NEW ORLEANS, May 27, 2015 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a fourth quarter net loss for the period ended March 31, 2015, of $9.1 million, or $0.19 per common share, on revenues of $324.8 million. For fiscal year ended March 31, 2015, the company's net loss was $65.2 million, or $1.34 per common share, inclusive of a $214.9 million after-tax, or $4.43 per share, non-cash goodwill impairment charge recorded in the December 2014 quarter, on revenues of $1,495.5 million. For fiscal year ended March 31, 2014, net earnings were $140.3 million, or $2.82 per common share, inclusive of a $43.4 million after-tax, or $0.87 per share, non-cash goodwill impairment charge recorded in the December 2013 quarter, on revenues of $1,435.1 million.
Included in the March 31, 2015 quarterly results are charges resulting from cost reduction initiatives related to a more challenging business environment since the precipitous decline in crude oil prices that began in the second half of fiscal 2015, as well as period end asset impairment reviews and assessment of realization of deferred tax assets:
- A $4.1 million ($3.3 million after-tax, or $0.07 per share) restructuring charge related to severance and other termination costs resulting from right-sizing efforts during the quarter.
- $6.4 million ($5.1 million after-tax, or $0.11 per share) of total charges related to stacked vessel and other asset impairment reviews undertaken during the quarter, which is included in "Gains on asset dispositions, net".
- A $23.8 million ($23.8 million after-tax, or $0.51 per share) non-cash adjustment related to the valuation of deferred tax assets.
As previously announced, Tidewater will hold a conference call to discuss March quarterly earnings and annual earnings on Wednesday, May 27, 2015, 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 May 27, 2015, and will continue until 11:59 p.m. Central time on May 29, 2015. 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 39678053.
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 June 27, 2015.
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 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.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share and per share data)
|
|
|
Quarter Ended
March 31,
|
|
Year Ended
March 31,
|
|
|
2015
|
2014
|
|
2015
|
2014
|
|
Revenues:
|
|
|
|
|
|
|
|
Vessel revenues
|
$
|
317,770
|
362,450
|
|
1,468,358
|
1,418,461
|
|
Other operating revenues
|
|
6,992
|
5,383
|
|
27,159
|
16,642
|
|
|
324,762
|
367,833
|
|
1,495,517
|
1,435,103
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
Vessel operating costs
|
|
193,940
|
206,734
|
|
834,368
|
795,890
|
|
Costs of other operating revenues
|
|
6,889
|
5,588
|
|
26,505
|
15,745
|
|
General and administrative
|
|
45,355
|
45,735
|
|
189,819
|
187,976
|
|
Vessel operating leases
|
|
8,075
|
8,151
|
|
28,322
|
21,910
|
|
Depreciation and amortization
|
|
45,054
|
42,925
|
|
175,204
|
167,480
|
|
Gain on asset dispositions, net
|
|
(4,275)
|
(2,363)
|
|
(9,271)
|
(11,722)
|
|
Goodwill impairment
|
|
---
|
---
|
|
283,699
|
56,283
|
|
Restructuring charge
|
|
4,052
|
---
|
|
4,052
|
---
|
|
|
299,090
|
306,770
|
|
1,532,698
|
1,233,562
|
|
Operating income (loss)
|
|
25,672
|
61,063
|
|
(37,181)
|
201,541
|
|
Other income (expenses):
|
|
|
|
|
|
|
|
Foreign exchange gain
|
|
225
|
(2,728)
|
|
8,678
|
1,541
|
|
Equity in net earnings of unconsolidated companies
|
|
1,075
|
4,929
|
|
10,179
|
15,801
|
|
Interest income and other, net
|
|
372
|
708
|
|
1,927
|
2,123
|
|
Loss on early extinguishment of debt
|
|
---
|
---
|
|
---
|
(4,144)
|
|
Interest and other debt costs, net
|
|
(12,102)
|
(12,733)
|
|
(50,029)
|
(43,814)
|
|
|
(10,430)
|
(9,824)
|
|
(29,245)
|
(28,493)
|
|
Earnings (loss) before income taxes
|
|
15,242
|
51,239
|
|
(66,426)
|
173,048
|
|
Income tax expense (benefit)
|
|
24,134
|
7,822
|
|
(1,077)
|
32,793
|
|
Net earnings (loss)
|
$
|
(8,892)
|
43,417
|
|
(65,349)
|
140,255
|
|
Less: Net loss attributable to
|
|
|
|
|
|
|
|
noncontrolling interests
|
$
|
184
|
---
|
|
(159)
|
---
|
|
Net earnings (loss) attributable to Tidewater Inc.
|
$
|
(9,076)
|
43,417
|
|
(65,190)
|
140,255
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per common share
|
$
|
(0.19)
|
0.88
|
|
(1.34)
|
2.84
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per common share
|
$
|
(0.19)
|
0.88
|
|
(1.34)
|
2.82
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
46,814,976
|
49,463,080
|
|
48,658,840
|
49,392,749
|
|
Dilutive effect of stock options and restricted stock
|
|
---
|
115,109
|
|
---
|
287,365
|
|
Adjusted weighted average common shares
|
|
46,814,976
|
49,578,189
|
|
48,658,840
|
49,680,114
|
|
TIDEWATER INC.
