TIDEWATER INC - FORM 8-K - EX-99.1

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8-K - 8-K - TIDEWATER INC	tdw-8k_20170612.htm

Exhibit 99.1

Tidewater Reports Fourth Quarter and Year End Results For Fiscal 2017

NEW ORLEANS, LA. June 12, 2017 — Tidewater Inc. (NYSE:TDW) announced today a fourth quarter net loss for the period ended March 31, 2017, of $94.9 million, or $2.01 per common share, on revenues of $160.7 million. For fiscal year ended March 31, 2017, the company’s net loss was $660.1 million, or $14.02 per common share, on revenues of $601.6 million. For the prior fiscal year’s fourth quarter ended March 31, 2016, the company’s net loss was $81.8 million, or $1.74 per common share, on revenues of $184.2 million. For fiscal year ended March 31, 2016, the company’s net loss was $160.2 million, or $3.41 per common share, on revenues of $979.1 million. During fiscal years ended March 31, 2017 and 2016, the company generated net cash from operating activities of $29.8 million and $253.4 million, respectively, and generated net cash in investing activities of $14.9 million and used net cash in investing activities of $135.0 million, respectively.

Included in the net loss for the quarter ended March 31, 2017 were the following:

•

$64.9 million ($64.9 million after-tax, or $1.38 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the March 2017 quarter.

•

$16.8 million ($16.8 million after-tax, or $0.36 per share) of general and administrative expenses related to debt renegotiations.

•

$39.1 million ($31.3 million after-tax and consideration of noncontrolling interests, or $0.67 per share) of revenue related to the early termination of a long-term vessel charter contract.

Included in the net loss for the fiscal year ended March 31, 2017 were the following:

•

$484.7 million ($484.7 million after-tax, or $10.30 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken throughout fiscal 2017.

•

$29.0 million ($29.0 million after-tax, or $0.62 per share) of general and administrative expenses related to debt renegotiations.

•

$39.1 million ($31.3 million after-tax and consideration of noncontrolling interests, or $0.67 per share) of revenue related to the early termination of a long-term vessel charter contract.

Included in the net loss for the prior fiscal year’s quarter ended March 31, 2016 were the following:

•

$55.5 million ($40.7 million after-tax, or $0.87 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the March 2016 quarter.

•

$8.7 million ($8.7 million after-tax, or $0.18 per share) of foreign exchange losses which is included in Equity in net earnings (losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.

Included in the net loss for the prior fiscal year ended March 31, 2016 were the following:

•

$117.3 million ($98.6 million after-tax, or $2.10 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken throughout fiscal 2016.

•

$24.1 million ($24.1 million after-tax, or $0.51 per share) of foreign exchange losses which is included in Equity in net earnings (losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.

•

A $7.6 million ($6.3 million after-tax, or $0.13 per share) restructuring charge related to severance and other termination costs resulting from right-sizing efforts during the September 2015 quarter.

Income tax expense largely reflects tax liabilities in certain jurisdictions that levy taxes on bases other than pre-tax profitability (so called “deemed profit” regimes.)

Reorganization and Chapter 11 Proceedings

As previously disclosed, on May 17, 2017, Tidewater and certain of its subsidiaries the (“Debtors”) filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Cases,” and such court, the “Bankruptcy Court”), seeking approval of a prepackaged plan of restructuring (the “Prepackaged Plan”).

On May 19, 2017, the Bankruptcy Court set a combined hearing to consider approval of the Debtors’ disclosure statement and confirmation of the Prepackaged Plan for June 28, 2017. If the Prepackaged Plan is approved by the Bankruptcy Court within the time frame we currently expect, the Prepackaged Plan will likely become effective in July 2017, at which point or shortly thereafter the Debtors would emerge from bankruptcy, however, there can be no assurance that the effectiveness of the Prepackaged Plan will occur on such date, or at all. Additional details about the restructuring are available on the company’s website, www.tdw.com, and at http://dm.epiq11.com/tidewater, or via the company’s restructuring information line 844-843-0204 (toll free) or 504-597-5543 (international calls). Additional details about the restructuring will also be available in the company’s Form 10-K, which is expected to be filed with the SEC shortly after the issuance of this press release.

Given the pendency of the Bankruptcy Cases, the company will not be hosting an earnings conference call to discuss fiscal 2017 financial results. However, we expect to resume holding quarterly earnings conference calls following our emergence from bankruptcy.

