EX-99.1 2 dex991.htm SLIDE PRESENTATION Slide Presentation
TIDEWATER
TIDEWATER
JEFFERIES
JEFFERIES
6
6
ANNUAL
ANNUAL
SHIPPING
SHIPPING
&
&
OFFSHORE SERVICES CONFERENCE
OFFSHORE SERVICES CONFERENCE
September 9, 2009
Dean E. Taylor
Dean E. Taylor
Chairman, President & CEO
Chairman, President & CEO
Joseph M. Bennett
Joseph M. Bennett
Executive Vice President and
Executive Vice President and
Chief Investor Relations
Chief Investor Relations
Officer
Officer
Exhibit 99.1
TH
TH

2
TIDEWATER
TIDEWATER
601 Poydras Street, Suite 1900
New Orleans, LA 70130
FORWARD-LOOKING
STATEMENTS
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, fluctuations in worldwide energy demand and oil and gas
prices; fleet additions by competitors and industry overcapacity; changes in capital spending by
customers in the energy industry for offshore exploration, development and production; changing
customer demands for different vessel specifications, which may make some of our older vessels
technologically obsolete for certain customer projects or in certain markets; instability of global
financial markets and difficulty accessing credit or capital; acts of terrorism and piracy; significant
weather conditions; unsettled political conditions, war, civil unrest and governmental actions,
especially in higher risk countries of operations; foreign currency fluctuations; and enforcement of
laws related to the environment, labor and foreign corrupt practices. 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.
Phone:
504.568.1010
|  Fax:
504.566.4580
|  Web:
www.tdw.com
|  Email:
connect@tdw.com

3
SAFETY RECORD RIVALS
SAFETY RECORD RIVALS
LEADING COMPANIES
LEADING COMPANIES
Total Recordable Incident Rates
2002
2003
2004
2005
2006
2007
Calendar Years
2008
TIDEWATER
DOW CHEMICAL
DUPONT
EXXON/MOBIL
BP
0.00
0.25
0.50
0.75
1.00

A REMINDER OF
A REMINDER OF
OUR WORKPLACE
OUR WORKPLACE

5
TIDEWATER
TIDEWATER
TODAY
TODAY
Solid safety record  –
One LTA and .18 TRIR in FY’09
Unmatched
(and
growing)
global
footprint
–
50+
years
internationally
and working in over 60 countries
Entire
fleet
earning
solid
returns
–
Third
consecutive
year
of
record
earnings (19.3% Return on Average Equity over the last three fiscal
years)
Strong
balance
sheet
–
no
net
debt
to
total
cap
at
6/30/09
Continuing
to
invest
in
new
vessels
with
expanded
capabilities
–
22
deliveries in last year and a quarter and 45 under construction at
6/30/09
Track record of prudent capital management and of returning capital
to
shareholders
–
Increase
of
dividend
to
$1
per
share
annually

6
Culture is a competitive advantage
•
Safety-oriented
•
Deep knowledge of customer needs
•
Aggressive management of operating and capital costs
Maintain maximum financial flexibility to deal with
uncertainties
Selectively deploy cash to renew fleet with
expanded capabilities
Opportunistically utilize balance sheet strength
•
Right acquisitions, right price, right time
•
Consistently focus on creating shareholder value
OUR STRATEGY
OUR STRATEGY
(Not much has changed!)
(Not much has changed!)

7
Cash on the balance sheet
Low debt, and no net debt at 6/30/09
Undrawn, new, expanded credit facility
Manageable new construction backlog
Solid customer base (large exposure to
NOC’s and IOC’s)
Good contract coverage
TDW’s FINANCIAL STABILITY
TDW’s FINANCIAL STABILITY
DURING TRYING TIMES
DURING TRYING TIMES

