Tidewater Inc (QX) (TDGMW)

Tidewater Reports Results for the Three Months Ended March 31, 2026May 4, 2026 4:11 PM
Business Wire First Quarter 2026 Highlights Revenue of $326.2 million, a 2.2% decline compared to the first quarter of 2025 Average day rate of $22,283 per day, a decline of $20 per day, or 0.1%, compared to the first quarter of 2025 Net income of $6.1 million and Adjusted EBITDA of $129.3 million Net income and Adjusted EBITDA were adversely impacted by the $3.4 million foreign exchange loss due to the strengthening of the U.S. dollar Net cash provided by operating activities of $19.2 million and free cash flow of $34.4 million  Annual Guidance and Share Repurchase Program Reiterating 2026 revenue guidance to $1.43 to $1.48 billion and 2026 gross margin guidance of 49% to 51% pro forma for the previously announced Wilson Sons Ultratug acquisition Outstanding share repurchase program authorization of $500 million Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2026 of $326.2 million, compared with $333.4 million for the three months ended March 31, 2025. Tidewater's net income for the three months ended March 31, 2026, was $6.1 million ($0.12 per common share), compared with net income of $42.7 million ($0.83 per common share) for the three months ended March 31, 2025. Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The first quarter of 2026 exceeded our expectations across all key financial and operational measures, with revenue, gross margin, day rate and utilization all outperforming. Revenue for the quarter came in at $326.2 million and we generated a gross margin of 48.8%, a slight improvement over the fourth quarter of 2025. We continued to benefit from stronger than anticipated vessel up-time, which is a continued testament to our company-wide focus on operational excellence and a product of the significant investments we’ve made over the last few years into the fleet. Day rate increased nicely in the first quarter, improving nearly $240 per day, bolstered by a particularly tight AHTS market in the North Sea; this is notable as the first quarter typically represents the slowest quarter of the year due to seasonality with activity typically picking up in the second and third quarter, particularly in regions like the North Sea. We view this dynamic as indicative of a market that has tightened earlier than normal as rigs mobilize to pursue new projects and tightening offshore vessel supply. Further, term contract fixtures appear to have reached an inflection point in the first quarter with our weighted average term contract day rate increasing for the first time since the second quarter of 2025. “During the first quarter, Operation Epic Fury commenced in the Middle East, one of our principal operating regions. To date, we have not experienced any disruptions in activity due to the conflict; in fact we experienced higher than anticipated utilization during the first quarter. However, late in the quarter after the conflict commenced, we did experience higher than anticipated costs associated with the conflict, particularly as it relates to insurance and the costs of our crews in the region. We anticipate that this elevated level of operating expense to persist until such time the conflict is resolved. “During the first quarter, we announced the acquisition of Wilson Sons Ultratug, a 22-vessel fleet of PSVs exclusively focused on serving the Brazilian market. We have been pleased with the organization as we’ve begun our integration efforts and are excited to continue the work to on-board this important acquisition onto the Tidewater platform. We still expect to close the transaction by the end of the second quarter. “As pleased as we are with the strong start to the year, uncertainty remains at a macro level as to how the conflict in the Middle East is ultimately resolved. However, we believe that the outlook for offshore vessel activity has fundamentally improved over the past quarter. In addition to prior expectations of offshore demand building into the back half of 2026 and into 2027, the global energy equation is being reshaped through the conflict in the Middle East and is likely to have long-term implications. We anticipate that energy security, particularly access to localized sources of energy, along with the need to replace existing production and depleted inventories, should drive incremental activity beyond what was anticipated prior to the conflict in the Middle East. It is clear that commodity prices will likely remain at a more constructive level to provide support for this activity. “Tidewater remains well-positioned to support this reshaping of the global energy value chain given the scale of our fleet and the geographic diversification of our business, both in terms of our ability to respond to an increase in demand given our current geographic dispersion and with our ability to rapidly reposition vessels into markets with disproportionate demand growth given our footprint in every major offshore market around the world. We are comfortable reiterating our 2026 revenue guidance of $1.43 billion to $1.48 billion and a 49% to 51% margin, assuming a closing of the Wilsons acquisition by the end of the second quarter of 2026, given the positive momentum we see for the business in the back half of the year somewhat tempered by some near-term friction we see on the cost side in the Middle East.” In addition to the number of outstanding shares, as of March 31, 2026, the Company also has the following in-the-money warrants. Common shares outstanding     49,728,717   New Creditor Warrants (strike price $0.001 per common share)     21,400   GulfMark Creditor Warrants (strike price $0.01 per common share)     50,865   Total     49,800,982   Tidewater will hold a conference call to discuss results for the three months ending March 31, 2026 on May 5, 2026, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 8745688 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com. A replay of the conference call will be available beginning at 11:00 a.m. Central Time on May 5, 2026. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com. About Tidewater Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 70 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com. Cautionary Statement This news release 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; global trade trends, including evolving impacts from implementation of new tariffs and potential retaliatory measures; 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; uncertainty around the use and impacts of artificial intelligence applications; 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 Form 10-K, Form 10-Qs and Form 8-Ks 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. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, 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. Financial information is displayed beginning on the next page. The supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at March 31, 2026 and December 31, 2025; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three ended March 31, 2026 and 2025; and the Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025. Extracts are drawn from the March 31, 2026 unaudited quarterly and December 31, 2025 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis. Revision of Previously Issued Financial Statements Certain prior year amounts have been reclassified to conform to the current year presentation. The effects of exchange rate changes on cash and cash equivalent balances were not previously presented as a separate item in the reconciliation of the net change in cash, cash equivalents and restricted cash in our Statements of Cash Flows, but rather included as a component of net cash provided by operating activities. Accordingly, we have revised our Condensed Consolidated Statements of Cash Flows to reflect the effects of exchange rate changes on cash and cash equivalent balances for the three months ended March 31, 2025 and June 30, 2025. Also, the presentation of Free cash flow has been revised to reflect the effects of exchange rate changes on cash and cash equivalent balance.   TIDEWATER INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (In Thousands, except per share data)       Three Months Ended       March 31, 2026     March 31, 2025   Revenues:                 Vessel revenues   $ 323,418     $ 330,699   Other operating revenues     2,804       2,745   Total revenues     326,222       333,444   Costs and expenses:                 Vessel operating costs     166,187       164,979   Costs of other operating revenues     761       1,430   General and administrative     33,559       29,094   Depreciation and amortization     66,619       65,432   Loss (gain) on asset dispositions, net     112       (2,538 ) Total costs and expenses     267,238       258,397   Operating income     58,984       75,047   Other income (expense):                 Foreign exchange gain (loss)     (3,403 )     7,569   Interest income and other, net     2,189       2,157   Interest and other debt costs, net     (16,891 )     (16,344 ) Total other expense     (18,105 )     (6,618 ) Income before income taxes     40,879       68,429   Income tax expense     34,903       26,109   Net income     5,976       42,320   Less: Net loss attributable to noncontrolling interests     (164 )     (333 ) Net income attributable to Tidewater Inc.   $ 6,140     $ 42,653   Basic income per common share   $ 0.12     $ 0.83   Diluted income per common share   $ 0.12     $ 0.83   Weighted average common shares outstanding     49,589       51,502   Dilutive effect of warrants and restricted stock units     249       176   Adjusted weighted average common shares     49,838       51,678     TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)       March 31, 2026     December 31, 2025   ASSETS                 Current assets:                 Cash and cash equivalents   $ 552,280     $ 578,761   Trade and other receivables, net of allowance for credit losses of $2,949 and $3,034 at March 31, 2026 and December 31, 2025, respectively     299,735       285,372   Marine operating supplies     29,404       38,482   Prepaid expenses and other current assets     18,195       11,520   Total current assets     899,614       914,135   Net properties and equipment     1,069,081       1,072,020   Deferred drydocking and survey costs     147,871       139,736   Indemnification assets     8,273       9,455   Deferred tax asset     190,614       200,939   Other assets     25,217       50,626   Total assets   $ 2,340,670     $ 2,386,911                     LIABILITIES AND STOCKHOLDERS' EQUITY                 Current liabilities:                 Accounts payable   $ 58,238     $ 66,347   Accrued expenses     139,525       153,169   Current portion of long-term debt     5,760       5,845   Other current liabilities     66,402       89,876   Total current liabilities     269,925       315,237   Long-term debt     648,616       649,048   Other liabilities     58,140       61,372                     Commitments and contingencies                                   Equity:                 Common stock of $0.001 par value, 125,000,000 shares authorized, 49,728,717 and 49,566,334 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively     50       50   Additional paid-in-capital     1,660,121       1,663,247   Accumulated deficit     (299,017 )     (305,157 ) Accumulated other comprehensive loss     7,133       7,248   Total stockholders' equity     1,368,287       1,365,388   Noncontrolling interests     (4,298 )     (4,134 ) Total equity     1,363,989       1,361,254   Total liabilities and equity   $ 2,340,670     $ 2,386,911     TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In Thousands)       Three Months Ended       March 31, 2026     March 31, 2025   Net income   $ 5,976     $ 42,320   Other comprehensive income (loss):                 Change in liability of pension plans     (115 )     547   Total comprehensive income   $ 5,861     $ 42,867     TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)         Three Months     Three Months       Ended     Ended       March 31, 2026     March 31, 2025   Cash flows from operating activities:                 Net income   $ 5,976     $ 42,320   Adjustments to reconcile net income to net cash provided by operating activities:                 Depreciation     38,497       39,014   Amortization of deferred drydocking and survey costs     28,122       26,418   Amortization of debt premiums and discounts     848       1,501   Amortization of below market contracts     —       (351 ) Unrealized foreign exchange loss (gain)     2,561       (9,551 ) Deferred income taxes provision     10,389       2,347   Loss (gain) on asset dispositions, net     112       (2,538 ) Stock-based compensation expense     3,063       3,491   Changes in assets and liabilities:                 Trade and other receivables     (14,363 )     10,901   Accounts payable     (8,109 )     (21,182 ) Accrued expenses     (13,644 )     3,106   Deferred drydocking and survey costs     (36,381 )     (43,339 ) Other, net     2,108       28,274   Net cash provided by operating activities     19,179       80,411   Cash flows from investing activities:                 Proceeds from asset dispositions     3,329       3,816   Proceeds from sale of notes     —       600   Additions to properties and equipment     (14,885 )     (10,266 ) Net cash used in investing activities     (11,556 )     (5,850 ) Cash flows from financing activities:                 Principal payments on long-term debt     (1,097 )     (12,500 ) Purchase of common stock     —       (39,275 ) Payments on finance leases     (24,903 )     —   Debt issuance costs     (101 )     —   Share based awards reacquired to pay taxes     (6,189 )     (7,465 ) Net cash used in financing activities     (32,290 )     (59,240 ) Effects of exchange rate changes on cash, cash equivalents and restricted cash     (1,813 )     5,562   Net change in cash, cash equivalents and restricted cash     (26,480 )     20,883   Cash, cash equivalents and restricted cash at beginning of period     581,568       329,031   Cash, cash equivalents and restricted cash at end of period   $ 555,088     $ 349,914                 Supplemental disclosure of cash flow information:                 Cash paid during the year for:                 Interest, net of amounts capitalized   $ 31,554     $ 17,505   Income taxes   $ 19,922     $ 15,148   Supplemental disclosure of noncash investing activities:                 Purchase of vessels   $ —     $ 9,098   Supplemental disclosure of noncash financing activities:                 Debt incurred for the purchase of vessels   $ —     $ 9,712     Note:  Cash, cash equivalents and restricted cash at March 31, 2026 and 2025 includes $2.8 million and $2.9 million, respectively, in long-term restricted cash, which is included in other assets in our consolidated balance sheet.   TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In Thousands)       Three Months Ended                               Accumulated                               Additional             other     Non               Common     paid-in     Accumulated     comprehensive     controlling               stock     capital     deficit     income     interest     Total   Balance at December 31, 2025   $ 50     $ 1,663,247     $ (305,157 )   $ 7,248     $ (4,134 )   $ 1,361,254   Total comprehensive income (loss)     —       —       6,140       (115 )     (164 )     5,861   Amortization of share-based awards     —       (3,126 )     —       —       —       (3,126 ) Balance at March 31, 2026   $ 50     $ 1,660,121     $ (299,017 )   $ 7,133     $ (4,298 )   $ 1,363,989                                                     Balance at December 31, 2024   $ 52     $ 1,656,830     $ (548,831 )   $ 6,060     $ (2,926 )   $ 1,111,185   Total comprehensive income (loss)     —       —       42,653       547       (333 )     42,867   Repurchase and retirement of common stock     (1 )     —       (39,712 )     —       —       (39,713 ) Amortization of share-based awards     —       (3,974 )     —       —       —       (3,974 ) Balance at March 31, 2025   $ 51     $ 1,652,856     $ (545,890 )   $ 6,607     $ (3,259 )   $ 1,110,365     The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:   (In Thousands)   Three Months Ended       March 31, 2026     March 31, 2025   Vessel revenues:                                 Americas   $ 58,526       18 %   $ 54,852       17 % Asia Pacific     46,564       14 %     48,228       14 % Middle East     45,569       14 %     43,302       13 % Europe/Mediterranean     86,945       27 %     78,205       24 % West Africa     85,814       27 %     106,112       32 % Total vessel revenues   $ 323,418       100 %   $ 330,699       100 % Vessel operating costs:                                 Crew costs   $ 98,887       31 %   $ 97,113       29 % Repair and maintenance     24,804       7 %     21,954       7 % Insurance     2,660       1 %     3,034       1 % Fuel, lube and supplies     16,454       5 %     14,378       4 % Other     23,382       7 %     28,500       9 % Total vessel operating costs     166,187       51 %     164,979       50 % Vessel operating margin (A)   $ 157,231       49 %   $ 165,720       50 %   Note (A):  Vessel operating margin equals vessel revenues less vessel operating costs.   The company’s operating income and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows:   (In Thousands)   Three Months Ended       March 31, 2026     March 31, 2025   Vessel operating profit:                                 Americas   $ 9,567       3 %   $ 4,895       1 % Asia Pacific     15,470       5 %     13,680       4 % Middle East     6,628       2 %     8,563       3 % Europe/Mediterranean     8,045       2 %     7,378       2 % West Africa     37,230       11 %     51,613       16 % Other operating profit     2,043       1 %     1,315       0 %       78,983       24 %     87,444       26 %                                   Corporate expenses (A)     (19,887 )     (6 )%     (14,935 )     (4 )% Gain (loss) on asset dispositions, net     (112 )     (0 )%     2,538       1 % Operating income   $ 58,984       18 %   $ 75,047       23 %   Note (A):  General and administrative expenses for the three months ended March 31, 2026 and 2025 include stock-based compensation of $3.1 million and $3.5 million, respectively. In addition, vessel operating and general and administrative costs for the three months March 31, 2026 and 2025, include $1.9 million and zero in acquisition, restructuring and integration related costs, respectively.   TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA (In Thousands, except per share data)       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025   Revenues:                                         Vessel revenues   $ 323,418     $ 332,883     $ 338,491     $ 336,858     $ 330,699   Other operating revenues     2,804       3,915       2,622       4,573       2,745   Total revenues     326,222       336,798       341,113       341,431       333,444   Costs and expenses:                                         Vessel operating costs (A)     166,187       172,119       176,130       167,354       164,979   Costs of other operating revenue     761       630       1,252       3,108       1,430   General and administrative (A)     33,559       38,968       35,256       31,213       29,094   Depreciation and amortization     66,619       66,189       66,404       64,314       65,432   Loss (gain) on asset dispositions, net     112       (5,084 )     (580 )     (5,480 )     (2,538 ) Total operating costs and expenses     267,238       272,822       278,462       260,509       258,397   Operating income     58,984       63,976       62,651       80,922       75,047   Other income (expense):                                         Foreign exchange gain (loss)     (3,403 )     2,134       1,277       11,703       7,569   Interest income and other, net     2,189       3,454       455       2,103       2,157   Loss on early extinguishment of debt     —       (12 )     (27,101 )     —       —   Interest and other debt costs, net     (16,891 )     (16,715 )     (16,589 )     (16,442 )     (16,344 ) Total other expense     (18,105 )     (11,139 )     (41,958 )     (2,636 )     (6,618 ) Income before income taxes     40,879       52,837       20,693       78,286       68,429   Income tax expense (benefit)     34,903       (166,612 )     21,711       5,584       26,109   Net income (loss)     5,976       219,449       (1,018 )     72,702       42,320   Net loss attributable to noncontrolling interests     (164 )     (435 )     (212 )     (228 )     (333 ) Net income (loss) attributable to Tidewater Inc.   $ 6,140     $ 219,884     $ (806 )   $ 72,930     $ 42,653   Basic income (loss) per common share   $ 0.12     $ 4.44     $ (0.02 )   $ 1.47     $ 0.83   Diluted income (loss) per common share   $ 0.12     $ 4.41     $ (0.02 )   $ 1.46     $ 0.83   Weighted average common shares outstanding     49,589       49,564       49,498       49,674       51,502   Dilutive effect of warrants and restricted stock units     249       332       —       337       176   Adjusted weighted average common shares     49,838       49,896       49,498       50,011       51,678                                             Vessel operating margin   $ 157,231     $ 160,764     $ 162,361     $ 169,504     $ 165,720                                             Note (A):  Acquisition, restructuring and integration related costs   $ 1,871     $ 4,064     $ 3,941     $ 340     $ —     TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025   ASSETS                                         Current assets:                                         Cash and cash equivalents   $ 552,280     $ 578,761     $ 428,225     $ 369,405     $ 341,799   Restricted cash     —       —       —       21       5,234   Trade and other receivables, net     299,735       285,372       332,596       316,491       312,904   Marine operating supplies     29,404       38,482       27,857       24,467       23,101   Prepaid expenses and other current assets     18,195       11,520       11,652       14,123       15,160   Total current assets     899,614       914,135       800,330       724,507       698,198   Net properties and equipment     1,069,081       1,072,020       1,104,503       1,132,114       1,163,758   Deferred drydocking and survey costs     147,871       139,736       154,234       165,659       169,326   Indemnification assets     8,273       9,455       9,456       11,158       11,114   Deferred tax asset     190,614       200,939       14,511       18,346       831   Other assets     25,217       50,626       45,846       22,588       22,939   Total assets   $ 2,340,670     $ 2,386,911     $ 2,128,880     $ 2,074,372     $ 2,066,166                                             LIABILITIES AND EQUITY                                         Current liabilities:                                         Accounts payable   $ 58,238     $ 66,347     $ 42,579     $ 48,715     $ 50,203   Accrued expenses     139,525       153,169       130,879       131,305       133,000   Current portion of long-term debt     5,760       5,845       5,840       93,366       80,042   Other current liabilities     66,402       89,876       97,162       69,688       74,299   Total current liabilities     269,925       315,237       276,460       343,074       337,544   Long-term debt     648,616       649,048       649,802       531,874       555,994   Other liabilities     58,140       61,372       63,594       63,197       62,263                                                                                       Equity:                                         Common stock     50       50       50       50       51   Additional paid-in-capital     1,660,121       1,663,247       1,659,820       1,656,626       1,652,856   Accumulated deficit     (299,017 )     (305,157 )     (525,041 )     (524,235 )     (545,890 ) Accumulated other comprehensive income     7,133       7,248       7,894       7,273       6,607   Total stockholders' equity     1,368,287       1,365,388       1,142,723       1,139,714       1,113,624   Noncontrolling interests     (4,298 )     (4,134 )     (3,699 )     (3,487 )     (3,259 ) Total equity     1,363,989       1,361,254       1,139,024       1,136,227       1,110,365   Total liabilities and equity   $ 2,340,670     $ 2,386,911     $ 2,128,880     $ 2,074,372     $ 2,066,166     TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA (In Thousands)       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025   Cash flows from operating activities:                                         Net income (loss)   $ 5,976     $ 219,449     $ (1,018 )   $ 72,702     $ 42,320   Adjustments to reconcile net income to net cash provided by operating activities:                                         Depreciation     38,497       37,838       37,334       36,909       39,014   Amortization of deferred drydocking and survey costs     28,122       28,351       29,070       27,405       26,418   Amortization of debt premiums and discounts     848       1,448       975       1,455       1,501   Amortization of below market contracts     —       (219 )     (283 )     (347 )     (351 ) Unrealized foreign exchange loss (gain)     2,561       (2,322 )     (997 )     (10,528 )     (9,551 ) Deferred income taxes provision (benefit)     10,389       (184,247 )     3,851       (17,767 )     2,347   Loss (gain) on asset dispositions, net     112       (5,084 )     (580 )     (5,480 )     (2,538 ) Loss on early extinguishment of debt     —       12       27,101       —       —   Stock-based compensation expense     3,063       3,454       3,481       4,057       3,491   Changes in assets and liabilities:                                         Trade and other receivables     (14,363 )     47,224       (16,105 )     (3,587 )     10,901   Accounts payable     (8,109 )     23,768       (6,136 )     (1,488 )     (21,182 ) Accrued expenses     (13,644 )     23,080       418       (3,329 )     3,106   Deferred drydocking and survey costs     (36,381 )     (13,853 )     (17,645 )     (23,738 )     (43,339 ) Other, net     2,108       (25,939 )     12,613       (2,606 )     28,274   Net cash provided by operating activities     19,179       152,960       72,079       73,658       80,411   Cash flows from investing activities:                                         Proceeds from asset dispositions     3,329       5,331       1,204       7,268       3,816   Proceeds from sale of notes     —       —       —       60       600   Additions to properties and equipment     (14,885 )     (5,147 )     (5,122 )     (5,226 )     (10,266 ) Net cash provided by (used in) investing activities     (11,556 )     184       (3,918 )     2,102       (5,850 ) Cash flows from financing activities:                                         Issuance of long-term debt     —       —       650,000       —       —   Principal payments on long-term debt     (1,097 )     (1,814 )     (613,587 )     (14,041 )     (12,500 ) Purchase of common stock     —       —       —       (50,814 )     (39,275 ) Payments on finance leases     (24,903 )     (895 )     (5,537 )     —       —   Debt extinguishment premium     —       (12 )     (19,589 )     —       —   Debt issuance costs     (101 )     (844 )     (18,985 )     —       —   Share based awards reacquired to pay taxes     (6,189 )     (27 )     (287 )     (287 )     (7,465 ) Net cash used in financing activities     (32,290 )     (3,592 )     (7,985 )     (65,142 )     (59,240 ) Effects of exchange rate changes on cash, cash equivalents and restricted cash     (1,813 )     910       (1,377 )     11,775       5,562   Net change in cash, cash equivalents and restricted cash     (26,480 )     150,462       58,799       22,393       20,883   Cash, cash equivalents and restricted cash at beginning of period     581,568       431,106       372,307       349,914       329,031   Cash, cash equivalents and restricted cash at end of period   $ 555,088     $ 581,568     $ 431,106     $ 372,307     $ 349,914                                             Supplemental disclosure of cash flow information:                                         Cash paid during the year for:                                         Interest, net of amounts capitalized   $ 31,554     $ 576     $ 17,735     $ 11,994     $ 17,505   Income taxes   $ 19,922     $ 18,366     $ 9,291     $ 17,505     $ 15,148   Supplemental disclosure of noncash investing activities:                                         Purchase of vessels   $ —     $ —     $ —     $ 1,629     $ 9,098   Recognition of finance leases   $ —     $ 5,262     $ 23,396     $ —     $ —   Supplemental disclosure of noncash financing activities:                                         Debt incurred for purchase of vessels   $ —     $ —     $ —     $ 1,767     $ 9,712     TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025   VESSEL REVENUE BY VESSEL CLASS                                                                                   Americas fleet:                                         PSV > 900   $ 25,153     $ 29,080     $ 30,460     $ 26,874     $ 23,243   PSV < 900     23,038       25,067       33,363       27,734       21,146   AHTS > 16K     4,163       6,324       6,045       5,243       3,958   AHTS 8 - 16K     888       1,322       1,259       1,110       1,242   AHTS 4 - 8K     4,006       4,069       4,221       4,153       1,752   Other     1,278       3,844       1,565       3,644       3,511   Total     58,526       69,706       76,913       68,758       54,852   Asia Pacific fleet:                                         PSV > 900     24,862       22,560       22,660       20,878       20,457   PSV < 900     18,798       14,135       12,427       11,194       15,311   AHTS > 16K     2,847       4,993       12,065       11,655       8,792   AHTS 8 - 16K     —       213       1,518       1,804       2,394   AHTS 4 - 8K     —       —       —       —       1,108   Other     57       136       5,116       165       166   Total     46,564       42,037       53,786       45,696       48,228   Middle East fleet:                                         PSV > 900     2,378       2,664       1,246       599       1,446   PSV < 900     21,284       23,507       20,221       18,849       22,494   AHTS 8 - 16K     7,304       5,413       3,681       5,175       3,474   AHTS 4 - 8K     14,603       15,437       16,887       15,592       15,888   Total     45,569       47,021       42,035       40,215       43,302   Europe/Mediterranean fleet:                                         PSV > 900     67,841       64,189       67,302       78,778       64,207   PSV < 900     14,249       14,470       13,901       15,739       11,763   AHTS > 16K     4,518       3,317       2,127       4,266       1,669   Other     337       426       410       497       566   Total     86,945       82,402       83,740       99,280       78,205   West Africa fleet:                                         PSV > 900     9,700       12,914       14,328       19,600       30,203   PSV < 900     30,512       27,074       23,817       24,815       37,021   AHTS > 16K     13,700       15,149       12,037       9,934       10,172   AHTS 8 - 16K     22,543       27,211       22,859       21,725       20,775   AHTS 4 - 8K     1,396       1,427       1,428       1,457       2,086   Other     7,963       7,942       7,548       5,378       5,855   Total     85,814       91,717       82,017       82,909       106,112   Worldwide fleet:                                         PSV > 900     129,934       131,407       135,996       146,729       139,556   PSV < 900     107,881       104,253       103,729       98,331       107,735   AHTS > 16K     25,228       29,783       32,274       31,098       24,591   AHTS 8 - 16K     30,735       34,159       29,317       29,814       27,885   AHTS 4 - 8K     20,005       20,933       22,536       21,202       20,834   Other     9,635       12,348       14,639       9,684       10,098   Total   $ 323,418     $ 332,883     $ 338,491     $ 336,858     $ 330,699     TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025   AVERAGE NUMBER OF VESSELS:                                                                                   Americas fleet:                                         PSV > 900     12       12       12       11       10   PSV < 900     15       17       17       16       16   AHTS > 16K     2       2       2       2       2   AHTS 8 - 16K     1       1       1       1       1   AHTS 4 - 8K     2       2       2       2       2   Other     1       2       1       2       2   Total     33       36       35       34       33   Stacked vessels     (4 )     (4 )     (2 )     (2 )     (1 ) Active vessels     29       32       33       32       32   Asia Pacific fleet:                                         PSV > 900     9       9       9       9       9   PSV < 900     7       5       5       5       5   AHTS > 16K     2       2       3       3       3   AHTS 8 - 16K     —       —       2       2       2   AHTS 4 - 8K     —       —       —       1       1   Other     —       —       1       —       —   Total     18       16       20       20       20   Stacked vessels     —       —       —       —       —   Active vessels     18       16       20       20       20   Middle East fleet:                                         PSV > 900     1       1       1       1       1   PSV < 900     20       20       20       20       20   AHTS 8 - 16K     7       7       5       5       5   AHTS 4 - 8K     17       17       17       17       17   Total     45       45       43       43       43   Stacked vessels     —       —       —       —       —   Active vessels     45       45       43       43       43   Europe/Mediterranean fleet:                                         PSV > 900     43       40       40       39       39   PSV < 900     10       9       9       9       9   AHTS > 16K     2       1       1       2       2   Total     55       50       50       50       50   Stacked vessels     —       —       —       —       —   Active vessels     55       50       50       50       50   West Africa fleet:                                         PSV > 900     5       7       7       9       10   PSV < 900     16       18       18       19       20   AHTS > 16K     5       6       5       4       4   AHTS 8 - 16K     13       13       13       14       13   AHTS 4 - 8K     1       2       2       2       2   Other     16       16       20       21       22   Total     56       62       65       69       71   Stacked vessels     (3 )     (4 )     (5 )     (4 )     (6 ) Active vessels     53       58       60       65       65   Worldwide fleet:                                         PSV > 900     70       69       69       69       69   PSV < 900     68       69       69       69       70   AHTS > 16K     11       11       11       11       11   AHTS 8 - 16K     21       21       21       22       21   AHTS 4 - 8K     20       21       21       22       22   Other     17       18       22       23       24   Total     207       209       213       216       217   Stacked vessels     (7 )     (8 )     (7 )     (6 )     (7 ) Active vessels     200       201       206       210       