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

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

There were no items of significance to highlight in the March 31, 2012 quarter, but included in the prior year’s net earnings for the March 31, 2011 quarter were:
  • a $6.3 million ($6.3 million after-tax, or $0.12 per common share) charge to general and administrative expenses related to a previously disclosed settlement with the Federal Government of Nigeria.
  • a $3.9 million ($3.0 million after-tax, or $0.06 per common share) impairment charge included in “Gain on asset disposition, net” related to a write-down to estimated fair market value of eleven vessels and related parts inventory that were expected to be sold to a scrap dealer.
  • an effective income tax rate for the quarter of 52.6%, in part reflecting the impact of the two previously discussed charges which have virtually no related tax benefits. The quarterly effective tax rate also reflects an increase in the Company’s estimated annual effective tax rate exclusive of discrete items (including the two discussed above) from approximately 23% to the final fiscal 2011 effective tax rate excluding discrete items of approximately 26%. The impact of this increased tax rate on fourth quarter diluted earnings per share totaled $0.10, with $0.02 per common share pertaining to fourth quarter earnings and $0.08 per common share related to the cumulative effect on income tax expense related to the three prior quarters’ earnings.

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

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

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

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

Financial information is displayed on the next page.
       

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS
               
Quarter Ended Year Ended
March 31, March 31,
    2012   2011   2012   2011
Revenues:
Vessel revenues $ 288,255 252,714 1,060,468 1,051,213
Other marine revenues     1,140     1,274     6,539     4,175  
      289,395     253,988     1,067,007     1,055,388  
 
Costs and expenses:
Vessel operating costs 168,707 153,518 638,137 638,590
Costs of other marine revenues 1,915 1,257 7,115 4,660
Depreciation and amortization 35,585 34,723 138,356 140,576
Goodwill impairment --- --- 30,932 ---
General and administrative 40,791 41,522 156,570 145,454
Gain on asset dispositions, net     (3,986 )   (1,607 )   (17,657 )   (13,228 )
      243,012     229,413     953,453     916,052  
Operating income 46,383 24,575 113,554 139,336
Other income (expenses):
Foreign exchange gain (loss) 2,574 131 3,309 2,278
Equity in net earnings of unconsolidated companies 3,614 3,419 13,041 12,185
Interest income and other, net 1,137 1,584 3,440 5,065
Interest and other debt costs     (7,454 )   (4,364 )   (22,308 )   (10,769 )
      (129 )   770     (2,518 )   8,759  
Earnings before income taxes 46,254 25,345 111,036 148,095
Income tax expense     12,612     13,326     23,625     42,479  
Net earnings   $ 33,642     12,019     87,411     105,616  
 
Basic earnings per common share   $ .66     .23     1.71     2.06  
 
Diluted earnings per common share   $ .66     .23     1.70     2.05  
 
Weighted average common shares outstanding 50,723,340 51,198,831 51,165,460 51,221,800
Incremental common shares from stock options     253,447     366,743     264,107     265,283  
Adjusted weighted average common shares     50,976,787     51,565,574     51,429,567     51,487,083  
 
Cash dividends declared per common share   $ .25     .25     1.00     1.00  
 
   

TIDEWATER INC.

CONSOLIDATED BALANCE SHEETS
       
March 31, 2012 and 2011
(In thousands, except share and par value data)
ASSETS   2012   2011
Current assets:
Cash and cash equivalents $ 320,710 245,720
Trade and other receivables, less allowance for doubtful accounts
of $49,921 in 2012 and $50,677 in 2011 309,468 272,467
Marine operating supplies 53,850 50,748
Other current assets     10,072     10,212  
Total current assets     694,100     579,147  
Investments in, at equity, and advances to unconsolidated companies 46,077 39,044
Properties and equipment:
Vessels and related equipment 3,952,468 3,910,430
Other properties and equipment     93,107     85,589  
4,045,575 3,996,019
Less accumulated depreciation and amortization     1,139,810     1,294,239  
Net properties and equipment     2,905,765     2,701,780  
Goodwill 297,822 328,754
Other assets     117,854     99,391  
Total assets   $ 4,061,618     3,748,116  
 
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:
Accounts payable 74,115 45,177
Accrued expenses 134,953 120,869
Accrued property and liability losses 3,636 3,846
Other current liabilities     26,225     13,697  
Total current liabilities     238,929     183,589  
Long-term debt 950,000 700,000
Deferred income taxes 214,627 216,735
Accrued property and liability losses 3,150 5,327
Other liabilities and deferred credits 128,555 128,521
 
