News Details

Tidewater Reports Fourth Quarter and Year End Results For Fiscal 2015

05/27/2015

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

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

  • A $4.1 million ($3.3 million after-tax, or $0.07 per share) restructuring charge related to severance and other termination costs resulting from right-sizing efforts during the quarter.
  • $6.4 million ($5.1 million after-tax, or $0.11 per share) of total charges related to stacked vessel and other asset impairment reviews undertaken during the quarter, which is included in "Gains on asset dispositions, net".
  • A $23.8 million ($23.8 million after-tax, or $0.51 per share) non-cash adjustment related to the valuation of deferred tax assets. 

As previously announced, Tidewater will hold a conference call to discuss March quarterly earnings and annual earnings on Wednesday, May 27, 2015, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405 if calling from outside the U.S.) and ask for the "Tidewater" call just prior to the scheduled start.  A replay of the conference call will be available beginning at 12:00 p.m. Central time on May 27, 2015, and will continue until 11:59 p.m. Central time on May 29, 2015. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.).  The conference call ID number is 39678053.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, (http://www.tdw.com).  The online replay will be available until June 27, 2015.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the Company involve numerous risks and uncertainties that may cause the Company's actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Risk Factors" section of Tidewater's recent Forms 10-Q and 10-K.

Tidewater is the leading provider of Offshore Service Vessels (OSVs) to the global energy industry.                           

Note: all per-share amounts are stated on a diluted basis.

Financial information is displayed on the next page.

 

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share and per share data)



         Quarter Ended

         March 31,


        Year Ended

        March 31,



2015

2014


2015

2014

Revenues:







   Vessel revenues

$

317,770

362,450


1,468,358

1,418,461

   Other operating revenues


6,992

5,383


27,159

16,642



324,762

367,833


1,495,517

1,435,103

Costs and expenses:







   Vessel operating costs


193,940

206,734


834,368

795,890

   Costs of other operating revenues


6,889

5,588


26,505

15,745

   General and administrative


45,355

45,735


189,819

187,976

   Vessel operating leases


8,075

8,151


28,322

21,910

   Depreciation and amortization


45,054

42,925


175,204

167,480

   Gain on asset dispositions, net


(4,275)

(2,363)


(9,271)

(11,722)

   Goodwill impairment


---

---


283,699

56,283

   Restructuring charge


4,052

---


4,052

---



299,090

306,770


1,532,698

1,233,562

Operating income (loss)


25,672

61,063


(37,181)

201,541

Other income (expenses):







   Foreign exchange gain


225

(2,728)


8,678

1,541

   Equity in net earnings of unconsolidated companies


1,075

4,929


10,179

15,801

   Interest income and other, net


372

708


1,927

2,123

   Loss on early extinguishment of debt


---

---


---

(4,144)

   Interest and other debt costs, net


(12,102)

(12,733)


(50,029)

(43,814)



(10,430)

(9,824)


(29,245)

(28,493)

Earnings (loss) before income taxes


15,242

51,239


(66,426)

173,048

Income tax expense (benefit)


24,134

7,822


(1,077)

32,793

Net earnings (loss)

$

(8,892)

43,417


(65,349)

140,255

   Less: Net loss attributable to







             noncontrolling interests  

$

184

---


(159)

---

Net earnings (loss) attributable to Tidewater Inc.

$

(9,076)

43,417


(65,190)

140,255








Basic earnings (loss) per common share

$

(0.19)

0.88


(1.34)

2.84








Diluted earnings (loss) per common share

$

(0.19)

0.88


(1.34)

2.82








Weighted average common shares outstanding


46,814,976

49,463,080


48,658,840

49,392,749

Dilutive effect of stock options and restricted stock


---

115,109


---

287,365

Adjusted weighted average common shares


46,814,976

49,578,189


48,658,840

49,680,114

 


TIDEWATER INC.

