TIDEWATER INC - FORM 8-K - EX-99.1

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8-K - 8-K - TIDEWATER INC	d817475d8k.htm

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Tidewater Reports Second Quarter Results For Fiscal 2015

NEW ORLEANS, LA. November 3, 2014 — Tidewater Inc. (NYSE:TDW) announced today second quarter net earnings for the period ended September 30, 2014, of $60.9 million, or $1.22 per common share, on revenues of $397.5 million. For the same quarter last year, net earnings were $54.2 million, or $1.09 per common share, on revenues of $367.9 million. The immediately preceding quarter ended June 30, 2014, had net earnings of $43.7 million, or $0.88 per common share, on revenues of $385.7 million.

As previously announced, Tidewater will hold a conference call to discuss September quarterly earnings on Tuesday, November 4, 2014, 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, 2014, and will continue until 11:59 p.m. Central time on November 6, 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 38313425.

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, 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. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) (In thousands, except share and per share data)
	Quarter Ended September 30,				Six Months Ended September 30,
	2014		2013		2014		2013
Revenues:
Vessel revenues	$	390,952		363,668		772,462		695,298
Other operating revenues		6,572		4,269		10,739		6,724
		397,524		367,937		783,201		702,022
Costs and expenses:
Vessel operating costs		212,819		195,316		430,063		391,477
Costs of other operating revenues		6,560		4,040		11,221		6,060
General and administrative		46,762		46,038		97,822		96,518
Vessel operating leases		6,542		3,971		13,082		8,002
Depreciation and amortization		43,708		42,056		86,819		82,164
Gain on asset dispositions, net		(3,590)		(49)		(6,533)		(2,189)
		312,801		291,372		632,474		582,032
Operating income		84,723		76,565		150,727		119,990
Other income (expenses):
Foreign exchange gain		5,408		3,017		4,119		2,928
Equity in net earnings of unconsolidated companies		3,821		3,781		9,104		8,201
Interest income and other, net		499		538		1,121		1,278
Loss on early extinguishment of debt		—		(4,144)		—		(4,144)
Interest and other debt costs, net		(12,559)		(9,918)		(25,688)		(18,831)
		(2,831)		(6,726)		(11,344)		(10,568)
Earnings before income taxes		81,892		69,839		139,383		109,422
Income tax expense		21,067		15,667		34,859		25,167
Net earnings	$	60,825		54,172		104,524		84,255
Less: Net earnings attributable to noncontrolling interests	$	(82)		—		(56)		—
Net earnings attributable to Tidewater Inc.	$	60,907		54,172		104,580		84,255

Basic earnings per common share	$	1.23		1.10		2.11		1.71


Diluted earnings per common share	$	1.22		1.09		2.10		1.70


Weighted average common shares outstanding		49,582,086		49,274,816		49,581,707		49,253,409
Dilutive effect of stock options and restricted stock		230,841		448,303		219,607		395,983
Adjusted weighted average common shares		49,812,927		49,723,119		49,801,314		49,649,392


TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and par value data)
ASSETS	September 30, 2014		March 31, 2014
Current assets:
Cash and cash equivalents	$	124,315		60,359
Trade and other receivables, net		276,425		252,421
Due from affiliate		407,995		429,450
Marine operating supplies		63,531		57,392
Other current assets		24,639		20,587
Total current assets		896,905		820,209
Investments in, at equity, and advances to unconsolidated companies		70,803		63,928
Properties and equipment:
Vessels and related equipment		4,564,784		4,521,102
Other properties and equipment		98,965		97,714
		4,663,749		4,618,816
Less accumulated depreciation and amortization		1,013,762		997,208
Net properties and equipment		3,649,987		3,621,608
Goodwill		283,699		283,699
Other assets		101,071		96,385
Total assets	$	5,002,465		4,885,829


LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	63,346		74,515
Accrued expenses		144,135		157,302
Due to affiliate		127,287		86,154
Accrued property and liability losses		3,238		3,631
Current portion of long term debt		10,020		9,512
Other current liabilities		73,953		70,567
Total current liabilities		421,979		401,681
Long-term debt		1,496,203		1,505,358
Deferred income taxes		111,312		108,929
Accrued property and liability losses		7,553		5,286
Other liabilities and deferred credits		188,694		179,204

Commitments and Contingencies

Equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,728,092 shares at September 30, 2014 and 49,730,442 shares at March 31, 2014		4,973		4,973
Additional paid-in capital		153,513		142,381
Retained earnings		2,623,636		2,544,255
Accumulated other comprehensive loss		(11,728)		(12,225)
Total stockholders’ equity		2,770,394		2,679,384
Noncontrolling Interests		6,330		5,987
Total equity		2,776,724		2,685,371
Total liabilities and equity	$	5,002,465		4,885,829

