Tidewater Inc. (NYSE:TDW) Q4 2022 Earnings Conference Call February 28, 2023 9:00 AM ET

Company Participants

West Gotcher - Vice President of Finance, Investor Relations

Quintin Kneen - President & Chief Executive Officer

Piers Middleton - Vice President Sales & Marketing

Sam Rubio - Chief Financial Officer

Conference Call Participants

Hans Lund - Clarksons

Ina Golikja - Fearnley Securities

Operator

Thank you for standing by. At this time, I would like to welcome everyone to the Tidewater Inc's Q4 2022 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be question-and-answer session. [Operator Instructions]

West Gotcher, Vice President of Finance and Investor Relations. You may begin your conference.

West Gotcher

Thank you, Cheryl. Good morning, everyone, and welcome to Tidewater's Full Year and Q4 2022 Earnings Conference Call. I'm joined on the call this morning by our President and CEO, Quintin Kneen; our Chief Financial Officer, Sam Rubio; and our Vice President of Sales and Marketing, Piers Middleton.

During today's call, we'll make certain statements that are forward-looking and referring to our plans and expectations. There are risks and uncertainties and other factors that may cause the company's actual performance to be materially different from that stated or implied by any comment that we make during today's conference call. Please refer to our most recent Form 10-K for additional details on these factors. These documents are available on our website at cdw.com or through the SEC at sec.gov.

Information presented on this call speaks only as of today, February 28, 2023. Therefore, you're advised that any time-sensitive information may no longer be accurate at the time of any replay.

Also during the call, we'll present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures can be found on our website at tdw.com and is included in yesterday's press release.

And now with that, I'll turn the call over to Quintin.

Quintin Kneen

Thank you, Wes. Good morning, everyone, and welcome to the fourth quarter 2022 Tidewater earnings conference call. I'd like to start today's call by reflecting on the difference that a year can make in our industry and the improvements in our business during the course of 2022.

2022 marked the long awaited inflection point in the offshore vessel market. Our revenue increased nearly 75% compared to 2021, driven by a major acquisition, but also a significant rise in average day rates. Average day rates improved over $2,400 per day for the full year, a pace of improvement we have not seen during the past 20 years, and we expect that 2023 will reflect a full year improvement of over $3,000 per day.