CONSOLIDATED BALANCE SHEETS







March 31, 2015 and 2014

(In thousands, except share and par value data)







ASSETS


2015


2014



Current assets:







    Cash and cash equivalents

$

78,568


60,359



    Trade and other receivables, less allowance for doubtful accounts of $37,634 in 2015 and $35,737 in 2014


 

303,096


 

252,421



    Due from affiliate


420,365


429,450



    Marine operating supplies


49,005


57,392



    Other current assets


17,781


20,587



           Total current assets


868,815


820,209



Investments in, at equity, and advances to unconsolidated companies


65,844


63,928



Properties and equipment:







   Vessels and related equipment


4,717,132


4,521,102



   Other properties and equipment


119,879


97,714





4,837,011


4,618,816



   Less accumulated depreciation and amortization


1,090,704


997,208



           Net properties and equipment


3,746,307


3,621,608



Goodwill


---


283,699



Other assets


75,196


96,385



                    Total assets

$

4,756,162


4,885,829










LIABILITIES AND EQUITY







Current liabilities:







   Accounts payable

$

54,011


74,515



   Accrued expenses


146,255


157,302



   Due to affiliate


185,657


86,154



   Accrued property and liability losses


3,669


3,631



   Current portion of long-term debt


10,181


9,512



   Other current liabilities


82,461


70,567



          Total current liabilities


482,234


401,681



Long-term debt


1,524,295


1,505,358



Deferred income taxes


23,276


108,929



Accrued property and liability losses


10,534


5,286



Other liabilities and deferred credits


235,108


179,204










Commitments and Contingencies














Equity:







Common stock of $0.10 par value, 125,000,000 shares authorized, issued 47,029,359 shares at March 31, 2015 and 49,730,442 shares at March 31, 2014


4,703


4,973



Additional paid-in capital


159,940


142,381



Retained earnings


2,330,223


2,544,255



Accumulated other comprehensive loss           


(20,378)


(12,225)



          Total stockholders' equity


2,474,488


2,679,384



   Noncontrolling interests


6,227


5,987



          Total equity


2,480,715


2,685,371



                     Total liabilities and equity

$

4,756,162


4,885,829










 


TIDEWATER INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)



Quarter Ended

March 31,


Year Ended

March 31,



2015

2014


2015

2014

Net earnings (loss)

$

(8,892)

43,417


(65,349)

140,255

Other comprehensive income (loss):







Unrealized (losses) gains on available for sale securities, net of tax of $34, $(70), $77 and $115, respectively


64

(130)


143

213

Amortization of loss on derivative contract, net of tax of $198, $63, $386 and $251, respectively


368

117


717

466

Change in supplemental executive retirement plan pension liability, net of tax of $0, $409, $0 and $409, respectively


(1,845)

760


(1,845)

760

Change in pension plan minimum liability, net of tax of $0, $763, $0 and $763, respectively


(5,739)

1,417


(5,739)

1,417

Change in other benefit plan minimum liability, net of tax of $(840), $1,109, $(769) and $1,109, respectively


(1,560)

2,060


(1,429)

2,060

Total comprehensive income (loss)

$

(17,604)

47,641


(73,502)

145,171








 

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS


Years Ended March 31, 2015, 2014 and 2013




(In thousands)


2015

2014

2013


Operating activities:






   Net (loss) earnings

$

(65,349)

140,255

150,750


Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:






          Depreciation and amortization


175,204

167,480

147,299


          Benefit for deferred income taxes


(72,389)

(34,709)

(11,733)


          Gain on asset dispositions, net


(9,271)

(11,722)

(6,609)


          Goodwill impairment


283,699

56,283

---


          Equity in earnings of unconsolidated companies, net of dividends


(1,916)

(15,801)

30


          Compensation expense – stock based


21,374

19,642

19,416


          Excess tax (benefit) liability on stock options exercised


1,784

(299)

(278)


          Changes in assets and liabilities, net:






             Trade and other receivables


(43,537)

13,485

(38,438)


             Changes in due to/from affiliate, net


108,588

(260,675)

(56,077)


             Marine operating supplies


6,148

5,715

(8,498)


             Other current assets


2,794

(7,600)

(1,663)


             Accounts payable


(22,989)

(1,395)

