TIDEWATER INC - FORM 8-K - EX-99.1

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8-K - FORM 8-K - TIDEWATER INC	d477954d8k.htm

Exhibit 99.1

LOGO

Press Release

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

Tidewater Reports Third Quarter Results For Fiscal 2013

NEW ORLEANS, LA. February 1, 2013 -- Tidewater Inc. (NYSE:TDW) announced today third quarter earnings for the period ended December 31, 2012, of $29.9 million, or $0.61 per share, on revenues of $309.5 million. For the same quarter last year, net earnings of $34.1 million was reported, or $0.67 per share, on revenues of $272.1 million. The immediately preceding quarter ended September 30, 2012, had net earnings of $41.4 million, or $0.83 per share, on revenues of $311.9 million, which included approximately $7.4 million of vessel revenue associated with retroactive rate increases agreed to during the September 2012 quarter, but related to the period from January 1, 2012 through June 30, 2012.

Included in the current fiscal quarter’s general and administrative expenses is a $5.2 million settlement loss charge ($3.4 million after tax, or $0.07 per share) related to the lump sum supplemental executive retirement plan distribution made in the December 2012 quarter to the Company’s former President and Chief Executive Officer who retired earlier in the year. The settlement loss is the result of the recognition of heretofore unrecognized actuarial losses that were being amortized over time to pension expense. As a result of the December 2012 lump sum distribution, a portion of the previously unrecognized actuarial losses was required to be recognized in earnings in the current quarter in accordance with ASC 715. Included in the prior fiscal year third quarter’s net earnings is an $8.4 million, or $0.16 per share, reversal of income tax liabilities originally established for uncertain tax positions as a result of the expiration of various statutes of limitations.

As previously announced, Tidewater will hold a conference call to discuss December quarterly earnings and also their near-term outlook with respect to the Company’s future financial and operational performance on Friday, February 1, 2013, 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 February 1, 2013, and will continue until 11:59 p.m. Central time on February 3, 2013. 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 86377851.

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 March 1, 2013.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the Company involve numerous risks and uncertainties that may cause the Company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s recent Forms 10-Q and 10-K.

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 December 31,					Nine Months Ended December 31,
	2012			2011		2012			2011

Revenues:
Vessel revenues	$	305,043			270,486		904,959			772,213
Other marine revenues		4,423			1,625		10,873			5,399

		309,466			272,111		915,832			777,612

Costs and expenses:
Vessel operating costs		180,895			155,838		523,778			469,430
Costs of other marine revenues		4,176			1,938		9,284			5,200
Depreciation and amortization		37,181			35,215		109,012			102,771
Goodwill impairment		---			---		---			30,932
General and administrative		46,339			40,425		128,870			115,779
Gain on asset dispositions, net		(99	)		(2,496)		(2,770	)		(13,671)

		268,492			230,920		768,174			710,441

Operating income		40,974			41,191		147,658			67,171
Other income (expenses):
Foreign exchange gain (loss)		52			(1,738)		(1,170	)		735
Equity in net earnings of unconsolidated companies		2,639			3,482		8,359			9,427
Interest income and other, net		936			347		2,783			2,303
Interest and other debt costs		(7,183	)		(6,027)		(21,918	)		(14,854)

		(3,556	)		(3,936)		(11,946	)		(2,389)

Earnings before income taxes		37,418			37,255		135,712			64,782
Income tax expense		7,471			3,168		31,553			11,013

Net earnings	$	29,947			34,087		104,159			53,769


Basic earnings per common share	$	0.61			0.67		2.10			1.05


Diluted earnings per common share	$	0.61			0.67		2.09			1.04


Weighted average common shares outstanding		49,162,547			51,036,420		49,585,930			51,203,598
Dilutive effect of stock options and restricted stock		221,738			206,329		220,669			267,661

Adjusted weighted average common shares		49,384,285			51,242,749		49,806,599			51,471,259


Cash dividends declared per common share	$	0.25			0.25		0.75			0.75

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)



ASSETS	December 31, 2012			March 31, 2012

Current assets:
Cash and cash equivalents	$	54,187			320,710
Trade and other receivables, net		361,989			309,468
Marine operating supplies		61,251			53,850
Other current assets		12,557			10,072

