NEW ORLEANS--(BUSINESS WIRE)--Tidewater Inc. (NYSE:TDW) announced today second quarter earnings for the period ended September 30, 2012, of $41.4 million, or $0.83 per share, on revenues of $311.9 million, which includes approximately $7.4 million of vessel revenue associated with retroactive rate increases agreed to during the current quarter, but related to the period from January 1, 2012 through June 30, 2012. For the same quarter last year, a net loss of $4.9 million was reported, or $0.10 per share, on revenues of $250.9 million. The immediately preceding quarter ended June 30, 2012, had net earnings of $32.9 million, or $0.65 per common share, on revenues of $294.4 million.
Included in the prior fiscal year second quarter’s net loss is a non-cash goodwill impairment charge of $30.9 million ($22.1 million after tax, or $0.43 per share), resulting from the Company’s decision to change its reportable segments during the September 2011 quarter. Following the change in reportable segments from International and United States to Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe, the Company performed an interim goodwill impairment assessment which resulted in the non-cash goodwill impairment charge in the September 2011 quarter.
As previously announced, Tidewater will hold a conference call to discuss September quarterly earnings on Tuesday, November 6, 2012, 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 November 6, 2012, and will continue until 11:59 p.m. Central time on November 8, 2012. To hear the replay, call 1-855-859-2056 (1-404-537-3406 if calling from outside the U.S.). The conference call ID number is 46741266.
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 December 6, 2012.
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. |
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
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(Unaudited) |
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(In thousands, except share and per share data) |
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Quarter Ended |
Six Months Ended | ||||||||||||
September 30, |
September 30, | ||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||
Revenues: | |||||||||||||
Vessel revenues | $ | 309,822 | 248,412 | 599,916 | 501,727 | ||||||||
Other marine revenues | 2,096 | 2,482 | 6,450 | 3,774 | |||||||||
311,918 | 250,894 | 606,366 | 505,501 | ||||||||||
Costs and expenses: | |||||||||||||
Vessel operating costs | 177,055 | 161,290 | 342,883 | 313,592 | |||||||||
Costs of other marine revenues | 1,585 | 2,031 | 5,108 | 3,262 | |||||||||
Depreciation and amortization | 36,047 | 33,807 | 71,831 | 67,556 | |||||||||
Goodwill impairment | --- | 30,932 | --- | 30,932 | |||||||||
General and administrative | 41,867 | 37,773 | 82,531 | 75,354 | |||||||||
Gain on asset dispositions, net | (1,833 | ) | (9,458 | ) | (2,671 | ) | (11,175 | ) | |||||
254,721 | 256,375 | 499,682 | 479,521 | ||||||||||
Operating income (loss) | 57,197 | (5,481 | ) | 106,684 | 25,980 | ||||||||
Other income (expenses): | |||||||||||||
Foreign exchange gain (loss) | 529 | 1,659 | (1,222 | ) | 2,473 | ||||||||
Equity in net earnings of unconsolidated companies | 3,357 | 3,456 | 5,720 | 5,945 | |||||||||
Interest income and other, net | 1,128 | 766 | 1,847 | 1,956 | |||||||||
Interest and other debt costs | (7,148 | ) | (4,766 | ) | (14,735 | ) | (8,827 | ) | |||||
(2,134 | ) | 1,115 | (8,390 | ) | 1,547 | ||||||||
Earnings (loss) before income taxes | 55,063 | (4,366 | ) | 98,294 | 27,527 | ||||||||
Income tax expense | 13,707 | 510 | 24,082 | 7,845 | |||||||||
Net earnings (loss) | $ | 41,356 | (4,876 | ) | 74,212 | 19,682 | |||||||
Basic earnings (loss) per common share | $ | 0.84 | (0.10 | ) | 1.49 | 0.38 | |||||||
Diluted earnings (loss) per common share | $ | 0.83 | (0.10 | ) | 1.48 | 0.38 | |||||||
