TIDEWATER INC - FORM 8-K - EX-99.1 - PRESS RELEASE

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8-K - FORM 8-K - TIDEWATER INC	d356419d8k.htm

Exhibit 99.1

LOGO

Tidewater Reports Fourth Quarter Results and Year End Earnings For Fiscal 2012

NEW ORLEANS, LA. May 21, 2012 — Tidewater Inc. (NYSE:TDW) announced today fourth quarter net earnings for the period ended March 31, 2012, of $33.6 million, or $0.66 per common share, on revenues of $289.4 million. For fiscal year ended March 31, 2012, net earnings were $87.4 million, or $1.70 per common share, on revenues of $1,067.0 million. For fiscal year ended March 31, 2011, net earnings were $105.6 million, or $2.05 per common share, on revenues of $1,055.4 million.

There were no items of significance to highlight in the March 31, 2012 quarter, but included in the prior year’s net earnings for the March 31, 2011 quarter were:

•

a $6.3 million ($6.3 million after-tax, or $0.12 per common share) charge to general and administrative expenses related to a previously disclosed settlement with the Federal Government of Nigeria.

•

a $3.9 million ($3.0 million after-tax, or $0.06 per common share) impairment charge included in “Gain on asset disposition, net” related to a write-down to estimated fair market value of eleven vessels and related parts inventory that were expected to be sold to a scrap dealer.

•

an effective income tax rate for the quarter of 52.6%, in part reflecting the impact of the two previously discussed charges which have virtually no related tax benefits. The quarterly effective tax rate also reflects an increase in the Company’s estimated annual effective tax rate exclusive of discrete items (including the two discussed above) from approximately 23% to the final fiscal 2011 effective tax rate excluding discrete items of approximately 26%. The impact of this increased tax rate on fourth quarter diluted earnings per share totaled $0.10, with $0.02 per common share pertaining to fourth quarter earnings and $0.08 per common share related to the cumulative effect on income tax expense related to the three prior quarters’ earnings.

As previously announced, Tidewater will hold a conference call to discuss March quarterly earnings and annual earnings on Monday, May 21, 2012, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-388-7493 if calling from the U.S. or Canada (1-706-679-8348 if calling from outside the U.S.) and ask for the “Tidewater” call just prior to the scheduled start. A replay of the conference call will be available beginning at 12:00 p.m. Central time on May 21, 2012, and will continue until 11:59 p.m. Central time on May 23, 2012. To hear the replay, call 1-855-859-2056 (1-404-537-3406 if calling from outside the U.S.). The conference call ID number is 76684860.

A simultaneous webcast of the conference call will be accessible online at the Tidewater Inc. website, www.tdw.com. The online replay will be available until June 21, 2012. Upon completion of the conference call, the company will also file a Form 8-K with the SEC, which will include a transcript of the conference call.

Tidewater Inc. owns 342 vessels, the world’s largest fleet of vessels serving the global offshore energy industry.

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

CONTACT: Tidewater Inc., New Orleans

Joe Bennett, Executive Vice President and Chief Investor Relations Officer

504-566-4506

Financial information is displayed on the next page.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS


	Quarter Ended						Year Ended
	March 31,						March 31,
	2012			2011			2012			2011
Revenues:
Vessel revenues	$	288,255			252,714			1,060,468			1,051,213
Other marine revenues		1,140			1,274			6,539			4,175

		289,395			253,988			1,067,007			1,055,388

Costs and expenses:
Vessel operating costs		168,707			153,518			638,137			638,590
Costs of other marine revenues		1,915			1,257			7,115			4,660
Depreciation and amortization		35,585			34,723			138,356			140,576
Goodwill impairment		—			—			30,932			—
General and administrative		40,791			41,522			156,570			145,454
Gain on asset dispositions, net		(3,986	)		(1,607	)		(17,657	)		(13,228	)

		243,012			229,413			953,453			916,052

Operating income		46,383			24,575			113,554			139,336
Other income (expenses):
Foreign exchange gain (loss)		2,574			131			3,309			2,278
Equity in net earnings of unconsolidated companies		3,614			3,419			13,041			12,185
Interest income and other, net		1,137			1,584			3,440			5,065
Interest and other debt costs		(7,454	)		(4,364	)		(22,308	)		(10,769	)

