Tidewater : Raymond James 45th Annual Institutional Investor Conference

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.

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Agenda

1. Company overview
2. Market overview
3. Financials
4. Sustainability at Tidewater
5. Appendix

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1. Company Overview

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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

1. Market data as of March 1, 2024.
2. Includes 22 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.

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.

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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

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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.

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(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

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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.