TIDEWATER INC - FORM 8-K - EX-99.1

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8-K - FORM 8-K - TIDEWATER INC	d543105d8k.htm

Exhibit 99.1


			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 Fourth Quarter Results and Year End Earnings For Fiscal 2013

NEW ORLEANS, LA. May 21, 2013 — Tidewater Inc. (NYSE:TDW) announced today fourth quarter net earnings for the period ended March 31, 2013, of $46.6 million, or $0.95 per common share, on revenues of $328.3 million. For fiscal year ended March 31, 2013, net earnings were $150.8 million, or $3.03 per common share, on revenues of $1,244.2 million. For fiscal year ended March 31, 2012, net earnings were $87.4 million, or $1.70 per common share, on revenues of $1,067.0 million.

As previously announced, Tidewater will hold a conference call to discuss March quarterly earnings and annual earnings on Tuesday, May 21, 2013, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405 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 May 21, 2013, and will continue until 11:59 p.m. Central time on May 23, 2013. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 34792519.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, (http://www.tdw.com). The online replay will be available until June 8, 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.

CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share and per share data)


	Quarter Ended						Year Ended
	March 31,						March 31,
	2013			2012			2013			2012
Revenues:
Vessel revenues	$	325,039			288,255			1,229,998			1,060,468
Other operating revenues		3,294			1,140			14,167			6,539
		328,333			289,395			1,244,165			1,067,007

Costs and expenses:
Vessel operating costs		185,640			168,707			709,418			638,137
Costs of other operating revenues		2,932			1,915			12,216			7,115
Depreciation and amortization		38,287			35,585			147,299			138,356
Goodwill impairment		---			---			---			30,932
General and administrative		46,739			40,791			175,609			156,570
Gain on asset dispositions, net		(3,839	)		(3,986	)		(6,609	)		(17,657)
		269,759			243,012			1,037,933			953,453
Operating income		58,574			46,383			206,232			113,554
Other income (expenses):
Foreign exchange gain		4,181			2,574			3,011			3,309
Equity in net earnings of unconsolidated companies		3,830			3,614			12,189			13,041
Interest income and other, net		693			1,137			3,476			3,440
Interest and other debt costs		(7,827	)		(7,454	)		(29,745	)		(22,308)
		877			(129	)		(11,069	)		(2,518)
Earnings before income taxes		59,451			46,254			195,163			111,036
Income tax expense		12,860			12,612			44,413			23,625
Net earnings	$	46,591			33,642			150,750			87,411


Basic earnings per common share	$	.95			.66			3.04			1.71


Diluted earnings per common share	$	.95			.66			3.03			1.70


Weighted average common shares outstanding		49,103,240			50,723,340			49,550,391			51,165,460
Diluted effect of stock options and restricted stock		108,053			253,447			183,649			264,107
Adjusted weighted average common shares		49,211,293			50,976,787			49,734,040			51,429,567


Cash dividends declared per common share	$	.25			.25			1.00			1.00

TIDEWATER INC.

CONSOLIDATED BALANCE SHEETS

March 31, 2013 and 2012

(In thousands, except share and par value data)


ASSETS		2013		2012
Current assets:
Cash and cash equivalents	$	40,569		320,710
Trade and other receivables, less allowance for doubtful accounts of $46,332 in 2013 and $49,921 in 2012		393,438		309,468
Marine operating supplies		62,348		53,850
Other current assets		11,735		10,072
Total current assets		508,090		694,100
Investments in, at equity, and advances to unconsolidated companies		46,047		46,077
Properties and equipment:
Vessels and related equipment		4,250,169		3,952,468
Other properties and equipment		83,779		93,107
		4,333,948		4,045,575
Less accumulated depreciation and amortization		1,144,129		1,139,810
Net properties and equipment		3,189,819		2,905,765
Goodwill		297,822		297,822
Other assets		126,277		117,854
Total assets	$	4,168,055		4,061,618