Commitments and Contingencies
 
Stockholders’ equity:
Common stock of $0.10 par value, 125,000,000 shares
authorized, issued 51,250,995 shares at March 31, 2012
and 51,876,038 shares at March 31, 2011 5,125 5,188
Additional paid-in capital 102,726 90,204
Retained earnings 2,437,836 2,436,736
Accumulated other comprehensive loss     (19,330 )   (18,184 )
Total stockholders’ equity     2,526,357     2,513,944  
Total liabilities and stockholders' equity   $ 4,061,618     3,748,116  
 
     

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended March 31, 2012, 2011 and 2010
(In thousands)   2012   2011   2010
Operating activities:
Net earnings $ 87,411 105,616 259,476
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization 138,356 140,576 130,184
Provision (benefit) for deferred income taxes (23,754 ) (6,849 ) 569
Reversal of liabilities for uncertain tax positions (6,021 ) --- (36,110 )
Gain on asset dispositions, net (17,657 ) (13,228 ) (28,178 )
Goodwill impairment 30,932 --- ---
Provision for Venezuelan operations, net --- --- 43,720
Equity in earnings of unconsolidated companies, net of dividends (7,033 ) 1,570 (3,336 )
Compensation expense – stock based 14,340 15,482 8,740
Excess tax liability (benefit) on stock options exercised 1,190 (1,190 ) (72 )
Changes in assets and liabilities, net:
Trade and other receivables (38,015 ) 15,272 (20,458 )
Marine operating supplies (3,102 ) (4,511 ) 4,490
Other current assets 140 (3,509 ) (338 )
Accounts payable 21,844 3,504 (12,657 )
Accrued expenses 4,063 (7,080 ) 6,119
Accrued property and liability losses (210 ) (963 ) (712 )
Other current liabilities 8,700 12,675 (21,889 )
Other liabilities and deferred credits 7,947 6,219 (3,115 )
Other, net     3,290     622     1,828  
Net cash provided by operating activities     222,421     264,206     328,261  
Cash flows from investing activities:
Proceeds from sales of assets 42,029 37,196 51,735
Proceeds from sales/leaseback of assets --- --- 101,755
Proceeds from insurance settlements on Venezuela seized vessels --- 8,150 ---
Additions to properties and equipment (357,110 ) (615,289 ) (451,973 )
Other     ---     ---     1  
Net cash used in investing activities     (315,081 )   (569,943 )   (298,482 )
Cash flows from financing activities:
Principal payments on debt (40,000 ) (190,000 ) ---
Debt borrowings 290,000 590,000 ---
Debt issuance costs (295 ) (10,032 ) (7,712 )
Proceeds from exercise of stock options 5,411 8,695 1,872
Cash dividends (51,261 ) (51,478 ) (51,734 )
Excess tax (liability) benefit on stock options exercised (1,190 ) 1,190 72
Stock repurchases     (35,015 )   (19,988 )   ---  
Net cash provided by (used in) financing activities     167,650     328,387     (57,502 )
Net change in cash and cash equivalents 74,990 22,650 (27,723 )
Cash and cash equivalents at beginning of year     245,720     223,070     250,793  
Cash and cash equivalents at end of year   $ 320,710     245,720     223,070  
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest $ 36,839 15,957 14,951
Income taxes $ 49,332 48,365 57,571
Supplemental disclosure of noncash investing activities:
Additions to properties and equipment   $ 10,850     ---     ---  
 

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

 

 

Quarter
Quarter Ended Year Ended

Ended

March 31,
March 31,

December 31,
(In thousands)   2012   %   2011   %   2012   %   2011   %   2011   %
Vessel revenues:
Americas $ 79,219 27 % 82,083 32 % 324,529 31 % 362,825 35 % 82,741 31 %
Asia/Pacific 48,207 17 % 42,533 17 % 153,752 14 % 176,877 17 % 40,919 15 %
Middle East/North Africa 30,783 11 % 25,120 10 % 109,489 10 % 92,151 9 % 27,839 10 %
Sub-Saharan Africa/Europe     130,046   45 %   102,978   41 %   472,698   45 %   419,360   40 %   118,987   44 %
Total vessel revenues     288,255   100 %   252,714   100 %   1,060,468   100 %   1,051,213   100 %   270,486   100 %
Vessel operating costs:
Crew costs $ 87,286 30 % 83,081 33 % 327,762 31 % 338,126 32 % 80,988 30 %
Repair and maintenance 27,368 9 % 25,505 10 % 103,257 10 % 110,496 11 % 26,680 10 %
Insurance and loss reserves 2,910 1 % 4,607 2 % 17,507 2 % 19,601 2 % 3,926 1 %
Fuel, lube and supplies 22,017 8 % 14,027 6 % 76,904 7 % 61,784 6 % 17,126 6 %
Vessel operating leases 4,492 2 % 4,492 2 % 17,967 2 % 17,964 2 % 4,492 2 %
Other     24,634   9 %   21,806   9 %