		(129	)		770			(2,518	)		8,759

Earnings before income taxes		46,254			25,345			111,036			148,095
Income tax expense		12,612			13,326			23,625			42,479

Net earnings	$	33,642			12,019			87,411			105,616

Basic earnings per common share	$	.66			.23			1.71			2.06

Diluted earnings per common share	$	.66			.23			1.70			2.05

Weighted average common shares outstanding		50,723,340			51,198,831			51,165,460			51,221,800
Incremental common shares from stock options		253,447			366,743			264,107			265,283

Adjusted weighted average common shares		50,976,787			51,565,574			51,429,567			51,487,083

Cash dividends declared per common share	$	.25			.25			1.00			1.00

TIDEWATER INC.

CONSOLIDATED BALANCE SHEETS

March 31, 2012 and 2011


(In thousands, except share and par value data)	2012			2011
ASSETS
Current assets:
Cash and cash equivalents	$	320,710			245,720
Trade and other receivables, less allowance for doubtful accounts of $49,921 in 2012 and $50,677 in 2011		309,468			272,467
Marine operating supplies		53,850			50,748
Other current assets		10,072			10,212

Total current assets		694,100			579,147

Investments in, at equity, and advances to unconsolidated companies		46,077			39,044
Properties and equipment:
Vessels and related equipment		3,952,468			3,910,430
Other properties and equipment		93,107			85,589

		4,045,575			3,996,019
Less accumulated depreciation and amortization		1,139,810			1,294,239

Net properties and equipment		2,905,765			2,701,780

Goodwill		297,822			328,754
Other assets		117,854			99,391

Total assets	$	4,061,618			3,748,116

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		74,115			45,177
Accrued expenses		134,953			120,869
Accrued property and liability losses		3,636			3,846
Other current liabilities		26,225			13,697

Total current liabilities		238,929			183,589

Long-term debt		950,000			700,000
Deferred income taxes		214,627			216,735
Accrued property and liability losses		3,150			5,327
Other liabilities and deferred credits		128,555			128,521

Commitments and Contingencies

Stockholders’ equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 51,250,995 shares at March 31, 2012 and 51,876,038 shares at March 31, 2011		5,125			5,188
Additional paid-in capital		102,726			90,204
Retained earnings		2,437,836			2,436,736
Accumulated other comprehensive loss		(19,330	)		(18,184	)

Total stockholders’ equity		2,526,357			2,513,944

Total liabilities and stockholders’ equity	$	4,061,618			3,748,116

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended March 31, 2012, 2011 and 2010


(In thousands)	2012			2011			2010
Operating activities:
Net earnings	$	87,411			105,616			259,476
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		138,356			140,576			130,184
Provision (benefit) for deferred income taxes		(23,754	)		(6,849	)		569
Reversal of liabilities for uncertain tax positions		(6,021	)		—			(36,110	)
Gain on asset dispositions, net		(17,657	)		(13,228	)		(28,178	)
Goodwill impairment		30,932			—			—
Provision for Venezuelan operations, net		—			—			43,720
Equity in earnings of unconsolidated companies, net of dividends		(7,033	)		1,570			(3,336	)
Compensation expense – stock based		14,340			15,482			8,740
Excess tax liability (benefit) on stock options exercised		1,190			(1,190	)		(72	)
Changes in assets and liabilities, net:
Trade and other receivables		(38,015	)		15,272			(20,458	)
Marine operating supplies		(3,102	)		(4,511	)		4,490
Other current assets		140			(3,509	)		(338	)
Accounts payable		21,844			3,504			(12,657	)
Accrued expenses		4,063			(7,080	)		6,119
Accrued property and liability losses		(210	)		(963	)		(712	)
Other current liabilities		8,700			12,675			(21,889	)
Other liabilities and deferred credits		7,947			6,219			(3,115	)
Other, net		3,290			622			1,828

