Tidewater 8K Reports Second Quarter Results For Fiscal 2012 | TDW 2 Nov 11

Exhibit 99.1

LOGO

Tidewater Reports Second Quarter Results For Fiscal 2012

NEW ORLEANS, LA. November 2, 2011 -- Tidewater Inc. (NYSE:TDW) announced today a second quarter net loss for the period ended September 30, 2011, of $4.9 million, or $0.09 per share, on revenues of $250.9 million. For the same quarter last year, net earnings were $19.4 million, or $0.38 per share, on revenues of $267.1 million. The immediately preceding quarter ended June 30, 2011, had net earnings of $24.6 million, or $0.48 per common share, on revenues of $254.6 million.

Included in the current fiscal quarter’s net loss is a non-cash goodwill impairment charge of $30.9 million ($22.1 million after tax, or $0.43 per share), resulting from the Company’s decision to change its reportable segments during the September 2011 quarter. Following the change in reportable segments from International and United States to Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe, the Company performed an interim goodwill impairment assessment which resulted in the non-cash goodwill impairment charge.

Included in the prior fiscal year’s net earnings for the quarter ended September 30, 2010, was a $4.35 million ($4.35 million after-tax, or $0.09 per common share) charge included in general and administrative expenses related to the settlement with the United States Department of Justice to resolve the previously disclosed Foreign Corrupt Practices Act investigation.

As previously announced, Tidewater has been working with Saudi Aramco to resolve certain performance standards issues that were identified with respect to nine newbuild vessels previously committed to multi-year charters with Saudi Aramco. The Company is pleased to report that one of these vessels is now on hire with Saudi Aramco and other vessels continue with inspections associated with the on-hire process. Further, the Company has worked out an arrangement to use Tidewater substitute vessels for four of the remaining eight newbuild vessels, as necessary, until their construction is completed and they become available. Saudi Aramco has declined to accept the remaining four vessels of the nine-vessel package, and they will be redeployed by Tidewater in other operations outside Saudi Arabia. While Saudi Aramco has not indicated whether it will seek additional remedies with respect to these four vessels, the Company is pleased to have come to an acceptable resolution with respect to five of nine vessels and is focused on continuing to develop this important new relationship. The agreement with Saudi Aramco in regards to the five-vessel package includes dayrate discounts related to late delivery for a period of time. At this time, Tidewater believes that discounts with respect to these vessels will total approximately $1.5-$2.0 million and will be recognized as lower vessel revenue than was originally anticipated, spread over the next several quarters.

As previously announced, Tidewater will hold a conference call to discuss September quarterly earnings on Wednesday, November 2, 2011, at 9:00 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 November 2, 2011, and will continue until 11:59 p.m. Central time on November 4, 2011. To hear the replay, call 1-855-859-2056 or (1-404-537-3406 if calling from outside the U.S.). The conference call ID number is 12653749.

A simultaneous webcast of the conference call will be accessible online at the Tidewater Inc. website, (http://www.tdw.com). The online replay will be available until December 2, 2011.

Tidewater Inc. owns 350 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.

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,
		2011		2010			2011		2010
Revenues:
Vessel revenues	$	248,412		266,870			501,727		528,866
Other marine revenues		2,482		230			3,774		759
		250,894		267,100			505,501		529,625
Costs and expenses:
Vessel operating costs		161,290		169,892			313,592		324,475
Costs of other marine revenues		2,031		203			3,262		698
Depreciation and amortization		33,807		35,832			67,556		70,795
Goodwill impairment		30,932		---			30,932		---
General and administrative		37,773		37,919			75,354		70,694
Gain on asset dispositions, net		(9,458	)	(3,638	)		(11,175	)	(9,196	)
		256,375		240,208			479,521		457,466
Operating income (loss)		(5,481	)	26,892			25,980		72,159
Other income (expenses):
Foreign exchange gain (loss)		1,659		(436	)		2,473		1,174
Equity in net earnings of unconsolidated companies		3,456		2,785			5,945		5,475
Interest income and other, net		766		2,029			1,956		2,407
Interest and other debt costs		(4,766	)	(1,686	)		(8,827	)	(2,759	)
		1,115		2,692			1,547		6,297
Earnings (loss) before income taxes		(4,366	)	29,584			27,527		78,456
Income tax expense		510		10,181			7,845		19,222
Net earnings (loss)	$	(4,876	)	19,403			19,682		59,234