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		63,602		74,115
Accrued expenses		159,086		134,953
Accrued property and liability losses		4,133		3,636
Other current liabilities		39,808		26,225
Total current liabilities		266,629		238,929
Long-term debt		1,000,000		950,000
Deferred income taxes		189,763		214,627
Accrued property and liability losses		10,833		3,150
Other liabilities and deferred credits		139,074		128,555

Commitments and Contingencies

Stockholders’ equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,486,146 shares at March 31, 2013and 51,250,995 shares at March 31, 2012		4,949		5,125
Additional paid-in capital		119,975		102,726
Retained earnings		2,453,973		2,437,836
Accumulated other comprehensive loss		(17,141	)	(19,330)
Total stockholders’ equity		2,561,756		2,526,357
Total liabilities and stockholders’ equity	$	4,168,055		4,061,618

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)


	Quarter Ended				Year Ended
	March 31,				March 31,
		2013		2012		2013		2012
Net earnings	$	46,591		33,642		150,750		87,411
Other comprehensive income/(loss):
Unrealized gains/(losses) on available-for-sale securities		186		659		(372	)	(272)
Amortization of loss on derivative contract		116		118		466		467
Change in supplemental executive retirement plan pension liability		(928	)	(1,288)		2,427		(1,288)
Change in Pension Plan minimum liability		(539	)	894		(539	)	894
Change in Other Benefit Plan minimum liability		207		(947)		207		(947)
Total comprehensive income	$	45,633		33,078		152,939		86,265

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended March 31, 2013, 2012 and 2011


(In thousands)		2013		2012		2011
Operating activities:
Net earnings	$	150,750		87,411		105,616
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		147,299		138,356		140,576
Provision (benefit) for deferred income taxes		(11,733	)	(23,754	)	(6,849)
Reversal of liabilities for uncertain tax positions		---		(6,021	)	---
Gain on asset dispositions, net		(6,609	)	(17,657	)	(13,228)
Goodwill impairment		---		30,932		---
Equity in earnings of unconsolidated companies, net of dividends		30		(7,033	)	1,570
Compensation expense – stock based		19,416		14,340		15,482
Excess tax (benefit) liability on stock options exercised		(278	)	1,190		(1,190)
Changes in assets and liabilities, net:
Trade and other receivables		(82,450	)	(38,015	)	15,272
Marine operating supplies		(8,498	)	(3,102	)	(4,511)
Other current assets		(1,663	)	140		(3,509)
Accounts payable		(25,924	)	21,844		3,504
Accrued expenses		17,069		4,063		(7,080)
Accrued property and liability losses		497		(210	)	(963)
Other current liabilities		4,846		8,700		12,675
Other liabilities and deferred credits		822		7,947		6,219
Other, net		10,349		3,290		622
Net cash provided by operating activities		213,923		222,421		264,206
Cash flows from investing activities:
Proceeds from sales of assets		27,278		42,849		37,369
Proceeds from insurance settlements on Venezuela seized vessels		---		---		8,150
Additions to properties and equipment		(440,572	)	(357,110	)	(615,289)
Other		(193	)	(820	)	(173)
Net cash used in investing activities		(413,487	)	(315,081	)	(569,943)
Cash flows from financing activities:
Principal payments on debt		(60,000	)	(40,000	)	(190,000)
Debt borrowings		110,000		290,000		590,000
Debt issuance costs		(51	)	(295	)	(10,032)
Proceeds from exercise of stock options		3,818		5,411		8,695
Cash dividends		(49,588	)	(51,261	)	(51,478)
Excess tax benefit (liability) on stock options exercised		278		(1,190	)	1,190
Stock repurchases		(85,034	)	(35,015	)	(19,988)
Net cash (used in) provided by financing activities		(80,577	)	167,650		328,387
Net change in cash and cash equivalents		(280,141	)	74,990		22,650
Cash and cash equivalents at beginning of year		320,710		245,720		223,070
Cash and cash equivalents at end of year	$	40,569		320,710		245,720

