19th Annual BURKENROAD REPORTS Investment Conference Joseph M. Bennett EVP & Chief Investor Relations Officer April 24, 2015
Whats Important in a Challenged Market Safe, efficient and compliant operations New vessels that service all water depths Geographic diversity Strong customer base and relationships Reasonable CAPX expectations Solid balance sheet and…
Safe Operations is Priority 1 Stop Work Obligation Safety performance is 25% of mgt. incentive comp 0.70 TOTAL RECORDABLE INCIDENT RATES 0.60 0.50 0.40 0.30 0.20 0.10 0.00 2003 2004 2005 2006 2007 2008 2009 2010 2011…
Too Many Offshore Rigs, but Activity Levels Drive OSV Demand 450 400 Jackups 389 350 Working Rigs 300 250 200 Floaters 232 150 Rig CIP Jackups 120 100 Floaters 84 Prior peak (summer 2008) Other 9 50 213 0 4/04…
Vessel Population by Owner (AHTs and PSVs only) Estimated as of April 2015 400 300 218 191 200 148 73 71 100 63 5 0 Avg. Tidewater Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 All Others (2,513…
Geographic Diversity Vessel Count by Region (Excludes stacked vessels as of 12/31/14) MENA 46(18%) Asia/Pac 26(10%) SS Africa/Europe Americas 117(45%) 71(27%) 19th Annual BURKENROAD REPORTS Investment Conference 7
A New Fleet that Services All Water Depths (Excludes stacked vessels as of 12/31/14) Americas New Avg. Traditional MENA New Vessels Avg. Traditional NBV Vessels Vessels NBV Vessels Deepwater 12 17.5M 1 Deepwater 35 20.6M 0…
Strong Customer Base Current Revenue Mix Others Super Majors 41% 37% Approximately 60% of our revenue is derived from drilling support activity and 40% from NOC's non-drilling related activity, such 22% as support of production…
The Largest Modern OSV Fleet in the Industry Vessel Commitments Average Cost Jan. 00 December 14 Vessel Count (2) Total Cost (2) per Vessel Deepwater PSVs 102 2,900m 28.4m Deepwater AHTSs 12 387m 32.3m Towing Supply/Supply 111…
CAPX is Decreasing from Recent High Levels 1,000 800 Amounts in Fiscal 2015-2017 represent known CAPX on only the Annual CAPX (in millions) 28 vessels and 2 ROVs under construction as of 12/31/14. 600 400 200 0…
Solid Balance Sheet and Financial Flexibility Our Financial Position Provides Us Strategic Optionality As of December 31, 2014 Cash & Cash Equivalents 77 million Total Debt 1,491 million Shareholders Equity 2,503 million Net…
Debt Maturities and Covenants as of 12/31/14 Maturities Limited for Several Years 800 Debt Covenants: 1) Debt/Total Capitalization Ratio of not greater than 55% 2) EBITDA/Interest coverage of not less than 3.0X Debt Maturity (in…
Return Capital to Shareholders Consistent Dividends and Opportunistic Share Repurchases (in millions) Dividends Share Repurchases 400 350 300 4.0% Current Dividend Yield 250 200 150 100 50 0 2000 2001 2002 2003 2004…
Tidewaters Strategy Continue to improve upon stellar safety and compliance programs Stay close to our customers Monitor industry developments to adjust our playbook accordingly - Cost reduction initiatives - Maintain/protect…
NEW ORLEANS, LOUISIANA Worldwide Headquarters Tidewater Inc. Pan American Life Center 601 Poydras Street, Suite 1500 New Orleans, Louisiana 70130 P: +1 504 568 1010 HOUSTON, TEXAS Tidewater Marine, L.L.C. 6002 Rogerdale Road Suite 600…
Drivers of our Business Peak to Present July 2008 Jan. 2011 April (Peak) (Trough) 2015 Working Rigs 603 538 658 Rigs Under 186 118 213 Construction OSV Global 2,033 2,599 3,277 Population OSVs Under 736 367 440 Construction…
The Worldwide OSV Fleet (Includes AHTs and PSVs only) Estimated as of April 2015 As of April 2015, there are approximately 440 additional AHTS and PSVs (13% of the global fleet) under construction. 300 250 Vessels 25 years old…
Tidewaters Active Fleet As of December 31, 2014 Deepwater vessels Towing Supply/Supply Other vessels 40 35 242 New vessels 6.6 avg yrs 30 18 Traditional vessels 25.8 avg yrs Number of Vessels (only 7 OSVs) 25 20…
and More to Come Vessels Under Construction* As of December 31, 2014 Count Deepwater PSVs 21 Deepwater AHTSs - Towing Supply/Supply 6 Other 1 Total 28 Estimated delivery schedule 4 remaining in FY 15, 18 in FY 16 and 6…
The Upgrading of the Tidewater Fleet (A 10 Year Review) 3/31/05 Snapshot 12/31/14 Snapshot Deepwater PSV New Vintage Total Current Future Vintage DWT Fleet Fleet Fleet DWT New Fleet CIP Fleet Fleet 5,000-6,000 0 0 0 5,000-6,000 16…
Fleet Renewal & Expansion Largely Funded by CFFO CAPX Dividend Share Repurchase 700 in millions 600 500 400 CFFO 300 200 100 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Fiscal Year Over a…
History of Solid Earnings and Returns on a Through-Cycle Basis Adjusted EPS** 7.89 8.00 5.94 6.39 Adjusted EPS ** 6.00 5.20 4.00 3.33 3.69 3.03 1.78 2.40 2.13 2.00 1.03 0.00 Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal…
Total Revenue and Margin Fiscal 2008-2015 Prior peak period (FY2009) averaged quarterly revenue of 339M, quarterly operating 500 56.4% margin of 175.6M at 51.8% 53.0% 46.7% 47.7% 50.0% 46.3% 45.6% 400 45.0% 44.1% 45.2% 43.1%…
Active Vessel Dayrates & Utilization by Segment Americas Asia/Pac MENA Sub Sah Africa/Eur. 26,000 Avg. Dayrate 22,000 18,000 14,000 10,000 6,000 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 100% Avg. Utilization…
New Vessel Trends by Vessel Type Deepwater PSVs Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 60,000 240 Q3 Fiscal 2015 Avg Day Rate: 29,929 Utilization: 86.1% 50,000 200 40,000 160 30,000 120 80 75…
New Vessel Trends by Vessel Type Deepwater AHTS Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 60,000 240 Q3 Fiscal 2015 Avg Day Rate: 33,375 Utilization: 83.0% 50,000 200 40,000 160 30,000 120 20,000…
New Vessel Trends by Vessel Type Towing Supply/Supply Vessels Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 25,000 250 Q3 Fiscal 2015 Avg Day Rate: 15,647 Utilization: 80.8% 20,000 200 15,000 150 103…
Tidewaters New Subsea Business Six work-class ROVs in current fleet and two more on order Commercial operations underway with additional opportunities in Americas, SSAE and Asia/Pac ROV capabilities generating potential for OSV pull…
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