Basic earnings (loss) per common share	$	(0.10	)	0.38			0.38		1.16



Diluted earnings (loss) per common share	$	(0.09	)	0.38			0.38		1.15



Weighted average common shares outstanding		51,296,924		51,003,348			51,287,644		51,165,791
Dilutive effect of stock options and restricted stock		281,129		153,819			298,328		193,872
Adjusted weighted average common shares		51,578,053		51,157,167			51,585,972		51,359,663



Cash dividends declared per common share	$	0.25		0.25			0.50		0.50

TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)


ASSETS	September 30, 2011			March 31, 2011
Current assets:
Cash and cash equivalents	$	302,186			245,720
Trade and other receivables, net		287,475			272,467
Marine operating supplies		53,517			50,748
Other current assets		14,865			10,212
Total current assets		658,043			579,147
Investments in, at equity, and advances to unconsolidated companies		38,415			39,044
Properties and equipment:
Vessels and related equipment		3,881,444			3,910,430
Other properties and equipment		92,854			85,589
		3,974,298			3,996,019
Less accumulated depreciation and amortization		1,185,490			1,294,239
Net properties and equipment		2,788,808			2,701,780
Goodwill		297,822			328,754
Other assets		113,119			99,391	��
Total assets	$	3,896,207			3,748,116


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		55,259			45,177
Accrued expenses		131,067			120,869
Accrued property and liability losses		3,825			3,846
Other current liabilities		21,711			13,697
Total current liabilities		211,862			183,589
Long-term debt		825,000			700,000
Deferred income taxes		211,423			216,735
Accrued property and liability losses		6,732			5,327
Other liabilities and deferred credits		128,630			128,521

Commitments and Contingencies

Stockholders’ equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 51,898,578 shares at September 30, 2011 and 51,876,038 shares at March 31, 2011		5,190			5,188
Additional paid-in capital		95,848			90,204
Retained earnings		2,430,474			2,436,736
Accumulated other comprehensive loss		(18,952	)		(18,184	)
Total stockholders’ equity		2,512,560			2,513,944
Total liabilities and stockholders’ equity	$	3,896,207			3,748,116

TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)


	Six Months Ended September 30,
		2011		2010
Operating activities:
Net earnings	$	19,682		59,234
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		67,556		70,795
Provision (benefit) for deferred income taxes		(20,819	)	(10,660	)
Gain on asset dispositions, net		(11,175	)	(9,196	)
Goodwill impairment		30,932		---
Equity in earnings of unconsolidated companies, net of dividends		629		8,283
Compensation expense - stock-based		4,944		6,115
Excess tax benefits on stock options exercised		(124	)	(195	)
Changes in assets and liabilities, net:
Trade and other receivables		(15,008	)	2,219
Marine operating supplies		(2,769	)	(2,285	)
Other current assets		(4,653	)	(7,245	)
Accounts payable		(1,751	)	522
Accrued expenses		8,204		15,412
Accrued property and liability losses		(21	)	(887	)
Other current liabilities		7,272		17,003
Other liabilities and deferred credits		2,639		3,085
Other, net		1,644		1,159
Net cash provided by operating activities		87,182		153,359
Cash flows from investing activities:
Proceeds from sales of assets		24,616		18,368
Proceeds from insurance settlements on Venezuela seized vessels		---		8,150
Additions to properties and equipment		(155,058	)	(391,463	)
Net cash used in investing activities		(130,442	)	(364,945	)
Cash flows from financing activities:
Principal payments on debt		(40,000	)	(75,000	)
Debt borrowings		165,000		165,000
Debt issuance costs		(234	)	(6,184	)
Proceeds from exercise of stock options		725		1,919
Cash dividends		(25,889	)	(25,773	)
Excess tax benefits on stock options exercised		124		195
Stock repurchases		---		(19,988	)
Net cash provided by financing activities		99,726		40,169
Net change in cash and cash equivalents		56,466		(171,417	)
Cash and cash equivalents at beginning of period		245,720		223,070
Cash and cash equivalents at end of period	$	302,186		51,653

