Tidewater (TDW) 8-K Tidewater Reports Third Quarter Results for Fiscal 2012

Exhibit 99.1

Tidewater Reports Third Quarter Results for Fiscal 2012

NEW ORLEANS, February 2, 2012 — Tidewater Inc. (NYSE:TDW) announced today third quarter net earnings for the period ended December 31, 2011, of $34.1 million, or $0.67 per common share, on revenues of $272.1 million. For the same quarter last year, net earnings were $34.4 million, or $0.67 per common share, on revenues of $271.8 million. The immediately preceding quarter ended September 30, 2011, had a net loss of $4.9 million, or $0.09 per common share, on revenues of $250.9 million.

Included in the current fiscal quarter’s net earnings is an $8.4 million, or $0.16 per common share, reversal of income tax liabilities originally established for uncertain tax positions as a result of the expiration of various statutes of limitations.

Included in the September 30, 2011 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.

As previously announced, Tidewater will hold a conference call to discuss December quarterly earnings on Thursday, February 2, 2012, at 10:00 a.m. Central time, 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. Central time on February 2, 2012, and will continue until 11:59 p.m. Central time on February 4, 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 43525450.

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 March 2, 2012.

Tidewater Inc. owns 354 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 December 31,						Nine Months Ended December 31,
	2011			2010			2011			2010
Revenues:
Vessel revenues	$	270,486			269,633			772,213			798,499
Other marine revenues		1,625			2,142			5,399			2,901
		272,111			271,775			777,612			801,400
Costs and expenses:
Vessel operating costs		155,838			160,597			469,430			485,072
Costs of other marine revenues		1,938			2,705			5,200			3,403
Depreciation and amortization		35,215			35,058			102,771			105,853
Goodwill impairment		—			—			30,932			—
General and administrative		40,425			33,238			115,779			103,932
Gain on asset dispositions, net		(2,496	)		(2,425	)		(13,671	)		(11,621)
		230,920			229,173			710,441			686,639
Operating income		41,191			42,602			67,171			114,761
Other income (expenses):
Foreign exchange (loss) gain		(1,738	)		973			735			2,147
Equity in net earnings of unconsolidated companies		3,482			3,291			9,427			8,766
Interest income and other, net		347			1,074	��		2,303			3,481
Interest and other debt costs		(6,027	)		(3,646	)		(14,854	)		(6,405)
		(3,936	)		1,692			(2,389	)		7,989
Earnings before income taxes		37,255			44,294			64,782			122,750
Income tax expense		3,168			9,931			11,013			29,153
Net earnings	$	34,087			34,363			53,769			93,597
Basic earnings per common share	$	0.67			0.67			1.05			1.83
Diluted earnings per common share	$	0.67			0.67			1.04			1.82
Weighted average common shares outstanding		51,036,420			51,053,051			51,203,598			51,129,443
Dilutive effect of stock options and restricted stock		206,329			306,647			267,661			231,463
Adjusted weighted average common shares		51,242,749			51,359,698			51,471,259			51,360,906
Cash dividends declared per common share	$	0.25			0.25			0.75			0.75

2

TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

ASSETS		December 31, 2011		March 31, 2011
Current assets:
Cash and cash equivalents	$	188,347		245,720
Trade and other receivables, net		287,081		272,467
Marine operating supplies		52,488		50,748
Other current assets		10,455		10,212
Total current assets		538,371		579,147
Investments in, at equity, and advances to unconsolidated companies		43,348		39,044
Properties and equipment:
Vessels and related equipment		3,977,687		3,910,430
Other properties and equipment		93,889		85,589
		4,071,576		3,996,019
Less accumulated depreciation and amortization		1,190,883		1,294,239
Net properties and equipment		2,880,693		2,701,780
Goodwill		297,822		328,754
Other assets		117,633		99,391
Total assets	$	3,877,867		3,748,116
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		50,712		45,177
Accrued expenses		129,540		120,869
Accrued property and liability losses		3,787		3,846
Other current liabilities		22,740		13,697
Total current liabilities		206,779		183,589
Long-term debt		825,000		700,000
Deferred income taxes		213,520		216,735
Accrued property and liability losses		6,639		5,327
Other liabilities and deferred credits		124,705		128,521
Commitments and Contingencies
Stockholders’ equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 51,162,747 shares at December 31, 2011 and 51,876,038 shares at March 31, 2011		5,116		5,188
Additional paid-in capital		98,097		90,204
Retained earnings		2,416,777		2,436,736
Accumulated other comprehensive loss		(18,766	)	(18,184)
Total stockholders’ equity		2,501,224		2,513,944
Total liabilities and stockholders' equity	$	3,877,867		3,748,116

