NEW ORLEANS, Feb. 9, 2015 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a third quarter net loss for the period ended December 31, 2014, of $160.7 million, or $3.31 per common share, on revenues of $387.6 million. Included in the current fiscal quarter's net loss is a non-cash goodwill impairment charge of $283.7 million ($214.9 million after tax, or $4.43 per share) resulting from the Company's annual goodwill impairment assessment. This period's goodwill impairment assessment took into account the significant recent reductions in oil and natural gas prices, the expected impact that a continuation of these lower oil and natural gas prices will have on levels of exploration and production spending by our customers globally, and the resulting expected negative impact that lower customer spending levels will have on future average day rates and utilization of the company's vessels.
For the same quarter last year, net earnings were $12.6 million, or $0.25 per common share, on revenues of $365.2 million. Included in the prior fiscal year's net earnings for the quarter ended December 31, 2013 was 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 assessment performed during that quarter. As a result of the general reduction in the level of business in the Company's Asia/Pacific region last year, the entire amount of goodwill previously allocated to the Asia/Pacific region was impaired during the December 2013 quarter. The immediately preceding quarter ended September 30, 2014, had net earnings of $60.9 million, or $1.22 per common share, on revenues of $397.5 million.
As previously announced, Tidewater will hold a conference call to discuss December quarterly earnings on Tuesday, February 10, 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 February 10, 2015, and will continue until 11:59 p.m. Central time on February 12, 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 38860031.
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 10, 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.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In thousands, except share and per share data)
|
|
|
Quarter Ended
December 31,
|
|
Nine Months Ended
December 31,
|
|
|
2014
|
2013
|
|
2014
|
2013
|
|
Revenues:
|
|
|
|
|
|
|
|
Vessel revenues
|
$
|
378,126
|
360,713
|
|
1,150,588
|
1,056,011
|
|
Other operating revenues
|
|
9,428
|
4,535
|
|
20,167
|
11,259
|
|
|
387,554
|
365,248
|
|
1,170,755
|
1,067,270
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
Vessel operating costs
|
|
210,365
|
197,679
|
|
640,428
|
589,156
|
|
Costs of other operating revenues
|
|
8,395
|
4,097
|
|
19,616
|
10,157
|
|
General and administrative
|
|
46,642
|
45,723
|
|
144,464
|
142,241
|
|
Vessel operating leases
|
|
7,165
|
5,757
|
|
20,247
|
13,759
|
|
Depreciation and amortization
|
|
43,331
|
42,391
|
|
130,150
|
124,555
|
|
Loss (gain) on asset dispositions, net
|
|
1,537
|
(7,170)
|
|
(4,996)
|
(9,359)
|
|
Goodwill impairment
|
|
283,699
|
56,283
|
|
283,699
|
56,283
|
|
|
601,134
|
344,760
|
|
1,233,608
|
926,792
|
|
Operating income (loss)
|
|
(213,580)
|
20,488
|
|
(62,853)
|
140,478
|
|
Other income (expenses):
|
|
|
|
|
|
|
|
Foreign exchange gain
|
|
4,334
|
1,341
|
|
8,453
|
4,269
|
|
Equity in net earnings of unconsolidated companies
|
|
---
|
2,671
|
|
9,104
|
10,872
|
|
Interest income and other, net
|
|
434
|
137
|
|
1,555
|
1,415
|
|
Loss on early extinguishment of debt
|
|
---
|
---
|
|
---
|
(4,144)
|
|
Interest and other debt costs, net
|
|
(12,239)
|
(12,250)
|
|
(37,927)
|
(31,081)
|
|
|
(7,471)
|
(8,101)
|
|
(18,815)
|
(18,669)
|
|
Earnings (loss) before income taxes
|
|
(221,051)
|
12,387
|
|
(81,668)
|
121,809
|
|
Income tax (benefit) expense
|
|
(60,070)
|
(196)
|
|
(25,211)
|
24,971
|
|
Net earnings (loss)
|
$
|
(160,981)
|
12,583
|
|
(56,457)
|
96,838
|
|
Less: Net loss attributable to
|
|
|
|
|
|
|
|
noncontrolling interests
|
$
|
(287)
|
---
|
|
(343)
|
---
|
|
Net earnings (loss) attributable to Tidewater Inc.
