News Details

Tidewater Reports First Quarter Results For Fiscal 2017 and Announces Conference Call On Wednesday, August 10, 2016 at 10:00 a.m. Central Time

08/09/2016

NEW ORLEANS, Aug. 9, 2016 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a first quarter net loss for the period ended June 30, 2016, of $89.1 million, or $1.89 per common share, on revenues of $167.9 million. For the same quarter last year, net loss was $15.1 million, or $0.32 per common share, on revenues of $304.8 million. The immediately preceding quarter ended March 31, 2016, had a net loss of $81.8 million, or $1.74 per common share, on revenues of $184.2 million.

Included in the net loss for the quarter ended June 30, 2016 were the following:

  • $36.9 million ($36.1 million after-tax, or $0.77 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the June 2016 quarter.
  • $2.7 million ($2.6 million after-tax, or $0.06 per share) of foreign exchange losses, most notably the devaluation of Nigerian nairas relative to the U.S. dollar.
  • $1.1 million ($1.1 million after-tax, or $0.02 per share) of foreign exchange losses which is included in Equity in net losses of unconsolidated companies and related to our Angola joint venture, Sonatide.

Included in the net loss for the prior fiscal year's quarter ended June 30, 2015 were the following:

  • $15.0 million ($14.0 million after-tax, or $0.30 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the June 2015 quarter, including write-offs of unreimbursed and/or potentially unrecoverable costs related to cancelled vessel construction contracts and a vessel construction project that is the subject of an on-going arbitration proceeding.
  • $10.2 million ($9.5 million after-tax, or $0.20 per share) of total foreign exchange losses, $6.1 million of which is included in Equity in net losses of unconsolidated companies and related to our Angola joint venture, Sonatide.

Included in the net loss for the preceding quarter ended March 31, 2016 were the following:

  • $55.5 million ($40.7 million after-tax, or $0.87 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the March 2016 quarter.
  • $8.7 million ($8.7 million after-tax, or $0.18 per share) of foreign exchange losses which is included in Equity in net losses of unconsolidated companies and related to our Angola joint venture, Sonatide.

Income tax expense largely reflects tax liabilities in certain jurisdictions that levy taxes on bases other than pre-tax profitability (so called "deemed profit" regimes.)

Status of Discussions with Lenders and Noteholders

The decrease in oil and gas prices that began in the second half of fiscal 2015 and continued throughout fiscal 2016 has led to materially lower levels of spending for offshore exploration and development by the company's customers globally. In addition, newly constructed vessels have been delivered over the last several years, exacerbating weak vessel utilization. With reduced demand for offshore support vessels along with increased supply, the company has experienced a significant decline in the utilization of its vessels, average day rates received and vessel revenue. The company has implemented a number of significant cost reduction measures to mitigate the effects of significantly lower vessel revenue and, given the currently challenging offshore support vessel market and business outlook, has taken other steps to improve its financial position and liquidity. 

At June 30, 2016, the company did not meet the 3.0x minimum interest coverage ratio covenant (the "minimum interest coverage ratio requirement") contained in its Revolving Credit and Term Loan Agreement ("Bank Loan Agreement"), the Troms Offshore Debt and the 2013 Senior Note Agreement (the "2013 Note Agreement"). Failure to meet the minimum interest coverage ratio requirement would have resulted in covenant noncompliance; however, as discussed in more detail below, limited waivers were received. Noncompliance with this covenant would allow the respective lenders and/or the noteholders to declare the company to be in default of the Bank Loan Agreement, the Troms Offshore Debt and/or the 2013 Note Agreement, as applicable, and accelerate the indebtedness thereunder, the effect of which would be to likewise cause the company's other Senior Notes, which were issued in 2010 and 2011, to be in default. Please refer to Note (6) of Notes to Consolidated Financial Statements included in Item 1 of the company's Quarterly Report on Form 10-Q and Note (5) of Notes to Consolidated Financial Statements included in Item 8 of the company's Annual Report on Form 10-K for additional information regarding the company's outstanding debt.

