Credit Suisse 20th Annual Energy Summit Quinn P. Fanning Joseph M. Bennett EVP & CFO EVP & Chief IRO February 26, 2015
Key Tidewater Topics 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 Offshore is and will continue to be…
Our Global Footprint Vessel Class by Region (Excludes stacked vessels as of 12/31/14) New Avg. Traditional Americas New Avg. Traditional MENA Vessels NBV Vessels Vessels NBV Vessels Deepwater 12 17.5M 1 Deepwater 35 20.6M 0 Towing…
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…
Credit Suisse 20th Annual Energy Summit Quinn P. Fanning Joseph M. Bennett EVP & CFO EVP & Chief IRO February 26, 2015
Appendix Credit Suisse 20th Annual Energy Summit 8
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 February (Peak) (Trough) 2015 Working Rigs 603 538 693 Rigs Under 186 118 228 Construction OSV Global 2,033 2,599 3,253 Population OSVs Under 736 367 438 Construction…
The Worldwide OSV Fleet (Includes AHTs and PSVs only) Estimated as of February 2015 As of February 2015, there are approximately 438 additional AHTS and PSVs (14% of the global fleet) under construction. 300 250 Vessels 25 years…
Tidewaters Active Fleet As of December 31, 2014 Deepwater vessels Towing Supply/Supply Other vessels 40 35 242 New vessels 6.6 avg yrs 30 18 Traditional vessels 25.8 avg yrs Number of Vessels (only 7 OSVs) 25 20…
Vessel Population by Owner (AHTS and PSVs only) Estimated as of February 2015 400 300 214 191 200 146 72 70 64 100 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 12/31/14) MENA 46(18%) Asia/Pac 26(10%) SS Africa/Europe Americas 117(45%) 71(27%) Credit Suisse 20th Annual Energy Summit 14
The Largest Modern OSV Fleet in the Industry Vessel Commitments Average Cost Jan. 00 December 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 December 31, 2014 Count Deepwater PSVs 21 Deepwater AHTSs - Towing Supply/Supply 6 Other 1 Total 28 Estimated delivery schedule 4 remaining in FY 15, 18 in FY 16 and 6…
The Upgrading of the Tidewater Fleet (A 10 Year Review) 3/31/05 Snapshot 12/31/14 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…
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) 28 vessels and 2 ROVs under construction as of 12/31/14. Additional CAPX…
Strong Financial Position Provides Strategic Optionality As of December 31, 2014 Cash & Cash Equivalents 77 million Total Debt 1,491 million Shareholders Equity 2,503 million Net Debt / Net Capitalization 36% Total Debt /…
Debt Maturities as of 12/31/14 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 2027 2028 Fiscal Year Credit Suisse 20th Annual…
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…
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 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 100% Avg. Utilization…
New Vessel Trends by Vessel Type Deepwater PSVs Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 60,000 240 Q3 Fiscal 2015 Avg Day Rate: 29,929 Utilization: 86.1% 50,000 200 40,000 160 30,000 120 80 75…
New Vessel Trends by Vessel Type Deepwater AHTS Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 60,000 240 Q3 Fiscal 2015 Avg Day Rate: 33,375 Utilization: 83.0% 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 Q3 Fiscal 2015 Avg Day Rate: 15,647 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…
Financial Strategy Focused on Creating Long-Term Shareholder Value Deliver Results Maintain EVA-Based Investments Financial Strength On Through-cycle Basis Credit Suisse 20th Annual Energy Summit 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% 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 Credit Suisse 20th…
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