210                                             Total active     200       201       206       210       210   Total stacked     7       8       7       6       7   Total     207       209       213       216       217     TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025   AVAILABLE DAYS - TOTAL FLEET:                                                                                   Americas fleet:                                         PSV > 900     1,063       1,082       1,060       947       900   PSV < 900     1,407       1,533       1,564       1,493       1,432   AHTS > 16K     171       184       184       182       180   AHTS 8 - 16K     90       92       92       91       90   AHTS 4 - 8K     180       184       184       182       180   Other     90       184       93       179       180   Total     3,001       3,259       3,177       3,074       2,962   Asia Pacific fleet:                                         PSV > 900     827       828       828       819       810   PSV < 900     583       491       460       455       450   AHTS > 16K     180       198       276       273       270   AHTS 8 - 16K     —       43       184       182       180   AHTS 4 - 8K     —       —       —       65       90   Other     —       —       91       3       —   Total     1,590       1,560       1,839       1,797       1,800   Middle East fleet:                                         PSV > 900     90       92       92       91       90   PSV < 900     1,800       1,840       1,840       1,820       1,800   AHTS 8 - 16K     630       601       460       455       450   AHTS 4 - 8K     1,530       1,564       1,564       1,547       1,530   Total     4,050       4,097       3,956       3,913       3,870   Europe/Mediterranean fleet:                                         PSV > 900     3,864       3,727       3,680       3,569       3,510   PSV < 900     911       859       828       812       810   AHTS > 16K     173       92       92       182       180   Total     4,948       4,678       4,600       4,563       4,500   West Africa fleet:                                         PSV > 900     456       619       688       853       900   PSV < 900     1,487       1,625       1,656       1,699       1,800   AHTS > 16K     466       538       460       364       360   AHTS 8 - 16K     1,170       1,196       1,196       1,247       1,180   AHTS 4 - 8K     90       154       184       182       180   Other     1,412       1,485       1,817       1,905       1,941   Total     5,081       5,617       6,001       6,250       6,361   Worldwide fleet:                                         PSV > 900     6,300       6,348       6,348       6,279       6,210   PSV < 900     6,188       6,348       6,348       6,279       6,292   AHTS > 16K     990       1,012       1,012       1,001       990   AHTS 8 - 16K     1,890       1,932       1,932       1,975       1,900   AHTS 4 - 8K     1,800       1,902       1,932       1,976       1,980   Other     1,502       1,669       2,001       2,087       2,121   Total     18,670       19,211       19,573       19,597       19,493     TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025   OUT-OF-SERVICE - STACKED DAYS:                                                                                   Americas fleet:                                         PSV > 900     45       —       —       —       —   PSV < 900     378       385       184       182       82   Total     423       385       184       182       82   West Africa fleet:                                         AHTS 4 - 8K     —       62       92       91       49   Other     242       289       404       312       477   Total     242       351       496       403       526   Worldwide fleet:                                         PSV > 900     45       —       —       —       —   PSV < 900     378       385       184       182       82   AHTS 4 - 8K     —       62       92       91       49   Other     242       289       404       312       477   Total     665       736       680       585       608     TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025   AVAILABLE DAYS - ACTIVE FLEET:                                                                                   Americas fleet:                                         PSV > 900     1,018       1,082       1,060       947       900   PSV < 900     1,029       1,148       1,380       1,311       1,350   AHTS > 16K     171       184       184       182       180   AHTS 8 - 16K     90       92       92       91       90   AHTS 4 - 8K     180       184       184       182       180   Other     90       184       93       179       180   Total     2,578       2,874       2,993       2,892       2,880   Asia Pacific fleet:                                         PSV > 900     827       828       828       819       810   PSV < 900     583       491       460       455       450   AHTS > 16K     180       198       276       273       270   AHTS 8 - 16K     —       43       184       182       180   AHTS 4 - 8K     —       —       —       65       90   Other     —       —       91       3       —   Total     1,590       1,560       1,839       1,797       1,800   Middle East fleet:                                         PSV > 900     90       92       92       91       90   PSV < 900     1,800       1,840       1,840       1,820       1,800   AHTS 8 - 16K     630       601       460       455       450   AHTS 4 - 8K     1,530       1,564       1,564       1,547       1,530   Total     4,050       4,097       3,956       3,913       3,870   Europe/Mediterranean fleet:                                         PSV > 900     3,864       3,727       3,680       3,569       3,510   PSV < 900     911       859       828       812       810   AHTS > 16K     173       92       92       182       180   Total     4,948       4,678       4,600       4,563       4,500   West Africa fleet:                                         PSV > 900     456       619       688       853       900   PSV < 900     1,487       1,625       1,656       1,699       1,800   AHTS > 16K     466       538       460       364       360   AHTS 8 - 16K     1,170       1,196       1,196       1,247       1,180   AHTS 4 - 8K     90       92       92       91       131   Other     1,170       1,196       1,413       1,593       1,464   Total     4,839       5,266       5,505       5,847       5,835   Worldwide fleet:                                         PSV > 900     6,255       6,348       6,348       6,279       6,210   PSV < 900     5,810       5,963       6,164       6,097       6,210   AHTS > 16K     990       1,012       1,012       1,001       990   AHTS 8 - 16K     1,890       1,932       1,932       1,975       1,900   AHTS 4 - 8K     1,800       1,840       1,840       1,885       1,931   Other     1,260       1,380       1,597       1,775       1,644   Total     18,005       18,475       18,893       19,012       18,885     TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA       Three Months Ended     March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025   UTILIZATION - TOTAL FLEET:                                                                                   Americas fleet:                                         PSV > 900     68.2 %     74.9 %     83.6 %     87.0 %     78.3 % PSV < 900     57.5       58.4       70.3       63.6       53.0   AHTS > 16K     67.4       98.1       92.7       77.3       61.3   AHTS 8 - 16K     70.8       100.0       100.0       92.7       100.0   AHTS 4 - 8K     100.0       97.3       100.0       99.5       44.5   Other     100.0       75.9       96.4       83.5       91.8   Total     66.1 %     70.4 %     79.4 %     75.8 %     64.4 % Asia Pacific fleet:                                         PSV > 900     84.6 %     75.8 %     75.2 %     70.1 %     67.7 % PSV < 900     84.2       96.0       90.3       75.0       93.7   AHTS > 16K     29.0       42.0       63.7       88.5       66.7   AHTS 8 - 16K     —       35.9       35.1       34.4       64.1   AHTS 4 - 8K     —       —       —       —       56.2   Other     —       —       99.5       —       —   Total     78.2 %     76.8 %     74.5 %     67.9 %     73.1 % Middle East fleet:                                         PSV > 900     100.0 %     100.0 %     82.6 %     38.9 %     100.0 % PSV < 900     79.4       82.9       79.2       76.9       94.0   AHTS 8 - 16K     81.8       69.1       65.1       95.7       63.7   AHTS 4 - 8K     75.3       79.0       86.0       81.0       86.3   Total     78.7 %     79.8 %     80.3 %     79.8 %     87.6 % Europe/Mediterranean fleet:                                         PSV > 900     82.7 %     87.7 %     88.7 %     94.8 %     88.0 % PSV < 900     77.2       85.8       81.2       92.0       79.2   AHTS > 16K     34.9       78.0       100.0       69.1       49.8   Total     80.0 %     87.2 %     87.5 %     93.3 %     84.9 % West Africa fleet:                                         PSV > 900     66.2 %     71.0 %     66.8 %     70.1 %     96.1 % PSV < 900     89.9       68.8       53.8       52.4       68.5   AHTS > 16K     86.8       87.3       79.9       85.1       95.6   AHTS 8 - 16K     84.4       96.9       84.9       75.3       83.0   AHTS 4 - 8K     100.0       59.7       50.0       50.0       66.7   Other     72.2       65.4       50.3       40.5       43.0   Total     81.5 %     75.7 %     62.3 %     57.6 %     68.8 % Worldwide fleet:                                         PSV > 900     79.6 %     82.5 %     83.6 %     86.2 %     85.3 % PSV < 900     77.1       74.8       71.5       68.9       75.4   AHTS > 16K     63.9       79.6       79.7       81.7       73.1   AHTS 8 - 16K     82.9       87.1       76.1       77.0       77.5   AHTS 4 - 8K     79.0       79.2       83.9       77.2       79.4   Other     73.8       66.5       54.6       44.1       47.2   Total     77.7 %     78.6 %     75.8 %     74.1 %     76.0 %   TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA       Three Months Ended     March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025   UTILIZATION - ACTIVE FLEET:                                                                                   Americas fleet:                                         PSV > 900     71.3 %     74.9 %     83.6 %     87.0 %     78.3 % PSV < 900     78.7       77.9       79.7       72.4       56.2   AHTS > 16K     67.4       98.1       92.7       77.3       61.3   AHTS 8 - 16K     70.8       100.0       100.0       92.7       100.0   AHTS 4 - 8K     100.0       97.3       100.0       99.5       44.5   Other     100.0       75.9       96.4       83.5       91.8   Total     77.0 %     79.9 %     84.3 %     80.5 %     66.3 % Asia Pacific fleet:                                         PSV > 900     84.6 %     75.8 %     75.2 %     70.1 %     67.7 % PSV < 900     84.2       96.0       90.3       75.0       93.7   AHTS > 16K     29.0       42.0       63.7       88.5       66.7   AHTS 8 - 16K     —       35.9       35.1       34.4       64.1   AHTS 4 - 8K     —       —       —       —       56.2   Other     —       —       99.5       —       —   Total     78.2 %     76.8 %     74.5 %     67.9 %     73.1 % Middle East fleet:                                         PSV > 900     100.0 %     100.0 %     82.6 %     38.9 %     100.0 % PSV < 900     79.4       82.9       79.2       76.9       94.0   AHTS 8 - 16K     81.8       69.1       65.1       95.7       63.7   AHTS 4 - 8K     75.3       79.0       86.0       81.0       86.3   Total     78.7 %     79.8 %     80.3 %     79.8 %     87.6 % Europe/Mediterranean fleet:                                         PSV > 900     82.7 %     87.7 %     88.7 %     94.8 %     88.0 % PSV < 900     77.2       85.8       81.2       92.0       79.2   AHTS > 16K     34.9       78.0       100.0       69.1       49.8   Total     80.0 %     87.2 %     87.5 %     93.3 %     84.9 % West Africa fleet:                                         PSV > 900     66.2 %     71.0 %     66.8 %     70.1 %     96.1 % PSV < 900     89.9       68.8       53.8       52.4       68.5   AHTS > 16K     86.8       87.3       79.9       85.1       95.6   AHTS 8 - 16K     84.4       96.9       84.9       75.3       83.0   AHTS 4 - 8K     100.0       100.0       100.0       100.0       91.6   Other     87.1       81.2       64.6       48.4       57.0   Total     85.5 %     80.7 %     67.9 %     61.6 %     75.0 % Worldwide fleet:                                         PSV > 900     80.2 %     82.5 %     83.6 %     86.2 %     85.3 % PSV < 900     82.1       79.6       73.6       71.0       76.4   AHTS > 16K     63.9       79.6       79.7       81.7       73.1   AHTS 8 - 16K     82.9       87.1       76.1       77.0       77.5   AHTS 4 - 8K     79.0       81.9       88.1       80.9       81.4   Other     88.0       80.5       68.5       51.8       60.8   Total     80.6 %     81.7 %     78.5 %     76.4 %     78.4 %   TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025   AVERAGE VESSEL DAY RATES: (A)                                                                                   Americas fleet:                                         PSV > 900   $ 34,675     $ 35,891     $ 34,365     $ 32,617     $ 32,992   PSV < 900     28,460       28,021       30,326       29,222       27,862   AHTS > 16K     36,124       35,038       35,435       37,252       35,888   AHTS 8 - 16K     13,944       14,368       13,672       13,151       13,796   AHTS 4 - 8K     22,253       22,733       22,942       22,943       21,889   Other     14,197       27,545       17,456       24,369       21,251   Total     29,501       30,362       30,487       29,526       28,733   Asia Pacific fleet:                                         PSV > 900     35,539       35,929       36,371       36,341       37,304   PSV < 900     38,297       29,975       29,908       32,803       36,309   AHTS > 16K     54,481       59,996       68,580       48,255       48,843   AHTS 8 - 16K     —       13,776       23,531       28,856       20,764   AHTS 4 - 8K     —       —       —       —       21,890   Other     —       —       55,320       —       —   Total     37,470       35,025       39,196       37,372       36,564   Middle East fleet:                                         PSV > 900     26,425       28,955       16,391       16,929       16,072   PSV < 900     14,883       15,405       13,878       13,469       13,301   AHTS 8 - 16K     14,179       13,033       12,290       11,889       12,112   AHTS 4 - 8K     12,670       12,487       12,555       12,443       12,026   Total     14,295       14,381       13,228       12,877       12,777   Europe/Mediterranean fleet:                                         PSV > 900     21,221       19,640       20,630       23,292       20,782   PSV < 900     20,269       19,625       20,674       21,061       18,337   AHTS > 16K     74,726       46,204       23,122       33,904       18,613   Total     21,954       20,173       20,752       23,275       20,405   West Africa fleet:                                         PSV > 900     32,171       29,383       31,188       32,777       34,924   PSV < 900     22,828       24,213       26,729       27,867       30,017   AHTS > 16K     33,884       32,256       32,746       32,082       29,568   AHTS 8 - 16K     22,825       23,470       22,524       23,123       21,204   AHTS 4 - 8K     15,510       15,511       15,516       16,010       17,387   Other     7,814       8,180       8,264       6,979       7,013   Total     20,732       21,583       21,940       23,035       24,244   Worldwide fleet:                                         PSV > 900     25,917       25,087       25,625       27,102       26,345   PSV < 900     22,617       21,959       22,867       22,722       22,697   AHTS > 16K     39,900       36,991       40,037       38,029       33,966   AHTS 8 - 16K     19,621       20,306       19,931       19,592       18,945   AHTS 4 - 8K     14,062       13,888       13,902       13,902       13,255   Other     8,687       10,923       13,127       10,147       9,746   Total   $ 22,283     $ 22,044     $ 22,798     $ 23,166     $ 22,303     Note (A):  Average Vessel Day Rates equals Vessel Revenue / Days Worked.   TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025                                             Americas                                         Vessel revenues   $ 58,526     $ 69,706     $ 76,913     $ 68,758     $ 54,852                                             Vessel operating costs:                                         Crew costs     19,729       22,429       22,634       19,652       17,440   Repair and maintenance     5,228       6,286       5,350       4,830       4,266   Insurance     462       540       570       351       571   Fuel, lube and supplies     2,887       2,739       2,464       2,215       2,617   Other     5,564       5,875       4,598       5,965       10,129   Total vessel operating costs     33,870       37,869       35,616       33,013       35,023                                             Vessel operating margin ($)     24,656       31,837       41,297       35,745       19,829   Vessel operating margin (%)     42.1 %     45.7 %     53.7 %     52.0 %     36.2 %                                           Americas - Select operating statistics                                         Average vessels - Total fleet     33       36       35       34       33   Utilization - Total fleet     66.1 %     70.4 %     79.4 %     75.8 %     64.4 %                                           Average vessels - Active fleet     29       32       33       32       32   Utilization - Active fleet     77.0 %     79.9 %     84.3 %     80.5 %     66.3 %                                           Average day rates   $ 29,501     $ 30,362     $ 30,487     $ 29,526     $ 28,733                                             Vessels commencing drydocks     4       3       —       1       3                                                                                       Deferred drydocking and survey costs - beginning balance   $ 19,907     $ 22,400     $ 25,608     $ 28,443     $ 31,149   Cash paid for deferred drydocking and survey costs     10,685       2,858       1,082       1,027       3,355   Amortization of deferred drydocking and survey costs     (4,688 )     (5,351 )     (5,817 )     (5,338 )     (5,916 ) Disposals, intersegment transfers and other     (5,908 )     —       1,527       1,476       (145 ) Deferred drydocking and survey costs - ending balance   $ 19,996     $ 19,907     $ 22,400     $ 25,608     $ 28,443     TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025                                             Asia Pacific                                         Vessel revenues   $ 46,564     $ 42,037     $ 53,786     $ 45,696     $ 48,228                                             Vessel operating costs:                                         Crew costs     15,867       14,304       20,887       18,518       20,331   Repair and maintenance     2,957       3,427       3,842       3,365       2,270   Insurance     254       331       330       176       324   Fuel, lube and supplies     2,513       1,890       2,443       1,789       1,767   Other     1,754       2,369       2,768       2,317       2,118   Total vessel operating costs     23,345       22,321       30,270       26,165       26,810                                             Vessel operating margin ($)     23,219       19,716       23,516       19,531       21,418   Vessel operating margin (%)     49.9 %     46.9 %     43.7 %     42.7 %     44.4 %                                           Asia Pacific - Select operating statistics                                         Average vessels - Total fleet     18       16       20       20       20   Utilization - Total fleet     78.2 %     76.8 %     74.5 %     67.9 %     73.1 %                                           Average vessels - Active fleet     18       16       20       20       20   Utilization - Active fleet     78.2 %     76.8 %     74.5 %     67.9 %     73.1 %                                           Average day rates   $ 37,470     $ 35,025     $ 39,196     $ 37,372     $ 36,564                                             Vessels commencing drydocks     1       2       3       2       4                                                                                       Deferred drydocking and survey costs - beginning balance   $ 10,185     $ 14,094     $ 13,462     $ 13,810     $ 10,418   Cash paid for deferred drydocking and survey costs     452       998       3,340       2,487       7,253   Amortization of deferred drydocking and survey costs     (2,340 )     (1,998 )     (2,578 )     (2,428 )     (2,046 ) Disposals, intersegment transfers and other     4,489       (2,909 )     (130 )     (407 )     (1,815 ) Deferred drydocking and survey costs - ending balance   $ 12,786     $ 10,185     $ 14,094     $ 13,462     $ 13,810     TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025                                             Middle East                                         Vessel revenues   $ 45,569     $ 47,021     $ 42,035     $ 40,215     $ 43,302                                             Vessel operating costs:                                         Crew costs     15,527       14,207       13,541       13,302       13,280   Repair and maintenance     3,856       6,153       4,556       4,261       4,100   Insurance     763       463       484       343       529   Fuel, lube and supplies     2,684       2,790       2,916       3,250       2,039   Other     4,075       4,570       4,242       4,661       4,588   Total vessel operating costs     26,905       28,183       25,739       25,817       24,536                                             Vessel operating margin ($)     18,664       18,838       16,296       14,398       18,766   Vessel operating margin (%)     41.0 %     40.1 %     38.8 %     35.8 %     43.3 %                                           Middle East - Select operating statistics                                         Average vessels - Total fleet     45       45       43       43       43   Utilization - Total fleet     78.7 %     79.8 %     80.3 %     79.8 %     87.6 %                                           Average vessels - Active fleet     45       45       43       43       43   Utilization - Active fleet     78.7 %     79.8 %     80.3 %     79.8 %     87.6 %                                           Average day rates   $ 14,295     $ 14,381     $ 13,228     $ 12,877     $ 12,777                                             Vessels commencing drydocks     8       9       8       11       4                                                                                       Deferred drydocking and survey costs - beginning balance   $ 39,996     $ 38,913     $ 35,355     $ 31,423     $ 21,792   Cash paid for deferred drydocking and survey costs     11,082       7,127       8,716       8,191       13,464   Amortization of deferred drydocking and survey costs     (6,059 )     (6,044 )     (5,158 )     (4,259 )     (3,833 ) Disposals, intersegment transfers and other     539       —       —       —       —   Deferred drydocking and survey costs - ending balance   $ 45,558     $ 39,996     $ 38,913     $ 35,355     $ 31,423     TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025                                             Europe/Mediterranean                                         Vessel revenues   $ 86,945     $ 82,402     $ 83,740     $ 99,280     $ 78,205                                             Vessel operating costs:                                         Crew costs     31,699       29,932       30,104       29,342       27,111   Repair and maintenance     7,566       7,267       7,481       5,736       6,711   Insurance     699       806       797       417       848   Fuel, lube and supplies     4,651       3,251       3,469       2,153       3,147   Other     5,766       5,258       4,805       6,187       4,738   Total vessel operating costs     50,381       46,514       46,656       43,835       42,555                                             Vessel operating margin ($)     36,564       35,888       37,084       55,445       35,650   Vessel operating margin (%)     42.1 %     43.6 %     44.3 %     55.8 %     45.6 %                                           Europe/Mediterranean - Select operating statistics                                         Average vessels - Total fleet     55       50       50       50       50   Utilization - Total fleet     80.0 %     87.2 %     87.5 %     93.3 %     84.9 %                                           Average vessels - Active fleet     55       50       50       50       50   Utilization - Active fleet     80.0 %     87.2 %     87.5 %     93.3 %     84.9 %                                           Average day rates   $ 21,954     $ 20,173     $ 20,752     $ 23,275     $ 20,405                                             Vessels commencing drydocks     9       2       3       1       6                                                                                       Deferred drydocking and survey costs - beginning balance   $ 28,489     $ 30,440     $ 35,571     $ 41,011     $ 38,431   Cash paid for deferred drydocking and survey costs     11,214       1,324       2,103       1,811       8,786   Amortization of deferred drydocking and survey costs     (7,527 )     (6,184 )     (6,363 )     (6,919 )     (6,206 ) Disposals, intersegment transfers and other     4,586       2,909       (871 )     (332 )     —   Deferred drydocking and survey costs - ending balance   $ 36,762     $ 28,489     $ 30,440     $ 35,571     $ 41,011     TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025                                             West Africa                                         Vessel revenues   $ 85,814     $ 91,717     $ 82,017     $ 82,909     $ 106,112                                             Vessel operating costs:                                         Crew costs     16,065       19,300       18,363       18,662       18,951   Repair and maintenance     5,197       6,243       7,407       5,745       4,607   Insurance     482       683       711       353       762   Fuel, lube and supplies     3,719       4,557       5,149       5,700       4,808   Other     6,223       6,449       6,219       8,064       6,927   Total vessel operating costs     31,686       37,232       37,849       38,524       36,055                                             Vessel operating margin ($)     54,128       54,485       44,168       44,385       70,057   Vessel operating margin (%)     63.1 %     59.4 %     53.9 %     53.5 %     66.0 %                                           West Africa - Select operating statistics                                         Average vessels - Total fleet     56       62       65       69       71   Utilization - Total fleet     81.5 %     75.7 %     62.3 %     57.6 %     68.8 %                                           Average vessels - Active fleet     53       58       60       65       65   Utilization - Active fleet     85.5 %     80.7 %     67.9 %     61.6 %     75.0 %                                           Average day rates   $ 20,732     $ 21,583     $ 21,940     $ 23,035     $ 24,244                                             Vessels commencing drydocks     3       1       2       4       7                                                                                       Deferred drydocking and survey costs - beginning balance   $ 41,159     $ 48,387     $ 55,663     $ 54,639     $ 50,760   Cash paid for deferred drydocking and survey costs     2,948       1,546       2,404       10,222       10,481   Amortization of deferred drydocking and survey costs     (7,508 )     (8,774 )     (9,154 )     (8,461 )     (8,417 ) Disposals, intersegment transfers and other     (3,830 )     —       (526 )     (737 )     1,815   Deferred drydocking and survey costs - ending balance   $ 32,769     $ 41,159     $ 48,387     $ 55,663     $ 54,639     TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025                                             Worldwide                                         Vessel revenues   $ 323,418     $ 332,883     $ 338,491     $ 336,858     $ 330,699                                             Vessel operating costs:                                         Crew costs     98,887       100,172       105,529       99,476       97,113   Repair and maintenance     24,804       29,376       28,636       23,937       21,954   Insurance     2,660       2,823       2,892       1,640       3,034   Fuel, lube and supplies     16,454       15,227       16,441       15,107       14,378   Other     23,382       24,521       22,632       27,194       28,500   Total vessel operating costs     166,187       172,119       176,130       167,354       164,979                                             Vessel operating margin ($)     157,231       160,764       162,361       169,504       165,720   Vessel operating margin (%)     48.6 %     48.3 %     48.0 %     50.3 %     50.1 %                                           Worldwide - Select operating statistics                                         Average vessels - Total fleet     207       209       213       216       217   Utilization - Total fleet     77.7 %     78.6 %     75.8 %     74.1 %     76.0 %                                           Average vessels - Active fleet     200       201       206       210       210   Utilization - Active fleet     80.6 %     81.7 %     78.5 %     76.4 %     78.4 %                                           Average day rates   $ 22,283     $ 22,044     $ 22,798     $ 23,166     $ 22,303                                             Vessels commencing drydocks     25       17       16       19       24                                                                                       Deferred drydocking and survey costs - beginning balance   $ 139,736     $ 154,234     $ 165,659     $ 169,326     $ 152,550   Cash paid for deferred drydocking and survey costs     36,381       13,853       17,645       23,738       43,339   Amortization of deferred drydocking and survey costs     (28,122 )     (28,351 )     (29,070 )     (27,405 )     (26,418 ) Disposals, intersegment transfers and other     (124 )     —       —       —       (145 ) Deferred drydocking and survey costs - ending balance   $ 147,871     $ 139,736     $ 154,234     $ 165,659     $ 169,326     TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025                                             Net income (loss)   $ 5,976     $ 219,449     $ (1,018 )   $ 72,702     $ 42,320                                             Interest and other debt costs     16,891       16,715       16,589       16,442       16,344   Income tax expense     34,903       (166,612 )     21,711       5,584       26,109   Depreciation     38,497       37,838       37,334       36,909       39,014   Amortization of deferred drydock and survey costs     28,122       28,351       29,070       27,405       26,418   Amortization of below market contracts     —       (219 )     (283 )     (347 )     (351 ) EBITDA (A), (B), (C)     124,389       135,522       103,403       158,695       149,854                                             Non-cash indemnification assets charge (credit)     —       —       —       (112 )     834   Non-cash stock compensation expense     3,063       3,454       3,481       4,057       3,491   Loss on early extinguishment of debt     —       12       27,101       —       —   Acquisition, restructuring and integration related costs     1,871       4,064       3,941       340       —   Adjusted EBITDA (A), (B), (C)   $ 129,323     $ 143,052     $ 137,926     $ 162,980     $ 154,179     Note (A):  EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization of deferred drydock and below market contracts. Additionally, Adjusted EBITDA excludes non-cash indemnification assets charge (credit) included in interest income and other; non-cash stock-based compensation expense; loss on early extinguishment of debt; and acquisition, restructuring and integration related costs.   Note (B):  EBITDA for the three months ended March 31, 2026, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,063, $3,454, $3,481, $4,057 and $3,491 respectively.   Note (C):  EBITDA and Adjusted EBITDA for the three months ended March 31, 2026, and for each of the prior four quarters includes foreign exchange gain (losses) of $(3,403), $2,134, $1,277, $11,703 and $7,569 respectively. Non-GAAP Financial Measures We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes non-cash indemnification asset charge (credit), non-cash stock-based compensation expense, loss on early extinguishment of debt and acquisition, restructuring and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure. Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year. EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.   TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025                                             Net cash provided by operating activities (A)   $ 19,179     $ 152,960     $ 72,079     $ 73,658     $ 80,411                                             Cash interest expense     31,554       576       17,735       11,994       17,505   Interest income and other (net of certain non-cash items)     (2,939 )     (3,455 )     (1,860 )     (2,103 )     (2,157 ) Indemnification assets credit (charge)     —       —       —       112       (834 ) Additions to property and equipment     (14,885 )     (5,147 )     (5,122 )     (5,226 )     (10,266 ) Expansion capital     —       —       —       3       27   Effects of exchange rate changes on cash     (1,813 )     910       (1,377 )     11,775       5,562       31,096     145,844     81,455     90,213     90,248                                             Proceeds from asset sales     3,329       5,331       1,204       7,328       4,416                                             Free cash flow   $ 34,425     $ 151,175     $ 82,659     $ 97,541     $ 94,664     Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by operating activities adjusted for effects of exchange rate changes on cash, capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income and other. Free cash flow excludes indemnification assets credit (charge) included in interest income and other. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.   Note (A):  Net cash provided by operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:       Three Months Ended       March 31,     December 31,     September 30,     June 30,     March 31,       2026     2025     2025     2025     2025   Cash provided by (used in) changes in assets and liabilities, excluding drydock payments   $ (34,008 )   $ 68,133     $ (9,210 )   $ (11,010 )   $ 21,099   Cash paid for deferred drydock and survey costs     (36,381 )     (13,853 )     (17,645 )     (23,738 )     (43,339 ) Total sources (uses) of cash for changes in assets and liabilities   $ (70,389 )   $ 54,280     $ (26,855 )   $ (34,748 )   $ (22,240 )   View source version on businesswire.com: https://www.businesswire.com/news/home/20260501452877/en/ Tidewater Inc.
West Gotcher
Senior Vice President,
Strategy, Corporate Development and Investor Relations
+1.713.470.5285 Original: Tidewater Reports Results for the Three Months Ended March 31, 2026

