EX-99.1 2 d733946dex991.htm EX-99.1

UBS Global Oil and Gas Conference May 22, 2014 Jeffrey M. Platt President & CEO Joseph M. Bennett EVP & Chief IRO Exhibit 99.1

FORWARD-LOOKING STATEMENTS In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that certain statements set forth in this presentation provide other than historical information and are forward looking. The actual achievement of any forecasted results, or the unfolding of future economic or business developments in a way anticipated or projected by the Company, involve numerous risks and uncertainties that may cause the Company’s actual performance to be materially different from that stated or implied in the forward-looking statement. Among those risks and uncertainties, many of which are beyond the control of the Company, include, without limitation, fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; changes in capital spending by customers in the energy industry for offshore exploration, development and production; changing customer demands for different vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; uncertainty of global financial market conditions and difficulty accessing credit or capital; acts of terrorism and piracy; significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well-developed or consistently enforced, especially in higher political risk countries where we operate; foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; and enforcement of laws related to the environment, labor and foreign corrupt practices. Readers should consider all of these risks factors, as well as other information contained in the Company’s form 10-K’s and 10-Q’s. Phone: 504.568.1010 | Fax: 504.566.4580 Web site address: www.tdw.com Email: connect@tdw.com UBS Global Oil and Gas Conference TIDEWATER 601 Poydras Street, Suite 1500, New Orleans, LA 70130 2

• Consistent goal of “Best in Class” safety and compliance culture • History of earnings growth and solid returns • Largest “NEW” OSV fleet in the industry, operating in over 50 countries with ~9,000 employees worldwide • Solid balance sheet and ready liquidity allows us to continue to act upon available opportunities, such as recent Troms acquisition and new Subsea business • Constructive fundamental backdrop for the OSV industry Key Tidewater Takeaways UBS Global Oil and Gas Conference 3

Safety Record Rivals Leading Companies UBS Global Oil and Gas Conference • Safe Operations is Priority #1 • Stop Work Obligation • Safety performance is 25% of mgt. incentive comp 4 Operating safely offshore is like holding a snake by its head. It's a task that can't be turned loose not for a microsecond or an accident will strike without pity.

Source: ODS-Petrodata Note: 44 “Other” rigs, along with the Jackups and Floaters, provide a total working rig count of 720 in May 2014. Working Offshore Rig Trends UBS Global Oil and Gas Conference 5

Source: ODS-Petrodata and Tidewater July 2008 (Peak) Jan. 2011 (Trough) May 2014 Working Rigs 603 538 720 Rigs Under Construction 186 118 250 OSV Global Population 2,033 2,599 3,140 OSV’s Under Construction 736 367 462 OSV/Rig Ratio 3.37 4.83 4.36 Drivers of our Business “Peak to Present” UBS Global Oil and Gas Conference 6

Year Built Deepwater vessels Towing Supply/Supply Other vessels 245 “New” vessels – 6.9 avg yrs 23 “Traditional” vessels – 26.6 avg yrs Tidewater’s Active Fleet As of March 31, 2014 UBS Global Oil and Gas Conference 7

Source: ODS-Petrodata and Tidewater Vessel Population by Owner (AHTS and PSVs only) Estimated as of May 2014 UBS Global Oil and Gas Conference 8

In 4Q FY 2014, ~12% of vessel revenue was generated in the U.S. by ~ 17 vessels; however, <15 other U.S.-flagged vessels are currently operating in International regions that could be re-deployed to the U.S. GOM. In addition, Tidewater has currently under construction five additional U.S.-flagged deepwater PSVs. Our Global Footprint – Vessel Count by Region (Excludes stacked vessels – as of 3/31/14) UBS Global Oil and Gas Conference 9

