NEW ORLEANS, June 12, 2017
/PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a
fourth quarter net loss for the period ended March 31, 2017,
of $94.9 million, or $2.01 per common share, on revenues of
$160.7 million. For fiscal year ended
March 31, 2017, the company's net
loss was $660.1 million, or
$14.02 per common share, on revenues
of $601.6 million. For the prior
fiscal year's fourth quarter ended March 31,
2016, the company's net loss was $81.8 million, or $1.74 per common share, on revenues of
$184.2 million. For fiscal year ended
March 31, 2016, the company's net
loss was $160.2 million, or
$3.41 per common share, on revenues
of $979.1 million. During fiscal
years ended March 31, 2017 and 2016,
the company generated net cash from operating activities of
$29.8 million and $253.4 million, respectively, and generated net
cash in investing activities of $14.9
million and used net cash in investing activities of
$135.0 million, respectively.
Included in the net loss for the quarter ended March 31,
2017 were the following:
- $64.9 million ($64.9 million after-tax, or $1.38 per share) in non-cash asset impairment
charges that resulted from impairment reviews undertaken during the
March 2017 quarter.
- $16.8 million ($16.8 million after-tax, or $0.36 per share) of general and administrative
expenses related to debt renegotiations.
- $39.1 million ($31.3 million after-tax and consideration of
noncontrolling interests, or $0.67
per share) of revenue related to the early termination of a
long-term vessel charter contract.
Included in the net loss for the fiscal year ended
March 31, 2017 were the following:
- $484.7 million ($484.7 million after-tax, or $10.30 per share) in non-cash asset impairment
charges that resulted from impairment reviews undertaken throughout
fiscal 2017.
- $29.0 million ($29.0 million after-tax, or $0.62 per share) of general and administrative
expenses related to debt renegotiations.
- $39.1 million ($31.3 million after-tax and consideration of
noncontrolling interests, or $0.67
per share) of revenue related to the early termination of a
long-term vessel charter contract.
Included in the net loss for the prior fiscal year's quarter
ended March 31, 2016 were the following:
- $55.5 million ($40.7 million after-tax, or $0.87 per share) in non-cash asset impairment
charges that resulted from impairment reviews undertaken during the
March 2016 quarter.
- $8.7 million ($8.7 million after-tax, or $0.18 per share) of foreign exchange losses which
is included in Equity in net earnings (losses) of unconsolidated
companies and related to our Angola joint venture, Sonatide.
Included in the net loss for the prior fiscal year ended
March 31, 2016 were the following:
- $117.3 million ($98.6 million after-tax, or $2.10 per share) in non-cash asset impairment
charges that resulted from impairment reviews undertaken throughout
fiscal 2016.
- $24.1 million ($24.1 million after-tax, or $0.51 per share) of foreign exchange losses which
is included in Equity in net earnings (losses) of unconsolidated
companies and related to our Angola joint venture, Sonatide.
- A $7.6 million ($6.3 million after-tax, or $0.13 per share) restructuring charge related to
severance and other termination costs resulting from right-sizing
efforts during the September 2015
quarter.
Income tax expense largely reflects tax liabilities in certain
jurisdictions that levy taxes on bases other than pre-tax
profitability (so called "deemed profit" regimes.)
Reorganization and Chapter 11 Proceedings
As previously disclosed, on May 17,
2017, Tidewater and certain of its subsidiaries the
("Debtors") filed voluntary petitions for relief under chapter 11
of title 11 of the United States Code in the United States Bankruptcy Court for the
District of Delaware (the
"Bankruptcy Cases," and such court, the "Bankruptcy Court"),
seeking approval of a prepackaged plan of restructuring (the
"Prepackaged Plan").
On May 19, 2017, the Bankruptcy
Court set a combined hearing to consider approval of the Debtors'
disclosure statement and confirmation of the Prepackaged Plan for
June 28, 2017. If the Prepackaged
Plan is approved by the Bankruptcy Court within the time frame we
currently expect, the Prepackaged Plan will likely become effective
in July 2017, at which point or
shortly thereafter the Debtors would emerge from bankruptcy,
however, there can be no assurance that the effectiveness of the
Prepackaged Plan will occur on such date, or at all.
Additional details about the restructuring are available on the
company's website, www.tdw.com, and
at http://dm.epiq11.com/tidewater, or via the company's
restructuring information line 844-843-0204 (toll free)
or 504-597-5543 (international calls). Additional
details about the restructuring will also be available in the
company's Form 10-K, which is expected to be filed with the SEC
shortly after the issuance of this press release.
Given the pendency of the Bankruptcy Cases, the company will not
be hosting an earnings conference call to discuss fiscal 2017
financial results. However, we expect to resume holding
quarterly earnings conference calls following our emergence from
bankruptcy.
Tidewater is the leading provider of Offshore Service Vessels
(OSVs) to the global energy industry.
Note: all per-share amounts are stated on a
diluted basis.
Financial information is displayed on the next
page.
TIDEWATER
INC.
