Tidewater Reports Third Quarter Results For Fiscal 2013

NEW ORLEANS--(BUSINESS WIRE)--Tidewater Inc. (NYSE:TDW) announced today third quarter earnings for the period ended December 31, 2012, of $29.9 million, or $0.61 per share, on revenues of $309.5 million. For the same quarter last year, net earnings of $34.1 million was reported, or $0.67 per share, on revenues of $272.1 million. The immediately preceding quarter ended September 30, 2012, had net earnings of $41.4 million, or $0.83 per share, on revenues of $311.9 million, which included approximately $7.4 million of vessel revenue associated with retroactive rate increases agreed to during the September 2012 quarter, but related to the period from January 1, 2012 through June 30, 2012.

Included in the current fiscal quarter’s general and administrative expenses is a $5.2 million settlement loss charge ($3.4 million after tax, or $0.07 per share) related to the lump sum supplemental executive retirement plan distribution made in the December 2012 quarter to the Company’s former President and Chief Executive Officer who retired earlier in the year. The settlement loss is the result of the recognition of heretofore unrecognized actuarial losses that were being amortized over time to pension expense. As a result of the December 2012 lump sum distribution, a portion of the previously unrecognized actuarial losses was required to be recognized in earnings in the current quarter in accordance with ASC 715. Included in the prior fiscal year third quarter’s net earnings is an $8.4 million, or $0.16 per share, reversal of income tax liabilities originally established for uncertain tax positions as a result of the expiration of various statutes of limitations.

As previously announced, Tidewater will hold a conference call to discuss December quarterly earnings and also their near-term outlook with respect to the Company’s future financial and operational performance on Friday, February 1, 2013, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-388-7493 if calling from the U.S. or Canada (1-706-679-8348 if calling from outside the U.S.) and ask for the “Tidewater” call just prior to the scheduled start. A replay of the conference call will be available beginning at 12:00 p.m. Central time on February 1, 2013, and will continue until 11:59 p.m. Central time on February 3, 2013. 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 86377851.

A simultaneous webcast of the conference call will be accessible online at the Tidewater Inc. website, (http://www.tdw.com). The online replay will be available until March 1, 2013.

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 larger 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.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In thousands, except share and per share data)
	Quarter Ended					Nine Months Ended
	December 31,					December 31,
	2012			2011		2012		2011
Revenues:
Vessel revenues	$	305,043		270,486		904,959		772,213
Other marine revenues		4,423		1,625		10,873		5,399
		309,466		272,111		915,832		777,612
Costs and expenses:
Vessel operating costs		180,895		155,838		523,778		469,430
Costs of other marine revenues		4,176		1,938		9,284		5,200
Depreciation and amortization		37,181		35,215		109,012		102,771
Goodwill impairment		---		---		---		30,932
General and administrative		46,339		40,425		128,870		115,779
Gain on asset dispositions, net		(99	)	(2,496	)	(2,770	)	(13,671	)
		268,492		230,920		768,174		710,441
Operating income		40,974		41,191		147,658		67,171
Other income (expenses):
Foreign exchange gain (loss)		52		(1,738	)	(1,170	)	735
Equity in net earnings of unconsolidated companies		2,639		3,482		8,359		9,427
Interest income and other, net		936		347		2,783		2,303
Interest and other debt costs		(7,183	)	(6,027	)	(21,918	)	(14,854	)
		(3,556	)	(3,936	)	(11,946	)	(2,389	)
Earnings before income taxes		37,418		37,255		135,712		64,782
Income tax expense		7,471		3,168		31,553		11,013
Net earnings	$	29,947		34,087		104,159		53,769
Basic earnings per common share	$	0.61		0.67		2.10		1.05
Diluted earnings per common share	$	0.61		0.67		2.09		1.04
Weighted average common shares outstanding		49,162,547		51,036,420		49,585,930		51,203,598
Dilutive effect of stock options and restricted stock		221,738		206,329		220,669		267,661
Adjusted weighted average common shares		49,384,285		51,242,749		49,806,599		51,471,259
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	2012			2012
Current assets:
Cash and cash equivalents	$	54,187		320,710
Trade and other receivables, net		361,989		309,468
Marine operating supplies		61,251		53,850
Other current assets		12,557		10,072
Total current assets		489,984		694,100
Investments in, at equity, and advances to unconsolidated companies		55,364		46,077
Properties and equipment:
Vessels and related equipment		4,151,491		3,952,468
Other properties and equipment		86,420		93,107
		4,237,911		4,045,575
Less accumulated depreciation and amortization		1,139,259		1,139,810
Net properties and equipment		3,098,652		2,905,765
Goodwill		297,822		297,822
Other assets		113,842		117,854
Total assets	$	4,055,664		4,061,618
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		81,981		74,115
Accrued expenses		147,498		134,953
Accrued property and liability losses		3,356		3,636
Other current liabilities		31,089		26,225
Total current liabilities		263,924		238,929
Long-term debt		930,000		950,000
Deferred income taxes		211,440		214,627
Accrued property and liability losses		3,422		3,150
Other liabilities and deferred credits		120,567		128,555
Commitments and Contingencies
Stockholders’ equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,397,616 shares at December 31, 2012 and 51,250,995 shares at March 31, 2012		4,939		5,125
Additional paid-in capital		117,981		102,726
Retained earnings		2,419,574		2,437,836
Accumulated other comprehensive loss		(16,183	)	(19,330	)
Total stockholders’ equity		2,526,311		2,526,357
Total liabilities and stockholders' equity	$	4,055,664		4,061,618

