TIDEWATER INC - FORM 8-K - EX-99.1 - PRESS RELEASE

Attached files

file	filename
8-K - FORM 8-K - TIDEWATER INC	d435512d8k.htm

Exhibit 99.1

LOGO

Press Release

TIDEWATER INC. • Pan-American Life Center • 601 Poydras Street, Suite 1900 • New Orleans, LA 70130 • Telephone (504) 568-1010 • Fax (504) 566-4582

Tidewater Reports Second Quarter Results For Fiscal 2013

NEW ORLEANS, LA. November 6, 2012 — Tidewater Inc. (NYSE:TDW) announced today second quarter earnings for the period ended September 30, 2012, of $41.4 million, or $0.83 per share, on revenues of $311.9 million, which includes approximately $7.4 million of vessel revenue associated with retroactive rate increases agreed to during the current quarter, but related to the period from January 1, 2012 through June 30, 2012. For the same quarter last year, a net loss of $4.9 million was reported, or $0.10 per share, on revenues of $250.9 million. The immediately preceding quarter ended June 30, 2012, had net earnings of $32.9 million, or $0.65 per common share, on revenues of $294.4 million.

Included in the prior fiscal year second quarter’s net loss is a non-cash goodwill impairment charge of $30.9 million ($22.1 million after tax, or $0.43 per share), resulting from the Company’s decision to change its reportable segments during the September 2011 quarter. Following the change in reportable segments from International and United States to Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe, the Company performed an interim goodwill impairment assessment which resulted in the non-cash goodwill impairment charge in the September 2011 quarter.

As previously announced, Tidewater will hold a conference call to discuss September quarterly earnings on Tuesday, November 6, 2012, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-388-7493 if calling from the U.S. or Canada (1-706-679-8348 if calling from outside the U.S.) and ask for the “Tidewater” call just prior to the scheduled start. A replay of the conference call will be available beginning at 12:00 p.m. Central time on November 6, 2012, and will continue until 11:59 p.m. Central time on November 8, 2012. To hear the replay, call 1-855-859-2056 (1-404-537-3406 if calling from outside the U.S.). The conference call ID number is 46741266.

A simultaneous webcast of the conference call will be accessible online at the Tidewater Inc. website, (http://www.tdw.com). The online replay will be available until December 6, 2012.

Tidewater is the leading provider of larger Offshore Service Vessels (OSVs) to the global energy industry.

Note: all per-share amounts are stated on a diluted basis.

CONTACT: Tidewater Inc., New Orleans

Joe Bennett, Executive Vice President and Chief Investor Relations Officer

504-566-4506

SOURCE: Tidewater Inc.

Financial information is displayed on the next page.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

(In thousands, except share and per share data)


	Quarter Ended September 30,					Six Months Ended September 30,
	2012			2011		2012			2011
Revenues:
Vessel revenues	$	309,822			248,412		599,916			501,727
Other marine revenues		2,096			2,482		6,450			3,774
		311,918			250,894		606,366			505,501
Costs and expenses:
Vessel operating costs		177,055			161,290		342,883			313,592
Costs of other marine revenues		1,585			2,031		5,108			3,262
Depreciation and amortization		36,047			33,807		71,831			67,556
Goodwill impairment		—			30,932		—			30,932
General and administrative		41,867			37,773		82,531			75,354
Gain on asset dispositions, net		(1,833	)		(9,458)		(2,671	)		(11,175)
		254,721			256,375		499,682			479,521
Operating income (loss)		57,197			(5,481)		106,684			25,980
Other income (expenses):
Foreign exchange gain (loss)		529			1,659		(1,222	)		2,473
Equity in net earnings of unconsolidated companies		3,357			3,456		5,720			5,945
Interest income and other, net		1,128			766		1,847			1,956
Interest and other debt costs		(7,148	)		(4,766)		(14,735	)		(8,827)
		(2,134	)		1,115		(8,390	)		1,547
Earnings (loss) before income taxes		55,063			(4,366)		98,294			27,527
Income tax expense		13,707			510		24,082			7,845
Net earnings (loss)	$	41,356			(4,876)		74,212			19,682

