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8-K - FORM 8-K - TIDEWATER INCd445987d8k.htm
EX-99.2 - TRANSCRIPT OF THE PRESENTATION - TIDEWATER INCd445987dex992.htm
November 28, 2012
November 28, 2012
JEFFERIES 2012 GLOBAL
JEFFERIES 2012 GLOBAL
ENERGY CONFERENCE
ENERGY CONFERENCE
Joseph M. Bennett
Joseph M. Bennett
Executive Vice President and
Executive Vice President and
Chief Investor Relations Officer
Chief Investor Relations Officer
Quinn P. Fanning
Quinn P. Fanning
Executive Vice President
Executive Vice President
and CFO
and CFO
Exhibit 99.1


2
FORWARD-LOOKING
STATEMENTS
FORWARD-LOOKING
FORWARD-LOOKING
STATEMENTS
STATEMENTS
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 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, volatility in worldwide energy demand and oil
and gas prices; fleet additions by competitors and industry overcapacity; changes in
capital spending in the energy industry for offshore exploration, field development and
production; changing customer demands for 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 in
accessing credit or capital; acts of terrorism and piracy; significant weather
conditions; unsettled political conditions, war, civil unrest and governmental actions,
such as expropriation, 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
risk factors as well as other information contained in this report.
Phone:
Phone:
504.568.1010
504.568.1010
Fax:
Fax:
504.566.4580
504.566.4580
Web:
Web:
Email:
Email:
connect@tdw.com
www.tdw.com


3
KEY TAKEAWAYS
KEY TAKEAWAYS
KEY TAKEAWAYS
Focus on safety, compliance & operating excellence
“The Tide is Turning”–
improved working rig count is
positively impacting deepwater and jackup support
vessels globally    
History of earnings growth and solid returns
Unmatched scale and scope of operations
World’s largest and newest fleet provides basis for
continued earnings growth
Strong balance sheet allows us to continue to act upon
available opportunities


SAFETY RECORD RIVALS
LEADING COMPANIES
SAFETY RECORD RIVALS
SAFETY RECORD RIVALS
LEADING COMPANIES
LEADING COMPANIES
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
CALENDAR YEARS
TOTAL RECORDABLE INCIDENT RATES
TIDEWATER
DOW CHEMICAL
CHEVRON
EXXON/MOBIL
4


5
WORKING OFFSHORE RIG TRENDS
WORKING OFFSHORE RIG TRENDS
WORKING OFFSHORE RIG TRENDS
Floaters
Jackups
Prior peak (summer 2008)
Source: ODS-Petrodata
Note:  45 “Other”
rigs, along with the Jackups and Floaters, provide a total working rig count of 643 in November 2012.
354
244
0
50
100
150
200
250
300
350
400
1/04
7/04
1/05
7/05
1/06
7/06
1/07
7/07
1/08
7/08
1/09
7/09
1/10
7/10
1/11
7/11
1/12
7/12


6
Source: ODS-Petrodata and Tidewater
July 2008
(Peak)
Jan. 2011
(Trough)
November
2012
Working Rigs
603
538
643
Rigs Under
Construction
186
118
199
OSV Global
Population
2,033
2,599
2,820
OSV’s Under
Construction
736
367
441
OSV/Rig Ratio
3.37
4.83
4.39
DRIVERS OF OUR BUSINESS
“Peak to Present”
DRIVERS OF OUR BUSINESS
DRIVERS OF OUR BUSINESS
“Peak to Present”
“Peak to Present”


7
Source: ODS-Petrodata and Tidewater
Global fleet estimated at 2,820 vessels, including 471 vessels that are
30+
yrs
old
(17%),
and
another
271
vessels
that
are
25-29
yrs
old
(9%)
Vessels > 25 years old today
0
50
100
150
200
250
300
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
As of November 2012, there are approximately 441 additional AHTS
and PSV’s (~16% of the global fleet) under construction.
THE WORLDWIDE OSV FLEET –
RETIREMENTS
EXPECTED TO EXCEED NEW DELIVERIES
THE WORLDWIDE OSV FLEET –
RETIREMENTS
EXPECTED TO EXCEED NEW DELIVERIES
(Includes AHTS and PSV’s only) Estimated as of  November 2012


8
Year Built
Deepwater vessels
Towing Supply/Supply
Other vessels
221 “New”
vessels –
5.5 avg yrs
39 “Traditional”
vessels –
27.5 avg yrs
0
5
10
15
20
25
30
35
1970
1975
1980
1985
1990
1995
2000
2005
2010
TIDEWATER’S ACTIVE FLEET
as of  September 30, 2012
TIDEWATER’S ACTIVE FLEET
TIDEWATER’S ACTIVE FLEET
as of  September 30, 2012
as of  September 30, 2012


