Tidewater Inc. · NYSE:TDW
Tidewater — Credit Suisse 23rd Annual Energy Summit 2018
23 slides from Tidewater's conference presentation, Feb 21, 2018
Slide 1: Credit Suisse 23rd Annual Energy Summit
Credit Suisse 23rd Annual Energy Summit Quinn Fanning Executive VP and Chief Financial Officer Jason Stanley Director, Investor Relations February 15, 2018 Exhibit 99.1
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS 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
Slide 3: Tidewater Profile
Founded in 1955 – Designed the first OSV as we know it today Financial restructuring completed July 31, 2017 NYSE-traded Securities (with 2/9/18 closing prices) Common Shares – TDW $25.51 Series A Warrants – TDW WS.A $3.02 Series B Warrants – TDW WS.B $2.96 Market Cap (@ 02/09/18) ~$765 million, bas
Slide 4: Dealing with a Challenging Market
Dealing with a Challenging Market Credit Suisse 23rd Annual Energy Summit | ©2018 Tidewater Inc. Safety Leadership TRIR in FY2017 lower than last five years’ avg. No LTAs in FY2016 and FY2017 Trusted Partner 60+ years experience in global OSV market Highly experienced management team Committed to Co
Slide 5: The New Tidewater Prepared for the Future
Highly-capable vessel fleet One of the largest, youngest and most geographically diverse OSV fleets the ability to operate in any water depth (shallow, mid and deepwater) Unique financial strength Zero net debt post-restructuring Covenant holiday for all EBITDA-based covenants through period ending
Slide 6: Committed to Safety Leadership
Committed to Safety Leadership Total Recordable Incident Rates CY 2005-2016 (per 200,000 Man Hours) TRIR = Sum of LTA’s and Recordables x 200,000 divided by Man Hours Worked 0.0 1.0 0.5 0.0 1.0 0.5 0.15 10 year average 0.14 5 year average Credit Suisse 23rd Annual Energy Summit | ©2018 Tidewater Inc
Slide 7: Market Drivers: Working Offshore Rigs
Overall working rig count down ~40% from 2H 2014 peak to 420 current working rigs Consensus outlook assumes slow recovery in jackup and floater market beginning in 1H18 Consensus outlook suggests ~ 500-550 working rigs over the next 5 years Credit Suisse 23rd Annual Energy Summit | ©2018 Tidewater I
Slide 8: OSV Business Drivers – Where have we been and where do we go from here?
OSV Business Drivers – Where have we been and where do we go from here? Credit Suisse 23rd Annual Energy Summit | ©2018 Tidewater Inc. 6.9 Without ~600 vessels 25+ yrs old 5.9 Without ~1,000 vessels 15+ yrs old Source: IHS Markit and Tidewater 1,000 vessels +15 years old 200 vessels < 15 yrs do not
Slide 9: OSV Supply & Demand
OSV Supply & Demand Credit Suisse 23rd Annual Energy Summit | ©2018 Tidewater Inc. Source: Clarksons Platou Securities AS (May 2017) (*includes PSVs >50m LOA and >=1000 dwt + AHTS 4-10k bhp) OSV Supply, Demand and Fleet Utilization Production Support Demand Rig Support Demand
Slide 10: Tidewater's Active Fleet vs. Worldwide OSV Fleet
Tidewater’s Active Fleet vs. Worldwide OSV Fleet Credit Suisse 23rd Annual Energy Summit | ©2018 Tidewater Inc. 146 Vessels 8.1 Years Avg Age 3,500 Approx. Vessels in the Global Fleet 17% Vessels Est. to be 25+ Years Old Vessels 25+ years old today Vessels 25+ years old today Vessels 15+ years old t
Slide 11: Global OSV Leader
