EX-99.1

EX-99.1 2 d673152dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

Press Release

TIDEWATER INC. • Pan-American Life Center • 601 Poydras Street, Suite 1500 • New Orleans, LA 70130 • Telephone (504) 568-1010 • Fax (504) 566-4582

Tidewater Reports Third Quarter Results For Fiscal 2014

NEW ORLEANS, LA. February 4, 2014 — Tidewater Inc. (NYSE:TDW) announced today third quarter net earnings for the period ended December 31, 2013, of $12.6 million, or $0.25 per common share, on revenues of $365.2 million. Included in the current fiscal quarter’s net earnings is 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 impairment assessment performed during the current quarter. As a result of the general reduction in the level of business in the Company’s Asia/Pacific region, the entire amount of goodwill previously allocated to the Asia/Pacific region was impaired during the current quarter. For the same quarter last year, net earnings were $29.9 million, or $0.61 per common share, on revenues of $309.5 million. The immediately preceding quarter ended September 30, 2013, had net earnings of $54.2 million, or $1.09 per common share, on revenues of $367.9 million.

As previously announced, Tidewater will hold a conference call to discuss December quarterly earnings on Wednesday, February 5, 2014, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-866-436-9172 if calling from the U.S. or Canada (1-630-691-2760 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 5, 2014, and will continue until 11:59 p.m. Central time on February 7, 2014. 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 36444744.

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 5, 2014.

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						Nine Months Ended
	December 31,						December 31,

	2013			2012			2013			2012

Revenues:
Vessel revenues	$	360,713			305,043			1,056,011			904,959
Other operating revenues		4,535			4,423			11,259			10,873

		365,248			309,466			1,067,270			915,832

Costs and expenses:
Vessel operating costs		197,679			176,924			589,156			510,912
Costs of other operating revenues		4,097			4,176			10,157			9,284
General and administrative		45,723			46,339			142,241			128,870
Vessel operating leases		5,757			3,971			13,759			12,866
Depreciation and amortization		42,391			37,181			124,555			109,012
Gain on asset dispositions, net		(7,170	)		(99	)		(9,359	)		(2,770	)
Goodwill impairment		56,283			---			56,283			---

		344,760			268,492			926,792			768,174

Operating income		20,488			40,974			140,478			147,658
Other income (expenses):
Foreign exchange gain (loss)		1,341			52			4,269			(1,170	)
Equity in net earnings of unconsolidated companies		2,671			2,639			10,872			8,359
Interest income and other, net		137			936			1,415			2,783
Loss on early extinguishment of debt		---			---			(4,144	)		---
Interest and other debt costs		(12,250	)		(7,183	)		(31,081	)		(21,918	)

		(8,101	)		(3,556	)		(18,669	)		(11,946	)

Earnings before income taxes		12,387			37,418			121,809			135,712
Income tax expense		(196	)		7,471			24,971			31,553

Net earnings	$	12,583			29,947			96,838			104,159


Basic earnings per common share	$	0.25			0.61			1.96			2.10


Diluted earnings per common share	$	0.25			0.61			1.95			2.09


Weighted average common shares outstanding		49,347,448			49,162,547			49,302,971			49,585,930
Dilutive effect of stock options and restricted stock		482,818			221,738			436,758			220,669

Adjusted weighted average common shares		49,830,266			49,384,285			49,739,729			49,806,599


Cash dividends declared per common share	$	0.25			0.25			0.75			0.75

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)


		December 31,			March 31,
ASSETS		2013			2013

Current assets:
Cash and cash equivalents	$		114,146			40,569
Trade and other receivables, net			615,060			393,438
Marine operating supplies			55,711			62,348
Other current assets			18,994			11,735

Total current assets			803,911			508,090

Investments in, at equity, and advances to unconsolidated companies			60,099			46,047
Properties and equipment:
Vessels and related equipment			4,465,661			4,250,169
Other properties and equipment			65,739			83,779

