Tidewater : Reports Results for the Three Months Ended March 31, 2026

Published: 2026-05-04 17:10:30 ET TDW

Published on 05/04/2026 at 05:10 pm EDT

First Quarter 2026 Highlights

Annual Guidance and Share Repurchase Program

HOUSTON--(BUSINESS WIRE)-- 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 https://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

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

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

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

1,660,121

(299,017

)

7,133

(4,298

)

1,363,989

Balance at December 31, 2024

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

)

(39,712

)

(39,713

)

Amortization of share-based awards

(3,974

)

(3,974

)

Balance at March 31, 2025

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

54,852

Asia Pacific

46,564

48,228

Middle East

45,569

43,302

Europe/Mediterranean

86,945

78,205

West Africa

85,814

106,112

Total vessel revenues

323,418

100

330,699

100

Vessel operating costs:

Crew costs

98,887

97,113

Repair and maintenance

24,804

21,954

Insurance

2,660

3,034

Fuel, lube and supplies

16,454

14,378

Other

23,382

28,500

Total vessel operating costs

166,187

164,979

Vessel operating margin (A)

157,231

165,720

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

4,895

Asia Pacific

15,470

13,680

Middle East

6,628

8,563

Europe/Mediterranean

8,045

7,378

West Africa

37,230

51,613

Other operating profit

2,043

1,315

78,983

87,444

Corporate expenses (A)

(19,887

)

(14,935

)

Gain (loss) on asset dispositions, net

(112

)

2,538

Operating income

58,984

75,047

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

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

ASSETS

Current assets:

Cash and cash equivalents

552,280

578,761

428,225

369,405

341,799

Restricted cash

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

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

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

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

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

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

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

AVERAGE NUMBER OF VESSELS:

Americas fleet:

PSV > 900

PSV < 900

AHTS > 16K

AHTS 8 - 16K

AHTS 4 - 8K

Other

Total

Stacked vessels

)

Active vessels

Asia Pacific fleet:

PSV > 900

PSV < 900

AHTS > 16K

AHTS 8 - 16K

AHTS 4 - 8K

Other

Total

Stacked vessels

Active vessels

Middle East fleet:

PSV > 900

PSV < 900

AHTS 8 - 16K

AHTS 4 - 8K

Total

Stacked vessels

Active vessels

Europe/Mediterranean fleet:

PSV > 900

PSV < 900

AHTS > 16K

Total

Stacked vessels

Active vessels

West Africa fleet:

PSV > 900

PSV < 900

AHTS > 16K

AHTS 8 - 16K

AHTS 4 - 8K

Other

Total

Stacked vessels

)

Active vessels

Worldwide fleet:

PSV > 900

PSV < 900

AHTS > 16K

AHTS 8 - 16K

AHTS 4 - 8K

Other

Total

207

209

213

216

217

Stacked vessels

)

Active vessels

200

201

206

210

Total active

200

201

206

210

Total stacked

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

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

182

180

AHTS 8 - 16K

AHTS 4 - 8K

180

184

182

180

Other

184

179

180

Total

3,001

3,259

3,177

3,074

2,962

Asia Pacific fleet:

PSV > 900

827

828

819

810

PSV < 900

583

491

460

455

450

AHTS > 16K

180

198

276

273

270

AHTS 8 - 16K

184

182

180

AHTS 4 - 8K

Other

Total

1,590

1,560

1,839

1,797

1,800

Middle East fleet:

PSV > 900

PSV < 900

1,800

1,840

1,820

1,800

AHTS 8 - 16K

630

601

460

455

450

AHTS 4 - 8K

1,530

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

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

1,247

1,180

AHTS 4 - 8K

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

6,279

6,210

PSV < 900

6,188

6,348

6,279

6,292

AHTS > 16K

990

1,012

1,001

990

AHTS 8 - 16K

1,890

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

OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:

PSV > 900

PSV < 900

378

385

184

182

Total

423

385

184

182

West Africa fleet:

AHTS 4 - 8K

Other

242

289

404

312

477

Total

242

351

496

403

526

Worldwide fleet:

PSV > 900

PSV < 900

378

385

184

182

AHTS 4 - 8K

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

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

182

180

AHTS 8 - 16K

AHTS 4 - 8K

180

184

182

180

Other

184

179

180

Total

2,578

2,874

2,993

2,892

2,880

Asia Pacific fleet:

PSV > 900

827

828

819

810

PSV < 900

583

491

460

455

450

AHTS > 16K

180

198

276

273

270

AHTS 8 - 16K

184

182

180

AHTS 4 - 8K

Other

Total

1,590

1,560

1,839

1,797

1,800

Middle East fleet:

PSV > 900

PSV < 900

1,800

1,840

1,820

1,800

AHTS 8 - 16K

630

601

460

455

450

AHTS 4 - 8K

1,530

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

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

1,247

1,180

AHTS 4 - 8K

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

6,279

6,210

PSV < 900

5,810

5,963

6,164

6,097

6,210

AHTS > 16K

990

1,012

1,001

990

AHTS 8 - 16K

1,890

1,932

1,975

1,900

AHTS 4 - 8K

1,800

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

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

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

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

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

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

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

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

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

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

13,255

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

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

Utilization - Total fleet

66.1

70.4

79.4

75.8

64.4

Average vessels - Active fleet

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

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

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

Utilization - Total fleet

78.2

76.8

74.5

67.9

73.1

Average vessels - Active fleet

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

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

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

Utilization - Total fleet

78.7

79.8

80.3

79.8

87.6

Average vessels - Active fleet

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

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

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

Utilization - Total fleet

80.0

87.2

87.5

93.3

84.9

Average vessels - Active fleet

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

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

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

Utilization - Total fleet

81.5

75.7

62.3

57.6

68.8

Average vessels - Active fleet

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

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

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

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

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

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

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

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

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

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

)

Tidewater Inc. West Gotcher Senior Vice President, Strategy, Corporate Development and Investor Relations +1.713.470.5285

Disclaimer

Tidewater Inc. published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 21:02 UTC.