 
94,740   9 %   90,619   9 %   22,626   8 %
Total vessel operating costs     168,707   59 %   153,518   61 %   638,137   60 %   638,590   61 %   155,838   58 %
Vessel operating margin (A)   $ 119,548   41 %   99,196   39 %

 
422,331   40 %   412,623   39 %   114,648   42 %
 

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

Quarter EndedMarch 31,

Year EndedMarch 31,

QuarterEndedDecember 31,
(In thousands)   2012  

2011
  2012   2011   2011
Vessel operating margin $ 119,548 99,196 422,331 412,623 114,648
Other marine revenues 1,140 1,274 6,539 4,175 1,625
Costs of other marine revenues (1,915 ) (1,257 ) (7,115 ) (4,660 ) (1,938 )
Depreciation and amortization (35,585 ) (34,723 ) (138,356 ) (140,576 ) (35,215 )
Goodwill impairment --- --- (30,932 ) --- ---
General and administrative (40,791 ) (41,522 ) (156,570 ) (145,454 ) (40,425 )
Gain on asset dispositions, net     3,986     1,607     17,657     13,228     2,496  
Operating income   $ 46,383     24,575     113,554     139,336     41,191  

The company’s operating profit and other components of earnings before income taxes and its related percentage of total revenues for the quarters and the years ended March 31, 2012 and 2011 and for the quarter ended December 31, 2011, were as follows:
                   
Quarter Ended Year Ended Quarter Ended
March 31, March 31, December 31,
(In thousands)   2012   %   2011   %   2012   %   2011   %   2011   %
Marine operating profit:
Vessel activity:
Americas $ 16,157 6 % 10,461 4 % 56,003 5 % 49,341 5 % 18,462 7 %
Asia/Pacific 9,002 3 % 5,966 2 % 16,125 2 % 22,308 2 % 6,629 2 %
Middle East/North Africa 1,411

<1
% 4,643 2 % 805 <1% 18,990 2 % 362

<1
%
Sub-Saharan Africa/Europe     27,869     10 %   17,550     7 %   97,142     9 %   82,993     8 %   25,418     9 %
54,439 19 % 38,620 15 % 170,075 16 % 173,632 17 % 50,871 19 %
Corporate expenses (10,525 ) (4 %) (15,546 ) (6 %) (40,379 ) (4 %) (46,361 ) (4 %) (10,972 ) (4 %)
Goodwill impairment --- --- --- --- (30,932 ) (3 %) --- --- --- ---
Gain on asset dispositions, net 3,986 1 % 1,607 1 % 17,657 2 % 13,228 1 % 2,496 1 %
Other marine services     (1,517 )   (1 %)   (106 )  

(<1
%)   (2,867 )  

<1
%   (1,163 )  

(<1
%)   (1,204 )  

(<1
%)
Operating income     46,383     16 %   24,575     10 %   113,554     11 %   139,336     13 %   41,191     15 %
Foreign exchange gain (loss) 2,574 1 % 131

<1
% 3,309

<1
% 2,278

<1
%

(1,738

)

(1

%)
Equity in net earnings of
unconsolidated companies 3,614 1 % 3,419 1 % 13,041

1
% 12,185 1 % 3,482 1 %
Interest income and other, net 1,137

<1
% 1,584 1 % 3,440

<1
% 5,065

<1
% 347

<1
%
Interest and other debt costs     (7,454 )   (3 %)   (4,364 )   (2 %)   (22,308 )   (2 %)   (10,769 )   (1 %)   (6,027 )   (2 %)

Earnings before income taxes
 

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

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

REVENUES BY VESSEL CLASS (In thousands):

Americas fleet:
Deepwater vessels $ 35,045 33,261 146,950 181,244 38,861
Towing-supply/supply 35,596 40,113 143,796 149,151 35,866
Crew/utility 6,576 8,138 29,535 30,104 6,905
Offshore tugs 2,002 571 4,248 2,326 1,109

