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Tidewater News

Tidewater Reports Third Quarter Results For Fiscal 2017

NEW ORLEANS, Feb. 7, 2017 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a third quarter net loss for the period ended December 31, 2016, of $297.7 million, or $6.32 per common share, on revenues of $129.2 million. For the same quarter last year, net loss was $19.5 million, or $0.42 per common share, on revenues of $218.2 million. The immediately preceding quarter ended September 30, 2016, had a net loss of $178.5 million, or $3.79 per common share, on revenues of $143.7 million.

Included in the net loss for the quarter ended December 31, 2016 were the following:

  • $253.4 million ($253.4 million after-tax, or $5.38 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the December 2016 quarter.
  • $3.0 million ($3.0 million after-tax, or $0.06 per share) of foreign exchange gains resulting primarily from the weakening of the Norwegian kroner on liabilities relative to the U.S. dollar.

Included in the net loss for the prior fiscal year's quarter ended December 31, 2015 were the following:

  • $15.1 million ($12.3 million after-tax, or $0.26 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the December 2015 quarter.
  • $4.1 million ($4.1 million after-tax, or $0.09 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 preceding quarter ended September 30, 2016 were the following:

  • $129.6 million ($129.6 million after-tax, or $2.75 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the September 2016 quarter.
  • $2.5 million ($2.2 million after-tax, or $0.05 per share) of foreign exchange losses resulting primarily from the strengthening of the Norwegian kroner on liabilities relative to the U.S. dollar.
  • $0.6 million ($0.6 million after-tax, or $0.01 per share) of foreign exchange gains which is included in Equity in net earnings (losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.

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.)

Status of Discussions with Lenders and Noteholders

The decrease in oil and gas prices that began in the second half of fiscal 2015 and continued throughout fiscal 2016 has led to materially lower levels of spending for offshore exploration and development by the company's customers globally. In addition, newly constructed vessels have been delivered over the last several years, exacerbating weak vessel utilization. With reduced demand for offshore support vessels along with a higher number of newer generation vessels, the company has experienced a significant decline in the utilization of its vessels, average day rates received and vessel revenue. The company has implemented a number of significant cost reduction measures to mitigate the effects of significantly lower vessel revenue and, given the currently challenging offshore support vessel market and business outlook, continues its efforts to reduce its operating costs and preserve its liquidity.

At June 30, 2016, September 30, 2016 and December 31, 2016, the company did not meet the 3.0x minimum interest coverage ratio covenant (the "minimum interest coverage ratio requirement") contained in its Revolving Credit and Term Loan Agreement ("Bank Loan Agreement"), the Troms Offshore Debt and the 2013 Senior Note Agreement (the "2013 Note Agreement"). Failure to meet the minimum interest coverage ratio requirement would have resulted in covenant noncompliance; however, as discussed in more detail below, limited waivers were received. Without these limited waivers, the respective lenders and/or the noteholders would have had the ability to declare the company to be in default of the Bank Loan Agreement, the Troms Offshore Debt and/or the 2013 Note Agreement, as applicable, and accelerate the indebtedness thereunder, the effect of which would be to likewise cause the company's other Senior Notes, which were issued in 2010 and 2011, to be in default.

The company's bank loans and its notes are linked together by cross-default provisions, such that if either the lenders or the noteholders declare the loans or notes to be in default, the other indebtedness likewise will be in default, and all of the debt at that time may be accelerated if the majority of lenders or noteholders under the respective debt agreements elect to accelerate. If the company is not in compliance with covenants set forth in the agreements evidencing these debt obligations, and such non-compliance is not waived, then the holders of a majority of loans may declare the bank loans to be in default, and the holders of a majority in principal amount of any of the three classes of the company's notes may declare that class of notes to be in default. In such event, all of our indebtedness would be accelerated, and the company will not have sufficient liquidity to repay those accelerated amounts. The decision as to whether to accelerate the debt upon the company's non-compliance with the debt covenants lies with the lenders and noteholders.

