Tidewater Inc. · NYSE:TDW
Tidewater — Barclays Select Growth Conference 2013
31 slides from Tidewater's conference presentation, Nov 25, 2013
Slide 1: Barclays Select Growth Conference
Exhibit 99.1 Barclays Jeffrey President Joseph EVP & M. Chief Select and Bennett Platt IRO CEOGrowth November Conference 19, 2013
Slide 2: Forward-Looking Statements
601accordance TIDEWATER New FORWARD In and uncertainties the customers obsolete unsettled political environment, Phone: Web Email: control are Poydras site Orleans, connect@tdw.com 504.568.1010 forward risk for address: political in ofcertain -LOOKING Street, countries the that labor the LA with loo
Slide 3: Who We Are & What We Do
Who We Are 3Tidewater is the & What world’s Welargest Do and most experienced provider of marine support services for the offshore energy industry
Slide 4: Basic Tidewater Financial Information
Basic Year NYSE Stock Market Enterprise Shares Fiscal Total Net Debt/Total Earnings Founded: Assets Revenues Tidewater Price: 2013 Symbol: O/S: Cap: Value: Cap Financial ~49.5m $4.2 ~$60/share ~$3 $151 1956 28% $1.2 TDW Information billion ~$4.5 million shares billion 4Highlights: billion
Slide 5: Key Tidewater Facts
Key Tidewater Pioneered “Best First Largest History Constructive Solid 5opportunities, to balance inexpand “NEW” of Class” the earnings fundamental sheet oil such Facts extensively safety OSV & as allows growth gasfleet recent and service backdrop compliance us in and into Troms the tovessel solid i
Slide 6: Safety: Total Recordable Incident Rates
Safety TOTAL 0.7 2003 CALENDAR 6TIDEWATER 0.6 2004 Record 0.5 RECORDABLE 0.4YEARS 2005 DOW Rivals 0.32006 0.2CHECMICAL Leading 0.1 INCIDENT 2007 0 2008 Companies 2009 CHEVRON RATES 2010 2011EXXON/MOBIL 2012
Slide 7: Offshore Rig Trends: Working Rigs
Working 400 450 Rigs 300 350 Jackups ng Worki 200 Prior 50 100 Floaters /04405 01Note:250 peak Source:150 7/04 46 Offshore 262 (summer Rig ODS-Petrodata “Other” 1/05 7/05 2008) rigs, Trends 1/06 along 77/06with 1/07the 7/07 Jackups 1/08 7/08 and Floaters, 1/09 7/09provide 1/10 7/10 a total 1/11worki
Slide 8: Drivers of Our Business: OSV/Rig Ratio
Drivers “Peak July (Peak)(Trough) Working Rigs 186 OSV 2,033 OSV’s Population 736 OSV/Rig Construction 8Source: 118 367 2008 Under Global 2,599 toUnder of ODS-Petrodata 234 439 Present” Rigs Ratio Jan. our 3,031 603 Business 2011 3.37 2013 538 November 4.83 713 and 4.25 Tidewater
Slide 9: The Global OSV Fleet Age
TheofVessels (Includes As 250 300 Built 1965 Global 9Source: Worldwide 1970 200 November fleet ODS-Petrodata AHTS PSV) 1975 >is 25 estimated 150 OSV 1980 and 2013, years Vessels PSVs Fleet 1985 old there and at today only) 3,031 1990 Tidewater &are ofapproximately Estimated (AHTS vessels, 1995 20001
Slide 10: Tidewater's Active Fleet by Year Built
Tidewater’s As Deepwater 240 40 1970 Number 35 of“New” 1975 September 30of 251980 vessels vessels Active 20 151985 30, 10 Towing Year Fleet –6.1 2013 51990 0Built avgSupply/Supply 1995 yrs 1027 2000 “Traditional” 2005Other 2010vessels vessels –26.7 avg yrs
Slide 11: Vessel Population by Owner
Vessel 400 228 (AHTS Tidewater Avg. vessels 400+ Source: 300 164 owners) Population for and ODS-Petrodata 200 130Competitor PSVs 100 75 11660only) by 61Owner 5#1and Estimated Competitor Tidewater as of #2November Competitor2013 #3 Competitor #4 Competitor # 5 All Others (2,306 total
Slide 12: History of EPS
History $8.00 12 $1.03 Fiscal Adjusted On ** exclusive litigation Government 2012EPS Avg. of $6.00 EPS** is$1.78 2004 2009 Earnings a$4.00 exclusive Adj inEquity and Return of Fiscal Fiscal usted $3.33 $.37 of $0.22 per of Growth $2.00 Nigeria 4.3% 2004 $5.94 2005 2010 $0.43 share per 7.2% isfor $0.
