Form 8-K

8-K — TIDEWATER INC

Accession: 0001437749-26-025451

Filed: 2026-08-03

Period: 2026-08-03

CIK: 0000098222

SIC: 4400 (WATER TRANSPORTATION)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tdw20260505_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ex_956944.htm)

GRAPHIC (primarylogo01.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: tdw20260505_8k.htm · Sequence: 1

tdw20260505_8k.htm

false

0000098222

2026-08-03

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 3, 2026

TIDEWATER INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware

1-6311

72-0487776

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

842 West Sam Houston Parkway North, Suite 400

Houston, Texas

77024

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (713) 470-5300

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common stock, $0.001 par value per share

TDW

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater Inc. (the “Company”) notes that certain statements set forth in this Current Report on Form 8-K provide contain certain forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact. All such forward-looking statements are subject to risks and uncertainties, many of which are beyond the control of the Company, and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements. These risks and uncertainties include, without limitation: the risks related to fluctuations in worldwide energy demand and oil and natural gas prices, and continuing depressed levels of oil and natural gas prices without a clear indication of if, or when, prices will recover to a level to support renewed offshore exploration activities; fleet additions by competitors and industry overcapacity; our 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 in the energy industry and the industry expectations for offshore exploration, field development and production; 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; 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; the 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; 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; and the resolution of pending legal proceedings.

On August 3, 2026, the Company issued an earnings release announcing its financial results for the quarter ended June 30, 2026. The press release is furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference as if fully set forth under this item.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or Securities Act of 1933, as amended, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)

Exhibits

The following exhibit is furnished with this Form 8-K:

Exhibit

Number

Description

99.1

Press Release dated August 3, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

TIDEWATER INC

Date: August 3, 2026

By:

/s/ Samuel R. Rubio

Samuel R. Rubio

Executive Vice President and Chief Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ex_956944.htm · Sequence: 2

ex_956944.htm

Exhibit 99.1

Tidewater Inc.

842 West Sam Houston Parkway North, Suite 400

Houston, TX 77024, USA

+1.713.470.5300

Tidewater Reports Results for the Six Months Ended June 30, 2026

Second Quarter 2026 Highlights

●

Revenue of $342.3 million, a 4.9% increase compared to the first quarter of 2026

●

Average day rate of $22,938 per day, an increase of $655 per day, or 2.9%, compared to the first quarter of 2026

●

Weighted average leading edge day rate of $24,341, a 7.5% increase compared to the first quarter of 2026

●

Net income of $21.7 million and Adjusted EBITDA of $133.8 million

●

Net cash provided by operating activities of $67.0 million and free cash flow of $64.4 million

Annual Guidance and Share Repurchase Program

●

Updating 2026 revenue guidance range of $1.42 to $1.47 billion and 2026 gross margin guidance range of 49% to 50% pro forma for the previously announced Wilson Sons Ultratug Offshore (“WSUT”) acquisition to reflect an expected closing around September 1, 2026

●

Outstanding share repurchase program authorization of $500 million

HOUSTON, August 3, 2026 - Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2026 of $342.3 million and $668.5 million, respectively, compared with $341.4 million and $674.9 million for the three and six months ended June 30, 2025. Tidewater's net income for the three and six months ended June 30, 2026, was $21.7 million ($0.43 per common share) and $27.8 million ($0.56 per common share), respectively, compared with net income of $72.9 million ($1.46 per common share) and $115.6 million ($2.27 per common share), respectively, for the three and six months ended June 30, 2025.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The second quarter of 2026 came in nicely above our expectations, driven by both revenue outperformance and lower-than-expected operating expenses. Day rate and utilization both outperformed, with revenue for the quarter coming in at $342.3 million. Gross margin of 46.9% came in well ahead of our expectations due to the increase in revenue and lower than anticipated operating expenses, but was down modestly from the first quarter due to costs associated with the conflict in the Middle East. Realized day rates improved materially during the quarter, up $655 per day, representing the largest absolute sequential day rate improvement since the third quarter of 2024. The improvement in day rates was driven primarily by our largest class of PSVs, with day rate momentum realized across multiple of our regional reporting segments. Further, new term contract fixture day rate momentum accelerated from the first quarter with our weighted average term contract rate increasing approximately 7.5% sequentially up approximately $1,690 per day to $24,341. Utilization also came in higher than anticipated during the quarter, though this was largely related to the timing of drydocks of certain vessels moving to later in the year.

