Tidewater Inc. · NYSE:TDW
Tidewater — Capital One Securities 10th Annual Energy Conference 2015
28 slides from Tidewater's conference presentation, Dec 14, 2015
Slide 1: Capital One Securities 10th Annual Energy Conference
Exhibit 99.1 Capital M. December Joseph Executive OneVice 10, Bennett Securities 2015 President 10th andAnnual Chief Energy InvestorConference Relations Officer
Slide 2: Forward-Looking Statements
TIDEWATER FORWARD-LOOKING In and uncertainties the customers obsolete unsettled political environment, Phone: Web Email: 2Capital accordance control are site connect@tdw.com 504.568.1010 One forward risk for address: political in ofcertain Securities countries the that labor the with 601 looking. en
Slide 3: Strategy
Strategy Providing New Geographic Staying Prompt, construction down Maintaining to Experienced 3Capital netfleet mode total One close proactive and comprised safe, book diversity prior Securities acommitments management Focus to solid efficient our cap to cost-cutting in balance oil customers and of
Slide 4: Safe Operations: Total Recordable Incident Rates
Safe 200,000 Stop Safety TOTAL 0.60 (per 2004 0.00 0.10 0.20 0.30 0.40 0.50 TIDEWATER 4Capital Operations Work 2005 performance One RECORDABLE 2006 Obligation Securities Man DOW is 2007 Hours) Priority isCHEMICAL 2008 25% 10th INCIDENT #1 of Annual 2009 mgt.2010 CHEVRON incentive Energy RATES 2011Co
Slide 5: Plenty of Jackups and Floaters Working: Offshore Rig Activity Levels Drive OSV Demand
Plenty 350 Jackups 400 450 Rigs Working 250 Rig 150 100 Floaters 0150 205 Source: Note: 5Capital 1/04 Other CIP 338 Jackups 300 33 11/05 Offshore One IHS-Petrodata 69 “Other” 200 9 11/06 Securities 127 184Rigs, rigs, 11/07but along 10th 11/08 Activity Annual with 11/09 the Levels Energy 11/10 Jackup
Slide 6: Drivers of OSV Demand: Working Rigs and OSV Population
Drivers July 2008 Working Rigs 186 OSV 2,033 OSV’s Population 736 6.04 Construction OSV/Rig vessels Down available) Includes How Source: 6Capital 118 367 January (4.98 Under many Global 2011 2,599 ~165 Under believed One of IHS-Petrodata 205 370 ~650 Rigs Ratio our 2015 will rigs 3,394 Securities No
Slide 7: Tidewater's Active Fleet as of September 30, 2015
Tidewater’s As Deepwater 35 30 211 25 of September vessels Active 30, Towing –Fleet 2015 Supply/SupplyavgOther vessels 20 501of970“New” Vessels(only Numb er 10 Year 7Capital 11 1980 15 Built 1975 One“Traditional” vessels 2 OSVs) Securities 1985 7.4 avg vessels 1990 10th yrs –2000 Annual 1995 25.0 En
Slide 8: Geographic Diversity
Geographic (Active 42 MENA $7.5m 21 Asia/Pac Americas 65 $8.8m 51 8Capital vessels additional VOP One vessels SS (19%) (10%) (29%) Diversity $3.2m Securities Africa/Europe Tidewater as94 of VOP vessels 9/30/15, –10th Active vessels Annual $6.2m (42%) VOP Vessel were VOP for Energy stacked Count 9/30
Slide 9: Staying Close to Our Customers
Staying Current Approximately 33% Others NOC’s 34% Our 9Capital top Super 33% One Revenue Close 10 customers Majors Securities to60% our Mixof Customers in10th our Fiscal revenue Annual 2015 – Strong Energy is(4derived Super Customer Conference Majors, from Base drilling 5 NOC’s, support andactivity
Slide 10: Our Vessels Under Construction
