Tidewater Inc.

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Press Release $TDW Tidewater Inc.

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Tidewater Reports Third Quarter Results For Fiscal 2013

NEW ORLEANS--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today third quarter earnings for the period ended December 31, 2012, of $29.9 million, or $0.61 per share, on revenues of $309.5 million. For the same quarter last year, net earnings of $34.1 million was reported, or $0.67 per share, on revenues of $272.1 million. The immediately preceding quarter ended September 30, 2012, had net earnings of $41.4 million, or $0.83 per share, on revenues of $311.9 million, which included approximately $7.4 million of vessel revenue associated with retroactive rate increases agreed to during the September 2012 quarter, but related to the period from January 1, 2012 through June 30, 2012.

Included in the current fiscal quarter’s general and administrative expenses is a $5.2 million settlement loss charge ($3.4 million after tax, or $0.07 per share) related to the lump sum supplemental executive retirement plan distribution made in the December 2012 quarter to the Company’s former President and Chief Executive Officer who retired earlier in the year. The settlement loss is the result of the recognition of heretofore unrecognized actuarial losses that were being amortized over time to pension expense. As a result of the December 2012 lump sum distribution, a portion of the previously unrecognized actuarial losses was required to be recognized in earnings in the current quarter in accordance with ASC 715. Included in the prior fiscal year third quarter’s net earnings is an $8.4 million, or $0.16 per share, reversal of income tax liabilities originally established for uncertain tax positions as a result of the expiration of various statutes of limitations.

As previously announced, Tidewater will hold a conference call to discuss December quarterly earnings and also their near-term outlook with respect to the Company’s future financial and operational performance on Friday, February 1, 2013, 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 February 1, 2013, and will continue until 11:59 p.m. Central time on February 3, 2013. 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 86377851.

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 March 1, 2013.

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 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   Nine Months Ended
December 31, December 31,
    2012   2011   2012   2011
Revenues:    
Vessel revenues $ 305,043 270,486 904,959 772,213
Other marine revenues     4,423     1,625     10,873     5,399  
      309,466     272,111     915,832     777,612  
Costs and expenses:
Vessel operating costs 180,895 155,838 523,778 469,430
Costs of other marine revenues 4,176 1,938 9,284 5,200
Depreciation and amortization 37,181 35,215 109,012 102,771
Goodwill impairment --- --- --- 30,932
General and administrative 46,339 40,425 128,870 115,779
Gain on asset dispositions, net     (99 )   (2,496 )   (2,770 )   (13,671 )
      268,492     230,920    

768,174

   

710,441

 
Operating income 40,974 41,191 147,658 67,171
Other income (expenses):
Foreign exchange gain (loss) 52 (1,738 ) (1,170 ) 735
Equity in net earnings of unconsolidated companies 2,639 3,482 8,359 9,427
Interest income and other, net 936 347 2,783 2,303
Interest and other debt costs     (7,183 )   (6,027 )   (21,918 )   (14,854 )
      (3,556 )  

(3,936

)

 

(11,946

)

 

(2,389

)

Earnings before income taxes 37,418 37,255

135,712

64,782

Income tax expense     7,471    

3,168

   

31,553

   

11,013

 
Net earnings   $ 29,947     34,087     104,159     53,769  
 
Basic earnings per common share   $ 0.61     0.67     2.10     1.05  
 
Diluted earnings per common share   $ 0.61     0.67     2.09     1.04  
 
Weighted average common shares outstanding 49,162,547 51,036,420 49,585,930 51,203,598
Dilutive effect of stock options and restricted stock     221,738     206,329     220,669     267,661  
Adjusted weighted average common shares     49,384,285     51,242,749     49,806,599     51,471,259  
 
Cash dividends declared per common share   $ 0.25     0.25     0.75     0.75  
 
 
 
 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)
(In thousands, except share and par value data)
  December 31,   March 31,
ASSETS   2012   2012
Current assets:
Cash and cash equivalents $ 54,187 320,710
Trade and other receivables, net 361,989 309,468
Marine operating supplies 61,251 53,850
Other current assets     12,557     10,072  
Total current assets     489,984     694,100  
Investments in, at equity, and advances to unconsolidated companies 55,364 46,077
Properties and equipment:
Vessels and related equipment 4,151,491 3,952,468
Other properties and equipment     86,420     93,107  
4,237,911 4,045,575
Less accumulated depreciation and amortization     1,139,259     1,139,810  
Net properties and equipment     3,098,652     2,905,765  
Goodwill 297,822 297,822
Other assets     113,842     117,854  
Total assets   $ 4,055,664     4,061,618  
 
