Tidewater Inc. · NYSE:TDW
Tidewater — Shareholder Meeting (July 2007)
51 slides from Tidewater's shareholder meeting presentation, Jul 13, 2007
Slide 1: 2007 Annual Stockholders Meeting
TIDEWATER 2007 Annual Stockholders Meeting July 12, 2007 Exhibit 99.1 TIDEWATER 2007 Annual Stockholders Meeting July 12, 2007 GLOBAL MOMENTUM GLOBAL MOMENTUM
Slide 2: Forward-Looking Statements
TIDEWATER 2 601 Poydras Street, Suite 1900 New Orleans, LA 70130 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 than historical information and are forward l
Slide 3: Our Workplace
3 TIDEWATER TIDEWATER OUR WORKPLACE OUR WORKPLACE
Slide 4: > © & 8. -eere © eHeee Seeee-¢ ¢ © ¢ € f €
> 9 © 9 & 8. -eere © 8 eHeee Seeee-¢ ¢ © ¢ € f €
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Slide 7: Lost Time Accidents
4 TIDEWATER 18 10 8 9 5 5 4 1 1 2 0 4 8 12 16 20 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 TIDEWATER LOST TIME ACCIDENTS LOST TIME ACCIDENTS
Slide 8: Safest Company in the Industry
5 TIDEWATER 0 0.5 1 1.5 Calendar Years Total Recordable Incident Rates TIDEWATER DOW CHEMICAL DUPONT EXXON/MOBIL BP 2001 2002 2003 2004 2005 2006 TIDEWATER SAFEST COMPANY IN SAFEST COMPANY IN THE INDUSTRY THE INDUSTRY
Slide 9: Why a Positive Outlook?
6 TIDEWATER Favorable commodity pricing E&P spending up (Lehman mid year report up by 12.8%) Rig count up New rig construction Continued strong demand in virtually all areas of operation Largest new fleet in the industry International scope of operations TIDEWATER WHY A POSITIVE OUTLOOK? Favorable c
Slide 10: International Operations Driving Earnings
7 TIDEWATER The most internationally diverse company in the industry 49 years of international experience Continuing to grow international market share Improving vessel utilization and dayrates for earnings growth 79% of revenue & 78% of profit in FY07 came from International operations Internationa
Slide 11: Vessel Count By Region 1997
8 TIDEWATER Vessel Count By Region 57% International 43% Domestic North America 243 (43%) Central/South America 84 (15%) West Africa 125 (22%) Europe/M.E. 75 (14%) Far East 32 (6%) TIDEWATER TIDEWATER 1997 TIDEWATER 1997 Vessel Count By Region 57% International 43% Domestic
Slide 12: International Operations Driving Earnings: Active Vessel Count 2007
9 TIDEWATER 88% International 12% Domestic Active Vessel Count By Region (excludes stacked vessels) North America 45 (12%) (12%) Central/South America 108 (29%) West Africa 138 (37%) Far East 44 (12%) Europe/M.E. 38 (10%) TIDEWATER 88% International 12% Domestic TIDEWATER 2007… TIDEWATER 2007… INTER
Slide 13: International Vessels Dayrates and Utilization
10 TIDEWATER $100 change in dayrate = $10.8M in revenue 1% change in utilization = $12.0M in revenue 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 3/07 TIDEWATER INTERNATIONAL VESSELS INTERNATIONAL VESSELS Dayrates and Utilization Dayrates and Utilization 40% 50% 60% 70% 80% 90% $4,000 $
Slide 14: International Vessel Dayrates
11 TIDEWATER $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 $13,000 $14,000 $15,000 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 3/07 TIDEWATER INTERNATIONAL VESSEL INTERNATIONAL VESSEL DAYRATES DAYRATES New Vessels Remaining Vessels
