Tidewater Reports First Quarter Results For Fiscal 2018
NEW ORLEANS, Aug. 8, 2017 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a first quarter net loss for the period ended June 30, 2017, of $524.4 million, or $11.13 per common share, on revenues of $115.1 million. For the same quarter last year, net loss was $89.1 million, or $1.89 per common share, on revenues of $167.9 million. The immediately preceding quarter ended March 31, 2017, had a net loss of $94.9 million, or $2.01 per common share, on revenues of $160.7 million.
Included in the net loss for the quarter ended June 30, 2017 were the following:
-- $313.2 million ($313.2 million after-tax, or $6.65 per share) of
reorganization items related to the Company's Chapter 11 proceedings.
-- $163.4 million ($163.4 million after-tax, or $3.47 per share) in
non-cash asset impairment charges that resulted from impairment reviews
undertaken during the June 2017 quarter.
-- $11.9 million ($11.9 million after-tax, or $0.25 per share) of debt
renegotiation expenses were incurred in the quarter, which includes $6.7
million classified as general and administrative expenses and $5.2
million classified as reorganization items.
-- $1.2 million ($1.2 million after-tax, or $0.02 per share) of foreign
exchange losses resulting primarily from the strengthening 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 June 30, 2016 were the following:
-- $36.9 million ($36.1 million after-tax, or $0.77 per share) in non-cash
asset impairment charges that resulted from impairment reviews
undertaken during the June 2016 quarter.
-- $2.7 million ($2.6 million after-tax, or $0.06 per share) of foreign
exchange losses, most notably the devaluation of Nigerian nairas
relative to the U.S. dollar.
-- $1.1 million ($1.1 million after-tax, or $0.02 per share) of foreign
exchange losses which is included in Equity in net losses of
unconsolidated companies and related to our Angola joint venture,
Sonatide.
Included in the net loss for the preceding 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 after consideration of
noncontrolling interests, or $0.67 per share) of revenue related to the
early termination of a long-term vessel charter contract.
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 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, seeking approval of a prepackaged plan of restructuring.
On July 31, 2017, the company and its affiliated chapter 11 debtors emerged from bankruptcy after successfully completing its reorganization pursuant to the Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater and its Affiliated Debtors, that was confirmed on July 17, 2017 by the United States Bankruptcy Court for the District of Delaware.
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-Q, which is expected to be filed with the SEC shortly after the issuance of this press release.
The company will not be hosting an earnings conference call to discuss first quarter fiscal 2018 financial results. However, we expect to resume holding quarterly earnings conference calls to report our second quarter fiscal 2018 financial results.
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.
(Debtor-in-Possession)
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
June 30,
--------
2017 2016
---- ----
Revenues:
Vessel revenues $112,257 162,430
Other operating
revenues 2,849 5,495
--------------- ----- -----
115,106 167,925
------- -------
Costs and expenses:
Vessel operating costs 83,773 108,874
Costs of other
operating revenues 1,585 3,903
General and
administrative 33,059 37,047
Vessel operating leases 5,542 8,441
Depreciation and
amortization 36,287 44,552
Gain on asset
dispositions, net (3,189) (5,643)
Asset impairments 163,423 36,886
----------------- ------- ------
320,480 234,060
------- -------
Operating loss (205,374) (66,135)
Other income
(expenses):
Foreign exchange loss (1,157) (2,733)
Equity in net earnings
(losses) of
unconsolidated
companies 4,517 (1)
Interest income and
other, net 1,680 1,176
Reorganization items (313,176) -
Interest and other debt
costs, net (10,605) (16,954)
----------------------- ------- -------
(318,741) (18,512)
-------- -------
Loss before income
taxes (524,115) (84,647)
Income tax expense 295 3,996
------------------ --- -----
Net loss $(524,410) (88,643)
Less: Net income
attributable to
noncontrolling
interests 24 454
---------------- --- ---
Net loss attributable
to Tidewater Inc. $(524,434) (89,097)
--------------------- --------- -------
Basic loss per common
share $(11.13) (1.89)
===================== ======= =====
Diluted loss per common
share $(11.13) (1.89)
======================= ======= =====
Weighted average common
shares outstanding 47,121,304 47,067,715
Dilutive effect of
stock options and
restricted stock - -
------------------ --- ---
Adjusted weighted
average common shares 47,121,304 47,067,715
====================== ========== ==========
TIDEWATER INC.