|
CONSOLIDATED
STATEMENTS OF EARNINGS (LOSS)
|
(In thousands, except
share and per share data)
|
|
|
|
Quarter
Ended
|
|
|
Year Ended
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel
revenues
|
|
$
|
156,905
|
|
|
|
180,048
|
|
|
|
583,816
|
|
|
|
955,400
|
|
Other operating
revenues
|
|
|
3,844
|
|
|
|
4,126
|
|
|
|
17,795
|
|
|
|
23,662
|
|
|
|
|
160,749
|
|
|
|
184,174
|
|
|
|
601,611
|
|
|
|
979,062
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
costs
|
|
|
80,845
|
|
|
|
98,146
|
|
|
|
359,171
|
|
|
|
561,133
|
|
Costs of other
operating revenues
|
|
|
2,689
|
|
|
|
3,187
|
|
|
|
12,729
|
|
|
|
18,811
|
|
General and
administrative
|
|
|
41,727
|
|
|
|
36,974
|
|
|
|
145,879
|
|
|
|
153,811
|
|
Vessel operating
leases
|
|
|
8,443
|
|
|
|
8,337
|
|
|
|
33,766
|
|
|
|
33,662
|
|
Depreciation and
amortization
|
|
|
37,592
|
|
|
|
45,251
|
|
|
|
167,291
|
|
|
|
182,309
|
|
(Gain) loss on asset
dispositions, net
|
|
|
(6,064)
|
|
|
|
(6,692)
|
|
|
|
(24,099)
|
|
|
|
(26,037)
|
|
Asset
impairments
|
|
|
64,857
|
|
|
|
55,540
|
|
|
|
484,727
|
|
|
|
117,311
|
|
Restructuring
charge
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7,586
|
|
|
|
|
230,089
|
|
|
|
240,743
|
|
|
|
1,179,464
|
|
|
|
1,048,586
|
|
Operating
loss
|
|
|
(69,340)
|
|
|
|
(56,569)
|
|
|
|
(577,853)
|
|
|
|
(69,524)
|
|
Other income
(expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain
(loss)
|
|
|
664
|
|
|
|
(1,645)
|
|
|
|
(1,638)
|
|
|
|
(5,403)
|
|
Equity in net earnings
(losses) of unconsolidated companies
|
|
|
2,841
|
|
|
|
(6,511)
|
|
|
|
5,710
|
|
|
|
(13,581)
|
|
Interest income and
other, net
|
|
|
1,588
|
|
|
|
949
|
|
|
|
5,193
|
|
|
|
2,703
|
|
Interest and other
debt costs, net
|
|
|
(21,008)
|
|
|
|
(14,011)
|
|
|
|
(75,026)
|
|
|
|
(53,752)
|
|
|
|
|
(15,915)
|
|
|
|
(21,218)
|
|
|
|
(65,761)
|
|
|
|
(70,033)
|
|
Loss before income
taxes
|
|
|
(85,255)
|
|
|
|
(77,787)
|
|
|
|
(643,614)
|
|
|
|
(139,557)
|
|
Income tax (benefit)
expense
|
|
|
1,717
|
|
|
|
3,823
|
|
|
|
6,397
|
|
|
|
20,819
|
|
Net Loss
|
|
$
|
(86,972)
|
|
|
|
(81,610)
|
|
|
|
(650,011)
|
|
|
|
(160,376)
|
|
Less: Net income
(loss) attributable to noncontrolling interests
|
|
|
7,883
|
|
|
|
177
|
|
|
|
10,107
|
|
|
|
(193)
|
|
Net loss attributable
to Tidewater Inc.
|
|
$
|
(94,855)
|
|
|
|
(81,787)
|
|
|
|
(660,118)
|
|
|
|
(160,183)
|
|
Basic loss per common
share
|
|
$
|
(2.01)
|
|
|
|
(1.74)
|
|
|
|
(14.02)
|
|
|
|
(3.41)
|
|
Diluted loss per
common share
|
|
$
|
(2.01)
|
|
|
|
(1.74)
|
|
|
|
(14.02)
|
|
|
|
(3.41)
|
|
Weighted average
common shares outstanding
|
|
|
47,080,783
|
|
|
|
46,983,430
|
|
|
|
47,071,066
|
|
|
|
46,981,102
|
|
Dilutive effect of
stock options and restricted stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Adjusted weighted
average common shares
|
|
|
47,080,783
|
|
|
|
46,983,430
|
|
|
|
47,071,066
|
|
|
|
46,981,102
|
|
TIDEWATER
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
|
March 31, 2017 and
2016
|
|
|
|
|
|
|
|
|
(In thousands, except
share and par value data)
|
|
|
|
|
|
|
|
|
ASSETS
|
|
2017
|
|
|
2016
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
706,404
|
|
|
|
678,438
|
|
Trade and other
receivables, less allowance for doubtful accounts of $16,165
in 2017 and $11,450 in 2016
|
|
|
123,262
|
|
|
|
228,113
|
|
Due from
affiliate
|
|
|
262,652
|
|
|
|
338,595
|
|
Marine operating
supplies
|
|
|
30,560
|
|
|
|
33,413
|
|
Other current
assets
|
|
|
18,409
|
|
|
|
44,755
|
|
Total current
assets
|
|
|
1,141,287
|
|
|
|
1,323,314
|
|
Investments in, at
equity, and advances to unconsolidated companies
|
|
|
45,115
|
|
|
|
37,502
|
|
Net properties and
equipment
|
|
|
2,864,762
|
|
|
|
3,551,291
|
|
Other
assets
|
|
|
139,535
|
|
|
|
71,686
|
|
Total
assets
|
|
$
|
4,190,699
|
|
|
|
4,983,793
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
31,599
|
|
|
|
49,130
|
|
Accrued
expenses
|
|
|
78,121
|
|
|
|
91,611
|
|
Due to
affiliate
|
|
|
132,857
|
|
|
|
187,971
|
|
Accrued property and
liability losses
|
|
|
3,583
|
|
|
|
3,321
|
|
Current portion of
long-term debt
|
|
|
2,034,124
|
|
|
|
2,045,516
|
|
Other current
liabilities
|
|
|
48,429
|
|
|
|
74,825
|
|
Total current
liabilities
|
|
|
2,328,713
|
|
|
|
2,452,374
|
|
Deferred income
taxes
|
|
|
46,013
|
|
|
|
34,841
|
|
Accrued property and
liability losses
|
|
|
10,209
|
|
|
|
9,478
|
|
Other liabilities and
deferred credits
|
|
|
154,705
|
|
|
|
181,546
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
Common stock of $0.10
par value, 125,000,000 shares authorized, issued
47,121,304 shares at March 31, 2017 and
47,067,715 shares at March 31,
2016
|
|
|
4,712
|
|
|
|
4,707
|
|
Additional paid-in
capital
|
|
|
165,221
|
|
|
|
166,604
|
|
Retained
earnings
|
|
|
1,475,329
|
|
|
|
2,135,075
|
|
Accumulated other
comprehensive loss
|
|
|
(10,344)
|
|
|
|
(6,866)
|
|
Total stockholders'
equity
|
|
|
1,634,918
|
|
|
|
2,299,520
|
|
Noncontrolling
interests
|
|
|
16,141
|
|
|
|
6,034
|
|
Total
equity
|
|
|
1,651,059
|
|
|
|
2,305,554
|
|
Total liabilities and
equity
|
|
$
|
4,190,699
|
|
|
|
4,983,793
|
|
TIDEWATER
INC.