Given that the company expected it would not meet the minimum interest coverage ratio requirement set forth in the Bank Loan Agreement, the Troms Offshore Debt and the 2013 Note Agreement during fiscal 2017, which could result in the acceleration of the debt under these agreements and the company's other Senior Notes, the report of the company's independent registered public accounting firm that accompanied the company's audited consolidated financial statements for the fiscal year ended March 31, 2016 (the "audit opinion") contained an explanatory paragraph regarding the company's ability to continue as a going concern.  Such going concern explanatory paragraph was required because the company's internal forecast indicated that, within fiscal 2017, the company may no longer be in compliance with the minimum interest coverage ratio requirement.

In addition, the Bank Loan Agreement and the Troms Offshore Debt require that the company receive an unqualified audit opinion from an independent certified public accountant which shall not be subject to a going concern or similar modification. The failure to receive an audit opinion without any modification, in and of itself, is an event of default under these agreements which would allow the lenders to accelerate the indebtedness thereunder, the effect of which would be to likewise cause all of the company's Senior Notes, which were issued in 2010, 2011 and 2013, to be in default. The explanatory paragraph in the audit opinion also references the audit opinion-related event of default under various borrowing arrangements as an uncertainty that raises substantial doubt about the company's ability to continue as a going concern. As previously reported, the company obtained limited waivers from the necessary lenders which waived the unqualified audit opinion requirement until August 14, 2016. 

Prior to the August 14, 2016 expiry of the limited waiver in regards to the audit opinion, the company obtained limited waivers from the necessary lenders and noteholders which extend the waiver of the unqualified audit opinion requirement and/or waive the minimum interest coverage ratio requirement until September 18, 2016.

As a result of the company's failure to receive an audit opinion with no modifications from the company's independent certified public accountants, and because the waivers are for a limited period that is less than one year, all of the company's indebtedness has been reclassified as a current liability in the accompanying consolidated balance sheet since March 31, 2016.

The company continues to engage in discussions with its principal lenders and noteholders to amend the company's various debt arrangements in advance of the expiration of the waivers on September 18, 2016.  The company believes that these discussions have been constructive and progress has been made in resolving several important issues, although other important issues remain to be resolved and no assurances can be given that they will be ultimately resolved. Any such amendments would require successful negotiations with the company's principal lenders and noteholders, and may require the company to make certain concessions under the existing agreements, such as providing collateral to secure the Bank Loan Agreement, the Troms Offshore Debt and the Senior Notes, repaying a portion of the indebtedness outstanding under the revolving portion of the Bank Loan Agreement, accepting a reduction in total borrowing capacity under the revolving credit facility, paying a higher rate of interest, issuing some form of equity or equity linked compensation enhancement, paying down a portion of the Troms Offshore Debt and/or Senior Notes, or some combination of the above. In addition, such amendments will need to address the audit opinion requirement of the Bank Loan Agreement and the Troms Offshore Debt (the waiver of which has been extended until September 18, 2016). Obtaining the covenant relief will require the company to reach an agreement that satisfies potentially divergent interests of its principal lenders and noteholders.

If any of its principal lenders or noteholders accelerate the company's outstanding indebtedness, the company's multiple borrowings will become immediately payable (as a result of cross default provisions), and the company will not have sufficient liquidity to repay those accelerated amounts. If the company is unable to reach an agreement with its principal lender and noteholders to address the potential defaults, the company would likely seek reorganization under Chapter 11 of the federal bankruptcy laws, which could include a restructuring of the company's various debt obligations. 

The company's unaudited condensed consolidated financial statements as of and for the quarter ended June 30, 2016 were prepared assuming the company would continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business for the twelve month period following the date of these consolidated financial statements.

Tidewater will hold a conference call to discuss June quarterly earnings on Wednesday, August 10, 2016, 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 August 10, 2016, and will continue until 11:59 p.m. Central time on August 12, 2016. 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 43147597.

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 September 10, 2016.

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 (LOSS)

(Unaudited)

(In thousands, except share and per share data)




Three Months Ended




June 30,




2016


2015


Revenues:







Vessel revenues


$

162,430


298,313


Other operating revenues



5,495


6,461





167,925


304,774


Costs and expenses:







Vessel operating costs



108,874


179,281


Costs of other operating revenues



3,903


5,744


General and administrative



37,047


43,953


Vessel operating leases



8,441


8,443


Depreciation and amortization



44,552


45,657


Gain on asset dispositions, net



(5,643)


(7,351)


Asset impairments



36,886


14,958





234,060


290,685


Operating income (loss)



(66,135)


14,089


Other income (expenses):







Foreign exchange loss



(2,733)


(4,133)


Equity in net losses of unconsolidated companies



(1)


(2,441)


Interest income and other, net



1,176


790


Interest and other debt costs, net



(16,954)


(13,182)





(18,512)


(18,966)


Loss before income taxes



(84,647)


(4,877)


Income tax expense



3,996


10,287


Net Loss


$

(88,643)


(15,164)


Less: Net income (loss) attributable to noncontrolling interests



454


(112)


Net loss attributable to Tidewater Inc.


