tdw-10q_20200331.htm

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐

40,282,892 shares of Tidewater Inc. common stock $0.001 par value per share were outstanding on April 30, 2020.

		March 31,				December 31,
ASSETS		2020				2019
Current assets:
Cash and cash equivalents	$		187,802		$		218,290
Restricted cash			12,461				5,755
Trade and other receivables, less allowance for credit losses of $579 as of March 31, 2020 and less allowance for doubtful accounts of $70 as of December 31, 2019.			119,455				110,180
Due from affiliate			128,204				125,972
Marine operating supplies			21,944				21,856
Assets held for sale			26,142				39,287
Prepaid expenses and other current assets			22,185				15,956
Total current assets			518,193				537,296
Net properties and equipment			922,979				938,961
Net deferred drydocking and survey costs			81,981				66,936
Other assets			29,971				36,335
Total assets	$		1,553,124		$		1,579,528

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$		30,711		$		27,501
Accrued costs and expenses			72,854				74,000
Due to affiliates			50,013				50,186
Current portion of long-term debt			9,104				9,890
Other current liabilities			26,953				24,100
Total current liabilities			189,635				185,677
Long-term debt			273,015				279,044
Other liabilities			91,578				98,397

Contingencies (Note 10)

Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 40,259,917 and 39,941,327 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively			40				40
Additional paid-in capital			1,368,325				1,367,521
Accumulated deficit			(371,134	)			(352,526	)
Accumulated other comprehensive income (loss)			133				(236	)
Total stockholders’ equity			997,364				1,014,799
Noncontrolling interests			1,532				1,611
Total equity			998,896				1,016,410
Total liabilities and equity	$		1,553,124		$		1,579,528

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

	Three Months			Three Months
	Ended			Ended
	March 31, 2020			March 31, 2019
Revenues:
Vessel revenues	$	111,974		$	119,662
Other operating revenues		4,394			2,487
		116,368			122,149
Costs and expenses:
Vessel operating costs		78,825			82,203
Costs of other operating revenues		2,673			764
General and administrative		21,420			27,140
Depreciation and amortization		27,107			22,932
Long-lived asset impairments		10,207			—
Gain on asset dispositions, net		(5,331	)		(1,270	)
		134,901			131,769
Operating loss		(18,533	)		(9,620	)
Other income (expense):
Foreign exchange gain (loss)		864			(508	)
Equity in net losses of unconsolidated companies		—			(62	)
Interest income and other, net		116			2,470
Interest and other debt costs, net		(6,142	)		(7,736	)
		(5,162	)		(5,836	)
Loss before income taxes		(23,695	)		(15,456	)
Income tax (benefit) expense		(5,171	)		5,830
Net loss	$	(18,524	)	$	(21,286	)
Net income (loss) attributable to noncontrolling interests		(79	)		445
Net loss attributable to Tidewater Inc.	$	(18,445	)	$	(21,731	)
Basic loss per common share	$	(0.46	)	$	(0.58	)
Diluted loss per common share	$	(0.46	)	$	(0.58	)
Weighted average common shares outstanding		40,101			37,179
Adjusted weighted average common shares		40,101			37,179

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

		Three Months			Three Months
		Ended			Ended
		March 31, 2020			March 31, 2019
Operating activities:
Net loss	$		(18,524	)	$	(21,286	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			17,285			19,034
Amortization of deferred drydocking and survey costs			9,822			3,898
Amortization of debt premium and discounts			675			(505	)
Provision for deferred income taxes			—			169
Gain on asset dispositions, net			(5,331	)		(1,270	)
Long-lived asset impairments			10,207			—
Changes in investments in, at equity, and advances to unconsolidated companies			—			265
Compensation expense - stock-based			1,335			5,627
Changes in assets and liabilities, net:
Trade and other receivables			(9,438	)		(2,204	)
Changes in due to/from affiliate, net			(2,405	)		19,175
Accounts payable			3,210			(2,200	)
Accrued costs and expenses			(1,146	)		(5,626	)
Cash paid for deferred drydocking and survey costs			(24,867	)		(12,285	)
Other, net			(8,348	)		(5,949	)
Net cash used in operating activities			(27,525	)		(3,157	)
Cash flows from investing activities:
Proceeds from sales of assets			9,452			9,651
Additions to properties and equipment			(2,449	)		(3,116	)
Net cash provided by investing activities			7,003			6,535
Cash flows from financing activities:
Principal payments on long-term debt			(2,600	)		(1,509	)
Taxes on share based awards			(531	)		(1,578	)
Net cash used in financing activities			(3,131	)		(3,087	)
Net change in cash, cash equivalents and restricted cash			(23,653	)		291
Cash, cash equivalents and restricted cash at beginning of period			227,608			397,744
Cash, cash equivalents and restricted cash at end of period (A)	$		203,955		$	398,035
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized	$		5,442			8,319
Income taxes	$		2,550			4,415

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

								Accumulated
			Additional					other			Non
	Common		paid-in		Accumulated			comprehensive			controlling
	stock		capital		deficit			income (loss)			interest			Total
Balance at December 31, 2019	$	40		1,367,521		(352,526	)		(236	)		1,611			1,016,410
Total comprehensive loss		—		—		(18,445	)		369			(79	)		(18,155	)
Adoption of credit loss accounting standard		—		—		(163	)		—			—			(163	)
Amortization of restricted stock units		—		804		—			—			—			804
Balance at March 31, 2020	$	40		1,368,325		(371,134	)		133			1,532			998,896


Balance at December 31, 2018	$	37		1,352,388		(210,783	)		2,194			1,087			1,144,923
Total comprehensive loss		—		—		(21,731	)		—			445			(21,286	)
Issuance of common stock from exercise of warrants		—		1		—			—			—			1
Amortization/cancellation of restricted stock units		—		4,047		—			—			—			4,047
Balance at March 31, 2019	$	37		1,356,436		(232,514	)		2,194			1,532			1,127,685

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, this Quarterly Report on Form 10-Q and the information incorporated herein by reference contain certain forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact. All such forward-looking statements are subject to risks and uncertainties, many of which are beyond the control of the Company, and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements. Some of these risks and uncertainties include, without limitation, the risks related to fluctuations in worldwide energy demand and oil and natural gas prices, and continuing depressed levels of oil and natural gas prices without a clear indication of if, or when, prices will recover to a level to support renewed offshore exploration activities; fleet additions by competitors and industry overcapacity; our 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 in the energy industry and the 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; the 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; 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; and the resolution of pending legal proceedings.

Forward-looking statements, which can generally be identified by the use of such terminology as “may,” “can,” “potential,” “expect,” “project,” “target,” “anticipate,” “estimate,” “forecast,” “believe,” “think,” “could,” “continue,” “intend,” “seek,” “plan,” and similar expressions contained in this Quarterly Report on Form 10-Q, are not guarantees or assurances of future performance or events. Any forward-looking statements are based on our assessment of current industry, financial and economic information, which by its nature is dynamic and subject to rapid and possibly abrupt changes, which we may or may not be able to control. Further, we may make changes to our business plans that could or will affect our results. While management believes that these forward-looking statements are reasonable when made, there can be no assurance that future developments that affect us will be those that we anticipate and have identified. The forward-looking statements should be considered in the context of the risk factors listed above, discussed in this Quarterly Report on Form 10-Q, and discussed in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 2, 2020, as updated by subsequent filings with the SEC. Investors and prospective investors are cautioned not to rely unduly on such forward-looking statements, which speak only as of the date hereof. Management disclaims any obligation to update or revise any forward-looking statements contained herein to reflect new information, future events or developments.

