Tidewater Reports Second Quarter Results For Fiscal 2013

NEW ORLEANS--()--Tidewater Inc. (NYSE:TDW) announced today second quarter earnings for the period ended September 30, 2012, of $41.4 million, or $0.83 per share, on revenues of $311.9 million, which includes approximately $7.4 million of vessel revenue associated with retroactive rate increases agreed to during the current quarter, but related to the period from January 1, 2012 through June 30, 2012. For the same quarter last year, a net loss of $4.9 million was reported, or $0.10 per share, on revenues of $250.9 million. The immediately preceding quarter ended June 30, 2012, had net earnings of $32.9 million, or $0.65 per common share, on revenues of $294.4 million.

Included in the prior fiscal year second 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 in the September 2011 quarter.

As previously announced, Tidewater will hold a conference call to discuss September quarterly earnings on Tuesday, November 6, 2012, at 10:00 a.m. Central time. 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 November 6, 2012, and will continue until 11:59 p.m. Central time on November 8, 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 46741266.

A simultaneous webcast of the conference call will be accessible online at the Tidewater Inc. website, (http://www.tdw.com). The online replay will be available until December 6, 2012.

Tidewater is the leading provider of larger 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

Six Months Ended

September 30,

September 30,
    2012   2011   2012   2011
Revenues:
Vessel revenues $ 309,822 248,412 599,916 501,727
Other marine revenues     2,096     2,482     6,450     3,774  
      311,918     250,894     606,366     505,501  
Costs and expenses:
Vessel operating costs 177,055 161,290 342,883 313,592
Costs of other marine revenues 1,585 2,031 5,108 3,262
Depreciation and amortization 36,047 33,807 71,831 67,556
Goodwill impairment --- 30,932 --- 30,932
General and administrative 41,867 37,773 82,531 75,354
Gain on asset dispositions, net     (1,833 )   (9,458 )   (2,671 )   (11,175 )
      254,721     256,375     499,682     479,521  
Operating income (loss) 57,197 (5,481 ) 106,684 25,980
Other income (expenses):
Foreign exchange gain (loss) 529 1,659 (1,222 ) 2,473
Equity in net earnings of unconsolidated companies 3,357 3,456 5,720 5,945
Interest income and other, net 1,128 766 1,847 1,956
Interest and other debt costs     (7,148 )   (4,766 )   (14,735 )   (8,827 )
      (2,134 )   1,115     (8,390 )   1,547  
Earnings (loss) before income taxes 55,063 (4,366 ) 98,294 27,527
Income tax expense     13,707     510     24,082     7,845  
Net earnings (loss)   $ 41,356     (4,876 )   74,212     19,682  
 
Basic earnings (loss) per common share   $ 0.84     (0.10 )   1.49     0.38  
 
Diluted earnings (loss) per common share   $ 0.83     (0.10 )   1.48     0.38  
 
Weighted average common shares outstanding 49,392,973 51,296,924 49,792,212 51,287,644
Dilutive effect of stock options and restricted stock     232,097     ---     214,291     ---  
Adjusted weighted average common shares     49,625,070     51,296,924     50,006,503     51,287,644  
 
Cash dividends declared per common share   $ 0.25     0.25     0.50     0.50  
 

TIDEWATER INC.

   

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)
(In thousands, except share and par value data)          
September 30, March 31,
ASSETS   2012   2012
Current assets:
Cash and cash equivalents $ 136,729 320,710
Trade and other receivables, net 333,284 309,468
Marine operating supplies 56,131 53,850
Other current assets     15,637     10,072  
Total current assets     541,781     694,100  
Investments in, at equity, and advances to unconsolidated companies 50,108 46,077
Properties and equipment:
Vessels and related equipment 4,063,067 3,952,468
Other properties and equipment     93,893     93,107  
4,156,960 4,045,575
Less accumulated depreciation and amortization     1,144,937     1,139,810  
Net properties and equipment     3,012,023     2,905,765  
Goodwill 297,822 297,822
Other assets     120,354     117,854  
Total assets   $ 4,022,088     4,061,618  
 
LIABILITIES AND STOCKHOLDERS' EQUITY          
Current liabilities:
Accounts payable 89,560 74,115
Accrued expenses 144,446 134,953
Accrued property and liability losses 3,395 3,636
Other current liabilities     26,040     26,225  
Total current liabilities     263,441     238,929  
Long-term debt 890,000 950,000
Deferred income taxes 214,515 214,627
Accrued property and liability losses 3,436 3,150
Other liabilities and deferred credits 130,419 128,555
 
