Tidewater Inc. · NYSE:TDW
Tidewater — Credit Suisse 24th Annual Energy Summit 2019
17 slides from Tidewater's conference presentation, Feb 19, 2019
Slide 1: Credit Suisse 24th Annual Energy Summit
Credit Suisse 24th Annual Energy Summit John Rynd President, Chief Executive Officer and Director February 12, 2019
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Credit Suisse Energy Summit 2019 | Tidewater Inc. In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater Inc. (the “Company”) notes that certain statements set forth in this Current Report on Form 8-K provide other
Slide 3: Tidewater overview
Tidewater overview Credit Suisse Energy Summit 2019 | Tidewater Inc. TDW $20.90 Market Cap ~$865 mil Based on 41 million shares and $0.001 warrants As of Feb 8, 2018 market close Founded 1955 Created the industry’s first Offshore Support Vessel Cash & Equiv $469 million Net Debt (26) million Tidewat
Slide 4: An unwavering commitment to safety leadership
An unwavering commitment to safety leadership Total Recordable Incident Rates 2007-2017 (per 200,000 Man Hours) TRIR = Sum of LTAs and Recordables x 200,000 divided by Man Hours Worked 0.0 1.0 0.5 0.14 10 year average Credit Suisse Energy Summit 2019 | Tidewater Inc. UPDATE STATS 0.0 1.0 0.5 0.14 10
Slide 5: Repositioned Tidewater to become a global leader in the OSV market
Repositioned Tidewater to become a global leader in the OSV market Significantly expanded the company’s position in the recovering North Sea market Added high-spec tonnage to the existing fleet Significant cost and operational synergies Shore base facilities, headquarters Rationalizing shared servic
Slide 6: Substantial Synergies: Value Creation in a Down Market
Substantial Synergies: Value Creation in a Down Market Credit Suisse Energy Summit 2019 | Tidewater Inc. Relative to $145 million of combined G&A pre-combination (LTM prior to announcement), the pro forma company has a target run-rate annual G&A $100 million Substantial progress has been made to dat
Slide 7: Forming the Largest OSV Operator
Forming the Largest OSV Operator Source: IHS Petrodata, Tidewater, company disclosures Credit Suisse Energy Summit 2019 | Tidewater Inc. Vessel Count (AHTS & PSVs) as of September 30, 2018 All Others (~2,400 total vessels for 400+ owners) 264 Total Fleet Incl. All Vessel Types 233 OSVs
Slide 8: Best positioned to participate in market recovery - globally
Best positioned to participate in market recovery - globally Headquarters Area Operations Towing Supply 168 total active vessels with average vessel age of 8.7 years as of September 30, 2018. Other Deepwater Towing Supply Deepwater Towing Supply 8 yrs Avg. Age North Sea & Mediterranean Sea 33 8.1 yr
Slide 9: Larger OSV Market Share in Key Regions
Larger OSV Market Share in Key Regions Credit Suisse Energy Summit 2019 | Tidewater Inc. Source: IHS Petrodata MarineBase and Tidewater – Active AHTS and PSVs as of January 24, 2019 Mexico West Africa North Sea Middle East Gulf of Mexico Mediterranean PSV AHTS Tidewater PSV Tidewater AHTS
Slide 10: Financial Strength Preserved; A Stand Out in the Sector
Financial Strength Preserved; A Stand Out in the Sector Credit Suisse Energy Summit 2019 | Tidewater Inc. Source: FactSet, NYSE, Oslo Bors and Company filings as of January 24, 2019 Note: Tidewater market cap based on common stock + Jones Act Warrants for total share count of 41.4 million OSV Owner
Slide 11: Prepared for Continued Market Softness
Prepared for Continued Market Softness Credit Suisse Energy Summit 2019 | Tidewater Inc. Lower-levered companies were less impacted by the commodity crash in Q4 OSV Owner Cash Balance Source: FactSet research systems & Company filings as of 1/24/19.
Slide 12: A Blue Chip Customer Base Levered to Improving Investment
A Blue Chip Customer Base Levered to Improving Investment Credit Suisse Energy Summit 2019 | Tidewater Inc. Top 5 Customers As of September 30, 2019 Chevron Pemex Saudi Aramco Horizon/BP Petrobras
Slide 13: The OSV market is likely tighter than it appears
The OSV market is likely tighter than it appears Vessels stacked >3 years and >15 years old are unlikely to return to service Net of a limited number of newbuild deliveries through 2020, the adjusted OSV supply approaches demand Credit Suisse Energy Summit 2019 | Tidewater Inc. Number of Vessels OSV
Slide 14: Right-Sizing Our Fleet for Future Demand
Right-Sizing Our Fleet for Future Demand Reactivation optionality 5 vessels were reactivated in 2018 A fleet of 24 Tier 1* vessels (AHTS and PSVs) remain staged for reactivation as market conditions improve Disposing of older, lower specification tonnage is an ongoing process 41 vessels were sold or
Slide 15: Strategic priorities
Strategic priorities Leadership in safety, compliance and operational excellence Protect and preserve strong liquidity position Efficient and complete realization of cost and other synergies relating to the combination with GulfMark Rationalization of fleet and cost structure to provide scope for ma
Slide 16: Tidewater Inc.
TIDEWATER INC. sea ay Headquarters ae : gerdale Road : = sah = Houston, ee ates USA P: +1713 470 eee TDW Usted NYSE
Slide 17: Broad Geographic Diversity
Broad Geographic Diversity Headquarters Area Operations Towing Supply 168 total active vessels with average vessel age of 8.7 years as of September 30, 2018. Other Deepwater Towing Supply Deepwater Towing Supply 8 yrs Avg. Age North Sea & Mediterranean Sea 33 8.1 yrs Avg. Age Middle East & Asia Paci
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