EX-99.1 2 d838383dex991.htm EX-99.1

Capital One Securities, Inc. 9 th Annual Energy Conference December 10, 2014 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 Capital One Securities, Inc. 9th Annual Energy Conference TIDEWATER 601 Poydras Street, Suite 1500, New Orleans, LA 70130 2

• Consistent goal of “Best in Class” safety and compliance culture • History of solid earnings and returns on a through-cycle basis • Largest “NEW” OSV fleet in the industry, operating in over 50 countries with ~9,000 employees worldwide • 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. Key Tidewater Takeaways Capital One Securities, Inc. 9th Annual Energy Conference 3

Safety Record Rivals Leading Companies Capital One Securities, Inc. 9th Annual Energy 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 November 2014. 421 257 Prior peak (summer 2008) Jackups Floaters Working Offshore Rig Trends Capital One Securities, Inc. 9th Annual Energy Conference 5

Source: ODS-Petrodata and Tidewater July 2008 (Peak) Jan. 2011 (Trough) November 2014 Working Rigs 603 538 720 Rigs Under Construction 186 118 246 OSV Global Population 2,033 2,599 3,233 OSV’s Under Construction 736 367 470 OSV/Rig Ratio 3.37 4.83 4.49 Drivers of our Business “Peak to Present” Capital One Securities, Inc. 9th Annual Energy Conference 6 Working offshore rig count is expected to grow Marketed OSV populatio should decrease as attrition exceeds newbuild deliveries OSV/Rig Ratio should remain well balanced

Tidewater’s Active Fleet As of September 30, 2014 Capital One Securities, Inc. 9th Annual Energy Conference 7

Americas 66(25%) SS Africa/Europe 124(48%) MENA 45(17%) Asia/Pac 25(10%) Our Global Footprint – Vessel Count by Region (Excludes stacked vessels – as of 9/30/14) Capital One Securities, Inc. 9th Annual Energy Conference 8

Our Global Footprint – Vessel Class by Region (Excludes stacked vessels – as of 9/30/14) Capital One Securities, Inc. 9th Annual Energy Conference New Avg. Traditional Vessels NBV Vessels Deepwater 32 19.3M 0 Towing Supply 17 $10.5M 4 Other 9 $3.3M 4 58 8 New Avg. Traditional Vessels NBV Vessels Deepwater 11 $17.7M 1 Towing Supply 31 $11.9M 0 Other 0 0 2 42 3 New Avg. Traditional Vessels NBV Vessels Deepwater 38 $27.4M 0 Towing Supply 43 $12.8M 2 Other 36 $1.9M 5 117 7 New Avg. Traditional Vessels NBV Vessels Deepwater 10 $25.2M 0 Towing Supply 14 $11.5M 0 Other 1 $6.6M 0 25 0 Americas SSAE MENA Asia/Pac Vessel count info is as of 9/30/14, and includes leased vessels. Avg NBV excludes the impact of leased vessels which have no NBV. Average NBV of the total 18 Traditional vessels is $0.95M at 9/30/14. 9

Vessel Count (2) Total Cost (2) Average Cost per Vessel Deepwater PSVs 102 $2,900m $28.4m Deepwater AHTSs 12 $387m $32.3m Towing Supply/Supply 111 $1,667m $15.0m Other 53 $227m $4.3m TOTALS: 278 $5,181m (1) $18.6m . At 9/30/14, 248 new vessels were in our fleet with ~6.8 year average age Vessel Commitments Jan. ’00 – September ‘14 (1) ~$4.6b (89%) funded through 9/30/14 (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 Capital One Securities, Inc. 9th Annual Energy Conference 10

Count Deepwater PSVs 23 Deepwater AHTSs - Towing Supply/Supply 6 Other 1 Total 30 Vessels Under Construction* As of September 30, 2014 Estimated delivery schedule – 8 remaining in FY ’15, 19 in FY ‘16 and 3 thereafter. CAPX of $269m remaining in FY ’15, $267m in FY ‘16 and $51m thereafter. …and More to Come Capital One Securities, Inc. 9th Annual Energy Conference 11