9
VESSEL POPULATION BY OWNER
VESSEL POPULATION BY OWNER
Source: ODS-Petrodata and Tidewater
Tidewater
Competitor #2
Competitor #3
Competitor #4
Competitor # 5
Competitor #1
Avg.
All Others (2,102 total
vessels for
370+ owners)
Tidewater
AHTS
and
PSV
fleet
includes
172
vessel
additions
since
2000
253
148
114
75
66
62
5
0
100
200
300
400
(AHTS and PSV’s only) –
Estimated as of November 2012


10
**
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       4.3%          7.2%
12.4%
18.9%         18.3%
19.5%         11.4%         5.0%
4.3%
Adjusted EPS**
Adjusted EPS**
HISTORY OF EARNINGS GROWTH
AND SOLID THROUGH-CYCLE RETURNS
HISTORY OF EARNINGS GROWTH
HISTORY OF EARNINGS GROWTH
AND SOLID THROUGH-CYCLE RETURNS
AND SOLID THROUGH-CYCLE RETURNS
$1.03
$1.78
$3.33
$5.94
$6.39
$7.89
$5.20
$2.40
$2.13
$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


11
GLOBAL STRENGTH
GLOBAL STRENGTH
GLOBAL STRENGTH
Unique global footprint; 50+ years of Int’l experience
Unmatched scale and scope of operations
Strength of International business complements U.S.
activity
Secular growth
Longer contracts
Better utilization
Higher day rates
Solid customer base of NOC’s and IOC’s


12
Americas
66(26%)
SS Africa/Europe
128(49%)
Asia/Pac
29(11%)
OUR GLOBAL FOOTPRINT
Vessel Distribution by Region
(excludes stacked vessels –
as of 9/30/12)
OUR GLOBAL FOOTPRINT
Vessel Distribution by Region
(excludes stacked vessels –
as of 9/30/12)
In 2Q FY 2013, ~8% of vessel revenue was generated in the U.S. by < 15 vessels; however, ~20 other U.S.-flagged vessels
are currently operating in International regions that could be re-deployed to the U.S. GOM.
MENA
37(14%)


13
Vessel Count (2)
Total Cost (2)
Deepwater PSVs
78
$1,866m
Deepwater AHTSs
11
$358m
Towing Supply/Supply
106
$1,564m
Other
57
$289m
TOTALS:
252
$4,077m
(1)
.
At 9/30/12, 222 new vessels were in our fleet with ~5.6 year average age
Vessel Commitments
Jan. ’00 –
September ‘12
(1)
$3,592m (88%) funded through 9/30/12
THE LARGEST MODERN OSV FLEET
IN THE INDUSTRY….
THE LARGEST MODERN OSV FLEET
THE LARGEST MODERN OSV FLEET
IN THE INDUSTRY….
IN THE INDUSTRY….
(2)
Vessel count and total cost is net of 23 vessel dispositions ($217m of original cost, sold
for a total of $252m)


14
Count
Deepwater PSVs
19
Deepwater AHTSs
-
Towing Supply/Supply
4
Other
7
Total
30
CAPX of $142m remaining in FY ‘13, $174m in FY ‘14 and $169m in FY ’15.
…. AND MORE TO COME
…. AND MORE TO COME
…. AND MORE TO COME
Estimated delivery schedule – 8 remaining in FY ‘13,  11 in FY ‘14 and 11 thereafter.
* Includes 2 new vessel purchase commitments at 9/30/12
Vessels Under Construction*
As of September 30, 2012


15
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
FLEET RENEWAL & EXPANSION
FUNDED BY CFFO THROUGH FISCAL 2012
FLEET RENEWAL & EXPANSION
FLEET RENEWAL & EXPANSION
FUNDED BY CFFO THROUGH FISCAL 2012
FUNDED BY CFFO THROUGH FISCAL 2012
$0
$100
$200
$300
$400
$500
$600
$700
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
$ in millions
Fiscal Year
CAPX
Dividend
Share Repurchase
CFFO


16
As of September 30, 2012
Cash & Cash Equivalents
$137 million
Total Debt
$890 million
Shareholders Equity
$2,520 million
Net Debt / Net Capitalization
23%
Total Debt / Capitalization
26%
~$590 million of available liquidity as of 9/30/12, including $450 million of unused
capacity under committed bank credit facilities.
STRONG FINANCIAL POSITION PROVIDES
STRATEGIC OPTIONALITY
STRONG FINANCIAL POSITION PROVIDES
STRONG FINANCIAL POSITION PROVIDES
STRATEGIC OPTIONALITY
STRATEGIC OPTIONALITY