Basic earnings (loss) per common share	$	0.84			(0.10)		1.49			0.38

Diluted earnings (loss) per common share	$	0.83			(0.10)		1.48			0.38
Weighted average common shares outstanding		49,392,973			51,296,924		49,792,212			51,287,644
Dilutive effect of stock options and restricted stock		232,097			—		214,291			—
Adjusted weighted average common shares		49,625,070			51,296,924		50,006,503			51,287,644

Cash dividends declared per common share	$	0.25			0.25		0.50			0.50

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)


	September 30,			March 31,
ASSETS		2012			2012
Current assets:
Cash and cash equivalents	$	136,729			320,710
Trade and other receivables, net		333,284			309,468
Marine operating supplies		56,131			53,850
Other current assets		15,637			10,072
Total current assets		541,781			694,100
Investments in, at equity, and advances to unconsolidated companies		50,108			46,077
Properties and equipment:
Vessels and related equipment		4,063,067			3,952,468
Other properties and equipment		93,893			93,107
		4,156,960			4,045,575
Less accumulated depreciation and amortization		1,144,937			1,139,810
Net properties and equipment		3,012,023			2,905,765
Goodwill		297,822			297,822
Other assets		120,354			117,854
Total assets	$	4,022,088			4,061,618

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		89,560			74,115
Accrued expenses		144,446			134,953
Accrued property and liability losses		3,395			3,636
Other current liabilities		26,040			26,225
Total current liabilities		263,441			238,929
Long-term debt		890,000			950,000
Deferred income taxes		214,515			214,627
Accrued property and liability losses		3,436			3,150
Other liabilities and deferred credits		130,419			128,555

Commitments and Contingencies

Stockholders’ equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,823,682 shares at September 30, 2012 and 51,250,995 shares at March 31, 2012		4,982			5,125
Additional paid-in capital		112,606			102,726
Retained earnings		2,421,991			2,437,836
Accumulated other comprehensive loss		(19,302	)		(19,330)
Total stockholders’ equity		2,520,277			2,526,357
Total liabilities and stockholders' equity	$	4,022,088			4,061,618

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)


	Quarter Ended				Six Months Ended
	September 30,				September 30,
	2012		2011		2012			2012
Net earnings	$	41,356		(4,876)		74,212			19,682
Other comprehensive income/(loss):
Unrealized gains/(losses) on available-for-sale securities		419		(980)		(205	)		(1,001)
Amortization of loss on derivative contract		117		117		233			233
Total comprehensive income	$	41,892		(5,739)		74,240			18,914

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)


	Six Months Ended September 30,
	2012		2011

Operating activities:
Net earnings	$	74,212		19,682
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		71,831		67,556
Provision (benefit) for deferred income taxes		(4,372)		(20,819)
Gain on asset dispositions, net		(2,671)		(11,175)
Goodwill impairment		—		30,932
Equity in earnings of unconsolidated companies, net of dividends		(4,031)		629
Compensation expense - stock-based		10,320		4,944
Excess tax benefits on stock options exercised		(95)		(124)
Changes in assets and liabilities, net:
Trade and other receivables		(20,707)		(15,008)
Marine operating supplies		(2,281)		(2,769)
Other current assets		(5,565)		(4,653)
Accounts payable		16,195		(1,751)
Accrued expenses		6,176		8,204
Accrued property and liability losses		(241)		(21)
Other current liabilities		1,134		7,272
Other liabilities and deferred credits		3,508		2,639
Other, net		2,846		1,644
Net cash provided by operating activities		146,259		87,182
Cash flows from investing activities:
Proceeds from sales of assets		9,977		23,392
Additions to properties and equipment		(189,826)		(155,058)
Other		(1,338)		1,224
Net cash used in investing activities		(181,187)		(130,442)
Cash flows from financing activities:
Principal payments on debt		(60,000)		(40,000)
Debt borrowings		—		165,000
Debt issuance costs		—		(234)
Proceeds from exercise of stock options		938		725
Cash dividends		(25,058)		(25,889)
Excess tax benefits on stock options exercised		95		124
Stock repurchases		(65,028)		—
Net cash (used in) provided by financing activities		(149,053)		99,726
Net change in cash and cash equivalents		(183,981)		56,466
Cash and cash equivalents at beginning of period		320,710		245,720
Cash and cash equivalents at end of period	$	136,729		302,186
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	19,259		19,605
Income taxes	$	27,075		24,444
Non-cash investing activities:
Additions to properties and equipment	$	6,724		11,833

