Tidewater Inc. · NYSE:TDW
Tidewater — 2013 Johnson Rice Energy Conference
27 slides from Tidewater's conference presentation, Oct 7, 2013
Slide 1: 2013 Johnson Rice Energy Conference
October 2, 2013 2013 Johnson Rice Energy Conference Joseph M. Bennett Jeffrey M. Platt 2013 Johnson Rice Energy Conference Joseph M. Bennett EVP & Chief IRO EVP & Chief IRO Jeffrey M. Platt President and CEO 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: 50 “Other” rigs, along with the Jackups and Floaters, provide a total working rig count of 713 in September 2013.
Slide 4: Drivers of our Business: Peak to Present
July 2008 (Peak) Jan. 2011 (Trough) September 2013 Working Rigs 603 538 713 Rigs Under Construction 186 118 222 OSV Global Population 2,033 2,599 2,997 OSV’s Under Construction 736 367 436 OSV/Rig Ratio 3.37 4.83 4.20 Drivers of our Business “Peak to Present” Source: ODS-Petrodata and Tidewater
Slide 5: The Worldwide OSV Fleet
The Worldwide OSV Fleet (Includes AHTS and PSVs only) Estimated as of September 2013 Source: ODS-Petrodata and Tidewater As of September 2013, there are approximately 436 additional AHTS and PSV’s (~14% of the global fleet) under construction. Global fleet is estimated at 2,997 vessels, including ~7
Slide 6: Tidewater's Active Fleet
Tidewater’s Active Fleet As of June 30, 2013 Year Built Deepwater vessels Towing Supply/Supply Other vessels
Slide 7: Vessel Population by Owner
Vessel Population by Owner (AHTS and PSVs only) Estimated as of September 2013 Source: ODS-Petrodata and Tidewater
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: Our Global Footprint
In 1Q FY 2014, ~9% of vessel revenue was generated in the U.S. by < 15 vessels; however, ~15 other U.S.-flagged vessels are currently operating in International regions that could be re-deployed to the U.S. GOM. In addition, Tidewater has currently under construction five additional U.S.-flagged dee
Slide 10: The Largest Modern OSV Fleet in the Industry
Vessel Count (2) Total Cost (2) Average Cost per Vessel Deepwater PSVs 96 $2,620m $27.3m Deepwater AHTSs 11 $358m $32.5m Towing Supply/Supply 109 $1,615m $14.8m Other 56 $285m $5.1m TOTALS: 272 $4,878m (1) $17.9m (1) $4,225m (87%) funded through 6/30/13 (2) Vessel count and total cost is net of 24 v
Slide 11: Strong Financial Position Provides Strategic Optionality
Cash & Cash Equivalents $65 million Total Debt $1,475 million Shareholders Equity $2,585 million Net Debt / Net Capitalization 35% Total Debt / Capitalization 36% Strong Financial Position Provides Strategic Optionality As of June 30, 2013 ~$385 million of available liquidity as of 6/30/13, includin
Slide 12: New Vessel Trends by Vessel Type: Deepwater PSVs
New Vessel Trends by Vessel Type Deepwater PSVs $152 million, or 46%, of Vessel Revenue in Q1 Fiscal 2014
Slide 13: New Vessel Trends by Vessel Type: Towing Supply/Supply
$112 million, or 34%, of Vessel Revenue in Q1 Fiscal 2014 New Vessel Trends by Vessel Type Towing Supply/Supply Vessels
Slide 14: Potential for Future Earnings Acceleration
~$3.75 EPS ~$7.00 EPS ~$12.25 EPS Potential for Future Earnings Acceleration Average Day rates $17,955 * $19,750 ( + 10% ) $21,725 ( + 10% ) 81.2%* 85.0% 90.0% 292 vessel assumption (240 current new vessels + 32 under construction + 20 additional new vessels next year). * 6/30/13 quarterly actual st
Slide 15: 2013 Johnson Rice Energy Conference
October 2, 2013 2013 Johnson Rice Energy Conference Joseph M. Bennett Jeffrey M. Platt 2013 Johnson Rice Energy Conference EVP & Chief IRO EVP & Chief IRO President and CEO President and CEO
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Slide 17: Global Strength
Global Strength Unique global footprint; 50+ years of Int’l experience Unmatched scale and scope of operations Strength of International business complements U.S. activity Secular growth Longer contracts Demand consistency over broader regions Solid customer base of NOC’s and IOC’s
Slide 18: Fleet Renewal & Expansion
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 $749 million, respectivel
Slide 19: New Fleet Driving Results
New Fleet Driving Results Vessel Revenue ($) Average Fleet Count 235 Average Active New Vessels in Q1 2014 $332 million Vessel Revenue in Q1 2014 (94% from New Vessels)
Slide 20: Cyclical Upturn should Drive Margin Expansion
Cyclical Upturn should Drive Margin Expansion Vessel Cash Operating Margin ($) Vessel Cash Operating Margin (%) $135 million Vessel Margin in Q1 FY2014 (98% from New Vessels) Q1 FY2014 Vessel Margin: 41%
Slide 21: 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
Slide 22: 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 23: New Vessel Trends by Vessel Type: Deepwater AHTS
$28 million, or 9%, of Vessel Revenue in Q1 Fiscal 2014 New Vessel Trends by Vessel Type Deepwater AHTS
Slide 24: ...and More to Come: Vessels Under Construction
Count Deepwater PSVs 23 Deepwater AHTSs - Towing Supply/Supply 6 Other 3 Total 32 Estimated delivery schedule – 7 for the remainder of FY ’14, 16 in FY ’15 and 9 thereafter. CAPX of $246m for the remainder of FY ’14, $304m in FY ‘15 and $102m in FY ’16. ….. and More to Come Vessels Under Constructio
Slide 25: 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
Slide 26: New Orleans, Louisiana Worldwide Headquarters
>> New Orleans, Louisiana Worldwide Headquarters Tidewater Inc. Pan American Life Center 601 Poydras Street, Suite 1500 New Orleans, Louisiana 70130- USA P: +1 504 568 1010 >> Houston, Texas Tidewater Marine, LLC. 6002 Rogerdale Road Suite 600 Houston, Texas 77072-1655 P: +1713 470 5300 www.tdw.com
Slide 27: Financial Strategy Focused on Creating Long-Term Shareholder Value
Financial Strategy Focused on Creating Long-Term Shareholder Value Maintain Maintain Financial Strength Financial Strength EVA-Based Investments EVA-Based Investments On Through-cycle Basis On Through-cycle Basis Deliver Results Deliver Results