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
March 31, 2015 and 2014
(In thousands, except share and par value data)
|
|
|
|
|
|
|
|
ASSETS
|
|
2015
|
|
2014
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
78,568
|
|
60,359
|
|
|
|
Trade and other receivables, less allowance for doubtful accounts of $37,634 in 2015 and $35,737 in 2014
|
|
303,096
|
|
252,421
|
|
|
|
Due from affiliate
|
|
420,365
|
|
429,450
|
|
|
|
Marine operating supplies
|
|
49,005
|
|
57,392
|
|
|
|
Other current assets
|
|
17,781
|
|
20,587
|
|
|
|
Total current assets
|
|
868,815
|
|
820,209
|
|
|
|
Investments in, at equity, and advances to unconsolidated companies
|
|
65,844
|
|
63,928
|
|
|
|
Properties and equipment:
|
|
|
|
|
|
|
|
Vessels and related equipment
|
|
4,717,132
|
|
4,521,102
|
|
|
|
Other properties and equipment
|
|
119,879
|
|
97,714
|
|
|
|
|
4,837,011
|
|
4,618,816
|
|
|
|
Less accumulated depreciation and amortization
|
|
1,090,704
|
|
997,208
|
|
|
|
Net properties and equipment
|
|
3,746,307
|
|
3,621,608
|
|
|
|
Goodwill
|
|
---
|
|
283,699
|
|
|
|
Other assets
|
|
75,196
|
|
96,385
|
|
|
|
Total assets
|
$
|
4,756,162
|
|
4,885,829
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
$
|
54,011
|
|
74,515
|
|
|
|
Accrued expenses
|
|
146,255
|
|
157,302
|
|
|
|
Due to affiliate
|
|
185,657
|
|
86,154
|
|
|
|
Accrued property and liability losses
|
|
3,669
|
|
3,631
|
|
|
|
Current portion of long-term debt
|
|
10,181
|
|
9,512
|
|
|
|
Other current liabilities
|
|
82,461
|
|
70,567
|
|
|
|
Total current liabilities
|
|
482,234
|
|
401,681
|
|
|
|
Long-term debt
|
|
1,524,295
|
|
1,505,358
|
|
|
|
Deferred income taxes
|
|
23,276
|
|
108,929
|
|
|
|
Accrued property and liability losses
|
|
10,534
|
|
5,286
|
|
|
|
Other liabilities and deferred credits
|
|
235,108
|
|
179,204
|
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 47,029,359 shares at March 31, 2015 and 49,730,442 shares at March 31, 2014
|
|
4,703
|
|
4,973
|
|
|
|
Additional paid-in capital
|
|
159,940
|
|
142,381
|
|
|
|
Retained earnings
|
|
2,330,223
|
|
2,544,255
|
|
|
|
Accumulated other comprehensive loss
|
|
(20,378)
|
|
(12,225)
|
|
|
|
Total stockholders' equity
|
|
2,474,488
|
|
2,679,384
|
|
|
|
Noncontrolling interests
|
|
6,227
|
|
5,987
|
|
|
|
Total equity
|
|
2,480,715
|
|
2,685,371
|
|
|
|
Total liabilities and equity
|
$
|
4,756,162
|
|
4,885,829
|
|
|
|
|
|
|
|
|
|
|
TIDEWATER INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
|
|
|
Quarter Ended
March 31,
|
|
Year Ended
March 31,
|
|
|
2015
|
2014
|
|
2015
|
2014
|
|
Net earnings (loss)
|
$
|
(8,892)
|
43,417
|
|
(65,349)
|
140,255
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
Unrealized (losses) gains on available for sale securities, net of tax of $34, $(70), $77 and $115, respectively
|
|
64
|
(130)
|
|
143
|
213
|
|
Amortization of loss on derivative contract, net of tax of $198, $63, $386 and $251, respectively
|
|
368
|
117
|
|
717
|
466
|
|
Change in supplemental executive retirement plan pension liability, net of tax of $0, $409, $0 and $409, respectively
|
|
(1,845)
|
760
|
|
(1,845)
|
760
|
|
Change in pension plan minimum liability, net of tax of $0, $763, $0 and $763, respectively
|
|
(5,739)
|
1,417
|
|
(5,739)
|
1,417
|
|
Change in other benefit plan minimum liability, net of tax of $(840), $1,109, $(769) and $1,109, respectively
|
|
(1,560)
|
2,060
|
|
(1,429)
|
2,060
|
|
Total comprehensive income (loss)
|
$
|
(17,604)
|
47,641
|
|
(73,502)
|
145,171
|
|
|
|
|
|
|
|
|
TIDEWATER INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
Years Ended March 31, 2015, 2014 and 2013
|
|
|
|
|
(In thousands)
|
|
2015
|
2014
|
2013
|
|
|
Operating activities:
|
|
|
|
|
|
|
Net (loss) earnings
|
$
|
(65,349)
|
140,255
|
150,750
|
|
|
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
175,204
|
167,480
|
147,299
|
|
|
Benefit for deferred income taxes
|
|
(72,389)
|
(34,709)
|
(11,733)
|
|
|
Gain on asset dispositions, net
|
|
(9,271)
|
(11,722)
|
(6,609)
|
|
|
Goodwill impairment
|
|
283,699
|
56,283
|
---
|
|
|
Equity in earnings of unconsolidated companies, net of dividends
|
|
(1,916)
|
(15,801)
|
30
|
|
|
