EX-99.1 2 d800446dex991.htm EX-99.1 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
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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”
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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
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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
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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
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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)
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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
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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
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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
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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
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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
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$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
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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
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$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
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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
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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
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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
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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
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$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
$150 million
50.0%
Total Revenue and Margin
Fiscal 2008-2015
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$-
$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
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$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
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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
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Super Majors
37%
NOC's
22%
Others
41%