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest	$	38,045		36,839		15,957
Income taxes	$	54,722		49,332		48,365
Supplemental disclosure of noncash investing activities:
Additions to properties and equipment	$	12,010		10,850		---

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Years Ended March 31, 2013, 2012 and 2011

(In thousands)


				Accumulated
		Additional		other
	Common stock	paid-in capital	Retained earnings	comprehensive loss	Total
Balance at March 31, 2010	$ 5,183	73,203	2,402,575	(16,931)	2,464,030
Total comprehensive income	---	---	105,616	(1,253)	104,363
Issuance of restricted stock	33	(33)	---	---	---
Stock option activity	24	15,367	---	---	15,391
Cash dividends declared	---	---	(51,516)	---	(51,516)
Retirement of common stock	(49)	---	(19,939)	---	(19,988)
Amortization/cancellation of restricted stock	(3)	1,667	---	---	1,664
Balance at March 31, 2011	$ 5,188	90,204	2,436,736	(18,184)	2,513,944
Total comprehensive income	---	---	87,411	(1,146)	86,265
Stock option activity	14	8,100	---	---	8,114
Cash dividends declared	---	---	(51,370)	---	(51,370)
Retirement of common stock	(74)	---	(34,941)	---	(35,015)
Amortization of restricted stock units	---	272	---	---	272
Amortization/cancellation of restricted stock	(3)	4,150	---	---	4,147
Balance at March 31, 2012	$ 5,125	102,726	2,437,836	(19,330)	2,526,357
Total comprehensive income	---	---	150,750	2,189	152,939
Stock option activity	14	6,131	---	---	6,145
Cash dividends declared	---	---	(49,766)	---	(49,766)
Retirement of common stock	(187)	---	(84,847)	---	(85,034)
Amortization of restricted stock units	6	6,705	---	---	6,711
Amortization/cancellation of restricted stock	(9)	4,413	---	---	4,404
Balance at March 31, 2013	$ 4,949	119,975	2,453,973	(17,141)	2,561,756

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues for the quarters and the years ended March 31, 2013 and 2012 and for the quarter ended December 31, 2012, were as follows:


																	Quarter
	Quarter Ended								Year Ended								Ended
	March 31,								March 31,								December 31,
(In thousands)	2013		%		2012		%		2013		%		2012		%		2012		%

Vessel revenues:
Americas	$	82,561		25%		79,219		27%		327,059		27%		324,529		31%		84,532		27%
Asia/Pacific		44,477		14%		48,207		17%		184,014		15%		153,752		14%		42,057		14%
Middle East/North Africa		42,884		13%		30,783		11%		149,412		12%		109,489		10%		42,027		14%
Sub-Saharan Africa/Europe		155,117		48%		130,046		45%		569,513		46%		472,698		45%		136,427		45%

Total Vessel revenues		325,039		100%		288,255		100%		1,229,998		100%		1,060,468		100%		305,043		100%

Vessel operating costs:
Crew costs	$	90,581		28%		87,286		30%		356,165		29%		327,762		31%		87,469		29%
Repair and maintenance		36,466		11%		27,368		9%		132,587		11%		103,257		10%		36,143		12%
Insurance and loss reserves		4,223		1%		2,910		1%		20,765		2%		17,507		2%		7,381		2%
Fuel, lube and supplies		22,458		7%		22,017		8%		79,023		6%		76,904		7%		19,553		6%
Vessel operating leases		3,971		1%		4,492		2%		16,837		1%		17,967		1%		3,971		1%
Other		27,941		9%		24,634		9%		104,041		9%		94,740		9%		26,378		9%

Total vessel operating costs		185,640		57%		168,707		59%		709,418		58%		638,137		60%		180,895		59%