Compensation expense – stock based
|
|
21,374
|
19,642
|
19,416
|
|
|
Excess tax (benefit) liability on stock options exercised
|
|
1,784
|
(299)
|
(278)
|
|
|
Changes in assets and liabilities, net:
|
|
|
|
|
|
|
Trade and other receivables
|
|
(43,537)
|
13,485
|
(38,438)
|
|
|
Changes in due to/from affiliate, net
|
|
108,588
|
(260,675)
|
(56,077)
|
|
|
Marine operating supplies
|
|
6,148
|
5,715
|
(8,498)
|
|
|
Other current assets
|
|
2,794
|
(7,600)
|
(1,663)
|
|
|
Accounts payable
|
|
(22,989)
|
(1,395)
|
(5,888)
|
|
|
Accrued expenses
|
|
(11,435)
|
34,458
|
9,098
|
|
|
Accrued property and liability losses
|
|
38
|
(429)
|
497
|
|
|
Other current liabilities
|
|
118
|
10,373
|
4,846
|
|
|
Other liabilities and deferred credits
|
|
4,875
|
(11,842)
|
822
|
|
|
Other, net
|
|
(19,023)
|
1,398
|
10,349
|
|
|
Net cash provided by operating activities
|
|
358,713
|
104,617
|
213,923
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
Proceeds from sales of assets
|
|
8,310
|
51,330
|
27,278
|
|
|
Proceeds from sale/leaseback of assets
|
|
123,950
|
270,575
|
---
|
|
|
Additions to properties and equipment
|
|
(364,194)
|
(594,695)
|
(440,572)
|
|
|
Payments for acquisition, net of cash acquired
|
|
---
|
(127,737)
|
---
|
|
|
Other
|
|
516
|
(3,158)
|
(193)
|
|
|
Net cash used in investing activities
|
|
(231,418)
|
(403,685)
|
(413,487)
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
Debt issuance costs
|
|
(556)
|
(5,347)
|
(51)
|
|
|
Principal payment on long-term debt
|
|
(97,823)
|
(1,103,054)
|
(60,000)
|
|
|
Debt borrowings
|
|
138,488
|
1,465,362
|
110,000
|
|
|
Proceeds from exercise of stock options
|
|
1,023
|
6,863
|
3,818
|
|
|
Cash dividends
|
|
(48,834)
|
(49,816)
|
(49,588)
|
|
|
Excess tax benefit (liability) on stock options exercised
|
|
(1,784)
|
299
|
278
|
|
|
Cash contributions from noncontrolling interests, net
|
|
399
|
4,551
|
---
|
|
|
Repurchases of common stock
|
|
(99,999)
|
---
|
(85,034)
|
|
|
Net cash (used in) provided by financing activities
|
|
(109,086)
|
318,858
|
(80,577)
|
|
|
Net change in cash and cash equivalents
|
|
18,209
|
19,790
|
(280,141)
|
|
|
Cash and cash equivalents at beginning of period
|
|
60,359
|
40,569
|
320,710
|
|
|
Cash and cash equivalents at end of period
|
$
|
78,568
|
60,359
|
40,569
|
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
|
|
Interest, net of amounts capitalized
|
$
|
49,390
|
34,190
|
27,443
|
|
|
Income taxes
|
$
|
74,310
|
59,266
|
54,722
|
|
|
Supplemental disclosure of non-cash investing activities:
|
|
|
|
|
|
|
Additions to properties and equipment
|
$
|
2,068
|
5,751
|
12,010
|
|
|
|
|
|
|
|
|
|
|
TIDEWATER INC.
|
|
|
CONSOLIDATED STATEMENTS OF EQUITY
|
|
|
Years Ended March 31, 2015, 2014 and 2013
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
Additional
|
|
other
|
Non
|
|
|
|
|
Common
|
paid-in
|
Retained
|
comprehensive
|
controlling
|
|
|
|
|
stock
|
capital
|
earnings
|
loss
|
interest
|
Total
|
|
|
Balance at March 31, 2012
|
$
|
5,125
|
102,726
|
2,437,836
|
(19,330)
|
---
|
2,526,357
|
|
|
Total comprehensive income
|
|
---
|
---
|
150,750
|
2,189
|
---
|
152,939
|
|
|
Stock option activity
|
|
14
|
6,131
|
---
|
---
|
---
|
6,145
|
|
|
Cash dividends declared ($1.00 per share)
|
|
---
|
---
|
(49,766)
|
---
|
---
|
(49,766)
|
|
|
Retirement of common stock
|
|
(187)
|
---
|
(84,847)
|
---
|
---
|
(85,034)
|
|
|
Amortization of restricted stock units
|
|
6
|
6,705
|
---
|
---
|
---
|
6,711
|
|
|
Amortization/cancellation of restricted stock
|
|
(9)
|
4,413
|
---
|
---
|
---
|
4,404
|
|
|
Balance at March 31, 2013
|
$
|
4,949
|
119,975
|
2,453,973
|
(17,141)
|
---
|
2,561,756
|
|
|
Total comprehensive income
|
|
---
|
---
|
140,255
|
4,916
|
---
|
145,171
|
|
|
Stock option activity
|
|
20
|
9,445
|
---
|
---
|
---
|
9,465
|
|
|
Cash dividends declared ($1.00 per share)
|
|
---
|
---
|
(49,973)
|
---
|
---
|
(49,973)
|
|
|
Amortization of restricted stock units
|
|
10
|
9,923
|
---
|
---
|
---
|
9,933
|
|
|
Amortization/cancellation of restricted stock
|
|
(6)
|
3,038
|
---
|
---
|
---
|
3,032
|
|
|
Noncontrolling interests
|
|
---
|
---
|
---
|
---
|
5,987
|
5,987
|
|
|