Commitments and Contingencies
 
Stockholders’ equity:

Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,823,682 shares at September 30, 2012 and 51,250,995 shares at March 31, 2012

4,982 5,125
Additional paid-in capital 112,606 102,726
Retained earnings 2,421,991 2,437,836
Accumulated other comprehensive loss     (19,302 )   (19,330 )
Total stockholders’ equity     2,520,277     2,526,357  
Total liabilities and stockholders' equity   $ 4,022,088     4,061,618  
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)          
(In thousands)                  
Quarter Ended Six Months Ended
September 30, September 30,
    2012   2011     2012   2012
Net earnings $ 41,356 (4,876 ) 74,212 19,682
Other comprehensive income/(loss):
Unrealized gains/(losses) on available-for-sale securities 419 (980 ) (205 ) (1,001 )
Amortization of loss on derivative contract     117   117       233     233  
Total comprehensive income   $ 41,892   (5,739 )     74,240     18,914  
 

TIDEWATER INC.

     

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)
(In thousands)            
Six Months Ended
September 30,
    2012     2011
 
Operating activities:
Net earnings $ 74,212 19,682

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

Depreciation and amortization 71,831 67,556
Provision (benefit) for deferred income taxes (4,372 ) (20,819 )
Gain on asset dispositions, net (2,671 ) (11,175 )
Goodwill impairment --- 30,932
Equity in earnings of unconsolidated companies, net of dividends (4,031 ) 629
Compensation expense - stock-based 10,320 4,944
Excess tax benefits on stock options exercised (95 ) (124 )
Changes in assets and liabilities, net:
Trade and other receivables (20,707 ) (15,008 )
Marine operating supplies (2,281 ) (2,769 )
Other current assets (5,565 ) (4,653 )
Accounts payable 16,195 (1,751 )
Accrued expenses 6,176 8,204
Accrued property and liability losses (241 ) (21 )
Other current liabilities 1,134 7,272
Other liabilities and deferred credits 3,508 2,639
Other, net     2,846       1,644  
Net cash provided by operating activities     146,259       87,182  
Cash flows from investing activities:
Proceeds from sales of assets 9,977 23,392
Additions to properties and equipment (189,826 ) (155,058 )
Other     (1,338 )     1,224  
Net cash used in investing activities     (181,187 )     (130,442 )
Cash flows from financing activities:
Principal payments on debt (60,000 ) (40,000 )
Debt borrowings --- 165,000
Debt issuance costs --- (234 )
Proceeds from exercise of stock options 938 725
Cash dividends (25,058 ) (25,889 )
Excess tax benefits on stock options exercised 95 124
Stock repurchases     (65,028 )     ---  
Net cash (used in) provided by financing activities     (149,053 )     99,726  
Net change in cash and cash equivalents (183,981 ) 56,466
Cash and cash equivalents at beginning of period     320,710       245,720  
Cash and cash equivalents at end of period   $ 136,729       302,186  
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $ 19,259 19,605
Income taxes $ 27,075 24,444
Non-cash investing activities:
Additions to properties and equipment   $ 6,724       11,833  
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited)                  
(In thousands)                            
Accumulated
Additional other
Common paid-in Retained comprehensive
    stock     capital     earnings     loss     Total

Balance at March 31, 2012

$ 5,125 102,726 2,437,836 (19,330 ) 2,526,357
Total comprehensive income --- --- 74,212 28 74,240
Stock option activity 3 2,148 --- --- 2,151
Cash dividends declared --- --- (25,169 ) --- (25,169 )
Retirement of common stock (140 ) --- (64,888 ) --- (65,028 )
Amortization/cancellation of restricted stock units --- 3,867 --- --- 3,867
Amortization/cancellation of restricted stock     (6 )     3,865     ---       ---       3,859  

Balance at September 30, 2012

  $ 4,982       112,606     2,421,991       (19,302 )     2,520,277  
 
 

Balance at March 31, 2011

$ 5,188 90,204 2,436,736 (18,184 ) 2,513,944
Total comprehensive income --- --- 19,682 (768 ) 18,914
Issuance of restricted stock 2 --- --- --- 2
Stock option activity --- 2,882 --- --- 2,882
Cash dividends declared --- --- (25,944 ) --- (25,944 )
Amortization/cancellation of restricted stock     ---       2,762     ---       ---       2,762  