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
|
(In
thousands)
|
|
|
|
Quarter
Ended
|
|
|
Year Ended
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Net loss
|
|
$
|
(86,972)
|
|
|
|
(81,610)
|
|
|
|
(650,011)
|
|
|
|
(160,376)
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains
(losses) on available for sale securities, net of tax of $61, ($239), $61 and ($239)
|
|
|
(94)
|
|
|
|
24
|
|
|
|
113
|
|
|
|
(443)
|
|
Change in loss on
derivative contract, net of tax of $823, $77, $823 and $77
|
|
|
1,317
|
|
|
|
(395)
|
|
|
|
1,530
|
|
|
|
143
|
|
Change in supplemental
executive retirement plan liability, net of tax of ($927), $1,264, ($927) and
$1,264
|
|
|
(1,721)
|
|
|
|
2,347
|
|
|
|
(1,721)
|
|
|
|
2,347
|
|
Change in pension plan
minimum liability, net of tax of
$215, $1,093, $215 and $1,093
|
|
|
399
|
|
|
|
2,029
|
|
|
|
399
|
|
|
|
2,029
|
|
Change in other
benefit plan minimum liability, net of tax of ($2,046), $5,081, ($2,046) and $5,081
|
|
|
(3,799)
|
|
|
|
9,366
|
|
|
|
(3,799)
|
|
|
|
9,436
|
|
Total comprehensive
loss
|
|
$
|
(90,870)
|
|
|
|
(68,239)
|
|
|
|
(653,489)
|
|
|
|
(146,864)
|
|
TIDEWATER
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
Years Ended March 31,
2017, 2016 and 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(650,011)
|
|
|
|
(160,376)
|
|
|
|
(65,349)
|
|
Adjustments to
reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
167,291
|
|
|
|
182,309
|
|
|
|
175,204
|
|
Provision (benefit)
for deferred income taxes
|
|
|
(2,200)
|
|
|
|
(6,796)
|
|
|
|
(72,389)
|
|
(Gain) loss on asset
dispositions, net
|
|
|
(24,099)
|
|
|
|
(26,037)
|
|
|
|
(23,796)
|
|
Asset
impairments
|
|
|
484,727
|
|
|
|
117,311
|
|
|
|
14,525
|
|
Goodwill
impairment
|
|
|
—
|
|
|
|
—
|
|
|
|
283,699
|
|
Equity in earnings
(losses) of unconsolidated companies, net of dividends
|
|
|
(7,613)
|
|
|
|
28,704
|
|
|
|
(1,916)
|
|
Compensation expense –
stock based
|
|
|
3,278
|
|
|
|
13,219
|
|
|
|
21,374
|
|
Excess tax (benefit)
liability on stock options exercised
|
|
|
4,927
|
|
|
|
1,605
|
|
|
|
1,784
|
|
Changes in assets and
liabilities, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
104,829
|
|
|
|
71,540
|
|
|
|
(43,537)
|
|
Changes in due to/from
affiliate, net
|
|
|
20,829
|
|
|
|
84,084
|
|
|
|
108,588
|
|
Marine operating
supplies
|
|
|
2,285
|
|
|
|
13,672
|
|
|
|
6,148
|
|
Other current
assets
|
|
|
(12,523)
|
|
|
|
5,976
|
|
|
|
2,794
|
|
Accounts
payable
|
|
|
(17,531)
|
|
|
|
(4,881)
|
|
|
|
(22,989)
|
|
Accrued
expenses
|
|
|
(18,687)
|
|
|
|
(53,143)
|
|
|
|
(11,435)
|
|
Accrued property and
liability losses
|
|
|
262
|
|
|
|
(348)
|
|
|
|
38
|
|
Other current
liabilities
|
|
|
(26,658)
|
|
|
|
(15,578)
|
|
|
|
118
|
|
Other liabilities and
deferred credits
|
|
|
(2,657)
|
|
|
|
231
|
|
|
|
4,875
|
|
Other, net
|
|
|
3,372
|
|
|
|
1,868
|
|
|
|
(19,023)
|
|
Net cash provided by
operating activities
|
|
|
29,821
|
|
|
|
253,360
|
|
|
|
358,713
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of
assets
|
|
|
14,797
|
|
|
|
10,690
|
|
|
|
8,310
|
|
Proceeds from
sale/leaseback of assets
|
|
|
—
|
|
|
|
—
|
|
|
|
123,950
|
|
Additions to
properties and equipment
|
|
|
(25,499)
|
|
|
|
(194,485)
|
|
|
|
(364,194)
|
|
Refunds from cancelled
vessel construction contracts
|
|
|
25,565
|
|
|
|
46,119
|
|
|
|
—
|
|
Other
|
|
|
—
|
|
|
|
2,680
|
|
|
|
516
|
|
Net cash provided by
(used in) investing activities
|
|
|
14,863
|
|
|
|
(134,996)
|
|
|
|
(231,418)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal payments on
long-term debt
|
|
|
(10,069)
|
|
|
|
(136,843)
|
|
|
|
(97,823)
|
|
Debt
borrowings
|
|
|
—
|
|
|
|
656,338
|
|
|
|
138,488
|
|
Cash
dividends
|
|
|
—
|
|
|
|
(35,388)
|
|
|
|
(48,834)
|
|
Repurchases of common
stock
|
|
|
—
|
|
|
|
—
|
|
|
|
(99,999)
|
|
Other
|
|
|
(6,649)
|
|
|
|
(2,601)
|
|
|
|
(918)
|
|
Net cash (used in)
provided by financing activities
|
|
|
(16,718)
|
|
|
|
481,506
|
|
|
|
(109,086)
|
|
Net change in cash
and cash equivalents
|
|
|
27,966
|
|
|
|
599,870
|
|
|
|
18,209
|
|
Cash and cash
equivalents at beginning of year
|
|
|
678,438
|
|
|
|
78,568
|
|
|
|
60,359
|
|
Cash and cash
equivalents at end of year
|
|
$
|
706,404
|
|
|
|
678,438
|
|
|
|
78,568
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the
year for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest, net of
amounts capitalized
|
|
$
|
70,687
|
|
|
|
50,729
|
|
|
|
49,390
|
|
Income
taxes
|
|
$
|
26,916
|
|
|
|
51,585
|
|
|
|
74,310
|
|
Supplemental
disclosure of noncash investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to
properties and equipment
|
|
$
|
5,047
|
|
|
|
—
|
|
|
|
2,068
|
|
TIDEWATER
INC.