“During the first quarter, Operation Epic Fury commenced in the Middle East, one of our principal operating regions. To date, we’ve yet to experience any material activity disruptions in the region and, in fact, realized our highest utilization and day rate in recent memory during the second quarter. From a cost perspective, we incurred less costs in the quarter than anticipated, though our costs do remain somewhat elevated compared to our cost structure prior to the commencement of the conflict. We’ve submitted our first batch of invoices for direct, conflict-related costs, and have received modest reimbursements associated with these submitted invoices; we continue to expect to realize additional reimbursements for conflict-related, direct cost increases. Looking forward, we expect to continue to incur conflict-related costs in the Middle East, though we have made structural adjustments to our wage schemes to minimize the impact of conflict-related wage increases.

“We recently updated the market on our expected closing timing for the WSUT acquisition. We now anticipate to close the transaction around September 1, 2026. In the interim, our integration efforts have continued and we expect a swift integration of the organization onto Tidewater’s platform, consistent with our approach and integration cadence in prior acquisitions.

“Volatility and uncertainty continue to be major themes in the global energy landscape as the conflict in the Middle East and the associated disruptions with the conflict persist. While these near-term factors can influence sentiment, the longer-term considerations for the energy sector, namely offshore activity, remain constructive. Our conversations with customers continue to point to a broad pick-up in offshore activity as we progress through this year and into 2027, with the pace of tendering for new contracts and opportunities picking up materially. We believe that the opportunity set we’re currently seeing is a function of projects already contemplated for commencement and that new projects contemplated in response to the reshaping of the global energy supply chain have yet to be developed and commercialized. We do anticipate that over time there will be incremental projects developed in response to regional energy security considerations, but the lead time to these projects is often measured in years rather than months, solidifying the long-term durability of the offshore cycle.

“We remain confident that the geographic diversification of our fleet and an established onshore infrastructure in every major offshore market globally provides us a distinct advantage to capitalize on the broad-based offshore activity increase we see ahead of us. Each factor of demand of our vessels – production support, subsea and EPCI support and drilling support – are all poised for continued growth and the supply of available offshore vessels may be insufficient to meet this heightened level of demand. We anticipate that we will continue to see leading indicators of this supply and demand imbalance, as illustrated by this quarter’s weighted average leading edge day rate, as we progress through the remainder of 2026 and that we will be the beneficiary of in 2027. We are modestly revising our 2026 revenue guidance range of $1.42 billion to $1.47 billion and our 2026 gross margin guidance range of 49% to 50% to account for the approximately two-month delay in the closing of the WSUT transaction and continued elevated, but declining, operating costs associated with the conflict in the Middle East. We expect to incur approximately $13.1 million of conflict-related costs in 2026, approximately $7.6 million of which we are contractually permitted to bill back to our customers.”

In addition to the number of outstanding shares, as of June 30, 2026, the Company also has the following in-the-money warrants.

Common shares outstanding

49,754,957

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

49,827,222

Tidewater will hold a conference call to discuss results for the three months ending June 30, 2026 on August 4, 2026, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.833.461.5787 if calling from the U.S. or Canada (+1.365.657.4084 if calling from outside the U.S. or Canada) and provide Conference ID: 600 500 897 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 August 4, 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 was not audited. This press release presents extracts from the Consolidated Balance Sheets at June 30, 2026 and December 31, 2025; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2026 and 2025; and the Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025. Extracts are drawn from the June 30, 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 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

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Revenues:

Vessel revenues

339,731

336,858

663,149

667,557

Other operating revenues

2,556

4,573

5,360

7,318

Total revenues

342,287

341,431

668,509

674,875

Costs and expenses:

Vessel operating costs

180,746

167,354

346,933

332,333

Costs of other operating revenues

1,072

3,108

1,833

4,538

General and administrative

34,845

31,213

68,404

60,307

Depreciation and amortization

66,412

64,314

133,031

129,746

Gain on asset dispositions, net

(3,316

)

(5,480

)

(3,204

)

(8,018

)

Total costs and expenses

279,759

260,509

546,997

518,906

Operating income

62,528

80,922

121,512

155,969

Other income (expense):