Total
$ 79,219 82,083 324,529 362,825 82,741

Asia/Pacific fleet:
Deepwater vessels $ 26,857 21,089 75,495 82,919 20,445
Towing-supply/supply 20,197 20,329 73,845 89,517 19,334
Crew/utility 243 241 876 975 246
Offshore tugs 910 874 3,536 3,466 894
Total $ 48,207 42,533 153,752 176,877 40,919

Middle East/North Africa fleet:
Deepwater vessels $ 11,331 9,051 46,511 28,460 12,647
Towing-supply/supply 18,034 14,408 56,902 56,869 13,778
Offshore tugs 1,418 1,661 6,076 6,822 1,414
Total $ 30,783 25,120 109,489 92,151 27,839

Sub-Saharan Africa/Europe fleet:
Deepwater vessels $ 64,392 32,508 199,697 123,707 51,194
Towing-supply/supply 48,663 52,677 201,463 221,595 50,159
Crew/utility 11,674 12,600 51,010 50,549 12,589
Offshore tugs 5,317 5,193 20,528 23,509 5,045
Total $ 130,046 102,978 472,698 419,360 118,987

Worldwide fleet:
Deepwater vessels $ 137,625 95,909 468,653 416,330 123,147
Towing-supply/supply 122,490 127,527 476,006 517,132 119,137
Crew/utility 18,493 20,979 81,421 81,628 19,740
Offshore tugs 9,647 8,299 34,388 36,123 8,462
Total   $ 288,255   252,714   1,060,468   1,051,213   270,486
 
         
Quarter
Quarter Ended Year Ended Ended
March 31, March 31, December 31,
    2012     2011   2012   2011   2011

UTILIZATION:

Americas fleet:
Deepwater vessels 75.9 % 70.1 74.9 77.3 79.7
Towing-supply/supply 53.1 48.3 49.0 42.6 54.2
Crew/utility 82.3 70.6 80.0 56.8 72.6
Offshore tugs 38.7 20.0 25.8 17.5 23.6
Total 61.4 % 55.2 58.2 50.8 61.0

Asia/Pacific fleet:
Deepwater vessels 95.3 % 78.9 76.8 78.3 83.5
Towing-supply/supply 43.1 43.5 41.3 46.6 43.8
Crew/utility 100.0 100.0 89.6 100.0 100.0
Offshore tugs 100.0 100.0 100.0 100.0 100.0
Total 55.9 % 53.6 50.9 55.5 54.4

Middle East/North Africa fleet:
Deepwater vessels 100.0 % 87.5 91.2 86.3 98.8
Towing-supply/supply 73.3 66.6 59.9 69.0 59.2
Offshore tugs 50.0 58.8 53.3 59.5 50.0
Total 74.4 % 68.8 64.5 69.9 65.2

Sub-Saharan Africa/Europe fleet:
Deepwater vessels 84.0 % 76.0 84.4 81.7 83.8
Towing-supply/supply 55.6 60.0 56.9 62.1 58.1
Crew/utility 76.2 91.6 83.7 87.0 82.0
Offshore tugs 72.6 60.3 65.9 68.6 69.0
Total 68.4 % 69.8 69.4 71.4 70.0

Worldwide fleet:
Deepwater vessels 84.9 % 75.8 81.1 79.8 84.2
Towing-supply/supply 55.2 54.5 52.1 54.0 54.4
Crew/utility 78.3 84.3 82.7 75.9 79.5
Offshore tugs 60.2 53.7 55.5 56.8 54.8
Total     65.4 %   62.8   62.9   62.1   64.6

AVERAGE VESSEL DAY RATES:

Americas fleet:
Deepwater vessels $ 25,911 25,041 25,573 27,103 25,247
Towing-supply/supply 13,704 14,411 14,076 13,695 13,812
Crew/utility 6,234 6,411 6,212 6,296 6,186
Offshore tugs 9,613 6,341 8,199 6,353 8,525
Total $ 15,197 15,003 15,283 15,965 15,373

Asia/Pacific fleet:
Deepwater vessels $ 30,982 23,681 25,073 23,336 25,357
Towing-supply/supply 13,751 12,688 12,790 12,498 12,836
Crew/utility 2,670 2,670 2,670 2,670 2,670
Offshore tugs 10,000 9,709 9,662 9,495 9,709
Total $ 19,148 15,913 16,221 15,454 16,389

