Tidewater Reports Second Quarter Results For Fiscal 2014

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

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

As previously announced, Tidewater will hold a conference call to discuss September quarterly earnings on Tuesday, November 5, 2013, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405 if calling from outside the U.S.) and ask for the “Tidewater” call just prior to the scheduled start. A replay of the conference call will be available beginning at 12:00 p.m. Central time on November 5, 2013, and will continue until 11:59 p.m. Central time on November 7, 2013. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 35911627.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, ( http://www.tdw.com). The online replay will be available until December 5, 2013.

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

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

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

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   Six Months Ended
September 30, September 30,
    2013   2012   2013   2012
Revenues:    
Vessel revenues $ 363,668 309,822 695,298 599,916
Other operating revenues     4,269     2,096     6,724     6,450  
      367,937     311,918     702,022     606,366  
Costs and expenses:
Vessel operating costs 195,316 172,652 391,477 333,988
Costs of other operating revenues 4,040 1,585 6,060 5,108
General and administrative 46,038 41,867 96,518 82,531
Vessel operating leases 3,971 4,403 8,002 8,895
Depreciation and amortization 42,056 36,047 82,164 71,831
Gain on asset dispositions, net     (49 )   (1,833 )   (2,189 )   (2,671 )
      291,372     254,721     582,032     499,682  
Operating income 76,565 57,197 119,990 106,684
Other income (expenses):
Foreign exchange gain (loss) 3,017 529 2,928 (1,222 )
Equity in net earnings of unconsolidated companies 3,781 3,357 8,201 5,720
Interest income and other, net 538 1,128 1,278 1,847
Loss on early extinguishment of debt (4,144 ) --- (4,144 ) ---
Interest and other debt costs     (9,918 )   (7,148 )   (18,831 )   (14,735 )
      (6,726 )   (2,134 )   (10,568 )   (8,390 )
Earnings before income taxes 69,839 55,063 109,422 98,294
Income tax expense     15,667     13,707     25,167     24,082  
Net earnings   $ 54,172     41,356     84,255     74,212  
 
Basic earnings per common share   $ 1.10     0.84     1.71     1.49  
 
Diluted earnings per common share   $ 1.09     0.83     1.70     1.48  
 
Weighted average common shares outstanding 49,274,816 49,392,973 49,253,409 49,792,212
Dilutive effect of stock options and restricted stock     448,303     232,097     395,983     214,291  
Adjusted weighted average common shares     49,723,119     49,625,070     49,649,392     50,006,503  
 
Cash dividends declared per common share   $ 0.25     0.25     0.50     0.50  
 
 
 
 
 
 

TIDEWATER INC.

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

LIABILITIES AND STOCKHOLDERS' EQUITY
       
Current liabilities:
Accounts payable

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

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

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
  Quarter Ended   Six Months Ended
September 30, September 30,
    2013   2012   2013   2012
Net earnings $ 54,172   41,356 84,255   74,212
Other comprehensive income/(loss):

Unrealized gains/(losses) on available-for-sale securities net of tax of $(93), $225, $(33) and $(110)
(173 ) 419 (62 ) (205 )

Amortization of loss on derivative contract net of tax of $62, $63, $125 and $125
    116     117   233     233  
Total comprehensive income   $ 54,115     41,892   84,426     74,240  
 
 
 
 
 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
  Six Months Ended
September 30,
   