			4,531,400			4,333,948
Less accumulated depreciation and amortization			984,924			1,144,129

Net properties and equipment			3,546,476			3,189,819

Goodwill			283,699			297,822
Other assets			153,260			126,277

Total assets	$		4,847,445			4,168,055


LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$		95,247			63,602
Accrued expenses			186,473			159,086
Accrued property and liability losses			3,772			4,133
Other current liabilities			53,677			39,808

Total current liabilities			339,169			266,629

Long-term debt			1,464,018			1,000,000
Deferred income taxes			189,182			189,763
Accrued property and liability losses			8,884			10,833
Other liabilities and deferred credits			206,204			139,074

Commitments and Contingencies

Stockholders’ equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,621,004 shares at December 31, 2013 and 49,485,832 shares at March 31, 2013			4,962			4,949
Additional paid-in capital			138,095			119,975
Retained earnings			2,513,380			2,453,973
Accumulated other comprehensive loss			(16,449	)		(17,141	)

Total stockholders’ equity			2,639,988			2,561,756

Total liabilities and stockholders’ equity	$		4,847,445			4,168,055

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)


	Quarter Ended					Nine Months Ended
	December 31,					December 31,

	2013		2012			2013		2012

Net earnings	$	12,583		29,947			96,838		104,159
Other comprehensive income/(loss):
Unrealized gains/(losses) on available for sale securities net of tax of $218, $(190), $185 and $(300)		405		(353	)		343		(558	)
Amortization of loss on derivative contract net of tax of $62, $63, $188 and $188		116		117			349		350
Change in supplemental executive retirement plan pension liability		---		3,355			---		3,355

Total comprehensive income	$	13,104		33,066			97,530		107,306

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)


		Nine Months Ended December 31,

		2013			2012

Operating activities:
Net earnings	$		96,838			104,159
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			124,555			109,012
Benefit for deferred income taxes			(18,300	)		(8,682	)
Gain on asset dispositions, net			(9,359	)		(2,770	)
Goodwill impairment			56,283			---
Equity in earnings of unconsolidated companies, less dividends			(12,072	)		(9,287	)
Compensation expense - stock-based			15,130			15,061
Excess tax benefit on stock options exercised			(433	)		(74	)
Changes in assets and liabilities, net:
Trade and other receivables			(223,549	)		(49,412	)
Marine operating supplies			7,396			(7,401	)
Other current assets			(6,007	)		(2,485	)
Accounts payable			11,320			12,943
Accrued expenses			27,210			9,535
Accrued property and liability losses			(288	)		(280	)
Other current liabilities			4,286			3,896
Other liabilities and deferred credits			(1,270	)		(2,084	)
Other, net			(1,911	)		10,580

Net cash provided by operating activities			69,829			182,711

Cash flows from investing activities:
Proceeds from sales of assets			46,006			18,620
Proceeds from sale/leaseback of assets			207,435			---
Additions to properties and equipment			(397,458	)		(326,648	)
Payments for acquisition, net of cash acquired			(127,737	)		---
Other			(2,462	)		(788	)

Net cash used in investing activities			(274,216	)		(308,816	)

Cash flows from financing activities:
Debt issuance costs			(4,404	)		---
Principal payment on long-term debt			(1,103,054	)		(60,000	)
Debt borrowings			1,416,262			40,000
Proceeds from exercise of stock options			6,082			1,968
Cash dividends			(37,355	)		(37,426	)
Excess tax benefit on stock options exercised			433			74
Stock repurchases			---			(85,034	)

Net cash provided by (used in) financing activities			277,964			(140,418	)

Net change in cash and cash equivalents			73,577			(266,523	)
Cash and cash equivalents at beginning of period			40,569			320,710

Cash and cash equivalents at end of period	$		114,146			54,187

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$		40,938			33,135
Income taxes	$		43,245			41,578
Supplemental disclosure of non-cash investing activities:
Additions to properties and equipment	$		9,568			2,372

