TIDEWATER INC - FORM 8-K - EX-99.1

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8-K - FORM 8-K - TIDEWATER INC	d624283d8k.htm

Exhibit 99.1

LOGO

Tidewater Reports Second Quarter Results For Fiscal 2014

NEW ORLEANS, LA. November 4, 2013 — Tidewater Inc. (NYSE:TDW) announced today second quarter net earnings for the period ended September 30, 2013, of $54.2 million, or $1.09 per common share, on revenues of $367.9 million. For the same quarter last year, net earnings were $41.4 million, or $0.83 per common share, on revenues of $311.9 million. The immediately preceding quarter ended June 30, 2013, had net earnings of $30.1 million, or $0.61 per common share, on revenues of $334.1 million.

Net earnings for the September 30, 2013 quarter reflect a $4.1 million ($3.0 million after tax, or $0.06 per common share) loss on early extinguishment of debt associated with bonds issued in April 2013 by Troms Offshore Supply AS, a wholly-owned subsidiary of the Company acquired in June 2013.

As previously announced, Tidewater will hold a conference call to discuss September quarterly earnings on Tuesday, November 5, 2013, 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 5, 2013, and will continue until 11:59 p.m. Central time on November 7, 2013. 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 35911627.

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 5, 2013.

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

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

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

CONTACT: Tidewater Inc., New Orleans

Joe Bennett, Executive Vice President and Chief Investor Relations Officer

504-566-4506

SOURCE: Tidewater Inc.

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,
	2013		2012		2013		2012
Revenues:
Vessel revenues	$	363,668		309,822		695,298		599,916
Other operating revenues		4,269		2,096		6,724		6,450
		367,937		311,918		702,022		606,366
Costs and expenses:
Vessel operating costs		195,316		172,652		391,477		333,988
Costs of other operating revenues		4,040		1,585		6,060		5,108
General and administrative		46,038		41,867		96,518		82,531
Vessel operating leases		3,971		4,403		8,002		8,895
Depreciation and amortization		42,056		36,047		82,164		71,831
Gain on asset dispositions, net		(49)		(1,833)		(2,189)		(2,671)
		291,372		254,721		582,032		499,682
Operating income		76,565		57,197		119,990		106,684
Other income (expenses):
Foreign exchange gain (loss)		3,017		529		2,928		(1,222)
Equity in net earnings of unconsolidated companies		3,781		3,357		8,201		5,720
Interest income and other, net		538		1,128		1,278		1,847
Loss on early extinguishment of debt		(4,144)		—		(4,144)		—
Interest and other debt costs		(9,918)		(7,148)		(18,831)		(14,735)
		(6,726)		(2,134)		(10,568)		(8,390)
Earnings before income taxes		69,839		55,063		109,422		98,294
Income tax expense		15,667		13,707		25,167		24,082
Net earnings	$	54,172		41,356		84,255		74,212



Basic earnings per common share	$	1.10		0.84		1.71		1.49



Diluted earnings per common share	$	1.09		0.83		1.70		1.48



Weighted average common shares outstanding		49,274,816		49,392,973		49,253,409		49,792,212
Dilutive effect of stock options and restricted stock		448,303		232,097		395,983		214,291
Adjusted weighted average common shares		49,723,119		49,625,070		49,649,392		50,006,503



Cash dividends declared per common share	$	0.25		0.25		0.50		0.50

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)


ASSETS	September 30, 2013		March 31, 2013
Current assets:
Cash and cash equivalents	$	45,534		40,569
Trade and other receivables, net		558,824		393,438
Marine operating supplies		53,744		62,348
Other current assets		23,653		11,735
Total current assets		681,755		508,090
Investments in, at equity, and advances to unconsolidated companies		52,254		46,047
Properties and equipment:
Vessels and related equipment		4,533,231		4,250,169
Other properties and equipment		65,791		83,779
		4,599,022		4,333,948
Less accumulated depreciation and amortization		1,067,673		1,144,129
Net properties and equipment		3,531,349		3,189,819
Goodwill		339,982		297,822
Other assets		149,239		126,277
Total assets	$	4,754,579		4,168,055



LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	89,689		63,602
Accrued expenses		168,185		159,086
Accrued property and liability losses		4,099		4,133
Other current liabilities		39,334		39,808
Total current liabilities		301,307		266,629
Long-term debt		1,445,628		1,000,000
Deferred income taxes		188,771		189,763
Accrued property and liability losses		9,936		10,833
Other liabilities and deferred credits		174,370		139,074

Commitments and Contingencies

Stockholders’ equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,577,276 shares at September 30, 2013 and 49,485,832 shares at March 31, 2013		4,958		4,949
Additional paid-in capital		133,386		119,975
Retained earnings		2,513,193		2,453,973
Accumulated other comprehensive loss		(16,970)		(17,141)
Total stockholders’ equity		2,634,567		2,561,756
Total liabilities and stockholders’ equity	$	4,754,579		4,168,055

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)


	Quarter Ended September 30,				Six Months Ended September 30,
	2013		2012		2013		2012
Net earnings	$	54,172		41,356		84,255		74,212
Other comprehensive income/(loss):
Unrealized gains/(losses) on available-for-sale securities net of tax of $(93), $225, $(33) and $(110)		(173)		419		(62)		(205)
Amortization of loss on derivative contract net of tax of $62, $63, $125 and $125		116		117		233		233
Total comprehensive income	$	54,115		41,892		84,426		74,240

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)


	Six Months Ended September 30,
	2013		2012
Operating activities:
Net earnings	$	84,255		74,212
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		82,164		71,831
Benefit for deferred income taxes		(10,215)		(4,372)
Gain on asset dispositions, net		(2,189)		(2,671)
Equity in earnings of unconsolidated companies, less dividends		(6,167)		(4,031)
Compensation expense - stock-based		10,999		10,320
Excess tax benefit on stock options exercised		(341)		(95)
Changes in assets and liabilities, net:
Trade and other receivables		(165,573)		(20,707)
Marine operating supplies		9,363		(2,281)
Other current assets		(10,666)		(5,565)
Accounts payable		11,461		16,195
Accrued expenses		8,631		6,176
Accrued property and liability losses		39		(241)
Other current liabilities		276		1,134
Other liabilities and deferred credits		(531)		3,508
Other, net		(1,678)		2,846
Net cash provided by operating activities		9,828		146,259
Cash flows from investing activities:
Proceeds from sales of assets		7,646		9,977
Proceeds from sale/leaseback of assets		65,550		—
Additions to properties and equipment		(220,309)		(189,826)
Payments for acquisition, net of cash acquired		(127,737)		—
Other		(687)		(1,338)
Net cash used in investing activities		(275,537)		(181,187)
Cash flows from financing activities:
Debt issuance costs		(3,845)		—
Principal payment on long-term debt		(691,615)		(60,000)
Debt borrowings		986,262		—
Proceeds from exercise of stock options		4,421		938
Cash dividends		(24,890)		(25,058)
Excess tax benefit on stock options exercised		341		95
Stock repurchases		—		(65,028)
Net cash provided by (used in) financing activities		270,674		(149,053)
Net change in cash and cash equivalents		4,965		(183,981)
Cash and cash equivalents at beginning of period		40,569		320,710
Cash and cash equivalents at end of period	$	45,534		136,729


Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	23,338		19,259
Income taxes	$	32,144		27,075
Supplemental disclosure of non-cash investing activities:
Additions to properties and equipment	$	4,157		6,724
Increase in receivables due to sale of shipyard	$	6,500		—

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands)