In certain places in this Quarterly Report on Form 10-Q, we may refer to reports published by third parties that purport to describe trends or developments in energy production and drilling and exploration activity and we specifically disclaim any responsibility for the accuracy and completeness of such information and have undertaken no steps to update or independently verify such information.

The following information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto included in Part 1, Item 1 of this Quarterly Report on Form 10-Q and related disclosures and our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 2, 2020.

Our vessels and associated vessel services provide support for all phases of offshore oil and natural gas exploration, field development and production. These services include towing of, and anchor handling for, mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover and production activities; offshore construction and seismic and subsea support; and a variety of specialized services such as pipe and cable laying. In addition, we have one of the broadest geographic operating footprints in the offshore vessel industry. Our global operating footprint allows us to react quickly to changing local market conditions and to be responsive to the changing requirements of the many customers with which we believe we have strong relationships. We are also one of the most experienced international operators in the offshore energy industry with a history spanning over 60 years.

At March 31, 2020, we owned 208 vessels with an average age of 10.7 years (excluding three joint venture vessels, but including 38 vessels classified as held for sale) available to serve the global energy industry. The average age of our 170 active vessels at March 31, 2020 is 10.1 years.

Our revenues, net earnings and cash flows from operations are largely dependent upon the activity level of our offshore marine vessel fleet. As is the case with the numerous other vessel operators in our industry, our business activity is largely dependent on the level of exploration, field development and production activity of our customers. Our customers’ business activity, in turn, is dependent on current and expected crude oil and natural gas prices, which fluctuate depending on expected future levels of supply and demand for crude oil and natural gas, and on estimates of the cost to find, develop and produce crude oil and natural gas reserves.

Our revenues in all segments are driven primarily by our fleet size, vessel utilization and day rates. Because a sizeable portion of our operating and depreciation costs do not change proportionally with changes in revenue, our operating profit is largely dependent on revenue levels.

Operating costs consist primarily of crew costs, repair and maintenance costs, insurance costs, fuel, lube oil and supplies costs and other vessel operating costs. Fleet size, fleet composition, geographic areas of operation, supply and demand for marine personnel, and local labor requirements are the major factors which affect overall crew costs in all segments. In addition, our newer, more technologically sophisticated vessels generally require a greater number of specially trained, more highly compensated fleet personnel than our older, smaller and less sophisticated vessels. Crew costs may increase if competition for skilled personnel intensifies, though a weaker offshore energy market should somewhat mitigate any potential inflation of crew costs.

Costs related to the recertification of vessels are deferred and amortized over 30 months on a straight-line basis. Maintenance costs incurred at the time of the recertification drydocking that are not related to the recertification of the vessel are expensed as incurred. Costs related to vessel improvements that either extend the vessel’s useful life or increase the vessel’s functionality are capitalized and depreciated.

Insurance costs are dependent on a variety of factors, including our safety record and pricing in the insurance markets, and can fluctuate over time. Our vessels are generally insured for up to their estimated fair market value in order to cover damage or loss resulting from marine casualties, adverse weather conditions, mechanical failure, collisions, and property losses to the vessel. We also purchase coverage for potential liabilities stemming from third-party losses with limits that we believe are reasonable for our operations, but do not generally purchase business interruption insurance or similar coverage. Insurance limits are reviewed annually, and third-party coverage is purchased based on the expected scope of ongoing operations and the cost of third-party coverage.

Fuel and lube costs can also fluctuate in any given period depending on the number and distance of vessel mobilizations, the number of active vessels off charter, drydockings, and changes in fuel prices. We also incur vessel operating costs that are aggregated as “other” vessel operating costs. These costs consist of brokers’ commissions, including commissions paid to unconsolidated joint venture companies, training costs, satellite communication fees, agent fees, port fees and other miscellaneous costs. Brokers’ commissions are incurred primarily in our non-United States operations where brokers

sometimes assist in obtaining work. Brokers generally are paid a percentage of day rates and, accordingly, commissions paid to brokers generally fluctuate in accordance with vessel revenue.

We previously disclosed the significant financial and operational challenges that we confront with respect to operations in Angola, as well as steps that we have taken to address or mitigate those risks. Most of our attention has been focused in three areas: (i) reducing the net receivable balance due from Sonatide, our Angolan joint venture with Sonangol, for vessel services; (ii) reducing the foreign currency risk created by virtue of provisions of Angolan law that require that payment for a portion of the services provided by Sonatide be paid in Angolan kwanza; and (iii) optimizing opportunities, consistent with Angolan law, for services provided by us to be paid for directly in U.S. dollars. The amounts due from Sonatide are denominated in U.S. dollars; however, the underlying third-party customer payments to Sonatide were satisfied, in part, in Angolan kwanzas. We and Sonangol, our partner in Sonatide, have had discussions regarding how the net losses from the devaluation of certain Angolan kwanza denominated accounts should be shared. In late 2019, we were informed that, as part of a broad privatization program, Sonangal intends to seek to divest itself from the Sonatide joint venture.

Refer to Note (7) of Notes to Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further details on the Sonatide joint venture.

Our business is directly impacted by the level of activity in worldwide offshore oil and natural gas exploration, development and production, which in turn is influenced by trends in oil and natural gas prices. In addition, oil and natural gas prices are affected by a host of geopolitical and economic forces, including the fundamental principles of supply and demand. In particular, the oil price is significantly influenced by actions of the Organization of Petroleum Exporting Countries, or OPEC. Prices are subject to significant uncertainty and, as a result, are extremely volatile. The industry experienced a severe downturn beginning in late 2014 that lasted through 2018 with prices falling into the high $20’s per barrel before recovering to average between $50.00 and $65.00 per barrel in 2019. We had expected to begin to experience consistent operating cash flow in 2020.

In early 2020, it became evident that a novel coronavirus originating in Asia (COVID-19) could become a pandemic with worldwide reach. By mid-March, when the World Health Organization declared the outbreak to be a pandemic (the “COVID-19 pandemic”), much of the industrialized world had initiated severe measures to lessen its impact. The ongoing COVID-19 pandemic has created significant volatility, uncertainty, and economic disruption during the first quarter of 2020.

With respect to our particular sector, the COVID-19 pandemic has resulted in a much lower demand for oil as national, regional, and local governments impose travel restrictions, border closings, restrictions on public gatherings, stay at home orders, and limitations on business operations in order to contain its spread. During this same time period, oil-producing countries have struggled to reach consensus on worldwide production levels, resulting in both a market oversupply of oil and a precipitous fall in oil prices.

Combined, these conditions have adversely affected our operations and business during the latter part of the first fiscal quarter of 2020 and we expect our operations and business in 2020 to be negatively impacted. The reduction in demand for hydrocarbons together with an unprecedented decline in the price of oil has resulted in our primary customers, the oil and gas companies, making material reductions to their planned spending on offshore projects, compounding the effect of the virus on offshore operations. Further, these conditions, separately or together, may continue to impact the demand for our services, the utilization and/or rates we can achieve for our assets and services, and the outlook for our industry in general. Although, as of the date of this filing, oil-producing countries have reached a tentative agreement regarding future output, crude oil prices will remain depressed as long as the market is oversupplied.

The spread of COVID-19 to one or more of our locations, including our vessels, could significantly impact our operations. While we have implemented various protocols for both onshore and offshore personnel in efforts to limit the impact of COVID-19, there is no assurance that those efforts will be fully successful. The spread of COVID-19 to our onshore workforce could prevent us from supporting our offshore operations, we may experience reduced productivity as our onshore personnel works remotely, and any spread to our key management personnel may disrupt our business. Any outbreak on our vessels may result in the vessel, or some or all of a vessel crew, being quarantined and therefore impede the vessel’s ability to generate revenue. We have experienced challenges in connection with our offshore crew changes due to health and travel restrictions related to COVID-19, and those challenges and/or restrictions may continue or worsen despite our

efforts at mitigating them. To the extent the COVID-19 pandemic adversely affects our operations and business, it may also have the effect of heightening many of the other risks set forth in our SEC filings.