Our Vessels As Deepwater Towing Other Total Estimated *and exercised, option Capital 10The of $55m Remaining 9September -Company vessels One Under Supply/Supply in delivery ~$40 AHTSs PSVs Securities FYare Construction Construction million has ‘17. 30, 8not schedule - options 2015 included 10th 1of
Slide 11: Decreasing CapEx from Recent High Levels
CapEx2007 Amounts $800 $1,000 expected 2006 $0 $200 $400 $600 Fiscal contracts Capital 11 Year 2014 is One CAPX (see Decreasing in2008 NOTE: is orange Securities note exclusive on 2009 on Fiscal in the from previous Fiscal 2010 10th 9ofvessels 2016 Recent Troms Annual 2011 2016 slide and under 2012
Slide 12: Solid Financial Position
Solid Our As Cash Shareholders Net Total ~$700 Capital 12 of Debt Financial & Debt Balance September million One Cash / Net /$1,498 Capitalization Securities Equity Equivalents Position Sheet of Capitalization 30, available million and $2,398 2015 10th Provides Financial $88 38% liquidity Annual mil
Slide 13: Debt Maturities and Covenants
Maturities $800 1) 2) $(illions) m 2016 $0 Debt $200 Matu rity Fiscal Capital 13 inEBITDA/Interest Debt/Total $400 Maturities Covenants: 2017 Year $600 OneLimited 2018 Securities Capitalization and 2019 for Covenants coverage 2020 Several 10th Annual 2021 Ratio of Years asnot 2022 ofEnergy less 9/30
Slide 14: Returning Capital to Shareholders
Returning Consistent (in ~10% $300 $350 $400 2000 $0 $50 $100 $150 $200 $250 Fiscal During Capital 14 millions) 2001 Years Current this One Capital Dividends 2002 16-year Securities Dividends Dividend 2003 toperiod, Shareholders and 2004 10th Share Yield Opportunistic $659 Annual 2005 Repurchases mi
Slide 15: Tidewater's Strategy
Tidewater’s Continue Stay -Monitor Maintain Return Capital 15 Continue Maintain/protect close capital One industry solid toto pro-active improve Strategy Securities our to balance shareholders customers developments liquidity upon cost 10th sheet reduction stellar Annual and astooperating financial
Slide 16: Tidewater Offices
NEW Pan HOUSTON, 6002 Capital 16 American Rogerdale ORLEANS, One Securities TEXAS Life RoadLOUISIANA Center Tidewater Suite 10th601 Annual 600Poydras Marine, Houston, Worldwide Energy Street, L.L.C. Texas Conference Headquarters Suite 77072-1655 1500 New Tidewater P: Orleans, +1 713 Inc. 470 Louisia
Slide 17: The Global OSV Fleet by Year Built
The (Includes As 250 300 Built oVessels & 01Number Global Source: Capital 17 f(AHTS 965 ofVessels Worldwide 1970 200 November fleet One PSV) IHS-Petrodata 50 AHTS 100 1975 >is Securities 150 25 estimated OSV 1980 and 2015, years PSVs Fleet 1985 10th and old there at today only) Tidewater ~3,394 Annu
Slide 18: Vessel Population by Owner
Vessel (AHTS 200 197 220 300 400 77 100 50A Tidewater vessels 400+ Source: Capital 18 vg. 69 153 62owners) Population for One and IHS-Petrodata Competitor PSVs Securities only) by Owner #1 10th and Estimated Competitor Tidewater AnnualasEnergy of #2November Competitor Conference 2015 #3 Competitor #
Slide 19: Fleet Renewal and Expansion Largely Funded by CFFO
Fleet aRenewal CAPX $700 $500 $600 2000 $0 $100 $200 $300 $400 Fiscal Over billion Capital 19 $Year CFFO 2001 and Dividend 16-year in Onemillions 2002 ~$930 Securities &period, 2003 Share Expansion million, 2004 10th Tidewater Repurchase respectively. Annual 2005 Largely 2006 hasEnergy Funded invest