	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Total
Balance at March 31, 2013	$	4,949		119,975		2,453,973		(17,141)		2,561,756
Total comprehensive income		—		—		84,255		171		84,426
Stock option activity		12		4,763		—		—		4,775
Cash dividends declared		—		—		(25,035)		—		(25,035)
Amortization/cancellation of restricted stock units		—		6,220		—		—		6,220
Amortization/cancellation of restricted stock		(3)		2,428		—		—		2,425
Balance at September 30, 2013	$	4,958		133,386		2,513,193		(16,970)		2,634,567



Balance at March 31, 2012	$	5,125		102,726		2,437,836		(19,330)		2,526,357
Total comprehensive income		—		—		74,212		28		74,240
Stock option activity		3		2,148		—		—		2,151
Cash dividends declared		—		—		(25,169)		—		(25,169)
Retirement of common stock		(140)		—		(64,888)		—		(65,028)
Amortization/cancellation of restricted stock units		—		3,867		—		—		3,867
Amortization/cancellation of restricted stock		(6)		3,865		—		—		3,859
Balance at September 30, 2012	$	4,982		112,606		2,421,991		(19,302)		2,520,277

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, 2013 and 2012 and for the quarter ended June 30, 2013, were as follows:


	Quarter Ended September 30,								Six Months Ended September 30,								Quarter Ended June 30,
(In thousands)	2013		%		2012		%		2013		%		2012		%		2013		%
Vessel revenues:
Americas	$	101,929		28%		82,316		27%		192,173		28%		159,966		27%		90,244		27%
Asia/Pacific		37,430		10%		45,738		15%		80,386		12%		97,480		16%		42,956		13%
Middle East/N. Africa		45,370		13%		32,051		10%		86,583		12%		64,501		11%		41,213		13%
Sub-Saharan Africa/Europe		178,939		49%		149,717		48%		336,156		48%		277,969		46%		157,217		47%
	$	363,668		100%		309,822		100%		695,298		100%		599,916		100%		331,630		100%


Vessel operating costs:
Crew costs	$	100,767		28%		90,811		29%		193,999		28%		178,115		30%		93,232		28%
Repair and maintenance		38,996		11%		32,754		11%		87,089		13%		59,978		10%		48,093		14%
Insurance and loss reserves		3,926		1%		3,810		1%		9,946		1%		9,161		2%		6,020		2%
Fuel, lube and supplies		19,354		5%		19,269		6%		38,159		5%		37,012		6%		18,805		6%
Other		32,273		9%		26,008		9%		62,284		9%		49,722		8%		30,011		9%
Total vessel operating costs		195,316		54%		172,652		56%		391,477		56%		333,988		56%		196,161		59%
Vessel operating margin (A)	$	168,352		46%		137,170		44%		303,821		44%		265,928		44%		135,469		41%

Note (A): The following table reconciles vessel operating margin as presented above to operating income for the quarters and the six-month periods ended September 30, 2013 and 2012 and for the quarter ended June 30, 2013:


	Quarter Ended September 30,				Six Months Ended September 30,				Quarter Ended June 30,
(In thousands)	2013		2012		2013		2012		2013
Vessel operating margin	$	168,352		137,170		303,821		265,928		135,469
Other marine revenues		4,269		2,096		6,724		6,450		2,455
Costs of other marine revenues		(4,040)		(1,585)		(6,060)		(5,108)		(2,020)
General and administrative		(46,038)		(41,867)		(96,518)		(82,531)		(50,480)
Vessel operating leases		(3,971)		(4,403)		(8,002)		(8,895)		(4,031)
Depreciation and amortization		(42,056)		(36,047)		(82,164)		(71,831)		(40,108)
Gain on asset dispositions, net		49		1,833		2,189		2,671		2,140
Operating income	$	76,565		57,197		119,990		106,684		43,425

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, 2013 and 2012 and for the quarter ended June 30, 2013, were as follows:


	Quarter Ended September 30,								Six Months Ended September 30,								Quarter Ended June 30,
(In thousands)	2013		%		2012		%		2013		%		2012		%		2013		%
Vessel operating profit:
Americas	$	23,675		6%		9,506		3%		43,976		6%		19,698		3%		20,301		6%
Asia/Pacific		4,807		1%		7,826		3%		15,096		2%		22,734		4%		10,289		3%
Middle East/N. Africa		13,446		4%		6,280		2%		23,569		4%		12,562		2%		10,123		3%
Sub-Saharan Africa/Europe		47,261		13%		44,330		14%		64,780		9%		71,426		12%		17,519		5%
		89,189		24%		67,942		22%		147,421		21%		126,420		21%		58,232		17%
Corporate expenses		(12,891)		(4%)		(12,484)		(4%)		(29,446)		(4%)		(22,951)		(4%)		(16,555)		(5%)
Gain on asset dispositions, net		49		<1%		1,833		1%		2,189		<1%		2,671		<1%		2,140		1%
Other operating expenses		218		<1%		(94)		(<1%)		(174)		(<1%)		544		<1%		(392)		(<1%)
Operating income		76,565		21%		57,197		18%		119,990		17%		106,684		17%		43,425		13%
Foreign exchange gain (loss)		3,017		1%		529		<1%		2,928		<1%		(1,222)		(<1%)		(89)		(<1%)
Equity in net earnings of unconsolidated companies		3,781		1%		3,357		1%		8,201		1%		5,720		1%		4,420		1%
Interest income and other, net		538		<1%		1,128		<1%		1,278		<1%		1,847		<1%		740		<1%
Loss on early extinguishment of debt		(4,144)		(1%)		—		—		(4,144)		(<1%)		—		—		—		—
Interest and other debt costs		(9,918)		(3%)		(7,148)		(2%)		(18,831)		(3%)		(14,735)		(2%)		(8,913)		(3%)
Earnings before income taxes	$	69,839		19%		55,063		18%		109,422		16%		98,294		16%		39,583		12%

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, 2013 and 2012 and the quarter ended June 30, 2013, were as follows:


	Quarter Ended September 30,					Six Months Ended September 30,				Quarter Ended June 30,
	2013			2012		2013		2012		2013
REVENUES BY VESSEL CLASS (In thousands):
Americas fleet:
Deepwater vessels	$	61,811			44,747		116,843		81,027		55,032
Towing-supply/supply		30,861			31,109		58,531		65,461		27,670
Other		9,257			6,460		16,799		13,478		7,542
Total	$	101,929			82,316		192,173		159,966		90,244
Asia/Pacific fleet:
Deepwater vessels	$	19,923			24,592		44,215		49,929		24,292
Towing-supply/supply		16,559			20,229		34,281		45,729		17,722
Other		948			917		1,890		1,822		942
Total	$	37,430			45,738		80,386		97,480		42,956
Middle East/N. Africa fleet:
Deepwater vessels	$	15,732			12,275		31,584		23,559		15,852
Towing-supply/supply		28,763			18,859		53,260		38,859		24,497
Other		875			917		1,739		2,083		864
Total	$	45,370			32,051		86,583		64,501		41,213
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	106,541			67,696		193,792		130,311		87,251
Towing-supply/supply		56,772			63,548		111,632		112,560		54,860
Other		15,626			18,473		30,732		35,098		15,106
Total	$	178,939			149,717		336,156		277,969		157,217
Worldwide fleet:
Deepwater vessels	$	204,007			149,310		386,434		284,826		182,427
Towing-supply/supply		132,955			133,745		257,704		262,609		124,749
Other		26,706			26,767		51,160		52,481		24,454
Total	$	363,668			309,822		695,298		599,916		331,630


