TIDEWATER INC - FORM 8-K - EX-99.1

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8-K - 8-K - TIDEWATER INC	d933925d8k.htm

Exhibit 99.1


			Press Release

TIDEWATER INC. Ÿ Pan-American Life Center Ÿ 601 Poydras Street, Suite 1500 Ÿ New Orleans, LA 70130 Ÿ Telephone (504) 568-1010 Ÿ Fax (504) 566-4582

Tidewater Reports Fourth Quarter and Year End Results For Fiscal 2015

NEW ORLEANS, LA. May 27, 2015 — Tidewater Inc. (NYSE:TDW) announced today a fourth quarter net loss for the period ended March 31, 2015, of $9.1 million, or $0.19 per common share, on revenues of $324.8 million. For fiscal year ended March 31, 2015, the company’s net loss was $65.2 million, or $1.34 per common share, inclusive of a $214.9 million after-tax, or $4.43 per share, non-cash goodwill impairment charge recorded in the December 2014 quarter, on revenues of $1,495.5 million. For fiscal year ended March 31, 2014, net earnings were $140.3 million, or $2.82 per common share, inclusive of a $43.4 million after-tax, or $0.87 per share, non-cash goodwill impairment charge recorded in the December 2013 quarter, on revenues of $1,435.1 million.

Included in the March 31, 2015 quarterly results are charges resulting from cost reduction initiatives related to a more challenging business environment since the precipitous decline in crude oil prices that began in the second half of fiscal 2015, as well as period end asset impairment reviews and assessment of realization of deferred tax assets:

—

A $4.1 million ($3.3 million after-tax, or $0.07 per share) restructuring charge related to severance and other termination costs resulting from right-sizing efforts during the quarter.

—

$6.4 million ($5.1 million after-tax, or $0.11 per share) of total charges related to stacked vessel and other asset impairment reviews undertaken during the quarter, which is included in “Gains on asset dispositions, net”.

—

A $23.8 million ($23.8 million after-tax, or $0.51 per share) non-cash adjustment related to the valuation of deferred tax assets.

As previously announced, Tidewater will hold a conference call to discuss March quarterly earnings and annual earnings on Wednesday, May 27, 2015, 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 27, 2015, and will continue until 11:59 p.m. Central time on May 29, 2015. 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 39678053.

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 27, 2015.

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 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 March 31,				Year Ended March 31,
	2015		2014		2015		2014
Revenues:
Vessel revenues	$	317,770		362,450		1,468,358		1,418,461
Other operating revenues		6,992		5,383		27,159		16,642
		324,762		367,833		1,495,517		1,435,103
Costs and expenses:
Vessel operating costs		193,940		206,734		834,368		795,890
Costs of other operating revenues		6,889		5,588		26,505		15,745
General and administrative		45,355		45,735		189,819		187,976
Vessel operating leases		8,075		8,151		28,322		21,910
Depreciation and amortization		45,054		42,925		175,204		167,480
Gain on asset dispositions, net		(4,275)		(2,363)		(9,271)		(11,722)
Goodwill impairment		---		---		283,699		56,283
Restructuring charge		4,052		---		4,052		---
		299,090		306,770		1,532,698		1,233,562
Operating income (loss)		25,672		61,063		(37,181)		201,541
Other income (expenses):
Foreign exchange gain		225		(2,728)		8,678		1,541
Equity in net earnings of unconsolidated companies		1,075		4,929		10,179		15,801
Interest income and other, net		372		708		1,927		2,123
Loss on early extinguishment of debt		---		---		---		(4,144)
Interest and other debt costs, net		(12,102)		(12,733)		(50,029)		(43,814)
		(10,430)		(9,824)		(29,245)		(28,493)
Earnings (loss) before income taxes		15,242		51,239		(66,426)		173,048
Income tax expense (benefit)		24,134		7,822		(1,077)		32,793
Net earnings (loss)	$	(8,892)		43,417		(65,349)		140,255
Less: Net loss attributable to noncontrolling interests	$	184		---		(159)		---
Net earnings (loss) attributable to Tidewater Inc.	$	(9,076)		43,417		(65,190)		140,255

Basic earnings (loss) per common share	$	(0.19)		0.88		(1.34)		2.84


Diluted earnings (loss) per common share	$	(0.19)		0.88		(1.34)		2.82


Weighted average common shares outstanding		46,814,976		49,463,080		48,658,840		49,392,749
Dilutive effect of stock options and restricted stock		---		115,109		---		287,365
Adjusted weighted average common shares		46,814,976		49,578,189		48,658,840		49,680,114

TIDEWATER INC.

