TIDEWATER INC - FORM 8-K - EX-99.1

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8-K - 8-K - TIDEWATER INC	d732031d8k.htm

Exhibit 99.1

LOGO

Tidewater Reports Fourth Quarter Results and Year End Earnings For Fiscal 2014

NEW ORLEANS, LA. May 20, 2014 — Tidewater Inc. (NYSE:TDW) announced today fourth quarter net earnings for the period ended March 31, 2014, of $43.4 million, or $0.88 per common share, on revenues of $367.8 million. For fiscal year ended March 31, 2014, net earnings were $140.3 million, or $2.82 per common share, on revenues of $1,435.1 million. For fiscal year ended March 31, 2013, net earnings were $150.8 million, or $3.03 per common share, on revenues of $1,244.2 million.

As previously announced, Tidewater will hold a conference call to discuss March quarterly earnings and annual earnings on Wednesday, May 21, 2014, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-427-2535 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 May 21, 2014, and will continue until 11:59 p.m. Central time on May 23, 2014. 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 37255141.

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 June 21, 2014.

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.

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.

CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share and per share data)



	Quarter Ended March 31,			Year Ended March 31,
	2014	2013		2014			2013

Revenues:
Vessel revenues	$ 362,450		325,039		1,418,461			1,229,998
Other operating revenues	5,383		3,294		16,642			14,167

	367,833		328,333		1,435,103			1,244,165


Costs and expenses:
Vessel operating costs	206,734		181,670		795,890			692,581
Costs of other operating revenues	5,588		2,932		15,745			12,216
General and administrative	45,735		46,739		187,976			175,609
Vessel operating leases	8,151		3,970		21,910			16,837
Depreciation and amortization	42,925		38,287		167,480			147,299
Gain on asset dispositions, net	(2,363)		(3,839)		(11,722	)		(6,609)
Goodwill impairment	---		---		56,283			---

	306,770		269,759		1,233,562			1,037,933

Operating income	61,063		58,574		201,541			206,232
Other income (expenses):
Foreign exchange (loss) gain	(2,728)		4,181		1,541			3,011
Equity in net earnings of unconsolidated companies	4,929		3,830		15,801			12,189
Interest income and other, net	708		693		2,123			3,476
Loss on early extinguishment of debt	---		---		(4,144	)		---
Interest and other debt costs, net	(12,733)		(7,827)		(43,814	)		(29,745)

	(9,824)		877		(28,493	)		(11,069)

Earnings before income taxes	51,239		59,451		173,048			195,163
Income tax expense	7,822		12,860		32,793			44,413

Net earnings	$ 43,417		46,591		140,255			150,750


Basic earnings per common share	$ .88		.95		2.84			3.04


Diluted earnings per common share	$ .88		.95		2.82			3.03


Weighted average common shares outstanding	49,463,080		49,103,240		49,392,749			49,550,391
Dilutive effect of stock options and restricted stock	115,109		108,053		287,365			183,649

Adjusted weighted average common shares	49,578,189		49,211,293		49,680,114			49,734,040

TIDEWATER INC.

CONSOLIDATED BALANCE SHEETS



March 31, 2014 and 2013 (In thousands, except share and par value data) ASSETS	2014			2013

Current assets:
Cash and cash equivalents	$	60,359			40,569
Trade and other receivables, less allowance for doubtful accounts of $35,737 in 2014 and $46,332 in 2013		252,421			274,512
Due from affiliate		429,450			118,926
Marine operating supplies		57,392			62,348
Other current assets		20,587			11,735

Total current assets		820,209			508,090

Investments in, at equity, and advances to unconsolidated companies		63,928			46,047
Properties and equipment:
Vessels and related equipment		4,521,102			4,250,169
Other properties and equipment		97,714			83,779

		4,618,816			4,333,948
Less accumulated depreciation and amortization		997,208			1,144,129

Net properties and equipment		3,621,608			3,189,819

Goodwill		283,699			297,822
Other assets		96,385			126,277

Total assets	$	4,885,829			4,168,055


LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	74,515			59,371
Accrued expenses		157,302			127,012
Due to affiliate		86,154			36,305
Accrued property and liability losses		3,631			4,133
Current portion of long-term debt		9,512			---
Other current liabilities		70,567			39,808