Tidewater Announces Earnings Release and Conference CallApril 27, 2026 4:47 PM
Business Wire
Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”) announced today that it will release financial results for the three months ending March 31, 2026, on Monday, May 4, 2026 after market close. An earnings conference call has been scheduled for Tuesday, May 5, 2026, at 8:00 a.m. Central Time, during which President and Chief Executive Officer Quintin Kneen will discuss results for the three months ending March 31, 2026.


Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S.) and provide Conference ID: 8745688 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.


A replay of the conference call will be available beginning at 11:00 a.m. Central Time on May 5, 2026. To access the replay, access the Investor Relations section of Tidewater’s website at investor.tdw.com.


The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the Company involves numerous risks and uncertainties that may cause the Company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.


Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with more than 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260427966898/en/
West P. Gotcher

Senior Vice President – Strategy, Corporate Development & Investor Relations

+1.713.470.5285

ir@tdw.com


Original: Tidewater Announces Earnings Release and Conference Call

Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2025March 2, 2026 4:25 PM
Business Wire
Full-year 2025 Highlights



Revenue of $1,352.8 million, an increase of 0.5% as compared to full-year 2024



Average day rate of $22,573 per day, an increase of 6.1% compared to full-year 2024



Net income of $333.5 million and Adjusted EBITDA of $598.1 million



Net income was favorably impacted by the recognition of a non-cash deferred tax benefit of $201.5 million, primarily due to a strategic internal restructuring of our vessel ownership



Net cash provided by operating activities of $379.1 million



Free cash flow of $426.0 million



Share count reduced by 2.5 million shares during the full-year 2025 for $98.2 million at average price of $39.52, including shares repurchased in exchange for payment of employee taxes on the vesting of equity compensation



Fourth Quarter 2025 Highlights



Revenue of $336.8 million, a 2.4% decline compared to the fourth quarter of 2024



Average day rate of $22,044 per day, a decline of $192 per day, or 0.9%, compared to the fourth quarter of 2024



Net income of $219.4 million and Adjusted EBITDA of $143.1 million


Net income and Adjusted EBITDA were favorably impacted by the $2.1 million foreign exchange gain due to the weakening of the U.S. dollar



Net income was favorably impacted by the recognition of a non-cash deferred tax benefit of $201.5 million, primarily due to a strategic internal restructuring of our vessel ownership






Net cash provided by operating activities of $153.0 million and free cash flow of $151.2 million



Annual Guidance and Share Repurchase Program



Updating 2026 revenue guidance to $1.43 to $1.48 billion and 2026 gross margin guidance of 49% to 51% pro forma for the previously announced Wilson Sons Ultratug acquisition



Outstanding share repurchase program authorization of $500 million



 


Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2025 of $336.8 million and $1,352.8 million, respectively, compared with $345.1 million and $1,345.8 million, respectively, for the three and twelve months ended December 31, 2024. Tidewater's net income for the three and twelve months ended December 31, 2025, was $219.9 million ($4.41 per common share) and $334.7 million ($6.64 per common share), respectively, compared with net income of $36.9 million ($0.70 per common share) and $180.7 million ($3.40 per common share), respectively, for the three and twelve months ended December 31, 2024.


Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Although 2025 was anticipated to be a down year for the offshore industry, I am pleased to say that by all measures Tidewater was able to successfully navigate these challenges to deliver one of the best years in recent memory, demonstrating the resilience of the company we’ve endeavored to build over the last eight years. The business generated year-over-year revenue growth, gross margin expansion and average day rate growth. Adjusted EBITDA grew by approximately 7% to just under $600 million and we generated nearly $430 million of free cash flow, far outpacing our free cash flow generation in 2024. In addition, we retired approximately 2.5 million shares through open market repurchases and netting shares related to taxes on employee share awards that would have otherwise entered the market. Lastly, we successfully reset our debt capital structure this summer and established a sizable revolving credit facility, positioning Tidewater with one of the strongest balance sheets in the offshore vessel industry. All the success we realized in 2025 is due to a persistent focus across the organization to excellence and I appreciate the effort of all employees during 2025 to achieve these outcomes.