CONSOLIDATED BALANCE SHEETS

March 31, 2015 and 2014

(In thousands, except share and par value data)


ASSETS		2015	2014
Current assets:
Cash and cash equivalents	$	78,568	60,359
Trade and other receivables, less allowance for doubtful accounts of $37,634 in 2015 and $35,737 in 2014		303,096	252,421
Due from affiliate		420,365	429,450
Marine operating supplies		49,005	57,392
Other current assets		17,781	20,587
Total current assets		868,815	820,209
Investments in, at equity, and advances to unconsolidated companies		65,844	63,928
Properties and equipment:
Vessels and related equipment		4,717,132	4,521,102
Other properties and equipment		119,879	97,714
		4,837,011	4,618,816
Less accumulated depreciation and amortization		1,090,704	997,208
Net properties and equipment		3,746,307	3,621,608
Goodwill		---	283,699
Other assets		75,196	96,385
Total assets	$	4,756,162	4,885,829


LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	54,011	74,515
Accrued expenses		146,255	157,302
Due to affiliate		185,657	86,154
Accrued property and liability losses		3,669	3,631
Current portion of long-term debt		10,181	9,512
Other current liabilities		82,461	70,567
Total current liabilities		482,234	401,681
Long-term debt		1,524,295	1,505,358
Deferred income taxes		23,276	108,929
Accrued property and liability losses		10,534	5,286
Other liabilities and deferred credits		235,108	179,204

Commitments and Contingencies

Equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 47,029,359 shares at March 31, 2015 and 49,730,442 shares at March 31, 2014		4,703	4,973
Additional paid-in capital		159,940	142,381
Retained earnings		2,330,223	2,544,255
Accumulated other comprehensive loss		(20,378)	(12,225)
Total stockholders’ equity		2,474,488	2,679,384
Noncontrolling interests		6,227	5,987
Total equity		2,480,715	2,685,371
Total liabilities and equity	$	4,756,162	4,885,829

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)


	Quarter Ended March 31,			Year Ended March 31,
		2015	2014		2015	2014
Net earnings (loss)	$	(8,892)	43,417		(65,349)	140,255
Other comprehensive income (loss):
Unrealized (losses) gains on available for sale securities, net of tax of $34, $(70), $77 and $115, respectively		64	(130)		143	213
Amortization of loss on derivative contract, net of tax of $198, $63, $386 and $251, respectively		368	117		717	466
Change in supplemental executive retirement, plan pension liability, net of tax of $0, $409, $0 and $409, respectively		(1,845)	760		(1,845)	760
Change in pension plan minimum liability, net of tax of $0, $763, $0 and $763, respectively		(5,739)	1,417		(5,739)	1,417
Change in other benefit plan minimum liability, net of tax of $(840), $1,109, $(769) and $1,109, respectively		(1,560)	2,060		(1,429)	2,060
Total comprehensive income (loss)	$	(17,604)	47,641		(73,502)	145,171

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended March 31, 2015, 2014 and 2013