Middle East/North Africa fleet:
Deepwater vessels $ 17,788 16,907 17,703 16,962 17,484
Towing-supply/supply 8,992 7,693 8,477 7,558 8,604
Offshore tugs 5,194 5,235 5,192 5,232 5,127
Total $ 10,558 9,216 10,417 8,772 10,705

Sub-Saharan Africa/Europe fleet:
Deepwater vessels $ 23,254 19,325 21,584 19,239 21,719
Towing-supply/supply 13,479 11,848 12,978 11,873 13,004
Crew/utility 4,548 4,247 4,500 4,275 4,509
Offshore tugs 6,705 6,836 6,794 6,706 6,620
Total $ 13,353 10,450 12,080 10,374 12,181

Worldwide fleet:
Deepwater vessels $ 24,465 21,619 22,709 22,691 22,696
Towing-supply/supply 12,651 11,913 12,452 11,689 12,460
Crew/utility 4,981 4,850 4,960 4,810 4,935
Offshore tugs 7,066 6,601 6,775 6,520 6,715
Total   $ 14,140     12,194   13,197   12,352   13,359
 

The utilization, average day rates and the number of active vessels (excludes stacked vessels) for the company’s new vessels (defined as vessels acquired or constructed since calendar year 2000 as part of its new build and acquisition program) and its older, more traditional vessels for the quarters and the years ended March 31, 2012 and 2011 and for the quarter ended December 31, 2011, were as follows:
          Quarter
Quarter Ended Year Ended Ended
March 31, March 31, December 31,
    2012   2011   2012   2011   2011

UTILIZATION:

Americas fleet:
New vessels 87.3 % 87.4 87.5 84.3 90.1
Traditional vessels 41.3 36.1 37.4 31.5 37.7
Total 61.4 % 55.2 58.2 50.8 61.0

Asia/Pacific fleet:
New vessels 81.0 % 79.3 78.7 78.7 83.1
Traditional vessels 10.4 22.0 11.6 31.8 10.2
Total 55.9 % 53.6 50.9 55.5 54.4

Middle East/North Africa fleet:
New vessels 83.9 % 79.7 70.3 83.1 68.2
Traditional vessels 55.9 61.3 56.1 62.7 59.6
Total 74.4 % 68.8 64.5 69.9 65.2

Sub-Saharan Africa/Europe fleet:
New vessels 82.2 % 87.8 85.4 88.9 84.8
Traditional vessels 32.1 35.8 34.0 41.2 36.1
Total 68.4 % 69.8 69.4 71.4 70.0

Worldwide fleet:
New vessels 83.2 % 85.6 82.9 85.8 83.4
Traditional vessels 35.7 37.7 34.8 38.8 35.5
Total     65.4 %   62.8   62.9   62.1   64.6

AVERAGE VESSEL DAY RATES:

Americas fleet:
New vessels $ 19,096 18,400 19,069 19,727 18,863
Traditional vessels 8,851 10,115 8,956 10,139 8,655
Total $ 15,197 15,003 15,283 15,965 15,373

Asia/Pacific fleet:
New vessels $ 20,247 18,332 17,494 19,176 17,395
Traditional vessels 3,642 5,195 3,968 6,023 3,749
Total $ 19,148 15,913 16,221 15,454 16,389

Middle East/North Africa fleet:
New vessels $ 11,657 12,325 12,398 11,812 12,337
Traditional vessels 7,377 6,414 6,815 6,580 7,174
Total $ 10,558 9,216 10,417 8,772 10,705

Sub-Saharan Africa/Europe fleet:
New vessels $ 14,098 11,077 12,774 11,186 12,921
Traditional vessels 8,353 7,537 8,208 7,339 8,226
Total $ 13,353 10,450 12,080 10,374 12,181

Worldwide fleet:
New vessels $ 15,658 13,851 14,741 14,381 14,835
Traditional vessels 8,226 8,047 8,045 7,939 8,021
Total   $ 14,140     12,194   13,197   12,352   13,359
         
Quarter
Quarter Ended Year Ended Ended
March 31, March 31, December 31,
    2012   2011   2012   2011   2011

AVERAGE VESSEL COUNT (EXCLUDING STACKED VESSELS):

Americas fleet:
New vessels 41 39 41 42 42
Traditional vessels 24 31 25 36 24
Total 65 70 66 78 66

Asia/Pacific fleet:
New vessels 32 30 30 28 30
Traditional vessels 1 6 3 12 2
Total 33 36 33 40 32