(Debtor-in-Possession)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and par value data)
June 30, March 31,
ASSETS 2017 2017
------ ---- ----
Current assets:
Cash and cash equivalents $683,778 706,404
Trade and other receivables,
net 116,612 123,262
Due from affiliate 252,810 262,652
Marine operating supplies 31,097 30,560
Other current assets 34,619 18,409
-------------------- ------ ------
Total current assets 1,118,916 1,141,287
-------------------- --------- ---------
Investments in, at equity,
and advances to
unconsolidated companies 49,216 45,115
Net properties and equipment 2,659,314 2,864,762
---------------------------- --------- ---------
Other assets 92,134 139,535
------------ ------ -------
Total assets $3,919,580 4,190,699
============ ========== =========
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $35,087 31,599
Accrued expenses 63,155 78,121
Due to affiliate 121,037 132,857
Accrued property and
liability losses 2,758 3,583
Current portion of long-term
debt 10,106 2,034,124
Other current liabilities 28,029 48,429
------------------------- ------ ------
Total current liabilities 260,172 2,328,713
------------------------- ------- ---------
Long-term debt 80,863 -
Deferred income taxes - 46,013
Accrued property and
liability losses 2,776 10,209
Other liabilities and
deferred credits 60,382 154,705
Liabilities subject to
compromise 2,389,557 -
Commitments and Contingencies
Equity:
Common stock of $0.10 par
value, 125,000,000 shares
authorized, issued
47,121,304 shares at June
30, 2017 and 47,121,304
shares at March 31, 2017 4,712 4,712
Additional paid-in capital 165,516 165,221
Retained earnings 950,895 1,475,329
Accumulated other
comprehensive loss (10,258) (10,344)
------------------- ------- -------
Total stockholders' equity 1,110,865 1,634,918
Noncontrolling interests 14,965 16,141
------------------------ ------ ------
Total equity 1,125,830 1,651,059
Total liabilities and equity $3,919,580 4,190,699
============================ ========== =========
TIDEWATER INC.
(Debtor-in-Possession)
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
(In thousands)
Three Months Ended
June 30,
--------
2017 2016
---- ----
Net loss $(524,410) (88,643)
Other comprehensive
income:
Unrealized gains on
available for sale
securities, net of tax of
$0 and $0 86 161
Amortization of loss on
derivative contract, net
of tax of $0 and $0 - 71
------------------------- --- ---
Total comprehensive loss $(524,324) (88,411)
======================== ========= =======
TIDEWATER INC.