(In thousands)		2015	2014	2013
Operating activities:
Net (loss) earnings	$	(65,349)	140,255	150,750
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
Depreciation and amortization		175,204	167,480	147,299
Benefit for deferred income taxes		(72,389)	(34,709)	(11,733)
Gain on asset dispositions, net		(9,271)	(11,722)	(6,609)
Goodwill impairment		283,699	56,283	---
Equity in earnings of unconsolidated companies, net of dividends		(1,916)	(15,801)	30
Compensation expense – stock based		21,374	19,642	19,416
Excess tax (benefit) liability on stock options exercised		1,784	(299)	(278)
Changes in assets and liabilities, net:
Trade and other receivables		(43,537)	13,485	(38,438)
Changes in due to/from affiliate, net		108,588	(260,675)	(56,077)
Marine operating supplies		6,148	5,715	(8,498)
Other current assets		2,794	(7,600)	(1,663)
Accounts payable		(22,989)	(1,395)	(5,888)
Accrued expenses		(11,435)	34,458	9,098
Accrued property and liability losses		38	(429)	497
Other current liabilities		118	10,373	4,846
Other liabilities and deferred credits		4,875	(11,842)	822
Other, net		(19,023)	1,398	10,349
Net cash provided by operating activities		358,713	104,617	213,923
Cash flows from investing activities:
Proceeds from sales of assets		8,310	51,330	27,278
Proceeds from sale/leaseback of assets		123,950	270,575	---
Additions to properties and equipment		(364,194)	(594,695)	(440,572)
Payments for acquisition, net of cash acquired		---	(127,737)	---
Other		516	(3,158)	(193)
Net cash used in investing activities		(231,418)	(403,685)	(413,487)
Cash flows from financing activities:
Debt issuance costs		(556)	(5,347)	(51)
Principal payment on long-term debt		(97,823)	(1,103,054)	(60,000)
Debt borrowings		138,488	1,465,362	110,000
Proceeds from exercise of stock options		1,023	6,863	3,818
Cash dividends		(48,834)	(49,816)	(49,588)
Excess tax benefit (liability) on stock options exercised		(1,784)	299	278
Cash contributions from noncontrolling interests, net		399	4,551	---
Repurchases of common stock		(99,999)	---	(85,034)
Net cash (used in) provided by financing activities		(109,086)	318,858	(80,577)
Net change in cash and cash equivalents		18,209	19,790	(280,141)
Cash and cash equivalents at beginning of period		60,359	40,569	320,710
Cash and cash equivalents at end of period	$	78,568	60,359	40,569

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized	$	49,390	34,190	27,443
Income taxes	$	74,310	59,266	54,722
Supplemental disclosure of non-cash investing activities:
Additions to properties and equipment	$	2,068	5,751	12,010

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EQUITY

Years Ended March 31, 2015, 2014 and 2013

(In thousands)


							Accumulated
			Additional				other		Non
	Common stock		paid-in capital		Retained earnings		comprehensive loss		controlling interest		Total
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 ($1.00 per share)		---		---		(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
Total comprehensive income		---		---		140,255		4,916		---		145,171
Stock option activity		20		9,445		---		---		---		9,465
Cash dividends declared ($1.00 per share)		---		---		(49,973)		---		---		(49,973)
Amortization of restricted stock units		10		9,923		---		---		---		9,933
Amortization/cancellation of restricted stock		(6)		3,038		---		---		---		3,032
Noncontrolling interests		---		---		---		---		5,987		5,987
Balance at March 31, 2014		$ 4,973		142,381		2,544,255		(12,225)		5,987		2,685,371
Total comprehensive loss		---		---		(65,190)		(8,153)		(159)		(73,502)
Stock option activity		3		(691)		---		---		---		(688)
Cash dividends declared ($1.00 per share)		---		---		(49,127)		---		---		(49,127)
Retirement of common stock		(284)		---		(99,715)		---		---		(99,999)
Amortization of restricted stock units		17		15,270		---		---		---		15,287
Amortization/cancellation of restricted stock		(6)		2,980		---		---		---		2,974
Cash received from non-controlling interests, net		---		---		---		---		399		399
Balance at March 31, 2015		$ 4,703		159,940		2,330,223		(20,378)		6,227		2,480,715

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, 2015 and 2014 and for the quarter ended December 31, 2014, were as follows:


																		Quarter
		Quarter Ended								Year Ended								Ended
		March 31,								March 31,								December 31,
(In thousands)		2015		%		2014		%		2015		%		2014		%		2014		%

Vessel revenues:
Americas	$		117,149		37%		108,710		30%		505,699		35%		410,731		29%		134,554		36%
Asia/Pacific			29,536		9%		37,907		10%		150,820		10%		154,618		11%		35,046		9%
Middle East/North Africa			45,486		14%		48,783		14%		205,787		14%		186,524		13%		55,925		15%
Sub-Saharan Africa/ Europe			125,599		40%		167,050		46%		606,052		41%		666,588		47%		152,601		40%

