EX-99.1

EX-99.1 2 d873401dex991.htm EX-99.1 EX-99.1

LOGO

Tidewater Reports Third Quarter Results For Fiscal 2015

NEW ORLEANS, LA. February 9, 2015 — Tidewater Inc. (NYSE:TDW) announced today a third quarter net loss for the period ended December 31, 2014, of $160.7 million, or $3.31 per common share, on revenues of $387.6 million. Included in the current fiscal quarter’s net loss is a non-cash goodwill impairment charge of $283.7 million ($214.9 million after tax, or $4.43 per share) resulting from the Company’s annual goodwill impairment assessment. This period’s goodwill impairment assessment took into account the significant recent reductions in oil and natural gas prices, the expected impact that a continuation of these lower oil and natural gas prices will have on levels of exploration and production spending by our customers globally, and the resulting expected negative impact that lower customer spending levels will have on future average day rates and utilization of the company’s vessels.

For the same quarter last year, net earnings were $12.6 million, or $0.25 per common share, on revenues of $365.2 million. Included in the prior fiscal year’s net earnings for the quarter ended December 31, 2013 was a non-cash goodwill impairment charge of $56.3 million ($43.4 million after tax, or $0.87 per share) resulting from the Company’s annual goodwill assessment performed during that quarter. As a result of the general reduction in the level of business in the Company’s Asia/Pacific region last year, the entire amount of goodwill previously allocated to the Asia/Pacific region was impaired during the December 2013 quarter. The immediately preceding quarter ended September 30, 2014, had net earnings of $60.9 million, or $1.22 per common share, on revenues of $397.5 million.

As previously announced, Tidewater will hold a conference call to discuss December quarterly earnings on Tuesday, February 10, 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 February 10, 2015, and will continue until 11:59 p.m. Central time on February 12, 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 38860031.

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 March 10, 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.

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.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

(In thousands, except share and per share data)


	Quarter Ended December 31,				Nine Months Ended December 31,
	2014		2013		2014		2013
Revenues:
Vessel revenues	$	378,126		360,713		1,150,588		1,056,011
Other operating revenues		9,428		4,535		20,167		11,259
		387,554		365,248		1,170,755		1,067,270
Costs and expenses:
Vessel operating costs		210,365		197,679		640,428		589,156
Costs of other operating revenues		8,395		4,097		19,616		10,157
General and administrative		46,642		45,723		144,464		142,241
Vessel operating leases		7,165		5,757		20,247		13,759
Depreciation and amortization		43,331		42,391		130,150		124,555
Loss (gain) on asset dispositions, net		1,537		(7,170)		(4,996)		(9,359)
Goodwill impairment		283,699		56,283		283,699		56,283
		601,134		344,760		1,233,608		926,792
Operating income (loss)		(213,580)		20,488		(62,853)		140,478
Other income (expenses):
Foreign exchange gain		4,334		1,341		8,453		4,269
Equity in net earnings of unconsolidated companies		—		2,671		9,104		10,872
Interest income and other, net		434		137		1,555		1,415
Loss on early extinguishment of debt		—		—		—		(4,144)
Interest and other debt costs, net		(12,239)		(12,250)		(37,927)		(31,081)
		(7,471)		(8,101)		(18,815)		(18,669)
Earnings (loss) before income taxes		(221,051)		12,387		(81,668)		121,809
Income tax (benefit) expense		(60,070)		(196)		(25,211)		24,971
Net earnings (loss)	$	(160,981)		12,583		(56,457)		96,838
Less: Net loss attributable to noncontrolling interests	$	(287)		—		(343)		—
Net earnings (loss) attributable to Tidewater Inc.	$	(160,694)		12,583		(56,114)		96,838
Basic earnings (loss) per common share	$	(3.31)		0.25		(1.14)		1.96

Diluted earnings (loss) per common share	$	(3.31)		0.25		(1.14)		1.95

Weighted average common shares outstanding		48,481,722		49,347,448		49,213,712		49,302,971
Dilutive effect of stock options and restricted stock		—		482,818		—		436,758
Adjusted weighted average common shares		48,481,722		49,830,266		49,213,712		49,739,729

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)