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands)


	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss			Total
Balance at March 31, 2012	$	5,125		102,726		2,437,836		(19,330)			2,526,357
Total comprehensive income		—		—		74,212		28			74,240
Stock option activity		3		2,148		—		—			2,151
Cash dividends declared		—		—		(25,169)		—			(25,169)
Retirement of common stock		(140)		—		(64,888)		—			(65,028)
Amortization/cancellation of restricted stock units		—		3,867		—		—			3,867
Amortization/cancellation of restricted stock		(6)		3,865		—		—			3,859
Balance at September 30, 2012	$	4,982		112,606		2,421,991		(19,302)			2,520,277

Balance at March 31, 2011	$	5,188		90,204		2,436,736		(18,184)			2,513,944
Total comprehensive income		—		—		19,682		(768)			18,914
Issuance of restricted stock		2		—		—		—			2
Stock option activity		—		2,882		—		—			2,882
Cash dividends declared		—		—		(25,944)		—			(25,944)
Amortization/cancellation of restricted stock		—		2,762		—		—			2,762
Balance at September 30, 2011	$	5,190		95,848		2,430,474		(18,952	)		2,512,560

The company’s vessel revenues and vessel operating expenses and the related percentage of total vessel revenues for the quarters and the six-month periods ended September 30, 2012 and 2011 and for the quarter ended June 30, 2012, were as follows:


		Quarter Ended September 30,								Six Months Ended September 30,								Quarter Ended June 30,
(In thousands)		2012		%		2011		%		2012		%		2011		%		2012		%
Vessel revenues:
Americas	$		82,316		27%		81,892		33%		159,966		27%		162,569		32%		77,650		27%
Asia/Pacific			45,738		15%		29,127		12%		97,480		16%		64,626		13%		51,742		18%
Middle East/N. Africa			32,051		10%		24,810		10%		64,501		11%		50,867		10%		32,450		11%
Sub-Saharan Africa/Europe			149,717		48%		112,583		45%		277,969		46%		223,665		45%		128,252		44%
	$		309,822		100%		248,412		100%		599,916		100%		501,727		100%		290,094		100%
Vessel operating costs:
Crew costs	$		90,811		29%		78,364		31%		178,115		30%		159,488		32%		87,304		30%
Repair and maintenance			32,754		11%		27,149		11%		59,978		10%		49,209		10%		27,224		9%
Insurance and loss reserves			3,810		1%		5,374		2%		9,161		2%		10,671		2%		5,351		2%
Fuel, lube and supplies			19,269		6%		21,394		9%		37,012		6%		37,761		7%		17,743		6%
Vessel operating leases			4,403		1%		4,491		2%		8,895		1%		8,983		2%		4,492		2%
Other			26,008		9%		24,518		10%		49,722		8%		47,480		9%		23,714		8%
Total vessel operating costs			177,055		57%		161,290		65%		342,883		57%		313,592		62%		165,828		57%
Vessel operating margin (A)	$		132,767		43%		87,122		35%		257,033		43%		188,135		38%		124,266		43%