(5,888)


             Accrued expenses


(11,435)

34,458

9,098


             Accrued property and liability losses


38

(429)

497


             Other current liabilities


118

10,373

4,846


             Other liabilities and deferred credits


4,875

(11,842)

822


             Other, net


(19,023)

1,398

10,349


          Net cash provided by operating activities


358,713

104,617

213,923


Cash flows from investing activities:






   Proceeds from sales of assets


8,310

51,330

27,278


   Proceeds from sale/leaseback of assets


123,950

270,575

---


   Additions to properties and equipment


(364,194)

(594,695)

(440,572)


   Payments for acquisition, net of cash acquired


---

(127,737)

---


   Other


516

(3,158)

(193)


          Net cash used in investing activities


(231,418)

(403,685)

(413,487)


Cash flows from financing activities:






   Debt issuance costs


(556)

(5,347)

(51)


   Principal payment on long-term debt


(97,823)

(1,103,054)

(60,000)


   Debt borrowings


138,488

1,465,362

110,000


   Proceeds from exercise of stock options


1,023

6,863

3,818


   Cash dividends


(48,834)

(49,816)

(49,588)


   Excess tax benefit (liability) on stock options exercised


(1,784)

299

278


   Cash contributions from noncontrolling interests, net


399

4,551

---


   Repurchases of common stock


(99,999)

---

(85,034)


          Net cash (used in) provided by financing activities


(109,086)

318,858

(80,577)


Net change in cash and cash equivalents


18,209

19,790

(280,141)


Cash and cash equivalents at beginning of period


60,359

40,569

320,710


Cash and cash equivalents at end of period

$

78,568

60,359

40,569


Supplemental disclosure of cash flow information:






   Cash paid during the period for:






          Interest, net of amounts capitalized

$

49,390

34,190

27,443


          Income taxes

$

74,310

59,266

54,722


   Supplemental disclosure of non-cash investing activities:






          Additions to properties and equipment

$

2,068

5,751

12,010










 


TIDEWATER INC.


CONSOLIDATED STATEMENTS OF EQUITY


Years Ended March 31, 2015, 2014 and 2013


(In thousands)



















Accumulated







Additional


other

Non





Common

paid-in

Retained

comprehensive

controlling





stock

capital

earnings

loss

interest

Total


Balance at March 31, 2012

$

5,125

102,726

2,437,836

(19,330)

---

2,526,357


Total comprehensive income


---

---

150,750

2,189

---

152,939


Stock option activity


14

6,131

---

---

---

6,145


Cash dividends declared ($1.00 per share)


---

---

(49,766)

---

---

(49,766)


Retirement of common stock


(187)

---

(84,847)

---

---

(85,034)


Amortization of restricted stock units


6

6,705

---

---

---

6,711


Amortization/cancellation of restricted stock


(9)

4,413

---

---

---

4,404


Balance at March 31, 2013

$

4,949

119,975

2,453,973

(17,141)

---

2,561,756


Total comprehensive income


---

---

140,255

4,916

---

145,171


Stock option activity


20

9,445

---

---

---

9,465


Cash dividends declared ($1.00 per share)


---

---

(49,973)

---

---

(49,973)


Amortization of restricted stock units


10

9,923

---

---

---

9,933


Amortization/cancellation of restricted stock


(6)

3,038

---

---

---

3,032


Noncontrolling interests


---

---

---

---

5,987

5,987


Balance at March 31, 2014

$

4,973

142,381

2,544,255

(12,225)

5,987

2,685,371


Total comprehensive loss


---

---

(65,190)

(8,153)

(159)

(73,502)


Stock option activity


3

(691)

---

---

---

(688)


Cash dividends declared ($1.00 per share)


---

---

(49,127)

---

---

(49,127)


Retirement of common stock


(284)

---

(99,715)

---

---

(99,999)


Amortization of restricted stock units


17

15,270

---

---

---

15,287


Amortization/cancellation of restricted stock


(6)

