Pareto Securities Offshore Vessel Forum Jeffrey M. Platt Joseph M. Bennett President & CEO EVP & Chief IRO March 19, 2014
Key Tidewater Takeaways Consistent goal of Best in Class safety and compliance culture Largest NEW OSV fleet in the industry, operating in over 50 countries with 8,000 employees worldwide History of earnings growth and solid…
Safety Record Rivals Leading Companies Safe Operations is Priority 1 Stop Work Obligation Safety performance is 25% of mgt. incentive comp 0.7 TOTAL RECORDABLE INCIDENT RATES 0.6 0.5 0.4 0.3 0.2 0.1 0 2003 2004 2005…
Drivers of our Business Peak to Present July 2008 Jan. 2011 March (Peak) (Trough) 2014 Working Rigs 603 538 712 Rigs Under 186 118 236 Construction OSV Global 2,033 2,599 3,088 Population OSVs Under 736 367 463…
The Worldwide OSV Fleet (Includes AHTs and PSVs only) Estimated as of March 2014 As of March 2014, there are approximately 463 additional AHTS and PSVs (15% of the global fleet) under construction. 300 250 Vessels 25 years old…
Tidewaters Active Fleet As of December 31, 2013 Deepwater vessels Towing Supply/Supply Other vessels 244 New vessels 6.0 avg yrs 25 Traditional vessels 26.5 avg yrs Number of Vessels Year Built Pareto Securities' Offshore…
Vessel Population by Owner (AHTS and PSVs only) Estimated as of March 2014 400 300 219 174 200 133 75 69 67 100 5 0 Avg. Tidewater Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 All Others (2,351…
Our Global Footprint Vessel Count by Region (Excludes stacked vessels as of 12/31/13) MENA 45(17%) Asia/Pac 23(8%) SS Africa/Europe Americas 135(50%) 66(25%) In 3Q FY 2014, 10% of vessel revenue was generated in the U.S.…
Our Global Footprint Vessel Class by Region (Excludes stacked vessels as of 12/31/13) New Avg. Traditional Americas New Avg. Traditional MENA Vessels NBV Vessels Vessels NBV Vessels Deepwater 11 16.6M 1 Deepwater 31 19.9M 0 Towing…
A Broad Portfolio of New High Spec OSVs Current Future Deepwater PSV DWT Fleet CIP Fleet 5,000-6,000 15 5 20 4,000-4,999 11 11 22 3,000-3,999 43 6…
The Largest Modern OSV Fleet in the Industry Vessel Commitments Average Cost Jan. 00 December 13 Vessel Count (2) Total Cost (2) per Vessel Deepwater PSVs 97 2,725m 28.1m Deepwater AHTSs 12 387m 32.3m Towing Supply/Supply 109…
Strong Financial Position Provides Strategic Optionality As of December 31, 2013 Cash & Cash Equivalents 114 million Total Debt 1,464 million Shareholders Equity 2,640 million Net Debt / Net Capitalization 34% Total Debt /…
Debt Maturities Limited for Several Years 800 Debt Maturity (in millions) 600 400 200 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Fiscal Year Pareto Securities' Offshore Vessel Forum 15
History of Earnings Growth & Solid Through-Cycle Return Adjusted EPS** Adjusted EPS ** Adjusted Return On Avg. Equity 4.3% 7.2% 12.4% 18.9% 18.3% 19.5% 11.4% 5.0% 4.3% 5.9% ** EPS in Fiscal 2004 is exclusive of the .30 per share…
Active Vessel Dayrates & Utilization by Segment Americas Asia/Pac MENA Sub Sah Africa/Eur. 22,000 Avg. Dayrate 18,000 14,000 10,000 6,000 6/10 12/10 6/11 12/11 6/12 12/12 6/13 12/13 100% Avg. Utilization 90%…
New Vessel Trends by Vessel Type Deepwater PSVs Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 60,000 240 50,000 Q3 Fiscal 2014 200 Avg Day Rate: 29,092 Utilization: 82.7% 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 2014 20,000 Avg Day Rate: 15,144 200 Utilization: 85.5% 15,000 150 103…
Tidewaters New Subsea Business Recent delivery of six work-class remotely operated vehicles (ROV) Pareto Securities' Offshore Vessel Forum 20
Tidewaters Future Continue to improve upon stellar safety and compliance programs Disciplined deployment of cash to expand vessel and ROV fleet capabilities Maintain solid balance sheet and financial flexibility to deal with…
Pareto Securities Offshore Vessel Forum Jeffrey M. Platt Joseph M. Bennett President & CEO EVP & Chief IRO March 19, 2014
Appendix Pareto Securities' Offshore Vessel Forum 23
Financial Strategy Focused on Creating Long-Term Shareholder Value Deliver Results Maintain EVA-Based Investments Financial Strength On Through-cycle Basis Pareto Securities' Offshore Vessel Forum 24
and More to Come Vessels Under Construction* As of December 31, 2013 Count Deepwater PSVs 22 Deepwater AHTSs - Towing Supply/Supply 6 Other 1 Total 29 Estimated delivery schedule 1 for the remainder of FY 14, 16 in FY 15 and…
Fleet Renewal & Expansion Largely Funded by CFFO in millions CAPX Dividend Share Repurchase 700 600 500 400 CFFO 300 200 100 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Fiscal Year Over a 14-year…
Total Revenue and Margin Fiscal 2008-2014 Prior peak period (FY2009) averaged quarterly revenue of 339M, quarter operating 500 56.4% margin of 175.6M at 51.8% 53.0% 46.7% 47.7% 50.0% 46.3% 400 45.0% 44.1% 45.2% 42.0% 41.0%…
New Vessel Trends by Vessel Type Deepwater AHTS Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 60,000 240 50,000 Q3 Fiscal 2014 200 Avg Day Rate: 29,141 Utilization: 95.8% 40,000 160 30,000 120 20,000…
Current Revenue Mix Quality of Customer Base Others Super Majors 41% 38% NOC's 21% Our top 10 customers in Fiscal 2013 (4 Super Majors, 2 NOCs, 3 IOCs and 1 independent) accounted for 58% of our revenue Pareto Securities'…
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