Weighted average common shares outstanding | 49,392,973 | 51,296,924 | 49,792,212 | 51,287,644 | |||||||||
Dilutive effect of stock options and restricted stock | 232,097 | --- | 214,291 | --- | |||||||||
Adjusted weighted average common shares | 49,625,070 | 51,296,924 | 50,006,503 | 51,287,644 | |||||||||
Cash dividends declared per common share | $ | 0.25 | 0.25 | 0.50 | 0.50 | ||||||||
TIDEWATER INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Unaudited) | |||||||
(In thousands, except share and par value data) | |||||||
September 30, | March 31, | ||||||
ASSETS | 2012 | 2012 | |||||
Current assets: | |||||||
Cash and cash equivalents | $ | 136,729 | 320,710 | ||||
Trade and other receivables, net | 333,284 | 309,468 | |||||
Marine operating supplies | 56,131 | 53,850 | |||||
Other current assets | 15,637 | 10,072 | |||||
Total current assets | 541,781 | 694,100 | |||||
Investments in, at equity, and advances to unconsolidated companies | 50,108 | 46,077 | |||||
Properties and equipment: | |||||||
Vessels and related equipment | 4,063,067 | 3,952,468 | |||||
Other properties and equipment | 93,893 | 93,107 | |||||
4,156,960 | 4,045,575 | ||||||
Less accumulated depreciation and amortization | 1,144,937 | 1,139,810 | |||||
Net properties and equipment | 3,012,023 | 2,905,765 | |||||
Goodwill | 297,822 | 297,822 | |||||
Other assets | 120,354 | 117,854 | |||||
Total assets | $ | 4,022,088 | 4,061,618 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | 89,560 | 74,115 | |||||
Accrued expenses | 144,446 | 134,953 | |||||
Accrued property and liability losses | 3,395 | 3,636 | |||||
Other current liabilities | 26,040 | 26,225 | |||||
Total current liabilities | 263,441 | 238,929 | |||||
Long-term debt | 890,000 | 950,000 | |||||
Deferred income taxes | 214,515 | 214,627 | |||||
Accrued property and liability losses | 3,436 | 3,150 | |||||
Other liabilities and deferred credits | 130,419 | 128,555 | |||||
Commitments and Contingencies | |||||||
Stockholders’ equity: | |||||||
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,823,682 shares at September 30, 2012 and 51,250,995 shares at March 31, 2012 |
4,982 | 5,125 | |||||
Additional paid-in capital | 112,606 | 102,726 | |||||
Retained earnings | 2,421,991 | 2,437,836 | |||||
Accumulated other comprehensive loss | (19,302 | ) | (19,330 | ) | |||
Total stockholders’ equity | 2,520,277 | 2,526,357 | |||||
Total liabilities and stockholders' equity | $ | 4,022,088 | 4,061,618 | ||||
TIDEWATER INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
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(Unaudited) | |||||||||||||
(In thousands) | |||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2012 | 2011 | 2012 | 2012 | ||||||||||
Net earnings | $ | 41,356 | (4,876 | ) | 74,212 | 19,682 | |||||||
Other comprehensive income/(loss): | |||||||||||||
Unrealized gains/(losses) on available-for-sale securities | 419 | (980 | ) | (205 | ) | (1,001 | ) | ||||||
Amortization of loss on derivative contract | 117 | 117 | 233 | 233 | |||||||||
Total comprehensive income | $ | 41,892 | (5,739 | ) | 74,240 | 18,914 | |||||||
TIDEWATER INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(Unaudited) | ||||||||
(In thousands) | ||||||||
Six Months Ended | ||||||||
September 30, | ||||||||
2012 | 2011 | |||||||
Operating activities: | ||||||||
Net earnings | $ | 74,212 | 19,682 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: |
||||||||
Depreciation and amortization | 71,831 | 67,556 | ||||||
Provision (benefit) for deferred income taxes | (4,372 | ) | (20,819 | ) | ||||
Gain on asset dispositions, net | (2,671 | ) | (11,175 | ) | ||||
Goodwill impairment | --- | 30,932 | ||||||
Equity in earnings of unconsolidated companies, net of dividends | (4,031 | ) | 629 | |||||
