EX-99.1 2 d883904dex991.htm EX-99.1

Credit Suisse 20 Annual Energy Summit February 26, 2015 Joseph M. Bennett EVP & CFO Quinn P. Fanning EVP & Chief IRO Exhibit 99.1 th

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. FORWARD-LOOKING STATEMENTS Credit Suisse 20th Annual Energy Summit TIDEWATER 601 Poydras Street, Suite 1500, New Orleans, LA 70130 2 Phone: 504.568.1010 | Fax: 504.566.4580 Web site address: www.tdw.com Email: connect@tdw.com

• Consistent goal of “Best in Class” safety and compliance culture • 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, although Key Tidewater Topics Credit Suisse 20th Annual Energy Summit 3 50 countries with ~9,000 employees worldwide currently faced with general market challenges

Source: ODS-Petrodata Note: 43 “Other” rigs, along with the Jackups and Floaters, provide a total working rig count of 693 in February 2015. 404 245 Prior peak (summer 2008) Jackups Floaters Working Offshore Rig Trends Credit Suisse 20th Annual Energy Summit 4 Rig CIP Jackups 131 Floaters 88 Other 9 228 450 400 350 300 250 200 150 100 50 0 2/04 2/05 2/06 2/07 2/08 2/09 2/10 2/11 2/12 2/13 2/14 2/15

Our Global Footprint – Vessel Class by Region (Excludes stacked vessels – as of 12/31/14 Credit Suisse 20th Annual Energy Summit Americas SSAE MENA Asia/Pac Vessel count info is as of 12/31/14, 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 $0.91M at 12/31/14. 5 New Avg. Traditional Vessels NBV Vessels Deepwater 35 20.6M 0 Towing Supply 19 $9.8M 4 Other 9 $3.2M 4 63 8 New Avg. Traditional Vessels NBV Vessels Deepwater 12 $17.5M 1 Towing Supply 31 $11.8M 0 Other 0 0 2 43 3 New Avg. Traditional Vessels NBV Vessels Deepwater 33 $28.5M 0 Towing Supply 41 $12.3M 2 Other 36 $1.8M 5 110 7 New Avg. Traditional Vessels NBV Vessels Deepwater 11 $26.4M 0 Towing Supply 14 $11.6M 0 Other 1 $6.5M 0 26 0 )

• Continue to improve upon stellar safety and compliance programs • Maintain solid balance sheet and financial flexibility to deal with • Return capital to shareholders through dividends and Tidewater’s Strategy Credit Suisse 20th Annual Energy Summit 6 • Stay close to our customers • Monitor industry developments to adjust our playbook accordingly - Cost reduction initiatives - Maintain/protect liquidity industry uncertainties and seize opportunities when presented opportunistic share repurchases

Credit Suisse 20 th Annual Energy Summit February 26, 2015 Joseph M. Bennett EVP & CFO Quinn P. Fanning EVP & Chief IRO

Appendix Credit Suisse 20th Annual Energy Summit 8

Safety Record Rivals Leading Companies Credit Suisse 20th Annual Energy Summit • Safe Operations is Priority #1 • Stop Work Obligation • Safety performance is 25% of mgt. incentive comp TOTAL RECORDABLE INCIDENT RATES 9 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 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 and Tidewater July 2008 (Peak) Jan. 2011 (Trough) February 2015 Working Rigs 603 538 693 Rigs Under Construction 186 118 228 OSV Global Population 2,033 2,599 3,253 OSV’s Under Construction 736 367 438 OSV/Rig Ratio 3.37 4.83 4.69 Drivers of our Business “Peak to Present” Credit Suisse 20th Annual Energy Summit 10

Source: ODS-Petrodata and Tidewater As of February 2015, there are approximately 438 additional AHTS and PSV’s (~14% of the global fleet) under construction. Global fleet is estimated at 3,253 vessels, including ~700 vessels that are 25+ yrs old (22%). The Worldwide OSV Fleet (Includes AHTs and PSVs only) Estimated as of February 2015 Credit Suisse 20th Annual Energy Summit 11 300 250 200 150 100 50 0 1965 1970 1975 1980 1985 1990 2000 2005 2010 Vessels > 25 years old today 1995

Year Built Deepwater vessels Towing Supply/Supply Other vessels 242 “New” vessels – 6.6 avg yrs 18 “Traditional” (only 7 OSVs) Tidewater’s Active Fleet As of December 31, 2014 Credit Suisse 20th Annual Energy Summit 12 40 35 30 25 20 15 10 5 0 1970 1975 1980 1985 1990 1995 2000 2005 2010 vessels – 25.8 avg yrs

Source: ODS-Petrodata and Tidewater Tidewater Competitor #2 Competitor #3 Competitor #4 Competitor # 5 Competitor #1 Avg. All Others (2,496 total vessels for 400+ owners) Vessel Population by Owner (AHTS and PSVs only) Estimated as of February 2015 Credit Suisse 20th Annual Energy Summit 13 400 300 200 100 0 214 191 146 72 70 64 5

MENA 46(18%) Americas 71(27%) Asia/Pac 26(10%) Our Global Footprint – Vessel Count by Region (Excludes stacked vessels – as of 12/31/14 Credit Suisse 20th Annual Energy Summit 14 SS Africa/Europe 117(45%) )

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 12/31/14, 250 new vessels were in our fleet with ~6.8 year average age Vessel Commitments Jan. ’00 – December ‘14 (1) ~$4.68b (90%) funded through 12/31/14 (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 Credit Suisse 20th Annual Energy Summit 15

Count Deepwater PSVs 21 Deepwater AHTSs - Towing Supply/Supply 6 Other 1 Total 28 Vessels Under Construction* As of December 31, 2014 CAPX of $153m remaining in FY ’15, $257m in FY ‘16 and $61m thereafter. …and More to Come Credit Suisse 20th Annual Energy Summit 16 Estimated delivery schedule – 4 remaining in FY ’15, 18 in FY ‘16 and 6 thereafter.

