Strategic Rationale for Tidewater's Acquisition of SPO Fleet
USD in millions
Demonstrates Track Record to Achieve Targeted Synergies
$100
$90
$80
$70
$60
$50
$40
$30
$20
$10
$0
Meaningful G&A and Opex Synergies Identified to Drive Value of Combined Fleet
Pro Forma 2021 Combined Core Fleet EBITDA post-Synergy Realization
$41.0
$20.0
$25.0
2021 Combined Core Fleet EBITDA
Implement
Synergy
Realization
Strategy
G&A Synergies
Targeted G&A Synergies
✓ Duplicative shore based and
administrative functions
Streamline management for improved
decision making
✓ Eliminate redundant offices and
onshore assets
Opex Synergies
Targeted Opex Synergies
✓ Connect onshore functionality and
offshore operations with advanced
technology and global processes
✓ Eliminate legacy processes to
integrate to existing enterprise-level
functionality
Eliminate areas of bureaucracy and
migrate to an integrated, automated
digital platform
✓
✓
Optimize workforce travel and logistics
Rationalize duplicative operational
resources
No revenue synergies assumed in transaction
10
$86.0
Pro Forma 2021 Core Fleet EBITDA
Result:
Enhanced
Combined
Fleet
Earnings
Power
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