The effect on our business includes lockdowns of shipyards where we have vessels performing drydocks which will delay vessels returning to service and the cancellation and/or temporary delay of certain revenue vessel contracts allowed either under the contract provisions or by mutual agreement with our customers. These cancellations and delays affect approximately 20% of our 2020 contracts with durations in excess of one month which typically comprise over 90% of our contractual revenue. It is possible that there will be additional cancellations or delays.

As a company, we have undertaken the following temporary measures to assist us in weathering the COVID 19 pandemic and allow us to recover as soon as possible:

The full impact of the COVID-19 pandemic is unknown and is rapidly evolving. The extent to which it impacts our business and operations will depend on the severity, location, and duration of the effects and spread of the pandemic itself, the actions undertaken by national, regional, and local governments and health officials to contain the virus or treat its effects, and how quickly and to what extent economic conditions improve and normal business and operating conditions resume. As we cannot predict the duration or scope of this pandemic, the anticipated negative financial impact to our operating results cannot be reasonably estimated but could be both material and long-lasting.

We consider these events to be indicators that the value of our offshore vessel fleet may be impaired. As a result, we performed a Step 1 evaluation of our offshore fleet under FASB Accounting Standards Codification 360, which governs the methodology for identifying and recording impairment of long-lived assets to determine if any of our asset groups have net book value in excess of undiscounted future net cash flows. Our evaluation did not indicate impairment of any of our asset groups. Our evaluation did, however, identify one asset group with a net book value of approximately $40.0 million where the undiscounted future net cash flows total was within 10% of the net book value of that asset group as of March 31, 2020. The eventual impact of the oil price reduction and the COVID 19 pandemic on our future operations is not known. Depending on the severity of the impact, our expected cash flows in future periods could indicate impairment of this identified asset group or other asset groups in our vessel fleet. We will continue to monitor the expected future cash flows and the fair market value of our asset groups for impairment.

Results of Operations – Three Months Ended March 31, 2020 compared to March 31, 2019

Revenues for the quarters ended March 31, 2020 and 2019, were $116.4 million and $122.1 million, respectively. The decrease in revenue is primarily due to the decrease in West Africa, with ten less active vessels. Overall, we had 15 less average active vessels in the first quarter of 2020 than in the first quarter of 2019. Active utilization decreased slightly from 80.6% in 2019 compared to 78.5% in 2020.

Vessel operating costs for the quarters ended March 31, 2020 and 2019, were $78.8 million and $82.2 million, respectively. The decrease is primarily due to a decrease in crew costs, as we have 15 less active vessels in our fleet in the first quarter 2020.

Depreciation and amortization expense for the quarters ended March 31, 2020 and 2019, was $27.1 million and $22.9 million, respectively. The decrease in depreciation from the sale in 2019 of over 40 vessels was more than offset by the increase in amortization expense related to deferred drydock expenditures.

General and administrative expenses for the quarters ended March 31, 2020 and 2019, were $21.4 million and $27.1 million, respectively. The decrease is primarily due to decreased personnel and stock compensation costs related to the significant restructuring of our executive management and corporate administrative functions in 2019.

Included in gain on asset dispositions, net for the quarter ended March 31, 2020, are $5.3 million of net gains from the disposal of 9 vessels and other assets. During the quarter ended March 31, 2019, we recognized net gains of $1.3 million related to the sale of 16 vessels and other assets.

During the quarter ended March 31, 2020 we recognized foreign exchange gains of $0.9 million and during the quarter ended March 31, 2019 we recognized foreign exchange losses of $0.5 million. The foreign exchange gains and losses were primarily the result of the revaluation of our Norwegian kroner-denominated debt to our U.S. dollar reporting currency.

The following table compares vessel revenues and vessel operating costs by geographic segment for our owned and operated vessel fleet and the related percentage of vessel revenue for the periods indicated:

	Three Months					Three Months
	Ended					Ended
	March 31, 2020					March 31, 2019
(In thousands)			%					%
Vessel revenues:
Americas	$	31,859		28	%	$	35,279		29	%
Middle East/Asia Pacific		24,828		22	%		20,456		17	%
Europe/Mediterranean		29,491		26	%		28,558		24	%
West Africa		25,796		23	%		35,369		30	%
Total vessel revenues	$	111,974		100	%	$	119,662		100	%
Vessel operating costs:
Americas:
Crew costs	$	14,186		45	%	$	17,099		49	%
Repair and maintenance		2,171		7	%		3,619		10	%
Insurance		417		1	%		741		2	%
Fuel, lube and supplies		2,615		8	%		2,445		7	%
Other		2,673		8	%		2,772		8	%
	$	22,062		69	%	$	26,676		76	%
Middle East/Asia Pacific:
Crew costs	$	10,085		41	%	$	8,627		42	%
Repair and maintenance		2,586		10	%		1,581		8	%
Insurance		591		2	%		589		3	%
Fuel, lube and supplies		2,665		11	%		2,335		11	%
Other		1,696		7	%		1,733		9	%
	$	17,623		71	%	$	14,865		73	%
Europe/Mediterranean :
Crew costs	$	11,696		40	%	$	13,059		46	%
Repair and maintenance		3,141		11	%		2,578		9	%
Insurance		431		1	%		561		2	%
Fuel, lube and supplies		1,098		4	%		1,891		7	%
Other		2,522		9	%		2,994		10	%
	$	18,888		64	%	$	21,083		74	%
West Africa:
Crew costs	$	8,520		33	%	$	9,360		26	%
Repair and maintenance		2,700		10	%		1,923		5	%
Insurance		346		1	%		287		1	%
Fuel, lube and supplies		3,374		13	%		2,674		8	%
Other		5,312		21	%		5,335		15	%
	$	20,252		79	%	$	19,579		55	%
Vessel operating costs:
Crew costs	$	44,487		40	%	$	48,145		40	%
Repair and maintenance		10,598		9	%		9,701		8	%
Insurance		1,785		2	%		2,178		2	%
Fuel, lube and supplies		9,752		9	%		9,345		8	%
Other		12,203		11	%		12,834		11	%
Total vessel operating costs	$	78,825		70	%	$	82,203		69	%

The following table presents general and administrative expenses in our four geographic segments both individually and in total and the related general and administrative expenses as a percentage of the vessel revenues of each segment and in total for the quarter ended March 31, 2020 and 2019:

The following table presents segment depreciation and amortization expense by our four geographic segments, the related segment vessel depreciation and amortization expense as a percentage of segment vessel revenues, total segment depreciation and amortization expense and the related total segment depreciation and amortization expense as a percentage of total vessel revenues for the quarter ended March 31, 2020 and 2019:

The following table compares operating loss and other components of loss and its related percentage of total revenue for the quarter ended March 31, 2020 and 2019:

	Three Months Ended						Three Months Ended
	March 31, 2020						March 31, 2019
(In thousands)				%						%
Vessel operating profit (loss):
Americas	$	(1,164	)		(1	%)	$	(1,030	)		(1	%)
Middle East/Asia Pacific		(856	)		(1	%)		(1,162	)		(1	%)
Europe/Mediterranean		1,547			1	%		(3,317	)		(3	%)
West Africa		(4,863	)		(4	%)		8,115			7	%
Other operating profit		1,721			1	%		1,704			1	%
		(3,615	)		(3	%)		4,310			3	%
Corporate expenses		(10,042	)		(9	%)		(15,200	)		(12	%)
Gain on asset dispositions, net		5,331			5	%		1,270			1	%
Long-lived asset impairments		(10,207	)		(9	%)		—			—
Operating loss	$	(18,533	)		(16	%)	$	(9,620	)		(8	%)

Americas Segment Operations. Vessel revenues in the Americas segment decreased 10%, or $3.4 million, during the quarter ended March 31, 2020, as compared to the quarter ended March 31, 2019. This decrease is primarily the result of four fewer active vessels and the reduction in active utilization from 87.2% in 2019 to 85.7% in 2020. However, average day rates increased by 4% partially offsetting these declines.

