Exhibit 99.1
Tidewater Reports Second Quarter Results For Fiscal 2010
NEW ORLEANS—October 29, 2009—Tidewater Inc. (NYSE:TDW) announced today second quarter net earnings for the period ended September 30, 2009, of $98.2 million, or $1.90 per common share, on revenues of $295.5 million. Included in net earnings for the September 30, 2009 quarter is a $34.3 million, or $0.66 per common share, tax benefit resulting from a favorable resolution of tax litigation. For the same quarter last year, net earnings were $95.4 million, or $1.85 per common share, on revenues of $346.8 million. The immediately preceding quarter ended June 30, 2009, had net earnings of $44.5 million, or $0.86 per common share, on revenues of $ 326.6 million. Included in net earnings for the June 30, 2009 quarter was a non-cash charge totaling $48.6 million ($47.7 million after tax, or $0.93 per common share) related to the company’s Venezuelan operations. As a result of the seizure of vessels and certain other assets during the June quarter in Venezuela pursuant to a May 2009 Venezuelan law and the continued nonpayment of outstanding receivables from Petroleos de Venezuela, S.A. (PDVSA) and an affiliate of PDVSA, the company recorded in the June 2009 quarter a $3.8 million charge equal to the net book value of the assets seized and a $44.8 million provision to fully reserve accounts receivable due from PDVSA-related entities.
As previously announced, Tidewater will hold a conference call to discuss September quarterly earnings on Thursday, October 29, 2009, at 10:00 a.m. CDT, promptly following the Company’s release of quarterly earnings. 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. CDT on October 29, 2009, and will continue until 11:59 p.m. CDT on October 31, 2009. To hear the replay, call 1-800-642-1687 (1-706-645-9291 if calling from outside the U.S.). The conference call ID number is 35253766.
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 November 29, 2009.
Tidewater Inc. owns 398 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.
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.
1
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share and per share data)
Quarter Ended September 30, | Six Months Ended September 30, | ||||||||||||
2009 | 2008 | 2009 | 2008 | ||||||||||
Revenues: | |||||||||||||
Vessel revenues | $ | 294,563 | 344,637 | 604,999 | 673,008 | ||||||||
Other marine revenues | 961 | 2,192 | 17,134 | 13,875 | |||||||||
295,524 | 346,829 | 622,133 | 686,883 | ||||||||||
Costs and expenses: | |||||||||||||
Vessel operating costs | 157,526 | 175,371 | 311,177 | 352,099 | |||||||||
Costs of other marine revenues | 882 | 1,315 | 15,582 | 11,744 | |||||||||
Depreciation and amortization | 32,260 | 30,657 | 63,909 | 61,278 | |||||||||
General and administrative | 37,686 | 35,315 | 72,074 | 70,423 | |||||||||
Provision for Venezuelan operations | 517 | — | 49,070 | — | |||||||||
Gain on asset dispositions, net | (5,374 | ) | (5,851 | ) | (17,912 | ) | (16,238 | ) | |||||
223,497 | 236,807 | 493,900 | 479,306 | ||||||||||