STRONG BALANCE SHEET
STRONG BALANCE SHEET
+ $750 million of Available Liquidity at 7/31/09 (Cash plus $450m Revolver)
+ $750 million of Available Liquidity at 7/31/09 (Cash plus $450m Revolver)
$300
$300
Long-term Debt*
$2,245
$2,280
Stockholders’
Equity
2.1%
0%
Net Debt* to Total Cap
$251         
$315
Cash
March 2009
June 2009
($ in Millions)
($ in Millions)
8

SELECTED FINANCIAL
SELECTED FINANCIAL
HIGHLIGHTS
HIGHLIGHTS
* Adjusted Net Earnings and Adjusted EPS for the quarter ended 6/30/09
* Adjusted Net Earnings and Adjusted EPS for the quarter ended 6/30/09
excludes $47.7 million, or $0.93 per share, related to provision
excludes $47.7 million, or $0.93 per share, related to provision
for
for
Venezuelan operations
Venezuelan operations
($ in Thousands, Except
($ in Thousands, Except
Except
Per Share Data)
Per Share Data)
Quarters Ended
$1.64
$1.79
Adjusted EPS*
$84,776
$92,222
Adjusted Net Earnings*
$90,997
$70,350
Net Cash from
Operations
$129,657
$92,172
Capital Expenditures
$340,054
$326,609
Revenues
6/30/08
6/30/09
9

(Includes AHTS and PSV’s only)
(Includes AHTS and PSV’s only)
10
VESSEL POPULATION
VESSEL POPULATION
BY OWNER
BY OWNER
Estimated as of June 2009
Estimated as of June 2009
Source: ODS-Petrodata and Tidewater
Tidewater
Competitor #2
Competitor #3
Competitor #4
Competitor # 5
Competitor #1
Avg. All Others
(1,589 total vessels
for 300+ owners)
277
92
83
72
64
61
5

0
50
100
150
200
250
1965
1970
1975
1980
1985
1990
1995
2000
2005
11
GLOBAL VESSEL
GLOBAL VESSEL
FLEET BY AGE
FLEET BY AGE
(Includes AHTS and PSV’s only)
(Includes AHTS and PSV’s only)
Estimated as of June 2009
Estimated as of June 2009
As of 6/30/09, there are
As of 6/30/09, there are
approximately 631 additional AHTS
approximately 631 additional AHTS
and PSV’s under construction
and PSV’s under construction
Of the total 2,238 vessels, 337 vessels are 30+ yrs old,
Of the total 2,238 vessels, 337 vessels are 30+ yrs old,
another
another
503
503
are
are
25-29
25-29
yrs
yrs
old,
old,
and
and
93
93
are
are
20-24
20-24
yrs
yrs
old
old
Source: ODS-Petrodata and Tidewater

12
Unique global footprint; 50+ years of Int’l experience
1Q FY ‘10, Int’l was 92.1% of revenues & 97.4% of
profits, (excluding provision for Venezuelan ops)
43 of 45 of current newbuilds in Int’l yards
Longer contracts, better utilization, higher dayrates for
new & traditional vessels operating in Int’l markets
Solid customer base of NOC’s and IOC’s
INTERNATIONAL
INTERNATIONAL
STRENGTH
STRENGTH

Active Vessel Count By Region
(excludes stacked vessels)
94% International       6% Domestic
94% International       6% Domestic
(vs. 65% International and 35% Domestic ten years ago)
(vs. 65% International and 35% Domestic ten years ago)
TIDEWATER TODAY
TIDEWATER TODAY
INTERNATIONAL STRENGTH
INTERNATIONAL STRENGTH
(as of 6/30/09)
(as of 6/30/09)
North America
North America
19 (6%)
19 (6%)
(6%)
Central/South
Central/South
America
America
81 (25%)
81 (25%)
(25%)
West Africa
West Africa
136 (43%)
136 (43%)
(43%)
Europe/M.E.
Europe/M.E.
37 (12%)
37 (12%)
(12%)
Far East
Far East
45 (14%)
45 (14%)
(14%)