Vessel operating loss for the Americas segment for the quarter ended March 31, 2020 was $1.2 million, which was $0.1 million more than the operating loss for the quarter ended March 31, 2019. The decrease in revenue was substantially, but not completely, offset by the decrease in operating costs.

Middle East/Asia Pacific Segment Operations. Vessel revenues in the Middle East/Asia Pacific segment increased 21%, or $4.4 million, during the quarter ended March 31, 2020, as compared to the quarter ended March 31, 2019. Active utilization for the quarter ended March 31, 2020 increased from 76.1% to 77.7%, average day rates increased 9% and average active vessels in the segment increased by four.

The Middle East/Asia Pacific segment reported an operating loss of $0.9 million for the quarter ended March 31, 2020, compared to an operating loss of $1.2 million for the quarter ended March 31, 2019 primarily due to increased revenue.

Europe/Mediterranean Segment Operations. Vessel revenues in the Europe/Mediterranean segment increased 3%, or $0.9 million, during the quarter ended March 31, 2020, as compared to the quarter ended March 31, 2019. Average day rates during these same periods increased 14% because of increasing demand for vessels in the North Sea and Mediterranean. Active utilization also increased 3 percentage points during the quarter ended March 31, 2020 compared to the quarter ended March 31, 2019. However, the vessel fleet decreased by four active vessels which partially offset these improvements.

The Europe/Mediterranean segment reported an operating profit of $1.5 million for the quarter ended March 31, 2020, compared to an operating loss of $3.3 million for the quarter ended March 31, 2019 due to increased revenue and a $2.2 million decrease in operating costs, primarily due to lower personnel and fuel and supply costs.

West Africa Segment Operations. Vessel revenues in the West Africa segment decreased 27% or $9.6 million, during the quarter ended March 31, 2020, as compared to the quarter ended March 31, 2019. The West Africa active vessel fleet decreased by ten vessels during the comparative periods. West Africa segment active utilization decreased as well from 76.8% during the first quarter of 2019 to 67.8% during the first quarter of 2020, and average day rates decreased slightly by less than 1 percent.

Vessel operating profit for the West Africa segment decreased from $8.1 million for the quarter ended March 31, 2019 to an operating loss of $4.9 million in the quarter ended March 31, 2020 primarily due to decreased revenue, coupled with higher operating costs.

Vessel utilization is determined primarily by market conditions and to a lesser extent by drydocking requirements. Vessel day rates are determined by the demand created largely through the level of offshore exploration, field development and production spending by energy companies relative to the supply of offshore support vessels. Specifications of available equipment and the scope of service provided may also influence vessel day rates. Vessel utilization rates are calculated by dividing the number of days a vessel works during a reporting period by the number of days the vessel is available to work in the reporting period. As such, stacked vessels depress utilization rates because stacked vessels are considered available to work and are included in the calculation of utilization rates. Average day rates are calculated by dividing the revenue a vessel earns during a reporting period by the number of days the vessel worked in the reporting period.

Vessel utilization and average day rates are calculated on all vessels in service (which includes stacked vessels and vessels in drydock) but do not include vessels owned by joint ventures (3 and 4 vessels at March 31, 2020 and 2019, respectively).

The following tables compare day-based utilization percentages, average day rates and average total, active and stacked vessels by segment for the quarter ended March 31, 2020 and 2019:

	Three Months			Three Months
	Ended			Ended
	March 31, 2020			March 31, 2019
SEGMENT STATISTICS:
Americas fleet:
Utilization		57.1	%		48.4	%
Active utilization		85.7	%		87.2	%
Average vessel day rates		11,854			11,436
Average total vessels		52			71
Average stacked vessels		(17	)		(32	)
Average active vessels		35			39

Middle East/Asia Pacific fleet:
Utilization		63.0	%		61.5	%
Active utilization		77.7	%		76.1	%
Average vessel day rates		7,863			7,205
Average total vessels		55			51
Average stacked vessels		(10	)		(10	)
Average active vessels		45			41

Europe/Mediterranean fleet:
Utilization		63.6	%		60.1	%
Active utilization		87.3	%		84.1	%
Average vessel day rates		12,514			10,964
Average total vessels		41			48
Average stacked vessels		(11	)		(14	)
Average active vessels		30			34

West Africa fleet:
Utilization		45.7	%		49.4	%
Active utilization		67.8	%		76.8	%
Average vessel day rates		9,539			9,627
Average total vessels		65			83
Average stacked vessels		(21	)		(29	)
Average active vessels		44			54

Worldwide fleet:
Utilization		56.4	%		53.6	%
Active utilization		78.5	%		80.6	%
Average vessel day rates		10,267			9,806
Average total vessels		213			253
Average stacked vessels		(60	)		(85	)
Average active vessels		153			168

Average active vessels exclude stacked vessels. We consider a vessel to be stacked if the vessel crew is furloughed or substantially reduced and limited maintenance is being performed on the vessel. We reduce operating costs by stacking vessels when management does not foresee opportunities to profitably or strategically operate the vessels in the near future. Vessels are stacked when market conditions warrant and they are no longer considered stacked when they are returned to active service, sold or otherwise disposed. When economically practical marketing opportunities arise, the stacked vessels can be returned to active service by performing any necessary maintenance on the vessel and either rehiring or returning fleet personnel to operate the vessel. Although not currently fulfilling charters, stacked vessels are included in the calculation of utilization statistics. We had 59 and 71 stacked vessels at March 31, 2020 and 2019, respectively.

We seek opportunities to sell and/or scrap our older vessels when market conditions warrant and opportunities arise. The majority of our vessels are sold to buyers who do not compete with us in the offshore energy industry. Vessels sales in 2020 included eight vessels that were classified as assets held for sale and one vessel from our active fleet. The following is a summary of the number of vessels disposed of by segment:

At March 31, 2020, we had $204.0 million in cash and cash equivalents (including restricted cash), including amounts held by foreign subsidiaries, the majority of which is available to us without adverse tax consequences. Included in foreign subsidiary cash are balances held in U.S. dollars and foreign currencies that await repatriation due to various currency conversion and repatriation constraints, or partner or tax related matters, prior to the cash being made available for remittance to our domestic accounts. We currently intend that earnings by foreign subsidiaries will be indefinitely reinvested in foreign jurisdictions in order to fund strategic initiatives (such as investment, expansion and acquisitions), fund working capital requirements and repay debt (both third-party and intercompany) of our foreign subsidiaries in the normal course of business. Moreover, we do not currently intend to repatriate earnings of our foreign subsidiaries to the U. S. because cash generated from our domestic businesses and the repayment of intercompany liabilities from foreign subsidiaries are currently deemed to be sufficient to fund the cash needs of our operations in the U. S.