Total current assets		489,984			694,100

Investments in, at equity, and advances to unconsolidated companies		55,364			46,077
Properties and equipment:
Vessels and related equipment		4,151,491			3,952,468
Other properties and equipment		86,420			93,107

		4,237,911			4,045,575
Less accumulated depreciation and amortization		1,139,259			1,139,810

Net properties and equipment		3,098,652			2,905,765

Goodwill		297,822			297,822
Other assets		113,842			117,854

Total assets	$	4,055,664			4,061,618


LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable		81,981			74,115
Accrued expenses		147,498			134,953
Accrued property and liability losses		3,356			3,636
Other current liabilities		31,089			26,225

Total current liabilities		263,924			238,929

Long-term debt		930,000			950,000
Deferred income taxes		211,440			214,627
Accrued property and liability losses		3,422			3,150
Other liabilities and deferred credits		120,567			128,555

Commitments and Contingencies

Stockholders’ equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,397,616 shares at December 31, 2012 and 51,250,995 shares at March 31, 2012		4,939			5,125
Additional paid-in capital		117,981			102,726
Retained earnings		2,419,574			2,437,836
Accumulated other comprehensive loss		(16,183	)		(19,330)

Total stockholders’ equity		2,526,311			2,526,357

Total liabilities and stockholders’ equity	$	4,055,664			4,061,618

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands, except share and per share data)



	Quarter Ended December 31,				Nine Month Ended December 31,
	2012		2011		2012		2011

Net earnings	$	29,947		34,087		104,159		53,769
Other comprehensive income/(loss):
Unrealized gains/(losses) on available-for-sale securities		(353)		70		(558)		(931)
Amortization of loss on derivative contract		117		119		350		349
Change in supplemental executive retirement plan pension liability		3,355		---		3,355		---

Total comprehensive income	$	33,066		34,273		107,306		53,187

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)



		Nine Months Ended December 31,
		2012		2011


Operating activities:
Net earnings	$		104,159		53,769
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			109,012		102,771
Provision (benefit) for deferred income taxes			(8,682)		(24,035)
Gain on asset dispositions, net			(2,770)		(13,671)
Goodwill impairment			---		30,932
Equity in earnings of unconsolidated companies, net of dividends			(9,287)		(4,304)
Compensation expense - stock-based			15,061		9,179
Excess tax benefits on stock options exercised			(74)		119
Changes in assets and liabilities, net:
Trade and other receivables			(49,412)		(14,614)
Marine operating supplies			(7,401)		(1,740)
Other current assets			(2,485)		(243)
Accounts payable			12,943		4,266
Accrued expenses			9,535		5,735
Accrued property and liability losses			(280)		(59)
Other current liabilities			3,896		8,980
Other liabilities and deferred credits			(2,084)		(1,969)
Other, net			10,580		2,584

Net cash provided by operating activities			182,711		157,700

Cash flows from investing activities:
Proceeds from sales of assets			18,620		30,006
Additions to properties and equipment			(326,648)		(297,009)
Other			(788)		162

Net cash used in investing activities			(318,816)		(266,841)

Cash flows from financing activities:
Principal payments on debt			(60,000)		(40,000)
Debt borrowings			40,000		165,000
Debt issuance costs			---		(245)
Proceeds from exercise of stock options			1,968		839
Cash dividends			(37,426)		(38,692)
Excess tax benefits on stock options exercised			74		(119)
Stock repurchases			(85,034)		(35,015)

Net cash (used in) provided by financing activities			(140,418)		51,768

Net change in cash and cash equivalents			(266,523)		(57,373)
Cash and cash equivalents at beginning of period			320,710		245,720

Cash and cash equivalents at end of period	$		54,187		188,347

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$		33,135		30,858
Income taxes	$		41,578		37,307
Non-cash investing activities:
Additions to properties and equipment	$		2,372		1,269

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		---		---		104,159			3,147		107,306
Stock option activity		8		3,696		---			---		3,704
Cash dividends declared		---		---		(37,574	)		---		(37,574)
Retirement of common stock		(187)		---		(84,847	)		---		(85,034)
Amortization/cancellation of restricted stock units		---		5,766		---			---		5,766
Amortization/cancellation of restricted stock		(7)		5,793		---			---		5,786