Compensation expense - stock-based | 10,320 | 4,944 | ||||||
Excess tax benefits on stock options exercised | (95 | ) | (124 | ) | ||||
Changes in assets and liabilities, net: | ||||||||
Trade and other receivables | (20,707 | ) | (15,008 | ) | ||||
Marine operating supplies | (2,281 | ) | (2,769 | ) | ||||
Other current assets | (5,565 | ) | (4,653 | ) | ||||
Accounts payable | 16,195 | (1,751 | ) | |||||
Accrued expenses | 6,176 | 8,204 | ||||||
Accrued property and liability losses | (241 | ) | (21 | ) | ||||
Other current liabilities | 1,134 | 7,272 | ||||||
Other liabilities and deferred credits | 3,508 | 2,639 | ||||||
Other, net | 2,846 | 1,644 | ||||||
Net cash provided by operating activities | 146,259 | 87,182 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from sales of assets | 9,977 | 23,392 | ||||||
Additions to properties and equipment | (189,826 | ) | (155,058 | ) | ||||
Other | (1,338 | ) | 1,224 | |||||
Net cash used in investing activities | (181,187 | ) | (130,442 | ) | ||||
Cash flows from financing activities: | ||||||||
Principal payments on debt | (60,000 | ) | (40,000 | ) | ||||
Debt borrowings | --- | 165,000 | ||||||
Debt issuance costs | --- | (234 | ) | |||||
Proceeds from exercise of stock options | 938 | 725 | ||||||
Cash dividends | (25,058 | ) | (25,889 | ) | ||||
Excess tax benefits on stock options exercised | 95 | 124 | ||||||
Stock repurchases | (65,028 | ) | --- | |||||
Net cash (used in) provided by financing activities | (149,053 | ) | 99,726 | |||||
Net change in cash and cash equivalents | (183,981 | ) | 56,466 | |||||
Cash and cash equivalents at beginning of period | 320,710 | 245,720 | ||||||
Cash and cash equivalents at end of period | $ | 136,729 | 302,186 | |||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 19,259 | 19,605 | |||||
Income taxes | $ | 27,075 | 24,444 | |||||
Non-cash investing activities: | ||||||||
Additions to properties and equipment | $ | 6,724 | 11,833 | |||||
TIDEWATER INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY |
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(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 | --- | --- | 74,212 | 28 | 74,240 | ||||||||||||||
Stock option activity | 3 | 2,148 | --- | --- | 2,151 | ||||||||||||||
Cash dividends declared | --- | --- | (25,169 | ) | --- | (25,169 | ) | ||||||||||||
Retirement of common stock | (140 | ) | --- | (64,888 | ) | --- | (65,028 | ) | |||||||||||
Amortization/cancellation of restricted stock units | --- | 3,867 | --- | --- | 3,867 | ||||||||||||||
Amortization/cancellation of restricted stock | (6 | ) | 3,865 | --- | --- | 3,859 | |||||||||||||
Balance at September 30, 2012 |
$ | 4,982 | 112,606 | 2,421,991 | (19,302 | ) | 2,520,277 | ||||||||||||
Balance at March 31, 2011 |
$ | 5,188 | 90,204 | 2,436,736 | (18,184 | ) | 2,513,944 | ||||||||||||
Total comprehensive income | --- | --- | 19,682 | (768 | ) | 18,914 | |||||||||||||
Issuance of restricted stock | 2 | --- | --- | --- | 2 | ||||||||||||||
Stock option activity | --- | 2,882 | --- | --- | 2,882 | ||||||||||||||
Cash dividends declared | --- | --- | (25,944 | ) | --- | (25,944 | ) | ||||||||||||
Amortization/cancellation of restricted stock | --- | 2,762 | --- | --- | 2,762 | ||||||||||||||
Balance at September 30, 2011 |
$ | 5,190 | 95,848 | 2,430,474 | (18,952 | ) | 2,512,560 | ||||||||||||
The company’s vessel revenues and vessel operating expenses and the related percentage of total vessel revenues for the quarters and the six-month periods ended September 30, 2012 and 2011 and for the quarter ended June 30, 2012, were as follows:
Quarter | |||||||||||||||||||||||||||||||||||
Quarter Ended | Six Months Ended | Ended | |||||||||||||||||||||||||||||||||
September 30, | September 30, | June 30, | |||||||||||||||||||||||||||||||||