ASSETS	December 31, 2014		March 31, 2014
Current assets:
Cash and cash equivalents	$	77,388		60,359
Trade and other receivables, net		301,038		252,421
Due from affiliate		421,904		429,450
Marine operating supplies		55,284		57,392
Other current assets		17,497		20,587
Total current assets		873,111		820,209
Investments in, at equity, and advances to unconsolidated companies		65,478		63,928
Properties and equipment:
Vessels and related equipment		4,630,902		4,521,102
Other properties and equipment		98,516		97,714
		4,729,418		4,618,816
Less accumulated depreciation and amortization		1,053,997		997,208
Net properties and equipment		3,675,421		3,621,608
Goodwill		—		283,699
Other assets		102,616		96,385
Total assets	$	4,716,626		4,885,829

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	49,487		74,515
Accrued expenses		149,523		157,302
Due to affiliate		157,522		86,154
Accrued property and liability losses		3,265		3,631
Current portion of long-term debt		7,006		9,512
Other current liabilities		79,235		70,567
Total current liabilities		446,038		401,681
Long-term debt		1,484,326		1,505,358
Deferred income taxes		42,540		108,929
Accrued property and liability losses		8,230		5,286
Other liabilities and deferred credits		226,727		179,204
Commitments and Contingencies
Equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 46,886,453 shares at December 31, 2014 and 49,730,442 shares at March 31, 2014		4,689		4,973
Additional paid-in capital		158,501		142,381
Retained earnings		2,351,197		2,544,255
Accumulated other comprehensive loss		(11,666)		(12,225)
Total stockholders’ equity		2,502,721		2,679,384
Noncontrolling interests		6,044		5,987
Total equity		2,508,765		2,685,371
Total liabilities and equity	$	4,716,626		4,885,829

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)


	Quarter Ended December 31,				Nine Months Ended December 31,
	2014		2013		2014		2013
Net earnings (loss)	$	(160,981)		12,583		(56,457)		96,838
Other comprehensive income/(loss):
Unrealized gains/(losses) on available for sale securities, net of tax of $(29), $218, $43 and $185		(54)		405		79		343
Amortization of loss on derivative contract, net of tax of $62, $62, $188 and $188		116		116		349		349
Change in other benefit plan minimum liability, net of tax of $0, $0, $70 and $0		—		—		131		—

Total comprehensive income (loss)	$	(160,919)		13,104		(55,898)		97,530

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)


	Nine Months Ended December 31,
	2014		2013
Operating activities:
Net earnings (loss)	$	(56,457)		96,838
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		130,150		124,555
Benefit for deferred income taxes		(77,278)		(18,300)
Gain on asset dispositions, net		(4,996)		(9,359)
Goodwill impairment Equity in earnings of unconsolidated companies, less dividends		283,699 (1,550)		56,283 (12,072)
Compensation expense—stock-based		16,395		15,130
Excess tax benefit on stock options exercised		—		(433)
Changes in assets and liabilities, net:
Trade and other receivables		(48,876)		18,268
Changes in due to/from affiliate, net		78,881		(210,576)
Marine operating supplies		1,243		7,396
Other current assets		3,090		(6,007)
Accounts payable		(29,052)		(9,753)
Accrued expenses		(6,856)		17,042
Accrued property and liability losses		(366)		(288)
Other current liabilities		(437)		4,286
Other liabilities and deferred credits		(3,025)		(1,270)
Other, net		(9,006)		(1,911)
Net cash provided by operating activities		275,559		69,829
Cash flows from investing activities:
Proceeds from sales of assets		5,160		46,006
Proceeds from sale/leaseback of assets		110,694		207,435
Additions to properties and equipment		(231,685)		(397,458)
Payments for acquisition, net of cash acquired		—		(127,737)
Other		127		(2,462)
Net cash used in investing activities		(115,704)		(274,216)
Cash flows from financing activities:
Debt issuance costs		—		(4,404)
Principal payment on long-term debt		(27,206)		(1,103,054)
Debt borrowings		20,000		1,416,262
Proceeds from exercise of stock options		1,025		6,082
Cash dividends		(36,997)		(37,355)
Repurchases of common stock		(99,999)		—
Excess tax benefit on stock options exercised		—		433
Other		351		—
Net cash (used in) provided by financing activities		(142,826)		277,964
Net change in cash and cash equivalents		17,029		73,577
Cash and cash equivalents at beginning of period		60,359		40,569
Cash and cash equivalents at end of period	$	77,388		114,146

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized	$	48,046		40,938
Income taxes	$	57,987		43,245
Supplemental disclosure of non-cash investing activities:
Additions to properties and equipment	$	3,386		9,568