Balance at December 31, 2012	$	4,939		117,981		2,419,574			(16,183)		2,526,311


Balance at March 31, 2011	$	5,188		90,204		2,436,736			(18,184)		2,513,944
Total comprehensive income		---		---		53,769			(582)		53,187
Stock option activity		2		3,749		---			---		3,751
Cash dividends declared				---		(38,787	)		---		(38,787)
Retirement of common stock		(74)		---		(34,941	)		---		(35,015)
Amortization/cancellation of restricted stock		---		4,144		---			---		4,144

Balance at December 31, 2011	$	5,116		98,097		2,416,777			18,766		2,501,224

The company’s vessel revenues and vessel operating expenses and the related percentage of total vessel revenues for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 31, 2012, were as follows:


		Quarter Ended December 31,								Nine Months Ended December 31,								Quarter Ended September 30,
(In thousands)		2012		%		2011		%		2012		%		2011		%		2012		%

Vessel revenues:
Americas	$		84,532		28%		82,741		30%		244,498		27%		245,310		32%		82,316		27%
Asia/Pacific			42,057		14%		40,919		15%		139,537		15%		105,545		14%		45,738		15%
Middle East/N. Africa			42,027		14%		27,839		10%		106,528		12%		78,706		10%		32,051		10%
Sub-Saharan Africa/Europe			136,427		45%		118,987		44%		414,396		46%		342,652		44%		149,717		48%

	$		305,043		100%		270,486		100%		904,959		100%		772,213		100%		309,822		100%

Vessel operating costs:
Crew costs	$		87,469		29%		80,988		30%		265,584		29%		240,476		31%		90,811		29%
Repair and maintenance			36,143		12%		26,680		10%		96,121		11%		75,889		10%		32,754		11%
Insurance and loss reserves			7,381		2%		3,926		1%		16,542		2%		14,597		2%		3,810		1%
Fuel, lube and supplies			19,553		6%		17,126		6%		56,565		6%		54,887		7%		19,269		6%
Vessel operating leases			3,971		1%		4,492		2%		12,866		1%		13,475		2%		4,403		1%
Other			26,378		9%		22,626		8%		76,100		8%		70,106		9%		26,008		8%

	$		180,895		59%		155,838		58%		523,778		58%		469,430		61%		177,055		57%

Vessel operating margin (A)	$		124,148		41%		114,648		42%		381,181		42%		302,783		40%		132,767		43%

Note (A): The following table reconciles vessel operating margin as presented above to operating income (loss) for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 30, 2012:


		Quarter Ended December 31,					Nine Months Ended December 31,					Quarter Ended September 30,
(In thousands)		2012			2011		2012			2011		2012

Vessel operating margin	$		124,148			114,648		381,181			302,783		132,767
Other marine revenues			4,423			1,625		10,873			5,399		2,096
Costs of other marine revenues			(4,176	)		(1,938)		(9,284	)		(5,200)		(1,585)
Depreciation and amortization			(37,181	)		(35,215)		(109,012	)		(102,771)		(36,047)
Goodwill impairment			---			---		---			(30,932)		---
General and administrative			(46,339	)		(40,425)		(128,870	)		(115,779)		(41,867)
Gain on asset dispositions, net			99			2,496		2,770			13,671		1,833

Operating income (loss)	$		40,974			41,191		147,658			67,171		57,197

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 nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 30, 2012, were as follows:


		Quarter Ended December 31,								Nine Months Ended December 31,								Quarter Ended September 30,
(In thousands)		2012		%		2011		%		2012		%		2011		%		2012		%

Vessel operating profit:
Americas	$		14,442		5%		18,462		7%		34,140		4%		39,846		5%		9,506		3%
Asia/Pacific			8,695		3%		6,629		2%		31,429		3%		7,123		1%		7,826		3%
Middle East/N. Africa			13,720		4%		362		<1%		26,282		3%		(606)		(<1%)		6,280		2%
Sub-Saharan Africa/Europe			21,171		7%		25,418		9%		92,597		10%		69,273		9%		44,330		14%