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.,

Quinn Fanning, Executive Vice President and Chief Financial Officer

713-470-5300

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 (LOSS)

(In thousands, except share and per share data)

	Quarter Ended						Year Ended
	March 31,						March 31,
	2017			2016			2017			2016
Revenues:
Vessel revenues	$	156,905			180,048			583,816			955,400
Other operating revenues		3,844			4,126			17,795			23,662
		160,749			184,174			601,611			979,062
Costs and expenses:
Vessel operating costs		80,845			98,146			359,171			561,133
Costs of other operating revenues		2,689			3,187			12,729			18,811
General and administrative		41,727			36,974			145,879			153,811
Vessel operating leases		8,443			8,337			33,766			33,662
Depreciation and amortization		37,592			45,251			167,291			182,309
(Gain) loss on asset dispositions, net		(6,064	)		(6,692	)		(24,099	)		(26,037	)
Asset impairments		64,857			55,540			484,727			117,311
Restructuring charge		—			—			—			7,586
		230,089			240,743			1,179,464			1,048,586
Operating loss		(69,340	)		(56,569	)		(577,853	)		(69,524	)
Other income (expenses):
Foreign exchange gain (loss)		664			(1,645	)		(1,638	)		(5,403	)
Equity in net earnings (losses) of unconsolidated companies		2,841			(6,511	)		5,710			(13,581	)
Interest income and other, net		1,588			949			5,193			2,703
Interest and other debt costs, net		(21,008	)		(14,011	)		(75,026	)		(53,752	)
		(15,915	)		(21,218	)		(65,761	)		(70,033	)
Loss before income taxes		(85,255	)		(77,787	)		(643,614	)		(139,557	)
Income tax (benefit) expense		1,717			3,823			6,397			20,819
Net Loss	$	(86,972	)		(81,610	)		(650,011	)		(160,376	)
Less: Net income (loss) attributable to noncontrolling interests		7,883			177			10,107			(193	)
Net loss attributable to Tidewater Inc.	$	(94,855	)		(81,787	)		(660,118	)		(160,183	)
Basic loss per common share	$	(2.01	)		(1.74	)		(14.02	)		(3.41	)
Diluted loss per common share	$	(2.01	)		(1.74	)		(14.02	)		(3.41	)
Weighted average common shares outstanding		47,080,783			46,983,430			47,071,066			46,981,102
Dilutive effect of stock options and restricted stock		—			—			—			—
Adjusted weighted average common shares		47,080,783			46,983,430			47,071,066			46,981,102

TIDEWATER INC.

CONSOLIDATED BALANCE SHEETS

March 31, 2017 and 2016
(In thousands, except share and par value data)
ASSETS	2017			2016
Current assets:
Cash and cash equivalents	$	706,404			678,438
Trade and other receivables, less allowance for doubtful accounts of $16,165 in 2017 and $11,450 in 2016		123,262			228,113
Due from affiliate		262,652			338,595
Marine operating supplies		30,560			33,413
Other current assets		18,409			44,755
Total current assets		1,141,287			1,323,314
Investments in, at equity, and advances to unconsolidated companies		45,115			37,502
Net properties and equipment		2,864,762			3,551,291
Other assets		139,535			71,686
Total assets	$	4,190,699			4,983,793

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	31,599			49,130
Accrued expenses		78,121			91,611
Due to affiliate		132,857			187,971
Accrued property and liability losses		3,583			3,321
Current portion of long-term debt		2,034,124			2,045,516
Other current liabilities		48,429			74,825
Total current liabilities		2,328,713			2,452,374
Deferred income taxes		46,013			34,841
Accrued property and liability losses		10,209			9,478
Other liabilities and deferred credits		154,705			181,546

Commitments and Contingencies

Equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 47,121,304 shares at March 31, 2017 and 47,067,715 shares at March 31, 2016		4,712			4,707
Additional paid-in capital		165,221			166,604
Retained earnings		1,475,329			2,135,075
Accumulated other comprehensive loss		(10,344	)		(6,866	)
Total stockholders’ equity		1,634,918			2,299,520
Noncontrolling interests		16,141			6,034
Total equity		1,651,059			2,305,554
Total liabilities and equity	$	4,190,699			4,983,793