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)


	Common stock			Additional paid-in capital		Retained earnings			Accumulated other comprehensive loss			Non controlling interest			Total
Balance at March 31, 2014	$	4,973			142,381		2,544,255			(12,225	)		5,987			2,685,371
Total comprehensive income (loss)		—			—		(56,114	)		559			(343	)		(55,898	)
Exercise of stock options		3			1,022		—			—			—			1,025
Cash dividends declared ($.75 per share)		—			—		(37,229	)		—			—			(37,229	)
Retirement of common stock		(284	)		—		(99,715	)		—			—			(99,999	)
Amortization of restricted stock units		1			12,495		—			—			—			12,496
Amortization/cancellation of restricted stock		(4	)		2,603		—			—			—			2,599
Cash received from noncontrolling interests		—			—		—			—			450			450
Cash paid to noncontrolling interests		—			—		—			—			(50	)		(50	)

Balance at December 31, 2014	$	4,689			158,501		2,351,197			(11,666	)		6,044			2,508,765


Balance at March 31, 2013	$	4,949			119,975		2,453,973			(17,141	)		—			2,561,756
Total comprehensive income		—			—		96,838			692			—			97,530
Exercise of stock options		17			6,512		—			—			—			6,529
Cash dividends declared ($.75 per share)		—			—		(37,431	)		—			—			(37,431	)
Amortization of restricted stock units		—			8,677		—			—			—			8,677
Amortization/cancellation of restricted stock		(4	)		2,931		—			—			—			2,927

Balance at December 31, 2013	$	4,962			138,095		2,513,380			(16,449	)		—			2,639,988

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, 2014 and 2013 and for the quarter ended September 30, 2014, were as follows:


	Quarter Ended December 31,								Nine Months Ended December 31,								Quarter Ended September 30,
(In thousands)	2014		%		2013		%		2014		%		2013		%		2014		%
Vessel revenues:
Americas	$	134,554		36%		109,848		31%		388,550		34%		302,021		29%		134,013		34%
Asia/Pacific		35,046		9%		36,325		10%		121,284		10%		116,711		11%		45,989		12%
Middle East/North Africa		55,925		15%		51,158		14%		160,301		14%		137,741		13%		48,837		13%
Sub-Saharan Africa/ Europe		152,601		40%		163,382		45%		480,453		42%		499,538		47%		162,113		41%
Total vessel revenues	$	378,126		100%		360,713		100%		1,150,588		100%		1,056,011		100%		390,952		100%

Vessel operating costs:
Crew costs	$	104,167		28%		101,382		28%		330,086		29%		295,381		28%		114,634		29%
Repair and maintenance		46,418		12%		40,920		12%		133,481		12%		128,009		12%		39,332		10%
Insurance and loss reserves		3,093		1%		4,410		1%		10,470		1%		14,356		1%		1,982		1%
Fuel, lube and supplies		24,710		7%		18,589		5%		69,900		6%		56,748		6%		22,820		6%
Other		31,977		8%		32,378		9%		96,491		8%		94,662		9%		34,051		8%
Total vessel operating costs		210,365		56%		197,679		55%		640,428		56%		589,156		56%		212,819		54%
Vessel operating margin (A)	$	167,761		44%		163,034		45%		510,160		44%		466,855		44%		178,133		46%

Note (A): The following table reconciles vessel operating margin as presented above to operating profit for the quarters and the nine-month periods ended December 31, 2014 and 2013 and for the quarter ended September 30, 2014:


	Quarter Ended December 31,				Nine Months Ended December 31,				Quarter Ended September 30,
(In thousands)	2014		2013		2014		2013		2014
Vessel operating margin	$	167,761		163,034		510,160		466,855		178,133
General and administrative - vessel operations		(36,024)		(34,729)		(110,305)		(102,465)		(36,612)
Vessel operating leases		(7,165)		(5,757)		(20,247)		(13,759)		(6,542)
Depreciation and amortization - vessel operations		(41,639)		(41,608)		(125,038)		(122,270)		(41,974)
Vessel operating profit	$	82,933		80,940		254,570		228,361		93,005

The company’s other operating profit for the quarters and the nine-month periods ended December 31, 2014 and 2013 and for the quarter ended September 30, 2014, consists of the following:


	Quarter Ended December 31,				Nine Months Ended December 31,				Quarter Ended September 30,
(In thousands)	2014		2013		2014		2013		2014
Other operating revenues	$	9,428		4,535		20,167		11,259		6,572
Costs of other marine revenues		(8,395)		(4,097)		(19,616)		(10,157)		(6,560)
General and administrative - other operating activities		(1,207)		(671)		(3,473)		(1,507)		(1,207)
Depreciation and amortization - other operating activities		(858)		—		(2,626)		(2)		(898)
Other operating profit (loss)	$	(1,032)		(233)		(5,548)		(407)		(2,093)

The company’s operating income and other components of earnings before income taxes, and its related percentage of total revenues for the quarters and nine-month periods ended December 31, 2014 and 2013 and for the quarter ended September 30, 2014, were as follows:


	Quarter Ended December 31,								Nine Months Ended December 31,								Quarter Ended September 30,
(In thousands)	2014		%		2013		%		2014		%		2013		%		2014		%
Vessel operating profit
Americas	$	33,784		8%		25,579		7%		100,770		8%		69,555		6%		36,778		9%
Asia/Pacific		2,621		1%		5,932		2%		9,064		1%		21,028		2%		7,414		2%
Middle East/North Africa		12,408		3%		10,927		3%		31,568		3%		34,496		3%		7,367		2%
Sub-Saharan Africa/Europe		34,120		9%		38,502		10%		113,168		10%		103,282		10%		41,446		10%
		82,933		21%		80,940		22%		254,570		22%		228,361		21%		93,005		23%
Other operating profit (loss)		(1,032)		(<1%)		(233)		(<1%)		(5,548)		(<1%)		(407)		(<1%)		(2,093)		(1%)
		81,901		21%		80,707		22%		249,022		22%		227,954		21%		90,912		22%
Corporate general and administrative expenses		(9,411)		(3%)		(10,323)		(3%)		(30,686)		(3%)		(38,269)		(4%)		(8,943)		(2%)
Corporate depreciation		(834)		(<1%)		(783)		(<1%)		(2,486)		(<1%)		(2,283)		(<1%)		(836)		(<1%)
Corporate expenses		(10,245)		(3%)		(11,106)		(3%)		(33,172)		(3%)		(40,552)		(4%)		(9,779)		(2%)
(Loss) gain on asset dispositions, net		(1,537)		(<1%)		7,170		2%		4,996		<1%		9,359		1%		3,590		1%
Goodwill impairment		(283,699)		(73%)		(56,283)		(15%)		(283,699)		(24%)		(56,283)		(5%)		—		—
Operating income (loss)	$	(213,580)		(55%)		20,488		6%		(62,853)		(5%)		140,478		13%		84,273		21%
Foreign exchange gain		4,334		1%		1,341		<1%		8,453		1%		4,269		<1%		5,408		1%
Equity in net earnings of unconsolidated companies		—		—		2,671		1%		9,104		1%		10,872		1%		3,821		1%
Interest income and other, net		434		<1%		137		<1%		1,555		<1%		1,415		<1%		499		<1%
Loss on early extinguishment of debt		—		—		—		—		—		—		(4,144)		(<1%)		—		—
Interest and other debt costs, net		(12,239)		(3%)		(12,250)		(3%)		(37,927)		(3%)		(31,081)		(3%)		(12,559)		(3%)
Earnings (loss) before income taxes	$	(221,051)		(57%)		12,387		3%		(81,668)		(7%)		121,809		11%		81,892		21%

The company’s revenues, day-based vessel utilization percentages and average day rates by vessel class and in total for the quarters and the nine-month periods ended December 31, 2014 and 2013 and for the quarter ended September 30, 2014, were as follows:


		Quarter Ended December 31,					Nine Months Ended December 31,				Quarter Ended September 30,
		2014			2013		2014		2013		2014
REVENUE BY VESSEL CLASS (In thousands):
Americas fleet:
Deepwater	$		94,298			72,048		267,983		188,891		91,403
Towing-supply			33,607			30,451		97,511		88,982		34,387
Other			6,649			7,349		23,056		24,148		8,223
Total	$		134,554			109,848		388,550		302,021		134,013
Asia/Pacific fleet:
Deepwater	$		20,575			20,142		72,492		64,357		27,675
Towing-supply			13,487			15,235		45,862		49,516		17,338
Other			984			948		2,930		2,838		976
Total	$		35,046			36,325		121,284		116,711		45,989
Middle East/North Africa fleet:
Deepwater	$		25,615			18,805		64,336		50,389		19,254
Towing-supply			29,441			31,481		93,435		84,741		28,715
Other			869			872		2,530		2,611		868
Total	$		55,925			51,158		160,301		137,741		48,837
Sub-Saharan Africa/Europe fleet:
Deepwater	$		81,129			84,866		262,013		278,658		89,193
Towing-supply			52,532			59,789		162,585		171,421		54,617
Other			18,940			18,727		55,855		49,459		18,303
Total	$		152,601			163,382		480,453		499,538		162,113
Worldwide fleet:
Deepwater	$		221,617			195,861		666,824		582,295		227,525
Towing-supply			129,067			136,956		399,393		394,660		135,057
Other			27,442			27,896		84,371		79,056		28,370
Total	$		378,126			360,713		1,150,588		1,056,011		390,952

UTILIZATION:
Americas fleet:
Deepwater			87.3	%		85.3		89.3		78.6		91.9
Towing-supply			74.5			60.9		69.1		50.1		70.3
Other			56.7			78.0		67.7		83.9		76.9
Total			77.2	%		73.9		77.7		65.7		80.9
Asia/Pacific fleet:
Deepwater			66.9	%		77.2		73.3		83.0		82.4
Towing-supply			76.6			70.6		86.9		69.1		93.6
Other			100.0			100.0		100.0		100.0		100.0
Total			73.9	%		73.6		82.3		73.8		89.6
Middle East/North Africa fleet:
Deepwater			89.3	%		71.0		80.8		80.1		80.4
Towing-supply			79.6			84.8		81.4		81.0		71.1
Other			100.0			100.0		97.3		67.4		100.0
Total			83.2	%		81.7		81.9		79.9		74.7
Sub-Saharan Africa/Europe fleet:
Deepwater			85.7	%		83.0		85.8		83.7		85.5
Towing-supply			78.8			73.8		77.5		69.3		78.5
Other			73.3			76.8		74.2		73.2		71.3
Total			78.7	%		77.3		78.7		74.7		77.9
Worldwide fleet:
Deepwater			84.9	%		81.7		85.2		81.6		87.0
Towing-supply			77.7			72.8		77.5		66.4		76.2
Other			71.0			78.1		73.9		75.6		73.9
Total			78.6	%		76.7		79.2		72.9		79.3


	Quarter Ended December 31,					Nine Months Ended December 31,				Quarter Ended September 30,
	2014			2013		2014		2013		2014
AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater		$	32,612		29,779		31,686		30,459		31,233
Towing-supply			16,890		17,247		16,932		15,949		17,309
Other			9,314		7,320		8,772		7,391		8,304
Total		$	24,048		21,169		23,067		20,071		22,701
Asia/Pacific fleet:
Deepwater		$	35,821		33,937		39,250		37,015		39,841
Towing-supply			13,664		12,687		13,701		12,716		14,387
Other			10,692		10,300		10,653		10,317		10,609
Total		$	21,195		19,257		22,176		19,756		23,090
Middle East/North Africa fleet:
Deepwater		$	24,586		23,708		24,257		22,398		23,078
Towing-supply			12,870		13,375		13,438		12,810		14,171
Other			4,723		4,738		4,727		4,746		4,719
Total		$	15,918		15,358		15,808		14,630		16,040
Sub-Saharan Africa/Europe fleet:
Deepwater		$	28,675		28,664		30,020		28,863		30,928
Towing-supply			16,859		15,764		16,879		15,632		16,911
Other			5,976		5,409		5,819		5,034		5,937
Total		$	16,743		15,994		17,184		16,408		17,628
Worldwide fleet:
Deepwater		$	30,205		28,944		30,751		29,343		31,001
Towing-supply			15,401		15,029		15,546		14,588		15,987
Other			6,598		5,883		6,472		5,680		6,523
Total		$	19,024		17,492		19,045		17,364		19,415

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 nine-month periods ended December 31, 2014 and 2013 and for the quarter ended September 30, 2014, were as follows:


	Quarter Ended December 31,						Nine Months Ended December 31,				Quarter Ended September 30,
	2014				2013		2014		2013		2014
UTILIZATION:
Deepwater vessels
PSVs			86.1	%		82.7		87.2		83.8		88.6
AHTS vessels			83.0			95.8		85.2		93.2		89.0
Towing-supply			80.8			85.5		82.2		84.3		80.8
Other			72.6			81.8		74.3		76.1		73.6
Total			80.9	%		84.3		82.2		82.8		82.1