The company continues to be actively engaged with its lenders and noteholders with respect to the potential restructuring of the company's various debt arrangements. It is the goal of the company that any new debt arrangements would provide the company with both sufficient liquidity and a covenant package that will allow the company to operate its business under current market conditions and until those conditions improve without a material risk of a future default of its debt agreements. However, no assurance can be given that these restructuring negotiations will be successfully concluded. Moreover, under all three of the most likely scenarios - a restructuring of the company's indebtedness outside of bankruptcy; a negotiated restructuring of the company's indebtedness under the protection of Chapter 11 of the United States Bankruptcy Code; or a Chapter 11 reorganization in the absence of a negotiated restructuring - it is likely that the shareholders' ownership interests will, at a minimum, be significantly diluted.

In order for the company, its lenders and its noteholders to reach agreement on the terms of restructured debt arrangements, the company expects that it will have to provide collateral to secure some or all of the Bank Loan Agreement, the Troms Offshore Debt and the Senior Notes, reduce the overall level of its indebtedness to its lenders and noteholders, accept a reduction in total borrowing capacity, pay a higher rate of interest, and issue some form of equity or equity linked instruments to the lenders and noteholders that would substantially reduce the ownership interest of the shareholders.

The company has previously reported that the report of the company's independent registered public accounting firm that accompanied the company's audited consolidated financial statements for the fiscal year ended March 31, 2016 (the "audit opinion") contained an explanatory paragraph regarding the company's ability to continue as a going concern.  The inability of the company to obtain a clean audit opinion was an independent event of default under the Bank Loan Agreement and the Troms Offshore Debt that, in the absence of a waiver, would have allowed the lenders to accelerate the indebtedness thereunder, the effect of which would have been to likewise cause all of the company's Senior Notes to be in default. 

As previously reported, the company was able to obtain limited waivers from the necessary lenders which waived the unqualified audit opinion requirement and/or waived the minimum interest coverage ratio requirement until January 27, 2017. The most recent limited waiver, which took effect on January 27, 2017, has extended the waiver of the unqualified audit opinion requirement and/or waived the minimum interest coverage ratio requirement until March 3, 2017.

The company's unaudited condensed consolidated financial statements as of and for the quarter and nine months ended December 31, 2016 were prepared assuming the company would continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business for the twelve month period following the issuance date of these consolidated financial statements.

Tidewater will hold a conference call to discuss December quarterly earnings on Wednesday, February 8, 2017, at 10:00 a.m. Central time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405 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 8, 2017, and will continue until 11:59 p.m. Central time on February 10, 2017. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 44214294.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, (http://www.tdw.com). The online replay will be available until March 8, 2017.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the Company involve numerous risks and uncertainties that may cause the Company's actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Risk Factors" section of Tidewater's recent Forms 10-Q and 10-K.

Tidewater is the leading provider of Offshore Service Vessels (OSVs) to the global energy industry.

Note: all per-share amounts are stated on a diluted basis.

Financial information is displayed on the next page.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

(Unaudited)

(In thousands, except share and per share data)










Quarter Ended



Nine Months Ended




December 31,



December 31,




2016



2015



2016



2015


Revenues:

















Vessel revenues


$

125,120




212,908




426,911




775,352


Other operating revenues



4,095




5,283




13,951




19,536





129,215




218,191




440,862




794,888


Costs and expenses:

















Vessel operating costs



82,358




125,094




278,326




462,987


Costs of other operating revenues



2,714




3,778




10,040




15,624


General and administrative



34,151




35,598




104,152




116,837


Vessel operating leases



8,441




8,441




25,323




25,325


Depreciation and amortization



41,302




45,422




129,699




137,058


Gain on asset dispositions, net



(6,139)




(5,883)




(18,035)




(19,345)


Asset impairments



253,422




15,141




419,870




61,771


Restructuring charge












7,586





416,249




227,591




949,375




807,843


Operating loss



(287,034)




(9,400)




(508,513)




(12,955)


Other income (expenses):

















Foreign exchange gain (loss)



2,970




(469)




(2,302)




(3,758)


Equity in net earnings (losses) of unconsolidated companies



1,557




(1,710)




2,869




(7,070)


Interest income and other, net



1,437




609




3,605




1,754


Interest and other debt costs, net



(18,587)




(13,312)




(54,018)




(39,741)





(12,623)




(14,882)




(49,846)




(48,815)


Loss before income taxes



(299,657)




(24,282)




(558,359)




(61,770)


Income tax (benefit) expense



(2,884)




(4,679)




4,680




16,996


Net Loss


$

(296,773)




(19,603)




(563,039)




(78,766)


Less: Net income (loss) attributable to noncontrolling interests



903




(94)




2,224




(370)


Net loss attributable to Tidewater Inc.


