Tidewater Inc. · NYSE:TDW
Tidewater — CSFB Energy Summit 2006
73 slides from Tidewater's conference presentation, Feb 9, 2006
Slide 1: CSFB Energy Summit
Joe Bennett - Senior Vice President Jeff Platt - Senior Vice President Exhibit 99.1 CSFB Energy Summit February 2, 2006
Slide 2: Forward-Looking Statements
TIDEWATER 601 Poydras Street, Suite 1900 New Orleans, LA 70130 Phone: 504.568.1010 Fax: 504.566.4580 Web site address: www.tdw.com Email: connect@tdw.com In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that certain statements s
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Slide 4: Being Safe Isn't Easy
BEING SAFE ISN’T EASY
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Slide 8: Lost Time Accidents
18 10 8 9 5 5 4 1 0 4 8 12 16 20 1998 1999 2000 2001 2002 2003 2004 2005 LOST TIME ACCIDENTS
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Slide 12: Fiscal 2005 & Fiscal 2006 to Date Highlights
Continued improvement in safety record – only one offshore LTA in 26.5 million man hours during FY 2005 and none in FY 2006 thus far Continued re-generation of Tidewater with new vessels Improved worldwide operating environment resulting in escalating vessel dayrates and net earnings July 2005 sale
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Slide 16: Hurricanes Katrina and Rita Impact
Operating base in Amelia, La. incurred very little damage – Was fully operational with internet and system connectivity almost immediately thereafter Gulf of Mexico vessels were without damage and completely operational Company personnel accounted for and were temporarily assigned to Amelia and Hous
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Slide 20: Why a Positive Outlook
Favorable commodity prices E&P spending up Rig count up Strong demand (China, India, West Africa, etc.) Growth areas match Tidewater’s locations North Sea activity up Growing financial effect of our “new” fleet Boat sector typically late cycle story Favorable tax changes WHY A POSITIVE OUTLOOK
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Slide 24: Our Strategy
Maintain and grow international market share Continue to improve domestic profitability Renew the fleet & assess opportunities for stacked fleet Be ready for the right acquisition Push dayrates to grow profits and cash flow Maintain financial strength OUR STRATEGY
Slide 25: A Strong Global Presence
North America 64 (17%) Central/ South America 96 (26%) West Africa 121 (33%) Europe/M.E. 39 (11%) Far East 48 (13%) Active Vessel Count By Region (excludes stacked vessels) A STRONG GLOBAL PRESENCE Vessel count above excludes approximately 145 stacked vessels
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Slide 27: Dayrate Utilization
DAYRATE NOILYZITILA
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Slide 30: International Vessel Dayrates and Utilization
12/02 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 INTERNATIONAL VESSEL Dayrates and Utilization 40% 50% 60% 70% 80% $5,000 $5,500 $6,000 $6,500 $7,000 $7,500 $8,000
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Slide 34: International Dayrates
$3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 12/02 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 International Dayrates New Vessels Remaining Vessels
Slide 35: ODS Working PSV Count
ODS Working PSV Count ACS OEM SPCR Sa $0.10 £0.70 Zed 1ozo 00,19 86.70 46.20 96.20 $6.10 £6.70 76.20 16.20 06.10
Slide 36: ODS Working PSV Count
ODS Working PSV Count $0.10 £0.70 zed 1ozo 00,19 86.70 46.20 96.20 $6.10 £6.70 76.20 16.20 | 06,10 juno9 Bry Buppej, sag
Slide 37: ODS Working PSV Count
ODS Working PSV Count $0.10 £0.70 zed 1ozo 00,19 86.70 46.20 96.20 $6.10 £6.70 76.20 16.20 | 06,10 juno9 Bry Buppej, sag
Slide 38: ODS Working Rigs and PSV, USGOM
ODS Working Rigs ODS Working PSV ODS-Petrodata Working Rig & Supply Vessels - USGOM