14
Strive for a Balance Between
Strive for a Balance Between
Performance, Growth and Financial Strength
Performance, Growth and Financial Strength
Ability to support continued fleet renewal and
growth
Current environment will present opportunities to
utilize our financial strength
Funding with internal cash flow and available credit
Always weigh build vs. buy criteria
Making progress with fleet average age
GROWING INDUSTRY’S
GROWING INDUSTRY’S
LARGEST FLEET
LARGEST FLEET

15
LARGEST NEW FLEET
LARGEST NEW FLEET
IN THE INDUSTRY…
IN THE INDUSTRY…
Vessel Commitments Jan. ’00 –
Vessel Commitments Jan. ’00 –
June ‘09
June ‘09
(1) Includes vessels added to the fleet financed by bareboat charter.
(2) $2,372m funded through 6/30/09.
*Excludes ENSCO fleet acquisition effected April 1, 2003.
At 6/30/09, 147 new vessels in fleet with 5.0 year average age
At 6/30/09, 147 new vessels in fleet with 5.0 year average age
$1,360m
72
PSV’s
$2,944m
(2)
207
TOTALS:
(1)
$275m 
65
Crewboats & Tugs
$1,309m
70
AHTS
Estimated Cost
Vessel Count

…
…
AND COUNTING
AND COUNTING
16
Estimated delivery schedule –
22 remaining in FY’
10,  9 in FY’
11, 11 in FY’
12
and 2 thereafter.
CAPX
of
$272m
remaining
in
FY’
10,
$153m
in
FY’
11,
$135m
in
FY’
12
and
$12m
in
FY’
13
Our approach to managing construction
Our approach to managing construction
Building vessels
worldwide
Due diligence focused
on yards
Tidewater staff
supervise on site
Vessels Under Construction
Vessels Under Construction
As
As
of
of
June
June
30,
30,
2009
2009
9
45
Total
23
PSV
4
Crew and Tug
18
AHTS
Count

17
FINANCIAL STRATEGY
FINANCIAL STRATEGY
Renew
Renew
Fleet
Fleet
Deliver
Deliver
Results
Results
Maintain Financial
Maintain Financial
Strength
Strength
Focused on Long Term Shareholder Value
Focused on Long Term Shareholder Value

TIDEWATER
TIDEWATER
JEFFERIES 6
JEFFERIES 6
ANNUAL SHIPPING &
ANNUAL SHIPPING &
OFFSHORE SERVICES CONFERENCE
OFFSHORE SERVICES CONFERENCE
September 9, 2009
Dean E. Taylor
Dean E. Taylor
Chairman, President & CEO
Chairman, President & CEO
Joseph M. Bennett
Joseph M. Bennett
Executive Vice President and
Executive Vice President and
Chief Investor Relations
Chief Investor Relations
Officer
Officer
TH
TH

TIDEWATER
TIDEWATER
APPENDIX
APPENDIX

20
Impacts of current financial crisis and global
recession
•
Rig and vessel construction backlogs
•
Financial health of shipyards and competitor
Future oil and gas prices
E&P spending
Obama administration’s approach to energy and tax
policy
Vessel utilization and pricing
MANY UNANSWERED
MANY UNANSWERED
QUESTIONS AT THIS TIME
QUESTIONS AT THIS TIME

SHARE
REPURCHASE
PROGRAM
Current repurchase authority of $200 MM
Since 8/05, have repurchased 9.5 MM shares for
$516.2 MM
SHARE
REPURCHASE
PROGRAM
Recent dividend declaration increased from
$.15/share/quarter to $.25/share/quarter
One of eight OSX companies paying dividends
Current 2.3% yield (highest among OSX
companies)
RETURNING VALUE TO
RETURNING VALUE TO
SHAREHOLDERS
SHAREHOLDERS
21

22
Current Vessel Demand Dynamics:
2,238
Global Vessel Count (AHTS & PSV only)
550
Global Working Rigs
4.1
Vessel to Rig Ratio
Possible Incremental Vessel Demand:
158
New rigs under construction
(???Cancellations???)
VESSEL / RIG RATIO
VESSEL / RIG RATIO
Source: ODS-Petrodata and Tidewater
Estimated as of June 2009

