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Tidewater Reports Fourth Quarter Results and Year End Earnings For Fiscal 2014

05/20/2014
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NEW ORLEANS--(BUSINESS WIRE)--May 20, 2014-- Tidewater Inc. (NYSE:TDW) announced today fourth quarter net earnings for the period ended March 31, 2014, of $43.4 million, or $0.88 per common share, on revenues of $367.8 million. For fiscal year ended March 31, 2014, net earnings were $140.3 million, or $2.82 per common share, on revenues of $1,435.1 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.

As previously announced, Tidewater will hold a conference call to discuss March quarterly earnings and annual earnings on Wednesday, May 21, 2014, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-427-2535 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, 2014, and will continue until 11:59 p.m. Central time on May 23, 2014. 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 37255141.

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 21, 2014.

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.

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,
      2014   2013   2014   2013
Revenues:    
Vessel revenues $ 362,450 325,039 1,418,461 1,229,998
Other operating revenues     5,383   3,294   16,642   14,167
      367,833   328,333   1,435,103   1,244,165
 
Costs and expenses:
Vessel operating costs 206,734 181,670 795,890 692,581
Costs of other operating revenues 5,588 2,932 15,745 12,216
General and administrative 45,735 46,739 187,976 175,609
Vessel operating leases 8,151 3,970 21,910 16,837
Depreciation and amortization 42,925 38,287 167,480 147,299
Gain on asset dispositions, net (2,363) (3,839) (11,722) (6,609)
Goodwill impairment     ---   ---   56,283   ---
      306,770   269,759   1,233,562   1,037,933
Operating income 61,063 58,574 201,541 206,232
Other income (expenses):
Foreign exchange (loss) gain (2,728) 4,181 1,541 3,011
Equity in net earnings of unconsolidated companies 4,929 3,830 15,801 12,189
Interest income and other, net 708 693 2,123 3,476
Loss on early extinguishment of debt --- --- (4,144) ---
Interest and other debt costs, net     (12,733)   (7,827)   (43,814)   (29,745)
      (9,824)  

877

 

(28,493)

 

(11,069)

Earnings before income taxes 51,239 59,451 173,048 195,163
Income tax expense     7,822   12,860   32,793   44,413
Net earnings   $ 43,417   46,591   140,255   150,750
 
Basic earnings per common share   $ .88   .95   2.84   3.04
 
Diluted earnings per common share   $ .88   .95   2.82   3.03
 
Weighted average common shares outstanding 49,463,080 49,103,240 49,392,749 49,550,391
Dilutive effect of stock options and restricted stock     115,109   108,053   287,365   183,649
Adjusted weighted average common shares     49,578,189   49,211,293  

49,680,114

 

49,734,040

   

TIDEWATER INC.

CONSOLIDATED BALANCE SHEETS   

March 31, 2014 and 2013

(In thousands, except share and par value data)

 
ASSETS     2014   2013

Current assets:

Cash and cash equivalents $ 60,359 40,569

Trade and other receivables, less allowance for doubtful accounts of $35,737 in 2014 and $46,332 in 2013

252,421 274,512
Due from affiliate 429,450 118,926
Marine operating supplies 57,392 62,348
Other current assets     20,587   11,735
Total current assets     820,209   508,090
Investments in, at equity, and advances to unconsolidated companies 63,928 46,047
Properties and equipment:
Vessels and related equipment 4,521,102 4,250,169
Other properties and equipment     97,714   83,779
4,618,816 4,333,948
Less accumulated depreciation and amortization     997,208   1,144,129
Net properties and equipment     3,621,608   3,189,819
Goodwill 283,699 297,822
Other assets     96,385   126,277
Total assets   $ 4,885,829   4,168,055
 