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)


	Quarter Ended September 30,				Six Months Ended September 30,
	2014		2013		2014		2013
Net earnings	$	60,825		54,172		104,524		84,255
Other comprehensive income/(loss):
Unrealized gains/(losses) on available for sale securities, net of tax of $17, $(93), $71 and $(33)		32		(173)		133		(62)
Amortization of loss on derivative contract, net of tax of $63, $62, $125 and $125		117		116		233		233
Change in other benefit plan minimum liability, net of tax of $0, $0, $70 and $0		—		—		131		—
Total comprehensive income	$	60,974		54,115		105,021		84,426

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)


	Six Months Ended September 30,
	2014		2013
Operating activities:
Net earnings	$	104,524		84,255
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		86,819		82,164
Provision (benefit) for deferred income taxes		1,287		(10,215)
Gain on asset dispositions, net		(6,533)		(2,189)
Equity in earnings of unconsolidated companies, less dividends		(6,875)		(6,167)
Compensation expense - stock-based		11,075		10,999
Excess tax benefit on stock options exercised		—		(341)
Changes in assets and liabilities, net:
Trade and other receivables		(24,258)		776
Changes in due to/from affiliate, net		62,555		(131,974)
Marine operating supplies		(6,139)		9,363
Other current assets		(4,052)		(10,666)
Accounts payable		(15,652)		(3,893)
Accrued expenses		(13,358)		(10,390)
Accrued property and liability losses		(393)		39
Other current liabilities		450		276
Other liabilities and deferred credits		(1,245)		(531)
Other, net		(2,916)		(1,678)
Net cash provided by operating activities		185,289		9,828
Cash flows from investing activities:
Proceeds from sales of assets		3,999		7,646
Proceeds from sale/leaseback of assets		32,751		65,550
Additions to properties and equipment		(128,411)		(220,309)
Payments for acquisition, net of cash acquired		—		(127,737)
Other		(13)		(687)
Net cash used in investing activities		(91,674)		(275,537)
Cash flows from financing activities:
Debt issuance costs		—		(3,845)
Principal payment on long-term debt		(25,996)		(691,615)
Debt borrowings		20,000		986,262
Proceeds from exercise of stock options		1,025		4,421
Cash dividends		(25,038)		(24,890)
Excess tax benefit on stock options exercised		—		341
Other		350		—
Net cash (used in) provided by financing activities		(29,659)		270,674
Net change in cash and cash equivalents		63,956		4,965
Cash and cash equivalents at beginning of period		60,359		40,569
Cash and cash equivalents at end of period	$	124,315		45,534

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized	$	26,328		23,338
Income taxes	$	32,414		32,144
Supplemental disclosure of non-cash investing activities:
Additions to properties and equipment	$	3,845		4,157
Increase in receivables due to sale of shipyard	$	—		6,500


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, 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


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
Exercise of stock options		12		4,763		—		—		—		4,775
Cash dividends declared ($.50 per share)		—		—		(25,035)		—		—		(25,035)
Amortization 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

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, 2014 and 2013 and for the quarter ended June 30, 2014, were as follows:


	Quarter Ended September 30,								Six Months Ended September 30,								Quarter Ended June 30,
(In thousands)	2014		%		2013		%		2014		%		2013		%		2014		%
Vessel revenues:
Americas	$	134,013		34%		101,929		28%		253,996		33%		192,173		28%		119,983		31%
Asia/Pacific		45,989		12%		37,430		10%		86,238		11%		80,386		12%		40,249		11%
Middle East/North Africa		48,837		13%		45,370		13%		104,376		14%		86,583		12%		55,539		15%
Sub-Saharan Africa/ Europe		162,113		41%		178,939		49%		327,852		42%		336,156		48%		165,739		43%
Total vessel revenues	$	390,952		100%		363,668		100%		772,462		100%		695,298		100%		381,510		100%

Vessel operating costs:
Crew costs	$	114,634		29%		100,767		28%		225,919		29%		193,999		28%		111,285		29%
Repair and maintenance		39,332		10%		38,996		11%		87,064		11%		87,089		13%		47,732		13%
Insurance and loss reserves		1,982		1%		3,926		1%		7,376		1%		9,946		1%		5,394		1%
Fuel, lube and supplies		22,820		6%		19,354		5%		45,189		6%		38,159		5%		22,369		6%
Other		34,051		8%		32,273		9%		64,515		9%		62,284		9%		30,464		8%
Total vessel operating costs		212,819		54%		195,316		54%		430,063		56%		391,477		56%		217,244		57%
Vessel operating margin (A)	$	178,133		46%		168,352		46%		342,399		44%		303,821		44%		164,266		43%