17
Total Revenue and Margin
Fiscal 2008 -
2013
Total Revenue and Margin
Total Revenue and Margin
Fiscal 2008 -
Fiscal 2008 -
2013
2013
Prior peak period (FY2009)
averaged quarterly revenue of
$339M,
Prior peak period (FY2009)
averaged quarterly revenue of
$339M, quarter operating
margin of $174M at 51.3%
Note:
Vessel
operating
margin
is
defined
as
vessel
revenue
less
vessel
operating
expenses.
Vessel revenue and operating margin for Q4-12 through Q2-13 adjusted for retroactive rate increases recognized in Q2-13.
$300 million
$150 million
50.0%
52.7%
46.2%
55.9%
46.0%
36.3%
39.3%
35.1%
41.7%
$ -
$100
$200
$300
$400
$500
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
FY08
FY09
FY10
FY11
FY12
FY13
Vessel Revenue ($)
Vessel Operating Margin ($)
Vessel Operating Margin (%)


18
New Vessel Trends by Vessel Type
Deepwater PSVs
New Vessel Trends by Vessel Type
New Vessel Trends by Vessel Type
Deepwater PSVs
Deepwater PSVs
$120 million, or 40%, of Vessel Revenue in Q2 Fiscal 2013
Q2 Fiscal 2013
Avg Day Rate: $27,034
Utilization: 84.6%
22
23
24
25
25
25
25
28
29
32
34
38
40
43
44
45
47
49
51
54
55
57
-
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
FY08
FY09
FY10
FY11
FY12
FY13
Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size
Average Fleet Size
Average Day Rate
Utilization-Adjusted Average Day Rate


19
New Vessel Trends by Vessel Type
Deepwater AHTS
New Vessel Trends by Vessel Type
New Vessel Trends by Vessel Type
Deepwater AHTS
Deepwater AHTS
$24 million, or 8%, of Vessel Revenue in Q2 Fiscal 2013
Q2 Fiscal 2013
Avg Day Rate: $29,331
Utilization: 79.3%
5
5
5
5
5
5
5
5
6
8
9
9
11
11
11
11
11
11
11
11
11
11
-
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
FY08
FY09
FY10
FY11
FY12
FY13
Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size
Average Fleet Size
Average Day Rate
Utilization-Adjusted Average Day Rate


20
New Vessel Trends by Vessel Type
Towing Supply/Supply Vessels
New Vessel Trends by Vessel Type
New Vessel Trends by Vessel Type
Towing Supply/Supply Vessels
Towing Supply/Supply Vessels
$113 million, or 37%, of Vessel Revenue in Q2 Fiscal 2013
Q2 Fiscal 2013
Avg Day Rate: $13,877
Utilization: 87.6%
39
40
43
46
47
49
51
54
57
59
61
63
68
78
81
83
85
88
93
99
101
101
-
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
FY08
FY09
FY10
FY11
FY12
FY13
Average Day Rate, Adjusted Average Day Rate, and Average Fleet Size
Average Fleet Size
Average Day Rate
Utilization-Adjusted Average Day Rate


21
POTENTIAL FOR FUTURE
EARNINGS ACCELERATION
POTENTIAL FOR FUTURE
POTENTIAL FOR FUTURE
EARNINGS ACCELERATION
EARNINGS ACCELERATION
Average Day rates
$16,246*
$17,871
(+ 10%)
$19,658
(+ 10%)
84.7%*
85.0%
90.0%
272 vessel assumption (222 current new vessels + 30 under construction + 20 additional new vessels next  year).
* 9/30/12 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
~$445M+
EBITDA
+$560M
EBITDA
+$800M
EBITDA
Actual Avg Qtrly Day rates
6/30/11    $14,291
6/30/12    $16,246
~$10.40
EPS
~$6.10
EPS
~$4.20
EPS


November 28, 2012
November 28, 2012
JEFFERIES 2012 GLOBAL
JEFFERIES 2012 GLOBAL
ENERGY CONFERENCE
ENERGY CONFERENCE
Joseph M. Bennett
Joseph M. Bennett
Executive Vice President and
Executive Vice President and
Chief Investor Relations Officer
Chief Investor Relations Officer
Quinn P. Fanning
Quinn P. Fanning
Executive Vice President
Executive Vice President
and CFO
and CFO


