tdw-ex991

____________________________________________________________________________________________________________________________________________

TIDEWATER INC. ● 6002 Rogerdale Road, Suite 600 ● Houston, TX 77072 ● Telephone (713) 470-5300 ● Fax (888) 909-0946

HOUSTON, May 14, 2018 — Tidewater Inc. (NYSE:TDW) announced today a net loss for the three months ended March 31, 2018, of $39.2 million, or $1.67 per common share, on revenues of $91.5 million.

As more fully explained in the company's Form 10-Q for the quarter ended March 31, 2018, upon emergence from Chapter 11 bankruptcy on July 31, 2017, the company adopted fresh start accounting in accordance with applicable accounting and reporting regulations, which resulted in the company becoming a new entity for financial reporting purposes on July 31, 2017. References herein to "Successor" relate to the financial position and results of operations of the reorganized company subsequent to July 31, 2017, while references to "Predecessor" relate to the financial position and results of operations of the company through July 31, 2017.

Included in the $39.2 million ($1.67 per common share) net loss for the three months ending March 31, 2018 were the following:

Consolidated earnings (loss) before interest, taxes, depreciation and amortization (EBITDA) for the three months ended March 31, 2018, which excludes asset impairment charges, but includes $3.0 million of stock-based compensation expense and $15.2 million of foreign exchange losses, was ($9.9) million. (See disclosures related to Non-GAAP measures in other fleet and financial data beginning on page 10 herein.)

Common shares and New Creditor Warrants, each of which is exercisable to acquire one common share at a price of $0.001, and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 were 23,988,075, 6,021,696 and 30,009,771, respectively.

Tidewater will hold a conference call to discuss results for the three months ended March 31, 2018 on Tuesday, May 15, 2018 at 10:00 a.m. Central Time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405 if calling from outside the U.S.) and ask for the “Tidewater” call just prior to the scheduled start. A replay of the conference call will be available beginning at 12:00 p.m. Central Time on May 15, 2018, and will continue until 11:59 p.m. Central Time on May 17, 2018. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 46923575.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, (www.tdw.com). The online replay will be available until June 15, 2018.

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

Tidewater owns and operates one of the largest fleets of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.

	Successor			Predecessor
	Quarter Ended			Quarter Ended
	March 31, 2018			March 31, 2017
Revenues:
Vessel revenues	$	87,494			156,905
Other operating revenues		3,999			3,844
		91,493			160,749
Costs and expenses:
Vessel operating costs		61,364			80,845
Costs of other operating revenues		2,474			2,689
General and administrative (A)		23,565			41,727
Vessel operating leases		—			8,443
Depreciation and amortization		12,017			37,592
Gain on asset dispositions, net		(1,919	)		(6,064	)
Asset impairments		6,186			64,857
		103,687			230,089
Operating loss		(12,194	)		(69,340	)
Other income (expenses):
Foreign exchange gain (loss)		(348	)		664
Equity in net earnings (losses) of unconsolidated companies (B)		(15,439	)		2,841
Interest income and other, net		(128	)		1,588
Interest and other debt costs, net		(7,599	)		(21,008	)
		(23,514	)		(15,915	)
Loss before income taxes		(35,708	)		(85,255	)
Income tax expense		3,321			1,717
Net loss	$	(39,029	)		(86,972	)
Less: Net income attributable to noncontrolling interests		143			7,883
Net loss attributable to Tidewater Inc.	$	(39,172	)		(94,855	)
Basic loss per common share	$	(1.67	)		(2.01	)
Diluted loss per common share	$	(1.67	)		(2.01	)
Weighted average common shares outstanding (C)		23,424,943			47,080,783
Dilutive effect of stock options and restricted stock		—			—
Adjusted weighted average common shares		23,424,943			47,080,783

Note (A): The company did not incur any restructuring-related professional services costs during the quarter ended March 31, 2018 (Successor). Restructuring-related professional services costs included in general and administrative expenses for the quarter ended March 31, 2017 (Predecessor), were $16.8 million. General and administrative expenses for the quarter ended March 31, 2018 (Successor) and March 31, 2017 (Predecessor) included stock-based compensation of $3 million and $(0.9) million, respectively.

Note (B): Equity in net earnings (losses) of unconsolidated companies for the quarter ended March 31, 2018 (Successor) includes $14.8 million of foreign exchange losses related to our Angola joint venture, Sonatide.

Note (C): Weighted average shares outstanding for the quarter ended March 31, 2018 (Successor) include 108,044 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at March 31, 2018 (Successor). Common shares and new creditor warrants and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 (Successor) were 23,988,075, 6,021,696 and 30,009,771, respectively.

	Successor
	March 31,			December 31,
ASSETS	2018			2017
Current assets:
Cash and cash equivalents	$	442,472			432,035
Restricted cash		2,847			21,300
Trade and other receivables, net		115,754			114,184
Due from affiliate		207,919			230,315
Marine operating supplies		28,896			28,220
Other current assets		18,181			19,130
Total current assets		816,069			845,184
Investments in, at equity, and advances to unconsolidated companies		13,503			29,216
Net properties and equipment		814,263			837,520
Deferred drydocking and survey costs		11,430			3,208
Other assets		30,783			31,052
Total assets	$	1,686,048			1,746,180

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	45,781			38,497
Accrued expenses		56,408			54,806
Due to affiliate		78,135			99,448
Accrued property and liability losses		2,852			2,585
Current portion of long-term debt		5,215			5,103
Other liabilities		8,826			19,693
Total current liabilities		197,217			220,132
Long-term debt		442,729			443,057
Accrued property and liability losses		2,561			2,471
Other liabilities and deferred credits		58,060			58,576

Commitments and Contingencies

Equity:
Successor Common stock of $0.001 par value, 125,000,000 shares authorized, 23,988,075 and 22,115,916 shares issues and outstanding at March 31, 2018 and December 31, 2017, respectively		24			22
Additional paid-in capital		1,061,983			1,059,120
Retained deficit		(78,438	)		(39,266	)
Accumulated other comprehensive loss		(446	)		(147	)
Total stockholders’ equity		983,123			1,019,729
Noncontrolling interests		2,358			2,215
Total equity		985,481			1,021,944
Total liabilities and equity	$	1,686,048			1,746,180