“The fourth quarter of 2025 nicely exceeded our expectations as vessel up-time across the fleet continued to exceed our original expectations, delivering revenue of $336.8 million and a gross margin of 48.7%. Vessel up-time improvement came through a combination of more time on-hire, lower than anticipated down for repair time and fewer drydock days than anticipated. The improvement in utilization is a function of certain projects extending longer than anticipated and the benefits realized from the substantial investments made in the fleet over the past few years to improve the operational reliability of our fleet. Day rates also slightly exceeded our expectations driven by our Middle East and Asia Pacific segments. Through this outperformance, we finished the year on a strong note with Adjusted EBITDA of $143.1 million and free cash flow of $151.2 million for the fourth quarter.


“Additionally, during the fourth quarter, we completed a strategic internal restructuring of our vessel ownership (Vessel Realignment) to consolidate a significant portion of the fleet into a single, wholly-owned U.S. entity. The non-cash deferred tax benefit of $201.5 million recognized in 2025 is primarily due to the impact of the Vessel Realignment.


“Subsequent to the end of the fourth quarter, we announced the acquisition of Wilson Sons Ultratug, a 22-vessel fleet of PSVs exclusively focused on serving the Brazilian market. We are very excited to announce this acquisition as it continues our strategy of bringing high-quality fleets onto the Tidewater platform. We have long discussed our desire to enter the Brazilian market in a more meaningful way, and we believe that the Wilson acquisition represents the best path to benefit from the secular trends occurring in that market. The Brazilian offshore vessel market is the largest in the world and given some of the structural factors influencing vessel demand in that market, coupled with the favorable position we will hold with Brazilian-built tonnage and the ability to import and protect Tidewater’s legacy international tonnage, we view this acquisition as creating a distinctly advantaged position for Tidewater on a long-term basis.


“Looking forward to the remainder of 2026, although some open questions exist relating to the pace of drilling activity throughout this year, recent comments from offshore drillers and leading indicators of tendering and new contract awards suggest that a recovery in offshore drilling should manifest as we progress through the year and into 2027. Tidewater remains advantaged by the broad set of demand drivers for our business in addition to drilling support, including production support, offshore construction support, and subsea and EPCI support. As we experienced in 2025, we believe this broad-based set of demand drivers will continue to support our business as we progress through 2026. Vessel supply remains sufficiently tight such that we have maintained day rates and puts us in a position to again push day rates as offshore drilling activity picks up and our customers begin to secure vessels for future work. When we combine this with the recently announced Wilson acquisition, we are optimistic about the continued growth for our business during 2026. As such, we are updating our 2026 financial guidance to contemplate the impact of the Wilson acquisition, with our new full-year revenue guidance of $1.43 to $1.48 billion and a full-year gross margin guidance of 49% to 51%, assuming a mid-year close of the Wilson acquisition. To the extent that the offshore drilling recovery begins in earnest towards the end of the year, this development could increase our full-year expectations.


“As pleased as we are with the success we realized during 2025, I am optimistic that the outlook for our business is as good as it’s been since the offshore recovery began a few years ago. With the addition of the Wilson fleet, we have meaningfully increased the earnings and cash flow profile of the business and have gained critical mass in the largest offshore vessel market in the world. We anticipate the substantial free cash flow of the business to continue and given the low level of leverage projected for the Wilson acquisition, we expect to retain substantial financial flexibility to continue to pursue incremental capital allocation opportunities.


“Tidewater’s ability to continue to execute both operationally and financially is the product of a global effort by many hard-working employees both onshore and offshore and I would like to thank our entire team for their continued efforts. The dedication and diligence driving these outcomes is critical to our mission to make Tidewater the safest, most sustainable, most reliable, most profitable, highest specification offshore energy support vessel fleet in the world.”


In addition to the number of outstanding shares, as of December 31, 2025, the Company also has the following in-the-money warrants.







 



Common shares outstanding






 






 






49,566,334






 








New Creditor Warrants (strike price $0.001 per common share)






 






 






21,400






 








GulfMark Creditor Warrants (strike price $0.01 per common share)






 






 






53,555






 








Total






 






 






49,641,289






 







Tidewater will hold a conference call to discuss results for the three months ending December 31, 2025 on March 3, 2026, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 8745688 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.


A replay of the conference call will be available beginning at 11:00 a.m. Central Time on March 3, 2026. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.


About Tidewater


Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 70 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.


Cautionary Statement


This news release 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; global trade trends, including evolving impacts from implementation of new tariffs and potential retaliatory measures; 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; uncertainty around the use and impacts of artificial intelligence applications; 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 Form 10-K, Form 10-Qs and Form 8-Ks 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. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, 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.


Financial information is displayed beginning on the next page.


The supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at December 31, 2025 and December 31, 2024; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three and twelve months ended December 31, 2025 and 2024; and the Consolidated Statements of Cash Flows for the twelve months ended December 31, 2025 and 2024. Extracts are drawn from the December 31, 2025 and December 31, 2024 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.


Revision of Previously Issued Financial Statements


Certain prior year amounts have been reclassified to conform to the current year presentation. The effects of exchange rate changes on cash and cash equivalent balances were not previously presented as a separate item in the reconciliation of the net change in cash, cash equivalents and restricted cash in our Statements of Cash Flows, but rather included as a component of net cash provided by operating activities. Accordingly, we have revised our Condensed Consolidated Statements of Cash Flows to reflect the effects of exchange rate changes on cash and cash equivalent balances for the twelve months ended December 31, 2024, the three months ended December 31, 2024, March 31, 2025 and June 30, 2025. Also, the presentation of Free cash flow has been revised to reflect the effects of exchange rate changes on cash and cash equivalent balance.









 



TIDEWATER INC.




CONDENSED CONSOLIDATED INCOME STATEMENTS




(In Thousands, except per share data)













 



 






 






Three Months Ended






 






 






Twelve Months Ended






 








 






 






December 31, 2025






 






 






December 31, 2024






 






 






December 31, 2025






 






 






December 31, 2024






 








Revenues:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel revenues






 






$






332,883






 






 






$






343,463






 






 






$






1,338,931






 






 






$






1,337,637






 








Other operating revenues






 






 






3,915






 






 






 






1,622






 






 






 






13,855






 






 






 






8,198






 








Total revenues






 






 






336,798






 






 






 






345,085






 






 






 






1,352,786






 






 






 






1,345,835






 








Costs and expenses:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel operating costs






 






 






172,119






 






 






 






170,384






 






 






 






680,582






 






 






 






693,107






 








Costs of other operating revenues






 






 






630






 






 






 






688






 






 






 






6,420






 






 






 






3,555






 








General and administrative






 






 






38,968






 






 






 






30,688






 






 






 






134,531






 






 






 






110,817






 








Depreciation and amortization






 






 






66,189






 






 






 






64,620






 






 






 






262,339






 






 






 






242,770






 








Gain on asset dispositions, net






 






 






(5,084






)






 






 






(2,672






)






 






 






(13,682






)






 






 






(15,762






)








Total costs and expenses






 






 






272,822






 






 






 






263,708






 






 






 






1,070,190






 






 






 






1,034,487






 








Operating income






 






 






63,976






 






 






 






81,377






 






 






 






282,596






 






 






 






311,348






 








Other income (expense):






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Foreign exchange gain (loss)






 






 






2,134






 






 






 






(14,337






)






 






 






22,683






 






 






 






(15,276






)








Interest income and other, net






 






 






3,454






 






 






 






2,697






 






 






 






8,169






 






 






 






6,383






 








Loss on early extinguishment of debt






 






 






(12






)






 






 






—






 






 






 






(27,113






)






 






 






—






 








Interest and other debt costs, net






 






 






(16,715






)






 






 






(16,742






)






 






 






(66,090






)






 






 






(72,967






)








Total other expense






 






 






(11,139






)






 






 






(28,382






)






 






 






(62,351






)






 






 






(81,860






)








Income before income taxes






 






 






52,837






 






 






 






52,995






 






 






 






220,245






 






 






 






229,488






 








Income tax expense (benefit)






 






 






(166,612






)






 






 






16,376






 






 






 






(113,208






)






 






 






50,216






 








Net income






 






 






219,449






 






 






 






36,619






 






 






 






333,453






 






 






 






179,272






 








Less: Net loss attributable to noncontrolling interests






 






 






(435






)






 






 






(286






)






 






 






(1,208






)






 






 






(1,384






)








Net income attributable to Tidewater Inc.






 






$






219,884






 






 






$






36,905






 






 






$






334,661






 






 






$






180,656






 








Basic income per common share






 






$






4.44






 






 






$






0.71






 






 






$






6.69






 






 






$






3.44






 








Diluted income per common share






 






$






4.41






 






 






$






0.70






 






 






$






6.64






 






 






$






3.40






 








Weighted average common shares outstanding






 






 






49,564






 






 






 






52,315






 






 






 






50,053






 






 






 






52,452






 








Dilutive effect of warrants and restricted stock units






 






 






332






 






 






 






514






 






 






 






379






 






 






 






619






 








Adjusted weighted average common shares






 






 






49,896






 






 






 






52,829






 






 






 






50,432






 






 






 






53,071






 














 



TIDEWATER INC.




CONDENSED CONSOLIDATED BALANCE SHEETS




(In Thousands, except share and par value data)













 



 






 






December 31, 2025






 






 






December 31, 2024






 








ASSETS






 






 






 






 






 






 






 






 








Current assets:






 






 






 






 






 






 






 






 








Cash and cash equivalents






 






$






578,761






 






 






$






324,918






 








Restricted cash






 






 






—






 






 






 






2,032






 








Trade and other receivables, less allowance for credit losses of $3,034 and $3,184 as of December 31, 2025 and 2024, respectively






 






 






285,372






 






 






 






323,805






 








Marine operating supplies






 






 






38,482






 






 






 






34,319






 








Prepaid expenses and other current assets






 






 






11,520






 






 






 






13,588






 








Total current assets






 






 






914,135






 






 






 






698,662






 








Net properties and equipment






 






 






1,072,020






 






 






 






1,184,282






 








Deferred drydocking and survey costs






 






 






139,736






 






 






 






152,550






 








Indemnification assets






 






 






9,455






 






 






 






11,946






 








Deferred tax asset






 






 






200,939






 






 






 






3,163






 








Other assets






 






 






50,626






 






 






 






24,301






 








Total assets






 






$






2,386,911






 






 






$






2,074,904






 








 






 






 






 






 






 






 






 






 








LIABILITIES AND STOCKHOLDERS' EQUITY






 






 






 






 






 






 






 






 








Current liabilities:






 






 






 






 






 






 






 






 








Accounts payable






 






$






66,347






 






 






$






71,385






 








Accrued expenses






 






 






153,169






 






 






 






129,894






 








Current portion of long-term debt






 






 






5,845






 






 






 






65,386






 








Other current liabilities






 






 






89,876






 






 






 






64,948






 








Total current liabilities






 






 






315,237






 






 






 






331,613






 








Long-term debt






 






 






649,048






 






 






 






571,710






 








Other liabilities






 






 






61,372






 






 






 






60,396






 








 






 






 






 






 






 






 






 






 








Commitments and contingencies






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 








Equity:






 






 






 






 






 






 






 






 








Equity:






 






 






50






 






 






 






52






 








Additional paid-in-capital






 






 






1,663,247






 






 






 






1,656,830






 








Accumulated deficit






 






 






(305,157






)






 






 






(548,831






)








Accumulated other comprehensive loss






 






 






7,248






 






 






 






6,060






 








Total stockholders' equity






 






 






1,365,388






 






 






 






1,114,111






 








Noncontrolling interests






 






 






(4,134






)






 






 






(2,926






)








Total equity






 






 






1,361,254






 






 






 






1,111,185






 








Total liabilities and equity






 






$






2,386,911






 






 






$






2,074,904






 














 



TIDEWATER INC.




CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)




(In Thousands)













 



 






 






Three Months Ended






 






 






Twelve Months Ended






 








 






 






December 31, 2025






 






 






December 31, 2024






 






 






December 31, 2025






 






 






December 31, 2024






 








Net income






 






$






219,449






 






 






$






36,619






 






 






$






333,453






 






 






$






179,272






 








Other comprehensive income (loss):






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Unrealized gain on note receivable






 






 






—






 






 






 






—






 






 






 






—






 






 






 






283






 








Change in supplemental executive retirement plan pension liability






 






 






243






 






 






 






318






 






 






 






1,870






 






 






 






318






 








Change in liability of pension plans






 






 






(889






)






 






 






1,150






 






 






 






(682






)






 






 






193






 








Total comprehensive income






 






$






218,803






 






 






$






38,087






 






 






$






334,641






 






 






$






180,066






 
















 



TIDEWATER INC.




CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS




(In Thousands)













 



 






 






Twelve Months






 






 






Twelve Months






 








 






 






Ended






 






 






Ended






 








 






 






December 31, 2025






 






 






December 31, 2024






 








Cash flows from operating activities:






 






 






 






 






 






 






 






 








Net income






 






$






333,453






 






 






$






179,272






 








Adjustments to reconcile net income to net cash provided by operating activities:






 






 






 






 






 






 






 






 








Depreciation






 






 






151,095






 






 






 






156,166






 








Amortization of deferred drydocking and survey costs






 






 






111,244






 






 






 






86,604






 








Amortization of debt premiums and discounts






 






 






5,379






 






 






 






6,741






 








Amortization of below market contracts






 






 






(1,200






)






 






 






(5,000






)








Unrealized foreign exchange loss (gain)






 






 






(23,398






)






 






 






14,275






 








Deferred income taxes benefit






 






 






(195,816






)






 






 






(2,807






)








Gain on asset dispositions, net






 






 






(13,682






)






 






 






(15,762






)








Loss on early extinguishment of debt






 






 






27,113






 






 






 






—






 








Stock-based compensation expense






 






 






14,483






 






 






 






13,681






 








Changes in assets and liabilities:






 






 






 






 






 






 






 






 








Trade and other receivables






 






 






38,433






 






 






 






(55,453






)








Accounts payable






 






 






(5,038






)






 






 






26,454






 








Accrued expenses






 






 






23,275






 






 






 






7,393






 








Deferred drydocking and survey costs






 






 






(98,575






)






 






 






(133,258






)








Other, net






 






 






12,342






 






 






 






4,166






 








Net cash provided by operating activities






 






 






379,108






 






 






 






282,472






 








Cash flows from investing activities:






 






 






 






 






 






 






 






 








Proceeds from asset dispositions






 






 






17,619






 






 






 






19,338






 








Proceeds from sale of notes






 






 






660






 






 






 






8,054






 








Additions to properties and equipment






 






 






(25,761






)






 






 






(27,580






)








Net cash used in investing activities






 






 






(7,482






)






 






 






(188






)








Cash flows from financing activities:






 






 






 






 






 






 






 






 








Exercise of warrants






 






 






—






 






 






 






4






 








Issuance of long-term debt






 






 






650,000






 






 






 






—






 








Principal payments on long-term debt






 






 






(641,942






)






 






 






(103,030






)








Purchase of common stock






 






 






(90,089






)






 






 






(90,742






)








Payments on finance leases






 






 






(6,432






)






 






 






—






 








Debt extinguishment premium






 






 






(19,601






)






 






 






—






 








Debt issuance costs






 






 






(19,829






)






 






 






(213






)








Share based awards reacquired to pay taxes






 






 






(8,066






)






 






 






(28,614






)








Net cash used in financing activities






 






 






(135,959






)






 






 






(222,595






)








Effects of exchange rate changes on cash, cash equivalents and restricted cash






 






 






16,870






 






 






 






(8,623






)








Net change in cash, cash equivalents and restricted cash






 






 






252,537






 






 






 






51,066






 








Cash, cash equivalents and restricted cash at beginning of period






 






 






329,031






 






 






 






277,965






 








Cash, cash equivalents and restricted cash at end of period






 






$






581,568






 






 






$






329,031






 









 






 






 






 






 






 






 








Supplemental disclosure of cash flow information:






 






 






 






 






 






 






 






 








Cash paid during the year for:






 






 






 






 






 






 






 






 








Interest, net of amounts capitalized






 






$






47,810






 






 






$






66,897






 








Income taxes






 






$






60,310






 






 






$






56,909






 








Supplemental disclosure of noncash investing activities:






 






 






 






 






 






 






 






 








Purchase of vessels






 






$






10,727






 






 






$






—






 








Recognition of finance leases






 






$






28,658






 






 






$






—






 








Supplemental disclosure of noncash financing activities:






 






 






 






 






 






 






 






 








Debt incurred for the purchase of vessels






 






$






11,479






 






 






$






—






 















 



Note:  Cash, cash equivalents and restricted cash at December 31, 2025 and 2024 includes $2.8 million and $2.1 million, respectively, in long-term restricted cash, which is included in other assets in our consolidated balance sheet.











 



TIDEWATER INC.




CONDENSED CONSOLIDATED STATEMENTS OF EQUITY




(In Thousands)










 



 






 






Three Months Ended






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






Accumulated






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






Additional






 






 






 






 






 






 






other






 






 






Non






 






 






 






 






 








 






 






Common






 






 






paid-in






 






 






Accumulated






 






 






comprehensive






 






 






controlling






 






 






 






 






 








 






 






stock






 






 






capital






 






 






deficit






 






 






income






 






 






interest






 






 






Total






 








Balance at September 30, 2025






 






$






50






 






 






$






1,659,820






 






 






$






(525,041






)






 






$






7,894






 






 






$






(3,699






)






 






$






1,139,024






 








Total comprehensive income (loss)






 






 






—






 






 






 






—






 






 






 






219,884






 






 






 






(646






)






 






 






(435






)






 






 






218,803






 








Repurchase and retirement of common stock






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Amortization of share-based awards






 






 






—






 






 






 






3,427






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






3,427






 








Balance at December 31, 2025






 






$






50






 






 






$






1,663,247






 






 






$






(305,157






)






 






$






7,248






 






 






$






(4,134






)






 






$






1,361,254






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Balance at September 30, 2024






 






$






52






 






 






$






1,653,027






 






 






$






(541,191






)






 






$






4,592






 






 






$






(2,640






)






 






$






1,113,840






 








Total comprehensive income (loss)






 






 






—






 






 






 






—






 






 






 






36,905






 






 






 






1,468






 






 






 






(286






)






 






 






38,087






 








Issuance of common stock






 






 






—






 






 






 






(2






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(2






)








Repurchase and retirement of common stock






 






 






—






 






 






 






—






 






 






 






(44,545






)






 






 






—






 






 






 






—






 






 






 






(44,545






)








Amortization of share-based awards






 






 






—






 






 






 






3,801






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






3,801






 








Balance at December 31, 2024






 






$






52






 






 






$






1,656,830






 






 






$






(548,831






)






 






$






6,060






 






 






$






(2,926






)






 






$






1,111,185






 











 



 






 






Twelve Months Ended






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






Accumulated






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






Additional






 






 






 






 






 






 






other






 






 






Non






 






 






 






 






 








 






 






Common






 






 






paid-in






 






 






Accumulated






 






 






comprehensive






 






 






controlling






 






 






 






 






 








 






 






stock






 






 






capital






 






 






deficit






 






 






income (loss)






 






 






interest






 






 






Total






 








Balance at December 31, 2024






 






$






52






 






 






$






1,656,830






 






 






$






(548,831






)






 






$






6,060






 






 






$






(2,926






)






 






$






1,111,185






 








Total comprehensive income (loss)






 






 






—






 






 






 






—






 






 






 






334,661






 






 






 






1,188






 






 






 






(1,208






)






 






 






334,641






 








Repurchase and retirement of common stock






 






 






(2






)






 






 






—






 






 






 






(90,987






)






 






 






—






 






 






 






—






 






 






 






(90,989






)








Amortization of share-based awards






 






 






—






 






 






 






6,417






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






6,417






 








Balance at December 31, 2025






 






$






50






 






 






$






1,663,247






 






 






$






(305,157






)






 






$






7,248






 






 






$






(4,134






)






 






$






1,361,254






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Balance at December 31, 2023






 






$






52






 






 






$






1,671,759






 






 






$






(637,838






)






 






$






5,266






 






 






$






(1,542






)






 






$






1,037,697






 








Total comprehensive income (loss)






 






 






—






 






 






 






—






 






 






 






180,656






 






 






 






794






 






 






 






(1,384






)






 






 






180,066






 








Exercise of warrants into common stock






 