Net cash provided by operating activities		222,421			264,206			328,261

Cash flows from investing activities:
Proceeds from sales of assets		42,029			37,196			51,735
Proceeds from sales/leaseback of assets		—			—			101,755
Proceeds from insurance settlements on Venezuela seized vessels		—			8,150			—
Additions to properties and equipment		(357,110	)		(615,289	)		(451,973	)
Other		—			—			1

Net cash used in investing activities		(315,081	)		(569,943	)		(298,482	)

Cash flows from financing activities:
Principal payments on debt		(40,000	)		(190,000	)		—
Debt borrowings		290,000			590,000			—
Debt issuance costs		(295	)		(10,032	)		(7,712	)
Proceeds from exercise of stock options		5,411			8,695			1,872
Cash dividends		(51,261	)		(51,478	)		(51,734	)
Excess tax (liability) benefit on stock options exercised		(1,190	)		1,190			72
Stock repurchases		(35,015	)		(19,988	)		—

Net cash provided by (used in) financing activities		167,650			328,387			(57,502	)

Net change in cash and cash equivalents		74,990			22,650			(27,723	)
Cash and cash equivalents at beginning of year		245,720			223,070			250,793

Cash and cash equivalents at end of year	$	320,710			245,720			223,070

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest	$	36,839			15,957			14,951
Income taxes	$	49,332			48,365			57,571
Supplemental disclosure of noncash investing activities:
Additions to properties and equipment	$	10,850			—			—

The company’s vessel revenues and vessel operating expenses and the related percentage of total vessel revenues for the quarters and the years ended March 31, 2012 and 2011 and for the quarter ended December 31, 2011, were as follows:


	Quarter Ended										Year Ended										Quarter Ended
	March 31,										March 31,										December 31,
(In thousands)	2012		%			2011		%			2012		%			2011		%			2011		%
Vessel revenues:
Americas	$	79,219		27	%		82,083		32	%		324,529		31	%		362,825		35	%		82,741		31	%
Asia/Pacific		48,207		17	%		42,533		17	%		153,752		14	%		176,877		17	%		40,919		15	%
Middle East/North Africa		30,783		11	%		25,120		10	%		109,489		10	%		92,151		9	%		27,839		10	%
Sub-Saharan Africa/Europe		130,046		45	%		102,978		41	%		472,698		45	%		419,360		40	%		118,987		44	%

Total vessel revenues		288,255		100	%		252,714		100	%		1,060,468		100	%		1,051,213		100	%		270,486		100	%

Vessel operating costs:
Crew costs	$	87,286		30	%		83,081		33	%		327,762		31	%		338,126		32	%		80,988		30	%
Repair and maintenance		27,368		9	%		25,505		10	%		103,257		10	%		110,496		11	%		26,680		10	%
Insurance and loss reserves		2,910		1	%		4,607		2	%		17,507		2	%		19,601		2	%		3,926		1	%
Fuel, lube and supplies		22,017		8	%		14,027		6	%		76,904		7	%		61,784		6	%		17,126		6	%
Vessel operating leases		4,492		2	%		4,492		2	%		17,967		2	%		17,964		2	%		4,492		2	%
Other		24,634		9	%		21,806		9	%		94,740		9	%		90,619		9	%		22,626		8	%

Total vessel operating costs		168,707		59	%		153,518		61	%		638,137		60	%		638,590		61	%		155,838		58	%

Vessel operating margin (A)	$	119,548		41	%		99,196		39	%		422,331		40	%		412,623		39	%		114,648		42	%

Note (A): The following table reconciles vessel operating margin as presented above to operating income for the quarters and the years ended March 31, 2012 and 2011 and for the quarter ended December 31, 2011:


	Quarter Ended						Year Ended						Quarter Ended
	March 31,						March 31,						December 31,
(In thousands)	2012			2011			2012			2011			2011
Vessel operating margin	$	119,548			99,196			422,331			412,623			114,648
Other marine revenues		1,140			1,274			6,539			4,175			1,625
Costs of other marine revenues		(1,915	)		(1,257	)		(7,115	)		(4,660	)		(1,938	)
Depreciation and amortization		(35,585	)		(34,723	)		(138,356	)		(140,576	)		(35,215	)
Goodwill impairment		—			—			(30,932	)		—			—
General and administrative		(40,791	)		(41,522	)		(156,570	)		(145,454	)		(40,425	)
Gain on asset dispositions, net		3,986			1,607			17,657			13,228			2,496