|
$
|
(160,694)
|
12,583
|
|
(56,114)
|
96,838
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per common share
|
$
|
(3.31)
|
0.25
|
|
(1.14)
|
1.96
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per common share
|
$
|
(3.31)
|
0.25
|
|
(1.14)
|
1.95
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
48,481,722
|
49,347,448
|
|
49,213,712
|
49,302,971
|
|
Dilutive effect of stock options and restricted stock
|
|
---
|
482,818
|
|
---
|
436,758
|
|
Adjusted weighted average common shares
|
|
48,481,722
|
49,830,266
|
|
49,213,712
|
49,739,729
|
|
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and par value data)
|
|
December 31,
|
March 31,
|
|
ASSETS
|
|
2014
|
2014
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
77,388
|
|
60,359
|
|
Trade and other receivables, net
|
|
301,038
|
|
252,421
|
|
Due from affiliate
|
|
421,904
|
|
429,450
|
|
Marine operating supplies
|
|
55,284
|
|
57,392
|
|
Other current assets
|
|
17,497
|
|
20,587
|
|
Total current assets
|
|
873,111
|
|
820,209
|
|
Investments in, at equity, and advances to unconsolidated companies
|
|
65,478
|
|
63,928
|
|
Properties and equipment:
|
|
|
|
|
|
Vessels and related equipment
|
|
4,630,902
|
|
4,521,102
|
|
Other properties and equipment
|
|
98,516
|
|
97,714
|
|
|
4,729,418
|
|
4,618,816
|
|
Less accumulated depreciation and amortization
|
|
1,053,997
|
|
997,208
|
|
Net properties and equipment
|
|
3,675,421
|
|
3,621,608
|
|
Goodwill
|
|
---
|
|
283,699
|
|
Other assets
|
|
102,616
|
|
96,385
|
|
Total assets
|
$
|
4,716,626
|
|
4,885,829
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
$
|
49,487
|
|
74,515
|
|
Accrued expenses
|
|
149,523
|
|
157,302
|
|
Due to affiliate
|
|
157,522
|
|
86,154
|
|
Accrued property and liability losses
|
|
3,265
|
|
3,631
|
|
Current portion of long-term debt
|
|
7,006
|
|
9,512
|
|
Other current liabilities
|
|
79,235
|
|
70,567
|
|
Total current liabilities
|
|
446,038
|
|
401,681
|
|
Long-term debt
|
|
1,484,326
|
|
1,505,358
|
|
Deferred income taxes
|
|
42,540
|
|
108,929
|
|
Accrued property and liability losses
|
|
8,230
|
|
5,286
|
|
Other liabilities and deferred credits
|
|
226,727
|
|
179,204
|
|
|
|
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Common stock of $0.10 par value, 125,000,000 shares
|
|
|
|
|
|
authorized, issued 46,886,453 shares at December 31, 2014
|
|
|
|
|
|
and 49,730,442 shares at March 31, 2014
|
|
4,689
|
|
4,973
|
|
Additional paid-in capital
|
|
158,501
|
|
142,381
|
|
Retained earnings
|
|
2,351,197
|
|
2,544,255
|
|
Accumulated other comprehensive loss
|
|
(11,666)
|
|
(12,225)
|
|
Total stockholders' equity
|
|
2,502,721
|
|
2,679,384
|
|
Noncontrolling interests
|
|
6,044
|
|
5,987
|
|
Total equity
|
|
2,508,765
|
|
2,685,371
|
|
Total liabilities and equity
|
$
|
4,716,626
|
|
4,885,829
|
|
|
|
|
|
|
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
|
|
|
Quarter Ended
December 31,
|
|
Nine Months Ended
December 31,
|
|
|
2014
|
2013
|
|
2014
|
2013
|
|
Net earnings (loss)
|
$
|
(160,981)
|
12,583
|
|
(56,457)
|
96,838
|
|
Other comprehensive income/(loss):
|
|
|
|
|
|
|
|
Unrealized gains/(losses) on available for sale securities,
|
|
|
|
|
|
|