During the first quarter of 2020, the industry was impacted by a world-wide pandemic that had the effect of isolating people across the world and significantly reducing the demand and price for crude oil. See a detailed discussion under “Industry Conditions and Outlook” above. The reduced oil price will impact our industry in the near term and if it is prolonged could impact us beyond this year. We have significant cash on hand and the substantial portion of our debt is due in 2022. As a company, we have undertaken the following temporary measures to assist us in weathering the pandemic and allow us to recover as soon as possible:

Our objective in financing our business is to maintain adequate financial resources and access to sufficient levels of liquidity. We do not have a revolving credit facility. Cash and cash equivalents and future net cash provided by operating activities provide us, in our opinion, with sufficient liquidity to meet our liquidity requirements.

Refer to Note (9) of Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further details on our indebtedness.

We may from time to time seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

Net cash used in operating activities for the quarters ended March 31, 2020 and 2019, was $27.5 million and $3.2 million, respectively.

Net cash used in operations for the quarter ended March 31, 2020, reflects a net loss of $18.5 million, which includes non-cash depreciation and amortization of $27.1 million, gain on asset dispositions, net of $5.3 million and long-lived asset impairments of $10.2 million. Combined changes in operating assets and liabilities and in amounts due to/from affiliate, net used $18.1 million in cash and cash paid for deferred drydocking and survey costs was $24.9 million.

Net cash used in operations for the quarter ended March 31, 2019 reflects a net loss of $21.3 million, which includes non-cash depreciation and amortization of $22.9 million, gain on asset dispositions, net of $1.3 million and stock-based compensation expense of $5.6 million. Combined charges in operating assets and liabilities and in amounts due to/from affiliate, net, provided $3.2 million of cash and cash paid for deferred drydock and survey costs of $12.3 million.

Net cash provided by investing activities for the quarters ended March 31, 2020 and 2019, was $7.0 million and $6.5 million, respectively. Net cash provided by investing activities for the quarter ended March 31, 2020 primarily reflects the receipt of $9.5 million related to the disposal of nine vessels. Additions to properties and equipment were comprised of approximately $1.9 million in capitalized upgrades to existing vessels and equipment and $0.5 million for other property and equipment purchases.

Net cash provided by investing activities for the quarter ended March 31, 2019 primarily reflects the receipt of $9.7 million related to the disposal of 16 vessels. Additions to properties and equipment were comprised of approximately $2.2 million in capitalized upgrades to existing vessels and equipment and $0.9 million for other property and equipment purchases.

Net cash used in financing activities for the quarters ended March 31, 2020 and 2019, was $3.1 million and $3.1 million, respectively. Net cash used in financing activities for the quarter ended March 31, 2020 included $2.6 million of scheduled semiannual principal payments on Troms offshore debt and $0.5 million of taxes paid to related share-based compensation.

Net cash used in financing activities for the quarter ended March 31, 2019 included $1.3 million of scheduled semiannual principal payments on Troms offshore debt, $1.6 million of taxes paid to related share-based compensation and the repurchase of $0.2 million of New Secured Notes resulting from a tender offer.

We did not have any material changes in our contractual obligations and commercial commitments since the end of fiscal year 2019. Refer to Part II, Item 7 in our Annual Report on Form 10-K for the year ended December 31, 2019, for information regarding our contractual obligations and other contingent commitments.

Our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 2, 2020, describes the accounting policies that are critical to reporting our financial position and operating results and that require management’s most difficult, subjective or complex judgments. This Quarterly Report on Form 10-Q should be read in

conjunction with the discussion contained in our Annual Report on Form 10-K for the year ended December 31, 2019, regarding these critical accounting policies.

For information regarding the effect of new accounting pronouncements, refer to Notes (2) and (3) of Notes to Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

There were no material changes in the quarter ended March 31, 2020 to the market risk disclosures contained in Item 7A in our Annual Report on Form 10-K for the year ended December 31, 2019.

Disclosure controls and procedures are designed with the objective of ensuring that all information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended (Exchange Act), such as this Quarterly Report on Form 10-Q, is recorded, processed, summarized and reported, within the time periods specified in the SEC rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. However, any control system, no matter how well conceived and followed, can provide only reasonable, and not absolute, assurance that the objectives of the control system are met.

We evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2020.

There has been no change in our internal control over financial reporting that occurred during the quarter ended March 31, 2020, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Various legal proceedings and claims are outstanding which arose in the ordinary course of business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, will not have a material adverse effect on our financial position, results of operations, or cash flows. Information related to various commitments and contingencies, including legal proceedings, is disclosed in Note (11) of Notes to the Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

The significant factors known to us that could materially adversely affect our business, financial condition, or operating results are described in Item 2 of Part I of this Quarterly Report on Form 10-Q and in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 2, 2020, except for the addition of the following risk factors.

The COVID-19 pandemic has adversely affected and may, in the future, have a material negative impact on our operations and business. In early 2020, it became evident that a novel coronavirus originating in Asia (COVID-19) could become a pandemic with worldwide reach. By mid-March, when the World Health Organization declared the outbreak to be a pandemic (the “COVID-19 pandemic”), much of the industrialized world had taken severe measures to lessen its impact. The ongoing COVID-19 pandemic has created significant volatility, uncertainty, and economic disruption during the first quarter of 2020.

The full impact of the COVID-19 pandemic is unknown and is rapidly evolving. The extent to which it impacts our business and operations and ability to preserve our liquidity will depend on the severity, location, and duration of the effects and spread of the pandemic itself, the actions undertaken by national, regional, and local governments and health officials to contain the virus or treat its effects, and how quickly and to what extent economic conditions improve and normal business and operating conditions resume. As we cannot predict the duration or scope of this pandemic, the anticipated negative financial impact to our operating results cannot be reasonably estimated but could be both material and long-lasting.

Recent disruptions in the global market for oil and natural gas, which have led to market oversupply and depressed commodity prices, have adversely affected our operations and may, in the future, materially disrupt our operations and adversely impact our business and financial results. With respect to our particular sector, the COVID-19 pandemic has resulted in a much lower demand for oil as national, regional, and local governments impose travel restrictions, border closings, restrictions on public gatherings, stay at home orders, and limitations on business operations in order to contain its spread. During this same time period, oil-producing countries have struggled to reach consensus on worldwide production levels, resulting in both a market oversupply of oil and a precipitous fall in oil prices.

Combined, these conditions have adversely affected our operations and business during the latter part of the first fiscal quarter of 2020 and we do expect our operations and business in 2020 to be negatively impacted. The reduction in demand for hydrocarbons together with an unprecedented decline in the price of oil has resulted in our primary customers, the oil and gas companies, making material reductions to their planned spending on offshore projects, compounding the effect of the virus on offshore operations. Further, these conditions, separately or together, may continue to impact the demand for

our services, the utilization and/or rates we can achieve for our assets and services, and the outlook for our industry in general. Although, as of the date of this filing, oil-producing countries have reached a tentative agreement regarding future output, oil prices will remain depressed as long as the market is oversupplied and demand will remain depressed until global economic conditions improve.

