Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - TIDEWATER INC | d382680d8k.htm |
| EX-99.2 - TRANSCRIPT TO THE 2012 ANNUAL MEETING OF STOCKHOLDERS - TIDEWATER INC | d382680dex992.htm |
 Exhibit 99.1
Exhibit 99.1 |
 2
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
any
way
anticipated
or projected by the Company, involve many risks and uncertainties. Among
those risks and uncertainties, many of which are beyond the control of the
Company, are: fluctuations in oil and gas prices; the level of fleet additions by
competitors and vessel overcapacity; changes in levels of capital spending in
domestic and international markets by customers in the energy industry for
exploration, development and production; unsettled political conditions, civil
unrest and governmental actions, especially in higher risk countries of
operations; changing customer demands for different vessel specifications;
acts of terrorism; unsettled political conditions, war, civil unrest and
governmental actions, especially in higher risk countries of operations; foreign
currency fluctuations; and environmental and labor laws. Participants should
consider all of these risk factors as well as other information contained in the
Company’s form 10-K’s and 10-Q’s. |
 3
|
 4
TOTAL RECORDABLE INCIDENT RATES
0.80
0.00
0.10
0.70
0.60
0.50
0.40
0.30
0.20
2002
2003
2004
2005
2006
2007
2008
2009
2011
2010
CALENDAR YEARS
TIDEWATER
DOW CHEMICAL
CHEVRON
EXXON/MOBIL |
 5
Unique global footprint; 50+ years of Int’l experience
Unmatched scale and scope of operations
Strength of International business compliments U.S.
activity
Secular growth
Longer contracts
Better utilization
Higher day rates
Solid customer base of NOC’s and IOC’s |
 In
4Q
FY
2012,
~6%
of
vessels/revenue was generated
in
U.S.
GOM;
however,
38
total
active
U.S.-flagged
vessels
provide
good
optionality
to
a
recovery
in
the
U.S.
GOM.
6
Asia/Pac
33(13%)
MENA
35(13%)
SS Africa/Europe
132(50%)
Americas
63(24%) |
 Vessel
Count Estimated Cost
AHTS
101
$1,765m
PSV’s
91
$1,934m
Crew boats & Tugs
71
$301m
TOTALS:
263
$4,000m
(1)
.
At 3/31/12, 215 new vessels were in our fleet with ~5.7 year average age
Vessel Commitments
Jan. ’00 –
March ‘12
(1)
$3,640m (91%) funded through 3/31/12
7 |
 8
Count
AHTS
2
PSV
18
Crew and Tug
5
Total
25
Vessels Under Construction*
As of March 31, 2012
Estimated
delivery
schedule
–
13
in
FY
‘13,
10
in
FY
‘14
and
2
thereafter.
CAPX of $220m in FY ‘13, $95m in FY ‘14 and $44m in FY ’15.
* Includes 3 new vessel purchase commitments at 3/31/12
8 |
 Actual vessel deliveries through 3/31/12; estimated vessel deliveries based on
commitments to build or acquire as of 3/31/12
Through 3/31/12, vessel
commitments include 263 vessels
with a capital cost of $4.0 billion
9 |
 10
|
 11
**
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. Adjusted Return
On Avg. Equity
$8.00
$6.00
$4.00
$2.00
$0.00
Fiscal
2004
Fiscal
2005
Fiscal
2006
Fiscal
2007
Fiscal
2008
Fiscal
2009
Fiscal
2010
Fiscal
2011
Fiscal
2012
$1.03
$1.78
$3.33
$5.94
$6.39
$7.89
$5.20
$2.40
$2.13
4.3%
7.2%
12.4%
18.9%
18.3%
19.5%
11.4%
5.0%
4.3% |
 12
Over
a
13-year
period,
Tidewater
has
invested
$4.1
billion
in
CapEx($3.6
billion
in
the
“new”
fleet),
and paid out ~$1 billion through dividends and share repurchases. Over the
same period, CFFO and proceeds from dispositions were $3.6 billion and $732
million, respectively 12
Fiscal Year
$0
$700
$600
$500
$400
$300
$200
$100
$ in millions |
 13
~$770 million of available liquidity as of 3/31/12, including $450 million of unused
capacity under committed bank credit facilities.
Cash & Cash Equivalents
Total Debt
Shareholders Equity
Net Debt / Net Capitalization
Total Debt / Capitalization
$321 million
$950 million
$2,526 million
20%
27%
As of March 31, 2012
13 |
 14
$ in Millions, Except Per Share Data
Six Months Ended
Revenues
Net Earnings*
EPS*
Net Cash from Operations
Capital Expenditures
9/30/11
$506
$42
$0.81
$87
$155
3/31/12
$562
$68
$1.33
$135
$202
*9/30/11 Six Month amounts exclude $22.1 million, or $0.43 per share, goodwill
impairment charge in September 2011. |
 Prior peak
period (FY2009) averaged quarterly revenue
of $339M, and operating
margin of $174M, or 51%
$500
$400
$300
$200
$100
$-
$300 million
52.7%
52.1%
46.2%
53.8%
55.9%
50.5%
43.6%
36.3%
39.3%
35.1%
42.4%
41.5%
$150 million
50%
Qtr 1
Qtr 2
Qtr 3
Qtr 4
Qtr 1
Qtr 2
Qtr 3
Qtr 4
Qtr 1
Qtr 2
Qtr 3
Qtr 4
Qtr 1
Qtr 2
Qtr 3
Qtr 4
Qtr 1
Qtr 2
Qtr 3
Qtr 4
Fiscal 08
Fiscal 09
Fiscal 10
Fiscal 11
Fiscal 12
Vessel Revenue ($)
Vessel Operating Margin ($)
Vessel Operating Margin (%)
Vessel Cash Operating Margin is defined as Vessel Revenues less Vessel Operating Costs.
15 |
 Average Day rates
$15,658*
$17,224
(+ 10%)
$18,946
(+ 10%)
83.2%*
85.0%
90.0%
~$3.40
EPS
~$5.50
EPS
~$9.50
EPS
260 vessel assumption (215 current new vessels + 25 under construction + 20
additional new vessels next year). * 3/31/12 quarterly
actual stats This info is not meant to be a
prediction of future earnings
performance, but simply an
indication of earning sensitivities
resulting from future fleet
additions and reductions and
varying operating assumptions
~$400M+
EBITDA
+$500M
EBITDA
+$700M
EBITDA
Actual Avg Qtrly Day rates
6/30/11 $14,091
9/30/11 $14,291
12/31/11 $14,835
3/31/12 $15,658
16 |
 17
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 To recognize
an individual or team that has: Performed heroic acts in time of crisis
Significantly impacted the TDW business
Significantly contributed to our customer success or
relationships
Had a breakthrough idea or contribution resulting in
significant improvements for TDW
Went above and beyond on normal duties and
responsibilities to achieve greatness
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