Note (A): The following table reconciles vessel operating margin as presented above to operating income (loss) for the quarters and the six-month periods ended September 30, 2012 and 2011 and for the quarter ended June 30, 2012:


	Quarter Ended September 30,				Six Months Ended September 30,				Quarter Ended June 30,
(In thousands)	2012		2011		2012		2011		2012
Vessel operating margin	$	132,767		87,122		257,033		188,135		124,266
Other marine revenues		2,096		2,482		6,450		3,774		4,354
Costs of other marine revenues		(1,585)		(2,031)		(5,108)		(3,262)		(3,523)
Depreciation and amortization		(36,047)		(33,807)		(71,831)		(67,556)		(35,784)
Goodwill impairment		—		(30,932)		—		(30,932)		—
General and administrative		(41,867)		(37,773)		(82,531)		(75,354)		(40,664)
Gain on asset dispositions, net		1,833		9,458		2,671		11,175		838
Operating income (loss)	$	57,197		(5,481)		106,684		25,980		49,487

The company’s vessel operating profit and other components of earnings (loss) before income taxes and its related percentage of total revenue for the quarters and the six-month periods ended September 30, 2012 and 2011 and for the quarter ended June 30, 2012, were as follows:


		Quarter Ended September 30,								Six Months Ended September 30,								Quarter Ended June 30,
(In thousands)		2012		%		2011		%		2012		%		2011		%		2012		%
Vessel operating profit:
Americas	$		9,506		3%		9,530		4%		19,689		3%		21,384		4%		10,192		3%
Asia/Pacific			7,826		3%		(4,776)		(2%)		22,734		4%		494		<1%		14,908		5%
Middle East/N. Africa			6,280		2%		(996)		(<1%)		12,562		2%		(968)		(<1%)		6,282		2%
Sub-Saharan Africa/Europe			44,330		14%		21,631		9%		71,426		12%		43,855		9%		27,096		9%
			67,942		22%		25,389		10%		126,420		21%		64,765		13%		58,478		20%
Corporate expenses			(12,484)		(4%)		(9,361)		(4%)		(22,951)		(4%)		(18,882)		(4%)		(10,467)		(4%)
Goodwill impairment			—		—		(30,932)		(12%)		—		—		(30,932)		(6%)		—		—
Gain on asset dispositions, net			1,833		1%		9,458		4%		2,671		<1%		11,175		2%		838		<1%
Other operating expenses			(94)		<1%		(35)		(<1%)		544		<1%		(146)		(<1%)		638		<1%
Operating income (loss)			57,197		18%		(5,481)		(2%)		106,684		17%		25,980		5%		49,487		17%
Foreign exchange gain (loss)			529		<1%		1,659		1%		(1,222)		(<1%)		2,473		<1%		(1,751)		(<1%)
Equity in net earnings of unconsolidated companies			3,357		1%		3,456		1%		5,720		1%		5,945		1%		2,363		1%
Interest income and other, net			1,128		<1%		766		<1%		1,847		<1%		1,956		<1%		719		<1%
Interest and other debt costs			(7,148)		(2%)		(4,766)		(2%)		(14,735)		(2%)		(8,827)		(2%)		(7,587)		(3%)
Earnings (loss) before income taxes	$		55,063		18%		(4,366)		(2%)		98,294		16%		27,527		5%		43,231		15%

The company’s revenues, vessel utilization percentages and average day rates by vessel class and in total for the quarters and the six-month periods ended September 30, 2012 and 2011 and the quarter ended June 30, 2012, were as follows:


		Quarter Ended September 30,					Six Months Ended September 30,				Quarter Ended June 30,
		2012			2011		2012		2011		2012
REVENUES BY VESSEL CLASS (In thousands):
Americas fleet:
Deepwater vessels	$		44,747			36,639		81,027		73,044		36,280
Towing-supply/supply			31,109			36,648		65,461		72,334		34,352
Other			6,460			8,605		13,478		17,191		7,018
Total	$		82,316			81,892		159,966		162,569		77,650
Asia/Pacific fleet:
Deepwater vessels	$		24,592			12,264		49,929		28,193		25,337
Towing-supply/supply			20,229			15,870		45,729		34,314		25,500
Other			917			993		1,822		2,119		905
Total	$		45,738			29,127		97,480		64,626		51,742
Middle East/N. Africa fleet:
Deepwater vessels	$		12,275			11,782		23,559		22,533		11,284
Towing-supply/supply			18,859			11,616		38,859		25,090		20,000
Other			917			1,412		2,083		3,244		1,166
Total	$		32,051			24,810		64,501		50,867		32,450
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$		67,696			45,605		130,311		84,111		62,615
Towing-supply/supply			63,548			48,698		112,560		101,324		49,012
Other			18,473			18,280		35,098		38,230		16,625
Total	$		149,717			112,583		277,969		223,665		128,252
Worldwide fleet:
Deepwater vessels	$		149,310			106,290		284,826		207,881		135,516
Towing-supply/supply			133,745			112,832		262,609		233,062		128,864
Other			26,767			29,290		52,481		60,784		25,714
Total	$		309,822			248,412		599,916		501,727		290,094
UTILIZATION:
Americas fleet:
Deepwater vessels			70.7	%		73.5		72.1		72.2		73.7
Towing-supply/supply			48.2			46.9		50.8		45.0		53.4
Other			72.5			66.3		76.5		68.4		80.5
Total			58.6	%		56.8		60.9		55.5		63.3
Asia/Pacific fleet:
Deepwater vessels			81.2	%		59.6		87.4		65.5		92.6
Towing-supply/supply			52.2			36.3		53.6		39.3		54.9
Other			100.0			79.3		74.1		89.6		58.7
Total			58.7	%		42.8		60.7		46.8		62.5
Middle East/N. Africa fleet:
Deepwater vessels			91.8	%		91.6		92.7		83.7		93.6
Towing-supply/supply			71.2			49.7		74.2		53.8		77.2
Other			34.5			50.0		38.4		56.6		42.2
Total			69.9	%		57.4		72.4		59.6		75.0
Sub-Saharan Africa/Europe fleet:
Deepwater vessels			83.0	%		88.1		83.6		85.0		84.1
Towing-supply/supply			67.8			54.6		64.1		55.7		60.3
Other			79.9			80.0		78.2		82.0		76.6
Total			75.4	%		69.2		73.3		69.6		71.3
Worldwide fleet:
Deepwater vessels			79.8	%		79.3		81.4		77.5		83.1
Towing-supply/supply			59.9			48.1		60.0		49.2		60.0
Other			74.7			74.1		74.4		76.7		74.2
Total			67.8	%		60.2		68.1		60.9		68.4


	Quarter Ended September 30,				Six Months Ended September 30,				Quarter Ended June 30,
	2012		2011		2012		2011		2012
AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater vessels	$	28,450		24,863		27,213		25,587		25,829
Towing-supply/supply		14,103		14,786		14,120		14,404		14,135
Other		6,094		6,408		6,038		6,221		5,987
Total	$	17,012		15,466		16,247		15,279		15,508
Asia/Pacific fleet:
Deepwater vessels	$	42,037		20,619		36,411		21,073		32,225
Towing-supply/supply		12,663		11,974		13,491		12,261		14,229
Other		9,972		6,807		9,959		6,464		9,945
Total	$	20,109		14,098		19,717		14,476		19,384
Middle East/N. Africa fleet:
Deepwater vessels	$	18,359		17,466		18,624		17,784		18,920
Towing-supply/supply		9,857		8,513		9,834		8,079		9,812
Other		4,812		5,117		4,946		5,220		5,056
Total	$	11,561		10,716		11,441		10,185		11,325
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	25,235		20,375		23,919		20,386		22,643
Towing-supply/supply		15,721		13,121		14,707		13,176		13,572
Other		5,236		4,779		5,063		4,896		4,884
Total	$	14,602		11,518		13,875		11,397		13,113
Worldwide fleet:
Deepwater vessels	$	27,102		21,338		25,749		21,687		24,406
Towing-supply/supply		13,705		12,706		13,377		12,519		13,054
Other		5,496		5,240		5,373		5,276		5,250
Total	$	15,384		12,771		14,827		12,631		14,275