Operating income	$	46,383			24,575			113,554			139,336			41,191

The company’s operating profit and other components of earnings before income taxes and its related percentage of total revenues for the quarters and the years ended March 31, 2012 and 2011 and for the quarter ended December 31, 2011, were as follows:


	Quarter Ended												Year Ended												Quarter Ended
	March 31,												March 31,												December 31,
(In thousands)	2012			%			2011			%			2012			%			2011			%			2011			%
Marine operating profit:
Vessel activity:
Americas	$	16,157			6	%		10,461			4	%		56,003			5	%		49,341			5	%		18,462			7	%
Asia/Pacific		9,002			3	%		5,966			2	%		16,125			2	%		22,308			2	%		6,629			2	%
Middle East/North Africa		1,411			<1	%		4,643			2	%		805			<1	%		18,990			2	%		362			<1	%
Sub-Saharan Africa/Europe		27,869			10	%		17,550			7	%		97,142			9	%		82,993			8	%		25,418			9	%

		54,439			19	%		38,620			15	%		170,075			16	%		173,632			17	%		50,871			19	%
Corporate expenses		(10,525	)		(4	%)		(15,546	)		(6	%)		(40,379	)		(4	%)		(46,361	)		(4	%)		(10,972	)		(4	%)
Goodwill impairment		—			—			—			—			(30,932	)		(3	%)		—			—			—			—
Gain on asset dispositions, net		3,986			1	%		1,607			1	%		17,657			2	%		13,228			1	%		2,496			1	%
Other marine services		(1,517	)		(1	%)		(106	)		(<1	%)		(2,867	)		<1	%		(1,163	)		(<1	%)		(1,204	)		(<1	%)

Operating income		46,383			16	%		24,575			10	%		113,554			11	%		139,336			13	%		41,191			15	%

Foreign exchange gain (loss)		2,574			1	%		131			<1	%		3,309			<1	%		2,278			<1	%		(1,738	)		(1	%)
Equity in net earnings of unconsolidated companies		3,614			1	%		3,419			1	%		13,041			1	%		12,185			1	%		3,482			1	%
Interest income and other, net		1,137			<1	%		1,584			1	%		3,440			<1	%		5,065			<1	%		347			<1	%
Interest and other debt costs		(7,454	)		(3	%)		(4,364	)		(2	%)		(22,308	)		(2	%)		(10,769	)		(1	%)		(6,027	)		(2	%)

Earnings before income taxes	$	46,254			16	%		24,345			10	%		111,036			10	%		148,095			14	%		37,255			14	%

The company’s revenues, vessel utilization percentages and average day rates by vessel class and in total for the quarters and the years ended March 31, 2012 and 2011 and the quarter ended December 31, 2011, were as follows:


	Quarter Ended				Year Ended				Quarter Ended
	March 31,				March 31,				December 31,
	2012		2011		2012		2011		2011
REVENUES BY VESSEL CLASS (In thousands):
Americas fleet:
Deepwater vessels	$	35,045		33,261		146,950		181,244		38,861
Towing-supply/supply		35,596		40,113		143,796		149,151		35,866
Crew/utility		6,576		8,138		29,535		30,104		6,905
Offshore tugs		2,002		571		4,248		2,326		1,109
Total	$	79,219		82,083		324,529		362,825		82,741
Asia/Pacific fleet:
Deepwater vessels	$	26,857		21,089		75,495		82,919		20,445
Towing-supply/supply		20,197		20,329		73,845		89,517		19,334
Crew/utility		243		241		876		975		246
Offshore tugs		910		874		3,536		3,466		894
Total	$	48,207		42,533		153,752		176,877		40,919
Middle East/North Africa fleet:
Deepwater vessels	$	11,331		9,051		46,511		28,460		12,647
Towing-supply/supply		18,034		14,408		56,902		56,869		13,778
Offshore tugs		1,418		1,661		6,076		6,822		1,414
Total	$	30,783		25,120		109,489		92,151		27,839
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	64,392		32,508		199,697		123,707		51,194
Towing-supply/supply		48,663		52,677		201,463		221,595		50,159
Crew/utility		11,674		12,600		51,010		50,549		12,589
Offshore tugs		5,317		5,193		20,528		23,509		5,045
Total	$	130,046		102,978		472,698		419,360		118,987
Worldwide fleet:
Deepwater vessels	$	137,625		95,909		468,653		416,330		123,147
Towing-supply/supply		122,490		127,527		476,006		517,132		119,137
Crew/utility		18,493		20,979		81,421		81,628		19,740
Offshore tugs		9,647		8,299		34,388		36,123		8,462
Total	$	288,255		252,714		1,060,468		1,051,213		270,486


