Tidewater Inc. · NYSE:TDW
Tidewater — Pareto Securities 28th Energy Conference 2021
19 slides from Tidewater's conference presentation, September 2021
Slide 1: Pareto Securities 28th Energy Conference
Pareto Securities 28th Energy Conference September 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: Q2 2021 Highlights
Q2 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 Q2 and scaled back for 2020; emissions reductions the trailing 12 months $24 million planned through
Slide 5: Recent Awards
Recent Awards 2020 Shipowner of 2021 Customer Satisfaction for 2021 Customer Satisfaction for the Year Services Provided Health, Safety & Environment 5 tdw.com
Slide 6: ESG
ESG Committed to sustainability, onshore and offshore tdw.com
Slide 7: Committed to Sustainability
Committed to Sustainability Environment Social Governance ▪ Continued operational efficiency ▪ Achieved the best safety ▪ Operating ethically with a zero improvements and reduced performance in company history tolerance to bribery is core to emissions through fuel and in 2020 with more than 17 our b
Slide 8: Inaugural Sustainability Report Published
Inaugural Sustainability Report Published ▪ Tidewater’s first comprehensive and stand-alone sustainability report presenting the company’s ESG performance, along with its management approach to material sustainability topics now available on the company website: www.tdw.com/sustainability/sustainabi
Slide 9: Financial & Operational Highlights
Financial & Operational Highlights Low leverage with a strategically-located modern fleet tdw.com
Slide 10: Industry-Leading Low Leverage with a Modern Fleet
Industry-Leading Low Leverage with a Modern Fleet Market Cap and Leverage 1 Tidewater Fleet NBV ($mm)2 $700 87%100% $1,000 83% 77% 90% $600 68% 67% 80% $800 Active Stacked $500 70% $617 $400 60% $600 Market Cap.50% $300 (US$mm) 40% $400 1% $200 30% 20% $200 $101 $100 10% $8 $0 0% $0 Deepwater Towing
Slide 11: Fleet High-Grading Ongoing
Fleet High-Grading Ongoing Changes to Tidewater Fleet End Q1 2020 to End Q2 2021 Fleet Optimization Status 300 18% 250 208 35 200 11 18% 38 162 Deepwater 150 21 14 Towing Supply 30 100 9% 162 Other 173 149 118 23% Vessels 59% Active 50 Stacked AHFS 0 as of 3/31/20 Disposed Acquired as of 6/30/21 73%
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 118 Vessels Tidewater’s is the third- North Sea & youngest fleet of the top Mediterranean 10 OSV owners globally - 21 Deepwater Average Age 10.6 Years Americas Middle East - 18 Deepwa
Slide 13: The Strongest Balance Sheet in the Sector
The Strongest Balance Sheet in the Sector Condensed Balance Sheet as of June 30, 2021 Assets $mm Liabilities & Equity $mm Cash and equivalents 151,441 Current portion of debt 7,355 Other current assets 203,722 Other current liabilities 155,305 Current assets 355,163 Current liabilities 162,660 Prope
Slide 14: The Strongest Balance Sheet in the Sector
The Strongest Balance Sheet in the Sector Debt Outstanding ($ thousands) June 30, 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 2,810 5,954 NOK denominated notes due Jan 2026 7,287 14,559 USD
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 Q1 Q2 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Average OSV Dayrates Average
Slide 17: OSV Demand & Supply
OSV Demand & Supply Market pressure to persist into 2022 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Supply O&G Demand Wind Demand Source: Clarksons Platou Research and Rystad Energy VesselCube, 17 tdw.com 2021; excludes platform instal
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 • 162 Vessels • 5
Slide 19: Thank you
‘|’ TIDEWATER Thank you tdw.com
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