The utilization, average day rates, and number of active vessels (excludes stacked vessels) for the company’s new vessels (defined as vessels acquired or constructed since calendar year 2000 as part of its new build and acquisition program) and its older, or traditional, vessels for the quarters and the six-month periods ended September 30, 2012 and 2011 and for the quarter ended June 30, 2012, were as follows:


	Quarter Ended September 30,					Six Months Ended September 30,				Quarter Ended June 30,
	2012			2011		2012		2011		2012
UTILIZATION:
Americas fleet:
New vessels		79.8	%		85.6		82.4		86.2		85.3
Traditional vessels		36.1			36.2		38.9		35.6		41.8
Total		58.6	%		56.8		60.9		55.5		63.3
Asia/Pacific fleet:
New vessels		84.2	%		69.8		89.1		75.1		93.6
Traditional vessels		—			8.2		—		12.6		—
Total		58.7	%		42.8		60.7		46.8		62.5
Middle East/N. Africa fleet:
New vessels		84.8	%		58.6		87.1		63.7		89.5
Traditional vessels		37.5			55.9		41.8		55.0		46.0
Total		69.9	%		57.4		72.4		59.6		75.0
Sub-Saharan Africa/Europe fleet:
New vessels		86.8	%		86.8		85.3		87.4		83.7
Traditional vessels		36.7			33.7		34.1		33.7		31.6
Total		75.4	%		69.2		73.3		69.6		71.3
Worldwide fleet:
New vessels		84.7	%		80.5		85.5		82.4		86.2
Traditional vessels		32.0			33.5		32.5		34.2		33.0
Total		67.8	%		60.2		68.1		60.9		68.4


	Quarter Ended September 30,				Six Months Ended September 30,				Quarter Ended June 30,
	2012		2011		2012		2011		2012
AVERAGE VESSEL DAY RATES:
Americas fleet:
New vessels	$	20,771		19,469		19,952		19,166		19,119
Traditional vessels		8,203		8,650		8,265		9,142		8,318
Total	$	17,012		15,466		16,247		15,279		15,508
Asia/Pacific fleet:
New vessels	$	20,109		15,028		19,717		15,902		19,384
Traditional vessels		—		3,953		—		4,143		—
Total	$	20,109		14,098		19,717		14,476		19,384
Middle East/N. Africa fleet:
New vessels	$	12,453		13,562		12,420		13,002		12,388
Traditional vessels		7,179		6,759		7,183		6,483		7,186
Total	$	11,561		10,716		11,441		10,185		11,325
Sub-Saharan Africa/Europe fleet:
New vessels	$	15,332		12,134		14,523		12,020		13,680
Traditional vessels		8,773		8,313		8,563		8,141		8,331
Total	$	14,602		11,518		13,875		11,397		13,113
Worldwide fleet:
New vessels	$	16,660		14,291		16,064		14,190		15,466
Traditional vessels		8,258		7,970		8,187		7,979		8,121
Total	$	15,384		12,771		14,827		12,631		14,275
AVERAGE VESSEL COUNT (EXCLUDING STACKED VESSELS):
Americas fleet:
New vessels		46		41		45		40		43
Traditional vessels		19		27		20		28		21
Total		65		68		65		68		64
Asia/Pacific fleet:
New vessels		29		29		30		29		31
Traditional vessels		—		4		—		3		1
Total		29		33		30		32		32
Middle East/N. Africa fleet:
New vessels		28		25		28		24		27
Traditional vessels		8		13		8		15		8
Total		36		38		36		39		35
Sub-Saharan Africa/Europe fleet:
New vessels		114		103		114		103		115
Traditional vessels		14		20		15		22		15
Total		128		123		129		125		130
Worldwide fleet:
New vessels		218		198		217		196		216
Traditional vessels		40		64		43		68		45
Total		258		262		260		264		261