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

	Quarter Ended						Year Ended
	March 31,						March 31,
	2017			2016			2017			2016
Net loss	$	(86,972	)		(81,610	)		(650,011	)		(160,376	)
Other comprehensive income (loss):
Unrealized gains (losses) on available for sale securities, net of tax of $61, ($239), $61 and ($239)		(94	)		24			113			(443	)
Change in loss on derivative contract, net of tax of $823, $77, $823 and $77		1,317			(395	)		1,530			143
Change in supplemental executive retirement plan liability, net of tax of ($927), $1,264, ($927) and $1,264		(1,721	)		2,347			(1,721	)		2,347
Change in pension plan minimum liability, net of tax of $215, $1,093, $215 and $1,093		399			2,029			399			2,029
Change in other benefit plan minimum liability, net of tax of ($2,046), $5,081, ($2,046) and $5,081		(3,799	)		9,366			(3,799	)		9,436
Total comprehensive loss	$	(90,870	)		(68,239	)		(653,489	)		(146,864	)

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended March 31, 2017, 2016 and 2015
(In thousands)	2017			2016			2015
Operating activities:
Net loss	$	(650,011	)		(160,376	)		(65,349	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		167,291			182,309			175,204
Provision (benefit) for deferred income taxes		(2,200	)		(6,796	)		(72,389	)
(Gain) loss on asset dispositions, net		(24,099	)		(26,037	)		(23,796	)
Asset impairments		484,727			117,311			14,525
Goodwill impairment		—			—			283,699
Equity in earnings (losses) of unconsolidated companies, net of dividends		(7,613	)		28,704			(1,916	)
Compensation expense – stock based		3,278			13,219			21,374
Excess tax (benefit) liability on stock options exercised		4,927			1,605			1,784
Changes in assets and liabilities, net:
Trade and other receivables		104,829			71,540			(43,537	)
Changes in due to/from affiliate, net		20,829			84,084			108,588
Marine operating supplies		2,285			13,672			6,148
Other current assets		(12,523	)		5,976			2,794
Accounts payable		(17,531	)		(4,881	)		(22,989	)
Accrued expenses		(18,687	)		(53,143	)		(11,435	)
Accrued property and liability losses		262			(348	)		38
Other current liabilities		(26,658	)		(15,578	)		118
Other liabilities and deferred credits		(2,657	)		231			4,875
Other, net		3,372			1,868			(19,023	)
Net cash provided by operating activities		29,821			253,360			358,713
Cash flows from investing activities:
Proceeds from sales of assets		14,797			10,690			8,310
Proceeds from sale/leaseback of assets		—			—			123,950
Additions to properties and equipment		(25,499	)		(194,485	)		(364,194	)
Refunds from cancelled vessel construction contracts		25,565			46,119			—
Other		—			2,680			516
Net cash provided by (used in) investing activities		14,863			(134,996	)		(231,418	)
Cash flows from financing activities:
Principal payments on long-term debt		(10,069	)		(136,843	)		(97,823	)
Debt borrowings		—			656,338			138,488
Cash dividends		—			(35,388	)		(48,834	)
Repurchases of common stock		—			—			(99,999	)
Other		(6,649	)		(2,601	)		(918	)
Net cash (used in) provided by financing activities		(16,718	)		481,506			(109,086	)
Net change in cash and cash equivalents		27,966			599,870			18,209
Cash and cash equivalents at beginning of year		678,438			78,568			60,359
Cash and cash equivalents at end of year	$	706,404			678,438			78,568
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	70,687			50,729			49,390
Income taxes	$	26,916			51,585			74,310
Supplemental disclosure of noncash investing activities:
Additions to properties and equipment	$	5,047			—			2,068

