GHS 100 Energy Conference Joseph M. Bennett EVP & Chief Investor Relations Officer June 23, 2015
Tidewaters Strategy & Focus in a Challenging Market Providing safe, efficient and compliant operations New fleet comprised of vessels that service all water depths Geographic diversity Staying close to our customers Prompt, proactive…
Safe Operations is Priority 1 Stop Work Obligation Safety performance is 25% of mgt. incentive comp 0.60 TOTAL RECORDABLE INCIDENT RATES (per 200,000 Man Hours) 0.50 0.40 0.30 0.20 0.10 0.00 2004 2005 2006 2007 2008…
Too Many Offshore Rigs, but Activity Levels Drive OSV Demand 450 400 Jackups 383 350 Working Rigs 300 250 200 Floaters 220 150 Rig CIP Jackups 129 100 Floaters 80 Prior peak (summer 2008) Other 8 50 217 0 6/04…
Drivers of our Business Peak to Present July 2008 Jan. 2011 June (Peak) (Trough) 2015 Working Rigs 603 538 637 Rigs Under 186 118 217 Construction OSV Global 2,033 2,599 3,280 Population OSVs Under 736 367 414 Construction…
The Worldwide OSV Fleet (Includes AHTs and PSVs only) Estimated as of June 2015 As of June 2015, there are approximately 414 additional AHTS and PSVs (13% of the global fleet) under construction. Some number of these, we believe,…
Tidewaters Active Fleet As of March 31, 2015 Deepwater vessels Towing Supply/Supply Other vessels 35 30 242 New vessels 7.4 avg yrs 25 16 Traditional vessels 26.3 avg yrs Number of Vessels (only 6 OSVs) 20 15…
Vessel Population by Owner (AHTs and PSVs only) Estimated as of June 2015 400 300 216 191 200 148 73 71 100 63 5 0 Avg. Tidewater Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 All Others (2,515…
Geographic Diversity Vessel Count by Region (Excludes stacked vessels as of 3/31/15) MENA 45(18%) Asia/Pac 26(10%) SS Africa/Europe Americas 117(45%) 70(27%) GHS 100 Energy Conference 10
A New Fleet that Services All Water Depths (Excludes stacked vessels as of 3/31/15) Americas New Avg. Traditional MENA New Vessels Avg. Traditional NBV Vessels Vessels NBV Vessels Deepwater 13 17.3M 1 Deepwater 36 20.5M 0 Towing…
Strong Customer Base Current Revenue Mix Others 33% Super Majors 34% Approximately 60% of our revenue is derived from drilling support activity and 40% from NOC's non-drilling related activity, such 33% as support of production…
The Largest Modern OSV Fleet in the Industry Vessel Commitments Average Cost Jan. 00 March 15* Vessel Count (2) Total Cost (2) per Vessel Deepwater PSVs 100 2,845m 28.5m Deepwater AHTSs 12 387m 32.3m Towing Supply/Supply 108…
The Remainder of our Construction Backlog Vessels Under Construction As of March 31, 2015 (adjusted for subsequent amendments*) Count Deepwater PSVs 15 Deepwater AHTSs - Towing Supply/Supply 3 Other 1 Total 19 Estimated…
CAPX is Decreasing from Recent High Levels 1,000 800 Amounts in Fiscal 2016 and 2017 represent known CAPX on Annual CAPX (in millions) only the 19 vessels under construction as of 5/31/15. 600 400 200 0 2006…
Solid Balance Sheet and Financial Flexibility Our Financial Position Provides Us Strategic Optionality As of March 31, 2015 Cash & Cash Equivalents 79 million Total Debt 1,534 million Shareholders Equity 2,501 million Net Debt…
Debt Maturities and Covenants as of 3/31/15 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 New Subsea Business Eight work-class ROVs in current fleet Commercial operations underway with additional opportunities in Americas, SSAE and Asia/Pac ROV capabilities generating potential for OSV pull through GHS 100…
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…
The Upgrading of the Tidewater Fleet (A 10 Year Review) 3/31/05 Snapshot 3/31/15* 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 CFFO 400 300 200 100 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 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 3.33 3.03 1.78 2.40 2.13 2.00 1.03 0.00 Fiscal Fiscal Fiscal Fiscal Fiscal…
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 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 100% 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 Q4 Fiscal 2015 Avg Day Rate: 27,703 Utilization: 80.8% 50,000 200 40,000 160 30,000 120 80 81…
New Vessel Trends by Vessel Type Deepwater AHTS Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 60,000 240 Q4 Fiscal 2015 Avg Day Rate: 30,710 Utilization: 84.7% 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 Q4 Fiscal 2015 Avg Day Rate: 14,764 Utilization: 71.7% 20,000 200 15,000 150 103…
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%…
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