News Details

Tidewater Reports Third Quarter Results For Fiscal 2014

02/04/2014

NEW ORLEANS--(BUSINESS WIRE)--Feb. 4, 2014-- Tidewater Inc. (NYSE:TDW) announced today third quarter net earnings for the period ended December 31, 2013, of $12.6 million, or $0.25 per common share, on revenues of $365.2 million. Included in the current fiscal quarter’s net earnings is a non-cash goodwill impairment charge of $56.3 million ($43.4 million after tax, or $0.87 per share) resulting from the Company’s annual goodwill impairment assessment performed during the current quarter. As a result of the general reduction in the level of business in the Company’s Asia/Pacific region, the entire amount of goodwill previously allocated to the Asia/Pacific region was impaired during the current quarter. For the same quarter last year, net earnings were $29.9 million, or $0.61 per common share, on revenues of $309.5 million. The immediately preceding quarter ended September 30, 2013, had net earnings of $54.2 million, or $1.09 per common share, on revenues of $367.9 million.

As previously announced, Tidewater will hold a conference call to discuss December quarterly earnings on Wednesday, February 5, 2014, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-866-436-9172 if calling from the U.S. or Canada (1-630-691-2760 if calling from outside the U.S.) and ask for the “Tidewater” call just prior to the scheduled start. A replay of the conference call will be available beginning at 12:00 p.m. Central time on February 5, 2014, and will continue until 11:59 p.m. Central time on February 7, 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 36444744.

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 March 5, 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

  Nine Months Ended

 

December 31,

December 31,  
      2013     2012     2013     2012  
Revenues:    
Vessel revenues $ 360,713 305,043 1,056,011 904,959
Other operating revenues     4,535     4,423     11,259     10,873  
      365,248     309,466     1,067,270     915,832  
Costs and expenses:
Vessel operating costs 197,679 176,924 589,156 510,912
Costs of other operating revenues 4,097 4,176 10,157 9,284
General and administrative 45,723 46,339 142,241 128,870
Vessel operating leases 5,757 3,971 13,759 12,866
Depreciation and amortization 42,391 37,181 124,555 109,012
Gain on asset dispositions, net (7,170 ) (99 ) (9,359 ) (2,770 )

Goodwill impairment

    56,283     ---     56,283     ---  
      344,760     268,492     926,792     768,174  
Operating income 20,488 40,974 140,478 147,658
Other income (expenses):
Foreign exchange gain (loss) 1,341 52 4,269 (1,170 )
Equity in net earnings of unconsolidated companies 2,671 2,639 10,872 8,359
Interest income and other, net 137 936 1,415 2,783
Loss on early extinguishment of debt --- --- (4,144 ) ---
Interest and other debt costs     (12,250 )   (7,183 )   (31,081 )   (21,918 )
      (8,101 )   (3,556 )   (18,669 )   (11,946 )
Earnings before income taxes 12,387 37,418 121,809 135,712
Income tax expense     (196 )   7,471     24,971     31,553  
Net earnings   $ 12,583     29,947     96,838     104,159  
 
Basic earnings per common share   $ 0.25     0.61     1.96     2.10  
 

Diluted earnings per common share

 

$

0.25     0.61    

1.95

   

2.09

 
 
Weighted average common shares outstanding 49,347,448 49,162,547 49,302,971 49,585,930
Dilutive effect of stock options and restricted stock     482,818     221,738     436,758     220,669  
Adjusted weighted average common shares     49,830,266     49,384,285     49,739,729     49,806,599  
 
Cash dividends declared per common share   $ 0.25     0.25     0.75     0.75  
 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)
(In thousands, except share and par value data)
  December 31,   March 31,
ASSETS     2013     2013  
Current assets:
Cash and cash equivalents $ 114,146 40,569
Trade and other receivables, net 615,060 393,438
Marine operating supplies 55,711 62,348
Other current assets     18,994     11,735  
Total current assets     803,911     508,090  
Investments in, at equity, and advances to unconsolidated companies 60,099 46,047
Properties and equipment:
Vessels and related equipment 4,465,661 4,250,169
Other properties and equipment     65,739     83,779  
4,531,400 4,333,948
Less accumulated depreciation and amortization     984,924     1,144,129  
Net properties and equipment     3,546,476     3,189,819  
Goodwill 283,699 297,822
Other assets     153,260     126,277  
Total assets   $ 4,847,445     4,168,055  
 