Total current liabilities		401,681			266,629

Long-term debt		1,505,358			1,000,000
Deferred income taxes		108,929			189,763
Accrued property and liability losses		5,286			10,833
Other liabilities and deferred credits		179,204			139,074

Commitments and Contingencies

Equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,730,442 shares at March 31, 2014 and 49,485,832 shares at March 31, 2013		4,973			4,949
Additional paid-in capital		142,381			119,975
Retained earnings		2,544,255			2,453,973
Accumulated other comprehensive loss		(12,225	)		(17,141)

Total stockholders’ equity		2,679,384			2,561,756
Noncontrolling interests		5,987			---

Total equity		2,685,371			2,561,756

Total liabilities and equity	$	4,885,829			4,168,055

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)


	Quarter Ended March 31,				Year Ended March 31,
	2014		2013		2014		2013
Net earnings	$	43,417		46,591		140,255		150,750
Other comprehensive income/(loss):
Unrealized (losses) gains on available for sale securities, net of tax of ($70), $100, $115 and ($200), respectively		(130)		186		213		(372)
Amortization of loss on derivative contract, net of tax of $63, $62, $251 and $251, respectively		117		116		466		466
Change in supplemental executive retirement plan pension liability, net of tax of $409, ($500), $409 and $1,306, respectively		760		(928)		760		2,427
Change in Pension Plan minimum liability, net of tax of $763, ($290), $763 and ($290), respectively		1,417		(539)		1,417		(539)
Change in Other Benefit Plan minimum liability, net of tax of $1,109, $111, $1,109 and $111, respectively		2,060		207		2,060		207
Total comprehensive income	$	47,641		45,633		145,171		152,939

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS



Years Ended March 31, 2014, 2013 and 2012 (In thousands)	2014		2013		2012

Operating activities:
Net earnings	$	140,255		150,750		87,411
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		167,480		147,299		138,356
Benefit for deferred income taxes		(34,709)		(11,733)		(23,754)
Reversal of liabilities for uncertain tax positions		---		---		(6,021)
Gain on asset dispositions, net		(11,722)		(6,609)		(17,657)
Goodwill impairment		56,283		---		30,932
Equity in earnings of unconsolidated companies, net of dividends		(15,801)		30		(7,033)
Compensation expense – stock based		19,642		19,416		14,340
Excess tax (benefit) liability on stock options exercised		(299)		(278)		1,190
Changes in assets and liabilities, net:
Trade and other receivables		13,485		(38,438)		(33,650)
Due from affiliate		(310,524)		(44,012)		(4,365)
Marine operating supplies		5,715		(8,498)		(3,102)
Other current assets		(7,600)		(1,663)		140
Accounts payable		(1,395)		(5,888)		(2,423)
Accrued expenses		34,458		9,098		(680)
Due to affiliate		49,849		(12,065)		29,010
Accrued property and liability losses		(429)		497		(210)
Other current liabilities		10,373		4,846		8,700
Other liabilities and deferred credits		(11,842)		822		7,947
Other, net		1,398		10,349		3,290

Net cash provided by operating activities		104,617		213,923		222,421

Cash flows from investing activities:
Proceeds from sales of assets		51,330		27,278		42,849
Proceeds from sale/leaseback of assets		270,575		---		---
Additions to properties and equipment		(594,695)		(440,572)		(357,110)
Payments for acquisition, net of cash acquired		(127,737)		---		---
Other		(3,158)		(193)		(820)

Net cash used in investing activities		(403,685)		(413,487)		(315,081)

Cash flows from financing activities:
Debt issuance costs		(5,347)		(51)		(295)
Principal payments on long-term debt		(1,103,054)		(60,000)		(40,000)
Debt borrowings		1,465,362		110,000		290,000
Proceeds from exercise of stock options		6,863		3,818		5,411
Cash dividends		(49,816)		(49,588)		(51,261)
Excess tax benefit (liability) on stock options exercised		299		278		(1,190)
Cash contributions from noncontrolling interests		4,551		---		---
Stock repurchases		---		(85,034)		(35,015)

Net cash (used in) provided by financing activities		318,858		(80,577)		167,650

Net change in cash and cash equivalents		19,790		(280,141)		74,990
Cash and cash equivalents at beginning of year		40,569		320,710		245,720