LIABILITIES AND EQUITY

Current liabilities:
Accounts payable $ 74,515 59,371
Accrued expenses 157,302 127,012
Due to affiliate 86,154 36,305
Accrued property and liability losses 3,631 4,133
Current portion of long-term debt 9,512 ---
Other current liabilities     70,567   39,808
Total current liabilities     401,681   266,629
Long-term debt 1,505,358 1,000,000
Deferred income taxes 108,929 189,763
Accrued property and liability losses 5,286 10,833
Other liabilities and deferred credits 179,204 139,074
 
Commitments and Contingencies
 

Equity:

Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,730,442 shares at March 31, 2014 and 49,485,832 shares at March 31, 2013

4,973 4,949
Additional paid-in capital 142,381 119,975
Retained earnings 2,544,255 2,453,973
Accumulated other comprehensive loss     (12,225)   (17,141)
Total stockholders’ equity 2,679,384 2,561,756
Noncontrolling interests     5,987   ---
Total equity     2,685,371   2,561,756

Total liabilities and equity

  $ 4,885,829   4,168,055
   

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

 
Quarter Ended Year Ended

March 31,

March 31,

      2014   2013   2014   2013
Net earnings $ 43,417   46,591 140,255   150,750
Other comprehensive income/(loss):
Unrealized (losses) gains on available for sale securities,
net of tax of ($70), $100, $115 and ($200), respectively (130) 186 213 (372)
Amortization of loss on derivative contract,
net of tax of $63, $62, $251 and $251, respectively 117 116 466 466
Change in supplemental executive retirement plan pension liability,
net of tax of $409, ($500),
$409 and $1,306, respectively 760 (928) 760 2,427
Change in Pension Plan minimum liability,
net of tax of $763, ($290), $763 and ($290), respectively 1,417 (539) 1,417 (539)
Change in Other Benefit Plan minimum liability, net of tax
of $1,109, $111, $1,109 and $111, respectively     2,060   207   2,060   207
Total comprehensive income   $ 47,641   45,633   145,171   152,939
     

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended March 31, 2014, 2013 and 2012
(In thousands)     2014   2013   2012
Operating activities:
Net earnings $ 140,255 150,750 87,411
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization 167,480 147,299 138,356
Benefit for deferred income taxes (34,709) (11,733) (23,754)
Reversal of liabilities for uncertain tax positions --- --- (6,021)
Gain on asset dispositions, net (11,722) (6,609) (17,657)
Goodwill impairment 56,283 --- 30,932
Equity in earnings of unconsolidated companies, net of dividends (15,801) 30 (7,033)
Compensation expense – stock based 19,642 19,416 14,340
Excess tax (benefit) liability on stock options exercised (299) (278) 1,190
Changes in assets and liabilities, net:
Trade and other receivables 13,485 (38,438) (33,650)
Due from affiliate (310,524) (44,012) (4,365)
Marine operating supplies 5,715 (8,498) (3,102)
Other current assets (7,600) (1,663) 140
Accounts payable (1,395) (5,888) (2,423)
Accrued expenses 34,458 9,098 (680)
Due to affiliate 49,849 (12,065) 29,010
Accrued property and liability losses (429) 497 (210)
Other current liabilities 10,373 4,846 8,700
Other liabilities and deferred credits (11,842) 822 7,947
Other, net     1,398   10,349   3,290
Net cash provided by operating activities     104,617   213,923   222,421
Cash flows from investing activities:
Proceeds from sales of assets 51,330 27,278 42,849
Proceeds from sale/leaseback of assets 270,575 --- ---
Additions to properties and equipment (594,695) (440,572) (357,110)
Payments for acquisition, net of cash acquired (127,737) --- ---
Other     (3,158)   (193)   (820)
Net cash used in investing activities     (403,685)   (413,487)   (315,081)
Cash flows from financing activities:
Debt issuance costs (5,347) (51) (295)
Principal payments on long-term debt (1,103,054) (60,000) (40,000)
Debt borrowings 1,465,362 110,000 290,000
Proceeds from exercise of stock options 6,863 3,818 5,411
Cash dividends (49,816) (49,588) (51,261)
Excess tax benefit (liability) on stock options exercised 299 278 (1,190)
Cash contributions from noncontrolling interests 4,551 --- ---
Stock repurchases     ---   (85,034)   (35,015)
Net cash (used in) provided by financing activities     318,858   (80,577)   167,650
Net change in cash and cash equivalents 19,790 (280,141) 74,990
Cash and cash equivalents at beginning of year     40,569   320,710   245,720
Cash and cash equivalents at end of year   $ 60,359   40,569   320,710
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest $ 45,687 38,045 36,839
Interest, net of amounts capitalized $ 34,190 27,443 22,096
Income taxes $ 59,266 54,722 49,332
Supplemental disclosure of noncash investing activities:
Additions to properties and equipment   $ 5,751   12,010   10,850
 