2,980

---

---

---

2,974


Cash received from non-controlling interests, net


---

---

---

---

399

399


Balance at March 31, 2015

$

4,703

159,940

2,330,223

(20,378)

6,227

2,480,715




















The company's vessel revenues and vessel operating costs and the related percentage of total vessel revenues for the quarters and the years ended March 31, 2015 and 2014 and for the quarter ended December 31, 2014, were as follows:













Quarter



Quarter Ended


Year Ended


 Ended



March 31,


March 31,


December 31,

(In thousands)


2015

%

2014

%


2015

%

2014

%


2014

%

Vessel revenues:














  Americas

$

117,149

37%

108,710

30%


505,699

35%

410,731

29%


134,554

36%

  Asia/Pacific


29,536

9%

37,907

10%


150,820

10%

154,618

11%


35,046

9%

  Middle East/North Africa


45,486

14%

48,783

14%


205,787

14%

186,524

13%


55,925

15%

  Sub-Saharan Africa/ Europe


125,599

40%

167,050

46%


606,052

41%

666,588

47%


152,601

40%

    Total vessel revenues

$

317,770

100%

362,450

100%


1,468,358

100%

1,418,461

100%


378,126

100%

Vessel operating costs:














  Crew costs

$

98,045

31%

100,951

28%


428,131

29%

396,332

28%


104,167

28%

  Repair and maintenance


40,307

13%

49,322

14%


173,788

12%

177,331

13%


46,418

12%

  Insurance and loss reserves


7,213

2%

5,274

1%


17,683

1%

19,628

1%


3,093

1%

  Fuel, lube and supplies


18,372

6%

19,858

5%


88,272

6%

76,609

5%


24,710

7%

  Other


30,003

9%

31,329

9%


126,494

9%

125,990

9%


31,977

8%

    Total vessel operating costs


193,940

61%

206,734

57%


834,368

57%

795,890

56%


210,365

56%

Vessel operating margin (A)

$

123,830

39%

155,716

43%


633,990

43%

622,571

44%


167,761

44%















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










Quarter



Quarter Ended


Year Ended


Ended



March 31,


March 31,


December 31,

(In thousands)


2015

2014


2015

2014


2014

Vessel operating margin

$

123,830

155,716


633,990

622,571


167,761

General and administrative - vessel operations


(34,190)

(35,275)


(144,495)

(137,741)


(36,024)

Vessel operating leases


(8,075)

(8,151)


(28,322)

(21,910)


(7,165)

Depreciation and amortization - vessel operations


(42,179)

(41,843)


(167,217)

(164,112)


(41,639)

Vessel operating profit

$

39,386

70,447


293,956

298,808


82,933




















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










Quarter



Quarter Ended


Year Ended


Ended



March 31,


March 31,


December 31,

(In thousands)


2015

2014


2015

2014


2014

Other operating revenues

$

6,992

5,383


27,159

16,642


9,428

Costs of other marine revenues


(6,889)

(5,588)


(26,505)

(15,745)


(8,395)

General and administrative - other operating activities


(1,226)

(1,026)


(4,703)

(2,532)


(1,207)

Depreciation and amortization - other operating activities


(1,351)

(292)


(3,973)

(295)


(858)

Other operating loss

$

(2,474)

(1,523)


(8,022)

(1,930)


(1,032)


















The company's operating income and other components of earnings before income taxes, and its related percentage of total revenues for the quarters and the years ended March 31, 2015 and 2014 and for the quarter ended December 31, 2014, were as follows:















Quarter




Quarter Ended


Year Ended


Ended




March 31,


March 31,


December 31,


(In thousands)


2015

%

2014

%


 

2015

%

2014

%


 

2014

%


Vessel operating profit















Americas

$

22,218

7%

21,381

6%


122,988

8%

90,936

6%


33,784

8%


Asia/Pacific


2,477

1%

8,016

2%


11,541

1%

29,044

2%


2,621

1%


Middle East/North Africa


5,690

1%

8,240

2%


37,258

3%

42,736

3%


12,408

3%


Sub-Saharan Africa/Europe


9,001

3%

32,810

9%


122,169

8%

136,092

10%


34,120

9%




39,386

12%

70,447

19%


293,956

20%

298,808

21%


82,933

21%


Other operating loss


(2,474)