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:
Accounts payable 81,981 74,115
Accrued expenses 147,498 134,953
Accrued property and liability losses 3,356 3,636
Other current liabilities     31,089     26,225  
Total current liabilities     263,924     238,929  
Long-term debt 930,000 950,000
Deferred income taxes 211,440 214,627
Accrued property and liability losses 3,422 3,150
Other liabilities and deferred credits 120,567 128,555
 

Commitments and Contingencies

 
Stockholders’ equity:

Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,397,616 shares at December 31, 2012 and 51,250,995 shares at March 31, 2012

4,939 5,125
Additional paid-in capital 117,981 102,726
Retained earnings 2,419,574 2,437,836
Accumulated other comprehensive loss     (16,183 )   (19,330 )
Total stockholders’ equity     2,526,311     2,526,357  
Total liabilities and stockholders' equity   $ 4,055,664     4,061,618  
 
 
 
 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)
(In thousands, except share and per share data)
  Quarter Ended   Nine Months Ended
December 31, December 31,
    2012   2011   2012   2011
Net earnings $ 29,947   34,087 104,159   53,769
Other comprehensive income/(loss):
Unrealized gains/(losses) on available-for-sale securities (353 ) 70 (558 ) (931 )
Amortization of loss on derivative contract 117 119 350 349

Change in supplemental executive retirement plan pension liability

    3,355     ---   3,355     ---  
Total comprehensive income   $ 33,066     34,273   107,306     53,187  
 
 
 
 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)
(In thousands)
  Nine Months Ended
December 31,
    2012   2011
 
Operating activities:
Net earnings $ 104,159 53,769
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization 109,012 102,771
Provision (benefit) for deferred income taxes (8,682 ) (24,035 )
Gain on asset dispositions, net (2,770 ) (13,671 )
Goodwill impairment --- 30,932
Equity in earnings of unconsolidated companies, net of dividends (9,287 ) (4,304 )
Compensation expense - stock-based 15,061 9,179
Excess tax benefits on stock options exercised (74 ) 119
Changes in assets and liabilities, net:
Trade and other receivables (49,412 ) (14,614 )
Marine operating supplies (7,401 ) (1,740 )
Other current assets (2,485 ) (243 )
Accounts payable 12,943 4,266
Accrued expenses 9,535 5,735
Accrued property and liability losses (280 ) (59 )
Other current liabilities 3,896 8,980
Other liabilities and deferred credits (2,084 ) (1,969 )
Other, net     10,580     2,584  
Net cash provided by operating activities     182,711     157,700  
Cash flows from investing activities:
Proceeds from sales of assets 18,620 30,006
Additions to properties and equipment (326,648 ) (297,009 )
Other     (788 )   162  
Net cash used in investing activities     (318,816 )   (266,841 )
Cash flows from financing activities:
Principal payments on debt (60,000 ) (40,000 )
Debt borrowings 40,000 165,000
Debt issuance costs --- (245 )
Proceeds from exercise of stock options 1,968 839
Cash dividends (37,426 ) (38,692 )
Excess tax benefits on stock options exercised 74 (119 )
Stock repurchases     (85,034 )   (35,015 )
Net cash (used in) provided by financing activities     (140,418 )   51,768  
Net change in cash and cash equivalents (266,523 ) (57,373 )
Cash and cash equivalents at beginning of period     320,710     245,720  
Cash and cash equivalents at end of period   $ 54,187     188,347  
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $ 33,135 30,858
Income taxes $ 41,578 37,307
Non-cash investing activities:
Additions to properties and equipment   $ 2,372     1,269  
 
 
 
 
 

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 --- --- 104,159 3,147 107,306
Stock option activity 8 3,696 --- --- 3,704
Cash dividends declared --- --- (37,574 ) --- (37,574 )
Retirement of common stock (187 ) --- (84,847 ) --- (85,034 )
Amortization/cancellation of restricted stock units --- 5,766 --- --- 5,766
Amortization/cancellation of restricted stock     (7 )   5,793   ---     ---     5,786  

Balance at December 31, 2012

  $ 4,939     117,981   2,419,574     (16,183 )   2,526,311  
 
 
 