$

(89,097)


(15,052)


Basic loss per common share


$

(1.89)


(0.32)


Diluted loss per common share


$

(1.89)


(0.32)


Weighted average common shares outstanding



47,067,715


46,981,747


Dilutive effect of stock options and restricted stock





Adjusted weighted average common shares



47,067,715


46,981,747


 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)




June 30,



March 31,


ASSETS


2016



2016


Current assets:









Cash and cash equivalents


$

668,660




678,438


Trade and other receivables, net



201,699




228,113


Due from affiliate



341,966




338,595


Marine operating supplies



32,125




33,413


Other current assets



36,704




44,755


Total current assets



1,281,154




1,323,314


Investments in, at equity, and advances to unconsolidated companies



36,989




37,502


Properties and equipment:









Vessels and related equipment



4,604,215




4,666,749


Other properties and equipment



91,949




92,065





4,696,164




4,758,814


Less accumulated depreciation and amortization



1,220,728




1,207,523


Net properties and equipment



3,475,436




3,551,291


Other assets



84,279




71,686


Total assets


$

4,877,858




4,983,793











LIABILITIES AND EQUITY









Current liabilities:









Accounts payable


$

53,743




49,130


Accrued expenses



71,967




91,611


Due to affiliate



197,289




187,971


Accrued property and liability losses



3,610




3,321


Current portion of long-term debt



2,041,406




2,045,516


Other current liabilities



63,968




74,825


Total current liabilities



2,431,983




2,452,374


Long-term debt







Deferred income taxes



41,514




34,841


Accrued property and liability losses



11,254




9,478


Other liabilities and deferred credits



174,112




181,546











Commitments and Contingencies


















Equity:









Common stock of $0.10 par value, 125,000,000 shares authorized, issued 47,067,715 shares at June 30, 2016 and 47,067,715 shares at March 31, 2016



4,707




4,707


Additional paid-in capital



168,264




166,604


Retained earnings



2,046,170




2,135,075


Accumulated other comprehensive loss



(6,634)




(6,866)


Total stockholders' equity



2,212,507




2,299,520


Noncontrolling Interests



6,488




6,034


Total equity



2,218,995




2,305,554


Total liabilities and equity


$

4,877,858




4,983,793


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(In thousands)




Three Months Ended




June 30,




2016


2015


Net loss


$

(88,643)


(15,164)


Other comprehensive income (loss):







Unrealized gains (losses) on available for sale securities, net of tax of $0 and $0



161


(52)


Amortization of loss on derivative contract, net of tax of $0 and $0



71


179


Change in other benefit plan minimum liability, net of tax of $0 and $0




70


Total comprehensive loss


$

(88,411)


(14,967)


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)




Three Months Ended




June 30,




2016


2015


Operating activities:







Net loss


$

(88,643)


(15,164)


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







Depreciation and amortization



44,552


45,657


Provision for deferred income taxes




64


Gain on asset dispositions, net



(5,643)


(7,351)


Asset impairments



36,886


14,958


Equity in losses of unconsolidated companies, less dividends



108


3,143


Compensation expense - stock-based



1,536


3,219


Changes in assets and liabilities, net:







Trade and other receivables



26,414


40,280


Changes in due to/from affiliate, net



5,947


41,302


Marine operating supplies



1,288


5,250


Other current assets



(4,147)


(10,578)


Accounts payable



4,613


4,227


Accrued expenses



(19,993)


(28,772)


Accrued property and liability losses



289


(209)


Other current liabilities



(6,814)


(6,811)


Other liabilities and deferred credits



(3,212)


708


Other, net



(4,084)


2,774


Net cash provided by (used in) operating activities



(10,903)


92,697


Cash flows from investing activities:







Proceeds from sales of assets



1,234


5,176


Additions to properties and equipment



(7,578)


(92,598)