Vessel operating margin (A)	$	139,399		43%		119,548		41%		520,580		42%		422,331		40%		124,148		41%

Note (A): The following table reconciles vessel operating margin as presented above to operating income for the quarters and the years ended March 31, 2013 and 2012 and for the quarter ended December 31, 2012:


									Quarter
	Quarter Ended				Year Ended				Ended
	March 31,				March 31,				December 31,
(In thousands)	2013		2012		2013		2012		2012

Vessel operating margin	$	139,399		119,548		520,580		422,331		124,148
Other operating revenues		3,294		1,140		14,167		6,539		4,423
Costs of other operating revenues		(2,932)		(1,915)		(12,216)		(7,115)		(4,176)
Depreciation and amortization		(38,287)		(35,585)		(147,299)		(138,356)		(37,181)
Goodwill impairment		---		---		---		(30,932)		---
General and administrative		(46,739)		(40,791)		(175,609)		(156,570)		(46,339)
Gain on asset dispositions, net		3,839		3,986		6,609		17,657		99

Operating income	$	58,574		46,383		206,232		113,554		40,974

The company’s operating income and other components of earnings before income taxes, and its related percentage of total revenues for the quarters and the years ended March 31, 2013 and 2012 and for the quarter ended December 31, 2012, were as follows:


																	Quarter
	Quarter Ended								Year Ended								Ended
	March 31,								March 31,								December 31,
(In thousands)	2013		%		2012		%		2013		%		2012		%		2012		%

Vessel operating profit:
Americas	$	6,178		2%		16,157		6%		40,318		3%		56,003		5%		14,442		5%
Asia/Pacific		12,275		4%		9,002		3%		43,704		4%		16,125		2%		8,695		3%
Middle East/North Africa		12,787		4%		1,411		<1%		39,069		3%		805		<1%		13,720		4%
Sub-Saharan Africa/Europe		36,863		11%		27,869		10%		129,460		10%		97,142		9%		21,171		7%

		68,103		21%		54,439		19%		252,551		20%		170,075		16%		58,028		19%
Corporate expenses		(12,432)		(4%)		(10,525)		(4%)		(52,095)		(4%)		(40,379)		(4%)		(16,712)		(5%)
Goodwill impairment		---		---		---		---		---		---		(30,932)		(3%)		---		---
Gain on asset dispositions, net		3,839		1%		3,986		1%		6,609		1%		17,657		2%		99		<1%
Other services		(936)		(<1%)		(1,517)		(<1%)		(833)		(<1%)		(2,867)		(<1%)		(441)		(<1%)

Operating income		58,574		18%		46,383		16%		206,232		17%		113,554		11%		40,974		14%

Foreign exchange gain		4,181		1%		2,574		1%		3,011		<1%		3,309		<1%		52		<1%
Equity in net earnings ofunconsolidated companies		3,830		1%		3,614		1%		12,189		1%		13,041		1%		2,639		1%
Interest income and other, net		693		<1%		1,137		<1%		3,476		<1%		3,440		<1%		936		<1%
Interest and other debt costs		(7,827)		(2%)		(7,454)		(3%)		(29,745)		(2%)		(22,308)		(2%)		(7,183)		(2%)

Earnings before income taxes	$	59,451		18%		46,254		16%		195,163		16%		111,036		10%		37,418		12%

The company’s revenues, day-based vessel utilization percentages and average day rates by vessel class and in total for the quarters and the years ended March 31, 2013 and 2012 and the quarter ended December 31, 2012, were as follows:


										Quarter
	Quarter Ended					Year Ended				Ended
	March 31,					March 31,				December 31,
	2013			2012		2013		2012		2012

