Tidewater Inc. · NYSE:TDW
Tidewater — Shareholder Meeting (August 2008)
51 slides from Tidewater's shareholder meeting presentation, Aug 4, 2008
Slide 1: Fiscal 2008 Annual Stockholders Meeting
July 31, 2008 Exhibit 99.1 Fiscal 2008 Annual Fiscal 2008 Annual Stockholders Meeting Stockholders Meeting July 31, 2008 “Strength in Numbers” “Strength in Numbers”
Slide 2: Forward-Looking Statements
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that certain statements set forth in this presentation provide other than historical information and are forward looking. The actual achievement of any forecasted results, or the
Slide 3: Our Workplace
OUR WORKPLACE OUR WORKPLACE
Slide 4: Safety Record Rivals Leading Companies
2001 2002 2003 2004 2005 2006 Calendar Years TIDEWATER DOW CHEMICAL DUPONT EXXON/MOBIL BP 2007 0.00 0.25 0.50 0.75 1.00 SAFETY RECORD RIVALS SAFETY RECORD RIVALS LEADING COMPANIES LEADING COMPANIES Total Recordable Incident Rates Total Recordable Incident Rates Calendar Years
Slide 5: Why a Continued Positive Outlook?
Very favorable commodity price environment Worldwide E&P spending up 20% in 2008 (Lehman Bros.) More vessels needed - High rig utilization - New rigs (~187) & FPSO’s (~85) on the way - Strong seismic and construction markets Largest new fleet in the industry Traditional vessels earning excellent ret
Slide 6: International Presence Driving Earnings
Five decades of international experience Growing industry’s largest internationally diverse fleet Continue to grow international presence Higher utilization and dayrates for new & traditional vessels For Fiscal 2008, Int’l was 87% of revenues & 93% of profits 2008 Int’l E&P spending up faster than o
Slide 7: Tidewater Today: International Presence Driving Earnings
90% International 10% Domestic (vs. 57% International and 43% Domestic ten years ago) Active Vessel Count By Region (excludes stacked vessels) North America 37 (10%) (10%) Central/South America 100 (27%) (27%) West Africa 147 (40%) (40%) Far East 49 (13%) (13%) Europe/M.E. 36 (10%) (10%) 90% Interna
Slide 8: International Vessel Dayrates
Growth Total Dayrate Growth from FY‘04 +71%, New vessels +81%, Traditional vessels +44% 0% 10% 20% 30% 40% 50% 60% 70% 80% Fiscal 2005 Fiscal 2006 Fiscal 2007 Fiscal 2008 INTERNATIONAL INTERNATIONAL VESSEL DAYRATES VESSEL DAYRATES Growth Total Dayrate Growth from FY‘04 +71%, New vessels +81%, Tradit
Slide 9: Domestic Vessel Dayrates
0% 20% 40% 60% 80% 100% 120% 140% Fiscal 2005 Fiscal 2006 Fiscal 2007 Fiscal 2008 Total Growth Percentage From FY’04 through FY’08 Total Growth 136% DOMESTIC VESSEL DOMESTIC VESSEL DAYRATES DAYRATES Total Growth Percentage From FY’04 through FY’08 Total Growth 136%
Slide 10: New Vessel / Traditional Vessel Profitability
*Vessel pre-tax profits are defined as vessel revenue less vessel operating costs less vessel depreciation. $0 $100 $200 $300 Fiscal 2004 Fiscal 2005 Fiscal 2006 Fiscal 2007 Fiscal 2008 New Vessels Pre-Tax Profits Traditional Vessels Pre-Tax Profits NEW VESSEL / TRADITIONAL NEW VESSEL / TRADITIONAL
