Tidewater Reports Third Quarter Results for Fiscal 2012

NEW ORLEANS--(BUSINESS WIRE)--Tidewater Inc. (NYSE:TDW) announced today third quarter net earnings for the period ended December 31, 2011, of $34.1 million, or $0.67 per common share, on revenues of $272.1 million. For the same quarter last year, net earnings were $34.4 million, or $0.67 per common share, on revenues of $271.8 million. The immediately preceding quarter ended September 30, 2011, had a net loss of $4.9 million, or $0.09 per common share, on revenues of $250.9 million.

Included in the current fiscal quarter’s net earnings is an $8.4 million, or $0.16 per common share, reversal of income tax liabilities originally established for uncertain tax positions as a result of the expiration of various statutes of limitations.

Included in the September 30, 2011 quarter’s net loss is a non-cash goodwill impairment charge of $30.9 million ($22.1 million after tax, or $0.43 per share), resulting from the Company’s decision to change its reportable segments during the September 2011 quarter. Following the change in reportable segments from International and United States to Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe, the Company performed an interim goodwill impairment assessment which resulted in the non-cash goodwill impairment charge.

As previously announced, Tidewater will hold a conference call to discuss December quarterly earnings on Thursday, February 2, 2012, at 10:00 a.m. Central time, promptly following the Company’s release of quarterly earnings. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-388-7493 if calling from the U.S. or Canada (1-706-679-8348 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 2, 2012, and will continue until 11:59 p.m. Central time on February 4, 2012. To hear the replay, call 1-855-859-2056 (1-404-537-3406 if calling from outside the U.S.). The conference call ID number is 43525450.

A simultaneous webcast of the conference call will be accessible online at the Tidewater Inc. website, www.tdw.com. The online replay will be available until March 2, 2012.

Tidewater Inc. owns 354 vessels, the world’s largest fleet of vessels serving the global offshore energy industry.

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

Financial information is displayed on the next page.

TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share and per share data)
	Quarter Ended					Nine Months Ended
	December 31,					December 31,
	2011			2010		2011			2010
Revenues:
Vessel revenues	$	270,486		269,633			772,213		798,499
Other marine revenues		1,625		2,142			5,399		2,901
		272,111		271,775			777,612		801,400
Costs and expenses:
Vessel operating costs		155,838		160,597			469,430		485,072
Costs of other marine revenues		1,938		2,705			5,200		3,403
Depreciation and amortization		35,215		35,058			102,771		105,853
Goodwill impairment		---		---			30,932		---
General and administrative		40,425		33,238			115,779		103,932
Gain on asset dispositions, net		(2,496	)	(2,425	)		(13,671	)	(11,621	)
		230,920		229,173			710,441		686,639
Operating income		41,191		42,602			67,171		114,761
Other income (expenses):
Foreign exchange (loss) gain		(1,738	)	973			735		2,147
Equity in net earnings of unconsolidated companies		3,482		3,291			9,427		8,766
Interest income and other, net		347		1,074			2,303		3,481
Interest and other debt costs		(6,027	)	(3,646	)		(14,854	)	(6,405	)
		(3,936	)	1,692			(2,389	)	7,989
Earnings before income taxes		37,255		44,294			64,782		122,750
Income tax expense		3,168		9,931			11,013		29,153
Net earnings	$	34,087		34,363			53,769		93,597
Basic earnings per common share	$	0.67		0.67			1.05		1.83
Diluted earnings per common share	$	0.67		0.67			1.04		1.82
Weighted average common shares outstanding		51,036,420		51,053,051			51,203,598		51,129,443
Dilutive effect of stock options and restricted stock		206,329		306,647			267,661		231,463
Adjusted weighted average common shares		51,242,749		51,359,698			51,471,259		51,360,906
Cash dividends declared per common share	$	0.25		0.25			0.75		0.75
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value data)
						December 31,			March 31,
ASSETS						2011			2011
Current assets:
Cash and cash equivalents						$	188,347		245,720
Trade and other receivables, net							287,081		272,467
Marine operating supplies							52,488		50,748
Other current assets							10,455		10,212
Total current assets							538,371		579,147
Investments in, at equity, and advances to unconsolidated companies							43,348		39,044
Properties and equipment:
Vessels and related equipment							3,977,687		3,910,430
Other properties and equipment							93,889		85,589
							4,071,576		3,996,019
Less accumulated depreciation and amortization							1,190,883		1,294,239
Net properties and equipment							2,880,693		2,701,780
Goodwill							297,822		328,754
Other assets							117,633		99,391
Total assets						$	3,877,867		3,748,116
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable							50,712		45,177
Accrued expenses							129,540		120,869
Accrued property and liability losses							3,787		3,846
Other current liabilities							22,740		13,697
Total current liabilities							206,779		183,589
Long-term debt							825,000		700,000
Deferred income taxes							213,520		216,735
Accrued property and liability losses							6,639		5,327
Other liabilities and deferred credits							124,705		128,521
Commitments and Contingencies
Stockholders’ equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 51,162,747 shares at December 31, 2011 and 51,876,038 shares at March 31, 2011							5,116		5,188
Additional paid-in capital							98,097		90,204
Retained earnings							2,416,777		2,436,736
Accumulated other comprehensive loss							(18,766	)	(18,184	)
Total stockholders’ equity							2,501,224		2,513,944
Total liabilities and stockholders' equity						$	3,877,867		3,748,116
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
						Nine Months Ended
						December 31,
						2011			2010
Operating activities:
Net earnings						$	53,769		93,597
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization							102,771		105,853
Provision (benefit) for deferred income taxes							(24,035	)	(12,114	)
Gain on asset dispositions, net							(13,671	)	(11,621	)
Goodwill impairment							30,932		---
Equity in earnings of unconsolidated companies, net of dividends							(4,304	)	4,150
Compensation expense - stock-based							9,179		10,481
Excess tax liability (benefit) on stock options exercised							119		(275	)
Changes in assets and liabilities, net:
Trade and other receivables							(14,614	)	21,155
Marine operating supplies							(1,740	)	(2,932	)
Other current assets							(243	)	(6,805	)
Accounts payable							4,266		265
Accrued expenses							5,735		(3,331	)
Accrued property and liability losses							(59	)	(900	)
Other current liabilities							8,980		16,957
Other liabilities and deferred credits							(1,969	)	4,126
Other, net							2,584		(556	)
Net cash provided by operating activities							157,700		218,050
Cash flows from investing activities:
Proceeds from sales of assets							30,168		29,732
Proceeds from insurance settlements on Venezuela seized vessels							---		8,150
Additions to properties and equipment							(297,009	)	(508,640	)
Net cash used in investing activities							(266,841	)	(470,758	)
Cash flows from financing activities:
Principal payments on debt							(40,000	)	(190,000	)
Debt borrowings							165,000		590,000
Debt issuance costs							(245	)	(7,446	)
Proceeds from exercise of stock options							839		3,457
Cash dividends							(38,692	)	(38,619	)
Excess tax (liability) benefit on stock options exercised							(119	)	275
Stock repurchases							(35,015	)	(19,988	)
Net cash provided by financing activities							51,768		337,679
Net change in cash and cash equivalents							(57,373	)	84,971
Cash and cash equivalents at beginning of period							245,720		223,070
Cash and cash equivalents at end of period						$	188,347		308,041
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest						$	30,858		8,898
Income taxes						$	37,307		35,810
Non-cash investing activities:
Additions to properties and equipment						$	1,269		---

During the quarter ended September 30, 2011, our International and United States segments were reorganized to form four new operating segments. We now manage and measure our business performance in four distinct operating segments: Americas, Asia/Pacific, Middle East/North Africa, and Sub-Saharan Africa/Europe.

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, 2011 and 2010 and for the quarter ended September 30, 2011, were as follows:

																		Quarter
	Quarter Ended									Nine Months Ended								Ended
	December 31,									December 31,								September 30,
(In thousands)	2011			%		2010		%		2011		%		2010		%		2011		%
Revenues:
Vessel revenues:
Americas	$	82,741		31	%	91,610		34	%	245,310		32	%	280,742		35	%	81,892		33	%
Asia/Pacific		40,919		15	%	49,052		18	%	105,545		14	%	134,344		17	%	29,127		12	%
Middle East/North Africa		27,839		10	%	22,937		8	%	78,706		10	%	67,031		8	%	24,810		10	%
Sub-Saharan Africa/Europe		118,987		44	%	106,034		39	%	342,652		44	%	316,382		40	%	112,583		45	%
		270,486		100	%	269,633		100	%	772,213		100	%	798,499		100	%	248,412		100	%
Vessel operating costs:
Crew costs	$	80,988		30	%	84,412		31	%	240,476		31	%	255,045		32	%	78,364		32	%
Repair and maintenance		26,680		10	%	26,107		10	%	75,889		10	%	84,991		11	%	27,149		11	%
Insurance and loss reserves		3,926		1	%	6,071		2	%	14,597		2	%	14,994		2	%	5,374		2	%
Fuel, lube and supplies		17,126		6	%	16,399		6	%	54,887		7	%	47,757		6	%	21,394		9	%
Vessel operating leases		4,492		2	%	4,492		2	%	13,475		2	%	13,472		2	%	4,491		2	%
Other		22,626		8	%	23,116		9	%	70,106		9	%	68,813		9	%	24,518		10	%
Total vessel operating costs		155,838		58	%	160,597		60	%	469,430		61	%	485,072		61	%	161,290		65	%
Vessel operating margin (A)	$	114,648		42	%	109,036		40	%	302,783		39	%	313,427		39	%	87,122		35	%
Note (A): The following table reconciles vessel operating margin as presented above to operating income for the quarters and the nine-month periods ended December 31, 2011 and 2010 and for the quarter ended September 30, 2011:
	Quarter Ended									Nine Months Ended								Ended
	December 31,									December 31,								September 30,
(In thousands)	2011					2010				2011				2010				2011
Vessel operating margin	$	114,648				109,036				302,783				313,427				87,122
Other marine revenues		1,625				2,142				5,399				2,901				2,482
Costs of other marine services		(1,938	)			(2,705	)			(5,200	)			(3,403	)			(2,031)
Depreciation and amortization		(35,215	)			(35,058	)			(102,771	)			(105,853	)			(33,807)
Goodwill impairment		---				---				(30,932	)			---				(30,932)
General and administrative		(40,425	)			(33,238	)			(115,779	)			(103,932	)			(37,773)
Gain on asset dispositions, net		2,496				2,425				13,671				11,621				9,458
		41,191				42,602				67,171				114,761				(5,481)
The company’s operating income and other components of earnings before income taxes and its related percentage of total revenue for the quarters and the nine-month periods ended December 31, 2011 and 2010 and for the quarter ended September 30, 2011, were as follows:
																		Quarter
	Quarter Ended									Nine Months Ended								Ended
	December 31,									December 31,								September 30,
(In thousands)	2011			%		2010		%		2011		%		2010		%		2011		%
Vessel operating profit:
Americas	$	18,462		7	%	14,210		5	%	39,846		5	%	38,880		5	%	9,530		4	%
Asia/Pacific		6,629		2	%	9,488		3	%	7,123		1	%	16,342		2	%	(4,776	)	(2	%)
Middle East/North Africa		362		<1%		4,541		2	%	(606	)	(<1%)		14,347		2	%	(996	)	(<1%)
Sub-Saharan Africa/Europe		25,418		9	%	21,908		8	%	69,273		9	%	65,443		8	%	21,631		9	%
		50,871		19	%	50,147		18	%	115,636		15	%	135,012		17	%	25,389		10	%
Corporate expenses		(10,972	)	(4	%)	(9,188	)	(3	%)	(29,854	)	(4	%)	(30,815	)	(4	%)	(9,361	)	(4	%)
Goodwill impairment		---		---		---		---		(30,932	)	(4	%)	---		---		(30,932	)	(12	%)
Gain on asset dispositions, net		2,496		1	%	2,425		1	%	13,671		2	%	11,621		1	%	9,458		4	%
Other marine services		(1,204	)	(<1%)		(782	)	(<1%)		(1,350	)	(<1%)		(1,057	)	(<1%)		(35	)	(<1%)
Operating income		41,191		15	%	42,602		16	%	67,171		9	%	114,761		14	%	(5,481	)	(2	%)
Foreign exchange (loss) gain		(1,738	)	(1	%)	973		<1%		735		<1%		2,147		(<1%)		1,659		1	%
Equity in net earnings of unconsolidated companies		3,482		1	%	3,291		1	%	9,427		1	%	8,766		1	%	3,456		1	%
Interest income and other, net		347		<1%		1,074		<1%		2,303		<1%		3,481		<1%		766		<1%
Interest and other debt costs		(6,027	)	(2	%)	(3,646	)	(1	%)	(14,854	)	(2	%)	(6,405	)	(1	%)	(4,766	)	(2	%)
Earnings before income taxes	$	37,255		14	%	44,294		16	%	64,782		8	%	122,750		15	%	(4,366	)	(2	%)

The company’s revenues, vessel utilization percentages and average day rates by vessel class and in total for the quarters and the nine-month periods ended December 31, 2011 and 2010 and the quarter ended September 30, 2011, were as follows:

							Quarter
	Quarter Ended				Nine Months Ended		Ended
	December 31,				December 31,		September 30,
	2011			2010	2011	2010	2011
REVENUES BY VESSEL CLASS (In thousands):
Americas fleet:
Deepwater vessels	$	38,861		47,046	111,905	147,983	36,639
Towing-supply/supply		35,866		36,349	108,200	109,038	36,648
Crew/utility		6,905		7,644	22,959	21,966	8,044
Offshore tugs		1,109		571	2,246	1,755	561
Total	$	82,741		91,610	245,310	280,742	81,892
Asia/Pacific fleet:
Deepwater vessels	$	20,445		24,757	48,638	61,830	12,264
Towing-supply/supply		19,334		23,183	53,648	69,188	15,870
Crew/utility		246		245	633	734	144
Offshore tugs		894		867	2,626	2,592	849
Total	$	40,919		49,052	105,545	134,344	29,127
Middle East/North Africa fleet:
Deepwater vessels	$	12,647		5,820	35,180	19,409	11,782
Towing-supply/supply		13,778		15,393	38,868	42,461	11,616
Offshore tugs		1,414		1,724	4,658	5,161	1,412
Total	$	27,839		22,937	78,706	67,031	24,810
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	51,194		31,290	135,305	91,199	45,605
Towing-supply/supply		50,159		55,225	152,800	168,918	49,338
Crew/utility		12,589		12,977	39,336	37,949	12,734
Offshore tugs		5,045		6,542	15,211	18,316	4,906
Total	$	118,987		106,034	342,652	316,382	112,583
Worldwide fleet:
Deepwater vessels	$	123,147		108,913	331,028	320,421	106,290
Towing-supply/supply		119,137		130,150	353,516	389,605	113,472
Crew/utility		19,740		20,866	62,928	60,649	20,922
Offshore tugs		8,462		9,704	24,741	27,824	7,728
Total	$	270,486		269,633	772,213	798,499	248,412
							Quarter
	Quarter Ended				Nine Months Ended		Ended
	December 31,				December 31,		September 30,
	2011			2010	2011	2010	2011
UTILIZATION:
Americas fleet:
Deepwater vessels		79.7	%	78.5	74.6	79.4	73.5
Towing-supply/supply		54.2		41.0	47.8	41.0	46.9
Crew/utility		72.6		57.8	79.4	53.0	80.2
Offshore tugs		23.6		16.4	21.1	16.8	19.3
Total		61.0	%	50.2	57.3	49.6	56.8
Asia/Pacific fleet:
Deepwater vessels		83.5	%	84.7	71.3	78.1	59.6
Towing-supply/supply		43.8		46.8	40.8	47.6	36.3
Crew/utility		100.0		100.0	86.2	100.0	58.7
Offshore tugs		100.0		100.0	100.0	100.0	100.0
Total		54.4	%	57.5	49.3	56.1	42.8
Middle East/North Africa fleet:
Deepwater vessels		98.8	%	80.1	88.7	85.7	91.6
Towing-supply/supply		59.2		72.5	55.5	69.9	49.7
Offshore tugs		50.0		59.7	54.4	59.8	50.0
Total		65.2	%	71.5	61.4	70.3	57.4
Sub-Saharan Africa/Europe fleet:
Deepwater vessels		83.8	%	79.2	84.5	84.0	88.1
Towing-supply/supply		58.1		62.5	57.3	62.8	55.8
Crew/utility		82.0		89.9	86.2	85.6	85.6
Offshore tugs		69.0		73.3	63.8	71.3	60.8
Total		70.0	%	72.3	69.8	71.9	69.2
Worldwide fleet:
Deepwater vessels		84.2	%	80.2	79.8	81.1	79.3
Towing-supply/supply		54.4		54.2	51.2	53.9	48.6
Crew/utility		79.5		77.9	84.1	73.3	83.4
Offshore tugs		54.8		58.7	53.9	57.7	51.4
Total		64.6	%	62.7	62.1	61.9	60.2
AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater vessels	$	25,247		27,533	25,468	27,614	24,863
Towing-supply/supply		13,812		13,741	14,202	13,449	14,786
Crew/utility		6,186		6,294	6,206	6,254	6,414
Offshore tugs		8,525		6,342	7,250	6,357	6,318
Total	$	15,373		16,190	15,311	16,270	15,466
Asia/Pacific fleet:
Deepwater vessels	$	25,357		22,697	22,684	23,221	20,619
Towing-supply/supply		12,836		12,305	12,462	12,444	11,974
Crew/utility		2,670		2,670	2,670	2,670	2,671
Offshore tugs		9,709		9,426	9,550	9,426	9,236
Total	$	16,389		15,529	15,162	15,314	14,098
Middle East/North Africa fleet:
Deepwater vessels	$	17,484		17,862	17,675	16,988	17,466
Towing-supply/supply		8,604		7,595	8,257	7,514	8,513
Offshore tugs		5,127		5,226	5,191	5,231	5,117
Total	$	10,705		8,551	10,363	8,616	10,716
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	21,719		19,302	20,871	19,209	20,375
Towing-supply/supply		13,004		11,563	12,826	11,880	12,665
Crew/utility		4,509		4,304	4,486	4,284	4,369
Offshore tugs		6,620		6,930	6,825	6,670	6,751
Total	$	12,181		10,238	11,658	10,349	11,518
Worldwide fleet:
Deepwater vessels	$	22,696		22,946	22,052	23,032	21,338
Towing-supply/supply		12,460		11,485	12,385	11,617	12,519
Crew/utility		4,935		4,828	4,953	4,796	4,955
Offshore tugs		6,715		6,665	6,668	6,495	6,531
Total	$	13,359		12,337	12,877	12,403	12,771
