Tidewater Inc. · NYSE:TDW
Tidewater — Fifth Louisiana Energy Conference (December 2006)
63 slides from Tidewater's conference presentation, Dec 1, 2006
Slide 1: Fifth Louisiana Energy Conference
November 29, 2006 Dean E. Taylor – Chairman, President & CEO Keith Lousteau – CFO, Executive VP, and Treasurer FIFTH LOUISIANA ENERGY CONFERENCE Exhibit 99.1
Slide 2: Forward-Looking Statements
2 TIDEWATER 601 Poydras Street, Suite 1900 New Orleans, LA 70130 Phone: 504.568.1010 Fax: 504.566.4580 Web site address: www.tdw.com Email: [email protected] In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that certain statements
Slide 3: Our Workplace
3 Our Workplace
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Slide 7: Lost Time Accidents
4 18 10 8 9 5 5 4 1 1 0 4 8 12 16 20 1998 1999 2000 2001 2002 2003 2004 2005 2006 Lost Time Accidents Fiscal Years
Slide 8: Total Recordable Incident Rates
5 Total Recordable Incident Rates Calendar Years 1.5 0 0.5 1 2001 2002 2003 2004 2005 TIDEWATER DOW CHEMICAL DUPONT EXXON/MOBIL BP “Safest Company In The Industry”
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Slide 12: Tidewater investment highlights
6 Largest new fleet in the industry … and counting Second highest dividend yield of the OSX (One of the) strongest balance sheets of the OSX Repurchasing common shares International, International, International …. also Gulf of Mexico. First call consensus earnings FYE ’07: $ 5.59 per share Tidewate
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Slide 16: Favorable market drivers
7 Favorable commodity prices E&P spending up Rig count up New rig construction Strong demand in virtually all areas of operation Growing financial effect of “new” fleet Favorable tax changes … And Also
Slide 17: A Strong Global Presence
Active Vessel Count By Region (excludes stacked vessels) Central/ South America West Africa Europe/M.E. Far East 45 (12%) Vessel count above includes only active vessels A Strong Global Presence North America 56 (15%) 101 (27%) 134 (36%) 38 (10%)
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Slide 19: International Dayrate
DAYRATE NOILYVZITLA
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Slide 22: International Dayrates and Utilization
10 Dayrates and Utilization $100 change in dayrate = $9.6M in revenue 1% change in utilization = $9.3M in revenue 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 International Vessel 40% 50% 60% 70% 80% $5,000 $5,500 $6,000 $6,500 $7,000 $7,500 $8,000 $8,500
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Slide 26: International Dayrates
11 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 $13,000 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 International Dayrates New Vessels Remaining Vessels
Slide 27: % Growth in Average International Vessel Dayrates
12 0% 6% 12% 18% 24% 30% 36% 42% Fiscal 2005 Fiscal 2006 Six Months Ended 9/30/06 % GROWTH IN AVERAGE INTERNATIONAL VESSEL DAYRATES
Slide 28: Domestic Dayrate
DAYRATE NOILVZIMILN
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Slide 31: Domestic Dayrates and Utilization
13 Dayrates and Utilization $100 change in dayrate = $2.2M in revenue 1% change in utilization = $2.0M in revenue 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 Domestic Vessel 20% 30% 40% 50% 60% 70% 80% $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 $13,000
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Slide 35: Domestic Dayrates
14 $3,000 $5,000 $7,000 $9,000 $11,000 $13,000 $15,000 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 Domestic Dayrates New Vessels Remaining Vessels
Slide 36: % Growth in Average Domestic Vessel Dayrates
15 0% 20% 40% 60% 80% 100% 120% 140% Fiscal 2005 Fiscal 2006 Six Months Ended 9/30/06 % GROWTH IN AVERAGE DOMESTIC VESSEL DAYRATES
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Slide 39: Financial Strength
16 Financial Strength Striving to Achieve Financial Balance
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Slide 42: Vessels built since January 2000
since January 2000 Fiscal 2000 Fiscal 2006 Vessel | Average Profit Vessel | Average Profit Count Age Contribution Count Age Contribution Vessels built prior to 509 19 100% 257 24 56% January 2000 Vessels built ofjacaulted 0 0% 101 5 44% * New vessel contribution for Fiscal 2005 was 30% 19
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Slide 46: And Counting (Present Order Book)
20 16 5 4 25 … And Counting (Present Order Book) AHTS PSV’s Crewboats & Tugs Total Present Order Book (1) (1) Includes vessels to be added to the fleet financed by bareboat charter.