Operating income | 72,027 | 110,022 | 128,233 | 207,577 | |||||||||
Other income (expenses): | |||||||||||||
Foreign exchange (loss) gain | (2,252 | ) | 2,487 | (4,838 | ) | 1,297 | |||||||
Equity in net earnings of unconsolidated companies | 5,557 | 3,798 | 10,972 | 7,994 | |||||||||
Interest income and other, net | 502 | 1,425 | 3,670 | 3,324 | |||||||||
Interest and other debt costs | (450 | ) | (108 | ) | (527 | ) | (428 | ) | |||||
3,357 | 7,602 | 9,277 | 12,187 | ||||||||||
Earnings before income taxes | 75,384 | 117,624 | 137,510 | 219,764 | |||||||||
Income tax (benefit) expense | (22,801 | ) | 22,193 | (5,157 | ) | 39,557 | |||||||
Net earnings | $ | 98,185 | 95,431 | 142,667 | 180,207 | ||||||||
Basic earnings per common share | $ | 1.91 | 1.86 | 2.78 | 3.51 | ||||||||
Diluted earnings per common share | $ | 1.90 | 1.85 | 2.77 | 3.49 | ||||||||
Weighted average common shares outstanding | 51,371,295 | 51,246,848 | 51,366,826 | 51,394,460 | |||||||||
Incremental common shares from stock options | 234,171 | 239,236 | 216,718 | 267,346 | |||||||||
Adjusted weighted average common shares | 51,605,466 | 51,486,084 | 51,583,544 | 51,661,806 | |||||||||
Cash dividends declared per common share | $ | 0.25 | 0.25 | 0.50 | 0.50 | ||||||||
2
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value data)
ASSETS | September 30, 2009 | March 31, 2009 | |||
Current assets: | |||||
Cash and cash equivalents | $ | 295,655 | 250,793 | ||
Trade and other receivables, net | 333,303 | 328,566 | |||
Marine operating supplies | 43,331 | 48,727 | |||
Other current assets | 13,181 | 6,365 | |||
Total current assets | 685,470 | 634,451 | |||
Investments in, at equity, and advances to unconsolidated companies | 33,878 | 37,221 | |||
Properties and equipment: | |||||
Vessels and related equipment | 3,263,720 | 3,238,674 | |||
Other properties and equipment | 81,975 | 81,689 | |||
3,345,695 | 3,320,363 | ||||
Less accumulated depreciation and amortization | 1,255,635 | 1,307,038 | |||
Net properties and equipment | 2,090,060 | 2,013,325 | |||
Goodwill | 328,754 | 328,754 | |||
Other assets | 95,055 | 60,053 | |||
Total assets | $ | 3,233,217 | 3,073,804 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
Current liabilities: | |||||
Current maturities of long-term debt | $ | 25,000 | — | ||
Accounts payable | 51,637 | 51,530 | |||
Accrued expenses | 118,922 | 111,153 | |||
Accrued property and liability losses | 5,767 | 5,521 | |||
Other current liabilities | 44,925 | 35,146 | |||
Total current liabilities | 246,251 | 203,350 | |||
Long-term debt | 275,000 | 300,000 | |||
Deferred income taxes | 205,920 | 201,200 | |||
Accrued property and liability losses | 14,470 | 8,035 | |||
Other liabilities and deferred credits | 122,882 | 116,541 | |||
Commitment and contingencies | |||||
Stockholders’ equity: | |||||
Common stock of $.10 par value, 125,000,000 shares authorized, issued 51,707,721 shares at September and 51,696,245 shares at March | 5,170 | 5,169 | |||
Other stockholders’ equity | 2,363,524 | 2,239,509 | |||
