Tidewater Reports Second Quarter Results For Fiscal 2016

03 Nov, 2015, 17:35 ET from Tidewater Inc.

NEW ORLEANS, Nov. 3, 2015 /PRNewswire/ -- Tidewater Inc. (NYSE: TDW) announced today a second quarter net loss for the period ended September 30, 2015, of $43.8 million, or $0.93 per common share, on revenues of $271.9 million. For the same quarter last year, net earnings were $60.9 million, or $1.22 per common share, on revenues of $397.5 million. The immediately preceding quarter ended June 30, 2015, had a net loss of $15.1 million, or $0.32 per common share, on revenues of $304.8 million.

Included in the net loss for the quarter ended September 30, 2015 were the following:

  • $31.7 million ($31.6 million after-tax, or $0.67 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the September 2015 quarter.
  • A $7.6 million ($6.3 million after-tax, or $0.13 per share) restructuring charge related to severance and other termination costs resulting from right-sizing efforts during the September 2015 quarter.
  • $5.2 million ($5.2 million after-tax, or $0.11 per share) of foreign exchange losses which is included in Equity in net earnings/(losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.

Income tax expense in the September and June quarters of fiscal 2016 largely reflect tax liabilities in certain jurisdictions that levy taxes on bases other than pre-tax profitability (so called "deemed profit" regimes.)

Included in the net loss for the 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 earnings/(losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.

As previously announced, Tidewater will hold a conference call to discuss September quarterly earnings on Wednesday, November 4, 2015, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405 if calling from outside the U.S.) and ask for the "Tidewater" call just prior to the scheduled start.  A replay of the conference call will be available beginning at 12:00 p.m. Central time on November 4, 2015, and will continue until 11:59 p.m. Central time on November 6, 2015. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.).  The conference call ID number is 40898911.

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 December 4, 2015.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the Company involve numerous risks and uncertainties that may cause the Company's actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Risk Factors" section of Tidewater's recent Forms 10-Q and 10-K.

Tidewater is the leading provider of Offshore Service Vessels (OSVs) to the global energy industry.                           

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

Financial information is displayed on the next page.

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

(In thousands, except share and per share data)

   Quarter Ended    September 30,

   Six Months Ended    September 30,

2015

2014

2015

2014

Revenues:

   Vessel revenues

$

264,131

390,952

562,444

772,462

   Other operating revenues

7,792

6,572

14,253

10,739

271,923

397,524

576,697

783,201

Costs and expenses:

   Vessel operating costs

158,612

212,819

337,893

430,063

   Costs of other operating revenues

6,102

6,560

11,846

11,221

   General and administrative

37,286

46,762

81,239

97,822

   Vessel operating leases

8,441

6,542

16,884

13,082

   Depreciation and amortization

45,979

43,708

91,636

86,819

   Gain on asset dispositions, net

(6,111)

(4,500)

(13,462)

(8,393)

   Asset impairments

31,672

910

46,630

1,860

   Restructuring charge

7,586

---

7,586

---

289,567

312,801

580,252

632,474

Operating income

(17,644)

84,723

(3,555)

150,727

Other income (expenses):

   Foreign exchange gain (loss)

844

5,408

(3,289)

4,119

   Equity in net earnings/(losses)

     of unconsolidated companies

(2,919)

3,821

(5,360)

9,104

   Interest income and other, net

355

499

1,145

1,121

   Interest and other debt costs, net

(13,247)

(12,559)

(26,429)

(25,688)

(14,967)

(2,831)

(33,933)

(11,344)

Earnings (loss) before income taxes

(32,611)

81,892

(37,488)

139,383

Income tax expense

11,388

21,067

21,675

34,859

Net earnings (loss)

$

(43,999)

60,825

(59,163)

104,524

   Less: Net earnings (losses) attributable to

             noncontrolling interests  

$

(164)

(82)

(276)

(56)

Net earnings (loss) attributable to Tidewater Inc.