(In thousands) | 2012 | % | 2011 | % | 2012 | % | 2011 | % | 2012 | % | |||||||||||||||||||||||||
Vessel revenues: | |||||||||||||||||||||||||||||||||||
Americas | $ | 82,316 | 27 | % | 81,892 | 33 | % | 159,966 | 27 | % | 162,569 | 32 | % | 77,650 | 27 | % | |||||||||||||||||||
Asia/Pacific | 45,738 | 15 | % | 29,127 | 12 | % | 97,480 | 16 | % | 64,626 | 13 | % | 51,742 | 18 | % | ||||||||||||||||||||
Middle East/N. Africa | 32,051 | 10 | % | 24,810 | 10 | % | 64,501 | 11 | % | 50,867 | 10 | % | 32,450 | 11 | % | ||||||||||||||||||||
Sub-Saharan Africa/Europe | 149,717 | 48 | % | 112,583 | 45 | % | 277,969 | 46 | % | 223,665 | 45 | % | 128,252 | 44 | % | ||||||||||||||||||||
$ | 309,822 | 100 | % | 248,412 | 100 | % | 599,916 | 100 | % | 501,727 | 100 | % | 290,094 | 100 | % | ||||||||||||||||||||
Vessel operating costs: | |||||||||||||||||||||||||||||||||||
Crew costs | $ | 90,811 | 29 | % | 78,364 | 31 | % | 178,115 | 30 | % | 159,488 | 32 | % | 87,304 | 30 | % | |||||||||||||||||||
Repair and maintenance | 32,754 | 11 | % | 27,149 | 11 | % | 59,978 | 10 | % | 49,209 | 10 | % | 27,224 | 9 | % | ||||||||||||||||||||
Insurance and loss reserves | 3,810 | 1 | % | 5,374 | 2 | % | 9,161 | 2 | % | 10,671 | 2 | % | 5,351 | 2 | % | ||||||||||||||||||||
Fuel, lube and supplies | 19,269 | 6 | % | 21,394 | 9 | % | 37,012 | 6 | % | 37,761 | 7 | % | 17,743 | 6 | % | ||||||||||||||||||||
Vessel operating leases | 4,403 | 1 | % | 4,491 | 2 | % | 8,895 | 1 | % | 8,983 | 2 | % | 4,492 | 2 | % | ||||||||||||||||||||
Other | 26,008 | 9 | % | 24,518 | 10 | % | 49,722 | 8 | % | 47,480 | 9 | % | 23,714 | 8 | % | ||||||||||||||||||||
Total vessel operating costs | 177,055 | 57 | % | 161,290 | 65 | % | 342,883 | 57 | % | 313,592 | 62 | % | 165,828 | 57 | % | ||||||||||||||||||||
Vessel operating margin (A) | $ | 132,767 | 43 | % | 87,122 | 35 | % | 257,033 | 43 | % | 188,135 | 38 | % | 124,266 | 43 | % | |||||||||||||||||||
Note (A): The following table reconciles vessel operating margin as presented above to operating income (loss) for the quarters and the six-month periods ended September 30, 2012 and 2011 and for the quarter ended June 30, 2012:
Quarter | ||||||||||||||||||||||
Quarter Ended | Six Months Ended | Ended | ||||||||||||||||||||
September 30, | September 30, | June 30, | ||||||||||||||||||||
(In thousands) | 2012 | 2011 | 2012 | 2011 | 2012 | |||||||||||||||||
Vessel operating margin | $ | 132,767 | 87,122 | 257,033 | 188,135 | 124,266 | ||||||||||||||||
Other marine revenues | 2,096 | 2,482 | 6,450 | 3,774 | 4,354 | |||||||||||||||||
Costs of other marine revenues | (1,585 | ) | (2,031 | ) | (5,108 | ) | (3,262 | ) | (3,523 | ) | ||||||||||||
Depreciation and amortization | (36,047 | ) | (33,807 | ) | (71,831 | ) | (67,556 | ) | (35,784 | ) | ||||||||||||
Goodwill impairment | --- | (30,932 | ) | --- | (30,932 | ) | --- | |||||||||||||||
General and administrative | (41,867 | ) | (37,773 | ) | (82,531 | ) | (75,354 | ) | (40,664 | ) | ||||||||||||
Gain on asset dispositions, net | 1,833 | 9,458 | 2,671 | 11,175 | 838 | |||||||||||||||||
Operating income (loss) | $ | 57,197 | (5,481 | ) | 106,684 | 25,980 | 49,487 | |||||||||||||||
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 six-month periods ended September 30, 2012 and 2011 and for the quarter ended June 30, 2012, were as follows:
Quarter | ||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Six Months Ended | Ended | ||||||||||||||||||||||||||||||||||||||||
September 30, |
September 30, |
June 30, | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2012 | % | 2011 | % | 2012 | % | 2011 | % | 2012 | % | ||||||||||||||||||||||||||||||||
Vessel operating profit: | ||||||||||||||||||||||||||||||||||||||||||
Americas |
$ |
9,506 |
3 | % | 9,530 | 4 | % | 19,689 | 3 | % | 21,384 | 4 | % | 10,192 | 3 | % | ||||||||||||||||||||||||||