			58,028		19%		50,871		19%		184,448		20%		115,636		15%		67,942		22%
Corporate expenses			(16,712)		(5%)		(10,972)		(4%)		(39,663)		(4%)		(29,854)		(4%)		(12,484)		(4%)
Goodwill impairment			---		---		---		---		---		---		(30,932)		(4%)		---		---
Gain on asset dispositions, net			99		<1%		2,496		1%		2,770		<1%		13,671		2%		1,833		1%
Other operating expenses			(441)		(<1%)		(1,204)		(<1%)		103		<1%		(1,350)		(<1%)		(94)		(<1%)

Operating income (loss)			40,974		14%		41,191		15%		147,658		16%		67,171		9%		57,197		18%

Foreign exchange gain (loss)			52		<1%		(1,738)		(1%)		(1,170)		(<1%)		735		<1%		529		<1%
Equity in net earnings of unconsolidated companies			2,639		1%		3,482		1%		8,359		1%		9,427		1%		3,357		1%
Interest income and other, net			936		<1%		347		<1%		2,783		<1%		2,303		<1%		1,128		<1%
Interest and other debt costs			(7,183)		(2%)		(6,027)		(2%)		(21,918)		(2%)		(14,854)		(2%)		(7,148)		(2%)

Earnings (loss) before income taxes	$		37,418		12%		37,255		14%		135,712		15%		64,782		8%		55,063		18%

The company’s revenues, vessel utilization percentages and average day rates by vessel class and in total for the quarters and the nine-month periods ended December 31, 2012 and 2011 and the quarter ended September 30, 2012, were as follows:


	Quarter Ended December 31,					Nine Months Ended December 31,				Quarter Ended September 30,
	2012			2011		2012		2011		2012

REVENUES BY VESSEL CLASS (In thousands):
Americas fleet:
Deepwater vessels	$	48,089			38,861		129,116		111,905		44,747
Towing-supply/supply		29,418			35,866		94,879		108,200		31,109
Other		7,025			8,014		20,503		25,205		6,460
Total	$	84,532			82,741		244,498		245,310		82,316
Asia/Pacific fleet:
Deepwater vessels	$	21,862			20,445		71,791		48,638		24,592
Towing-supply/supply		19,277			19,334		65,006		53,648		20,229
Other		918			1,140		2,740		3,259		917
Total	$	42,057			40,919		139,537		105,545		45,738
Middle East/N. Africa fleet:
Deepwater vessels	$	15,407			12,647		38,966		35,180		12,275
Towing-supply/supply		25,870			13,778		64,729		38,868		18,859
Other		750			1,414		2,833		4,658		917
Total	$	42,027			27,839		106,528		78,706		32,051
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	64,509			51,194		194,820		135,305		67,696
Towing-supply/supply		54,816			49,519		167,376		150,843		63,548
Other		17,102			18,274		52,200		56,504		18,473
Total	$	136,427			118,987		414,396		342,652		149,717
Worldwide fleet:
Deepwater vessels	$	149,867			123,147		434,693		331,028		149,310
Towing-supply/supply		129,381			118,497		391,990		351,559		133,745
Other		25,795			28,842		78,276		87,626		26,767
Total	$	305,043			270,486		904,959		772,213		309,822

UTILIZATION:
Americas fleet:
Deepwater vessels		73.1	%		79.7		72.4		74.6		70.7
Towing-supply/supply		48.0			54.2		49.9		47.8		48.2
Other		82.4			59.6		78.4		65.4		72.5
Total		60.9	%		61.0		60.9		57.3		58.6
Asia/Pacific fleet:
Deepwater vessels		89.2	%		83.5		88.0		71.3		81.2
Towing-supply/supply		52.4			43.8		53.2		40.8		52.2
Other		100.0			100.0		81.1		93.1		100.0
Total		60.5	%		54.4		60.6		49.3		58.7
Middle East/N. Africa fleet:
Deepwater vessels		89.8	%		98.8		91.6		88.7		91.8
Towing-supply/supply		80.1			59.2		76.2		55.5		71.2
Other		28.6			50.0		35.1		54.4		34.5
Total		75.1	%		65.2		73.3		61.4		69.9
Sub-Saharan Africa/Europe fleet:
Deepwater vessels		70.3	%		83.8		78.9		84.5		83.0
Towing-supply/supply		66.9			56.9		65.0		56.1		67.8
Other		77.2			79.7		77.9		82.1		79.9
Total		71.1	%		70.0		72.6		69.8		75.4
Worldwide fleet:
Deepwater vessels		75.2	%		84.2		79.2		79.8		79.8
Towing-supply/supply		61.1			53.9		60.4		50.7		59.9
Other		74.5			72.4		74.4		75.3		74.7
Total		67.5	%		64.6		67.9		62.1		67.8