	Quarter Ended					Year Ended				Quarter Ended
	March 31,					March 31,				December 31,
	2012			2011		2012		2011		2011
UTILIZATION:
Americas fleet:
Deepwater vessels		75.9	%		70.1		74.9		77.3		79.7
Towing-supply/supply		53.1			48.3		49.0		42.6		54.2
Crew/utility		82.3			70.6		80.0		56.8		72.6
Offshore tugs		38.7			20.0		25.8		17.5		23.6
Total		61.4	%		55.2		58.2		50.8		61.0
Asia/Pacific fleet:
Deepwater vessels		95.3	%		78.9		76.8		78.3		83.5
Towing-supply/supply		43.1			43.5		41.3		46.6		43.8
Crew/utility		100.0			100.0		89.6		100.0		100.0
Offshore tugs		100.0			100.0		100.0		100.0		100.0
Total		55.9	%		53.6		50.9		55.5		54.4
Middle East/North Africa fleet:
Deepwater vessels		100.0	%		87.5		91.2		86.3		98.8
Towing-supply/supply		73.3			66.6		59.9		69.0		59.2
Offshore tugs		50.0			58.8		53.3		59.5		50.0
Total		74.4	%		68.8		64.5		69.9		65.2
Sub-Saharan Africa/Europe fleet:
Deepwater vessels		84.0	%		76.0		84.4		81.7		83.8
Towing-supply/supply		55.6			60.0		56.9		62.1		58.1
Crew/utility		76.2			91.6		83.7		87.0		82.0
Offshore tugs		72.6			60.3		65.9		68.6		69.0
Total		68.4	%		69.8		69.4		71.4		70.0
Worldwide fleet:
Deepwater vessels		84.9	%		75.8		81.1		79.8		84.2
Towing-supply/supply		55.2			54.5		52.1		54.0		54.4
Crew/utility		78.3			84.3		82.7		75.9		79.5
Offshore tugs		60.2			53.7		55.5		56.8		54.8
Total		65.4	%		62.8		62.9		62.1		64.6

AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater vessels	$	25,911			25,041		25,573		27,103		25,247
Towing-supply/supply		13,704			14,411		14,076		13,695		13,812
Crew/utility		6,234			6,411		6,212		6,296		6,186
Offshore tugs		9,613			6,341		8,199		6,353		8,525
Total	$	15,197			15,003		15,283		15,965		15,373
Asia/Pacific fleet:
Deepwater vessels	$	30,982			23,681		25,073		23,336		25,357
Towing-supply/supply		13,751			12,688		12,790		12,498		12,836
Crew/utility		2,670			2,670		2,670		2,670		2,670
Offshore tugs		10,000			9,709		9,662		9,495		9,709
Total	$	19,148			15,913		16,221		15,454		16,389
Middle East/North Africa fleet:
Deepwater vessels	$	17,788			16,907		17,703		16,962		17,484
Towing-supply/supply		8,992			7,693		8,477		7,558		8,604
Offshore tugs		5,194			5,235		5,192		5,232		5,127
Total	$	10,558			9,216		10,417		8,772		10,705
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	23,254			19,325		21,584		19,239		21,719
Towing-supply/supply		13,479			11,848		12,978		11,873		13,004
Crew/utility		4,548			4,247		4,500		4,275		4,509
Offshore tugs		6,705			6,836		6,794		6,706		6,620
Total	$	13,353			10,450		12,080		10,374		12,181
Worldwide fleet:
Deepwater vessels	$	24,465			21,619		22,709		22,691		22,696
Towing-supply/supply		12,651			11,913		12,452		11,689		12,460
Crew/utility		4,981			4,850		4,960		4,810		4,935
Offshore tugs		7,066			6,601		6,775		6,520		6,715
Total	$	14,140			12,194		13,197		12,352		13,359

