Tidewater Reports Third Quarter Results For Fiscal 2016

02 Feb, 2016, 17:44 ET from Tidewater Inc.

NEW ORLEANS, Feb. 2, 2016 /PRNewswire/ -- Tidewater Inc. (NYSE: TDW) announced today a third quarter net loss for the period ended December 31, 2015, of $19.5 million, or $0.42 per common share, on revenues of $218.2 million. For the same quarter last year, net loss was $160.7 million, or $3.31 per common share, on revenues of $387.6 million. The immediately preceding quarter ended September 30, 2015, had a net loss of $43.8 million, or $0.93 per common share, on revenues of $271.9 million.

Included in the net loss for the quarter ended December 31, 2015 were the following:

  • $15.1 million ($12.3 million after-tax, or $0.26 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the December 2015 quarter.
  • $4.1 million ($4.1 million after-tax, or $0.09 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 each of the fiscal 2016 quarters 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 prior fiscal year's quarter ended December 31, 2014 was the following:

  • A $283.7 million ($214.9 million after-tax, or $4.43 per share) non-cash goodwill impairment charge that resulted from the Company's annual goodwill impairment assessment performed during that quarter. The goodwill assessment took into account the significant reductions at that time in oil and natural gas prices and the corresponding expected reductions in levels of exploration and production spending by our customers globally and the expected future impact of such on our vessels' average day rates and utilization.

Included in the net loss for the preceding 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.

As previously announced, Tidewater will hold a conference call to discuss December quarterly earnings on Wednesday, February 3, 2016, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405 if calling from outside the U.S.) and ask for the "Tidewater" call just prior to the scheduled start. A replay of the conference call will be available beginning at 12:00 p.m. Central time on February 3, 2016, and will continue until 11:59 p.m. Central time on February 5, 2016. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 41633331.

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 March 3, 2016.

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

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

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

Financial information is displayed on the next page.

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

(In thousands, except share and per share data)

Quarter Ended

December 31,

Nine Months Ended

December 31,

2015

2014

2015

2014

Revenues:

Vessel revenues

$

212,908

378,126

775,352

1,150,588

Other operating revenues

5,283

9,428

19,536

20,167

218,191

387,554

794,888

1,170,755

Costs and expenses:

Vessel operating costs

125,094

210,365

462,987

640,428

Costs of other operating revenues

3,778

8,395

15,624

19,616

General and administrative

35,598

46,642

116,837

144,464

Vessel operating leases

8,441

7,165

25,325

20,247

Depreciation and amortization

45,422

43,331

137,058

130,150

Gain on asset dispositions, net

(5,883)

(4,699)

(19,345)

(13,092)

Asset impairments

15,141

6,236

61,771

8,096

Goodwill impairment

283,699

283,699

Restructuring charge

7,586

227,591

601,134

807,843

1,233,608

Operating loss

(9,400)

(213,580)

(12,955)

(62,853)

Other income (expenses):

Foreign exchange gain (loss)

(469)

4,334

(3,758)

8,453

Equity in net earnings (losses) of unconsolidated companies

(1,710)

(7,070)

9,104

Interest income and other, net

609

434

1,754

1,555

Interest and other debt costs, net

(13,312)

(12,239)

(39,741)

(37,927)

(14,882)

(7,471)

(48,815)

(18,815)

Loss before income taxes

(24,282)

(221,051)

(61,770)

(81,668)

Income tax expense (benefit)

(4,679)

(60,070)

16,996

(25,211)

Net loss

$

(19,603)

(160,981)

(78,766)

(56,457)

Less: Net losses attributable to noncontrolling interests

$

(94)

(287)

(370)

(343)

Net loss attributable to Tidewater Inc.