3

TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Nine Months Ended December 31,
		2011		2010
Operating activities:
Net earnings	$	53,769		93,597
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		102,771		105,853
Provision (benefit) for deferred income taxes		(24,035	)	(12,114)
Gain on asset dispositions, net		(13,671	)	(11,621)
Goodwill impairment		30,932		—
Equity in earnings of unconsolidated companies, net of dividends		(4,304	)	4,150
Compensation expense - stock-based		9,179		10,481
Excess tax liability (benefit) on stock options exercised		119		(275)
Changes in assets and liabilities, net:
Trade and other receivables		(14,614	)	21,155
Marine operating supplies		(1,740	)	(2,932)
Other current assets		(243	)	(6,805)
Accounts payable		4,266		265
Accrued expenses		5,735		(3,331)
Accrued property and liability losses		(59	)	(900)
Other current liabilities		8,980		16,957
Other liabilities and deferred credits		(1,969	)	4,126
Other, net		2,584		(556)
Net cash provided by operating activities		157,700		218,050
Cash flows from investing activities:
Proceeds from sales of assets		30,168		29,732
Proceeds from insurance settlements on Venezuela seized vessels		—		8,150
Additions to properties and equipment		(297,009	)	(508,640)
Net cash used in investing activities		(266,841	)	(470,758)
Cash flows from financing activities:
Principal payments on debt		(40,000	)	(190,000)
Debt borrowings		165,000		590,000
Debt issuance costs		(245	)	(7,446)
Proceeds from exercise of stock options		839		3,457
Cash dividends		(38,692	)	(38,619)
Excess tax (liability) benefit on stock options exercised		(119	)	275
Stock repurchases		(35,015	)	(19,988)
Net cash provided by financing activities		51,768		337,679
Net change in cash and cash equivalents		(57,373	)	84,971
Cash and cash equivalents at beginning of period		245,720		223,070
Cash and cash equivalents at end of period	$	188,347		308,041
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	30,858		8,898
Income taxes	$	37,307		35,810
Non-cash investing activities:
Additions to properties and equipment	$	1,269		—

4

During the quarter ended September 30, 2011, our International and United States segments were reorganized to form four new operating segments. We now manage and measure our business performance in four distinct operating segments: Americas, Asia/Pacific, Middle East/North Africa, and Sub-Saharan Africa/Europe.

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues for the quarters and the nine-month periods ended December 31, 2011 and 2010 and for the quarter ended September 30, 2011, were as follows:

	Quarter Ended December 31,										Nine Months Ended December 31,										Quarter Ended September 30,
(In thousands)	2011		%			2010		%			2011		%			2010		%			2011		%
Revenues:
Vessel revenues:
Americas	$	82,741		31	%		91,610		34	%		245,310		32	%		280,742		35	%		81,892		33%
Asia/Pacific		40,919		15	%		49,052		18	%		105,545		14	%		134,344		17	%		29,127		12%
Middle East/North Africa		27,839		10	%		22,937		8	%		78,706		10	%		67,031		8	%		24,810		10%
Sub-Saharan Africa/Europe		118,987		44	%		106,034		39	%		342,652		44	%		316,382		40	%		112,583		45%
		270,486		100	%		269,633		100	%		772,213		100	%		798,499		100	%		248,412		100%
Vessel operating costs:
Crew costs	$	80,988		30	%		84,412		31	%		240,476		31	%		255,045		32	%		78,364		32%
Repair and maintenance		26,680		10	%		26,107		10	%		75,889		10	%		84,991		11	%		27,149		11%
Insurance and loss reserves		3,926		1	%		6,071		2	%		14,597		2	%		14,994		2	%		5,374		2%
Fuel, lube and supplies		17,126		6	%		16,399		6	%		54,887		7	%		47,757		6	%		21,394		9%
Vessel operating leases		4,492		2	%		4,492		2	%		13,475		2	%		13,472		2	%		4,491		2%
Other		22,626		8	%		23,116		9	%		70,106		9	%		68,813		9	%		24,518		10%
Total vessel operating costs		155,838		58	%		160,597		60	%		469,430		61	%		485,072		61	%		161,290		65%
Vessel operating margin (A)	$	114,648		42	%		109,036		40	%		302,783		39	%		313,427		39	%		87,122		35%