Asia/Pacific | 7,826 | 3 | % | (4,776 | ) | (2 | %) | 22,734 | 4 | % | 494 |
<1 |
% |
14,908 | 5 | % | ||||||||||||||||||||||||||
Middle East/N. Africa | 6,280 | 2 | % | (996 | ) |
(<1 |
%) |
12,562 | 2 | % | (968 | ) |
(<1 |
%) |
6,282 | 2 | % | |||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 44,330 | 14 | % | 21,631 | 9 | % | 71,426 | 12 | % | 43,855 | 9 | % | 27,096 | 9 | % | |||||||||||||||||||||||||||
67,942 | 22 | % | 25,389 | 10 | % | 126,420 | 21 | % | 64,765 | 13 | % | 58,478 | 20 | % | ||||||||||||||||||||||||||||
Corporate expenses | (12,484 | ) | (4 | %) | (9,361 | ) | (4 | %) | (22,951 | ) | (4 | %) | (18,882 | ) | (4 | %) | (10,467 | ) | (4 | %) | ||||||||||||||||||||||
Goodwill impairment | --- | --- | (30,932 | ) | (12 | %) | --- | --- | (30,932 | ) | (6 | %) | --- |
--- |
||||||||||||||||||||||||||||
Gain on asset dispositions, net | 1,833 | 1 | % | 9,458 | 4 | % | 2,671 |
<1 |
% |
11,175 | 2 | % | 838 |
<1 |
% |
|||||||||||||||||||||||||||
Other operating expenses | (94 | ) |
<1 |
% |
(35 | ) |
(<1 |
%) |
544 |
<1 |
% |
(146 | ) |
(<1 |
%) |
638 |
<1 |
% |
||||||||||||||||||||||||
Operating income (loss) | 57,197 | 18 | % | (5,481 | ) | (2 | %) | 106,684 | 17 | % | 25,980 | 5 | % | 49,487 | 17 | % | ||||||||||||||||||||||||||
Foreign exchange gain (loss) | 529 |
<1 |
% |
1,659 | 1 | % | (1,222 | ) |
(<1 |
%) |
2,473 |
<1 |
% |
(1,751 | ) |
(<1 |
%) |
|||||||||||||||||||||||||
Equity in net earnings of unconsolidated companies |
3,357 | 1 | % | 3,456 | 1 | % | 5,720 | 1 | % | 5,945 | 1 | % | 2,363 | 1 | % | |||||||||||||||||||||||||||
Interest income and other, net | 1,128 |
<1 |
% |
766 |
<1 |
% |
1,847 |
<1 |
% |
1,956 |
<1 |
% |
719 |
<1 |
% |
|||||||||||||||||||||||||||
Interest and other debt costs | (7,148 | ) | (2 | %) | (4,766 | ) | (2 | %) | (14,735 | ) | (2 | %) | (8,827 | ) | (2 | %) | (7,587 | ) | (3 | %) | ||||||||||||||||||||||
Earnings (loss) before income taxes |
$ |
55,063 |
18 | % | (4,366 | ) | (2 | %) | 98,294 | 16 | % | 27,527 | 5 | % | 43,231 | 15 | % | |||||||||||||||||||||||||
The company’s revenues, vessel utilization percentages and average day rates by vessel class and in total for the quarters and the six-month periods ended September 30, 2012 and 2011 and the quarter ended June 30, 2012, were as follows:
Quarter | ||||||||||||||||
Quarter Ended | Six Months Ended | Ended | ||||||||||||||
September 30, |
September 30, | June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | ||||||||||||
REVENUES BY VESSEL CLASS (In thousands): |
||||||||||||||||
Americas fleet: |
||||||||||||||||
Deepwater vessels | $ | 44,747 | 36,639 | 81,027 | 73,044 | 36,280 | ||||||||||
Towing-supply/supply | 31,109 | 36,648 | 65,461 | 72,334 | 34,352 | |||||||||||
Other | 6,460 | 8,605 | 13,478 | 17,191 | 7,018 | |||||||||||
Total | $ | 82,316 | 81,892 | 159,966 | 162,569 | 77,650 | ||||||||||
Asia/Pacific fleet: |
||||||||||||||||
Deepwater vessels | $ | 24,592 | 12,264 | 49,929 | 28,193 | 25,337 | ||||||||||
Towing-supply/supply | 20,229 | 15,870 | 45,729 | 34,314 | 25,500 | |||||||||||
Other | 917 | 993 | 1,822 | 2,119 | 905 | |||||||||||
Total |
$ | 45,738 | 29,127 | 97,480 | 64,626 | 51,742 | ||||||||||
Middle East/N. Africa fleet: |
||||||||||||||||
Deepwater vessels | $ | 12,275 | 11,782 | 23,559 | 22,533 | 11,284 | ||||||||||
Towing-supply/supply | 18,859 | 11,616 | 38,859 | 25,090 | 20,000 | |||||||||||
Other | 917 | 1,412 | 2,083 | 3,244 | 1,166 | |||||||||||
Total |
$ | 32,051 | 24,810 | 64,501 | 50,867 | 32,450 | ||||||||||
Sub-Saharan Africa/Europe fleet: |
||||||||||||||||
Deepwater vessels | $ | 67,696 | 45,605 | 130,311 | 84,111 | 62,615 | ||||||||||
Towing-supply/supply | 63,548 | 48,698 | 112,560 | 101,324 | 49,012 | |||||||||||
Other | 18,473 | 18,280 | 35,098 | 38,230 | 16,625 | |||||||||||
Total | $ | 149,717 | 112,583 | 277,969 | 223,665 | 128,252 | ||||||||||
