Barclays CEO Energy-Power Conference Jeffrey M. Platt Joseph M. Bennett President & CEO EVP & Chief IRO September 4, 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 9,000 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 0.70 TOTAL RECORDABLE INCIDENT RATES 0.60 0.50 0.40 0.30 0.20 0.10 0.00 2003…
Drivers of our Business Peak to Present July 2008 Jan. 2011 August (Peak) (Trough) 2014 Working offshore rig Working Rigs 603 538 720 count is expected to grow Rigs Under 186 118 240 Construction Marketed OSV population OSV…
The Worldwide OSV Fleet (Includes AHTs and PSVs only) Estimated as of August 2014 As of August 2014, there are approximately 459 additional AHTS and PSVs (14% of the global fleet) under construction. 300 250 Vessels 25 years old…
Tidewaters Active Fleet As of June 30, 2014 Deepwater vessels Towing Supply/Supply Other vessels 40 35 244 New vessels 6.9 avg yrs 30 21 Traditional vessels 26.7 avg yrs Number of Vessels 25 20 15 10 5 0…
Vessel Population by Owner (AHTS and PSVs only) Estimated as of August 2014 400 300 213 183 200 141 77 73 100 64 5 0 Avg. Tidewater Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 All Others…
Our Global Footprint Vessel Count by Region (Excludes stacked vessels as of 6/30/14) MENA 44(17%) Asia/Pac 24(9%) SS Africa/Europe Americas 128(48%) 69(26%) Barclays CEO Energy-Power Conference 10
Our Global Footprint Vessel Class by Region (Excludes stacked vessels as of 6/30/14) New Avg. Traditional Americas New Avg. Traditional MENA Vessels NBV Vessels Vessels NBV Vessels Deepwater 10 15.2M 1 Deepwater 32 19.5M 0 Towing…
The Largest Modern OSV Fleet in the Industry Vessel Commitments Average Cost Jan. 00 June 14 Vessel Count (2) Total Cost (2) per Vessel Deepwater PSVs 102 2,906m 28.5m Deepwater AHTSs 12 387m 32.3m Towing Supply/Supply 111 1,670m…
and More to Come Vessels Under Construction* As of June 30, 2014 Count Deepwater PSVs 26 Deepwater AHTSs - Towing Supply/Supply 6 Other 1 Total 33 Estimated delivery schedule 13 in FY 15, 17 in FY 16 and 3 thereafter. CAPX…
The Upgrading of the Tidewater Fleet (A 10 Year Review) 3/31/05 Snapshot 6/30/14 Snapshot Deepwater PSV New Vintage Total Current Future Vintage DWT Fleet Fleet Fleet DWT Fleet CIP Fleet Fleet 5,000-6,000 0 0 0 5,000-6,000 16 5 21…
CAPX Expected to Decrease from Recent High Levels 1,000 800 Amounts in Fiscal 2015-2017 represent known CAPX on only the Annual CAPX (in millions) 33 vessels and 2 ROVs under construction as of 6/30/14. Additional CAPX could…
Strong Financial Position Provides Strategic Optionality As of June 30, 2014 Cash & Cash Equivalents 53 million Total Debt 1,511 million Shareholders Equity 2,717 million Net Debt / Net Capitalization 35% Total Debt /…
Debt Maturities as of 6/30/14 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 Barclays CEO Energy-Power Conference…
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 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 100% 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 2015 Avg Day Rate: 30,802 Utilization: 86.8% 50,000 200 40,000 160 30,000 120 75 76…
New Vessel Trends by Vessel Type Deepwater AHTS Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 60,000 240 Q1 Fiscal 2015 Avg Day Rate: 34,116 Utilization: 83.5% 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 2015 Avg Day Rate: 15,519 Utilization: 84.9% 20,000 200 15,000 150 103…
Tidewaters New Subsea Business Recent delivery of six work-class remotely operated vehicles (ROV), and two more on order. Barclays CEO Energy-Power Conference 23
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…
Barclays CEO Energy-Power Conference Jeffrey M. Platt Joseph M. Bennett President & CEO EVP & Chief IRO September 4, 2014
Appendix Barclays CEO Energy-Power Conference 26
Financial Strategy Focused on Creating Long-Term Shareholder Value Deliver Results Maintain EVA-Based Investments Financial Strength On Through-cycle Basis Barclays CEO Energy-Power Conference 27
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…
Total Revenue and Margin Fiscal 2008-2015 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% 43.1% 43.0%…
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 Barclays CEO…
Loading...