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EQUITY

Years Ended March 31, 2017, 2016 and 2015 (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 loss		—			—			(65,190	)		(8,153	)		(159	)		(73,502	)
Stock option activity		3			(691	)		—			—			—			(688	)
Cash dividends declared ($1.00 per share)		—			—			(49,127	)		—			—			(49,127	)
Retirement of common stock		(284	)		—			(99,715	)		—			—			(99,999	)
Amortization of restricted stock units		17			15,270			—			—			—			15,287
Amortization/cancellation of restricted stock awards		(6	)		2,980			—			—			—			2,974
Cash received from noncontrolling interests, net		—			—			—			—			399			399
Balance at March 31, 2015	$	4,703			159,940			2,330,223			(20,378	)		6,227			2,480,715
Total comprehensive loss		—			—			(160,183	)		13,512			(193	)		(146,864	)
Stock option activity		—			(278	)		—			—			—			(278	)
Cash dividends declared ($.75 per share)		—			—			(34,965	)		—			—			(34,965	)
Amortization of restricted stock units		11			6,463			—			—			—			6,474
Amortization/cancellation of restricted stock awards		(7	)		479			—			—			—			472
Balance at March 31, 2016	$	4,707			166,604			2,135,075			(6,866	)		6,034			2,305,554
Total comprehensive loss		—			—			(660,118	)		(3,478	)		10,107			(653,489	)
Stock option activity		—			1,146			—			—			—			1,146
Amortization/cancellation of restricted stock units		5			(2,529	)		372			—			—			(2,152	)
Balance at March 31, 2017	$	4,712			165,221			1,475,329			(10,344	)		16,141			1,651,059

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, 2017 and 2016 and for the quarter ended December 31, 2016, were as follows:

	Quarter Ended March 31,												Year Ended March 31,										Quarter Ended December 31,
(In thousands)	2017			%			2016			%			2017		%			2016		%			2016		%
Vessel revenues:
Americas	$	80,533			51	%		63,650			35	%		239,843		41	%		342,995		36	%		45,577		36	%
Asia/Pacific		5,951			4	%		9,791			6	%		25,568		4	%		89,045		9	%		5,586		4	%
Middle East (A)		20,727			13	%		24,163			13	%		89,050		15	%		111,356		12	%		20,647		17	%
Africa/Europe (A)		49,694			32	%		82,444			46	%		229,355		40	%		412,004		43	%		53,310		43	%
Total vessel revenues	$	156,905			100	%		180,048			100	%		583,816		100	%		955,400		100	%		125,120		100	%
Vessel operating costs:
Crew costs	$	41,829			27	%		55,549			31	%		190,471		33	%		303,219		32	%		43,384		35	%
Repair and maintenance		17,074			11	%		14,280			8	%		60,257		10	%		94,873		10	%		13,214		10	%
Insurance and loss reserves		(1,767	)		(1	%)		(1,230	)		(1	%)		10,008		2	%		8,585		1	%		2,142		2	%
Fuel, lube and supplies		9,279			6	%		10,366			6	%		38,009		7	%		61,992		6	%		7,782		6	%
Other		14,430			9	%		19,181			11	%		60,426		10	%		92,464		10	%		15,836		13	%
Total vessel operating costs		80,845			52	%		98,146			55	%		359,171		62	%		561,133		59	%		82,358		66	%
Vessel operating margin (B)	$	76,060			48	%		81,902			45	%		224,645		38	%		394,267		41	%		42,762		34	%

Note (A): At the beginning of fiscal 2017 the company’s operations in the Mediterranean Sea (based in Egypt) were transitioned from the company’s previously disclosed Middle East/North Africa operations and included with the company’s previously disclosed Sub-Saharan Africa/Europe operations as a result of management realignments. As such, the company now discloses these new segments as Middle East and Africa/Europe, respectively. The company’s Americas and Asia/Pacific segments are not affected by this change. The new segment alignment is consistent with the company’s chief operating decision maker’s review of operating results for the purpose of allocating resources and assessing performance. Fiscal 2016 amounts have been recast to conform to the new segment alignment.

Note (B): The following table reconciles vessel operating margin as presented above to operating profit (loss) for the quarters and the years ended March 31, 2017 and 2016 and for the quarter ended December 31, 2016:

	Quarter Ended March 31,						Year Ended March 31,						Quarter Ended December 31,
(In thousands)	2017			2016			2017			2016			2016
Vessel operating margin	$	76,060			81,902			224,645			394,267			42,762
General and administrative expenses - vessel operations		(19,445	)		(27,045	)		(88,306	)		(116,039	)		(20,608	)
Vessel operating leases		(8,443	)		(8,337	)		(33,766	)		(33,662	)		(8,441	)
Depreciation and amortization - vessel operations		(36,173	)		(42,427	)		(160,405	)		(170,428	)		(39,882	)
Vessel operating profit (loss)	$	11,999			4,093			(57,832	)		74,138			(26,169	)