Balance at March 31, 2011

$ 5,188 90,204 2,436,736 (18,184 ) 2,513,944
Total comprehensive income --- --- 53,769 (582 ) 53,187
Stock option activity 2 3,749 --- --- 3,751
Cash dividends declared --- (38,787 ) --- (38,787 )
Retirement of common stock (74 ) --- (34,941 ) --- (35,015 )
Amortization/cancellation of restricted stock     ---     4,144   ---     ---     4,144  

Balance at December 31, 2011

  $ 5,116     98,097   2,416,777     18,766     2,501,224  
 
 
 

The company’s vessel revenues and vessel operating expenses and the related percentage of total vessel revenues for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 31, 2012, were as follows:

     
Quarter Ended Nine Months Ended Quarter Ended
December 31, December 31, September 30,
(In thousands)   2012   %   2011   %   2012   %   2011   %   2012   %
Vessel revenues:              
Americas $ 84,532 28 % 82,741 30 % 244,498 27 % 245,310 32 % 82,316 27 %
Asia/Pacific 42,057 14 % 40,919 15 % 139,537 15 % 105,545 14 % 45,738 15 %
Middle East/N. Africa 42,027 14 % 27,839 10 % 106,528 12 % 78,706 10 % 32,051 10 %
Sub-Saharan Africa/Europe     136,427   45 %   118,987   44 %   414,396   46 %   342,652   44 %   149,717   48 %
    $ 305,043   100 %   270,486   100 %   904,959   100 %   772,213   100 %   309,822   100 %
Vessel operating costs:
Crew costs $ 87,469 29 % 80,988 30 % 265,584 29 % 240,476 31 % 90,811 29 %
Repair and maintenance 36,143 12 % 26,680 10 % 96,121 11 % 75,889 10 % 32,754 11 %

Insurance and loss reserves

 

7,381 2 % 3,926 1 % 16,542 2 % 14,597 2 % 3,810 1 %
Fuel, lube and supplies 19,553 6 % 17,126 6 % 56,565 6 % 54,887 7 % 19,269 6 %
Vessel operating leases 3,971 1 % 4,492 2 % 12,866 1 % 13,475 2 % 4,403 1 %
Other     26,378   9 %   22,626   8 %   76,100   8 %   70,106   9 %   26,008   8 %
    $ 180,895   59 %   155,838   58 %   523,778   58 %   469,430   61 %   177,055   57 %
Vessel operating margin (A)   $ 124,148   41 %   114,648   42 %   381,181   42 %   302,783   40 %   132,767   43 %
 
 

Note (A): The following table reconciles vessel operating margin as presented above to operating income (loss) for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 30, 2012:

     
Quarter Ended Nine Months Ended Quarter Ended
December 31, December 31, September 30,
(In thousands)   2012   2011   2012   2011   2012
Vessel operating margin $ 124,148   114,648 381,181   302,783 132,767
Other marine revenues 4,423 1,625 10,873 5,399 2,096
Costs of other marine revenues (4,176 ) (1,938 ) (9,284 ) (5,200 ) (1,585 )
Depreciation and amortization (37,181 ) (35,215 ) (109,012 ) (102,771 ) (36,047 )
Goodwill impairment --- --- --- (30,932 ) ---
General and administrative (46,339 ) (40,425 ) (128,870 ) (115,779 ) (41,867 )
Gain on asset dispositions, net     99     2,496     2,770     13,671     1,833  
Operating income (loss)   $ 40,974     41,191     147,658     67,171     57,197  
 
 

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 nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 30, 2012, were as follows:

     
Quarter Ended Nine Months Ended Quarter Ended

December 31,

December 31,

September 30,

(In thousands)   2012   %   2011   %   2012   %   2011   %   2012   %
Vessel operating profit:              
Americas $ 14,442 5 % 18,462 7 % 34,140 4 % 39,846 5 % 9,506 3 %
Asia/Pacific 8,695 3 % 6,629 2 % 31,429 3 % 7,123 1 % 7,826 3 %
Middle East/N. Africa 13,720 4 % 362

<1

% 26,282 3 % (606 )

