Climate Change Data

Environmental Metrics

ESG Focus Areas

• Health and safety of employees
• Climate and emissions
• Ethical business practices
• Employment
• Environmental impacts
• Energy efficiency
• Sustainability governance
• Data security and privacy
• Diversity
• Local communities of operation
• Sustainable supply chain

Environmental Achievements

• Reduced fuel consumption and related GHG emissions by 5% per active vessel on average in the North Sea fleet compared to 2019 baseline; efficiency gains as high as 13% in some vessels.
• Responsibly recycled 25 vessels.
• Achieved zero lost time injuries in 2020.

Social Achievements

• Achieved lowest recordable incident rate on record, with a TRIR of 0.34 and LTIR of 0.0.
• Signed the Neptune Declaration to mitigate the impact of COVID-19 on seafarers.
• Conducted a global shore-based employee satisfaction survey with above-average completion rate and majority of respondents indicating job satisfaction.

Governance Achievements

• No reported ethics violations involving suppliers in 2020.
• No reported data privacy or security breaches in 2020.
• No reported cyber security breaches in 2020.

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impact on human capital management, particularly for crews on vessels.
• Gender diversity in the maritime sector.
• Establishing GHG emission reduction targets aligned with the Paris Agreement and IMO goals.
• Developing an intensity measure for GHG emissions that accounts for all relevant factors in offshore marine support services.
• Technological and supply chain challenges preventing an immediate shift to alternative fuels.

Mitigation Strategies

• Established new safety protocols and constantly monitored pandemic developments to protect employees.
• Continued efforts to make Tidewater safe and inviting for people of all genders and backgrounds.
• Developing GHG emission reduction targets aligned with the Paris Agreement and IMO goals.
• Investigating options for developing an intensity measure for GHG emissions.
• Investigating current, hybrid, and alternative energy sources and their implementation on vessels; investing in hybrid propulsion, onshore power capability, and digital monitoring and control systems.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Code of Conduct for Suppliers includes clauses regarding anti-bribery and corruption, environmental standards, and fair employment practices.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather and knock-on effects
• Disruption to operations

Transition Risks

• Carbon costs and increasing regulation
• Impacts of speed of regulatory shift on business planning

Opportunities

• Becoming the recognized low/no carbon supplier of choice
• Access to green debt and lowering of cost of capital

Reporting Standards

Frameworks Used: GRI Standards (core option), SASB Marine Transportation Standard (2018), TCFD recommendations

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• SDG 13 (Climate Action), SDG 14 (Life Below Water)

Emission reduction efforts contribute to SDG 13; environmental protection efforts contribute to SDG 14.

Sustainable Products & Innovation

• Developing next generation of specialized low- and no-carbon marine support vessels.

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate and Emissions
• Health, Safety and Well-being
• Diversity
• Ethical Business Practices
• Environmental Impacts
• Energy Efficiency
• Sustainability Governance
• Data Security and Privacy
• Local Communities of Operation
• Sustainable Supply Chain

Environmental Achievements

• Reduced gross GHG emissions by 20% to 576,752 metric tons of CO2-e in 2021 (compared to 721,478 in 2020). This was due to a smaller active fleet and a larger mix of more modern and efficient vessels.
• Upgraded one vessel with hybrid power and two vessels with shore power capabilities in 2021.
• Recycled two vessels in 2021 in accordance with applicable laws and regulations.

Social Achievements

• Achieved a total recordable incident rate (TRIR) of 0.67, a lost-time incident rate (LTIR) of 0.07, and no work-related fatalities in 2021.
• Implemented initiatives to improve the safety and well-being of personnel, including targeted safety campaigns and technology enhancements.
• Launched a new global information management system to centralize processes and procedures.

Governance Achievements

• Completed an objective analysis of existing company policies and developed several new policies (Sustainability Policy, Diversity Policy, Human Rights Policy, Personnel Policy, Ship Recycling Policy).
• 256 shore-based employees completed anti-corruption training in 2021.
• Formed a dedicated Environmental, Social and Governance Committee (ESG) board committee in Q1 2022.

Climate Goals & Targets

Environmental Challenges

• The pace of change in addressing climate change.
• Gender diversity in the maritime sector.
• Developing an appropriate intensity measure for GHG emissions.
• Uncertainty regarding alternative fuels, technology, storage, availability, cost, and refueling infrastructure.
• Clients specifying fuel type and operational directions, limiting operational efficiency.

Mitigation Strategies

• Actively managing climate change risks throughout the vessel lifecycle.
• Investing in data capture, analysis, and reporting systems to make data-driven decisions.
• Partnering with clients to identify opportunities for operational efficiencies to reduce emissions.
• Evaluating potential alternative fuels.
• Implementing hybrid and shore power technology upgrades on vessels.
• Developing a digital sustainability data capture, analysis, and reporting tool in 2022.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Code of Conduct for Suppliers includes terms and conditions regarding anti-bribery and corruption, environmental standards, and fair employment practices.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather and knock-on effects
• Disruption to operations

Transition Risks

• Carbon costs and increasing regulation
• Impacts of speed of regulatory shift

Opportunities

• Becoming the recognized low/no carbon supplier of choice
• Access to green debt and lowering of cost of capital
• Repositioning for provision of green energy services

Reporting Standards

Frameworks Used: GRI Standards (core option), SASB Marine Transportation Standard, TCFD

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate Change Mitigation
• Biodiversity
• Supply Chain
• Employee Welfare
• Human Rights
• Diversity
• Human Capital
• Security and Protection
• Local Impact
• Anti-corruption and Ethical Business
• Cybersecurity
• Partnerships and Innovation

Environmental Achievements

• Prioritized accuracy of emissions tracking through installation of fuel monitoring systems.
• Battery installation on the Hart Tide (completed) and planned for the North Pomor (2023), bringing total hybrid vessel count to six.
• Feasibility studies on alternative fuels conducted in Norway.
• Fuel additive testing on a PSV operating in the U.S. Gulf of Mexico.
• Transitioning to LED lights on vessels in several operating regions.
• Continued installation and reactivation of fuel monitoring systems to improve operational efficiency.
• Two vessels recycled in 2022.