|
CONSOLIDATED
STATEMENTS OF EQUITY
|
|
Years Ended March 31,
2017, 2016 and 2015 (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
loss
|
|
|
—
|
|
|
|
—
|
|
|
|
(65,190)
|
|
|
|
(8,153)
|
|
|
|
(159)
|
|
|
|
(73,502)
|
|
Stock option
activity
|
|
|
3
|
|
|
|
(691)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(688)
|
|
Cash dividends
declared ($1.00 per share)
|
|
|
—
|
|
|
|
—
|
|
|
|
(49,127)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(49,127)
|
|
Retirement of common
stock
|
|
|
(284)
|
|
|
|
—
|
|
|
|
(99,715)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(99,999)
|
|
Amortization of
restricted stock units
|
|
|
17
|
|
|
|
15,270
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
15,287
|
|
Amortization/cancellation of restricted stock
awards
|
|
|
(6)
|
|
|
|
2,980
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,974
|
|
Cash received from
noncontrolling interests, net
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
399
|
|
|
|
399
|
|
Balance at March 31,
2015
|
|
$
|
4,703
|
|
|
|
159,940
|
|
|
|
2,330,223
|
|
|
|
(20,378)
|
|
|
|
6,227
|
|
|
|
2,480,715
|
|
Total comprehensive
loss
|
|
|
—
|
|
|
|
—
|
|
|
|
(160,183)
|
|
|
|
13,512
|
|
|
|
(193)
|
|
|
|
(146,864)
|
|
Stock option
activity
|
|
|
—
|
|
|
|
(278)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(278)
|
|
Cash dividends
declared ($.75 per share)
|
|
|
—
|
|
|
|
—
|
|
|
|
(34,965)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(34,965)
|
|
Amortization of
restricted stock units
|
|
|
11
|
|
|
|
6,463
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,474
|
|
Amortization/cancellation of restricted stock
awards
|
|
|
(7)
|
|
|
|
479
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
472
|
|
Balance at March 31,
2016
|
|
$
|
4,707
|
|
|
|
166,604
|
|
|
|
2,135,075
|
|
|
|
(6,866)
|
|
|
|
6,034
|
|
|
|
2,305,554
|
|
Total comprehensive
loss
|
|
|
—
|
|
|
|
—
|
|
|
|
(660,118)
|
|
|
|
(3,478)
|
|
|
|
10,107
|
|
|
|
(653,489)
|
|
Stock option
activity
|
|
|
—
|
|
|
|
1,146
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,146
|
|
Amortization/cancellation of restricted stock
units
|
|
|
5
|
|
|
|
(2,529)
|
|
|
|
372
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,152)
|
|
Balance at March 31,
2017
|
|
$
|
4,712
|
|
|
|
165,221
|
|
|
|
1,475,329
|
|
|
|
(10,344)
|
|
|
|
16,141
|
|
|
|
1,651,059
|
|
The company's vessel revenues and vessel operating costs and the
related percentage of total vessel revenues for the quarters and
the years ended March 31, 2017 and 2016 and for the quarter
ended December 31, 2016, were as follows:
|
|
|
|
|
|
|
Quarter
|
|
|
Quarter
Ended
|
|
Year Ended
|
|
|
Ended
|
|
|
March 31,
|
|
March 31,
|
|
|
December
31,
|
(In
thousands)
|
|
2017
|
%
|
2016
|
%
|
|
2017
|
%
|
|
2016
|
%
|
|
2016
|
%
|
Vessel
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$
|
80,533
|
|
51%
|
|
63,650
|
|
35%
|
|
239,843
|
|
41%
|
|
|
342,995
|
|
36%
|
|
|
45,577
|
|
36%
|
Asia/Pacific
|
|
|
5,951
|
|
4%
|
|
9,791
|
|
6%
|
|
25,568
|
|
4%
|
|
|
89,045
|
|
9%
|
|
|
5,586
|
|
4%
|
Middle East
(A)
|
|
|
20,727
|
|
13%
|
|
24,163
|
|
13%
|
|
89,050
|
|
15%
|
|
|
111,356
|
|
12%
|
|
|
20,647
|
|
17%
|
Africa/Europe
(A)
|
|
|
49,694
|
|
32%
|
|
82,444
|
|
46%
|
|
229,355
|
|
40%
|
|
|
412,004
|
|
43%
|
|
|
53,310
|
|
43%
|
Total vessel
revenues
|
|
$
|
156,905
|
|
100%
|
|
180,048
|
|
100%
|
|
583,816
|
|
100%
|
|
|
955,400
|
|
100%
|
|
|
125,120
|
|
100%
|
Vessel operating
costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs
|
|
$
|
41,829
|
|
27%
|
|
55,549
|
|
31%
|
|
190,471
|
|
33%
|
|
|
303,219
|
|
32%
|
|
|
43,384
|
|
35%
|
Repair and
maintenance
|
|
|
17,074
|
|
11%
|
|
14,280
|
|
8%
|
|
60,257
|
|
10%
|
|
|
94,873
|
|
10%
|
|
|
13,214
|
|
10%
|
Insurance and loss
reserves
|
|
|
(1,767)
|
|
(1%)
|
|
(1,230)
|
|
(1%)
|
|
10,008
|
|
2%
|
|
|
8,585
|
|
1%
|
|
|
2,142
|
|
2%
|
Fuel, lube and
supplies
|
|
|
9,279
|
|
6%
|
|
10,366
|
|
6%
|
|
38,009
|
|
7%
|
|
|
61,992
|
|
6%
|
|
|
7,782
|
|
6%
|
Other
|
|
|
14,430
|
|
9%
|
|
19,181
|
|
11%
|
|
60,426
|
|
10%
|
|
|
92,464
|
|
10%
|
|
|
15,836
|
|
13%
|
Total vessel operating
costs
|
|
|
80,845
|
|
52%
|
|
98,146
|
|
55%
|
|
359,171
|
|
62%
|
|
|
561,133
|
|
59%
|
|
|
82,358
|
|
66%
|
Vessel operating
margin (B)
|
|
$
|
76,060
|
|
48%
|
|
81,902
|
|
45%
|
|
224,645
|
|
38%
|
|
|
394,267
|
|
41%
|
|
|
42,762
|
|
34%
|
Note (A): At the beginning of fiscal 2017 the company's
operations in the Mediterranean Sea (based in Egypt) were transitioned from the company's
previously disclosed Middle
East/North Africa
operations and included with the company's previously disclosed
Sub-Saharan Africa/Europe
operations as a result of management realignments. As such, the
company now discloses these new segments as Middle East and Africa/Europe, respectively. The company's Americas
and Asia/Pacific segments are not
affected by this change. The new segment alignment is consistent
with the company's chief operating decision maker's review of
operating results for the purpose of allocating resources and
assessing performance. Fiscal 2016 amounts have been recast to
conform to the new segment alignment.
