Tidewater Reports Third Quarter Results For Fiscal 2013

  Tidewater Reports Third Quarter Results For Fiscal 2013

Business Wire

NEW ORLEANS -- February 1, 2013

Tidewater Inc. (NYSE:TDW) announced today third quarter earnings for the
period ended December31,2012, of $29.9 million, or $0.61per share, on
revenues of $309.5million. For the same quarter last year, net earnings of
$34.1 million was reported, or $0.67per share, on revenues of $272.1million.
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       4,423        1,625        10,873       5,399      
revenues
                  309,466      272,111      915,832      777,612    
Costs and
expenses:
Vessel operating     180,895        155,838        523,778        469,430
costs
Costs of other       4,176          1,938          9,284          5,200
marine revenues
Depreciation and     37,181         35,215         109,012        102,771
amortization
Goodwill             ---            ---            ---            30,932
impairment
General and          46,339         40,425         128,870        115,779
administrative
Gain on asset
dispositions,      (99        )  (2,496     )  (2,770     )  (13,671    )
net
                  268,492      230,920      768,174      710,441    
Operating income     40,974         41,191         147,658        67,171
Other income
(expenses):
Foreign exchange     52             (1,738     )   (1,170     )   735
gain (loss)
Equity in net
earnings of          2,639          3,482          8,359          9,427
unconsolidated
companies
Interest income      936            347            2,783          2,303
and other, net
Interest and       (7,183     )  (6,027     )  (21,918    )  (14,854    )
other debt costs
                  (3,556     )  (3,936     )  (11,946    )  (2,389     )
Earnings before      37,418         37,255         135,712        64,782
income taxes
Income tax         7,471        3,168        31,553       11,013     
expense
Net earnings      $ 29,947       34,087       104,159      53,769     
                                                                  
Basic earnings    $ 0.61         0.67         2.10         1.05       
per common share
                                                                  
Diluted earnings  $ 0.61         0.67         2.09         1.04       
per common share
                                                                  
Weighted average
common shares        49,162,547     51,036,420     49,585,930     51,203,598
outstanding
Dilutive effect
of stock options   221,738      206,329      220,669      267,661    
and restricted
stock
Adjusted
weighted average   49,384,285   51,242,749   49,806,599   51,471,259 
common shares
                                                                  
Cash dividends
declared per      $ 0.25         0.25         0.75         0.75       
common share






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           55,364        46,077
unconsolidated companies
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       4,939         5,125
December 31, 2012 and 51,250,995 shares at March
31, 2012
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          (353   )   70       (558    )   (931   )
available-for-sale securities
Amortization of loss on               117        119      350         349
derivative contract
Change in supplemental executive    3,355    ---     3,355     ---    
retirement plan pension liability
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,        (9,287   )   (4,304   )
net of dividends
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             (140,418 )  51,768   
activities
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           ---       ---          104,159       3,147           107,306
income
Stock option activity         8         3,696        ---           ---             3,704
Cash dividends declared       ---       ---          (37,574   )   ---             (37,574   )
Retirement of common          (187  )   ---          (84,847   )   ---             (85,034   )
stock
Amortization/cancellation     ---       5,766        ---           ---             5,766
of restricted stock units
Amortization/cancellation   (7    )  5,793       ---         ---           5,786     
of restricted stock
Balance at December 31,    $ 4,939   117,981     2,419,574   (16,183    )   2,526,311 
2012
                                                                                   
                                                                                   
                                                                                   
Balance at March 31, 2011   $ 5,188     90,204       2,436,736     (18,184    )    2,513,944
Total comprehensive           ---       ---          53,769        (582       )    53,187
income
Stock option activity         2         3,749        ---           ---             3,751
Cash dividends declared                 ---          (38,787   )   ---             (38,787   )
Retirement of common          (74   )   ---          (34,941   )   ---             (35,015   )
stock
Amortization/cancellation   ---     4,144       ---         ---           4,144     
of restricted stock
Balance at December 31,    $ 5,116   98,097      2,416,777   18,766        2,501,224 
2011
                                                                                             
                                                                                             
                                                                                             