LIABILITIES AND STOCKHOLDERS' EQUITY        
 
 
Current liabilities:
Accounts payable $ 95,247 63,602
Accrued expenses 186,473 159,086
Accrued property and liability losses 3,772 4,133
Other current liabilities     53,677     39,808  
Total current liabilities     339,169     266,629  
Long-term debt 1,464,018 1,000,000
Deferred income taxes 189,182 189,763
Accrued property and liability losses 8,884 10,833
Other liabilities and deferred credits 206,204 139,074
 
Commitments and Contingencies
 
Stockholders’ equity:

Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,621,004 shares at December 31, 2013 and 49,485,832 shares at March 31, 2013

4,962 4,949
Additional paid-in capital 138,095 119,975
Retained earnings 2,513,380 2,453,973
Accumulated other comprehensive loss     (16,449 )   (17,141 )
Total stockholders’ equity     2,639,988     2,561,756  
Total liabilities and stockholders' equity   $ 4,847,445     4,168,055  
 

TIDEWATER INC.

       

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)
(In thousands)                  
Quarter Ended Nine Months Ended
December 31, December 31,
      2013   2012     2013   2012  
Net earnings $ 12,583 29,947 96,838 104,159
Other comprehensive income/(loss):

Unrealized gains/(losses) on available for sale securities net of tax of $218, $(190), $185 and $(300)

405 (353 ) 343 (558 )

Amortization of loss on derivative contract net of tax of $62, $63, $188 and $188

116 117 349 350

Change in supplemental executive retirement plan pension liability

    ---   3,355     ---   3,355  
Total comprehensive income   $ 13,104   33,066     97,530   107,306  
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)
(In thousands)
  Nine Months Ended
December 31,
      2013     2012  
Operating activities:  
Net earnings $ 96,838 104,159

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization 124,555 109,012
Benefit for deferred income taxes (18,300 ) (8,682 )
Gain on asset dispositions, net (9,359 ) (2,770 )
Goodwill impairment 56,283 ---
Equity in earnings of unconsolidated companies, less dividends (12,072 ) (9,287 )
Compensation expense - stock-based 15,130 15,061
Excess tax benefit on stock options exercised (433 ) (74 )
Changes in assets and liabilities, net:
Trade and other receivables (223,549 ) (49,412 )
Marine operating supplies 7,396 (7,401 )
Other current assets (6,007 ) (2,485 )
Accounts payable 11,320 12,943
Accrued expenses 27,210 9,535
Accrued property and liability losses (288 ) (280 )
Other current liabilities 4,286 3,896
Other liabilities and deferred credits (1,270 ) (2,084 )
Other, net     (1,911 )   10,580  
Net cash provided by operating activities     69,829     182,711  
Cash flows from investing activities:
Proceeds from sales of assets 46,006 18,620
Proceeds from sale/leaseback of assets 207,435 ---
Additions to properties and equipment (397,458 ) (326,648 )
Payments for acquisition, net of cash acquired (127,737 ) ---
Other     (2,462 )   (788 )
Net cash used in investing activities     (274,216 )   (308,816 )
Cash flows from financing activities:
Debt issuance costs (4,404 ) ---

Principal payment on long-term debt

(1,103,054

)

(60,000

)

Debt borrowings 1,416,262 40,000
Proceeds from exercise of stock options 6,082 1,968
Cash dividends (37,355 ) (37,426 )
Excess tax benefit on stock options exercised 433 74
Stock repurchases     ---     (85,034 )
Net cash provided by (used in) financing activities     277,964     (140,418 )
Net change in cash and cash equivalents 73,577 (266,523 )
Cash and cash equivalents at beginning of period     40,569     320,710  
Cash and cash equivalents at end of period   $ 114,146     54,187  
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $ 40,938 33,135
Income taxes $ 43,245 41,578
Supplemental disclosure of non-cash investing activities:
Additions to properties and equipment   $ 9,568     2,372  
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

 

           
(Unaudited)
(In thousands)
Accumulated
Additional other
Common paid-in Retained comprehensive
    stock   capital