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands, except share and per share data)
	Quarter Ended				Nine Months Ended
	December 31,				December 31,
	2012			2011	2012		2011
Net earnings	$	29,947		34,087	104,159		53,769
Other comprehensive income/(loss):
Unrealized gains/(losses) on available-for-sale securities		(353	)	70	(558	)	(931	)
Amortization of loss on derivative contract		117		119	350		349
Change in supplemental executive retirement plan pension liability		3,355		---	3,355		---
Total comprehensive income	$	33,066		34,273	107,306		53,187

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
	Nine Months Ended
	December 31,
	2012			2011
Operating activities:
Net earnings	$	104,159		53,769
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization		109,012		102,771
Provision (benefit) for deferred income taxes		(8,682	)	(24,035	)
Gain on asset dispositions, net		(2,770	)	(13,671	)
Goodwill impairment		---		30,932
Equity in earnings of unconsolidated companies, net of dividends		(9,287	)	(4,304	)
Compensation expense - stock-based		15,061		9,179
Excess tax benefits on stock options exercised		(74	)	119
Changes in assets and liabilities, net:
Trade and other receivables		(49,412	)	(14,614	)
Marine operating supplies		(7,401	)	(1,740	)
Other current assets		(2,485	)	(243	)
Accounts payable		12,943		4,266
Accrued expenses		9,535		5,735
Accrued property and liability losses		(280	)	(59	)
Other current liabilities		3,896		8,980
Other liabilities and deferred credits		(2,084	)	(1,969	)
Other, net		10,580		2,584
Net cash provided by operating activities		182,711		157,700
Cash flows from investing activities:
Proceeds from sales of assets		18,620		30,006
Additions to properties and equipment		(326,648	)	(297,009	)
Other		(788	)	162
Net cash used in investing activities		(318,816	)	(266,841	)
Cash flows from financing activities:
Principal payments on debt		(60,000	)	(40,000	)
Debt borrowings		40,000		165,000
Debt issuance costs		---		(245	)
Proceeds from exercise of stock options		1,968		839
Cash dividends		(37,426	)	(38,692	)
Excess tax benefits on stock options exercised		74		(119	)
Stock repurchases		(85,034	)	(35,015	)
Net cash (used in) provided by financing activities		(140,418	)	51,768
Net change in cash and cash equivalents		(266,523	)	(57,373	)
Cash and cash equivalents at beginning of period		320,710		245,720
Cash and cash equivalents at end of period	$	54,187		188,347
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	33,135		30,858
Income taxes	$	41,578		37,307
Non-cash investing activities:
Additions to properties and equipment	$	2,372		1,269

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(In thousands)
							Accumulated
				Additional			other
	Common			paid-in	Retained		comprehensive
	stock			capital	earnings		loss		Total
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
Balance at March 31, 2011	$	5,188		90,204	2,436,736		(18,184	)	2,513,944
Total comprehensive income		---		---	53,769		(582	)	53,187
Stock option activity		2		3,749	---		---		3,751
Cash dividends declared				---	(38,787	)	---		(38,787	)
Retirement of common stock		(74	)	---	(34,941	)	---		(35,015	)
Amortization/cancellation of restricted stock		---		4,144	---		---		4,144
Balance at December 31, 2011	$	5,116		98,097	2,416,777		18,766		2,501,224