The company’s other operating profit (loss) for the quarters and the years ended March 31, 2017 and 2016 and for the quarter ended December 31, 2016, consists of the following:

	Quarter Ended March 31,						Year Ended March 31,						Quarter Ended December 31,
(In thousands)	2017			2016			2017			2016			2016
Other operating revenues	$	3,844			4,126			17,795			23,662			4,095
Costs of other marine revenues		(2,689	)		(3,187	)		(12,729	)		(18,811	)		(2,714	)
General and administrative expenses - other operating activities		(525	)		(947	)		(2,184	)		(3,694	)		(410	)
Depreciation and amortization - other operating activities		(855	)		(1,436	)		(4,430	)		(5,721	)		(855	)
Other operating profit (loss)	$	(225	)		(1,444	)		(1,548	)		(4,564	)		116

The company’s operating loss and other components of loss before income taxes and the related percentage of total revenues for the quarters and the years ended March 31, 2017 and 2016 and for the quarter ended December 31, 2016, were as follows:

	Quarter Ended												Year Ended												Quarter Ended
	March 31,												March 31,												December 31,
(In thousands)	2017			%			2016			%			2017			%			2016			%			2016			%
Vessel operating profit (loss):
Americas (C) (D)	$	30,618			19	%		11,026			6	%		18,873			3	%		52,966			5	%		(6,242	)		(5	%)
Asia/Pacific (C)		(3,358	)		(2	%)		(5,809	)		(3	%)		(20,614	)		(3	%)		(1,687	)		(<1	%)		(5,586	)		(4	%)
Middle East		(2,806	)		(2	%)		2,427			1	%		(4,696	)		(1	%)		7,325			1	%		(2,782	)		(2	%)
Africa/Europe		(12,455	)		(8	%)		(3,551	)		(2	%)		(51,395	)		(9	%)		15,534			2	%		(11,559	)		(9	%)
		11,999			7	%		4,093			2	%		(57,832	)		(10	%)		74,138			8	%		(26,169	)		(20	%)
Other operating profit (loss)		(225	)		(<1	%)		(1,444	)		(1	%)		(1,548	)		(<1	%)		(4,564	)		(<1	%)		116			<1	%
		11,774			7	%		2,649			1	%		(59,380	)		(10	%)		69,574			8	%		(26,053	)		(20	%)

Corporate general and administrative expenses (E)		(21,757	)		(14	%)		(8,982	)		(5	%)		(55,389	)		(10	%)		(34,078	)		(3	%)		(13,133	)		(10	%)
Corporate depreciation		(564	)		(<1	%)		(1,388	)		(1	%)		(2,456	)		(<1	%)		(6,160	)		(1	%)		(565	)		(1	%)
Corporate expenses		(22,321	)		(14	%)		(10,370	)		(6	%)		(57,845	)		(10	%)		(40,238	)		(4	%)		(13,698	)		(11	%)

Gain (loss) on asset dispositions, net		6,064			3	%		6,692			4	%		24,099			4	%		26,037			3	%		6,139			5	%
Asset impairments		(64,857	)		(40	%)		(55,540	)		(30	%)		(484,727	)		(81	%)		(117,311	)		(12	%)		(253,422	)		(196	%)
Restructuring charge		—			—			—			—			—			—			(7,586	)		(1	%)		—			—
Operating loss	$	(69,340	)		(43	%)		(56,569	)		(31	%)		(577,853	)		(97	%)		(69,524	)		(7	%)		(287,034	)		(222	%)
Foreign exchange gain (loss)		664			<1	%		(1,645	)		(1	%)		(1,638	)		(<1	%)		(5,403	)		(1	%)		2,970			2	%
Equity in net earnings (losses) of unconsolidated companies		2,841			2	%		(6,511	)		(4	%)		5,710			1	%		(13,581	)		(1	%)		1,557			1	%
Interest income and other, net		1,588			1	%		949			1	%		5,193			1	%		2,703			<1	%		1,437			1	%
Interest and other debt costs, net		(21,008	)		(13	%)		(14,011	)		(7	%)		(75,026	)		(12	%)		(53,752	)		(5	%)		(18,587	)		(14	%)
Loss before income taxes	$	(85,255	)		(53	%)		(77,787	)		(42	%)		(643,614	)		(107	%)		(139,557	)		(14	%)		(299,657	)		(232	%)

Note (C): Americas segment fiscal 2016 figure excludes restructuring charges of $3.6 million. Asia/Pacific segment fiscal 2016 amount excludes restructuring charges of $4.0 million.

