Tidewater Inc. · NYSE:TDW
Tidewater — Merger or Acquisition (March 2022)
15 slides from Tidewater's merger presentation, March 2022
Slide 1: Swire Pacific Offshore Acquisition
Swire Pacific Offshore Acquisition Investor Presentation March 2022 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: Transaction Summary
Transaction Summary ▪ Tidewater Inc. (“TDW” or the “Company”) has entered into a definitive agreement to acquire Swire Pacific Offshore Holdings Limited (“SPO”) from a subsidiary of Swire Pacific Limited (“SPL”) for total consideration of approximately $190 million ▪ SPL will receive a combination o
Slide 4: Strategic Rationale
Strategic Rationale ▪ Combination of TDW’s 124 PSVs and AHTSs (collectively, “OSVs”) and SPO’s fleet of 50 OSVs creates the world’s largest OSV operator with Largest Global OSV a fleet of 174 OSVs Operator ▪ SPO’s fleet of 50 OSVs consists of 29 AHTS and 21 PSVs, all of which are currently active ▪
Slide 5: SPO Fleet Overview
SPO Fleet Overview Total Fleet - 50 Vessels Europe - 1 OSV 21 29 AHTS PSV 1 Americas - 1 OSV West Africa - 25 OSVs 2 Middle East / AsiaPac West- 23 OSVs- 48 Vessels Africa 4 4 3 5 36 6 3 11 8 15 1 5 4 3 3 8 Legend 3 Locations Note: Reflects only PSVs and AHTSs; total SPO fleet of 51 acquired, includ
Slide 6: Global Footprint in All Major Offshore Regions
Global Footprint in All Major Offshore Regions Total Fleet - 174 OSVs Europe - 29 OSVs 63 1 3 111 8 17 PSV AHTS Americas - 34 OSVs 1 2 3 11 Middle EastWest / AsiaPac - 61 Africa OSVs - 48 Vessels 4 West Africa - 50 OSVs 2 310 5 5 3 4 5 6 3 9 11 12 15 12 16 18 12 8 Legend 3 SPO Locations 7 3 Note: Re
Slide 7: Leading Global OSV Operator with Youngest Fleet
Leading Global OSV Operator with Youngest Fleet OSV Vessel Count and Fleet Age Profile 200 18 174 180 16 160 149 14 143 140 124 12 120 109 10 Years OSVs 100 75 8 80 59 6 60 51 50 50 47 46 38 38 4 40 20 2 0 0 PF Bourbon Edison Tidewater COSL Solstad Hornbeck Vroon P&O Swire Vallianz Harvey Hai Duong
Slide 8: Largest Market Capitalization & Lowest Leverage in Sector
Largest Market Capitalization & Lowest Leverage in Sector $966 $777 $190 $161 $145 $142 $68 $64 $42 $12 $9 Pro Forma Market Capitalization Net Debt 3% 7% 47% 59% 68% 70% 81% 100% 93% 94% 97% 97% 93% 53% 41% 32% 30% 19% 6% 3% 7% Pro Forma 8 tdw.com Note: Market capitalization for SPO reflected as pur
Slide 9: Successful Historical G&A Synergy Realization…
Successful Historical G&A Synergy Realization… Strong Track Record of Synergy Identification and Execution… and Driving Additional Efficiencies in Larger Platforms Evolution of Tidewater G&A Targeted Synergies Additional Synergies Tidewater Efficiencies ✓ Rationalized duplicative shore based ✓ Launc
Slide 10: … Demonstrates Track Record to Achieve Targeted Synergies
… Demonstrates Track Record to Achieve Targeted Synergies Meaningful G&A and Opex Synergies Identified to Drive Value of Combined Fleet Pro Forma 2021 Combined Core Fleet EBITDA post-Synergy Realization Targeted G&A Synergies Targeted Opex Synergies ✓ Duplicative shore based and ✓ Connect onshore fu
Slide 11: Significant Earnings Leverage and Free Cash Generation
Significant Earnings Leverage and Free Cash Generation Free Cash Flow Conversion (%) (1) 61% 77% 84% 87% 90% 91% 91% $800 $700 $668 $96 $600 $96 USD in Millions $500 $96 $400 $96 $96 $300 $18.5k day rate $103 $200 scenario in-line with $86 2014 realized day rate $20 $25 $100 $41 $0 2021 Core Targete
Slide 12: SPO Acquisition Enhances West African OSV Fleet…
SPO Acquisition Enhances West African OSV Fleet… West Africa Market - PSV Status Pro Forma Tidewater PSV Status West Africa OSV Fleet by Deck Size by Deck Size 10 70 120 8 60 100 6 50 80 40 4 30 60 2 20 40 10 Flight to 0 20 0 >700 <700 >700 <700 0 Vessel … and Active Stacked Quality in Tidewater SPO
Slide 13: … And is Additive to Middle East Footprint and Provides Expansion
… And is Additive to Middle East Footprint and Provides Significant Expansion Into Southeast Asia Market MENA/SEAsia Market - PSV Pro Forma Tidewater PSV Status MENA/SEAsia OSV Fleet Status by Deck Size by Deck Size 500 12 70 10 60 400 … with 50 8 300 6 Tidewater’s 40 4 Combined Fleet 30 200 20 2 Po
Slide 14: Pro Forma Fleet Composition and Age Profile
Pro Forma Fleet Composition and Age Profile Pro Forma Fleet Composition and Age Profile SPO Fleet Overview Tidewater Fleet Overview Pro Forma Tidewater Fleet Overview PSVs PSVs PSVs Deck Size Vessel Count Average Age Deck Size Vessel Count Average Age Deck Size Vessel Count Average Age 2 2 2 <700m 3
Slide 15: Highlights
Highlights ▪ Largest global OSV operator ▪ Meaningful G&A and opex synergy realization opportunities ▪ Strong balance sheet and liquidity profile ▪ Significant earnings leverage in a recovering offshore market ▪ Geographic enhancement and expansion ▪ Fleet high-grading ▪ Well-positioned to pursue ad