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            2012       %      2011     %      2012     %      2011     %      2012     %
thousands)
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.           42,027    14  %   27,839    10  %   106,528   12  %   78,706    10  %   32,051    10  %
Africa
Sub-Saharan     136,427  45  %  118,987  44  %  414,396  46  %  342,652  44  %  149,717  48  %
Africa/Europe
              $ 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        36,143    12  %   26,680    10  %   96,121    11  %   75,889    10  %   32,754    11  %
maintenance
Insurance and    7,381     2   %   3,926     1   %   16,542    2   %   14,597    2   %   3,810     1   %
loss reserves
Fuel, lube        19,553    6   %   17,126    6   %   56,565    6   %   54,887    7   %   19,269    6   %
and supplies
Vessel
operating         3,971     1   %   4,492     2   %   12,866    1   %   13,475    2   %   4,403     1   %
leases
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      $ 124,148  41  %  114,648  42  %  381,181  42  %  302,783  40  %  132,767  43  %
margin (A)
                                                                                                        
                                                                                                        

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 September30, 2012:

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

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 September30,2012, 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.     13,720      4   %    362         <1  %    26,282      3   %    (606    )   (<1 %)   6,280       2   %
Africa
Sub-Saharan      21,171    7   %   25,418    9   %   92,597    10  %   69,273    9   %   44,330    14  %
Africa/Europe
                   58,028      19  %    50,871      19  %    184,448     20  %    115,636     15  %    67,942      22  %
Corporate          (16,712 )   (5  %)   (10,972 )   (4  %)   (39,663 )   (4  %)   (29,854 )   (4  %)   (12,484 )   (4  %)
expenses
Goodwill           ---         ---      ---         ---      ---         ---      (30,932 )   (4  %)   ---         ---
impairment
Gain on asset
dispositions,      99          <1  %    2,496       1   %    2,770       <1  %    13,671      2   %    1,833       1   %
net
Other
operating        (441    )  (<1 %)  (1,204  )  (<1 %)  103       <1  %   (1,350  )  (<1 %)  (94     )  (<1 %)
expenses
Operating        40,974    14  %   41,191    15  %   147,658   16  %   67,171    9   %   57,197    18  %
income (loss)
Foreign
exchange gain      52          <1  %    (1,738  )   (1  %)   (1,170  )   (<1 %)   735         <1  %    529         <1  %
(loss)
Equity in net
earnings of        2,639       1   %    3,482       1   %    8,359       1   %    9,427       1   %    3,357       1   %
unconsolidated
companies
Interest
income and         936         <1  %    347         <1  %    2,783       <1  %    2,303       <1  %    1,128       <1  %
other, net
Interest and
other debt       (7,183  )  (2  %)  (6,027  )  (2  %)  (21,918 )  (2  %)  (14,854 )  (2  %)  (7,148  )  (2  %)
costs
Earnings
(loss) before   $ 37,418    12  %   37,255    14  %   135,712   15  %   64,782    8   %   55,063    18  %
income taxes
                                                                                                                       
                                                                                                                       
                                                                                                                       
                                                                                                                       

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 September30,2012, 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
September30,2012, 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 September30,2012, 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        263      260    261        262      258
vessels
Stacked vessels                 59      81    63        89      65
Total owned or chartered         322      341    324        351      323
vessels
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 September30,2012, 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      Vessels  Cost       12/31/12  12/31/12   Vessels  Cost     12/31/12  12/31/12
type
In thousands, except
number of vessels:
Deepwater platform     15        $ 466,221   70,283     395,938     3         152,342   96,459     55,883
supply vessels
Towing-supply/supply   4           74,892    13,971     60,921      ---       ---       ---        ---
vessels
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      03/13      06/13   09/13   12/13   03/14   Thereafter
type
Deepwater platform       3        1       2       1       3       8
supply vessels
Towing-supply/supply     ---       ---      ---      ---      ---      4
vessels
Crewboats and other    3        1       1       2       ---     ---     
Totals                 6        2       3       3       3       12      
(In thousands)
Expected quarterly    $ 110,394  74,429  87,089  37,207  59,166  167,437 (A)
cash outlay
                                                                       
(A) The $167,437 of ‘Thereafter’ vessel construction obligations is expected to be
paid out during fiscal 2015.

Contact:

Tidewater Inc., New Orleans
Joe Bennett, 504-566-4506
Executive Vice President and Chief Investor Relations Officer
SOURCE: Tidewater Inc.
 
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