The company’s vessel revenues and vessel operating expenses and the related percentage of total vessel revenues for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 31, 2012, were as follows:

	Quarter Ended							Nine Months Ended						Quarter Ended
	December 31,							December 31,						September 30,
(In thousands)	2012		%		2011	%		2012	%		2011	%		2012	%
Vessel revenues:
Americas	$	84,532	28	%	82,741	30	%	244,498	27	%	245,310	32	%	82,316	27	%
Asia/Pacific		42,057	14	%	40,919	15	%	139,537	15	%	105,545	14	%	45,738	15	%
Middle East/N. Africa		42,027	14	%	27,839	10	%	106,528	12	%	78,706	10	%	32,051	10	%
Sub-Saharan Africa/Europe		136,427	45	%	118,987	44	%	414,396	46	%	342,652	44	%	149,717	48	%
	$	305,043	100	%	270,486	100	%	904,959	100	%	772,213	100	%	309,822	100	%
Vessel operating costs:
Crew costs	$	87,469	29	%	80,988	30	%	265,584	29	%	240,476	31	%	90,811	29	%
Repair and maintenance		36,143	12	%	26,680	10	%	96,121	11	%	75,889	10	%	32,754	11	%
Insurance and loss reserves		7,381	2	%	3,926	1	%	16,542	2	%	14,597	2	%	3,810	1	%
Fuel, lube and supplies		19,553	6	%	17,126	6	%	56,565	6	%	54,887	7	%	19,269	6	%
Vessel operating leases		3,971	1	%	4,492	2	%	12,866	1	%	13,475	2	%	4,403	1	%
Other		26,378	9	%	22,626	8	%	76,100	8	%	70,106	9	%	26,008	8	%
	$	180,895	59	%	155,838	58	%	523,778	58	%	469,430	61	%	177,055	57	%
Vessel operating margin (A)	$	124,148	41	%	114,648	42	%	381,181	42	%	302,783	40	%	132,767	43	%

Note (A): The following table reconciles vessel operating margin as presented above to operating income (loss) for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 30, 2012:

	Quarter Ended					Nine Months Ended				Quarter Ended
	December 31,					December 31,				September 30,
(In thousands)	2012			2011		2012		2011		2012
Vessel operating margin	$	124,148		114,648		381,181		302,783		132,767
Other marine revenues		4,423		1,625		10,873		5,399		2,096
Costs of other marine revenues		(4,176	)	(1,938	)	(9,284	)	(5,200	)	(1,585	)
Depreciation and amortization		(37,181	)	(35,215	)	(109,012	)	(102,771	)	(36,047	)
Goodwill impairment		---		---		---		(30,932	)	---
General and administrative		(46,339	)	(40,425	)	(128,870	)	(115,779	)	(41,867	)
Gain on asset dispositions, net		99		2,496		2,770		13,671		1,833
Operating income (loss)	$	40,974		41,191		147,658		67,171		57,197

The company’s vessel operating profit and other components of earnings (loss) before income taxes and its related percentage of total revenue for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 30, 2012, were as follows:

	Quarter Ended									Nine Months Ended								Quarter Ended
	December 31,									December 31,								September 30,
(In thousands)	2012			%		2011		%		2012		%		2011		%		2012		%
Vessel operating profit:
Americas	$	14,442		5	%	18,462		7	%	34,140		4	%	39,846		5	%	9,506		3	%
Asia/Pacific		8,695		3	%	6,629		2	%	31,429		3	%	7,123		1	%	7,826		3	%
Middle East/N. Africa		13,720		4	%	362		<1	%	26,282		3	%	(606	)	(<1	%)	6,280		2	%
Sub-Saharan Africa/Europe		21,171		7	%	25,418		9	%	92,597		10	%	69,273		9	%	44,330		14	%
		58,028		19	%	50,871		19	%	184,448		20	%	115,636		15	%	67,942		22	%
Corporate expenses		(16,712	)	(5	%)	(10,972	)	(4	%)	(39,663	)	(4	%)	(29,854	)	(4	%)	(12,484	)	(4	%)
Goodwill impairment		---		---		---		---		---		---		(30,932	)	(4	%)	---		---
Gain on asset dispositions, net		99		<1	%	2,496		1	%	2,770		<1	%	13,671		2	%	1,833		1	%
Other operating expenses		(441	)	(<1	%)	(1,204	)	(<1	%)	103		<1	%	(1,350	)	(<1	%)	(94	)	(<1	%)
Operating income (loss)		40,974		14	%	41,191		15	%	147,658		16	%	67,171		9	%	57,197		18	%
Foreign exchange gain (loss)		52		<1	%	(1,738	)	(1	%)	(1,170	)	(<1	%)	735		<1	%	529		<1	%
Equity in net earnings of unconsolidated companies		2,639		1	%	3,482		1	%	8,359		1	%	9,427		1	%	3,357		1	%
Interest income and other, net		936		<1	%	347		<1	%	2,783		<1	%	2,303		<1	%	1,128		<1	%
Interest and other debt costs		(7,183	)	(2	%)	(6,027	)	(2	%)	(21,918	)	(2	%)	(14,854	)	(2	%)	(7,148	)	(2	%)
Earnings (loss) before income taxes	$	37,418		12	%	37,255		14	%	135,712		15	%	64,782		8	%	55,063		18	%

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, 2012 and 2011 and the quarter ended September 30, 2012, were as follows:

	Quarter Ended				Nine Months Ended		Quarter Ended
	December 31,				December 31,		September 30,
	2012			2011	2012	2011	2012
REVENUES BY VESSEL CLASS (In thousands):
Americas fleet:
Deepwater vessels	$	48,089		38,861	129,116	111,905	44,747
Towing-supply/supply		29,418		35,866	94,879	108,200	31,109
Other		7,025		8,014	20,503	25,205	6,460
Total	$	84,532		82,741	244,498	245,310	82,316
Asia/Pacific fleet:
Deepwater vessels	$	21,862		20,445	71,791	48,638	24,592
Towing-supply/supply		19,277		19,334	65,006	53,648	20,229
Other		918		1,140	2,740	3,259	917
Total	$	42,057		40,919	139,537	105,545	45,738
Middle East/N. Africa fleet:
Deepwater vessels	$	15,407		12,647	38,966	35,180	12,275
Towing-supply/supply		25,870		13,778	64,729	38,868	18,859
Other		750		1,414	2,833	4,658	917
Total	$	42,027		27,839	106,528	78,706	32,051
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	64,509		51,194	194,820	135,305	67,696
Towing-supply/supply		54,816		49,519	167,376	150,843	63,548
Other		17,102		18,274	52,200	56,504	18,473
Total	$	136,427		118,987	414,396	342,652	149,717
Worldwide fleet:
Deepwater vessels	$	149,867		123,147	434,693	331,028	149,310
Towing-supply/supply		129,381		118,497	391,990	351,559	133,745
Other		25,795		28,842	78,276	87,626	26,767
Total	$	305,043		270,486	904,959	772,213	309,822
UTILIZATION:
Americas fleet:
Deepwater vessels		73.1	%	79.7	72.4	74.6	70.7
Towing-supply/supply		48.0		54.2	49.9	47.8	48.2
Other		82.4		59.6	78.4	65.4	72.5
Total		60.9	%	61.0	60.9	57.3	58.6
Asia/Pacific fleet:
Deepwater vessels		89.2	%	83.5	88.0	71.3	81.2
Towing-supply/supply		52.4		43.8	53.2	40.8	52.2
Other		100.0		100.0	81.1	93.1	100.0
Total		60.5	%	54.4	60.6	49.3	58.7
Middle East/N. Africa fleet:
Deepwater vessels		89.8	%	98.8	91.6	88.7	91.8
Towing-supply/supply		80.1		59.2	76.2	55.5	71.2
Other		28.6		50.0	35.1	54.4	34.5
Total		75.1	%	65.2	73.3	61.4	69.9
Sub-Saharan Africa/Europe fleet:
Deepwater vessels		70.3	%	83.8	78.9	84.5	83.0
Towing-supply/supply		66.9		56.9	65.0	56.1	67.8
Other		77.2		79.7	77.9	82.1	79.9
Total		71.1	%	70.0	72.6	69.8	75.4
Worldwide fleet:
Deepwater vessels		75.2	%	84.2	79.2	79.8	79.8
Towing-supply/supply		61.1		53.9	60.4	50.7	59.9
Other		74.5		72.4	74.4	75.3	74.7
Total		67.5	%	64.6	67.9	62.1	67.8