$

(19,509)

(160,694)

(78,396)

(56,114)

Basic loss per common share

$

(0.42)

(3.31)

(1.67)

(1.14)

Diluted loss per common share

$

(0.42)

(3.31)

(1.67)

(1.14)

Weighted average common shares outstanding

46,943,705

48,481,722

46,956,041

49,213,712

Dilutive effect of stock options and restricted stock

Adjusted weighted average common shares

46,943,705

48,481,722

46,956,041

49,213,712

 

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)

ASSETS

December 31,

2015

March 31,

2015

Current assets:

Cash and cash equivalents

$

47,980

78,568

Trade and other receivables, net

261,209

303,096

Due from affiliate

336,474

420,365

Marine operating supplies

38,719

49,005

Other current assets

60,819

17,781

Total current assets

745,201

868,815

Investments in, at equity, and advances to unconsolidated companies

45,663

65,844

Properties and equipment:

Vessels and related equipment

4,681,306

4,717,132

Other properties and equipment

120,969

119,879

4,802,275

4,837,011

Less accumulated depreciation and amortization

1,194,974

1,090,704

Net properties and equipment

3,607,301

3,746,307

Other assets

82,350

75,196

Total assets

$

4,480,515

4,756,162

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

61,019

54,011

Accrued expenses

96,604

146,255

Due to affiliate

169,943

185,657

Accrued property and liability losses

3,443

3,669

Current portion of long-term debt

9,810

10,181

Other current liabilities

66,253

82,461

Total current liabilities

407,072

482,234

Long-term debt

1,441,924

1,524,295

Deferred income taxes

35,600

23,276

Accrued property and liability losses

9,748

10,534

Other liabilities and deferred credits

210,239

235,108

Commitments and Contingencies

Equity:

Common stock of $0.10 par value, 125,000,000 shares authorized, issued    46,969,590 shares at December 31, 2015 and 47,029,359 shares at    March 31, 2015

4,697

4,703

Additional paid-in capital

168,753

159,940

Retained earnings

2,216,862

2,330,223

Accumulated other comprehensive loss

(20,237)

(20,378)

Total stockholders' equity

2,370,075

2,474,488

Noncontrolling Interests

5,857

6,227

Total equity

2,375,932

2,480,715

Total liabilities and equity

$

4,480,515

4,756,162

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(In thousands)

Quarter Ended

December 31,

Nine Months Ended

December 31,

2015

2014

2015

2014

Net loss

$

(19,603)

(160,981)

(78,766)

(56,457)

Other comprehensive income (loss):

Unrealized gains (losses) on available for sale securities,    net of tax of $0, $(29), $0 and $43

212

(54)

(467)

79

Amortization of loss on derivative contract, net of tax of    $0, $62, $0 and $188

180

116

538

349

Change in other benefit plan minimum liability, net of tax    of $0, $0, $0 and $70

70

131

Total comprehensive loss

$

(19,211)

(160,919)

(78,625)

(55,898)

 

 

 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Nine Months Ended

December 31,

2015

2014

Operating activities:

Net loss

$

(78,766)

(56,457)

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

Depreciation and amortization

137,058

130,150

Provision (benefit) for deferred income taxes

192

(77,278)

Gain on asset dispositions, net

(19,345)

(13,092)

Asset impairments

61,771

8,096

Goodwill impairment

283,699

Equity in earnings (losses) of unconsolidated companies, less dividends

22,087

(1,550)

Compensation expense—stock-based

9,960

16,395

Changes in assets and liabilities, net:

Trade and other receivables

38,726

(48,876)

Changes in due to/from affiliate, net

68,177

78,881

Marine operating supplies

9,786

1,243

Other current assets

1,711

3,090

Accounts payable

6,862

(29,052)

Accrued expenses

(51,068)

(6,856)

Accrued property and liability losses

(226)

(366)

Other current liabilities

(17,239)

(437)

Other liabilities and deferred credits

2,406

(3,025)

Other, net

(699)

(9,006)

Net cash provided by operating activities

191,393

275,559

Cash flows from investing activities:

Proceeds from sales of assets

8,428

5,160

Proceeds from sale/leaseback of assets

110,694

Additions to properties and equipment

(152,225)

(231,685)

Refunds from cancelled vessel construction contracts

36,190

Other

(210)

127

Net cash used in investing activities

(107,817)

(115,704)

Cash flows from financing activities:

Principal payment on long-term debt

(109,163)

(27,206)