Worldwide fleet: |
||||||||||||||||
Deepwater vessels | $ | 149,310 | 106,290 | 284,826 | 207,881 | 135,516 | ||||||||||
Towing-supply/supply | 133,745 | 112,832 | 262,609 | 233,062 | 128,864 | |||||||||||
Other | 26,767 | 29,290 | 52,481 | 60,784 | 25,714 | |||||||||||
Total | $ | 309,822 | 248,412 | 599,916 | 501,727 | 290,094 | ||||||||||
UTILIZATION: |
||||||||||||||||
Americas fleet: |
||||||||||||||||
Deepwater vessels | 70.7 | % | 73.5 | 72.1 | 72.2 | 73.7 | ||||||||||
Towing-supply/supply | 48.2 | 46.9 | 50.8 | 45.0 | 53.4 | |||||||||||
Other | 72.5 | 66.3 | 76.5 | 68.4 | 80.5 | |||||||||||
Total | 58.6 | % | 56.8 | 60.9 | 55.5 | 63.3 | ||||||||||
Asia/Pacific fleet: |
||||||||||||||||
Deepwater vessels | 81.2 | % | 59.6 | 87.4 | 65.5 | 92.6 | ||||||||||
Towing-supply/supply | 52.2 | 36.3 | 53.6 | 39.3 | 54.9 | |||||||||||
Other | 100.0 | 79.3 | 74.1 | 89.6 | 58.7 | |||||||||||
Total | 58.7 | % | 42.8 | 60.7 | 46.8 | 62.5 | ||||||||||
Middle East/N. Africa fleet: |
||||||||||||||||
Deepwater vessels | 91.8 | % | 91.6 | 92.7 | 83.7 | 93.6 | ||||||||||
Towing-supply/supply | 71.2 | 49.7 | 74.2 | 53.8 | 77.2 | |||||||||||
Other | 34.5 | 50.0 | 38.4 | 56.6 | 42.2 | |||||||||||
Total | 69.9 | % | 57.4 | 72.4 | 59.6 | 75.0 | ||||||||||
Sub-Saharan Africa/Europe fleet: |
||||||||||||||||
Deepwater vessels | 83.0 | % | 88.1 | 83.6 | 85.0 | 84.1 | ||||||||||
Towing-supply/supply | 67.8 | 54.6 | 64.1 | 55.7 | 60.3 | |||||||||||
Other | 79.9 | 80.0 | 78.2 | 82.0 | 76.6 | |||||||||||
Total | 75.4 | % | 69.2 | 73.3 | 69.6 | 71.3 | ||||||||||
Worldwide fleet: |
||||||||||||||||
Deepwater vessels | 79.8 | % | 79.3 | 81.4 | 77.5 | 83.1 | ||||||||||
Towing-supply/supply | 59.9 | 48.1 | 60.0 | 49.2 | 60.0 | |||||||||||
Other | 74.7 | 74.1 | 74.4 | 76.7 | 74.2 | |||||||||||
Total | 67.8 | % | 60.2 | 68.1 | 60.9 | 68.4 | ||||||||||
Quarter | |||||||||||||||
Quarter Ended | Six Months Ended | Ended | |||||||||||||
September 30, | September 30, | June 30, | |||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | |||||||||||
AVERAGE VESSEL DAY RATES: |
|||||||||||||||
Americas fleet: |
|||||||||||||||
Deepwater vessels | $ | 28,450 | 24,863 | 27,213 | 25,587 | 25,829 | |||||||||
Towing-supply/supply | 14,103 | 14,786 | 14,120 | 14,404 | 14,135 | ||||||||||
Other | 6,094 | 6,408 | 6,038 | 6,221 | 5,987 | ||||||||||
Total | $ | 17,012 | 15,466 | 16,247 | 15,279 | 15,508 | |||||||||
Asia/Pacific fleet: |
|||||||||||||||
Deepwater vessels | $ | 42,037 | 20,619 | 36,411 | 21,073 | 32,225 | |||||||||
Towing-supply/supply | 12,663 | 11,974 | 13,491 | 12,261 | 14,229 | ||||||||||
Other | 9,972 | 6,807 | 9,959 | 6,464 | 9,945 | ||||||||||
Total | $ | 20,109 | 14,098 | 19,717 | 14,476 | 19,384 | |||||||||
Middle East/N. Africa fleet: |
|||||||||||||||
Deepwater vessels | $ | 18,359 | 17,466 | 18,624 | 17,784 | 18,920 | |||||||||
Towing-supply/supply | 9,857 | 8,513 | 9,834 | 8,079 | 9,812 | ||||||||||
Other | 4,812 | 5,117 | 4,946 | 5,220 | 5,056 | ||||||||||
Total | $ | 11,561 | 10,716 | 11,441 | 10,185 | 11,325 | |||||||||
Sub-Saharan Africa/Europe fleet: |
|||||||||||||||
Deepwater vessels | $ | 25,235 | 20,375 | 23,919 | 20,386 | 22,643 | |||||||||
Towing-supply/supply | 15,721 | 13,121 | 14,707 | 13,176 | 13,572 | ||||||||||
Other | 5,236 | 4,779 | 5,063 | 4,896 | 4,884 | ||||||||||
Total | $ | 14,602 | 11,518 | 13,875 | 11,397 | 13,113 | |||||||||
Worldwide fleet: |
|||||||||||||||
Deepwater vessels | $ | 27,102 | 21,338 | 25,749 | 21,687 | 24,406 | |||||||||
Towing-supply/supply | 13,705 | 12,706 | 13,377 | 12,519 | 13,054 | ||||||||||
Other | 5,496 | 5,240 | 5,373 | 5,276 | 5,250 | ||||||||||
Total | $ | 15,384 | 12,771 | 14,827 | 12,631 | 14,275 | |||||||||
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, or traditional, vessels for the quarters and the six-month periods ended September 30, 2012 and 2011 and for the quarter ended June 30, 2012, were as follows:
Quarter | |||||||||||||||
Quarter Ended | Six Months Ended | Ended | |||||||||||||
September 30, | September 30, |
June 30, |
|||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | |||||||||||
UTILIZATION: |
|||||||||||||||
Americas fleet: |
|||||||||||||||
New vessels | 79.8 | % | 85.6 | 82.4 | 86.2 | 85.3 | |||||||||
Traditional vessels | 36.1 | 36.2 | 38.9 | 35.6 | 41.8 | ||||||||||
Total | 58.6 | % | 56.8 | 60.9 | 55.5 | 63.3 | |||||||||
Asia/Pacific fleet: |
|||||||||||||||
New vessels | 84.2 | % | 69.8 | 89.1 | 75.1 | 93.6 | |||||||||
Traditional vessels | --- | 8.2 | --- | 12.6 | --- | ||||||||||
Total | 58.7 | % | 42.8 | 60.7 | 46.8 | 62.5 | |||||||||
Middle East/N. Africa fleet: |
|||||||||||||||
New vessels | 84.8 | % | 58.6 | 87.1 | 63.7 | 89.5 | |||||||||
Traditional vessels | 37.5 | 55.9 | 41.8 | 55.0 | 46.0 | ||||||||||
Total | 69.9 | % | 57.4 | 72.4 | 59.6 | 75.0 | |||||||||
Sub-Saharan Africa/Europe fleet: |
|||||||||||||||
New vessels | 86.8 | % | 86.8 | 85.3 | 87.4 | 83.7 | |||||||||
Traditional vessels | 36.7 | 33.7 | 34.1 | 33.7 | 31.6 | ||||||||||
Total | 75.4 | % | 69.2 | 73.3 | 69.6 | 71.3 | |||||||||
Worldwide fleet: |
|||||||||||||||
New vessels | 84.7 | % | 80.5 | 85.5 | 82.4 | 86.2 | |||||||||
Traditional vessels | 32.0 | 33.5 | 32.5 | 34.2 | 33.0 | ||||||||||
Total | 67.8 | % | 60.2 | 68.1 | 60.9 | 68.4 |
Quarter | |||||||||||||||
Quarter Ended | Six Months Ended | Ended | |||||||||||||
September 30, | September 30, |
June 30, |
|||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | |||||||||||
AVERAGE VESSEL DAY RATES: |
|||||||||||||||
Americas fleet: |
|||||||||||||||
New vessels | $ | 20,771 | 19,469 | 19,952 | 19,166 | 19,119 | |||||||||
Traditional vessels | 8,203 | 8,650 | 8,265 | 9,142 | 8,318 | ||||||||||
Total | $ | 17,012 | 15,466 | 16,247 | 15,279 | 15,508 | |||||||||
Asia/Pacific fleet: |
|||||||||||||||
New vessels | $ | 20,109 | 15,028 | 19,717 | 15,902 | 19,384 | |||||||||
Traditional vessels | --- | 3,953 | --- | 4,143 | --- | ||||||||||
Total | $ | 20,109 | 14,098 | 19,717 | 14,476 | 19,384 | |||||||||
Middle East/N. Africa fleet: |
|||||||||||||||
New vessels | $ | 12,453 | 13,562 | 12,420 | 13,002 | 12,388 | |||||||||
Traditional vessels | 7,179 | 6,759 | 7,183 | 6,483 | 7,186 | ||||||||||
Total | $ | 11,561 | 10,716 | 11,441 | 10,185 | 11,325 | |||||||||
Sub-Saharan Africa/Europe fleet: |
|||||||||||||||
New vessels | $ | 15,332 | 12,134 | 14,523 | 12,020 | 13,680 | |||||||||
Traditional vessels | 8,773 | 8,313 | 8,563 | 8,141 | 8,331 | ||||||||||
Total | $ | 14,602 | 11,518 | 13,875 | 11,397 | 13,113 | |||||||||
Worldwide fleet: |
|||||||||||||||
New vessels | $ | 16,660 | 14,291 | 16,064 | 14,190 | 15,466 | |||||||||
Traditional vessels | 8,258 | 7,970 | 8,187 | 7,979 | 8,121 | ||||||||||
Total | $ | 15,384 | 12,771 | 14,827 | 12,631 | 14,275 | |||||||||
AVERAGE VESSEL COUNT (EXCLUDING STACKED VESSELS): |
|||||||||||||||
Americas fleet: |
|||||||||||||||
New vessels | 46 | 41 | 45 | 40 | 43 | ||||||||||
Traditional vessels | 19 | 27 | 20 | 28 | 21 | ||||||||||
Total | 65 | 68 | 65 | 68 | 64 | ||||||||||
Asia/Pacific fleet: |
|||||||||||||||
New vessels | 29 | 29 | 30 | 29 | 31 | ||||||||||
Traditional vessels | --- | 4 | --- | 3 | 1 | ||||||||||
Total | 29 | 33 | 30 | 32 | 32 | ||||||||||
Middle East/N. Africa fleet: |
|||||||||||||||
New vessels | 28 | 25 | 28 | 24 | 27 | ||||||||||
Traditional vessels | 8 | 13 | 8 | 15 | 8 | ||||||||||
Total | 36 | 38 | 36 | 39 | 35 | ||||||||||
Sub-Saharan Africa/Europe fleet: |
|||||||||||||||
New vessels |
114 | 103 | 114 | 103 | 115 | ||||||||||
Traditional vessels | 14 | 20 | 15 | 22 | 15 | ||||||||||
Total | 128 | 123 | 129 | 125 | 130 | ||||||||||
Worldwide fleet: |
|||||||||||||||
