EX-99.1 2 d786759dex991.htm EX-99.1

Barclays CEO Energy-Power Conference September 4, 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 Barclays CEO Energy-Power 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 • Continued solid financial position, with considerable ready liquidity, a reasonable debt level, minor debt maturities until FY2019 and expected reduced CAPX as major fleet upgrade winds down Key Tidewater Takeaways Barclays CEO Energy-Power Conference 3 • Largest “NEW” OSV fleet in the industry, operating in over 50 countries with ~9,000 employees worldwide • “Offshore” is and will continue to be relevant. Constructive fundamental backdrop for the OSV industry

Safety Record Rivals Leading Companies Barclays CEO Energy-Power Conference • Safe Operations is Priority #1 • Stop Work Obligation • Safety performance is 25% of mgt. incentive comp 4 TOTAL RECORDABLE INCIDENT RATES 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: 42 “Other” rigs, along with the Jackups and Floaters, provide a total working rig count of 720 in August 2014. 420 258 Prior peak (summer 2008) Jackups Floaters Working Offshore Rig Trends Barclays CEO Energy-Power Conference 5

Source: ODS-Petrodata and Tidewater July 2008 (Peak) Jan. 2011 (Trough) August 2014 Working Rigs 603 538 720 Rigs Under Construction 186 118 240 OSV Global Population 2,033 2,599 3,203 OSV’s Under Construction 736 367 459 OSV/Rig Ratio 3.37 4.83 4.45 Drivers of our Business “Peak to Present” Barclays CEO Energy-Power Conference 6 Working offshore rig count is expected to grow Marketed OSV population should decrease as attrition exceeds newbuild deliveries OSV/Rig Ratio should remain well balanced

Source: ODS-Petrodata and Tidewater As of August 2014, there are approximately 459 additional AHTS and PSV’s (~14% of the global fleet) under construction. Global fleet is estimated at 3,203 vessels, including ~700 vessels that are 25+ yrs old (25%). Vessels > 25 years old today The Worldwide OSV Fleet (Includes AHTs and PSVs only) Estimated as of August 2014 Barclays CEO Energy-Power Conference 7

Year Built Deepwater vessels Towing Supply/Supply Other vessels 244 “New” vessels – 6.9 avg yrs 21 “Traditional” vessels – 26.7 avg yrs Tidewater’s Active Fleet As of June 30, 2014 Barclays CEO Energy-Power Conference 8

Source: ODS-Petrodata and Tidewater Tidewater Competitor #2 Competitor #3 Competitor #4 Competitor # 5 Competitor #1 Avg. All Others (2,452 total vessels for 400+ owners) Vessel Population by Owner (AHTS and PSVs only) Estimated as of August 2014 Barclays CEO Energy-Power Conference 9

Our Global Footprint – Vessel Count by Region (Excludes stacked vessels – as of 6/30/14) Barclays CEO Energy-Power Conference 10 Americas 69(26%) SS Africa/Europe 128(48%) MENA 44(17%) Asia/Pac 24(9%)

Our Global Footprint – Vessel Class by Region (Excludes stacked vessels – as of 6/30/14) Barclays CEO Energy-Power Conference New Avg. Traditional Vessels NBV Vessels Deepwater 10 $15.2M 1 Towing Supply 31 $12.1M 0 Other 0 0 2 41 3 New Avg. Traditional Vessels NBV Vessels Deepwater 37 $28.7M 0 Towing Supply 43 $12.5M 2 Other 41 $1.8M 5 121 7 New Avg. Traditional Vessels NBV Vessels Deepwater 9 $24.9M 0 Towing Supply 14 $11.6M 0 Other 1 $6.7M 0 24 0 Americas SSAE MENA Asia/Pac Vessel count info is as of 6/30/14, and includes leased vessels. Avg NBV excludes the impact of leased vessels which have no NBV. Average NBV of the total 21 Traditional vessels is $0.97M at 6/30/14. 11 New Avg. Traditional Vessels NBV Vessels Deepwater 32 $19.5M 0 Towing Supply 17 $10.6M 7 Other 9 $3.4M 4 58 11

Vessel Count (2) Total Cost (2) Average Cost per Vessel Deepwater PSVs 102 $2,906m $28.5m Deepwater AHTSs 12 $387m $32.3m Towing Supply/Supply 111 $1,670m $15.0m Other 53 $227m $4.3m TOTALS: 278 $5,190m (1) $18.7m . At 6/30/14, 245 new vessels were in our fleet with ~6.9 year average age Vessel Commitments Jan. ’00 – June ‘14 (1) ~$4.5b (87%) funded through 6/30/14 (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 Barclays CEO Energy-Power Conference 12