Slide 15: International Vessel Dayrates Growth
12 TIDEWATER 0% 10% 20% 30% 40% 50% Fiscal 2005 Fiscal 2006 Fiscal 2007 42% Total Growth since FY’04 Total Growth Percentage TIDEWATER INTERNATIONAL VESSEL INTERNATIONAL VESSEL DAYRATES DAYRATES 42% Total Growth since FY’04 Total Growth Percentage
Slide 16: Domestic Vessels Dayrates and Utilization
13 TIDEWATER $100 change in dayrate = $1.4M in revenue 1% change in utilization = $2.8M in revenue 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 3/07 TIDEWATER DOMESTIC VESSELS DOMESTIC VESSELS Dayrates and Utilization Dayrates and Utilization 20% 30% 40% 50% 60% 70% 80% $4,000 $5,000 $6
Slide 17: Domestic Vessel Dayrates
TIDEWATER 14 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 $13,000 $14,000 $15,000 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 3/07 TIDEWATER Remaining Vessels New Vessels DOMESTIC VESSEL DAYRATES DOMESTIC VESSEL DAYRATES
Slide 18: Domestic Vessel Dayrates Growth
TIDEWATER 15 0% 20% 40% 60% 80% 100% 120% 140% Fiscal 2005 Fiscal 2006 Fiscal 2007 125% Total Growth since FY’04 Total Growth Percentage TIDEWATER 125% Total Growth since FY’04 Total Growth Percentage DOMESTIC VESSEL DAYRATES DOMESTIC VESSEL DAYRATES
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Slide 20: Largest New Fleet in the Industry
TIDEWATER 17 0 100 200 300 400 Active Fleet Disposition * Net vessels added to the fleet since January 2000, including 35 vessels under construction at 3/31/07. * Since 4/01/05, 28 vessels have been scrapped and 89 have been sold. * Total fleet count excludes 48 stacked vessels. Out With the Old – I
Slide 21: Fleet Renewal: New Construction Commitments
TIDEWATER July 12, 2007 TIDEWATER FLEET RENEWAL: FLEET RENEWAL: NEW CONSTRUCTION COMMITMENTS NEW CONSTRUCTION COMMITMENTS July 12, 2007
Slide 22: New Construction Commitments
TIDEWATER 19 3 Tugs 4 FSV’s 24 AHTS’s 14 PSV’s TIDEWATER NEW CONSTRUCTION NEW CONSTRUCTION COMMITMENTS COMMITMENTS 3 Tugs 4 FSV’s 24 AHTS’s 14 PSV’s
Slide 23: Global Vessel Construction
20 TIDEWATER 6 2 1 11 12 4 9 TIDEWATER GLOBAL VESSEL CONSTRUCTION GLOBAL VESSEL CONSTRUCTION
Slide 24: Future Vessel Deliveries
TIDEWATER TIDEWATER FUTURE VESSEL DELIVERIES FUTURE VESSEL DELIVERIES 8 delivered 8 delivered In FY2007 In FY2007 22 in FY2008 22 in FY2008 (4 already delivered) (4 already delivered) 12 in FY2009 12 in FY2009 14 in FY2010 14 in FY2010 and and 1 in FY2011 1 in FY2011
Slide 25: Fiscal 2007 Financial Report
TIDEWATER 22 FISCAL 2007 FINANCIAL REPORT TIDEWATER FISCAL 2007 FINANCIAL REPORT
Slide 26: The Punchline
TIDEWATER 23 THE PUNCHLINE TIDEWATER THE PUNCHLINE
Slide 27: Fiscal 2005
TIDEWATER 24 TIDEWATER FISCAL 2005
Slide 28: Fiscal 2006
TIDEWATER 25 TIDEWATER FISCAL 2006
Slide 29: TIDEWATER
TIDEWATER 26 TIDEWATER
Slide 30: Fiscal 2007
TIDEWATER 27 No. 1 TIDEWATER No. 1 FISCAL 2007
Slide 31: Fiscal 2007 Financial Highlights
TIDEWATER 28 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) TIDEWATER $58.58 $58.58 Stock Price at Year End $1,886,010 $1,886,010 Stockholders’ Equity $235,182 $235,182 Capital
Slide 32: Fiscal 2007 vs Fiscal 2006