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	19,605		8,463
Income taxes	$	24,444		23,649
Non-cash investing activities:
Additions to properties and equipment	$	11,833		---

During the quarter ended September 30, 2011, the company’s former International and United States segments were reorganized to form four new operating segments. The company now manages and measures its business performance in four distinct operating segments: Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe. The reporting segments were reorganized because the company’s Sub-Saharan Africa/Europe and Latin American business regions gained greater significance as a percentage of consolidated revenues and operating profit, while its former United States segment decreased in its significance to consolidated revenues and operating profit.

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, 2011 and 2010 and for the quarter ended June 30, 2011, were as follows:


	Quarter Ended September 30,					Six Months Ended September 30,					Quarter Ended June 30,
(In thousands)		2011	%	2010	%		2011	%	2010	%		2011	%
Revenues:
Vessel revenues:
Americas	$	81,892	33%	95,033	36%		162,569	32%	189,132	36%		80,677	32%
Asia/Pacific		29,127	12%	42,665	16%		64,626	13%	85,292	16%		35,499	14%
Middle East/N. Africa		24,810	10%	22,943	9%		50,867	10%	44,094	8%		26,057	10%
Sub-Saharan Africa/Europe		112,583	45%	106,229	40%		223,665	45%	210,348	40%		111,082	44%
	$	248,412	100%	266,870	100%		501,727	100%	528,866	100%		253,315	100%

Vessel operating costs:
Crew costs	$	78,364	32%	89,941	34%		159,488	32%	170,633	32%		81,124	32%
Repair and maintenance		27,149	11%	31,791	12%		49,209	10%	58,884	11%		22,060	9%
Insurance and loss reserves		5,374	2%	4,513	2%		10,671	2%	8,923	2%		5,297	2%
Fuel, lube and supplies		21,394	9%	16,437	6%		37,761	8%	31,358	6%		16,367	6%
Vessel operating leases		4,491	2%	4,490	2%		8,983	2%	8,980	2%		4,492	2%
Other		24,518	10%	22,720	9%		47,480	9%	45,697	9%		22,962	9%
Total vessel operating costs		161,290	65%	169,892	64%		313,592	63%	324,475	61%		152,302	60%
Vessel operating margin (A)	$	87,122	35%	96,978	36%		188,135	37%	204,391	39%		101,013	40%

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, 2011 and 2010 and for the quarter ended June 30, 2011:


	Quarter Ended September 30,			Six Months Ended September 30,			Quarter Ended June 30,
(In thousands)		2011	2010		2011	2010		2011
Vessel operating margin	$	87,122	96,978		188,135	204,391		101,013
Other marine revenues		2,482	230		3,774	759		1,292
Costs of other marine revenues		(2,031)	(203)		(3,262)	(698)		(1,231)
Depreciation and amortization		(33,807)	(35,832)		(67,556)	(70,795)		(33,749)
Goodwill impairment		(30,932)	---		(30,932)	---		---
General and administrative		(37,773)	(37,919)		(75,354)	(70,694)		(37,581)
Gain on asset dispositions, net		9,458	3,638		11,175	9,196		1,717
Operating income (loss)	$	(5,481)	26,892		25,980	72,159		31,461

