Strategic Rationale for Tidewater's Acquisition of SPO Fleet
... And is Additive to Middle East Footprint and Provides
Significant Expansion Into Southeast Asia Market
MENA/SEAsia Market - PSV
Pro Forma Tidewater PSV Status
by Deck Size
12
Status by Deck Size
500
400
300
200
100
0
Active
Stacked
>700m2 <700m2
MENA/SEAsia Market - AHTS Status
800
by Bollard Pull
600
400
200
0
Active
Stacked
<120 BP
10
2086420
Flight to Quality
Consistent
Across
225
20
15
10
>700 <700 >700 <700
Tidewater
SPO
Active Stacked
Pro Forma Tidewater AHTS
Status by Bollard Pull
70
60
with
Tidewater's
50
40
Combined Fleet
30
20
Poised to Benefit
in Additional
Growth Regions
10
0
T
MENA/SEAsia OSV Fleet
PF TDW
Vallianz
TDW
Hai Duong
Bourbon
Active Stacked
MENA/SEAsia Spend Forecast
Capex Opex
80,000
60,000
40,000
Swire
Regions...
0
20,000
>120t <120t >120t <120t
Tidewater
SPO
0
Active
Stacked
13
■>120 BP
Note: MENA/SEAsia Spend Forecast per Rystad Energy as of March 2022; reflects Australia, East Asia, Southeast Asia, South
Asia and Middle East.
Regional vessel count data per Spinergie and Company information as of March 2022.
Reflects only PSVS and AHTSS.
2021
2022
2023
2024
2025
202
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