	Quarter Ended			Nine Months Ended		Quarter Ended
	December 31,			December 31,		September 30,
	2012		2011	2012	2011	2012
AVERAGE VESSEL DAY RATES:
Americas fleet:
Deepwater vessels	$	28,721	25,247	27,756	25,486	28,450
Towing-supply/supply		13,721	13,812	13,994	14,202	14,103
Other		6,181	6,431	6,086	6,286	6,094
Total	$	17,060	15,373	16,519	15,311	17,012
Asia/Pacific fleet:
Deepwater vessels	$	35,453	25,357	36,114	22,684	42,037
Towing-supply/supply		12,592	12,836	13,211	12,462	12,663
Other		9,972	6,189	9,963	6,366	9,972
Total	$	18,779	16,389	19,425	15,162	20,109
Middle East/N. Africa fleet:
Deepwater vessels	$	20,710	17,484	19,396	17,675	18,359
Towing-supply/supply		12,020	8,604	10,605	8,257	9,857
Other		4,750	5,127	4,892	5,191	4,812
Total	$	13,761	10,705	12,256	10,363	11,561
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	25,853	21,719	24,527	20,871	25,235
Towing-supply/supply		14,318	13,482	14,577	13,275	15,721
Other		5,054	4,889	5,060	4,894	5,236
Total	$	14,053	12,181	13,934	11,658	14,602
Worldwide fleet:
Deepwater vessels	$	27,100	22,696	26,199	22,052	27,102
Towing-supply/supply		13,399	12,636	13,385	12,558	13,705
Other		5,407	5,298	5,384	5,283	5,496
Total	$	15,286	13,359	14,979	12,877	15,384

The utilization, average day rates, and 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, 2012 and 2011 and for the quarter ended September 30, 2012, were as follows:

	Quarter Ended			Nine Months Ended		Quarter Ended
	December 31,			December 31,		September 30,
	2012		2011	2012	2011	2012
UTILIZATION:
Americas fleet:
New vessels	82.8	%	90.1	82.5	87.5	79.8
Traditional vessels	37.9		37.7	38.6	36.2	36.1
Total	60.9	%	61.0	60.9	57.3	58.6
Asia/Pacific fleet:
New vessels	85.7	%	83.1	88.0	77.9	84.2
Traditional vessels	0		10.2	0	11.9	0
Total	60.5	%	54.4	60.6	49.3	58.7
Middle East/North Africa fleet:
New vessels	89.4	%	68.2	87.9	65.3	84.4
Traditional vessels	34.4		59.6	39.6	56.2	37.5
Total	75.1	%	65.2	73.3	61.4	69.9
Sub-Saharan Africa/Europe fleet:
New vessels	79.0	%	84.8	83.1	86.5	86.8
Traditional vessels	39.7		36.1	35.8	34.5	36.7
Total	71.1	%	70.0	72.6	69.8	75.4
Worldwide fleet:
New vessels	82.1	%	83.4	84.3	82.8	84.7
Traditional vessels	33.4		35.5	32.8	34.6	32.0
Total	67.5	%	64.6	67.9	62.1	67.8