$

(297,676)




(19,509)




(565,263)




(78,396)


Basic loss per common share


$

(6.32)




(0.42)




(12.01)




(1.67)


Diluted loss per common share


$

(6.32)




(0.42)




(12.01)




(1.67)


Weighted average common shares outstanding



47,068,079




46,943,705




47,067,887




46,956,041


Dilutive effect of stock options and restricted stock













Adjusted weighted average common shares



47,068,079




46,943,705




47,067,887




46,956,041


 

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)










December 31,



March 31,


ASSETS


2016



2016


Current assets:









Cash and cash equivalents


$

649,804




678,438


Trade and other receivables, net



174,335




228,113


Due from affiliate



287,592




338,595


Marine operating supplies



30,720




33,413


Other current assets



22,053




44,755


Total current assets



1,164,504




1,323,314


Investments in, at equity, and advances to unconsolidated companies



42,516




37,502


Properties and equipment:









Vessels and related equipment



4,204,048




4,666,749


Other properties and equipment



77,880




92,065





4,281,928




4,758,814


Less accumulated depreciation and amortization



1,272,521




1,207,523


Net properties and equipment



3,009,407




3,551,291


Other assets



98,772




71,686


Total assets


$

4,315,199




4,983,793











LIABILITIES AND EQUITY









Current liabilities:









Accounts payable


$

50,754




49,130


Accrued expenses



67,412




91,611


Due to affiliate



132,836




187,971


Accrued property and liability losses



3,574




3,321


Current portion of long-term debt



2,036,060




2,045,516


Other current liabilities



50,274




74,825


Total current liabilities



2,340,910




2,452,374


Deferred income taxes



56,375




34,841


Accrued property and liability losses



11,113




9,478


Other liabilities and deferred credits



159,237




181,546











Commitments and Contingencies


















Equity:









Common stock of $0.10 par value, 125,000,000 shares authorized, issued 47,068,450 shares at December 31, 2016 and 47,067,715 shares at March 31, 2016



4,707




4,707


Additional paid-in capital



171,018




166,604


Retained earnings



1,570,027




2,135,075


Accumulated other comprehensive loss



(6,446)




(6,866)


Total stockholders' equity



1,739,306




2,299,520


Noncontrolling Interests



8,258




6,034


Total equity



1,747,564




2,305,554


Total liabilities and equity


$

4,315,199




4,983,793


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(In thousands)










Quarter Ended



Nine Months Ended




December 31,



December 31,




2016



2015



2016



2015


Net loss


$

(296,773)




(19,603)




(563,039)




(78,766)


Other comprehensive income (loss):

















Unrealized gains (losses) on available for sale securities, net of tax of $0, $0, $0 and $0



(73)




212




207




(467)


Amortization of loss on derivative contract, net of tax of $0, $0, $0 and $0



70




180




213




538


Change in other benefit plan minimum liability, net of tax of $0, $0, $0 and $0












70


Total comprehensive loss


$

(296,776)




(19,211)




(562,619)




(78,625)


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)







Nine Months Ended




December 31,




2016



2015


Operating activities:









Net loss


$

(563,039)




(78,766)


Adjustments to reconcile net loss to net cash provided by operating activities:









Depreciation and amortization



129,699




137,058


Provision for deferred income taxes






192


Gain on asset dispositions, net



(18,035)




(19,345)


Asset impairments



419,870




61,771


Equity in earnings (losses) of unconsolidated companies, less dividends



(2,551)