REVENUE BY VESSEL CLASS (In thousands):
Americas fleet:
Deepwater vessels	$	49,916			35,045		179,032		146,950		48,089
Towing-supply/supply		25,938			35,596		120,817		143,796		29,418
Other		6,707			8,578		27,210		33,783		7,025
Total	$	82,561			79,219		327,059		324,529		84,532
Asia/Pacific fleet:
Deepwater vessels	$	24,327			26,857		96,118		75,495		21,862
Towing-supply/supply		19,211			20,197		84,217		73,845		19,277
Other		939			1,153		3,679		4,412		918
Total	$	44,477			48,207		184,014		153,752		42,057
Middle East/North Africa fleet:
Deepwater vessels	$	16,979			11,331		55,945		46,511		15,407
Towing-supply/supply		25,173			18,034		89,902		56,902		25,870
Other		732			1,418		3,565		6,076		750
Total	$	42,884			30,783		149,412		109,489		42,027
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	78,724			64,392		273,544		199,697		64,509
Towing-supply/supply		58,981			48,161		226,357		199,004		54,816
Other		17,412			17,493		69,612		73,997		17,102
Total	$	155,117			130,046		569,513		472,698		136,427
Worldwide fleet:
Deepwater vessels	$	169,946			137,625		604,639		468,653		149,867
Towing-supply/supply		129,303			121,988		521,293		473,547		129,381
Other		25,790			28,642		104,066		118,268		25,795
Total	$	325,039			288,255		1,229,998		1,060,468		305,043

UTILIZATION:
Americas fleet:
Deepwater vessels		80.4	%		75.9		74.4		74.9		73.1
Towing-supply/supply		41.9			53.1		48.0		49.0		48.0
Other		81.0			69.4		79.0		66.3		82.4
Total		59.1	%		61.4		60.5		58.2		60.9
Asia/Pacific fleet:
Deepwater vessels		83.6	%		95.3		86.8		76.8		89.2
Towing-supply/supply		54.5			43.1		53.5		41.3		52.4
Other		100.0			100.0		85.1		94.8		100.0
Total		62.4	%		55.9		61.0		50.9		60.5
Americas fleet:
Deepwater vessels		98.6	%		100.0		93.5		91.2		89.8
Towing-supply/supply		74.7			73.3		75.8		59.9		80.1
Other		29.3			50.0		33.7		53.3		28.6
Total		73.4	%		74.4		73.3		64.5		75.1
Asia/Pacific fleet:
Deepwater vessels		76.3	%		84.0		78.2		84.4		70.3
Towing-supply/supply		73.3			55.0		66.9		55.8		66.9
Other		78.7			75.5		78.1		79.8		77.2
Total		75.9	%		68.4		73.4		69.4		71.1
Worldwide fleet:
Deepwater vessels		80.6	%		84.9		79.6		81.1		75.2
Towing-supply/supply		61.2			55.0		60.6		51.7		61.1
Other		75.2			72.6		74.6		74.6		74.5
Total		69.4	%		65.4		68.3		62.9		67.5


										Quarter
		Quarter Ended				Year Ended				Ended
		March 31,				March 31,				December 31,
		2013		2012		2013		2012		2012

AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater vessels	$		29,480		25,911		28,216		25,573		28,721
Towing-supply/supply			14,330		13,704		14,064		14,076		13,721
Other			6,132		6,791		6,097		6,407		6,181
Total	$		17,960		15,197		16,861		15,283		17,060
Asia/Pacific fleet:
Deepwater vessels	$		37,370		30,982		36,424		25,073		35,453
Towing-supply/supply			13,976		13,751		13,378		12,790		12,592
Other			10,432		6,335		10,079		6,358		9,972
Total	$		21,024		19,148		19,789		16,221		18,779
Middle East/North Africa fleet:
Deepwater vessels	$		21,259		17,788		19,926		17,703		20,710
Towing-supply/supply			12,689		8,992		11,116		8,477		12,020
Other			4,628		5,194		4,836		5,192		4,750
Total	$		14,583		10,558		12,844		10,417		13,761
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$		26,468		23,254		25,056		21,584		25,853
Towing-supply/supply			14,996		13,894		14,684		13,420		14,318
Other			5,300		4,993		5,118		4,917		5,054
Total	$		15,218		13,353		14,261		12,080		14,053
Worldwide fleet:
Deepwater vessels	$		27,782		24,465		26,626		22,709		27,100
Towing-supply/supply			14,207		12,790		13,580		12,617		13,399
Other			5,573		5,485		5,430		5,330		5,407
Total	$		16,378		14,140		15,325		13,197		15,286