$

(43,835)

60,907

(58,887)

104,580

Basic earnings (loss) per common share

$

(0.93)

1.23

(1.25)

2.11

Diluted earnings (loss) per common share

$

(0.93)

1.22

(1.25)

2.10

Weighted average common shares outstanding

46,942,950

49,582,086

46,962,242

49,581,707

Dilutive effect of stock options and restricted stock

---

230,841

---

219,607

Adjusted weighted average common shares

46,942,950

49,812,927

46,962,242

49,801,314

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)                                                                                                

 

ASSETS

  September 30, 2015

March 31, 2015

Current assets:

    Cash and cash equivalents

$

88,216

78,568

    Trade and other receivables, net

269,049

303,096

    Due from affiliate

346,884

420,365

    Marine operating supplies

37,135

49,005

    Other current assets

45,275

17,781

           Total current assets

786,559

868,815

Investments in, at equity, and advances to unconsolidated companies

59,420

65,844

Properties and equipment:

    Vessels and related equipment

4,696,526

4,717,132

    Other properties and equipment

120,455

119,879

4,816,981

4,837,011

    Less accumulated depreciation and amortization

1,158,975

1,090,704

           Net properties and equipment

3,658,006

3,746,307

Other assets

103,680

75,196

                    Total assets

$

4,607,665

4,756,162

LIABILITIES AND EQUITY

Current liabilities:

    Accounts payable

$

60,710

54,011

    Accrued expenses

136,952

146,255

    Due to affiliate

165,945

185,657

    Accrued property and liability losses

3,457

3,669

    Current portion of long term-debt

10,000

10,181

    Other current liabilities

75,530

82,461

          Total current liabilities

452,594

482,234

Long-term debt

1,488,379

1,524,295

Deferred income taxes

28,323

23,276

Accrued property and liability losses

9,859

10,534

Other liabilities and deferred credits

224,518

235,108

Commitments and Contingencies

Equity:

    Common stock of $0.10 par value, 125,000,000 shares

            authorized, issued 46,967,809 shares at September 30, 2015

            and 47,029,359 shares at March 31, 2015

4,697

4,703

    Additional paid-in capital

165,790

159,940

    Retained earnings

2,248,182

2,330,223

    Accumulated other comprehensive loss          

(20,628)

(20,378)

          Total stockholders' equity

2,398,041

2,474,488

    Noncontrolling Interests

5,951

6,227

          Total equity

2,403,992

2,480,715

                     Total liabilities and equity

$

4,607,665

4,756,162

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

Quarter Ended September 30,

Six Months Ended September 30,

2015

2014

2015

2014

Net earnings (loss)

$

(43,999)

60,825

(59,163)

104,524

Other comprehensive income/(loss):

   Unrealized gains (losses) on available for sale securities,

        net of tax of $0, $17, $0 and $71

(627)

32

(679)

133

   Amortization of loss on derivative contract,

        net of tax of $0, $63, $0 and $125

180

117

359

233

   Change in other benefit plan minimum liability,

        net of tax of $0, $0, $0 and $70

---

---

70

131

Total comprehensive income (loss)

$

(44,446)

60,974

(59,413)

105,021

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

   Six Months Ended    September 30,

2015

2014

Operating activities:

   Net earnings (loss)

$

(59,163)

104,524

   Adjustments to reconcile net earnings (loss) to net cash

       provided by operating activities:

          Depreciation and amortization

91,636

86,819

          Provision (benefit) for deferred income taxes

128

1,287

          Gain on asset dispositions, net

(13,462)

(8,393)

          Asset impairments

46,630

1,860

          Equity in earnings (losses) of

             unconsolidated companies, less dividends

6,424

(6,875)

          Compensation expense - stock-based

6,614

11,075

          Changes in assets and liabilities, net:

             Trade and other receivables

30,891

(24,258)

             Changes in due to/from affiliate, net

53,769

62,555

             Marine operating supplies

11,370

(6,139)

             Other current assets

(3,681)

(4,052)

             Accounts payable

5,228

(15,652)

             Accrued expenses

(13,512)

(13,358)

             Accrued property and liability losses

(212)

(393)

             Other current liabilities

(6,011)

450

             Other liabilities and deferred credits

2,594

(1,245)

             Other, net

4,648

(2,916)

          Net cash provided by operating activities

163,891

185,289

Cash flows from investing activities:

   Proceeds from sales of assets

6,262

3,999

   Proceeds from sale/leaseback of assets

---

32,751

   Additions to properties and equipment

(138,990)

(128,411)

   Refunds from cancelled vessel construction contracts

36,190

---

   Other

(129)