Total stockholders’ equity | 2,368,694 | 2,244,678 | |||
Total liabilities and stockholders’ equity | $ | 3,233,217 | 3,073,804 | ||
3
TIDEWATER INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Six Months Ended September 30, | |||||||
2009 | 2008 | ||||||
Operating activities: | |||||||
Net earnings | $ | 142,667 | 180,207 | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Depreciation and amortization | 63,909 | 61,278 | |||||
Provision (benefit) for deferred income taxes | (14,215 | ) | (4,890 | ) | |||
Reversal of liabilities for uncertain tax positions | (34,284 | ) | — | ||||
Gain on asset dispositions, net | (17,912 | ) | (16,238 | ) | |||
Provision for Venezuelan operations | 49,070 | — | |||||
Equity in earnings of unconsolidated companies, net of dividends | 3,343 | (1,574 | ) | ||||
Compensation expense—stock-based | 4,936 | 6,152 | |||||
Excess tax benefits on stock options exercised | (194 | ) | (1,438 | ) | |||
Changes in assets and liabilities, net: | |||||||
Trade and other receivables | (41,329 | ) | (25,723 | ) | |||
Marine operating supplies | 5,396 | (8,315 | ) | ||||
Other current assets | (6,816 | ) | (6,644 | ) | |||
Accounts payable | 107 | (8,599 | ) | ||||
Accrued expenses | 6,448 | (502 | ) | ||||
Accrued property and liability losses | 246 | (187 | ) | ||||
Other current liabilities | 8,694 | 19,143 | |||||
Other liabilities and deferred credits | (4,589 | ) | 1,311 | ||||
Other, net | (644 | ) | 721 | ||||
Net cash provided by operating activities | 164,833 | 194,702 | |||||
Cash flows from investing activities: | |||||||
Proceeds from sales of assets | 23,216 | 20,638 | |||||
Proceeds from sales/leaseback of assets | 101,755 | — | |||||
Additions to properties and equipment | (212,532 | ) | (259,845 | ) | |||
Other | — | 312 | |||||
Net cash used in investing activities | (87,561 | ) | (238,895 | ) | |||
Cash flows from financing activities: | |||||||
Principal payments on capitalized lease obligations | — | (10,059 | ) | ||||
Proceeds from exercise of stock options | 962 | 6,548 | |||||
Cash dividends | (25,859 | ) | (25,753 | ) | |||
Stock repurchases | — | (53,634 | ) | ||||
Excess tax benefits on stock options exercised | 194 | 1,438 | |||||
Debt issuance costs | (7,707 | ) | — | ||||
Net cash used in financing activities | (32,410 | ) | (81,460 | ) | |||
Net change in cash and cash equivalents | 44,862 | (125,653 | ) | ||||
Cash and cash equivalents at beginning of period | 250,793 | 270,205 | |||||
Cash and cash equivalents at end of period | $ | 295,655 | 144,552 | ||||
Supplemental disclosure of cash flow information: | |||||||
Cash paid during the period for: | |||||||
Interest | $ | 7,163 | 6,970 | ||||
Income taxes | $ | 29,568 | 29,833 | ||||
4
The company’s revenues and operating expenses and its related percentage of vessel revenues for the quarters and the six-month periods ended September 30, 2009 and 2008 and for the quarter ended June 30, 2009, were as follows:
Quarter Ended September 30, | Six Months Ended September 30, | Quarter Ended June 30, | ||||||||||||||||||||||||