The day-based vessel utilization percentages, average day rates, and number of active vessels (excluding 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, traditional vessels for the quarters and the years ended March 31, 2013 and 2012 and for the quarter ended December 31, 2012, were as follows:


	Quarter Ended March 31,				Year Ended March 31,				Quarter Ended December 31,
	2013		2012		2013		2012		2012
UTILIZATION:
Americas fleet:
New vessels		84.7%		87.3		83.1		87.5		82.8
Traditional vessels		33.2		41.3		37.3		37.4		37.9
Total		59.1%		61.4		60.5		58.2		60.9
Asia/Pacific fleet:
New vessels		82.5%		81.0		86.7		78.7		85.7
Traditional vessels		---		10.4		---		11.6		---
Total		62.4%		55.9		61.0		50.9		60.5
Middle East/North Africa fleet:
New vessels		83.8%		83.9		86.8		70.3		89.4
Traditional vessels		37.6		55.9		39.2		56.1		34.4
Total		73.4%		74.4		73.3		64.5		75.1
Sub-Saharan Africa/Europe fleet:
New vessels		83.7%		82.2		83.3		85.4		79.0
Traditional vessels		39.3		32.1		36.5		34.0		39.7
Total		75.9%		68.4		73.4		69.4		71.1
Worldwide fleet:
New vessels		83.8%		83.2		84.2		82.9		82.1
Traditional vessels		31.9		35.7		32.6		34.8		33.4
Total		69.4%		65.4		68.3		62.9		67.5

AVERAGE VESSEL DAY RATES:
Americas fleet:
New vessels	$	21,330		19,096		20,564		19,069		21,022
Traditional vessels		9,290		8,851		8,399		8,956		7,913
Total	$	17,960		15,197		16,861		15,283		17,060
Asia/Pacific fleet:
New vessels	$	21,024		20,247		19,789		17,494		18,779
Traditional vessels		---		3,642		---		3,968		---
Total	$	21,024		19,148		19,789		16,221		18,779
Middle East/North Africa fleet:
New vessels	$	15,172		11,657		13,660		12,398		14,310
Traditional vessels		10,055		7,377		8,259		6,815		9,707
Total	$	14,583		10,558		12,844		10,417		13,761
Sub-Saharan Africa/Europe fleet:
New vessels	$	15,905		14,098		14,944		12,774		14,783
Traditional vessels		8,239		8,353		8,427		8,208		8,313
Total	$	15,218		13,353		14,261		12,080		14,053
Worldwide fleet:
New vessels	$	17,458		15,658		16,526		14,741		16,503
Traditional vessels		9,014		8,226		8,388		8,045		8,282
Total	$	16,378		14,140		15,325		13,197		15,286

AVERAGE VESSEL COUNT (EXCLUDING STACKED VESSELS):
Americas fleet:
New vessels		43		41		44		41		45
Traditional vessels		18		24		19		25		19
Total		61		65		63		66		64
Asia/Pacific fleet:
New vessels		28		32		29		30		28
Traditional vessels		---		1		--		3		--
Total		28		33		29		33		28
Middle East/North Africa fleet:
New vessels		34		27		30		25		32
Traditional vessels		5		9		6		12		6
Total		39		36		36		37		38
Sub-Saharan Africa/Europe fleet:
New vessels		124		113		117		106		119
Traditional vessels		13		18		15		21		14
Total		137		131		132		127		133
Worldwide fleet:
New vessels		229		213		220		202		224
Traditional vessels		36		52		40		61		39
Total		265		265		260		263		263