Global OSV Leader Credit Suisse 23rd Annual Energy Summit | ©2018 Tidewater Inc. Regional Headquarters Area Operations Americas Active Fleet 27 Towing Supply Towing Supply Towing Supply Our top 10 customers in Fiscal 2017 (3 Super Majors, 4 NOCs, and 3 Other) accounted for 75% of our revenue Revenue
Slide 12: Size and Scope of Operations Matter
Size and Scope of Operations Matter Credit Suisse 23rd Annual Energy Summit | ©2018 Tidewater Inc. AHTS and PSVs only, as of November 2017 All Others (~2,400 total vessels for 400+ owners) Source: IHS Markit and Tidewater
Slide 13: Solid Financial Foundation is Key in a Challenging Market
Solid Financial Foundation is Key in a Challenging Market September 30, 2017 Balance Sheet Summary Credit Suisse 23rd Annual Energy Summit | ©2018 Tidewater Inc. Cash & Equiv.: >$460 million Total Debt: $451 million Book Equity: $1,041 million Net Debt/Net Cap: 0% Total Debt / Cap: 30% Debt Maturity
Slide 14: Unique Financial Position in the OSV Industry – Highest Equity Market Cap
Unique Financial Position in the OSV Industry – Highest Equity Market Cap Credit Suisse 23rd Annual Energy Summit | ©2018 Tidewater Inc. Source: FactSet research systems & Company filings as of 2/7/18
Slide 15: Unique Financial Position in the OSV Industry – Lowest Leverage
Unique Financial Position in the OSV Industry – Lowest Leverage Credit Suisse 23rd Annual Energy Summit | ©2018 Tidewater Inc. Source: FactSet research systems & Company filings as of 2/7/18
Slide 16: Minimal Future CAPEX – Another Strength
Minimal Future CAPEX – Another Strength Credit Suisse 23rd Annual Energy Summit | ©2018 Tidewater Inc. (1) Values presented are on calendar basis ~$4 million Capex Required as of 9/30/2017
Slide 17: Go Forward Strategy
Go Forward Strategy Leadership in safety, compliance and operational excellence Disciplined cost control, focused on near-term cash break-even Protect and preserve strong liquidity position Focused on growth opportunities with SG&A synergies Deliver best-in-class shareholder returns Credit Suisse 23
Slide 18: Appendix
IX Append 5 z 3 ad
Slide 19: New Vessel Trends by Vessel Type – Deepwater PSVs
New Vessel Trends by Vessel Type – Deepwater PSVs Credit Suisse 23rd Annual Energy Summit | ©2018 Tidewater Inc. $44 million, or 42%, of Vessel Revenue in Q3 2017 Q3 2017 Avg Day Rate: $12,157 Utilization: 43.6%
Slide 20: New Vessel Trends by Vessel Type – AHTS
New Vessel Trends by Vessel Type – AHTS Credit Suisse 23rd Annual Energy Summit | ©2018 Tidewater Inc. $3.3 million, or 3%, of Vessel Revenue in Q3 2017
Slide 21: New Vessel Trends by Vessel Type – Towing Supply / Supply
New Vessel Trends by Vessel Type – Towing Supply / Supply Credit Suisse 23rd Annual Energy Summit | ©2018 Tidewater Inc. $49 million, or 47%, of Vessel Revenue in Q3 2017
Slide 22: Net Book Value at September 30, 2017
Net Book Value at September 30, 2017 Vessel Count NBV Average Age Avg NBV / Vessel (in millions) (years) (in millions) Deepwater vessels PSVs > 3,800 DWT 42 $ 351.6 9.3 $ 8.4 PSVs < 3,800 DWT 43 $ 175.6 5.8 $ 4.1 Deepwater AHTS 12 $ 66.5 9.4 $ 5.5 97 $ 593.7 7.8 $ 6.1 Towing Supply Vessels 100 $ 234
Slide 23: New Orleans, Louisiana / Houston, Texas
NEW ORLEANS, LOUISIANA HOUSTON, TEXAS LALA 6002 Rogerdale Road Suite 600 Houston, Texas 77072 P: +1 713 470 5300 104 568 1010
Tidewater — Credit Suisse 23rd Annual Energy Summit 2018 on 6ix