Tidewater Inc. · NYSE:TDW
Tidewater — Shareholder Meeting (July 2011)
23 slides from Tidewater's shareholder meeting presentation, Jul 20, 2011
Slide 1: Fiscal 2011 Annual Shareholders' Meeting
DEAN E. TAYLOR Chairman, President and CEO JEFFREY M. PLATT Chief Operating Officer QUINN P. FANNING Executive VP and CFO FISCAL 2011 ANNUAL SHAREHOLDERS’ MEETING Exhibit 99.1 July 14, 2011 DEAN E. TAYLOR Chairman, President and CEO JEFFREY M. PLATT Chief Operating Officer QUINN P. FANNING Executive
Slide 2: Forward-Looking Statements
Phone: 504.568.1010 Fax: 504.566.4580 Web: www.tdw.com Email: connect@tdw.com FORWARD-LOOKING STATEMENTS 2 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 tha
Slide 3: Operations Review
3 OPERATIONS REVIEW Jeff Platt – Chief Operating Officer 3 OPERATIONS REVIEW Jeff Platt – Chief Operating Officer OPERATIONS REVIEW Jeff Platt – Chief Operating Officer
Slide 4: Safety – A Continued Top Priority
4 SAFETY – A CONTINUED TOP PRIORITY 4 SAFETY – A CONTINUED TOP PRIORITY SAFETY – A CONTINUED TOP PRIORITY SM
Slide 5: Safety Record Rivals Leading Companies
SAFETY RECORD RIVALS LEADING COMPANIES 5 SAFETY RECORD RIVALS LEADING COMPANIES SAFETY RECORD RIVALS LEADING COMPANIES CALENDAR YEARS TOTAL RECORDABLE INCIDENT RATES
Slide 6: International Strength
6 INTERNATIONAL STRENGTH Unique global footprint; 50+ years of Int’l experience Unmatched scale and scope of operations International market opportunities • Growth • Longer contracts • Better utilization • Higher dayrates Solid customer base of NOC’s and IOC’s INTERNATIONAL STRENGTH INTERNATIONAL ST
Slide 7: Our Global Footprint
7 North America 16 (6%) Central/South America 54 (20%) West Africa 129 (47%) Europe / M.E. 40 (14%) Far East 35 (13%) International / U.S. 2011: 94% / 6% 2000: 62% / 38% OUR GLOBAL FOOTPRINT Vessel Distribution by Region (excludes stacked vessels – as of 3/31/11) OUR GLOBAL FOOTPRINT Vessel Distribu
Slide 8: The Largest Modern Fleet in the Industry
8 Vessel Count Estimated Cost AHTS 99 $1,743m PSV’s 84 $1,755m Crewboats & Tugs 67 $289m TOTALS: 250 $3,787m 29 additional vessels were delivered into our fleet in Fiscal 2011 (1) $3,293m (87%) funded through 3/31/11 THE LARGEST MODERN FLEET IN THE INDUSTRY…. (1) . At 3/31/11, 193 new vessels in fle
Slide 9: ...And More to Come
Count AHTS 15 PSV 20 Crew and Tug 1 Total 36 Estimated delivery schedule – 25 in FY ‘12, 10 in FY ‘13 and 1 thereafter. CAPX of $368m in FY ‘12, $110m in FY ‘13 and $16m in FY ’14. …. AND MORE TO COME 9 Vessels Under Construction* As of March 31, 2011 * Includes eight new vessels committed to purcha
Slide 10: Fiscal 2011 New Vessel Commitments
10 Amounts depict vessel count and total cost in quarter commitment was made to acquire (not when delivery or payments were made) FISCAL 2011 NEW VESSEL COMMITMENTS 6/30/10 Qtr 9/30/10 Qtr 12/31/10 Qtr 3/31/11 Qtr $179M $179M 6 AHTS PSV’s 29 new vessel commitments in Fiscal 2011 with total capital c
Slide 11: Financial Review
11 FINANCIAL REVIEW Quinn Fanning – Chief Financial Officer FINANCIAL REVIEW Quinn Fanning – Chief Financial Officer FINANCIAL REVIEW Quinn Fanning – Chief Financial Officer
Slide 12: History of Earnings Growth and Solid Through-Cycle Returns
12 HISTORY OF EARNINGS GROWTH AND SOLID THROUGH-CYCLE RETURNS ** 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 of $.37 per shar
