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 November 3, 2015 - 5:35 PM EST
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Tidewater Reports Second Quarter Results For Fiscal 2016

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









 

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

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tidewater-reports-second-quarter-results-for-fiscal-2016-300171739.html

SOURCE Tidewater Inc.


Source: PR Newswire (November 3, 2015 - 5:35 PM EST)

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