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Slide 14: Largest New Fleet in the Industry
0 100 200 300 400 500 Active Fleet Dispositions * Net vessels added to the fleet since January 2000, including 49 vessels under construction at 3/31/08. * Since 4/01/05, 28 vessels have been scrapped and 115 have been sold. * Total fleet count excludes 53 stacked vessels. Out With the Old – In With
Slide 15: Superior Operating Capabilities Drive Our Competitive Advantage
– Safety-oriented culture – Deep knowledge of customer needs – Worldwide market presence (over 60 countries) – Long-term relationships with operators (Over 200 customers – NOC’s / IOC’s / Independents) – Most new vessels in industry – Wide range of equipment types SUPERIOR OPERATING SUPERIOR OPERATI
Slide 16: Fleet Renewal: New Construction Commitments
FLEET RENEWAL: FLEET RENEWAL: NEW CONSTRUCTION COMMITMENTS NEW CONSTRUCTION COMMITMENTS
Slide 17: New Construction: Vessels by Shipyard Location
2 2 12 4 7 22 NEW CONSTRUCTION NEW CONSTRUCTION Vessels by Shipyard Location Vessels by Shipyard Location ( As of March 31, 2008) ( As of March 31, 2008) Total 49 Total 49
Slide 18: New Construction: Deepwater Vessels
6 AHTSV’s 18 PSV’s NEW CONSTRUCTION NEW CONSTRUCTION 6 AHTSV’s 18 PSV’s DEEPWATER VESSELS DEEPWATER VESSELS
Slide 19: New Construction: Replacement Fleet
12 AHTSV’s 6 PSV’s 2 FSV’s NEW CONSTRUCTION NEW CONSTRUCTION 12 AHTSV’s 6 PSV’s REPLACEMENT FLEET REPLACEMENT FLEET 2 FSV’s
Slide 20: New Construction: Crewboats and Offshore Tugs
2 Tugs 2 FCS’s NEW CONSTRUCTION NEW CONSTRUCTION CREWBOATS and OFFSHORE TUGS CREWBOATS and OFFSHORE TUGS 2 Tugs 2 FCS’s
Slide 21: New Construction: Deliveries by Quarter
24 6 8 5 4 2 TOTALS 2 1 Offshore Tugs 2 Crewboat – 53’ FCS 1 1 175’ FSV 3 1 2 Replacement PSV 1 1 5 4 1 Replacement AHTSV 13 2 3 Deepwater PSV 5 1 Deepwater AHTSV Beyond 6/09 3/09 12/08 9/08 6/08 Vessel Class and Type Quarter Period Ended NEW CONSTRUCTION NEW CONSTRUCTION DELIVERIES by QUARTER DELIV
Slide 22: New Construction: Vessels by Shipyard Location
2 2 10 4 7 34 NEW CONSTRUCTION NEW CONSTRUCTION Vessels by Shipyard Location Vessels by Shipyard Location ( As of July 31, 2008) ( As of July 31, 2008) Total 59 Total 59
Slide 23: Vessel Namings in FY2008
Chester Dalfrey - Captain Dalfrey Tide Luis Fonseca – Purchasing Manager Fonseca Tide Jay Allison – Director Allison Tide Robert Brewster – Operations Manager Brewster Tide Jo Lynn Lewis – Operations Assistant Jo Lynn Tide Nicholas Sutton – Director Sutton Tide David Smith – Regional Finance Directo
Slide 24: Fiscal 2008 Financial Report
FISCAL 2008 FISCAL 2008 FINANCIAL REPORT FINANCIAL REPORT
Slide 25: Fiscal 2007
No. 1 FISCAL FISCAL 2007 2007 No. 1
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Slide 27: Fiscal 2008: A New Record (or not?)
FISCAL FISCAL 2008 2008 A New Record A New Record (or not?) (or not?)