Balance at March 31, 2014
|
$
|
4,973
|
142,381
|
2,544,255
|
(12,225)
|
5,987
|
2,685,371
|
|
|
Total comprehensive loss
|
|
---
|
---
|
(65,190)
|
(8,153)
|
(159)
|
(73,502)
|
|
|
Stock option activity
|
|
3
|
(691)
|
---
|
---
|
---
|
(688)
|
|
|
Cash dividends declared ($1.00 per share)
|
|
---
|
---
|
(49,127)
|
---
|
---
|
(49,127)
|
|
|
Retirement of common stock
|
|
(284)
|
---
|
(99,715)
|
---
|
---
|
(99,999)
|
|
|
Amortization of restricted stock units
|
|
17
|
15,270
|
---
|
---
|
---
|
15,287
|
|
|
Amortization/cancellation of restricted stock
|
|
(6)
|
2,980
|
---
|
---
|
---
|
2,974
|
|
|
Cash received from non-controlling interests, net
|
|
---
|
---
|
---
|
---
|
399
|
399
|
|
|
Balance at March 31, 2015
|
$
|
4,703
|
159,940
|
2,330,223
|
(20,378)
|
6,227
|
2,480,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The company's vessel revenues and vessel operating costs and the related percentage of total vessel revenues for the quarters and the years ended March 31, 2015 and 2014 and for the quarter ended December 31, 2014, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
Quarter Ended
|
|
Year Ended
|
|
Ended
|
|
|
March 31,
|
|
March 31,
|
|
December 31,
|
|
(In thousands)
|
|
2015
|
%
|
2014
|
%
|
|
2015
|
%
|
2014
|
%
|
|
2014
|
%
|
|
Vessel revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
$
|
117,149
|
37%
|
108,710
|
30%
|
|
505,699
|
35%
|
410,731
|
29%
|
|
134,554
|
36%
|
|
Asia/Pacific
|
|
29,536
|
9%
|
37,907
|
10%
|
|
150,820
|
10%
|
154,618
|
11%
|
|
35,046
|
9%
|
|
Middle East/North Africa
|
|
45,486
|
14%
|
48,783
|
14%
|
|
205,787
|
14%
|
186,524
|
13%
|
|
55,925
|
15%
|
|
Sub-Saharan Africa/ Europe
|
|
125,599
|
40%
|
167,050
|
46%
|
|
606,052
|
41%
|
666,588
|
47%
|
|
152,601
|
40%
|
|
Total vessel revenues
|
$
|
317,770
|
100%
|
362,450
|
100%
|
|
1,468,358
|
100%
|
1,418,461
|
100%
|
|
378,126
|
100%
|
|
Vessel operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs
|
$
|
98,045
|
31%
|
100,951
|
28%
|
|
428,131
|
29%
|
396,332
|
28%
|
|
104,167
|
28%
|
|
Repair and maintenance
|
|
40,307
|
13%
|
49,322
|
14%
|
|
173,788
|
12%
|
177,331
|
13%
|
|
46,418
|
12%
|
|
Insurance and loss reserves
|
|
7,213
|
2%
|
5,274
|
1%
|
|
17,683
|
1%
|
19,628
|
1%
|
|
3,093
|
1%
|
|
Fuel, lube and supplies
|
|
18,372
|
6%
|
19,858
|
5%
|
|
88,272
|
6%
|
76,609
|
5%
|
|
24,710
|
7%
|
|
Other
|
|
30,003
|
9%
|
31,329
|
9%
|
|
126,494
|
9%
|
125,990
|
9%
|
|
31,977
|
8%
|
|
Total vessel operating costs
|
|
193,940
|
61%
|
206,734
|
57%
|
|
834,368
|
57%
|
795,890
|
56%
|
|
210,365
|
56%
|
|
Vessel operating margin (A)
|
$
|
123,830
|
39%
|
155,716
|
43%
|
|
633,990
|
43%
|
622,571
|
44%
|
|
167,761
|
44%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (A): The following table reconciles vessel operating margin as presented above to operating profit for the quarters and the years ended March 31, 2015 and 2014 and for the quarter ended December 31, 2014:
|
|
|
|
|
|
|
|
Quarter
|
|
|
Quarter Ended
|
|
Year Ended
|
|
Ended
|
|
|
March 31,
|
|
March 31,
|
|
December 31,
|
|
(In thousands)
|
|
2015
|
2014
|
|
2015
|
2014
|
|
2014
|
|
Vessel operating margin
|
$
|
123,830
|
155,716
|
|
633,990
|
622,571
|
|
167,761
|
|
General and administrative - vessel operations
|
|
(34,190)
|
(35,275)
|
|
(144,495)
|
(137,741)
|
|
(36,024)
|
|
Vessel operating leases
|
|
(8,075)
|
(8,151)
|
|
(28,322)
|
(21,910)
|
|
(7,165)
|
|
Depreciation and amortization - vessel operations
|
|
(42,179)
|
(41,843)
|
|
(167,217)
|
(164,112)
|
|
(41,639)
|
|
Vessel operating profit
|
$
|
39,386
|
70,447
|
|
293,956
|
298,808
|
|
82,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The company's other operating loss for the quarters and the years ended March 31, 2015 and 2014 and for the quarter ended December 31, 2014, consists of the following:
|
|
|
|
|
|
|
|
Quarter
|
|
|
Quarter Ended
|
|
Year Ended
|
|
Ended
|
|
|
March 31,
|
|
March 31,
|
|
December 31,
|
|
(In thousands)
|
|
2015
|
2014
|
|
2015
|
2014
|
|
2014
|
|
Other operating revenues
|
$
|
6,992
|
5,383
|
|
27,159
|
16,642
|
|
9,428
|
|
Costs of other marine revenues
|
|
(6,889)
|
(5,588)
|
|
(26,505)
|
(15,745)
|
|