Note (A): The following table reconciles vessel operating margin as presented above to operating income for the quarters and the nine-month periods ended December 31, 2011 and 2010 and for the quarter ended September 30, 2011:

	Quarter Ended December 31,						Nine Months Ended December 31,						Ended September 30,
(In thousands)	2011			2010			2011			2010			2011
Vessel operating margin	$	114,648			109,036			302,783			313,427			87,122
Other marine revenues		1,625			2,142			5,399			2,901			2,482
Costs of other marine services		(1,938	)		(2,705	)		(5,200	)		(3,403	)		(2,031)
Depreciation and amortization		(35,215	)		(35,058	)		(102,771	)		(105,853	)		(33,807)
Goodwill impairment		—			—			(30,932	)		—			(30,932)
General and administrative		(40,425	)		(33,238	)		(115,779	)		(103,932	)		(37,773)
Gain on asset dispositions, net		2,496			2,425			13,671			11,621			9,458
		41,191			42,602			67,171			114,761			(5,481)

5

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 nine-month periods ended December 31, 2011 and 2010 and for the quarter ended September 30, 2011, were as follows:

	Quarter Ended December 31,												Nine Months Ended December 31,												Quarter Ended September 30,
(In thousands)	2011			%			2010			%			2011			%			2010			%			2011			%
Vessel operating profit:
Americas	$	18,462			7%			14,210			5	%		39,846			5	%		38,880			5	%		9,530			4%
Asia/Pacific		6,629			2%			9,488			3	%		7,123			1	%		16,342			2	%		(4,776	)		(2%)
Middle East/North Africa		362			<1%			4,541			2	%		(606	)		(<1	%)		14,347			2	%		(996	)		(<1%)
Sub-Saharan Africa/Europe		25,418			9%			21,908			8	%		69,273			9	%		65,443			8	%		21,631			9%
		50,871			19%			50,147			18	%		115,636			15	%		135,012			17	%		25,389			10%
Corporate expenses		(10,972	)		(4%	)		(9,188	)		(3	%)		(29,854	)		(4	%)		(30,815	)		(4	%)		(9,361	)		(4%)
Goodwill impairment		—			—			—			—			(30,932	)		(4	%)		—			—			(30,932	)		(12%)
Gain on asset dispositions, net		2,496			1%			2,425			1	%		13,671			2	%		11,621			1	%		9,458			4%
Other marine services		(1,204	)		(<1%	)		(782	)		(<1	%)		(1,350	)		(<1	%)		(1,057	)		(<1	%)		(35	)		(<1%)
Operating income		41,191			15%			42,602			16	%		67,171			9	%		114,761			14	%		(5,481	)		(2%)
Foreign exchange (loss) gain		(1,738	)		(1%	)		973			<1	%		735			<1	%		2,147			(<1	%)		1,659			1%
Equity in net earnings of unconsolidated companies		3,482			1%			3,291			1	%		9,427			1	%		8,766			1	%		3,456			1%
Interest income and other, net		347			<1%			1,074			<1	%		2,303			<1	%		3,481			<1	%		766			<1%
Interest and other debt costs		(6,027	)		(2%	)		(3,646	)		(1	%)		(14,854	)		(2	%)		(6,405	)		(1	%)		(4,766	)		(2%)
Earnings before income taxes	$	37,255			14%			44,294			16	%		64,782			8	%		122,750			15	%		(4,366	)		(2%)

The company’s revenues, vessel utilization percentages and average day rates by vessel class and in total for the quarters and the nine-month periods ended December 31, 2011 and 2010 and the quarter ended September 30, 2011, were as follows:

	Quarter Ended December 31,				Nine Months Ended December 31,				Quarter Ended September 30,
	2011		2010		2011		2010		2011
REVENUES BY VESSEL CLASS (In thousands):
Americas fleet:
Deepwater vessels	$	38,861		47,046		111,905		147,983		36,639
Towing-supply/supply		35,866		36,349		108,200		109,038		36,648
Crew/utility		6,905		7,644		22,959		21,966		8,044
Offshore tugs		1,109		571		2,246		1,755		561
Total	$	82,741		91,610		245,310		280,742		81,892
Asia/Pacific fleet:
Deepwater vessels	$	20,445		24,757		48,638		61,830		12,264
Towing-supply/supply		19,334		23,183		53,648		69,188		15,870
Crew/utility		246		245		633		734		144
Offshore tugs		894		867		2,626		2,592		849
Total	$	40,919		49,052		105,545		134,344		29,127
Middle East/North Africa fleet:
Deepwater vessels	$	12,647		5,820		35,180		19,409		11,782
Towing-supply/supply		13,778		15,393		38,868		42,461		11,616
Offshore tugs		1,414		1,724		4,658		5,161		1,412
Total	$	27,839		22,937		78,706		67,031		24,810
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	51,194		31,290		135,305		91,199		45,605
Towing-supply/supply		50,159		55,225		152,800		168,918		49,338
Crew/utility		12,589		12,977		39,336		37,949		12,734
Offshore tugs		5,045		6,542		15,211		18,316		4,906
Total	$	118,987		106,034		342,652		316,382		112,583
Worldwide fleet:
Deepwater vessels	$	123,147		108,913		331,028		320,421		106,290
Towing-supply/supply		119,137		130,150		353,516		389,605		113,472
Crew/utility		19,740		20,866		62,928		60,649		20,922
Offshore tugs		8,462		9,704		24,741		27,824		7,728
Total	$	270,486		269,633		772,213		798,499		248,412

6

	Quarter Ended December 31,					Nine Months Ended December 31,				Quarter Ended September 30,
	2011			2010		2011		2010		2011
UTILIZATION:
Americas fleet:
Deepwater vessels		79.7	%		78.5		74.6		79.4		73.5
Towing-supply/supply		54.2			41.0		47.8		41.0		46.9
Crew/utility		72.6			57.8		79.4		53.0		80.2
Offshore tugs		23.6			16.4		21.1		16.8		19.3
Total		61.0	%		50.2		57.3		49.6		56.8
Asia/Pacific fleet:
Deepwater vessels		83.5	%		84.7		71.3		78.1		59.6
Towing-supply/supply		43.8			46.8		40.8		47.6		36.3
Crew/utility		100.0			100.0		86.2		100.0		58.7
Offshore tugs		100.0			100.0		100.00		100.0		100.0
Total		54.4	%		57.5		49.3		56.1		42.8
Middle East/North Africa fleet:
Deepwater vessels		98.8	%		80.1		88.7		85.7		91.6
Towing-supply/supply		59.2			72.5		55.5		69.9		49.7
Offshore tugs		50.0			59.7		54.4		59.8		50.0
Total		65.2	%		71.5		61.4		70.3		57.4
Sub-Saharan Africa/Europe fleet:
Deepwater vessels		83.8	%		79.2		84.5		84.0		88.1
Towing-supply/supply		58.1			62.5		57.3		62.8		55.8
Crew/utility		82.0			89.9		86.2		85.6		85.6
Offshore tugs		69.0			73.3		63.8		71.3		60.8
Total		70.0	%		72.3		69.8		71.9		69.2
Worldwide fleet:
Deepwater vessels		84.2	%		80.2		79.8		81.1		79.3
Towing-supply/supply		54.4			54.2		51.2		53.9		48.6
Crew/utility		79.5			77.9		84.1		73.3		83.4
Offshore tugs		54.8			58.7		53.9		57.7		51.4
Total		64.6	%		62.7		62.1		61.9		60.2
AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater vessels	$	25,247			27,533		25,468		27,614		24,863
Towing-supply/supply		13,812			13,741		14,202		13,449		14,786
Crew/utility		6,186			6,294		6,206		6,254		6,414
Offshore tugs		8,525			6,342		7,250		6,357		6,318
Total	$	15,373			16,190		15,311		16,270		15,466
Asia/Pacific fleet:
Deepwater vessels	$	25,357			22,697		22,684		23,221		20,619
Towing-supply/supply		12,836			12,305		12,462		12,444		11,974
Crew/utility		2,670			2,670		2,670		2,670		2,671
Offshore tugs		9,709			9,426		9,550		9,426		9,236
Total	$	16,389			15,529		15,162		15,314		14,098
Middle East/North Africa fleet:
Deepwater vessels	$	17,484			17,862		17,675		16,988		17,466
Towing-supply/supply		8,604			7,595		8,257		7,514		8,513
Offshore tugs		5,127			5,226		5,191		5,231		5,117
Total	$	10,705			8,551		10,363		8,616		10,716
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	21,719			19,302		20,871		19,209		20,375
Towing-supply/supply		13,004			11,563		12,826		11,880		12,665
Crew/utility		4,509			4,304		4,486		4,284		4,369
Offshore tugs		6,620			6,930		6,825		6,670		6,751
Total	$	12,181			10,238		11,658		10,349		11,518
Worldwide fleet:
Deepwater vessels	$	22,696			22,946		22,052		23,032		21,338
Towing-supply/supply		12,460			11,485		12,385		11,617		12,519
Crew/utility		4,935			4,828		4,953		4,796		4,955
Offshore tugs		6,715			6,665		6,668		6,495		6,531
Total	$	13,359			12,337		12,877		12,403		12,771