Our Global Footprint – Vessel Class by Region (Excludes stacked vessels – as of 3/31/14) UBS Global Oil and Gas Conference New Avg. Traditional Vessels NBV Vessels Deepwater 31 $19.3M 0 Towing Supply 14 $10.7M 8 Other 9 $3.5M 4 54 12 New Avg. Traditional Vessels NBV Vessels Deepwater 10 $17.0M 1 Towing Supply 31 $12.2M 0 Other 0 0 2 41 3 New Avg. Traditional Vessels NBV Vessels Deepwater 39 $28.3M 0 Towing Supply 46 $12.3M 2 Other 42 $1.9M 6 127 8 New Avg. Traditional Vessels NBV Vessels Deepwater 8 $25.0M 0 Towing Supply 14 $11.8M 0 Other 1 $6.8M 0 23 0 Americas SSAE MENA Asia/Pac Vessel count info is as of 3/31/14, and includes leased vessels. Avg NBV excludes the impact of leased vessels which have no NBV. Average NBV of the total 23 Traditional vessels is $0.96M at 3/31/14. 10

A Broad Portfolio of New High Spec OSVs UBS Global Oil and Gas Conference Deepwater PSV Deepwater PSV Deepwater AHTS Deepwater AHTS Towing Supply Towing Supply Vessel information is as of 3/31/14. CIP=Construction in Process. Current Future DWT Fleet CIP Fleet 5,000-6,000 16 4 20 4,000-4,999 11 13 24 3,000-3,999 43 6 49 <3,000 6 0 6 76 23 99 Current Future BHP Fleet CIP Fleet 25,000+ 5 0 5 13,500-16,500 7 0 7 12 0 12 Current Future BHP Fleet CIP Fleet 7,000-10,000 36 6 42 3,000-6,999 69 0 69 105 6 111 11

Vessel Count (2) Total Cost (2) Average Cost per Vessel Deepwater PSVs 99 $2,771m $28.0m Deepwater AHTSs 12 $387m $32.3m Towing Supply/Supply 111 $1,670m $15.0m Other 53 $227m $4.3m TOTALS: 275 $5,055m (1) $18.4m . At 3/31/14, 245 new vessels were in our fleet with ~6.9 year average age Vessel Commitments Jan. ’00 – March ‘14 (1) ~$4.5b (89%) funded through 3/31/14 (2) Vessel count and total cost is net of 26 vessel dispositions ($243M of original cost) (2) Vessel count and total cost is net of 25 vessel dispositions ($227m of original cost) The Largest Modern OSV Fleet in the Industry UBS Global Oil and Gas Conference 12

Count Deepwater PSVs 23 Deepwater AHTSs - Towing Supply/Supply 6 Other 1 Total 30 Vessels Under Construction* As of March 31, 2014 Estimated delivery schedule – 12 in FY ’15, 16 in FY ‘16 and 2 thereafter. CAPX of $368m in FY ’15, $193m in FY ‘16 and $12m thereafter. …and More to Come UBS Global Oil and Gas Conference 13

As of March 31, 2014 Cash & Cash Equivalents $60 million Total Debt $1,515 million Shareholders Equity $2,679 million Net Debt / Net Capitalization 35% Total Debt / Capitalization 36% ~$660 million of available liquidity as of 3/31/14, including $600 million of unused capacity under the company’s revolving credit facility. Strong Financial Position Provides Strategic Optionality UBS Global Oil and Gas Conference 14

Debt Maturities as of 3/31/14 Limited for Several Years UBS Global Oil and Gas Conference Fiscal Year 15

** EPS in Fiscal 2004 is exclusive of the $.30 per share after tax impairment charge. EPS in Fiscal 2006 is exclusive of the $.74 per share after tax gain from the sale of six KMAR vessels. EPS in Fiscal 2007 is exclusive of $.37 per share of after tax gains from the sale of 14 offshore tugs. EPS in Fiscal 2010 is exclusive of $.66 per share Venezuelan provision, a $.70 per share tax benefit related to favorable resolution of tax litigation and a $0.22 per share charge for the proposed settlement with the SEC of the company’s FCPA matter. EPS in Fiscal 2011 is exclusive of total $0.21 per share charges for settlements with DOJ and Government of Nigeria for FCPA matters, a $0.08 per share charge related to participation in a multi-company U.K.-based pension plan and a $0.06 per share impairment charge related to certain vessels. EPS in Fiscal 2012 is exclusive of $0.43 per share goodwill impairment charge. EPS in Fiscal 2014 is exclusive of $0.87 per share goodwill impairment charge. Adjusted Return On Avg. Equity 4.3% 7.2% 12.4% 18.9% 18.3% 19.5% 11.4% 5.0% 4.3% 5.9% 7.0% Adjusted EPS** Adjusted EPS** History of Earnings Growth & Solid Through-Cycle Return UBS Global Oil and Gas Conference 16