Middle East/North Africa fleet:
New vessels 27 18 25 14 27
Traditional vessels 9 20 12 22 9
Total 36 38 37 36 36

Sub-Saharan Africa/Europe fleet:
New vessels 113 103 106 98 106
Traditional vessels 18 27 21 31 20
Total 131 130 127 129 126

Worldwide fleet:
New vessels 213 190 202 182 205
Traditional vessels 52 84 61 101 55
Total   265   274   263   283   260
 

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

 
       

 
 

 

 

 

Actual VesselCount atMarch 31,

Quarter EndedMarch 31,

Year EndedMarch 31

QuarterEndedDecember 31,
    2012   2012   2011   2012   2011   2011

Americas fleet:
Deepwater vessels 18 20 21 21 24 21
Towing-supply/supply 50 53 64 57 70 52
Crew/utility 14 14 20 16 23 17
Offshore tugs   2   6   5   5   6   6
Total 84 93 110 99 123 96
Less stacked vessels   21   28   40   33   45   30
Active vessels   63   65   70   66   78   66

Asia/Pacific fleet:
Deepwater vessels 10 10 13 11 12 11
Towing-supply/supply 37 37 41 38 42 37
Crew/utility 1 1 1 1 1 1
Offshore tugs   1   1   1   1   1   1
Total 49 49 55 51 56 50
Less stacked vessels   16   16   19   18   16   18
Active vessels   33   33   36   33   40   32

Middle East/North Africa fleet:
Deepwater vessels 7 7 7 8 5 8
Towing-supply/supply 29 30 31 31 30 29
Offshore tugs   6   6   6   6   6   6
Total 42 43 44 45 41 43
Less stacked vessels   7   7   6   8   5   7
Active vessels 35 36 38 37 36 36

Sub-Saharan Africa/Europe fleet:
Deepwater vessels 37 36 25 30 22 31
Towing-supply/supply 69 72 82 74 82 72
Crew/utility 37 37 36 37 37 37
Offshore tugs   12   12   14   13   14   12
Total 155 157 157 154 155 152
Less stacked vessel   23   26   27   27   26   26
Active vessels   132   131   130   127   129   126

Active owned or chartered vessels

263

265

274

263

283

260
Stacked vessels (B)   67   77   92   86   92   81

Total owned or chartered vessels

330

342

366

349

375

341
Vessels withdrawn from service 2 2 5 3 5 2
Joint-venture and other   10   10   10   10   10   10
Total   342   354   381   362   390   353
 

Note (B): The company had 67, 90 and 79 actual stacked vessels at March 31, 2012 and 2011 and at December 31, 2011, respectively. These vessels were considered to be in service and were included in the calculation of the company’s utilization statistics.

The company’s vessel commitments by vessel class and type as of March 31, 2012, were as follows:

               
Non-U.S. Built U.S. Built
Number Invested Remaining Number Invested Remaining
of Total Through Balance of Total Through Balance
Vessel class and type   Vessels   Cost   3/31/12   3/31/12   Vessels   Cost   3/31/12   3/31/12
In thousands, except number of vessels:
Deepwater vessels:
Platform supply vessels 13 $ 350,254 146,366 203,888 3 146,811 43,538 103,273
Towing-supply/supply vessels:
Anchor handling towing supply 2 47,584 37,839 9,745 --- --- --- ---
Platform supply vessels 2 49,710 18,725 30,985 --- --- --- ---
Crewboats   5     22,369   10,969   11,400   ---   ---   ---   ---
Totals   22   $ 469,917   213,899   256,018   3   146,811   43,538   103,273
 

The table below summarizes by vessel class and vessel type the number of vessels expected to be delivered by quarter along with the expected cash outlay (in thousands) of the various vessel commitments as discussed above:
  Quarter Period Ended
 
Vessel class and type   06/12   09/12   12/12   03/13   06/13   Thereafter
 
Deepwater vessels:          
Anchor handling towing supply --- --- --- --- --- ---
Platform supply vessels 3 4 2 --- 1 6
Towing-supply/supply vessels:
Anchor handling towing supply 2 --- --- --- --- ---
Platform supply vessels --- --- --- --- --- 2
Crewboats     ---   ---   ---   2   2   1  
Totals     5   4   2   2   3   9  
(In thousands)

Expected quarterly cash outlay
 

$

78,900
  70,076   54,912   16,344   20,203   118,856 (A )

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

Copyright Business Wire 2010

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