Slide 13: Global Footprint and Vessel Distribution by Region
Our2Q Vessel (excludes SS 24(9%) Asia/Pac 44(16%) MENA In 63(24%) addition, 13 Africa/Europe Global FY Distribution Tidewater 2014, stacked Footprint ~9% Americas vessels by has ofRegion currently vessel -as136(51%) ofrevenue 9/30/13) under was construction generatedfive in the additional U.S. byU.S
Slide 14: Active Vessel Utilization and Dayrates by Segment
Active Americas $18,000 $22,000 $6,000 Avg tion 90% .100% A 6/10 60% Impact Utilization 70% vgUtiliza 12/10 Vessel ofDayrate Asia/Pac $7.4 stats 6/11 80% Dayrates million 12/11 exclude $14,000 MENA 6/12 of &stacked retroactive .Utilization $10,000 Sub 12/12Sah vessels. 6/13 Africa/Eur. revenue by Se
Slide 15: The Modern Fleet: Vessel Count and Cost
The9/30/13, Vessel Jan. Deepwater Towing Other TOTALS: (1) (2). At ~$4.27b Vessel Largest ’00 55 Commitments Supply/Supply –$280m September 271 count AHTSs PSVs 240 (87%) Modern $4,883m(1) new $5.1m and 96funded 11$2,630m OSV vessels total Average ‘13 $358m 109Vessel cost Fleet through $18.0m $1,615
Slide 16: Vessels Under Construction
..... of Vessels As Deepwater Towing Other Total Estimated 16 and31 September 2 More Under Supply/Supply delivery AHTSs PSVs toConstruction* Come 30, 23schedule - 2013 6 Count –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 an
Slide 17: Strong Financial Position Provides Strategic Optionality
Strong Provides As Cash Shareholders Net Total ~$650 17 of Debt & Debt September million Financial Cash Strategic / Net /$1,446 Capitalization Equity Equivalents of Capitalization Position 30, available million Optionality $2,635 2013$46 35% liquidity million 35% million as of 9/30/13, including $42
Slide 18: New Deepwater PSV Trends
New Deepwater $60,000 Q2 Utilization: $20,000 66 55 51 47 43 34 25 22 $0 FY08 Average $176 69 57 54 49 44 38 25 23 -Q1 Fiscal Vessel million, 62 45 40 25 24 FY09 Q2 240 73 Day Fleet $10,000 25 2014 Q3 PSVs 80 84.6% Trends 28 FY10 Rate, or Size Q4 Avg 49%, 29 Q1 FY11 $40,000 Average Adjusted by Day 3
Slide 19: New Deepwater AHTS Trends
New Deepwater Average $60,000 Q2 Utilization: 569$10,000 $09-Q1 FY08 $26 Fiscal 11 Vessel 11840 5240 Day 11 2014 5AHTS million, FY09 Q2 87.9% Trends 11 orRate, 5FY10 Fleet Q3 Avg 11 5Size Q4 11 $40,000 Adjusted by 5 5Q1 7%, Day 5of FY1111 Vessel Average Q211 Rate: 160 11 FY12 Q3 Average Type Day11 $
Slide 20: New Towing Supply/Supply Trends
New Towing $25,000 Q2 $15,000 101 99 85 81 61 57 51 46 $0 Q1 FY08 Average $118 $10,000 88 83 63 59 54 -47 Fiscal Q2 101 Vessel million, 78 49 FY09 Q3 Supply/Supply 250 150 102 Day Fleet 68 $5,000 2014 Q4 93 Trends FY10 103 Rate, or Size Q1 100 Avg 33%, 40 103 Q2 FY11 Average Adjusted by 43 Day 103 Q
Slide 21: Tidewater's Recent Subsea Business Order