(8,395)
|
|
General and administrative - other operating activities
|
|
(1,226)
|
(1,026)
|
|
(4,703)
|
(2,532)
|
|
(1,207)
|
|
Depreciation and amortization - other operating activities
|
|
(1,351)
|
(292)
|
|
(3,973)
|
(295)
|
|
(858)
|
|
Other operating loss
|
$
|
(2,474)
|
(1,523)
|
|
(8,022)
|
(1,930)
|
|
(1,032)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 years ended March 31, 2015 and 2014 and for the quarter ended December 31, 2014, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
|
Quarter Ended
|
|
Year Ended
|
|
Ended
|
|
|
|
March 31,
|
|
March 31,
|
|
December 31,
|
|
|
(In thousands)
|
|
2015
|
%
|
2014
|
%
|
|
2015
|
%
|
2014
|
%
|
|
2014
|
%
|
|
|
Vessel operating profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
$
|
22,218
|
7%
|
21,381
|
6%
|
|
122,988
|
8%
|
90,936
|
6%
|
|
33,784
|
8%
|
|
|
Asia/Pacific
|
|
2,477
|
1%
|
8,016
|
2%
|
|
11,541
|
1%
|
29,044
|
2%
|
|
2,621
|
1%
|
|
|
Middle East/North Africa
|
|
5,690
|
1%
|
8,240
|
2%
|
|
37,258
|
3%
|
42,736
|
3%
|
|
12,408
|
3%
|
|
|
Sub-Saharan Africa/Europe
|
|
9,001
|
3%
|
32,810
|
9%
|
|
122,169
|
8%
|
136,092
|
10%
|
|
34,120
|
9%
|
|
|
|
39,386
|
12%
|
70,447
|
19%
|
|
293,956
|
20%
|
298,808
|
21%
|
|
82,933
|
21%
|
|
|
Other operating loss
|
|
(2,474)
|
(1%)
|
(1,523)
|
(<1%)
|
|
(8,022)
|
(1%)
|
(1,930)
|
(<1%)
|
|
(1,032)
|
(<1%)
|
|
|
|
36,912
|
11%
|
68,924
|
19%
|
|
285,934
|
19%
|
296,878
|
21%
|
|
81,901
|
21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative expenses
|
|
(9,939)
|
(3%)
|
(9,434)
|
(3%)
|
|
(40,621)
|
(3%)
|
(47,703)
|
(4%)
|
|
(9,411)
|
(3%)
|
|
|
Corporate depreciation
|
|
(1,524)
|
(<1%)
|
(790)
|
(<1%)
|
|
(4,014)
|
(<1%)
|
(3,073)
|
(<1%)
|
|
(834)
|
(<1%)
|
|
|
Corporate expenses
|
|
(11,463)
|
(3%)
|
(10,224)
|
(3%)
|
|
(44,635)
|
(3%)
|
(50,776)
|
(4%)
|
|
(10,245)
|
(3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on asset dispositions, net
|
|
4,275
|
1%
|
2,363
|
1%
|
|
9,271
|
<1%
|
11,722
|
1%
|
|
(1,537)
|
(<1%)
|
|
|
Goodwill impairment
|
|
---
|
---
|
---
|
---
|
|
(283,699)
|
(19%)
|
(56,283)
|
(4%)
|
|
(283,699)
|
(73%)
|
|
|
Restructuring charge
|
|
(4,052)
|
(1%)
|
---
|
---
|
|
(4,052)
|
(<1%)
|
---
|
---
|
|
---
|
---
|
|
|
Operating income (loss)
|
$
|
25,672
|
8%
|
61,063
|
17%
|
|
(37,181)
|
(3%)
|
201,541
|
14%
|
|
(213,580)
|
(55%)
|
|
|
Foreign exchange gain (loss)
|
|
225
|
<1%
|
(2,728)
|
(1%)
|
|
8,678
|
1%
|
1,541
|
<1%
|
|
4,334
|
1%
|
|
|
Equity in net earnings of unconsolidated companies
|
|
1,075
|
<1%
|
4,929
|
1%
|
|
10,179
|
1%
|
15,801
|
1%
|
|
---
|
---
|
|
|
Interest income and other, net
|
|
372
|
<1%
|
708
|
<1%
|
|
1,927
|
<1%
|
2,123
|
<1%
|
|
434
|
<1%
|
|
|
Loss on early extinguishment of debt
|
---
|
---
|
---
|
---
|
|
---
|
---
|
(4,144)
|
(<1%)
|
|
---
|
---
|
|
|
Interest and other debt costs, net
|
|
(12,102)
|
(4%)
|
(12,733)
|
(3%)
|
|
(50,029)
|
(3%)
|
(43,814)
|
(3%)
|
|
(12,239)
|
(3%)
|
|
|
Earnings (loss) before income taxes
|
$
|
15,242
|
5%
|
51,239
|
14%
|
|
(66,426)
|
(4%)
|
173,048
|
12%
|
|
(221,051)
|
(57%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The company's revenues, day-based vessel utilization percentages and average day rates by vessel class and in total for the quarters and the years ended March 31, 2015 and 2014 and for the quarter ended December 31, 2014, were as follows:
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
Quarter Ended
|
|
Year Ended
|
|
|
|
|
|
March 31,
|
|
March 31,
|
|
December 31,
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
2014
|
|
2014
|
|
|
|
REVENUE BY VESSEL CLASS (In thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
85,249
|
|
74,859
|
|
353,232
|
263,750
|
|
94,298
|
|
|
Towing-supply
|
|
27,518
|
|
26,073
|
|
125,029
|
115,055
|
|
33,607
|
|
|
Other
|
|
4,382
|
|
7,778
|
|
27,438
|
31,926
|
|
6,649
|
|
|
Total
|
$
|
117,149
|
|
108,710
|
|
505,699
|
410,731
|
|
134,554
|
|
|
Asia/Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
22,046
|
|
23,834
|
|
94,538
|
88,191
|
|
20,575
|
|
|
Towing-supply
|
|
7,419
|
|
13,114
|
|
53,281
|
62,630
|
|
13,487
|
|
|
Other
|
|
71
|
|
959
|
|
3,001
|
3,797
|
|
984
|
|
|
Total
|
$
|