Refunds from cancelled vessel construction contracts



11,515


24,190


Net cash provided by (used in) investing activities



5,171


(63,232)


Cash flows from financing activities:







Principal payment on long-term debt



(2,324)


(23,662)


Debt borrowings




31,338


Cash dividends




(11,789)


Other



(1,722)


(936)


Net cash used in financing activities



(4,046)


(5,049)


Net change in cash and cash equivalents



(9,778)


24,416


Cash and cash equivalents at beginning of period



678,438


78,568


Cash and cash equivalents at end of period


$

668,660


102,984


Supplemental disclosure of cash flow information:







Cash paid during the period for:







Interest, net of amounts capitalized


$

26,733


22,430


Income taxes


$

11,006


17,441


Supplemental disclosure of non-cash investing activities:







Additions to properties and equipment


$

2,537


421


 

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, 2016


$

4,707




166,604




2,135,075




(6,866)




6,034




2,305,554


Total comprehensive loss









(89,097)




232




454




(88,411)


Stock option activity






277













277


Cancellation of restricted stock awards









192










192


Amortization/cancellation of restricted stock units






1,383













1,383


Balance at June 30, 2016


$

4,707




168,264




2,046,170




(6,634)




6,488




2,218,995



























Balance at March 31, 2015


$

4,703




159,940




2,330,223




(20,378)




6,227




2,480,715


Total comprehensive loss









(15,052)




197




(112)




(14,967)


Stock option activity






186













186


Cash dividends declared ($.25 per share)









(11,340)










(11,340)


Amortization of restricted stock units






2,456













2,456


Amortization/cancellation of restricted stock awards



(7)




125













118


Balance at June 30, 2015


$

4,696




162,707




2,303,831




(20,181)




6,115




2,457,168


 

The company's vessel revenues and vessel operating costs and the related percentage of total vessel revenues for the quarters ended June 30, 2016 and 2015 and for the quarter ended March 31, 2016, were as follows:







Quarter




Quarter Ended



Ended




June 30,



March 31,


(In thousands)


2016



%



2015



%



2016



%


Vessel revenues:

























Americas


$

60,608




37%




114,172




38%




63,650




35%


Asia/Pacific



7,921




5%




27,937




9%




9,791




6%


Middle East (A)



24,202




15%




32,253




11%




24,163




13%


Africa/Europe (A)



69,699




43%




123,951




42%




82,444




46%


Total vessel revenues


$

162,430




100%




298,313




100%




180,048




100%


Vessel operating costs:

























Crew costs


$

55,888




34%




92,288




31%




55,549




31%


Repair and maintenance



16,529




10%




37,254




12%




14,280




8%


Insurance and loss reserves



6,996




4%




5,375




2%




(1,230)




(1%)


Fuel, lube and supplies



10,772




7%




18,110




6%




10,366




6%


Other



18,689




12%




26,254




9%




19,181




11%


Total vessel operating costs



108,874




67%




179,281




60%




98,146




55%


Vessel operating margin (B)


$

53,556




33%




119,032




40%




81,902




45%


 

Note (A): During the quarter ended June 30, 2016, the company's operations in Egypt were transitioned from the company's previously disclosed Middle East/North Africa operations and included with the company's previously disclosed Sub-Saharan Africa/Europe operations as a result of management realignments. As such, the company now discloses these new segments as Middle East and Africa/Europe, respectively. The company's Americas and Asia/Pacific segments are not affected by this change. The new segment alignment is consistent with how the company's chief operating decision maker reviews operating results for the purpose of allocating resources and assessing performance. Fiscal 2016 amounts have been recast to conform to the new segment alignment.

Note (B): The following table reconciles vessel operating margin as presented above to operating profit (loss) for the quarters ended June 30, 2016 and 2015 and for the quarter ended March 31, 2016:






Quarter





Quarter Ended


Ended





June 30,


March 31,



(In thousands)


2016


2015



2016


Vessel operating margin


$

53,556


119,032




81,902


General and administrative expenses - vessel operations



(25,916)


(32,800)




(27,045)


Vessel operating leases



(8,441)


(8,443)




(8,337)


Depreciation and amortization - vessel operations



(42,441)


(42,749)




(42,427)


Vessel operating profit (loss)


$

(23,242)


35,040




4,093


 