Total vessel revenues	$		317,770		100%		362,450		100%		1,468,358		100%		1,418,461		100%		378,126		100%

Vessel operating costs:
Crew costs	$		98,045		31%		100,951		28%		428,131		29%		396,332		28%		104,167		28%
Repair and maintenance			40,307		13%		49,322		14%		173,788		12%		177,331		13%		46,418		12%
Insurance and loss reserves			7,213		2%		5,274		1%		17,683		1%		19,628		1%		3,093		1%
Fuel, lube and supplies			18,372		6%		19,858		5%		88,272		6%		76,609		5%		24,710		7%
Other			30,003		9%		31,329		9%		126,494		9%		125,990		9%		31,977		8%

Total vessel operating costs			193,940		61%		206,734		57%		834,368		57%		795,890		56%		210,365		56%
Vessel operating margin (A)	$		123,830		39%		155,716		43%		633,990		43%		622,571		44%		167,761		44%

Note (A): The following table reconciles vessel operating margin as presented above to operating profit for the quarters and the years ended March 31, 2015 and 2014 and for the quarter ended December 31, 2014:


										Quarter
		Quarter Ended				Year Ended				Ended
		March 31,				March 31,				December 31,
(In thousands)		2015		2014		2015		2014		2014

Vessel operating margin	$		123,830		155,716		633,990		622,571		167,761
General and administrative - vessel operations			(34,190)		(35,275)		(144,495)		(137,741)		(36,024)
Vessel operating leases			(8,075)		(8,151)		(28,322)		(21,910)		(7,165)
Depreciation and amortization - vessel operations			(42,179)		(41,843)		(167,217)		(164,112)		(41,639)

Vessel operating profit	$		39,386		70,447		293,956		298,808		82,933


The company’s other operating loss for the quarters and the years ended March 31, 2015 and 2014 and for the quarter ended December 31, 2014, consists of the following:

										Quarter
		Quarter Ended				Year Ended				Ended
		March 31,				March 31,				December 31,
(In thousands)		2015		2014		2015		2014		2014

Other operating revenues	$		6,992		5,383		27,159		16,642		9,428
Costs of other marine revenues			(6,889)		(5,588)		(26,505)		(15,745)		(8,395)
General and administrative - other operating activities			(1,226)		(1,026)		(4,703)		(2,532)		(1,207)
Depreciation and amortization - other operating activities			(1,351)		(292)		(3,973)		(295)		(858)

Other operating loss	$		(2,474)		(1,523)		(8,022)		(1,930)		(1,032)

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, 2015 and 2014 and for the quarter ended December 31, 2014, were as follows:


		Quarter Ended March 31,								Year Ended March 31,								Quarter Ended December 31,
(In thousands)		2015		%		2014		%		2015		%		2014		%		2014		%

Vessel operating profit
Americas	$		22,218		7%		21,381		6%		122,988		8%		90,936		6%		33,784		8%
Asia/Pacific			2,477		1%		8,016		2%		11,541		1%		29,044		2%		2,621		1%
Middle East/North Africa			5,690		1%		8,240		2%		37,258		3%		42,736		3%		12,408		3%
Sub-Saharan Africa/Europe			9,001		3%		32,810		9%		122,169		8%		136,092		10%		34,120		9%

			39,386		12%		70,447		19%		293,956		20%		298,808		21%		82,933		21%
Other operating loss			(2,474)		(1%)		(1,523)		(<1%)		(8,022)		(1%)		(1,930)		(<1%)		(1,032)		(<1%)

			36,912		11%		68,924		19%		285,934		19%		296,878		21%		81,901		21%

Corporate general and administrative expenses			(9,939)		(3%)		(9,434)		(3%)		(40,621)		(3%)		(47,703)		(4%)		(9,411)		(3%)
Corporate depreciation			(1,524)		(<1%)		(790)		(<1%)		(4,014)		(<1%)		(3,073)		(<1%)		(834)		(<1%)