(1%)

(1,523)

(<1%)


(8,022)

(1%)

(1,930)

(<1%)


(1,032)

(<1%)




36,912

11%

68,924

19%


285,934

19%

296,878

21%


81,901

21%

















Corporate general and administrative expenses


 

(9,939)

 

(3%)

 

(9,434)

 

(3%)


 

(40,621)

 

(3%)

 

(47,703)

 

(4%)


 

(9,411)

 

(3%)


Corporate depreciation


(1,524)

(<1%)

(790)

(<1%)


(4,014)

(<1%)

(3,073)

(<1%)


(834)

(<1%)


Corporate expenses


(11,463)

(3%)

(10,224)

(3%)


(44,635)

(3%)

(50,776)

(4%)


(10,245)

(3%)

















Gain (loss) on asset dispositions, net


4,275

1%

2,363

1%


9,271

<1%

11,722

1%


(1,537)

(<1%)


Goodwill impairment


---

---

---

---


(283,699)

(19%)

(56,283)

(4%)


(283,699)

(73%)


Restructuring charge


(4,052)

(1%)

---

---


(4,052)

(<1%)

---

---


---

---


Operating income (loss)

$

25,672

8%

61,063

17%


(37,181)

(3%)

201,541

14%


(213,580)

(55%)


Foreign exchange gain (loss)


225

<1%

(2,728)

(1%)


8,678

1%

1,541

<1%


4,334

1%


Equity in net earnings of unconsolidated companies


 

1,075

<1%

4,929

1%


10,179

1%

15,801

1%


---

---


Interest income and other, net


372

<1%

708

<1%


1,927

<1%

2,123

<1%


434

<1%


Loss on early extinguishment of debt

---

---

---

---


---

---

(4,144)

(<1%)


---

---


Interest and other debt costs, net


(12,102)

(4%)

(12,733)

(3%)


(50,029)

(3%)

(43,814)

(3%)


(12,239)

(3%)


Earnings (loss) before income taxes

$

15,242

5%

51,239

14%


(66,426)

(4%)

173,048

12%


(221,051)

(57%)

















The company's revenues, day-based vessel utilization percentages and average day rates by vessel class and in total for the quarters and the years ended March 31, 2015 and 2014 and for the quarter ended December 31, 2014, were as follows:











Quarter Ended





Quarter Ended


Year Ended






March 31,


March 31,


December 31,





2015


2014


2015

2014


2014



REVENUE BY VESSEL CLASS (In thousands):











Americas fleet:











     Deepwater

$

85,249


74,859


353,232

263,750


94,298


     Towing-supply


27,518


26,073


125,029

115,055


33,607


     Other


4,382


7,778


27,438

31,926


6,649


     Total

$

117,149


108,710


505,699

410,731


134,554


Asia/Pacific fleet:











     Deepwater

$

22,046


23,834


94,538

88,191


20,575


     Towing-supply


7,419


13,114


53,281

62,630


13,487


     Other


71


959


3,001

3,797


984


     Total

$

29,536


37,907


150,820

154,618


35,046


Middle East/North Africa fleet:











     Deepwater

$

20,943


16,114


85,279

66,503


25,615


     Towing-supply


23,797


31,979


117,232

116,720


29,441


     Other


746


690


3,276

3,301


869


     Total

$

45,486


48,783


205,787

186,524


55,925


Sub-Saharan Africa/Europe fleet:











     Deepwater

$

64,302


86,064


326,315

364,722


81,129


     Towing-supply


45,739


59,803


208,324

231,224


52,532


     Other


15,558


21,183


71,413

70,642


18,940


     Total

$

125,599


167,050


606,052

666,588


152,601


Worldwide fleet:











     Deepwater

$

192,540


200,871


859,364

783,166


221,617


     Towing-supply


104,473


130,969


503,866

525,629


129,067


     Other


20,757


30,610


105,128

109,666


27,442


     Total

$

317,770


362,450


1,468,358

1,418,461


378,126


UTILIZATION:











Americas fleet:











     Deepwater


88.3

%

83.7


89.0

80.0


87.3


     Towing-supply


65.7


59.5


68.2

51.9


74.5


     Other


50.2


78.4


63.3

82.6


56.7


     Total


73.2

%

73.2


76.5

67.4


77.2


Asia/Pacific fleet:











     Deepwater


66.6

%

84.7


71.4

83.5


66.9


     Towing-supply


63.2


82.7


81.1

71.6


76.6


     Other


7.5


100.0


77.2

100.0


100.0


     Total


62.5

%

84.1


77.2

76.0


73.9


Middle East/North Africa fleet:











     Deepwater


81.8

%

71.3


81.1

77.6


89.3


     Towing-supply


68.7


88.2


78.3

82.8


79.6


     Other


100.0


98.1


98.0

73.0


100.0


     Total


73.7

%

84.0


79.9

80.9


83.2


Sub-Saharan Africa/Europe fleet:











     Deepwater


76.5

%

83.1


83.7

83.6


85.7


     Towing-supply


71.5


77.9


76.0

71.3


78.8


     Other


67.2


89.2


72.5

77.1


73.3


     Total


71.3

%

83.3


76.9

76.7


78.7


Worldwide fleet:











     Deepwater


80.7

%

81.9


84.1

81.7


84.9


     Towing-supply


68.3


76.6


75.2

68.6


77.7


     Other


63.4


87.3


71.4

78.5


71.0


     Total


71.4

%

80.8


77.3

74.7


78.6



















 










Quarter




Quarter Ended


Year Ended


Ended




March 31,


March 31,


December 31,




2015


2014


2015

2014


2014


AVERAGE VESSEL DAY RATES:











Americas fleet:











     Deepwater

$

28,972


31,066


30,986

30,629


32,612


     Towing-supply


15,482


16,220


16,590

16,010


16,890


     Other


6,777


7,868


8,378

7,502


9,314


     Total

$

21,830


21,718


22,768

20,482


24,048


Asia/Pacific fleet:











     Deepwater

$

33,443


39,072


37,723

37,549


35,821


     Towing-supply


9,362


12,383


12,870

12,645


13,664


     Other


10,609


10,661


10,652

10,402


10,692


     Total

$

20,252


21,550


21,771

20,167


21,195


Middle East/North Africa fleet:











     Deepwater

$

22,558


20,524


23,816

21,913


24,586


     Towing-supply


12,526


13,000


13,242

12,862


12,870


     Other


4,145


3,912


4,581

4,543


4,723


     Total

$

15,121


14,258


15,650

14,531


15,918


Sub-Saharan Africa/Europe fleet:











     Deepwater

$

27,239


29,158


29,428

28,932


28,675


     Towing-supply


16,600


16,542


16,817

15,858


16,859


     Other


5,605


5,392


5,771

5,136


5,976


     Total

$

15,916


15,917


16,905

16,282


16,743


Worldwide fleet:











     Deepwater

$

27,942


29,730


30,074

29,441


30,205


     Towing-supply


14,460


14,982


15,307

14,684


15,401


     Other


5,752


5,905


6,316

5,741


6,598


     Total

$

17,928


17,525


18,792

17,405


19,024

















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











Quarter



Quarter Ended


Year Ended


Ended



March 31,


March 31,


December 31,



2015


2014


2015

2014


2014

UTILIZATION:










Deepwater vessels










        PSVs


80.8

%

86.1


85.6

84.4


86.1

        AHTS vessels


84.7


73.9


85.1

88.2


83.0

Towing-supply


71.7


84.4


79.6

84.3


80.8

Other


64.7


91.8


72.0

80.0


72.6

Total


73.8

%

86.0


80.1

83.6


80.9

AVERAGE VESSEL DAY RATES:










Deepwater vessels










        PSVs

$

27,703


29,735


29,773

29,659


29,929

        AHTS vessels


30,710


31,158


33,315

29,628


33,375

Towing-supply


14,764


15,126


15,568

14,840


15,647

Other


5,951


6,126


6,660

5,924


6,925

Total

$

18,621


18,287


19,605

18,275


19,765

AVERAGE VESSEL COUNT:










Deepwater vessels










        PSVs


79


76


78

73


79

        AHTS vessels


12


12


12

11


12

Towing-supply


105


105


105

104


105

Other


45


52


47

52


46

Total


241


245


242

240


242

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



Actual Vessel









Quarter




Count at


Quarter Ended


Year Ended


Ended




March 31,


March 31,


March 31,


December 31,




2015


2015


2014


2015

2014


2014



Americas fleet:













    Deepwater

38


37


32


35

29


36



    Towing-supply

29


30


30


30

38


29



    Other

14


14


14


14

14


14



        Total

81


81


76


79

81


79



        Less stacked vessels

11


10


10


9

18


9



            Active vessels

70


71


66


70

63


70



Asia/Pacific fleet:













    Deepwater

12


11


8


10

8


9



    Towing-supply

14


14


14


14

19


14



    Other

1


1


1


1

1


1



        Total

27


26


23


25

28


24



        Less stacked vessels

1


---


---


---

4


---



            Active vessels

26


26


23


25

24


24



Middle East/North Africa fleet:













    Deepwater

14


13


12


12

11


13



    Towing-supply

31


31


31


31

30


31



    Other

2


2


2


2

3


2



        Total

47


46


45


45

44


46



        Less stacked vessels

2


1


1


1

1


---



            Active vessels

45


45


44


44

43


46



Sub-Saharan Africa/Europe fleet:













    Deepwater

35


34


39


36

41


36



    Towing-supply

43


43


52


45

56


43



    Other

46


46


49


47

49


47



        Total

124


123


140


128

146


126



        Less stacked vessels

7


8


5


6

9


7



             Active vessels

117


115


135


122

137


119



Active owned or chartered vessels

258


257


268


261

267


259



Stacked vessels

21


19


16


16

32


16



Total owned or chartered vessels

279


276


284


277

299


275



Vessels withdrawn from service

---


---


---


---

1


---



Joint-venture and other

10


10


11


11

10


10



             Total

289


286


295


288

310


285



















Note (B): Included in total owned or chartered vessels at March 31, 2015 and 2014 and at December 31, 2014, were 21, 15 and 16 vessels, respectively, that were stacked by the company. These vessels were considered to be in service and are included in the calculation of the company's utilization statistics.

The table below summarizes the various commitments to acquire and construct new vessels, by vessel type, as of March 31, 2015:



Number





Amount

Remaining


of

Shipyard

Delivery


Total

Invested

Balance

(In thousands)

Vessels/ROVs

Location

Dates


Cost

03/31/15

03/31/15

Towing-supply:








    7,145 BHP (A)

6

International

5/2015-7/2016

$

105,804

79,297

26,507

Deepwater








    261-foot PSV

6

International

10/2015 - 9/2016





    268-foot PSV

1

International

4/2015





    275-foot PSV (A) (B)

5

International

5/2015 - 8/2015





    292-foot PSV

1

International

5/2016





    300-foot PSV

2

United States

9/2015, 1/2016





    310-foot PSV

2

United States

11/2015, 2/2016





       Total Deepwater PSVs  

17




576,847

223,301

353,546

Other:








    Fast supply boat

1

International

---


8,014

8,014

---

Total commitments

24



$

690,665

310,612

380,053



(A)

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



(B)

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

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



Quarter Period Ended









Vessel class and type


06/15

09/15

12/15

03/16

06/16

Thereafter


Deepwater PSVs (A)


4

3

3

3

2

2


Towing-supply vessels (A)


1

1

1

1

1

1


Other


---

---

---

---

---

1


    Totals


5

4

4

4

3

4


(In thousands)









Expected quarterly cash outlay

$

179,583

81,076

32,522

23,791

48,123

14,958

(B)



(A)

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



(B)

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

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SOURCE Tidewater Inc.

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