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EQUITY

Years Ended March 31, 2014, 2013 and 2012

(In thousands)

           
Accumulated
Additional other Non
Common paid-in Retained comprehensive controlling
      stock   capital   earnings   loss   interest   Total

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 ($1.00 per share) --- --- (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 ($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

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, 2014 and 2013 and for the quarter ended December 31, 2013, were as follows:

 

 

 

Quarter Ended

 

Year Ended

 

Quarter Ended

March 31,

March 31,

December 31,
(In thousands)     2014   %   2013   %   2014   %   2013   %   2013   %
Vessel revenues:              
Americas $ 108,710 30% 82,561 25% 410,731 29% 327,059 27% 109,848 31%
Asia/Pacific 37,907 10% 44,477 14% 154,618 11% 184,014 15% 36,325 10%
Middle East/North Africa 48,783 14% 42,884 13% 186,524 13% 149,412 12% 51,158 14%
Sub-Saharan Africa/Europe     167,050   46%   155,117   48%   666,588   47%   569,513   46%   163,382   45%
Total Vessel revenues     362,450   100%   325,039   100%   1,418,461   100%   1,229,998   100%   360,713   100%
Vessel operating costs:
Crew costs $ 100,951 28% 90,582 28% 396,332 28% 356,165 29% 101,382 28%
Repair and maintenance 49,322 14% 36,465 11% 177,331 13% 132,587 11% 40,920 12%

Insurance and loss reserves

5,274 1% 4,225 1% 19,628 1% 20,765 2% 4,410 1%
Fuel, lube and supplies 19,858 5% 22,458 7% 76,609 5% 79,023 6% 18,589 5%
Other     31,329   9%   27,940   9%   125,990   9%   104,041   8%   32,378   9%

Total vessel operating costs

    206,734   57%   181,670   56%   795,890   56%   692,581   56%   197,679   55%
Vessel operating margin (A)   $ 155,716   43%   143,369   44%   622,571   44%   537,417   44%   163,034   45%

Note (A): The following table reconciles vessel operating margin as presented above to operating income for the quarters and the years ended March 31, 2014 and 2013 and for the quarter ended December 31, 2013:

  Quarter Ended   Year Ended   Quarter Ended
March 31, March 31, December 31,
(In thousands)   2014   2013   2014   2013   2013
Vessel operating margin $155,716   143,369 622,571   537,417 163,034
Other operating revenues 5,383 3,294 16,642 14,167 4,535
Costs of other operating revenues

(5,588)

(2,932)

(15,745)

(12,216)

(4,097)

General and administrative (45,735) (46,739) (187,976) (175,609) (45,723)
Vessel operating leases (8,151) (3,970) (21,910) (16,837) (5,757)
Depreciation and amortization (42,925) (38,287) (167,480) (147,299) (42,391)
Gain on asset dispositions, net 2,363 3,839 11,722 6,609 7,170
Goodwill impairment   ---   ---   (56,283)   ---   (56,283)
Operating income   $61,063   58,574   201,541   206,232   20,488

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, 2014 and 2013 and for the quarter ended December 31, 2013, were as follows:

 

Quarter Ended

 

Year Ended

 

Quarter Ended

March 31,

March 31,

December 31,

(In thousands)    

2014

 

%

 

2013

 

%

   

2014

 

%

 

2013

  %  

2013

 