2013
  2012
Operating activities:  
Net earnings $ 84,255 74,212

Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 82,164 71,831
Benefit for deferred income taxes (10,215 ) (4,372 )
Gain on asset dispositions, net (2,189 ) (2,671 )
Equity in earnings of unconsolidated companies, less dividends (6,167 ) (4,031 )
Compensation expense - stock-based 10,999 10,320
Excess tax benefit on stock options exercised (341 ) (95 )
Changes in assets and liabilities, net:
Trade and other receivables (165,573 ) (20,707 )
Marine operating supplies 9,363 (2,281 )
Other current assets (10,666 ) (5,565 )
Accounts payable 11,461 16,195
Accrued expenses 8,631 6,176
Accrued property and liability losses 39 (241 )
Other current liabilities 276 1,134
Other liabilities and deferred credits (531 ) 3,508
Other, net     (1,678 )   2,846  
Net cash provided by operating activities     9,828     146,259  
Cash flows from investing activities:
Proceeds from sales of assets 7,646 9,977
Proceeds from sale/leaseback of assets 65,550 ---
Additions to properties and equipment (220,309 ) (189,826 )
Payments for acquisition, net of cash acquired (127,737 ) ---
Other     (687 )   (1,338 )
Net cash used in investing activities     (275,537 )   (181,187 )
Cash flows from financing activities:
Debt issuance costs (3,845 ) ---
Principal payment on long-term debt (691,615 ) (60,000 )
Debt borrowings 986,262 ---
Proceeds from exercise of stock options 4,421 938
Cash dividends (24,890 ) (25,058 )
Excess tax benefit on stock options exercised 341 95
Stock repurchases     ---     (65,028 )
Net cash provided by (used in) financing activities     270,674     (149,053 )
Net change in cash and cash equivalents 4,965 (183,981 )
Cash and cash equivalents at beginning of period     40,569     320,710  
Cash and cash equivalents at end of period   $ 45,534     136,729  
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $ 23,338 19,259
Income taxes $ 32,144 27,075
Supplemental disclosure of non-cash investing activities:
Additions to properties and equipment $ 4,157 6,724
Increase in receivables due to sale of shipyard   $ 6,500     ---  
 
 
 
 
 
 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(In thousands)
        Accumulated  
Additional other
Common paid-in Retained comprehensive
    stock   capital   earnings   loss   Total

Balance at March 31, 2013
$ 4,949 119,975 2,453,973 (17,141 ) 2,561,756
Total comprehensive income --- --- 84,255 171 84,426
Stock option activity 12 4,763 --- --- 4,775
Cash dividends declared --- --- (25,035 ) --- (25,035 )

Amortization/cancellation of restricted stock units
--- 6,220 --- --- 6,220

Amortization/cancellation of restricted stock
    (3 )   2,428   ---     ---     2,425  

Balance at September 30, 2013
  $ 4,958     133,386   2,513,193     (16,970 )   2,634,567  
 
 

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

Balance at September 30, 2012
  $ 4,982     112,606   2,421,991     (19,302 )   2,520,277  
 
 
 
 
 
 

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues for the quarters and the six-month periods ended September 30, 2013 and 2012 and for the quarter ended June 30, 2013, were as follows:
 
  Quarter
  Quarter Ended   Six Months Ended Ended
September 30, September 30, June 30,
(In thousands)   2013   %   2012   %   2013   %   2012   %   2013   %
Vessel revenues:              
Americas $ 101,929 28 % 82,316 27 % 192,173 28 % 159,966 27 % 90,244 27 %
Asia/Pacific 37,430 10 % 45,738 15 % 80,386 12 % 97,480 16 % 42,956 13 %
Middle East/N. Africa 45,370 13 % 32,051 10 % 86,583 12 % 64,501 11 % 41,213 13 %
Sub-Saharan Africa/Europe     178,939   49 %   149,717   48 %   336,156   48 %   277,969   46 %   157,217   47 %
    $ 363,668   100 %   309,822   100 %   695,298   100 %   599,916   100 %   331,630   100 %
Vessel operating costs:
Crew costs $ 100,767 28 % 90,811 29 % 193,999 28 % 178,115 30 % 93,232 28 %
Repair and maintenance 38,996 11 % 32,754 11 % 87,089 13 % 59,978 10 % 48,093 14 %
Insurance and loss reserves 3,926 1 % 3,810 1 % 9,946 1 % 9,161 2 % 6,020 2 %
Fuel, lube and supplies 19,354 5 % 19,269 6 % 38,159 5 % 37,012 6 % 18,805 6 %
Other     32,273   9 %   26,008   9 %   62,284   9 %   49,722   8 %   30,011   9 %
Total vessel operating costs 195,316 54 % 172,652 56 % 391,477 56 % 333,988 56 % 196,161 59 %
Vessel operating margin (A)   $ 168,352   46 %   137,170   44 %   303,821   44 %   265,928   44 %   135,469   41 %

