Tidewater Inc. · NYSE:TDW
Tidewater — Capital One Securities 8th Annual Energy Conference 2013
24 slides from Tidewater's conference presentation, Dec 18, 2013
Slide 1: Capital One Securities Annual Energy Conference
December 12, 2013 Capital One Securities, Inc. 8 Annual Energy Conference Joseph M. Bennett Jeffrey M. Platt th EVP & Chief IRO President and CEO Exhibit 99.1
Slide 2: Safety Record Rivals Leading Companies
Safety Record Rivals Leading Companies
Slide 3: Working Offshore Rig Trends
Working Offshore Rig Trends Source: ODS-Petrodata Note: 45 “Other” rigs, along with the Jackups and Floaters, provide a total working rig count of 713 in November 2013. Prior peak (summer 2008) Jackups Floaters
Slide 4: Drivers of our Business: Peak to Present
July 2008 (Peak) Jan. 2011 (Trough) November 2013 Working Rigs 603 538 713 Rigs Under Construction 186 118 249 OSV Global Population 2,033 2,599 3,039 OSV’s Under Construction 736 367 452 OSV/Rig Ratio 3.37 4.83 4.26 Drivers of our Business “Peak to Present” Source: ODS-Petrodata and Tidewater
Slide 5: Tidewater's Active Fleet
Tidewater’s Active Fleet As of September 30, 2013 Year Built Deepwater vessels Towing Supply/Supply Other vessels 240 “New” vessels – 6.1 avg yrs 27 “Traditional” vessels – 26.7 avg yrs
Slide 6: Slide 6
Slide 7: Active Vessel Dayrates & Utilization by Segment
Active Vessel Dayrates & Utilization by Segment Impact of $7.4 million of retroactive revenue recorded in September 2012 quarter is excluded from 9/12 average dayrates and included in the respective March 2012 and June 2012 quarterly average dayrates. Utilization stats exclude stacked vessels.
Slide 8: History of Earnings Growth & Solid Through-Cycle Returns
History of Earnings Growth & Solid Through-Cycle Returns ** EPS in Fiscal 2004 is exclusive of the $.30 per share after tax impairment charge. EPS in Fiscal 2006 is exclusive of the $.74 per share after tax gain from the sale of six KMAR vessels. EPS in Fiscal 2007 is exclusive of $.37 per share of
Slide 9: The Largest Modern OSV Fleet in the Industry
Vessel Count (2) Total Cost (2) Average Cost per Vessel Deepwater PSVs 96 $2,630m $27.4m Deepwater AHTSs 11 $358m $32.5m Towing Supply/Supply 109 $1,615m $14.8m Other 55 $280m $5.1m TOTALS: 271 $4,883m (1) $18.0m (1) ~$4.27b (87%) funded through 9/30/13 (2) Vessel count and total cost is net of 25 v
Slide 10: Strong Financial Position Provides Strategic Optionality
Cash & Cash Equivalents $46 million Total Debt $1,446 million Shareholders Equity $2,635 million Net Debt / Net Capitalization 35% Total Debt / Capitalization 35% Strong Financial Position Provides Strategic Optionality As of September 30, 2013 ~$650 million of available liquidity as of 9/30/13, inc
Slide 11: New Vessel Trends by Vessel Type: Deepwater PSVs
New Vessel Trends by Vessel Type Deepwater PSVs Q2 Fiscal 2014 Avg Day Rate: $31,053 Utilization: 84.6% $176 million, or 49%, of Vessel Revenue in Q2 Fiscal 2014
Slide 12: New Vessel Trends by Vessel Type: Towing Supply/Supply Vessels
New Vessel Trends by Vessel Type Towing Supply/Supply Vessels Q2 Fiscal 2014 Avg Day Rate: $14,484 Utilization: 85.7% $118 million, or 33%, of Vessel Revenue in Q2 Fiscal 2014
Slide 13: Tidewater's New Subsea Business
Tidewater’s New Subsea Business Recent order of six work-class remotely operated vehicles (ROV )
Slide 14: Financial Strategy Focused on Creating Long-Term Shareholder Value
Financial Strategy Focused on Creating Long-Term Shareholder Value Maintain Financial Strength EVA-Based Investments On Through-cycle Basis Deliver Results
Slide 15: Capital One Securities Annual Energy Conference
December 12, 2013 Capital One Securities, Inc. 8 Annual Energy Conference Joseph M. Bennett Jeffrey M. Platt th EVP & Chief IRO President and CEO
Slide 16: TRONS PRLLUE
ee TRONS PRLLUE
Slide 17: The Worldwide OSV Fleet
The Worldwide OSV Fleet (Includes AHTS and PSVs only) Estimated as of November 2013 Source: ODS-Petrodata and Tidewater As of November 2013, there are approximately 439 additional AHTS and PSV’s (~14% of the global fleet) under construction. Global fleet is estimated at 3,039 vessels, including ~720
Slide 18: Vessel Population by Owner
Vessel Population by Owner (AHTS and PSVs only) Estimated as of November 2013 Source: ODS-Petrodata and Tidewater Tidewater Competitor #2 Competitor #3 Competitor #4 Competitor # 5 Competitor #1 Avg. All Others (2,306 total vessels for 400+ owners)
Slide 19: Fleet Renewal & Expansion Funded by CFFO thru Fiscal 2013
Fleet Renewal & Expansion Funded by CFFO thru Fiscal 2013 Over a 14-year period, Tidewater has invested $4.6 billion in CapEx, and paid out ~$1.2 billion through dividends and share repurchases. Over the same period, CFFO and proceeds from dispositions were $3.8 billion and $749 million, respectivel
Slide 20: Vessels Under Construction
Count Deepwater PSVs 23 Deepwater AHTSs - Towing Supply/Supply 6 Other 2 Total 31 Estimated delivery schedule – 6 for the remainder of FY ’14, 16 in FY ’15 and 9 thereafter. CAPX of $218m for the remainder of FY ’14, $303m in FY ‘15 and $105m in FY ’16. ….. and More to Come Vessels Under Constructio
Slide 21: Cyclical Upturn should Drive Margin Expansion
Cyclical Upturn should Drive Margin Expansion Vessel Cash Operating Margin ($) Vessel Cash Operating Margin (%) $168 million Vessel Margin in Q2 FY2014 (94% from New Vessels) Q2 FY2014 Vessel Margin: 46%
Slide 22: Total Revenue and Margin Fiscal 2008-2014
Total Revenue and Margin Fiscal 2008-2014 Note: Vessel operating margin is defined as vessel revenue less vessel operating expenses Prior peak period (FY2009) averaged quarterly revenue of $339M, quarter operating margin of $175.6M at 51.8%
Slide 23: New Vessel Trends by Vessel Type: Deepwater AHTS
New Vessel Trends by Vessel Type Deepwater AHTS Q2 Fiscal 2014 Avg Day Rate: $28,885 Utilization: 87.9% $26 million, or 7%, of Vessel Revenue in Q2 Fiscal 2014
Slide 24: Current Revenue Mix: Quality of Customer Base
Current Revenue Mix Quality of Customer Base Super Majors 38% NOC's 21% Others 41% Our top 10 customers in Fiscal 2013 (4 Super Majors, 2 NOC’s, 3 IOC’s and 1 independent) accounted for 58% of our revenue
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