(Debtor-in-Possession)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Three Months Ended
June 30,
--------
2017 2016
---- ----
Operating activities:
Net loss $(524,410) (88,643)
Adjustments to reconcile
net loss to net cash
provided by operating
activities:
Reorganization items 308,011 -
Depreciation and
amortization 36,287 44,552
Provision for deferred
income taxes (5,543) -
Gain on asset dispositions,
net (3,189) (5,643)
Asset impairments 163,423 36,886
Equity in earnings (losses)
of unconsolidated
companies, less dividends (4,101) 108
Compensation expense -
stock-based 326 1,536
Changes in assets and
liabilities, net:
Trade and other receivables 6,650 26,414
Changes in due to/from
affiliate, net (1,978) 5,947
Marine operating supplies (514) 1,288
Other current assets (16,210) (4,147)
Accounts payable 3,488 4,613
Accrued expenses 8,603 (19,993)
Accrued property and
liability losses (825) 289
Other current liabilities 2,644 (6,814)
Other liabilities and
deferred credits 1,251 (3,212)
Other, net 2,724 (4,084)
---------- ----- ------
Net cash used in operating
activities (23,363) (10,903)
-------------------------- ------- -------
Cash flows from investing
activities:
Proceeds from sales of
assets 608 1,234
Additions to properties and
equipment (1,627) (7,578)
Payments related to novated
vessel construction
contract 5,272 -
Refunds from cancelled
vessel construction
contracts - 11,515
---------------------- --- ------
Net cash provided by
investing activities 4,253 5,171
--------------------- ----- -----
Cash flows from financing
activities:
Principal payment on long-
term debt (2,316) (2,324)
Other (1,200) (1,722)
----- ------ ------
Net cash used in financing
activities (3,516) (4,046)
-------------------------- ------ ------
Net change in cash and cash
equivalents (22,626) (9,778)
Cash and cash equivalents
at beginning of period 706,404 678,438
------------------------- ------- -------
Cash and cash equivalents
at end of period $683,778 668,660
========================= ======== =======
Supplemental disclosure of
cash flow information:
Cash paid during the period
for:
Interest, net of amounts
capitalized $433 26,733
Income taxes $3,611 11,006
Supplemental disclosure of
non-cash investing
activities:
Additions to properties and
equipment $ - 2,537
=========================== === === =====
TIDEWATER INC.
(Debtor-in-Possession)
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, 2017 $4,712 165,221 1,475,329 (10,344) 16,141 1,651,059
Total comprehensive loss - - (524,434) 86 24 (524,324)
Stock option expense - 293 - - - 293
Amortization of restricted stock units - 2 - - - 2
Cash paid to noncontrolling interests - - - - (1,200) (1,200)
------------------------------------- --- --- --- --- ------ ------
Balance at June 30, 2017 $4,712 165,516 950,895 (10,258) 14,965 1,125,830
======================== ====== ======= ======= ======= ====== =========
Balance at March 31, 2016 $4,707 166,604 2,135,075 (6,866) 6,034 2,305,554
Total comprehensive loss - - (89,097) 232 454 (88,411)
Stock option activity - 277 - - - 277
Cancellation of restricted stock awards - - 192 - - 192
Amortization/cancellation of restricted stock units - 1,383 - - - 1,383
--------------------------------------------------- --- ----- --- --- --- -----
Balance at June 30, 2016 $4,707 168,264 2,046,170 (6,634) 6,488 2,218,995
======================== ====== ======= ========= ====== ===== =========
The company's vessel revenues and vessel operating costs and the related percentage of total vessel revenues for the quarters ended June 30, 2017 and 2016 and for the quarter ended March 31, 2017, were as follows:
Quarter
Quarter Ended Ended
June 30, March 31,
-------- ---------
(In thousands) 2017 % 2016 % 2017 %
------------- ---- --- ---- --- ---- ---
Vessel revenues:
Americas (A) $31,887 28% 60,608 37% 80,533 51%
Asia/Pacific 4,627 4% 7,921 5% 5,951 4%
Middle East 23,139 21% 24,202 15% 20,727 13%
Africa/Europe 52,604 47% 69,699 43% 49,694 32%
------------- ------ --- ------ --- ------ ---
Total vessel revenues $112,257 100% 162,430 100% 156,905 100%
===================== ======== === ======= === ======= ===
Vessel operating costs:
Crew costs $42,210 38% 55,888 34% 41,829 27%
Repair and maintenance 13,844 12% 16,529 10% 17,074 11%
Insurance and loss reserves 3,124 3% 6,996 4% (1,767) (1%)
Fuel, lube and supplies 9,428 8% 10,772 7% 9,279 6%
Other 15,167 14% 18,689 12% 14,430 9%
----- ------ --- ------ --- ------ ---
Total vessel operating costs 83,773 75% 108,874 67% 80,845 52%
Vessel operating margin (B) $28,484 25% 53,556 33% 76,060 48%
========================== ======= === ====== === ====== ===
Note (A): Included in Americas vessel revenue for the quarter ended March 31, 2017 is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.