 






—






 






 






 






4






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






4






 








Issuance of common stock






 






 






1






 






 






 






(1






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Repurchase and retirement of common stock






 






 






(1






)






 






 






—






 






 






 






(91,649






)






 






 






—






 






 






 






—






 






 






 






(91,650






)








Amortization of share-based awards






 






 






—






 






 






 






(14,932






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(14,932






)








Balance at December 31, 2024






 






$






52






 






 






$






1,656,830






 






 






$






(548,831






)






 






$






6,060






 






 






$






(2,926






)






 






$






1,111,185






 














 



The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:













 



(In Thousands)






 






Three Months Ended






 






 






Twelve Months Ended






 








 






 






December 31, 2025






 






 






December 31, 2024






 






 






December 31, 2025






 






 






December 31, 2024






 








Vessel revenues:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Americas






 






$






69,706






 






 






 






21






%






 






$






60,240






 






 






 






18






%






 






$






270,229






 






 






 






20






%






 






$






261,929






 






 






 






20






%








Asia Pacific






 






 






42,037






 






 






 






13






%






 






 






51,043






 






 






 






15






%






 






 






189,747






 






 






 






14






%






 






 






210,328






 






 






 






16






%








Middle East






 






 






47,021






 






 






 






14






%






 






 






40,772






 






 






 






12






%






 






 






172,573






 






 






 






13






%






 






 






152,187






 






 






 






11






%








Europe/Mediterranean






 






 






82,402






 






 






 






25






%






 






 






84,109






 






 






 






24






%






 






 






343,627






 






 






 






26






%






 






 






333,081






 






 






 






25






%








West Africa






 






 






91,717






 






 






 






27






%






 






 






107,299






 






 






 






31






%






 






 






362,755






 






 






 






27






%






 






 






380,112






 






 






 






28






%








Total vessel revenues






 






$






332,883






 






 






 






100






%






 






$






343,463






 






 






 






100






%






 






$






1,338,931






 






 






 






100






%






 






$






1,337,637






 






 






 






100






%








Vessel operating costs:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Crew costs






 






$






100,172






 






 






 






30






%






 






$






99,985






 






 






 






29






%






 






$






402,290






 






 






 






30






%






 






$






416,276






 






 






 






31






%








Repair and maintenance






 






 






29,376






 






 






 






9






%






 






 






26,731






 






 






 






8






%






 






 






103,903






 






 






 






8






%






 






 






98,376






 






 






 






7






%








Insurance






 






 






2,823






 






 






 






1






%






 






 






2,857






 






 






 






1






%






 






 






10,389






 






 






 






1






%






 






 






11,027






 






 






 






1






%








Fuel, lube and supplies






 






 






15,227






 






 






 






5






%






 






 






15,278






 






 






 






5






%






 






 






61,153






 






 






 






4






%






 






 






65,371






 






 






 






5






%








Other






 






 






24,521






 






 






 






7






%






 






 






25,533






 






 






 






7






%






 






 






102,847






 






 






 






8






%






 






 






102,057






 






 






 






8






%








Total vessel operating costs






 






 






172,119






 






 






 






52






%






 






 






170,384






 






 






 






50






%






 






 






680,582






 






 






 






51






%






 






 






693,107






 






 






 






52






%








Vessel operating margin (A)






 






$






160,764






 






 






 






48






%






 






$






173,079






 






 






 






50






%






 






$






658,349






 






 






 






49






%






 






$






644,530






 






 






 






48






%







































 



Note (A):  Vessel operating margin equals vessel revenues less vessel operating costs.














 



The company’s operating income (loss) and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows:













 



(In Thousands)






 






Three Months Ended






 






 






Twelve Months Ended






 








 






 






December 31, 2025






 






 






December 31, 2024






 






 






December 31, 2025






 






 






December 31, 2024






 








Vessel operating profit:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Americas






 






$






15,484






 






 






 






4






%






 






$






11,206






 






 






 






3






%






 






$






65,275






 






 






 






5






%






 






$






54,779






 






 






 






4






%








Asia Pacific






 






 






12,419






 






 






 






4






%






 






 






12,799






 






 






 






4






%






 






 






53,207






 






 






 






4






%






 






 






59,869






 






 






 






4






%








Middle East






 






 






6,465






 






 






 






2






%






 






 






4,983






 






 






 






2






%






 






 






23,916






 






 






 






2






%






 






 






3,770






 






 






 






0






%








Europe/Mediterranean






 






 






9,737






 






 






 






3






%






 






 






11,624






 






 






 






3






%






 






 






57,694






 






 






 






4






%






 






 






53,873






 






 






 






4






%








West Africa






 






 






35,625






 






 






 






10






%






 






 






54,157






 






 






 






16






%






 






 






138,673






 






 






 






10






%






 






 






176,432






 






 






 






13






%








Other operating profit






 






 






3,285






 






 






 






1






%






 






 






934






 






 






 






0






%






 






 






7,435






 






 






 






1






%






 






 






4,643






 






 






 






1






%








 






 






 






83,015






 






 






 






24






%






 






 






95,703






 






 






 






28






%






 






 






346,200






 






 






 






26






%






 






 






353,366






 






 






 






26






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Corporate expenses (A)






 






 






(24,123






)






 






 






(7






)%






 






 






(16,998






)






 






 






(5






)%






 






 






(77,286






)






 






 






(6






)%






 






 






(57,780






)






 






 






(4






)%








Gain on asset dispositions, net






 






 






5,084






 






 






 






2






%






 






 






2,672






 






 






 






1






%






 






 






13,682






 






 






 






1






%






 






 






15,762






 






 






 






1






%








Operating income






 






$






63,976






 






 






 






19






%






 






$






81,377






 






 






 






24






%






 






$






282,596






 






 






 






21






%






 






$






311,348






 






 






 






23






%







































 



Note (A):  General and administrative expenses for the three and twelve months ended December 31, 2025 include stock-based compensation of $3.4 million and $14.5 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2024 include stock-based compensation of $3.9 million and $13.7 million, respectively. In addition, vessel operating and general and administrative costs for the three and twelve months ended December 31, 2025, include $4.1 and $8.3 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and twelve months ended December 31, 2024, include $1.0 million and $2.3 million in acquisition, restructuring and integration related costs, respectively.











 



TIDEWATER INC.




CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA




(In Thousands, except per share data)










 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








Revenues:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel revenues






 






$






332,883






 






 






$






338,491






 






 






$






336,858






 






 






$






330,699






 






 






$






343,463






 








Other operating revenues






 






 






3,915






 






 






 






2,622






 






 






 






4,573






 






 






 






2,745






 






 






 






1,622






 








Total revenues






 






 






336,798






 






 






 






341,113






 






 






 






341,431






 






 






 






333,444






 






 






 






345,085






 








Costs and expenses:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel operating costs (A)






 






 






172,119






 






 






 






176,130






 






 






 






167,354






 






 






 






164,979






 






 






 






170,384






 








Costs of other operating revenue






 






 






630






 






 






 






1,252






 






 






 






3,108






 






 






 






1,430






 






 






 






688






 








General and administrative (A)






 






 






38,968






 






 






 






35,256






 






 






 






31,213






 






 






 






29,094






 






 






 






30,688






 








Depreciation and amortization






 






 






66,189






 






 






 






66,404






 






 






 






64,314






 






 






 






65,432






 






 






 






64,620






 








Gain on asset dispositions, net






 






 






(5,084






)






 






 






(580






)






 






 






(5,480






)






 






 






(2,538






)






 






 






(2,672






)








Total operating costs and expenses






 






 






272,822






 






 






 






278,462






 






 






 






260,509






 






 






 






258,397






 






 






 






263,708






 








Operating income






 






 






63,976






 






 






 






62,651






 






 






 






80,922






 






 






 






75,047






 






 






 






81,377






 








Other income (expense):






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Foreign exchange gain (loss)






 






 






2,134






 






 






 






1,277






 






 






 






11,703






 






 






 






7,569






 






 






 






(14,337






)








Interest income and other, net






 






 






3,454






 






 






 






455






 






 






 






2,103






 






 






 






2,157






 






 






 






2,697






 








Loss on early extinguishment of debt






 






 






(12






)






 






 






(27,101






)






 






 






—






 






 






 






—






 






 






 






—






 








Interest and other debt costs, net






 






 






(16,715






)






 






 






(16,589






)






 






 






(16,442






)






 






 






(16,344






)






 






 






(16,742






)








Total other expense






 






 






(11,139






)






 






 






(41,958






)






 






 






(2,636






)






 






 






(6,618






)






 






 






(28,382






)








Income before income taxes






 






 






52,837






 






 






 






20,693






 






 






 






78,286






 






 






 






68,429






 






 






 






52,995






 








Income tax expense (benefit)






 






 






(166,612






)






 






 






21,711






 






 






 






5,584






 






 






 






26,109






 






 






 






16,376






 








Net income (loss)






 






 






219,449






 






 






 






(1,018






)






 






 






72,702






 






 






 






42,320






 






 






 






36,619






 








Net loss attributable to noncontrolling interests






 






 






(435






)






 






 






(212






)






 






 






(228






)






 






 






(333






)






 






 






(286






)








Net income (loss) attributable to Tidewater Inc.






 






$






219,884






 






 






$






(806






)






 






$






72,930






 






 






$






42,653






 






 






$






36,905






 








Basic income (loss) per common share






 






$






4.44






 






 






$






(0.02






)






 






$






1.47






 






 






$






0.83






 






 






$






0.71






 








Diluted income (loss) per common share






 






$






4.41






 






 






$






(0.02






)






 






$






1.46






 






 






$






0.83






 






 






$






0.70






 








Weighted average common shares outstanding






 






 






49,564






 






 






 






49,498






 






 






 






49,674






 






 






 






51,502






 






 






 






52,315






 








Dilutive effect of warrants and restricted stock units






 






 






332






 






 






 






—






 






 






 






337






 






 






 






176






 






 






 






514






 








Adjusted weighted average common shares






 






 






49,896






 






 






 






49,498






 






 






 






50,011






 






 






 






51,678






 






 






 






52,829






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel operating margin






 






$






160,764






 






 






$






162,361






 






 






$






169,504






 






 






$






165,720






 






 






$






173,079






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Note (A):  Acquisition, restructuring and integration related costs






 






$






4,064






 






 






$






3,941






 






 






$






340






 






 






$






—






 






 






$






978






 























 



TIDEWATER INC.




CONDENSED CONSOLIDATED BALANCE SHEETS




(In Thousands)






















 



 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








ASSETS






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Current assets:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Cash and cash equivalents






 






$






578,761






 






 






$






428,225






 






 






$






369,405






 






 






$






341,799






 






 






$






324,918






 








Restricted cash






 






 






—






 






 






 






—






 






 






 






21






 






 






 






5,234






 






 






 






2,032






 








Trade and other receivables, net






 






 






285,372






 






 






 






332,596






 






 






 






316,491






 






 






 






312,904






 






 






 






323,805






 








Marine operating supplies






 






 






38,482






 






 






 






27,857






 






 






 






24,467






 






 






 






23,101






 






 






 






34,319






 








Prepaid expenses and other current assets






 






 






11,520






 






 






 






11,652






 






 






 






14,123






 






 






 






15,160






 






 






 






13,588






 








Total current assets






 






 






914,135






 






 






 






800,330






 






 






 






724,507






 






 






 






698,198






 






 






 






698,662






 








Net properties and equipment






 






 






1,072,020






 






 






 






1,104,503






 






 






 






1,132,114






 






 






 






1,163,758






 






 






 






1,184,282






 








Deferred drydocking and survey costs






 






 






139,736






 






 






 






154,234






 






 






 






165,659






 






 






 






169,326






 






 






 






152,550






 








Indemnification assets






 






 






9,455






 






 






 






9,456






 






 






 






11,158






 






 






 






11,114






 






 






 






11,946






 








Deferred tax asset






 






 






200,939






 






 






 






14,511






 






 






 






18,346






 






 






 






831






 






 






 






3,163






 








Other assets






 






 






50,626






 






 






 






45,846






 






 






 






22,588






 






 






 






22,939






 






 






 






24,301






 








Total assets






 






$






2,386,911






 






 






$






2,128,880






 






 






$






2,074,372






 






 






$






2,066,166






 






 






$






2,074,904






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








LIABILITIES AND EQUITY






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Current liabilities:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Accounts payable






 






$






66,347






 






 






$






42,579






 






 






$






48,715






 






 






$






50,203






 






 






$






71,385






 








Accrued expenses






 






 






153,169






 






 






 






130,879






 






 






 






131,305






 






 






 






133,000






 






 






 






129,894






 








Current portion of long-term debt






 






 






5,845






 






 






 






5,840






 






 






 






93,366






 






 






 






80,042






 






 






 






65,386






 








Other current liabilities






 






 






89,876






 






 






 






97,162






 






 






 






69,688






 






 






 






74,299






 






 






 






64,948






 








Total current liabilities






 






 






315,237






 






 






 






276,460






 






 






 






343,074






 






 






 






337,544






 






 






 






331,613






 








Long-term debt






 






 






649,048






 






 






 






649,802






 






 






 






531,874






 






 






 






555,994






 






 






 






571,710






 








Other liabilities






 






 






61,372






 






 






 






63,594






 






 






 






63,197






 






 






 






62,263






 






 






 






60,396






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Equity:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Common stock






 






 






50






 






 






 






50






 






 






 






50






 






 






 






51






 






 






 






52






 








Additional paid-in-capital






 






 






1,663,247






 






 






 






1,659,820






 






 






 






1,656,626






 






 






 






1,652,856






 






 






 






1,656,830






 








Accumulated deficit






 






 






(305,157






)






 






 






(525,041






)






 






 






(524,235






)






 






 






(545,890






)






 






 






(548,831






)








Accumulated other comprehensive income






 






 






7,248






 






 






 






7,894






 






 






 






7,273






 






 






 






6,607






 






 






 






6,060






 








Total stockholders' equity






 






 






1,365,388






 






 






 






1,142,723






 






 






 






1,139,714






 






 






 






1,113,624






 






 






 






1,114,111






 








Noncontrolling interests






 






 






(4,134






)






 






 






(3,699






)






 






 






(3,487






)






 






 






(3,259






)






 






 






(2,926






)








Total equity






 






 






1,361,254






 






 






 






1,139,024






 






 






 






1,136,227






 






 






 






1,110,365






 






 






 






1,111,185






 








Total liabilities and equity






 






$






2,386,911






 






 






$






2,128,880






 






 






$






2,074,372






 






 






$






2,066,166






 






 






$






2,074,904






 











 



TIDEWATER INC.




CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA




(In Thousands)








 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








Cash flows from operating activities:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income (loss)






 






$






219,449






 






 






$






(1,018






)






 






$






72,702






 






 






$






42,320






 






 






$






36,619






 








Adjustments to reconcile net income to net cash provided by operating activities:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Depreciation






 






 






37,838






 






 






 






37,334






 






 






 






36,909






 






 






 






39,014






 






 






 






38,736






 








Amortization of deferred drydocking and survey costs






 






 






28,351






 






 






 






29,070






 






 






 






27,405






 






 






 






26,418






 






 






 






25,884






 








Amortization of debt premiums and discounts






 






 






1,448






 






 






 






975






 






 






 






1,455






 






 






 






1,501






 






 






 






1,612






 








Amortization of below market contracts






 






 






(219






)






 






 






(283






)






 






 






(347






)






 






 






(351






)






 






 






(1,071






)








Unrealized foreign exchange loss (gain)






 






 






(2,322






)






 






 






(997






)






 






 






(10,528






)






 






 






(9,551






)






 






 






12,089






 








Deferred income taxes provision (benefit)






 






 






(184,247






)






 






 






3,851






 






 






 






(17,767






)






 






 






2,347






 






 






 






(2,863






)








Gain on asset dispositions, net






 






 






(5,084






)






 






 






(580






)






 






 






(5,480






)






 






 






(2,538






)






 






 






(2,672






)








Loss on early extinguishment of debt






 






 






12






 






 






 






27,101






 






 






 






—






 






 






 






—






 






 






 






—






 








Stock-based compensation expense






 






 






3,454






 






 






 






3,481






 






 






 






4,057






 






 






 






3,491






 






 






 






3,886






 








Changes in assets and liabilities:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Trade and other receivables






 






 






47,224






 






 






 






(16,105






)






 






 






(3,587






)






 






 






10,901






 






 






 






(30,720






)








Accounts payable






 






 






23,768






 






 






 






(6,136






)






 






 






(1,488






)






 






 






(21,182






)






 






 






7,327






 








Accrued expenses






 






 






23,080






 






 






 






418






 






 






 






(3,329






)






 






 






3,106






 






 






 






12,016






 








Deferred drydocking and survey costs






 






 






(13,853






)






 






 






(17,645






)






 






 






(23,738






)






 






 






(43,339






)






 






 






(17,674






)








Other, net






 






 






(25,939






)






 






 






12,613






 






 






 






(2,606






)






 






 






28,274






 






 






 






16,870






 








Net cash provided by operating activities






 






 






152,960






 






 






 






72,079






 






 






 






73,658






 






 






 






80,411






 






 






 






100,039






 








Cash flows from investing activities:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Proceeds from asset dispositions






 






 






5,331






 






 






 






1,204






 






 






 






7,268






 






 






 






3,816






 






 






 






4,470






 








Proceeds from sale of notes






 






 






—






 






 






 






—






 






 






 






60






 






 






 






600






 






 






 






5,846






 








Additions to properties and equipment






 






 






(5,147






)






 






 






(5,122






)






 






 






(5,226






)






 






 






(10,266






)






 






 






(4,534






)








Net cash provided by (used in) investing activities






 






 






184






 






 






 






(3,918






)






 






 






2,102






 






 






 






(5,850






)






 






 






5,782






 








Cash flows from financing activities:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Exercise of warrants






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






2






 








Issuance of long-term debt






 






 






—






 






 






 






650,000






 






 






 






—






 






 






 






—






 






 






 






—






 








Principal payments on long-term debt






 






 






(1,814






)






 






 






(613,587






)






 






 






(14,041






)






 






 






(12,500






)






 






 






(14,023






)








Purchase of common stock






 






 






—






 






 






 






—






 






 






 






(50,814






)






 






 






(39,275






)






 






 






(44,103






)








Payments on finance leases






 






 






(895






)






 






 






(5,537






)






 






 






—






 






 






 






—






 






 






 






—






 








Debt extinguishment premium






 






 






(12






)






 






 






(19,589






)






 






 






—






 






 






 






—






 






 






 






—






 








Debt issuance costs






 






 






(844






)






 






 






(18,985






)






 






 






—






 






 






 






—






 






 






 






(20






)








Share based awards reacquired to pay taxes






 






 






(27






)






 






 






(287






)






 






 






(287






)






 






 






(7,465






)






 






 






(86






)








Net cash used in financing activities






 






 






(3,592






)






 






 






(7,985






)






 






 






(65,142






)






 






 






(59,240






)






 






 






(58,230






)








Effects of exchange rate changes on cash, cash equivalents and restricted cash






 






 






910






 






 






 






(1,377






)






 






 






11,775






 






 






 






5,562






 






 






 






(8,736






)








Net change in cash, cash equivalents and restricted cash






 






 






150,462






 






 






 






58,799






 






 






 






22,393






 






 






 






20,883






 






 






 






38,855






 








Cash, cash equivalents and restricted cash at beginning of period






 






 






431,106






 






 






 






372,307






 






 






 






349,914






 






 






 






329,031






 






 






 






290,176






 








Cash, cash equivalents and restricted cash at end of period






 






$






581,568






 






 






$






431,106






 






 






$






372,307






 






 






$






349,914






 






 






$






329,031






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Supplemental disclosure of cash flow information:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Cash paid during the year for:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Interest, net of amounts capitalized






 






$






576






 






 






$






17,735






 






 






$






11,994






 






 






$






17,505






 






 






$






12,816






 








Income taxes






 






$






18,366






 






 






$






9,291






 






 






$






17,505






 






 






$






15,148






 






 






$






11,268






 








Supplemental disclosure of noncash investing activities:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Purchase of vessels






 






$






—






 






 






$






—






 






 






$






1,629






 






 






$






9,098






 






 






$






—






 








Recognition of finance leases






 






$






5,262






 






 






$






23,396






 






 






$






—






 






 






$






—






 






 






$






—






 








Supplemental disclosure of noncash financing activities:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Debt incurred for purchase of vessels






 






$






—






 






 






$






—






 






 






$






1,767






 






 






$






9,712






 






 






$






—






 











 



TIDEWATER INC.