Note (B): The following table reconciles vessel operating
margin as presented above to operating profit (loss) for the
quarters and the years ended March 31, 2017 and 2016 and for
the quarter ended December 31,
2016:
|
|
|
|
|
|
|
|
Quarter
|
|
|
|
Quarter
Ended
|
|
|
Year Ended
|
|
|
Ended
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
December
31,
|
|
(In
thousands)
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
Vessel operating
margin
|
|
$
|
76,060
|
|
|
|
81,902
|
|
|
|
224,645
|
|
|
|
394,267
|
|
|
|
42,762
|
|
General and
administrative expenses - vessel operations
|
|
|
(19,445)
|
|
|
|
(27,045)
|
|
|
|
(88,306)
|
|
|
|
(116,039)
|
|
|
|
(20,608)
|
|
Vessel operating
leases
|
|
|
(8,443)
|
|
|
|
(8,337)
|
|
|
|
(33,766)
|
|
|
|
(33,662)
|
|
|
|
(8,441)
|
|
Depreciation and
amortization - vessel operations
|
|
|
(36,173)
|
|
|
|
(42,427)
|
|
|
|
(160,405)
|
|
|
|
(170,428)
|
|
|
|
(39,882)
|
|
Vessel operating
profit (loss)
|
|
$
|
11,999
|
|
|
|
4,093
|
|
|
|
(57,832)
|
|
|
|
74,138
|
|
|
|
(26,169)
|
|
The company's other operating profit (loss) for the quarters and
the years ended March 31, 2017 and 2016 and for the quarter
ended December 31, 2016, consists of the following:
|
|
|
|
|
|
|
|
Quarter
|
|
|
|
Quarter
Ended
|
|
|
Year Ended
|
|
|
Ended
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
December
31,
|
|
(In
thousands)
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
Other operating
revenues
|
|
$
|
3,844
|
|
|
|
4,126
|
|
|
|
17,795
|
|
|
|
23,662
|
|
|
|
4,095
|
|
Costs of other marine
revenues
|
|
|
(2,689)
|
|
|
|
(3,187)
|
|
|
|
(12,729)
|
|
|
|
(18,811)
|
|
|
|
(2,714)
|
|
General and
administrative expenses - other operating activities
|
|
|
(525)
|
|
|
|
(947)
|
|
|
|
(2,184)
|
|
|
|
(3,694)
|
|
|
|
(410)
|
|
Depreciation and
amortization - other operating activities
|
|
|
(855)
|
|
|
|
(1,436)
|
|
|
|
(4,430)
|
|
|
|
(5,721)
|
|
|
|
(855)
|
|
Other operating
profit (loss)
|
|
$
|
(225)
|
|
|
|
(1,444)
|
|
|
|
(1,548)
|
|
|
|
(4,564)
|
|
|
|
116
|
|
The company's operating loss and other components of loss before
income taxes and the related percentage of total revenues for the
quarters and the years ended March 31, 2017 and 2016 and
for the quarter ended December 31, 2016, were as
follows:
|
|
Quarter
Ended
|
Year Ended
|
Quarter
Ended
|
|
|
March 31,
|
March 31,
|
December
31,
|
(In
thousands)
|
|
2017
|
%
|
2016
|
%
|
2017
|
%
|
2016
|
%
|
2016
|
%
|
Vessel operating
profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas (C)
(D)
|
|
$
|
30,618
|
|
19%
|
|
11,026
|
|
6%
|
|
18,873
|
|
3%
|
|
52,966
|
|
5%
|
|
(6,242)
|
|
(5%)
|
Asia/Pacific
(C)
|
|
|
(3,358)
|
|
(2%)
|
|
(5,809)
|
|
(3%)
|
|
(20,614)
|
|
(3%)
|
|
(1,687)
|
|
(<1%)
|
|
(5,586)
|
|
(4%)
|
Middle
East
|
|
|
(2,806)
|
|
(2%)
|
|
2,427
|
|
1%
|
|
(4,696)
|
|
(1%)
|
|
7,325
|
|
1%
|
|
(2,782)
|
|
(2%)
|
Africa/Europe
|
|
|
(12,455)
|
|
(8%)
|
|
(3,551)
|
|
(2%)
|
|
(51,395)
|
|
(9%)
|
|
15,534
|
|
2%
|
|
(11,559)
|
|
(9%)
|
|
|
|
11,999
|
|
7%
|
|
4,093
|
|
2%
|
|
(57,832)
|
|
(10%)
|
|
74,138
|
|
8%
|
|
(26,169)
|
|
(20%)
|
Other operating
profit (loss)
|
|
|
(225)
|
|
(<1%)
|
|
(1,444)
|
|
(1%)
|
|
(1,548)
|
|
(<1%)
|
|
(4,564)
|
|
(<1%)
|
|
116
|
|
<1%
|
|
|
|
11,774
|
|
7%
|
|
2,649
|
|
1%
|
|
(59,380)
|
|
(10%)
|
|
69,574
|
|
8%
|
|
(26,053)
|
|
(20%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general
and
administrative expenses (E)
|
|
|
(21,757)
|
|
(14%)
|
|
(8,982)
|
|
(5%)
|
|
(55,389)
|
|
(10%)
|
|
(34,078)
|
|
(3%)
|
|
(13,133)
|
|
(10%)
|
Corporate
depreciation
|
|
|
(564)
|
|
(<1%)
|
|
(1,388)
|
|
(1%)
|
|
(2,456)
|
|
(<1%)
|
|
(6,160)
|
|
(1%)
|
|
(565)
|
|
(1%)
|
Corporate
expenses
|
|
|
(22,321)
|
|
(14%)
|
|
(10,370)
|
|
(6%)
|
|
(57,845)
|
|
(10%)
|
|
(40,238)
|
|
(4%)
|
|
(13,698)
|
|
(11%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on asset
dispositions, net
|
|
|
6,064
|
|
3%
|
|
6,692
|
|
4%
|
|
24,099
|
|
4%
|
|
26,037
|
|
3%
|
|
6,139
|
|
5%
|
Asset
impairments
|
|
|
(64,857)
|
|
(40%)
|
|
(55,540)
|
|
(30%)