The Upgrading of the Tidewater Fleet (A 10 Year Review) Credit Suisse 20th Annual Energy Summit Deepwater PSV Deepwater AHTS 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 14 12 26 0 3,000-3,999 44 4 48 0 <3,000 5 0 5 1 79 21 100 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 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 12/31/14 Snapshot 17

CAPX Expected to Decrease from Recent High Levels Credit Suisse 20th Annual Energy Summit Fiscal Year Fiscal 2014 is exclusive of Troms acquisition Amounts in Fiscal 2015-2017 represent known CAPX on only the 28 vessels and 2 ROVs under construction as of 12/31/14. Additional CAPX could occur, but trendline is expected down. 18 $1,000 $800 $400 $200 2006 2008 2010 2012 2013 2014 2015 2016 2017 2007 2009 2011 $600 $0

As of December 31, 2014 Cash & Cash Equivalents $77 million Total Debt $1,491 million Shareholders Equity $2,503 million Net Debt / Net Capitalization 36% Total Debt / Capitalization 37% ~$675 million of available liquidity as of 12/31/14, including $600 million of unused capacity under the company’s revolving credit facility. Strong Financial Position Provides Strategic Optionality Credit Suisse 20th Annual Energy Summit 19

Debt Maturities as of 12/31/14 Limited for Several Years Credit Suisse 20th Annual Energy Summit Fiscal Year 20 $0 $200 $400 $600 $800 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

** 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 Adjusted EPS** Adjusted EPS** History of Solid Earnings and Returns on a Through-Cycle Basis Credit Suisse 20th Annual Energy Summit 21 $1.03 $1.78 $3.33 $5.94 $6.39 $7.89 $5.20 $2.40 $2.13 $3.03 $3.69 $0.00 $2.00 $4.00 $6.00 $8.00 Fiscal 2004 Fiscal 2005 Fiscal 2006 Fiscal 2007 Fiscal 2008 Fiscal 2009 Fiscal 2010 Fiscal 2011 Fiscal 2012 Fiscal 2013 Fiscal 2014 7.0% 5.9% 4.3% 5.0% 11.4% 19.5% 18.3% 18.9% 12.4% 7.2% 4.3%

Utilization stats exclude stacked vessels. Active Vessel Dayrates & Utilization by Segment Credit Suisse 20th Annual Energy Summit 22 $26,000 $22,000 $18,000 $14,000 $10,000 $6,000 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 100% 90% 80% 70% 60% 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 Americas Asia/Pac MENA Sub Sah Africa/Eur.

Q3 Fiscal 2015 Avg Day Rate: $29,929 Utilization: 86.1% $189 million, or 50%, of Vessel Revenue in Q3 Fiscal 2015 New Vessel Trends by Vessel Type Deepwater PSVs Credit Suisse 20th Annual Energy Summit 23 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 77 80 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 Q2 Q3 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Average Fleet Size Average Day Rate Utilization-Adjusted Average Day Rate $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size 160 - 40 80 120 200 240

Q3 Fiscal 2015 Avg Day Rate: $33,375 Utilization: 83.0% $31 million, or 8%, of Vessel Revenue in Q3 Fiscal 2015 New Vessel Trends by Vessel Type Deepwater AHTS Credit Suisse 20th Annual Energy Summit 24 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 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 Q2 Q3 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 FY08

Q3 Fiscal 2015 Avg Day Rate: $15,647 Utilization: 80.8% $122 million, or 32%, of Vessel Revenue in Q3 Fiscal 2015 New Vessel Trends by Vessel Type Towing Supply/Supply Vessels Credit Suisse 20th Annual Energy Summit 25 39 40 43 46 47 49 51 54 57 59 61 63 68 78 81 83 85 88 93 99 101 101 102 103 103 103 104 105 105 105 105 - 50 100 150 200 250 $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 Q2 Q3 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

• 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 Credit Suisse 20th Annual Energy Summit 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 Credit Suisse 20th Annual Energy Summit 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 Credit Suisse 20th Annual Energy Summit 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

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 Credit Suisse 20th Annual Energy Summit 29 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% 45.6% 44.4% $- $100 $200 $300 $400 $500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Vessel Revenue ($) Vessel Operating Margin ($) Vessel Operating Margin (%) Note: Vessel operating margin is defined as vessel revenue less vessel operating expenses

$168 million Vessel Margin in Q3 FY2015 (98% from New Vessels) Q3 FY2015 Vessel Margin: 44% Cyclical Upturn should Drive Margin Expansion Credit Suisse 20th Annual Energy Summit 30 $0 $25 $50 $75 $100 $125 $150 $175 $200 New Traditional 0% 10% 20% 30% 40% 50% 60% 70% Total New Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY14 FY15 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY14 FY15 Vessel Cash Operating Margin ($) Vessel Cash Operating Margin (%)

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 Credit Suisse 20th Annual Energy Summit 31 Super Majors 37% NOC's 22% Others 41%