Note (B): The following table reconciles vessel operating margin as presented above to vessel operating profit (loss) for the quarters ended June 30, 2017 and 2016 and for the quarter ended March 31, 2017:
Quarter
Quarter Ended Ended
June 30, March 31,
-------- ---------
(In thousands) 2017 2016 2017
------------- ---- ---- ----
Vessel operating
margin (C) $28,484 53,556 76,060
General and
administrative
expenses -vessel
operations (18,002) (25,916) (19,445)
Vessel operating
leases (5,542) (8,441) (8,443)
Depreciation and
amortization -
vessel operations (34,892) (42,441) (36,173)
------------------ ------- ------- -------
Vessel operating
profit (loss) $(29,952) (23,242) 11,999
================ ======== ======= ======
Note (C): Included in vessel operating margin for the quarter ended March 31, 2017 is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.
The company's other operating profit (loss) for the quarters ended June 30, 2017 and 2016 and for the quarter ended March 31, 2017, consists of the following:
Quarter
Quarter Ended Ended
June 30, March 31,
-------- ---------
(In thousands) 2017 2016 2017
------------- ---- ---- ----
Other operating
revenues $2,849 5,495 3,844
Costs of other marine
revenues (1,585) (3,903) (2,689)
General and
administrative
expenses -other
operating activities (355) (638) (525)
Depreciation and
amortization -other
operating activities (854) (1,381) (855)
--------------------- ---- ------ ----
Other operating
profit (loss) $55 (427) (225)
=============== === ==== ====
The company's operating loss and other components of loss before income taxes and the related percentage of total revenues for the quarters ended June 30, 2017 and 2016 and for the quarter ended March 31, 2017, were as follows:
Quarter Ended Quarter Ended
June 30, March 31,
-------- ---------
(In thousands) 2017 % 2016 % 2017 %
------------- ---- --- ---- --- ---- ---
Vessel operating profit (loss):
Americas (D) $(15,699) (14%) (4,326) (3%) 30,618 19%
Asia/Pacific (4,782) (4%) (5,574) (3%) (3,358) (2%)
Middle East 3,466 3% (33) (<1%) (2,806) (2%)
Africa/Europe (12,937) (11%) (13,309) (8%) (12,455) (8%)
------------- ------- ---- ------- --- ------- ---
(29,952) (26%) (23,242) (14%) 11,999 7%
Other operating profit (loss) 55 <1% (427) (<1%) (225) (<1%)
---------------------------- --- --- ---- ---- ---- ----
(29,897) (26%) (23,669) (14%) 11,774 7%
Corporate general and administrative expenses (E) (14,702) (13%) (10,493) (6%) (21,757) (14%)
Corporate depreciation (541) (<1%) (730) (1%) (564) (<1%)
---------------------- ---- ---- ---- --- ---- ----
Corporate expenses (15,243) (13%) (11,223) (7%) (22,321) (14%)
Gain on asset dispositions, net 3,189 3% 5,643 3% 6,064 3%
Asset impairments (163,423) (142%) (36,886) (21%) (64,857) (40%)
----------------- -------- ----- ------- ---- ------- ----
Operating loss $(205,374) (178%) (66,135) (39%) (69,340) (43%)
-------------- --------- ----- ------- ---- ------- ----
Foreign exchange gain (loss) (1,157) (1%) (2,733) (2%) 664 <1%
Equity in net earnings (losses) of unconsolidated companies 4,517 4% (1) (<1%) 2,841 2%
Interest income and other, net 1,680 1% 1,176 1% 1,588 1%
Reorganization items (F) (313,176) (272%) - - - -
Interest and other debt costs, net (10,605) (9%) (16,954) (10%) (21,008) (13%)
---------------------------------- ------- --- ------- ---- ------- ----
Loss before income taxes $(524,115) (455%) (84,647) (50%) (85,255) (53%)
======================== ========= ===== ======= ==== ======= ====
Note (D): Americas segment vessel operating profit for the quarter ended March 31, 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 for the quarters ended June 30, 2017 and 2016 and for the quarter ended March 31, 2017 include $6.7 million, $3.9 million and $16.8 million, respectively, of costs associated with debt renegotiations. Costs associated with debt renegotiations were classified as general and administrative expenses through our chapter 11 Petition Date of May 17, 2017. Subsequent to the Petition Date, $5.2 million of costs associated with debt renegotiations were classified as reorganization items.