|
|
(484,727)
|
|
(81%)
|
|
(117,311)
|
|
(12%)
|
|
(253,422)
|
|
(196%)
|
Restructuring
charge
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(7,586)
|
|
(1%)
|
|
—
|
|
—
|
Operating
loss
|
|
$
|
(69,340)
|
|
(43%)
|
|
(56,569)
|
|
(31%)
|
|
(577,853)
|
|
(97%)
|
|
(69,524)
|
|
(7%)
|
|
(287,034)
|
|
(222%)
|
Foreign exchange gain
(loss)
|
|
|
664
|
|
<1%
|
|
(1,645)
|
|
(1%)
|
|
(1,638)
|
|
(<1%)
|
|
(5,403)
|
|
(1%)
|
|
2,970
|
|
2%
|
Equity in net
earnings (losses) of unconsolidated companies
|
|
|
2,841
|
|
2%
|
|
(6,511)
|
|
(4%)
|
|
5,710
|
|
1%
|
|
(13,581)
|
|
(1%)
|
|
1,557
|
|
1%
|
Interest income and
other, net
|
|
|
1,588
|
|
1%
|
|
949
|
|
1%
|
|
5,193
|
|
1%
|
|
2,703
|
|
<1%
|
|
1,437
|
|
1%
|
Interest and other
debt costs, net
|
|
|
(21,008)
|
|
(13%)
|
|
(14,011)
|
|
(7%)
|
|
(75,026)
|
|
(12%)
|
|
(53,752)
|
|
(5%)
|
|
(18,587)
|
|
(14%)
|
Loss before income
taxes
|
|
$
|
(85,255)
|
|
(53%)
|
|
(77,787)
|
|
(42%)
|
|
(643,614)
|
|
(107%)
|
|
(139,557)
|
|
(14%)
|
|
(299,657)
|
|
(232%)
|
Note (C): Americas segment fiscal 2016 figure excludes
restructuring charges of $3.6 million. Asia/Pacific segment fiscal
2016 amount excludes restructuring charges of $4.0 million.
Note D): Americas segment vessel operating profit for
fiscal 2017 includes $39.1 million of
revenue related to the early cancellation of a long-term vessel
charter contract.
Note (E): Corporate general and administrative expenses in
fiscal 2017 include $29 million of
costs associated with debt renegotiations.
The company's revenues, days-based vessel utilization
percentages and average day rates by vessel class and in total for
the quarters and the years ended March 31, 2017 and 2016
and for the quarter ended December 31, 2016, were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
|
Quarter
Ended
|
|
|
Year Ended
|
|
|
Ended
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
REVENUE BY VESSEL
CLASS (In thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
(F)
|
|
$
|
62,831
|
|
|
|
43,802
|
|
|
|
171,334
|
|
|
|
235,522
|
|
|
|
30,846
|
|
Towing-supply
|
|
|
14,738
|
|
|
|
16,878
|
|
|
|
56,561
|
|
|
|
92,768
|
|
|
|
11,905
|
|
Other
|
|
|
2,964
|
|
|
|
2,970
|
|
|
|
11,948
|
|
|
|
14,705
|
|
|
|
2,826
|
|
Total
|
|
$
|
80,533
|
|
|
|
63,650
|
|
|
|
239,843
|
|
|
|
342,995
|
|
|
|
45,577
|
|
Asia/Pacific
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
$
|
1,138
|
|
|
|
4,318
|
|
|
|
7,252
|
|
|
|
60,853
|
|
|
|
1,652
|
|
Towing-supply
|
|
|
4,813
|
|
|
|
5,473
|
|
|
|
18,316
|
|
|
|
28,192
|
|
|
|
3,934
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Total
|
|
$
|
5,951
|
|
|
|
9,791
|
|
|
|
25,568
|
|
|
|
89,045
|
|
|
|
5,586
|
|
Middle East
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
$
|
8,295
|
|
|
|
5,796
|
|
|
|
28,274
|
|
|
|
23,596
|
|
|
|
6,953
|
|
Towing-supply
|
|
|
12,432
|
|
|
|
18,367
|
|
|
|
60,776
|
|
|
|
87,760
|
|
|
|
13,694
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Total
|
|
$
|
20,727
|
|
|
|
24,163
|
|
|
|
89,050
|
|
|
|
111,356
|
|
|
|
20,647
|
|
Africa/Europe
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
$
|
23,032
|
|
|
|
40,260
|
|
|
|
102,374
|
|
|
|
205,587
|
|
|
|
21,748
|
|
Towing-supply
|
|
|
22,794
|
|
|
|
32,823
|
|
|
|
102,732
|
|
|
|
153,818
|
|
|
|
26,087
|
|
Other
|
|
|
3,868
|
|
|
|
9,361
|
|
|
|
24,249
|
|
|
|
52,599
|
|
|
|
5,475
|
|
Total
|
|
$
|
49,694
|
|
|
|
82,444
|
|
|
|
229,355
|
|
|
|
412,004
|
|
|
|
53,310
|
|
Worldwide
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
$
|
95,296
|
|
|
|
94,176
|
|
|
|
309,234
|
|
|
|
525,558
|
|
|
|
61,199
|
|
Towing-supply
|
|
|
54,777
|
|
|
|
73,541
|
|
|
|
238,385
|
|
|
|
362,538
|
|
|
|
55,620
|
|
Other
|
|
|
6,832
|
|
|
|
12,331
|
|
|
|
36,197
|
|
|
|
67,304
|
|
|
|
8,301
|
|
Total
|
|
$
|
156,905
|
|
|
|
180,048
|
|
|
|
583,816
|
|
|
|
955,400
|
|
|
|
125,120
|
|
Note (F): Included in Americas fleet deepwater revenue for
the fourth quarter is $39.1 million
of revenue related to the early cancellation of a long-term vessel
charter contract.
