Slide 1: Tidewater Investor Presentation September 2022
Hh TIDEWATER Investor Presentation September 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: Agenda
Agenda 1. Company overview Market outlook Sustainability at Tidewater oa Appendix ‘tdw.com
Slide 4: 1. Company Overview
1. Company Overview
Slide 5: Tidewater Overview
Tidewater Overview Introduct nto idewater mpany highlights = Tidewater owns and operates one of the largest fleets of a offshore support vessels (SVs) in the industry = Over 60 years of experience supporting offshore energy exploration and production activities worldwide since founding in 1955 Found
Slide 6: Leading OSV Platform
Leading OSV Platform eratorin terms of feet size. Selected Peers by # of vessels (AHTS. & PSVs) Most Experienced, Optimized Financial Stability Safe Operator OSV Fleet Offshore Eston Choves| 140 Effectively created the = Strategically positioned = Robust balance sheet eee ‘ workboat industry when ve
Slide 7: Global Footprint in All Major Offshore Regions
Global Footprint in All Major Offshore Regions MN Total Fleet -165 OSVs 106 m= PSV = AHTS Ee Es Sgt we AsiaPacific-17 05s ide East -82 05V5 A 7 7 d Legend =>900m2 = 700-9002 9<700m2 #4-8K BHP @ Tidewater Locations ‘tdw.com 7 8-22 BHP w12- 26K BHP = >26K
Slide 8: Fleet Overview
Fleet Overview Specially designed to supply offshore oil and gas platforms. Transport variely of cargoes incl fuel, water, dring fuids, cement or mud in below-decktanks Carry material such as casing, dril pipe, tubing and misc, deck cargo.on open deck Specially designed to serve offshore rigs in moo
Slide 9: Summary Financial Metrics
Summary Financial Metrics Revenue ($m) EBITDA ($m) 437 29 467 407 397 an 68 a 2018 2019 2020 2021 TM a2 2022 2018 2019 2020 2021 LTM 02.2022, Net DebUEBITDA (x) Gross debt, cash ($m) and equity rati I Gross debt ll Cash @ Eauiy rato 439 308 10x 1.0 oo 07x 475 150 08x 2018 2019 2020 2021 LTM 02.2022
Slide 10: Peer Market Capitalization & Leverage Comparison
Peer Market Capitalization & Leverage Comparison 7 S110 32 310 QQ Bvswox aa wxenltioe — DOF ‘tdw.com
Slide 11: Trading vs. Fleet Appraisal Value Comparison
Trading vs. Fleet Appraisal Value Comparison Total Enterprise Valu ‘Comparison 8-12 7 449 12-16 4 321 > 16K “1 4992 EJ $3482 Other Vessels a 296 {Total Appraisal Vaiue i ITDW Enterprise Vaue ' " iS hevormememes tdw.com
Slide 12: Significant Earnings Leverage and Free Cash Generation
Significant Earnings Leverage and Free Cash Generation $700 $600 $500 g $300 USD in Millions $200 $100 $0 Pro forma SPO acquisition $85 $25 20 a0 s = Bi 2021 Core Targeted G&A Targeted Proforma Fleet EBITDA Synergies. Opex_2021.Core Synergies Fleet EBITDA Utilization +$1.5k/day +$3.0k/day +$4.5k/day
Slide 13: Historical Performance
Historical Performance Day Rate and Vessel Cash Mar: 525,000 30% 20,000 om 3 = 2 5 > $15,000 s = 2 © 10,000 g é i $ 56,000 Sigintcantimprovementin rates and cash margins, 10% approaching 2076 evels $0 0% Q12010 Q12011 Q12012 12013 12014 12018 Q12016 Q12017 Q12018 Q12019 12020 Q12021 012022 —Day Rate
Slide 14: OSV Leading Edge Contracted Day Rate Progression
OSV Leading Edge Contracted Day Rate Progression Vessel Class beet 2021 Day Rate 2022 Day Rate Se eae >900m? PSV 42 $14,382 $16,604 $23,447 700 - 900m? PSV 44 11,323 13,889 15,368 <700m? PSV 23 9,643 10,477 15,982 >16K BHP AHTS "1 16,980 19,737 a 12 - 16K BHP AHTS 4 11,383 11,695 8 - 12K BHP AHTS 17
Slide 15: 2. Market Outlook
2. Market Outlook
Slide 16: Commodity Backdrop
Commodity Backdrop $20 16 ‘tdw.com
Slide 17: Committed Capital Spending & Demand Overview
Committed Capital Spending & Demand Overview Robust oil price environment * Global oil demand continuing to show signs of recovery towards pre-Covid levels and beyond = $90 - 100 Brent oil price has led to significant demand for offshore vessels as operators prosecute new activity = Global offshore
Slide 18: Global OSV Utilization Overview
Global OSV Utilization Overview Utilisation, Global, AHTS >4,000 BHP No. of SVs Utilisation, 2,000 100% 4.900 4.600 — hetive No. idle No. id up —— vtiisation 5 18 ation, Global, PSV >1,000 dwt No. of OSVs Utilisation, 2,000 100% 400 No. ete 400 No. idle 60% No. dup —vitiisation 5 ‘tdw.com
Slide 19: Global PSV Fleet Vessel Status