Cash and cash equivalents at end of year	$	60,359		40,569		320,710

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest	$	45,687		38,045		36,839
Interest, net of amounts capitalized	$	34,190		27,443		22,096
Income taxes	$	59,266		54,722		49,332
Supplemental disclosure of noncash investing activities:
Additions to properties and equipment	$	5,751		12,010		10,850

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EQUITY



Years Ended March 31, 2014, 2013 and 2012 (In thousands)
	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Non Controlling interest		Total

Balance at March 31, 2011	$	5,188		90,204		2,436,736		(18,184)		---		2,513,944
Total comprehensive income		---		---		87,411		(1,146)		---		86,265
Stock option activity		14		8,100		---		---		---		8,114
Cash dividends declared ($1.00 per share)		---		---		(51,370)		---		---		(51,370)
Retirement of common stock		(74)		---		(34,941)		---		---		(35,015)
Amortization of restricted stock units		---		272		---		---		---		272
Amortization/cancellation of restricted stock		(3)		4,150		---		---		---		4,147

Balance at March 31, 2012	$	5,125		102,726		2,437,836		(19,330)		---		2,526,357
Total comprehensive income		---		---		150,750		2,189		---		152,939
Stock option activity		14		6,131		---		---		---		6,145
Cash dividends declared ($1.00 per share)		---		---		(49,766)		---		---		(49,766)
Retirement of common stock		(187)		---		(84,847)		---		---		(85,034)
Amortization of restricted stock units		6		6,705		---		---		---		6,711
Amortization/cancellation of restricted stock		(9)		4,413		---		---		---		4,404

Balance at March 31, 2013	$	4,949		119,975		2,453,973		(17,141)		---		2,561,756
Total comprehensive income		---		---		140,255		4,916		---		145,171
Stock option activity		20		9,445		---		---		---		9,465
Cash dividends declared ($1.00 per share)		---		---		(49,973)		---		---		(49,973)
Amortization of restricted stock units		10		9,923		---		---		---		9,933
Amortization/cancellation of restricted stock		(6)		3,038		---		---		---		3,032
Noncontrolling interests		---		---		---		---		5,987		5,987

Balance at March 31, 2014	$	4,973		142,381		2,544,255		(12,225)		5,987		2,685,371

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues for the quarters and the years ended March 31, 2014 and 2013 and for the quarter ended December 31, 2013, were as follows:


		Quarter Ended March 31,								Year Ended March 31,								Quarter Ended December 31,

(In thousands)		2014		%		2013		%		2014		%		2013		%		2013		%

Vessel revenues:
Americas	$		108,710		30%		82,561		25%		410,731		29%		327,059		27%		109,848		31%
Asia/Pacific			37,907		10%		44,477		14%		154,618		11%		184,014		15%		36,325		10%
Middle East/North Africa			48,783		14%		42,884		13%		186,524		13%		149,412		12%		51,158		14%
Sub-Saharan Africa/Europe			167,050		46%		155,117		48%		666,588		47%		569,513		46%		163,382		45%

Total Vessel revenues			362,450		100%		325,039		100%		1,418,461		100%		1,229,998		100%		360,713		100%

Vessel operating costs:
Crew costs	$		100,951		28%		90,582		28%		396,332		28%		356,165		29%		101,382		28%
Repair and maintenance			49,322		14%		36,465		11%		177,331		13%		132,587		11%		40,920		12%
Insurance and loss reserves			5,274		1%		4,225		1%		19,628		1%		20,765		2%		4,410		1%
Fuel, lube and supplies			19,858		5%		22,458		7%		76,609		5%		79,023		6%		18,589		5%
Other			31,329		9%		27,940		9%		125,990		9%		104,041		8%		32,378		9%

Total vessel operating costs			206,734		57%		181,670		56%		795,890		56%		692,581		56%		197,679		55%

Vessel operating margin (A)	$		155,716		43%		143,369		44%		622,571		44%		537,417		44%		163,034		45%

Note (A): The following table reconciles vessel operating margin as presented above to operating income for the quarters and the years ended March 31, 2014 and 2013 and for the quarter ended December 31, 2013:


	Quarter Ended March 31,				Year Ended March 31,				Quarter Ended December 31,

(In thousands)	2014		2013		2014		2013		2013

Vessel operating margin	$	155,716		143,369		622,571		537,417		163,034
Other operating revenues		5,383		3,294		16,642		14,167		4,535
Costs of other operating revenues		(5,588)		(2,932)		(15,745)		(12,216)		(4,097)
General and administrative		(45,735)		(46,739)		(187,976)		(175,609)		(45,723)
Vessel operating leases		(8,151)		(3,970)		(21,910)		(16,837)		(5,757)
Depreciation and amortization		(42,925)		(38,287)		(167,480)		(147,299)		(42,391)
Gain on asset dispositions, net		2,363		3,839		11,722		6,609		7,170
Goodwill impairment		---		---		(56,283)		---		(56,283)

Operating income	$	61,063		58,574		201,541		206,232		20,488

The company’s operating income and other components of earnings before income taxes, and its related percentage of total revenues for the quarters and the years ended March 31, 2014 and 2013 and for the quarter ended December 31, 2013, were as follows:


		Quarter Ended March 31,									Year Ended March 31,								Quarter Ended December 31,

(In thousands)		2014		%		2013		%			2014		%		2013		%		2013		%

Vessel operating profit:
Americas	$		21,381		6%		6,178		2	%		90,936		6%		40,318		3%		25,579		7%
Asia/Pacific			8,016		2%		12,275		4	%		29,044		2%		43,704		4%		5,932		2%
Middle East/North Africa			8,240		2%		12,787		4	%		42,736		3%		39,069		3%		10,927		3%
Sub-Saharan Africa/Europe			32,810		9%		36,863		11	%		136,092		10%		129,460		10%		38,502		10%

			70,447		19%		68,103		21	%		298,808		21%		252,551		20%		80,940		22%
Other operating profit			(1,523)		(<1%)		(936)		(<1	%)		(1,930)		(<1%)		(833)		(<1%)		(233)		(<1%)

			68,924		19%		67,167		21	%		296,878		21%		251,718		20%		80,707		22%
Corporate general and administrative expenses			(9,434)		(3%)		(11,716)		(4	%)		(47,703)		(4%)		(48,704)		(4%)		(10,323)		(3%)
Corporate depreciation			(790)		(<1%)		(716)		(<1	%)		(3,073)		(<1%)		(3,391)		(<1%)		(783)		(<1%)

Corporate expenses			(10,224)		(3%)		(12,432)		(4	%)		(50,776)		(4%)		(52,095)		(4%)		(11,106)		(3%)

Gain on asset dispositions, net			2,363		1%		3,839		1	%		11,722		1%		6,609		1%		7,170		2%
Goodwill impairment			---		---		---		---			(56,283)		(4%)		---		---		(56,283)		(15%)

Operating income			61,063		17%		58,574		18	%		201,541		14%		206,232		17%		20,488		6%

Foreign exchange (loss) gain			(2,728)		(1%)		4,181		1	%		1,541		<1%		3,011		<1%		1,341		<1%
Equity in net earnings of unconsolidated companies			4,929		1%		3,830		1	%		15,801		1%		12,189		1%		2,671		1%
Interest income and other, net			708		<1%		693		<1	%		2,123		<1%		3,476		<1%		137		<1%
Loss on early extinguishment of debt			---		---		---		---			(4,144)		(<1%)		---		---		---		---
Interest and other debt costs			(12,733)		(3%)		(7,827)		(2	%)		(43,814)		(3%)		(29,745)		(2%)		(12,250)		(3%)

Earnings before income taxes	$		51,239		14%		59,451		18	%		173,048		12%		195,163		16%		12,387		3%

The company’s revenues, day-based vessel utilization percentages and average day rates by vessel class and in total for the quarters and the years ended March 31, 2014 and 2013 and the quarter ended December 31, 2013, were as follows:


		Quarter Ended March 31,				Year Ended March 31,				Quarter Ended December 31,

		2014		2013		2014		2013		2013

REVENUE BY VESSEL CLASS (In thousands):
Americas fleet:
Deepwater	$		74,859		49,916		263,750		179,032		72,048
Towing-supply			26,073		25,938		115,055		120,817		30,451
Other			7,778		6,707		31,926		27,210		7,349
Total	$		108,710		82,561		410,731		327,059		109,848
Asia/Pacific fleet:
Deepwater	$		23,834		24,327		88,191		96,118		20,142
Towing-supply			13,114		19,211		62,630		84,217		15,235
Other			959		939		3,797		3,679		948
Total	$		37,907		44,477		154,618		184,014		36,325
Middle East/North Africa fleet:
Deepwater	$		16,114		16,979		66,503		55,945		18,805
Towing-supply			31,979		25,173		116,720		89,902		31,481
Other			690		732		3,301		3,565		872
Total	$		48,783		42,884		186,524		149,412		51,158
Sub-Saharan Africa/Europe fleet:
Deepwater	$		86,064		78,724		364,722		273,544		84,866
Towing-supply			59,803		58,981		231,224		226,357		59,789
Other			21,183		17,412		70,642		69,612		18,727
Total	$		167,050		155,117		666,588		569,513		163,382
Worldwide fleet:
Deepwater	$		200,871		169,946		783,166		604,639		195,861
Towing-supply			130,969		129,303		525,629		521,293		136,956
Other			30,610		25,790		109,666		104,066		27,896
Total	$		362,450		325,039		1,418,461		1,229,998		360,713

UTILIZATION:
Americas fleet:
Deepwater			83.7 %		80.4		80.0		74.4		85.3
Towing-supply			59.5		41.9		51.9		48.0		60.9
Other			78.4		81.0		82.6		79.0		78.0
Total			73.2 %		59.1		67.4		60.5		73.9
Asia/Pacific fleet:
Deepwater			84.7 %		83.6		83.5		86.8		77.2
Towing-supply			82.7		54.5		71.6		53.5		70.6
Other			100.0		100.0		100.0		85.1		100.0
Total			84.1 %		62.4		76.0		61.0		73.6
Americas fleet:
Deepwater			71.3 %		98.6		77.6		93.5		71.0
Towing-supply			88.2		74.7		82.8		75.8		84.8
Other			98.1		29.3		73.0		33.7		100.0
Total			84.0 %		73.4		80.9		73.3		81.7
Asia/Pacific fleet:
Deepwater			83.1 %		76.3		83.6		78.2		83.0
Towing-supply			77.9		73.3		71.3		66.9		73.8
Other			89.2		78.7		77.1		78.1		76.8
Total			83.3 %		75.9		76.7		73.4		77.3
Worldwide fleet:
Deepwater			81.9 %		80.6		81.7		79.6		81.7
Towing-supply			76.6		61.2		68.6		60.6		72.8
Other			87.3		75.2		78.5		74.6		78.1
Total			80.8 %		69.4		74.7		68.3		76.7


		Quarter Ended March 31,				Year Ended March 31,				Quarter Ended December 31,

		2014		2013		2014		2013		2013

AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater	$		31,066		29,480		30,629		28,216		29,779
Towing-supply			16,220		14,330		16,010		14,064		17,247
Other			7,868		6,132		7,502		6,097		7,320
Total	$		21,718		17,960		20,482		16,861		21,169
Asia/Pacific fleet:
Deepwater	$		39,072		37,370		37,549		36,424		33,937
Towing-supply			12,383		13,976		12,645		13,378		12,687
Other			10,661		10,432		10,402		10,079		10,300
Total	$		21,550		21,024		20,167		19,789		19,257
Middle East/North Africa fleet:
Deepwater	$		20,524		21,259		21,913		19,926		23,708
Towing-supply			13,000		12,689		12,862		11,116		13,375
Other			3,912		4,628		4,543		4,836		4,738
Total	$		14,258		14,583		14,531		12,844		15,358
Sub-Saharan Africa/Europe fleet:
Deepwater	$		29,158		26,468		28,932		25,056		28,664
Towing-supply			16,542		14,996		15,858		14,684		15,764
Other			5,392		5,300		5,136		5,118		5,409
Total	$		15,917		15,218		16,282		14,261		15,994
Worldwide fleet:
Deepwater	$		29,730		27,782		29,441		26,626		28,944
Towing-supply			14,982		14,207		14,684		13,580		15,029
Other			5,905		5,573		5,741		5,430		5,883
Total	$		17,525		16,378		17,405		15,325		17,492

The day-based utilization percentages, average day rates and the average 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) by vessel class and in total for the quarters and the years ended March 31, 2014 and 2013 and for the quarter ended December 31, 2013, were as follows:


		Quarter Ended March 31,				Year Ended March 31,				Quarter Ended December 31,

		2014		2013		2014		2013		2013

UTILIZATION:
Deepwater vessels
PSVs			86.1 %		82.9		84.4		82.8		82.7
AHTS vessels			73.9		99.0		88.2		88.4		95.8
Towing-supply			84.4		84.8		84.3		87.0		85.5
Other			91.8		79.5		80.0		79.3		81.8
Total			86.0 %		83.8		83.6		84.2		84.3

AVERAGE VESSEL DAY RATES:
Deepwater vessels
PSVs	$		29,735		27,889		29,659		26,652		29,092
AHTS vessels			31,158		29,779		29,628		29,787		29,141
Towing-supply			15,126		14,490		14,840		14,141		15,144
Other			6,126		6,004		5,924		5,823		6,036
Total	$		18,287		17,458		18,275		16,526		18,209

AVERAGE VESSEL COUNT:
Deepwater vessels
PSVs			76		67		73		60		75
AHTS vessels			12		11		11		11		12
Towing-supply			105		103		104		102		104
Other			52		48		52		49		52
Total			245		229		240		222		243

The company’s actual vessel count at March 31, 2014 and the average number of vessels by class and geographic distribution for the quarters and the years ended March 31, 2014 and 2013 and for the quarter ended December 31, 2013, were as follows:


	Actual Vessel Count at March 31,		Quarter Ended March 31,				Year Ended March 31,				Quarter Ended December 31,

	2014		2014		2013		2014		2013		2013

Americas fleet:
Deepwater		32		32		23		29		23		31
Towing-supply		30		30		48		38		50		31
Other		14		14		15		14		15		14

Total		76		76		86		81		88		76
Less stacked vessels		10		10		25		18		25		11

Active vessels		66		66		61		63		63		65

Asia/Pacific fleet:
Deepwater		8		8		9		8		8		8
Towing-supply		14		14		28		19		32		19
Other		1		1		1		1		1		1

Total		23		23		38		28		41		28
Less stacked vessels		--		--		10		4		12		4

Active vessels		23		23		28		24		29		24

Middle East/North Africa fleet:
Deepwater		12		12		9		11		8		12
Towing-supply		31		31		30		30		29		30
Other		2		2		6		3		6		2

Total		45		45		45		44		43		44
Less stacked vessels		1		1		6		1		7		1

Active vessels		44		44		39		43		36		43

Sub-Saharan Africa/Europe fleet:
Deepwater		40		39		43		41		38		39
Towing-supply		51		52		60		56		63		56
Other		48		49		46		49		48		49

Total		139		140		149		146		149		144
Less stacked vessels		4		5		12		9		17		8

Active vessels		135		135		137		137		132		136


Active owner or chartered vessels		268		268		265		267		260		268
Stacked vessels		15		16		53		32		61		24


Total owned or chartered vessels		283		284		318		299		321		292
Vessels withdrawn from service		--		--		2		1		2		--
Joint-venture and other		11		11		10		10		10		11

Total		294		295		330		310		333		303

Note (B): Included in total owned or chartered vessels at March 31, 2014 and 2013 and at December 31, 2013, were 15, 51, and 18 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 vessel commitments, including vessels under construction and vessel acquisition, by vessel class and type as of March 31, 2014, were as follows:


	Non-U.S. Built								U.S. Built
Vessel class and type	Number of Vessels		Total Cost		Invested Through 3/31/14		Remaining Balance 3/31/14		Number of Vessels		Total Cost		Invested Through 3/31/14		Remaining Balance 3/31/14

In thousands, except number of vessels:
Deepwater PSVs		18	$	454,911		108,431		346,480		5		253,972		88,037		165,935
Towing-supply vessels		6		116,288		55,163		61,125		---		---		---		---
Other		1		8,014		8,014		---		---		---		---		---

Totals		25	$	579,213		171,608		407,605		5		253,972		88,037		165,935

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	06/14		09/14		12/14		03/15		06/15		Thereafter

Deepwater PSVs		1		5		4		1		1		11
Towing-supply vessels		---		---		---		1		1		4
Other		---		---		---		---		1		---

Totals		1		5		4		2		3		15

(In thousands)
Expected quarterly cash outlay	$	53,150		117,010		134,337		64,114		75,500		129,429 (A)

(A) The $129,429 of ‘Thereafter’ vessel construction obligations is expected to be paid out as follows: $117,298 in the remaining quarters of fiscal 2016 and $12,131 during fiscal 2017.

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