The company's other operating loss for the quarters ended June 30, 2016 and 2015 and for the quarter ended March 31, 2016, consists of the following:






Quarter





Quarter Ended


Ended





June 30,


March 31,



(In thousands)


2016


2015



2016


Other operating revenues


$

5,495


6,461




4,126


Costs of other marine revenues



(3,903)


(5,744)




(3,187)


General and administrative expenses - other operating activities



(638)


(1,139)




(947)


Depreciation and amortization - other operating activities



(1,381)


(1,414)




(1,436)


Other operating loss


$

(427)


(1,836)




(1,444)


 

The company's operating income (loss) and other components of loss before income taxes, and its related percentage of total revenues for the quarters ended June 30, 2016 and 2015 and for the quarter ended March 31, 2016, were as follows:







Quarter




Quarter Ended



Ended




June 30,



March 31,


(In thousands)


2016



%



2015



%



2016



%


Vessel operating profit (loss):


























Americas


$


(4,326)




(3%)




23,839




8%




11,026




6%


Asia/Pacific




(5,574)




(3%)




1,750




1%




(5,809)




(3%)


Middle East




(33)




(<1%)




4,004




1%




2,427




1%


Africa/Europe




(13,309)




(8%)




5,447




2%




(3,551)




(2%)






(23,242)




(14%)




35,040




12%




4,093




2%


Other operating loss




(427)




(<1%)




(1,836)




(1%)




(1,444)




(1%)






(23,669)




(14%)




33,204




11%




2,649




1%




























Corporate general and administrative expenses




(10,493)




(6%)




(10,014)




(3%)




(8,982)




(5%)


Corporate depreciation




(730)




(1%)




(1,494)




(1%)




(1,388)




(1%)


Corporate expenses




(11,223)




(7%)




(11,508)




(4%)




(10,370)




(6%)




























Gain on asset dispositions, net




5,643




3%




7,351




3%




6,692




4%


Asset impairments




(36,886)




(21%)




(14,958)




(5%)




(55,540)




(30%)


Operating income (loss)


$


(66,135)




(39%)




14,089




5%




(56,569)




(31%)


Foreign exchange loss




(2,733)




(2%)




(4,133)




(2%)




(1,645)




(1%)


Equity in net losses of unconsolidated companies




(1)




(<1%)




(2,441)




(1%)




(6,511)




(4%)


Interest income and other, net




1,176




1%




790




<1%




949




1%


Interest and other debt costs, net




(16,954)




(10%)




(13,182)




(4%)




(14,011)




(7%)


Loss before income taxes


$


(84,647)




(50%)




(4,877)




(2%)




(77,787)




(42%)


 

The company's revenues, day-based vessel utilization percentages and average day rates by vessel class and in total for the quarters ended June 30, 2016 and 2015 and for the quarter ended March 31, 2016, were as follows:






Quarter





Quarter Ended


Ended





June 30,


March 31,





2016


2015



2016


REVENUE BY VESSEL CLASS (In thousands):











Americas fleet:











Deepwater


$

40,387


80,152




43,802


Towing-supply



16,879


29,515




16,878


Other



3,342


4,505




2,970


Total


$

60,608


114,172




63,650


Asia/Pacific fleet:











Deepwater


$

2,590


19,833




4,318


Towing-supply



5,331


8,104




5,473


Other








Total


$

7,921


27,937




9,791


Middle East fleet:











Deepwater


$

6,038


6,691




5,795


Towing-supply



18,164


25,562




18,368


Other








Total


$

24,202


32,253




24,163


Africa/Europe fleet:











Deepwater


$

33,289


67,661




40,261


Towing-supply



27,917


41,825




32,822


Other



8,493


14,465




9,361


Total


$

69,699


123,951




82,444


Worldwide fleet:











Deepwater


$

82,304


174,337




94,176


Towing-supply



68,291


105,006




73,541


Other



11,835


18,970




12,331


Total


$

162,430


298,313




180,048


UTILIZATION:











Americas fleet:











Deepwater



41.8%


81.3




45.6


Towing-supply


41.6


64.7




43.6


Other



48.0


45.3




59.5


Total



42.5%


69.6




46.5


Asia/Pacific fleet:











Deepwater



10.2%


45.0




17.4


Towing-supply


53.3


73.4




56.3


Other








Total



33.5%


58.2




38.0


Middle East fleet:











Deepwater



58.8%


64.2




61.3


Towing-supply


67.7


80.3




58.3


Other








Total



65.9%


77.6




58.9


Africa/Europe fleet:











Deepwater



54.7%


69.5




57.0


Towing-supply


46.4


64.4




56.5


Other



52.1


71.1




68.6


Total



51.0%


68.3




60.3


Worldwide fleet:











Deepwater



44.4%


70.7




47.9


Towing-supply


51.6


69.5




53.7


Other



50.2


64.3




65.5


Total



48.6%


68.8




53.6


 






Quarter





Quarter Ended


Ended





June 30,


March 31,





2016


2015



2016


AVERAGE VESSEL DAY RATES:











Americas fleet:











Deepwater


$

25,480


28,568




25,795


Towing-supply



16,917


17,289




14,701


Other



8,507


8,796




6,056


Total


$

20,368


22,721




19,077


Asia/Pacific fleet:











Deepwater


$

22,039


39,268




21,112


Towing-supply



6,595


8,391




6,434


Other








Total


$

8,555


18,994




9,278


Middle East fleet:











Deepwater


$

15,468


19,085




14,844


Towing-supply



10,167


12,057




11,935


Other








Total


$

11,117


13,054




12,524


Africa/Europe fleet:











Deepwater


$

15,840


24,469




18,064


Towing-supply



15,085


16,067




14,519


Other



4,713


5,111




3,947


Total


$

12,112


15,119




12,016


Worldwide fleet:











Deepwater


$

19,622


27,128




20,827


Towing-supply



12,546


14,197




12,683


Other



5,392


5,676




4,309


Total


$

13,727


17,379




13,658


 

The company's average number of vessels by class and geographic distribution for the quarters ended June 30, 2016 and 2015 and for the quarter ended March 31, 2016:






Quarter





Quarter Ended


Ended





June 30,


March 31,





2016


2015



2016


Americas fleet:











Deepwater



42


38




41


Towing-supply



26


29




29


Other



9


12




9


Total



77


79




79


Less stacked vessels



30


13




29


Active vessels



47


66




50


Asia/Pacific fleet:











Deepwater



13


12




13


Towing-supply



17


14




16


Other



1


1




1


Total



31


27




30


Less stacked vessels



17


4




13


Active vessels



14


23




17


Middle East fleet:











Deepwater



7


6




7


Towing-supply



29


29




29


Other








Total



36


35




36


Less stacked vessels



6


2




7


Active vessels



30


33




29


Africa/Europe fleet:











Deepwater



42


44




43


Towing-supply



44


44




44


Other



38


44




38


Total



124


132




125


Less stacked vessels



34


9




24


Active vessels



90


123




101


Active owned or chartered vessels



181


245




197


Stacked vessels



87


28




73


Total owned or chartered vessels



268


273




270


Joint-venture and other



9


10




9


Total



277


283




279


 

Note (C): Included in total owned or chartered vessels at June 30, 2016 and 2015 and at March 31, 2016, were 89, 38 and 77 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 June 30, 2016:




Number










Amount



Remaining




of



Shipyard


Delivery


Total



Invested



Balance


(In thousands)


Vessels



Location


Dates


Cost



6/30/16



6/30/16


Deepwater:





















261-foot PSV



1



International


7/2016













292-foot PSV



1



International


4/2017













300-foot PSV



2



United States


1/2017, 5/2017













Total Deepwater PSVs



4







$

181,615




123,696




57,919


Total vessel commitments



4







$

181,615




123,696




57,919


 

Note (D): Six additional option vessels and a fast supply boat are not included in the table above. The company is entitled to receive a refund of prior shipyard payments totaling approximately $17 million which would reduce the remaining balance of vessel commitments.

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 remaining shipbuilding commitments as discussed above:




Quarter Period Ended


Vessel class and type


09/16



12/16



03/17



06/17


Deepwater PSVs



1







1




2


Totals



1







1




2


(In thousands)

















Expected quarterly cash outlay


$

10,139




8,011




6,953




32,816


 

Logo - http://photos.prnewswire.com/prnh/20140829/141662

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tidewater-reports-first-quarter-results-for-fiscal-2017-and-announces-conference-call-on-wednesday-august-10-2016-at-1000-am-central-time-300311496.html

SOURCE Tidewater Inc.

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