%

Vessel operating profit:                
Americas $ 21,381 6% 6,178 2% 90,936 6% 40,318 3% 25,579 7%
Asia/Pacific 8,016 2% 12,275 4% 29,044 2% 43,704 4% 5,932 2%
Middle East/North Africa 8,240 2% 12,787 4% 42,736 3% 39,069 3% 10,927 3%
Sub-Saharan Africa/Europe     32,810   9%   36,863   11%     136,092   10%   129,460   10%   38,502   10%
70,447 19% 68,103 21% 298,808 21% 252,551 20% 80,940 22%
Other operating profit     (1,523)   (<1%)   (936)   (<1%)     (1,930)  

(<1%)

 

(833)

  (<1%)   (233)   (<1%)
68,924 19% 67,167 21% 296,878 21% 251,718 20% 80,707 22%
 

Corporate general and administrative expenses

(9,434) (3%) (11,716) (4%) (47,703) (4%) (48,704) (4%) (10,323) (3%)
Corporate depreciation     (790)   (<1%)   (716)   (<1%)     (3,073)   (<1%)   (3,391)   (<1%)   (783)   (<1%)
Corporate expenses (10,224) (3%) (12,432) (4%) (50,776) (4%) (52,095) (4%) (11,106) (3%)
 
Gain on asset dispositions, net 2,363 1% 3,839 1% 11,722 1% 6,609 1% 7,170 2%
Goodwill impairment     ---   ---   ---   ---     (56,283)   (4%)   ---   ---   (56,283)   (15%)
Operating income     61,063   17%   58,574   18%     201,541   14%   206,232   17%   20,488   6%
Foreign exchange (loss) gain (2,728) (1%) 4,181 1% 1,541 <1% 3,011 <1% 1,341 <1%

Equity in net earnings of unconsolidated companies

4,929 1% 3,830 1% 15,801 1% 12,189 1% 2,671 1%
Interest income and other, net 708 <1% 693 <1% 2,123 <1% 3,476 <1% 137 <1%
Loss on early extinguishment of debt --- --- --- --- (4,144) (<1%) --- ---

---

---

Interest and other debt costs     (12,733)   (3%)   (7,827)   (2%)     (43,814)   (3%)   (29,745)   (2%)   (12,250)   (3%)
Earnings before income taxes   $ 51,239   14%   59,451   18%     173,048   12%   195,163   16%   12,387   3%

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, 2014 and 2013 and the quarter ended December 31, 2013, were as follows:

 

   

 

   

 

 

Quarter Ended

Year Ended

Quarter Ended

March 31, March 31, December 31,
      2014   2013   2014   2013   2013

REVENUE BY VESSEL CLASS (In thousands):

Americas fleet:

Deepwater $ 74,859 49,916 263,750 179,032 72,048
Towing-supply 26,073 25,938 115,055 120,817 30,451
Other 7,778 6,707 31,926 27,210 7,349
Total $ 108,710 82,561 410,731 327,059 109,848

Asia/Pacific fleet:

Deepwater $ 23,834 24,327 88,191 96,118 20,142
Towing-supply 13,114 19,211 62,630 84,217 15,235

Other

959 939 3,797 3,679 948
Total $ 37,907 44,477 154,618 184,014 36,325

Middle East/North Africa fleet:

Deepwater $ 16,114 16,979 66,503 55,945 18,805
Towing-supply 31,979 25,173 116,720 89,902 31,481
Other 690 732 3,301 3,565 872
Total $ 48,783 42,884 186,524 149,412 51,158

Sub-Saharan Africa/Europe fleet:

Deepwater $ 86,064 78,724 364,722 273,544 84,866
Towing-supply 59,803 58,981 231,224 226,357 59,789
Other 21,183 17,412 70,642 69,612 18,727
Total $ 167,050 155,117 666,588 569,513 163,382

Worldwide fleet:

Deepwater $ 200,871 169,946 783,166 604,639 195,861
Towing-supply 130,969 129,303 525,629 521,293 136,956
Other 30,610 25,790 109,666 104,066 27,896