Slide 20: History of Earnings per Share and Returns
History E $PS Fiscal 2004 Adjusted On ** exclusive litigation Government 2012 other Capital 20 7.89 8.00 5.94 3.03 1.78 0.00 $EPS $Avg. 4.00 6.00 2005 is assets Fiscal $One exclusive in of 6.39 2.40 Equity $and $EPS** Return $of Fiscal Solid 3.33 2006 2.00 5.20 impairment Securities $.37 of Fiscal $
Slide 21: A New Fleet: New vs Traditional Vessels
A New (Excludes MENA Americas 60 SSAE 90 Vessels Deepwater Towing Other Vessel Capital 21 045 Asia/Pac 5New 30 0count Fleet One New NBV $2.5M 0 Supply $1.5M 0New stacked 37 727 Avg. Securities Avg. info that $26.4M Vessels New 21.3M $27.6M Avg. 314 18 33 4Traditional 40 Services isTraditional vessel
Slide 22: Active Vessel Dayrates and Utilization by Segment
Active Americas ate $26,000 Dayr vg $6,000 ilization 90% 100% .A Ut 3/12 60% Utilization Capital 22 $14,000 vg $10,000 $22,000 70% 9/12 $18,000 Vessel One 80% Asia/Pac 3/13 stats Securities Dayrates 9/13 exclude MENA 3/14 10th &stacked 9/14 Utilization Sub Annual 3/15 Sah vessels. 9/15 Energy Africa
Slide 23: New Deepwater PSVs: Trends
New Deepwater $60,000 Q2 Avg Utilization: $50,000 $40,000 $30,000 $20,000 73 66 49 $10,000 22 $0 Q1 FY08 Average $125 Capital 23 75 69 51 -23 Fiscal Q2 Day Vessel million, 76 54 24 FY09 Q3 One 300 250 200 150 86 38 Day Fleet 76 55 25 Rate: 2016 Q4 PSVs 89 40 64.0% Trends 77 57 25 Securities FY10 Rat
Slide 24: New Deepwater AHTS: Trends
New Deepwater $60,000 Q2 Avg Utilization: $50,000 $40,000 $30,000 $20,000 5$10,000 $0 Q1 FY08 Average $21 Capital 245-Q2 Fiscal 5million, Day Vessel 5FY09 Q3 5One 300 250 200 150 100 50 Day Fleet 5Rate: 2016 Q4 5AHTS 65.0% Trends Securities FY10 or 5Rate, Size Q1 6$29,506 8%, 8 Q2 9FY11 Average Adju
Slide 25: New Towing Supply/Supply Vessels: Trends
New Towing $25,000 Q2 Avg Utilization: $20,000 $15,000 101 $10,000 81 57 68 47 $5,000 $0 Q1 FY08 Average $96 Capital 25 85 61 -51 Fiscal Q2 102 million, Day Vessel FY09 Q3 39 One Supply/Supply 250 200 150 103 93 Day Fleet Rate: 2016 43 Q4 100 72.1% Trends Securities FY10 or 104 Rate, 50 Size Q1 $13,
Slide 26: Vessel Revenue and Vessel Operating Margin
Fiscal Prior averaged $339M, $500 46.7% 53.0% 56.4% $400 41.0% 38.0% $300 Millions $150 Q1 $- $100 FY08 Vessel Note: Capital 26 Q2peak margin 45.0% $300 million Vessel FY09 2008-2016 Revenue 47.7% 40.8% 36.9% Q3 One quarterly $200 quarterly period Q4 million Securities FY10 44.1% operating of39.9% 5
Slide 27: Historical Vessel Cash Operating Margins
Historical Vessel $200 $175 $150 $50 $75 30% $100 40% $125 $25 $0 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 FY New $106 FY2016 Capital 27 0% 2009 20% 10% Traditional 70% 60% 50% million Cash One (98% FY Vessel Securities Operating 2010 Vessel from Total Cash FYNew Margin 2011 New
Slide 28: Tidewater's Subsea Business
Tidewater’s Eight Capital 28 work-class One Subsea Securities ROVs Business 10th in current Annualfleet Energy Commercial Conference operations underway globally ROV capabilities generating potential for OSV pull through
Tidewater — Capital One Securities 10th Annual Energy Conference 2015 on 6ix