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands)


	Common stock			Additional paid-in capital		Retained earnings			Accumulated other comprehensive loss			Total

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
Stock option activity		17			6,512		---			---			6,529
Cash dividends declared		---			---		(37,431	)		---			(37,431	)
Amortization/cancellation 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


Balance at March 31, 2012	$	5,125			102,726		2,437,836			(19,330	)		2,526,357
Total comprehensive income		---			---		104,159			3,147			107,306
Stock option activity		8			3,696		---			---			3,704
Cash dividends declared		---			---		(37,574	)		---			(37,574	)
Retirement of common stock		(187	)		---		(84,847	)		---			(85,034	)
Amortization/cancellation of restricted stock units		---			5,766		---			---			5,766
Amortization/cancellation of restricted stock		(7	)		5,793		---			---			5,786

Balance at December 31, 2012	$	4,939			117,981		2,419,574			(16,183	)		2,526,311

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, 2013 and 2012 and for the quarter ended September 30, 2013, were as follows:


		Quarter Ended December 31,								Nine Months Ended December 31,								Quarter Ended September 30,
(In thousands)		2013		%		2012		%		2013		%		2012		%		2013		%
Vessel revenues:
Americas	$		109,848		31%		84,532		28%		302,021		29%		244,498		27%		101,929		28%
Asia/Pacific			36,325		10%		42,057		14%		116,711		11%		139,537		15%		37,430		10%
Middle East/N. Africa			51,158		14%		42,027		14%		137,741		13%		106,528		12%		45,370		13%
Sub-Saharan Africa/Europe			163,382		45%		136,427		45%		499,538		47%		414,396		46%		178,939		49%

Total vessel revenues	$		360,713		100%		305,043		100%		1,056,011		100%		904,959		100%		363,668		100%

Vessel operating costs:
Crew costs	$		101,382		28%		87,469		29%		295,381		28%		265,584		29%		100,767		28%
Repair and maintenance			40,920		12%		36,143		12%		128,009		12%		96,121		11%		38,996		11%
Insurance and loss reserves			4,410		1%		7,381		2%		14,356		1%		16,542		2%		3,926		1%
Fuel, lube and supplies			18,589		5%		19,553		6%		56,748		6%		56,565		6%		19,354		5%
Other			32,378		9%		26,378		9%		94,662		9%		76,100		8%		32,273		9%

Total vessel operating costs			197,679		55%		176,924		58%		589,156		56%		510,912		56%		195,316		54%
Vessel operating margin (A)	$		163,034		45%		128,119		42%		466,855		44%		394,047		44%		168,352		46%

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, 2013 and 2012 and for the quarter ended September 30, 2013:


		Quarter Ended December 31,				Nine Months Ended December 31,				Quarter Ended September 30,
(In thousands)		2013		2012		2013		2012		2013
Vessel operating margin	$		163,034		128,119		466,855		394,047		168,352
Other marine revenues			4,535		4,423		11,259		10,873		4,269
Costs of other marine revenues			(4,097)		(4,176)		(10,157)		(9,284)		(4,040)
General and administrative			(45,723)		(46,339)		(142,241)		(128,870)		(46,038)
Vessel operating leases			(5,757)		(3,971)		(13,759)		(12,866)		(3,971)
Depreciation and amortization			(42,391)		(37,181)		(124,555)		(109,012)		(42,056)
Gain on asset dispositions, net			7,170		99		9,359		2,770		49
Goodwill impairment			(56,283)		---		(56,283)		---		---

Operating income	$		20,488		40,974		140,478		147,658		76,565

The company’s operating income and other components of earnings before income taxes, and its related percentage of total revenue for the quarters and nine-month periods ended December 31, 2013 and 2012 and for the quarter ended September 30, 2013, were as follows:


	Quarter Ended December 31,												Nine Months Ended December 31,												Quarter Ended September 30,
(In thousands)	2013			%			2012			%			2013			%			2012			%			2013			%