The company’s average number of vessels by class and geographic distribution for the quarters and the six-month periods ended September 30, 2012 and 2011 and for the quarter ended June 30, 2012, were as follows:


	Quarter Ended September 30,				Six Months Ended September 30,				Quarter Ended June 30,
	2012		2011		2012		2011		2012

Americas fleet:
Deepwater vessels		24		22		23		22		21
Towing-supply/supply		50		57		50		61		50
Other		16		22		16		22		16

Total		90		101		89		105		87
Less stacked vessels		25		33		24		37		23

Active vessels		65		68		65		68		64

Asia/Pacific fleet:
Deepwater vessels		8		11		9		11		9
Towing-supply/supply		33		40		34		39		36
Other		1		2		1		2		2

Total		42		53		44		52		47
Less stacked vessels		13		20		14		20		15

Active vessels		29		33		30		32		32

Middle East/N. Africa fleet:
Deepwater vessels		8		8		8		8		7
Towing-supply/supply		29		30		29		32		29
Other		6		6		6		6		6

Total		43		44		43		46		42
Less stacked vessels		7		6		7		7		7

Active vessels		36		38		36		39		35

Sub-Saharan Africa/Europe fleet:
Deepwater vessels		35		27		35		27		36
Towing-supply/supply		65		74		66		75		66
Other		48		52		48		52		49

Total		148		153		149		154		151
Less stacked vessel		20		30		20		29		21

Active vessels		128		123		129		125		130

Active owned or chartered vessels		258		262		260		264		261
Stacked vessels		65		89		65		93		66

Total owned or chartered vessels		323		351		325		357		327
Vessels withdrawn from service		2		2		2		3		2
Joint-venture and other		10		10		10		10		10

Total		335		363		337		370		339

Note (B): The company had 61, 78, and 66 actual stacked vessels at September 30, 2012 and 2011 and at June 30, 2012, respectively. These vessels were considered to be in service and were included in the calculation of the company’s utilization statistics.

The company’s vessel commitments by vessel class and type at September 30, 2012, were as follows:


	Non-U.S. Built								U.S. Built
Vessel class and type	Number of Vessels		Total Cost		Invested Through 09/30/12		Remaining Balance 09/30/12		Number of Vessels		Total Cost		Invested Through 09/30/12		Remaining Balance 09/30/12

In thousands, except number of vessels:
Deepwater platform supply vessels		16	$	436,178		129,205		306,973		3		152,894		65,998		86,896
Towing-supply/supply vessels		4		75,072		13,811		61,261		—		—		—		—
Crewboats and other		7		72,696		41,760		30,963		—		—		—		—
Totals		27	$	583,946		184,776		399,170		3		152,894		65,998		86,896

The table below summarizes by vessel class and vessel type the number of vessels expected to be delivered by quarter along with the expected quarterly cash outlay (in thousands) of the various vessel commitments as discussed above:


	Quarter Period Ended
Vessel class and type	12/12		03/13		06/13		09/13		12/13		Thereafter

Deepwater platform supply vessels		4		2		—		1		1		11
Towing-supply/supply vessels		—		—		—		—		—		4
Crewboats and other		—		2		2		1		2		—
Totals		4		4		2		2		3		15
(In thousands) Expected quarterly cash outlay	$	107,326		35,398		26,543		42,820		33,379		240,610(A)

Note (C): The $240,610 of ‘Thereafter’ vessel construction obligations is expected to be paid out as follows: $69,494 in the remaining quarter of fiscal 2014 and $171,116 during fiscal 2015.

Attached files

Stock widget

Investing forum

TIDEWATER INC Reports