Tidewater Inc. · NYSE:TDW
Tidewater — Pritchard Capital Partners Energize 2008 Conference
30 slides from Tidewater's conference presentation, Jan 14, 2008
Slide 1: Global Momentum
TIDEWATER January 9, 2008 Exhibit 99.1 TIDEWATER Pritchard Capital Partners, LLC Pritchard Capital Partners, LLC Energize 2008 Conference Energize 2008 Conference January 9, 2008 GLOBAL MOMENTUM GLOBAL MOMENTUM Joseph M. Bennett - Joseph M. Bennett - Sr. V.P., Principal Accounting Officer Sr. V.P.,
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
TIDEWATER 3 TIDEWATER OUR WORKPLACE OUR WORKPLACE
Slide 4: Safety Record Rivals Leading Companies
TIDEWATER 4 0.00 0.25 0.50 0.75 1.00 Total Recordable Incident Rates 2001 2002 2003 2004 2005 2006 Calendar Years TIDEWATER DOW CHEMICAL DUPONT EXXON/MOBIL BP TIDEWATER SAFETY RECORD RIVALS SAFETY RECORD RIVALS LEADING COMPANIES LEADING COMPANIES
Slide 5: Tidewater Today
TIDEWATER 5 Safety record rivals leading companies International presence driving earnings Using cash position to grow industry’s largest new fleet A strong balance sheet Authority to repurchase common shares TIDEWATER TIDEWATER TODAY TIDEWATER TODAY Safety record rivals leading companies Internatio
Slide 6: Tidewater Tomorrow
TIDEWATER 6 Maintain financial strength Grow international market share Renew the fleet in a disciplined way Push day rates and utilization to grow profits and cash flow Generate solid earnings across market cycles Right acquisitions, right price, right time TIDEWATER TIDEWATER TOMORROW TIDEWATER TO
Slide 7: Why a Positive Outlook?
TIDEWATER 7 Favorable commodity pricing International E&P spending up (Lehman recent report forecasts spending to be up 16% in 2008) Offshore rig count up New rig construction Largest new fleet in the industry International scope of operations Continued strong demand in virtually all areas of operat
Slide 8: International Operations
TIDEWATER 8 The most internationally diverse company in the industry Five decades of international experience Continuing to grow international market share Improving vessel utilization and dayrates for earnings growth During 9/30/07 quarter, 85% of revenue & 91% of profit came from International ope
Slide 9: Superior Operating Capabilities Drive Our Competitive Advantage
TIDEWATER 9 – Safety-oriented culture – Deep knowledge of customer needs – Worldwide market presence (e.g., “our people on the ground” in every market) – Long-term relationships with major operators (NOC’s, IOC’s and independents) – Most new vessels in industry – Wide range of equipment types – “Lea
Slide 10: Tidewater 1997: A Look Back
TIDEWATER 10 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 A LOOK BACK A LOOK BACK
Slide 11: Tidewater Today: International Operations Driving Earnings
TIDEWATER 11 88% International 12% Domestic Active Vessel Count By Region (excludes stacked vessels) North America 43 (12%) Central/South America 101 (28%) West Africa 139 (38%) Far East 46 (12%) Europe/M.E. 38 (10%) TIDEWATER 88% International 12% Domestic Active Vessel Count By Region (excludes st
Slide 12: International Vessel Dayrates
TIDEWATER 12 0% 10% 20% 30% 40% 50% Fiscal 2005 Fiscal 2006 Fiscal 2007 Total Growth Percentage From FY’ 04 through 9/30/07 – Total Growth 64% TIDEWATER INTERNATIONAL VESSEL INTERNATIONAL VESSEL DAYRATES DAYRATES Total Growth Percentage From FY’ 04 through 9/30/07 – Total Growth 64%
Slide 13: Using Cash Position to Grow Industry's Largest New Fleet
TIDEWATER 13 Estimated annual commitment of $300-$500 million to continue fleet renewal Expected to be funded through internal cash flow generation CapEx of $235 million in Fiscal 2007 and $216 million in six months ended 9/30/07 Prudent approach to expansion/acquisition opportunities We Continuousl
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Slide 17: Vessel Acquisition Alternatives
TIDEWATER 17 Considerations: Usually one-off purchases, often to match specific client needs Immediate delivery Entry price at “full” market rate May limit overall capacity Considerations: Built to Tidewater quality standards 18 + months to delivery Potential shipyard backlog Contract terms (e.g., f
Slide 18: Considerations in Designing Our Optimal Vessel Mix
TIDEWATER 18 Custom/ Specialized Standardized Small Ultra big Renew existing Expand to niche markets Drilling, production Subsea, main- tenance, LNG etc. Cycle timers Invest across cycle *Arrows are illustrative of Tidewater’s current views; they should not be interpreted as excluding other points o
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Slide 20: Significant Earnings Growth
TIDEWATER 20 $0 $50 $100 $150 $200 $250 $300 $350 Fiscal 2004 Fiscal 2005 Fiscal 2006 78% Three-Year Compounded Annual Earnings Growth Rate $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
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Slide 22: Share Repurchase Program
TIDEWATER 22 Authority to repurchase up to $200 million in common stock under current program, with $177.5 spent through 12/31/07 Continue to purchase shares on an opportunistic basis Since 8/05, have repurchased 8,188,800 total shares for $443.6 million or $54.18 per share TIDEWATER SHARE REPURCHAS
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Slide 24: Global Momentum
TIDEWATER January 9, 2008 TIDEWATER Pritchard Capital Partners, LLC Pritchard Capital Partners, LLC Energize 2008 Conference Energize 2008 Conference January 9, 2008 GLOBAL MOMENTUM GLOBAL MOMENTUM Joseph M. Bennett - Joseph M. Bennett - Sr. V.P., Principal Accounting Officer Sr. V.P., Principal Acc
Slide 25: Appendix
TIDEWATER 25 TIDEWATER APPENDIX APPENDIX
Slide 26: International Vessels Dayrates and Utilization
TIDEWATER 26 $100 change in dayrate = $10.3M in revenue 1% change in utilization = $12.9M in revenue 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 3/07 6/07 9/07 * Dayrate and utilization information is for all classes of vessels operating international. TIDEWATER INTERNATIONAL VESSELS INTERN
Slide 27: International Vessels Dayrates
TIDEWATER 27 $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 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 3/07 6/07 9/07 * Dayrate information is for all classes of vessels operating international. TIDEWATER Remaining Vessels New Vessels INTER
Slide 28: Domestic Vessel Dayrates
TIDEWATER 28 0% 20% 40% 60% 80% 100% 120% 140% Fiscal 2005 Fiscal 2006 Fiscal 2007 Total Growth Percentage 125% Total Growth since FY’04 TIDEWATER DOMESTIC VESSEL DAYRATES DOMESTIC VESSEL DAYRATES Total Growth Percentage 125% Total Growth since FY’04
Slide 29: Domestic Vessels Dayrates and Utilization
TIDEWATER 29 $100 change in dayrate = $1.4M in revenue 1% change in utilization = $2.5M in revenue 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 3/07 6/07 9/07 * Dayrate and utilization information is for all classes of vessels operating in the U.S. TIDEWATER DOMESTIC VESSELS DOMESTIC VESSELS
Slide 30: Domestic Vessel Dayrates
TIDEWATER 30 $3,000 $5,000 $7,000 $9,000 $11,000 $13,000 $15,000 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 3/07 6/07 9/07 * Dayrate information is for all classes of vessels operating in the U.S. TIDEWATER Remaining Vessels New Vessels DOMESTIC VESSEL DAYRATES DOMESTIC VESSEL DAYRATES
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