News Details

Tidewater Reports Second Quarter Results For Fiscal 2015

11/03/2014

NEW ORLEANS, Nov. 3, 2014 /PRNewswire/ -- Tidewater Inc. (NYSE: TDW) announced today second quarter net earnings for the period ended September 30, 2014, of $60.9 million, or $1.22 per common share, on revenues of $397.5 million. For the same quarter last year, net earnings were $54.2 million, or $1.09 per common share, on revenues of $367.9 million. The immediately preceding quarter ended June 30, 2014, had net earnings of $43.7 million, or $0.88 per common share, on revenues of $385.7 million.

As previously announced, Tidewater will hold a conference call to discuss September quarterly earnings on Tuesday, November 4, 2014, 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 November 4, 2014, and will continue until 11:59 p.m. Central time on November 6, 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 38313425.

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 December 4, 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.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

(In thousands, except share and per share data)



Quarter Ended

September 30,


Six Months Ended

September 30,



2014

2013


2014

2013

Revenues:







   Vessel revenues

$

390,952

363,668


772,462

695,298

   Other operating revenues


6,572

4,269


10,739

6,724



397,524

367,937


783,201

702,022

Costs and expenses:







   Vessel operating costs


212,819

195,316


430,063

391,477

   Costs of other operating revenues


6,560

4,040


11,221

6,060

   General and administrative


46,762

46,038


97,822

96,518

   Vessel operating leases


6,542

3,971


13,082

8,002

   Depreciation and amortization


43,708

42,056


86,819

82,164

   Gain on asset dispositions, net


(3,590)

(49)


(6,533)

(2,189)



312,801

291,372


632,474

582,032

Operating income


84,723

76,565


150,727

119,990

Other income (expenses):







   Foreign exchange gain


5,408

3,017


4,119

2,928

   Equity in net earnings of unconsolidated companies


3,821

3,781


9,104

8,201

   Interest income and other, net


499

538


1,121

1,278

   Loss on early extinguishment of debt


---

(4,144)


---

(4,144)

   Interest and other debt costs, net


(12,559)

(9,918)


(25,688)

(18,831)



(2,831)

(6,726)


(11,344)

(10,568)

Earnings before income taxes


81,892

69,839


139,383

109,422

Income tax expense


21,067

15,667


34,859

25,167

Net earnings

$

60,825

54,172


104,524

84,255

   Less: Net earnings attributable to







             noncontrolling interests  

$

(82)

---


(56)

---

Net earnings attributable to Tidewater Inc.

$

60,907

54,172


104,580

84,255








Basic earnings per common share

$

1.23

1.10


2.11

1.71








Diluted earnings per common share

$

1.22

1.09


2.10

1.70








Weighted average common shares outstanding


49,582,086

49,274,816


49,581,707

49,253,409

Dilutive effect of stock options and restricted stock


230,841

448,303


219,607

395,983

Adjusted weighted average common shares


49,812,927

49,723,119


49,801,314

49,649,392

 


TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)                                                                                              


September 30,

March 31,

ASSETS


2014

2014

Current assets:






    Cash and cash equivalents

$

124,315


60,359


    Trade and other receivables, net


276,425


252,421


    Due from affiliate


407,995


429,450


    Marine operating supplies


63,531


57,392


    Other current assets


24,639


20,587


           Total current assets


896,905


820,209


Investments in, at equity, and advances to unconsolidated companies


70,803


63,928


Properties and equipment:






   Vessels and related equipment


4,564,784


4,521,102


   Other properties and equipment


98,965


97,714




4,663,749


4,618,816


   Less accumulated depreciation and amortization


1,013,762


997,208


           Net properties and equipment


3,649,987


3,621,608


Goodwill


283,699


283,699


Other assets


101,071


96,385


                    Total assets

$

5,002,465


4,885,829








LIABILITIES AND EQUITY






Current liabilities:






   Accounts payable

$

63,346


74,515


   Accrued expenses


144,135


157,302


   Due to affiliate


127,287


86,154


   Accrued property and liability losses


3,238


3,631


   Current portion of long term debt


10,020


9,512


   Other current liabilities


73,953


70,567


          Total current liabilities


421,979


401,681


Long-term debt


1,496,203


1,505,358


Deferred income taxes


111,312


108,929


Accrued property and liability losses


7,553


5,286


Other liabilities and deferred credits


188,694


179,204








Commitments and Contingencies












Equity:






   Common stock of $0.10 par value, 125,000,000 shares






            authorized, issued 49,728,092 shares at September 30, 2014






            and 49,730,442 shares at March 31, 2014


4,973


4,973


   Additional paid-in capital


153,513


142,381


   Retained earnings


2,623,636


2,544,255


   Accumulated other comprehensive loss          


(11,728)


(12,225)


          Total stockholders' equity


2,770,394


2,679,384


   Noncontrolling Interests


6,330


5,987


          Total equity


2,776,724


2,685,371


                     Total liabilities and equity

$

5,002,465


4,885,829








 


TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)


Quarter Ended

September 30,


Six Months Ended

September 30,



2014

2013


2014

2013

Net earnings

$

60,825

54,172


104,524

84,255

Other comprehensive income/(loss):







   Unrealized gains/(losses) on available for sale securities,






   net of tax of $17, $(93), $71 and $(33)


32

(173)


133

(62)

   Amortization of loss on derivative contract,







   net of tax of $63, $62, $125 and $125


117

116


233

233

   Change in other benefit plan minimum liability,







   net of tax of $0, $0, $70 and $0


---

---


131

---

Total comprehensive income

$

60,974

54,115


105,021

84,426








 


TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)



Six Months Ended



September 30,



2014

2013

Operating activities:




   Net earnings

$

104,524

84,255

   Adjustments to reconcile net earnings to net cash




       provided by operating activities:




          Depreciation and amortization


86,819

82,164

          Provision (benefit) for deferred income taxes


1,287

(10,215)

          Gain on asset dispositions, net


(6,533)

(2,189)

          Equity in earnings of unconsolidated companies, less dividends


(6,875)

(6,167)

          Compensation expense - stock-based


11,075

10,999

          Excess tax benefit on stock options exercised


---

(341)

          Changes in assets and liabilities, net:




             Trade and other receivables


(24,258)

776

             Changes in due to/from affiliate, net


62,555

(131,974)

             Marine operating supplies


(6,139)

9,363

             Other current assets


(4,052)

(10,666)

             Accounts payable


(15,652)

(3,893)

             Accrued expenses


(13,358)

(10,390)

             Accrued property and liability losses


(393)

39

             Other current liabilities


450

276

             Other liabilities and deferred credits


(1,245)

(531)

             Other, net


(2,916)

(1,678)

          Net cash provided by operating activities


185,289

9,828

Cash flows from investing activities:




   Proceeds from sales of assets


3,999

7,646

   Proceeds from sale/leaseback of assets


32,751

65,550

   Additions to properties and equipment


(128,411)

(220,309)

   Payments for acquisition, net of cash acquired


---

(127,737)

   Other


(13)

(687)

          Net cash used in investing activities


(91,674)

(275,537)

Cash flows from financing activities:




   Debt issuance costs


---

(3,845)

   Principal payment on long-term debt


(25,996)

(691,615)

   Debt borrowings


20,000

986,262

   Proceeds from exercise of stock options


1,025

4,421

   Cash dividends


(25,038)

(24,890)

   Excess tax benefit on stock options exercised


---

341

   Other


350

---

          Net cash (used in) provided by financing activities


(29,659)

270,674

Net change in cash and cash equivalents


63,956

4,965

Cash and cash equivalents at beginning of period


60,359

40,569

Cash and cash equivalents at end of period

$

124,315

45,534

Supplemental disclosure of cash flow information:




   Cash paid during the period for:




          Interest, net of amounts capitalized

$

26,328

23,338

          Income taxes

$

32,414

32,144

   Supplemental disclosure of non-cash investing activities:




          Additions to properties and equipment

$

3,845

4,157

          Increase in receivables due to sale of shipyard

$

---

6,500





 


TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)






Accumulated






Additional


other

Non



Common

paid-in

Retained

comprehensive

controlling



stock

capital

earnings

loss

interest

Total

Balance at March 31, 2014

$

4,973

142,381

2,544,255

(12,225)

5,987

2,685,371

Total comprehensive income


---

---

104,580

497

(56)

105,021

Exercise of stock options


3

1,022

---

---

---

1,025

Cash dividends declared ($.50 per share)


---

---

(25,199)

---

---

(25,199)