Tidewater’s Recent work-class (ROV) 21 order operated remotely New of six vehicles Subsea Business
Slide 22: Potential Earnings Acceleration
Potential +$950M Utilization ~$12.50 +$650M Average 85.0% ~$7.25 This EPS 82.7%* ~$5.50 $18,637 (+ Actual *6/30/11 29110%) info Avg $14,291 9/30/13 *~$550M+ vessel(+ EBITDA for is$20,500 90.0% 10%) Qtrly not Future meant Average quarterly Day EPS $22,550 EPS assumptionEarnings to rates EBITDA be Day
Slide 23: Creating Long-Term Shareholder Value
CreatingResults Deliver Maintain Financial 23 Financial EVA-Based Strength On Long- Investments Through-cycle Strategy Termer BasisShareholder Focused on Value
Slide 24: Barclays Select Growth Conference
Barclays Jeffrey President Joseph EVP & M. Chief Select and Bennett Platt IRO CEOGrowth November Conference 19, 2013
Slide 25: Appendix
25 Appendix
Slide 26: Fleet Renewal and Expansion, Dividends and Share Repurchases
Fleetmillions $in $700 2000 Fiscal Over and 26 $749 aRenewal $600 2001 Year 14-year million, $500 2002 CAPX & period, $400 2003 Expansion respectively Dividend CFFO 2004 Tidewater 2005 Funded $300 Share 2006 has $200 Repurchase by invested 2007 CFFO $1002008 $0 $4.6 thru2009 Fiscal billion 2010 2013
Slide 27: Average Vessel Revenue: New vs Traditional Fleet
Average -Q 50 100 150 200 250 300 350 400 450 FY New 239 Vessel Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $364 271 Q2Q3 2009 Average Traditional Fleet million Revenue Fleet FY Q4Q1 Driving Active 2010 Vessel Count ($) Stacked Q2Q3 FY Results New Reve
Slide 28: Cyclical Upturn Should Drive Margin Expansion
Cyclical Vessel $200 $0 Q1 FY New $168 FY2014 28 0% Q2 2009 Traditional 70% million Cash Q3(94% Upturn FY $175 Q4Operating 2010 Vessel Q1 from 60% should Total Q2 FY New Margin $150 Q3 2011 New Margin Drive Vessels) Q4 50% FY inQ1 Margin Q2 ($) 2012 $125 Q2 Q2 Vessel Q3 FY 40% Expansion FY2014 Q4 20
Slide 29: Total Vessel Revenue and Operating Margin
Total Fiscal Prior 47.7% $300 M $150 Q1 $- $100 Note: (%)illions Q2peak $300 million Revenue Vessel 2008-2014 50.0% Q3$200 period Q4 million operating $400 Q1 and(FY2009) Q2 Margin 46.7% Q3 margin Q446.3% averaged Q1is Q2 defined 45.0% Q3 quarterly Q4 44.1% as vessel Q1 revenue Q2 42.0% revenue Q3 4
Slide 30: Current Customer Mix: Quality Base
Current Quality Others 41% NOC’s Our 30 top 38% Super 21% of Revenue 10Customer customers Majors MixBase in Fiscal 2013 (4 Super Majors, 2 NOC’s, 3 IOC’s and 1 independent) accounted for 58% of our revenue
Slide 31: Worldwide Offices
Worldwide Pan 601 New P:+504 >> Tidewater 6002 Suite Houston, P:+17134705300 NEW Houston, American Poydras Orleans, Rogerdale 600 568 Orleans, texas Inc. Marine, Headquarters 1010 Street, Texas Louisiana Life 77072-1655 road Louisiana L.L.C. Center Suite70130-USA 1500