Slide 13: Fleet Renewal & Expansion Funded by Operating Cash Flow
13 FLEET RENEWAL & EXPANSION FUNDED BY OPERATING CASH FLOW THROUGH FISCAL 2011 Over a 12-year period, Tidewater invested $3.8 billion in CAPX ($3.3 billion in the “new” fleet), and paid out $995 million through dividends and share repurchases. Over the same period, CFFO and proceeds from disposition
Slide 14: Recent Financial Results Reflect Cyclical Downturn
14 Years Ended 3/31/11 3/31/10 Revenues $1,055 $1,169 Adjusted Net Earnings* $123 $269 Adjusted EPS* $2.40 $5.20 Net Cash from Operations $264 $328 Capital Expenditures $615 $452 RECENT FINANCIAL RESULTS REFLECT CYCLICAL DOWNTURN * Adjusted Net Earnings and Adjusted EPS for the year ended 3/31/11 ex
Slide 15: Strong Financial Position Provides Strategic Optionality
15 Cash & Cash Equivalents $246 million Total Debt $700 million Shareholders Equity $2,514 million Net Debt / Net Capitalization 15% Total Debt / Capitalization 22% STRONG FINANCIAL POSITION PROVIDES STRATEGIC OPTIONALITY At March 31, 2011 Pro forma liquidity as of 3/31/11 of +$800 million, includin
Slide 16: Recent Financings Will Fund Growth at Attractive Relative Cost
16 Senior Unsecured Notes $425 million Average Life to Maturity ~ 9 years Weighted Average Coupon 4.25% Term Loan $125 million Revolving Line of Credit $450 million Term Five years Interest Rate LIBOR plus 1.5% to 2.25%, based on leverage RECENT FINANCINGS WILL FUND GROWTH AT ATTRACTIVE RELATIVE COS
Slide 17: Returns vs the Market: Five Year Stockholder Return
RETURNS vs the MARKET FIVE YEAR STOCKHOLDER RETURN 17 OSX 42% S&P 500 14% DJIA 27% TDW 18% RETURNS vs the MARKET FIVE YEAR STOCKHOLDER RETURN RETURNS vs the MARKET FIVE YEAR STOCKHOLDER RETURN
Slide 18: Where Could Fiscal 2014 Find Us?
18 269 vessel assumption (193 current new vessels + 36 under construction + ~ 20 additional new vessels per year for two years). WHERE COULD FISCAL 2014 FIND US? Potential for Earnings Acceleration ~$4.00 EPS ~$5.60 EPS ~$9.10 EPS WHERE COULD FISCAL 2014 FIND US? Potential for Earnings Acceleration
Slide 19: Retirement of Stephen Wallace Dick
19 RETIREMENT OF STEPHEN WALLACE DICK RETIREMENT OF STEPHEN WALLACE DICK RETIREMENT OF STEPHEN WALLACE DICK
Slide 20: Thanks for All You've Done for Tidewater Over 38 Years
20 THANKS FOR ALL YOU’VE DONE FOR TIDEWATER OVER 38 YEARS THANKS FOR ALL YOU’VE DONE FOR TIDEWATER OVER 38 YEARS THANKS FOR ALL YOU’VE DONE FOR TIDEWATER OVER 38 YEARS
Slide 21: 2011 Tidewater Chairman's Award Objectives
21 2011 TIDEWATER CHAIRMAN’S AWARD OBJECTIVES 2011 TIDEWATER CHAIRMAN’S AWARD OBJECTIVES 2011 TIDEWATER CHAIRMAN’S AWARD OBJECTIVES To recognize an individual or team that has: Performed heroic acts in time of crisis Significantly impacted the TDW business Significantly contributed to our customer s
Slide 22: 2011 Tidewater Chairman's Award
22 2011 TIDEWATER CHAIRMAN’S AWARD 2011 TIDEWATER CHAIRMAN’S AWARD 2011 TIDEWATER CHAIRMAN’S AWARD
Slide 23: Fiscal 2011 Annual Shareholders' Meeting
DEAN E. TAYLOR Chairman, President and CEO JEFFREY M. PLATT Chief Operating Officer QUINN P. FANNING Executive VP and CFO FISCAL 2011 ANNUAL SHAREHOLDERS’ MEETING July 14, 2011 DEAN E. TAYLOR Chairman, President and CEO JEFFREY M. PLATT Chief Operating Officer QUINN P. FANNING Executive VP and CFO F