Balance at September 30, 2011

  $ 5,190       95,848     2,430,474       (18,952 )     2,512,560  
 

The company’s vessel revenues and vessel operating expenses and the related percentage of total vessel revenues for the quarters and the six-month periods ended September 30, 2012 and 2011 and for the quarter ended June 30, 2012, were as follows:

                                  Quarter
Quarter Ended Six Months Ended Ended
September 30, September 30, June 30,
(In thousands)   2012     %     2011     %     2012     %     2011     %     2012     %
Vessel revenues:    
Americas $ 82,316 27 % 81,892 33 % 159,966 27 % 162,569 32 % 77,650 27 %
Asia/Pacific 45,738 15 % 29,127 12 % 97,480 16 % 64,626 13 % 51,742 18 %
Middle East/N. Africa 32,051 10 % 24,810 10 % 64,501 11 % 50,867 10 % 32,450 11 %
Sub-Saharan Africa/Europe     149,717     48 %     112,583     45 %     277,969     46 %     223,665     45 %     128,252     44 %
    $ 309,822     100 %     248,412     100 %     599,916     100 %     501,727     100 %     290,094     100 %
Vessel operating costs:
Crew costs $ 90,811 29 % 78,364 31 % 178,115 30 % 159,488 32 % 87,304 30 %
Repair and maintenance 32,754 11 % 27,149 11 % 59,978 10 % 49,209 10 % 27,224 9 %
Insurance and loss reserves 3,810 1 % 5,374 2 % 9,161 2 % 10,671 2 % 5,351 2 %
Fuel, lube and supplies 19,269 6 % 21,394 9 % 37,012 6 % 37,761 7 % 17,743 6 %
Vessel operating leases 4,403 1 % 4,491 2 % 8,895 1 % 8,983 2 % 4,492 2 %
Other     26,008     9 %     24,518     10 %     49,722     8 %     47,480     9 %     23,714     8 %
Total vessel operating costs     177,055     57 %     161,290     65 %     342,883     57 %     313,592     62 %     165,828     57 %
Vessel operating margin (A)   $ 132,767     43 %     87,122     35 %     257,033     43 %     188,135     38 %     124,266     43 %
 

Note (A): The following table reconciles vessel operating margin as presented above to operating income (loss) for the quarters and the six-month periods ended September 30, 2012 and 2011 and for the quarter ended June 30, 2012:

                      Quarter
Quarter Ended Six Months Ended Ended
September 30, September 30, June 30,
(In thousands)     2012       2011         2012       2011         2012  
Vessel operating margin $ 132,767 87,122 257,033 188,135 124,266
Other marine revenues 2,096 2,482 6,450 3,774 4,354
Costs of other marine revenues (1,585 ) (2,031 ) (5,108 ) (3,262 ) (3,523 )
Depreciation and amortization (36,047 ) (33,807 ) (71,831 ) (67,556 ) (35,784 )
Goodwill impairment --- (30,932 ) --- (30,932 ) ---
General and administrative (41,867 ) (37,773 ) (82,531 ) (75,354 ) (40,664 )
Gain on asset dispositions, net     1,833       9,458         2,671       11,175         838  
Operating income (loss)   $ 57,197       (5,481 )       106,684       25,980         49,487  
 

The company’s vessel operating profit and other components of earnings (loss) before income taxes and its related percentage of total revenue for the quarters and the six-month periods ended September 30, 2012 and 2011 and for the quarter ended June 30, 2012, were as follows:

                                      Quarter
Quarter Ended Six Months Ended Ended
September 30,

September 30,

June 30,
(In thousands)   2012     %     2011     %       2012     %     2011     %       2012     %
Vessel operating profit:    

Americas

$

9,506

3 % 9,530 4 % 19,689 3 % 21,384 4 % 10,192 3 %
Asia/Pacific 7,826 3 % (4,776 ) (2 %) 22,734 4 % 494

<1

%

14,908 5 %
Middle East/N. Africa 6,280 2 % (996 )

(<1

%)

12,562 2 % (968 )

(<1

%)

6,282 2 %
Sub-Saharan Africa/Europe     44,330       14 %     21,631       9 %       71,426       12 %     43,855       9 %       27,096       9 %
67,942 22 % 25,389 10 % 126,420 21 % 64,765 13 % 58,478 20 %
Corporate expenses (12,484 ) (4 %) (9,361 ) (4 %) (22,951 ) (4 %) (18,882 ) (4 %) (10,467 ) (4 %)
Goodwill impairment --- --- (30,932 ) (12 %) --- --- (30,932 ) (6 %) ---