	Successor			Predecessor
	Quarter Ended			Quarter Ended
	March 31, 2018			March 31, 2017
Operating activities:
Net loss	$	(39,029	)		(86,972	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		11,380			37,592
Amortization of deferred drydocking and survey costs		638			—
Amortization of debt premium and discounts		(443	)		—
Provision for deferred income taxes		—			(2,200	)
Gain on asset dispositions, net		(1,919	)		(6,064	)
Asset impairments		6,186			64,857
Changes in investments in, at equity, and advances to unconsolidated companies		15,713			(5,062	)
Compensation expense - stock-based		2,956			(888	)
Excess tax liability on stock option activity		—			4,927
Changes in assets and liabilities, net:
Trade and other receivables		(1,662	)		51,051
Changes in due to/from affiliate, net		1,083			24,961
Marine operating supplies		(677	)		(408	)
Other current assets		949			(6,458	)
Accounts payable		7,284			(18,872	)
Accrued expenses		845			9,267
Accrued property and liability losses		267			9
Other current liabilities		(2,695	)		(3,860	)
Other liabilities and deferred credits		(58	)		1,884
Cash paid for deferred drydocking and survey costs		(8,860	)		—
Other, net		2,058			6,386
Net cash provided by (used in) operating activities		(5,984	)		70,150
Cash flows from investing activities:
Proceeds from sales of assets		9,492			2,464
Additions to properties and equipment		(1,677	)		(8,355	)
Net cash provided by (used in) investing activities		7,815			(5,891	)
Cash flows from financing activities:
Principal payment on long-term debt		(1,471	)		(2,732	)
Payments to General Unsecured Creditors		(8,377	)		—
Other		1			(4,927	)
Net cash used in financing activities		(9,847	)		(7,659	)
Net change in cash, cash equivalents and restricted cash		(8,016	)		56,600
Cash, cash equivalents and restricted cash at beginning of period		453,335			649,804
Cash, cash equivalents and restricted cash at end of period	$	445,319			706,404
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized	$	8,152			8,218
Income taxes	$	6,429			2,167
Supplemental disclosure of non-cash investing activities:
Additions to properties and equipment	$	—			282

	Common stock		Additional paid-in capital			Retained (deficit) earnings			Accumulated other comprehensive loss			Non controlling interest		Total
Balance at December 31, 2017 (Successor)	$	22		1,059,120			(39,266	)		(147	)		2,215		1,021,944
Total comprehensive loss		—		—			(39,172	)		(299	)		143		(39,328	)
Stock option expense		—		(98	)		—			—			—		(98	)
Issuance of common stock		2		—			—			—			—		2
Amortization of restricted stock units		—		2,961			—			—			—		2,961
Balance at March 31, 2018 (Successor)	$	24		1,061,983			(78,438	)		(446	)		2,358		985,481

Balance at December 31, 2016 (Predecessor)	$	4,707		171,018			1,570,027			(6,446	)		8,258		1,747,564
Total comprehensive loss		—		—			(94,855	)		(3,898	)		7,883		(90,870	)
Stock option activity		—		269			—			—			—		269
Cancellation of restricted stock awards		—		—			157			—			—		157
Amortization/cancellation of restricted stock units		5		(6,066	)		—			—			—		(6,061	)
Balance at March 31, 2017 (Predecessor)	$	4,712		165,221			1,475,329			(10,344	)		16,141		1,651,059

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:

	Successor						Predecessor
	Quarter Ended						Quarter Ended
	March 31, 2018						March 31, 2017
(In thousands)				%						%
Vessel revenues:
Americas (D)	$	26,081			30	%		80,533			51	%
Middle East/Asia Pacific		18,388			21	%		26,678			17	%
Europe/Mediterranean Sea		9,623			11	%		10,166			7	%
West Africa		33,402			38	%		39,528			25	%
Total vessel revenues	$	87,494			100	%		156,905			100	%
Vessel operating costs:
Crew costs	$	34,224			39	%		41,829			27	%
Repair and maintenance		7,704			9	%		17,074			11	%
Insurance and loss reserves		(1,071	)		(1	%)		(1,767	)		(1	%)
Fuel, lube and supplies		9,012			10	%		9,279			6	%
Other		11,495			13	%		14,430			9	%
Total vessel operating costs		61,364			70	%		80,845			52	%
Vessel operating margin (E)	$	26,130			30	%		76,060			48	%

Note (D): Included in Americas vessel revenues for the quarter ended March 31, 2017 (Predecessor) is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.

Note (E): Vessel operating margin equals vessel revenues less vessel operating costs and excludes general and administrative expenses, vessel operating leases and depreciation and amortization expenses. The following tables reconcile vessel operating margin as presented above to vessel operating profit (loss):

The company’s operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:

	Successor						Predecessor
	Quarter Ended						Quarter Ended
	March 31, 2018						March 31, 2017
(In thousands)				%						%
Vessel operating profit (loss):
Americas (F)	$	4,911			5	%		30,618			19	%
Middle East/Asia Pacific		(2,253	)		(2	%)		(6,164	)		(4	%)
Europe/Mediterranean Sea		(3,554	)		(4	%)		(7,102	)		(5	%)
West Africa		(1,753	)		(2	%)		(5,353	)		(3	%)
		(2,649	)		(3	%)		11,999			7	%
Other operating profit (loss)		1,506			2	%		(225	)		(<1	%)
		(1,143	)		(1	%)		11,774			7	%

Corporate general and administrative expenses (G)		(6,684	)		(7	%)		(21,757	)		(14	%)
Corporate depreciation		(100	)		(<1	%)		(564	)		(<1	%)
Corporate expenses		(6,784	)		(7	%)		(22,321	)		(14	%)

Gain on asset dispositions, net		1,919			2	%		6,064			3	%
Asset impairments		(6,186	)		(7	%)		(64,857	)		(40	%)
Operating loss	$	(12,194	)		(13	%)		(69,340	)		(43	%)
Foreign exchange gain (loss)		(348	)		(<1	%)		664			<1	%
Equity in net earnings (losses) of unconsolidated companies		(15,439	)		(17	%)		2,841			2	%
Interest income and other, net		(128	)		(<1	%)		1,588			1	%
Interest and other debt costs		(7,599	)		(8	%)		(21,008	)		(13	%)
Loss before income taxes	$	(35,708	)		(39	%)		(85,255	)		(53	%)

Note (F): Americas segment vessel operating profit for the quarter ended March 31, 2017 (Predecessor) includes $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.

Note (G): The company did not incur any restructuring-related professional services costs during the quarter ended March 31, 2018 (Successor). Restructuring-related professional services costs included in general and administrative expenses for the quarter ended March 31, 2017 (Predecessor), were $16.8 million. General and administrative expenses for the quarter ended March 31, 2018 (Successor) and March 31, 2017 (Predecessor) included stock-based compensation of $3 million and $(0.9) million, respectively.