Jackups
Semi
Drillships
June 2008
379
145
30
June 2009
317
151
38
     Variance
(62)
6
8
23
GOM accounts for 40 of the 62 working jackup count variance
GOM accounts for 40 of the 62 working jackup count variance
Source: ODS-Petrodata and Tidewater
WORKING RIG COUNTS
WORKING RIG COUNTS

NOC's
23%
Others
37%
Super Majors
40%
Our top 10 customers (5 Super Majors, 4 NOC’s and one
Our top 10 customers (5 Super Majors, 4 NOC’s and one
large independent) currently account for 60% of our revenue
large independent) currently account for 60% of our revenue
CURRENT REVENUE MIX
CURRENT REVENUE MIX
Quality of Customer Base
Quality of Customer Base
24

RIGS CONTRACTED BY
RIGS CONTRACTED BY
OUR TOP 10 CUSTOMERS
OUR TOP 10 CUSTOMERS
(Estimated as of June 2009)
(Estimated as of June 2009)
* PEMEX alone has 31 of the 84 jackups
* PEMEX alone has 31 of the 84 jackups
Source: ODS-Petrodata and Tidewater
25
Jackups
Semi
Drillships
June 2009 working rigs
317
151
38
Working for top 10 customers
84
76
24
26%
50%
63%

26
IMPROVING AVERAGE AGE
IMPROVING AVERAGE AGE
OF TIDEWATER FLEET
OF TIDEWATER FLEET
Assumptions:  1) Average 45 vessel disposals per year in future (averaged 47 per year last three years).
2) Include 46 vessels under construction in year delivered plus additional
newbuilds/acquisitions from approximately $500 million
per year of future commitments. 
Tidewater is not committed to spending $500 million annually, but this level is used as an
assumption in estimating average fleet age
in the future.
600
25
0
100
200
300
400
500
3/31/04
Actual
3/31/05
Actual
3/31/06
Actual
3/31/07
Actual
3/31/08
Actual
12/31/08
Actual
12/31/09
Estimate
12/31/10
Estimate
12/31/11
Estimate
12/31/12
Estimate
5
10
15
20

27
LARGEST NEW FLEET
LARGEST NEW FLEET
IN THE INDUSTRY
IN THE INDUSTRY
(as of 6/30/09)
(as of 6/30/09)
(A) Net new vessels added to the fleet since January 2000, including 45 vessels under construction at 6/30/09.
Out With the Old –
Out With the Old –
In With the New
In With the New
0
100
200
300
400
500
Active Fleet
Dispositions
363
363 (B)
(B)
470
470 (C)
(C)
192 New Vessels
192 New Vessels (A)
(A)
381 Sold
381 Sold
89 Scrapped
89 Scrapped
(C) 470 vessel dispositions generated $615 million of proceeds and $254 million of gains.
(B) Total fleet count excludes 66 stacked vessels as of 6/30/09.

$0
$100
$200
$300
$400
$500
$600
$700
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Fiscal Years
FLEET CASH
FLEET CASH
OPERATING MARGINS
OPERATING MARGINS
28
Note:  Cash operating margins are defined as vessel revenue less
vessel operating expenses.
50%
40%
30%
20%
10%
60%
Total Fleet
Operating Margin %
Traditional Vessels
New Vessels
38.6%
37.6%
46.5%
41.9%
36.9%
38.7%
49.1%
54.6%
51.9%
51.3%

$0.00
$2.00
$4.00
$6.00
$8.00
Fiscal 2004
Fiscal 2005
Fiscal 2006
Fiscal 2007
Fiscal 2008
Fiscal 2009
SIGNIFICANT
SIGNIFICANT
EARNINGS GROWTH
EARNINGS GROWTH
29
50%
50%
Five-Year
Five-Year
Compounded
Compounded
Annual Earnings Growth Rate
Annual Earnings Growth Rate
FY End Stock Price  $28.13
$38.86         $55.23         $58.58         $55.11
$37.13
**
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.
$1.03
$1.78
$3.33
$5.94
$6.39
$7.89