29,536
|
|
37,907
|
|
150,820
|
154,618
|
|
35,046
|
|
|
Middle East/North Africa fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
20,943
|
|
16,114
|
|
85,279
|
66,503
|
|
25,615
|
|
|
Towing-supply
|
|
23,797
|
|
31,979
|
|
117,232
|
116,720
|
|
29,441
|
|
|
Other
|
|
746
|
|
690
|
|
3,276
|
3,301
|
|
869
|
|
|
Total
|
$
|
45,486
|
|
48,783
|
|
205,787
|
186,524
|
|
55,925
|
|
|
Sub-Saharan Africa/Europe fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
64,302
|
|
86,064
|
|
326,315
|
364,722
|
|
81,129
|
|
|
Towing-supply
|
|
45,739
|
|
59,803
|
|
208,324
|
231,224
|
|
52,532
|
|
|
Other
|
|
15,558
|
|
21,183
|
|
71,413
|
70,642
|
|
18,940
|
|
|
Total
|
$
|
125,599
|
|
167,050
|
|
606,052
|
666,588
|
|
152,601
|
|
|
Worldwide fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
192,540
|
|
200,871
|
|
859,364
|
783,166
|
|
221,617
|
|
|
Towing-supply
|
|
104,473
|
|
130,969
|
|
503,866
|
525,629
|
|
129,067
|
|
|
Other
|
|
20,757
|
|
30,610
|
|
105,128
|
109,666
|
|
27,442
|
|
|
Total
|
$
|
317,770
|
|
362,450
|
|
1,468,358
|
1,418,461
|
|
378,126
|
|
|
UTILIZATION:
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
88.3
|
%
|
83.7
|
|
89.0
|
80.0
|
|
87.3
|
|
|
Towing-supply
|
|
65.7
|
|
59.5
|
|
68.2
|
51.9
|
|
74.5
|
|
|
Other
|
|
50.2
|
|
78.4
|
|
63.3
|
82.6
|
|
56.7
|
|
|
Total
|
|
73.2
|
%
|
73.2
|
|
76.5
|
67.4
|
|
77.2
|
|
|
Asia/Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
66.6
|
%
|
84.7
|
|
71.4
|
83.5
|
|
66.9
|
|
|
Towing-supply
|
|
63.2
|
|
82.7
|
|
81.1
|
71.6
|
|
76.6
|
|
|
Other
|
|
7.5
|
|
100.0
|
|
77.2
|
100.0
|
|
100.0
|
|
|
Total
|
|
62.5
|
%
|
84.1
|
|
77.2
|
76.0
|
|
73.9
|
|
|
Middle East/North Africa fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
81.8
|
%
|
71.3
|
|
81.1
|
77.6
|
|
89.3
|
|
|
Towing-supply
|
|
68.7
|
|
88.2
|
|
78.3
|
82.8
|
|
79.6
|
|
|
Other
|
|
100.0
|
|
98.1
|
|
98.0
|
73.0
|
|
100.0
|
|
|
Total
|
|
73.7
|
%
|
84.0
|
|
79.9
|
80.9
|
|
83.2
|
|
|
Sub-Saharan Africa/Europe fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
76.5
|
%
|
83.1
|
|
83.7
|
83.6
|
|
85.7
|
|
|
Towing-supply
|
|
71.5
|
|
77.9
|
|
76.0
|
71.3
|
|
78.8
|
|
|
Other
|
|
67.2
|
|
89.2
|
|
72.5
|
77.1
|
|
73.3
|
|
|
Total
|
|
71.3
|
%
|
83.3
|
|
76.9
|
76.7
|
|
78.7
|
|
|
Worldwide fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
80.7
|
%
|
81.9
|
|
84.1
|
81.7
|
|
84.9
|
|
|
Towing-supply
|
|
68.3
|
|
76.6
|
|
75.2
|
68.6
|
|
77.7
|
|
|
Other
|
|
63.4
|
|
87.3
|
|
71.4
|
78.5
|
|
71.0
|
|
|
Total
|
|
71.4
|
%
|
80.8
|
|
77.3
|
74.7
|
|
78.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
|
Quarter Ended
|
|
Year Ended
|
|
Ended
|
|
|
|
March 31,
|
|
March 31,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
2014
|
|
2014
|
|
|
AVERAGE VESSEL DAY RATES:
|
|
|
|
|
|
|
|
|
|
|
|
Americas fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
28,972
|
|
31,066
|
|
30,986
|
30,629
|
|
32,612
|
|
|
Towing-supply
|
|
15,482
|
|
16,220
|
|
16,590
|
16,010
|
|
16,890
|
|
|
Other
|
|
6,777
|
|
7,868
|
|
8,378
|
7,502
|
|
9,314
|
|
|
Total
|
$
|
21,830
|
|
21,718
|
|
22,768
|
20,482
|
|
24,048
|
|
|
Asia/Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
33,443
|
|
39,072
|
|
37,723
|
37,549
|
|
35,821
|
|
|
Towing-supply
|
|
9,362
|
|
12,383
|
|
12,870
|
12,645
|
|
13,664
|
|
|
Other
|
|
10,609
|
|
10,661
|
|
10,652
|
10,402
|
|
10,692
|
|
|
Total
|
$
|
20,252
|
|
21,550
|
|
21,771
|
20,167
|
|
21,195
|
|
|
Middle East/North Africa fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
22,558
|
|
20,524
|
|
23,816
|
21,913
|
|
24,586
|
|
|
Towing-supply
|
|
12,526
|
|
13,000
|
|
13,242
|
12,862
|
|
12,870
|
|
|
Other
|
|
4,145
|
|
3,912
|
|
4,581
|
4,543
|
|
4,723
|
|
|
Total
|
$
|
15,121
|
|
14,258
|
|
15,650
|
14,531
|
|
15,918
|
|
|
Sub-Saharan Africa/Europe fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
27,239
|
|
29,158
|
|
29,428
|
28,932
|
|
28,675
|
|
|
Towing-supply
|
|
16,600
|
|
16,542
|
|
16,817
|
15,858
|
|
16,859
|
|
|
Other
|
|
5,605
|
|
5,392
|
|
5,771
|
5,136
|
|
5,976
|
|
|
Total
|
$
|
15,916
|
|
15,917
|
|
16,905
|
16,282
|
|
16,743
|
|
|
Worldwide fleet:
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