(<1

%) 6,280 2 %
Sub-Saharan Africa/Europe     21,171     7 %   25,418     9 %   92,597     10 %   69,273     9 %   44,330     14 %
58,028 19 % 50,871 19 % 184,448 20 % 115,636 15 % 67,942 22 %
Corporate expenses (16,712 ) (5 %) (10,972 ) (4 %) (39,663 ) (4 %) (29,854 ) (4 %) (12,484 ) (4 %)
Goodwill impairment --- --- --- --- --- --- (30,932 ) (4 %) --- ---
Gain on asset dispositions, net 99

<1

% 2,496 1 % 2,770

<1

% 13,671 2 % 1,833 1 %
Other operating expenses     (441 )  

(<1

%)   (1,204 )  

(<1

%)   103    

<1

%   (1,350 )  

(<1

%)   (94 )  

(<1

%)
Operating income (loss)     40,974     14 %   41,191     15 %   147,658     16 %   67,171     9 %   57,197     18 %
Foreign exchange gain (loss) 52

<1

% (1,738 ) (1 %) (1,170 )

(<1

%) 735

<1

% 529

<1

%

Equity in net earnings of unconsolidated companies

2,639 1 % 3,482 1 % 8,359 1 % 9,427 1 % 3,357 1 %
Interest income and other, net 936

<1

% 347

<1

% 2,783

<1

% 2,303

<1

% 1,128

<1

%
Interest and other debt costs     (7,183 )   (2 %)   (6,027 )   (2 %)   (21,918 )   (2 %)   (14,854 )   (2 %)   (7,148 )   (2 %)

Earnings (loss) before income taxes

  $ 37,418     12 %   37,255     14 %   135,712     15 %   64,782     8 %   55,063    

18

%

 
 
 
 

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, 2012 and 2011 and the quarter ended September 30, 2012, were as follows:

     
Quarter Ended Nine Months Ended Quarter Ended
December 31, December 31, September 30,
    2012   2011   2012   2011   2012

REVENUES BY VESSEL CLASS (In thousands):

   

Americas fleet:

Deepwater vessels $ 48,089 38,861 129,116 111,905 44,747
Towing-supply/supply 29,418 35,866 94,879 108,200 31,109
Other 7,025 8,014 20,503 25,205 6,460
Total $ 84,532 82,741 244,498 245,310 82,316

Asia/Pacific fleet:

Deepwater vessels $ 21,862 20,445 71,791 48,638 24,592
Towing-supply/supply 19,277 19,334 65,006 53,648 20,229
Other 918 1,140 2,740 3,259 917
Total $ 42,057 40,919 139,537 105,545 45,738

Middle East/N. Africa fleet:

Deepwater vessels $ 15,407 12,647 38,966 35,180 12,275
Towing-supply/supply 25,870 13,778 64,729 38,868 18,859
Other 750 1,414 2,833 4,658 917
Total $ 42,027 27,839 106,528 78,706 32,051

Sub-Saharan Africa/Europe fleet:

Deepwater vessels $ 64,509 51,194 194,820 135,305 67,696
Towing-supply/supply 54,816 49,519 167,376 150,843 63,548
Other 17,102 18,274 52,200 56,504 18,473
Total $ 136,427 118,987 414,396 342,652 149,717

Worldwide fleet:

Deepwater vessels $ 149,867 123,147 434,693 331,028 149,310
Towing-supply/supply 129,381 118,497 391,990 351,559 133,745
Other 25,795 28,842 78,276 87,626 26,767
Total   $ 305,043     270,486   904,959   772,213   309,822

UTILIZATION:

Americas fleet:

Deepwater vessels 73.1 % 79.7 72.4 74.6 70.7
Towing-supply/supply 48.0 54.2 49.9 47.8 48.2
Other 82.4 59.6 78.4 65.4 72.5
Total 60.9 % 61.0 60.9 57.3 58.6

Asia/Pacific fleet:

Deepwater vessels 89.2 % 83.5 88.0 71.3 81.2
Towing-supply/supply 52.4 43.8 53.2 40.8 52.2
Other 100.0 100.0 81.1 93.1 100.0
Total 60.5 % 54.4 60.6 49.3 58.7

Middle East/N. Africa fleet:

Deepwater vessels 89.8 % 98.8 91.6 88.7 91.8
Towing-supply/supply 80.1 59.2 76.2 55.5 71.2
Other 28.6 50.0 35.1 54.4 34.5
Total 75.1 % 65.2 73.3 61.4 69.9

Sub-Saharan Africa/Europe fleet:

Deepwater vessels 70.3 % 83.8 78.9 84.5 83.0
Towing-supply/supply 66.9 56.9 65.0 56.1 67.8
Other 77.2 79.7 77.9 82.1 79.9
Total 71.1 % 70.0 72.6 69.8 75.4

Worldwide fleet:

Deepwater vessels 75.2 % 84.2 79.2 79.8 79.8
Towing-supply/supply 61.1 53.9 60.4 50.7 59.9
Other 74.5 72.4 74.4 75.3 74.7
Total     67.5 %   64.6   67.9   62.1   67.8
 
 
 
 
  Quarter Ended   Nine Months Ended   Quarter Ended
December 31, December 31, September 30,
    2012   2011   2012   2011   2012

AVERAGE VESSEL DAY RATES:

   

Americas fleet:

Deepwater vessels $ 28,721 25,247 27,756 25,486 28,450
Towing-supply/supply 13,721 13,812 13,994 14,202 14,103
Other 6,181 6,431 6,086 6,286 6,094

Total

$ 17,060 15,373 16,519 15,311 17,012

Asia/Pacific fleet:

Deepwater vessels $ 35,453 25,357 36,114 22,684 42,037
Towing-supply/supply 12,592 12,836 13,211 12,462 12,663
Other 9,972 6,189 9,963 6,366 9,972
Total $ 18,779 16,389 19,425 15,162 20,109

Middle East/N. Africa fleet:

Deepwater vessels $ 20,710 17,484 19,396 17,675 18,359
Towing-supply/supply 12,020 8,604 10,605 8,257 9,857
Other 4,750 5,127 4,892 5,191 4,812
Total $ 13,761 10,705 12,256 10,363 11,561

Sub-Saharan Africa/Europe fleet:

Deepwater vessels $ 25,853 21,719 24,527 20,871 25,235
Towing-supply/supply 14,318 13,482 14,577 13,275 15,721
Other 5,054 4,889 5,060 4,894 5,236
Total $ 14,053 12,181 13,934 11,658 14,602

Worldwide fleet:

Deepwater vessels $ 27,100 22,696 26,199 22,052 27,102
Towing-supply/supply 13,399 12,636 13,385 12,558 13,705
Other 5,407 5,298 5,384 5,283 5,496
Total   $ 15,286   13,359   14,979   12,877   15,384
 
 

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, more traditional vessels for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 30, 2012, were as follows:

         
Quarter Ended Nine Months Ended Quarter Ended
December 31, December 31, September 30,
    2012   2011   2012   2011   2012

UTILIZATION:

Americas fleet:

New vessels 82.8 % 90.1 82.5 87.5 79.8
Traditional vessels 37.9 37.7 38.6 36.2 36.1
Total 60.9 % 61.0 60.9 57.3 58.6

Asia/Pacific fleet:

New vessels 85.7 % 83.1 88.0 77.9 84.2
Traditional vessels 0 10.2 0 11.9 0
Total 60.5 % 54.4 60.6 49.3 58.7

Middle East/North Africa fleet:

New vessels 89.4 % 68.2 87.9 65.3 84.4
Traditional vessels 34.4 59.6 39.6 56.2 37.5
Total 75.1 % 65.2 73.3 61.4 69.9

Sub-Saharan Africa/Europe fleet:

New vessels 79.0 % 84.8 83.1 86.5 86.8
Traditional vessels 39.7 36.1 35.8 34.5 36.7
Total 71.1 % 70.0 72.6 69.8 75.4

Worldwide fleet:

New vessels 82.1 % 83.4 84.3 82.8 84.7
Traditional vessels 33.4 35.5 32.8 34.6 32.0
Total   67.5 %   64.6   67.9   62.1   67.8
     
 
 
 
Quarter Ended Nine Months Ended Quarter Ended
December 31, December 31, September 30,
    2012   2011   2012   2011   2012

AVERAGE VESSEL DAY RATES:

   

Americas fleet:

New vessels $ 21,022 18,863 20,316 19,060 20,771
Traditional vessels 7,913 8,655 8,151 8,992 8,203
Total $ 17,060 15,373 16,519 15,311 17,012

Asia/Pacific fleet:

New vessels $ 18,779 17,395 19,425 16,456 20,109
Traditional vessels --- 3,749 --- 4,043 ---
Total $ 18,779 16,389 19,425 15,162 20,109

Middle East/North Africa fleet:

