Strategic Rationale for Tidewater's Acquisition of SPO Fleet
USD in millions
Successful Historical G&A Synergy Realization...
T
Strong Track Record of Synergy Identification and Execution... and Driving Additional Efficiencies in Larger Platforms
Evolution of Tidewater G&A
$160
$140
$145.0
$120
$100
$80
$60
$40
$20
$0
T
+
GULFMARK
OFFSHORE
$100.0
$85.0
($45.0)
$68.4
($15.0)
($16.6)
G
Targeted Syenrgies
Add'l Synergies Achieved
TDW Efficiencies
Post-Synergy TDW
Q4 2021 G&A Run-rate
Synergy
Realization
Strategy
Targeted Synergies
✓ Rationalized duplicative shore based
and administrative functions
✓
Streamlined management for improved
decision making
Eliminated redundant offices and
onshore assets
Eliminated areas of bureaucracy and
migrated to one integrated digital
platform
Note: Q4 2021 G&A run-rate excludes professional fees incurred in association with the SPO transaction.
Additional Synergies
✓ Optimized onshore functional
organizations to drive efficiencies and
scalability
Eliminated paper processes and
legacy processes and integrated to
existing enterprise-level functionality
9
Tidewater Efficiencies
✓ Launched continuous improvement
initiatives for enterprise-wide
automation
Connected onshore functionality and
offshore operations with advanced
technology and global processes
10 consecutive quarters of G&A
reductions
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