Global PSV Fleet Vessel Status (1) o Substantial “e “headline EA sv supply LOR Ce ae a ae ee Lataup Actve Vessel Supply Status: 700 - 900m? Deck Area Vessel Supply by Status: >900m? Deck Area re ~8% of 700- 900m fleet 2 teiéup SPS SS SP SS PS Po Se SSS SP SS PS PDD FSF KK KF Mo MF FSF SF MF Mo oF Lu
Slide 20: OSV Day Rate Dynamics
OSV Day Rate Dynamics AHTS TC Rates 50,000 70,000 60,000 40,000 50,000 20.00 40,000 20,000 sD 20,000 10,000 40,000 o 0 —Psv 3,200dwt TC Rate ~—==PSV 4,000dwt TC Rate ars sot ep Tc Rate aus 1200 P Te Rate ANTS 2001 BP TC Rate Lae aes ies vepeesy tet asbre 20 ‘tdw.com
Slide 21: Newbuild Economics Considerations
Newbuild Economics Considerations Newbuild Economics Require ~$38k/d Day Rate Over 20 Year Useful Life mS37k/day = $38k/day Assumptions Newbulld Cost ($m) $65 Assumed day rate (Skiday) $38 Opex rate (Skiday) $85 Drydocking Cost(every 5 years)(Sm) $1.2 Utlzation (%) 90% Wace 14% [Years to breakeven b
Slide 22: 3. ESG at Tidewater
3. ESG at Tidewater
Slide 23: Committed to Sustainability
Committed to Sustainability 638 Environment * Continued operational efficiency improvements and reduced emissions through fuel and environmental monitoring, hybrid battery and shore power upgrades = Vessels outfitted with hybrid technology expanding regional presence: now operating in the Mediterran
Slide 24: Sustainability Report
Sustainability Report = Tidewater’s second annual comprehensive and stand- alone sustainability report presenting the company's ESG performance, along with its management approach to material sustainability topics now available on the company website: https:/www. tdw.com/sustainability/sustainabilit
Slide 25: Key Areas of Focus on Environment
Key Areas of Focus on Environment Environmental Management = _ Responsible environmental stewardship to prevent Tidewater is proud to be a primary partner of Sea Pollution or environmental damage to the land, water and Life Rescue, a U.S -based charitable organization air whose goal is to dramatical
Slide 26: Key Areas of Focus on Social
Key Areas of Focus on Social = People = Committed to providing the safest working environment and the highest level of training possible = Health and Safety Management = We promote safety and instill safe work habits with regular training of for both our mariners and shore-based personnel = Emergenc
Slide 27: Safety Leadership Remains a First Priority
Safety Leadership Remains a First Priority Total Recordable Case Frequency 201 TRF = (UT + RECS) x 1,000,000 /Exposure Hours 3.00 a Oi 0.63 “* 0.67 “ ‘ToW.10 Year Average ‘TDWwcy2021 250 2.00 1.00 050 0.00 2012 2013, 2014 2015 2016 2017 2018 2019 2020 2021 sm Tidewater Global Flos, International Sup
Slide 28: Key Areas of Focus on Governance
Key Areas of Focus on Governance Corporate Governance and Ethics = The Tidewater Board of Directors and Board committees have responsibility for strategic oversight of all company activities around the world, including sustainability Supply Chain Management = Tidewater’s suppliers need to comply wit
Slide 29: World's largest publicly listed OSV company
( w ) World's largest publicly listed OSV company Strong balance sheet and liquidity position Significant earnings leverage Strong market fundamentals Reputable platform and industry leaderin ESG
Slide 30: 4. Appendix
4. Appendix
Slide 31: Non-GAAP Financial Measures — EBITDA and Adjusted EBITDA
Non-GAAP Financial Measures — EBITDA and Adjusted EBITDA Reconciliation Net Loss Interest and other debt cost Income Tax (benef expense Depreciation Amortization of deferred drydock and survey cost EBTDAN 251 Long-lived assetimpairments and other Affilate credtloss impairment (cred) Affliate uarante
Slide 32: Non-GAAP Financial Measures — EBITDA and Adjusted EBITDA
Non-GAAP Financial Measures — EBITDA and Adjusted EBITDA Reconciliation 2030 022020 0533020 420202020 i024 a72004 aszteyaazty 7024 Net Loss (18524) (110884) 8081) (29427) (186696) (25527) (9647) (26407) (63,078) (128.680) Iteret and other debt cost e1e2 5989 G07! 5868 24186 ase 3948 3681341718869 In
Slide 33: Non-GAAP Financial Measures — EBITDA and Adjusted EBITDA
Non-GAAP Financial Measures — EBITDA and Adjusted EBITDA Reconciliation Adjusted EBITDA 1H 2022 Net Loss. Interest and other debt cost Income Tax (benefit) expense Depreciation Amortization of deferred drydock and survey cost EBMDAN25) Long -lived asset impairments and other Loss.on warrants Gain on
Slide 34: Thank you
‘|’ TIDEWATER Thank you tdw.com