OTHER FLEET AND FINANCIAL DATA




(In Thousands)










 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








VESSEL REVENUE BY VESSEL CLASS






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Americas fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






$






29,080






 






 






$






30,460






 






 






$






26,874






 






 






$






23,243






 






 






$






24,158






 








PSV < 900






 






 






25,067






 






 






 






33,363






 






 






 






27,734






 






 






 






21,146






 






 






 






26,743






 








AHTS > 16K






 






 






6,324






 






 






 






6,045






 






 






 






5,243






 






 






 






3,958






 






 






 






2,969






 








AHTS 8 - 16K






 






 






1,322






 






 






 






1,259






 






 






 






1,110






 






 






 






1,242






 






 






 






930






 








AHTS 4 - 8K






 






 






4,069






 






 






 






4,221






 






 






 






4,153






 






 






 






1,752






 






 






 






1,726






 








Other






 






 






3,844






 






 






 






1,565






 






 






 






3,644






 






 






 






3,511






 






 






 






3,714






 








Total






 






 






69,706






 






 






 






76,913






 






 






 






68,758






 






 






 






54,852






 






 






 






60,240






 








Asia Pacific fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






22,560






 






 






 






22,660






 






 






 






20,878






 






 






 






20,457






 






 






 






18,881






 








PSV < 900






 






 






14,135






 






 






 






12,427






 






 






 






11,194






 






 






 






15,311






 






 






 






16,101






 








AHTS > 16K






 






 






4,993






 






 






 






12,065






 






 






 






11,655






 






 






 






8,792






 






 






 






10,851






 








AHTS 8 - 16K






 






 






213






 






 






 






1,518






 






 






 






1,804






 






 






 






2,394






 






 






 






2,836






 








AHTS 4 - 8K






 






 






—






 






 






 






—






 






 






 






—






 






 






 






1,108






 






 






 






2,020






 








Other






 






 






136






 






 






 






5,116






 






 






 






165






 






 






 






166






 






 






 






354






 








Total






 






 






42,037






 






 






 






53,786






 






 






 






45,696






 






 






 






48,228






 






 






 






51,043






 








Middle East fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






2,664






 






 






 






1,246






 






 






 






599






 






 






 






1,446






 






 






 






1,485






 








PSV < 900






 






 






23,507






 






 






 






20,221






 






 






 






18,849






 






 






 






22,494






 






 






 






21,962






 








AHTS 8 - 16K






 






 






5,413






 






 






 






3,681






 






 






 






5,175






 






 






 






3,474






 






 






 






3,425






 








AHTS 4 - 8K






 






 






15,437






 






 






 






16,887






 






 






 






15,592






 






 






 






15,888






 






 






 






13,900






 








Total






 






 






47,021






 






 






 






42,035






 






 






 






40,215






 






 






 






43,302






 






 






 






40,772






 








Europe/Mediterranean fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






64,189






 






 






 






67,302






 






 






 






78,778






 






 






 






64,207






 






 






 






66,380






 








PSV < 900






 






 






14,470






 






 






 






13,901






 






 






 






15,739






 






 






 






11,763






 






 






 






15,287






 








AHTS > 16K






 






 






3,317






 






 






 






2,127






 






 






 






4,266






 






 






 






1,669






 






 






 






1,378






 








Other






 






 






426






 






 






 






410






 






 






 






497






 






 






 






566






 






 






 






1,064






 








Total






 






 






82,402






 






 






 






83,740






 






 






 






99,280






 






 






 






78,205






 






 






 






84,109






 








West Africa fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






12,914






 






 






 






14,328






 






 






 






19,600






 






 






 






30,203






 






 






 






28,064






 








PSV < 900






 






 






27,074






 






 






 






23,817






 






 






 






24,815






 






 






 






37,021






 






 






 






44,047






 








AHTS > 16K






 






 






15,149






 






 






 






12,037






 






 






 






9,934






 






 






 






10,172






 






 






 






9,602






 








AHTS 8 - 16K






 






 






27,211






 






 






 






22,859






 






 






 






21,725






 






 






 






20,775






 






 






 






17,898






 








AHTS 4 - 8K






 






 






1,427






 






 






 






1,428






 






 






 






1,457






 






 






 






2,086






 






 






 






3,185






 








Other






 






 






7,942






 






 






 






7,548






 






 






 






5,378






 






 






 






5,855






 






 






 






4,503






 








Total






 






 






91,717






 






 






 






82,017






 






 






 






82,909






 






 






 






106,112






 






 






 






107,299






 








Worldwide fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






131,407






 






 






 






135,996






 






 






 






146,729






 






 






 






139,556






 






 






 






138,968






 








PSV < 900






 






 






104,253






 






 






 






103,729






 






 






 






98,331






 






 






 






107,735






 






 






 






124,140






 








AHTS > 16K






 






 






29,783






 






 






 






32,274






 






 






 






31,098






 






 






 






24,591






 






 






 






24,800






 








AHTS 8 - 16K






 






 






34,159






 






 






 






29,317






 






 






 






29,814






 






 






 






27,885






 






 






 






25,089






 








AHTS 4 - 8K






 






 






20,933






 






 






 






22,536






 






 






 






21,202






 






 






 






20,834






 






 






 






20,831






 








Other






 






 






12,348






 






 






 






14,639






 






 






 






9,684






 






 






 






10,098






 






 






 






9,635






 








Total






 






$






332,883






 






 






$






338,491






 






 






$






336,858






 






 






$






330,699






 






 






$






343,463






 











 



TIDEWATER INC.




OTHER FLEET AND FINANCIAL DATA










 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








AVERAGE NUMBER OF VESSELS:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Americas fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






12






 






 






 






12






 






 






 






11






 






 






 






10






 






 






 






10






 








PSV < 900






 






 






17






 






 






 






17






 






 






 






16






 






 






 






16






 






 






 






16






 








AHTS > 16K






 






 






2






 






 






 






2






 






 






 






2






 






 






 






2






 






 






 






2






 








AHTS 8 - 16K






 






 






1






 






 






 






1






 






 






 






1






 






 






 






1






 






 






 






1






 








AHTS 4 - 8K






 






 






2






 






 






 






2






 






 






 






2






 






 






 






2






 






 






 






2






 








Other






 






 






2






 






 






 






1






 






 






 






2






 






 






 






2






 






 






 






2






 








Total






 






 






36






 






 






 






35






 






 






 






34






 






 






 






33






 






 






 






33






 








Stacked vessels






 






 






(4






)






 






 






(2






)






 






 






(2






)






 






 






(1






)






 






 






—






 








Active vessels






 






 






32






 






 






 






33






 






 






 






32






 






 






 






32






 






 






 






33






 








Asia Pacific fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






9






 






 






 






9






 






 






 






9






 






 






 






9






 






 






 






9






 








PSV < 900






 






 






5






 






 






 






5






 






 






 






5






 






 






 






5






 






 






 






5






 








AHTS > 16K






 






 






2






 






 






 






3






 






 






 






3






 






 






 






3






 






 






 






3






 








AHTS 8 - 16K






 






 






—






 






 






 






2






 






 






 






2






 






 






 






2






 






 






 






2






 








AHTS 4 - 8K






 






 






—






 






 






 






—






 






 






 






1






 






 






 






1






 






 






 






1






 








Other






 






 






—






 






 






 






1






 






 






 






—






 






 






 






—






 






 






 






—






 








Total






 






 






16






 






 






 






20






 






 






 






20






 






 






 






20






 






 






 






20






 








Stacked vessels






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Active vessels






 






 






16






 






 






 






20






 






 






 






20






 






 






 






20






 






 






 






20






 








Middle East fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






1






 






 






 






1






 






 






 






1






 






 






 






1






 






 






 






1






 








PSV < 900






 






 






20






 






 






 






20






 






 






 






20






 






 






 






20






 






 






 






20






 








AHTS 8 - 16K






 






 






7






 






 






 






5






 






 






 






5






 






 






 






5






 






 






 






5






 








AHTS 4 - 8K






 






 






17






 






 






 






17






 






 






 






17






 






 






 






17






 






 






 






17






 








Total






 






 






45






 






 






 






43






 






 






 






43






 






 






 






43






 






 






 






43






 








Stacked vessels






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Active vessels






 






 






45






 






 






 






43






 






 






 






43






 






 






 






43






 






 






 






43






 








Europe/Mediterranean fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






40






 






 






 






40






 






 






 






39






 






 






 






39






 






 






 






39






 








PSV < 900






 






 






9






 






 






 






9






 






 






 






9






 






 






 






9






 






 






 






9






 








AHTS > 16K






 






 






1






 






 






 






1






 






 






 






2






 






 






 






2






 






 






 






2






 








Total






 






 






50






 






 






 






50






 






 






 






50






 






 






 






50






 






 






 






50






 








Stacked vessels






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Active vessels






 






 






50






 






 






 






50






 






 






 






50






 






 






 






50






 






 






 






50






 








West Africa fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






7






 






 






 






7






 






 






 






9






 






 






 






10






 






 






 






10






 








PSV < 900






 






 






18






 






 






 






18






 






 






 






19






 






 






 






20






 






 






 






20






 








AHTS > 16K






 






 






6






 






 






 






5






 






 






 






4






 






 






 






4






 






 






 






4






 








AHTS 8 - 16K






 






 






13






 






 






 






13






 






 






 






14






 






 






 






13






 






 






 






13






 








AHTS 4 - 8K






 






 






2






 






 






 






2






 






 






 






2






 






 






 






2






 






 






 






3






 








Other






 






 






16






 






 






 






20






 






 






 






21






 






 






 






22






 






 






 






20






 








Total






 






 






62






 






 






 






65






 






 






 






69






 






 






 






71






 






 






 






70






 








Stacked vessels






 






 






(4






)






 






 






(5






)






 






 






(4






)






 






 






(6






)






 






 






—






 








Active vessels






 






 






58






 






 






 






60






 






 






 






65






 






 






 






65






 






 






 






70






 








Worldwide fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






69






 






 






 






69






 






 






 






69






 






 






 






69






 






 






 






69






 








PSV < 900






 






 






69






 






 






 






69






 






 






 






69






 






 






 






70






 






 






 






70






 








AHTS > 16K






 






 






11






 






 






 






11






 






 






 






11






 






 






 






11






 






 






 






11






 








AHTS 8 - 16K






 






 






21






 






 






 






21






 






 






 






22






 






 






 






21






 






 






 






21






 








AHTS 4 - 8K






 






 






21






 






 






 






21






 






 






 






22






 






 






 






22






 






 






 






23






 








Other






 






 






18






 






 






 






22






 






 






 






23






 






 






 






24






 






 






 






22






 








Total






 






 






209






 






 






 






213






 






 






 






216






 






 






 






217






 






 






 






216






 








Stacked vessels






 






 






(8






)






 






 






(7






)






 






 






(6






)






 






 






(7






)






 






 






—






 








Active vessels






 






 






201






 






 






 






206






 






 






 






210






 






 






 






210






 






 






 






216






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Total active






 






 






201






 






 






 






206






 






 






 






210






 






 






 






210






 






 






 






216






 








Total stacked






 






 






8






 






 






 






7






 






 






 






6






 






 






 






7






 






 






 






—






 








Total






 






 






209






 






 






 






213






 






 






 






216






 






 






 






217






 






 






 






216






 











 



TIDEWATER INC.




OTHER FLEET AND FINANCIAL DATA













 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








AVAILABLE DAYS - TOTAL FLEET:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Americas fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






1,082






 






 






 






1,060






 






 






 






947






 






 






 






900






 






 






 






920






 








PSV < 900






 






 






1,533






 






 






 






1,564






 






 






 






1,493






 






 






 






1,432






 






 






 






1,472






 








AHTS > 16K






 






 






184






 






 






 






184






 






 






 






182






 






 






 






180






 






 






 






184






 








AHTS 8 - 16K






 






 






92






 






 






 






92






 






 






 






91






 






 






 






90






 






 






 






92






 








AHTS 4 - 8K






 






 






184






 






 






 






184






 






 






 






182






 






 






 






180






 






 






 






184






 








Other






 






 






184






 






 






 






93






 






 






 






179






 






 






 






180






 






 






 






184






 








Total






 






 






3,259






 






 






 






3,177






 






 






 






3,074






 






 






 






2,962






 






 






 






3,036






 








Asia Pacific fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






828






 






 






 






828






 






 






 






819






 






 






 






810






 






 






 






828






 








PSV < 900






 






 






491






 






 






 






460






 






 






 






455






 






 






 






450






 






 






 






460






 








AHTS > 16K






 






 






198






 






 






 






276






 






 






 






273






 






 






 






270






 






 






 






276






 








AHTS 8 - 16K






 






 






43






 






 






 






184






 






 






 






182






 






 






 






180






 






 






 






184






 








AHTS 4 - 8K






 






 






—






 






 






 






—






 






 






 






65






 






 






 






90






 






 






 






92






 








Other






 






 






—






 






 






 






91






 






 






 






3






 






 






 






—






 






 






 






—






 








Total






 






 






1,560






 






 






 






1,839






 






 






 






1,797






 






 






 






1,800






 






 






 






1,840






 








Middle East fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






92






 






 






 






92






 






 






 






91






 






 






 






90






 






 






 






92






 








PSV < 900






 






 






1,840






 






 






 






1,840






 






 






 






1,820






 






 






 






1,800






 






 






 






1,840






 








AHTS 8 - 16K






 






 






601






 






 






 






460






 






 






 






455






 






 






 






450






 






 






 






460






 








AHTS 4 - 8K






 






 






1,564






 






 






 






1,564






 






 






 






1,547






 






 






 






1,530






 






 






 






1,564






 








Total






 






 






4,097






 






 






 






3,956






 






 






 






3,913






 






 






 






3,870






 






 






 






3,956






 








Europe/Mediterranean fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






3,727






 






 






 






3,680






 






 






 






3,569






 






 






 






3,510






 






 






 






3,588






 








PSV < 900






 






 






859






 






 






 






828






 






 






 






812






 






 






 






810






 






 






 






828






 








AHTS > 16K






 






 






92






 






 






 






92






 






 






 






182






 






 






 






180






 






 






 






184






 








Total






 






 






4,678






 






 






 






4,600






 






 






 






4,563






 






 






 






4,500






 






 






 






4,600






 








West Africa fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






619






 






 






 






688






 






 






 






853






 






 






 






900






 






 






 






920






 








PSV < 900






 






 






1,625






 






 






 






1,656






 






 






 






1,699






 






 






 






1,800






 






 






 






1,840






 








AHTS > 16K






 






 






538






 






 






 






460






 






 






 






364






 






 






 






360






 






 






 






368






 








AHTS 8 - 16K






 






 






1,196






 






 






 






1,196






 






 






 






1,247






 






 






 






1,180






 






 






 






1,196






 








AHTS 4 - 8K






 






 






154






 






 






 






184






 






 






 






182






 






 






 






180






 






 






 






235






 








Other






 






 






1,485






 






 






 






1,817






 






 






 






1,905






 






 






 






1,941






 






 






 






1,840






 








Total






 






 






5,617






 






 






 






6,001






 






 






 






6,250






 






 






 






6,361






 






 






 






6,399






 








Worldwide fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






6,348






 






 






 






6,348






 






 






 






6,279






 






 






 






6,210






 






 






 






6,348






 








PSV < 900






 






 






6,348






 






 






 






6,348






 






 






 






6,279






 






 






 






6,292






 






 






 






6,440






 








AHTS > 16K






 






 






1,012






 






 






 






1,012






 






 






 






1,001






 






 






 






990






 






 






 






1,012






 








AHTS 8 - 16K






 






 






1,932






 






 






 






1,932






 






 






 






1,975






 






 






 






1,900






 






 






 






1,932






 








AHTS 4 - 8K






 






 






1,902






 






 






 






1,932






 






 






 






1,976






 






 






 






1,980






 






 






 






2,075






 








Other






 






 






1,669






 






 






 






2,001






 






 






 






2,087






 






 






 






2,121






 






 






 






2,024






 








Total






 






 






19,211






 






 






 






19,573






 






 






 






19,597






 






 






 






19,493






 






 






 






19,831






 











 



TIDEWATER INC.




OTHER FLEET AND FINANCIAL DATA










 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








OUT-OF-SERVICE - STACKED DAYS:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Americas fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV < 900






 






 






385






 






 






 






184






 






 






 






182






 






 






 






82






 






 






 






15






 








Total






 






 






385






 






 






 






184






 






 






 






182






 






 






 






82






 






 






 






15






 








West Africa fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








AHTS 4 - 8K






 






 






62






 






 






 






92






 






 






 






91






 






 






 






49






 






 






 






—






 








Other






 






 






289






 






 






 






404






 






 






 






312






 






 






 






477






 






 






 






—






 








Total






 






 






351






 






 






 






496






 






 






 






403






 






 






 






526






 






 






 






—






 








Worldwide fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV < 900






 






 






385






 






 






 






184






 






 






 






182






 






 






 






82






 






 






 






15






 








AHTS 4 - 8K






 






 






62






 






 






 






92






 






 






 






91






 






 






 






49






 






 






 






—






 








Other






 






 






289






 






 






 






404






 






 






 






312






 






 






 






477






 






 






 






—






 








Total






 






 






736






 






 






 






680






 






 






 






585






 






 






 






608






 






 






 






15






 











 



TIDEWATER INC.




OTHER FLEET AND FINANCIAL DATA










 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








AVAILABLE DAYS - ACTIVE FLEET:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Americas fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






1,082






 






 






 






1,060






 






 






 






947






 






 






 






900






 






 






 






920






 








PSV < 900






 






 






1,148






 






 






 






1,380






 






 






 






1,311






 






 






 






1,350






 






 






 






1,457






 








AHTS > 16K






 






 






184






 






 






 






184






 






 






 






182






 






 






 






180






 






 






 






184






 








AHTS 8 - 16K






 






 






92






 






 






 






92






 






 






 






91






 






 






 






90






 






 






 






92






 








AHTS 4 - 8K






 






 






184






 






 






 






184






 






 






 






182






 






 






 






180






 






 






 






184






 








Other






 






 






184






 






 






 






93






 






 






 






179






 






 






 






180






 






 






 






184






 








Total






 






 






2,874






 






 






 






2,993






 






 






 






2,892






 






 






 






2,880






 






 






 






3,021






 








Asia Pacific fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






828






 






 






 






828






 






 






 






819






 






 






 






810






 






 






 






828






 








PSV < 900






 






 






491






 






 






 






460






 






 






 






455






 






 






 






450






 






 






 






460






 








AHTS > 16K






 






 






198






 






 






 






276






 






 






 






273






 






 






 






270






 






 






 






276






 








AHTS 8 - 16K






 






 






43






 






 






 






184






 






 






 






182






 






 






 






180






 






 






 






184






 








AHTS 4 - 8K






 






 






—






 






 






 






—






 






 






 






65






 






 






 






90






 






 






 






92






 








Other






 






 






—






 






 






 






91






 






 






 






3






 






 






 






—






 






 






 






—






 








Total






 






 






1,560






 






 






 






1,839






 






 






 






1,797






 






 






 






1,800






 






 






 






1,840






 








Middle East fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






92






 






 






 






92






 






 






 






91






 






 






 






90






 






 






 






92






 








PSV < 900






 






 






1,840






 






 






 






1,840






 






 






 






1,820






 






 






 






1,800






 






 






 






1,840






 








AHTS 8 - 16K






 






 






601






 






 






 






460






 






 






 






455






 






 






 






450






 






 






 






460






 








AHTS 4 - 8K






 






 






1,564






 






 






 






1,564






 






 






 






1,547






 






 






 






1,530






 






 






 






1,564






 








Total






 






 






4,097






 






 






 






3,956






 






 






 






3,913






 






 






 






3,870






 






 






 






3,956






 








Europe/Mediterranean fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






3,727






 






 






 






3,680






 






 






 






3,569






 






 






 






3,510






 






 






 






3,588






 








PSV < 900






 






 






859






 






 






 






828






 






 






 






812






 






 






 






810






 






 






 






828






 








AHTS > 16K






 






 






92






 






 






 






92






 






 






 






182






 






 






 






180






 






 






 






184






 








Total






 






 






4,678






 






 






 






4,600






 






 






 






4,563






 






 






 






4,500






 






 






 






4,600






 








West Africa fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






619






 






 






 






688






 






 






 






853






 






 






 






900






 






 






 






920






 








PSV < 900






 






 






1,625






 






 






 






1,656






 






 






 






1,699






 






 






 






1,800






 






 






 






1,840






 








AHTS > 16K






 






 






538






 






 






 






460






 






 






 






364






 






 






 






360






 






 






 






368






 








AHTS 8 - 16K






 






 






1,196






 






 






 






1,196






 






 






 






1,247






 






 






 






1,180






 






 






 






1,196






 








AHTS 4 - 8K






 






 






92






 






 






 






92






 






 






 






91






 






 






 






131






 






 






 






235






 








Other






 






 






1,196






 






 






 






1,413






 






 






 






1,593






 






 






 






1,464






 






 






 






1,840






 








Total






 






 






5,266






 






 






 






5,505






 






 






 






5,847






 






 






 






5,835






 






 






 






6,399






 








Worldwide fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






6,348






 






 






 






6,348






 






 






 






6,279






 






 






 






6,210






 






 






 






6,348






 








PSV < 900






 






 






5,963






 






 






 






6,164






 






 






 






6,097






 






 






 






6,210






 






 






 






6,425






 








AHTS > 16K






 






 






1,012






 






 






 






1,012






 






 






 






1,001






 






 






 






990






 






 






 






1,012






 








AHTS 8 - 16K






 






 






1,932






 






 






 






1,932






 






 






 






1,975






 






 






 






1,900






 






 






 






1,932






 








AHTS 4 - 8K






 






 






1,840






 






 






 






1,840






 






 






 






1,885






 






 






 






1,931






 






 






 






2,075






 








Other






 






 






1,380






 






 






 






1,597






 






 






 






1,775






 






 






 






1,644






 






 






 






2,024






 








Total






 






 






18,475






 






 






 






18,893






 






 






 






19,012






 






 






 






18,885






 






 






 






19,816






 











 



TIDEWATER INC.