Debt borrowings

31,338

20,000

Proceeds from exercise of stock options

1,025

Cash dividends

(35,378)

(36,997)

Repurchases of common stock

(99,999)

Other

(961)

351

Net cash used in financing activities

(114,164)

(142,826)

Net change in cash and cash equivalents

(30,588)

17,029

Cash and cash equivalents at beginning of period

78,568

60,359

Cash and cash equivalents at end of period

$

47,980

77,388

Supplemental disclosure of cash flow information:

Cash paid during the period for:

Interest, net of amounts capitalized

$

47,608

48,046

Income taxes

$

38,208

57,987

Supplemental disclosure of non-cash investing activities:

Additions to properties and equipment

$

146

3,386

 

 

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

(78,396)

141

(370)

(78,625)

Stock option expense

609

609

Cash dividends declared ($.75 per share)

(34,965)

(34,965)

Amortization of restricted stock units

1

7,843

7,844

Amortization/cancellation of restricted stock

(7)

361

354

Balance at December 31, 2015

$

4,697

168,753

2,216,862

(20,237)

5,857

2,375,932

Balance at March 31, 2014

$

4,973

142,381

2,544,255

(12,225)

5,987

2,685,371

Total comprehensive loss

(56,114)

559

(343)

(55,898)

Exercise of stock options

3

1,022

1,025

Cash dividends declared ($.75 per share)

(37,229)

(37,229)

Retirement of common stock

(284)

(99,715)

(99,999)

Amortization of restricted stock units

1

12,495

12,496

Amortization/cancellation of restricted stock

(4)

2,603

2,599

Cash received from noncontrolling interests

450

450

Cash paid to noncontrolling interests

(50)

(50)

Balance at December 31, 2014

$

4,689

158,501

2,351,197

(11,666)

6,044

2,508,765

 

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, 2015 and 2014 and for the quarter ended September 30, 2015, were as follows:

 

Quarter

Quarter Ended

Nine Months Ended

Ended

December 31,

December 31,

September 30,

(In thousands)

2015

%

2014

%

2015

%

2014

%

2015

%

Vessel revenues:

Americas

$

75,963

36%

134,554

36%

279,345

36%

388,550

34%

89,210

34%

Asia/Pacific

19,144

9%

35,046

9%

79,254

10%

121,284

10%

32,173

12%

Middle East/North Africa

40,184

19%

55,925

15%

132,786

17%

160,301

14%

45,336

17%

Sub-Saharan Africa/ Europe

77,617

36%

152,601

40%

283,967

37%

480,453

42%

97,412

37%

Total vessel revenues

$

212,908

100%

378,126

100%

775,352

100%

1,150,588

100%

264,131

100%

Vessel operating costs:

Crew costs

$

71,270

33%

104,167

28%

247,670

32%

330,086

29%

84,112

32%

Repair and maintenance

14,811

7%

46,418

12%

80,593

10%

133,481

12%

28,528

11%

Insurance and loss reserves

1,689

1%

3,093

1%

9,815

1%

10,470

1%

2,751

1%

Fuel, lube and supplies

16,369

8%

24,710

7%

51,626

7%

69,900

6%

17,147

6%

Other

20,955

10%

31,977

8%

73,283

10%

96,491

8%

26,074

10%

Total vessel operating costs

125,094

59%

210,365

56%

462,987

60%

640,428

56%

158,612

60%

Vessel operating margin (A)

$

87,814

41%

167,761

44%

312,365

40%

510,160

44%

105,519

40%

Note (A): The following table reconciles vessel operating margin as presented above to operating profit for the quarters and the nine-month periods ended December 31, 2015 and 2014 and for the quarter ended September 30, 2015:

Quarter Ended

December 31,

Nine Months Ended

December 31,

Quarter

Ended

September 30,

(In thousands)

2015

2014

2015

2014

2015

Vessel operating margin

$

87,814

167,761

312,365

510,160

105,519

General and administrative expenses - vessel operations

(27,686)

(36,024)

(88,994)

(110,305)

(28,508)

Vessel operating leases

(8,441)

(7,165)

(25,325)