7

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 nine-month periods ended December 31, 2011 and 2010 and for the quarter ended September 30, 2011, were as follows:

	Quarter Ended December 31,					Nine Months Ended December 31,				Quarter Ended September 30,
	2011			2010		2011		2010		2011
UTILIZATION:
Americas fleet:
New vessels		90.1	%		83.4		87.5		83.4		85.6
Traditional vessels		37.7			30.2		36.2		30.2		36.2
Total		61.0	%		50.2		57.3		49.6		56.8
Asia/Pacific fleet:
New vessels		83.1	%		79.7		77.9		78.5		69.8
Traditional vessels		10.2			31.7		11.9		34.5		8.2
Total		54.4	%		57.5		49.3		56.1		42.8
Middle East/North Africa fleet:
New vessels		68.2	%		93.0		65.3		84.6		58.6
Traditional vessels		59.6			59.7		56.2		63.1		55.9
Total		65.2	%		71.5		61.4		70.3		57.4
Sub-Saharan Africa/Europe fleet:
New vessels		84.8	%		89.7		86.5		89.2		86.8
Traditional vessels		36.1			41.7		34.5		42.9		33.7
Total		70.0	%		72.3		69.8		71.9		69.2
Worldwide fleet:
New vessels		83.4	%		86.8		82.8		85.8		80.5
Traditional vessels		35.5			38.1		34.6		39.2		33.5
Total		64.6	%		62.7		62.1		61.9		60.2
AVERAGE VESSEL DAY RATES:
Americas fleet:
New vessels	$	18,863			20,078		19,060		20,132		19,469
Traditional vessels		8,655			9,757		8,992		10,148		8,650
Total	$	15,373			16,190		15,311		16,270		15,466
Asia/Pacific fleet:
New vessels	$	17,395			18,880		16,456		19,481		15,028
Traditional vessels		3,749			5,769		4,043		6,172		3,953
Total	$	16,389			15,529		15,162		15,314		14,098
Middle East/North Africa fleet:
New vessels	$	12,337			11,028		12,746		11,599		13,562
Traditional vessels		7,174			6,442		6,674		6,631		6,759
Total	$	10,705			8,551		10,363		8,616		10,716
Sub-Saharan Africa/Europe fleet:
New vessels	$	12,921			11,022		12,320		11,223		12,134
Traditional vessels		8,226			7,274		8,169		7,288		8,313
Total	$	12,181			10,238		11,658		10,349		11,518
Worldwide fleet:
New vessels	$	14,835			14,317		14,414		14,561		14,291
Traditional vessels		8,021			7,712		7,992		7,908		7,970
Total	$	13,359			12,337		12,877		12,403		12,771

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	Quarter Ended December 31,				Nine Months Ended December 31,				Quarter Ended September 30,
	2011		2010		2011		2010		2011
AVERAGE VESSEL COUNT (EXCLUDING STACKED VESSELS):
Americas fleet:
New vessels		42		45		41		45		41
Traditional vessels		24		35		25		37		26
Total		66		80		66		82		67
Asia/Pacific fleet:
New vessels		30		32		29		28		30
Traditional vessels		3		10		4		12		3
Total		33		42		33		40		33
Middle East/North Africa fleet:
New vessels		27		14		25		13		25
Traditional vessels		11		22		14		23		13
Total		38		36		39		36		38
Sub-Saharan Africa/Europe fleet:
New vessels		105		99		104		97		102
Traditional vessels		20		29		23		33		23
Total		125		128		127		130		125
Worldwide fleet:
New vessels		207		191		198		183		198
Traditional vessels		55		95		67		105		65
Total		262		286		265		288		263

