Slide Presentation

TIDEWATER

JOHNSON RICE ENERGY CONFERENCE

October 6, 2009

Dean E. Taylor

Chairman, President & CEO

Quinn P. Fanning

Executive Vice President, CFO

Joseph M. Bennett

Executive Vice President and Chief

Investor Relations Officer

Exhibit 99.1

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

these

risk

factors

well

other

information

contained

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

TIDEWATER

TODAY

Solid safety record –

One LTA and .18 TRIR in FY’09; good record YTD

Unmatched

(and

growing)

global

footprint

–

50+

years

internationally

and working in over 60 countries

Entire

fleet

earning

solid

returns

–

Third

consecutive

year

record

earnings (19.3% Return on Average Equity over the last three fiscal

years)

Strong

balance

sheet

–

zero

net

debt

June

30,

2009

Continuing

invest

new

vessels

with

expanded

capabilities

–

deliveries in last 15 months and 45 under construction at 6/30/09

Track record of prudent capital management and of returning capital

shareholders

–

consistent

paying

dividends

and

selective

repurchases historically

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

(Not much has changed!)

$0.00

$2.00

$4.00

$6.00

$8.00

Fiscal 2004

Fiscal 2005

Fiscal 2006

Fiscal 2007

Fiscal 2008

Fiscal 2009

SIGNIFICANT

EARNINGS GROWTH

50% Five-Year Compounded

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

USING CASH TO GROW OUR

BUSINESS & RETURN TO

SHAREHOLDERS

$100

$200

$300

$400

$500

$600

$700

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

CAPX

Dividend

Share Repurchase

(in millions)

Over this ten year period, TDW invested $2.7 billion in CAPX ($2.3 billion in our new fleet),

and paid out $355 million in dividends and $516 million through share repurchases.

SELECTED FINANCIAL

HIGHLIGHTS

* 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

for

Venezuelan operations

Thousands,

Except

Per

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

SELECTED FINANCIAL

HIGHLIGHTS

* Cash Operating Margin % is defined as vessel revenue less vessel OPEX,

divided by vessel revenue.

Thousands,

Except

Per

Data)

Quarters Ended

46.2%

50.5%

Cash Operating

Margin %*

$176,728

$153,651

Vessel OPEX

$35,108

$34,388

G&A expense

$10,387

$12,538

Gain on asset disp.

$328,371

$310,436

Vessel Revenues

6/30/08

6/30/09

$100

$200

$300

$400

$500

$600

$700

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Fiscal Years

FLEET CASH

OPERATING MARGINS

Note:

Cash

operating

margins

are

defined

vessel

revenue

less

vessel

operating

expenses.

50%

40%

30%

20%

10%

60%

Total Fleet

Operating Margin %

New Vessels

Traditional Vessels

38.6%

37.6%

46.5%

41.9%

36.9%

38.7%

49.1%

54.6%

51.9%

51.3%

100

150

200

Q1FY10

Operating

Margin

Vessel

Disposals

CIP

$156.8

FLEET RENEWAL

PROVIDES SCOPE FOR

MARGIN GROWTH

46 vessels currently under

construction

Analysis assumes:

•

Average dayrate of

$20,000/day

•

Utilization of 90%

•

Cash operating margin of

55%

($ in millions)

($34.9)

+$41.5

100

150

200

Q1FY10

Operating

Margin

Vessel

Disposals

CIP

+5%

Utilization

+$1,000

Dayrate

+24% Operating Margin

$156.8

$194.8

FLEET RENEWAL

PROVIDES SCOPE FOR

MARGIN GROWTH

Near-term vessel

retirements followed by

market upturn should

positively impact utilization

and dayrates

Analysis assumes +5% on

utilization and +$1,000 on

average dayrates for

existing vessels

($ in millions)

($34.9)

+$41.5

+$14.8

+$16.7

100

150

200

Q1FY10

Operating

Margin

Vessel

Disposals

CIP

+5%

Utilization

+$1,000

Dayrate

+24% Operating Margin

$156.8

$194.8

FLEET RENEWAL

PROVIDES SCOPE FOR

MARGIN GROWTH

This information is not meant to be a prediction of future quarterly performance, but simply an

indication of quarterly operating margin impacts resulting from future fleet additions and reductions,

and fluctuations in vessel utilization and day rates.

($34.9)

+$41.5

+$14.8

+$16.7

Active Vessel Count By Region

(excludes stacked vessels)

North America

19 (6%)

(6%)

Europe/M.E.