Vessel operating profit:
Americas	$	25,579			7	%		14,442			5	%		69,555			6	%		34,140			4	%		23,675			6	%
Asia/Pacific		5,932			2	%		8,695			3	%		21,028			2	%		31,429			3	%		4,807			1	%
Middle East/N. Africa		10,927			3	%		13,720			4	%		34,496			3	%		26,282			3	%		13,446			4	%
Sub-Saharan Africa/Europe		38,502			10	%		21,171			7	%		103,282			10	%		92,597			10	%		47,261			13	%

		80,940			22	%		58,028			19	%		228,361			21	%		184,448			20	%		89,189			24	%
Corporate expenses		(11,106	)		(3	%)		(16,712	)		(5	%)		(40,552	)		(4	%)		(39,663	)		(4	%)		(12,891	)		(4	%)
Gain on asset dispositions, net		7,170			2	%		99			<1	%		9,359			1	%		2,770			<1	%		49			<1	%
Other operating expenses		(233	)		(<1	%)		(441	)		(<1	%)		(407	)		(<1	%)		103			<1	%		218			<1	%
Goodwill impairment		(56,283	)		(15	%)		---			---			(56,283	)		(5	%)		---			---			---			---

Operating income		20,488			6	%		40,974			14	%		140,478			13	%		147,658			16	%		76,565			21	%

Foreign exchange gain (loss)		1,341			<1	%		52			<1	%		4,269			<1	%		(1,170	)		(<1	%)		3,017			1	%
Equity in net earnings of unconsolidated companies		2,671			1	%		2,639			1	%		10,872			1	%		8,359			1	%		3,781			1	%
Interest income and other, net		137			<1	%		936			<1	%		1,415			<1	%		2,783			<1	%		538			<1	%
Loss on early extinguishment of debt		---			---			---			---			(4,144	)		(<1	%)		---			---			(4,144	)		(1	%)
Interest and other debt costs		(12,250)			(3	%)		(7,183)			(2	%)		(31,081)			(3	%)		(21,918)			(2	%)		(9,918)			(3	%)

Earnings before income taxes	$	12,387			3	%		37,418			12	%		121,809			11	%		135,712			15	%		69,839			19	%

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, 2013 and 2012 and the quarter ended September 30, 2013, were as follows:


	Quarter Ended December 31,					Nine Months Ended December 31,				Quarter Ended September 30,
	2013			2012		2013		2012		2013

REVENUES BY VESSEL CLASS (In thousands):
Americas fleet:
Deepwater vessels	$	72,048			48,089		188,891		129,116		61,811
Towing-supply/supply		30,451			29,418		88,982		94,879		30,861
Other		7,349			7,025		24,148		20,503		9,257
Total	$	109,848			84,532		302,021		244,498		101,929
Asia/Pacific fleet:
Deepwater vessels	$	20,142			21,862		64,357		71,791		19,923
Towing-supply/supply		15,235			19,277		49,516		65,006		16,559
Other		948			918		2,838		2,740		948
Total	$	36,325			42,057		116,711		139,537		37,430
Middle East/N. Africa fleet:
Deepwater vessels	$	18,805			15,407		50,389		38,966		15,732
Towing-supply/supply		31,481			25,870		84,741		64,729		28,763
Other		872			750		2,611		2,833		875
Total	$	51,158			42,027		137,741		106,528		45,370
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	84,866			64,509		278,658		194,820		106,541
Towing-supply/supply		59,789			54,816		171,421		167,376		56,772
Other		18,727			17,102		49,459		52,200		15,626
Total	$	163,382			136,427		499,538		414,396		178,939
Worldwide fleet:
Deepwater vessels	$	195,861			149,867		582,295		434,693		204,007
Towing-supply/supply		136,956			129,381		394,660		391,990		132,955
Other		27,896			25,795		79,056		78,276		26,706
Total	$	360,713			305,043		1,056,011		904,959		363,668

