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## Vessel Count, Dispositions, Acquisitions and Construction Programs 

The average age of the company's 377 owned or chartered vessel fleet at March 31, 2010 is approximately 17.8 years. The average age of the 170 newer vessels that the company acquired or constructed since calendar year 2000 as part of its new build and acquisition program (discussed below) is approximately 5.4 years. The remaining 207 vessels have an average age of 28.0 years. The following table compares the average number of vessels by class and geographic distribution during the years ended March 31 and the actual March 31, 2010 vessel count: 

<img src='content_image/177442.jpg'>

Included in owned or chartered vessels are vessels that were stacked by the company. The company considers a vessel to be stacked if the vessel crew is off hire and limited maintenance is being performed on the vessel. The company reduces operating costs by stacking vessels when management does not foresee adequate marketing possibilities for the vessel in the near future. Vessels are added to this list when market conditions warrant and they are removed from this list when they are returned to active service, sold or otherwise disposed. When economically practical marketing opportunities arise, the stacked vessels can be returned to service by performing any necessary maintenance on the vessel and returning fleet personnel to operate the vessel. Although not currently fulfilling charters, stacked vessels are considered to be in service and are included in the calculation of the company’s utilization statistics. The company had 83, 61 and 53 stacked vessels at March 31, 2010, 2009 and 2008, respectively. The vast majority of vessels stacked at March 31, 2010 are currently being marketed for sale and are not expected to return to the active fleet, primarily due to their mature age. 

Vessels withdrawn from service represent those vessels that management has determined are unlikely to return to active service and are currently marketed for sale. Vessels withdrawn from service are not included in the company’s utilization statistics. 

## Vessel Dispositions 

The company seeks opportunities to sell and/or scrap its older vessels when market conditions warrant and opportunities arise. The majority of the company’s vessels are sold to buyers who do not compete with the company in the offshore energy industry. 

Fiscal 2010 . The company disposed of 70 vessels in fiscal 2010, including 25 anchor handling towing supply vessels, 21 platform supply vessels, 10 crewboats, seven offshore tugs, five utility vessels and two other type vessels. Five of the 70 vessels disposed of were from the U.S. GOM vessel fleet while 61 vessels were from the international fleet. The remaining four vessels were disposed of from vessels previously withdrawn from service. Six of the platform supply vessels that were disposed of were sold and leased back by subsidiaries of the company during fiscal 2010. A complete discussion regarding the sale/leaseback transactions is disclosed in the Note 9 of Notes to Consolidated Financial Statements. 

