Johnson Rice 2015 Energy Conference September 30, 2015 Joseph M. Bennett Executive Vice President and Chief Investor Relations Officer
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…
Too Many Offshore Rigs, and Activity Levels Drive OSV Demand 450 400 Jackups 350 356 Working Rigs 300 250 Floaters 200 200 150 Rig CIP Jackups 127 100 Floaters 73 Other 9 50 209 0 9/04 9/05 9/06 9/07 9/08 9/09…
Drivers of our Business Peak to Present July 2008 Jan. 2011 September (Peak) (Trough) 2015 Working Rigs 603 538 587 Rigs Under 186 118 209 Construction OSV Global 2,033 2,599 3,357 Population OSVs Under 736 367 399…
Tidewaters Active Fleet As of June 30, 2015 Deepwater vessels Towing Supply/Supply Other vessels 35 30 222 New vessels 7.4 avg yrs 25 12 Traditional vessels 27.3 avg yrs Number of Vessels (only 4 OSVs) 20 15…
Vessel Population by Owner (AHTS and PSVs only) Estimated as of September 2015 400 300 219 197 200 155 75 68 100 63 5 0 Avg. Tidewater Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 All Others…
Geographic Diversity Vessel Count by Region (Excludes stacked vessels as of 6/30/15) MENA 44(19%) Asia/Pac 22(9%) SS Africa/Europe Americas 103(44%) 65(28%) 38 additional Tidewater vessels were stacked as of 6/30/15.…
A New Fleet that Services All Water Depths (Excludes stacked vessels as of 6/30/15) Americas New Avg. Traditional MENA New Vessels Avg. Traditional NBV Vessels Vessels NBV Vessels Deepwater 13 17.0M 1 Deepwater 36 20.7M 0 Towing…
Staying Close to our Customers 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,…
Our Remaining Construction Backlog Vessels Under Construction As of June 30, 2015 (adjusted for subsequent amendments*) Count Deepwater PSVs 9 Deepwater AHTSs - Towing Supply/Supply 2 Other - Total 11 Estimated delivery…
CapEx is Decreasing from Recent High Levels 1,000 800 Amounts in Fiscal 2016 and 2017 represent CAPX on the 11 vessels under construction as of 9/24/15. 600 400 200 0 2006 2007 2008 2009 2010 2011 2012 2013 2014…
Solid Balance Sheet and Financial Flexibility Our Financial Position Provides Us Strategic Optionality As of June 30, 2015 Cash & Cash Equivalents 103 million Total Debt 1,544 million Shareholders Equity 2,451 million Net…
Debt Maturities and Covenants as of 6/30/15 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 6.5% Current Dividend Yield 250 200 150 100 50 0 2000 2001 2002 2003 2004…
Tidewaters 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 Johnson…
Tidewaters Strategy Continue to improve upon stellar safety and compliance programs Stay close to our customers Monitor industry developments to adjust our playbook accordingly - Pro-active cost reduction initiatives -…
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 Worldwide OSV Fleet (Includes AHTS and PSVs only) Estimated as of September 2015 As of September 2015, there are approximately 399 additional AHTS and PSVs (12% of the global fleet) under construction. Some number of these, we…
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 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 100% Avg. Utilization…
New Vessel Trends by Vessel Type Deepwater PSVs Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 60,000 240 Q1 Fiscal 2016 Avg Day Rate: 26,917 Utilization: 72.7% 50,000 200 40,000 160 30,000 120 86 80…
New Vessel Trends by Vessel Type Deepwater AHTS Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 60,000 240 Q1 Fiscal 2016 Avg Day Rate: 30,813 Utilization: 59.6% 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 Q1 Fiscal 2016 Avg Day Rate: 14,252 Utilization: 74.3% 20,000 200 15,000 150 103…
Vessel Revenue and Vessel Operating Margin Fiscal 2008-2016 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%…
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