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OFFON

TIDEWATER INC.

(TDW)
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Tidewater : Pareto Securities' 28th Energy Virtual Conference

09/16/2021 | 10:02am EDT

Pareto Securities 28th Energy Conference

September 2021

tdw.com

Forward-looking Statements

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater Inc. (the "Company") notes that

certain statements set forth in this presentation contain certain forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact. All such forward- looking statements are subject to risks and uncertainties, many of which are beyond the control of the Company, and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements.

These risks and uncertainties include, without limitation: the risks related to fluctuations in worldwide energy demand and oil and natural gas prices, and continuing depressed levels of oil and natural gas prices without a clear indication of if, or when, prices will recover to a level to support renewed offshore exploration activities; fleet additions by competitors and industry overcapacity; our 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 in the energy industry and the 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; the 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; 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; and the resolution of pending legal proceedings.

tdw.com

Q2 2021 Highlights

Transformation successful, generating Free Cash Flow

tdw.com

Demonstrating Through-Cycle Resilience

Resilient Cash Flow Generation

  • Free cash flow positive for Q2 and the trailing 12 months
  • Annualized G&A run rate for Q2 $67 million; down from $253 million at peak
  • 7 vessels sold in Q2; final 14 uncompetitive vessels remaining for disposal in 2021 and 2022

Disciplined Capital Allocation

  • Drydocking plans scaled back for 2020; $24 million planned
  • Continued focus on contract-backed and strategic investments in carbon reduction and digitalization technology

Focused on Carbon Reduction

  • Achieving material emissions reductions through technology and operational efficiency
  • Evaluating alternative technologies to unlock additional efficiency and carbon reduction gains

tdw.com

Recent Awards

2020 Shipowner of

2021 Customer Satisfaction for

2021 Customer Satisfaction for

the Year

Services Provided

Health, Safety & Environment

5

tdw.com

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Tidewater Inc. published this content on 16 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2021 14:01:07 UTC.


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Financials (USD)
Sales 2021 364 M - -
Net income 2021 -89,0 M - -
Net Debt 2021 10,0 M - -
P/E ratio 2021 -6,09x
Yield 2021 -
Capitalization 528 M 528 M -
EV / Sales 2021 1,48x
EV / Sales 2022 1,31x
Nbr of Employees 5 400
Free-Float 98,5%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 12,84 $
Average target price 15,33 $
Spread / Average Target 19,4%
EPS Revisions
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Quintin Venable Kneen President, Chief Executive Officer & Director
Samuel R. Rubio Chief Financial Officer & Executive Vice President
Larry T. Rigdon Chairman
Lee R. Johnson Chief Information Officer & Vice President
David E. Darling Chief Operating Officer & Executive Vice President
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