22,087


Compensation expense - stock-based



4,166




9,960


Changes in assets and liabilities, net:









Trade and other receivables



53,778




38,726


Changes in due to/from affiliate, net



(4,132)




68,177


Marine operating supplies



2,693




9,786


Other current assets



(6,065)




1,711


Accounts payable



1,341




6,862


Accrued expenses



(27,954)




(51,068)


Accrued property and liability losses



253




(226)


Other current liabilities



(22,798)




(17,239)


Other liabilities and deferred credits



(4,541)




2,406


Other, net



(3,014)




(699)


Net cash provided by (used in) operating activities



(40,329)




191,393


Cash flows from investing activities:









Proceeds from sales of assets



12,333




8,218


Additions to properties and equipment



(17,144)




(152,225)


Refunds from cancelled vessel construction contracts



25,565




36,190


Net cash provided by (used in) investing activities



20,754




(107,817)


Cash flows from financing activities:









Principal payment on long-term debt



(7,337)




(109,163)


Debt borrowings






31,338


Cash dividends






(35,378)


Other



(1,722)




(961)


Net cash used in financing activities



(9,059)




(114,164)


Net change in cash and cash equivalents



(28,634)




(30,588)


Cash and cash equivalents at beginning of period



678,438




78,568


Cash and cash equivalents at end of period


$

649,804




47,980


Supplemental disclosure of cash flow information:









Cash paid during the period for:









Interest, net of amounts capitalized


$

62,469




47,608


Income taxes


$

24,749




38,208


Supplemental disclosure of non-cash investing activities:









Additions to properties and equipment


$

5,330




146


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)







































Accumulated
















Additional







other



Non








Common



paid-in



Retained



comprehensive



controlling








stock



capital



earnings



loss



interest



Total


Balance at March 31, 2016


$

4,707




166,604




2,135,075




(6,866)




6,034




2,305,554


Total comprehensive loss









(565,263)




420




2,224




(562,619)


Stock option activity






877













877


Cancellation of restricted stock awards









215










215


Amortization/cancellation of restricted stock units






3,537













3,537


Balance at December 31, 2016


$

4,707




171,018




1,570,027




(6,446)




8,258




1,747,564



























Balance at March 31, 2015


$

4,703




159,940




2,330,223




(20,378)




6,227




2,480,715


Total comprehensive loss









(78,396)




141




(370)




(78,625)


Stock option activity






609













609


Cash dividends declared ($.75 per share)









(34,965)










(34,965)


Amortization of restricted stock units



1




7,843













7,844


Amortization/cancellation of restricted stock awards



(7)




361













354


Balance at December 31, 2015


$

4,697




168,753




2,216,862




(20,237)




5,857




2,375,932


 

The company's vessel revenues and vessel operating costs and the related percentage of total vessel revenues for the quarters and the nine-month periods ended December 31, 2016 and 2015 and for the quarter ended September 30, 2016, were as follows:

 







Quarter




Quarter Ended


Nine Months Ended


Ended




December 31,


December 31,


September 30,


(In thousands)


2016

%

2015

%


2016

%

2015

%


2016

%


Vessel revenues:

























Americas


$

45,577


36%


75,963


36%



159,310


37%


279,345


36%



53,125


38%


Asia/Pacific



5,586


4%


19,144


9%



19,617


5%


79,254


10%



6,110


4%


Middle East (A)



20,647


17%


26,256


12%



68,323


16%


87,193


11%



23,474


17%


Africa/Europe (A)



53,310


43%


91,545


43%



179,661


42%


329,560


43%



56,652


41%


Total vessel revenues


$

125,120


100%


212,908


100%



426,911


100%


775,352


100%



139,361


100%


Vessel operating costs:

























Crew costs


$

43,384


35%


71,270


33%



148,642


35%


247,670


32%



49,370


35%


Repair and maintenance



13,214


10%


14,811


7%



43,183


10%


80,593


10%



13,440


10%


Insurance and loss reserves



2,142


2%


1,689


1%



11,775


2%


9,815


1%



2,637


2%


Fuel, lube and supplies



7,782


6%


16,369


8%



28,730


7%


51,626


7%



10,176


7%


Other



15,836


13%


20,955


10%



45,996


11%


73,283


10%



11,471


8%


Total vessel operating costs



82,358


66%


125,094


59%



278,326


65%


462,987


60%



87,094


62%


Vessel operating margin (B)