net of tax of $(29), $218, $43 and $185
|
|
(54)
|
405
|
|
79
|
343
|
|
Amortization of loss on derivative contract,
|
|
|
|
|
|
|
|
net of tax of $62, $62, $188 and $188
|
|
116
|
116
|
|
349
|
349
|
|
Change in other benefit plan minimum liability,
|
|
|
|
|
|
|
|
net of tax of $0, $0, $70 and $0
|
|
---
|
---
|
|
131
|
---
|
|
Total comprehensive income (loss)
|
$
|
(160,919)
|
13,104
|
|
(55,898)
|
97,530
|
|
|
|
|
|
|
|
|
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
|
|
|
Nine Months Ended
|
|
|
December 31,
|
|
|
2014
|
2013
|
|
Operating activities:
|
|
|
|
|
Net earnings (loss)
|
$
|
(56,457)
|
96,838
|
|
Adjustments to reconcile net earnings (loss) to net cash
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
130,150
|
124,555
|
|
Benefit for deferred income taxes
|
|
(77,278)
|
(18,300)
|
|
Gain on asset dispositions, net
|
|
(4,996)
|
(9,359)
|
|
Goodwill impairment
|
|
283,699
|
56,283
|
|
Equity in earnings of unconsolidated companies, less dividends
|
|
(1,550)
|
(12,072)
|
|
Compensation expense - stock-based
|
|
16,395
|
15,130
|
|
Excess tax benefit on stock options exercised
|
|
---
|
(433)
|
|
Changes in assets and liabilities, net:
|
|
|
|
|
Trade and other receivables
|
|
(48,876)
|
18,268
|
|
Changes in due to/from affiliate, net
|
|
78,881
|
(210,576)
|
|
Marine operating supplies
|
|
1,243
|
7,396
|
|
Other current assets
|
|
3,090
|
(6,007)
|
|
Accounts payable
|
|
(29,052)
|
(9,753)
|
|
Accrued expenses
|
|
(6,856)
|
17,042
|
|
Accrued property and liability losses
|
|
(366)
|
(288)
|
|
Other current liabilities
|
|
(437)
|
4,286
|
|
Other liabilities and deferred credits
|
|
(3,025)
|
(1,270)
|
|
Other, net
|
|
(9,006)
|
(1,911)
|
|
Net cash provided by operating activities
|
|
275,559
|
69,829
|
|
Cash flows from investing activities:
|
|
|
|
|
Proceeds from sales of assets
|
|
5,160
|
46,006
|
|
Proceeds from sale/leaseback of assets
|
|
110,694
|
207,435
|
|
Additions to properties and equipment
|
|
(231,685)
|
(397,458)
|
|
Payments for acquisition, net of cash acquired
|
|
---
|
(127,737)
|
|
Other
|
|
127
|
(2,462)
|
|
Net cash used in investing activities
|
|
(115,704)
|
(274,216)
|
|
Cash flows from financing activities:
|
|
|
|
|
Debt issuance costs
|
|
---
|
(4,404)
|
|
Principal payment on long-term debt
|
|
(27,206)
|
(1,103,054)
|
|
Debt borrowings
|
|
20,000
|
1,416,262
|
|
Proceeds from exercise of stock options
|
|
1,025
|
6,082
|
|
Cash dividends
|
|
(36,997)
|
(37,355)
|
|
Repurchases of common stock
|
|
(99,999)
|
---
|
|
Excess tax benefit on stock options exercised
|
|
---
|
433
|
|
Other
|
|
351
|
---
|
|
Net cash (used in) provided by financing activities
|
|
(142,826)
|
277,964
|
|
Net change in cash and cash equivalents
|
|
17,029
|
73,577
|
|
Cash and cash equivalents at beginning of period
|
|
60,359
|
40,569
|
|
Cash and cash equivalents at end of period
|
$
|
77,388
|
114,146
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
Interest, net of amounts capitalized
|
$
|
48,046
|
40,938
|
|
Income taxes
|
$
|
57,987
|
43,245
|
|
Supplemental disclosure of non-cash investing activities:
|
|
|
|
|
Additions to properties and equipment
|
$
|
3,386
|
9,568
|
|
|
|
|
|
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 (loss)
