Hello, and welcome to the Tidewater Fourth Quarter 2021 Earnings Call and Swire Pacific Offshore acquisition announcement. My name is Alex, and I'll be coordinating the call today. [Operator Instructions] I will now hand over to your host, West Gotcher, Vice President of Finance and Investor Relations. Over to you, West. West Gotcher;Vice President of Finance and Investor Relations: Thank you, Alex. Good morning, everyone, and welcome to Tidewater's earnings conference call for the 3 months ended December 31, 2021, and also the Swire Pacific Offshore acquisition announcement. I'm joined on the call this morning by our President and CEO, Quintin Kneen; our Chief Financial Officer, Sam Rubio; our General Counsel and Corporate Secretary, Daniel Hudson; 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-Q for additional details on these factors. This document is available on our website at tdw.com or through the SEC at sec.gov. Information presented on this call speaks only as of today, March 9, 2022. 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 measures is included in yesterday's press release. And now with that, I'll turn the call over to Quintin.

Thank you, West. Good morning, everyone, and welcome to the Fourth Quarter 2021 Tidewater Earnings Conference Call. Today's call will be slightly different as in addition to catching you up on the quarter, we will update you on the business combination we announced simultaneously with the earnings release. We've also added a slide deck to go along with the press releases to help us present the synergy potential in this transaction as well as provide some additional information on the deal. It was linked to the press release and it's visible to those listening via webcast. Thank you for accommodating this last-minute conference call and for the releasing of 2 press releases in the wee hours of the night, but we had to find a time that didn't interfere with the NYSE or Hong Kong stock exchanges. As you can appreciate, deals come together when they come together. Also, Sam's been holding on to the earnings release for over a week. So we figure it the best just to get all the information out to you in one fell swoop. So thank you, and here it goes. I'm pleased to say that this has been another solid quarter for Tidewater and a busy quarter as we had several transactions and events since we last spoke. In addition to the solid quarter, we closed on the debt refinancing that we mentioned on the third quarter earnings conference call. We terminated early the tax benefits preservation plan. We bought out our joint venture partner in Angola, and we announced last night we're entering into a definitive agreement to acquire the 51-vessel fleet of Swire Pacific Offshore. Revenue surprised to the upside in the fourth quarter. Revenue was just over $105 million for the quarter, up 14% from the third quarter. The increase…

Thank you, Quintin, and good morning, everyone. Before Sam goes through our numbers in greater detail, I wanted to talk through some of the things we set out to do in 2021 and then we start to see bear fruits in Q4 and what we see happening as we go into 2022 and a little on how we see the Swire-Tidewater combination being able to take advantage of the improving market we are currently in. 2021 was a year of transition for both us and the industry as we came out of a very tough 2020. And so throughout 2021, we talked about discipline as a key commercial tenet for our teams around the world. Discipline on rates, discipline on reactivations, discipline on utilization and discipline on contract term. We felt that as a market leader in the industry, we had and have a responsibility to lead the market in all 4 of these areas and set out our story clearly to take advantage of what we see as an improving market in 2022 and 2023 and beyond. On day rates, as Quintin mentioned, we saw incremental improvement quarter-over-quarter, culminating in a strong revenue bump in Q4. Every region contributed but where we have really been able to start pushing rates is with our global approach to our large deck PSV fleet. We anticipated increased global demand for Q4 and into 2022, and we're able to be disciplined about reactivating the majority of our remaining large PSVs to meet that demand at the right time which has meant that we've been able to bring more vessels back into the fleet in Q4 but still increase active utilization by 1% compared to Q3 in 2021. One of the important milestones for Q4 was to get certain customers to start paying full…

Thank you, Piers, and good morning, everyone. At this time, I would like to take you through our financial results and discuss some key points that make up these results. My discussion will focus primarily on the quarter-to-quarter results of the fourth quarter of 2021 compared to the third quarter of 2021. As previously mentioned by Quintin, we recently announced the entering of a definitive agreement to acquire Swire Pacific Offshore fleet. So I will also provide a bit more detail about the acquisition later on the call. As noted on our press release filed this morning, we reported a net loss for the quarter of $37.9 million or $0.92 per share. From an operational perspective, we once again showed steady signs of improvement quarter-over-quarter. Our revenue for the fourth quarter of 2021 was $105.2 million, this was $12.8 million or approximately 14% increase from the third quarter of 2021. The increase was driven mainly by capacity increase as we added 6 vessels for our active vessel count in the quarter. In addition, we did see an increase in active utilization of 82.4% compared to 81.6% in the previous quarter. We also saw our average day rate increase 3% to $10,583 per day in the fourth quarter from $10,288 per day in the third quarter. Overall, gross margin for the quarter increased nicely to 32%, up from 29% in Q3. Vessel operating costs for the quarter was $71.2 million, an increase of $5.8 million from Q3. The increase in overall cost is mainly due to operating 6 more vessels and the continued reactivation costs associated with these vessels. Reactivation costs for the quarter was approximately $1.3 million. In the fourth quarter of 2021, we recorded a $13.5 million impairment charge as we moved 5 vessels into our asset held for…

Thank you, Sam. Our objective is to generate continuously increasing free cash flow by positioning our vessels geographically to obtain the highest possible day rates, operate them at the most optimal operating cost per vessel and to do this at the lowest G&A cost per vessel. We're doing this while carefully minding the capital expenditure and working capital investments. These objectives are simply stated. But achieving them requires innovative technology, agile change management and strong financial discipline. The company is free cash flow positive, and our objectives and compensation plans are all geared to increasing free cash flow. And with that, Alex, we will open it up for questions.

[Operator Instructions] We currently have no questions. So I will hand back to Quintin for any closing remarks.

Wonderful. Thank you, Alex. Everyone, thank you for the impromptu conference call. We appreciate you listening in. If you have any questions, please reach out to myself, Sam or West, with any. Take care. See you in May. Goodbye.

Thank you all for joining. You may now disconnect.