(In thousands) | 2009 | % | 2008 | % | 2009 | % | 2008 | % | 2009 | % | ||||||||||||||||
Vessel revenues: | ||||||||||||||||||||||||||
International | $ | 271,898 | 92 | % | 304,635 | 88 | % | 557,886 | 92 | % | 592,904 | 88 | % | 285,988 | 92 | % | ||||||||||
United States | 22,665 | 8 | % | 40,002 | 12 | % | 47,113 | 8 | % | 80,104 | 12 | % | 24,448 | 8 | % | |||||||||||
Vessel revenues | 294,563 | 100 | % | 344,637 | 100 | % | 604,999 | 100 | % | 673,008 | 100 | % | 310,436 | 100 | % | |||||||||||
Vessel operating costs: | ||||||||||||||||||||||||||
Crew costs | $ | 78,737 | 27 | % | 92,086 | 27 | % | 161,489 | 27 | % | 185,238 | 28 | % | 82,752 | 27 | % | ||||||||||
Repair and maintenance | 31,452 | 11 | % | 32,702 | 9 | % | 57,086 | 9 | % | 68,550 | 10 | % | 25,634 | 8 | % | |||||||||||
Insurance and loss reserves | 3,383 | 1 | % | 5,608 | 2 | % | 8,059 | 1 | % | 11,081 | 2 | % | 4,676 | 2 | % | |||||||||||
Fuel, lube and supplies | 15,213 | 5 | % | 18,609 | 5 | % | 28,055 | 5 | % | 33,775 | 5 | % | 12,842 | 4 | % | |||||||||||
Vessel operating leases | 4,321 | 1 | % | 1,749 | 1 | % | 6,070 | 1 | % | 3,498 | 1 | % | 1,749 | 1 | % | |||||||||||
Other | 24,420 | 8 | % | 24,617 | 7 | % | 50,418 | 8 | % | 49,957 | 7 | % | 25,998 | 8 | % | |||||||||||
Vessel operating costs | 157,526 | 53 | % | 175,371 | 51 | % | 311,177 | 51 | % | 352,099 | 52 | % | 153,651 | 49 | % | |||||||||||
Vessel operating margin (A) | $ | 137,037 | 47 | % | 169,266 | 49 | % | 293,822 | 49 | % | 320,909 | 48 | % | 156,785 | 51 | % |
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, 2009 and 2008 and for the quarter ended June 30, 2009:
Quarter Ended September 30, | Six Months Ended September 30, | Quarter Ended June 30, | ||||||||||||||
(In thousands) | 2009 | 2008 | 2009 | 2008 | 2009 | |||||||||||
Vessel operating margin | $ | 137,037 | 169,266 | 293,822 | 320,909 | 156,785 | ||||||||||
Other marine services revenues | 961 | 2,192 | 17,134 | 13,875 | 16,173 | |||||||||||
Costs of other marine revenues | (882 | ) | (1,315 | ) | (15,582 | ) | (11,744 | ) | (14,700 | ) | ||||||
Depreciation and amortization | (32,260 | ) | (30,657 | ) | (63,909 | ) | (61,278 | ) | (31,649 | ) | ||||||
General and administrative | (37,686 | ) | (35,315 | ) | (72,074 | ) | (70,423 | ) | (34,388 | ) | ||||||
Provision for Venezuelan operations | (517 | ) | — | (49,070 | ) | — | (48,553 | ) | ||||||||
Gain on asset dispositions, net | 5,374 | 5,851 | 17,912 | 16,238 | 12,538 | |||||||||||
Operating income | $ | 72,027 | 110,022 | 128,233 | 207,577 | 56,206 | ||||||||||
The company’s operating income and other components of earnings before income taxes and its related percentage of total revenues for the quarters and the six-month periods ended September 30, 2009 and 2008 and for the quarter ended June 30, 2009, were as follows:
Quarter Ended September 30, | Six Months Ended September 30, | Quarter Ended June 30, | |||||||||||||||||||||||||||||
(In thousands) | 2009 | % | 2008 | % | 2009 | % | 2008 | % | 2009 | % | |||||||||||||||||||||