---

Gain on asset dispositions, net 1,833 1 % 9,458 4 % 2,671

<1

%

11,175 2 % 838

<1

%

Other operating expenses     (94 )    

<1

%

    (35 )    

(<1

%)

      544      

<1

%

    (146 )    

(<1

%)

      638      

<1

%

Operating income (loss)     57,197       18 %     (5,481 )     (2 %)       106,684       17 %     25,980       5 %       49,487       17 %
Foreign exchange gain (loss) 529

<1

%

1,659 1 % (1,222 )

(<1

%)

2,473

<1

%

(1,751 )

(<1

%)

Equity in net earnings of unconsolidated companies

3,357 1 % 3,456 1 % 5,720 1 % 5,945 1 % 2,363 1 %
Interest income and other, net 1,128

<1

%

766

<1

%

1,847

<1

%

1,956

<1

%

719

<1

%

Interest and other debt costs     (7,148 )     (2 %)     (4,766 )     (2 %)       (14,735 )     (2 %)     (8,827 )     (2 %)       (7,587 )     (3 %)

Earnings (loss) before income taxes

 

$

55,063

      18 %     (4,366 )     (2 %)       98,294       16 %     27,527       5 %       43,231       15 %
 

The company’s revenues, vessel utilization percentages and average day rates by vessel class and in total for the quarters and the six-month periods ended September 30, 2012 and 2011 and the quarter ended June 30, 2012, were as follows:

                  Quarter
Quarter Ended Six Months Ended Ended

September 30,

September 30, June 30,
      2012       2011     2012     2011     2012

REVENUES BY VESSEL CLASS (In thousands):

Americas fleet:

Deepwater vessels $ 44,747 36,639 81,027 73,044 36,280
Towing-supply/supply 31,109 36,648 65,461 72,334 34,352
Other 6,460 8,605 13,478 17,191 7,018
Total $ 82,316 81,892 159,966 162,569 77,650

Asia/Pacific fleet:

Deepwater vessels $ 24,592 12,264 49,929 28,193 25,337
Towing-supply/supply 20,229 15,870 45,729 34,314 25,500
Other 917 993 1,822 2,119 905

Total

$ 45,738 29,127 97,480 64,626 51,742

Middle East/N. Africa fleet:

Deepwater vessels $ 12,275 11,782 23,559 22,533 11,284
Towing-supply/supply 18,859 11,616 38,859 25,090 20,000
Other 917 1,412 2,083 3,244 1,166

Total

$ 32,051 24,810 64,501 50,867 32,450

Sub-Saharan Africa/Europe fleet:

Deepwater vessels $ 67,696 45,605 130,311 84,111 62,615
Towing-supply/supply 63,548 48,698 112,560 101,324 49,012
Other 18,473 18,280 35,098 38,230 16,625
Total $ 149,717 112,583 277,969 223,665 128,252

Worldwide fleet:

Deepwater vessels $ 149,310 106,290 284,826 207,881 135,516
Towing-supply/supply 133,745 112,832 262,609 233,062 128,864
Other 26,767 29,290 52,481 60,784 25,714
Total   $ 309,822       248,412     599,916     501,727     290,094

UTILIZATION:

Americas fleet:

Deepwater vessels 70.7 % 73.5 72.1 72.2 73.7
Towing-supply/supply 48.2 46.9 50.8 45.0 53.4
Other 72.5 66.3 76.5 68.4 80.5
Total 58.6 % 56.8 60.9 55.5 63.3

Asia/Pacific fleet:

Deepwater vessels 81.2 % 59.6 87.4 65.5 92.6
Towing-supply/supply 52.2 36.3 53.6 39.3 54.9
Other 100.0 79.3 74.1 89.6 58.7
Total 58.7 % 42.8 60.7 46.8 62.5

Middle East/N. Africa fleet:

Deepwater vessels 91.8 % 91.6 92.7 83.7 93.6
Towing-supply/supply 71.2 49.7 74.2 53.8 77.2
Other 34.5 50.0 38.4 56.6 42.2
Total 69.9 % 57.4 72.4 59.6 75.0

Sub-Saharan Africa/Europe fleet:

Deepwater vessels 83.0 % 88.1 83.6 85.0 84.1
Towing-supply/supply 67.8 54.6 64.1 55.7 60.3
Other 79.9 80.0 78.2 82.0 76.6
Total 75.4 % 69.2 73.3 69.6 71.3