OTHER FLEET AND FINANCIAL DATA










 



 






 






Three Months Ended






 








 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








UTILIZATION - TOTAL FLEET:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Americas fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






74.9






%






 






 






83.6






%






 






 






87.0






%






 






 






78.3






%






 






 






77.4






%








PSV < 900






 






 






58.4






 






 






 






70.3






 






 






 






63.6






 






 






 






53.0






 






 






 






74.2






 








AHTS > 16K






 






 






98.1






 






 






 






92.7






 






 






 






77.3






 






 






 






61.3






 






 






 






50.3






 








AHTS 8 - 16K






 






 






100.0






 






 






 






100.0






 






 






 






92.7






 






 






 






100.0






 






 






 






77.3






 








AHTS 4 - 8K






 






 






97.3






 






 






 






100.0






 






 






 






99.5






 






 






 






44.5






 






 






 






90.2






 








Other






 






 






75.9






 






 






 






96.4






 






 






 






83.5






 






 






 






91.8






 






 






 






72.4






 








Total






 






 






70.4






%






 






 






79.4






%






 






 






75.8






%






 






 






64.4






%






 






 






74.7






%








Asia Pacific fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






75.8






%






 






 






75.2






%






 






 






70.1






%






 






 






67.7






%






 






 






63.4






%








PSV < 900






 






 






96.0






 






 






 






90.3






 






 






 






75.0






 






 






 






93.7






 






 






 






99.5






 








AHTS > 16K






 






 






42.0






 






 






 






63.7






 






 






 






88.5






 






 






 






66.7






 






 






 






75.4






 








AHTS 8 - 16K






 






 






35.9






 






 






 






35.1






 






 






 






34.4






 






 






 






64.1






 






 






 






64.9






 








AHTS 4 - 8K






 






 






—






 






 






 






—






 






 






 






—






 






 






 






56.2






 






 






 






100.0






 








Other






 






 






—






 






 






 






99.5






 






 






 






—






 






 






 






—






 






 






 






—






 








Total






 






 






76.8






%






 






 






74.5






%






 






 






67.9






%






 






 






73.1






%






 






 






76.2






%








Middle East fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






100.0






%






 






 






82.6






%






 






 






38.9






%






 






 






100.0






%






 






 






100.0






%








PSV < 900






 






 






82.9






 






 






 






79.2






 






 






 






76.9






 






 






 






94.0






 






 






 






91.9






 








AHTS 8 - 16K






 






 






69.1






 






 






 






65.1






 






 






 






95.7






 






 






 






63.7






 






 






 






64.3






 








AHTS 4 - 8K






 






 






79.0






 






 






 






86.0






 






 






 






81.0






 






 






 






86.3






 






 






 






80.8






 








Total






 






 






79.8






%






 






 






80.3






%






 






 






79.8






%






 






 






87.6






%






 






 






84.5






%








Europe/Mediterranean fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






87.7






%






 






 






88.7






%






 






 






94.8






%






 






 






88.0






%






 






 






86.1






%








PSV < 900






 






 






85.8






 






 






 






81.2






 






 






 






92.0






 






 






 






79.2






 






 






 






93.6






 








AHTS > 16K






 






 






78.0






 






 






 






100.0






 






 






 






69.1






 






 






 






49.8






 






 






 






32.3






 








Total






 






 






87.2






%






 






 






87.5






%






 






 






93.3






%






 






 






84.9






%






 






 






85.3






%








West Africa fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






71.0






%






 






 






66.8






%






 






 






70.1






%






 






 






96.1






%






 






 






88.8






%








PSV < 900






 






 






68.8






 






 






 






53.8






 






 






 






52.4






 






 






 






68.5






 






 






 






80.9






 








AHTS > 16K






 






 






87.3






 






 






 






79.9






 






 






 






85.1






 






 






 






95.6






 






 






 






80.1






 








AHTS 8 - 16K






 






 






96.9






 






 






 






84.9






 






 






 






75.3






 






 






 






83.0






 






 






 






78.6






 








AHTS 4 - 8K






 






 






59.7






 






 






 






50.0






 






 






 






50.0






 






 






 






66.7






 






 






 






73.4






 








Other






 






 






65.4






 






 






 






50.3






 






 






 






40.5






 






 






 






43.0






 






 






 






40.8






 








Total






 






 






75.7






%






 






 






62.3






%






 






 






57.6






%






 






 






68.8






%






 






 






69.8






%








Worldwide fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






82.5






%






 






 






83.6






%






 






 






86.2






%






 






 






85.3






%






 






 






82.5






%








PSV < 900






 






 






74.8






 






 






 






71.5






 






 






 






68.9






 






 






 






75.4






 






 






 






85.5






 








AHTS > 16K






 






 






79.6






 






 






 






79.7






 






 






 






81.7






 






 






 






73.1






 






 






 






64.7






 








AHTS 8 - 16K






 






 






87.1






 






 






 






76.1






 






 






 






77.0






 






 






 






77.5






 






 






 






73.9






 








AHTS 4 - 8K






 






 






79.2






 






 






 






83.9






 






 






 






77.2






 






 






 






79.4






 






 






 






81.6






 








Other






 






 






66.5






 






 






 






54.6






 






 






 






44.1






 






 






 






47.2






 






 






 






43.7






 








Total






 






 






78.6






%






 






 






75.8






%






 






 






74.1






%






 






 






76.0






%






 






 






77.6






%











 



TIDEWATER INC.




OTHER FLEET AND FINANCIAL DATA










 



 






 






Three Months Ended






 








 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








UTILIZATION - ACTIVE FLEET:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Americas fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






74.9






%






 






 






83.6






%






 






 






87.0






%






 






 






78.3






%






 






 






77.4






%








PSV < 900






 






 






77.9






 






 






 






79.7






 






 






 






72.4






 






 






 






56.2






 






 






 






75.0






 








AHTS > 16K






 






 






98.1






 






 






 






92.7






 






 






 






77.3






 






 






 






61.3






 






 






 






50.3






 








AHTS 8 - 16K






 






 






100.0






 






 






 






100.0






 






 






 






92.7






 






 






 






100.0






 






 






 






77.3






 








AHTS 4 - 8K






 






 






97.3






 






 






 






100.0






 






 






 






99.5






 






 






 






44.5






 






 






 






90.2






 








Other






 






 






75.9






 






 






 






96.4






 






 






 






83.5






 






 






 






91.8






 






 






 






72.4






 








Total






 






 






79.9






%






 






 






84.3






%






 






 






80.5






%






 






 






66.3






%






 






 






75.1






%








Asia Pacific fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






75.8






%






 






 






75.2






%






 






 






70.1






%






 






 






67.7






%






 






 






63.4






%








PSV < 900






 






 






96.0






 






 






 






90.3






 






 






 






75.0






 






 






 






93.7






 






 






 






99.5






 








AHTS > 16K






 






 






42.0






 






 






 






63.7






 






 






 






88.5






 






 






 






66.7






 






 






 






75.4






 








AHTS 8 - 16K






 






 






35.9






 






 






 






35.1






 






 






 






34.4






 






 






 






64.1






 






 






 






64.9






 








AHTS 4 - 8K






 






 






—






 






 






 






—






 






 






 






—






 






 






 






56.2






 






 






 






100.0






 








Other






 






 






—






 






 






 






99.5






 






 






 






—






 






 






 






—






 






 






 






—






 








Total






 






 






76.8






%






 






 






74.5






%






 






 






67.9






%






 






 






73.1






%






 






 






76.2






%








Middle East fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






100.0






%






 






 






82.6






%






 






 






38.9






%






 






 






100.0






%






 






 






100.0






%








PSV < 900






 






 






82.9






 






 






 






79.2






 






 






 






76.9






 






 






 






94.0






 






 






 






91.9






 








AHTS 8 - 16K






 






 






69.1






 






 






 






65.1






 






 






 






95.7






 






 






 






63.7






 






 






 






64.3






 








AHTS 4 - 8K






 






 






79.0






 






 






 






86.0






 






 






 






81.0






 






 






 






86.3






 






 






 






80.8






 








Total






 






 






79.8






%






 






 






80.3






%






 






 






79.8






%






 






 






87.6






%






 






 






84.5






%








Europe/Mediterranean fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






87.7






%






 






 






88.7






%






 






 






94.8






%






 






 






88.0






%






 






 






86.1






%








PSV < 900






 






 






85.8






 






 






 






81.2






 






 






 






92.0






 






 






 






79.2






 






 






 






93.6






 








AHTS > 16K






 






 






78.0






 






 






 






100.0






 






 






 






69.1






 






 






 






49.8






 






 






 






32.3






 








Total






 






 






87.2






%






 






 






87.5






%






 






 






93.3






%






 






 






84.9






%






 






 






85.3






%








West Africa fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






71.0






%






 






 






66.8






%






 






 






70.1






%






 






 






96.1






%






 






 






88.8






%








PSV < 900






 






 






68.8






 






 






 






53.8






 






 






 






52.4






 






 






 






68.5






 






 






 






80.9






 








AHTS > 16K






 






 






87.3






 






 






 






79.9






 






 






 






85.1






 






 






 






95.6






 






 






 






80.1






 








AHTS 8 - 16K






 






 






96.9






 






 






 






84.9






 






 






 






75.3






 






 






 






83.0






 






 






 






78.6






 








AHTS 4 - 8K






 






 






100.0






 






 






 






100.0






 






 






 






100.0






 






 






 






91.6






 






 






 






73.4






 








Other






 






 






81.2






 






 






 






64.6






 






 






 






48.4






 






 






 






57.0






 






 






 






40.8






 








Total






 






 






80.7






%






 






 






67.9






%






 






 






61.6






%






 






 






75.0






%






 






 






69.8






%








Worldwide fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






82.5






%






 






 






83.6






%






 






 






86.2






%






 






 






85.3






%






 






 






82.5






%








PSV < 900






 






 






79.6






 






 






 






73.6






 






 






 






71.0






 






 






 






76.4






 






 






 






85.7






 








AHTS > 16K






 






 






79.6






 






 






 






79.7






 






 






 






81.7






 






 






 






73.1






 






 






 






64.7






 








AHTS 8 - 16K






 






 






87.1






 






 






 






76.1






 






 






 






77.0






 






 






 






77.5






 






 






 






73.9






 








AHTS 4 - 8K






 






 






81.9






 






 






 






88.1






 






 






 






80.9






 






 






 






81.4






 






 






 






81.6






 








Other






 






 






80.5






 






 






 






68.5






 






 






 






51.8






 






 






 






60.8






 






 






 






43.7






 








Total






 






 






81.7






%






 






 






78.5






%






 






 






76.4






%






 






 






78.4






%






 






 






77.7






%











 



TIDEWATER INC.




OTHER FLEET AND FINANCIAL DATA










 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








AVERAGE VESSEL DAY RATES: (A)






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Americas fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






$






35,891






 






 






$






34,365






 






 






$






32,617






 






 






$






32,992






 






 






$






33,907






 








PSV < 900






 






 






28,021






 






 






 






30,326






 






 






 






29,222






 






 






 






27,862






 






 






 






24,479






 








AHTS > 16K






 






 






35,038






 






 






 






35,435






 






 






 






37,252






 






 






 






35,888






 






 






 






32,095






 








AHTS 8 - 16K






 






 






14,368






 






 






 






13,672






 






 






 






13,151






 






 






 






13,796






 






 






 






13,079






 








AHTS 4 - 8K






 






 






22,733






 






 






 






22,942






 






 






 






22,943






 






 






 






21,889






 






 






 






10,399






 








Other






 






 






27,545






 






 






 






17,456






 






 






 






24,369






 






 






 






21,251






 






 






 






27,870






 








Total






 






 






30,362






 






 






 






30,487






 






 






 






29,526






 






 






 






28,733






 






 






 






26,563






 








Asia Pacific fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






35,929






 






 






 






36,371






 






 






 






36,341






 






 






 






37,304






 






 






 






35,984






 








PSV < 900






 






 






29,975






 






 






 






29,908






 






 






 






32,803






 






 






 






36,309






 






 






 






35,192






 








AHTS > 16K






 






 






59,996






 






 






 






68,580






 






 






 






48,255






 






 






 






48,843






 






 






 






52,170






 








AHTS 8 - 16K






 






 






13,776






 






 






 






23,531






 






 






 






28,856






 






 






 






20,764






 






 






 






23,746






 








AHTS 4 - 8K






 






 






—






 






 






 






—






 






 






 






—






 






 






 






21,890






 






 






 






21,959






 








Other






 






 






—






 






 






 






55,320






 






 






 






—






 






 






 






—






 






 






 






—






 








Total






 






 






35,025






 






 






 






39,196






 






 






 






37,372






 






 






 






36,564






 






 






 






36,203






 








Middle East fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






28,955






 






 






 






16,391






 






 






 






16,929






 






 






 






16,072






 






 






 






16,146






 








PSV < 900






 






 






15,405






 






 






 






13,878






 






 






 






13,469






 






 






 






13,301






 






 






 






12,981






 








AHTS 8 - 16K






 






 






13,033






 






 






 






12,290






 






 






 






11,889






 






 






 






12,112






 






 






 






11,575






 








AHTS 4 - 8K






 






 






12,487






 






 






 






12,555






 






 






 






12,443






 






 






 






12,026






 






 






 






11,006






 








Total






 






 






14,381






 






 






 






13,228






 






 






 






12,877






 






 






 






12,777






 






 






 






12,197






 








Europe/Mediterranean fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






19,640






 






 






 






20,630






 






 






 






23,292






 






 






 






20,782






 






 






 






21,499






 








PSV < 900






 






 






19,625






 






 






 






20,674






 






 






 






21,061






 






 






 






18,337






 






 






 






19,727






 








AHTS > 16K






 






 






46,204






 






 






 






23,122






 






 






 






33,904






 






 






 






18,613






 






 






 






23,177






 








Total






 






 






20,173






 






 






 






20,752






 






 






 






23,275






 






 






 






20,405






 






 






 






21,249






 








West Africa fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






29,383






 






 






 






31,188






 






 






 






32,777






 






 






 






34,924






 






 






 






34,334






 








PSV < 900






 






 






24,213






 






 






 






26,729






 






 






 






27,867






 






 






 






30,017






 






 






 






29,598






 








AHTS > 16K






 






 






32,256






 






 






 






32,746






 






 






 






32,082






 






 






 






29,568






 






 






 






32,557






 








AHTS 8 - 16K






 






 






23,470






 






 






 






22,524






 






 






 






23,123






 






 






 






21,204






 






 






 






19,033






 








AHTS 4 - 8K






 






 






15,511






 






 






 






15,516






 






 






 






16,010






 






 






 






17,387






 






 






 






18,462






 








Other






 






 






8,180






 






 






 






8,264






 






 






 






6,979






 






 






 






7,013






 






 






 






6,001






 








Total






 






 






21,583






 






 






 






21,940






 






 






 






23,035






 






 






 






24,244






 






 






 






24,038






 








Worldwide fleet:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








PSV > 900






 






 






25,087






 






 






 






25,625






 






 






 






27,102






 






 






 






26,345






 






 






 






26,550






 








PSV < 900






 






 






21,959






 






 






 






22,867






 






 






 






22,722






 






 






 






22,697






 






 






 






22,550






 








AHTS > 16K






 






 






36,991






 






 






 






40,037






 






 






 






38,029






 






 






 






33,966






 






 






 






37,870






 








AHTS 8 - 16K






 






 






20,306






 






 






 






19,931






 






 






 






19,592






 






 






 






18,945






 






 






 






17,584






 








AHTS 4 - 8K






 






 






13,888






 






 






 






13,902






 






 






 






13,902






 






 






 






13,255






 






 






 






12,301






 








Other






 






 






10,923






 






 






 






13,127






 






 






 






10,147






 






 






 






9,746






 






 






 






9,691






 








Total






 






$






22,044






 






 






$






22,798






 






 






$






23,166






 






 






$






22,303






 






 






$






22,236






 



























 



Note (A):  Average Vessel Day Rates equals Vessel Revenue / Days Worked.




























 



TIDEWATER INC.




OTHER FLEET AND FINANCIAL DATA




(In Thousands)










 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Americas






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel revenues






 






$






69,706






 






 






$






76,913






 






 






$






68,758






 






 






$






54,852






 






 






$






60,240






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel operating costs:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Crew costs






 






 






22,429






 






 






 






22,634






 






 






 






19,652






 






 






 






17,440






 






 






 






18,519






 








Repair and maintenance






 






 






6,286






 






 






 






5,350






 






 






 






4,830






 






 






 






4,266






 






 






 






5,271






 








Insurance






 






 






540






 






 






 






570






 






 






 






351






 






 






 






571






 






 






 






506






 








Fuel, lube and supplies






 






 






2,739






 






 






 






2,464






 






 






 






2,215






 






 






 






2,617






 






 






 






2,954






 








Other






 






 






5,875






 






 






 






4,598






 






 






 






5,965






 






 






 






10,129






 






 






 






6,795






 








Total vessel operating costs






 






 






37,869






 






 






 






35,616






 






 






 






33,013






 






 






 






35,023






 






 






 






34,045






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel operating margin ($)






 






 






31,837






 






 






 






41,297






 






 






 






35,745






 






 






 






19,829






 






 






 






26,195






 








Vessel operating margin (%)






 






 






45.7






%






 






 






53.7






%






 






 






52.0






%






 






 






36.2






%






 






 






43.5






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Americas - Select operating statistics






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average vessels - Total fleet






 






 






36






 






 






 






35






 






 






 






34






 






 






 






33






 






 






 






33






 








Utilization - Total fleet






 






 






70.4






%






 






 






79.4






%






 






 






75.8






%






 






 






64.4






%






 






 






74.7






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average vessels - Active fleet






 






 






32






 






 






 






33






 






 






 






32






 






 






 






32






 






 






 






33






 








Utilization - Active fleet






 






 






79.9






%






 






 






84.3






%






 






 






80.5






%






 






 






66.3






%






 






 






75.1






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average day rates






 






$






30,362






 






 






$






30,487






 






 






$






29,526






 






 






$






28,733






 






 






$






26,563






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessels commencing drydocks






 






 






3






 






 






 






—






 






 






 






1






 






 






 






3






 






 






 






1






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Deferred drydocking and survey costs - beginning balance






 






$






22,400






 






 






$






25,608






 






 






$






28,443






 






 






$






31,149






 






 






$






33,812






 








Cash paid for deferred drydocking and survey costs






 






 






2,858






 






 






 






1,082






 






 






 






1,027






 






 






 






3,355






 






 






 






3,317






 








Amortization of deferred drydocking and survey costs






 






 






(5,351






)






 






 






(5,817






)






 






 






(5,338






)






 






 






(5,916






)






 






 






(5,980






)








Disposals, intersegment transfers and other






 






 






—






 






 






 






1,527






 






 






 






1,476






 






 






 






(145






)






 






 






—






 








Deferred drydocking and survey costs - ending balance






 






$






19,907






 






 






$






22,400






 






 






$






25,608






 






 






$






28,443






 






 






$






31,149






 




























 



TIDEWATER INC.