The utilization, average day rates and the number of active vessels (excludes stacked vessels) for the company’s new vessels (defined as vessels acquired or constructed since calendar year 2000 as part of its new build and acquisition program) and its older, more traditional vessels for the quarters and the nine-month periods ended December 31, 2011 and 2010 and for the quarter ended September 30, 2011, were as follows:
							Quarter
	Quarter Ended				Nine Months Ended		Ended
	December 31,				December 31,		September 30,
	2011			2010	2011	2010	2011
UTILIZATION:
Americas fleet:
New vessels		90.1	%	83.4	87.5	83.4	85.6
Traditional vessels		37.7		30.2	36.2	30.2	36.2
Total		61.0	%	50.2	57.3	49.6	56.8
Asia/Pacific fleet:
New vessels		83.1	%	79.7	77.9	78.5	69.8
Traditional vessels		10.2		31.7	11.9	34.5	8.2
Total		54.4	%	57.5	49.3	56.1	42.8
Middle East/North Africa fleet:
New vessels		68.2	%	93.0	65.3	84.6	58.6
Traditional vessels		59.6		59.7	56.2	63.1	55.9
Total		65.2	%	71.5	61.4	70.3	57.4
Sub-Saharan Africa/Europe fleet:
New vessels		84.8	%	89.7	86.5	89.2	86.8
Traditional vessels		36.1		41.7	34.5	42.9	33.7
Total		70.0	%	72.3	69.8	71.9	69.2
Worldwide fleet:
New vessels		83.4	%	86.8	82.8	85.8	80.5
Traditional vessels		35.5		38.1	34.6	39.2	33.5
Total		64.6	%	62.7	62.1	61.9	60.2
AVERAGE VESSEL DAY RATES:
Americas fleet:
New vessels	$	18,863		20,078	19,060	20,132	19,469
Traditional vessels		8,655		9,757	8,992	10,148	8,650
Total	$	15,373		16,190	15,311	16,270	15,466
Asia/Pacific fleet:
New vessels	$	17,395		18,880	16,456	19,481	15,028
Traditional vessels		3,749		5,769	4,043	6,172	3,953
Total	$	16,389		15,529	15,162	15,314	14,098
Middle East/North Africa fleet:
New vessels	$	12,337		11,028	12,746	11,599	13,562
Traditional vessels		7,174		6,442	6,674	6,631	6,759
Total	$	10,705		8,551	10,363	8,616	10,716
Sub-Saharan Africa/Europe fleet:
New vessels	$	12,921		11,022	12,320	11,223	12,134
Traditional vessels		8,226		7,274	8,169	7,288	8,313
Total	$	12,181		10,238	11,658	10,349	11,518
Worldwide fleet:
New vessels	$	14,835		14,317	14,414	14,561	14,291
Traditional vessels		8,021		7,712	7,992	7,908	7,970
Total	$	13,359		12,337	12,877	12,403	12,771
							Quarter
	Quarter Ended				Nine Months Ended		Ended
	December 31,				December 31,		September 30,
	2011			2010	2011	2010	2011
AVERAGE VESSEL COUNT (EXCLUDING STACKED VESSELS):
Americas fleet:
New vessels		42		45	41	45	41
Traditional vessels		24		35	25	37	26
Total		66		80	66	82	67
Asia/Pacific fleet:
New vessels		30		32	29	28	30
Traditional vessels		3		10	4	12	3
Total		33		42	33	40	33
Middle East/North Africa fleet:
New vessels		27		14	25	13	25
Traditional vessels		11		22	14	23	13
Total		38		36	39	36	38
Sub-Saharan Africa/Europe fleet:
New vessels		105		99	104	97	102
Traditional vessels		20		29	23	33	23
Total		125		128	127	130	125
Worldwide fleet:
New vessels		207		191	198	183	198
Traditional vessels		55		95	67	105	65
Total		262		286	265	288	263
The company’s average number of vessels by class and geographic distribution for the quarters and the nine-month periods ended December 31, 2011 and 2010 and for the quarter ended September 30, 2011, were as follows:
							Quarter
	Quarter Ended				Nine Months Ended		Ended
	December 31,				December 31,		September 30,
	2011			2010	2011	2010	2011
Americas fleet:
Deepwater vessels		21		24	21	25	22
Towing-supply/supply		52		70	58	72	57
Crew/utility		17		23	17	24	17
Offshore tugs		6		6	5	6	5
Total		96		123	101	127	101
Less stacked vessels		30		43	35	45	34
Active vessels		66		80	66	82	67
Asia/Pacific fleet:
Deepwater vessels		11		14	11	11	11
Towing-supply/supply		37		44	38	43	40
Crew/utility		1		1	1	1	1
Offshore tugs		1		1	1	1	1
Total		50		60	51	56	53
Less stacked vessels		17		18	18	16	20
Active vessels		33		42	33	40	33
Middle East/North Africa fleet:
Deepwater vessels		8		5	8	5	8
Towing-supply/supply		29		30	31	29	30
Offshore tugs		6		6	6	6	6
Total		43		41	45	40	44
Less stacked vessels		5		5	6	4	6
Active vessels		38		36	39	36	38
Sub-Saharan Africa/Europe fleet:
Deepwater vessels		31		22	28	21	27
Towing-supply/supply		72		83	76	82	76
Crew/utility		37		36	37	38	37
Offshore tugs		12		14	13	14	13
Total		152		155	154	155	153
Less stacked vessel		27		27	27	25	28
Active vessels		125		128	127	130	125
Active owned or chartered vessels		262		286	265	288	263
Stacked vessels (B)		79		93	86	90	88
Total owned or chartered vessels		341		379	351	378	351
Vessels withdrawn from service		2		5	3	6	2
Joint-venture and other		10		10	10	10	10
Total		353		394	364	394	363

