Tidewater Inc. · NYSE:TDW
Tidewater — Merger or Acquisition (March 2022)
15 slides from Tidewater's merger presentation, Mar 9, 2022
Slide 1: Swire Pacific Offshore Acquisition
Hh TIDEWATER Swire Pacific Offshore Acquisition Investor Presentation March 2022
Slide 2: Forward-looking Statements
Forward-looking Statements In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewaterinc. (the “Company”) notes that certain statements setforth in this presentation contain certain forward-looking statements which reflect our current view with r
Slide 3: Transaction Summary
Transaction Summary = Tidewater Inc. ("TDW'" or the “Company’) has entered into a definitive agreement to acquire Swire Pacific Offshore Holdings Limited ("SPO") from a subsidiary of Swire Pacific Limited (‘SPL’) for total consideration of approximately $190 million = SPL will receive a combination
Slide 4: Strategic Rationale
Strategic Rationale + Combination of TOW 124 PSV and AHTSs (colestvely, "OSV" and SFO's feetof 0055 creates the wort Ingest OSV ope Largest Global OSV testo 4 05V3, Operator + SPO flat of 005s sonst of 29 ANTS and 2 FOV, allot which are crantyaotive presence never/maroffstorec ga region gal ed that
Slide 5: SPO Fleet Overview
SPO Fleet Overview Total Fleet - 50 Vessels 29 AHTS = PSV . ‘Americas-1 05 “s a . Legend @ Locations osprey pcamss sso mete s=>900m2 "700-9002 m<700m2 wd BK BHP 5 #8-12KBHP w2-26K BHP = >16K ‘tdw.com
Slide 6: Global Footprint in All Major Offshore Regions
Global Footprint in All Major Offshore Regions MN Total Fleet -174 OSVs Jun PSV = AHTS ‘Middle East / AsiaPac- 61 one Legend @SPO Locations =>900m2 = 700-900m2 =<700m2 #4-8K BHP @ Tidewater Locations #8-12KBHP w2-26K BHP = >16K tdw.com 2
Slide 7: Leading Global OSV Operator with Youngest Fleet
Leading Global OSV Operator with Youngest Fleet OSV Vessel Count and Fleet Age Profile 200 8 174 a a ik a 16 160 149 a osvs 8 Years 3 140 ren Fs a R 0 109 a rN «10 a e oo 75 59 é co sl 500 aap we 8g 40 e | | ; ° ° PF Bourbon Edison Tidewater COSL Solstad Hornbeck Vroon P&O —Swire Vallianz Harvey Hai
Slide 8: Largest Market Capitalization & Lowest Leverage in Sector
Largest Market Capitalization & Lowest Leverage in Sector MN + Matte Capitalzaton « Net Debt 8 ‘tdw.com
Slide 9: Successful Historical G&A Synergy Realization...
Successful Historical G&A Synergy Realization... rd of Synergy Identification and Execution. Evolution of Tidewater G&A $100.0 Targeted Synemies ‘Additional Synemies Rationaized duplicative shore based D ontaes ena Launched continuous improvement , and administrative functions Rescins alg gd arto in
Slide 10: ... Demonstrates Track Record to Achieve Targeted Synergies
... Demonstrates Track Record to Achieve Targeted Synergies Meaningful G&A and ynergies Identified to Drive Value of Combined Fleet Pro Forma 2021 Combined Core Fleet EBITDA post-Syneray Realization USD in millions Des] sso 2021 Combined Core Fleet EBITDA Implement Synergy Realization tre G&A Synerg
Slide 11: Significant Earnings Leverage and Free Cash Generation
Significant Earnings Leverage and Free Cash Generation 91% $18.5k day rate ed) pa scenario in-line with s: $25 $86 | 2014 realized day rate $100 sau 20 ca . a 2021 Core TargetedG&A Targeted Proforma Utilization +$1.5k/day +$3.0k/day +$4.5k/day +$6.0k/day +7.5k/day | Fleet EBITDA Synergies Opex 2021
Slide 12: SPO Acquisition Enhances West African OSV Fleet...
SPO Acquisition Enhances West African OSV Fleet... West Africa Market - PSV Status Pro Forma Tidewater PSV Status 10 peck oize 8 6 : : | I | . 2 40 i oO Flight to as s Ve: >700-<700>700.-<700 “i Quality in Tidewater sP0 Allows West Afri Tidewater to he Cet Beneficial for ake West Africa Market - AHT
Slide 13: ... And is Additive to Middle East Footprint and Provides Expansion
... And is Additive to Middle East Footprint and Provides Significant Expansion Into Southeast Asia Market MENA/SEAsia Market - PSV m>700m2_m<700m2 MENA/SEAsia Market - AHTS Status 800 by Bollard Pull 600 400 200 a = Active Stacked 420 BP_m<120 BP Pro a ee Tidewater PSV Status 2 10 8 6 4 2 0 2700700
Slide 14: Pro Forma Fleet Composition and Age Profile
Pro Forma Fleet Composition and Age Profle Tidewater Fleet Overview el Court verage Age <700m" 3 141 years <700m" 2 126 years <T00nt 700 - 900m" 10 52vears — 700- 900m" cs 98 vears — 700-900nf >900m? 8 85 years >900m? 35 93 ears >900nt 2 77 years Ey 10.4 years Count 187 years s.eyears 9.4 vears 9.9y
Slide 15: Highlights
Highlights MN =Largest global OSV operator = Meaningful G&A and opex synergy realization opportunities = Strong balance sheet and liquidity profile = Significant earnings leverage in a recovering offshore market = Geographic enhancement and expansion = Fleet high-grading = Well-positioned to pursue