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GHS 100 ENERGY CONFERENCE – Tidewater Inc.

Tidewater Inc. · Jun 25, 2014 · 29 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 1
    GHS 100 Energy Conference Quinn P. Fanning Joseph M. Bennett EVP & CFO EVP & Chief IRO June 25, 2014
  2. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 2
    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 9,000 employees worldwide History of earnings growth and solid…
  3. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 3
    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…
  4. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 4
    Working Offshore Rig Trends 450 400 410 Jackups 350 Working Rigs 300 250 252 Floaters 200 150 100 Prior peak (summer 2008) 50 0 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 Source:…
  5. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 5
    Drivers of our Business Peak to Present July 2008 Jan. 2011 June (Peak) (Trough) 2014 Working Rigs 603 538 705 Rigs Under 186 118 245 Construction OSV Global 2,033 2,599 3,126 Population OSVs Under 736 367 469…
  6. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 6
    The Worldwide OSV Fleet (Includes AHTs and PSVs only) Estimated as of June 2014 As of June 2014, there are approximately 469 additional AHTS and PSVs (15% of the global fleet) under construction. 300 250 Vessels 25 years old…
  7. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 7
    Tidewaters Active Fleet As of March 31, 2014 Deepwater vessels Towing Supply/Supply Other vessels 40 35 245 New vessels 6.9 avg yrs 30 23 Traditional vessels 26.6 avg yrs Number of Vessels 25 20 15 10 5 0…
  8. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 8
    Vessel Population by Owner (AHTS and PSVs only) Estimated as of June 2014 400 300 214 178 200 138 78 70 100 65 5 0 Avg. Tidewater Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 All Others (2,383…
  9. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 9
    Our Global Footprint Vessel Count by Region (Excludes stacked vessels as of 3/31/14) MENA 44(16%) Asia/Pac 23(9%) SS Africa/Europe Americas 135(50%) 66(25%) In 4Q FY 2014, 12% of vessel revenue was generated in the U.S.…
  10. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 10
    Our Global Footprint Vessel Class by Region (Excludes stacked vessels as of 3/31/14) New Avg. Traditional Americas New Avg. Traditional MENA Vessels NBV Vessels Vessels NBV Vessels Deepwater 10 17.0M 1 Deepwater 31 19.3M 0 Towing…
  11. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 11
    A Broad Portfolio of New High Spec OSVs Current Future Deepwater PSV DWT Fleet CIP Fleet 5,000-6,000 16 4 20 4,000-4,999 11 13 24 3,000-3,999 43 6…
  12. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 12
    The Largest Modern OSV Fleet in the Industry Vessel Commitments Average Cost Jan. 00 March 14 Vessel Count (2) Total Cost (2) per Vessel Deepwater PSVs 99 2,771m 28.0m Deepwater AHTSs 12 387m 32.3m Towing Supply/Supply 111 1,670m…
  13. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 13
    and More to Come Vessels Under Construction* As of March 31, 2014 Count Deepwater PSVs 23 Deepwater AHTSs - Towing Supply/Supply 6 Other 1 Total 30 Estimated delivery schedule 12 in FY 15, 16 in FY 16 and 2 thereafter. CAPX…
  14. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 14
    Strong Financial Position Provides Strategic Optionality As of March 31, 2014 Cash & Cash Equivalents 60 million Total Debt 1,515 million Shareholders Equity 2,679 million Net Debt / Net Capitalization 35% Total Debt /…
  15. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 15
    Debt Maturities as of 3/31/14 Limited for Several Years 800 Debt Maturity (in millions) 600 400 200 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Fiscal Year GHS 100 Energy Conference 16
  16. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 16
    History of Earnings Growth & Solid Through-Cycle Return 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 Fiscal…
  17. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 17
    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 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 100% Avg. Utilization 90%…
  18. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 18
    New Vessel Trends by Vessel Type Deepwater PSVs Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 60,000 240 Q4 Fiscal 2014 Avg Day Rate: 29,735 Utilization: 86.1% 50,000 200 40,000 160 30,000 120 75 76…
  19. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 19
    New Vessel Trends by Vessel Type Towing Supply/Supply Vessels Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 25,000 250 Q4 Fiscal 2014 Avg Day Rate: 15,126 Utilization: 84.4% 20,000 200 15,000 150 103…
  20. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 20
    Tidewaters New Subsea Business Recent delivery of six work-class remotely operated vehicles (ROV) GHS 100 Energy Conference 21
  21. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 21
    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…
  22. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 22
    GHS 100 Energy Conference Quinn P. Fanning Joseph M. Bennett EVP & CFO EVP & Chief IRO June 25, 2014
  23. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 23
    Appendix GHS 100 Energy Conference 24
  24. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 24
    Financial Strategy Focused on Creating Long-Term Shareholder Value Deliver Results Maintain EVA-Based Investments Financial Strength On Through-cycle Basis GHS 100 Energy Conference 25
  25. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 25
    New Vessel Trends by Vessel Type Deepwater AHTS Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 60,000 240 Q4 Fiscal 2014 Avg Day Rate: 31,158 Utilization: 73.9% 50,000 200 40,000 160 30,000 120 20,000…
  26. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 26
    Fleet Renewal & Expansion Largely Funded by CFFO 700 in millions CAPX Dividend Share Repurchase 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…
  27. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 27
    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% 43.0% 42.0%…
  28. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 28
    Cyclical Upturn should Drive Margin Expansion Vessel Cash Operating Margin () Vessel Cash Operating Margin (%) 200 70% 175 60% 150 50% 125 40% 100 30% 75 50 20% 25 10% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2…
  29. GHS 100 ENERGY CONFERENCE – Tidewater Inc. – slide 29
    Current Revenue Mix Quality of Customer Base Others Super Majors 41% 37% NOC's 22% Our top 10 customers in Fiscal 2014 (4 Super Majors, 4 NOCs, 1 IOCs and 1 independent) accounted for 62% of our revenue GHS 100 Energy…

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