |
|
|
(18,451 |
) |
|
|
(12,612 |
) |
|
|
(9,894 |
) |
Total sources (uses) of cash for changes in assets and liabilities |
|
$ |
3,901 |
|
|
$ |
(10,907 |
) |
|
$ |
(46,148 |
) |
|
$ |
(26,013 |
) |
|
$ |
(9,629 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230224005409/en/
West Gotcher
Vice President,
Finance and Investor Relations
+1.713.470.5285
Source:
FAQ
What is Tidewater's revenue forecast for 2023?
What was Tidewater's revenue for full-year 2022?
What are Tidewater's projected vessel operating margins for 2023?
How much free cash flow did Tidewater generate in 2022?