37 (12%)

(12%)

Far East

45 (14%)

(14%)

West Africa

136 (43%)

(43%)

Central/South

America

81 (25%)

(25%)

94% International 6% Domestic

(vs. 65% International and 35% Domestic ten years ago)

TIDEWATER TODAY

INTERNATIONAL STRENGTH

(as of 6/30/09)

(Includes AHTS and PSV’s only)

VESSEL POPULATION

BY OWNER

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

Strive for a Balance Between

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

GROWING INDUSTRY’S

LARGEST FLEET

LARGEST NEW FLEET

IN THE INDUSTRY…

Vessel Commitments Jan. ’00 –

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

$1,360m

PSV’s

$2,944m

(2)

207

TOTALS:

(1)

$275m

Crewboats & Tugs

$1,309m

AHTS

Estimated Cost

Vessel Count

…

AND COUNTING

Estimated delivery schedule –

22 remaining in FY’

10, 9 in FY’

11, 11 in FY’

and 2 thereafter.

CAPX of $272m remaining in FY’

10, $153m in FY’

11, $135m in FY’

12 and $12m in FY’

Our approach to managing construction

Building vessels

worldwide

Due diligence focused

on yards

Tidewater staff

supervise on site

Vessels Under Construction

As of June 30, 2009

Total

PSV

Crew and Tug

AHTS

Count

IMPROVING AVERAGE AGE

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.

100

200

300

400

500

600

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

Out With the Traditional –

In With the New

100

200

300

400

500

Active Fleet

Dispositions

LARGEST NEW FLEET

IN THE INDUSTRY

(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.

363 (B)

470 (C)

192 New Vessels (A)

381 Sold

89 Scrapped

(B) Total fleet count excludes 66 stacked vessels as of 6/30/09.

100

150

200

250

1965

1970

1975

1980

1985

1990

1995

2000

2005

EXPECTED RETIREMENTS

EXCEED NEW DELIVERIES

(Includes AHTS and PSV’s only)

Estimated as of June 2009

As of 6/30/09, there are approximately 631

additional

AHTS

and

PSV’s

under

construction. Through 9/24/09 an estimated

184 vessels have been delivered in 2009.

the

total

2,238

vessels,

337

vessels

are

30+

yrs

old,

another

503

are

25-29

yrs

old,

and

are

20-24

yrs

old

Source: ODS-Petrodata and Tidewater

TIDEWATER

JOHNSON RICE ENERGY CONFERENCE

October 6, 2009

Dean E. Taylor

Chairman, President & CEO

Quinn P. Fanning

Executive Vice President, CFO

Joseph M. Bennett

Executive Vice President and Chief

Investor Relations Officer

RIGS CONTRACTED BY

OUR TOP 10 CUSTOMERS

(Estimated as of June 2009)

* PEMEX alone has 31 of the 84 jackups

Source: ODS-Petrodata and Tidewater

Jackups

Semi

Drillships

June 2009 working rigs

317

151

Working for top 10 customers

26%

50%

63%

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

INTERNATIONAL VESSELS

Dayrates and Utilization

$100

change

dayrate

$9.4M

revenue

change

utilization

$15.7M

revenue

* Dayrate and utilization information is for all classes of vessels operating international.

Utilization

Dayrate

SUPERIOR OPERATING

CAPABILITIES DRIVE OUR

COMPETITIVE ADVANTAGE

Superior operating performance

–

Safety-oriented culture

–

Deep knowledge of customer needs

International scope and relationships

–

Worldwide market presence

(over 60 countries)

–

Long-term relationships with major operators

(Over 200 customers)

Attractive fleet

–

Most new vessels in industry

–

Wide range of equipment types

Cost efficient management

–

“Lean”

operations and overhead

–

Aggressive construction cost management

VESSEL ACQUISITION

ALTERNATIVES

Buy Existing

Construct

New

Buy Fleet

(e.g., Buy Company)

Considerations:

Usually one-off

purchases, often to

match specific client

needs

Immediate delivery

Entry price at “full”

market rate

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:

Quality of equipment

Existing contracts

Potential synergies

Potential divestiture of

non core assets

Potential premium

Execution risk

Value creation potential

vs. alternatives

CONSIDERATIONS IN

DESIGNING OUR “OPTIMAL”

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

Specifications

Operating Capabilities

End Users

Supply/Demand

TDW*