Social Achievements

• Zero hazardous material handling incidents in 2022.
• Zero ballast water discharge incidents in 2022.
• No reported incidents related to vessel operation in marine protected areas in 2022.
• Successfully completed three search and rescue operations.
• Awarded the Outstanding Contribution to Search and Rescue Efforts award by the Maritime and Port Authority of Singapore.

Governance Achievements

• Formation of a standalone Environmental, Social, and Governance Committee by the Board of Directors.
• 100% of employees completed annual online compliance training, including anti-bribery and FCPA training.
• Deployment of endpoint detection and response on all IT endpoints.
• Institution of a 24/7 security operations center.
• Migration to 100% cloud-based infrastructure.
• Decommissioning of legacy systems considered high risk.
• Testing of system resiliency through engagement of third-party expert hackers.

Climate Goals & Targets

Environmental Challenges

• Complexity of carbon reduction due to lack of cohesive technology, collaborative efforts, and regulatory initiatives.
• Challenges in measuring GHG emissions per vessel and location due to customer-driven operations.
• Managing accidental spills of oil and other substances.
• Impacts on marine ecosystems from vessel operations.
• Waste management on vessels and at shoreside locations.
• Minimizing the impact of supply chain activities on emissions.
• Maintaining safe operations and a safe workplace.

Mitigation Strategies

• Improved policies, procedures, and crew training to reduce spill risks.
• Compliance with local and international maritime regulations to minimize impacts on marine ecosystems.
• Installation of vibration monitoring systems on vessels.
• Waste reduction initiatives on shore and on vessels.
• Responsible recycling of vessels.
• Encouraging collaborators to monitor their emissions.
• Task-based risk assessment procedure to identify and control hazards and risks.
• Global hotline for reporting safety concerns.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Code of Conduct for Suppliers
• Anti-corruption policies

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather and knock-on effects
• Disruption to operations

Transition Risks

• Carbon costs and increasing regulation
• Impacts of speed of regulatory shift
• Changing customer requirements

Opportunities

• Becoming the recognized low/no carbon supplier
• Access to green debt
• Repositioning for provision of green energy services
• Access to new green activity markets

Reporting Standards

Frameworks Used: GRI Standards, SASB Marine Transportation Standard, TCFD

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Hybrid vessel upgrades

Awards & Recognition

• OSJ Industry Leader award
• Outstanding Contribution to Search and Rescue Efforts award

Environmental Metrics

ESG Focus Areas

• Climate Change
• Biodiversity
• Supply Chain
• Health and Safety
• Employee Well-being
• Human Rights
• Diversity, Equity and Inclusion
• Anti-corruption and Ethics
• Data Privacy and Cybersecurity

Environmental Achievements

• Reduced GHG emissions (Scope 1: 1,074,336 t CO2e in 2023 vs 860,594 t CO2e in 2022; Scope 2 (location-based): 1,089 t CO2e in 2023 vs 1,465 t CO2e in 2022; Scope 2 (market-based): 3,364 t CO2e in 2023 vs 2,779 t CO2e in 2022)
• Installed 18 ballast water treatment systems in 2023
• Installed vibration monitoring systems on over 13 vessels
• Recycled one vessel in 2023
• Initiated a zero-plastic campaign at corporate headquarters

Social Achievements

• Launched Wellness at Sea program for seafarer mental well-being
• Hosted Family Day for Asia Pacific employees and families
• Launched Get Home Safe art competition to promote workplace safety
• Maintained MLC certifications on all vessels

Governance Achievements

• Established a Safety & Sustainability Committee to oversee ESG efforts
• Improved data collection systems and processes in preparation for SEC climate disclosure rules
• Engaged a third party to prepare for potential SEC requirements and CSRD

Climate Goals & Targets

Environmental Challenges

• Reducing carbon emissions in line with IMO targets and Paris Agreement
• Managing accidental spills and their environmental impact
• Minimizing impacts on marine ecosystems
• Effectively managing waste generated from operations
• Ensuring responsible ship recycling
• Maintaining a safe working environment in challenging offshore conditions
• Addressing cybersecurity risks and threats

Mitigation Strategies

• Investing in hybrid battery technology (17 hybrid vessels in fleet)
• Implementing advanced fuel monitoring systems
• Enhancing policies, procedures, and crew training for spill prevention
• Installing waste management systems on vessels
• Adhering to MARPOL Annex V regulations for waste disposal
• Implementing a comprehensive Safety Management System (SMS)
• Developing a cybersecurity risk management program
• Conducting regular security assessments and risk analyses

Supply Chain Management

Supplier Audits: Annual certifications of compliance from suppliers and partners

Responsible Procurement

• Code of Conduct for Suppliers
• No Facilitation Payment Policy

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather
• Disruption to operations

Transition Risks

• Carbon costs
• Increasing regulation
• Changing customer requirements

Opportunities

• Becoming the recognized low/no carbon supplier
• Access to green debt
• Repositioning for provision of green energy services

Reporting Standards

Frameworks Used: GRI Standards (2021), SASB Marine Transportation Standard (2018), TCFD

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Goal 13

Commitment to reducing GHG emissions aligns with UN SDG Goal 13 (Climate Action)

Sustainable Products & Innovation

• Hybrid battery technology

Awards & Recognition

• Not disclosed