For the following tables for illustrative purposes, the company has combined the Successor and Predecessor results to derive combined results for the three months ended September 30, 2017. The combination was generated by addition of comparable financial statement line items. However, because of various adjustments to the consolidated financial statements in connection with the application of fresh-start reporting, including asset valuation adjustments and liability adjustments, the results of operations for the Successor may not be comparable to those of the Predecessor. The quarters ended June 30, 2017 and March 31, 2017 are Predecessor periods while the quarters ended March 31, 2018 and December 31, 2017 are Successor periods.


		Three Months Ended

		March 31,			December 31,			September 30,			June 30,			March 31,
		2018			2017			2017			2017			2017
Revenues:
Vessel revenues	$		87,494			101,313			104,911			112,257			156,905
Other operating revenues			3,999			3,140			5,652			2,849			3,844
			91,493			104,453			110,563			115,106			160,749
Costs and expenses:
Vessel operating costs			61,364			68,201			84,966			83,773			80,845
Costs of other operating revenues			2,474			1,519			3,036			1,585			2,689
General and administrative (H)			23,565			30,373			25,019			33,059			41,727
Vessel operating leases			—			91			1,747			5,542			8,443
Depreciation and amortization			12,017			12,195			19,302			36,287			37,592
Gain on asset dispositions, net			(1,919	)		(6,612	)		(376	)		(3,189	)		(6,064	)
Asset impairments			6,186			16,777			21,325			163,423			64,857
			103,687			122,544			155,019			320,480			230,089
Operating loss			(12,194	)		(18,091	)		(44,456	)		(205,374	)		(69,340	)
Other income (expenses):
Foreign exchange gain (loss)			(348	)		(349	)		(2,082	)		(1,157	)		664
Equity in net earnings (losses) of unconsolidated companies			(15,439	)		825			1,574			4,517			2,841
Interest income and other			(128	)		1,898			1,577			1,680			1,588
Reorganization items (H)			—			(2,419	)		(1,085,609	)		(313,176	)		—
Interest and other debt costs			(7,599	)		(7,769	)		(5,814	)		(10,605	)		(21,008	)
			(23,514	)		(7,814	)		(1,090,354	)		(318,741	)		(15,915	)
Loss before income taxes			(35,708	)		(25,905	)		(1,134,810	)		(524,115	)		(85,255	)
Income tax (benefit) expense			3,321			(2,706	)		3,216			295			1,717
Net loss	$		(39,029	)		(23,199	)		(1,138,026	)		(524,410	)		(86,972	)
Less: Net income (loss) attributable to noncontrolling interests			143			374			142			24			7,883
Net loss attributable to Tidewater Inc.	$		(39,172	)		(23,573	)		(1,138,168	)		(524,434	)		(94,855	)
Basic loss per common share	$		(1.67	)		(1.02	)		—			—			—
Diluted loss per common share	$		(1.67	)		(1.02	)		—			—			—
Weighted average common shares outstanding (I)			23,424,943			23,137,909			—			—			—
Dilutive effect of stock options and restricted stock			—			—			—			—			—
Adjusted weighted average common shares			23,424,943			23,137,909			—			—			—

Vessel operating margin	$		26,130			33,112			19,945			28,484			76,060

Note (H): Restructuring-related items:
Restructuring-related professional services costs included in general and administrative expenses	$		—			—			—			6,709			16,805
Restructuring-related professional services costs included in reorganization items			—			2,031			23,494			5,165			—
Restructuring-related sale leaseback vessel redelivery costs included in reorganization items			—			388			1,244			—			—
Total	$		—			2,419			24,738			11,874			16,805

Note (I): Weighted average shares outstanding for the quarters ended March 31, 2018 and December 31, 2017 include 108,044 and 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens, respectively, at March 31 2018 and December 31, 2017. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 were 23,988,075, 6,021,696 and 30,009,771, respectively. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at December 31, 2017 were 22,115,916, 7,884,006 and 29,999,922, respectively.


		March 31,			December 31,			September 30,			June 30,			March 31,
ASSETS		2018			2017			2017			2017			2017
Current assets:
Cash and cash equivalents	$		442,472			432,035			459,978			683,778			706,404
Restricted Cash			2,847			21,300			—			—			—
Trade and other receivables, net			115,754			114,184			120,271			116,612			123,262
Due from affiliate			207,919			230,315			245,056			252,810			262,652
Marine operating supplies			28,896			28,220			31,083			31,097			30,560
Other current assets			18,181			19,130			14,813			34,619			18,409
Total current assets			816,069			845,184			871,201			1,118,916			1,141,287
Investments in, at equity, and advances to unconsolidated companies			13,503			29,216			25,729			49,216			45,115
Net properties and equipment			814,263			837,520			868,689			2,659,314			2,864,762
Deferred drydocking and survey costs			11,430			3,208			388			—			—
Other assets			30,783			31,052			46,845			92,134			139,535
Total assets	$		1,686,048			1,746,180			1,812,852			3,919,580			4,190,699

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$		45,781			38,497			39,439			35,087			31,599
Accrued expenses			56,408			54,806			61,115			63,155			78,121
Due to affiliate			78,135			99,448			112,642			121,037			132,857
Accrued property and liability losses			2,852			2,585			2,774			2,758			3,583
Current portion of long-term debt			5,215			5,103			5,174			10,106			2,034,124
Other liabilities			8,826			19,693			38,041			28,029			48,429
Total current liabilities			197,217			220,132			259,185			260,172			2,328,713
Long-term debt			442,729			443,057			445,677			80,863			—
Deferred income taxes			—			—			—			—			46,013
Accrued property and liability losses			2,561			2,471			2,607			2,776			10,209
Other liabilities and deferred credits			58,060			58,576			62,569			60,382			154,705
Liabilities subject to compromise			—			—			—			2,389,557			—

Commitments and Contingencies

Equity:
Common stock			24			22			21			4,712			4,712
Additional paid-in capital			1,061,983			1,059,120			1,056,563			165,516			165,221
Retained earnings			(78,438	)		(39,266	)		(15,693	)		950,895			1,475,329
Accumulated other comprehensive loss			(446	)		(147	)		82			(10,258	)		(10,344	)
Total stockholders’ equity			983,123			1,019,729			1,040,973			1,110,865			1,634,918
Noncontrolling interests			2,358			2,215			1,841			14,965			16,141
Total equity			985,481			1,021,944			1,042,814			1,125,830			1,651,059
Total liabilities and equity	$		1,686,048			1,746,180			1,812,852			3,919,580			4,190,699