AVERAGE VESSEL DAY RATES:
Deepwater vessels
PSVs		$	29,929			29,092		30,429		29,633		30,575
AHTS vessels			33,375			29,141		34,162		29,202		34,937
Towing-supply			15,647			15,144		15,797		14,745		16,235
Other			6,925			6,036		6,863		5,845		6,963
Total		$	19,765			18,209		19,898		18,271		20,303

AVERAGE VESSEL COUNT:
Deepwater vessels
PSVs			79			75		77		72		77
AHTS vessels			12			12		12		11		12
Towing-supply			105			104		105		104		105
Other			47			52		49		52		48
Total			243			243		243		239		242

The company’s average number of vessels by class and geographic distribution for the quarters and the nine-month periods ended December 31, 2014 and 2013 and for the quarter ended September 30, 2014:


	Quarter Ended December 31,				Nine Months Ended December 31,				Quarter Ended September 30,
	2014		2013		2014		2013		2014
Americas fleet:
Deepwater		36		31		34		29		35
Towing-supply		29		31		30		40		30
Other		14		14		14		14		14
Total		79		76		78		83		79
Less stacked vessels		9		11		8		20		7
Active vessels		70		65		70		63		72
Asia/Pacific fleet:
Deepwater		9		8		9		8		9
Towing-supply		14		19		14		20		14
Other		1		1		1		1		1
Total		24		28		24		29		24
Less stacked vessels		—		4		—		5		—
Active vessels		24		24		24		24		24
Middle East/North Africa fleet:
Deepwater		13		12		12		10		11
Towing-supply		31		30		31		30		31
Other		2		2		2		3		2
Total		46		44		45		43		44
Less stacked vessels		—		1		—		1		—
Active vessels		46		43		45		42		44
Sub-Saharan Africa/Europe fleet:
Deepwater		36		39		37		42		37
Towing-supply		43		56		45		58		45
Other		47		49		47		49		47
Total		126		144		129		149		129
Less stacked vessels		7		8		6		10		7
Active vessels		119		136		123		139		122
Active owned or chartered vessels		259		268		262		268		262
Stacked vessels		16		24		14		36		14
Total owned or chartered vessels		275		292		276		304		276
Vessels withdrawn from service		—		—		—		1		—
Joint-venture and other		10		11		11		10		11
Total		285		303		287		315		287

Note (B): Included in total owned or chartered vessels at December 31, 2014 and 2013 and at September 30, 2014, were 16, 18 and 15 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, and ROVs as of December 31, 2014:


(In thousands)	Number of Vessels/ROVs		Shipyard Location	Delivery Dates	Total Cost			Amount Invested 12/31/14		Remaining Balance 12/31/14
Towing-supply:
7,145 BHP		6	International	4/2015-3/2016		$	112,284		64,542		47,742
Deepwater
261-foot PSV		6	International	1/2016 - 8/2016
264-foot PSV		1	United States	2/2015
268-foot PSV		2	International	1/2015, 4/2015
275-foot PSV (A)		7	International	3/2015 - 8/2015
292-foot PSV		1	International	5/2016
300-foot PSV		2	United States	9/2015, 2/2016
310-foot PSV		2	United States	11/2015, 2/2016

Total Deepwater PSVs		21					713,903		258,460		455,443
Other:
Fast supply boat		1	International	—			8,014		8,014		—
Total vessel commitments		28				$	834,201		331,016		503,185
Total ROV commitments		2	United States	1/2015		$	13,640		12,940		700
Total commitments		30				$	847,841		343,956		503,885

(A) Two different international shipyards are constructing four and three 275-foot PSVs, 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		03/15	06/15	09/15	12/15	03/16	Thereafter
Deepwater PSVs		4	5	2	1	4	5
Towing-supply vessels		—	2	1	1	2	—
Other		—	—	—	—	—	1
Total vessel commitments		4	7	3	2	6	6
Total ROV commitments		2	—	—	—	—	—
Total commitments		6	7	3	2	6	6
(In thousands)
Expected quarterly cash outlay	$	153,487	178,698	55,837	23,387	31,628	60,848	(B)

(B) The $60,848 of ‘Thereafter’ vessel construction obligations are expected to be paid during fiscal 2017.