 

  earnings   loss   Total

Balance at March 31, 2013

$ 4,949 119,975 2,453,973 (17,141 ) 2,561,756
Total comprehensive income --- --- 96,838 692 97,530
Stock option activity 17 6,512 --- --- 6,529
Cash dividends declared --- --- (37,431 ) --- (37,431 )
Amortization/cancellation of restricted stock units --- 8,677

 

--- --- 8,677
Amortization/cancellation of restricted stock     (4 )   2,931     ---     ---     2,927  

Balance at December 31, 2013

  $ 4,962     138,095  

 

2,513,380     (16,449 )   2,639,988  
 
 

Balance at March 31, 2012

$ 5,125 102,726 2,437,836 (19,330 ) 2,526,357
Total comprehensive income --- --- 104,159 3,147 107,306
Stock option activity 8 3,696 --- --- 3,704
Cash dividends declared --- --- (37,574 ) --- (37,574 )
Retirement of common stock (187 ) --- (84,847 ) --- (85,034 )
Amortization/cancellation of restricted stock units --- 5,766 --- --- 5,766
Amortization/cancellation of restricted stock     (7 )   5,793     ---     ---     5,786  

Balance at December 31, 2012

  $ 4,939     117,981     2,419,574     (16,183 )   2,526,311  
 

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues for the quarters and the nine-month periods ended December 31, 2013 and 2012 and for the quarter ended September 30, 2013, were as follows:

     

 

Quarter Ended

Nine Months Ended

Quarter Ended

December 31,

December 31,

September 30,
(In thousands)     2013   %     2012   %     2013   %     2012   %     2013   %  
Vessel revenues:              
Americas $ 109,848 31 % 84,532 28 % 302,021 29 % 244,498 27 % 101,929 28 %
Asia/Pacific 36,325 10 % 42,057 14 % 116,711 11 % 139,537 15 % 37,430 10 %
Middle East/N. Africa 51,158 14 % 42,027 14 % 137,741 13 % 106,528 12 % 45,370 13 %
Sub-Saharan Africa/Europe     163,382   45 %   136,427   45 %   499,538   47 %   414,396   46 %   178,939   49 %
Total vessel revenues   $ 360,713   100 %   305,043   100 %   1,056,011   100 %   904,959   100 %   363,668   100 %
Vessel operating costs:
Crew costs $ 101,382 28 % 87,469 29 % 295,381 28 % 265,584 29 % 100,767 28 %
Repair and maintenance 40,920 12 % 36,143 12 % 128,009 12 % 96,121 11 % 38,996 11 %
Insurance and loss reserves 4,410 1 % 7,381 2 % 14,356 1 % 16,542 2 % 3,926 1 %
Fuel, lube and supplies 18,589 5 % 19,553 6 % 56,748 6 % 56,565 6 % 19,354 5 %
Other     32,378   9 %   26,378   9 %   94,662   9 %   76,100   8 %   32,273   9 %

Total vessel operating costs

197,679 55 % 176,924 58 % 589,156 56 % 510,912 56 % 195,316 54 %
Vessel operating margin (A)   $ 163,034   45 %   128,119   42 %   466,855   44 %   394,047   44 %   168,352   46 %
 

Note (A): The following table reconciles vessel operating margin as presented above to operating income for the quarters and the nine-month periods ended December 31, 2013 and 2012 and for the quarter ended September 30, 2013:

         
Quarter
Quarter Ended Nine Months Ended Ended
December 31, December 31, September 30,
(In thousands)     2013     2012     2013     2012     2013  
Vessel operating margin $ 163,034 128,119 466,855 394,047 168,352
Other marine revenues 4,535 4,423 11,259 10,873 4,269
Costs of other marine revenues (4,097 ) (4,176 ) (10,157 ) (9,284 ) (4,040 )
General and administrative (45,723 ) (46,339 ) (142,241 ) (128,870 ) (46,038 )
Vessel operating leases (5,757 ) (3,971 ) (13,759 ) (12,866 ) (3,971 )
Depreciation and amortization (42,391 ) (37,181 ) (124,555 ) (109,012 ) (42,056 )
Gain on asset dispositions, net 7,170 99 9,359 2,770 49
Goodwill impairment     (56,283 )   ---     (56,283 )   ---     ---  
Operating income   $ 20,488     40,974     140,478     147,658     76,565  
 