(20,247)

(8,441)

Depreciation and amortization - vessel operations

(42,424)

(41,639)

(128,001)

(125,038)

(42,828)

Vessel operating profit

$

9,263

82,933

70,045

254,570

25,742

 

The company's other operating loss for the quarters and the nine-month periods ended December 31, 2015 and 2014 and for the quarter ended September 30, 2015, consists of the following:

Quarter Ended

December 31,

Nine Months Ended

December 31,

Quarter

Ended

September 30,

(In thousands)

2015

2014

2015

2014

2015

Other operating revenues

$

5,283

9,428

19,536

20,167

7,792

Costs of other marine revenues

(3,778)

(8,395)

(15,624)

(19,616)

(6,102)

General and administrative expenses - other operating activities

(762)

(1,207)

(2,747)

(3,473)

(846)

Depreciation and amortization - other operating activities

(1,369)

(858)

(4,285)

(2,626)

(1,502)

Other operating loss

$

(626)

(1,032)

(3,120)

(5,548)

(658)

 

The company's operating loss and other components of loss before income taxes, and its related percentage of total revenues for the quarters and nine-month periods ended December 31, 2015 and 2014 and for the quarter ended September 30, 2015, were as follows:

 

Quarter Ended

December 31,

Nine Months Ended

December 31,

Quarter

Ended

September 30,

(In thousands)

2015

%

2014

%

2015

%

2014

%

2015

%

Vessel operating profit (loss):

Americas (B)

$

9,289

4%

33,784

8%

41,940

5%

100,770

8%

8,812

3%

Asia/Pacific (B)

(3,796)

(2%)

2,621

1%

4,122

1%

9,064

1%

6,168

2%

Middle East/North Africa

5,849

3%

12,408

3%

21,524

3%

31,568

3%

7,515

3%

Sub-Saharan Africa/Europe

(2,079)

(1%)

34,120

9%

2,459

<1%

113,168

10%

3,247

1%

9,263

4%

82,933

21%

70,045

9%

254,570

22%

25,742

9%

Other operating loss

(626)

(<1%)

(1,032)

(<1%)

(3,120)

(<1%)

(5,548)

(<1%)

(658)

(<1%)

8,637

4%

81,901

21%

66,925

9%

249,022

22%

25,084

9%

Corporate general and administrative expenses

(7,150)

(3%)

(9,411)

(3%)

(25,096)

(3%)

(30,686)

(3%)

(7,932)

(3%)

Corporate depreciation

(1,629)

(1%)

(834)

(<1%)

(4,772)

(1%)

(2,486)

(<1%)

(1,649)

(<1%)

Corporate expenses

(8,779)

(4%)

(10,245)

(3%)

(29,868)

(4%)

(33,172)

(3%)

(9,581)

(3%)

Gain on asset dispositions, net

5,883

2%

4,699

1%

19,345

2%

13,092

1%

6,111

2%

Asset impairments

(15,141)

(6%)

(6,236)

(1%)

(61,771)

(7%)

(8,096)

(1%)

(31,672)

(11%)

Goodwill impairment

(283,699)

(73%)

(283,699)

(24%)

Restructuring charge

(7,586)

(1%)

(7,586)

(3%)

Operating loss

$

(9,400)

(4%)

(213,580)

(55%)

(12,955)

(1%)

(62,853)

(5%)

(17,644)

(6%)

Foreign exchange gain (loss)

(469)

(<1%)

4,334

1%

(3,758)

(1%)

8,453

1%

844

<1%

Equity in net earnings (losses) of unconsolidated companies

(1,710)

(1%)

(7,070)

(1%)

9,104

1%

(2,919)

(1%)

Interest income and other, net

609

<1%

434

<1%

1,754

<1%

1,555

<1%

355

<1%

Interest and other debt costs, net

(13,312)

(6%)

(12,239)

(3%)

(39,741)

(5%)

(37,927)

(3%)

(13,247)

(5%)

Loss before income taxes

$

(24,282)

(11%)

(221,051)

(57%)

(61,770)

(8%)

(81,668)

(7%)

(32,611)