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized

Delaware		72-0487776
(State of incorporation)		(I.R.S. Employer Identification No.)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.001 par value per share	TDW	New York Stock Exchange
Series A Warrants to purchase shares of common stock	TDW.WS.A	New York Stock Exchange
Series B Warrants to purchase shares of common stock	TDW.WS.B	New York Stock Exchange
Warrants to purchase shares of common stock	TDW.WS	NYSE American
Preferred stock purchase rights	N/A	New York Stock Exchange

Total shares outstanding including warrants and restricted stock units	March 31, 2020		March 31, 2019
Common shares outstanding		40,259,917		37,381,954
New creditor warrants (strike price $0.001 per common share)		821,308		2,070,243
GulfMark creditor warrants (strike price $0.01 per common share)		952,154		2,047,015
Restricted stock units		359,977		210,100
Total		42,393,356		41,709,312

(In thousands)	March 31, 2020		December 31, 2019
Due from related parties:
Sonatide (Angola)	$	94,958	$	89,246
DTDW (Nigeria)		33,246		36,726
		128,204		125,972
Due to related parties:
Sonatide (Angola)	$	30,774	$	31,475
DTDW (Nigeria)		19,239		18,711
		50,013		50,186
Due from related parties, net of due to related parties	$	78,191	$	75,786

		Three Months
		Ended
(In thousands)		March 31, 2020
Due from Sonatide at December 31, 2019	$		89,246
Revenue earned by the company through Sonatide			11,812
Less amounts received from Sonatide			(2,691	)
Less amounts used to offset due to Sonatide obligations (A)			(4,864	)
Other			1,455
Total due from Sonatide at March 31, 2020	$		94,958


(In thousands)
Balance at December 31, 2019	$	70
Cumulative effect adjustment upon adoption of standard	163
Current period provision for expected credit losses	346
Balance at March 31, 2020	$	579

	Lease
(In thousands)	Exit Costs			Severance			Total
Balance at December 31, 2019	$	4,109		$	272		$	4,381
General and administrative costs (credits)		70			(11	)		59
Cash payments		(231	)		(132	)		(363	)
Balance at March 31, 2020	$	3,948		$	129		$	4,077

Exhibit Number		Description

2.1		Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater Inc. and its Affiliated Debtors dated May 11, 2017 (filed with the Commission as Exhibit A to Exhibit T3E.1 to the company’s application for the qualification of indentures on Form T-3 filed on May 12, 2017, File No. 22-29043).

2.2		Disclosure Statement for Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater Inc. and its Affiliated Debtors dated May 11, 2017 (filed with the Commission as Exhibit T3E.1 to the company’s application for the qualification of indentures on Form T-3 filed on May 12, 2017, File No. 22-29043).

2.3		Second Amended Joint Prepackaged Chapter 11 Plan of Tidewater Inc. and Its Affiliated Debtors dated July 13, 2017 (filed with the Commission as Exhibit 2.1 to the company’s current report on Form 8-K filed on July 18, 2017, File No. 1-6311).

2.4		Agreement and Plan of Merger by and between Tidewater Inc. and GulfMark Offshore, Inc., dated as of July 15, 2018 (filed with the Commission as Exhibit 2.1 to the company’s current report on Form 8-K filed on July 16, 2018, File No. 1-6311).

3.1		Amended and Restated Certificate of Incorporation of Tidewater Inc. dated July 31, 2017 (filed with the Commission as Exhibit 3.1 to the company’s current report on Form 8-K filed on July 31, 2017, File No. 1-6311).

3.2		Second Amended and Restated By-Laws of Tidewater Inc. dated November 15, 2018 (filed with the Commission as Exhibit 3.2 to the company’s registration statement on Form 8-A filed on November 15, 2018, File No. 1-6311).

3.3		Certificate of Designations of Series A Junior Participating Preferred Stock of Tidewater Inc. (filed with the Commission as Exhibit 3.1 to the company’s current report on Form 8-K filed on April 14, 2020, File No. 1-6311).

4.1		Indenture for 8.00% Senior Secured Notes due 2022 among Tidewater Inc., each of the Guarantors party thereto, and Wilmington Trust, National Association, as Trustee and Collateral Agent dated as of July 31, 2017 (filed with the Commission as Exhibit 4.1 to the company’s current report on Form 8-K filed on July 31, 2017, File No. 1-6311).

4.2		Tax Benefits Preservation Plan by and between the Company and Computershare Trust Company, N.A., a federally chartered trust company, as Rights Agent, dated as of April 13, 2020, which includes the Form of Certificate of Designations as Exhibit A, Form of Right Certificate as Exhibit B and the Summary of Rights to Purchase Preferred Shares as Exhibit C. (filed with the Commission as Exhibit 3.1 to the company’s current report on Form 8-K filed on April 14, 2020, File No. 1-6311).

10.1		Restructuring Support Agreement, dated May 11, 2017 (filed with the Commission as Schedule 1 to Exhibit A to Exhibit T3E.1 to the company’s application for the qualification of indentures on Form T-3 filed on May 12, 2017, File No. 22-29043).

10.2		Amendment and Restatement Agreement No. 4 to the Troms Facility Agreement, dated May 11, 2017 (filed with the Commission as Exhibit C to Schedule 1 to Exhibit A to Exhibit T3E.1 to the company’s application for the qualification of indentures on Form T-3 filed on May 12, 2017, File No. 22-29043).

10.3		Creditor Warrant Agreement between Tidewater Inc., as Issuer and Computershare Inc. and Computershare Trust Company, N.A., collectively as Warrant Agent dated July 31, 2017 (filed with the Commission as Exhibit 10.1 to the company’s current report on Form 8-K filed on July 31, 2017, File No. 1-6311).

Exhibit Number		Description
10.4		Existing Equity Warrant Agreement between Tidewater Inc., as Issuer and Computershare Inc. and Computershare Trust Company, N.A., collectively as Warrant Agent dated July 31, 2017 (filed with the Commission as Exhibit 10.2 to the company’s current report on Form 8-K filed on July 31, 2017, File No. 1- 6311).

10.5		Equity Warrant Agreement, dated as of November 14, 2017, between GulfMark Offshore, Inc. and American Stock Transfer & Trust Company, LLC, as Warrant Agent (filed with the Commission as Exhibit 4.1 to the company’s registration statement on Form 8-A filed on November 15, 2018, File No. 1-6311).

10.6		Assignment, Assumption and Amendment Agreement, dated as of and effective November 15, 2018, by and among GulfMark Offshore, Inc., Tidewater Inc. and American Stock Transfer & Trust Company, LLC, as Warrant Agent (filed with the Commission as Exhibit 4.2 to the company’s registration statement on Form 8-A filed on November 15, 2018, File No. 1-6311).

10.7		Noteholder Warrant Agreement, dated as of November 14, 2017, between GulfMark Offshore, Inc. and American Stock Transfer & Trust Company, LLC, as Warrant Agent (filed with the Commission as Exhibit 4.1 to the company's current report on Form 8-K filed on November 16, 2018, File No. 1-6311).

10.8		Assignment, Assumption and Amendment Agreement – Jones Act Warrants, dated as of and effective November 15, 2018, by and among GulfMark Offshore, Inc., Tidewater Inc. and American Stock Transfer & Trust Company, LLC, as Warrant Agent (filed with the Commission as Exhibit 4.2 to the company’s current report on Form 8-K filed on November 16, 2018, File No. 1-6311).

10.9^+*		Form of Retention Bonus Program Letter Agreement.

31.1*		Certification of the Chief Executive and Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1**		Certification of the Chief Executive and Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*		Inline XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.

101.SCH*		Inline XBRL Taxonomy Extension Schema.

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase.

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase.

101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase.