OTHER FLEET AND FINANCIAL DATA




(In Thousands)










 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Asia Pacific






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel revenues






 






$






42,037






 






 






$






53,786






 






 






$






45,696






 






 






$






48,228






 






 






$






51,043






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel operating costs:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Crew costs






 






 






14,304






 






 






 






20,887






 






 






 






18,518






 






 






 






20,331






 






 






 






21,954






 








Repair and maintenance






 






 






3,427






 






 






 






3,842






 






 






 






3,365






 






 






 






2,270






 






 






 






4,304






 








Insurance






 






 






331






 






 






 






330






 






 






 






176






 






 






 






324






 






 






 






319






 








Fuel, lube and supplies






 






 






1,890






 






 






 






2,443






 






 






 






1,789






 






 






 






1,767






 






 






 






2,002






 








Other






 






 






2,369






 






 






 






2,768






 






 






 






2,317






 






 






 






2,118






 






 






 






2,456






 








Total vessel operating costs






 






 






22,321






 






 






 






30,270






 






 






 






26,165






 






 






 






26,810






 






 






 






31,035






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel operating margin ($)






 






 






19,716






 






 






 






23,516






 






 






 






19,531






 






 






 






21,418






 






 






 






20,008






 








Vessel operating margin (%)






 






 






46.9






%






 






 






43.7






%






 






 






42.7






%






 






 






44.4






%






 






 






39.2






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Asia Pacific - Select operating statistics






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average vessels - Total fleet






 






 






16






 






 






 






20






 






 






 






20






 






 






 






20






 






 






 






20






 








Utilization - Total fleet






 






 






76.8






%






 






 






74.5






%






 






 






67.9






%






 






 






73.1






%






 






 






76.2






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average vessels - Active fleet






 






 






16






 






 






 






20






 






 






 






20






 






 






 






20






 






 






 






20






 








Utilization - Active fleet






 






 






76.8






%






 






 






74.5






%






 






 






67.9






%






 






 






73.1






%






 






 






76.2






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average day rates






 






$






35,025






 






 






$






39,196






 






 






$






37,372






 






 






$






36,564






 






 






$






36,203






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessels commencing drydocks






 






 






2






 






 






 






3






 






 






 






2






 






 






 






4






 






 






 






—






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Deferred drydocking and survey costs - beginning balance






 






$






14,094






 






 






$






13,462






 






 






$






13,810






 






 






$






10,418






 






 






$






11,248






 








Cash paid for deferred drydocking and survey costs






 






 






998






 






 






 






3,340






 






 






 






2,487






 






 






 






7,253






 






 






 






1,138






 








Amortization of deferred drydocking and survey costs






 






 






(1,998






)






 






 






(2,578






)






 






 






(2,428






)






 






 






(2,046






)






 






 






(1,968






)








Disposals, intersegment transfers and other






 






 






(2,909






)






 






 






(130






)






 






 






(407






)






 






 






(1,815






)






 






 






—






 








Deferred drydocking and survey costs - ending balance






 






$






10,185






 






 






$






14,094






 






 






$






13,462






 






 






$






13,810






 






 






$






10,418






 











 



TIDEWATER INC.




OTHER FLEET AND FINANCIAL DATA




(In Thousands)










 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Middle East






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel revenues






 






$






47,021






 






 






$






42,035






 






 






$






40,215






 






 






$






43,302






 






 






$






40,772






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel operating costs:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Crew costs






 






 






14,207






 






 






 






13,541






 






 






 






13,302






 






 






 






13,280






 






 






 






13,509






 








Repair and maintenance






 






 






6,153






 






 






 






4,556






 






 






 






4,261






 






 






 






4,100






 






 






 






4,162






 








Insurance






 






 






463






 






 






 






484






 






 






 






343






 






 






 






529






 






 






 






488






 








Fuel, lube and supplies






 






 






2,790






 






 






 






2,916






 






 






 






3,250






 






 






 






2,039






 






 






 






2,599






 








Other






 






 






4,570






 






 






 






4,242






 






 






 






4,661






 






 






 






4,588






 






 






 






4,932






 








Total vessel operating costs






 






 






28,183






 






 






 






25,739






 






 






 






25,817






 






 






 






24,536






 






 






 






25,690






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel operating margin ($)






 






 






18,838






 






 






 






16,296






 






 






 






14,398






 






 






 






18,766






 






 






 






15,082






 








Vessel operating margin (%)






 






 






40.1






%






 






 






38.8






%






 






 






35.8






%






 






 






43.3






%






 






 






37.0






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Middle East - Select operating statistics






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average vessels - Total fleet






 






 






45






 






 






 






43






 






 






 






43






 






 






 






43






 






 






 






43






 








Utilization - Total fleet






 






 






79.8






%






 






 






80.3






%






 






 






79.8






%






 






 






87.6






%






 






 






84.5






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average vessels - Active fleet






 






 






45






 






 






 






43






 






 






 






43






 






 






 






43






 






 






 






43






 








Utilization - Active fleet






 






 






79.8






%






 






 






80.3






%






 






 






79.8






%






 






 






87.6






%






 






 






84.5






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average day rates






 






$






14,381






 






 






$






13,228






 






 






$






12,877






 






 






$






12,777






 






 






$






12,197






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessels commencing drydocks






 






 






9






 






 






 






8






 






 






 






11






 






 






 






4






 






 






 






6






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Deferred drydocking and survey costs - beginning balance






 






$






38,913






 






 






$






35,355






 






 






$






31,423






 






 






$






21,792






 






 






$






24,159






 








Cash paid for deferred drydocking and survey costs






 






 






7,127






 






 






 






8,716






 






 






 






8,191






 






 






 






13,464






 






 






 






1,328






 








Amortization of deferred drydocking and survey costs






 






 






(6,044






)






 






 






(5,158






)






 






 






(4,259






)






 






 






(3,833






)






 






 






(3,695






)








Disposals, intersegment transfers and other






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Deferred drydocking and survey costs - ending balance






 






$






39,996






 






 






$






38,913






 






 






$






35,355






 






 






$






31,423






 






 






$






21,792






 











 



TIDEWATER INC.




OTHER FLEET AND FINANCIAL DATA




(In Thousands)










 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Europe/Mediterranean






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel revenues






 






$






82,402






 






 






$






83,740






 






 






$






99,280






 






 






$






78,205






 






 






$






84,109






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel operating costs:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Crew costs






 






 






29,932






 






 






 






30,104






 






 






 






29,342






 






 






 






27,111






 






 






 






26,993






 








Repair and maintenance






 






 






7,267






 






 






 






7,481






 






 






 






5,736






 






 






 






6,711






 






 






 






8,458






 








Insurance






 






 






806






 






 






 






797






 






 






 






417






 






 






 






848






 






 






 






827






 








Fuel, lube and supplies






 






 






3,251






 






 






 






3,469






 






 






 






2,153






 






 






 






3,147






 






 






 






3,171






 








Other






 






 






5,258






 






 






 






4,805






 






 






 






6,187






 






 






 






4,738






 






 






 






5,180






 








Total vessel operating costs






 






 






46,514






 






 






 






46,656






 






 






 






43,835






 






 






 






42,555






 






 






 






44,629






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel operating margin ($)






 






 






35,888






 






 






 






37,084






 






 






 






55,445






 






 






 






35,650






 






 






 






39,480






 








Vessel operating margin (%)






 






 






43.6






%






 






 






44.3






%






 






 






55.8






%






 






 






45.6






%






 






 






46.9






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Europe/Mediterranean - Select operating statistics






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average vessels - Total fleet






 






 






50






 






 






 






50






 






 






 






50






 






 






 






50






 






 






 






50






 








Utilization - Total fleet






 






 






87.2






%






 






 






87.5






%






 






 






93.3






%






 






 






84.9






%






 






 






85.3






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average vessels - Active fleet






 






 






50






 






 






 






50






 






 






 






50






 






 






 






50






 






 






 






50






 








Utilization - Active fleet






 






 






87.2






%






 






 






87.5






%






 






 






93.3






%






 






 






84.9






%






 






 






85.3






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average day rates






 






$






20,173






 






 






$






20,752






 






 






$






23,275






 






 






$






20,405






 






 






$






21,249






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessels commencing drydocks






 






 






2






 






 






 






3






 






 






 






1






 






 






 






6






 






 






 






4






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Deferred drydocking and survey costs - beginning balance






 






$






30,440






 






 






$






35,571






 






 






$






41,011






 






 






$






38,431






 






 






$






41,637






 








Cash paid for deferred drydocking and survey costs






 






 






1,324






 






 






 






2,103






 






 






 






1,811






 






 






 






8,786






 






 






 






3,554






 








Amortization of deferred drydocking and survey costs






 






 






(6,184






)






 






 






(6,363






)






 






 






(6,919






)






 






 






(6,206






)






 






 






(6,126






)








Disposals, intersegment transfers and other






 






 






2,909






 






 






 






(871






)






 






 






(332






)






 






 






—






 






 






 






(634






)








Deferred drydocking and survey costs - ending balance






 






$






28,489






 






 






$






30,440






 






 






$






35,571






 






 






$






41,011






 






 






$






38,431






 











 



TIDEWATER INC.




OTHER FLEET AND FINANCIAL DATA




(In Thousands)










 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








West Africa






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel revenues






 






$






91,717






 






 






$






82,017






 






 






$






82,909






 






 






$






106,112






 






 






$






107,299






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel operating costs:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Crew costs






 






 






19,300






 






 






 






18,363






 






 






 






18,662






 






 






 






18,951






 






 






 






19,010






 








Repair and maintenance






 






 






6,243






 






 






 






7,407






 






 






 






5,745






 






 






 






4,607






 






 






 






4,536






 








Insurance






 






 






683






 






 






 






711






 






 






 






353






 






 






 






762






 






 






 






717






 








Fuel, lube and supplies






 






 






4,557






 






 






 






5,149






 






 






 






5,700






 






 






 






4,808






 






 






 






4,552






 








Other






 






 






6,449






 






 






 






6,219






 






 






 






8,064






 






 






 






6,927






 






 






 






6,170






 








Total vessel operating costs






 






 






37,232






 






 






 






37,849






 






 






 






38,524






 






 






 






36,055






 






 






 






34,985






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel operating margin ($)






 






 






54,485






 






 






 






44,168






 






 






 






44,385






 






 






 






70,057






 






 






 






72,314






 








Vessel operating margin (%)






 






 






59.4






%






 






 






53.9






%






 






 






53.5






%






 






 






66.0






%






 






 






67.4






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








West Africa - Select operating statistics






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average vessels - Total fleet






 






 






62






 






 






 






65






 






 






 






69






 






 






 






71






 






 






 






70






 








Utilization - Total fleet






 






 






75.7






%






 






 






62.3






%






 






 






57.6






%






 






 






68.8






%






 






 






69.8






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average vessels - Active fleet






 






 






58






 






 






 






60






 






 






 






65






 






 






 






65






 






 






 






70






 








Utilization - Active fleet






 






 






80.7






%






 






 






67.9






%






 






 






61.6






%






 






 






75.0






%






 






 






69.8






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average day rates






 






$






21,583






 






 






$






21,940






 






 






$






23,035






 






 






$






24,244






 






 






$






24,038






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessels commencing drydocks






 






 






1






 






 






 






2






 






 






 






4






 






 






 






7






 






 






 






1






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Deferred drydocking and survey costs - beginning balance






 






$






48,387






 






 






$






55,663






 






 






$






54,639






 






 






$






50,760






 






 






$






50,088






 








Cash paid for deferred drydocking and survey costs






 






 






1,546






 






 






 






2,404






 






 






 






10,222






 






 






 






10,481






 






 






 






8,337






 








Amortization of deferred drydocking and survey costs






 






 






(8,774






)






 






 






(9,154






)






 






 






(8,461






)






 






 






(8,417






)






 






 






(8,115






)








Disposals, intersegment transfers and other






 






 






—






 






 






 






(526






)






 






 






(737






)






 






 






1,815






 






 






 






450






 








Deferred drydocking and survey costs - ending balance






 






$






41,159






 






 






$






48,387






 






 






$






55,663






 






 






$






54,639






 






 






$






50,760






 











 



TIDEWATER INC.




OTHER FLEET AND FINANCIAL DATA




(In Thousands)










 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Worldwide






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel revenues






 






$






332,883






 






 






$






338,491






 






 






$






336,858






 






 






$






330,699






 






 






$






343,463






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel operating costs:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Crew costs






 






 






100,172






 






 






 






105,529






 






 






 






99,476






 






 






 






97,113






 






 






 






99,985






 








Repair and maintenance






 






 






29,376






 






 






 






28,636






 






 






 






23,937






 






 






 






21,954






 






 






 






26,731






 








Insurance






 






 






2,823






 






 






 






2,892






 






 






 






1,640






 






 






 






3,034






 






 






 






2,857






 








Fuel, lube and supplies






 






 






15,227






 






 






 






16,441






 






 






 






15,107






 






 






 






14,378






 






 






 






15,278






 








Other






 






 






24,521






 






 






 






22,632






 






 






 






27,194






 






 






 






28,500






 






 






 






25,533






 








Total vessel operating costs






 






 






172,119






 






 






 






176,130






 






 






 






167,354






 






 






 






164,979






 






 






 






170,384






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessel operating margin ($)






 






 






160,764






 






 






 






162,361






 






 






 






169,504






 






 






 






165,720






 






 






 






173,079






 








Vessel operating margin (%)






 






 






48.3






%






 






 






48.0






%






 






 






50.3






%






 






 






50.1






%






 






 






50.4






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Worldwide - Select operating statistics






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average vessels - Total fleet






 






 






209






 






 






 






213






 






 






 






216






 






 






 






217






 






 






 






216






 








Utilization - Total fleet






 






 






78.6






%






 






 






75.8






%






 






 






74.1






%






 






 






76.0






%






 






 






77.6






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average vessels - Active fleet






 






 






201






 






 






 






206






 






 






 






210






 






 






 






210






 






 






 






216






 








Utilization - Active fleet






 






 






81.7






%






 






 






78.5






%






 






 






76.4






%






 






 






78.4






%






 






 






77.7






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average day rates






 






$






22,044






 






 






$






22,798






 






 






$






23,166






 






 






$






22,303






 






 






$






22,236






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vessels commencing drydocks






 






 






17






 






 






 






16






 






 






 






19






 






 






 






24






 






 






 






12






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Deferred drydocking and survey costs - beginning balance






 






$






154,234






 






 






$






165,659






 






 






$






169,326






 






 






$






152,550






 






 






$






160,944






 








Cash paid for deferred drydocking and survey costs






 






 






13,853






 






 






 






17,645






 






 






 






23,738






 






 






 






43,339






 






 






 






17,674






 








Amortization of deferred drydocking and survey costs






 






 






(28,351






)






 






 






(29,070






)






 






 






(27,405






)






 






 






(26,418






)






 






 






(25,884






)








Disposals, intersegment transfers and other






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(145






)






 






 






(184






)








Deferred drydocking and survey costs - ending balance






 






$






139,736






 






 






$






154,234






 






 






$






165,659






 






 






$






169,326






 






 






$






152,550






 











 



TIDEWATER INC.




UNAUDITED OTHER FLEET AND FINANCIAL DATA




(In Thousands)










 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income (loss)






 






$






219,449






 






 






$






(1,018






)






 






$






72,702






 






 






$






42,320






 






 






$






36,619






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Interest and other debt costs






 






 






16,715






 






 






 






16,589






 






 






 






16,442






 






 






 






16,344






 






 






 






16,742






 








Income tax expense






 






 






(166,612






)






 






 






21,711






 






 






 






5,584






 






 






 






26,109






 






 






 






16,376






 








Depreciation






 






 






37,838






 






 






 






37,334






 






 






 






36,909






 






 






 






39,014






 






 






 






38,736






 








Amortization of deferred drydock and survey costs






 






 






28,351






 






 






 






29,070






 






 






 






27,405






 






 






 






26,418






 






 






 






25,884






 








Amortization of below market contracts






 






 






(219






)






 






 






(283






)






 






 






(347






)






 






 






(351






)






 






 






(1,071






)








EBITDA (A), (B), (C)






 






 






135,522






 






 






 






103,403






 






 






 






158,695






 






 






 






149,854






 






 






 






133,286






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Non-cash indemnification assets charge (credit)






 






 






—






 






 






 






—






 






 






 






(112






)






 






 






834






 






 






 






242






 








Non-cash stock compensation expense






 






 






3,454






 






 






 






3,481






 






 






 






4,057






 






 






 






3,491






 






 






 






3,886






 








Loss on early extinguishment of debt






 






 






12






 






 






 






27,101






 






 






 






—






 






 






 






—






 






 






 






—






 








Acquisition, restructuring and integration related costs






 






 






4,064






 






 






 






3,941






 






 






 






340






 






 






 






—






 






 






 






978






 








Adjusted EBITDA (A), (B), (C)






 






$






143,052






 






 






$






137,926






 






 






$






162,980






 






 






$






154,179






 






 






$






138,392






 



























 



Note (A):  EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization of deferred drydock and below market contracts. Additionally, Adjusted EBITDA excludes non-cash indemnification assets charge (credit) included in interest income and other; non-cash stock-based compensation expense; loss on early extinguishment of debt; and acquisition, restructuring and integration related costs.



























 



Note (B):  EBITDA for the three months ended December 31, 2025, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,454, $3,481, $4,057, $3,491 and $3,886 respectively.



























 



Note (C):  EBITDA and Adjusted EBITDA for the three months ended December 31, 2025, and for each of the prior four quarters includes foreign exchange gain (losses) of $2,134, $1,277, $11,703, $7,569 and $(14,337) respectively.







Non-GAAP Financial Measures


We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes non-cash indemnification asset charge (credit), non-cash stock-based compensation expense, loss on early extinguishment of debt and acquisition, restructuring and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.


Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.


EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.


EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.























 



TIDEWATER INC.




UNAUDITED OTHER FLEET AND FINANCIAL DATA




(In Thousands)










 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net cash provided by operating activities (A)






 






$






152,960






 






 






$






72,079






 






 






$






73,658






 






 






$






80,411






 






 






$






100,039






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Cash interest expense






 






 






576






 






 






 






17,735






 






 






 






11,994






 






 






 






17,505






 






 






 






12,816






 








Interest income and other (net of certain non-cash items)






 






 






(3,455






)






 






 






(1,860






)






 






 






(2,103






)






 






 






(2,157






)






 






 






(2,697






)








Indemnification assets credit (charge)






 






 






—






 






 






 






—






 






 






 






112






 






 






 






(834






)






 






 






(242






)








Additions to property and equipment






 






 






(5,147






)






 






 






(5,122






)






 






 






(5,226






)






 






 






(10,266






)






 






 






(4,534






)








Expansion capital






 






 






—






 






 






 






—






 






 






 






3






 






 






 






27






 






 






 






63






 








Effects of exchange rate changes on cash






 






 






910






 






 






 






(1,377






)






 






 






11,775






 






 






 






5,562






 






 






 






(8,736






)








 






 






145,844






 






 






81,455






 






 






90,213






 






 






90,248






 






 






96,709






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Proceeds from asset sales






 






 






5,331






 






 






 






1,204






 






 






 






7,328






 






 






 






4,416






 






 






 






10,316






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Free cash flow






 






$






151,175






 






 






$






82,659






 






 






$






97,541






 






 






$






94,664






 






 






$






107,025






 



























 



Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by operating activities adjusted for effects of exchange rate changes on cash, capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income and other. Free cash flow excludes indemnification assets credit (charge) included in interest income and other. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.



























 



Note (A):  Net cash provided by operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:











 



 






 






Three Months Ended






 








 






 






December 31,






 






 






September 30,






 






 






June 30,






 






 






March 31,






 






 






December 31,






 








 






 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








Cash provided by (used in) changes in assets and liabilities, excluding drydock payments






 






$






68,133






 






 






$






(9,210






)






 






$






(11,010






)






 






$






21,099






 






 






$






5,493






 








Cash paid for deferred drydock and survey costs






 






 






(13,853






)






 






 






(17,645






)






 






 






(23,738






)






 






 






(43,339






)






 






 






(17,674






)








Total uses of cash for changes in assets and liabilities






 






$






54,280






 






 






$






(26,855






)






 






$






(34,748






)






 






$






(22,240






)






 






$






(12,181






)







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226106218/en/
Tidewater Inc.

West Gotcher

Senior Vice President,

Strategy, Corporate Development and Investor Relations

+1.713.470.5285


Original: Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2025