 

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

The company’s operating income and other components of earnings before income taxes, and its related percentage of total revenues for the quarters and six-month periods ended September 30, 2013 and 2012 and for the quarter ended June 30, 2013, were as follows:
 
 

 
                 

Quarter
Quarter Ended Six Months Ended

 

Ended

September 30,

September 30,

 

June 30,
(In thousands)   2013   %   2012   %   2013   %   2012   %   2013   %
Vessel operating profit:  
Americas $ 23,675 6 % 9,506 3 % 43,976 6 % 19,698 3 % 20,301 6 %
Asia/Pacific 4,807 1 % 7,826 3 % 15,096 2 % 22,734 4 % 10,289 3 %
Middle East/N. Africa 13,446 4 % 6,280 2 % 23,569 4 % 12,562 2 % 10,123 3 %
Sub-Saharan Africa/Europe     47,261     13 %   44,330     14 %   64,780     9 %   71,426     12 %   17,519     5 %
89,189 24 % 67,942 22 % 147,421 21 % 126,420 21 % 58,232 17 %
Corporate expenses (12,891 ) (4 %) (12,484 ) (4 %) (29,446 ) (4 %) (22,951 ) (4 %) (16,555 ) (5 %)
Gain on asset dispositions, net 49

<1

%
1,833 1 % 2,189

<1

%
2,671

<1

%
2,140 1 %
Other operating expenses     218    

<1

%
  (94 )  

(<1

%)
  (174 )  

(<1

%)
  544    

<1

%
  (392 )  

(<1

%)
Operating income     76,565     21 %   57,197     18 %   119,990     17 %   106,684     17 %   43,425     13 %
Foreign exchange gain (loss) 3,017 1 % 529

<1

%
2,928 <1% (1,222 )

(<1

%)
(89 )

(<1

%)

Equity in net earnings of unconsolidated companies
3,781 1 % 3,357 1 % 8,201 1 % 5,720 1 % 4,420 1 %
Interest income and other, net 538

<1

%
1,128

<1

%)
1,278

<1

%
1,847

<1

%
740

<1

%
Loss on early extinguishment of debt (4,144 ) (1 %) --- --- (4,144 )

(<1

%)
--- --- --- ---
Interest and other debt costs     (9,918 )   (3 %)   (7,148 )   (2 %)   (18,831 )   (3 %)   (14,735 )   (2 %)   (8,913 )   (3 %)
Earnings before income taxes   $ 69,839     19 %   55,063     18 %   109,422     16 %   98,294     16 %   39,583     12 %
 
 
 
 
 
 

The company’s revenues, day-based vessel utilization percentages and average day rates by vessel class and in total for the quarters and the six-month periods ended September 30, 2013 and 2012 and the quarter ended June 30, 2013, were as follows:
 
          Quarter
Quarter Ended Six Months Ended Ended
September 30, September 30, June 30,
    2013   2012   2013   2012   2013

REVENUES BY VESSEL CLASS (In thousands):

Americas fleet:
Deepwater vessels $ 61,811 44,747 116,843 81,027 55,032
Towing-supply/supply 30,861 31,109 58,531 65,461 27,670
Other 9,257 6,460 16,799 13,478 7,542
Total $ 101,929 82,316 192,173 159,966 90,244

Asia/Pacific fleet:
Deepwater vessels $ 19,923 24,592 44,215 49,929 24,292
Towing-supply/supply 16,559 20,229 34,281 45,729 17,722
Other 948 917 1,890 1,822 942
Total $ 37,430 45,738 80,386 97,480 42,956

Middle East/N. Africa fleet:
Deepwater vessels $ 15,732 12,275 31,584 23,559 15,852
Towing-supply/supply 28,763 18,859 53,260 38,859 24,497
Other 875 917 1,739 2,083 864
Total $ 45,370 32,051 86,583 64,501 41,213

Sub-Saharan Africa/Europe fleet:
Deepwater vessels $ 106,541 67,696 193,792 130,311 87,251
Towing-supply/supply 56,772 63,548 111,632 112,560 54,860
Other 15,626 18,473 30,732 35,098 15,106
Total $ 178,939 149,717 336,156 277,969 157,217