The company’s operating income and other components of earnings before income taxes and its related percentage of total revenue for the quarters and the six-month periods ended September 30, 2011 and 2010 and for the quarter ended June 30, 2011, were as follows:


	Quarter Ended September 30,								Six Months Ended September 30,								Quarter Ended June 30,
(In thousands)	2011		%		2010		%		2011		%		2010		%		2011		%
Vessel operating profit:
Americas	$	9,530		4%		13,050		5%		21,384		4%		24,670		5%		11,854		5%
Asia/Pacific		(4,776)		(2%)		(627)		(<1%)		494		<1%		6,854		1%		5,270		2%
Middle East/N. Africa		(996)		(<1%)		5,257		2%		(968)		(<1%)		9,806		2%		28		<1%
Sub-Saharan Africa/Europe		21,631		9%		18,596		7%		43,855		9%		43,535		8%		22,224		9%
		25,389		10%		36,276		14%		64,765		13%		84,865		16%		39,376		15%
Corporate expenses		(9,111)		(4%)		(12,864)		(5%)		(18,632)		(4%)		(21,627)		(4%)		(9,521)		(4%)
Goodwill impairment		(30,932)		(12%)		---		---		(30,932)		(6%)		---		---		---		---
Gain on asset dispositions, net		9,208		4%		3,638		1%		10,925		2%		9,196		2%		1,717		1%
Other operating expenses		(35)		(<1%)		(158)		(<1%)		(146)		(<1%)		(275)		(<1%)		(111)		(<1%)
Operating income (loss)		(5,481)		(2%)		26,892		10%		25,980		5%		72,159		14%		31,461		12%
Foreign exchange gain (loss)		1,659		1%		(436)		(<1%)		2,473		<1%		1,174		<1%		814		<1%
Equity in net earnings of unconsolidated companies		3,456		1%		2,785		1%		5,945		1%		5,475		1%		2,489		1%
Interest income and other, net		766		<1%		2,029		1%		1,956		<1%		2,407		<1%		1,190		<1%
Interest and other debt costs		(4,766)		(2%)		(1,686)		(1%)		(8,827)		(2%)		(2,759)		(1%)		(4,061)		(2%)
Earnings (loss) before income taxes	$	(4,366)		(2%)		29,584		11%		27,527		5%		78,456		15%		31,893		13%

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, 2011 and 2010 and the quarter ended June 30, 2011, were as follows:


	Quarter Ended September 30,			Six Months Ended September 30,			Quarter Ended June 30,
		2011	2010		2011	2010		2011
REVENUES BY VESSEL CLASS(In thousands):
Americas fleet:
Deepwater vessels	$	36,639	49,635		73,044	100,937		36,405
Towing-supply/supply		36,648	37,631		72,334	72,689		35,686
Crew/utility		8,044	7,166		16,054	14,322		8,010
Offshore tugs		561	601		1,137	1,184		576
Total	$	81,892	95,033		162,569	189,132		80,677
Asia/Pacific fleet:
Deepwater vessels	$	12,264	17,957		28,193	37,073		15,929
Towing-supply/supply		15,870	23,595		34,314	46,005		18,444
Crew/utility		144	246		387	489		243
Offshore tugs		850	867		1,733	1,725		883
Total	$	29,127	42,665		64,626	85,292		35,499
Middle East/N. Africa fleet:
Deepwater vessels	$	11,782	6,035		22,533	13,589		10,751
Towing-supply/supply		11,616	15,165		25,090	27,068		13,474
Offshore tugs		1,411	1,743		3,243	3,437		1,832
Total	$	24,810	22,943		50,867	44,094		26,057
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	45,605	31,238		84,111	59,909		38,506
Towing-supply/supply		49,338	56,596		102,641	113,693		53,303
Crew/utility		12,734	12,829		26,747	24,972		14,013
Offshore tugs		4,906	5,566		10,166	11,774		5,260
Total	$	112,583	106,229		223,665	210,348		111,082
Worldwide fleet:
Deepwater vessels	$	106,290	104,865		207,881	211,508		101,591
Towing-supply/supply		113,472	132,987		234,379	259,455		120,907
Crew/utility		20,922	20,241		43,188	39,783		22,266
Offshore tugs		7,728	8,777		16,279	18,120		8,551
Total	$	248,412	266,870		501,727	528,866		253,315


