Tidewater Inc. · NYSE:TDW
Tidewater — 2007 Howard Weil Energy Conference
43 slides from Tidewater's conference presentation, Apr 5, 2007
Slide 1: 2007 Howard Weil Energy Conference
2007 HOWARD WEIL ENERGY CONFERENCE Dean E. Taylor Chairman, President & CEO April 4, 2007 Exhibit 99.1 Dean E. Taylor Chairman, President & CEO April 4, 2007
Slide 2: Forward-Looking Statements
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] FORWARD-LOOKING STATEMENTS In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company note
Slide 3: Our Workplace
OUR WORKPLACE
Slide 4: Safest Company in the Industry
Dow Chemical Dupont Exxon/Mobil BP Calendar Years 1.5 0 0.5 1 2001 2002 2003 2004 2005 Total Recordable Incident Rates SAFEST COMPANY IN THE INDUSTRY Lost Time Accidents Down From 19 in FY’97 to 1 in both FY’05 and FY’06 Tidewater Tidewater Dow Chemical Dupont Exxon/Mobil BP Calendar Years 1.5 0.5 2
Slide 5: Tidewater Today
TIDEWATER TODAY Using cash position to grow industry’s largest new fleet International presence driving earnings Safest company in the industry One of the strongest balance sheets of the OSX History of exceeding consensus expectations Ability to generate solid earnings across market cycles Authority
Slide 6: Tidewater Tomorrow
TIDEWATER TOMORROW Maintain financial strength Continue to renew fleet in a disciplined way Continue to grow international market share Continue to push day rates and utilization to grow profits and cash flow Right acquisitions, right price, right time Maintain financial strength Continue to renew f
Slide 7: Using Cash Position to Grow Industry's Largest New Fleet
USING CASH POSITION TO GROW INDUSTRY’S LARGEST NEW FLEET Estimated annual commitment of $300-$500 million to continue fleet renewal Expected to be funded through internal cash flow generation CapEx of $173 million through nine months of FY’07 Prudent approach to expansion/acquisition opportunities W
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Slide 9: Largest New Fleet in the Industry... and Counting
LARGEST NEW FLEET IN THE INDUSTRY … AND COUNTING Effectively Utilizing Our Strong Cash Position to Grow the Industry’s Largest New Fleet 5 PSV’s 30 TOTAL PRESENT ORDER BOOK: (1) 4 Crewboats & Tugs 21 AHTS Vessel Commitment Present Order Book Effectively Utilizing Our Strong Cash Position to Grow the
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Slide 11: Largest New Fleet in the Industry
LARGEST NEW FLEET IN THE INDUSTRY 0 100 200 300 400 Active Fleet Disposition Out With the Old – In With the New 289 Sold 71 Scrapped 360 404 136 New Vessels * Net vessels added to the fleet since January 2000, including 30 vessels under construction * Since 4/01/05, 28 vessels have been scrapped and
Slide 12: International Presence Driving Earnings
INTERNATIONAL PRESENCE DRIVING EARNINGS The most internationally diverse company in the industry 49 years of international experience Continue to grow international market share Improving vessel utilization and dayrates for earnings growth 75% of YTD FY’07 revenue generated in international markets
Slide 13: Active Vessel Count by Region
North America 49 (13%) (13%) Central/South America 106 (28%) (28%) West Africa 138 (37%) (37%) Europe/M.E. 36 (10%) (10%) Far East 45 (12%) (12%) INTERNATIONAL PRESENCE DRIVING EARNINGS Continue to Grow International Market Share Present Total = 87% International, 13% Domestic Active Vessel Count By
Slide 14: International Vessel Dayrates
INTERNATIONAL VESSEL DAYRATES 0% 10% 20% 30% 40% Fiscal 2005 Fiscal 2006 Nine Months ended 12/31/06 Total Growth Percentage 38% Total Growth since FY’04 Total Growth Percentage 38% Total Growth since FY’04
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Slide 16: Fiscal 2007 & 2006 Nine Month Highlights
FISCAL 2007 & 2006 NINE MONTH HIGHLIGHTS Nine Months Ended $2.96 $4.75 Earnings Per Share $171,074 $269,049 Net Earnings $183,644 $336,017 Net Cash from Operations $125,609 $173,350 Capital Expenditures $631,077 $831,712 Revenues 12/31/05 12/31/06 (in Thousands, Except Per Share Data) Nine Months En
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Slide 18: Significant Earnings Growth