Slide 39: Dayrate Utilization
DAYRATE NOILYZITILA
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Slide 42: Domestic Vessel Dayrates and Utilization
12/02 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 DOMESTIC VESSEL Dayrates and Utilization 20% 30% 40% 50% 60% 70% 80% $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000
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Slide 46: Domestic Dayrates
$3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 12/02 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 Domestic Dayrates New Vessels Remaining Vessels
Slide 47: The New Face of Tidewater
VS - 486 John P Laborde VS - 480 Miss Jane Tide UT-745 Russell Tide UT-755 Carline Tide 175’ Fast Supply Vessel Bonnette Tide 207’ PSV Lousteau Tide THE NEW FACE OF TIDEWATER
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Slide 49: Why Renew Our Worldwide Fleet
20 442 22 8 26 57 15 88 22 255 9 34 WHY RENEW OUR WORLDWIDE FLEET * Vessel count is inclusive of stacked vessels TOTAL Other Offshore Tugs Crew/Utility Towing Supply/Supply Deepwater Vessels Average Age In years Vessel Count *
Slide 50: Vessel Commitments Post January 2000 Through 12/31/05
124 $1,454m 50 $182m 42 $671m 32 $601m 40 18 1 21 47 32 15 37 26 11 VESSEL COMMITMENTS POST JANUARY 2000 THROUGH 12/31/05 * Excludes Ensco fleet acquisition effected April 1, 2003 TOTALS: Vessels $ Committed Int.l Built Replacements U.S. Built Replacements Deepwater Vessels TOTAL CREW/ OTHER PSV AHT
Slide 51: Fleet Age and Profit Contribution
30% 4 95 0% 0 70% 24 344 100% 19 509 Fiscal 2005 Profit Contribution Average Age Vessel Count Profit Contribution Average Age Vessel Count Vessels built or acquired since January 2000 Vessels built prior to January 2000 Fiscal 2000 FLEET AGE AND PROFIT CONTRIBUTION
Slide 52: Mindful of Industry Fleet Totals
545 600 26 54 307 77 0 100 200 300 400 500 Tidewater Seacor Trico Gulfmark Hornbeck Tidewater Dispositions 227 Sold 43 Scrapped 270 Company Fleet Counts vs. Tidewater Dispositions (last 6 years) MINDFUL OF INDUSTRY FLEET TOTALS * Includes held for sale and joint venture vessels 110 vessels added to
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Slide 58: Earnings Growth Over the Last Year
(1) Exclusive of $31.8 million income tax benefit ($.55 per share) resulting from the American Jobs Creation Act of 2004 (2) Exclusive of $42.8 million after tax gain ($.74 per share) resulting from the sale of six KMAR 404 vessels in July 2005 .50 29 185 35 150 6/30/05 Qtr .34 20 170 29 141 12/31/0
Slide 59: Operating Profits vs Stock Price
International Domestic Stock Price Millions ($20) ($10) $0 $10 $20 $30 $40 $50 $60 $70 12/02 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 OPERATING PROFITS VS STOCK PRICE $0 $10 $20 $30 $40 $50 $60
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Slide 63: American Jobs Creation Act of 2004
(1) Eliminates shipping income from the definition of Sub-Part F income. (2) Effect to Tidewater – Effective April 1, 2005, shipping income of foreign-owned affiliates will not be taxed in the U.S. until actually paid in the form of a dividend. Cash left in ownership of foreign affiliates or reinves
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Slide 67: Current OSX Dividend Yields
0.8% 0.7% 0.8% 1.6% 0.5% 0.6% 0 0.5 1 1.5 2 Schlumberger Halliburton Baker Hughes Global Santa Fe BJ Services Smith International 0.2% Noble Corp CURRENT OSX DIVIDEND YIELDS 1.1% Tidewater
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Slide 71: Future Outlook
$1.78 $3.07 $4.22 FUTURE OUTLOOK *1/22/06 First Call consensus of analysts reporting on Tidewater EPS Fiscal 2005 Actual Fiscal 2006 * Fiscal 2007 *
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Slide 73: CSFB Energy Summit
Joe Bennett - Senior Vice President Jeff Platt - Senior Vice President CSFB Energy Summit February 2, 2006