Slide 47: A Rapid and Orderly Transition
21 * Net vessels added to the fleet since January 2000, including 25 vessels under construction * Since 4/01/05, 19 vessels have been scrapped and 69 have been sold Out With the Old---In With the New (last 7 years) 0 100 200 300 400 277 Sold 62 Scrapped 339 399 131 New Vessels A Rapid and Orderly Tr
Slide 48: Fiscal 2007 & 2006 Six Month Highlights
T FISCAL 2007 & 2006 SIX MONTH HIGHLIGHTS Six Months Ended 9/30/06 9/30/05 Revenues $543,799 | $396,518 Net Earnings $175,640 $111,052 Earnings Per Share $3.08 $1.93 Net Cash from $218,309 $100,105 Operations Capital Expenditures $128,235 $79,805 Stockholders’ Equity $1,696,579 $1,535,695 (000’s omi
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Slide 50: Earnings Growth Over The Last Year
T Earnings Growth Over The Last Year (IN MILLIONS) 9/30/05 Qtr | Vessel Revenue: Domestic 41 | International 157 | 198 Vessel Oper. Costs 106 Net Earnings 39 (1) Diluted EPS -68 (1) 12/31/05 3/31/06 Qtr 60 1.04 Qtr 6/30/06 Qtr 71 1.23 9/30/06 Qtr 87 (2) 1.55 () (1) Exclusive of $42.8 million after t
Slide 51: Significant Earnings Growth
25 $0 $50 $100 $150 $200 $250 $300 $350 Fiscal 2004 Fiscal 2005 Fiscal 2006 Fiscal 2007 Estimate (1) (1) First Call consensus estimates as of November 1, 2006, which is being provided for information purposes only. Tidewater does not endorse these estimates and takes no responsibility for any updati
Slide 52: Economic Value Added (EVA)
26 ($150) ($100) ($50) $0 $50 $100 $150 $200 $250 $300 $350 Fiscal 2005 Fiscal 2006 Six Months Ended 9/30/06 ($85M) $15M $66M ECONOMIC VALUE ADDED (EVA) Weighted Average Cost of Capital is assumed to be 9% in the EVA amounts above.
Slide 53: Current OSX Dividend Yields
27 0.9% 0.8% 0.8% 1.7% 0.6% 0.8% 0 0.5 1 1.5 2 Halliburton Schlumberger Baker Hughes Global Santa Fe BJ Services Smith International 0.6% Rowan 0.2% Noble Corp Current OSX Dividend Yields 1.2% Tidewater
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Slide 57: Future …
28 Fiscal 2000 2004 2005 2006 2007 2008 E.P.S. 1.37 .73 $1.78 $3.33 (4) $5. 59 (1) $5.93 (1) Active New Vessels (2) --- 66 95 101 110 128 New Vessel Profit Contribution --- 24% 30% 44% --- --- Fleet Average Age (years) (3) 19 19 20 20 18 18 (1) First Call consensus estimates as of November 1, 2006,
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Slide 61: Our Strategy - Steady as she goes
29 Seek the right acquisition(s) at the right price– whole fleets or individual vessels Continue to renew the fleet in a disciplined way Maintain and grow market share – Domestic and International Continue to push dayrates to grow profits and cash flow Continue to Add Incremental Value (Implementati
Slide 62: Celebrating our Anniversary at NYSE
30 Celebrating our 50 Anniversary at NYSE th
Slide 63: Fifth Louisiana Energy Conference
November 29, 2006 Dean E. Taylor – Chairman, President & CEO Keith Lousteau – CFO, Executive VP, and Treasurer FIFTH LOUISIANA ENERGY CONFERENCE
Tidewater — Fifth Louisiana Energy Conference (December 2006) on 6ix