Note (F): Reorganization items of $313.2 million which are comprised of (i) the lessors' claims reserve of $323.6 million plus leasehold improvements to vessels underlying sale leaseback transactions of $1.7 million, partially offset by the recognition of remaining deferred gains of $105.9 million and accrued liabilities associated with the recognition of lease expense on a straight-line basis of $11.3 million, (ii) $94.8 million of make-whole claims on the Senior Notes and $5.1 of debt issue costs and (iii) professional fees associated with the restructuring incurred subsequent to the Petition Date of $5.2 million.
The company's revenues, days-based vessel utilization percentages and average day rates by vessel class and in total for the quarters ended June 30, 2017 and 2016 and for the quarter ended March 31, 2017, were as follows:
Quarter
Quarter Ended Ended
June 30, March 31,
-------- ---------
2017 2016 2017
---- ---- ----
REVENUE BY
VESSEL CLASS
(In
thousands):
-------------
Americas
fleet:
--------
Deepwater (G) $17,313 40,387 62,831
Towing-supply 11,274 16,879 14,738
Other 3,300 3,342 2,964
Total $31,887 60,608 80,533
Asia/Pacific
fleet:
------------
Deepwater $1,154 2,590 1,138
Towing-supply 3,473 5,331 4,813
Other - - -
Total $4,627 7,921 5,951
Middle East
fleet:
-----------
Deepwater $9,547 6,038 8,295
Towing-supply 13,592 18,164 12,432
Other - - -
Total $23,139 24,202 20,727
Africa/Europe
fleet:
-------------
Deepwater $22,158 33,289 23,032
Towing-supply 27,019 27,917 22,794
Other 3,427 8,493 3,868
Total $52,604 69,699 49,694
Worldwide
fleet:
---------
Deepwater $50,172 82,304 95,296
Towing-supply 55,358 68,291 54,777
Other 6,727 11,835 6,832
Total $112,257 162,430 156,905
===== ======== ======= =======
Note (G): Included in Americas fleet deepwater revenue for the quarter ended March 31, 2017 is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.