	Quarter Ended September 30,				Six Months Ended September 30,			Quarter Ended June 30,
		2011		2010		2011	2010		2011
UTILIZATION:
Americas fleet:
Deepwater vessels		73.5	%	79.2		72.2	79.8		70.8
Towing-supply/supply		46.9		42.7		45.0	40.9		43.3
Crew/utility		80.2		53.5		82.7	50.8		85.3
Offshore tugs		19.3		17.0		19.6	16.9		20.0
Total		56.8	%	50.8		55.5	49.3		54.3
Asia/Pacific fleet:
Deepwater vessels		59.6	%	61.2		65.5	74.1		71.1
Towing-supply/supply		36.3		46.5		39.3	48.0		42.5
Crew/utility		58.7		100.0		79.2	100.0		100.0
Offshore tugs		100.0		100.0		100.0	100.0		100.0
Total		42.8	%	51.6		46.8	55.4		51.1
Middle East/N. Africa fleet:
Deepwater vessels		91.6	%	87.9		83.7	88.2		76.3
Towing-supply/supply		49.7		71.7		53.8	68.4		57.6
Offshore tugs		50.0		60.0		56.6	59.8		63.2
Total		57.4	%	71.8		59.6	69.7		61.6
Sub-Saharan Africa/Europe fleet:
Deepwater vessels		88.1	%	87.4		85.0	86.7		81.6
Towing-supply/supply		55.8		62.6		56.9	62.9		57.9
Crew/utility		85.6		85.9		88.3	83.6		91.1
Offshore tugs		60.8		66.1		61.4	70.3		62.0
Total		69.2	%	71.9		69.6	71.8		70.1
Worldwide fleet:
Deepwater vessels		79.3	%	78.9		77.5	81.6		75.7
Towing-supply/supply		48.6		54.6		49.7	53.8		50.7
Crew/utility		83.4		73.9		86.4	71.2		89.5
Offshore tugs		51.4		55.1		53.4	57.2		55.4
Total		60.2	%	61.8		60.9	61.5		61.5

AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater vessels	$	24,863		27,238		25,587	27,652		26,360
Towing-supply/supply		14,786		13,603		14,404	13,308		14,031
Crew/utility		6,414		6,183		6,214	6,233		6,024
Offshore tugs		6,318		6,383		6,325	6,364		6,332
Total	$	15,466		16,268		15,279	16,310		15,094
Asia/Pacific fleet:
Deepwater vessels	$	20,619		24,933		21,073	23,585		21,436
Towing-supply/supply		11,974		12,917		12,261	12,514		12,519
Crew/utility		2,671		2,670		2,670	2,670		2,670
Offshore tugs		9,236		9,426		9,471	9,426		9,709
Total	$	14,098		15,623		14,476	15,193		14,801
Middle East/N. Africa fleet:
Deepwater vessels	$	17,466		16,232		17,784	16,639		18,147
Towing-supply/supply		8,513		7,522		8,079	7,468		7,738
Offshore tugs		5,117		5,262		5,220	5,234		5,302
Total	$	10,716		8,438		10,185	8,650		9,726
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	20,375		19,044		20,386	19,161		20,399
Towing-supply/supply		12,665		11,784		12,741	12,041		12,812
Crew/utility		4,369		4,283		4,476	4,274		4,577
Offshore tugs		6,751		6,541		6,932	6,534		7,110
Total	$	11,518		10,324		11,397	10,406		11,278
Worldwide fleet:
Deepwater vessels	$	21,338		23,024		21,687	23,077		22,065
Towing-supply/supply		12,519		11,653		12,347	11,685		12,190
Crew/utility		4,955		4,767		4,962	4,779		4,968
Offshore tugs		6,531		6,415		6,643	6,408		6,748
Total	$	12,771		12,366		12,631	12,437		12,496