		Quarter Ended December 31,					Nine Months Ended December 31,				Quarter Ended September 30,
		2012			2011		2012		2011		2012

AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater vessels	$		28,721			25,247		27,756		25,486		28,450
Towing-supply/supply			13,721			13,812		13,994		14,202		14,103
Other			6,181			6,431		6,086		6,286		6,094
Total	$		17,060			15,373		16,519		15,311		17,012
Asia/Pacific fleet:
Deepwater vessels	$		35,453			25,357		36,114		22,684		42,037
Towing-supply/supply			12,592			12,836		13,211		12,462		12,663
Other			9,972			6,189		9,963		6,366		9,972
Total	$		18,779			16,389		19,425		15,162		20,109
Middle East/N. Africa fleet:
Deepwater vessels	$		20,710			17,484		19,396		17,675		18,359
Towing-supply/supply			12,020			8,604		10,605		8,257		9,857
Other			4,750			5,127		4,892		5,191		4,812
Total	$		13,761			10,705		12,256		10,363		11,561
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$		25,853			21,719		24,527		20,871		25,235
Towing-supply/supply			14,318			13,482		14,577		13,275		15,721
Other			5,054			4,889		5,060		4,894		5,236
Total	$		14,053			12,181		13,934		11,658		14,602
Worldwide fleet:
Deepwater vessels	$		27,100			22,696		26,199		22,052		27,102
Towing-supply/supply			13,399			12,636		13,385		12,558		13,705
Other			5,407			5,298		5,384		5,283		5,496
Total	$		15,286			13,359		14,979		12,877		15,384

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, more traditional vessels for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 30, 2012, were as follows:
		Quarter Ended December 31,					Nine Months Ended December 31,				Quarter Ended September 30,
		2012			2011		2012		2011		2012

UTILIZATION:
Americas fleet:
New vessels			82.8	%		90.1		82.5		87.5		79.8
Traditional vessels			37.9			37.7		38.6		36.2		36.1
Total			60.9	%		61.0		60.9		57.3		58.6
Asia/Pacific fleet:
New vessels			85.7	%		83.1		88.0		77.9		84.2
Traditional vessels			0			10.2		0		11.9		0
Total			60.5	%		54.4		60.6		49.3		58.7
Middle East/North Africa fleet:
New vessels			89.4	%		68.2		87.9		65.3		84.4
Traditional vessels			34.4			59.6		39.6		56.2		37.5
Total			75.1	%		65.2		73.3		61.4		69.9
Sub-Saharan Africa/Europe fleet:
New vessels			79.0	%		84.8		83.1		86.5		86.8
Traditional vessels			39.7			36.1		35.8		34.5		36.7
Total			71.1	%		70.0		72.6		69.8		75.4
Worldwide fleet:
New vessels			82.1	%		83.4		84.3		82.8		84.7
Traditional vessels			33.4			35.5		32.8		34.6		32.0
Total			67.5	%		64.6		67.9		62.1		67.8


	Quarter Ended December 31,				Nine Months Ended December 31,				Quarter Ended September 30,
	2012		2011		2012		2011		2012

AVERAGE VESSEL DAY RATES:
Americas fleet:
New vessels	$	21,022		18,863		20,316		19,060		20,771
Traditional vessels		7,913		8,655		8,151		8,992		8,203
Total	$	17,060		15,373		16,519		15,311		17,012
Asia/Pacific fleet:
New vessels	$	18,779		17,395		19,425		16,456		20,109
Traditional vessels		---		3,749		---		4,043		---
Total	$	18,779		16,389		19,425		15,162		20,109
Middle East/North Africa fleet:
New vessels	$	14,310		12,337		13,119		12,746		12,453
Traditional vessels		9,707		7,174		7,831		6,674		7,179
Total	$	13,761		10,705		12,256		10,363		11,561
Sub-Saharan Africa/Europe fleet:
New vessels	$	14,783		12,921		14,608		12,320		15,332
Traditional vessels		8,313		8,226		8,479		8,169		8,773
Total	$	14,053		12,181		13,934		11,658		14,602
Worldwide fleet:
New vessels	$	16,503		14,835		16,210		14,414		16,660
Traditional vessels		8,282		8,021		8,217		7,992		8,258
Total	$	15,286		13,359		14,979		12,877		15,384