Worldwide fleet:
Deepwater vessels $ 204,007 149,310 386,434 284,826 182,427
Towing-supply/supply 132,955 133,745 257,704 262,609 124,749
Other 26,706 26,767 51,160 52,481 24,454
Total   $ 363,668     309,822   695,298   599,916   331,630

UTILIZATION:

Americas fleet:
Deepwater vessels 72.3 % 70.7 74.9 72.1 77.8
Towing-supply/supply 49.5 48.2 46.3 50.8 43.3
Other 91.6 72.5 86.8 76.5 82.2
Total 63.9 % 58.6 62.0 60.9 60.1

Asia/Pacific fleet:
Deepwater vessels 80.1 % 81.2 86.4 87.4 92.7
Towing-supply/supply 73.0 52.2 68.5 53.6 64.5
Other 100.0 100.0 100.0 74.1 100.0
Total 75.8 % 58.7 73.9 60.7 72.2

Middle East/N. Africa fleet:
Deepwater vessels 81.2 % 91.8 86.1 92.7 91.3
Towing-supply/supply 86.1 71.2 79.1 74.2 72.1
Other 81.8 34.5 57.9 38.4 44.7
Total 84.7 % 69.9 78.9 72.4 73.3

Sub-Saharan Africa/Europe fleet:
Deepwater vessels 88.8 % 83.0 84.0 83.6 79.3
Towing-supply/supply 66.8 67.8 67.2 64.1 67.6
Other 72.5 79.9 71.4 78.2 70.2
Total 75.0 % 75.4 73.4 73.3 71.8

Worldwide fleet:
Deepwater vessels 81.9 % 79.8 81.6 81.4 81.2
Towing-supply/supply 66.3 59.9 63.5 60.0 60.8
Other 77.3 74.7 74.4 74.4 71.5
Total     73.2 %   67.8   71.0   68.1   68.8
         
 
 
 
 
 
Quarter
Quarter Ended Six Months Ended Ended
September 30, September 30, June 30,
    2013   2012   2013   2012   2013

AVERAGE VESSEL DAY RATES:

Americas fleet:
Deepwater vessels $ 31,953 28,450 30,894 27,213 29,786
Towing-supply/supply 15,520 14,103 15,348 14,120 15,161
Other 7,843 6,094 7,423 6,038 6,965
Total $ 19,974 17,012 19,493 16,247 18,977

Asia/Pacific fleet:
Deepwater vessels $ 37,812 42,037 38,610 36,411 39,291
Towing-supply/supply 12,430 12,663 12,729 13,491 13,022
Other 10,300 9,972 10,326 9,959 10,353
Total $ 19,184 20,109 19,990 19,717 20,749

Middle East/N. Africa fleet:
Deepwater vessels $ 22,195 18,359 21,685 18,624 21,202
Towing-supply/supply 12,440 9,857 12,498 9,834 12,567
Other 4,750 4,812 4,750 4,946 4,750
Total $ 14,156 11,561 14,231 11,441 14,316

Sub-Saharan Africa/Europe fleet:
Deepwater vessels $ 30,244 25,235 28,950 23,919 27,514
Towing-supply/supply 15,737 15,721 15,563 14,707 15,386
Other 4,779 5,236 4,830 5,063 4,883
Total $ 17,206 14,602 16,617 13,875 15,993

Worldwide fleet:
Deepwater vessels $ 30,481 27,102 29,549 25,749 28,572
Towing-supply/supply 14,389 13,705 14,364 13,377 14,338
Other 5,651 5,496 5,576 5,373 5,496
Total   $ 17,603   15,384   17,299   14,827   16,976
 
 

The utilization, average day rates and the number of the company’s new vessels (defined as vessels acquired or constructed since calendar year 2000 as part of its new build and acquisition program) for the quarters and six-month periods ended September 30, 2013 and 2012 and the quarter ended June 30, 2013, were as follows:
 
Quarter
Quarter Ended Six Months Ended Ended
September 30, September 30, June 30,
    2013   2012   2013   2012   2013

