from the termination of the company’s Venezuelan operations and to an approximate eight percentage point  reduction in total worldwide utilization. The company’s Venezuelan operations contributed $11.3 million of  revenues during fiscal 2010 as compared to $61.6 million of revenues contributed during fiscal 2009. Vessel  revenues generated by the company’s international segment decreased approximately $160.9 million, or  13%, during fiscal 2010 compared to fiscal 2009, while the vessel revenues generated by the U.S. segment  decreased approximately $57.3 million, or 39%, during the same comparative periods. Other marine  revenues decreased approximately 12%, or $4.0 million, during the same comparative periods. International  segment vessel operating costs decreased approximately 5%, or $27.4 million, while the company’s U.S.  segment vessel operating costs decreased approximately 34%, or $28.2 million, during fiscal 2010 as  compared to fiscal 2009. The company reduced its vessel operating costs in reaction to the contraction in  spending by our customers. Costs of other marine revenues decreased approximately 6%, or $1.9 million,  during the same comparative periods. A significant portion of the company's operations continue to be  conducted internationally, therefore, the company’s international vessel operations continue to be the  primary driver of its earnings. Revenues generated from international vessel operations, as a percentage of  the company’s total vessel revenues, was 92% during fiscal 2010 compared to 89% during fiscal 2009.  At March 31, 2010, the company had 377 owned or chartered vessels (excluding joint-venture vessels and  vessels withdrawn from service) in its fleet with an average age of 17.8 years. The average age of  170 newer vessels that have been acquired or constructed since calendar year 2000 as part of the  company’s new build and acquisition program is 5.4 years. The remaining 207 vessels have an average age  of 28.0 years. During fiscal 2010 and 2009, the company's newer vessels generated $770.5 million and  $712.0 million, respectively, of consolidated revenues and accounted for 79% and 59%, respectively, of total  vessel margin (vessel revenues less vessel operating expenses less vessel depreciation of $76.2 million  and $64.4 million, respectively), while the traditional vessels generated $367.7 million and $644.3 million of  the consolidated revenues during the same comparative periods, respectively, and accounted for the  remaining 21% and 41% of total vessel margin, respectively. Vessel depreciation on the company’s  traditional vessels was $50.6 million and $58.0 million, respectively, during the same comparative periods.  International Segment Operations . Internationally based vessel revenues decreased $160.9 million, or  13%, during fiscal 2010 as compared to fiscal 2009, primarily due to an approximate seven percentage  point decrease in utilization rates on vessels operating in international markets, reflecting weaker demand  for the company’s vessels. Average day rates for internationally based vessels increased a relatively  modest 2% during fiscal 2010 as compared to fiscal 2009. Higher average day rates for internationally  based vessels reflect a change in the mix of vessels operating during fiscal 2010 compared to fiscal 2009.  Leading edge day rates have generally been declining across vessel classes; however, the impact of this  decline on average day rate statistics was mitigated by a change in the mix of vessels that were working in  fiscal 2010 relative to fiscal 2009. In particular, the company stacked a number of traditional vessels in fiscal  2010 and the traditional vessels generally earn lower day rates than newer vessels. As a result, the average  working vessel in fiscal 2010 earned a higher day rate than the average working vessel in fiscal 2009. In  addition, the company’s revenues decreased during the comparative periods because of the loss of revenue  from the seizure of its Venezuelan operations. The company’s Venezuelan operations contributed  $11.3 million of revenues during fiscal 2010 as compared to $61.6 million of revenues contributed during  fiscal 2009. During fiscal 2010, the company continued to stack and remove from its internationally based active fleet  vessels that could not find attractive charter hire contracts. At the beginning of fiscal 2010, the company had  46 internationally based stacked vessels. During fiscal 2010, the company stacked 52 additional vessels,  sold 32 vessels from the previously stacked vessel fleet, and returned to international service three vessels,  resulting in a total of 63 internationally based stacked vessels as of March 31, 2010. Vessel utilization rates  are calculated by dividing the number of days a vessel works by the number of days the vessel is available  to work. Stacked internationally based vessels depressed international utilization rates during the comparative periods because stacked vessels are considered available to work, and as such, are included  in the calculation of utilization rates. The company’s towing supply/supply class of vessels were responsible for approximately 95%, or  $153.1 million, of the loss in revenue during fiscal 2010 as compared to fiscal 2009, primarily due to a  decrease in the number of towing-supply/supply vessels operating in the international market because of  vessel sales, the seizure of vessels by the Venezuelan government, and because of lower utilization rates  resulting from weaker demand for the company vessels that continued to operate internationally. The  company’s crew/utility class of vessels were responsible for approximately 10%, or $16.5 million, of the loss  -35- 