Note (B): The company had 79, 92 and 78 actual stacked vessels at December 31, 2011 and 2010 and at September 30, 2011, respectively. These vessels were considered to be in service and were included in the calculation of the company’s utilization statistics.

The company’s vessel commitments by vessel class and type as of December 31, 2011, were as follows:
	Non-U.S. Built					U.S. Built
	Number			Invested	Remaining	Number		Invested	Remaining
	of	Total		Through	Balance	of	Total	Through	Balance
Vessel class and type	Vessels	Cost		12/31/11	12/31/11	Vessels	Cost	12/31/11	12/31/11
In thousands, except number of vessels:
Deepwater vessels:
Anchor handling towing supply	---		---	---	---	---	---	---	---
Platform supply vessels	14	$	374,550	157,422	217,128	3	145,590	38,905	106,685
Towing-supply/supply vessels:
Anchor handling towing supply	6		97,063	49,084	47,979	---	---	---	---
Platform supply vessels	2		50,095	13,741	36,354	---	---	---	---
Crewboats	5		22,773	10,904	11,869	---	---	---	---
Totals	27	$	544,481	231,151	313,330	3	145,590	38,905	106,685

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

	Quarter Period Ended
Vessel class and type	03/12		06/12	09/12	12/12	03/13	Thereafter
Deepwater vessels:
Anchor handling towing supply		---	---	---	---	---	---
Platform supply vessels		2	6	1	1	---	7
Towing-supply/supply vessels:
Anchor handling towing supply		5	1	---	---	---	---
Platform supply vessels		---	---	---	---	---	2
Crewboats		---	---	---	---	4	1
Totals		7	7	1	1	4	10
(In thousands)
Expected quarterly cash outlay	$	98,550	113,307	53,434	50,344	29,057	75,323	(C)
Note (C): The $75,323 of ‘Thereafter’ vessel construction obligations is expected to be paid out during fiscal 2014.