Quarter
Quarter Ended Ended
June 30, March 31,
-------- ---------
2017 2016 2017
---- ---- ----
UTILIZATION:
------------
Americas fleet:
---------------
Deepwater 23.4% 41.8 29.7
Towing-supply 36.4 41.6 41.8
Other 50.0 48.0 45.7
Total 30.3% 42.5 35.2
Asia/Pacific fleet:
-------------------
Deepwater 10.4% 10.2 9.1
Towing-supply 27.1 53.3 34.4
Other - - -
Total 21.3% 33.5 24.7
Middle East fleet:
------------------
Deepwater 89.0% 58.8 79.7
Towing-supply 86.8 67.7 71.4
Other - - -
Total 87.5% 65.9 74.2
Africa/Europe fleet:
--------------------
Deepwater 51.7% 54.7 53.6
Towing-supply 51.7 46.4 42.1
Other 31.3 52.1 31.0
Total 45.6% 51.0 42.5
Worldwide fleet:
----------------
Deepwater 41.1% 44.4 42.6
Towing-supply 50.9 51.6 46.9
Other 33.9 50.2 32.8
Total 44.0% 48.6 42.6
===== ==== ==== ====
Quarter
Quarter Ended Ended
June 30, March 31,
-------- ---------
2017 2016 2017
---- ---- ----
AVERAGE
VESSEL
DAY
RATES:
-------
Americas
fleet:
--------
Deepwater
(H) $19,869 25,480 57,311
Towing-
supply 15,959 16,917 17,816
Other 9,071 8,507 9,015
Total $16,423 20,368 35,756
Asia/
Pacific
fleet:
--------
Deepwater $12,686 22,039 12,641
Towing-
supply 6,489 6,595 7,640
Other - - -
Total $7,389 8,555 8,265
Middle
East
fleet:
-------
Deepwater $9,564 15,468 9,643
Towing-
supply 7,826 10,167 8,214
Other - - -
Total $8,460 11,117 8,732
Africa/
Europe
fleet:
-------
Deepwater $11,482 15,840 11,763
Towing-
supply 13,040 15,085 13,940
Other 3,265 4,713 3,652
Total $10,413 12,112 10,682
Worldwide
fleet:
---------
Deepwater $12,897 19,622 23,797
Towing-
supply 10,961 12,546 11,893
Other 4,759 5,392 4,922
Total $10,842 13,727 15,693
===== ======= ====== ======
Note (H): Included in Americas fleet deepwater average day rates for the quarter ended March 31, 2017 is $39.1 million of revenue related to the 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 for the quarter ended March 31, 2017.
The company's average number of vessels by class and geographic distribution for the quarters ended June 30, 2017 and 2016 and for the quarter ended March 31, 2017:
Quarter
Quarter Ended Ended
June 30, March 31,
2017 2016 2017
Americas fleet:
---------------
Deepwater 41 42 41
Towing-supply 21 26 22
Other 8 9 8
----- --- --- ---
Total 70 77 71
Less stacked vessels 35 30 34
-------------------- --- --- ---
Active vessels 35 47 37
-------------- --- --- ---
Asia/Pacific fleet:
-------------------
Deepwater 10 13 11
Towing-supply 22 17 20
Other 1 1 1
----- --- --- ---
Total 33 31 32
Less stacked vessels 24 17 24
-------------------- --- --- ---
Active vessels 9 14 8
-------------- --- --- ---
Middle East fleet:
------------------
Deepwater 12 7 12
Towing-supply 22 29 24
Other - - -
----- --- --- ---
Total 34 36 36
Less stacked vessels 1 6 -
-------------------- --- --- ---
Active vessels 33 30 36
-------------- --- --- ---
Africa/Europe fleet:
--------------------
Deepwater 41 42 41
Towing-supply 44 44 43
Other 37 38 38
----- --- --- ---
Total 122 124 122
Less stacked vessel 49 34 54
------------------- --- --- ---
Active vessels 73 90 68
-------------- --- --- ---
Active owned or chartered vessels 150 181 149
Stacked vessels 109 87 112
--------------- --- --- ---
Total owned or chartered vessels 259 268 261
Joint-venture and other 8 9 8
----------------------- --- --- ---
Total 267 277 269
===== === === ===
Note (I): Included in total owned or chartered vessels at June 30, 2017 and 2016 and at March 31, 2017, were 115, 89 and 111 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 June 30, 2017:
(In
thousands,
except
vessel
count) Number of Total Cost Invested Remaining
Vessels Through Balance
6/30/17 6/30/17
--- ------- -------
Vessels
under
construction
(J):
Deepwater
PSV 1 $53,639 47,452 6,187
--------- --- ------- ------ -----
Total
vessel
commitments 1 $53,639 47,452 6,187
=========== === ======= ====== =====
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 $6.2 million in unfunded capital commitments associated with one vessel under construction at June 30, 2017.
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SOURCE Tidewater Inc.