UTILIZATION:
Americas fleet:
Deepwater vessels		72.3	%		70.7		74.9		72.1		77.8
Towing-supply/supply		49.5			48.2		46.3		50.8		43.3
Other		91.6			72.5		86.8		76.5		82.2
Total		63.9	%		58.6		62.0		60.9		60.1
Asia/Pacific fleet:
Deepwater vessels		80.1	%		81.2		86.4		87.4		92.7
Towing-supply/supply		73.0			52.2		68.5		53.6		64.5
Other		100.0			100.0		100.0		74.1		100.0
Total		75.8	%		58.7		73.9		60.7		72.2
Middle East/N. Africa fleet:
Deepwater vessels		81.2	%		91.8		86.1		92.7		91.3
Towing-supply/supply		86.1			71.2		79.1		74.2		72.1
Other		81.8			34.5		57.9		38.4		44.7
Total		84.7	%		69.9		78.9		72.4		73.3
Sub-Saharan Africa/Europe fleet:
Deepwater vessels		88.8	%		83.0		84.0		83.6		79.3
Towing-supply/supply		66.8			67.8		67.2		64.1		67.6
Other		72.5			79.9		71.4		78.2		70.2
Total		75.0	%		75.4		73.4		73.3		71.8
Worldwide fleet:
Deepwater vessels		81.9	%		79.8		81.6		81.4		81.2
Towing-supply/supply		66.3			59.9		63.5		60.0		60.8
Other		77.3			74.7		74.4		74.4		71.5
Total		73.2	%		67.8		71.0		68.1		68.8


	Quarter Ended September 30,					Six Months Ended September 30,				Quarter Ended June 30,
	2013			2012		2013		2012		2013
AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater vessels	$	31,953			28,450		30,894		27,213		29,786
Towing-supply/supply		15,520			14,103		15,348		14,120		15,161
Other		7,843			6,094		7,423		6,038		6,965
Total	$	19,974			17,012		19,493		16,247		18,977
Asia/Pacific fleet:
Deepwater vessels	$	37,812			42,037		38,610		36,411		39,291
Towing-supply/supply		12,430			12,663		12,729		13,491		13,022
Other		10,300			9,972		10,326		9,959		10,353
Total	$	19,184			20,109		19,990		19,717		20,749
Middle East/N. Africa fleet:
Deepwater vessels	$	22,195			18,359		21,685		18,624		21,202
Towing-supply/supply		12,440			9,857		12,498		9,834		12,567
Other		4,750			4,812		4,750		4,946		4,750
Total	$	14,156			11,561		14,231		11,441		14,316
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	30,244			25,235		28,950		23,919		27,514
Towing-supply/supply		15,737			15,721		15,563		14,707		15,386
Other		4,779			5,236		4,830		5,063		4,883
Total	$	17,206			14,602		16,617		13,875		15,993
Worldwide fleet:
Deepwater vessels	$	30,481			27,102		29,549		25,749		28,572
Towing-supply/supply		14,389			13,705		14,364		13,377		14,338
Other		5,651			5,496		5,576		5,373		5,496
Total	$	17,603			15,384		17,299		14,827		16,976


The utilization, average day rates and the number of the company’s new vessels (defined as vessels acquired or constructed since calendar year 2000 as part of its new build and acquisition program) for the quarters and six-month periods ended September 30, 2013 and 2012 and the quarter ended June 30, 2013, were as follows:
	Quarter Ended September 30,					Six Months Ended September 30,				Quarter Ended June 30,
	2013			2012		2013		2012		2013
UTILIZATION:
Deepwater vessels
Platform supply vessels		84.6	%		84.6		84.3		85.3		84.0
Anchor handling towing supply		87.9			79.3		91.9		86.5		95.9
Towing-supply/supply		85.7			87.6		83.7		88.4		81.7
Other		73.2			80.3		73.3		79.5		73.3
Total		82.7	%		84.7		82.0		85.5		81.2


AVERAGE VESSEL DAY RATES:
Deepwater vessels
Platform supply vessels	$	31,053			27,224		29,911		25,662		28,689
Anchor handling towing supply		28,885			30,226		29,236		29,516		29,561
Towing-supply/supply		14,484			14,456		14,538		14,059		14,595
Other		5,635			5,868		5,739		5,764		5,843
Total	$	18,637			16,660		18,303		16,064		17,955