Total

 

$

362,450

 

325,039

 

1,418,461

 

1,229,998

 

360,713

 

UTILIZATION:

Americas fleet:

Deepwater

83.7%

80.4 80.0 74.4 85.3
Towing-supply 59.5 41.9 51.9 48.0 60.9
Other 78.4 81.0 82.6 79.0 78.0
Total 73.2% 59.1 67.4 60.5 73.9

Asia/Pacific fleet:

Deepwater 84.7% 83.6 83.5 86.8 77.2
Towing-supply 82.7 54.5 71.6 53.5 70.6
Other 100.0 100.0 100.0 85.1 100.0
Total 84.1% 62.4 76.0 61.0 73.6

Americas fleet:

Deepwater 71.3% 98.6 77.6 93.5 71.0
Towing-supply 88.2 74.7 82.8 75.8 84.8
Other 98.1 29.3 73.0 33.7 100.0
Total 84.0% 73.4 80.9 73.3 81.7

Asia/Pacific fleet:

Deepwater 83.1% 76.3 83.6 78.2 83.0
Towing-supply 77.9 73.3 71.3 66.9 73.8
Other 89.2 78.7 77.1 78.1 76.8
Total 83.3% 75.9 76.7 73.4 77.3

Worldwide fleet:

Deepwater 81.9% 80.6 81.7 79.6 81.7
Towing-supply 76.6 61.2 68.6 60.6 72.8
Other 87.3 75.2 78.5 74.6 78.1
Total     80.8%   69.4   74.7   68.3   76.7

 

           

Quarter Ended

Year Ended

Quarter Ended

March 31,

March 31,

December 31,

    2014   2013   2014   2013   2013

AVERAGE VESSEL DAY RATES:

Americas fleet:

 

Deepwater

$

31,066

29,480 30,629 28,216 29,779
Towing-supply 16,220 14,330 16,010 14,064 17,247
Other 7,868 6,132 7,502 6,097 7,320
Total $ 21,718 17,960 20,482 16,861 21,169

Asia/Pacific fleet:

Deepwater $ 39,072 37,370 37,549 36,424 33,937
Towing-supply 12,383 13,976 12,645 13,378 12,687
Other 10,661 10,432 10,402 10,079 10,300
Total $ 21,550 21,024 20,167 19,789 19,257

Middle East/North Africa fleet:

Deepwater $ 20,524 21,259 21,913 19,926 23,708
Towing-supply 13,000 12,689 12,862 11,116 13,375
Other 3,912 4,628 4,543 4,836 4,738
Total $ 14,258 14,583 14,531 12,844 15,358

Sub-Saharan Africa/Europe fleet:

Deepwater $ 29,158 26,468 28,932 25,056 28,664
Towing-supply 16,542 14,996 15,858 14,684 15,764
Other 5,392 5,300 5,136 5,118 5,409
Total $ 15,917 15,218 16,282 14,261 15,994

Worldwide fleet:

Deepwater $ 29,730 27,782 29,441 26,626 28,944
Towing-supply 14,982 14,207 14,684 13,580 15,029
Other 5,905 5,573 5,741 5,430 5,883
Total   $ 17,525   16,378   17,405   15,325     17,492
 

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, 2014 and 2013 and for the quarter ended December 31, 2013, were as follows:

         
Quarter
Quarter Ended Year Ended Ended

March 31,

March 31,

December 31,

    2014   2013   2014   2013   2013

UTILIZATION:

Deepwater vessels
PSVs 86.1 % 82.9 84.4 82.8 82.7
AHTS vessels 73.9 99.0 88.2 88.4 95.8
Towing-supply 84.4 84.8 84.3 87.0 85.5
Other 91.8 79.5 80.0 79.3 81.8
Total     86.0 %   83.8   83.6   84.2   84.3

AVERAGE VESSEL DAY RATES:

Deepwater vessels
PSVs $ 29,735 27,889 29,659 26,652 29,092
AHTS vessels 31,158 29,779 29,628 29,787 29,141
Towing-supply 15,126 14,490 14,840 14,141 15,144
Other 6,126 6,004 5,924 5,823 6,036
Total   $ 18,287     17,458   18,275   16,526   18,209

AVERAGE VESSEL COUNT:

Deepwater vessels
PSVs 76 67 73 60 75
AHTS vessels 12 11 11 11 12
Towing-supply 105 103 104 102 104
Other 52 48 52 49 52
Total     245     229   240   222   243
 

The company’s actual vessel count at March 31, 2014 and the average number of vessels by class and geographic distribution for the quarters and the years ended March 31, 2014 and 2013 and for the quarter ended December 31, 2013, were as follows:

  Actual Vessel           Quarter
Count at Quarter Ended Year Ended Ended
March 31, March 31, March 31, December 31,
    2014   2014   2013   2014   2013   2013

Americas fleet:

Deepwater 32 32 23 29 23 31
Towing-supply 30 30 48 38 50 31
Other   14   14   15   14   15   14
Total 76 76 86 81 88 76
Less stacked vessels   10   10   25   18   25   11
Active vessels   66   66   61   63   63   65

Asia/Pacific fleet:

Deepwater 8 8 9 8 8 8
Towing-supply 14 14 28 19 32 19
Other   1   1   1   1   1   1
Total 23 23 38 28 41 28
Less stacked vessels   --   --   10   4   12   4
Active vessels   23   23   28   24   29   24

Middle East/North Africa fleet:

Deepwater 12 12 9 11 8 12
Towing-supply 31 31 30 30 29 30
Other   2   2   6   3   6   2
Total 45 45 45 44 43 44
Less stacked vessels   1   1   6   1   7   1
Active vessels   44   44   39   43   36   43

Sub-Saharan Africa/Europe fleet:

Deepwater 40 39 43 41 38 39
Towing-supply 51 52 60 56 63 56
Other   48   49   46   49   48   49
Total 139 140 149 146 149 144
Less stacked vessels   4   5   12   9   17   8
Active vessels   135   135   137   137   132   136
 
Active owner or chartered vessels 268 268 265 267 260 268
Stacked vessels   15   16   53   32   61   24
 
Total owned or chartered vessels 283 284 318 299 321 292
Vessels withdrawn from service -- -- 2 1 2 --
Joint-venture and other   11   11   10   10   10   11
Total   294   295   330   310   333   303

Note (B): Included in total owned or chartered vessels at March 31, 2014 and 2013 and at December 31, 2013, were 15, 51, and 18 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 various vessel commitments, including vessels under construction and vessel acquisition, by vessel class and type as of March 31, 2014, 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   3/31/14   3/31/14   Vessels   Cost   3/31/14   3/31/14

In thousands, except number of vessels:

 

Deepwater PSVs 18 $ 454,911 108,431 346,480 5 253,972 88,037 165,935
Towing-supply vessels 6 116,288 55,163 61,125 --- --- --- ---
Other   1       8,014   8,014   ---   ---   ---   ---   ---
Totals   25     $ 579,213   171,608   407,605   5   253,972   88,037   165,935

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     06/14   09/14   12/14     03/15   06/15   Thereafter
Deepwater PSVs 1 5 4 1 1 11
Towing-supply vessels --- --- --- 1 1 4
Other     ---   ---   ---     ---   1   ---
Totals     1   5   4     2   3   15
(In thousands)
Expected quarterly cash outlay   $ 53,150   117,010   134,337     64,114   75,500   129,429 (A)

(A) The $129,429 of ‘Thereafter’ vessel construction obligations is expected to be paid out as follows: $117,298 in the remaining quarters of fiscal 2016 and $12,131 during fiscal 2017.

Source: Tidewater Inc.

Tidewater Inc., New Orleans
Joe Bennett, 504-566-4506
Executive Vice President and Chief Investor Relations Officer
SOURCE: Tidewater Inc.

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