Worldwide fleet:

Deepwater vessels 79.8 % 79.3 81.4 77.5 83.1
Towing-supply/supply 59.9 48.1 60.0 49.2 60.0
Other 74.7 74.1 74.4 76.7 74.2
Total     67.8 %     60.2     68.1     60.9     68.4
 
                  Quarter
Quarter Ended Six Months Ended Ended
September 30, September 30, June 30,
    2012     2011     2012     2011     2012

AVERAGE VESSEL DAY RATES:

Americas fleet:

Deepwater vessels $ 28,450 24,863 27,213 25,587 25,829
Towing-supply/supply 14,103 14,786 14,120 14,404 14,135
Other 6,094 6,408 6,038 6,221 5,987
Total $ 17,012 15,466 16,247 15,279 15,508

Asia/Pacific fleet:

Deepwater vessels $ 42,037 20,619 36,411 21,073 32,225
Towing-supply/supply 12,663 11,974 13,491 12,261 14,229
Other 9,972 6,807 9,959 6,464 9,945
Total $ 20,109 14,098 19,717 14,476 19,384

Middle East/N. Africa fleet:

Deepwater vessels $ 18,359 17,466 18,624 17,784 18,920
Towing-supply/supply 9,857 8,513 9,834 8,079 9,812
Other 4,812 5,117 4,946 5,220 5,056
Total $ 11,561 10,716 11,441 10,185 11,325

Sub-Saharan Africa/Europe fleet:

Deepwater vessels $ 25,235 20,375 23,919 20,386 22,643
Towing-supply/supply 15,721 13,121 14,707 13,176 13,572
Other 5,236 4,779 5,063 4,896 4,884
Total $ 14,602 11,518 13,875 11,397 13,113

Worldwide fleet:

Deepwater vessels $ 27,102 21,338 25,749 21,687 24,406
Towing-supply/supply 13,705 12,706 13,377 12,519 13,054
Other 5,496 5,240 5,373 5,276 5,250
Total   $ 15,384     12,771     14,827     12,631     14,275
 

The utilization, average day rates, and 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, or traditional, vessels for the quarters and the six-month periods ended September 30, 2012 and 2011 and for the quarter ended June 30, 2012, were as follows:

                  Quarter
Quarter Ended Six Months Ended Ended
September 30, September 30,

June 30,

    2012     2011     2012     2011     2012

UTILIZATION:

Americas fleet:

New vessels 79.8 % 85.6 82.4 86.2 85.3
Traditional vessels 36.1 36.2 38.9 35.6 41.8
Total 58.6 % 56.8 60.9 55.5 63.3

Asia/Pacific fleet:

New vessels 84.2 % 69.8 89.1 75.1 93.6
Traditional vessels --- 8.2 --- 12.6 ---
Total 58.7 % 42.8 60.7 46.8 62.5

Middle East/N. Africa fleet:

New vessels 84.8 % 58.6 87.1 63.7 89.5
Traditional vessels 37.5 55.9 41.8 55.0 46.0
Total 69.9 % 57.4 72.4 59.6 75.0

Sub-Saharan Africa/Europe fleet:

New vessels 86.8 % 86.8 85.3 87.4 83.7
Traditional vessels 36.7 33.7 34.1 33.7 31.6
Total 75.4 % 69.2 73.3 69.6 71.3

Worldwide fleet:

New vessels 84.7 % 80.5 85.5 82.4 86.2
Traditional vessels 32.0 33.5 32.5 34.2 33.0
Total   67.8 %     60.2     68.1     60.9     68.4
                  Quarter
Quarter Ended Six Months Ended Ended
September 30, September 30,

June 30,

    2012     2011     2012     2011     2012

AVERAGE VESSEL DAY RATES:

Americas fleet:

New vessels $ 20,771 19,469 19,952 19,166 19,119
Traditional vessels 8,203 8,650 8,265 9,142 8,318
Total $ 17,012 15,466 16,247 15,279 15,508

Asia/Pacific fleet:

New vessels $ 20,109 15,028 19,717 15,902 19,384
Traditional vessels --- 3,953 --- 4,143 ---
Total $ 20,109 14,098 19,717 14,476 19,384

Middle East/N. Africa fleet:

New vessels $ 12,453 13,562 12,420 13,002 12,388
Traditional vessels 7,179 6,759 7,183 6,483 7,186
Total $ 11,561 10,716 11,441 10,185 11,325