(13)

          Net cash used in investing activities

(96,667)

(91,674)

Cash flows from financing activities:

   Principal payment on long-term debt

(64,374)

(25,996)

   Debt borrowings

31,338

20,000

   Proceeds from exercise of stock options

---

1,025

   Cash dividends

(23,579)

(25,038)

   Other

(961)

350

          Net cash used in financing activities

(57,576)

(29,659)

Net change in cash and cash equivalents

9,648

63,956

Cash and cash equivalents at beginning of period

78,568

60,359

Cash and cash equivalents at end of period

$

88,216

124,315

Supplemental disclosure of cash flow information:

   Cash paid during the period for:

          Interest, net of amounts capitalized

$

24,894

26,328

          Income taxes

$

27,853

32,414

   Supplemental disclosure of non-cash investing activities:

          Additions to properties and equipment

$

1,471

3,845

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)

 

 

Common stock

 

Additional paid-in capital

 

 

Retained earnings

Accumulated other comprehensive loss

Non controlling interest

 

 

Total

Balance at March 31, 2015

$

4,703

159,940

2,330,223

(20,378)

6,227

2,480,715

Total comprehensive loss

---

---

(58,887)

(250)

(276)

(59,413)

Stock option expense

---

421

---

---

---

421

Cash dividends declared ($.50 per share)

---

---

(23,154)

---

---

(23,154)

Amortization of restricted stock units

1

5,186

---

---

---

5,187

Amortization/cancellation of restricted stock

(7)

243

---

---

---

236

Balance at September 30, 2015

$

4,697

165,790

2,248,182

(20,628)

5,951

2,403,992

Balance at March 31, 2014

$

4,973

142,381

2,544,255

(12,225)

5,987

2,685,371

Total comprehensive income

---

---

104,580

497

(56)

105,021

Exercise of stock options

3

1,022

---

---

---

1,025

Cash dividends declared ($.50 per share)

---

---

(25,199)

---

---

(25,199)

Amortization of restricted stock units

1

8,320

---

---

---

8,321

Amortization/cancellation of restricted stock

(4)

1,790

---

---

---

1,786

Cash received from noncontrolling interests

---

---

---

---

449

449

Cash paid to noncontrolling interests

---

---

---

---

(50)

(50)

Balance at September 30, 2014

$

4,973

153,513

2,623,636

(11,728)

6,330

2,776,724

The company's vessel revenues and vessel operating costs and the related percentage of total vessel revenues for the quarters and the six-month periods ended September 30, 2015 and 2014 and for the quarter ended June 30, 2015, were as follows: 

 

Quarter Ended September 30,

Six Months Ended September 30,

Quarter Ended June 30,

(In thousands)

2015

%

2014

%

2015

%

2014

%

2015

%

Vessel revenues:

  Americas

$

89,210

34%

134,013

34%

203,382

36%

253,996

33%

114,172

38%

  Asia/Pacific

32,173

12%

45,989

12%

60,110

11%

86,238

11%

27,937

9%

  Middle East/North Africa

45,336

17%

48,837

13%

92,602

16%

104,376

14%

47,266

16%

  Sub-Saharan Africa/ Europe

97,412

37%

162,113

41%

206,350

37%

327,852

42%

108,938

37%

    Total vessel revenues

$

264,131

100%

390,952

100%

562,444

100%

772,462

100%

298,313

100%

Vessel operating costs:

  Crew costs

$

84,112

32%

114,634

29%

176,400

31%

225,919

29%

92,288

31%

  Repair and maintenance

28,528

11%

39,332

10%

65,782

12%

87,064

11%

37,254

12%

  Insurance and loss reserves

2,751

1%

1,982

1%

8,126

2%

7,376

1%

5,375

2%

  Fuel, lube and supplies

17,147

6%

22,820

6%

35,257

6%

45,189

6%

18,110

6%

  Other

26,074

10%

34,051

8%

52,328

9%

64,515

9%

26,254

9%

    Total vessel operating costs

158,612

60%

212,819

54%

337,893

60%

430,063

56%

179,281

60%

Vessel operating margin (A)

$

105,519

40%

178,133

46%

224,551

40%

342,399

44%

119,032

40%

Note (A): The following table reconciles vessel operating margin as presented above to operating profit for the quarters and the six-month periods ended September 30, 2015 and 2014 and for the quarter ended June 30, 2015:

Quarter Ended September 30,

              

Six Months Ended September 30,

Quarter

Ended

June 30,

(In thousands)

2015

2014

2015

2014

2015

Vessel operating margin

$

105,519

178,133

224,551

342,399

119,032

General and administrative

  expenses - vessel operations

(28,508)

(36,612)

(61,308)

(74,281)

(32,800)

Vessel operating leases

(8,441)

(6,542)

(16,884)

(13,082)

(8,443)

Depreciation and amortization -

  vessel operations

(42,828)

(41,974)

(85,577)

(83,399)

(42,749)

Vessel operating profit

$

25,742

93,005

60,782

171,637

35,040

The company's other operating loss for the quarters and the six-month periods ended September 30, 2015 and 2014 and for the quarter ended June 30, 2015, consists of the following:

Quarter Ended September 30,

Six Months Ended September 30,

Quarter

Ended June 30,

(In thousands)

2015

2014

2015

2014

2015

Other operating revenues

$

7,792

6,572

14,253

10,739

6,461

Costs of other marine revenues

(6,102)

(6,560)

(11,846)

(11,221)

(5,744)

General and administrative

  expenses - other operating activities

(846)

(1,207)

(1,985)

(2,266)

(1,139)

Depreciation and amortization -

  other operating activities

(1,502)

(898)

(2,916)

(1,768)

(1,414)

Other operating loss

$

(658)

(2,093)

(2,494)

(4,516)

(1,836)

The company's operating income and other components of earnings before income taxes, and its related percentage of total revenues for the quarters and six-month periods ended September 30, 2015 and 2014 and for the quarter ended June 30, 2015, were as follows:

 

Quarter Ended

September 30,

Six Months Ended September 30,

Quarter

Ended

June 30,

(In thousands)

2015

%

2014

%

2015

%

2014

%

2015

%

Vessel operating profit

Americas (B)

$

8,812

3%

36,778

9%

32,651

6%

66,986

9%

23,839

8%

Asia/Pacific (B)

6,168

2%

7,414

2%

7,918

1%

6,443

1%

1,750

1%

Middle East/North Africa

7,515

3%

7,367

2%

15,675

3%

19,160

2%

8,160

3%

Sub-Saharan Africa/Europe

3,247

1%

41,446

10%

4,538

1%

79,048

10%

1,291

<1%

25,742

9%

93,005

23%

60,782

11%

171,637

22%

35,040

12%

Other operating loss

(658)

(<1%)

(2,093)

(1%)

(2,494)

(1%)

(4,516)

(1%)

(1,836)

(1%)

25,084

9%

90,912

22%

58,288

10%

167,121

21%

33,204

11%

   Corporate general and

      administrative expenses

 

(7,932)

 

(3%)

 

(8,943)

 

(2%)

 

(17,946)

 

(4%)

 

(21,275)

 

(3%)

 

(10,014)

 

(3%)

   Corporate depreciation

(1,649)

(<1%)

(836)

(<1%)

(3,143)

(<1%)

(1,652)

(<1%)

(1,494)

(1%)

Corporate expenses

(9,581)

(3%)

(9,779)

(2%)

(21,089)

(4%)

(22,927)

(3%)

(11,508)

(4%)

Gain on asset dispositions, net

6,111

2%

4,500

1%

13,462

2%

8,393

1%

7,351

3%

Asset impairments

(31,672)

(11%)

(910)

(<1%)

(46,630)

(8%)

(1,860)

(<1%)

(14,958)

(5%)

Restructuring charge

(7,586)

(3%)

---

---

(7,586)

(1%)

---

---

---

---

Operating income

$

(17,644)

(6%)

84,723

21%

(3,555)

(1%)

150,727

19%

14,089

5%

Foreign exchange gain (loss)

844

   <1%

5,408

1%

(3,289)

(1%)

4,119

1%

(4,133)

(2%)

Equity in net earnings (losses) of   

   unconsolidated companies

(2,919)

(1%)

3,821

1%

(5,360)

(1%)

9,104

1%

(2,441)

(1%)

Interest income and other, net

355

   <1%

499

   <1%

1,145

   <1%

1,121

   <1%

790

<1%

Interest and other debt costs, net

(13,247)

(5%)

(12,559)

(3%)

(26,429)

(4%)

(25,688)

(3%)

(13,182)

(4%)

Earnings (loss) before income taxes

$

(32,611)

(12%)

81,892

21%

(37,488)

(7%)

139,383

18%

(4,877)

(2%)

Note (B): Excludes restructuring charges of $3.6 million and $4.0 million related to our Americas and Asia/Pacific segments, respectively for the quarter ended September 30, 2015.

