Tidewater Inc. · NYSE:TDW
Tidewater — Bank of America Energy Conference 2005
76 slides from Tidewater's conference presentation, Nov 16, 2005
Slide 1: Bank of America Energy Conference
Dean Taylor Chairman, President and CEO Exhibit 99.1 Bank of America Energy Conference November 14, 2005
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 In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that certain statements s
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Slide 4: Being Safe Isn't Easy
BEING SAFE ISN’T EASY
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Slide 8: Lost Time Accidents
18 10 8 9 5 5 4 0 4 8 12 16 20 1998 1999 2000 2001 2002 2003 2004 LOST TIME ACCIDENTS 2005
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Slide 12: Fiscal 2005 & Fiscal 2006 to Date Highlights
Continued improvement in safety record – only one offshore LTA in 26.5 million man hours during FY 2005 and none in FY 2006 thus far Continued re-generation of Tidewater with new vessels Improved worldwide operating environment resulting in escalating vessel dayrates and net earnings July 2005 sale
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Slide 16: Hurricanes Katrina and Rita Impact
Operating base in Amelia, La. incurred very little damage – Is fully operational with internet and system connectivity Gulf of Mexico vessels are without damage and completely operational Company personnel are accounted for and are temporarily assigned to Amelia and Houston offices New Orleans offic
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Slide 20: Why a Positive Outlook
Favorable commodity prices E&P spending up Rig count up Strong demand (China, India, West Africa, etc.) Growth areas match Tidewater’s locations North Sea activity up Growing financial effect of our “new” fleet Boat sector typically late cycle story Favorable tax changes WHY A POSITIVE OUTLOOK
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Slide 24: Our Strategy
Maintain and grow international market share Continue to improve domestic profitability Renew the fleet & assess opportunities for stacked fleet Be ready for the right acquisition Push dayrates to grow profits and cash flow Maintain financial strength OUR STRATEGY
Slide 25: A Strong Global Presence
North America 67 (18%) Central/ South America 96 (26%) West Africa 122 (33%) Europe/M.E. 39 (11%) Far East 47 (12%) Active Vessel Count By Region (excludes stacked vessels) A STRONG GLOBAL PRESENCE Vessel count above excludes approximately 150 stacked vessels
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Slide 27: Dayrate and Utilization
DAYRATE NOILYZITILA
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Slide 30: International Vessel Dayrates and Utilization
9/02 12/02 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 INTERNATIONAL VESSEL Dayrates and Utilization 40% 50% 60% 70% 80% $5,000 $5,500 $6,000 $6,500 $7,000 $7,500
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Slide 34: International Dayrates
$3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 9/02 12/02 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 International Dayrates New Vessels Remaining Vessels
Slide 35: ODS Working PSV Count
ODS Working PSV Count ACS OEM SPCR Sa $0.10 £0.70 Zed 1ozo 00,19 86.70 46.20 96.20 $6.10 £6.70 76.20 16.20 06.10
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ODS Working PSV Count $0.10 £0.70 zed 1ozo 00,19 86.70 46.20 96.20 $6.10 £6.70 76.20 16.20 | 06,10 juno9 Bry Buppej, sag
Slide 37: ODS Working PSV Count
ODS Working PSV Count $0.10 £0.70 zed 1ozo 00,19 86.70 46.20 96.20 $6.10 £6.70 76.20 16.20 | 06,10 juno9 Bry Buppej, sag
Slide 38: ODS Working Rigs and Supply Vessels - USGOM
ODS Working Rigs ODS Working PSV ODS-Petrodata Working Rig & Supply Vessels - USGOM
