Tidewater Inc. · NYSE:TDW
Tidewater — Shareholder Meeting (July 2006)
65 slides from Tidewater's shareholder meeting presentation, Jul 24, 2006
Slide 1: 2006 Annual Stockholders Meeting
Exhibit 99.2 July 20, 2006 2006 Annual Stockholders Meeting
Slide 2: Forward-Looking Statements
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 F ORWARD - L OOKING - S TATEMENTS In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Compa
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Slide 6: Fiscal 2006 Highlights
Celebration of 50 th Anniversary Continued strong safety record – only one offshore LTA in over 30 million man hours during FY 2006 Withstood nation’s worst natural disaster – Exceptional personnel performance during/post Hurricanes Katrina and Rita Continued re-generation of Tidewater by disposing
Slide 7: Being Safe Isn't Easy
Being Safe Isn’t Easy
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Slide 11: Lost Time Accidents
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
Slide 12: Total Recordable Incident Rates
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 16: Why A Positive Outlook
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 our “new” fleet Favorable tax changes Why A Positive Outlook
Slide 17: A Strong Global Presence
Active Vessel Count By Region (excludes stacked vessels) North America 64 (17%) Central/ South America 96 (26%) West Africa 121 (33%) Europe/M.E. 39 (11%) Far East 48 (13%) Vessel count above includes only active vessels A Strong Global Presence
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Slide 19: Dayrate
DAYRATE NOILYVZITLA
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Slide 22: International Vessel Dayrates and Utilization
Dayrates and Utilization $100 change in dayrate = $9.6M in revenue 1% change in utilization = $9.3M in revenue 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 International Vessel 40% 50% 60% 70% 80% $5,000 $5,500 $6,000 $6,500 $7,000 $7,500 $8,000
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Slide 26: International Dayrates
$3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 International Dayrates New Vessels Remaining Vessels
Slide 27: Dayrate
DAYRATE NOILVZIMILN
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Slide 30: Domestic Vessel Dayrates and Utilization
Dayrates and Utilization $100 change in dayrate = $2.2M in revenue 1% change in utilization = $2.0M in revenue 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 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
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Slide 34: Domestic Dayrates
$3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 Domestic Dayrates New Vessels Remaining Vessels
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Slide 36: Why Renew Our Worldwide Fleet
20 435 21 8 26 52 13 83 22 257 9 35 TOTAL Other Offshore Tugs Crew/Utility Towing Supply/Supply Deepwater Vessels Average Age In years Vessel Count * Why Renew Our Worldwide Fleet * Vessel count is inclusive of stacked vessels
Slide 37: Vessel Commitments Post January 2000
143 $1,771m 53 $200m 44 $699m 46 $872m 52 18 1 33 52 35 17 39 26 13 “$1,395 funded to date” Vessel Commitments Post January 2000 Through 6/30/06 * Excludes ENSCO fleet acquisition effected April 1, 2003 TOTALS: Vessels $ Committed Int.l Built Replacements U.S. Built Replacements Deepwater Vessels TO
Slide 38: Fleet Age And Profit Contribution
47% 5 130 0% 0 53% 24 257 100% 19 509 Fiscal 2006 Profit Contribution Average Age Vessel Count Profit Contribution Average Age Vessel Count Vessels built or acquired since January 2000 Vessels built prior to January 2000 Fiscal 2000 Fleet Age And Profit Contribution * New vessel contribution for Fis
Slide 39: Mindful Of Industry Fleet Totals
* New vessels added to the fleet since January 2000, including 29 vessels under construction * Since 4/01/05, 19 vessels have been scrapped and 51 have been sold Out With the Old In With the New (last 7 years) 0 100 200 300 400 258 Sold 62 Scrapped 320 406 143 New Vessels Mindful Of Industry Fleet T
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Slide 43: Financial Strength
Financial Strength Balance
Slide 44: Fiscal 2006 Financial Highlights
Stock Price at Year End Stockholders’ Equity Capital Expenditures Net Cash from Operations Earnings Per Share Net Earnings Revenues (000’s omitted, except per share data) FISCAL 2006 FINANCIAL HIGHLIGHTS $55.09 $1,659,121 $172,408 $283,578 $4.07 $235,756 $877,617
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Slide 46: Fiscal 2006 vs Fiscal 2005
(000's omitted, except per share data) 2005 Stock Price at Year End Stockholders’ Equity Capital Expenditures Net Cash from Operations Earnings Per Share Net Earnings Revenues $38.86 $1,442,702 $207,391 $160,062 $1.78 $101,339 $692,150 FISCAL 2006 vs FISCAL 2005 2006 $55.09 $1,659,121 $172,408 $283,
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Slide 51: Earnings Growth Over The Last Year
1.11 236 116 (1) Exclusive of $31.8 million income tax benefit ($.55 per share) resulting from the American Jobs Creation Act of 2004 (2) Exclusive of $42.8 million after tax gain ($.74 per share) resulting from the sale of six KMAR 404 vessels in July 2005 .68 39 198 106 41 157 9/30/05 Qtr .36 21 1
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Slide 56: Operating Profits vs Stock Price
International Domestic Stock Price Millions $0 $10 $20 $30 $40 $50 $60 $70 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 Operating Profits vs Stock Price ($20) ($10) $0 $10 $20 $30 $40 $50 $60
Slide 57: Current OSX Dividend Yields
0.7% 0.8% 0.6% 1.5% 0.5% 0.7% 0 0.5 1 1.5 2 Schlumberger Halliburton Baker Hughes Global Santa Fe BJ Services Smith International 0.2% Noble Corp 0.2% Rowan Current OSX Dividend Yields 1.1% Tidewater
Slide 58: Future Outlook
$4.07 $1.78 Future Outlook * 7/9/06 First Call consensus of analysts reporting on Tidewater * $5.38 Fiscal 2008 * $4.80 Fiscal 2007 Fiscal 2006 Actual Fiscal 2005 Actual EPS
Slide 59: Fiscal 2006 Financial Report Card
OVERALL X On to Year 51 Excellent Performance: Increased Revenues X + 27% Cost Control X + 7% Increased Earnings X +133% Increased Cash Flow X + 77% Growth: Increasing “New Fleet” X 35 vessels Stock Price Growth X + 42% Prospects for Future X + 12% Earnings Exceeding Expectations X + 84% for FY 2007
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Slide 63: Our Strategy
Grow international market share Continue to improve domestic profitability Renew the fleet & assess opportunities for stacked fleet Be ready for the right acquisition Continue to push dayrates to grow profits and cash flow Maintain financial strength Our Strategy
Slide 64: Celebrating our Anniversary at NYSE
Celebrating our 50 th Anniversary at NYSE
Slide 65: 2006 Annual Stockholders Meeting
July 20, 2006 2006 Annual Stockholders Meeting