$
|
27,942
|
|
29,730
|
|
30,074
|
29,441
|
|
30,205
|
|
|
Towing-supply
|
|
14,460
|
|
14,982
|
|
15,307
|
14,684
|
|
15,401
|
|
|
Other
|
|
5,752
|
|
5,905
|
|
6,316
|
5,741
|
|
6,598
|
|
|
Total
|
$
|
17,928
|
|
17,525
|
|
18,792
|
17,405
|
|
19,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The day-based utilization percentages, average day rates and the average 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) by vessel class and in total for the quarters and the years ended March 31, 2015 and 2014 and for the quarter ended December 31, 2014, were as follows:
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
Quarter Ended
|
|
Year Ended
|
|
Ended
|
|
|
March 31,
|
|
March 31,
|
|
December 31,
|
|
|
2015
|
|
2014
|
|
2015
|
2014
|
|
2014
|
|
UTILIZATION:
|
|
|
|
|
|
|
|
|
|
|
Deepwater vessels
|
|
|
|
|
|
|
|
|
|
|
PSVs
|
|
80.8
|
%
|
86.1
|
|
85.6
|
84.4
|
|
86.1
|
|
AHTS vessels
|
|
84.7
|
|
73.9
|
|
85.1
|
88.2
|
|
83.0
|
|
Towing-supply
|
|
71.7
|
|
84.4
|
|
79.6
|
84.3
|
|
80.8
|
|
Other
|
|
64.7
|
|
91.8
|
|
72.0
|
80.0
|
|
72.6
|
|
Total
|
|
73.8
|
%
|
86.0
|
|
80.1
|
83.6
|
|
80.9
|
|
AVERAGE VESSEL DAY RATES:
|
|
|
|
|
|
|
|
|
|
|
Deepwater vessels
|
|
|
|
|
|
|
|
|
|
|
PSVs
|
$
|
27,703
|
|
29,735
|
|
29,773
|
29,659
|
|
29,929
|
|
AHTS vessels
|
|
30,710
|
|
31,158
|
|
33,315
|
29,628
|
|
33,375
|
|
Towing-supply
|
|
14,764
|
|
15,126
|
|
15,568
|
14,840
|
|
15,647
|
|
Other
|
|
5,951
|
|
6,126
|
|
6,660
|
5,924
|
|
6,925
|
|
Total
|
$
|
18,621
|
|
18,287
|
|
19,605
|
18,275
|
|
19,765
|
|
AVERAGE VESSEL COUNT:
|
|
|
|
|
|
|
|
|
|
|
Deepwater vessels
|
|
|
|
|
|
|
|
|
|
|
PSVs
|
|
79
|
|
76
|
|
78
|
73
|
|
79
|
|
AHTS vessels
|
|
12
|
|
12
|
|
12
|
11
|
|
12
|
|
Towing-supply
|
|
105
|
|
105
|
|
105
|
104
|
|
105
|
|
Other
|
|
45
|
|
52
|
|
47
|
52
|
|
46
|
|
Total
|
|
241
|
|
245
|
|
242
|
240
|
|
242
|
The company's actual vessel count at March 31, 2015 and the average number of vessels by class and geographic distribution for the quarters and the years ended March 31, 2015 and 2014 and for the quarter ended December 31, 2014:
|
Actual Vessel
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
|
Count at
|
|
Quarter Ended
|
|
Year Ended
|
|
Ended
|
|
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
December 31,
|
|
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
2014
|
|
2014
|
|
|
|
Americas fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
38
|
|
37
|
|
32
|
|
35
|
29
|
|
36
|
|
|
|
Towing-supply
|
29
|
|
30
|
|
30
|
|
30
|
38
|
|
29
|
|
|
|
Other
|
14
|
|
14
|
|
14
|
|
14
|
14
|
|
14
|
|
|
|
Total
|
81
|
|
81
|
|
76
|
|
79
|
81
|
|
79
|
|
|
|
Less stacked vessels
|
11
|
|
10
|
|
10
|
|
9
|
18
|
|
9
|
|
|
|
Active vessels
|
70
|
|
71
|
|
66
|
|
70
|
63
|
|
70
|
|
|
|
Asia/Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
12
|
|
11
|
|
8
|
|
10
|
8
|
|
9
|
|
|
|
Towing-supply
|
14
|
|
14
|
|
14
|
|
14
|
19
|
|
14
|
|
|
|
Other
|
1
|
|
1
|
|
1
|
|
1
|
1
|
|
1
|
|
|
|
Total
|
27
|
|
26
|
|
23
|
|
25
|
28
|
|
24
|
|
|
|
Less stacked vessels
|
1
|
|
---
|
|
---
|
|
---
|
4
|
|
---
|
|
|
|
Active vessels
|
26
|
|
26
|
|
23
|
|
25
|
24
|
|
24
|
|
|
|
Middle East/North Africa fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
14
|
|
13
|
|
12
|
|
12
|
11
|
|
13
|
|
|
|
Towing-supply
|
31
|
|
31
|
|
31
|
|
31
|
30
|
|
31
|
|
|
|
Other
|
2
|
|
2
|
|
2
|
|
2
|
3
|
|
2
|
|
|
|
Total
|
47
|
|
46
|
|
45
|
|
45
|
44
|
|
46
|
|
|
|
Less stacked vessels
|
2
|
|
1
|
|
1
|
|
1
|
1
|
|
---
|
|
|
|
Active vessels
|
45
|
|
45
|
|
44
|
|
44
|
43
|
|
46
|
|
|
|
Sub-Saharan Africa/Europe fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
35
|
|
34
|
|
39
|
|
36
|
41
|
|
36
|
|
|
|
Towing-supply
|
43
|
|
43
|
|
52
|
|
45
|
56
|
|
43
|
|
|
|
Other
|
46
|
|
46
|
|
49
|
|
47
|
49
|
|
47
|
|
|
|
Total
|
124
|
|
123
|
|
140
|
|
128
|
146
|
|
126
|
|
|
|
Less stacked vessels
|
7
|
|
8
|
|
5
|
|
6
|
9
|
|
7
|
|
|
|
Active vessels
|
117
|
|
115
|
|
135
|
|
122
|
137
|
|
119
|
|
|
|
Active owned or chartered vessels
|
258
|
|
257
|
|
268
|
|
261
|
267
|
|
259
|
|
|
|
Stacked vessels
|
21
|
|
19
|
|
16
|
|
16
|
32
|
|
16
|
|
|
|
Total owned or chartered vessels