23
APPENDIX
APPENDIX
APPENDIX


24
Vessel Revenue ($)
Average Fleet Count
NEW FLEET DRIVING RESULTS
NEW FLEET DRIVING RESULTS
NEW FLEET DRIVING RESULTS
218 Average New Vessels in Q2 2013
$302 million Vessel Revenue in Q2 2013
(92% from New Vessels)
-
50
100
150
200
250
300
350
400
450
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
FY 2009
FY 2010
FY 2011
FY 2012
FY 2013
New
Traditional
Stacked
50
100
150
200
250
300
350
400
450
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
FY 2009
FY 2010
FY 2011
FY 2012
FY 2013
New
Traditional


25
Vessel Cash Operating Margin ($)
Vessel Cash Operating Margin (%)
CYCLICAL UPTURN
SHOULD DRIVE MARGIN EXPANSION
CYCLICAL UPTURN
CYCLICAL UPTURN
SHOULD DRIVE MARGIN EXPANSION
SHOULD DRIVE MARGIN EXPANSION
$126
million
Vessel
Margin
in
Q2
FY2013
(95% from New Vessels)
Q2
FY2013
Vessel
Margin:
42%
0
25
50
75
100
125
150
175
200
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
FY 2009
FY 2010
FY 2011
FY 2012
FY 2013
New
Traditional
0%
10%
20%
30%
40%
50%
60%
70%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
FY 2009
FY 2010
FY 2011
FY 2012
FY 2013
Total
New


26
VESSEL UTILIZATION BY SEGMENT
VESSEL UTILIZATION BY SEGMENT
VESSEL UTILIZATION BY SEGMENT
30%
40%
50%
60%
70%
80%
90%
Americas
Asia/Pac
MENA
Sub Sah Africa


27
VESSEL DAYRATES BY SEGMENT
VESSEL DAYRATES BY SEGMENT
VESSEL DAYRATES BY SEGMENT
Impact of $7.4 million of retroactive revenue recorded in September 2012 quarter is excluded from 9/12 average dayrates and
included in the respective March 2012 and June 2012 quarterly average dayrates.
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
$22,000
6/09
9/09
12/09
3/10
6/10
9/10
12/10
3/11
6/11
9/11
12/11
3/12
6/12
9/12
Americas
Asia/Pac
MENA
Sub Sah Africa


28
CURRENT REVENUE MIX
Quality of Customer Base
CURRENT REVENUE MIX
CURRENT REVENUE MIX
Quality of Customer Base
Quality of Customer Base
Our top 10 customers in Fiscal 2012 (4 Super Majors,
3 NOC’s and 3 IOC’s) accounted for 59% of our revenue
Super Majors
35%
NOC's
23%
Others
42%


29
Other Operators
Top 10 Customers
Tidewater’s top 10 customers contract ~20% of the working worldwide
jackup fleet and ~51% of the working worldwide floater fleet
Jackups
(354 Working Rigs)
Floater Rigs
(244 Working Rigs)
70
284
125
Source: ODS-Petrodata and Tidewater
Other Operators
Top 10 customers
119
RIGS CONTRACTED BY OUR
TOP 10 CUSTOMERS
RIGS CONTRACTED BY OUR
RIGS CONTRACTED BY OUR
TOP 10 CUSTOMERS
TOP 10 CUSTOMERS
(Estimated as of November 2012)
(Estimated as of November 2012)


30
SIGNIFICANT AVERAGE
AGE IMPROVEMENT
SIGNIFICANT AVERAGE
SIGNIFICANT AVERAGE
AGE IMPROVEMENT
AGE IMPROVEMENT
Assumptions:  1) Average
45
vessel
disposals
per
year
in
future
(versus
an
average
of
50+
vessel
dispositions
per
year
over
last
3
years).
2) Includes 30 vessels under construction(based on current estimated delivery schedule), plus additional
newbuilds/acquisitions of ~20 vessels per year (approximately $500 million in new capital commitments per year).
Tidewater is not committed to spending $500 million annually, but we use this assumption in estimating average fleet
age in the future.
20
14
6
0
5
10
15
20
3/31/06
3/31/07
3/31/08
12/31/08
12/31/09
12/31/10
12/31/11
12/31/12
12/31/13
12/31/14


31
FINANCIAL STRATEGY FOCUSED
ON CREATING LONG-TERM
SHAREHOLDER VALUE
FINANCIAL STRATEGY FOCUSED
FINANCIAL STRATEGY FOCUSED
ON CREATING LONG-TERM
ON CREATING LONG-TERM
SHAREHOLDER VALUE
SHAREHOLDER VALUE
Maintain
Maintain
Financial Strength
Financial Strength
EVA-Based Investments
EVA-Based Investments
On Through-cycle Basis
On Through-cycle Basis
Deliver Results
Deliver Results