Due from affiliate, net of due to affiliate	$		129,784			130,867			132,414			131,773			129,795


		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
		2018		2017		2017		2017		2017
VESSEL REVENUE BY VESSEL CLASS (In thousands):

Americas fleet:
Deepwater (J)	$		16,205		17,062		14,102		17,313		62,831
Towing-supply			6,846		8,263		9,319		11,274		14,738
Other			3,030		3,010		2,989		3,300		2,964
Total (J)	$		26,081		28,335		26,410		31,887		80,533
Middle East/Asia Pacific fleet:
Deepwater	$		9,564		9,066		8,393		10,701		9,433
Towing-supply			8,824		14,110		16,823		17,065		17,245
Total	$		18,388		23,176		25,216		27,766		26,678
Europe/Mediterranean Sea fleet:
Deepwater	$		9,020		10,395		11,192		8,237		9,853
Towing-supply			603		641		2,102		2,794		322
Other			—		—		—		—		(9	)
Total	$		9,623		11,036		13,294		11,031		10,166
West Africa fleet:
Deepwater	$		13,938		14,358		13,978		13,921		13,179
Towing-supply			16,139		19,807		21,071		24,225		22,472
Other			3,325		4,601		4,942		3,427		3,877
Total	$		33,402		38,766		39,991		41,573		39,528
Worldwide fleet:
Deepwater (J)	$		48,727		50,881		47,665		50,172		95,296
Towing-supply			32,412		42,821		49,315		55,358		54,777
Other			6,355		7,611		7,931		6,727		6,832
Total (J)	$		87,494		101,313		104,911		112,257		156,905

Note (J): Included in Americas fleet deepwater, Americas fleet total, Worldwide fleet deepwater and Worldwide fleet total revenue for the quarter ended March 31, 2017 (Predecessor) is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2018			2017			2017			2017			2017
AVERAGE NUMBER OF VESSELS:

Americas fleet:
Deepwater		26			31			39			41			41
Towing-supply		15			16			19			21			22
Other		6			6			8			8			8
Total		47			53			66			70			71
Stacked vessels		(20	)		(27	)		(39	)		(35	)		(34	)
Active vessels		27			26			27			35			37
Middle East/Asia Pacific fleet:
Deepwater		19			21			21			22			23
Towing-supply		37			39			43			44			44
Other		—			—			1			1			1
Total		56			60			65			67			68
Stacked vessels		(15	)		(20	)		(25	)		(25	)		(24	)
Active vessels		41			40			40			42			44
Europe/Mediterranean Sea fleet:
Deepwater		17			17			18			17			18
Towing-supply		4			4			6			6			4
Other		—			—			1			2			2
Total		21			21			25			25			24
Stacked vessels		(5	)		(5	)		(5	)		(6	)		(8	)
Active vessels		16			16			20			19			16
West Africa fleet:
Deepwater		27			27			25			24			23
Towing-supply		35			37			38			38			39
Other		31			31			32			35			36
Total		93			95			95			97			98
Stacked vessels		(39	)		(37	)		(37	)		(43	)		(46	)
Active vessels		54			58			58			54			52
Worldwide fleet:
Deepwater		89			96			103			104			105
Towing-supply		91			96			106			109			109
Other		37			37			42			46			47
Total		217			229			251			259			261
Stacked vessels		(79	)		(89	)		(106	)		(109	)		(112	)
Active vessels		138			140			145			150			149

Total active		138			140			145			150			149
Total stacked		79			89			106			109			112
Total joint venture and other vessels		8			8			8			8			8
Total		225			237			259			267			269

Note (K): Included in total owned or chartered vessels at March 31, 2018 (Successor), December 31, 2017 (Successor), September 30, 2017 (Successor), June 30, 2017 (Predecessor) and March 31, 2017 (Predecessor), were 70, 89, 91, 115, and 111 vessels, respectively, that were stacked by the company. These vessels were considered to be in service and are included in the calculation of our total fleet utilization statistics.


	Three Months Ended
	March 31,		December 31,		September 30,			June 30,			March 31,
	2018		2017		2017			2017			2017
AVERAGE NUMBER OF LEASED VESSELS INCLUDED IN VESSEL COUNTS ABOVE:

Americas fleet:
Deepwater		—		—		7			8			8
Towing-supply		—		—		3			3			3
Total		—		—		10			11			11
Stacked vessels		—		—		(7	)		(7	)		(7	)
Active vessels		—		—		3			4			4
Europe/Mediterranean Sea fleet:
Towing-supply		—		—		2			2			1
Total		—		—		2			2			1
Stacked vessels		—		—		—			—			—
Active vessels		—		—		2			2			1
West Africa fleet:
Towing-supply		—		—		3			3			4
Total		—		—		3			3			4
Stacked vessels		—		—		—			—			(1	)
Active vessels		—		—		3			3			3
Worldwide fleet:
Deepwater		—		—		7			8			8
Towing-supply		—		—		8			8			8
Total		—		—		15			16			16
Stacked vessels		—		—		(7	)		(7	)		(8	)
Active vessels		—		—		8			9			8


	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2018		2017		2017		2017		2017
AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:
Deepwater		2,309		2,893		3,545		3,731		3,690
Towing-supply		1,350		1,441		1,773		1,941		1,980
Other		540		574		736		728		720
Total		4,199		4,908		6,054		6,400		6,390
Middle East/Asia Pacific fleet:
Deepwater		1,738		1,908		1,932		2,001		2,070
Towing-supply		3,348		3,604		3,980		3,974		3,952
Other		—		3		92		91		90
Total		5,086		5,515		6,004		6,066		6,112
Europe/Mediterranean Sea fleet:
Deepwater		1,527		1,588		1,649		1,539		1,580
Towing-supply		360		379		552		567		356
Other		—		—		136		182		180
Total		1,887		1,967		2,337		2,288		2,116
West Africa fleet:
Deepwater		2,470		2,484		2,347		2,193		2,070
Towing-supply		3,123		3,340		3,493		3,437		3,530
Other		2,745		2,852		2,885		3,170		3,240
Total		8,338		8,676		8,725		8,800		8,840
Worldwide fleet:
Deepwater		8,044		8,873		9,473		9,464		9,410
Towing-supply		8,181		8,764		9,798		9,919		9,818
Other		3,285		3,429		3,849		4,171		4,230
Total		19,510		21,066		23,120		23,554		23,458