Corporate expenses			(11,463)		(3%)		(10,224)		(3%)		(44,635)		(3%)		(50,776)		(4%)		(10,245)		(3%)
Gain (loss) on asset dispositions, net			4,275		1%		2,363		1%		9,271		<1%		11,722		1%		(1,537)		(<1%)
Goodwill impairment			---		---		---		---		(283,699)		(19%)		(56,283)		(4%)		(283,699)		(73%)
Restructuring charge			(4,052)		(1%)		---		---		(4,052)		(<1%)		---		---		---		---

Operating income (loss)	$		25,672		8%		61,063		17%		(37,181)		(3%)		201,541		14%		(213,580)		(55%)

Foreign exchange gain (loss)			225		<1%		(2,728)		(1%)		8,678		1%		1,541		<1%		4,334		1%
Equity in net earnings of unconsolidated companies			1,075		<1%		4,929		1%		10,179		1%		15,801		1%		---		---
Interest income and other, net			372		<1%		708		<1%		1,927		<1%		2,123		<1%		434		<1%
Loss on early extinguishment of debt			---		---		---		---		---		---		(4,144)		(<1%)		---		---
Interest and other debt costs, net			(12,102)		(4%)		(12,733)		(3%)		(50,029)		(3%)		(43,814)		(3%)		(12,239)		(3%)

Earnings (loss) before income taxes	$		15,242		5%		51,239		14%		(66,426)		(4%)		173,048		12%		(221,051)		(57%)

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, 2015 and 2014 and for the quarter ended December 31, 2014, were as follows:


		Quarter Ended March 31,					Year Ended March 31,				Quarter Ended December 31,
		2015			2014		2015		2014		2014

REVENUE BY VESSEL CLASS (In thousands):
Americas fleet:
Deepwater	$		85,249			74,859		353,232		263,750		94,298
Towing-supply			27,518			26,073		125,029		115,055		33,607
Other			4,382			7,778		27,438		31,926		6,649
Total	$		117,149			108,710		505,699		410,731		134,554
Asia/Pacific fleet:
Deepwater	$		22,046			23,834		94,538		88,191		20,575
Towing-supply			7,419			13,114		53,281		62,630		13,487
Other			71			959		3,001		3,797		984
Total	$		29,536			37,907		150,820		154,618		35,046
Middle East/North Africa fleet:
Deepwater	$		20,943			16,114		85,279		66,503		25,615
Towing-supply			23,797			31,979		117,232		116,720		29,441
Other			746			690		3,276		3,301		869
Total	$		45,486			48,783		205,787		186,524		55,925
Sub-Saharan Africa/Europe fleet:
Deepwater	$		64,302			86,064		326,315		364,722		81,129
Towing-supply			45,739			59,803		208,324		231,224		52,532
Other			15,558			21,183		71,413		70,642		18,940
Total	$		125,599			167,050		606,052		666,588		152,601
Worldwide fleet:
Deepwater	$		192,540			200,871		859,364		783,166		221,617
Towing-supply			104,473			130,969		503,866		525,629		129,067
Other			20,757			30,610		105,128		109,666		27,442
Total	$		317,770			362,450		1,468,358		1,418,461		378,126

UTILIZATION:
Americas fleet:
Deepwater			88.3	%		83.7		89.0		80.0		87.3
Towing-supply			65.7			59.5		68.2		51.9		74.5
Other			50.2			78.4		63.3		82.6		56.7
Total			73.2	%		73.2		76.5		67.4		77.2
Asia/Pacific fleet:
Deepwater			66.6	%		84.7		71.4		83.5		66.9
Towing-supply			63.2			82.7		81.1		71.6		76.6
Other			7.5			100.0		77.2		100.0		100.0
Total			62.5	%		84.1		77.2		76.0		73.9
Middle East/North Africa fleet:
Deepwater			81.8	%		71.3		81.1		77.6		89.3
Towing-supply			68.7			88.2		78.3		82.8		79.6
Other			100.0			98.1		98.0		73.0		100.0
Total			73.7	%		84.0		79.9		80.9		83.2
Sub-Saharan Africa/Europe fleet:
Deepwater			76.5	%		83.1		83.7		83.6		85.7
Towing-supply			71.5			77.9		76.0		71.3		78.8
Other			67.2			89.2		72.5		77.1		73.3
Total			71.3	%		83.3		76.9		76.7		78.7
Worldwide fleet:
Deepwater			80.7	%		81.9		84.1		81.7		84.9
Towing-supply			68.3			76.6		75.2		68.6		77.7
Other			63.4			87.3		71.4		78.5		71.0
Total			71.4	%		80.8		77.3		74.7		78.6


