Tidewater Inc. · NYSE:TDW
Tidewater — JPMorgan Small/Mid Cap Conference 2006
62 slides from Tidewater's conference presentation, Nov 15, 2006
Slide 1: JPMorgan Small/Mid Cap Conference
November 13-15, 2006 J. Keith Lousteau – Chief Financial Officer, Executive Vice President & Treasurer Joseph M. Bennett – Senior VP, Principal Accounting Officer, Chief Investor Relations Officer Exhibit 99.1 JPMorgan Small/Mid Cap Conference
Slide 2: Forward-Looking Statements
2 TIDEWATER 601 Poydras Street, Suite 1900 New Orleans, LA 70130 Phone: 504.568.1010 Fax: 504.566.4580 Web site address: www.tdw.com Email: connect@tdw.com In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that certain statements
Slide 3: Our Workplace
3 Our Workplace
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Slide 7: Lost Time Accidents
4 18 10 8 9 5 5 4 1 1 0 4 8 12 16 20 1998 1999 2000 2001 2002 2003 2004 2005 2006 Lost Time Accidents Fiscal Years
Slide 8: Total Recordable Incident Rates
5 Total Recordable Incident Rates Calendar Years 1.5 0 0.5 1 2001 2002 2003 2004 2005 TIDEWATER DOW CHEMICAL DUPONT EXXON/MOBIL BP “Safest Company In The Industry”
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Slide 12: Tidewater investment highlights
6 Largest new fleet in the industry … and counting Second highest dividend yield of the OSX (One of the) strongest balance sheets of the OSX Repurchasing common shares International, International, International …. also Gulf of Mexico. First call consensus earnings FYE ’07: $ 5.59 per share Tidewate
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Slide 16: Favorable market drivers
7 Favorable commodity prices E&P spending up Rig count up New rig construction Strong demand in virtually all areas of operation Growing financial effect of “new” fleet Favorable tax changes … And Also
Slide 17: A Strong Global Presence
Active Vessel Count By Region (excludes stacked vessels) Central/ South America West Africa Europe/M.E. Far East 44 (12%) Vessel count above includes only active vessels A Strong Global Presence North America 60 (16%) 99 (26%) 133 (36%) 38 (10%)
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Slide 19: Dayrate
DAYRATE NOILYVZITLA
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Slide 22: Dayrates and Utilization: International Vessel
10 Dayrates and Utilization $100 change in dayrate = $9.6M in revenue 1% change in utilization = $9.3M in revenue 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 International Vessel 40% 50% 60% 70% 80% $5,000 $5,500 $6,000 $6,500 $7,000 $7,500 $8,000 $8,500
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Slide 26: International Dayrates
11 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 $13,000 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 International Dayrates New Vessels Remaining Vessels
Slide 27: Dayrate
DAYRATE NOILVZIILLA
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Slide 30: Dayrates and Utilization: Domestic Vessel
12 Dayrates and Utilization $100 change in dayrate = $2.2M in revenue 1% change in utilization = $2.0M in revenue 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 Domestic Vessel 20% 30% 40% 50% 60% 70% 80% $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 $13,000
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Slide 34: Domestic Dayrates
13 $3,000 $5,000 $7,000 $9,000 $11,000 $13,000 $15,000 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 Domestic Dayrates New Vessels Remaining Vessels
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Slide 37: Fiscal 2000 vs Fiscal 2006 vessel count and contribution
Fiscal 2000 Fiscal 2006 Vessel | Average Profit Vessel | Average Profit Count Age Contribution | Count Age Contribution Vessels built prior to 509 19 100% 257 24 56% January 2000 Vessels built or acquired 5 6 since January 0 Ox iO : Gat 2000 * New vessel contribution for Fiscal 2005 was 30% 16
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Slide 41: And Counting (Present Order Book)
17 16 5 4 25 … And Counting (Present Order Book) AHTS PSV’s Crewboats & Tugs Total Present Order Book (1) (1) Includes vessels to be added to the fleet financed by bareboat charter.
Slide 42: A Rapid and Orderly Transition
18 * Net vessels added to the fleet since January 2000, including 25 vessels under construction * Since 4/01/05, 19 vessels have been scrapped and 69 have been sold Out With the Old---In With the New (last 7 years) 0 100 200 300 400 277 Sold 62 Scrapped 339 399 131 New Vessels A Rapid and Orderly Tr
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Slide 45: Financial Strength
19 Financial Strength Striving to Achieve Financial Balance
Slide 46: Six Month Highlights Fiscal 2007 & 2006
FISCAL 2007 & 2006 SIX MONTH HIGHLIGHTS Six Months Ended 9/30/06 9/30/05 Revenues $543,799 $396,518 Net Earnings $175,640 $111,052 Earnings Per Share $3.08 $1.93 Net Cash from $218,309 $100,105 Operations Capital Expenditures $128,235 $79,805 Stockholders’ Equity $1,696,579 $1,535,695 (000’s omitted
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Slide 51: Earnings Growth Over The Last Year
22 1.55 271 122 (1) Exclusive of $42.8 million after tax gain ($.74 per share) resulting from the sale of six KMAR 404 vessels in July 2005 (2) Exclusive of $17.2 million after tax gain ($. 31 per share) resulting from the sale of 11 offshore tugs in August 2006. 1.11 65 236 116 54 182 3/31/06 Qtr .
Slide 52: Current OSX Dividend Yields
23 0.9% 0.8% 0.8% 1.7% 0.6% 0.8% 0 0.5 1 1.5 2 Halliburton Schlumberger Baker Hughes Global Santa Fe BJ Services Smith International 0.6% Rowan 0.2% Noble Corp Current OSX Dividend Yields 1.2% Tidewater
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Slide 56: Future …
24 Fiscal 2000 2004 2005 2006 2007 2008 E.P.S. 1.37 .73 $1.78 $3.33 (4) $5. 59 (1) $5.93 (1) Active New Vessels (2) --- 66 95 101 110 128 New Vessel Profit Contribution --- 24% 30% 44% --- --- Fleet Average Age (years) (3) 19 19 20 20 18 18 (1) First Call consensus estimates as of November 1, 2006,
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Slide 60: Our Strategy - Steady as she goes
25 Seek the right acquisition(s) at the right price– whole fleets or individual vessels Continue to renew the fleet in a disciplined way Maintain and grow market share – Domestic and International Continue to push dayrates to grow profits and cash flow Continue to Add Incremental Value (Implementati
Slide 61: Celebrating our Anniversary at NYSE
26 Celebrating our 50 th Anniversary at NYSE
Slide 62: JPMorgan Small/Mid Cap Conference
November 13-15, 2006 J. Keith Lousteau – Chief Financial Officer, Executive Vice President & Treasurer Joseph M. Bennett – Senior VP, Principal Accounting Officer, Chief Investor Relations Officer JPMorgan Small/Mid Cap Conference