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CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc.

Tidewater Inc. · Feb 12, 2014 · 25 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. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 1
    Credit Suisse 19th Annual Energy Summit Jeffrey M. Platt Joseph M. Bennett President and CEO EVP & Chief IRO February 12, 2014
  2. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 2
    Key Tidewater Facts Pioneered the oil & gas service vessel industry 55+ years ago Best in Class safety and compliance culture First to expand extensively into intl markets, evolving to our current global exposure presence in over…
  3. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 3
    Safety Record Rivals Leading Companies 0.7 TOTAL RECORDABLE INCIDENT RATES 0.6 0.5 0.4 0.3 0.2 0.1 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 CALENDAR YEARS TIDEWATER DOW CHEMICAL CHEVRON EXXON/MOBIL…
  4. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 4
    Working Offshore Rig Trends 450 400 405 Jackups 350 Working Rigs 300 250 258 Floaters 200 150 100 Prior peak (summer 2008) 50 0 1/04 7/04 1/05 7/05 1/06 7/06 1/07 7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11…
  5. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 5
    Drivers of our Business Peak to Present July 2008 Jan. 2011 February (Peak) (Trough) 2014 Working Rigs 603 538 707 Rigs Under 186 118 240 Construction OSV Global 2,033 2,599 3,080 Population OSVs Under 736 367 458…
  6. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 6
    The Worldwide OSV Fleet (Includes AHTs and PSVs only) Estimated as of February 2014 As of February 2014, there are approximately 458 additional AHTS and PSVs (15% of the global fleet) under construction. 300 250 Vessels 25 years…
  7. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 7
    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 Credit Suisse 19th Annual…
  8. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 8
    Vessel Population by Owner (AHTS and PSVs only) Estimated as of February 2014 400 300 220 171 200 130 74 67 100 60 5 0 Avg. Tidewater Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 All Others…
  9. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 9
    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.…
  10. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 10
    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%…
  11. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 11
    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…
  12. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 12
    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…
  13. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 13
    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…
  14. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 14
    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 /…
  15. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 15
    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…
  16. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 16
    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…
  17. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 17
    Tidewaters New Subsea Business Recent order of six work-class remotely operated vehicles (ROV) Credit Suisse 19th Annual Energy Summit 18
  18. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 18
    Financial Strategy Focused on Creating Long-Term Shareholder Value Deliver Results Maintain EVA-Based Investments Financial Strength On Through-cycle Basis Credit Suisse 19th Annual Energy Summit 19
  19. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 19
    Credit Suisse 19th Annual Energy Summit Jeffrey M. Platt Joseph M. Bennett President and CEO EVP & Chief IRO February 12, 2014
  20. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 20
    Appendix Credit Suisse 19th Annual Energy Summit 21
  21. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 21
    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…
  22. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 22
    Fleet Renewal & Expansion Funded by CFFO thru Fiscal 2013 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…
  23. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 23
    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…
  24. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 24
    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%…
  25. CREDIT SUISSE 19TH ANNUAL ENERGY SUMMIT – Tidewater Inc. – slide 25
    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 Credit Suisse 19th…

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