|
279
|
|
276
|
|
284
|
|
277
|
299
|
|
275
|
|
|
|
Vessels withdrawn from service
|
---
|
|
---
|
|
---
|
|
---
|
1
|
|
---
|
|
|
|
Joint-venture and other
|
10
|
|
10
|
|
11
|
|
11
|
10
|
|
10
|
|
|
|
Total
|
289
|
|
286
|
|
295
|
|
288
|
310
|
|
285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (B): Included in total owned or chartered vessels at March 31, 2015 and 2014 and at December 31, 2014, were 21, 15 and 16 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 commitments to acquire and construct new vessels, by vessel type, as of March 31, 2015:
|
Number
|
|
|
|
|
Amount
|
Remaining
|
|
of
|
Shipyard
|
Delivery
|
|
Total
|
Invested
|
Balance
|
|
(In thousands)
|
Vessels/ROVs
|
Location
|
Dates
|
|
Cost
|
03/31/15
|
03/31/15
|
|
Towing-supply:
|
|
|
|
|
|
|
|
|
7,145 BHP (A)
|
6
|
International
|
5/2015-7/2016
|
$
|
105,804
|
79,297
|
26,507
|
|
Deepwater
|
|
|
|
|
|
|
|
|
261-foot PSV
|
6
|
International
|
10/2015 - 9/2016
|
|
|
|
|
|
268-foot PSV
|
1
|
International
|
4/2015
|
|
|
|
|
|
275-foot PSV (A) (B)
|
5
|
International
|
5/2015 - 8/2015
|
|
|
|
|
|
292-foot PSV
|
1
|
International
|
5/2016
|
|
|
|
|
|
300-foot PSV
|
2
|
United States
|
9/2015, 1/2016
|
|
|
|
|
|
310-foot PSV
|
2
|
United States
|
11/2015, 2/2016
|
|
|
|
|
|
Total Deepwater PSVs
|
17
|
|
|
|
576,847
|
223,301
|
353,546
|
|
Other:
|
|
|
|
|
|
|
|
|
Fast supply boat
|
1
|
International
|
---
|
|
8,014
|
8,014
|
---
|
|
Total commitments
|
24
|
|
|
$
|
690,665
|
310,612
|
380,053
|
|
|
|
(A)
|
In April 2015, the company cancelled the construction contracts for three towing-supply vessels. The accumulated carrying value of costs incurred through March 31, 2015 and the remaining costs to be incurred on these three vessels at the time of termination was approximately $40 million and $13 million, respectively.
|
|
|
|
(B)
|
Two different international shipyards are constructing three and two 275-foot PSVs, respectively. In May 2015, the company and the Chinese shipyard that is constructing two 275-foot deepwater PSVs came to an agreement that provides the company an option to take delivery of one or both vessels at any time prior to June 30, 2016, or receive the return of installments aggregating $5.7 million per vessel at the end of this period. The agreement requires the shipyard to maintain/extend the Bank of China refundment guarantees that secure the return of milestone payments made to date. The accumulated carrying value of costs incurred through March 31, 2015 and the remaining costs to be incurred on these two vessels at time of the agreement was approximately $14 million and $41 million, respectively.
|
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
|
|
06/15
|
09/15
|
12/15
|
03/16
|
06/16
|
Thereafter
|
|
|
Deepwater PSVs (A)
|
|
4
|
3
|
3
|
3
|
2
|
2
|
|
|
Towing-supply vessels (A)
|
|
1
|
1
|
1
|
1
|
1
|
1
|
|
|
Other
|
|
---
|
---
|
---
|
---
|
---
|
1
|
|
|
Totals
|
|
5
|
4
|
4
|
4
|
3
|
4
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
Expected quarterly cash outlay
|
$
|
179,583
|
81,076
|
32,522
|
23,791
|
48,123
|
14,958
|
(B)
|
|
|
|
(A)
|
In April 2015, the company cancelled the construction contracts for three towing-supply vessels. There were approximately $13 million of remaining costs to be incurred on these three vessels at the time of termination. In May 2015, the company and the Chinese shipyard that is constructing two 275-foot deepwater PSVs came to an agreement that provides the company an option to take delivery of one or both vessels at any time prior to June 30, 2016 or receive the return of installments aggregating $5.7 million per vessel at the end of this period. There were approximately $41 million of remaining costs to be incurred on these two vessels at the time of the agreement.
|
|
|
|
(B)
|
The $15 million of 'Thereafter' vessel construction obligations are expected to be paid during the remaining quarters of fiscal 2017.
|
Logo - http://photos.prnewswire.com/prnh/20140829/141662
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tidewater-reports-fourth-quarter-and-year-end-results-for-fiscal-2015-300089372.html
SOURCE Tidewater Inc.