Tidewater Inc. · NYSE:TDW
Tidewater — Shareholder Meeting (July 2012)
22 slides from Tidewater's shareholder meeting presentation, Jul 25, 2012
Slide 1: Fiscal 2012 Annual Shareholders Meeting
July 19, 2012 og FISCAL 2012 ANNUAL SHAREHOLEDERS*MEETING President & CEO, EVP & CFO
Slide 2: Forward-looking statements safe harbor
2 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 looking. The actual achievement of any forecasted results, or th
Slide 3: Operations Review
4 \ OPERATIONS REVIEW Jett Gorski =EVP)& Chiet,Operating Officer,
Slide 4: Total Recordable Incident Rates
4 TOTAL RECORDABLE INCIDENT RATES 0.80 0.00 0.10 0.70 0.60 0.50 0.40 0.30 0.20 2002 2003 2004 2005 2006 2007 2008 2009 2011 2010 CALENDAR YEARS TIDEWATER DOW CHEMICAL CHEVRON EXXON/MOBIL
Slide 5: Unique global footprint; 50+ years of Int'l experience
5 Unique global footprint; 50+ years of Int’l experience Unmatched scale and scope of operations Strength of International business compliments U.S. activity Secular growth Longer contracts Better utilization Higher day rates Solid customer base of NOC’s and IOC’s
Slide 6: Fleet by region
6 Asia/Pac 33(13%) MENA 35(13%) SS Africa/Europe 132(50%) Americas 63(24%) In 4Q FY 2012, ~6% of vessels/revenue was generated in U.S. GOM; however, total active U.S.-flagged vessels provide good optionality to a recovery in the U.S. GOM.
Slide 7: Vessel commitments since 2000
Vessel Count Estimated Cost AHTS 101 $1,765m PSV’s 91 $1,934m Crew boats & Tugs 71 $301m TOTALS: 263 $4,000m (1) (1) $3,640m (91%) funded through 3/31/12 7 . At 3/31/12, 215 new vessels were in our fleet with ~5.7 year average age Vessel Commitments Jan. ’00 – March ‘12
Slide 8: Vessels Under Construction
8 Count AHTS 2 PSV 18 Crew and Tug 5 Total 25 Estimated delivery schedule – 13 in FY ‘13, 10 in FY ‘14 and 2 thereafter. CAPX of $220m in FY ‘13, $95m in FY ‘14 and $44m in FY ’15. 8 Vessels Under Construction* As of March 31, 2012 * Includes 3 new vessel purchase commitments at 3/31/12
Slide 9: Vessel deliveries
9 Actual vessel deliveries through 3/31/12; estimated vessel deliveries based on commitments to build or acquire as of 3/31/12 Through 3/31/12, vessel commitments include 263 vessels with a capital cost of $4.0 billion
Slide 10: Financial Review
} FINANGIAD REVIEW Quinn Fanning = Chief Financial Officer,
Slide 11: Earnings per share and adjustments
11 ** 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 after tax gains from the sale of 14 offshore tugs. EPS
Slide 12: Capex, cash flow, dividends and repurchases over 13 years
12 12 Over a 13-year period, Tidewater has invested $4.1 billion in CapEx($3.6 billion in the “new” fleet), and paid out ~$1 billion through dividends and share repurchases. Over the same period, CFFO and proceeds from dispositions were $3.6 billion and $732 million, respectively Fiscal Year $0 $700
Slide 13: Cash, debt and liquidity as of March 31, 2012
13 Cash & Cash Equivalents Total Debt Shareholders Equity Net Debt / Net Capitalization Total Debt / Capitalization $321 million $950 million $2,526 million 20% 27% 13 ~$770 million of available liquidity as of 3/31/12, including $450 million of unused capacity under committed bank credit facilities
Slide 14: Six months results
14 Six Months Ended Revenues Net Earnings* EPS* Net Cash from Operations Capital Expenditures 9/30/11 $506 $42 $0.81 $87 $155 3/31/12 $562 $68 $1.33 $135 $202 *9/30/11 Six Month amounts exclude $22.1 million, or $0.43 per share, goodwill impairment charge in September 2011. $ in Millions, Except Per
Slide 15: Vessel revenue and operating margin
Vessel Cash Operating Margin is defined as Vessel Revenues less Vessel Operating Costs. 15 Prior peak period (FY2009) averaged quarterly revenue of $339M, and operating margin of $174M, or 51% $500 $400 $300 $200 $100 $- $300 million 52.7% 52.1% 46.2% 53.8% 55.9% 50.5% 43.6% 36.3% 39.3% 35.1% 42.4%
Slide 16: Earnings sensitivity to fleet and day rates
~$3.40 EPS ~$5.50 EPS ~$9.50 EPS 260 vessel assumption (215 current new vessels + 25 under construction + 20 additional new vessels next year). 16 Average Day rates $15,658 * $17,224 ( + 10% ) $18,946 ( + 10% ) 83.2% * 85.0% 90.0% * 3/31/12 quarterly actual stats This info is not meant to be a predi
Slide 17: 2012 Chairman's Award
2012;CGHAIRMAN S| AWARD Dean Taylor Chairman jotine Board,
Slide 18: Chairman's Award criteria
18 To recognize an individual or team that has: Performed heroic acts in time of crisis Significantly impacted the TDW business Significantly contributed to our customer success or relationships Had a breakthrough idea or contribution resulting in significant improvements for TDW Went above and beyo
Slide 19: 2012 Tidewater Chairman's Award
20127 IDEWATER GHAIRMAN S AWARD) an Karen MsAspeliman
Slide 20: Fiscal 2012 Annual Shareholders Meeting
FISGAL 2012 ANNUAL SHAREHOEDERS-MEETING Jeffrey M: Platt . President & CEO) re auinn P. Fanning EVP & CFO
Slide 21: Retirement of President and CEO
RETIREMENT-OF PRESIDENT/AND CEO. an DEAN E) TAYLOR:
Slide 22: Fiscal 2012 Annual Shareholders Meeting
FISGAL 2012 ANNUAL SHAREHOEDERS- MEETING @uinn P: Fanning Jeffrey M. Platt ~~ Jeffrey A. Ge ski ’ EV oF EVP & CFO President & CEO)