UTILIZATION:
Deepwater vessels
Platform supply vessels 84.6% 84.6 84.3 85.3 84.0
Anchor handling towing supply 87.9 79.3 91.9 86.5 95.9
Towing-supply/supply 85.7 87.6 83.7 88.4 81.7
Other 73.2 80.3 73.3 79.5 73.3
Total   82.7%   84.7   82.0   85.5   81.2

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

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

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

Americas fleet:
Deepwater vessels 30 24 28 23 27
Towing-supply/supply 44 50 45 50 46
Other   14     16     14     16     14  
Total 88 90 87 89 87
Less stacked vessels   24     25     24     24     25  
Active vessels   64     65     63     65     62  

Asia/Pacific fleet:
Deepwater vessels 7 8 7 9 7
Towing-supply/supply 20 33 21 34 24
Other   1     1     1     1     1  
Total 28 42 29 44 32
Less stacked vessels   4     13     4     14     6  
Active vessels   24     29     25     30     26  

Middle East/N. Africa fleet:
Deepwater vessels 9 8 9 8 9
Towing-supply/supply 29 29 30 29 30
Other   2     6     3     6     4  
Total 40 43 42 43 43
Less stacked vessels   0     7     2     7     3  
Active vessels   40     36     40     36     40  

Sub-Saharan Africa/Europe fleet:
Deepwater vessels 43 35 44 35 44
Towing-supply/supply 59 65 58 66 58
Other   49     48     49     48     48  
Total 151 148 151 149 150
Less stacked vessel   11     20     11     20     10  
Active vessels   140     128     140     129     140  
Active owned or chartered vessels 268 258 268 260 268
Stacked vessels   39     65     41     65     44  
Total owned or chartered vessels 307 323 309 325 312
Vessels withdrawn from service 1 2 1 2 1
Joint-venture and other   10     10     10     10     10  
Total   318     335     320     337     323  
 

Note (B): Included in total owned or chartered vessels at September 30, 2013 and 2012 and at June 30, 2013, were 37, 61, and 41 vessels, respectively, that were stacked by the company. These vessels were considered to be in service and are included in the calculation of the company’s utilization statistics.
 
 
 
 
 
 

The company’s various commitments to acquire and construct new vessels, by vessel type, and remotely operated vehicles (ROVs) as of September 30, 2013, were as follows:
 
  Non-U.S. Built   U.S. Built
Number     Invested   Remaining Number     Invested   Remaining
of Total Through Balance of Total Through Balance
Vessel class and type   Vessels/ROVs   Cost   09/30/13   09/30/13   Vessels/ROVs   Cost   09/30/13   09/30/13
In thousands, except number of vessels:
Deepwater platform supply vessels 18 $ 519,009 95,368 423,641 5 267,630 138,068 129,562
Towing-supply/supply vessels 6 113,395 46,506 66,889 --- --- --- ---
Other   2       33,917   28,455   5,462   ---     ---   ---   ---
Total vessel commitments   26     $ 666,321   170,329   495,992   5     267,630   138,068   129,562
Total ROV commitments   ---     $ ---   ---   ---   5     26,167   7,850   18,317
Total commitments   26     $ 666,321   170,329   495,992   10     293,797   145,918   147,879
 
 

The table below summarizes by vessel class and vessel type the number of vessels and ROVs expected to be delivered by quarter along with the expected cash outlay (in thousands) of the various commitments as discussed above:
 
 
  Quarter Period Ended
 
Vessel class and type   12/13   03/14   06/14   09/14  

12/14
  Thereafter
Deepwater platform supply vessels 3   2   5   3   1   9
Towing-supply/supply vessels --- --- --- 3 1 2
Other     1   ---   ---   ---   ---   1  
Total vessel commitments     4   2   5   6   2   12  
Total ROV commitments     5   ---   ---   ---   ---   ---  
Total commitments     9   2   5   6   2   12  
(In thousands)
Expected quarterly cash outlay   $ 137,934   98,204   97,017   114,039   47,123  

149,554

(A)
 

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

Copyright Business Wire 2010

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