|
|
---
|
---
|
(56,114)
|
559
|
(343)
|
(55,898)
|
|
Exercise of stock options
|
|
3
|
1,022
|
---
|
---
|
---
|
1,025
|
|
Cash dividends declared ($.75 per share)
|
|
---
|
---
|
(37,229)
|
---
|
---
|
(37,229)
|
|
Retirement of common stock
|
|
(284)
|
---
|
(99,715)
|
---
|
---
|
(99,999)
|
|
Amortization of restricted stock units
|
|
1
|
12,495
|
---
|
---
|
---
|
12,496
|
|
Amortization/cancellation of restricted stock
|
|
(4)
|
2,603
|
---
|
---
|
---
|
2,599
|
|
Cash received from noncontrolling interests
|
|
---
|
---
|
---
|
---
|
450
|
450
|
|
Cash paid to noncontrolling interests
|
|
---
|
---
|
---
|
---
|
(50)
|
(50)
|
|
Balance at December 31, 2014
|
$
|
4,689
|
158,501
|
2,351,197
|
(11,666)
|
6,044
|
2,508,765
|
|
|
|
|
|
|
|
|
|
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
|
|
Exercise of stock options
|
|
17
|
6,512
|
---
|
---
|
---
|
6,529
|
|
Cash dividends declared ($.75 per share)
|
|
---
|
---
|
(37,431)
|
---
|
---
|
(37,431)
|
|
Amortization 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
|
|
|
|
|
|
|
|
|
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, 2014 and 2013 and for the quarter ended September 30, 2014, were as follows:
|
|
|
|
|
|
Quarter
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
|
Ended
|
|
|
December 31,
|
|
December 31,
|
|
September 30,
|
|
(In thousands)
|
|
2014
|
%
|
2013
|
%
|
|
2014
|
%
|
2013
|
%
|
|
2014
|
%
|
|
Vessel revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
$
|
134,554
|
36%
|
109,848
|
31%
|
|
388,550
|
34%
|
302,021
|
29%
|
|
134,013
|
34%
|
|
Asia/Pacific
|
|
35,046
|
9%
|
36,325
|
10%
|
|
121,284
|
10%
|
116,711
|
11%
|
|
45,989
|
12%
|
|
Middle East/North Africa
|
|
55,925
|
15%
|
51,158
|
14%
|
|
160,301
|
14%
|
137,741
|
13%
|
|
48,837
|
13%
|
|
Sub-Saharan Africa/ Europe
|
|
152,601
|
40%
|
163,382
|
45%
|
|
480,453
|
42%
|
499,538
|
47%
|
|
162,113
|
41%
|
|
Total vessel revenues
|
$
|
378,126
|
100%
|
360,713
|
100%
|
|
1,150,588
|
100%
|
1,056,011
|
100%
|
|
390,952
|
100%
|
|
Vessel operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs
|
$
|
104,167
|
28%
|
101,382
|
28%
|
|
330,086
|
29%
|
295,381
|
28%
|
|
114,634
|
29%
|
|
Repair and maintenance
|
|
46,418
|
12%
|
40,920
|
12%
|
|
133,481
|
12%
|
128,009
|
12%
|
|
39,332
|
10%
|
|
Insurance and loss reserves
|
|
3,093
|
1%
|
4,410
|
1%
|
|
10,470
|
1%
|
14,356
|
1%
|
|
1,982
|
1%
|
|
Fuel, lube and supplies
|
|
24,710
|
7%
|
18,589
|
5%
|
|
69,900
|
6%
|
56,748
|
6%
|
|
22,820
|
6%
|
|
Other
|
|
31,977
|
8%
|
32,378
|
9%
|
|
96,491
|
8%
|
94,662
|
9%
|
|
34,051
|
8%
|
|
Total vessel operating costs
|
|
210,365
|
56%
|
197,679
|
55%
|
|
640,428
|
56%
|
589,156
|
56%
|
|
212,819
|
54%
|
|
Vessel operating margin (A)
|
$
|
167,761
|
44%
|
163,034
|
45%
|
|
510,160
|
44%
|
466,855
|
44%
|
|
178,133
|
46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (A): The following table reconciles vessel operating margin as presented above to operating profit for the quarters and the nine-month periods ended December 31, 2014 and 2013 and for the quarter ended September 30, 2014:
|
|
|
|
|
|
Quarter
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
|
Ended
|
|
|