Vessel operating profit: | |||||||||||||||||||||||||||||||
International | $ | 78,590 | 27 | % | 104,335 | 30 | % | 128,482 | 21 | % | 192,517 | 28 | % | 49,892 | 15 | % | |||||||||||||||
United States | 1,214 | <1 | % | 9,956 | 3 | % | 3,843 | 1 | % | 18,489 | 3 | % | 2,629 | 1 | % | ||||||||||||||||
79,804 | 27 | % | 114,291 | 33 | % | 132,325 | 21 | % | 211,006 | 31 | % | 52,521 | 16 | % | |||||||||||||||||
Corporate expenses | (13,042 | ) | (4 | %) | (10,821 | ) | (3 | %) | (22,943 | ) | (4 | %) | (21,393 | ) | (3 | %) | (9,901 | ) | (3 | %) | |||||||||||
Gain on asset dispositions, net | 5,374 | 2 | % | 5,851 | 2 | % | 17,912 | 3 | % | 16,238 | 2 | % | 12,538 | 4 | % | ||||||||||||||||
Other marine services | (109 | ) | (<1 | %) | 701 | <1 | % | 939 | <1 | % | 1,726 | <1 | % | 1,048 | <1 | % | |||||||||||||||
Operating income | 72,027 | 24 | % | 110,022 | 32 | % | 128,233 | 21 | % | 207,577 | 30 | % | 56,206 | 17 | % | ||||||||||||||||
Foreign exchange (loss) gain | (2,252 | ) | (1 | %) | 2,487 | 1 | % | (4,838 | ) | (1 | %) | 1,297 | <1 | % | (2,586 | ) | (1 | %) | |||||||||||||
Equity in net earnings of unconsolidated companies | 5,557 | 2 | % | 3,798 | 1 | % | 10,972 | 2 | % | 7,994 | 1 | % | 5,415 | 2 | % | ||||||||||||||||
Interest income and other, net | 502 | <1 | % | 1,425 | <1 | % | 3,670 | 1 | % | 3,324 | <1 | % | 3,168 | 1 | % | ||||||||||||||||
Interest and other debt costs | (450 | ) | (<1 | %) | (108 | ) | (<1 | %) | (527 | ) | (<1 | %) | (428 | ) | (<1 | %) | (77 | ) | (<1 | %) | |||||||||||
Earnings before income taxes | $ | 75,384 | 26 | % | 117,624 | 34 | % | 137,510 | 22 | % | 219,764 | 32 | % | 62,126 | 19 | % |
5
The company’s revenues, vessel utilization percentages and average day rates by vessel class and in total for the quarters and the six-month periods ended September 30, 2009 and 2008 and the quarter ended June 30, 2009, were as follows:
Quarter Ended September 30, | Six Months Ended September 30, | Quarter Ended June 30, | ||||||||||||||||
2009 | 2008 | 2009 | 2008 | 2009 | ||||||||||||||
REVENUES BY VESSEL CLASS (In thousands): | ||||||||||||||||||
International-based fleet: | ||||||||||||||||||
Deepwater vessels | $ | 71,015 | 67,642 | 137,413 | 125,926 | 66,398 | ||||||||||||
Towing-supply/supply | 169,152 | 193,415 | 352,048 | 378,374 | 182,896 | |||||||||||||
Crew/utility | 22,393 | 26,709 | 47,963 | 54,078 | 25,570 | |||||||||||||
Offshore tugs | 9,338 | 14,993 | 19,895 | 30,819 | 10,557 | |||||||||||||
Other | — | 1,876 | 567 | 3,707 | 567 | |||||||||||||
Total | $ | 271,898 | 304,635 | 557,886 | 592,904 | 285,988 | ||||||||||||
United States-based fleet: | ||||||||||||||||||
Deepwater vessels | $ | 14,714 | 16,099 | 28,011 | 33,031 | 13,297 | ||||||||||||
Towing-supply/supply | 7,342 | 18,644 | 16,857 | 36,319 | 9,515 | |||||||||||||
Crew/utility | 609 | 5,259 | 2,245 | 10,754 | 1,636 | |||||||||||||
Total | $ | 22,665 | 40,002 | 47,113 | 80,104 | 24,448 | ||||||||||||
Worldwide fleet: | ||||||||||||||||||
