Tidewater : November 2024 Investor Presentation

November 2024 Investor Presentation

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 solidified market leading position

Company Highlights (1)

Global Footprint in All Major Offshore Regions

Tidewater

Global OSV Fleet Summary (6)

213

Vessels; Largest OSV fleet in the world (2)

17

Hybrid vessels;

Largest in the

world (3)

~67%

High-

specification

OSVs (4)

~$315m

Liquidity

Region	# of OSVs	>900m	2	700-	<700m	2	>16k	8-16k	4-8k BHP
	900m2		BHP
Europe	51	40		8	1		2	0	0
Africa	49	9		17	3		4	13	3
Middle East	41	1		8	12		0	5	15

12.4	~$535m
Years average
2024E EBITDA(5)
age

$3.4b

Market Cap

0.7x

Net Debt /

2024E EBITDA

Americas	31	10	11	5	2	1	2
A. Pac.	20	9	5	0	3	2	1
Total	192	69	49	21	11	21	21
(5) 2024E EBITDA reflects midpoint of revenue guidance of $1.33 - $1.35B, gross margin guidance of 48% and G&A guidance of

1. Market data as of November 6, 2024.
2. Includes 21 vessels other than OSVs such as crew boats, maintenance vessels and tugboats.
3. Including 15 battery hybrid and 2 LNG power capable vessels.
4. High-specdefined at any PSV >700m2 and any AHTS >16k BHP.

2	$108 million, inclusive of share-based compensation.	tdw.com
(6) Figures do not include 21 "other" vessels (crew boats, maintenance vessels and tug boats).

Global Footprint in All Major Offshore Regions (1)

Europe (51 OSVs)

West Africa (49 OSVs)

192 OSVs(2)

8

1 2

3

13

9

53

40

4	17
3

Middle East (41 OSVs)

Americas (31 OSVs)

Asia Pacific (20 OSVs)

1

158

1	2
2	10

2

1

139

512

5

11

39

5

	PSV
>900 m2	700 - 900 m2	<700 m 2	>16K BHP

AHTS
8 - 16K BHP	4 - 8K BHP

Total Fleet

PSVAHTS

Note: Reflects only PSVs and AHTSs; does not reflect TDW fleet of crew boats, maintenance vessels or tug boats.

(1) Vessel count as of September 30, 2024.3

(2) Excludes 21 other TDW vessels including crew boats, maintenance vessels and tug boats.

tdw.com

Fleet Overview (1)

139

Platform Supply Vessels

(PSV)

53

Anchor Handling Towing Supply Vessels (AHTS)

2

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

139

49

21

• 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

53 11

21

(1) Vessel count as of September 30, 2024.

<700m2 700 - 900m2 >900m2

4

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

Current OSV Fleet Count (1)

High-Specification OSV Fleet Size

108

TDW added 84 premier, high- quality vessels to its fleet via M&A over the last 18 months

37

47

PSV		AHTS

TDW's fleet evolved into the largest and most

relevant vessels on the market

19269

49

11

SPO (2)

SOFF(3)

Legacy TDW

Current Tidewater

2

700 - 900 m

2

16,000 BHP

> 900 m

(1) As of September 30, 2024. Excludes 21 other TDW vessels including crew boats, maintenance vessels and tug boats.

5

SOFF (3)

SPO(2)

Legacy TDW

(2) SPO refers to Swire Pacific Offshore.

tdw.com

(3) SOFF refers to Solstad Offshore ASA.

Leading OSV Operator with Largest High-Specification Fleet

OSV Count and Age Profile

OSVs

200

180

160

140

120

100

80

60

40

20

0

192

122

	112	105
					82
						65
							49	46	45	44	41
													29
Chouest	COSL	Bourbon	Vallianz	Hornbeck		ADNOC	P&O	CBO	Hai Duong	Britoil	Harvey Gulf
									Maritime
				High-Specification OSVs(1)		Other OSVs	Average Age

20

18

16

12

14(Years)

	Age
10
8	Average

6

4

2

0

Note: Vessel count reflects only PSVs and AHTSs; does not reflect 21 other TDW vessels including crew boats, maintenance vessels and tug	6	(1) Includes PSVs with clear deck space >700 m2 and AHTSs with >16K BHP.
boats.	tdw.com

Source: Spinergie (as of October 2024) and Company information.

Blue Chip Customer Base

Americas

Vessel Mix

Customers

7 12

12

Europe / Med

Vessel Mix

Customers

1

8

42

Strong credit

counterparties

provide for strong

cash collections, with Q3 2024 DSO of ~79 days

West Africa

Vessel Mix

Customers

6 13

30

Middle East

Vessel Mix

Customers

1

13

27

Asia Pacific

Vessel Mix

Customers

1

7

12

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,	7	tdw.com
"Small" denotes vessels of <700m2 or with <8k BHP.

Historical Performance

Day Rate and Gross Margin through Q3 2024

25,000

20,000

in USD	15,000
10,000
Rate
Day	5,000	Significant improvement in day
		rates and cash margins
	-
	Day Rate	Gross Margin

High-Graded Fleet and Significant Synergy Realizations Have Supported Improved Day Rates and Margins

Compared to the Historical Peak

60%

50%

40%

30%

20%

10%

0%

Gross Margin (%)

Source: Company filings.	8	tdw.com
Note: Q1 2017 gross margin includes $39.1 million of revenue associated with an early cancellation of a long-term contract.

2. Market Overview

tdw.com

Global Offshore Spending Overview

Commentary

Supportive oil price environment

• The long-term outlook for the international and offshore markets remains strong, while near-term visibility into the pace and timing of offshore activity growth is limited
• The offshore market has continued to demonstrate robust growth across most major basins in 2024, and is especially pronounced in Brazil and West Africa
• Global offshore capex is expected to increase meaningfully in 2026

Global Offshore Commitments by Water Depth ($bn)

$160											$143
$140									$119
$120										$34
	$102						$106		$102
$100					$84		$54
$80		$44
$66		$65				$60		$54
$60	$30		$46	$30	$46				$109
$40		$14
	$59						$65
$20							$45	$49
$36		$35	$38
	$32
$0	2018	2019	2020	2021	2022	2023	2024	2025	2026
				Deepwater			Shelf

Capital Commitments by Breakeven Oil Price ($bn)

$160						$143
		$119				$15
$120
			$102
				$2
$80				$34		$82
		$106
$40				$53		$33
	$2	$4	$7	$6	$2	$11
$0	$7
	2024		2025		2026

USD/bbl 80+ USD/bbl 60-80 USD/bbl 40-60 USD/bbl 20-40 USD/bbl 10-20 Sanctioned

Source: Rystad Energy (October 2024).

Offshore Commitments by Region ($bn)

$160														$143
$140					$119								$25
$120	$106
		$7			$102
						$16
$100	$11			$16			$21
$80	$10			$18					$20
$11
$60	$26			$40			$40			$40
$40	$23			$4			$6				$16
$20					$35			$12
$25					$12			$23
$0							$11
2023			2024			2025			2026
10		Middle East		Europe		S. America		N. America			AsiaPac		Africa			Russia
															tdw.com