The utilization, average day rates and the 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 years ended March 31, 2012 and 2011 and for the quarter ended December 31, 2011, were as follows:


	Quarter Ended					Year Ended				Quarter Ended
	March 31,					March 31,				December 31,
	2012			2011		2012		2011		2011
UTILIZATION:
Americas fleet:
New vessels		87.3	%		87.4		87.5		84.3		90.1
Traditional vessels		41.3			36.1		37.4		31.5		37.7
Total		61.4	%		55.2		58.2		50.8		61.0
Asia/Pacific fleet:
New vessels		81.0	%		79.3		78.7		78.7		83.1
Traditional vessels		10.4			22.0		11.6		31.8		10.2
Total		55.9	%		53.6		50.9		55.5		54.4
Middle East/North Africa fleet:
New vessels		83.9	%		79.7		70.3		83.1		68.2
Traditional vessels		55.9			61.3		56.1		62.7		59.6
Total		74.4	%		68.8		64.5		69.9		65.2
Sub-Saharan Africa/Europe fleet:
New vessels		82.2	%		87.8		85.4		88.9		84.8
Traditional vessels		32.1			35.8		34.0		41.2		36.1
Total		68.4	%		69.8		69.4		71.4		70.0
Worldwide fleet:
New vessels		83.2	%		85.6		82.9		85.8		83.4
Traditional vessels		35.7			37.7		34.8		38.8		35.5
Total		65.4	%		62.8		62.9		62.1		64.6

AVERAGE VESSEL DAY RATES:
Americas fleet:
New vessels	$	19,096			18,400		19,069		19,727		18,863
Traditional vessels		8,851			10,115		8,956		10,139		8,655
Total	$	15,197			15,003		15,283		15,965		15,373
Asia/Pacific fleet:
New vessels	$	20,247			18,332		17,494		19,176		17,395
Traditional vessels		3,642			5,195		3,968		6,023		3,749
Total	$	19,148			15,913		16,221		15,454		16,389
Middle East/North Africa fleet:
New vessels	$	11,657			12,325		12,398		11,812		12,337
Traditional vessels		7,377			6,414		6,815		6,580		7,174
Total	$	10,558			9,216		10,417		8,772		10,705
Sub-Saharan Africa/Europe fleet:
New vessels	$	14,098			11,077		12,774		11,186		12,921
Traditional vessels		8,353			7,537		8,208		7,339		8,226
Total	$	13,353			10,450		12,080		10,374		12,181
Worldwide fleet:
New vessels	$	15,658			13,851		14,741		14,381		14,835
Traditional vessels		8,226			8,047		8,045		7,939		8,021
Total	$	14,140			12,194		13,197		12,352		13,359


	Quarter Ended				Year Ended				Quarter Ended
	March 31,				March 31,				December 31,
	2012		2011		2012		2011		2011
AVERAGE VESSEL COUNT (EXCLUDING STACKED VESSELS):
Americas fleet:
New vessels		41		39		41		42		42
Traditional vessels		24		31		25		36		24
Total		65		70		66		78		66
Asia/Pacific fleet:
New vessels		32		30		30		28		30
Traditional vessels		1		6		3		12		2
Total		33		36		33		40		32
Middle East/North Africa fleet:
New vessels		27		18		25		14		27
Traditional vessels		9		20		12		22		9
Total		36		38		37		36		36
Sub-Saharan Africa/Europe fleet:
New vessels		113		103		106		98		106
Traditional vessels		18		27		21		31		20
Total		131		130		127		129		126
Worldwide fleet:
New vessels		213		190		202		182		205
Traditional vessels		52		84		61		101		55
Total		265		274		263		283		260