Deepwater vessels | $ | 85,729 | 83,741 | 165,424 | 158,957 | 79,695 | ||||||||||||
Towing-supply/supply | 176,494 | 212,059 | 368,905 | 414,693 | 192,411 | |||||||||||||
Crew/utility | 23,002 | 31,968 | 50,208 | 64,832 | 27,206 | |||||||||||||
Offshore tugs | 9,338 | 14,993 | 19,895 | 30,819 | 10,557 | |||||||||||||
Other | — | 1,876 | 567 | 3,707 | 567 | |||||||||||||
Total | $ | 294,563 | 344,637 | 604,999 | 673,008 | 310,436 | ||||||||||||
UTILIZATION: | ||||||||||||||||||
International-based fleet: | ||||||||||||||||||
Deepwater vessels | 79.1 | % | 85.8 | 78.4 | 84.7 | 77.6 | ||||||||||||
Towing-supply/supply | 71.1 | 75.7 | 72.6 | 76.5 | 74.1 | |||||||||||||
Crew/utility | 71.3 | 79.5 | 73.5 | 82.8 | 75.7 | |||||||||||||
Offshore tugs | 60.4 | 60.4 | 57.1 | 56.7 | 54.2 | |||||||||||||
Other | — | 59.0 | 79.2 | 48.8 | 79.2 | |||||||||||||
Total | 71.3 | % | 75.8 | 72.3 | 76.2 | 73.2 | ||||||||||||
United States-based fleet: | ||||||||||||||||||
Deepwater vessels | 76.7 | % | 98.0 | 84.3 | 96.3 | 92.4 | ||||||||||||
Towing-supply/supply | 32.2 | 48.0 | 35.8 | 48.9 | 39.4 | |||||||||||||
Crew/utility | 18.8 | 75.5 | 32.8 | 76.4 | 45.4 | |||||||||||||
Total | 37.7 | % | 61.4 | 43.4 | 62.2 | 49.0 | ||||||||||||
Worldwide fleet: | ||||||||||||||||||
Deepwater vessels | 78.8 | % | 88.0 | 79.3 | 87.0 | 79.9 | ||||||||||||
Towing-supply/supply | 66.8 | 72.2 | 68.6 | 72.9 | 70.3 | |||||||||||||
Crew/utility | 66.4 | 78.9 | 69.6 | 81.8 | 72.6 | |||||||||||||
Offshore tugs | 60.4 | 60.4 | 57.1 | 56.7 | 54.2 | |||||||||||||
Other | — | 59.0 | 79.2 | 48.8 | 79.2 | |||||||||||||
Total | 67.8 | % | 74.0 | 69.3 | 74.4 | 70.7 | ||||||||||||
AVERAGE VESSEL DAY RATES: | ||||||||||||||||||
International-based fleet: | ||||||||||||||||||
Deepwater vessels | $ | 24,839 | 26,831 | 25,520 | 25,820 | 26,287 | ||||||||||||
Towing-supply/supply | 12,428 | 12,375 | 12,475 | 12,015 | 12,518 | |||||||||||||
Crew/utility | 4,935 | 5,184 | 5,085 | 5,071 | 5,224 | |||||||||||||
Offshore tugs | 7,059 | 8,302 | 7,406 | 8,614 | 7,744 | |||||||||||||
Other | — | 10,597 | �� | 9,679 | 10,233 | 9,679 | ||||||||||||
Total | $ | 12,177 | 12,048 | 12,186 | 11,631 | 12,194 | ||||||||||||
United States-based fleet: | ||||||||||||||||||
Deepwater vessels | $ | 29,784 | 25,233 | 26,834 | 24,862 | 24,178 | ||||||||||||
Towing-supply/supply | 9,623 | 12,867 | 9,873 | 12,234 | 10,071 | |||||||||||||
Crew/utility | 5,032 | 6,017 | 5,010 | 6,015 | 4,997 | |||||||||||||
Total | $ | 16,456 | 13,510 | 14,726 | 13,164 | 13,418 | ||||||||||||
Worldwide fleet: | ||||||||||||||||||
Deepwater vessels | $ | 25,568 | 26,517 | 25,734 | 25,615 | 25,910 | ||||||||||||
Towing-supply/supply | 12,280 | 12,416 | 12,326 | 12,034 | 12,396 | |||||||||||||
Crew/utility | 4,938 | 5,305 | 5,082 | 5,206 | 5,210 | |||||||||||||
Offshore tugs | 7,059 | 8,302 | 7,406 | 8,614 | 7,744 | |||||||||||||
Other | — | 10,597 | 9,679 | 10,233 | 9,679 | |||||||||||||
Total | $ | 12,426 | 12,201 | 12,352 | 11,795 | 12,282 | ||||||||||||
6
