Tidewater Inc. · NYSE:TDW
Tidewater — 2007 Credit Suisse Energy Summit
66 slides from Tidewater's conference presentation, Feb 9, 2007
Slide 1: 2007 Credit Suisse Energy Summit
February 6, 2007 Dean E. Taylor – Chairman, President & CEO Joseph M. Bennett – Senior VP, Principal Accounting Officer, Chief Investor Relations Officer Exhibit 99.1 2007 Credit Suisse Energy Summit
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 (no net debt) Authority to repurchase common shares International, International, International …. also Gulf of Mexico. First call consensus earnings FYE ’07:
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Slide 16: Favorable, yet volatile, commodity prices
7 Favorable, yet volatile, 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 51 (14%) 107 (28%) 135 (36%) 36 (10%)
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Slide 19: Dayrate
DAYRATE NOILYVZITLA
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Slide 22: International Vessel Dayrates and Utilization
10 Dayrates and Utilization $100 change in dayrate = $10.1M in revenue 1% change in utilization = $10.5M 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 International Vessel 40% 50% 60% 70% 80% 90% $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 $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 27: % Growth in Average International Vessel Dayrates
12 0% 6% 12% 18% 24% 30% 36% 42% Fiscal 2005 Fiscal 2006 Nine Months Ended 12/31/06 % GROWTH IN AVERAGE INTERNATIONAL VESSEL DAYRATES
Slide 28: Dayrate
DAYRATE NOILVZIMILN
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Slide 31: Domestic Vessel Dayrates and Utilization
13 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 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 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
Slide 36: % Growth in Average Domestic Vessel Dayrates
15 0% 20% 40% 60% 80% 100% 120% 140% Fiscal 2005 Fiscal 2006 Nine Months Ended 12/31/06 % GROWTH IN AVERAGE DOMESTIC VESSEL DAYRATES
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Slide 40: Our Strategy - Steady as she goes
16 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
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Slide 43: Financial Strength
17 Financial Strength Striving to Achieve Financial Balance
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Slide 46: Fleet Age And Profit Contribution
20 Fleet Age And Profit Contribution * New vessel contribution for Fiscal 2005 was 30%
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Slide 50: And Counting (Present Order Book)
21 21 5 4 30 … 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 51: A Rapid and Orderly Transition
22 * Net vessels added to the fleet since January 2000, including 30 vessels under construction * Since 4/01/05, 28 vessels have been scrapped and 81 have been sold Out With the Old---In With the New (last 8 years) 0 100 200 300 400 289 Sold 71 Scrapped 360 404 136 New Vessels 425 A Rapid and Orderl
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Slide 53: Balance Sheet
24 $300 $ 300 300 300 0 0 $2,365 $ 2,533 1,659 1,792 590 604 116 137 $2,365 $ 2,533 463 443 1,373 1,431 283 318 $246 $ 341 March 2006 December 2006 Balance Sheet Total Debt Senior Notes Debt Revolver Debt Total Liabilities & Equity Stockholders’ Equity Other Liabilities Current Liabilities Total Ass
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Slide 57: Earnings Growth Over The Last Year
25 1.60 281 124 (1) Exclusive of $17.1 million after tax gain ($. 30 per share) resulting from the sale of 11 offshore tugs in August 2006. (2) Exclusive of $3.7 million after tax gain ($.07 per share) resulting from the sale of three offshore tugs in December 2006. 1.23 71 259 120 62 197 6/30/06 Qt
Slide 58: Significant Earnings Growth
26 $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 January 28, 2007, which is being provided for information purposes only. Tidewater does not endorse these estimates and takes no responsibility for any updati
Slide 59: Economic Value Added (EVA)
27 ($100) ($50) $0 $50 $100 Fiscal 2005 Fiscal 2006 Nine Months Ended 12/31/06 ($85M) $15M $108M ECONOMIC VALUE ADDED (EVA) Weighted Average Cost of Capital is assumed to be 9% in the EVA amounts above.
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Slide 63: Exceeding Expectations
28 Fiscal Fiscal Fiscal 2006 2007 2008 As of: July , 2005 $2.22 $2.61 - July , 2006 - $4.80 $5.38 January , 2007 - $5.61 $5.94 Actual $3.33 EXCEEDING EXPECTATIONS
Slide 64: Current OSX Dividend Yields
29 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
Slide 65: EPS, new vessels and fleet age summary
30 Fiscal 2000 2004 2005 2006 2007 2008 E.P.S. 1.37 .73 $1.78 $3.33 (4) $5. 79 (1) $6.02 (1) Active New Vessels (2) --- 66 95 101 109 130 New Vessel Profit Contribution --- 24% 30% 44% --- --- Fleet Average Age (years) (3) 19 19 20 20 19 18 (1) First Call consensus estimates as of January 28, 2007 w
Slide 66: Presenters and event
Dean E. Taylor – Chairman, President & CEO Joseph M. Bennett – Senior VP, Principal Accounting Officer, Chief Investor Relations Officer February 6, 2007 2007 Credit Suisse Energy Summit