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Tidewater Reports Third Quarter Results For Fiscal 2015

02/09/2015

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


        Less stacked vessels


7


8


6

10


7


            Active vessels


119


136


123