Amortization of restricted stock units


1

8,320

---

---

---

8,321

Amortization/cancellation of restricted stock


(4)

1,790

---

---

---

1,786

Cash received from noncontrolling interests


---

---

---

---

449

449

Cash paid to noncontrolling interests


---

---

---

---

(50)

(50)

Balance at September 30, 2014

$

4,973

153,513

2,623,636

(11,728)

6,330

2,776,724









Balance at March 31, 2013

$

4,949

119,975

2,453,973

(17,141)

---

2,561,756

Total comprehensive income


---

---

84,255

171

---

84,426

Exercise of stock options


12

4,763

---

---

---

4,775

Cash dividends declared ($.50 per share)


---

---

(25,035)

---

---

(25,035)

Amortization of restricted stock units


---

6,220

---

---

---

6,220

Amortization/cancellation of restricted stock


(3)

2,428

---

---

---

2,425

Balance at September 30, 2013

$

4,958

133,386

2,513,193

(16,970)

---

2,634,567









The company's vessel revenues and vessel operating costs and the related percentage of total vessel revenues for the quarters and the six-month periods ended September 30, 2014 and 2013 and for the quarter ended June 30, 2014, were as follows: 





Quarter



Quarter Ended


Six Months Ended


Ended



September 30,


September 30,


June 30,

(In thousands)


2014

%

2013

%


2014

%

2013

%


2014

%

Vessel revenues:








  Americas

$

134,013

34%

101,929

28%


253,996

33%

192,173

28%


119,983

31%

  Asia/Pacific


45,989

12%

37,430

10%


86,238

11%

80,386

12%


40,249

11%

  Middle East/North Africa


48,837

13%

45,370

13%


104,376

14%

86,583

12%


55,539

15%

  Sub-Saharan Africa/ Europe


162,113

41%

178,939

49%


327,852

42%

336,156

48%


165,739

43%

    Total vessel revenues

$

390,952

100%

363,668

100%


772,462

100%

695,298

100%


381,510

100%

Vessel operating costs:














  Crew costs

$

114,634

29%

100,767

28%


225,919

29%

193,999

28%


111,285

29%

  Repair and maintenance


39,332

10%

38,996

11%


87,064

11%

87,089

13%


47,732

13%

  Insurance and loss reserves


1,982

1%

3,926

1%


7,376

1%

9,946

1%


5,394

1%

  Fuel, lube and supplies


22,820

6%

19,354

5%


45,189

6%

38,159

5%


22,369

6%

  Other


34,051

8%

32,273

9%


64,515

9%

62,284

9%


30,464

8%

    Total vessel operating costs


212,819

54%

195,316

54%


430,063

56%

391,477

56%


217,244

57%

Vessel operating margin (A)

$

178,133

46%

168,352

46%


342,399

44%

303,821

44%


164,266

43%















Note (A): The following table reconciles vessel operating margin as presented above to operating profit for the quarters and the six-month periods ended September 30, 2014 and 2013 and for the quarter ended June 30, 2014:


Quarter



Quarter Ended    


Six Months Ended


Ended



September 30,


September 30,


June 30,

(In thousands)


2014

2013


2014

2013


2014

Vessel operating margin

$

178,133

168,352


342,399

303,821


164,266

General and administrative -









  vessel operations


(36,612)

(33,925)


(74,281)

(67,735)


(37,669)

Vessel operating leases


(6,542)

(3,971)


(13,082)

(8,002)


(6,540)

Depreciation and amortization -









  vessel operations


(41,974)

(41,267)


(83,399)

(80,663)


(41,425)

Vessel operating profit

$

93,005

89,189


171,637

147,421


78,632










The company's other operating profit for the quarters and the six-month periods ended September 30, 2014 and 2013 and for the quarter ended June 30, 2014, consists of the following:


Quarter



Quarter Ended    


Six Months Ended


Ended



September 30,


September 30,


June 30,

(In thousands)


2014

2013


2014

2013


2014

Other operating revenues

$

6,572

4,269


10,739

6,724


4,167

Costs of other marine revenues


(6,560)

(4,040)


(11,221)

(6,060)


(4,661)










General and administrative - other   

  operating activities


(1,207)

(11)


(2,266)

(836)


(1,059)

Depreciation and amortization -









  other operating activities


(898)

---


(1,768)

(2)


(870)

Other operating profit (loss)

$

(2,093)

218


(4,516)