The utilization, average day rates, and number of active vessels (excluding 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 six-month periods ended September 30, 2011 and 2010 and for the quarter ended June 30, 2011, were as follows:


	Quarter Ended September 30,				Six Months Ended September 30,			Quarter Ended June 30,
		2011		2010		2011	2010		2011
UTILIZATION:
Americas fleet:
New vessels		85.6	%	84.7		86.2	83.4		86.8
Traditional vessels		36.2		31.1		35.6	30.1		35.1
Total		56.8	%	50.8		55.5	49.3		54.3
Asia/Pacific fleet:
New vessels		69.8	%	69.7		75.1	77.8		80.8
Traditional vessels		8.2		34.0		12.6	35.8		16.8
Total		42.8	%	51.6		46.8	55.4		51.1
Middle East/N. Africa fleet:
New vessels		58.6	%	87.7		63.7	79.9		69.1
Traditional vessels		55.9		63.4		55.0	64.8		54.3
Total		57.4	%	71.8		59.6	69.7		61.6
Sub-Saharan Africa/Europe fleet:
New vessels		86.8	%	89.8		87.4	89.0		88.0
Traditional vessels		33.7		41.6		33.7	43.4		33.8
Total		69.2	%	71.9		69.6	71.8		70.1
Worldwide fleet:
New vessels		80.5	%	85.3		82.4	85.3		84.4
Traditional vessels		33.5		39.2		34.2	39.7		34.8
Total		60.2	%	61.8		60.9	61.5		61.5
AVERAGE VESSEL DAY RATES:
Americas fleet:
New vessels	$	19,469		20,073		19,166	20,159		18,849
Traditional vessels		8,650		10,246		9,142	10,331		9,958
Total	$	15,466		16,268		15,279	16,310		15,094
Asia/Pacific fleet:
New vessels	$	15,028		20,235		15,902	19,866		16,716
Traditional vessels		3,953		6,361		4,143	6,339		4,232
Total	$	14,098		15,623		14,476	15,193		14,801
Middle East/N. Africa fleet:
New vessels	$	13,562		10,983		13,002	11,975		12,496
Traditional vessels		6,759		6,591		6,483	6,716		6,259
Total	$	10,716		8,438		10,185	8,650		9,726
Sub-Saharan Africa/Europe fleet:
New vessels	$	12,134		11,164		12,020	11,329		11,907
Traditional vessels		8,313		7,268		8,141	7,295		7,970
Total	$	11,518		10,324		11,397	10,406		11,278
Worldwide fleet:
New vessels	$	14,291		14,463		14,190	14,694		14,091
Traditional vessels		7,970		7,964		7,979	7,998		7,987
Total	$	12,771		12,366		12,631	12,437		12,496

AVERAGE VESSEL COUNT (EXCLUDING STACKED VESSELS):
Americas fleet:
New vessels		41		45		40	45		39
Traditional vessels		26		33		29	37		30
Total		67		78		69	82		69
Asia/Pacific fleet:
New vessels		30		29		29	26		27
Traditional vessels		3		14		3	15		4
Total		33		43		32	41		31
Middle East/N. Africa fleet:
New vessels		25		15		24	13		24
Traditional vessels		13		22		16	23		17
Total		38		37		40	36		41
Sub-Saharan Africa/Europe fleet:
New vessels		102		97		103	96		104
Traditional vessels		23		32		24	34		23
Total		125		129		127	130		127
Worldwide fleet:
New vessels		198		186		196	180		194
Traditional vessels		65		101		72	109		74
Total		263		287		268	289		268