	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2018		2017		2017		2017		2017
OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:
Deepwater		898		1,565		2,359		2,110		1,874
Towing-supply		720		705		889		849		900
Other		180		206		368		273		270
Total		1,798		2,476		3,616		3,232		3,044
Middle East/Asia Pacific fleet:
Deepwater		478		705		746		702		900
Towing-supply		873		1,089		1,435		1,446		1,240
Other		—		3		92		91		90
Total		1,351		1,797		2,273		2,239		2,230
Europe/Mediterranean Sea fleet:
Deepwater		167		276		276		334		410
Towing-supply		270		180		92		91		90
Other		—		—		136		182		180
Total		437		456		504		607		680
West Africa fleet:
Deepwater		744		671		644		713		900
Towing-supply		1,463		1,472		1,484		1,463		1,547
Other		1,305		1,295		1,246		1,714		1,707
Total		3,512		3,438		3,374		3,890		4,154
Worldwide fleet:
Deepwater		2,287		3,217		4,025		3,859		4,084
Towing-supply		3,326		3,446		3,900		3,849		3,777
Other		1,485		1,504		1,842		2,260		2,247
Total		7,098		8,167		9,767		9,968		10,108


	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2018		2017		2017		2017		2017
AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:
Deepwater		1,411		1,328		1,186		1,621		1,816
Towing-supply		630		736		884		1,092		1,080
Other		360		368		368		455		450
Total		2,401		2,432		2,438		3,168		3,346
Middle East/Asia Pacific fleet:
Deepwater		1,260		1,203		1,186		1,299		1,170
Towing-supply		2,475		2,515		2,545		2,528		2,712
Total		3,735		3,718		3,731		3,827		3,882
Europe/Mediterranean Sea fleet:
Deepwater		1,360		1,312		1,373		1,205		1,170
Towing-supply		90		199		460		476		266
Total		1,450		1,511		1,833		1,681		1,436
West Africa fleet:
Deepwater		1,726		1,813		1,703		1,480		1,170
Towing-supply		1,660		1,868		2,009		1,974		1,983
Other		1,440		1,557		1,639		1,456		1,533
Total		4,826		5,238		5,351		4,910		4,686
Worldwide fleet:
Deepwater		5,757		5,656		5,448		5,605		5,326
Towing-supply		4,855		5,318		5,898		6,070		6,041
Other		1,800		1,925		2,007		1,911		1,983
Total		12,412		12,899		13,353		13,586		13,350

Note (L): Available Days - Active Fleet equals Available Days - Total Fleet less Out-Of-Service - Stacked Days.


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2018			2017			2017			2017			2017
UTILIZATION - TOTAL FLEET:

Americas fleet:
Deepwater		42.2	%		32.2	%		20.5	%		23.4	%		29.7	%
Towing-supply		35.7			39.0			36.1			36.4			41.8
Other		61.9			60.8			45.3			50.0			45.7
Total		42.7	%		37.6	%		28.1	%		30.3	%		35.2	%
Middle East/Asia Pacific fleet:
Deepwater		54.4	%		48.7	%		44.0	%		54.4	%		45.9	%
Towing-supply		40.0			57.7			57.1			57.2			54.2
Total		44.9	%		54.5	%		52.0	%		55.4	%		50.6	%
Europe/Mediterranean Sea fleet:
Deepwater		64.7	%		69.4	%		71.7	%		59.7	%		61.0	%
Towing-supply		25.0			24.1			53.8			66.1			13.9
Total		57.1	%		60.7	%		63.3	%		56.5	%		47.9	%
West Africa fleet:
Deepwater		52.3	%		49.4	%		49.3	%		46.1	%		48.0	%
Towing-supply		39.0			45.7			45.2			49.4			44.9
Other		36.6			44.8			44.6			33.1			32.7
Total		42.2	%		46.5	%		46.1	%		42.7	%		41.2	%
Worldwide fleet:
Deepwater		52.2	%		47.2	%		41.3	%		41.1	%		42.6	%
Towing-supply		38.3			48.6			48.9			50.9			46.9
Other		40.8			47.4			42.1			33.9			32.8
Total		44.4	%		47.8	%		44.7	%		44.0	%		42.6	%

Note (M): Utilization Total Fleet equals Days Worked / Available Days Total Fleet.


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2018			2017			2017			2017			2017
UTILIZATION - ACTIVE FLEET:

Americas fleet:
Deepwater		69.1	%		70.2	%		61.2	%		53.8	%		60.4	%
Towing-supply		76.6			76.4			72.3			64.7			76.6
Other		92.9			94.8			90.6			79.9			73.1
Total		74.6	%		75.8	%		69.7	%		61.3	%		67.3	%
Middle East/Asia Pacific fleet:
Deepwater		75.0	%		77.2	%		71.6	%		83.8	%		81.2	%
Towing-supply		54.1			82.7			89.4			89.9			79.0
Total		61.2	%		80.9	%		83.7	%		87.8	%		79.7	%
Europe/Mediterranean Sea fleet:
Deepwater		72.6	%		84.0	%		86.1	%		76.2	%		82.4	%
Towing-supply		100.0			45.8			64.6			78.7			18.6
Total		74.3	%		79.0	%		80.7	%		76.9	%		70.6	%
West Africa fleet:
Deepwater		74.8	%		67.7	%		68.0	%		68.3	%		84.9	%
Towing-supply		73.4			81.7			78.6			86.0			80.0
Other		69.9			82.0			78.4			72.1			69.1
Total		72.8	%		76.9	%		75.2	%		76.5	%		77.7	%
Worldwide fleet:
Deepwater		72.9	%		74.1	%		71.9	%		69.4	%		75.2	%
Towing-supply		64.5			80.1			81.2			83.2			76.2
Other		74.5			84.5			80.6			74.0			70.0
Total		69.8	%		78.1	%		77.3	%		76.2	%		74.9	%

Note (N): Utilization Active Fleet equals Days Worked / Available Days - Active Fleet.


