CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION

3 Months Ended

Jun. 30, 2017

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION

(17) CONDENSED COMBINED DEBTOR-IN-POSSESSION FINANCIAL INFORMATION

The financial statements below represent the condensed combined financial statements of the Debtors which include the company and the following subsidiaries: Cajun Acquisitions, LLC, Gulf Fleet Supply Vessels, L.L.C., Hilliard Oil & Gas, Inc., Java Boat Corporation, Pan Marine International Dutch Holdings, L.L.C., Point Marine, L.L.C., Quality Shipyards, L.L.C., S.O.P., Inc., Tidewater Corporate Services, L.L.C., Tidewater GOM, Inc., Tidewater Marine, L.L.C., Tidewater Marine Alaska, Inc., Tidewater Marine Fleet, L.L.C., Tidewater Marine Hulls, L.L.C., Tidewater Marine International Dutch Holdings, L.L.C., Tidewater Marine Sakhalin, L.L.C., Tidewater Marine Ships, L.L.C., Tidewater Marine Vessels, L.L.C., Tidewater Marine Western, Inc., Tidewater Mexico Holding, L.L.C., Tidewater Subsea, L.L.C., Tidewater Subsea ROV, L.L.C., Tidewater Venture, Inc., Twenty Grand (Brazil), L.L.C., Twenty Grand Marine Service, L.L.C., and Zapata Gulf Marine L.L.C.

Intercompany transactions among the Debtors have been eliminated in the financial statements contained herein. Intercompany transactions among the Debtors and the non-debtor subsidiaries have not been eliminated in the Debtors’ financial statements.

DEBTOR’S CONDENSED COMBINED STATEMENTS OF EARNINGS (LOSS)

(Unaudited)

(In thousands)

	Three Months Ended
	June 30,
	2017
Revenues:
Vessel revenues	$	16,518
Other operating revenues		621
		17,139
Costs and expenses:
Vessel operating costs		5,557
Costs of other operating revenues		71
General and administrative		17,131
Vessel operating leases		3,111
Depreciation and amortization		10,798
Gain on asset dispositions, net		(3,011	)
Asset impairments		65,715
		99,372
Operating loss		(82,233	)
Other income (expenses):
Foreign exchange loss		(70	)
Reorganization items		(313,176	)
Interest and other debt costs, net		(5,949	)
		(319,195	)
Loss before income taxes		(401,428	)
Income tax benefit		(6,832	)
Net Loss	$	(394,596	)

DEBTOR’S CONDENSED COMBINED BALANCE SHEETS

(Unaudited)

(In thousands)

	June 30,
ASSETS	2017
Current assets:
Cash and cash equivalents	$	75
Trade and other receivables, net		11,550
Marine operating supplies		8,820
Other current assets		23,285
Total current assets		43,730
Investments in non-debtor subsidiaries		927,473
Net properties and equipment		755,492
Intercompany receivables from non-debtor subsidiaries		956,808
Other assets		106,167
Total assets	$	2,789,670
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	6,909
Accrued expenses		23,878
Other current liabilities		1,175
Total current liabilities		31,962
Other liabilities and deferred credits		51,303
Intercompany payables to non-debtor subsidiaries		41,855
Liabilities subject to compromise		2,389,557
Commitments and Contingencies
Total stockholders’ equity		274,993
Total liabilities and equity	$	2,789,670

DEBTOR’S CONDENSED COMBINED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	Three Months Ended
	June 30,
	2017
Operating activities:
Net loss	$	(394,596	)
Reorganization items		308,011
Provision for deferred income taxes		(5,543	)
Depreciation		10,798
Compensation expense - stock-based		291
Gain on asset dispositions, net		(3,011	)
Asset impairments		65,715
Changes in assets and liabilities, net		13,261
Net cash used in operating activities		(5,074	)
Investing activities:
Proceeds from sales of assets		129
Additions to properties and equipment		(585	)
Net cash used in investing activities		(456	)
Financing activities:
Dividend received from non-debtor entity		4,800
Net cash provided by financing activities		4,800
Net change in cash and cash equivalents		(730	)
Cash and cash equivalents at beginning of period		805
Cash and cash equivalents at end of period	$	75