50%
60%
70%
80%
90%
6/06
12/06
6/07
12/07
6/08
12/08
6/09
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
30
INTERNATIONAL VESSELS
INTERNATIONAL VESSELS
Dayrates and Utilization
Dayrates and Utilization
$100
change
in
dayrate
=
$9.4M
in
revenue
1%
change
in
utilization
=
$15.7M
in
revenue
* Dayrate and utilization information is for all classes of vessels operating international.
Utilization
Dayrate

$3,000
$5,000
$7,000
$9,000
$11,000
$13,000
$15,000
$17,000
$19,000
Jun-06
Dec-06
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
New Vessels
Traditional Vessels
INTERNATIONAL
INTERNATIONAL
VESSEL
VESSEL
DAYRATES
DAYRATES
* Dayrate information is for all classes of vessels operating internationally.
31

40%
50%
60%
70%
80%
90%
6/06
12/06
6/07
12/07
6/08
12/08
6/09
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
32
DOMESTIC VESSELS
DOMESTIC VESSELS
Dayrates and Utilization
Dayrates and Utilization
* Dayrate and utilization information is for all classes of vessels operating in the U.S.
Utilization
Dayrate

$3,000
$5,000
$7,000
$9,000
$11,000
$13,000
$15,000
$17,000
$19,000
Jun-06
Dec-06
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
New Vessels
Traditional Vessels
DOMESTIC VESSEL
DOMESTIC VESSEL
DAYRATES
DAYRATES
*
Dayrate
information
is
for
all
classes
of
vessels
operating
in
the
U.S.
33

34
SUPERIOR OPERATING
SUPERIOR OPERATING
CAPABILITIES DRIVE OUR
CAPABILITIES DRIVE OUR
COMPETITIVE ADVANTAGE
COMPETITIVE ADVANTAGE
Superior operating performance
Superior operating performance
–
Safety-oriented culture
–
Deep knowledge of customer needs
International scope and relationships
International scope and relationships
–
Worldwide market presence
(over 60 countries)
–
Long-term relationships with major operators
(Over 200 customers)
Attractive fleet
Attractive fleet
–
Most new vessels in industry
–
Wide range of equipment types
Cost efficient management
Cost efficient management
–
“Lean”
operations and overhead
–
Aggressive construction cost management

35
VESSEL ACQUISITION
VESSEL ACQUISITION
ALTERNATIVES
ALTERNATIVES
Buy Existing
Buy Existing
Construct New
Construct New
Buy Fleet
Buy Fleet
(e.g., Buy Company)
(e.g., Buy Company)
Considerations:
Considerations:
Usually one-off
purchases, often to
match specific client
needs
Immediate delivery
Entry price at “full”
market rate
Considerations:
Considerations:
Built to Tidewater
quality standards
18 + months to delivery
Potential shipyard
backlog
Contract terms (e.g.,
fixed price, LDs, etc.)
Resource requirements
to oversee construction
Considerations:
Considerations:
:
Quality of equipment
Existing contracts
Potential synergies
Potential divestiture of
non core assets
Potential premium
Execution risk
Value creation potential
vs. alternatives

36
CONSIDERATIONS IN
CONSIDERATIONS IN
DESIGNING OUR “OPTIMAL”
DESIGNING OUR “OPTIMAL”
VESSEL MIX
VESSEL MIX
Custom/
Specialized
Standardized
Small
Ultra big
Renew
existing
Expand to
niche markets
Drilling,
production
Subsea,
maintenance,
LNG etc.
Cycle timers
Invest
across
cycle
*Arrows are illustrative of Tidewater’s current views;  they should not be
interpreted  as excluding other points on the continuums in the future.
Vessel Type
Vessel Type
Specifications
Specifications
Operating Capabilities
Operating Capabilities
End Users
End Users
Supply/Demand
Supply/Demand
TDW*
TDW*