UTILIZATION:
Americas fleet:
Deepwater vessels		85.3	%		73.1		78.6		72.4		72.3
Towing-supply/supply		60.9			48.0		50.1		49.9		49.5
Other		78.0			82.4		83.9		78.4		91.6
Total		73.9	%		60.9		65.7		60.9		63.9
Asia/Pacific fleet:
Deepwater vessels		77.2	%		89.2		83.0		88.0		80.1
Towing-supply/supply		70.6			52.4		69.1		53.2		73.0
Other		100.0			100.0		100.0		81.1		100.0
Total		73.6	%		60.5		73.8		60.6		75.8
Middle East/N. Africa fleet:
Deepwater vessels		71.0	%		89.8		80.1		91.6		81.2
Towing-supply/supply		84.8			80.1		81.0		76.2		86.1
Other		100.0			28.6		67.4		35.1		81.8
Total		81.7	%		75.1		79.9		73.3		84.7
Sub-Saharan Africa/Europe fleet:
Deepwater vessels		83.0	%		70.3		83.7		78.9		88.8
Towing-supply/supply		73.8			66.9		69.3		65.0		66.8
Other		76.8			77.2		73.2		77.9		72.5
Total		77.3	%		71.1		74.7		72.6		75.0
Worldwide fleet:
Deepwater vessels		81.7	%		75.2		81.6		79.2		81.9
Towing-supply/supply		72.8			61.1		66.4		60.4		66.3
Other		78.1			74.5		75.6		74.4		77.3
Total		76.7	%		67.5		72.9		67.9		73.2


	Quarter Ended December 31,				Nine Months Ended December 31,				Quarter Ended September 30,
	2013		2012		2013		2012		2013

AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater vessels	$	29,779		28,721		30,459		27,756		31,953
Towing-supply/supply		17,247		13,721		15,949		13,994		15,520
Other		7,320		6,181		7,391		6,086		7,843
Total	$	21,169		17,060		20,071		16,519		19,974
Asia/Pacific fleet:
Deepwater vessels	$	33,937		35,453		37,015		36,114		37,812
Towing-supply/supply		12,687		12,592		12,716		13,211		12,430
Other		10,300		9,972		10,317		9,963		10,300
Total	$	19,257		18,779		19,756		19,425		19,184
Middle East/N. Africa fleet:
Deepwater vessels	$	23,708		20,710		22,398		19,396		22,195
Towing-supply/supply		13,375		12,020		12,810		10,605		12,440
Other		4,738		4,750		4,746		4,892		4,750
Total	$	15,358		13,761		14,630		12,256		14,156
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	28,664		25,853		28,863		24,527		30,244
Towing-supply/supply		15,764		14,318		15,632		14,577		15,737
Other		5,409		5,054		5,034		5,060		4,779
Total	$	15,994		14,053		16,408		13,934		17,206
Worldwide fleet:
Deepwater vessels	$	28,944		27,100		29,343		26,199		30,481
Towing-supply/supply		15,029		13,399		14,588		13,385		14,389
Other		5,883		5,407		5,680		5,384		5,651
Total	$	17,492		15,286		17,364		14,979		17,603

The utilization, 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) for the quarters and nine-month periods ended December 31, 2013 and 2012 and the quarter ended September 30, 2013, were as follows:


	Quarter Ended December 31,					Nine Months Ended December 31,				Quarter Ended September 30,
	2013			2012		2013		2012		2013

UTILIZATION:
Deepwater vessels
Platform supply vessels		82.7	%		78.3		83.8		82.8		84.6
Anchor handling towing supply		95.8			81.8		93.2		84.9		87.9
Towing-supply/supply		85.5			86.3		84.3		87.7		85.7
Other		81.8			78.6		76.1		79.2		73.2
Total		84.3	%		82.1		82.8		84.3		82.7

