Tidewater Inc. · NYSE:TDW
Tidewater — Merger or Acquisition (March 2023)
15 slides from Tidewater's merger presentation, Mar 7, 2023
Slide 1: Solstad Offshore PSV Acquisition
Solstad Offshore PSV Acquisition Investor Presentation March 2023 tdw.com
Slide 2: Disclaimer Regarding Forward Looking Statements
Disclaimer Regarding 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 communication are forward-looking statements which reflect our current view with respect
Slide 3: Transaction Summary
Transaction Summary ▪ Tidewater Inc. (“TDW” or the “Company”) has entered into a definitive agreement to acquire 37 platform supply vessels (“PSV”) from Solstad Offshore ASA (“SOFF”) (the “Transaction”) Transaction ▪ The PSVs to be acquired (the “Acquired PSVs”) are high-specification(1), modern ves
Slide 4: Transaction Rationale
Transaction Rationale The Leading Largest and Creates the Platform for Geographic & High-Specification World-class World’s Largest Cash Flow Customer PSV Operator OSV Fleet Hybrid Fleet Generation Enhancement ▪ Makes TDW the ▪ Combined modern ▪ Creates the world’s ▪ ~$620 million of ▪ Significantly
Slide 5: Overview of the Acquired PSVs
Overview of the 37 Acquired PSVs High-Specification Vessel Classification Geographic Mix Example Vessels West Africa 3 Large Medium Americas 4 Asia Pacific Europe 1,170 m2; 3,500 MT 810 m2; 2,500 MT 4 27 PSVs 26 Normand Sun Normand Scotsman 9 Battery Hybrid 10 PSVs 2 LNG Power Capable Q4’22 Revenue
Slide 6: Strong Customer Relationships with a Diverse Footprint
Strong Customer Relationships with a Diverse Footprint Europe Leading blue-chip operators around the Vessel Mix Customers world utilize the Acquired Vessels because 4 they are a world-class fleet that can be seamlessly repositioned 22 Americas Vessel Mix Customers 1 West Africa Vessel Mix Customers
Slide 7: Meaningful Cash Flow Generation Upside
Meaningful Cash Flow Generation Upside Margin Potential ($M) of the Acquired Vessels at Various Day Rates $240 The Acquired Vessels have significant cash flow generation upside as over half Current Leading- of existing contracts rollover by year-end 2024 onto market day rates Edge Day Rates(1) $200
Slide 8: Acquired Vessels Enhance TDW's Fleet…
Acquired Vessels Enhance TDW’s Fleet… The Transaction provides TDW with 37 best-in-class PSVs and lowers its average vessel age profile Average Age (Years) Vessel Appraisal Value ($bn) Enterprise The global OSV industry has an average vessel age of ~19.1 years Value / Appraisal 1.20x 0.93x 1.14x TDW
Slide 9: …and is the Most Utilized Under All Market Conditions
…and is the Most Utilized Under All Market Conditions Large PSVs have demonstrated the highest utilization through all market cycles PSV Fleet Utilization (North Sea) Share of Fleet in Layup (Global) 100% 60% 50% 80% 40% 60% 30% 40% 20% 20% 10% 0% 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 10: Pro Forma Global Footprint in All Major Offshore Regions...
Pro Forma Global Footprint in All Major Offshore Regions... Europe (53 OSVs) West Africa (51 OSVs) 199 OSVs(1) 3 1 4 9 8 11 57 41 8 16 3 Middle East (41 OSVs) Americas (36 OSVs) Asia Pacific (18 OSVs) 21 2 2 2 5 8 2 11 142 3 7 5 13 2 12 14 4 PSV AHTS Total Fleet >900 m2 700 – 900 m2 <700 m2 >16K BHP
Slide 11: …With an Enhanced Footprint in the North Sea
…With an Enhanced Footprint in the North Sea North Sea E&P Capital Spend ($bn)(1) North Sea PSV Market Dynamics(3) $27.2 billion of planned capital expenditures were approved off Norway in 2022, the highest level on record and 26% of the global total (2) All Market TDW TDW Looking forward, capital s
Slide 12: TDW has Expanded and Evolved…
TDW has Expanded and Evolved… TDW has meticulously high-graded its fleet by focusing on high-quality assets, large vessels routinely in high demand and value accretive acquisitions OSV Fleet Count(1) High-Specification OSV Fleet Size TDW added 86 premier, high- PSV AHTS quality vessels to its fleet
Slide 13: …into the Leading OSV Operator with the Largest High-Specification Fleet
…into the Leading OSV Operator with the Largest High- Specification Fleet OSV Count and Age Profile 199 200 18 16 14 150 139 Average Age (Years) 128 12 120 10 OSVs 100 82 8 62 58 6 48 50 42 42 42 32 4 2 -- -- Pro Forma Edison Bourbon COSL Vallianz Hornbeck P&O ADNOC Harvey Gulf Hai Duong Grupo CBO V
Slide 14: Summary
Summary The leading global OSV operator Platform for significant cash flow generation World-class OSV fleet Strong balance sheet and liquidity profile Geographic and customer enhancement Exposure to the ongoing offshore market recovery Well positioned for additional M&A opportunities 12 tdw.com
Slide 15: Thank you
‘|’ TIDEWATER Thank you tdw.com