New vessels | 218 | 198 | 217 | 196 | 216 | ||||||||||
Traditional vessels | 40 | 64 | 43 | 68 | 45 | ||||||||||
Total | 258 | 262 | 260 | 264 | 261 | ||||||||||
The company’s average number of vessels by class and geographic distribution for the quarters and the six-month periods ended September 30, 2012 and 2011 and for the quarter ended June 30, 2012, were as follows:
|
Quarter |
|||||||||||||
Quarter Ended | Six Months Ended | Ended | ||||||||||||
September 30, | September 30, | June 30, | ||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | ||||||||||
Americas fleet: |
||||||||||||||
Deepwater vessels | 24 | 22 | 23 | 22 | 21 | |||||||||
Towing-supply/supply | 50 | 57 | 50 | 61 | 50 | |||||||||
Other | 16 | 22 | 16 | 22 | 16 | |||||||||
Total | 90 | 101 | 89 | 105 | 87 | |||||||||
Less stacked vessels | 25 | 33 | 24 | 37 | 23 | |||||||||
Active vessels | 65 | 68 | 65 | 68 | 64 | |||||||||
Asia/Pacific fleet: |
||||||||||||||
Deepwater vessels | 8 | 11 | 9 | 11 | 9 | |||||||||
Towing-supply/supply | 33 | 40 | 34 | 39 | 36 | |||||||||
Other | 1 | 2 | 1 | 2 | 2 | |||||||||
Total | 42 | 53 | 44 | 52 | 47 | |||||||||
Less stacked vessels | 13 | 20 | 14 | 20 | 15 | |||||||||
Active vessels | 29 | 33 | 30 | 32 | 32 | |||||||||
Middle East/N. Africa fleet: |
||||||||||||||
Deepwater vessels | 8 | 8 | 8 | 8 | 7 | |||||||||
Towing-supply/supply | 29 | 30 | 29 | 32 | 29 | |||||||||
Other | 6 | 6 | 6 | 6 | 6 | |||||||||
Total | 43 | 44 | 43 | 46 | 42 | |||||||||
Less stacked vessels | 7 | 6 | 7 | 7 | 7 | |||||||||
Active vessels | 36 | 38 |
36 |
39 | 35 | |||||||||
Sub-Saharan Africa/Europe fleet: |
||||||||||||||
Deepwater vessels | 35 | 27 | 35 | 27 | 36 | |||||||||
Towing-supply/supply | 65 | 74 | 66 | 75 | 66 | |||||||||
Other | 48 | 52 | 48 | 52 | 49 | |||||||||
Total | 148 | 153 | 149 | 154 | 151 | |||||||||
Less stacked vessel | 20 | 30 | 20 | 29 | 21 | |||||||||
Active vessels | 128 | 123 | 129 | 125 | 130 | |||||||||
Active owned or chartered vessels | 258 | 262 | 260 | 264 | 261 | |||||||||
Stacked vessels | 65 | 89 | 65 | 93 | 66 | |||||||||
Total owned or chartered vessels | 323 | 351 | 325 | 357 | 327 | |||||||||
Vessels withdrawn from service | 2 | 2 | 2 | 3 | 2 | |||||||||
Joint-venture and other | 10 | 10 | 10 | 10 | 10 | |||||||||
Total | 335 | 363 | 337 | 370 | 339 | |||||||||
Note (B): The company had 61, 78, and 66 actual stacked vessels at September 30, 2012 and 2011 and at June 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 September 30, 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 | 09/30/12 | 09/30/12 | Vessels | Cost | 09/30/12 | 09/30/12 | ||||||||||||||||
In thousands, except number of vessels: | ||||||||||||||||||||||||
Deepwater platform supply vessels | 16 | $ | 436,178 | 129,205 | 306,973 | 3 | 152,894 | 65,998 | 86,896 | |||||||||||||||
Towing-supply/supply vessels | 4 | 75,072 | 13,811 | 61,261 | --- | --- | --- | --- | ||||||||||||||||
Crewboats and other | 7 | 72,696 | 41,760 | 30,963 | --- | --- | --- | --- | ||||||||||||||||
Totals | 27 | $ | 583,946 | 184,776 | 399,170 | 3 | 152,894 | 65,998 | 86,896 | |||||||||||||||
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 | 12/12 | 03/13 | 06/13 | 09/13 | 12/13 | Thereafter | |||||||||||||
Deepwater platform supply vessels | 4 | 2 | --- | 1 | 1 | 11 | |||||||||||||
Towing-supply/supply vessels | --- | --- | --- | --- | --- | 4 | |||||||||||||
Crewboats and other | --- | 2 | 2 | 1 | 2 | --- | |||||||||||||
Totals | 4 | 4 | 2 | 2 | 3 | 15 | |||||||||||||
(In thousands) | |||||||||||||||||||
Expected quarterly cash outlay |
$ |
107,326 |
35,398 | 26,543 | 42,820 | 33,379 |
240,610 |
(A) |
Note (C): The $240,610 of ‘Thereafter’ vessel construction obligations is expected to be paid out as follows: $69,494 in the remaining quarter of fiscal 2014 and $171,116 during fiscal 2015.