EX-99.1 2 d883904dex991.htm EX-99.1 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
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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
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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
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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
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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”
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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
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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
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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
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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
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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
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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
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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
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$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
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$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
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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
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
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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
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
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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
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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
Credit Suisse 20th Annual Energy Summit
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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
Credit Suisse 20th Annual Energy Summit
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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


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
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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
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$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
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Super Majors
37%
NOC's
22%
Others
41%