December 31,
|
|
December 31,
|
|
September 30,
|
|
(In thousands)
|
|
2014
|
2013
|
|
2014
|
2013
|
|
2014
|
|
|
Vessel operating margin
|
$
|
167,761
|
163,034
|
|
510,160
|
466,855
|
|
178,133
|
|
|
General and administrative -
|
|
|
|
|
|
|
|
|
|
|
vessel operations
|
|
(36,024)
|
(34,729)
|
|
(110,305)
|
(102,465)
|
|
(36,612)
|
|
|
Vessel operating leases
|
|
(7,165)
|
(5,757)
|
|
(20,247)
|
(13,759)
|
|
(6,542)
|
|
|
Depreciation and amortization -
|
|
|
|
|
|
|
|
|
|
|
vessel operations
|
|
(41,639)
|
(41,608)
|
|
(125,038)
|
(122,270)
|
|
(41,974)
|
|
|
Vessel operating profit
|
$
|
82,933
|
80,940
|
|
254,570
|
228,361
|
|
93,005
|
|
|
|
|
|
|
|
|
|
|
The company's other operating profit for the quarters and the nine-month periods ended December 31, 2014 and 2013 and for the quarter ended September 30, 2014, consists of the following:
|
Quarter
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
|
Ended
|
|
|
December 31,
|
|
December 31,
|
|
September 30,
|
|
(In thousands)
|
|
2014
|
2013
|
|
2014
|
2013
|
|
2014
|
|
|
Other operating revenues
|
$
|
9,428
|
4,535
|
|
20,167
|
11,259
|
|
6,572
|
|
|
Costs of other marine revenues
|
|
(8,395)
|
(4,097)
|
|
(19,616)
|
(10,157)
|
|
(6,560)
|
|
|
General and administrative - other
operating activities
|
|
(1,207)
|
(671)
|
|
(3,473)
|
(1,507)
|
|
(1,207)
|
|
|
Depreciation and amortization -
|
|
|
|
|
|
|
|
|
|
|
other operating activities
|
|
(858)
|
---
|
|
(2,626)
|
(2)
|
|
(898)
|
|
|
Other operating profit (loss)
|
$
|
(1,032)
|
(233)
|
|
(5,548)
|
(407)
|
|
(2,093)
|
|
|
|
|
|
|
|
|
|
|
The company's operating income and other components of earnings before income taxes, and its related percentage of total revenues for the quarters and nine-month periods ended December 31, 2014 and 2013 and for the quarter ended September 30, 2014, were as follows:
|
|
|
|
|
|
Quarter
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
|
Ended
|
|
|
December 31,
|
|
December 31,
|
|
September 30,
|
|
(In thousands)
|
|
2014
|
%
|
2013
|
%
|
|
2014
|
%
|
2013
|
%
|
|
2014
|
%
|
|
Vessel operating profit
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
$
|
33,784
|
8%
|
25,579
|
7%
|
100,770
|
8%
|
69,555
|
6%
|
36,778
|
9%
|
|
Asia/Pacific
|
|
2,621
|
1%
|
5,932
|
2%
|
9,064
|
1%
|
21,028
|
2%
|
7,414
|
2%
|
|
Middle East/North Africa
|
|
12,408
|
3%
|
10,927
|
3%
|
31,568
|
3%
|
34,496
|
3%
|
7,367
|
2%
|
|
Sub-Saharan Africa/Europe
|
|
34,120
|
9%
|
38,502
|
10%
|
113,168
|
10%
|
103,282
|
10%
|
41,446
|
10%
|
|
|
82,933
|
21%
|
80,940
|
22%
|
254,570
|
22%
|
228,361
|
21%
|
93,005
|
23%
|
|
Other operating profit (loss)
|
|
(1,032)
|
(<1%)
|
(233)
|
(<1%)
|
(5,548)
|
(<1%)
|
(407)
|
(<1%)
|
(2,093)
|
(1%)
|
|
|
81,901
|
21%
|
80,707
|
22%
|
249,022
|
22%
|
227,954
|
21%
|
90,912
|
22%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative expenses
|
|
(9,411)
|
(3%)
|
(10,323)
|
(3%)
|
(30,686)
|
(3%)
|
(38,269)
|
(4%)
|
(8,943)
|
(2%)
|
|
Corporate depreciation
|
|
(834)
|
(<1%)
|
(783)
|
(<1%)
|
(2,486)
|
(<1%)
|
(2,283)
|
(<1%)
|
(836)
|
(<1%)
|
|
Corporate expenses
|
|
(10,245)
|
(3%)
|
(11,106)
|
(3%)
|
(33,172)
|
(3%)
|
(40,552)
|
(4%)
|
(9,779)
|