TIDEWATER 29 2006 Stock Price at Year End Stockholders’ Equity Capital Expenditures Net Cash from Operations Earnings Per Share Net Earnings Revenues $55.09 $1,659,121 $172,408 $297,378 $4.07 $235,756 $877,617 (000's omitted, except per share data) TIDEWATER FISCAL 2007 vs FISCAL 2006 2006 2007 2007
Slide 33: Significant Earnings Growth
TIDEWATER 30 $0 $50 $100 $150 $200 $250 $300 $350 Fiscal 2004 Fiscal 2005 Fiscal 2006 $59M $101M $193M $336M ** Net earnings in Fiscal 2004 is exclusive of the $17.2 million after tax impairment charge. Net earnings in Fiscal 2006 is exclusive of the $42.8 million after tax gain from the sale of six
Slide 34: Balance: Financial Strength
TIDEWATER 31 Financial Strength TIDEWATER BALANCE
Slide 35: Growth 2007
TIDEWATER 32 35* $520,000,000* $147,000,000 Vessels under construction: Number Cost Funded thru March 31 8 New vessels delivered *Does not include an additional net 10 vessels contracted thru June 30, 2007 at a cost of $220 million. TIDEWATER 35* $520,000,000* $147,000,000 Vessels under construction
Slide 36: Balance Sheet
TIDEWATER 33 $ 300 Total Debt 300 Senior Notes Debt 0 Revolver Debt $ 2,365 Total Liabilities & Equity 1,659 Stockholders’ Equity 590 Other Liabilities 116 Current Liabilities $ 2,365 Total Assets 463 Other Assets 1,373 PP&E 283 Other Current Assets $ 246 Cash March 2006 (millions of dollars) TIDEWA
Slide 37: Returned to Stockholders
TIDEWATER 34 $187,900,000 Total $ 33,900,000 Dividends $154,000,000 Stock repurchases TIDEWATER RETURNED TO STOCKHOLDERS $187,900,000 Total $ 33,900,000 Dividends $154,000,000 Stock repurchases
Slide 38: Fiscal 2007 Recap: New Records and Highs
TIDEWATER 35 Earnings Revenue Cash provided by operating activities Cash on hand Recent stock price New construction order book Single Vessel Charter Contract Expectations for the future TIDEWATER Earnings Revenue Cash provided by operating activities Cash on hand Recent stock price New construction
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Slide 40: Goals and Objectives
TIDEWATER 37 Deliver Results Renew The Fleet Maintain Financial Strength TIDEWATER Deliver Results Renew The Fleet Maintain Financial Strength FISCAL 2005 2006 2007 2008 GOALS AND OBJECTIVES
Slide 41: 2007 Annual Stockholders Meeting
TIDEWATER 2007 Annual Stockholders Meeting July 12, 2007 TIDEWATER 2007 Annual Stockholders Meeting July 12, 2007 GLOBAL MOMENTUM GLOBAL MOMENTUM
Slide 42: INC as of 29-Jun-2007
TIDEWATER INC as of 29-Jun-2007 +3000% #20002 +1000% &
Slide 43: TIDEWATER
TIDEWATER 40 TIDEWATER
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TIDEWATER 41 TIDEWATER
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TIDEWATER 42 TIDEWATER
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TIDEWATER 43 TIDEWATER
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TIDEWATER 44 TIDEWATER
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TIDEWATER 45 TIDEWATER
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TIDEWATER 46 TIDEWATER
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TIDEWATER 47 TIDEWATER
Slide 51: 2007 Annual Stockholders Meeting
TIDEWATER 2007 Annual Stockholders Meeting July 12, 2007 TIDEWATER 2007 Annual Stockholders Meeting July 12, 2007 GLOBAL MOMENTUM GLOBAL MOMENTUM