		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
		2018		2017		2017		2017		2017
AVERAGE VESSEL DAY RATES:

Americas fleet:
Deepwater (O)	$		16,626		18,301		19,429		19,869		57,311
Towing-supply			14,191		14,700		14,577		15,959		17,816
Other			9,061		8,628		8,968		9,071		9,015
Total (O)	$		14,558		15,372		15,550		16,423		35,756
Middle East/Asia Pacific fleet:
Deepwater	$		10,122		9,762		9,883		9,825		9,927
Towing-supply			6,589		6,787		7,398		7,511		8,045
Total	$		8,051		7,705		8,073		8,261		8,623
Europe/Mediterranean Sea fleet:
Deepwater	$		9,132		9,427		9,464		8,967		10,220
Towing-supply			6,695		7,035		7,077		7,459		6,513
Total	$		8,928		9,244		8,985		8,530		10,030
West Africa fleet:
Deepwater	$		10,795		11,702		12,069		13,768		13,260
Towing-supply			13,245		12,979		13,339		14,271		14,171
Other			3,306		3,602		3,854		3,265		3,661
Total	$		9,501		9,619		9,943		11,061		10,863
Worldwide fleet:
Deepwater (O)	$		11,606		12,142		12,172		12,897		23,797
Towing-supply			10,355		10,056		10,295		10,961		11,893
Other			4,742		4,681		4,906		4,759		4,922
Total (O)	$		10,093		10,056		10,162		10,842		15,693

Note (O): Included in Americas fleet deepwater, Americas fleet total, Worldwide fleet deepwater and Worldwide fleet total average day rates for the quarter ended March 31, 2017 (Predecessor) is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract. Americas fleet deepwater, Americas fleet total, Worldwide fleet deepwater and Worldwide fleet total average day rates were increased by $35,709, $17,385, $9,776 and $3,915, respectively, for the quarter ended March 31, 2017 (Predecessor) as a result of the recognition of revenue related to the early cancellation of the vessel charter contract.


		Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2018			2017			2017			2017			2017
Americas
Vessel revenues (P)	$		26,081			28,335			26,410			31,887			80,533

Vessel operating costs:
Crew costs	$		9,093			11,190			12,652			14,457			15,761
Routine repairs and maintenance			1,917			2,203			2,210			2,705			2,879
Major repairs			(187	)		(144	)		4,167			1,136			7
Insurance and loss reserves			(551	)		788			605			933			(519	)
Fuel, lube and supplies			1,618			2,413			2,935			3,394			3,896
Other			406			1,321			2,307			4,655			3,555
Total vessel operating costs	$		12,296			17,771			24,876			27,280			25,579

Vessel operating margin ($)	$		13,785			10,564			1,534			4,607			54,954
Vessel operating margin (%)			52.9	%		37.3	%		5.8	%		14.4	%		68.2	%

Vessel operating lease expense	$		—			—			62			3,787			6,627
Vessel depreciation	$		3,223			3,386			5,488			10,748			11,297
Amortization of deferred drydocking and survey costs	$		90			86			4			—			—

Vessel operations general and administrative expenses ($)	$		5,561			6,040			5,481			5,771			6,412
Vessel operations general and administrative expenses (%)			21.3	%		21.3	%		20.8	%		18.1	%		8.0	%

Vessel operating profit (loss)	$		4,911			1,052			(9,501	)		(15,699	)		30,618

Americas - Select operating statistics
Average vessels - Total fleet (Q)			47			53			66			70			71
Utilization - Total fleet			42.7	%		37.6	%		28.1	%		30.3	%		35.2	%

Average vessels - Active fleet (Q)			27			26			27			35			37
Utilization - Active fleet			74.6	%		75.8	%		69.7	%		61.3	%		67.3	%

Average day rates (P)	$		14,558			15,372			15,550			16,423			35,756

Vessels commencing drydocks			7			3			7			2			2

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		(187	)		(144	)		4,167			1,136			7
Cash paid for deferred drydocking and survey costs	$		2,775			554			243			—			—
	$		2,588			410			4,410			1,136			7

Deferred drydocking and survey costs - beginning balance	$		707			239			—			—			—
Cash paid for deferred drydocking and survey costs	$		2,775			554			243			—			—
Amortization of deferred drydocking and survey costs	$		90			86			4			—			—
Net vessel transfers in/out of the segment	$		9			—			—			—			—
Deferred drydocking and survey costs - ending balance	$		3,383			707			239			—			—

Note (P): Included in Americas vessel revenue for the quarter ended March 31, 2017 is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract. Americas fleet average day rates were increased by $17,385 as a result of the recognition of revenue related to the early cancellation of the vessel charter contract.

Note (Q): Average leased vessels - Americas fleet			—			—			10			11			11
Average leased vessels - Americas active fleet			—			—			3			4			4


		Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2018			2017			2017			2017			2017
Middle East/Asia Pacific
Vessel revenues	$		18,388			23,176			25,216			27,766			26,678

Vessel operating costs:
Crew costs	$		8,108			8,666			9,101			9,795			9,495
Routine repairs and maintenance			1,209			1,733			2,387			2,164			2,318
Major repairs			254			442			320			511			3,988
Insurance and loss reserves			(150	)		771			626			681			(732	)
Fuel, lube and supplies			2,339			2,653			1,725			1,539			2,543
Other			2,742			2,723			2,977			2,908			3,351
Total vessel operating costs	$		14,502			16,988			17,136			17,598			20,963

Vessel operating margin ($)	$		3,886			6,188			8,080			10,168			5,715
Vessel operating margin (%)			21.1	%		26.7	%		32.0	%		36.6	%		21.4	%

Vessel operating lease expense	$		—			—			—			—			—
Vessel depreciation	$		2,707			2,905			4,028			7,746			8,499
Amortization of deferred drydocking and survey costs	$		62			4			—			—			—

Vessel operations general and administrative expenses ($)	$		3,370			3,772			3,226			3,738			3,380
Vessel operations general and administrative expenses (%)			18.3	%		16.3	%		12.8	%		13.5	%		12.7	%

Vessel operating profit (loss)	$		(2,253	)		(493	)		826			(1,316	)		(6,164	)

Middle East/Asia Pacific - Select operating statistics
Average vessels - Total fleet			56			60			65			67			68
Utilization - Total fleet			44.9	%		54.5	%		52.0	%		55.4	%		50.6	%

Average vessels - Active fleet			41			40			40			42			44
Utilization - Active fleet			61.2	%		80.9	%		83.7	%		87.8	%		79.7	%

Average day rates	$		8,051			7,705			8,073			8,261			8,623

Vessels commencing drydocks			3			5			1			1			5

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		254			442			320			511			3,988
Cash paid for deferred drydocking and survey costs	$		1,728			209			—			—			—
	$		1,982			651			320			511			3,988