The company’s actual vessel count by class and geographic distribution at March 31, 2012 and the average number of vessels by class and geographic distribution for the quarters and the years ended March 31, 2012 and 2011 and for the quarter ended December 31, 2011, were as follows:


	Actual Vessel
	Count at		Quarter Ended				Year Ended				Quarter Ended
	March 31,		March 31,				March 31,				December 31,
	2012		2012		2011		2012		2011		2011
Americas fleet:
Deepwater vessels		18		20		21		21		24		21
Towing-supply/supply		50		53		64		57		70		52
Crew/utility		14		14		20		16		23		17
Offshore tugs		2		6		5		5		6		6

Total		84		93		110		99		123		96
Less stacked vessels		21		28		40		33		45		30

Active vessels		63		65		70		66		78		66

Asia/Pacific fleet:
Deepwater vessels		10		10		13		11		12		11
Towing-supply/supply		37		37		41		38		42		37
Crew/utility		1		1		1		1		1		1
Offshore tugs		1		1		1		1		1		1

Total		49		49		55		51		56		50
Less stacked vessels		16		16		19		18		16		18

Active vessels		33		33		36		33		40		32

Middle East/North Africa fleet:
Deepwater vessels		7		7		7		8		5		8
Towing-supply/supply		29		30		31		31		30		29
Offshore tugs		6		6		6		6		6		6

Total		42		43		44		45		41		43
Less stacked vessels		7		7		6		8		5		7

Active vessels		35		36		38		37		36		36

Sub-Saharan Africa/Europe fleet:
Deepwater vessels		37		36		25		30		22		31
Towing-supply/supply		69		72		82		74		82		72
Crew/utility		37		37		36		37		37		37
Offshore tugs		12		12		14		13		14		12

Total		155		157		157		154		155		152
Less stacked vessel		23		26		27		27		26		26

Active vessels		132		131		130		127		129		126

Active owned or chartered vessels		263		265		274		263		283		260
Stacked vessels (B)		67		77		92		86		92		81

Total owned or chartered vessels		330		342		366		349		375		341
Vessels withdrawn from service		2		2		5		3		5		2
Joint-venture and other		10		10		10		10		10		10

Total		342		354		381		362		390		353

Note (B): The company had 67, 90 and 79 actual stacked vessels at March 31, 2012 and 2011 and at December 31, 2011, 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 as of March 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		3/31/12		3/31/12		Vessels		Cost		3/31/12		3/31/12
In thousands, except number of vessels:
Deepwater vessels:
Platform supply vessels		13	$	350,254		146,366		203,888		3		146,811		43,538		103,273
Towing-supply/supply vessels:
Anchor handling towing supply		2		47,584		37,839		9,745		—		—		—		—
Platform supply vessels		2		49,710		18,725		30,985		—		—		—		—
Crewboats		5		22,369		10,969		11,400		—		—		—		—

Totals		22	$	469,917		213,899		256,018		3		146,811		43,538		103,273

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 vessel commitments as discussed above:


	Quarter Period Ended
Vessel class and type	06/12		09/12		12/12		03/13		06/13		Thereafter
Deepwater vessels:
Anchor handling towing supply		—		—		—		—		—		—
Platform supply vessels		3		4		2		—		1		6
Towing-supply/supply vessels:
Anchor handling towing supply		2		—		—		—		—		—
Platform supply vessels		—		—		—		—		—		2
Crewboats		—		—		—		2		2		1

Totals		5		4		2		2		3		9

(In thousands)
Expected quarterly cash outlay	$	78,900		70,076		54,912		16,344		20,203		118,856	(A)

(C)	The $118,856 of ‘Thereafter’ vessel construction obligations is expected to be paid out as follows: $74,997 in the remaining quarters of fiscal 2014 and $43,859 during fiscal 2015.

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