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

	TIDEWATER INC.
	(Registrant)

Date: May 11, 2020	/s/ Samuel R. Rubio
	Samuel R. Rubio
	Vice President, Chief Accounting Officer and Controller
	(Principal Accounting Officer and authorized signatory)

Date:	May 11, 2020	/s/ Quintin V. Kneen
		Quintin V. Kneen
		Chief Executive Officer and Chief Financial Officer

Subsequent Event - Additional Information (Detail) - Subsequent Event	Apr. 24, 2020 shares $ / shares	Apr. 13, 2020
Subsequent Event [Line Items]
Rights expiration description		The rights will expire on the earliest of (i) the close of business on April 13, 2023, (ii) the final adjournment of the 2020 annual meeting if the stockholders fail to ratify the Plan at such meeting, (iii) the time at which the rights are redeemed or exchanged, or (iv) the time at which the Board determines that the Tax Attributes are fully utilized, expired, no longer necessary or become limited under Section 382
Series A Junior Participating Preferred Stock
Subsequent Event [Line Items]
Number of shares allowed to purchase for each right \| shares	0.001
Par value of shares allowed to purchase under right
Purchase price of each right	38.00
Price of redemption of each right	$ 0.001
Beneficial Owner
Subsequent Event [Line Items]
Percentage of ownership interest subject to dilution		4.99%
Equity method ownership percentage		4.99%
Percentage of additional ownership interest to be acquired by existing shareholders subject to dilution		0.50%

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	Apr. 30, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	Tidewater Inc.
Entity Central Index Key	0000098222
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		40,282,892
Entity File Number	1-6311
Entity Tax Identification Number	72-0487776
Entity Address, Address Line One	6002 Rogerdale Road
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77072
City Area Code	713
Local Phone Number	470-5300
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Common Stock
Document Information [Line Items]
Trading Symbol	TDW
Security Exchange Name	NYSE
Title of 12(b) Security	Common stock, $0.001 par value per share
Series A Warrants
Document Information [Line Items]
Trading Symbol	TDW.WS.A
Security Exchange Name	NYSE
Title of 12(b) Security	Series A Warrants to purchase shares of common stock
Series B Warrants
Document Information [Line Items]
Trading Symbol	TDW.WS.B
Security Exchange Name	NYSE
Title of 12(b) Security	Series B Warrants to purchase shares of common stock
Warrants to Purchase common stock
Document Information [Line Items]
Trading Symbol	TDW.WS
Security Exchange Name	NYSEAMER
Title of 12(b) Security	Warrants to purchase shares of common stock
Preferred stock purchase rights
Document Information [Line Items]
No Trading Symbol Flag	true
Security Exchange Name	NYSE
Title of 12(b) Security	Preferred stock purchase rights

Stockholders' Equity and Dilutive Equity Instruments - Additional Information (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
In-the-money Warrants and Restricted Stock Awards and Units
Stockholders Equity Note [Line Items]
Incremental "in-the-money" warrants, and restricted stock awards and units	2,133,439	4,327,358
Out-of-the-money Warrants
Stockholders Equity Note [Line Items]
Warrants outstanding	5,923,399	5,923,399
Out-of-the-money Warrants \| Series A Warrants
Stockholders Equity Note [Line Items]
Warrants exercise prices	$ 57.06	$ 57.06
Out-of-the-money Warrants \| Series B Warrants
Stockholders Equity Note [Line Items]
Warrants exercise prices	62.28	62.28
Out-of-the-money Warrants \| GLF Equity Warrants
Stockholders Equity Note [Line Items]
Warrants exercise prices	$ 100.00	$ 100.00

Schedule of Balances with Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Due from related parties:
Total due from related parties	$ 128,204	$ 125,972
Total due from related parties	128,204	125,972
Due to related parties:
Total due to related parties	50,013	50,186
Due from related parties, net of due to related parties	78,191	75,786
Total due to related parties	50,013	50,186
Sonatide Marine, Ltd. \| ANGOLA
Due from related parties:
Total due from related parties	94,958	89,246
Total due from related parties	94,958	89,246
Due to related parties:
Total due to related parties	30,774	31,475
Total due to related parties	30,774	31,475
DTDW Holdings, Ltd. \| NIGERIA
Due from related parties:
Total due from related parties	33,246	36,726
Total due from related parties	33,246	36,726
Due to related parties:
Total due to related parties	19,239	18,711
Total due to related parties	$ 19,239	$ 18,711

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (18,524)	$ (21,286)
Other comprehensive income:
Change in pension plan and supplemental pension plan liability, net of tax of $0 and $0, respectively	369
Total comprehensive loss	$ (18,155)	$ (21,286)

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional paid- in capital	Accumulated deficit	Accumulated other comprehensive income (loss)	Non controlling interest
Balance at Dec. 31, 2018	$ 1,144,923	$ 37	$ 1,352,388	$ (210,783)	$ 2,194	$ 1,087
Total comprehensive loss	(21,286)			(21,731)		445
Issuance of common stock from exercise of warrants	1		1
Amortization/cancellation of restricted stock units	4,047		4,047
Balance at Mar. 31, 2019	1,127,685	37	1,356,436	(232,514)	2,194	1,532
Balance at Dec. 31, 2019	1,016,410	40	1,367,521	(352,526)	(236)	1,611
Total comprehensive loss	(18,155)			(18,445)	369	(79)
Adoption of credit loss accounting standard	(163)			(163)
Amortization of restricted stock units	804		804
Balance at Mar. 31, 2020	$ 998,896	$ 40	$ 1,368,325	$ (371,134)	$ 133	$ 1,532

Summary of Operations in Angola (Detail) $ in Thousands	3 Months Ended
Summary of Operations in Angola (Detail) $ in Thousands	Mar. 31, 2020 USD ($) Vessel	Mar. 31, 2019 USD ($) Vessel
Schedule of Equity Method Investments [Line Items]
Revenues of Angolan operations (in thousands) \| $	$ 116,368	$ 122,149
ANGOLA
Schedule of Equity Method Investments [Line Items]
Revenues of Angolan operations (in thousands) \| $	$ 12,137	$ 15,000
Percent of consolidated vessel revenues	11.00%	13.00%
Number of company owned vessels in Angola \| Vessel	28	35
Number of stacked company owned vessels in Angola \| Vessel	11	14

Summarizes The Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Detail) - Unsatisfied Performance Obligations - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Deferred mobilization revenue				$ 617
Scenario, Forecast
Disaggregation Of Revenue [Line Items]
Deferred mobilization revenue	$ 175	$ 175	$ 267

Summary of Properties and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Vessels and related equipment	$ 1,049,058	$ 1,051,558
Other properties and equipment	15,493	13,119
Properties and equipment, gross	1,064,551	1,064,677
Less accumulated depreciation and amortization	141,572	125,716
Properties and equipment, net	$ 922,979	$ 938,961

Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 1,016,410	$ 1,144,923
Balance	998,896	1,127,685
Pension Benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(236)	2,194
Gains/(losses) recognized in OCI	369	0
Balance	$ 133	$ 2,194

Recently Adopted Accounting Pronouncements - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Accounting Changes And Error Corrections [Abstract]
Reduction in trade and other receivables,net	$ 0.2

Properties and Equipment, Accrued Expenses, Other Current Liabilities and Other Liabilities - Additional Information (Details)	Mar. 31, 2020 Vessel
Properties And Equipment Other Assets Accrued Expenses Other Current Liabilities And Other Liabilities [Abstract]
Number of vessels	170

Schedule of Net Periodic Benefit Costs (Detail) - Pension Benefits - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net Period Benefit Cost Assumptions [Line Items]
Service cost	$ 40	$ 56
Interest cost	225	932
Expected return on plan assets	(36)	(563)
Administrative expenses	23	10
Settlement loss	508
Amortization of net actuarial losses	(44)	72
Net periodic pension cost	$ 716	$ 507

Schedule of Other Liabilities and Deferred Credits (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Deferred Credits and Other Liabilities [Abstract]
Pension liabilities	$ 31,822	$ 32,545
Liability for uncertain tax positions	43,630	48,577
Deferred tax liability	2,571	2,571
Other	13,555	14,704
Other liabilities and deferred credits	$ 91,578	$ 98,397