|
|
|
|
|
|
Quarter
|
|
|
|
Quarter
Ended
|
|
Year Ended
|
|
Ended
|
|
|
|
March 31,
|
|
March 31,
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
2017
|
|
|
2016
|
|
2016
|
|
UTILIZATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
29.7%
|
|
|
|
45.6
|
|
|
35.5
|
|
|
|
61.1
|
|
|
32.1
|
|
Towing-supply
|
|
41.8
|
|
|
|
43.6
|
|
|
39.4
|
|
|
|
53.4
|
|
|
36.4
|
|
Other
|
|
|
45.7
|
|
|
|
59.5
|
|
|
41.2
|
|
|
|
52.6
|
|
|
37.0
|
|
Total
|
|
|
35.2%
|
|
|
|
46.5
|
|
|
37.4
|
|
|
|
57.1
|
|
|
34.0
|
|
Asia/Pacific
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
9.1%
|
|
|
|
17.4
|
|
|
8.7
|
|
|
|
40.5
|
|
|
7.7
|
|
Towing-supply
|
|
34.4
|
|
|
|
56.3
|
|
|
43.2
|
|
|
|
67.6
|
|
|
42.5
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
Total
|
|
|
24.7%
|
|
|
|
38.0
|
|
|
28.0
|
|
|
|
53.6
|
|
|
26.2
|
|
Middle East
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
79.7%
|
|
|
|
61.3
|
|
|
72.9
|
|
|
|
61.5
|
|
|
74.7
|
|
Towing-supply
|
|
71.4
|
|
|
|
58.3
|
|
|
64.2
|
|
|
|
70.8
|
|
|
58.7
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
Total
|
|
|
74.2%
|
|
|
|
58.9
|
|
|
66.4
|
|
|
|
69.2
|
|
|
62.5
|
|
Africa/Europe
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
53.6%
|
|
|
|
57.0
|
|
|
48.8
|
|
|
|
60.7
|
|
|
42.9
|
|
Towing-supply
|
|
42.1
|
|
|
|
56.5
|
|
|
44.7
|
|
|
|
60.6
|
|
|
47.4
|
|
Other
|
|
|
31.0
|
|
|
|
68.6
|
|
|
40.9
|
|
|
|
71.8
|
|
|
37.6
|
|
Total
|
|
|
42.5%
|
|
|
|
60.3
|
|
|
44.9
|
|
|
|
64.2
|
|
|
42.8
|
|
Worldwide
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
42.6%
|
|
|
|
47.9
|
|
|
41.0
|
|
|
|
58.4
|
|
|
37.2
|
|
Towing-supply
|
|
46.9
|
|
|
|
53.7
|
|
|
48.2
|
|
|
|
62.3
|
|
|
47.5
|
|
Other
|
|
32.8
|
|
|
|
65.5
|
|
|
40.1
|
|
|
|
66.7
|
|
|
36.7
|
|
Total
|
|
|
42.6%
|
|
|
|
53.6
|
|
|
43.9
|
|
|
|
61.7
|
|
|
41.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
|
Quarter
Ended
|
|
|
Year Ended
|
|
|
Ended
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
AVERAGE VESSEL DAY
RATES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
(G)
|
|
$
|
57,311
|
|
|
|
25,795
|
|
|
|
31,851
|
|
|
|
26,755
|
|
|
|
25,181
|
|
Towing-supply
|
|
|
17,816
|
|
|
|
14,701
|
|
|
|
16,868
|
|
|
|
16,372
|
|
|
|
16,239
|
|
Other
|
|
|
9,015
|
|
|
|
6,056
|
|
|
|
9,418
|
|
|
|
7,344
|
|
|
|
10,384
|
|
Total
|
|
$
|
35,756
|
|
|
|
19,077
|
|
|
|
23,982
|
|
|
|
20,824
|
|
|
|
20,436
|
|
Asia/Pacific
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
$
|
12,641
|
|
|
|
21,112
|
|
|
|
18,600
|
|
|
|
32,467
|
|
|
|
17,964
|
|
Towing-supply
|
|
|
7,640
|
|
|
|
6,434
|
|
|
|
6,616
|
|
|
|
7,336
|
|
|
|
6,164
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Total
|
|
$
|
8,265
|
|
|
|
9,278
|
|
|
|
8,096
|
|
|
|
15,575
|
|
|
|
7,650
|
|
Middle East
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
$
|
9,643
|
|
|
|
14,844
|
|
|
|
11,265
|
|
|
|
16,776
|
|
|
|
10,674
|
|
Towing-supply
|
|
|
8,214
|
|
|
|
11,935
|
|
|
|
9,316
|
|
|
|
11,675
|
|
|
|
8,553
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Total
|
|
$
|
8,732
|
|
|
|
12,524
|
|
|
|
9,857
|
|
|
|
12,479
|
|
|
|
9,167
|
|
Africa/Europe
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
$
|
11,763
|
|
|
|
18,064
|
|
|
|
13,861
|
|
|
|
21,106
|
|
|
|
13,262
|
|
Towing-supply
|
|
|
13,940
|
|
|
|
14,519
|
|
|
|
14,570
|
|
|
|
15,722
|
|
|
|
13,917
|
|
Other
|
|
|
3,652
|
|
|
|
3,947
|
|
|
|
4,277
|
|
|
|
4,883
|
|
|
|
4,169
|
|
Total
|
|
$
|
10,682
|
|
|
|
12,016
|
|
|
|
11,407
|
|
|
|
13,599
|
|
|
|
11,042
|
|
Worldwide
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
$
|
23,797
|
|
|
|
20,827
|
|
|
|
19,741
|
|
|
|
24,081
|
|
|
|
16,961
|
|
Towing-supply
|
|
|
11,893
|
|
|
|
12,683
|
|
|
|
12,103
|
|
|
|
13,522
|
|
|
|
11,476
|
|
Other
|
|
|
4,922
|
|
|
|
4,309
|
|
|
|
5,217
|
|
|
|
5,269
|
|
|
|
5,235
|
|
Total
|
|
$
|
15,693
|
|
|
|
13,658
|
|
|
|
13,802
|
|
|
|
15,558
|
|
|
|
12,461
|
|
Note (G): Included in Americas fleet deepwater average day
rates for the fourth quarter is $39.1
million or revenue related to early cancellation of a
long-term vessel charter contract. Excluding the early cancellation
revenue, total Americas fleet deepwater average day rates would
have been $21,602 and $24,573 for the fourth quarter and year ended
March 31, 2017, respectively.
