Tidewater sank deeper into the red after absorbing hefty impairment costs.
The John Rynd-led company posted a $90.5m net loss versus a $23.6m deficit a year earlier.
The latest negative result included a $20.1m impairment from Gulfmark and another $36.9m wallop related to old assets.
The Houston-based company acquired Gulfmark in November, creating the world's largest OSV player with 375 vessels.