		Quarter Ended March 31,				Year Ended March 31,				Quarter Ended December 31,
		2015		2014		2015		2014		2014

AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater	$		28,972		31,066		30,986		30,629		32,612
Towing-supply			15,482		16,220		16,590		16,010		16,890
Other			6,777		7,868		8,378		7,502		9,314
Total	$		21,830		21,718		22,768		20,482		24,048
Asia/Pacific fleet:
Deepwater	$		33,443		39,072		37,723		37,549		35,821
Towing-supply			9,362		12,383		12,870		12,645		13,664
Other			10,609		10,661		10,652		10,402		10,692
Total	$		20,252		21,550		21,771		20,167		21,195
Middle East/North Africa fleet:
Deepwater	$		22,558		20,524		23,816		21,913		24,586
Towing-supply			12,526		13,000		13,242		12,862		12,870
Other			4,145		3,912		4,581		4,543		4,723
Total	$		15,121		14,258		15,650		14,531		15,918
Sub-Saharan Africa/Europe fleet:
Deepwater	$		27,239		29,158		29,428		28,932		28,675
Towing-supply			16,600		16,542		16,817		15,858		16,859
Other			5,605		5,392		5,771		5,136		5,976
Total	$		15,916		15,917		16,905		16,282		16,743
Worldwide fleet:
Deepwater	$		27,942		29,730		30,074		29,441		30,205
Towing-supply			14,460		14,982		15,307		14,684		15,401
Other			5,752		5,905		6,316		5,741		6,598
Total	$		17,928		17,525		18,792		17,405		19,024

The day-based utilization percentages, average day rates and the average number of the company’s new vessels (defined as vessels acquired or constructed since calendar year 2000 as part of its new build and acquisition program) by vessel class and in total for the quarters and the years ended March 31, 2015 and 2014 and for the quarter ended December 31, 2014, were as follows:


	Quarter Ended March 31,					Year Ended March 31,				Quarter Ended December 31,
	2015			2014		2015		2014		2014

UTILIZATION:
Deepwater vessels
PSVs		80.8	%		86.1		85.6		84.4		86.1
AHTS vessels		84.7			73.9		85.1		88.2		83.0
Towing-supply		71.7			84.4		79.6		84.3		80.8
Other		64.7			91.8		72.0		80.0		72.6
Total		73.8	%		86.0		80.1		83.6		80.9

AVERAGE VESSEL DAY RATES:
Deepwater vessels
PSVs	$	27,703			29,735		29,773		29,659		29,929
AHTS vessels		30,710			31,158		33,315		29,628		33,375
Towing-supply		14,764			15,126		15,568		14,840		15,647
Other		5,951			6,126		6,660		5,924		6,925
Total	$	18,621			18,287		19,605		18,275		19,765

AVERAGE VESSEL COUNT:
Deepwater vessels
PSVs		79			76		78		73		79
AHTS vessels		12			12		12		11		12
Towing-supply		105			105		105		104		105
Other		45			52		47		52		46
Total		241			245		242		240		242

The company’s actual vessel count at March 31, 2015 and the average number of vessels by class and geographic distribution for the quarters and the years ended March 31, 2015 and 2014 and for the quarter ended December 31, 2014:


	Actual Vessel Count at March 31,		Quarter Ended March 31,				Year Ended March 31,				Quarter Ended December 31,
	2015		2015		2014		2015		2014		2014
Americas fleet:
Deepwater		38		37		32		35		29		36
Towing-supply		29		30		30		30		38		29
Other		14		14		14		14		14		14
Total		81		81		76		79		81		79
Less stacked vessels		11		10		10		9		18		9
Active vessels		70		71		66		70		63		70
Asia/Pacific fleet:
Deepwater		12		11		8		10		8		9
Towing-supply		14		14		14		14		19		14
Other		1		1		1		1		1		1
Total		27		26		23		25		28		24
Less stacked vessels		1		---		---		---		4		---
Active vessels		26		26		23		25		24		24
Middle East/North Africa fleet:
Deepwater		14		13		12		12		11		13
Towing-supply		31		31		31		31		30		31
Other		2		2		2		2		3		2
Total		47		46		45		45		44		46
Less stacked vessels		2		1		1		1		1		---
Active vessels		45		45		44		44		43		46
Sub-Saharan Africa/Europe fleet:
Deepwater		35		34		39		36		41		36
Towing-supply		43		43		52		45		56		43
Other		46		46		49		47		49		47
Total		124		123		140		128		146		126
Less stacked vessels		7		8		5		6		9		7
Active vessels		117		115		135		122		137		119
Active owned or chartered vessels		258		257		268		261		267		259
Stacked vessels		21		19		16		16		32		16
Total owned or chartered vessels		279		276		284		277		299		275
Vessels withdrawn from service		---		---		---		---		1		---
Joint-venture and other		10		10		11		11		10		10
Total		289		286		295		288		310		285

Note (B): Included in total owned or chartered vessels at March 31, 2015 and 2014 and at December 31, 2014, were 21, 15 and 16 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 table below summarizes the various commitments to acquire and construct new vessels, by vessel type, as of March 31, 2015:


(In thousands)	Number of Vessels/ROVs		Shipyard Location		Delivery Dates	Total Cost		Amount Invested 03/31/15		Remaining Balance 03/31/15

Towing-supply:
7,145 BHP (A)		6		International	5/2015-7/2016	$	105,804		79,297		26,507
Deepwater
261-foot PSV		6		International	10/2015 - 9/2016
268-foot PSV		1		International	4/2015
275-foot PSV (A) (B)		5		International	5/2015 - 8/2015
292-foot PSV		1		International	5/2016
300-foot PSV		2		United States	9/2015, 1/2016
310-foot PSV		2		United States	11/2015, 2/2016
Total Deepwater PSVs		17					576,847		223,301		353,546
Other:
Fast supply boat		1		International	---		8,014		8,014		---

Total commitments		24				$	690,665		310,612		380,053

(A)

In April 2015, the company cancelled the construction contracts for three towing-supply vessels. The accumulated carrying value of costs incurred through March 31, 2015 and the remaining costs to be incurred on these three vessels at the time of termination was approximately $40 million and $13 million, respectively.

(B)

Two different international shipyards are constructing three and two 275-foot PSVs, respectively. In May 2015, the company and the Chinese shipyard that is constructing two 275-foot deepwater PSVs came to an agreement that provides the company an option to take delivery of one or both vessels at any time prior to June 30, 2016, or receive the return of installments aggregating $5.7 million per vessel at the end of this period. The agreement requires the shipyard to maintain/extend the Bank of China refundment guarantees that secure the return of milestone payments made to date. The accumulated carrying value of costs incurred through March 31, 2015 and the remaining costs to be incurred on these two vessels at time of the agreement was approximately $14 million and $41 million, respectively.

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


	Quarter Period Ended

Vessel class and type	06/15		09/15		12/15		03/16		06/16		Thereafter

Deepwater PSVs (A)		4		3		3		3		2		2
Towing-supply vessels (A)		1		1		1		1		1		1
Other		---		---		---		---		---		1

Totals		5		4		4		4		3		4

(In thousands)
Expected quarterly cash outlay	$	179,583		81,076		32,522		23,791		48,123		14,958 (B)

(A)

In April 2015, the company cancelled the construction contracts for three towing-supply vessels. There were approximately $13 million of remaining costs to be incurred on these three vessels at the time of termination. In May 2015, the company and the Chinese shipyard that is constructing two 275-foot deepwater PSVs came to an agreement that provides the company an option to take delivery of one or both vessels at any time prior to June 30, 2016 or receive the return of installments aggregating $5.7 million per vessel at the end of this period. There were approximately $41 million of remaining costs to be incurred on these two vessels at the time of the agreement.

(B)

The $15 million of ‘Thereafter’ vessel construction obligations are expected to be paid during the remaining quarters of fiscal 2017.

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