Slide 28: Fiscal 2008 Financial Highlights
Stock Price at Year End Stockholders’ Equity Capital Expenditures Net Cash from Operations Earnings Per Share Net Earnings Revenues (000’s omitted, except per share data) FISCAL 2008 FISCAL 2008 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS $55.11 $55.11 Stock Price at Year End $1,930,084 $1,930,084 Sto
Slide 29: Fiscal 2008 vs Fiscal 2007
$58.58 Stock Price at Year End $1,886,010 Stockholders’ Equity $235,182 Capital Expenditures $435,095 Net Cash from Operations $6.31 Earnings Per Share $356,646 Net Earnings $1,125,260 Revenues 2007 (000's omitted, except per share data) FISCAL 2008 vs FISCAL 2007 FISCAL 2008 vs FISCAL 2007 $80.00 $
Slide 30: Significant Earnings Growth
58% Four-Year Compounded Annual Earnings Growth Rate $1.03 $1.78 $3.33 $5.94 ** EPS in Fiscal 2004 is exclusive of the $.30 per share after tax impairment charge. EPS in Fiscal 2006 is exclusive of the $.74 per share after tax gain from the sale of six KMAR vessels. EPS in Fiscal 2007 is exclusive o
Slide 31: Goals & Objectives
Renew Fleet Maintain Financial Strength Deliver Results GOALS & OBJECTIVES GOALS & OBJECTIVES Consistent Over Last Several Years Consistent Over Last Several Years Renew Fleet Maintain Financial Strength Deliver Results
Slide 32: Growth During FY2008
49* $950,000,000* $228,000,000 Vessels under construction: Number Cost Funded thru March 31 19 New vessels delivered *Does not include an additional net 12 vessels contracted thru June 30, 2008, at a cost of $258 million. GROWTH DURING FY2008 GROWTH DURING FY2008
Slide 33: Returning Value to Shareholders
Repurchase authority available from 7/1/07 through 6/30/08 of $250 MM completed by mid May 2008 Since 8/05, have repurchased 9.5 MM shares for $516.2 MM, ($54.57 per share) Dividend declaration increased from $.15/share/quarter to $.25/share/quarter effective with 6/08 quarterly dividend Current 1.6
Slide 34: Balance Sheet
$ 300 Total Debt 300 Senior Notes Debt 0 Revolver Debt $ 2,649 Total Liabilities & Equity 1,886 Stockholders’ Equity 616 Other Liabilities 147 Current Liabilities $ 2,649 Total Assets 435 Other Assets 1,482 PP&E 338 Other Current Assets $ 394 Cash March 2007 (millions of dollars) BALANCE SHEET BALAN
Slide 35: Fiscal 2008 Recap: New Records and Highs
Earnings on EPS basis Revenue Cash provided by operating activities Stock price New construction order book Expectations for the future FISCAL 2008 RECAP FISCAL 2008 RECAP NEW RECORDS AND HIGHS NEW RECORDS AND HIGHS
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Slide 37: Deliver Results, Renew the Fleet, Maintain Financial Strength
Deliver Results Renew The Fleet – Expanded Emphasis Maintain Financial Strength
Slide 38: Fiscal 2008: A New Record (or not?)
FISCAL FISCAL 2008 2008 A New Record A New Record (or not?) (or not?)
Slide 39: TDW Legacy
LOOSE – LOOSE – TOE’S TOE’S TDW LEGACY TDW LEGACY 12,000 12,000 13,200 13,200
Slide 40: Fiscal 2008 Annual Stockholders Meeting
July 31, 2008 Fiscal 2008 Annual Fiscal 2008 Annual Stockholders Meeting Stockholders Meeting July 31, 2008 “Strength in Numbers” “Strength in Numbers”
Slide 41: Service Recognition
Steve Dick Steve Dick 35 Year Service Recognition 35 Year Service Recognition
Slide 42: Working Around the World
Working Around Working Around the World the World
Slide 43: Accepting Tidewater Awards
Accepting Accepting Tidewater Awards Tidewater Awards
Slide 44: Fun Time
Fun Time Fun Time
Slide 45: Put Me In Coach!
Put Me In Coach! Put Me In Coach!
Slide 46: Keith Lousteau Retiring
J. Keith Lousteau J. Keith Lousteau Retiring after 31 Years Retiring after 31 Years
Slide 47: The Working Man
The The Working Working Man Man
Slide 48: The Working Man
The The Working Working Man Man
Slide 49: The Family Man
The Family Man The Family Man
Slide 50: The Family Man
The The Family Man Family Man
Slide 51: Good Friends and Colleagues
Good Friends Good Friends and Colleagues and Colleagues