$

42,762


34%


87,814


41%



148,585


35%


312,365


40%



52,267


38%


 

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 nine-month periods ended December 31, 2016 and 2015 and for the quarter ended September 30, 2016:

 









Quarter




Quarter Ended



Nine Months Ended



Ended




December 31,



December 31,



September 30,


(In thousands)


2016



2015



2016



2015



2016


Vessel operating margin


$

42,762




87,814




148,585




312,365




52,267


General and administrative expenses - vessel operations



(20,608)




(27,686)




(68,861)




(88,994)




(22,337)


Vessel operating leases



(8,441)




(8,441)




(25,323)




(25,325)




(8,441)


Depreciation and amortization - vessel operations



(39,882)




(42,424)




(124,232)




(128,001)




(41,909)


Vessel operating profit (loss)


$

(26,169)




9,263




(69,831)




70,045




(20,420)


 

The company's other operating profit (loss) for the quarters and nine-month periods ended December 31, 2016 and 2015 and for the quarter ended September 30, 2016, consists of the following:

 









Quarter




Quarter Ended



Nine Months Ended



Ended




December 31,



December 31,



September 30,


(In thousands)


2016



2015



2016



2015



2016


Other operating revenues


$

4,095




5,283




13,951




19,536




4,361


Costs of other marine revenues



(2,714)




(3,778)




(10,040)




(15,624)




(3,423)


General and administrative expenses - other operating activities



(410)




(762)




(1,659)




(2,747)




(611)


Depreciation and amortization - other operating activities



(855)




(1,369)




(3,575)




(4,285)




(1,339)


Other operating profit (loss)


$

116




(626)




(1,323)




(3,120)




(1,012)


 

The company's operating loss and other components of loss before income taxes and the related percentage of total revenues for the quarters and nine-month periods ended December 31, 2016 and 2015 and for the quarter ended September 30, 2016, were as follows:

 


Quarter Ended


Nine Months Ended


Quarter Ended



December 31,


December 31,


September 30,


(In thousands)

2016


%


2015


%


2016


%


2015


%


2016


%


Vessel operating profit (loss):































Americas (C)

$

(6,242)



(5%)



9,289



4%



(11,745)



(3%)



41,940



5%



(1,177)



(1%)


Asia/Pacific (C)


(5,586)



(4%)



(3,796)



(2%)



(17,256)



(4%)



4,122



1%



(6,096)



(4%)


Middle East


(2,782)



(2%)



650



1%



(1,890)



(<1%)



4,898



1%



925



1%


Africa/Europe


(11,559)



(9%)



3,120



1%



(38,940)



(9%)



19,085



2%



(14,072)



(10%)




(26,169)



(20%)



9,263



4%



(69,831)



(16%)



70,045



9%



(20,420)



(14%)


Other operating profit (loss)


116



<1%



(626)



(<1%)



(1,323)



(<1%)



(3,120)



(<1%)



(1,012)



(1%)




(26,053)



(20%)



8,637



4%



(71,154)



(16%)



66,925



9%



(21,432)



(15%)

































Corporate general and administrative expenses


(13,133)



(10%)



(7,150)



(3%)



(33,632)



(8%)



(25,096)



(3%)



(10,006)



(7%)


Corporate depreciation


(565)



(1%)



(1,629)



(1%)



(1,892)



(<1%)



(4,772)



(1%)



(597)



(<1%)


Corporate expenses


(13,698)



(11%)



(8,779)



(4%)



(35,524)



(8%)



(29,868)



(4%)



(10,603)



(7%)

































Gain on asset dispositions, net


6,139



5%



5,883



2%



18,035



4%



19,345



2%



6,253



4%


Asset impairments


(253,422)



(196%)



(15,141)



(6%)



(419,870)



(95%)



(61,771)