Impact of $7.4 million of retroactive revenue recorded in September 2012 quarter is excluded from 9/12 average dayrates and included in the respective March 2012 and June 2012 quarterly average dayrates. Utilization stats exclude stacked vessels. Active Vessel Dayrates & Utilization by Segment UBS Global Oil and Gas Conference 17

Q4 Fiscal 2014 Avg Day Rate: $29,735 Utilization: 86.1% $174 million, or 48%, of Vessel Revenue in Q4 Fiscal 2014 New Vessel Trends by Vessel Type Deepwater PSVs UBS Global Oil and Gas Conference 18

Q4 Fiscal 2014 Avg Day Rate: $15,126 Utilization: 84.4% $121 million, or 33%, of Vessel Revenue in Q4 Fiscal 2014 New Vessel Trends by Vessel Type Towing Supply/Supply Vessels UBS Global Oil and Gas Conference 19

Recent delivery of six work-class remotely operated vehicles (ROV) Tidewater’s New Subsea Business UBS Global Oil and Gas Conference 20

• Continue to improve upon stellar safety and compliance programs • Maintain solid balance sheet and financial flexibility to deal with industry uncertainties and seize opportunities when presented • Disciplined deployment of cash to expand vessel and ROV fleet capabilities • Return capital to shareholders through dividends and opportunistic share repurchases Tidewater’s Future UBS Global Oil and Gas Conference 21

UBS Global Oil and Gas Conference May 22, 2014 Jeffrey M. Platt President & CEO Joseph M. Bennett EVP & Chief IRO

Appendix UBS Global Oil and Gas Conference 23

Source: ODS-Petrodata and Tidewater As of May 2014, there are approximately 462 additional AHTS and PSV’s (~15% of the global fleet) under construction. Global fleet is estimated at 3,140 vessels, including ~700 vessels that are 25+ yrs old (25%). The Worldwide OSV Fleet (Includes AHTs and PSVs only) Estimated as of May 2014 UBS Global Oil and Gas Conference 24

Q4 Fiscal 2014 Avg Day Rate: $31,158 Utilization: 73.9% $25 million, or 7%, of Vessel Revenue in Q4 Fiscal 2014 New Vessel Trends by Vessel Type Deepwater AHTS UBS Global Oil and Gas Conference 25

Maintain Maintain Financial Strength Financial Strength EVA-Based Investments EVA-Based Investments On Through-cycle Basis On Through-cycle Basis Deliver Results Deliver Results Financial Strategy Focused on Creating Long-Term Shareholder Value UBS Global Oil and Gas Conference 26

Over a 15-year period, Tidewater has invested ~$5.2 billion in CapEx, and paid out ~$1.3 billion through dividends and share repurchases. Over the same period, CFFO and proceeds from dispositions were ~$3.9 billion and ~$800 million, respectively. Fleet Renewal & Expansion Largely Funded by CFFO UBS Global Oil and Gas Conference 27

Note: Vessel operating margin is defined as vessel revenue less vessel operating expenses Prior peak period (FY2009) averaged quarterly revenue of $339M, quarter operating margin of $175.6M at 51.8% Total Revenue and Margin Fiscal 2008-2014 UBS Global Oil and Gas Conference 28

Vessel Cash Operating Margin ($) Vessel Cash Operating Margin (%) $156 million Vessel Margin in Q4 FY2014 (96% from New Vessels) Q4 FY2014 Vessel Margin: 43% Cyclical Upturn should Drive Margin Expansion UBS Global Oil and Gas Conference 29

Super Majors 37% NOC's 22% Others 41% Our top 10 customers in Fiscal 2014 (4 Super Majors, 4 NOC’s, 1 IOC’s and 1 independent) accounted for 62% of our revenue Current Revenue Mix Quality of Customer Base UBS Global Oil and Gas Conference 30