Tidewater Inc. · NYSE:TDW
Tidewater — UBS Global Energy Virtual Conference 2021
19 slides from Tidewater's conference presentation, May 25, 2021
Slide 1: Company Update
Company Update UBS Global Energy Virtual Conference May 25, 2021 tdw.com
Slide 2: Forward-looking Statements
Forward-looking Statements In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater Inc. (the “Company”) notes that certain statements set forth in this presentation contain certain forward-looking statements which reflect our current view with
Slide 3: 1Q 2021 Highlights
1Q 2021 Highlights Transformation successful, generating Free Cash Flow tdw.com
Slide 4: Demonstrating Through-Cycle Resilience
Demonstrating Through-Cycle Resilience Resilient Cash Disciplined Capital Focused on Flow Generation Allocation Carbon Reduction § Free cash flow § Drydocking plans § Achieving material positive for Q1 and scaled back for 2020; emissions reductions the trailing 12 months $20 million planned through
Slide 5: Recent Awards
Recent Awards 2020 Shipowner of 2021 Customer Satisfaction for 2021 Customer Satisfaction for the Year Services Provided Health, Safety & Environment 5 tdw.com
Slide 6: ESG
ESG Committed to sustainability, onshore and offshore tdw.com
Slide 7: Committed to Sustainability
Committed to Sustainability Environment Social Governance § Continued operational efficiency § Achieved the best safety § Operating ethically with a zero improvements and reduced performance in company history tolerance to bribery is core to emissions through fuel and in 2020 with more than 17 our b
Slide 8: Inaugural Sustainability Report Published
Inaugural Sustainability Report Published § Tidewater’s first comprehensive and stand-alone sustainability report presenting the company’s ESG performance, along with its management approach to material sustainability topics now available on the company website: www.tdw.com/sustainability/sustainabi
Slide 9: Financial & Operational Highlights
Financial & Operational Highlights Low leverage with a strategically-located modern fleet tdw.com
Slide 10: Industry-Leading Low Leverage with a Modern Fleet
Industry-Leading Low Leverage with a Modern Fleet Market Cap and Leverage 1 Tidewater Fleet NBV ($mm)2 $700 120% $1,000 97% 99% $600 86% 100% $800 82% Active Stacked $500 $637 80% 60% $600 $400 60% $300 Market Cap. $400 5% (US$mm) 40% $200 $200 $105 $100 20% $8 $0 0% $0 Deepwater Towing Supply Other
Slide 11: Fleet High-Grading Ongoing
Fleet High-Grading Ongoing Changes to Tidewater Fleet End Q1 2020 to End Q1 2021 Fleet Optimization Status 300 12% 250 208 31 200 11 17% 38 166 Deepwater 150 21 20 Towing Supply 19% 100 32 166 Other 149 177 114 24% Vessels 59% Active 50 Stacked AHFS 0 69% as of 3/31/20 Disposed Acquired as of 3/31/2
Slide 12: Active Fleet Leveraged to Growth Areas
Active Fleet Leveraged to Growth Areas Total fleet average age is 5 years younger than the Active Fleet global fleet 114 Vessels Tidewater’s is the third- North Sea & youngest fleet of the top Mediterranean 10 OSV owners globally - 20 Deepwater Average Age 10.6 Years Americas Middle East - 16 Deepwa
Slide 13: The Strongest Balance Sheet in the Sector
The Strongest Balance Sheet in the Sector Condensed Balance Sheet as of March 31, 2021 Assets $mm Liabilities & Equity $mm Cash and equivalents 131,858 Current portion of debt 18,201 Other current assets 231,884 Other current liabilities 154,447 Current assets 363,742 Current liabilities 172,648 Pro
Slide 14: The Strongest Balance Sheet in the Sector
The Strongest Balance Sheet in the Sector Debt Outstanding ($ thousands) March 31, 2021 December 31, 2020 Secured notes: 8.0% senior secured notes due Aug 2022 135,210 147,049 Troms Offshore borrowings: NOK denominated notes due May 2024 5,981 5,954 NOK denominated notes due Jan 2026 7,339 14,559 US
Slide 15: Market Status
Market Status Positioned for growth tdw.com
Slide 16: Global OSV Dayrate Development
Global OSV Dayrate Development $25,000 $20,000 $15,000 $10,000 $5,000 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Average OSV Day Rates Average Tidewater
Slide 17: OSV Demand & Supply
OSV Demand & Supply Market pressure to persist into 2022 4,000 3,500 3,000 AG R 2,500 7% C 2,000 1,500 1,000 500 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Supply O&G Demand Win d Demand Source: Clarksons Platou Research and Rystad Energy VesselCube, 17 tdw.com March 2021; exclude
Slide 18: Tidewater Locations
Tidewater Locations Tidewater’s Vision To be the global leader in the offshore industry by providing, in the most cost-efficient manner possible, unmatched support and exceptional local service to our customers, utilizing the safest, most highly skilled workforce. • Global Presence • 172 Vessels • 5
Slide 19: Thank you
‘|’ TIDEWATER Thank you tdw.com
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