Tidewater Inc. Files 2023 10-K Report

TL;DR

<b>Tidewater Inc. filed its 2023 10-K, reporting significant assets and net income, alongside details on liabilities related to acquired vessels and tax positions.</b>

AI Summary

TIDEWATER INC (TDGMW) filed a Annual Report (10-K) with the SEC on February 29, 2024. Tidewater Inc. reported total assets of $15,914 million for the fiscal year ended December 31, 2023. The company's net income for the fiscal year ended December 31, 2023, was $14,060 million. Outstanding warrants at the end of the period for years ended December 31, 2023, 2022, and 2021 were 861, 5,923, and 5,923 shares, respectively. Current and long-term liabilities related to certain existing charter contracts accompanying acquired Solstad Vessels are below current market rates and will be amortized into revenue. The gross balance reported as uncertain tax positions is largely offset by $157.7 million of foreign tax credits and other tax attributes.

Why It Matters

For investors and stakeholders tracking TIDEWATER INC, this filing contains several important signals. The filing provides a detailed financial snapshot of Tidewater Inc. for the fiscal year 2023, including asset and income figures, which are crucial for investors assessing the company's financial health and performance. Disclosure of liabilities associated with acquired Solstad Vessels and the offset of uncertain tax positions by substantial tax credits offers insight into potential financial risks and benefits.

Risk Assessment

Risk Level: medium — TIDEWATER INC shows moderate risk based on this filing. The company has current and long-term liabilities related to certain existing charter contracts accompanying acquired Solstad Vessels that are below current market rates, which could impact future profitability if market rates do not improve or if these contracts are not renegotiated.

Analyst Insight

Investors should closely examine the amortization schedule of liabilities related to acquired Solstad Vessels and the potential impact of uncertain tax positions on future earnings.

Financial Highlights

revenue

15,914

total Assets

15,914

net Income

14,060

Key Numbers

• 15,914 — Total Assets (For the fiscal year ended December 31, 2023)
• 14,060 — Net Income (For the fiscal year ended December 31, 2023)
• 861 — Outstanding Warrants (As of December 31, 2023)
• 5,923 — Outstanding Warrants (As of December 31, 2022)
• 5,923 — Outstanding Warrants (As of December 31, 2021)
• 157.7 — Million in Foreign Tax Credits (Offsetting uncertain tax positions)
• 1.3 — Million for Lubricants (Included in working capital adjustment)

Key Players & Entities

• TIDEWATER INC (company) — FILER
• Solstad Vessels (company) — acquired Solstad Vessels
• Swire Pacific Offshore Holdings Ltd (company) — tdw:SwirePacificOffshoreHoldingsLtdMember

FAQ

Risk Factors

• Liabilities Related to Acquired Vessels [medium — financial]: Current and long-term liabilities related to certain existing charter contracts accompanying the acquired Solstad Vessels are below current market rates and will be amortized into revenue over the life of the related contracts.
• Uncertain Tax Positions [low — financial]: The gross balance reported as uncertain tax positions is largely offset by $157.7 million of foreign tax credits and other tax attributes.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date Tidewater Inc. filed its 10-K report.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share TDW New York St
• $55.44 — orted on the New York Stock Exchange of $55.44 per share. As of February 15, 2024, 52
• $215.5 m — d (Banyan) for a total consideration of $215.5 million, consisting of (i) $61.6 million
• $61.6 million — on of $215.5 million, consisting of (i) $61.6 million in cash paid at closing less a subseque
• $8.8 million — closing less a subsequent receipt of an $8.8 million post-closing working capital refund; an
• $1.4 million — t we allow them to settle approximately $1.4 million in indemnified liabilities by surrender
• $17.85 — ing an offering for 4,048,000 shares at $17.85 per share completed on August 12, 2022,
• $30.25 — and an offering for 3,987,914 shares at $30.25 per share completed on November 10, 202
• $187.8 million — ceeds (after expenses) of approximately $187.8 million that we used to redeem 8,035,914 SPO Ac
• $594.2 m — te cash purchase price of approximately $594.2 million, consisting of the $577.0 million
• $577.0 million — ately $594.2 million, consisting of the $577.0 million base purchase price plus an initial $3.
• $3.0 million — ion base purchase price plus an initial $3.0 million purchase price adjustment; $3.2 million
• $3.2 million — $3.0 million purchase price adjustment; $3.2 million for working capital items comprised of
• $11.0 million — s comprised of fuel and lubricants; and $11.0 million in estimated transaction costs, consist
• $57.06 — s A Warrants, with an exercise price of $57.06 and Series B Warrants, with an exercise

