EX-99.1 2 d800446dex991.htm EX-99.1

Johnson Rice Energy Conference October 1, 2014 Jeffrey M. Platt President & CEO Joseph M. Bennett EVP & Chief IRO Exhibit 99.1

FORWARD-LOOKING STATEMENTS Phone: 504.568.1010 | Fax: 504.566.4580 Web site address: www.tdw.com Email: connect@tdw.com Johnson Rice Energy Conference TIDEWATER 601 Poydras Street, Suite 1500, New Orleans, LA 70130 2 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.

• 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 • 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 • “Offshore” is and will continue to be relevant. Constructive Key Tidewater Takeaways Johnson Rice Energy Conference 3 50 countries with ~9,000 employees worldwide fundamental backdrop for the OSV industry

Safety Record Rivals Leading Companies Johnson Rice Energy Conference • Safe Operations is Priority #1 • Stop Work Obligation • Safety performance is 25% of mgt. incentive comp 4 TOTAL RECORDABLE INCIDENT RATES 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TIDEWATER DOW CHEMICAL CHEVRON EXXONMOBIL 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: 43 “Other” rigs, along with the Jackups and Floaters, provide a total working rig count of 705 in September 2014. 420 258 Prior peak (summer 2008) Jackups Floaters Working Offshore Rig Trends Johnson Rice Energy Conference 5 0 50 100 150 200 250 300 350 400 450 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14

Source: ODS-Petrodata and Tidewater July 2008 (Peak) Jan. 2011 (Trough) September 2014 Working Rigs 603 538 705 Rigs Under Construction 186 118 244 OSV Global Population 2,033 2,599 3,223 OSV’s Under Construction 736 367 455 OSV/Rig Ratio 3.37 4.83 4.57 Drivers of our Business “Peak to Present” Johnson Rice Energy 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 September 2014, there are approximately 455 additional AHTS and PSV’s (~14% of the global fleet) under construction. Global fleet is estimated at 3,223 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 September 2014 Johnson Rice Energy Conference 7 0 50 100 150 200 250 300 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010

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 Johnson Rice Energy Conference 8

Source: ODS-Petrodata and Tidewater Tidewater Competitor #2 Competitor #3 Competitor #4 Competitor # 5 Competitor #1 Avg. All Others (2,473 total vessels for 400+ owners) Vessel Population by Owner (AHTS and PSVs only) Estimated as of September 2014 Johnson Rice Energy Conference 9

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

Johnson Rice Energy Conference 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 Our Global Footprint – Vessel Class by Region (Excludes stacked vessels – as of 6/30/14)

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 Johnson Rice Energy 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 Johnson Rice Energy Conference 13

The Upgrading of the Tidewater Fleet (A 10 Year Review) Johnson Rice Energy 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 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 New 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 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 Johnson Rice Energy Conference Fiscal Year 15 Fiscal 2014 is exclusive of Troms acquisition $0 $200 $400 $600 $800 $1,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 Johnson Rice Energy Conference 16

Debt Maturities as of 6/30/14 Limited for Several Years Johnson Rice Energy 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 Johnson Rice Energy 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 Johnson Rice Energy Conference 19 $6,000 $10,000 $14,000 $18,000 $22,000 $26,000 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 Americas Asia/Pac MENA Sub Sah Africa/Eur. 60% 70% 80% 90% 100% 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14

$185 million, or 49%, of Vessel Revenue in Q1 Fiscal 2015 New Vessel Trends by Vessel Type Deepwater PSVs Johnson Rice Energy Conference 20 22 23 24 25 25 25 25 28 29 32 34 38 40 43 44 45 47 49 51 54 55 57 62 66 69 73 75 76 76 40 80 120 160 200 240 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size Average Fleet Size Average Day Rate Utilization-Adjusted Average Day Rate Q1 Fiscal 2015 Avg Day Rate: $30,802 Utilization: 86.8% -

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 Johnson Rice Energy Conference 21 $0 $5,000 $10,000 $15,000 $20,000 $25,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 - 50 100 150 200 250 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Average Fleet Size Average Day Rate Utilization-Adjusted Average Day Rate 39 40 43 46 47 49 51 54 57 59 61 63 68 78 81 83 85 88 93 99 101 101 102 103 103 103 104 105 105 Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size

• Six work-class ROV’s 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 OSV pull through Tidewater’s New Subsea Business Johnson Rice Energy Conference 22

• Continue to improve upon stellar safety and compliance programs • Maintain solid balance sheet and financial flexibility to deal with • Disciplined deployment of cash as we complete our OSV fleet • Return capital to shareholders through dividends and Tidewater’s Future Johnson Rice Energy Conference 23 replacement and enhancement and expand our ROV business industry uncertainties and seize opportunities when presented opportunistic share repurchases

Johnson Rice Energy Conference October 1, 2014 Jeffrey M. Platt President & CEO Joseph M. Bennett EVP & Chief IRO

Appendix Johnson Rice Energy 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 Johnson Rice Energy 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. $ in millions CFFO Fiscal Year Fleet Renewal & Expansion Largely Funded by CFFO Johnson Rice Energy Conference 27 $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% $300 million $150 million 50.0% Total Revenue and Margin Fiscal 2008-2015 Johnson Rice Energy Conference 28 $- $100 $300 $400 $500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Vessel Revenue ($) Vessel Operating Margin ($) Vessel Operating Margin (%) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 53.0% 46.7% 56.4% 47.7% 38.0% 41.0% 36.9% 45.0% 42.0% 44.1% 40.8% 46.3% 45.2% 43.0% 43.1% $200

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 Johnson Rice Energy Conference 29 $0 $25 $50 $75 $100 $125 $150 $175 $200 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY14 15 New Traditional 0% 10% 20% 30% 40% 50% 60% 70% FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY14 15 Total New Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1

$31 million, or 8%, of Vessel Revenue in Q1 Fiscal 2015 New Vessel Trends by Vessel Type Deepwater AHTS Johnson Rice Energy Conference 30 5 5 5 5 5 5 5 5 6 8 9 9 11 11 11 11 11 11 11 11 11 11 11 11 11 11 12 12 12 40 80 120 160 200 240 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size Average Fleet Size Average Day Rate Utilization-Adjusted Average Day Rate Q1 Fiscal 2015 Avg Day Rate: $34,116 Utilization: 83.5% -

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 Johnson Rice Energy Conference 31 Super Majors 37% NOC's 22% Others 41%