	Quarter Ended			Nine Months Ended		Quarter Ended
	December 31,			December 31,		September 30,
	2012		2011	2012	2011	2012
AVERAGE VESSEL DAY RATES:
Americas fleet:
New vessels	$	21,022	18,863	20,316	19,060	20,771
Traditional vessels		7,913	8,655	8,151	8,992	8,203
Total	$	17,060	15,373	16,519	15,311	17,012
Asia/Pacific fleet:
New vessels	$	18,779	17,395	19,425	16,456	20,109
Traditional vessels		---	3,749	---	4,043	---
Total	$	18,779	16,389	19,425	15,162	20,109
Middle East/North Africa fleet:
New vessels	$	14,310	12,337	13,119	12,746	12,453
Traditional vessels		9,707	7,174	7,831	6,674	7,179
Total	$	13,761	10,705	12,256	10,363	11,561
Sub-Saharan Africa/Europe fleet:
New vessels	$	14,783	12,921	14,608	12,320	15,332
Traditional vessels		8,313	8,226	8,479	8,169	8,773
Total	$	14,053	12,181	13,934	11,658	14,602
Worldwide fleet:
New vessels	$	16,503	14,835	16,210	14,414	16,660
Traditional vessels		8,282	8,021	8,217	7,992	8,258
Total	$	15,286	13,359	14,979	12,877	15,384
AVERAGE VESSEL COUNT (EXCLUDING STACKED VESSELS):
Americas fleet:
New vessels		45	42	45	40	46
Traditional vessels		19	24	20	26	19
Total		64	66	65	66	65
Asia/Pacific fleet:
New vessels		28	30	30	29	29
Traditional vessels		---	2	---	3	---
Total		28	32	30	32	29
Middle East/North Africa fleet:
New vessels		32	27	29	26	28
Traditional vessels		6	9	7	12	8
Total		38	36	36	38	36
Sub-Saharan Africa/Europe fleet:
New vessels		119	106	116	104	114
Traditional vessels		14	20	14	22	14
Total		133	126	130	126	128
Worldwide fleet:
New vessels		224	205	220	199	217
Traditional vessels		39	55	41	63	41
Total		263	260	261	262	258

The company’s average number of vessels by class and geographic distribution for the quarters and the nine-month periods ended December 31, 2012 and 2011 and for the quarter ended September 30, 2012, were as follows:

	Quarter Ended		Nine Months Ended		Quarter Ended
	December 31,		December 31,		September 30,
	2012	2011	2012	2011	2012
Americas fleet:
Deepwater vessels	25	21	23	21	24
Towing-supply/supply	48	52	50	58	50
Other	15	23	16	22	16
Total	88	96	89	101	90
Less stacked vessels	24	30	24	35	25
Active vessels	64	66	65	66	65
Asia/Pacific fleet:
Deepwater vessels	7	11	8	11	8
Towing-supply/supply	32	37	34	38	33
Other	1	2	1	2	1
Total	40	50	43	51	42
Less stacked vessels	12	18	13	19	13
Active vessels	28	32	30	32	29
Middle East/N. Africa fleet:
Deepwater vessels	9	8	8	8	8
Towing-supply/supply	30	29	29	31	29
Other	6	6	6	6	6
Total	45	43	43	45	43
Less stacked vessels	7	7	7	7	7
Active vessels	38	36	36	38	36
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	39	31	37	28	35
Towing-supply/supply	62	70	64	74	65
Other	48	51	48	52	48
Total	149	152	149	154	148
Less stacked vessel	16	26	19	28	20
Active vessels	133	126	130	126	128
Active owned or chartered vessels	263	260	261	262	258
Stacked vessels	59	81	63	89	65
Total owned or chartered vessels	322	341	324	351	323
Vessels withdrawn from service	2	2	2	3	2
Joint-venture and other	10	10	10	10	10
Total	334	353	336	364	335

Note (B): The company had 53, 79 and 61 actual stacked vessels at December 31, 2012 and 2011 and at September 30, 2012, respectively. These vessels were considered to be in service and were included in the calculation of the company’s utilization statistics.

The company’s vessel commitments by vessel class and type at December 31, 2012, 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		12/31/12	12/31/12	Vessels	Cost	12/31/12	12/31/12
In thousands, except number of vessels:
Deepwater platform supply vessels	15	$	466,221	70,283	395,938	3	152,342	96,459	55,883
Towing-supply/supply vessels	4		74,892	13,971	60,921	---	---	---	---
Crewboats and other	7		73,017	50,037	22,980	---	---	---	---
Totals	26	$	614,130	134,291	479,839	3	152,342	96,459	55,883

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

	Quarter Period Ended
Vessel class and type	03/13		06/13	09/13	12/13	03/14	Thereafter
Deepwater platform supply vessels		3	1	2	1	3	8
Towing-supply/supply vessels		---	---	---	---	---	4
Crewboats and other		3	1	1	2	---	---
Totals		6	2	3	3	3	12
(In thousands)
Expected quarterly cash outlay	$	110,394	74,429	87,089	37,207	59,166	167,437	(A)
(A) The $167,437 of ‘Thereafter’ vessel construction obligations is expected to be paid out during fiscal 2015.