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The company’s average number of vessels by class and geographic distribution for the quarters and the nine-month periods ended December 31, 2011 and 2010 and for the quarter ended September 30, 2011, were as follows:

	Quarter Ended December 31,				Nine Months Ended December 31,				Quarter Ended September 30,
	2011		2010		2011		2010		2011
Americas fleet:
Deepwater vessels		21		24		21		25		22
Towing-supply/supply		52		70		58		72		57
Crew/utility		17		23		17		24		17
Offshore tugs		6		6		5		6		5
Total		96		123		101		127		101
Less stacked vessels		30		43		35		45		34
Active vessels		66		80		66		82		67
Asia/Pacific fleet:
Deepwater vessels		11		14		11		11		11
Towing-supply/supply		37		44		38		43		40
Crew/utility		1		1		1		1		1
Offshore tugs		1		1		1		1		1
Total		50		60		51		56		53
Less stacked vessels		17		18		18		16		20
Active vessels		33		42		33		40		33
Middle East/North Africa fleet:
Deepwater vessels		8		5		8		5		8
Towing-supply/supply		29		30		31		29		30
Offshore tugs		6		6		6		6		6
Total		43		41		45		40		44
Less stacked vessels		5		5		6		4		6
Active vessels		38		36		39		36		38
Sub-Saharan Africa/Europe fleet:
Deepwater vessels		31		22		28		21		27
Towing-supply/supply		72		83		76		82		76
Crew/utility		37		36		37		38		37
Offshore tugs		12		14		13		14		13
Total		152		155		154		155		153
Less stacked vessel		27		27		27		25		28
Active vessels		125		128		127		130		125
Active owned or chartered vessels		262		286		265		288		263
Stacked vessels (B)		79		93		86		90		88
Total owned or chartered vessels		341		379		351		378		351
Vessels withdrawn from service		2		5		3		6		2
Joint-venture and other		10		10		10		10		10
Total		353		394		364		394		363

Note (B): The company had 79, 92 and 78 actual stacked vessels at December 31, 2011 and 2010 and at September 30, 2011, respectively. These vessels were considered to be in service and were included in the calculation of the company’s utilization statistics.

10

The company’s vessel commitments by vessel class and type as of December 31, 2011, were as follows:

	Non-U.S. Built								U.S. Built
Vessel class and type	Number of Vessels		Total Cost		Invested Through 12/31/11		Remaining Balance 12/31/11		Number of Vessels		Total Cost		Invested Through 12/31/11		Remaining Balance 12/31/11
In thousands, except number of vessels:
Deepwater vessels:
Anchor handling towing supply		—		—		—		—		—		—		—		—
Platform supply vessels		14	$	374,550		157,422		217,128		3		145,590		38,905		106,685
Towing-supply/supply vessels:
Anchor handling towing supply		6		97,063		49,084		47,979		—		—		—		—
Platform supply vessels		2		50,095		13,741		36,354		—		—		—		—
Crewboats		5		22,773		10,904		11,869		—		—		—		—
Totals		27	$	544,481		231,151		313,330		3		145,590		38,905		106,685

The table below summarizes by vessel class and vessel type and 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	03/12		06/12		09/12		12/12		03/13		Thereafter
Deepwater vessels:
Anchor handling towing supply		—		—		—		—		—		—
Platform supply vessels		2		6		1		1		—		7
Towing-supply/supply vessels:
Anchor handling towing supply		5		1		—		—		—		—
Platform supply vessels		—		—		—		—		—		2
Crewboats		—		—		—		—		4		1
Totals		7		7		1		1		4		10
(In thousands)
Expected quarterly cash outlay	$	98,550		113,307		53,434		50,344		29,057		75,323(C)

Note (C): The $75,323 of ‘Thereafter’ vessel construction obligations is expected to be paid out during fiscal 2014.

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