Capital One Securities, Inc. 9th Annual Energy Conference Joseph M. Bennett EVP & Chief IRO December 10, 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 solid earnings and returns on…
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 November (Peak) (Trough) 2014 Working offshore rig Working Rigs 603 538 720 count is expected to grow Rigs Under 186 118 246 Construction Marketed OSV population OSV…
Tidewaters Active Fleet As of September 30, 2014 Deepwater vessels Towing Supply/Supply Other vessels 35 30 242 New vessels 6.7 avg yrs 25 18 Traditional vessels 25.8 avg yrs Number of Vessels (only 7 OSVs) 20…
Our Global Footprint Vessel Count by Region (Excludes stacked vessels as of 9/30/14) MENA 45(17%) Asia/Pac 25(10%) SS Africa/Europe Americas 124(48%) 66(25%) Capital One Securities, Inc. 9th Annual Energy Conference 8
Our Global Footprint Vessel Class by Region (Excludes stacked vessels as of 9/30/14) New Avg. Traditional Americas New Avg. Traditional MENA Vessels NBV Vessels Vessels NBV Vessels Deepwater 11 17.7M 1 Deepwater 32 19.3M 0 Towing…
The Largest Modern OSV Fleet in the Industry Vessel Commitments Average Cost Jan. 00 September 14 Vessel Count (2) Total Cost (2) per Vessel Deepwater PSVs 102 2,900m 28.4m Deepwater AHTSs 12 387m 32.3m Towing Supply/Supply 111…
and More to Come Vessels Under Construction* As of September 30, 2014 Count Deepwater PSVs 23 Deepwater AHTSs - Towing Supply/Supply 6 Other 1 Total 30 Estimated delivery schedule 8 remaining in FY 15, 19 in FY 16 and 3…
The Upgrading of the Tidewater Fleet (A 10 Year Review) 3/31/05 Snapshot 9/30/14 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 5…
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) 30 vessels and 2 ROVs under construction as of 9/30/14. Additional CAPX could…
Strong Financial Position Provides Strategic Optionality As of September 30, 2014 Cash & Cash Equivalents 124 million Total Debt 1,496 million Shareholders Equity 2,770 million Net Debt / Net Capitalization 33% Total Debt /…
Debt Maturities as of 9/30/14 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 Capital One Securities, Inc. 9th…
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 3.03 1.78 2.40 2.13 2.00 1.03 0.00 Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal…
New Vessel Trends by Vessel Type Deepwater PSVs Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 60,000 240 Q2 Fiscal 2015 Avg Day Rate: 30,575 Utilization: 88.6% 50,000 200 40,000 160 30,000 120 75 76…
New Vessel Trends by Vessel Type Towing Supply/Supply Vessels Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 25,000 250 Q2 Fiscal 2015 Avg Day Rate: 16,235 Utilization: 80.8% 20,000 200 15,000 150 103…
Tidewaters New Subsea Business Six work-class ROVs in current fleet and two more on order Commercial operations underway with additional opportunities in Americas, SSAE and Asia/Pac ROV capabilities generating potential for…
Tidewaters Future Continue to improve upon stellar safety and compliance programs Disciplined deployment of cash as we complete our OSV fleet replacement and enhancement and expand our ROV business Maintain solid balance sheet…
Capital One Securities, Inc. 9th Annual Energy Conference Joseph M. Bennett EVP & Chief IRO December 10, 2014
Appendix Capital One Securities, Inc. 9th Annual Energy Conference 22
Financial Strategy Focused on Creating Long-Term Shareholder Value Deliver Results Maintain EVA-Based Investments Financial Strength On Through-cycle Basis Capital One Securities, Inc. 9th Annual Energy Conference 23
The Worldwide OSV Fleet (Includes AHTs and PSVs only) Estimated as of November 2014 As of November 2014, there are approximately 470 additional AHTS and PSVs (15% of the global fleet) under construction. 300 250 Vessels 25 years…
Vessel Population by Owner (AHTS and PSVs only) Estimated as of November 2014 400 300 213 189 200 145 72 72 65 100 5 0 Avg. Tidewater Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 All Others…
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 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 100% Avg. Utilization 90%…
New Vessel Trends by Vessel Type Deepwater AHTS Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 60,000 240 Q2 Fiscal 2015 Avg Day Rate: 34,937 Utilization: 89.0% 50,000 200 40,000 160 30,000 120 20,000…
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% 45.6% 400 45.0% 44.1% 45.2% 43.1%…
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 Capital One…
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