(2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) gain on asset dispositions, net
|
|
(1,537)
|
(<1%)
|
7,170
|
2%
|
4,996
|
<1%
|
9,359
|
1%
|
3,590
|
1%
|
|
Goodwill impairment
|
|
(283,699)
|
(73%)
|
(56,283)
|
(15%)
|
(283,699)
|
(24%)
|
(56,283)
|
(5%)
|
---
|
---
|
|
Operating income (loss)
|
$
|
(213,580)
|
(55%)
|
20,488
|
6%
|
(62,853)
|
(5%)
|
140,478
|
13%
|
84,273
|
21%
|
|
Foreign exchange gain
|
|
4,334
|
1%
|
1,341
|
<1%
|
8,453
|
1%
|
4,269
|
<1%
|
5,408
|
1%
|
|
Equity in net earnings of unconsolidated companies
|
|
---
|
---
|
2,671
|
1%
|
9,104
|
1%
|
10,872
|
1%
|
3,821
|
1%
|
|
Interest income and other, net
|
|
434
|
<1%
|
137
|
<1%
|
1,555
|
<1%
|
1,415
|
<1%
|
499
|
<1%
|
|
Loss on early extinguishment of debt
|
---
|
---
|
---
|
---
|
---
|
---
|
(4,144)
|
(<1%)
|
---
|
---
|
|
Interest and other debt costs, net
|
|
(12,239)
|
(3%)
|
(12,250)
|
(3%)
|
(37,927)
|
(3%)
|
(31,081)
|
(3%)
|
(12,559)
|
(3%)
|
|
Earnings (loss) before income taxes
|
$
|
(221,051)
|
(57%)
|
12,387
|
3%
|
(81,668)
|
(7%)
|
121,809
|
11%
|
81,892
|
21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2014 and 2013 and for the quarter ended September 30, 2014, were as follows:
|
|
|
|
|
|
Quarter
|
|
|
Quarter Ended
December 31,
|
|
Nine Months Ended
|
|
Ended
|
|
|
|
December 31,
|
|
September 30,
|
|
|
2014
|
|
2013
|
|
2014
|
2013
|
|
2014
|
|
|
REVENUE BY VESSEL CLASS (In thousands):
|
|
|
|
|
|
|
|
|
|
|
Americas fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
94,298
|
|
72,048
|
|
267,983
|
188,891
|
|
91,403
|
|
|
Towing-supply
|
|
33,607
|
|
30,451
|
|
97,511
|
88,982
|
|
34,387
|
|
|
Other
|
|
6,649
|
|
7,349
|
|
23,056
|
24,148
|
|
8,223
|
|
|
Total
|
$
|
134,554
|
|
109,848
|
|
388,550
|
302,021
|
|
134,013
|
|
|
Asia/Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
20,575
|
|
20,142
|
|
72,492
|
64,357
|
|
27,675
|
|
|
Towing-supply
|
|
13,487
|
|
15,235
|
|
45,862
|
49,516
|
|
17,338
|
|
|
Other
|
|
984
|
|
948
|
|
2,930
|
2,838
|
|
976
|
|
|
Total
|
$
|
35,046
|
|
36,325
|
|
121,284
|
116,711
|
|
45,989
|
|
|
Middle East/North Africa fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
25,615
|
|
18,805
|
|
64,336
|
50,389
|
|
19,254
|
|
|
Towing-supply
|
|
29,441
|
|
31,481
|
|
93,435
|
84,741
|
|
28,715
|
|
|
Other
|
|
869
|
|
872
|
|
2,530
|
2,611
|
|
868
|
|
|
Total
|
$
|
55,925
|
|
51,158
|
|
160,301
|
137,741
|
|
48,837
|
|
|
Sub-Saharan Africa/Europe fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
81,129
|
|
84,866
|
|
262,013
|
278,658
|
|
89,193
|
|
|
Towing-supply
|
|
52,532
|
|
59,789
|
|
162,585
|
171,421
|
|
54,617
|
|
|
Other
|
|
18,940
|
|
18,727
|
|
55,855
|
49,459
|
|
18,303
|
|
|
Total
|
$
|
152,601
|
|
163,382
|
|
480,453
|
499,538
|
|
162,113
|
|
|
Worldwide fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
221,617
|
|
195,861
|
|
666,824
|
582,295
|
|
227,525
|
|
|
Towing-supply
|
|
129,067
|
|
136,956
|
|
399,393
|
394,660
|
|
135,057
|
|
|
Other
|
|
27,442
|
|
27,896
|
|
84,371
|
79,056
|
|
28,370
|
|
|
Total
|
$
|
378,126
|
|
360,713
|
|
1,150,588
|
1,056,011
|
|
390,952
|
|
|
UTILIZATION:
|
|
|
|
|
|
|
|
|
|
|
Americas fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
87.3
|
%
|
85.3
|
|
89.3
|
78.6
|
|
91.9
|
|
|