The average day rates and utilization percentages 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 six-month periods ended September 30, 2009 and 2008 and for the quarter ended June 30, 2009, were as follows:
Quarter Ended September 30, | Six Months Ended September 30, | Quarter Ended June 30, | ||||||||||||||||
2009 | 2008 | 2009 | 2008 | 2009 | ||||||||||||||
AVERAGE VESSEL DAY RATES: | ||||||||||||||||||
International-based fleet: | ||||||||||||||||||
New vessels | $ | 16,160 | 17,090 | 16,301 | 16,676 | 16,452 | ||||||||||||
Traditional vessels | 8,193 | 9,163 | 8,531 | 8,879 | 8,819 | |||||||||||||
Total International-based fleet | $ | 12,177 | 12,048 | 12,186 | 11,631 | 12,194 | ||||||||||||
United States-based fleet: | ||||||||||||||||||
New vessels | $ | 21,955 | 14,732 | 19,560 | 14,687 | 17,896 | ||||||||||||
Traditional vessels | 12,874 | 12,386 | 11,309 | 11,697 | 10,055 | |||||||||||||
Total U.S.-based fleet | $ | 16,456 | 13,510 | 14,726 | 13,164 | 13,418 | ||||||||||||
Worldwide fleet: | ||||||||||||||||||
New vessels | $ | 16,429 | 16,774 | 16,490 | 16,393 | 16,554 | ||||||||||||
Traditional vessels | 8,518 | 9,444 | 8,730 | 9,121 | 8,910 | |||||||||||||
Total Worldwide Fleet | $ | 12,426 | 12,201 | 12,352 | 11,795 | 12,282 | ||||||||||||
UTILIZATION: | ||||||||||||||||||
International-based fleet: | ||||||||||||||||||
New vessels | 86.8 | % | 91.0 | 86.6 | 91.0 | 86.5 | ||||||||||||
Traditional vessels | 60.5 | 69.2 | 63.0 | 70.0 | 65.3 | |||||||||||||
Total International-based fleet | 71.3 | % | 75.8 | 72.3 | 76.2 | 73.2 | ||||||||||||
United States-based fleet: | ||||||||||||||||||
New vessels | 49.2 | % | 82.7 | 58.1 | 83.3 | 66.5 | ||||||||||||
Traditional vessels | 32.7 | 49.6 | 36.8 | 50.0 | 41.0 | |||||||||||||
Total U.S.-based fleet | 37.7 | % | 61.4 | 43.4 | 62.2 | 49.0 | ||||||||||||
Worldwide fleet: | ||||||||||||||||||
New vessels | 83.8 | % | 89.8 | 84.2 | 89.8 | 84.7 | ||||||||||||
Traditional vessels | 57.2 | 66.9 | 60.0 | 67.7 | 62.6 | |||||||||||||
Total Worldwide Fleet | 67.8 | % | 74.0 | 69.3 | 74.4 | 70.7 | ||||||||||||
7
The company’s average number of vessels by class and geographic distribution for the quarters and the six-month periods ended September 30, 2009 and 2008 and for the quarter ended June 30, 2009, were as follows:
Quarter Ended September 30, | Six Months Ended September 30, | Quarter Ended June 30, | ||||||||||||||
2009 | 2008 | 2009 | 2008 | 2009 | ||||||||||||
International-based fleet: | ||||||||||||||||
Deepwater vessels | 39 | 32 | 38 | 32 | 35 | |||||||||||
Towing-supply/supply | 208 | 224 | 212 | 225 | 217 | |||||||||||
Crew/utility | 69 | 70 | 70 | 70 | 71 | |||||||||||
Offshore tugs | 24 | 33 | 26 | 34 | 28 | |||||||||||
Other | — | 3 | — | 4 | 1 | |||||||||||
Total | 340 | 362 | 346 | 365 | 352 | |||||||||||
United States-based fleet: | ||||||||||||||||
Deepwater vessels | 7 | 7 | 7 | 7 | 7 | |||||||||||
Towing-supply/supply | 26 | 33 | 26 | 33 | 26 | |||||||||||
Crew/utility | 7 | 13 | 7 | 13 | 8 | |||||||||||
Total | 40 | 53 | 40 | 53 | 41 | |||||||||||
Owned or chartered vessels included in marine revenues (B) | 380 | 415 | 386 | 418 | 393 | |||||||||||