AVERAGE VESSEL DAY RATES:
Deepwater vessels
Platform supply vessels	$	29,092			27,223		29,633		26,189		31,053
Anchor handling towing supply		29,141			30,366		29,202		29,790		28,885
Towing-supply/supply		15,144			13,969		14,745		14,029		14,484
Other		6,036			5,765		5,845		5,764		5,635
Total	$	18,209			16,503		18,271		16,210		18,637

AVERAGE VESSEL COUNT:
Deepwater vessels
Platform supply vessels		75			62		72		58		73
Anchor handling towing supply		12			11		11		11		11
Towing-supply/supply		104			102		104		101		103
Other		52			49		52		49		52
Total		243			224		239		219		239

The company’s average number of vessels by class and geographic distribution for the quarters and the nine-month periods ended December 31, 2013 and 2012 and for the quarter ended September 30, 2013:


	Quarter Ended December 31,			Nine Months Ended December 31,			Quarter Ended September 30,
		2013	2012		2013	2012		2013

Americas fleet:
Deepwater vessels		31	25		29	23		30
Towing-supply/supply		31	48		40	50		44
Other		14	15		14	16		14

Total		76	88		83	89		88
Less stacked vessels		11	24		20	24		24

Active vessels		65	64		63	65		64

Asia/Pacific fleet:
Deepwater vessels		8	7		8	8		7
Towing-supply/supply		19	32		20	34		20
Other		1	1		1	1		1

Total		28	40		29	43		28
Less stacked vessels		4	12		5	13		4

Active vessels		24	28		24	30		24

Middle East/N. Africa fleet:
Deepwater vessels		12	9		10	8		9
Towing-supply/supply		30	30		30	29		29
Other		2	6		3	6		2

Total		44	45		43	43		40
Less stacked vessels		1	7		1	7		---

Active vessels		43	38		42	36		40

Sub-Saharan Africa/Europe fleet:
Deepwater vessels		39	39		42	37		43
Towing-supply/supply		56	62		58	64		59
Other		49	48		49	48		49

Total		144	149		149	149		151
Less stacked vessels		8	16		10	19		11

Active vessels		136	133		139	130		140

Active owned or chartered vessels		268	263		268	261		268
Stacked vessels		24	59		36	63		39

Total owned or chartered vessels		292	322		304	324		307
Vessels withdrawn from service		---	2		1	2		1
Joint-venture and other		11	10		10	10		10

Total		303	334		315	336		318

Note (B): Included in total owned or chartered vessels at December 31, 2013 and 2012 and at September 30, 2013, were 18, 53, and 37 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 company’s various commitments to acquire and construct new vessels, by vessel type as of December 31, 2013, were as follows:


	Non-U.S. Built								U.S. Built

	Number				Invested		Remaining		Number				Invested		Remaining
	of		Total		Through		Balance		of		Total		Through		Balance
Vessel class and type	Vessels		Cost		12/31/13		12/31/13		Vessels		Cost		12/31/13		12/31/13

In thousands, except number of vessels:
Deepwater platform supply vessels		17	$	473,776		105,921		367,855		5		252,072		69,898		182,174
Towing-supply/supply vessels		6		114,298		55,024		59,274		---		---		---		---
Other		1		8,014		8,014		---		---		---		---		---

Total vessel commitments		24	$	596,088		168,959		427,129		5		252,072		69,898		182,174

The table below summarizes by vessel class and vessel type the number of vessels 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		03/14	06/14	09/14	12/14	03/15	Thereafter

Deepwater platform supply vessels		1	3	4	3	1	10
Towing-supply/supply vessels		---	---	---	2	2	2
Other		---	---	---	---	1	---

Total vessel commitments		1	3	4	5	4	12

(In thousands)
Expected quarterly cash outlay	$	92,933	81,042	114,253	110,449	60,603	150,023 (A)

(A)	The ‘Thereafter’ vessel construction obligations are expected to be paid during fiscal 2016.