Deferred drydocking and survey costs - beginning balance	$		205			—			—			—			—
Cash paid for deferred drydocking and survey costs	$		1,728			209			—			—			—
Amortization of deferred drydocking and survey costs	$		62			4			—			—			—
Deferred drydocking and survey costs - ending balance	$		1,871			205			—			—			—


		Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2018			2017			2017			2017			2017
Europe/Mediterranean Sea
Vessel revenues	$		9,623			11,036			13,294			11,031			10,166

Vessel operating costs:
Crew costs	$		4,991			5,147			6,460			5,593			4,927
Routine repairs and maintenance			1,240			1,145			1,430			1,244			925
Major repairs			338			—			290			1,983			336
Insurance and loss reserves			110			311			206			426			226
Fuel, lube and supplies			1,810			1,038			1,050			1,393			1,101
Other			1,606			1,466			1,754			1,835			1,394
Total vessel operating costs	$		10,095			9,107			11,190			12,474			8,909

Vessel operating margin ($)	$		(472	)		1,929			2,104			(1,443	)		1,257
Vessel operating margin (%)			-4.9	%		17.5	%		15.8	%		-13.1	%		12.4	%

Vessel operating lease expense	$		—			—			670			721			432
Vessel depreciation	$		1,641			1,641			3,411			6,803			6,561
Amortization of deferred drydocking and survey costs	$		163			—			—			—			—

Vessel operations general and administrative expenses ($)	$		1,278			1,073			1,251			1,196			1,366
Vessel operations general and administrative expenses (%)			13.3	%		9.7	%		9.4	%		10.8	%		13.4	%

Vessel operating profit (loss)	$		(3,554	)		(785	)		(3,228	)		(10,163	)		(7,102	)

Europe/Mediterranean Sea - Select operating statistics
Average vessels - Total fleet (R)			21			21			25			25			24
Utilization - Total fleet			57.1	%		60.7	%		63.3	%		56.5	%		47.9	%

Average vessels - Active fleet (R)			16			16			20			19			16
Utilization - Active fleet			74.3	%		79.0	%		80.7	%		76.9	%		70.6	%

Average day rates	$		8,928			9,244			8,985			8,530			10,030

Vessels commencing drydocks			6			—			1			4			1

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		338			—			290			1,983			336
Cash paid for deferred drydocking and survey costs	$		2,633			—			—			—			—
	$		2,971			—			290			1,983			336

Deferred drydocking and survey costs - beginning balance	$		—			—			—			—			—
Cash paid for deferred drydocking and survey costs	$		2,633			—			—			—			—
Amortization of deferred drydocking and survey costs	$		163			—			—			—			—
Deferred drydocking and survey costs - ending balance	$		2,470			—			—			—			—

Note (R): Average leased vessels - Europe/Mediterranean Sea fleet			—			—			2			2			1
Average leased vessels - Europe/Mediterranean Sea active fleet			—			—			2			2			1


		Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2018			2017			2017			2017			2017
West Africa
Vessel revenues	$		33,402			38,766			39,991			41,573			39,528

Vessel operating costs:
Crew costs	$		12,032			12,145			13,935			12,365			11,646
Routine repairs and maintenance			2,816			2,246			2,244			2,094			2,399
Major repairs			117			85			2,521			2,007			4,222
Insurance and loss reserves			(480	)		1,076			1,067			1,084			(742	)
Fuel, lube and supplies			3,245			3,296			4,131			3,102			1,739
Other			6,741			5,487			7,866			5,769			6,130
Total vessel operating costs	$		24,471			24,335			31,764			26,421			25,394

Vessel operating margin ($)	$		8,931			14,431			8,227			15,152			14,134
Vessel operating margin (%)			26.7	%		37.2	%		20.6	%		36.4	%		35.8	%

Vessel operating lease expense	$		—			91			1,015			1,034			1,384
Vessel depreciation	$		3,703			3,547			5,444			9,595			9,816
Amortization of deferred drydocking and survey costs	$		323			112			—			—			—

Vessel operations general and administrative expenses ($)	$		6,658			9,061			7,135			7,297			8,287
Vessel operations general and administrative expenses (%)			19.9	%		23.4	%		17.8	%		17.6	%		21.0	%

Vessel operating loss	$		(1,753	)		1,620			(5,367	)		(2,774	)		(5,353	)

West Africa - Select operating statistics
Average vessels - Total fleet (S)			93			95			95			97			98
Utilization - Total fleet			42.2	%		46.5	%		46.1	%		42.7	%		41.2	%

Average vessels - Active fleet (S)			54			58			58			54			52
Utilization - Active fleet			72.8	%		76.9	%		75.2	%		76.5	%		77.7	%

Average day rates	$		9,501			9,619			9,943			11,061			10,863

Vessels commencing drydocks			3			2			7			2			6

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		117			85			2,521			2,007			4,222
Cash paid for deferred drydocking and survey costs	$		1,724			2,259			149			—			—
	$		1,841			2,344			2,670			2,007			4,222

Deferred drydocking and survey costs - beginning balance	$		2,296			149			—			—			—
Cash paid for deferred drydocking and survey costs	$		1,724			2,259			149			—			—
Amortization of deferred drydocking and survey costs	$		323			112			—			—			—
Net vessel transfers in/out of the segment	$		(9	)		—			—			—			—
Deferred drydocking and survey costs - ending balance	$		3,706			2,296			149			—			—

Note (S): Average leased vessels - West Africa fleet			—			—			3			3			4
Average leased vessels - West Africa active fleet			—			—			3			3			3


		Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2018			2017			2017			2017			2017
Worldwide
Vessel revenues (T)	$		87,494			101,313			104,911			112,257			156,905

Vessel operating costs:
Crew costs	$		34,224			37,148			42,148			42,210			41,829
Routine repairs and maintenance			7,182			7,327			8,271			8,207			8,521
Major repairs			522			383			7,298			5,637			8,553
Insurance and loss reserves			(1,071	)		2,946			2,504			3,124			(1,767	)
Fuel, lube and supplies			9,012			9,400			9,841			9,428			9,279
Other			11,495			10,997			14,904			15,167			14,430
Total vessel operating costs	$		61,364			68,201			84,966			83,773			80,845

Vessel operating margin ($)	$		26,130			33,112			19,945			28,484			76,060
Vessel operating margin (%)			29.9	%		32.7	%		19.0	%		25.4	%		48.5	%