The company’s operating income and other components of earnings before income taxes, and its related percentage of total revenue for the quarters and nine-month periods ended December 31, 2013 and 2012 and for the quarter ended September 30, 2013, were as follows:

     

Quarter

Quarter Ended

Nine Months Ended

Ended
December 31,   December 31,   September 30,  
(In thousands)     2013   %   2012   %   2013   %   2012   %   2013   %  
Vessel operating profit:              
Americas $ 25,579 7 % 14,442 5 % 69,555 6 % 34,140 4 % 23,675 6 %
Asia/Pacific 5,932 2 % 8,695 3 % 21,028 2 % 31,429 3 % 4,807 1 %
Middle East/N. Africa 10,927 3 % 13,720 4 % 34,496 3 % 26,282 3 % 13,446 4 %
Sub-Saharan Africa/Europe     38,502     10 %   21,171     7 %   103,282     10 %   92,597     10 %   47,261     13 %
80,940 22 % 58,028 19 % 228,361 21 % 184,448 20 % 89,189 24 %
Corporate expenses (11,106 ) (3 %) (16,712 ) (5 %) (40,552 ) (4 %) (39,663 ) (4 %) (12,891 ) (4 %)
Gain on asset dispositions, net 7,170 2 % 99

<1

%

9,359 1 % 2,770

<1

%

49

<1

%

Other operating expenses (233 )

(<1

%) (441 )

(<1

%)

(407 )

(<1

%)

103

<1

%

218

<1

%

Goodwill impairment     (56,283 )  

(15

%)   ---     ---     (56,283 )   (5 %)   ---     ---     ---     ---  
Operating income     20,488     6 %   40,974     14 %   140,478     13 %   147,658     16 %   76,565     21 %
Foreign exchange gain (loss) 1,341

<1

%

52

<1

%

4,269

<1

%

(1,170 )

(<1

%)

3,017 1 %

Equity in net earnings of unconsolidated companies

2,671 1 % 2,639 1 % 10,872 1 % 8,359 1 % 3,781 1 %
Interest income and other, net 137

<1

%

936

<1

%

1,415

<1

%

2,783

<1

%

538

<1

%

Loss on early extinguishment of debt

---

---

---

---

(4,144

)

(<1

%)

---

---

(4,144

)

(1

%)

Interest and other debt costs     (12,250 )   (3 %)   (7,183 )   (2 %)   (31,081 )   (3 %)   (21,918 )   (2 %)   (9,918 )   (3 %)

Earnings before income taxes

  $ 12,387     3 %   37,418     12 %   121,809     11 %   135,712     15 %   69,839     19 %
 

The company’s revenues, day-based vessel utilization percentages and average day rates by vessel class and in total for the quarters and the nine-month periods ended December 31, 2013 and 2012 and the quarter ended September 30, 2013, were as follows:

       
Quarter Ended Nine Months Ended Ended
December 31, December 31, September 30,
      2013     2012     2013   2012   2013

REVENUES BY VESSEL CLASS (In thousands):

   

Americas fleet:

Deepwater vessels $ 72,048 48,089 188,891 129,116 61,811
Towing-supply/supply 30,451 29,418 88,982 94,879 30,861
Other 7,349 7,025 24,148 20,503 9,257

Total

$ 109,848 84,532 302,021 244,498 101,929

Asia/Pacific fleet:

Deepwater vessels $ 20,142 21,862 64,357 71,791 19,923
Towing-supply/supply 15,235 19,277 49,516 65,006 16,559
Other 948 918 2,838 2,740 948
Total $ 36,325 42,057 116,711 139,537 37,430

Middle East/N. Africa fleet:

Deepwater vessels $ 18,805 15,407 50,389 38,966 15,732
Towing-supply/supply 31,481 25,870 84,741 64,729 28,763
Other 872 750 2,611 2,833 875
Total $ 51,158 42,027 137,741 106,528 45,370

Sub-Saharan Africa/Europe fleet:

Deepwater vessels $ 84,866 64,509 278,658 194,820 106,541
Towing-supply/supply 59,789 54,816 171,421 167,376 56,772
Other 18,727 17,102 49,459 52,200 15,626
Total $ 163,382 136,427 499,538 414,396 178,939

Worldwide fleet:

Deepwater vessels $ 195,861 149,867 582,295 434,693 204,007
Towing-supply/supply 136,956 129,381 394,660 391,990 132,955
Other 27,896 25,795 79,056 78,276 26,706
Total   $ 360,713     305,043     1,056,011   904,959   363,668

UTILIZATION:

Americas fleet:

Deepwater vessels 85.3 % 73.1 78.6 72.4 72.3
Towing-supply/supply 60.9 48.0 50.1 49.9 49.5
Other 78.0 82.4 83.9 78.4 91.6
Total 73.9 % 60.9 65.7 60.9 63.9

Asia/Pacific fleet:

Deepwater vessels 77.2 % 89.2 83.0 88.0 80.1
Towing-supply/supply 70.6 52.4 69.1 53.2 73.0
Other 100.0 100.0 100.0 81.1 100.0
Total 73.6 % 60.5 73.8 60.6 75.8

Middle East/N. Africa fleet:

Deepwater vessels 71.0 % 89.8 80.1 91.6 81.2
Towing-supply/supply 84.8 80.1 81.0 76.2 86.1
Other 100.0 28.6 67.4 35.1 81.8
Total 81.7 % 75.1 79.9 73.3 84.7

Sub-Saharan Africa/Europe fleet:

Deepwater vessels 83.0 % 70.3 83.7 78.9 88.8
Towing-supply/supply 73.8 66.9 69.3 65.0 66.8
Other 76.8 77.2 73.2 77.9 72.5
Total 77.3 % 71.1 74.7 72.6 75.0

Worldwide fleet:

Deepwater vessels 81.7 % 75.2 81.6 79.2 81.9
Towing-supply/supply 72.8 61.1 66.4 60.4 66.3
Other 78.1 74.5 75.6 74.4 77.3
Total     76.7 %   67.5

 

  72.9   67.9   73.2
 

 

         

Quarter

Quarter Ended Nine Months Ended Ended
December 31, December 31, September 30,
      2013   2012   2013   2012   2013

AVERAGE VESSEL DAY RATES:

Americas fleet:

Deepwater vessels $ 29,779 28,721 30,459 27,756 31,953
Towing-supply/supply 17,247 13,721 15,949 13,994 15,520

Other

7,320 6,181 7,391 6,086 7,843
Total $ 21,169 17,060 20,071 16,519 19,974

Asia/Pacific fleet:

Deepwater vessels $ 33,937 35,453 37,015 36,114 37,812
Towing-supply/supply 12,687 12,592 12,716 13,211 12,430
Other 10,300 9,972 10,317 9,963 10,300
Total $ 19,257 18,779 19,756 19,425 19,184

Middle East/N. Africa fleet:

Deepwater vessels $ 23,708 20,710 22,398 19,396 22,195
Towing-supply/supply 13,375 12,020 12,810 10,605 12,440
Other 4,738 4,750 4,746 4,892 4,750
Total $ 15,358 13,761 14,630 12,256 14,156

Sub-Saharan Africa/Europe fleet:

Deepwater vessels $ 28,664 25,853 28,863 24,527 30,244
Towing-supply/supply 15,764 14,318 15,632 14,577 15,737
Other 5,409 5,054 5,034 5,060 4,779
Total $ 15,994 14,053 16,408 13,934 17,206

Worldwide fleet:

Deepwater vessels $ 28,944 27,100 29,343 26,199 30,481
Towing-supply/supply 15,029 13,399 14,588 13,385 14,389
Other 5,883 5,407 5,680 5,384 5,651
Total   $ 17,492   15,286   17,364   14,979   17,603
 

The utilization, 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) for the quarters and nine-month periods ended December 31, 2013 and 2012 and the quarter ended September 30, 2013, were as follows:

           
Quarter

Quarter Ended

Nine Months Ended

Ended

December 31,

December 31,

September 30,
      2013     2012   2013   2012     2013

UTILIZATION:

Deepwater vessels
Platform supply vessels 82.7 % 78.3 83.8 82.8 84.6
Anchor handling towing supply 95.8 81.8 93.2 84.9 87.9
Towing-supply/supply 85.5 86.3 84.3 87.7 85.7
Other 81.8 78.6 76.1 79.2 73.2
Total    

84.3

%

 

82.1

 

82.8

 

84.3

   

82.7

 

AVERAGE VESSEL DAY RATES:

Deepwater vessels
Platform supply vessels $ 29,092 27,223 29,633 26,189 31,053
Anchor handling towing supply 29,141 30,366 29,202 29,790 28,885
Towing-supply/supply 15,144 13,969 14,745 14,029 14,484
Other 6,036 5,765 5,845 5,764 5,635
Total  

$

18,209

   

16,503

 

18,271

 

16,210

   

18,637

 

AVERAGE VESSEL COUNT:

Deepwater vessels
Platform supply vessels 75 62 72 58 73
Anchor handling towing supply 12 11 11 11 11
Towing-supply/supply 104 102 104 101 103
Other 52 49 52 49 52
Total     243     224   239   219     239
 

The company’s average number of vessels by class and geographic distribution for the quarters and the nine-month periods ended December 31, 2013 and 2012 and for the quarter ended September 30, 2013:

           

 

Quarter

Quarter Ended

Nine Months Ended

Ended
December 31, December 31, September 30,
    2013   2012   2013   2012   2013

Americas fleet:

Deepwater vessels 31 25

 

29 23 30
Towing-supply/supply 31 48

 

40 50 44
Other   14     15

 

  14   16  

14

Total 76 88 83 89 88
Less stacked vessels   11     24

 

  20   24   24
Active vessels   65     64

 

  63   65   64

Asia/Pacific fleet:

Deepwater vessels 8 7

 

8 8 7
Towing-supply/supply 19 32

 

20 34 20
Other   1     1

 

  1   1   1
Total 28 40 29 43 28
Less stacked vessels   4     12

 

  5   13   4
Active vessels   24     28    

24

 

30   24

Middle East/N. Africa fleet:

Deepwater vessels 12 9 10 8 9
Towing-supply/supply 30 30 30 29 29
Other   2     6     3   6   2
Total 44 45 43 43 40
Less stacked vessels   1     7     1   7   ---
Active vessels   43     38  

 

42   36   40

Sub-Saharan Africa/Europe fleet:

Deepwater vessels 39 39 42 37 43
Towing-supply/supply 56 62 58 64 59
Other   49     48     49   48   49
Total 144 149 149 149 151
Less stacked vessels   8     16     10   19   11
Active vessels   136     133     139   130   140
Active owned or chartered vessels 268 263 268 261 268
Stacked vessels   24     59     36   63   39
Total owned or chartered vessels 292 322 304 324 307
Vessels withdrawn from service --- 2 1 2 1
Joint-venture and other   11     10     10   10   10
Total   303     334     315   336   318
 

Note (B): Included in total owned or chartered vessels at December 31, 2013 and 2012 and at September 30, 2013, were 18, 53, and 37 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 commitments to acquire and construct new vessels, by vessel type as of December 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     12/31/13     12/31/13     Vessels     Cost     12/31/13     12/31/13

In thousands, except number of vessels:

Deepwater platform supply
vessels 17 $ 473,776 105,921 367,855 5 252,072 69,898 182,174
Towing-supply/supply vessels 6 114,298 55,024 59,274 --- --- --- ---
Other     1       8,014     8,014     ---     ---     ---     ---     ---
Total vessel commitments     24     $ 596,088     168,959     427,129     5     252,072     69,898     182,174

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 commitments as discussed above:

 

 

Quarter Period Ended

         
 
Vessel class and type     03/14   06/14   09/14   12/14   03/15   Thereafter
Deepwater platform supply vessels 1 3 4 3 1 10
Towing-supply/supply vessels --- --- --- 2 2 2
Other     ---   ---   ---   ---   1   ---
Total vessel commitments     1   3   4   5   4   12
(In thousands)

Expected quarterly cash outlay

 

$

92,933   81,042   114,253   110,449   60,603   150,023 (A)
 

(A)  The ‘Thereafter’ vessel construction obligations are expected to be paid during fiscal 2016.

Source: Tidewater Inc.

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