The company's revenues, day-based vessel utilization percentages and average day rates by vessel class and in total for the quarters and the six-month periods ended September 30, 2015 and 2014 and for the quarter ended June 30, 2015, were as follows:

Quarter Ended September 30,

Six Months Ended September 30,

Quarter

Ended

June 30,

2015

2014

2015

2014

2015

REVENUE BY VESSEL CLASS (In thousands):

Americas fleet:

     Deepwater

$

61,776

91,403

141,928

173,685

80,152

     Towing-supply

24,121

34,387

53,636

63,904

29,515

     Other

3,313

8,223

7,818

16,407

4,505

     Total

$

89,210

134,013

203,382

253,996

114,172

Asia/Pacific fleet:

     Deepwater

$

23,435

27,675

43,268

51,917

19,833

     Towing-supply

8,738

17,338

16,842

32,375

8,104

     Other

---

976

---

1,946

---

     Total

$

32,173

45,989

60,110

86,238

27,937

Middle East/North Africa fleet:

     Deepwater

$

20,769

19,254

41,155

38,721

20,386

     Towing-supply

23,914

28,715

50,103

63,994

26,189

     Other

653

868

1,344

1,661

691

     Total

$

45,336

48,837

92,602

104,376

47,266

Sub-Saharan Africa/Europe fleet:

     Deepwater

$

39,955

89,193

93,921

180,884

53,966

     Towing-supply

42,106

54,617

83,304

110,053

41,198

     Other

15,351

18,303

29,125

36,915

13,774

     Total

$

97,412

162,113

206,350

327,852

108,938

Worldwide fleet:

     Deepwater

$

145,935

227,525

320,272

445,207

174,337

     Towing-supply

98,879

135,057

203,885

270,326

105,006

     Other

19,317

28,370

38,287

56,929

18,970

     Total

$

264,131

390,952

562,444

772,462

298,313

UTILIZATION:

Americas fleet:

     Deepwater

65.1

%

91.9

73.1

90.4

81.3

     Towing-supply

56.5

70.3

60.6

66.5

64.7

     Other

47.8

76.9

46.4

73.0

45.3

     Total

59.7

%

80.9

64.7

77.9

69.6

Asia/Pacific fleet:

     Deepwater

59.9

%

82.4

52.5

76.6

45.0

     Towing-supply

79.7

93.6

76.7

92.1

73.4

     Other

---

100.0

---

100.0

---

     Total

68.3

%

89.6

63.3

86.6

58.2

Middle East/North Africa fleet:

     Deepwater

73.7

%

80.4

72.0

76.2

70.1

     Towing-supply

74.9

71.1

75.7

82.2

76.5

     Other

91.9

100.0

95.8

96.0

100.0

     Total

75.2

%

74.7

75.4

81.3

75.6

Sub-Saharan Africa/Europe fleet:

     Deepwater

57.2

%

85.5

62.7

85.9

68.4

     Towing-supply

63.9

78.5

65.2

76.8

66.4

     Other

73.5

71.3

71.6

74.7

69.7

     Total

65.1

%

77.9

66.6

78.7

68.2

Worldwide fleet:

     Deepwater

63.0

%

87.0

66.7

85.4

70.7

     Towing-supply

67.0

76.2

68.3

77.3

69.5

     Other

67.9

73.9

66.0

75.4

64.3

     Total

65.7

%

79.3

67.2

79.5

68.8

 

Quarter Ended September 30,

Six Months Ended September 30,

Quarter

Ended

June 30,

2015

2014

2015

2014

2015

AVERAGE VESSEL DAY RATES:

Americas fleet:

     Deepwater

$

26,254

31,233

27,513

31,206

28,568

     Towing-supply

16,003

17,309

16,686

16,954

17,289

     Other

7,461

8,304

8,176

8,570

8,796

     Total

$

20,725

22,701

21,800

22,578

22,721

Asia/Pacific fleet:

     Deepwater

$

34,487

39,841

36,525

40,798

39,268

     Towing-supply

7,907

14,387

8,133

13,717

8,391

     Other

---

10,609

---

10,633

---

     Total

$

18,028

23,090

18,464

22,601

18,994

Middle East/North Africa fleet:

     Deepwater

$

20,738

23,078

21,724

24,044

22,830

     Towing-supply

11,200

14,171

11,674

13,716

12,143

     Other

3,737

4,719

3,769

4,730

3,799

     Total

$

13,692

16,040

14,153

15,749

14,626

Sub-Saharan Africa/Europe fleet:

     Deepwater

$

20,876

30,928

22,704

30,665

24,278

     Towing-supply

17,009

16,911

16,522

16,889

16,052

     Other

5,731

5,937

5,468

5,742

5,201

     Total

$

13,782

17,628

14,225

17,398

14,647

Worldwide fleet:

     Deepwater

$

24,535

31,001

25,882

31,030

27,128

     Towing-supply

13,689

15,987

13,946

15,615

14,197

     Other

5,858

6,523

5,766

6,412

5,676

     Total

$

16,039

19,415

16,723

19,056

17,379

The company's average number of vessels by class and geographic distribution for the quarters and the six-month periods ended September 30, 2015 and 2014 and for the quarter ended June 30, 2015:

 

Quarter Ended

September 30,

Six Months Ended

September 30,

Quarter

Ended

June 30,

2015

2014

2015

2014

2015

Americas fleet:

    Deepwater

40

35

39

34

38

    Towing-supply

29

30

29

31

29

    Other

10

14

11

14

12

        Total

79

79

79

79

79

        Less stacked vessels

14

7

13

8

13

            Active vessels

65

72

66

71

66

Asia/Pacific fleet:

    Deepwater

12

9

12

9

12

    Towing-supply

15

14

15

14

14

    Other

1

1

1

1

1

        Total

28

24

28

24

27

        Less stacked vessels

7

--

5

--

4

            Active vessels

21

24

23

24

23

Middle East/North Africa fleet:

    Deepwater

15

11

14

12

14

    Towing-supply

31

31

31

31

31

    Other

2

2

2

2

2

        Total

48

44

47

45

47

        Less stacked vessels

4

--

3

--

2

            Active vessels

44

44

44

45

45

Sub-Saharan Africa/Europe fleet:

    Deepwater

36

37

36

37

36

    Towing-supply

42

45

42

46

42

    Other

40

47

41

47

42

        Total

118

129

119

130

120

        Less stacked vessels

19

7

14

5

9

            Active vessels

99

122

105

125

111

Active owned or chartered vessels

229

262

238

265

245

Stacked vessels

44

14

35

13

28

Total owned or chartered vessels

273

276

273

278

273

Joint-venture and other

9

11

9

11

10

             Total

282

287

282

289

283

Note (C): Included in total owned or chartered vessels at September 30, 2015 and 2014 and at June 30, 2015, were 51, 15 and 38 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 September 30, 2015:

 

(In thousands)

Number of Vessels

Shipyard Location

Delivery Dates

Total Cost

Amount Invested 9/30/15

Remaining Balance 9/30/15

Towing-supply:

    7,145 BHP Towing-supply

1

International

12/2015

$

16,286

13,331

2,955

Deepwater

    261-foot PSV

2

International

4/2016, 5/2016

    275-foot PSV

1

International

11/2015

    292-foot PSV

1

International

5/2016

    300-foot PSV

2

United States

9/2016, 2/2017

    310-foot PSV

2

United States

1/2016, 3/2016

       Total Deepwater PSVs  

8

322,479

213,280

109,199

Total vessel commitments

9

$

338,765

226,611

112,154

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:

Quarter Period Ended

Vessel class and type

12/15

03/16

06/16

09/16

12/16

03/17

Deepwater PSVs

1

2

3

1

--

1

Towing-supply vessels

1

--

--

--

--

--

   Totals

2

2

3

1

--

1

(In thousands) Expected quarterly cash outlay

$

43,036

13,807

46,757

4,516

694

3,344

 

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SOURCE Tidewater Inc.



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