Vessel operating lease expense	$		—			91			1,747			5,542			8,443
Vessel depreciation	$		11,274			11,479			18,371			34,892			36,173
Amortization of deferred drydocking and survey costs	$		638			202			4			—			—

Vessel operations general and administrative expenses ($)	$		16,867			19,946			17,093			18,002			19,445
Vessel operations general and administrative expenses (%)			19.3	%		19.7	%		16.3	%		16.0	%		12.4	%

Vessel operating profit (loss)	$		(2,649	)		1,394			(17,270	)		(29,952	)		11,999

Worldwide - Select operating statistics
Average vessels - Total fleet (U)			217			229			251			259			261
Utilization - Total fleet			44.4	%		47.8	%		44.7	%		44.0	%		42.6	%

Average vessels - Active fleet (U)			138			140			145			150			149
Utilization - Active fleet			69.8	%		78.1	%		77.3	%		76.2	%		74.9	%

Average day rates (T)	$		10,093			10,056			10,162			10,842			15,693

Vessels commencing drydocks			19			10			16			9			14

Major repairs expense and deferred drydocking and survey costs:
Major repairs expense	$		522			383			7,298			5,637			8,553
Cash paid for deferred drydocking and survey costs	$		8,860			3,022			392			—			—
	$		9,382			3,405			7,690			5,637			8,553

Deferred drydocking and survey costs - beginning balance	$		3,208			388			—			—			—
Cash paid for deferred drydocking and survey costs	$		8,860			3,022			392			—			—
Amortization of deferred drydocking and survey costs	$		638			202			4			—			—
Deferred drydocking and survey costs - ending balance	$		11,430			3,208			388			—			—

Note (T): Included in Worldwide vessel revenue for the quarter ended March 31, 2017 is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract. Worldwide average day rates were increased by $3,915 as a result of the recognition of revenue related to the early cancellation of the vessel charter contract.

Note (U): Average leased vessels - Worldwide fleet			—			—			15			16			16
Average leased vessels - Worldwide active fleet			—			—			8			9			8


		Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2018			2017			2017			2017			2017


Consolidated EBITDA (V) (W) (X) (Y) (Z)	$		(9,905	)		13,255			(2,760	)		6,085			55,007

Restructuring-related professional services costs			—			(2,031	)		(23,494	)		(11,874	)		(16,805	)
Asset impairments			(6,186	)		(16,777	)		(21,325	)		(163,423	)		(64,857	)
Sale leaseback redelivery costs			—			(388	)		(1,244	)		—			—
Reorganization items (excluding professional services and sale leaseback redelivery costs)			—			—			(1,060,871	)		(308,011	)		—
Interest and other debt costs			(7,599	)		(7,769	)		(5,814	)		(10,605	)		(21,008	)
Income tax benefit (expense)			(3,321	)		2,706			(3,216	)		(295	)		(1,717	)
Depreciation			(11,380	)		(11,993	)		(19,298	)		(36,287	)		(37,592	)
Amortization of deferred drydocking and survey costs			(638	)		(202	)		(4	)		—			—

Net loss	$		(39,029	)		(23,199	)		(1,138,026	)		(524,410	)		(86,972	)



		Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2018			2017			2017			2017			2017


Consolidated EBITDA (V) (W) (X) (Y) (Z)	$		(9,905	)		13,255			(2,760	)		6,085			55,007

Restructuring-related professional service costs			—			(2,031	)		(23,494	)		(11,874	)		(16,805	)
Sale leaseback redelivery costs			—			(388	)		(1,244	)		—			—
Cash paid for interest			(8,152	)		(8,164	)		(1,203	)		(433	)		(8,218	)
Cash paid for taxes			(6,429	)		(3,262	)		(2,521	)		(3,611	)		(2,167	)
Cash paid for deferred drydocking costs			(8,860	)		(3,022	)		(392	)		—			—
Change in net working capital, excluding cash			8,649			(4,874	)		18,585			(9,856	)		42,205
Equity in net (earnings) losses of unconsol. companies (Z)			15,439			(825	)		(1,574	)		(4,101	)		(2,841	)
Stock-based compensation expense			2,956			2,558			2,554			326			(888	)
Gain on asset disposition			(1,919	)		(6,612	)		(376	)		(3,189	)		(6,064	)
Changes in other, net			2,237			(4,372	)		(3,608	)		3,706			9,921

Net cash provided (used) in operating activities	$		(5,984	)		(17,737	)		(16,033	)		(22,947	)		70,150

Note (V): Consolidated EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization, asset impairment charges, restructuring-related professional services costs and costs related to the redelivery of sale leaseback vessels. Restructuring-related professional services and sale leaseback redelivery costs have been separately presented in the above table. Restructuring-related professional services costs incurred prior to May 17, 2017 were included in general and administrative expenses and such costs incurred subsequent to May 17, 2017 were included in reorganization items in the company's Condensed Consolidated Statements of Earnings (Loss).

Note (W): Consolidated EBITDA for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes non-cash, stock-based compensation expense of $2,956, $2,558, $2,554, $326, and $(888), respectively.

Note (X): Consolidated EBITDA for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes vessel operating lease expense of $0, $91, $1,747, $5,542, and $8,443, respectively.

Note (Y): Consolidated EBITDA for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes foreign exchange gains (losses) of $(348), $(349), $(2,082), $(1,157), and $664, respectively.

Note (Z): Consolidated EBITDA and equity in net (earnings) losses of unconsol. companies for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes foreign exchange gains (losses) of $(14,823), $(74), $758, $3,480, and $4,965, respectively.

We disclose and discuss EBITDA as a non-GAAP financial measure 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) before interest and other debt costs, income tax expense, depreciation and amortization, reorganization items, asset impairments, and restructuring-related professional services costs included in general and administrative expenses. Our measure of EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA differently than we do, which may limit its usefulness as a comparative measure.

We view EBITDA both as a performance and liquidity measure and, as such, we believe that the GAAP financial measures most directly comparable to it are net income and net cash provided (used) in operating activities, respectively. Because EBITDA is not a measure of financial performance calculated in accordance with GAAP, it 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 is 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 EBITDA provides 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 helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.

EBITDA is also a financial metric 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 of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.

For illustrative purposes, the company has combined the Successor and Predecessor results to derive combined results for the three months ended September 30, 2017. The combination was generated by addition of comparable financial statement line items. However, because of various adjustments to the consolidated financial statements in connection with the application of fresh-start reporting, including asset valuation adjustments and liability adjustments, the results of operations for the Successor may not be comparable to those of the Predecessor.



		Press Release