SIGNIFICANT EARNINGS GROWTH $0 $50 $100 $150 $200 $250 $300 $350 Fiscal 2004 Fiscal 2005 Fiscal 2006 75% Three Year Compounded Annual Earnings Growth Rate $59M $101M $193M $332M (1) First Call consensus estimates as of March 25, 2007, which is being provided for information purposes only. Tidewater
Slide 19: Ability to Generate Solid Earnings Across Market Cycles
ABILITY TO GENERATE SOLID EARNINGS ACROSS MARKET CYCLES Fiscal 20 30% 95 $1.78 2005 19 24% 66 $.73 2004 19 – – $1.37 2000 19 – 109 $5.87 (1)(5) 2007 130 101 Active New Vessels (2) $6.10 (1) $3.33 (4) E.P.S – 44% New Vessel Profit Contribution 18 20 Fleet Average Age (years) (3) 2008 2006 (1) First C
Slide 20: Share Repurchase Program
SHARE REPURCHASE PROGRAM Authority to repurchase up to $158 million in common stock Repurchased 867,000 shares at an average price of $46.57 per share through 12/31/06 $117.5 million remains available through 6/30/07 Continue to purchase shares on an opportunistic basis Authority to repurchase up to
Slide 21: One of the Highest Dividend Yields in the OSX
1.4% 1.0% 1.0% 0.8% 0.8% 0.7% 0.2% 0.0% 0.5% 1.0% 1.5% 2.0% 1.2% ONE OF THE HIGHEST DIVIDEND YIELDS IN THE OSX Halliburton Schlumberger Baker Hughes Global Santa Fe BJ Services Smith International Rowan Noble Corp 1.0% 1.2% Tidewater Tidewater Halliburton Schlumberger Baker Hughes Global Santa Fe BJ
Slide 22: Economic Value Added (EVA)
-$100 -$50 $0 $50 $100 Fiscal 2005 Fiscal 2006 Nine Months Ended 12/31/06 ECONOMIC VALUE ADDED (EVA) Weighted Average Cost of Capital is assumed to be 9% in the EVA amounts above. ($85M) $15M $108M ($85M) $15M $108M
Slide 23: The Tidewater Strategy
THE TIDEWATER STRATEGY Maintain financial strength Continue growing industry’s largest new fleet Continue growing international market share Continue to push dayrates and utilization to grow profits and cash flow Right acquisitions, right price, right time Continue to improve industry-leading safety
Slide 24: 2007 Howard Weil Energy Conference
2007 HOWARD WEIL ENERGY CONFERENCE Dean E. Taylor Chairman, President & CEO April 4, 2007 Dean E. Taylor Chairman, President & CEO April 4, 2007
Slide 25: Appendix
APPENDIX
Slide 26: Earnings Growth Over the Last Year
EARNINGS GROWTH OVER THE LAST YEAR 281 271 259 236 $228 124 122 120 116 $103 Vessel Oper. Costs 224 209 197 182 $177 International 1.23 71 62 6/30/06 Qtr 1.11 65 54 3/31/06 Qtr $1.04 $60 $51 12/31/05 Qtr 1.60 (2) 90 (2) 57 12/31/06 Qtr 62 Domestic Vessel Revenue: 87 (1) Net Earnings 1.55 (1) Diluted
Slide 27: A1vVyAVG
A1vVyAVG
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Slide 30: International Vessel Dayrates and Utilization
12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 $100 change in dayrate = $10.1M in revenue 1% change in utilization = $10.5M in revenue Dayrates and Utilization INTERNATIONAL VESSEL 40% 50% 60% 70% 80% 90% $5,000 $5,500 $6,000 $6,500 $7,000 $7,500 $8,000 $8,500 Dayrates and Util
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Slide 34: International Dayrates
$3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 $13,000 $14,000 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 INTERNATIONAL DAYRATES Remaining Vessels New Vessels
Slide 35: Domestic Vessel Dayrates
DOMESTIC VESSEL DAYRATES 0% 20% 40% 60% 80% 100% 120% 140% Fiscal 2005 Fiscal 2006 Nine Months Ended 12/31/06 Total Growth Percentage 120% Total Growth since FY’04 Total Growth Percentage 120% Total Growth since FY’04
Slide 36: Dayrate
DAYRATE
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Slide 39: Domestic Vessel Dayrates and Utilization
$100 change in dayrate = $2.0M in revenue 1% change in utilization = $3.5M in revenue 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 Dayrates and Utilization 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 $1
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Slide 41: Sse
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Slide 42: Sse
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Slide 43: Domestic Dayrates
$3,000 $5,000 $7,000 $9,000 $11,000 $13,000 $15,000 12/03 3/04 6/04 9/04 12/04 3/05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 DOMESTIC DAYRATES New Vessels Remaining Vessels