Count Deepwater PSVs 26 Deepwater AHTSs - Towing Supply/Supply 6 Other 1 Total 33 Vessels Under Construction* As of June 30, 2014 Estimated delivery schedule – 13 in FY ’15, 17 in FY ‘16 and 3 thereafter. CAPX of $391m in FY ’15, $244m in FY ‘16 and $50m thereafter. …and More to Come Barclays CEO Energy-Power Conference 13

The Upgrading of the Tidewater Fleet (A 10 Year Review) Barclays CEO Energy-Power Conference Deepwater PSV Deepwater PSV Deepwater AHTS Deepwater AHTS Towing Supply Towing Supply Fleet information includes active vessels only. CIP=Construction in Process. New Fleet is defined as vessels built or acquired since 2000. Current Future Vintage DWT Fleet CIP Fleet Fleet 5,000-6,000 16 5 21 0 4,000-4,999 11 15 26 0 3,000-3,999 43 6 49 0 <3,000 6 0 6 1 76 26 102 1 Current Future Vintage BHP Fleet CIP Fleet Fleet 25,000+ 5 0 5 0 13,500-16,500 7 0 7 0 12 0 12 0 Current Future Vintage BHP Fleet CIP Fleet Fleet 7,000-10,000 36 6 42 0 3,000-6,999 69 0 69 9 105 6 111 9 14 New Vintage Total DWT Fleet Fleet Fleet 5,000-6,000 0 0 0 4,000-4,999 4 0 4 3,000-3,999 12 2 14 <3,000 6 4 10 22 6 28 New Vintage Total BHP Fleet Fleet Fleet 25,000+ 1 0 1 13,500-16,500 6 3 9 7 3 10 New Vintage Total BHP Fleet Fleet Fleet 7,000-10,000 5 25 30 3,000-6,999 23 146 169 28 171 199 3/31/05 Snapshot 6/30/14 Snapshot

CAPX Expected to Decrease from Recent High Levels Barclays CEO Energy-Power Conference Fiscal Year 15 Fiscal 2014 is exclusive of Troms acquisition Amounts in Fiscal 2015-2017 represent known CAPX on only the 33 vessels and 2 ROVs under construction as of 6/30/14. Additional CAPX could occur, but trendline is expected down.

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 / Capitalization 36% ~$650 million of available liquidity as of 6/30/14, including $600 million of unused capacity under the company’s revolving credit facility. Strong Financial Position Provides Strategic Optionality Barclays CEO Energy-Power Conference 16

Debt Maturities as of 6/30/14 Limited for Several Years Barclays CEO Energy-Power Conference Fiscal Year 17

** 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 Barclays CEO Energy-Power Conference 18

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 Barclays CEO Energy-Power Conference 19

Q1 Fiscal 2015 Avg Day Rate: $30,802 Utilization: 86.8% $185 million, or 49%, of Vessel Revenue in Q1 Fiscal 2015 New Vessel Trends by Vessel Type Deepwater PSVs Barclays CEO Energy-Power Conference 20 Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size

Q1 Fiscal 2015 Avg Day Rate: $34,116 Utilization: 83.5% $31 million, or 8%, of Vessel Revenue in Q1 Fiscal 2015 New Vessel Trends by Vessel Type Deepwater AHTS Barclays CEO Energy-Power Conference 21 Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size

Q1 Fiscal 2015 Avg Day Rate: $15,519 Utilization: 84.9% $126 million, or 33%, of Vessel Revenue in Q1 Fiscal 2015 New Vessel Trends by Vessel Type Towing Supply/Supply Vessels Barclays CEO Energy-Power Conference 22 Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size

Recent delivery of six work-class remotely operated vehicles (ROV), and two more on order. Tidewater’s New Subsea Business Barclays CEO Energy-Power Conference 23

• 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 Barclays CEO Energy-Power Conference 24

Barclays CEO Energy-Power Conference September 4, 2014 Jeffrey M. Platt President & CEO Joseph M. Bennett EVP & Chief IRO

Appendix Barclays CEO Energy-Power Conference 26

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 Barclays CEO Energy-Power Conference 27

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. $ in millions CFFO Fiscal Year Fleet Renewal & Expansion Largely Funded by CFFO Barclays CEO Energy-Power Conference 28 $0 $100 $200 $300 $400 $500 $600 $700 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 CAPX Dividend Share Repurchase

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 2008-2015 Barclays CEO Energy-Power Conference 29

Vessel Cash Operating Margin ($) Vessel Cash Operating Margin (%) $164 million Vessel Margin in Q1 FY2015 (99% from New Vessels) Q1 FY2015 Vessel Margin: 43% Cyclical Upturn should Drive Margin Expansion Barclays CEO Energy-Power Conference 30

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 Barclays CEO Energy-Power Conference 31 Super Majors 37% NOC's 22% Others 41%