Note D): Americas segment vessel operating profit for fiscal 2017 includes $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.

Note (E): Corporate general and administrative expenses in fiscal 2017 include $29 million of costs associated with debt renegotiations.

The company’s revenues, days-based vessel utilization percentages and average day rates by vessel class and in total for the quarters and the years ended March 31, 2017 and 2016 and for the quarter ended December 31, 2016, were as follows:

									Quarter
	Quarter Ended				Year Ended				Ended
	March 31,				March 31,				December 31,
	2017		2016		2017		2016		2016
REVENUE BY VESSEL CLASS (In thousands):
Americas fleet:
Deepwater (F)	$	62,831		43,802		171,334		235,522		30,846
Towing-supply		14,738		16,878		56,561		92,768		11,905
Other		2,964		2,970		11,948		14,705		2,826
Total	$	80,533		63,650		239,843		342,995		45,577
Asia/Pacific fleet:
Deepwater	$	1,138		4,318		7,252		60,853		1,652
Towing-supply		4,813		5,473		18,316		28,192		3,934
Other		—		—		—		—		—
Total	$	5,951		9,791		25,568		89,045		5,586
Middle East fleet:
Deepwater	$	8,295		5,796		28,274		23,596		6,953
Towing-supply		12,432		18,367		60,776		87,760		13,694
Other		—		—		—		—		—
Total	$	20,727		24,163		89,050		111,356		20,647
Africa/Europe fleet:
Deepwater	$	23,032		40,260		102,374		205,587		21,748
Towing-supply		22,794		32,823		102,732		153,818		26,087
Other		3,868		9,361		24,249		52,599		5,475
Total	$	49,694		82,444		229,355		412,004		53,310
Worldwide fleet:
Deepwater	$	95,296		94,176		309,234		525,558		61,199
Towing-supply		54,777		73,541		238,385		362,538		55,620
Other		6,832		12,331		36,197		67,304		8,301
Total	$	156,905		180,048		583,816		955,400		125,120

Note (F): Included in Americas fleet deepwater revenue for the fourth quarter is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.

										Quarter
	Quarter Ended					Year Ended				Ended
	March 31,					March 31,				December 31,
	2017			2016		2017		2016		2016
UTILIZATION:
Americas fleet:
Deepwater		29.7	%		45.6		35.5		61.1		32.1
Towing-supply	41.8				43.6		39.4		53.4		36.4
Other		45.7			59.5		41.2		52.6		37.0
Total		35.2	%		46.5		37.4		57.1		34.0
Asia/Pacific fleet:
Deepwater		9.1	%		17.4		8.7		40.5		7.7
Towing-supply	34.4				56.3		43.2		67.6		42.5
Other		—			—		—		—		—
Total		24.7	%		38.0		28.0		53.6		26.2
Middle East fleet:
Deepwater		79.7	%		61.3		72.9		61.5		74.7
Towing-supply	71.4				58.3		64.2		70.8		58.7
Other		—			—		—		—		—
Total		74.2	%		58.9		66.4		69.2		62.5
Africa/Europe fleet:
Deepwater		53.6	%		57.0		48.8		60.7		42.9
Towing-supply	42.1				56.5		44.7		60.6		47.4
Other		31.0			68.6		40.9		71.8		37.6
Total		42.5	%		60.3		44.9		64.2		42.8
Worldwide fleet:
Deepwater		42.6	%		47.9		41.0		58.4		37.2
Towing-supply	46.9				53.7		48.2		62.3		47.5
Other	32.8				65.5		40.1		66.7		36.7
Total		42.6	%		53.6		43.9		61.7		41.4