New vessels $ 14,310 12,337 13,119 12,746 12,453
Traditional vessels 9,707 7,174 7,831 6,674 7,179
Total $ 13,761 10,705 12,256 10,363 11,561

Sub-Saharan Africa/Europe fleet:

New vessels $ 14,783 12,921 14,608 12,320 15,332
Traditional vessels 8,313 8,226 8,479 8,169 8,773
Total $ 14,053 12,181 13,934 11,658 14,602

Worldwide fleet:

New vessels $ 16,503 14,835 16,210 14,414 16,660
Traditional vessels 8,282 8,021 8,217 7,992 8,258
Total   $ 15,286   13,359   14,979   12,877   15,384

AVERAGE VESSEL COUNT (EXCLUDING STACKED VESSELS):

Americas fleet:

New vessels 45 42 45 40 46
Traditional vessels 19 24 20 26 19
Total 64 66 65 66 65

Asia/Pacific fleet:

New vessels 28 30 30 29 29
Traditional vessels --- 2 --- 3 ---
Total 28 32 30 32 29

Middle East/North Africa fleet:

New vessels 32 27 29 26 28
Traditional vessels 6 9 7 12 8
Total 38 36 36 38 36

Sub-Saharan Africa/Europe fleet:

New vessels 119 106 116 104 114
Traditional vessels 14 20 14 22 14
Total 133 126 130 126 128

Worldwide fleet:

New vessels 224 205 220 199 217
Traditional vessels 39 55 41 63 41
Total     263   260   261   262   258
 
 
 
 

The company’s average number of vessels by class and geographic distribution for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 30, 2012, were as follows:

     
Quarter Ended Nine Months Ended Quarter Ended
December 31, December 31, September 30,
    2012   2011   2012   2011   2012

Americas fleet:

   
Deepwater vessels 25 21 23 21 24
Towing-supply/supply 48 52 50 58 50
Other   15   23   16   22   16
Total 88 96 89 101 90
Less stacked vessels   24   30   24   35   25
Active vessels   64   66   65   66   65

Asia/Pacific fleet:

Deepwater vessels 7 11 8 11 8
Towing-supply/supply 32 37 34 38 33
Other   1   2   1   2   1
Total 40 50 43 51 42
Less stacked vessels   12   18   13   19   13
Active vessels   28   32   30   32   29

Middle East/N. Africa fleet:

Deepwater vessels 9 8 8 8 8
Towing-supply/supply 30 29 29 31 29
Other   6   6   6   6   6
Total 45 43 43 45 43
Less stacked vessels   7   7   7   7   7
Active vessels   38   36   36   38   36

Sub-Saharan Africa/Europe fleet:

Deepwater vessels 39 31 37 28 35
Towing-supply/supply 62 70 64 74 65
Other   48   51   48   52   48
Total 149 152 149 154 148
Less stacked vessel   16   26   19   28   20
Active vessels   133   126   130   126   128
Active owned or chartered vessels 263 260 261 262 258
Stacked vessels   59   81   63   89   65
Total owned or chartered vessels 322 341 324 351 323
Vessels withdrawn from service 2 2 2 3 2
Joint-venture and other   10   10   10   10   10
Total   334   353   336   364   335
 
 

Note (B): The company had 53, 79 and 61 actual stacked vessels at December 31, 2012 and 2011 and at September 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 December 31, 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   12/31/12   12/31/12   Vessels   Cost   12/31/12   12/31/12

In thousands, except number of vessels:

Deepwater platform supply vessels 15 $ 466,221 70,283 395,938 3 152,342 96,459 55,883
Towing-supply/supply vessels 4 74,892 13,971 60,921 --- --- --- ---
Crewboats and other   7     73,017   50,037   22,980   ---   ---   ---   ---
Totals   26   $ 614,130   134,291   479,839   3   152,342   96,459   55,883
 
 

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   03/13   06/13   09/13   12/13   03/14   Thereafter
Deepwater platform supply vessels 3   1   2   1   3   8
Towing-supply/supply vessels --- --- --- --- --- 4
Crewboats and other     3   1   1   2   ---   ---  
Totals     6   2   3   3   3   12  
(In thousands)
Expected quarterly cash outlay   $ 110,394   74,429   87,089   37,207   59,166  

167,437

(A)

 

(A) The $167,437 of ‘Thereafter’ vessel construction obligations is expected to be paid out during fiscal 2015.

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

Source: Tidewater Inc.

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