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.

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