(12%)

 

Note (B): Nine months ended December 31, 2015 figures exclude restructuring charges of $3.6 million and $4.0 million related to our Americas and Asia/Pacific segments, respectively, which were incurred during 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 nine-month periods ended December 31, 2015 and 2014 and for the quarter ended September 30, 2015, were as follows:

 

Quarter Ended

December 31,

Nine Months Ended

December 31,

Quarter

Ended

September 30,

2015

2014

2015

2014

2015

REVENUE BY VESSEL CLASS (In thousands):

Americas fleet:

Deepwater

$

49,792

94,298

191,720

267,983

61,776

Towing-supply

22,254

33,607

75,890

97,511

24,121

Other

3,917

6,649

11,735

23,056

3,313

Total

$

75,963

134,554

279,345

388,550

89,210

Asia/Pacific fleet:

Deepwater

$

13,267

20,575

56,535

72,492

23,435

Towing-supply

5,877

13,487

22,719

45,862

8,738

Other

984

2,930

Total

$

19,144

35,046

79,254

121,284

32,173

Middle East/North Africa fleet:

Deepwater

$

17,690

25,615

58,845

64,336

20,769

Towing-supply

21,795

29,441

71,898

93,435

23,914

Other

699

869

2,043

2,530

653

Total

$

40,184

55,925

132,786

160,301

45,336

Sub-Saharan Africa/Europe fleet:

Deepwater

$

30,361

81,129

124,282

262,013

39,955

Towing-supply

35,186

52,532

118,490

162,585

42,106

Other

12,070

18,940

41,195

55,855

15,351

Total

$

77,617

152,601

283,967

480,453

97,412

Worldwide fleet:

Deepwater

$

111,110

221,617

431,382

666,824

145,935

Towing-supply

85,112

129,067

288,997

399,393

98,879

Other

16,686

27,442

54,973

84,371

19,317

Total

$

212,908

378,126

775,352

1,150,588

264,131

UTILIZATION:

Americas fleet:

Deepwater

53.6

%

87.3

66.5

89.3

65.1

Towing-supply

48.9

74.5

56.7

69.1

56.5

Other

60.4

56.7

50.7

67.7

47.8

Total

52.7

%

77.2

60.7

77.7

59.7

Asia/Pacific fleet:

Deepwater

40.6

%

66.9

48.4

73.3

59.9

Towing-supply

62.6

76.6

71.7

86.9

79.7

Other

100.0

100.0

Total

51.0

%

73.9

59.0

82.3

68.3

Middle East/North Africa fleet:

Deepwater

65.4

%

89.3

69.8

80.8

73.7

Towing-supply

66.9

79.6

72.7

81.4

74.9

Other

100.0

100.0

97.2

97.3

91.9

Total

67.8

%

83.2

72.9

81.9

75.2

Sub-Saharan Africa/Europe fleet:

Deepwater

50.6

%

85.7

58.7

85.8

57.2

Towing-supply

58.5

78.8

63.0

77.5

63.9

Other

71.5

73.3

71.6

74.2

73.5

Total

60.4

%

78.7

64.6

78.7

65.1

Worldwide fleet:

Deepwater

52.5

%

84.9

62.0

85.2

63.0

Towing-supply

58.9

77.7

65.1

77.5

67.0

Other

69.1

71.0

67.0

73.9

67.9

Total

58.4

%

78.6

64.3

79.2

65.7

 

Quarter Ended

December 31,

Nine Months Ended

December 31,

Quarter

Ended

September 30,

2015

2014

2015

2014

2015

AVERAGE VESSEL DAY RATES:

Americas fleet:

Deepwater

$

25,584

32,612

26,984

31,686

26,254

Towing-supply

17,071

16,890

16,797

16,932

16,003

Other

7,050

9,314

7,762

8,772

7,461

Total

$

19,962

24,048

21,268

23,067

20,725

Asia/Pacific fleet:

Deepwater

$

27,345

35,821

33,858

39,250

34,487

Towing-supply

6,379

13,664

7,593

13,701

7,907

Other

10,692

10,653

Total

$

13,611

21,195

17,000

22,176

18,028

Middle East/North Africa fleet:

Deepwater

$

20,995

24,586

21,500

24,257

20,738

Towing-supply

11,430

12,870

11,599

13,438

11,200

Other

3,800

4,723

3,779

4,727

3,737

Total

$

13,699

15,918

14,013

15,808

13,692

Sub-Saharan Africa/Europe fleet:

Deepwater

$

18,355

28,675

21,462

30,020

20,876

Towing-supply

15,565

16,859

16,225

16,879

17,009

Other

4,764

5,976

5,241

5,819

5,731

Total

$

12,037

16,743

13,552

17,184

13,782

Worldwide fleet:

Deepwater

$

22,546

30,205

24,932

30,751

24,535

Towing-supply

13,315

15,401

13,754

15,546

13,689

Other

5,098

6,598

5,546

6,472

5,858

Total

$

14,589

19,024

16,077

19,045

16,039

 

The company's average number of vessels by class and geographic distribution for the quarters and the nine-month periods ended December 31, 2015 and 2014 and for the quarter ended September 30, 2015:

Quarter Ended

December 31,

Nine Months Ended

December 31,

Quarter

Ended

September 30,

2015

2014

2015

2014

2015

Americas fleet:

Deepwater

40

36

39

34

40

Towing-supply

29

29

29

30

29

Other

10

14

11

14

10

Total

79

79

79

78

79

Less stacked vessels

18

9

15

8

14

Active vessels

61

70

64

70

65

Asia/Pacific fleet:

Deepwater

13

9

13

9

12

Towing-supply

16

14

15

14

15

Other

1

1

1

1

1

Total

30

24

29

24

28

Less stacked vessels

12

7

7

Active vessels

18

24

22

24

21

Middle East/North Africa fleet:

Deepwater

14

13

14

12

15

Towing-supply

31

31

31

31

31

Other

2

2

2

2

2

Total

47

46

47

45

48

Less stacked vessels

5

4

4

Active vessels

42

46

43

45

44

Sub-Saharan Africa/Europe fleet:

Deepwater

36

36

36

37

36

Towing-supply

42

43

42

45

42

Other

38

47

40

47

40

Total

116

126

118

129

118

Less stacked vessels

22

7

17

6

19

Active vessels

94

119

101

123

99

Active owned or chartered vessels

215

259

230

262

229

Stacked vessels

57

16

43

14

44

Total owned or chartered vessels

272

275

273

276

273

Joint-venture and other

9

10

9

11

9

Total

281

285

282

287

282

 

Note (C): Included in total owned or chartered vessels at December 31, 2015 and 2014 and at September 30, 2015, were 70, 16 and 51 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 December 31, 2015:

 

(In thousands)

Number

of

Vessels

Shipyard

Location

Delivery

Dates

Total

Cost

Amount

Invested

12/31/15

Remaining

Balance

12/31/15

Towing-supply:

7,145 BHP Towing-supply

1

International

1/2016

$

16,280

13,580

2,700

Deepwater

261-foot PSV

2

International

4/2016, 5/2016

275-foot PSV

1

International

1/2016

292-foot PSV

1

International

9/2016

300-foot PSV

2

United States

1/2017, 5/2017

310-foot PSV

2

United States

1/2016, 4/2016

Total Deepwater PSVs

8

335,746

231,256

104,490

Total vessel commitments

9

$

352,026

244,836

107,190

 

Note (D): Six additional option vessels and a fast supply boat are not included in the table above. The company is entitled to receive a refund of prior shipyard payments totaling approximately $43 million (of which $12 million was received in January 2016) which would offset the remaining balance of vessel commitments.

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

 

Quarter Period Ended

Vessel class and type

03/16

06/16

09/16

12/16

03/17

06/17

Deepwater PSVs

2

3

1

1

1

Towing-supply vessels

1

Totals

3

3

1

1

1

(In thousands)

Expected quarterly cash outlay

$

39,676

13,643

40,358

2,310

6,313

4,890

 

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

 

SOURCE Tidewater Inc.



RELATED LINKS

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