Raymond James
45th Annual Institutional Investor Conference
March 2024
tdw.com
Forward-looking Statements
This presentation contains "forward-looking statements" within the meaning of the U.S. federal securities laws - that is, any statements that are not historical facts. Such statements often contain words such as "expect," "believe," "think," "anticipate," "predict," "plan," "assume," "estimate," "forecast," "target," "projections," "intend," "should," "will," "shall" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management's current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the "Company").
These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Forms 10-K, Form 10-Q and Form 8-K filed with or furnished to the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Statements in this presentation are made as of the date of this presentation, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
2 | tdw.com |
Agenda
- Company overview
- Market overview
- Financials
- Sustainability at Tidewater
- Appendix
tdw.com
1. Company Overview
tdw.com
Tidewater - The Premier Global OSV Fleet
Company Overview Today
- The largest offshore support vessel operator in the world
- Strong international footprint with a presence in every major market
- Vessels provide support to offshore E&P and wind activities, including towing, anchor-handling and transportation of supplies and personnel, construction and seafloor evaluation
- Acquisition of 37 vessels from Solstad Offshore solidifies market leading position
Global Footprint in All Major Offshore Regions
Tidewater
217
Vessels; Largest OSV fleet in the world (2)
Company Highlights (1)
17 | ~67% | |
Hybrid vessels; | High- | |
Largest in the | specification | |
world (3) | OSVs (4) | |
~$300m
Liquidity
Global OSV Fleet Summary (6)
Region | #of OSVs | >900m | 2 | 700- | <700m | 2 | >16k | 8-16k | 4-8k BHP |
900m2 | BHP | ||||||||
Europe | 51 | 39 | 8 | 2 | 2 | 0 | 0 | ||
Africa | 47 | 9 | 16 | 3 | 4 | 11 | 4 | ||
Middle E. | 42 | 1 | 8 | 12 | 1 | 5 | 15 |
11.8 | ~$635m | $4.2b |
Years average | ||
2024E EBITDA(5) | Market Cap | |
age | ||
0.7x
Net Debt /
2024E EBITDA
Americas | 36 | 12 | 13 | 5 | 2 | 2 | 2 |
A. Pac. | 19 | 8 | 5 | 0 | 2 | 3 | 1 |
Total | 195 | 69 | 50 | 22 | 11 | 21 | 22 |
(5) 2024E EBITDA reflects midpoint of revenue guidance of $1.4 - $1.45B, gross margin guidance of 52% and G&A guidance of |
- Market data as of March 1, 2024.
- Includes 22 vessels other than OSVs such as crew boats, maintenance vessels and tugboats.
- Including 15 battery hybrid and 2 LNG power capable vessels.
- High-specdefined at any PSV >700m2 and any AHTS >16k BHP.
5 | $106 million, inclusive of share-based compensation. | tdw.com |
(6) Figures do not include 22 "other" vessels (crew boats, maintenance vessels and tug boats). |
Global Footprint in All Major Offshore Regions (1)
Europe (51 OSVs)
2 2
8
39
West Africa (47 OSVs)
49
11
416
3
195 OSVs(2)
54
Middle East (42 OSVs)
5 | 1 | 1 |
8 |
Americas (36 OSVs)
2 2
Asia Pacific (19 OSVs)
2
15
12
2
5
12
3
8
1
141
13
PSV
>900 m2 | 700 - 900 m2 | <700 m 2 | >16K BHP |
5
AHTS
8 - 16K BHP | 4 - 8K BHP |
Total Fleet
PSV | AHTS | |
Note: Reflects only PSVs and AHTSs; does not reflect TDW fleet of crew boats, maintenance vessels or tug boats.