AVERAGE VESSEL COUNT (EXCLUDING STACKED VESSELS):
Americas fleet:
New vessels		45		42		45		40		46
Traditional vessels		19		24		20		26		19
Total		64		66		65		66		65
Asia/Pacific fleet:
New vessels		28		30		30		29		29
Traditional vessels		---		2		---		3		---
Total		28		32		30		32		29
Middle East/North Africa fleet:
New vessels		32		27		29		26		28
Traditional vessels		6		9		7		12		8
Total		38		36		36		38		36
Sub-Saharan Africa/Europe fleet:
New vessels		119		106		116		104		114
Traditional vessels		14		20		14		22		14
Total		133		126		130		126		128
Worldwide fleet:
New vessels		224		205		220		199		217
Traditional vessels		39		55		41		63		41
Total		263		260		261		262		258

The company’s average number of vessels by class and geographic distribution for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 30, 2012, were as follows:


	Quarter Ended December 31,				Nine Months Ended December 31,				Quarter Ended September 30,
	2012		2011		2012		2011		2012
Americas fleet:
Deepwater vessels		25		21		23		21		24
Towing-supply/supply		48		52		50		58		50
Other		15		23		16		22		16
Total		88		96		89		101		90
Less stacked vessels		24		30		24		35		25
Active vessels		64		66		65		66		65
Asia/Pacific fleet:
Deepwater vessels		7		11		8		11		8
Towing-supply/supply		32		37		34		38		33
Other		1		2		1		2		1
Total		40		50		43		51		42
Less stacked vessels		12		18		13		19		13
Active vessels		28		32		30		32		29
Middle East/N. Africa fleet:
Deepwater vessels		9		8		8		8		8
Towing-supply/supply		30		29		29		31		29
Other		6		6		6		6		6
Total		45		43		43		45		43
Less stacked vessels		7		7		7		7		7
Active vessels		38		36		36		38		36
Sub-Saharan Africa/Europe fleet:
Deepwater vessels		39		31		37		28		35
Towing-supply/supply		62		70		64		74		65
Other		48		51		48		52		48
Total		149		152		149		154		148
Less stacked vessel		16		26		19		28		20
Active vessels		133		126		130		126		128
Active owned or chartered vessels		263		260		261		262		258
Stacked vessels		59		81		63		89		65
Total owned or chartered vessels		322		341		324		351		323
Vessels withdrawn from service		2		2		2		3		2
Joint-venture and other		10		10		10		10		10
Total		334		353		336		364		335

Note (B): The company had 53, 79 and 61 actual stacked vessels at December 31, 2012 and 2011 and at September 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 December 31, 2012, were as follows:


	Non-U.S. Built								U.S. Built

Vessel class and type	Number of Vessels		Total Cost		Invested Through 12/31/12		Remaining Balance 12/31/12		Number of Vessels		Total Cost		Invested Through 12/31/12		Remaining Balance 12/31/12

In thousands, except number of vessels:
Deepwater platform supply vessels		15	$	466,221		70,283		395,938		3		152,342		96,459		55,883
Towing-supply/supply vessels		4		74,892		13,971		60,921		---		---		---		---
Crewboats and other		7		73,017		50,037		22,980		---		---		---		---

Totals		26	$	614,130		134,291		479,839		3		152,342		96,459		55,883

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		03/13	06/13	09/13	12/13	03/14	Thereafter

Deepwater platform supply vessels		3	1	2	1	3	8
Towing-supply/supply vessels		---	---	---	---	---	4
Crewboats and other		3	1	1	2	---	---

Totals		6	2	3	3	3	12

(In thousands)
Expected quarterly cash outlay	$	110,394	74,429	87,089	37,207	59,166	167,437 (A)

(A) The $167,437 of ‘Thereafter’ vessel construction obligations is expected to be paid out during fiscal 2015.

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