Asset Dispositions, Asset Held for Sale and Asset Impairments - Additional Information (Detail) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2020 USD ($) Vessel	Dec. 31, 2019 USD ($) Vessel	Mar. 31, 2019 USD ($) Vessel	Dec. 31, 2019 USD ($) Vessel
Long Term Purchase Commitment [Line Items]
Long-lived asset impairments \| $	$ 10,207	$ 26,700
Remaining net book value of assets held for sale \| $	$ 10,200	$ 39,300		$ 39,300
Number of vessels held for sale				46
Number of vessels designated to be scrapped				20
Number of vessels valued under sales agreements	4
Percentage reduction in the value of vessels	10.00%
Stacked and Active Vessels
Long Term Purchase Commitment [Line Items]
Number of vessels stacked		42
Number of vessels sold	8	61	16
Number of vessels designated for sale		4		4
Gains recognized on sale of vessels \| $	$ 5,300		$ 1,300

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	Mar. 31, 2020 USD ($)
Statement Of Cash Flows [Abstract]
Long-term restricted cash included in cash, cash equivalents and restricted cash	$ 3.6

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenues	$ 116,368	$ 122,149
Costs and expenses:
Vessel operating costs	78,825	82,203
Costs of other operating revenues	2,673	764
General and administrative	21,420	27,140
Depreciation and amortization	27,107	22,932
Long-lived asset impairments	10,207
Gain on asset dispositions, net	(5,331)	(1,270)
Total costs and expenses	134,901	131,769
Operating loss	(18,533)	(9,620)
Other income (expense):
Foreign exchange gain (loss)	864	(508)
Equity in net losses of unconsolidated companies		(62)
Interest income and other, net	116	2,470
Interest and other debt costs, net	(6,142)	(7,736)
Total other income (expenses)	(5,162)	(5,836)
Loss before income taxes	(23,695)	(15,456)
Income tax (benefit) expense	(5,171)	5,830
Net loss	(18,524)	(21,286)
Net income (loss) attributable to noncontrolling interests	(79)	445
Net loss attributable to Tidewater Inc.	$ (18,445)	$ (21,731)
Basic loss per common share	$ (0.46)	$ (0.58)
Diluted loss per common share	$ (0.46)	$ (0.58)
Weighted average common shares outstanding	40,101	37,179
Adjusted weighted average common shares	40,101	37,179
Vessel Revenues
Revenues:
Total revenues	$ 111,974	$ 119,662
Other Operating Revenues
Revenues:
Total revenues	$ 4,394	$ 2,487

Revenue Recognition - Additional Information (Detail) $ in Thousands	Mar. 31, 2020 USD ($)
Unsatisfied Performance Obligations
Disaggregation Of Revenue [Line Items]
Deferred mobilization revenue included within other current liabilities	$ 617
Vessel Mobilization
Disaggregation Of Revenue [Line Items]
Deferred costs included within other current assets and other assets	6,100
Vessel Mobilization \| Unsatisfied Performance Obligations
Disaggregation Of Revenue [Line Items]
Deferred mobilization revenue included within other current liabilities	600
Vessel Mobilization \| Other Assets
Disaggregation Of Revenue [Line Items]
Deferred costs included within other current assets and other assets	$ 700

Schedule of Accrued Cost and Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts Payable and Accrued Liabilities Current [Abstract]
Payroll and related payables	$ 15,887	$ 16,351
Accrued vessel expenses	35,404	38,383
Accrued interest expense	4,535	4,570
Other accrued expenses	17,028	14,696
Accrued cost and expenses	$ 72,854	$ 74,000

Summary of Debt Outstanding (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Restricted cash	$ 12,461	$ 5,755
Percentage of net proceeds from asset dispositions	65.00%
Troms Offshore Supply AS
Debt Instrument [Line Items]
Description of frequency of periodic payments on notes	semi-annually
Weighted average interest rate of debt borrowings	5.00%
Troms Offshore Supply AS \| Level 2
Debt Instrument [Line Items]
Fair value of debt outstanding	$ 65,400	$ 72,900
8.00% Senior Secured Notes Due August 2022
Debt Instrument [Line Items]
Debt instrument interest rate	8.00%	8.00%
Debt Instrument Maturity Period	August 2022	August 2022
8.00% Senior Secured Notes Due August 2022 \| Level 2
Debt Instrument [Line Items]
Fair value of debt outstanding	$ 220,900	$ 237,600
Norwegian Kroner Denominated Notes Due May 2024 \| Troms Offshore Supply AS
Debt Instrument [Line Items]
Debt Instrument Maturity Period	May 2024	May 2024
Norwegian Kroner Denominated Notes Due January 2026 \| Troms Offshore Supply AS
Debt Instrument [Line Items]
Debt Instrument Maturity Period	January 2026	January 2026
United States Dollar Denominated Notes Due January 2027 \| Troms Offshore Supply AS
Debt Instrument [Line Items]
Debt Instrument Maturity Period	January 2027	January 2027
United States Dollar Denominated Notes Due April 2027 \| Troms Offshore Supply AS
Debt Instrument [Line Items]
Debt Instrument Maturity Period	April 2027	April 2027

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 187,802	$ 218,290
Restricted cash	12,461	5,755
Trade and other receivables, less allowance for credit losses of $579 as of March 31, 2020 and less allowance for doubtful accounts of $70 as of December 31, 2019.	119,455	110,180
Due from affiliate	128,204	125,972
Marine operating supplies	21,944	21,856
Assets held for sale	26,142	39,287
Prepaid expenses and other current assets	22,185	15,956
Total current assets	518,193	537,296
Net properties and equipment	922,979	938,961
Net deferred drydocking and survey costs	81,981	66,936
Other assets	29,971	36,335
Total assets	1,553,124	1,579,528
Current liabilities:
Accounts payable	30,711	27,501
Accrued costs and expenses	72,854	74,000
Due to affiliates	50,013	50,186
Current portion of long-term debt	9,104	9,890
Other current liabilities	26,953	24,100
Total current liabilities	189,635	185,677
Long-term debt	273,015	279,044
Other liabilities	91,578	98,397
Contingencies (Note 10)
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 40,259,917 and 39,941,327 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	40	40
Additional paid-in capital	1,368,325	1,367,521
Accumulated deficit	(371,134)	(352,526)
Accumulated other comprehensive income (loss)	133	(236)
Total stockholders’ equity	997,364	1,014,799
Noncontrolling interests	1,532	1,611
Total equity	998,896	1,016,410
Total liabilities and equity	$ 1,553,124	$ 1,579,528

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 27, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Net deferred tax assets	$ 101.1		$ 101.3
Valuation allowance	$ 103.3		$ 103.5
Tax benefit		$ 6.9

Comparison of Total Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Segment and Geographic Distribution of Operations [Line Items]
Assets	$ 1,553,124	$ 1,579,528
Operating Segments \| Americas
Segment and Geographic Distribution of Operations [Line Items]
Assets	369,592	375,297
Operating Segments \| Middle East/Asia Pacific
Segment and Geographic Distribution of Operations [Line Items]
Assets	272,426	270,413
Operating Segments \| Europe/Mediterranean
Segment and Geographic Distribution of Operations [Line Items]
Assets	342,394	358,943
Operating Segments \| West Africa
Segment and Geographic Distribution of Operations [Line Items]
Assets	374,040	376,087
Corporate
Segment and Geographic Distribution of Operations [Line Items]
Assets	$ 194,672	$ 198,788

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts		$ 70
Allowance for credit losses	$ 579	$ 70
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	40,259,917	39,941,327
Common stock, shares outstanding	40,259,917	39,941,327