Slide 39: Dayrate and Utilization
DAYRATE NOILYZITILA
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Slide 42: Domestic Vessel Dayrates and Utilization
9/02 12/02 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 DOMESTIC VESSEL Dayrates and Utilization 20% 30% 40% 50% 60% 70% $4,000 $4,500 $5,000 $5,500 $6,000 $6,500 $7,000 $7,500 $8,000 $8,500
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Slide 46: Domestic Dayrates
$3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 9/02 12/02 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 Domestic Dayrates New Vessels Remaining Vessels
Slide 47: The New Face of Tidewater
VS - 486 John P Laborde VS - 480 Miss Jane Tide UT-745 Russell Tide UT-755 Carline Tide 175’ Fast Supply Vessel Bonnette Tide 207’ Bollinger PSV Lousteau Tide THE NEW FACE OF TIDEWATER
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Slide 49: Why Renew Our Worldwide Fleet
20 442 22 8 26 57 15 88 22 255 9 34 WHY RENEW OUR WORLDWIDE FLEET TOTAL Other Offshore Tugs Crew/Utility Towing Supply/Supply Deepwater Vessels Average Age In years Vessel Count
Slide 50: Vessel Commitments Post January 2000
119 $1,382m 48 $180m 39 $618m 30 $584m 35 16 19 49 32 17 33 22 11 VESSEL COMMITMENTS POST JANUARY 2000 THROUGH 9/30/05 * Excludes Ensco fleet acquisition effected April 1, 2003 TOTALS: Vessels $ Committed Phase Three: Core Int. Replacements Phase Two: U.S. Flagged Replacements Phase One: Deepwater E
Slide 51: Fleet Age and Profit Contribution
30% 4 95 0% 0 70% 24 344 100% 19 509 Fiscal 2005 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
Slide 52: Mindful of Industry Fleet Totals
563 600 25 54 212 83 109 0 100 200 300 400 500 Tidewater Seacor Seabulk Trico Gulfmark Hornbeck Tidewater Dispositions 227 Sold 43 Scrapped 270 Company Fleet Counts vs. Tidewater Dispositions (last 6 years) MINDFUL OF INDUSTRY FLEET TOTALS * Excludes sale of Seabulk to Seacor * Includes held for sal
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Slide 58: Earnings Growth in FY 2005 and 2006
(1) Exclusive of $31.8 million income tax benefit ($.55 per share) resulting from the American Jobs Creation Act of 2004 .36 21 175 31 144 3/31/05 Qtr .29 16 161 30 131 9/30/04 Qtr .34 20 170 29 141 12/31/04 Qtr (1) (1) .50 29 185 6/30/05 Qtr 35 150 EARNINGS GROWTH in FY 2005 and 2006 (2) Exclusive
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Slide 62: American Jobs Creation Act of 2004
(1) Eliminates shipping income from the definition of Sub-Part F income. (2) Effect to Tidewater – Effective April 1, 2005, shipping income of foreign-owned affiliates will not be taxed in the U.S. until actually paid in the form of a dividend. Cash left in ownership of foreign affiliates or reinves
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Slide 66: Operating Profits vs Stock Price
International Domestic Stock Price Millions ($20) ($10) $0 $10 $20 $30 $40 $50 9/02 12/02 3/03 6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 OPERATING PROFITS VS STOCK PRICE $0 $10 $20 $30 $40 $50 $60
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Slide 70: Current OSX Dividend Yields
1.0% 1.0% 0.9% 0.8% 0.6% 0.8% 0.4% 0 0.5 1 1.5 2 Schlumberger Halliburton Baker Hughes Global Santa Fe BJ Services Rowan Smith International 0.1% Noble Corp CURRENT OSX DIVIDEND YIELDS 1.5% Tidewater
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Slide 74: Future Outlook
$1.78 $2.37 $2.99 FUTURE OUTLOOK *First Call consensus of analysts reporting on Tidewater (prior to October 27, 2005 quarterly earnings conference call) EPS Fiscal 2005 Actual Fiscal 2006 Fiscal 2007
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Slide 76: Bank of America Energy Conference
Dean Taylor Chairman, President and CEO Bank of America Energy Conference November 14, 2005