Vessels withdrawn from service | 8 | 16 | 9 | 18 | 9 | |||||||||||
Joint-venture and other | 10 | 14 | 10 | 14 | 10 | |||||||||||
Total | 398 | 445 | 405 | 450 | 412 | |||||||||||
Note (B): Included in total owned or chartered vessels at September��30, 2009 and 2008 and at June 30, 2009, were 70, 47 and 66 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 vessel commitments by vessel class and type as of September 30, 2009:
International Built | U. S. Built | |||||||||||||||||||
Vessel class and type | Number of Vessels | Total Cost | Expended Through 9/30/09 | Number of Vessels | Total Cost | Expended 9/30/09 | ||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||
Deepwater vessels: | ||||||||||||||||||||
Anchor handling towing supply | 2 | $ | 60,829 | $ | 30,925 | — | — | — | ||||||||||||
Platform supply vessels (C) | 16 | $ | 478,916 | $ | 145,029 | 3 | $ | 95,785 | $ | 51,306 | ||||||||||
Towing-supply/supply vessels: | ||||||||||||||||||||
Anchor handling towing supply | 11 | $ | 187,144 | $ | 61,598 | — | — | — | ||||||||||||
Platform supply vessels | 3 | $ | 37,349 | $ | 24,306 | — | — | — | ||||||||||||
Crewboats and offshore tugs: | ||||||||||||||||||||
Crewboats | 2 | $ | 18,576 | $ | 14,394 | — | — | — | ||||||||||||
Offshore tugs | 1 | $ | 14,105 | $ | 11,277 | — | — | — | ||||||||||||
Totals | 35 | $ | 796,919 | $ | 287,529 | 3 | $ | 95,785 | $ | 51,306 | ||||||||||
Note (C): The international built deepwater platform supply vessel count includes one multipurpose platform supply vessel.
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The table below summarizes by vessel class and vessel type the number of vessels expected to be delivered by quarter of the various vessel commitments as discussed above along with the expected quarterly cash outlay:
Quarter Period Ended | |||||||||||||||||
Vessel class and type | 12/09 | 03/10 | 06/10 | 09/10 | 12/10 | Thereafter | |||||||||||
Deepwater vessels: | |||||||||||||||||
Anchor handling towing supply | — | — | 2 | — | — | — | |||||||||||
Platform supply vessels | 4 | 2 | (D) | — | — | 1 | 12 | ||||||||||
Towing-supply/supply vessels: | |||||||||||||||||
Anchor handling towing supply | 1 | 1 | 1 | — | 2 | 6 | |||||||||||
Platform supply vessels | 2 | 1 | — | — | — | — | |||||||||||
Crewboats and offshore tugs: | |||||||||||||||||
Crewboats | — | 1 | 1 | — | — | — | |||||||||||
Offshore tugs | 1 | — | — | — | — | — | |||||||||||
Totals | 8 | 5 | 4 | — | 3 | 18 | |||||||||||
(In thousands) | |||||||||||||||||
Expected quarterly cash outlay | $ | 125,188 | 102,142 | 52,695 | 31,150 | 44,276 | 198,418 | (E) | |||||||||
Note (D): The deepwater platform supply vessel count in the March 2010 quarter includes one multipurpose platform supply vessel.
Note (E): The $198,418 of ‘Thereafter’ vessel construction obligations is expected to be paid out as follows: $40,376 in the remaining quarter of fiscal 2011, $146,320 during fiscal 2012, and $11,722 during fiscal 2013.
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