The company’s actual vessel count at March 31, 2013 and the average number of vessels by class and geographic distribution for the quarters and the years ended March 31, 2013 and 2012 and for the quarter ended December 31, 2012, were as follows:


	Actual Vessel Count at March 31,		Quarter Ended March 31,				Year Ended March 31,				Quarter Ended December 31,
	2013		2013		2012		2013		2012		2012
Americas fleet:
Deepwater vessels		24		23		20		23		21		25
Towing-supply/supply		48		48		53		50		57		48
Other		15		15		20		15		21		15
Total		87		86		93		88		99		88
Less stacked vessels		26		25		28		25		33		24
Active vessels		61		61		65		63		66		64
Asia/Pacific fleet:
Deepwater vessels		9		9		10		8		11		7
Towing-supply/supply		27		28		37		32		38		32
Other		1		1		2		1		2		1
Total		37		38		49		41		51		40
Less stacked vessels		9		10		16		12		18		12
Active vessels		28		28		33		29		33		28
Middle East/North Africa fleet:
Deepwater vessels		9		9		7		8		8		9
Towing-supply/supply		30		30		30		29		31		30
Other		6		6		6		6		6		6
Total		45		45		43		43		45		45
Less stacked vessels		6		6		7		7		8		7
Active vessels		39		39		36		36		37		38
Sub-Saharan Africa/Europe fleet:
Deepwater vessels		42		43		36		38		30		39
Towing-supply/supply		58		60		70		63		74		62
Other		47		46		51		48		50		48
Total		147		149		157		149		154		149
Less stacked vessels		10		12		26		17		27		16
Active vessels		137		137		131		132		127		133
ACTIVE OWNED OR CHARTERED VESSELS		265		265		265		260		263		263
Stacked vessels		51		53		77		61		86		59
TOTAL OWNED OR CHARTERED VESSELS		316		318		342		321		349		322
Vessels withdrawn from service		2		2		2		2		3		2
Joint-venture and other		10		10		10		10		10		10
Total		328		330		354		333		362		334

Note (B): Included in total owned or chartered vessels at March 31, 2013 and 2012 and at December 31, 2012, were 51, 67, and 53 vessels, respectively, that were stacked by the company. These vessels were considered to be in service and are included in the calculation of the company’s utilization statistics.

The company’s vessel commitments by vessel class and type as of March 31, 2013, were as follows:


	Non-U.S. Built								U.S. Built
	Number				Invested		Remaining		Number				Invested		Remaining
	of		Total		Through		Balance		of		Total		Through		Balance
Vessel class and type	Vessels		Cost		3/31/13		3/31/13		Vessels		Cost		3/31/13		3/31/13
In thousands, except number of vessels:
Deepwater platform supply vessels		18	$	503,206		56,426		446,780		3		153,223		100,127		53,096
Towing-supply/supply vessels		6		112,862		28,025		84,837		---		---		---		---
Other		5		67,318		52,751		14,567		---		---		---		---
Totals		29	$	683,386		137,202		546,184		3		153,223		100,127		53,096

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


	Quarter Period Ended
Vessel class and type	06/13		09/13		12/13		03/14		06/14		Thereafter
Deepwater platform supply vessels		1		2		1		3		5		9
Towing-supply/supply vessels		---		---		---		---		---		6
Other		2		1		1		---		1		---
Totals		3		3		2		3		6		15

(In thousands)
Expected quarterly cash outlay	$	105,536		79,443		45,714		80,310		88,248		200,029(A)

(A) The $200,029 of ‘Thereafter’ vessel construction obligations is expected to be paid out as follows: $130,510 in the remaining quarters of fiscal 2014 and $69,519 during fiscal 2015.

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