Towing-supply
|
|
74.5
|
|
60.9
|
|
69.1
|
50.1
|
|
70.3
|
|
|
Other
|
|
56.7
|
|
78.0
|
|
67.7
|
83.9
|
|
76.9
|
|
|
Total
|
|
77.2
|
%
|
73.9
|
|
77.7
|
65.7
|
|
80.9
|
|
|
Asia/Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
66.9
|
%
|
77.2
|
|
73.3
|
83.0
|
|
82.4
|
|
|
Towing-supply
|
|
76.6
|
|
70.6
|
|
86.9
|
69.1
|
|
93.6
|
|
|
Other
|
|
100.0
|
|
100.0
|
|
100.0
|
100.0
|
|
100.0
|
|
|
Total
|
|
73.9
|
%
|
73.6
|
|
82.3
|
73.8
|
|
89.6
|
|
|
Middle East/North Africa fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
89.3
|
%
|
71.0
|
|
80.8
|
80.1
|
|
80.4
|
|
|
Towing-supply
|
|
79.6
|
|
84.8
|
|
81.4
|
81.0
|
|
71.1
|
|
|
Other
|
|
100.0
|
|
100.0
|
|
97.3
|
67.4
|
|
100.0
|
|
|
Total
|
|
83.2
|
%
|
81.7
|
|
81.9
|
79.9
|
|
74.7
|
|
|
Sub-Saharan Africa/Europe fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
85.7
|
%
|
83.0
|
|
85.8
|
83.7
|
|
85.5
|
|
|
Towing-supply
|
|
78.8
|
|
73.8
|
|
77.5
|
69.3
|
|
78.5
|
|
|
Other
|
|
73.3
|
|
76.8
|
|
74.2
|
73.2
|
|
71.3
|
|
|
Total
|
|
78.7
|
%
|
77.3
|
|
78.7
|
74.7
|
|
77.9
|
|
|
Worldwide fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
84.9
|
%
|
81.7
|
|
85.2
|
81.6
|
|
87.0
|
|
|
Towing-supply
|
|
77.7
|
|
72.8
|
|
77.5
|
66.4
|
|
76.2
|
|
|
Other
|
|
71.0
|
|
78.1
|
|
73.9
|
75.6
|
|
73.9
|
|
|
Total
|
|
78.6
|
%
|
76.7
|
|
79.2
|
72.9
|
|
79.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31,
|
|
Nine Months Ended
|
|
Quarter Ended
|
|
|
|
December 31,
|
|
September 30,
|
|
|
2014
|
|
2013
|
|
2014
|
2013
|
|
2014
|
|
|
AVERAGE VESSEL DAY RATES:
|
|
|
|
|
|
|
|
|
|
|
Americas fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
32,612
|
|
29,779
|
|
31,686
|
30,459
|
|
31,233
|
|
|
Towing-supply
|
|
16,890
|
|
17,247
|
|
16,932
|
15,949
|
|
17,309
|
|
|
Other
|
|
9,314
|
|
7,320
|
|
8,772
|
7,391
|
|
8,304
|
|
|
Total
|
$
|
24,048
|
|
21,169
|
|
23,067
|
20,071
|
|
22,701
|
|
|
Asia/Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
35,821
|
|
33,937
|
|
39,250
|
37,015
|
|
39,841
|
|
|
Towing-supply
|
|
13,664
|
|
12,687
|
|
13,701
|
12,716
|
|
14,387
|
|
|
Other
|
|
10,692
|
|
10,300
|
|
10,653
|
10,317
|
|
10,609
|
|
|
Total
|
$
|
21,195
|
|
19,257
|
|
22,176
|
19,756
|
|
23,090
|
|
|
Middle East/North Africa fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
24,586
|
|
23,708
|
|
24,257
|
22,398
|
|
23,078
|
|
|
Towing-supply
|
|
12,870
|
|
13,375
|
|
13,438
|
12,810
|
|
14,171
|
|
|
Other
|
|
4,723
|
|
4,738
|
|
4,727
|
4,746
|
|
4,719
|
|
|
Total
|
$
|
15,918
|
|
15,358
|
|
15,808
|
14,630
|
|
16,040
|
|
|
Sub-Saharan Africa/Europe fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
28,675
|
|
28,664
|
|
30,020
|
28,863
|
|
30,928
|
|
|
Towing-supply
|
|
16,859
|
|
15,764
|
|
16,879
|
15,632
|
|
16,911
|
|
|
Other
|
|
5,976
|
|
5,409
|
|
5,819
|
5,034
|
|
5,937
|
|
|
Total
|
$
|
16,743
|
|
15,994
|
|
17,184
|
16,408
|
|
17,628
|
|
|
Worldwide fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
30,205
|
|
28,944
|
|
30,751
|
29,343
|
|
31,001
|
|
|
Towing-supply
|
|
15,401
|
|
15,029
|
|
15,546
|
14,588
|
|
15,987
|
|
|
Other
|
|
6,598
|
|
5,883
|
|
6,472
|
5,680
|
|
6,523
|
|
|
Total
|
$
|
19,024
|
|
17,492
|
|
19,045
|
17,364
|
|
19,415
|
|