(1) Vessel count as of December 31, 2023.6
(2) Excludes 22 other TDW vessels including crew boats, maintenance vessels and tug boats.
tdw.com
Fleet Overview (1)
141
Platform Supply Vessels
(PSV)
54
Anchor Handling Towing Supply Vessels (AHTS)
3
Specialty Vessels
- Specially designed to supply offshore oil and gas platforms, drilling rigs and infrastructure
- Transport variety of cargoes incl. fuel, water, drilling fluids, cement or mud in below-deck tanks
- Carry material such as casing, drill pipe, tubing and misc. deck cargo on open deck
- Specially designed to serve offshore rigs in mooring and towing operations
- Capable of all types of towing, anchor handling activities, and varied subsea operations
- Support offshore well stimulation, construction work, subsea services, and/or serve as remote accommodation facilities
- Equipped with a variety of lifting and deployment systems, including large capacity cranes, winches or reel systems
16
Crew Boats / Fast Supply
Vessels (FSV)
3
Offshore Tugs
PSVs by Deck Size
69
141
50
22
- Specially designed to transport as many as 150 personnel from shore bases to offshore rigs, platforms and other installations at high speed and in comfort
- Capable of carrying moderate quantities of cargo
- Used to tow floating drilling rigs and barges
- Assist in the docking of tankers, pipe laying, cable laying and construction barges
AHTS by Bollard Pull
174
54 11
22
(1) Vessel count as of December 31, 2023.
<700m2 700 - 900m2 >900m2
7
4 - 8K 8 - 12K 12 - 16K >16K
tdw.com
Fleet Evolution - High-Specification Vessel Focus
TDW has meticulously high-graded its fleet by focusing on high-quality assets, large vessels routinely in high
demand and value accretive acquisitions
OSV Fleet Count(1)
TDW added 85 premier, high- quality vessels to its fleet via M&A over the last 18 months
High-Specification OSV Fleet Size
PSV | AHTS | |
TDW's fleet evolved into the largest and most
relevant vessels on the market
69
50
11 | ||||||||||||||
(2) | (3) | > 900 m2 | 700 - 900 m2 | 16,000 BHP | ||||||||||
(1) Excludes 22 other TDW vessels including crew boats, maintenance vessels and tug boats. | SOFF (3) | SPO(2) | Legacy TDW | |||||||||||
(2) SPO refers to Swire Pacific Offshore. | 8 | tdw.com | ||||||||||||
(3) SOFF refers to Solstad Offshore ASA. |
Leading OSV Operator with Largest High-Specification Fleet
OSV Count and Age Profile
200 195
180 | |||||||||||||||
160 | |||||||||||||||
140 | 126 | 116 | |||||||||||||
120 | 109 | ||||||||||||||
OSVs | |||||||||||||||
100 | 84 | ||||||||||||||
80 | 65 | ||||||||||||||
56 | |||||||||||||||
60 | 50 | ||||||||||||||
44 | 42 | 42 | 41 | ||||||||||||
40 | |||||||||||||||
20 | |||||||||||||||
0 | |||||||||||||||
TDW | Edison | COSL | Bourbon Vallianz Hornbeck | ADNOC | P&O | Britoil | Hai Duong | Grupo | Harvey | ||||||
Chouest | Offshore | Maritime | CBO | Gulf | |||||||||||
High-Specification OSVs(1) | Other OSVs | Average Age | |||||||||||||
Note: Vessel count reflects only PSVs and AHTSs; does not reflect 22 other TDW vessels including crew boats, maintenance vessels and tug | 9 | (1) Includes PSVs with clear deck space >700 m2 and AHTSs with >16K BHP. | |||||||||||||
boats. | |||||||||||||||
Source: Spinergie (as of February 2024) and Company information. |
20 | |
18 | |
16 | (Years) |
12 | |
14 | |
10 | Age |
8 | Average |
6
4
2
0
tdw.com
Blue Chip Customer Base
Americas
Vessel Mix | Customers |
Europe / Med
Vessel Mix | Customers |
7
14
15
7
3
41
Strong credit
counterparties provide for strong cash collections, with Q4 2023 DSO of ~82 days
West Africa
Vessel Mix | Customers |
7 13
27
Middle East
Vessel Mix | Customers |
2
13
27
Asia Pacific
Vessel Mix | Customers |
1
8 10
Large Medium Small
Leading Blue-Chip Operators Around the World Utilize Tidewater's Leading, World-Class Fleet
Note: "Large" denotes vessels with >900m2 or with >16k BHP, "Medium" denotes vessels between 700m2 -900m2 or between 8k-16k BHP, | 10 | tdw.com |
"Small" denotes vessels of <700m2 or with <8k BHP. |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Tidewater Inc. published this content on 04 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2024 11:31:04 UTC.