Filing Documents

• tdw20231231_10k.htm (10-K) — 3366KB
• ex_594965.htm (EX-4.1) — 25KB
• ex_594966.htm (EX-21) — 125KB
• ex_594967.htm (EX-23.1) — 2KB
• ex_594969.htm (EX-31.1) — 13KB
• ex_594970.htm (EX-31.2) — 13KB
• ex_594971.htm (EX-32.1) — 7KB
• ex_594972.htm (EX-32.2) — 7KB
• ex_629768.htm (EX-97) — 29KB
• grph01.jpg (GRAPHIC) — 70KB
• logo01.jpg (GRAPHIC) — 6KB
• tidewater.jpg (GRAPHIC) — 5KB
• 0001437749-24-006108.txt (&nbsp;) — 14889KB
• tdw-20231231.xsd (EX-101.SCH) — 119KB
• tdw-20231231_cal.xml (EX-101.CAL) — 103KB
• tdw-20231231_def.xml (EX-101.DEF) — 750KB
• tdw-20231231_lab.xml (EX-101.LAB) — 717KB
• tdw-20231231_pre.xml (EX-101.PRE) — 804KB
• tdw20231231_10k_htm.xml (XML) — 2666KB

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 16 ITEM 1B. UNRESOLVED STAFF COMMENTS 35 ITEM 1C. CYBERSECURITY 33 ITEM 2.

PROPERTIES

PROPERTIES 36 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 36 ITEM 4. MINE SAFETY DISCLOSURES 36 PART II 36 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 36 ITEM 6. [RESERVED] 38 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 39 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 65 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 66 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 117 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 117 MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING 117 ITEM 9B. OTHER INFORMATION 118 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 118 PART III 119 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 119 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 119 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 119 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 119 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 119 PART IV 120 ITEM 15. EXHIBITS 120 ITEM 16. FORM 10-K SUMMARY 125 3 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS Unless otherwise required by the context, the terms "we", "us", "our" and "the company" as used herein refer to Tidewater Inc. and its consolidated subsidiaries and predecessors. About Tidewater We were incorporated in 1956 and for over 65 years, we have provided marine and transportation services to the global offshore energy industry. Our mission includes providing services to our customers with the highest level of operational performance, while complying with all laws and regulations, respecting the environment and local communities in which we work and ensuring the safety of our people. We offer a large, diversified fleet of offshore service vessels (OSV or vessels), with 217 vessels serving customers in over 30 countries as of December 31, 2023. We believe our global operating footprint allows us to react quickly to changing local market conditions and to be responsive to the changing requirements of our customers. We manage our operations through the following five geographically aligned reporting segments: Americas Asia Pacific Middle East Europe/Mediterranean West Africa Each reporting segment is overseen by a managing director, who is a senior company executive reporting directly to our Chief Executive Officer, the chief operating decision maker. Our vessels routinely move between geographic regions as our customers complete projects and new projects arise. We conduct our business through domestic and international subsidiaries, as well as through joint ventures that we may or may not control (generally where required to satisfy local ownership or local content requirements). Our vessels and associated services support all phases of offshore crude oil and natural gas (also referred to as oil and gas) exploration activities, field development, production and maintenance, as well as windfarm development and maintenance. Our services include towing of, and anchor handling for, mobile offshore drilling units; transporting supplie

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View this 10-K filing on SEC EDGAR