Sub-Saharan Africa/Europe fleet:

New vessels $ 15,332 12,134 14,523 12,020 13,680
Traditional vessels 8,773 8,313 8,563 8,141 8,331
Total $ 14,602 11,518 13,875 11,397 13,113

Worldwide fleet:

New vessels $ 16,660 14,291 16,064 14,190 15,466
Traditional vessels 8,258 7,970 8,187 7,979 8,121
Total   $ 15,384     12,771     14,827     12,631     14,275

AVERAGE VESSEL COUNT (EXCLUDING STACKED VESSELS):

Americas fleet:

New vessels 46 41 45 40 43
Traditional vessels 19 27 20 28 21
Total 65 68 65 68 64

Asia/Pacific fleet:

New vessels 29 29 30 29 31
Traditional vessels --- 4 --- 3 1
Total 29 33 30 32 32

Middle East/N. Africa fleet:

New vessels 28 25 28 24 27
Traditional vessels 8 13 8 15 8
Total 36 38 36 39 35

Sub-Saharan Africa/Europe fleet:

New vessels

114 103 114 103 115
Traditional vessels 14 20 15 22 15
Total 128 123 129 125 130

Worldwide fleet:

New vessels 218 198 217 196 216
Traditional vessels 40 64 43 68 45
Total     258     262     260     264     261
 

The company’s average number of vessels by class and geographic distribution for the quarters and the six-month periods ended September 30, 2012 and 2011 and for the quarter ended June 30, 2012, were as follows:

             

 

   

Quarter

Quarter Ended Six Months Ended Ended
September 30, September 30, June 30,
    2012     2011     2012     2011     2012

Americas fleet:

Deepwater vessels 24 22 23 22 21
Towing-supply/supply 50 57 50 61 50
Other   16     22     16     22     16
Total 90 101 89 105 87
Less stacked vessels   25     33     24     37     23
Active vessels   65     68     65     68     64

Asia/Pacific fleet:

Deepwater vessels 8 11 9 11 9
Towing-supply/supply 33 40 34 39 36
Other   1     2     1     2     2
Total 42 53 44 52 47
Less stacked vessels   13     20     14     20     15
Active vessels   29     33     30     32     32

Middle East/N. Africa fleet:

Deepwater vessels 8 8 8 8 7
Towing-supply/supply 29 30 29 32 29
Other   6     6     6     6     6
Total 43 44 43 46 42
Less stacked vessels   7     6     7     7     7
Active vessels   36     38    

36

    39     35

Sub-Saharan Africa/Europe fleet:

Deepwater vessels 35 27 35 27 36
Towing-supply/supply 65 74 66 75 66
Other   48     52     48     52     49
Total 148 153 149 154 151
Less stacked vessel   20     30     20     29     21
Active vessels   128     123     129     125     130
Active owned or chartered vessels 258 262 260 264 261
Stacked vessels   65     89     65     93     66
Total owned or chartered vessels 323 351 325 357 327
Vessels withdrawn from service 2 2 2 3 2
Joint-venture and other   10     10     10     10     10
Total   335     363     337     370     339
 

Note (B): The company had 61, 78, and 66 actual stacked vessels at September 30, 2012 and 2011 and at June 30, 2012, 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 at September 30, 2012, 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     09/30/12     09/30/12     Vessels     Cost     09/30/12     09/30/12
In thousands, except number of vessels:
Deepwater platform supply vessels 16 $ 436,178 129,205 306,973 3 152,894 65,998 86,896
Towing-supply/supply vessels 4 75,072 13,811 61,261 --- --- --- ---
Crewboats and other   7       72,696     41,760     30,963     ---     ---     ---     ---
Totals   27     $ 583,946     184,776     399,170     3     152,894     65,998     86,896
 

The table below summarizes by vessel class and vessel type 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     12/12     03/13     06/13     09/13     12/13     Thereafter
Deepwater platform supply vessels 4     2     ---     1     1     11
Towing-supply/supply vessels --- --- --- --- --- 4
Crewboats and other     ---     2     2     1     2     ---  
Totals     4     4     2     2     3     15  
(In thousands)

Expected quarterly cash outlay

 

$

107,326

    35,398     26,543     42,820     33,379    

240,610

(A)

Note (C): The $240,610 of ‘Thereafter’ vessel construction obligations is expected to be paid out as follows: $69,494 in the remaining quarter of fiscal 2014 and $171,116 during fiscal 2015.

Contacts

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

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Contacts

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