The Upgrading of the Tidewater Fleet (A 10 Year Review) Capital One Securities, Inc. 9th Annual 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 12 14 26 0 3,000-3,999 45 4 49 0 <3,000 6 0 6 1 79 23 102 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 6 105 6 111 6 12 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 9/30/14 Snapshot

CAPX Expected to Decrease from Recent High Levels Capital One Securities, Inc. 9th Annual Energy Conference Fiscal Year 13 Fiscal 2014 is exclusive of Troms acquisition Amounts in Fiscal 2015-2017 represent known CAPX on only the 30 vessels and 2 ROVs under construction as of 9/30/14. Additional CAPX could occur, but trendline is expected down.

As of September 30, 2014 Cash & Cash Equivalents $124 million Total Debt $1,496 million Shareholders Equity $2,770 million Net Debt / Net Capitalization 33% Total Debt / Capitalization 35% ~$725 million of available liquidity as of 9/30/14, including $600 million of unused capacity under the company’s revolving credit facility. Strong Financial Position Provides Strategic Optionality Capital One Securities, Inc. 9th Annual Energy Conference 14

Debt Maturities as of 9/30/14 Limited for Several Years Capital One Securities, Inc. 9th Annual Energy 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. History of Solid Earnings and Returns on a Through-Cycle Basis Capital One Securities, Inc. 9th Annual Energy Conference 16

$192 million, or 49%, of Vessel Revenue in Q2 Fiscal 2015 New Vessel Trends by Vessel Type Deepwater PSVs Capital One Securities, Inc. 9th Annual Energy Conference 17

$127 million, or 32%, of Vessel Revenue in Q2 Fiscal 2015 New Vessel Trends by Vessel Type Towing Supply/Supply Vessels Capital One Securities, Inc. 9th Annual Energy Conference 18

• 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 Capital One Securities, Inc. 9th Annual Energy Conference 19

• 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 as we complete our OSV fleet replacement and enhancement and expand our ROV business • Return capital to shareholders through dividends and opportunistic share repurchases (recently announced ~2.8 M share repurchase totaling $100M) Tidewater’s Future Capital One Securities, Inc. 9th Annual Energy Conference 20

Capital One Securities, Inc. 9 th Annual Energy Conference December 10, 2014 Joseph M. Bennett EVP & Chief IRO

Appendix Capital One Securities, Inc. 9th Annual Energy Conference 22

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 Capital One Securities, Inc. 9th Annual Energy Conference 23

Source: ODS-Petrodata and Tidewater As of November 2014, there are approximately 470 additional AHTS and PSV’s (~15% of the global fleet) under construction. Global fleet is estimated at 3,233 vessels, including ~700 vessels that are 25+ yrs old (22%). The Worldwide OSV Fleet (Includes AHTs and PSVs only) Estimated as of November 2014 Capital One Securities, Inc. 9th Annual Energy Conference 24

Source: ODS-Petrodata and Tidewater Vessel Population by Owner (AHTS and PSVs only) Estimated as of November 2014 Capital One Securities, Inc. 9th Annual Energy Conference 25

Utilization stats exclude stacked vessels. Active Vessel Dayrates & Utilization by Segment Capital One Securities, Inc. 9th Annual Energy Conference 26

$34 million, or 9%, of Vessel Revenue in Q2 Fiscal 2015 New Vessel Trends by Vessel Type Deepwater AHTS Capital One Securities, Inc. 9th Annual Energy 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. Fleet Renewal & Expansion Largely Funded by CFFO Capital One Securities, Inc. 9th Annual Energy Conference 28

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 Capital One Securities, Inc. 9th Annual Energy Conference 29

Vessel Cash Operating Margin ($) Vessel Cash Operating Margin (%) $178 million Vessel Margin in Q2 FY2015 (97% from New Vessels) Q2 FY2015 Vessel Margin: 46% Cyclical Upturn should Drive Margin Expansion Capital One Securities, Inc. 9th Annual Energy Conference 30

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 Capital One Securities, Inc. 9th Annual Energy Conference 31