The company’s average number of vessels by class and geographic distribution for the quarters and the six-month periods ended September 30, 2011 and 2010 and for the quarter ended June 30, 2011, were as follows:


	Quarter Ended September 30,		Six Months Ended September 30,		Quarter Ended June 30,
	2011	2010	2011	2010	2011
Americas fleet:
Deepwater vessels	22	25	22	25	21
Towing-supply/supply	57	70	61	73	65
Crew/utility	17	23	17	25	17
Offshore tugs	5	6	5	6	5
Total	101	124	105	129	108
Less stacked vessels	34	46	36	47	39
Active vessels	67	78	69	82	69
Asia/Pacific fleet:
Deepwater vessels	11	13	11	11	11
Towing-supply/supply	40	43	39	42	38
Crew/utility	1	1	1	1	1
Offshore tugs	1	1	1	1	1
Total	53	58	52	55	51
Less stacked vessels	20	15	20	14	20
Active vessels	33	43	32	41	31
Middle East/N. Africa fleet:
Deepwater vessels	8	5	8	5	9
Towing-supply/supply	30	31	32	29	33
Offshore tugs	6	6	6	6	6
Total	44	42	46	40	48
Less stacked vessels	6	5	6	4	7
Active vessels	38	37	40	36	41
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	27	20	27	20	26
Towing-supply/supply	76	83	77	82	79
Crew/utility	37	38	37	38	37
Offshore tugs	13	14	13	14	13
Total	153	155	154	154	155
Less stacked vessel	28	26	27	24	28
Active vessels	125	129	127	130	127
Active owned or chartered vessels	263	287	268	289	268
Stacked vessels (B)	88	92	89	89	94
Total owned or chartered vessels	351	379	357	378	362
Vessels withdrawn from service	2	6	3	6	4
Joint-venture and other	10	10	10	10	10
Total	363	395	370	394	376

Note (B): The company had 78, 94 and 98 actual stacked vessels at September 30, 2011 and 2010 and at June 30, 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 at September 30, 2011, were as follows:


	Non-U.S. Built								U.S. Built
Vessel class and type	Number of Vessels		Total Cost		Invested Through 09/30/11		Remaining Balance 09/30/11		Number of Vessels	Total Cost		Invested Through 09/30/11		Remaining Balance 09/30/11
In thousands, except number of vessels:
Deepwater vessels:
Anchor handling towing supply		---		---		---		---	---		---		---		---
Platform supply vessels		14	$	382,359		151,574		230,785	3		137,003		54,491		82,512
Towing-supply/supply vessels:
Anchor handling towing supply		16		243,948		106,373		137,575	---		---		---		---
Platform supply vessels		2		49,586		9,098		40,488	---		---		---		---
Crewboats		5		22,128		10,776		11,352	---		---		---		---
Totals		37	$	698,021		277,821		420,200	3		137,003		54,491		82,512

The table below summarizes by vessel class and vessel type the number of vessels expected to be delivered by quarter along with the expected quarterly cash outlay (in thousands) of the various vessel commitments as discussed above:


	Quarter Period Ended
Vessel class and type	12/11		03/12		06/12		09/12		12/12		Thereafter

Deepwater vessels:
Anchor handling towing supply		---		---		---		---		---		---
Platform supply vessels		3		2		4		1		2		5
Towing-supply/supply vessels:
Anchor handling towing supply		13		2		1		---		---		---
Platform supply vessels		---		---		---		---		---		2
Crewboats		---		---		---		---		2		3
Totals		16		4		5		1		4		10

(In thousands)
Expected quarterly cash outlay	$	210,782		95,426		75,867		23,180		51,284		46,173	(C)

(C)	The $46,173 of ‘Thereafter’ vessel construction obligations is expected to be paid out as follows: $14,021 in the remaining quarter of fiscal 2013 and $32,152 during fiscal 2014.

Tidewater (TDW) 8-KTidewater Reports Second Quarter Results For Fiscal 2012