(7%)



(129,562)



(90%)


Restructuring charge














(7,586)



(1%)






Operating loss

$

(287,034)



(222%)



(9,400)



(4%)



(508,513)



(115%)



(12,955)



(1%)



(155,344)



(108%)


Foreign exchange gain (loss)


2,970



2%



(469)



(<1%)



(2,302)



(1%)



(3,758)



(1%)



(2,539)



(2%)


Equity in net earnings (losses) of unconsolidated companies


1,557



1%



(1,710)



(1%)



2,869



<1%



(7,070)



(1%)



1,313



1%


Interest income and other, net


1,437



1%



609



<1



3,605



1%



1,754



<1%



992



1%


Interest and other debt costs, net


(18,587)



(14%)



(13,312)



(6%)



(54,018)



(12%)



(39,741)



(5%)



(18,477)



(13%)


Loss before income taxes

$

(299,657)



(232%)



(24,282)



(11%)



(558,359)



(127%)



(61,770)



(8%)



(174,055)



(121%)


 

Note (C): Nine months ended December 31, 2015 figures exclude restructuring charges of $3.6 million ($3.4 million crew costs and $0.2 million other) and $4.0 million (crew costs) related to our Americas and Asia/Pacific segments, respectively, which were incurred during the quarter ended September 30, 2015.

The company's revenues, day-based vessel utilization percentages and average day rates by vessel class and in total for the quarters and nine-month periods ended December 31, 2016 and 2015 and for the quarter ended September 30, 2016, were as follows: 

 



















Quarter




Quarter Ended



Nine Months Ended



Ended




December 31,



December 31,



September 30,




2016



2015



2016



2015



2016


REVENUE BY VESSEL CLASS (In thousands):





















Americas fleet:





















Deepwater


$

30,846




49,792




108,503




191,720




37,270


Towing-supply



11,905




22,254




41,823




75,890




13,039


Other



2,826




3,917




8,984




11,735




2,816


Total


$

45,577




75,963




159,310




279,345




53,125


Asia/Pacific fleet:





















Deepwater


$

1,652




13,267




6,114




56,535




1,872


Towing-supply



3,934




5,877




13,503




22,719




4,238


Other
















Total


$

5,586




19,144




19,617




79,254




6,110


Middle East fleet:





















Deepwater


$

6,953




5,359




19,979




17,800




6,988


Towing-supply



13,694




20,897




48,344




69,393




16,486


Other
















Total


$

20,647




26,256




68,323




87,193




23,474


Africa/Europe fleet:





















Deepwater


$

21,748




42,692




79,342




165,327




24,305


Towing-supply



26,087




36,084




79,938




120,995




25,934


Other



5,475




12,769




20,381




43,238




6,413


Total


$

53,310




91,545




179,661




329,560




56,652


Worldwide fleet:





















Deepwater


$

61,199




111,110




213,938




431,382




70,435


Towing-supply



55,620




85,112




183,608




288,997




59,697


Other



8,301




16,686




29,365




54,973




9,229


Total


$

125,120




212,908




426,911




775,352




139,361


UTILIZATION:





















Americas fleet:





















Deepwater



32.1%




53.6




37.4




66.5




38.1


Towing-supply


36.4




48.9




38.7




56.7




37.5


Other



37.0




60.4




39.8




50.7




34.1


Total



34.0%




52.7




38.1




60.7




37.5


Asia/Pacific fleet:





















Deepwater



7.7%




40.6




8.5




48.4




7.8


Towing-supply


42.5




62.6




46.6




71.7




44.2


Other
















Total



26.2%




51.0




29.1




59.0




27.7


Middle East fleet:





















Deepwater



74.7%




62.7




69.8




61.6




73.4


Towing-supply


58.7




68.0




62.3




75.0




60.8


Other
















Total



62.5%




67.1




64.0




72.7




63.8


Africa/Europe fleet:





















Deepwater



42.9%




53.7




47.2




61.9




44.0


Towing-supply


47.4




58.1




45.5




61.9




42.7


Other


37.6




72.9




44.1




72.8




42.8