(174)


(2,423)


The company's operating income and other components of earnings before income taxes, and its related percentage of total revenues for the quarters and six-month periods ended September 30, 2014 and 2013 and for the quarter ended June 30, 2014, were as follows:





Quarter



Quarter Ended

Six Months Ended

Ended



September 30,

September 30,

June 30,

(In thousands)


2014

%

2013

%

2014

%

2013

%

2014

%

Vessel operating profit












Americas

$

36,778

9%

23,675

6%

66,986

9%

43,976

6%

30,208

8%

Asia/Pacific


7,414

2%

4,807

1%

6,443

1%

15,096

2%

(971)

(1%)

Middle East/North Africa


7,367

2%

13,446

4%

19,160

2%

23,569

4%

11,793

3%

Sub-Saharan Africa/Europe


41,446

10%

47,261

13%

79,048

10%

64,780

9%

37,602

10%



93,005

23%

89,189

24%

171,637

22%

147,421

21%

78,632

20%

Other operating profit (loss)


(2,093)

(1%)

218

<1%

(4,516)

(1%)

(174)

(<1%)

(2,423)

(1%)



90,912

22%

89,407

24%

167,121

21%

147,247

21%

76,209

19%













   Corporate general and administrative
     expenses


(8,943)

(2%)

(12,102)

(4%)

(21,275)

(3%)

(27,947)

(4%)

(12,332)

(3%)

   Corporate depreciation


(836)

(<1%)

(789)

(<1%)

(1,652)

(<1%)

(1,499)

(<1%)

(816)

(<1%)

Corporate expenses


(9,779)

(2%)

(12,891)

(4%)

(22,927)

(3%)

(29,446)

(4%)

(13,148)

(3%)













Gain on asset dispositions, net


3,590

1%

49

<1%

6,533

1%

2,189

<1%

2,943

1%

Operating income

$

84,273

21%

76,565

21%

150,727

19%

119,990

17%

66,004

17%

Foreign exchange gain (loss)


5,408

1%

3,017

1%

4,119

1%

2,928

<1%

(1,289)

(<1%)













Equity in net earnings of unconsolidated
     companies


3,821

1%

3,781

1%

9,104

1%

8,201

1%

5,283

1%

Interest income and other, net


499

<1%

538

<1%

1,121

<1%

1,278

<1%

622

<1%

Loss on early extinguishment of debt


---

---

(4,144)

(1%)

---

---

(4,144)

(<1%)

---

---

Interest and other debt costs, net


(12,559)

(3%)

(9,918)

(3%)

(25,688)

(3%)

(18,831)

(3%)

(13,129)

(3%)

Earnings before income taxes

$

81,892

21%

69,839

19%

139,383

18%

109,422

16%

57,491

15%













The company's revenues, day-based vessel utilization percentages and average day rates by vessel class and in total for the quarters and the six-month periods ended September 30, 2014 and 2013 and for the quarter ended June 30, 2014, were as follows:





  Quarter



Quarter Ended

September 30,


Six Months Ended


Ended




September 30,


June 30,



2014


2013


2014

2013


2014

REVENUE BY VESSEL CLASS (In thousands):










Americas fleet:










     Deepwater

$

91,403


61,811


173,685

116,843


82,282

     Towing-supply


34,387


30,861


63,904

58,531


29,517

     Other


8,223


9,257


16,407

16,799


8,184

     Total

$

134,013


101,929


253,996

192,173


119,983

Asia/Pacific fleet:










     Deepwater

$

27,675


19,923


51,917

44,215


24,242

     Towing-supply


17,338


16,559


32,375

34,281


15,037

     Other


976


948


1,946

1,890


970

     Total

$

45,989


37,430


86,238

80,386


40,249

Middle East/North Africa fleet:










     Deepwater

$

19,254


15,732


38,721

31,584


19,467

     Towing-supply


28,715


28,763


63,994

53,260


35,279

     Other


868


875


1,661

1,739


793

     Total

$

48,837


45,370


104,376

86,583


55,539

Sub-Saharan Africa/Europe fleet:










     Deepwater

$

89,193


106,541


180,884

193,792


91,691

     Towing-supply


54,617


56,772


110,053

111,632


55,436

     Other


18,303


15,626


36,915

30,732


18,612

     Total

$

162,113


178,939


327,852

336,156


165,739

Worldwide fleet:










     Deepwater

$

227,525


204,007


445,207

386,434


217,682

     Towing-supply


135,057


132,955


270,326

257,704


135,269

     Other


28,370


26,706


56,929

51,160


28,559

     Total

$

390,952


363,668


772,462

695,298


381,510

UTILIZATION:










Americas fleet:










     Deepwater


91.9

%

72.3


90.4

74.9


88.7

     Towing-supply


70.3


49.5


66.5

46.3


62.7

     Other


76.9


91.6


73.0

86.8


69.3

     Total


80.9

%

63.9


77.9

62.0


74.8

Asia/Pacific fleet:










     Deepwater


82.4

%

80.1


76.6

86.4


70.6

     Towing-supply


93.6


73.0


92.1

68.5


90.7

     Other


100.0


100.0


100.0

100.0


100.0

     Total


89.6

%

75.8


86.6

73.9


83.5

Middle East/North Africa fleet:










     Deepwater


80.4

%

81.2


76.2

86.1


72.1

     Towing-supply


71.1


86.1


82.2

79.1


93.6

     Other


100.0


81.8


96.0

57.9


91.9

     Total


74.7

%

84.7


81.3

78.9


87.8

Sub-Saharan Africa/Europe fleet:










     Deepwater


85.5

%

88.8


85.9

84.0


86.3

     Towing-supply


78.5


66.8


76.8

67.2


75.3

     Other


71.3


72.5


74.7

71.4


78.1

     Total


77.9

%

75.0


78.7

73.4


79.5

Worldwide fleet:










     Deepwater


87.0

%

81.9


85.4

81.6


83.8

     Towing-supply


76.2


66.3


77.3

63.5


78.4

     Other


73.9


77.3


75.4

74.4


76.9

     Total


79.3

%

73.2


79.5

71.0


79.8

















Quarter



Quarter Ended

September 30,


Six Months Ended


Ended




September 30,


June 30,



2014


2013


2014

2013


2014

AVERAGE VESSEL DAY RATES:










Americas fleet:










     Deepwater

$

31,233


31,953


31,206

30,894


31,175

     Towing-supply


17,309


15,520


16,954

15,348


16,559

     Other


8,304


7,843


8,570

7,423


8,856

     Total

$

22,701


19,974


22,578

19,493


22,443

Asia/Pacific fleet:










     Deepwater

$

39,841


37,812


40,798

38,610


41,948

     Towing-supply


14,387


12,430


13,717

12,729


13,017

     Other


10,609


10,300


10,633

10,326


10,658

     Total

$

23,090


19,184


22,601

19,990


22,066

Middle East/North Africa fleet:










     Deepwater

$

23,078


22,195


24,044

21,685


25,081

     Towing-supply


14,171


12,440


13,716

12,498


13,366

     Other


4,719


4,750


4,730

4,750


4,742

     Total

$

16,040


14,156


15,749

14,231


15,502

Sub-Saharan Africa/Europe fleet:










     Deepwater

$

30,928


30,244


30,665

28,950


30,414

     Towing-supply


16,911


15,737


16,889

15,563


16,867

     Other


5,937


4,779


5,742

4,830


5,562

     Total

$

17,628


17,206


17,398

16,617


17,179

Worldwide fleet:










     Deepwater

$

31,001


30,481


31,030

29,549


31,061

     Towing-supply


15,987


14,389


15,615

14,364


15,261

     Other


6,523


5,651


6,412

5,576


6,306

     Total

$

19,415


17,603


19,056

17,299


18,701











 

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 six-month periods ended September 30, 2014 and 2013 and for the quarter ended June 30, 2014, were as follows:







Quarter



Quarter Ended

September 30,


Six Months Ended


Ended




September 30,


June 30,



2014


2013


2014

2013


2014

UTILIZATION:










Deepwater vessels










        PSVs


88.6

%

84.6


87.7

84.3


86.8

        AHTS vessels


89.0


87.9


86.3

91.9


83.5

Towing-supply


80.8


85.7


82.8

83.7


84.9

Other


73.6


73.2


75.3

73.3


76.9

Total


82.1

%

82.7


82.9

82.0


83.7

AVERAGE VESSEL DAY RATES:










Deepwater vessels










        PSVs

$

30,575


31,053


30,686

29,911


30,802

        AHTS vessels


34,937


28,885


34,542

29,236


34,116

Towing-supply


16,235


14,484


15,870

14,538


15,519

Other


6,963


5,635


6,833

5,739


6,706

Total

$

20,303


18,637


19,964

18,303


19,627

AVERAGE VESSEL COUNT:










Deepwater vessels










        PSVs


77


73


76

71


76

        AHTS vessels


12


11


12

11


12

Towing-supply


105


103


105

103


105

Other


52


52


52

52


52

Total


246


239


245

237


245











The company's average number of vessels by class and geographic distribution for the quarters and the six-month periods ended September 30, 2014 and 2013 and for the quarter ended June 30, 2014:







Quarter



Quarter Ended

September 30,


Six Months Ended


Ended




September 30,


 June 30,



2014


2013


2014

2013


2014

Americas fleet:










    Deepwater


35


30


34

28


33

    Towing-supply


30


44


31

45


31

    Other


14


14


14

14


15

        Total


79


88


79

87


79

        Less stacked vessels


7


24


8

24


8

            Active vessels


72


64


71

63


71

Asia/Pacific fleet:










    Deepwater


9


7


9

7


9

    Towing-supply


14


20


14

21


14

    Other


1


1


1

1


1

        Total


24


28


24

29


24

        Less stacked vessels


--


4


--

4


--

            Active vessels


24


24


24

25


24

Middle East/North Africa fleet:










    Deepwater


11


9


12

9


12

    Towing-supply


31


29


31

30


31

    Other


2


2


2

3


2

        Total


44


40


45

42


45

        Less stacked vessels


--


--


--

2


1

            Active vessels


44


40


45

40


44

Sub-Saharan Africa/Europe fleet:










    Deepwater


37


43


37

44


38

    Towing-supply


45


59


46

58


48

    Other


47


49


47

49


47

        Total


129


151


130

151


133

        Less stacked vessels


7


11


5

11


4

            Active vessels


122


140


125

140


129

Active owned or chartered vessels


262


268


265

268


268

Stacked vessels


14


39


13

41


13

Total owned or chartered vessels


276


307


278

309


281

Vessels withdrawn from service


--


1


--

1


--

Joint-venture and other


11


10


11

10


11

             Total


287


318


289

320


292

Note (B): Included in total owned or chartered vessels at September 30, 2014 and 2013 and at June 30, 2014, were 15, 37 and 11 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, and ROVs as of September 30, 2014:


Number





Amount

Remaining


of

Shipyard

Delivery


Total

Invested

Balance

(In thousands)

Vessels/ROVs

Location

Dates


Cost

9/30/14

9/30/14

Towing-supply:








    7,145 BHP AHTS

6

International

3/2015-3/2016

$

112,885

63,690

49,195

Deepwater








    261-foot PSV

6

International

9/2015 - 6/2016





    264-foot PSV

1

United States

1/2015





    268-foot PSV

2

International

2/2015, 5/2015





    275-foot PSV (A)

9

International

11/2014 - 6/2015





    292-foot PSV

1

International

5/2016





    300-foot PSV

2

United States

9/2015, 2/2016





    310-foot PSV

2

United States

11/2015, 2/2016





       Total Deepwater PSVs  

23




772,194

235,138

537,056

Other:








    Fast supply boat

1

International

---


8,014

8,014

---

Total vessel commitments

30



$

893,093

306,842

586,251

Total ROV commitments

2

United States

11/2014

$

14,818

4,511

10,307

Total commitments

32



$

907,911

311,353

596,558









(A) 

Two different international shipyards are constructing five and four 275-foot PSVs, 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


12/14

03/15

06/15

09/15

12/15

Thereafter

Deepwater PSVs


2

5

5

2

3

6

Towing-supply vessels


---

1

1

1

1

2

Other


---

---

---

---

---

1

Total vessel commitments


2

6

6

3

4

9

Total ROV commitments


2

---

---

---

---

---

Total commitments


4

6

6

3

4

9









(In thousands)








Expected quarterly cash outlay

$

123,285

156,020

167,039

34,782

37,922

77,510 (B)









(B) 

 The $77,510 of 'Thereafter' vessel construction obligations are expected to be paid as follows: $26,909 during fiscal 2016 and $50,601 during fiscal 2017.

Logo - http://photos.prnewswire.com/prnh/20140829/141662

SOURCE Tidewater Inc.

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