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, 2014 and 2013 and for the quarter ended June 30, 2014:


	Quarter Ended September 30,				Six Months Ended September 30,				Quarter Ended June 30,
(In thousands)	2014		2013		2014		2013		2014
Vessel operating margin	$	178,133		168,352		342,399		303,821		164,266
General and administrative - vessel operations		(36,612)		(33,925)		(74,281)		(67,735)		(37,669)
Vessel operating leases		(6,542)		(3,971)		(13,082)		(8,002)		(6,540)
Depreciation and amortization - vessel operations		(41,974)		(41,267)		(83,399)		(80,663)		(41,425)
Vessel operating profit	$	93,005		89,189		171,637		147,421		78,632

The company’s other operating profit for the quarters and the six-month periods ended September 30, 2014 and 2013 and for the quarter ended June 30, 2014, consists of the following:


	Quarter Ended September 30,				Six Months Ended September 30,				Quarter Ended June 30,
(In thousands)	2014		2013		2014		2013		2014
Other operating revenues	$	6,572		4,269		10,739		6,724		4,167
Costs of other marine revenues		(6,560)		(4,040)		(11,221)		(6,060)		(4,661)
General and administrative - other operating activities		(1,207)		(11)		(2,266)		(836)		(1,059)
Depreciation and amortization - other operating activities		(898)		—		(1,768)		(2)		(870)
Other operating profit (loss)	$	(2,093)		218		(4,516)		(174)		(2,423)

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, 2014 and 2013 and for the quarter ended June 30, 2014, were as follows:


	Quarter Ended September 30,								Six Months Ended September 30,								Quarter Ended June 30,
(In thousands)	2014		%		2013		%		2014		%		2013		%		2014		%
Vessel operating profit
Americas	$	36,778		9%		23,675		6%		66,986		9%		43,976		6%		30,208		8%
Asia/Pacific		7,414		2%		4,807		1%		6,443		1%		15,096		2%		(971)		(1%)
Middle East/North Africa		7,367		2%		13,446		4%		19,160		2%		23,569		4%		11,793		3%
Sub-Saharan Africa/Europe		41,446		10%		47,261		13%		79,048		10%		64,780		9%		37,602		10%
		93,005		23%		89,189		24%		171,637		22%		147,421		21%		78,632		20%
Other operating profit (loss)		(2,093)		(1%)		218		<1%		(4,516)		(1%)		(174)		(<1%)		(2,423)		(1%)
		90,912		22%		89,407		24%		167,121		21%		147,247		21%		76,209		19%

Corporate general and administrative expenses		(8,943)		(2%)		(12,102)		(4%)		(21,275)		(3%)		(27,947)		(4%)		(12,332)		(3%)
Corporate depreciation		(836)		(<1%)		(789)		(<1%)		(1,652)		(<1%)		(1,499)		(<1%)		(816)		(<1%)
Corporate expenses		(9,779)		(2%)		(12,891)		(4%)		(22,927)		(3%)		(29,446)		(4%)		(13,148)		(3%)

Gain on asset dispositions, net		3,590		1%		49		<1%		6,533		1%		2,189		<1%		2,943		1%
Operating income	$	84,273		21%		76,565		21%		150,727		19%		119,990		17%		66,004		17%
Foreign exchange gain (loss)		5,408		1%		3,017		1%		4,119		1%		2,928		<1%		(1,289)		(<1%)
Equity in net earnings of unconsolidated companies		3,821		1%		3,781		1%		9,104		1%		8,201		1%		5,283		1%
Interest income and other, net		499		<1%		538		<1%		1,121		<1%		1,278		<1%		622		<1%
Loss on early extinguishment of debt		—		—		(4,144)		(1%)		—		—		(4,144)		(<1%)		—		—
Interest and other debt costs, net		(12,559)		(3%)		(9,918)		(3%)		(25,688)		(3%)		(18,831)		(3%)		(13,129)		(3%)
Earnings before income taxes	$	81,892		21%		69,839		19%		139,383		18%		109,422		16%		57,491		15%

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, 2014 and 2013 and for the quarter ended June 30, 2014, were as follows:


	Quarter Ended September 30,					Six Months Ended September 30,				Quarter Ended June 30,
	2014			2013		2014		2013		2014
REVENUE BY VESSEL CLASS (In thousands):
Americas fleet:
Deepwater	$	91,403			61,811		173,685		116,843		82,282
Towing-supply		34,387			30,861		63,904		58,531		29,517
Other		8,223			9,257		16,407		16,799		8,184
Total	$	134,013			101,929		253,996		192,173		119,983
Asia/Pacific fleet:
Deepwater	$	27,675			19,923		51,917		44,215		24,242
Towing-supply		17,338			16,559		32,375		34,281		15,037
Other		976			948		1,946		1,890		970
Total	$	45,989			37,430		86,238		80,386		40,249
Middle East/North Africa fleet:
Deepwater	$	19,254			15,732		38,721		31,584		19,467
Towing-supply		28,715			28,763		63,994		53,260		35,279
Other		868			875		1,661		1,739		793
Total	$	48,837			45,370		104,376		86,583		55,539
Sub-Saharan Africa/Europe fleet:
Deepwater	$	89,193			106,541		180,884		193,792		91,691
Towing-supply		54,617			56,772		110,053		111,632		55,436
Other		18,303			15,626		36,915		30,732		18,612
Total	$	162,113			178,939		327,852		336,156		165,739
Worldwide fleet:
Deepwater	$	227,525			204,007		445,207		386,434		217,682
Towing-supply		135,057			132,955		270,326		257,704		135,269
Other		28,370			26,706		56,929		51,160		28,559
Total	$	390,952			363,668		772,462		695,298		381,510

UTILIZATION:
Americas fleet:
Deepwater		91.9	%		72.3		90.4		74.9		88.7
Towing-supply		70.3			49.5		66.5		46.3		62.7
Other		76.9			91.6		73.0		86.8		69.3
Total		80.9	%		63.9		77.9		62.0		74.8
Asia/Pacific fleet:
Deepwater		82.4	%		80.1		76.6		86.4		70.6
Towing-supply		93.6			73.0		92.1		68.5		90.7
Other		100.0			100.0		100.0		100.0		100.0
Total		89.6	%		75.8		86.6		73.9		83.5
Middle East/North Africa fleet:
Deepwater		80.4	%		81.2		76.2		86.1		72.1
Towing-supply		71.1			86.1		82.2		79.1		93.6
Other		100.0			81.8		96.0		57.9		91.9
Total		74.7	%		84.7		81.3		78.9		87.8
Sub-Saharan Africa/Europe fleet:
Deepwater		85.5	%		88.8		85.9		84.0		86.3
Towing-supply		78.5			66.8		76.8		67.2		75.3
Other		71.3			72.5		74.7		71.4		78.1
Total		77.9	%		75.0		78.7		73.4		79.5
Worldwide fleet:
Deepwater		87.0	%		81.9		85.4		81.6		83.8
Towing-supply		76.2			66.3		77.3		63.5		78.4
Other		73.9			77.3		75.4		74.4		76.9
Total		79.3	%		73.2		79.5		71.0		79.8


	Quarter Ended September 30,				Six Months Ended September 30,				Quarter Ended June 30,
	2014		2013		2014		2013		2014
AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater	$	31,233		31,953		31,206		30,894		31,175
Towing-supply		17,309		15,520		16,954		15,348		16,559
Other		8,304		7,843		8,570		7,423		8,856
Total	$	22,701		19,974		22,578		19,493		22,443
Asia/Pacific fleet:
Deepwater	$	39,841		37,812		40,798		38,610		41,948
Towing-supply		14,387		12,430		13,717		12,729		13,017
Other		10,609		10,300		10,633		10,326		10,658
Total	$	23,090		19,184		22,601		19,990		22,066
Middle East/North Africa fleet:
Deepwater	$	23,078		22,195		24,044		21,685		25,081
Towing-supply		14,171		12,440		13,716		12,498		13,366
Other		4,719		4,750		4,730		4,750		4,742
Total	$	16,040		14,156		15,749		14,231		15,502
Sub-Saharan Africa/Europe fleet:
Deepwater	$	30,928		30,244		30,665		28,950		30,414
Towing-supply		16,911		15,737		16,889		15,563		16,867
Other		5,937		4,779		5,742		4,830		5,562
Total	$	17,628		17,206		17,398		16,617		17,179
Worldwide fleet:
Deepwater	$	31,001		30,481		31,030		29,549		31,061
Towing-supply		15,987		14,389		15,615		14,364		15,261
Other		6,523		5,651		6,412		5,576		6,306
Total	$	19,415		17,603		19,056		17,299		18,701

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 six-month periods ended September 30, 2014 and 2013 and for the quarter ended June 30, 2014, were as follows:


	Quarter Ended September 30,					Six Months Ended September 30,				Quarter Ended June 30,
	2014			2013		2014		2013		2014
UTILIZATION:
Deepwater vessels
PSVs		88.6	%		84.6		87.7		84.3		86.8
AHTS vessels		89.0			87.9		86.3		91.9		83.5
Towing-supply		80.8			85.7		82.8		83.7		84.9
Other		73.6			73.2		75.3		73.3		76.9
Total		82.1	%		82.7		82.9		82.0		83.7

AVERAGE VESSEL DAY RATES:
Deepwater vessels
PSVs	$	30,575			31,053		30,686		29,911		30,802
AHTS vessels		34,937			28,885		34,542		29,236		34,116
Towing-supply		16,235			14,484		15,870		14,538		15,519
Other		6,963			5,635		6,833		5,739		6,706
Total	$	20,303			18,637		19,964		18,303		19,627

AVERAGE VESSEL COUNT:
Deepwater vessels
PSVs		77			73		76		71		76
AHTS vessels		12			11		12		11		12
Towing-supply		105			103		105		103		105
Other		52			52		52		52		52
Total		246			239		245		237		245

The company’s average number of vessels by class and geographic distribution for the quarters and the six-month periods ended September 30, 2014 and 2013 and for the quarter ended June 30, 2014:


	Quarter Ended September 30,				Six Months Ended September 30,				Quarter Ended June 30,
	2014		2013		2014		2013		2014
Americas fleet:
Deepwater		35		30		34		28		33
Towing-supply		30		44		31		45		31
Other		14		14		14		14		15
Total		79		88		79		87		79
Less stacked vessels		7		24		8		24		8
Active vessels		72		64		71		63		71
Asia/Pacific fleet:
Deepwater		9		7		9		7		9
Towing-supply		14		20		14		21		14
Other		1		1		1		1		1
Total		24		28		24		29		24
Less stacked vessels		—		4		—		4		—
Active vessels		24		24		24		25		24
Middle East/North Africa fleet:
Deepwater		11		9		12		9		12
Towing-supply		31		29		31		30		31
Other		2		2		2		3		2
Total		44		40		45		42		45
Less stacked vessels		—		—		—		2		1
Active vessels		44		40		45		40		44
Sub-Saharan Africa/Europe fleet:
Deepwater		37		43		37		44		38
Towing-supply		45		59		46		58		48
Other		47		49		47		49		47
Total		129		151		130		151		133
Less stacked vessels		7		11		5		11		4
Active vessels		122		140		125		140		129
Active owned or chartered vessels		262		268		265		268		268
Stacked vessels		14		39		13		41		13
Total owned or chartered vessels		276		307		278		309		281
Vessels withdrawn from service		—		1		—		1		—
Joint-venture and other		11		10		11		10		11
Total		287		318		289		320		292

Note (B): Included in total owned or chartered vessels at September 30, 2014 and 2013 and at June 30, 2014, were 15, 37 and 11 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, and ROVs as of September 30, 2014:


(In thousands)	Number of Vessels/ROVs		Shipyard Location	Delivery Dates	Total Cost			Amount Invested 9/30/14		Remaining Balance 9/30/14
Towing-supply:
7,145 BHP AHTS		6	International	3/2015-3/2016		$	112,885		63,690		49,195
Deepwater
261-foot PSV		6	International	9/2015 - 6/2016
264-foot PSV		1	United States	1/2015
268-foot PSV		2	International	2/2015, 5/2015
275-foot PSV (A)		9	International	11/2014 - 6/2015
292-foot PSV		1	International	5/2016
300-foot PSV		2	United States	9/2015, 2/2016
310-foot PSV		2	United States	11/2015, 2/2016
Total Deepwater PSVs		23					772,194		235,138		537,056
Other:
Fast supply boat		1	International	—			8,014		8,014		—
Total vessel commitments		30				$	893,093		306,842		586,251
Total ROV commitments		2	United States	11/2014		$	14,818		4,511		10,307
Total commitments		32				$	907,911		311,353		596,558

(A)	Two different international shipyards are constructing five and four 275-foot PSVs, respectively.

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	12/14		03/15		06/15		09/15		12/15		Thereafter
Deepwater PSVs		2		5		5		2		3		6
Towing-supply vessels		—		1		1		1		1		2
Other		—		—		—		—		—		1
Total vessel commitments		2		6		6		3		4		9
Total ROV commitments		2		—		—		—		—		—
Total commitments		4		6		6		3		4		9

(In thousands)
Expected quarterly cash outlay	$	123,285		156,020		167,039		34,782		37,922		77,510	(B)

(B)	The $77,510 of ‘Thereafter’ vessel construction obligations are expected to be paid as follows: $26,909 during fiscal 2016 and $50,601 during fiscal 2017.

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