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 nine-month periods ended December 31, 2014 and 2013 and for the quarter ended September 30, 2014, were as follows:
|
|
|
|
|
|
Quarter
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
|
Ended
|
|
|
December 31,
|
December 31,
|
|
September 30,
|
|
|
2014
|
|
2013
|
|
2014
|
2013
|
|
2014
|
|
|
UTILIZATION:
|
|
|
|
|
|
|
|
|
|
|
Deepwater vessels
|
|
|
|
|
|
|
|
|
|
|
PSVs
|
|
86.1
|
%
|
82.7
|
|
87.2
|
83.8
|
|
88.6
|
|
|
AHTS vessels
|
|
83.0
|
|
95.8
|
|
85.2
|
93.2
|
|
89.0
|
|
|
Towing-supply
|
|
80.8
|
|
85.5
|
|
82.2
|
84.3
|
|
80.8
|
|
|
Other
|
|
72.6
|
|
81.8
|
|
74.3
|
76.1
|
|
73.6
|
|
|
Total
|
|
80.9
|
%
|
84.3
|
|
82.2
|
82.8
|
|
82.1
|
|
|
AVERAGE VESSEL DAY RATES:
|
|
|
|
|
|
|
|
|
|
|
Deepwater vessels
|
|
|
|
|
|
|
|
|
|
|
PSVs
|
$
|
29,929
|
|
29,092
|
|
30,429
|
29,633
|
|
30,575
|
|
|
AHTS vessels
|
|
33,375
|
|
29,141
|
|
34,162
|
29,202
|
|
34,937
|
|
|
Towing-supply
|
|
15,647
|
|
15,144
|
|
15,797
|
14,745
|
|
16,235
|
|
|
Other
|
|
6,925
|
|
6,036
|
|
6,863
|
5,845
|
|
6,963
|
|
|
Total
|
$
|
19,765
|
|
18,209
|
|
19,898
|
18,271
|
|
20,303
|
|
|
AVERAGE VESSEL COUNT:
|
|
|
|
|
|
|
|
|
|
|
Deepwater vessels
|
|
|
|
|
|
|
|
|
|
|
PSVs
|
|
79
|
|
75
|
|
77
|
72
|
|
77
|
|
|
AHTS vessels
|
|
12
|
|
12
|
|
12
|
11
|
|
12
|
|
|
Towing-supply
|
|
105
|
|
104
|
|
105
|
104
|
|
105
|
|
|
Other
|
|
47
|
|
52
|
|
49
|
52
|
|
48
|
|
|
Total
|
|
243
|
|
243
|
|
243
|
239
|
|
242
|
|
|
|
|
|
|
|
|
|
|
|
The company's average number of vessels by class and geographic distribution for the quarters and the nine-month periods ended December 31, 2014 and 2013 and for the quarter ended September 30, 2014:
|
|
|
|
|
|
Quarter
|
|
|
Quarter Ended
December 31,
|
|
Nine Months Ended
|
|
Ended
|
|
|
|
December 31,
|
|
September 30,
|
|
|
2014
|
|
2013
|
|
2014
|
2013
|
|
2014
|
|
|
Americas fleet:
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
36
|
|
31
|
|
34
|
29
|
|
35
|
|
|
Towing-supply
|
|
29
|
|
31
|
|
30
|
40
|
|
30
|
|
|
Other
|
|
14
|
|
14
|
|
14
|
14
|
|
14
|
|
|
Total
|
|
79
|
|
76
|
|
78
|
83
|
|
79
|
|
|
Less stacked vessels
|
|
9
|
|
11
|
|
8
|
20
|
|
7
|
|
|
Active vessels
|
|
70
|
|
65
|
|
70
|
63
|
|
72
|
|
|
Asia/Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
9
|
|
8
|
|
9
|
8
|
|
9
|
|
|
Towing-supply
|
|
14
|
|
19
|
|
14
|
20
|
|
14
|
|
|
Other
|
|
1
|
|
1
|
|
1
|
1
|
|
1
|
|
|
Total
|
|
24
|
|
28
|
|
24
|
29
|
|
24
|
|
|
Less stacked vessels
|
|
---
|
|
4
|
|
---
|
5
|
|
---
|
|
|
Active vessels
|
|
24
|
|
24
|
|
24
|
24
|
|
24
|
|
|
Middle East/North Africa fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
13
|
|
12
|
|
12
|
10
|
|
11
|
|
|
Towing-supply
|
|
31
|
|
30
|
|
31
|
30
|
|
31
|
|
|
Other
|
|
2
|
|
2
|
|
2
|
3
|
|
2
|
|
|
Total
|
|
46
|
|
44
|
|
45
|
43
|
|
44
|
|
|
Less stacked vessels
|
|
---
|
|
1
|
|
---
|
1
|
|
---
|
|
|
Active vessels
|
|
46
|
|
43
|
|
45
|
42
|
|
44
|
|
|
Sub-Saharan Africa/Europe fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
36
|
|
39
|
|
37
|
42
|
|
37
|
|
|
Towing-supply
|
|
43
|
|
56
|
|
45
|
58
|
|
45
|
|
|
Other
|
|
47
|
|
49
|
|
47
|
49
|
|
47
|
|
|
Total
|
|
126
|
|
144
|
|
129
|
149
|
|
129
|
|
|
|