									Quarter
	Quarter Ended				Year Ended				Ended
	March 31,				March 31,				December 31,
	2017		2016		2017		2016		2016
AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater (G)	$	57,311		25,795		31,851		26,755		25,181
Towing-supply		17,816		14,701		16,868		16,372		16,239
Other		9,015		6,056		9,418		7,344		10,384
Total	$	35,756		19,077		23,982		20,824		20,436
Asia/Pacific fleet:
Deepwater	$	12,641		21,112		18,600		32,467		17,964
Towing-supply		7,640		6,434		6,616		7,336		6,164
Other		—		—		—		—		—
Total	$	8,265		9,278		8,096		15,575		7,650
Middle East fleet:
Deepwater	$	9,643		14,844		11,265		16,776		10,674
Towing-supply		8,214		11,935		9,316		11,675		8,553
Other		—		—		—		—		—
Total	$	8,732		12,524		9,857		12,479		9,167
Africa/Europe fleet:
Deepwater	$	11,763		18,064		13,861		21,106		13,262
Towing-supply		13,940		14,519		14,570		15,722		13,917
Other		3,652		3,947		4,277		4,883		4,169
Total	$	10,682		12,016		11,407		13,599		11,042
Worldwide fleet:
Deepwater	$	23,797		20,827		19,741		24,081		16,961
Towing-supply		11,893		12,683		12,103		13,522		11,476
Other		4,922		4,309		5,217		5,269		5,235
Total	$	15,693		13,658		13,802		15,558		12,461

Note (G): Included in Americas fleet deepwater average day rates for the fourth quarter is $39.1 million or revenue related to early cancellation of a long-term vessel charter contract. Excluding the early cancellation revenue, total Americas fleet deepwater average day rates would have been $21,602 and $24,573 for the fourth quarter and year ended March 31, 2017, respectively.

The company’s actual vessel count at March 31, 2017 and the average number of vessels by class and geographic distribution for the quarters and the years ended March 31, 2017 and 2016 and for the quarter ended December 31, 2016:

	Actual Vessel										Quarter
	Count at		Quarter Ended				Year Ended				Ended
	March 31,		March 31,				March 31,				December 31,
	2017		2017		2016		2017		2016		2016
Americas fleet:
Deepwater		41		41		41		42		39		41
Towing-supply		21		22		29		23		30		22
Other		8		8		9		8		10		8
Total		70		71		79		73		79		71
Less stacked vessels		34		34		29		33		18		35
Active vessels		36		37		50		40		61		36
Asia/Pacific fleet:
Deepwater		11		11		13		12		13		13
Towing-supply		21		20		16		18		15		16
Other		1		1		1		1		1		1
Total		33		32		30		31		29		30
Less stacked vessels		23		24		13		21		9		22
Active vessels		10		8		17		10		20		8
Middle East fleet:
Deepwater		12		12		7		9		6		9
Towing-supply		23		24		29		28		29		30
Other		—		—		—		—		—		—
Total		35		36		36		37		35		39
Less stacked vessels		2		—		5		5		3		8
Active vessels		33		36		31		32		32		31
Africa/Europe fleet:
Deepwater		40		41		43		42		44		42
Towing-supply		44		43		44		43		44		43
Other		38		38		38		38		41		38
Total		122		122		125		123		129		123
Less stacked vessel		52		54		26		45		20		50
Active vessels		70		68		99		78		109		73
Active owned or chartered vessels		149		149		197		160		222		148
Stacked vessels		111		112		73		104		50		115
Total owned or chartered vessels		260		261		270		264		272		263
Joint-venture and other		8		8		9		8		9		8
Total		268		269		279		272		281		271

Note (H): Included in total owned or chartered vessels at March 31, 2017 and 2016 and at December 31, 2016, were 111, 77 and 116 vessels, respectively, that were stacked by the company. These vessels were considered to be in service and are included in the calculation of our utilization statistics.

The table below summarizes the various commitments to acquire and construct new vessels, by vessel type, as of March 31, 2017:

(In thousands, except vessel count)	Number of Vessels		Total Cost		Invested Through 3/31/17		Remaining Balance 3/31/17
Vessels under construction (J):
Deepwater PSVs (I)		2	$	110,022		77,054		32,968
Total vessel commitments		2	$	110,022		77,054		32,968

Note (I): In April 2017, the company entered into a novation agreement and assigned the construction contract related to one of the vessels under construction to a third party for net consideration of $5.3 million thus relieving the company of future payments of $27.2 million.

Note (J): Two remaining option vessels, a vessel rejected at the time of delivery and a fast supply boat are not included in the table above. The company has approximately $33 million in unfunded capital commitments associated with two vessels under construction at March 31, 2017 ($5.8 million, net of amounts relieved as a result of a novation agreement executed in April 2017).

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