AVERAGE VESSEL COUNT:
Deepwater vessels
Platform supply vessels		73			57		71		56		69
Anchor handling towing supply		11			11		11		11		11
Towing-supply/supply		103			101		103		101		103
Other		52			49		52		49		53
Total		239			218		237		217		236

The company’s average number of vessels by class and geographic distribution for the quarters and the six-month periods ended September 30, 2013 and 2012 and for the quarter ended June 30, 2013:


	Quarter Ended September 30,				Six Months Ended September 30,				Quarter Ended June 30,
	2013		2012		2013		2012		2013
Americas fleet:
Deepwater vessels		30		24		28		23		27
Towing-supply/supply		44		50		45		50		46
Other		14		16		14		16		14
Total		88		90		87		89		87
Less stacked vessels		24		25		24		24		25
Active vessels		64		65		63		65		62
Asia/Pacific fleet:
Deepwater vessels		7		8		7		9		7
Towing-supply/supply		20		33		21		34		24
Other		1		1		1		1		1
Total		28		42		29		44		32
Less stacked vessels		4		13		4		14		6
Active vessels		24		29		25		30		26
Middle East/N. Africa fleet:
Deepwater vessels		9		8		9		8		9
Towing-supply/supply		29		29		30		29		30
Other		2		6		3		6		4
Total		40		43		42		43		43
Less stacked vessels		0		7		2		7		3
Active vessels		40		36		40		36		40
Sub-Saharan Africa/Europe fleet:
Deepwater vessels		43		35		44		35		44
Towing-supply/supply		59		65		58		66		58
Other		49		48		49		48		48
Total		151		148		151		149		150
Less stacked vessel		11		20		11		20		10
Active vessels		140		128		140		129		140
Active owned or chartered vessels		268		258		268		260		268
Stacked vessels		39		65		41		65		44
Total owned or chartered vessels		307		323		309		325		312
Vessels withdrawn from service		1		2		1		2		1
Joint-venture and other		10		10		10		10		10
Total		318		335		320		337		323

Note (B): Included in total owned or chartered vessels at September 30, 2013 and 2012 and at June 30, 2013, were 37, 61, and 41 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 company’s various commitments to acquire and construct new vessels, by vessel type, and remotely operated vehicles (ROVs) as of September 30, 2013, were as follows:


	Non-U.S. Built							U.S. Built
Vessel class and type	Number of Vessels/ROVs	Total Cost		Invested Through 09/30/13		Remaining Balance 09/30/13		Number of Vessels/ROVs	Total Cost		Invested Through 09/30/13		Remaining Balance 09/30/13
In thousands, except number of vessels:
Deepwater platform supply vessels	18	$	519,009		95,368		423,641	5		267,630		138,068		129,562
Towing-supply/supply vessels	6		113,395		46,506		66,889	—		—		—		—
Other	2		33,917		28,455		5,462	—		—		—		—
Total vessel commitments	26	$	666,321		170,329		495,992	5		267,630		138,068		129,562
Total ROV commitments	—	$	—		—		—	5		26,167		7,850		18,317
Total commitments	26	$	666,321		170,329		495,992	10		293,797		145,918		147,879

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


	Quarter Period Ended

Vessel class and type	12/13		03/14		06/14		09/14		12/14		Thereafter
Deepwater platform supply vessels		3		2		5		3		1		9
Towing-supply/supply vessels		—		—		—		3		1		2
Other		1		—		—		—		—		1
Total vessel commitments		4		2		5		6		2		12
Total ROV commitments		5		—		—		—		—		—
Total commitments		9		2		5		6		2		12


(In thousands)
Expected quarterly cash outlay	$	137,934		98,204		97,017		114,039		47,123		149,554 (A)

(A)	The $149,554 of ‘Thereafter’ vessel construction obligations are expected to be paid out as follows: $44,323 in the fourth quarter of fiscal 2015 and $105,231 during fiscal 2016.

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