The company's actual vessel count at March 31, 2017 and the average number of vessels
by class and geographic distribution for the quarters and the years
ended March 31, 2017 and 2016 and for the quarter ended
December 31, 2016:
|
|
Actual
Vessel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
|
Count at
|
|
|
Quarter
Ended
|
|
|
Year Ended
|
|
|
Ended
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
Americas
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
41
|
|
|
|
41
|
|
|
|
41
|
|
|
|
42
|
|
|
|
39
|
|
|
|
41
|
|
Towing-supply
|
|
|
21
|
|
|
|
22
|
|
|
|
29
|
|
|
|
23
|
|
|
|
30
|
|
|
|
22
|
|
Other
|
|
|
8
|
|
|
|
8
|
|
|
|
9
|
|
|
|
8
|
|
|
|
10
|
|
|
|
8
|
|
Total
|
|
|
70
|
|
|
|
71
|
|
|
|
79
|
|
|
|
73
|
|
|
|
79
|
|
|
|
71
|
|
Less stacked
vessels
|
|
|
34
|
|
|
|
34
|
|
|
|
29
|
|
|
|
33
|
|
|
|
18
|
|
|
|
35
|
|
Active
vessels
|
|
|
36
|
|
|
|
37
|
|
|
|
50
|
|
|
|
40
|
|
|
|
61
|
|
|
|
36
|
|
Asia/Pacific
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
11
|
|
|
|
11
|
|
|
|
13
|
|
|
|
12
|
|
|
|
13
|
|
|
|
13
|
|
Towing-supply
|
|
|
21
|
|
|
|
20
|
|
|
|
16
|
|
|
|
18
|
|
|
|
15
|
|
|
|
16
|
|
Other
|
|
|
1
|
|
|
|
1
|
|
|
|
1
|
|
|
|
1
|
|
|
|
1
|
|
|
|
1
|
|
Total
|
|
|
33
|
|
|
|
32
|
|
|
|
30
|
|
|
|
31
|
|
|
|
29
|
|
|
|
30
|
|
Less stacked
vessels
|
|
|
23
|
|
|
|
24
|
|
|
|
13
|
|
|
|
21
|
|
|
|
9
|
|
|
|
22
|
|
Active
vessels
|
|
|
10
|
|
|
|
8
|
|
|
|
17
|
|
|
|
10
|
|
|
|
20
|
|
|
|
8
|
|
Middle East
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
12
|
|
|
|
12
|
|
|
|
7
|
|
|
|
9
|
|
|
|
6
|
|
|
|
9
|
|
Towing-supply
|
|
|
23
|
|
|
|
24
|
|
|
|
29
|
|
|
|
28
|
|
|
|
29
|
|
|
|
30
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Total
|
|
|
35
|
|
|
|
36
|
|
|
|
36
|
|
|
|
37
|
|
|
|
35
|
|
|
|
39
|
|
Less stacked
vessels
|
|
|
2
|
|
|
|
—
|
|
|
|
5
|
|
|
|
5
|
|
|
|
3
|
|
|
|
8
|
|
Active
vessels
|
|
|
33
|
|
|
|
36
|
|
|
|
31
|
|
|
|
32
|
|
|
|
32
|
|
|
|
31
|
|
Africa/Europe
fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
|
40
|
|
|
|
41
|
|
|
|
43
|
|
|
|
42
|
|
|
|
44
|
|
|
|
42
|
|
Towing-supply
|
|
|
44
|
|
|
|
43
|
|
|
|
44
|
|
|
|
43
|
|
|
|
44
|
|
|
|
43
|
|
Other
|
|
|
38
|
|
|
|
38
|
|
|
|
38
|
|
|
|
38
|
|
|
|
41
|
|
|
|
38
|
|
Total
|
|
|
122
|
|
|
|
122
|
|
|
|
125
|
|
|
|
123
|
|
|
|
129
|
|
|
|
123
|
|
Less stacked
vessel
|
|
|
52
|
|
|
|
54
|
|
|
|
26
|
|
|
|
45
|
|
|
|
20
|
|
|
|
50
|
|
Active
vessels
|
|
|
70
|
|
|
|
68
|
|
|
|
99
|
|
|
|
78
|
|
|
|
109
|
|
|
|
73
|
|
Active owned or
chartered vessels
|
|
|
149
|
|
|
|
149
|
|
|
|
197
|
|
|
|
160
|
|
|
|
222
|
|
|
|
148
|
|
Stacked
vessels
|
|
|
111
|
|
|
|
112
|
|
|
|
73
|
|
|
|
104
|
|
|
|
50
|
|
|
|
115
|
|
Total owned or
chartered vessels
|
|
|
260
|
|
|
|
261
|
|
|
|
270
|
|
|
|
264
|
|
|
|
272
|
|
|
|
263
|
|
Joint-venture and
other
|
|
|
8
|
|
|
|
8
|
|
|
|
9
|
|
|
|
8
|
|
|
|
9
|
|
|
|
8
|
|
Total
|
|
|
268
|
|
|
|
269
|
|
|
|
279
|
|
|
|
272
|
|
|
|
281
|
|
|
|
271
|
|
Note (H): Included in total owned or chartered vessels at
March 31, 2017 and 2016 and at December 31, 2016,
were 111, 77 and 116 vessels, respectively, that were stacked by
the company. These vessels were considered to be in service and are
included in the calculation of our utilization statistics.
The table below summarizes the various commitments to acquire
and construct new vessels, by vessel type, as of
March 31, 2017:
|
|
|
|
|
|
|
|
Invested
|
|
|
Remaining
|
|
|
|
Number of
|
|
|
|
|
|
Through
|
|
|
Balance
|
|
(In thousands,
except vessel count)
|
|
Vessels
|
|
|
Total Cost
|
|
|
3/31/17
|
|
|
3/31/17
|
|
Vessels under
construction (J):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater PSVs
(I)
|
|
2
|
|
|
$
|
110,022
|
|
|
|
77,054
|
|
|
|
32,968
|
|
Total vessel
commitments
|
|
2
|
|
|
$
|
110,022
|
|
|
|
77,054
|
|
|
|
32,968
|
|
Note (I): In April 2017, the
company entered into a novation agreement and assigned the
construction contract related to one of the vessels under
construction to a third party for net consideration of $5.3 million thus relieving the company of future
payments of $27.2 million.
Note (J): Two remaining option vessels, a vessel rejected
at the time of delivery and a fast supply boat are not included in
the table above. The company has approximately $33 million in unfunded capital commitments
associated with two vessels under construction at March 31, 2017 ($5.8
million, net of amounts relieved as a result of a novation
agreement executed in April
2017).
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visit:http://www.prnewswire.com/news-releases/tidewater-reports-fourth-quarter-and-year-end-results-for-fiscal-2017-300472689.html
SOURCE Tidewater Inc.