Foreign exchange gain (loss)

(688

)

11,703

(4,091

)

19,272

Interest income and other, net

730

2,103

2,919

4,260

Interest and other debt costs, net

(16,426

)

(16,442

)

(33,317

)

(32,786

)

Total other expense

(16,384

)

(2,636

)

(34,489

)

(9,254

)

Income before income taxes

46,144

78,286

87,023

146,715

Income tax expense

25,062

5,584

59,965

31,693

Net income

21,082

72,702

27,058

115,022

Less: Net loss attributable to noncontrolling interests

(580

)

(228

)

(744

)

(561

)

Net income attributable to Tidewater Inc.

21,662

72,930

27,802

115,583

Basic income per common share

0.44

1.47

0.56

2.29

Diluted income per common share

0.43

1.46

0.56

2.27

Weighted average common shares outstanding

49,663

49,674

49,663

50,583

Dilutive effect of warrants and restricted stock units

349

337

349

350

Adjusted weighted average common shares

50,012

50,011

50,012

50,933

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

June 30, 2026

December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents

613,544

578,761

Trade and other receivables, net of allowance for credit losses of $1,132 and $3,034 at June 30, 2026 and December 31, 2025, respectively

306,568

285,372

Marine operating supplies

29,501

38,482

Prepaid expenses and other current assets

17,772

11,520

Total current assets

967,385

914,135

Net properties and equipment

1,038,114

1,072,020

Deferred drydocking and survey costs

142,896

139,736

Indemnification assets

9,663

9,455

Deferred tax asset

182,469

200,939

Other assets

25,733

50,626

Total assets

2,366,260

2,386,911

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

62,610

66,347

Accrued expenses

133,706

153,169

Current portion of long-term debt

5,680

5,845

Other current liabilities

68,079

89,876

Total current liabilities

270,075

315,237

Long-term debt

647,523

649,048

Other liabilities

60,376

61,372

Commitments and contingencies

Equity:

Common stock of $0.001 par value, 125,000,000 shares authorized, 49,754,957 and 49,566,334 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

Additional paid-in-capital

1,663,520

1,663,247

Accumulated deficit

(277,355

)

(305,157

)

Accumulated other comprehensive loss

6,949

7,248

Total stockholders' equity

1,393,164

1,365,388

Noncontrolling interests

(4,878

)

(4,134

)

Total equity

1,388,286

1,361,254

Total liabilities and equity

2,366,260

2,386,911

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Thousands)

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net income

21,082

72,702

27,058

115,022

Other comprehensive income (loss):

Change in liability of pension plans

(184

)

666

(299

)

1,213

Total comprehensive income

20,898

73,368

26,759

116,235

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

Six Months

Ended

June 30, 2026

June 30, 2025

Cash flows from operating activities:

Net income

27,058

115,022

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

Depreciation

76,593

75,923

Amortization of deferred drydocking and survey costs

56,438

53,823

Amortization of debt premiums and discounts

2,136

2,956

Amortization of below market contracts

—

(698

)

Unrealized foreign exchange loss (gain)

2,944

(20,079

)

Deferred income taxes provision

18,700

(15,420

)

Gain on asset dispositions, net

(3,204

)

(8,018

)

Stock-based compensation expense

6,808

7,548

Changes in assets and liabilities:

Trade and other receivables

(21,196

)

7,314

Accounts payable

(3,737

)

(22,670

)

Accrued expenses

(19,463

)

(223

)

Deferred drydocking and survey costs

(59,722

)

(67,077

)

Other, net

2,867

25,668

Net cash provided by operating activities

86,222

154,069

Cash flows from investing activities:

Proceeds from asset dispositions

14,856

11,084

Proceeds from sale of notes

—

660

Additions to properties and equipment

(29,808

)

(15,492

)

Net cash used in investing activities

(14,952

)

(3,748

)

Cash flows from financing activities:

Principal payments on long-term debt

(2,904

)

(26,541

)

Purchase of common stock

—

(90,089

)

Payments on finance leases

(24,903

)

—

Debt issuance costs

(109

)

—

Share based awards reacquired to pay taxes

(6,536

)

(7,752

)

Net cash used in financing activities

(34,452

)

(124,382

)

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

(2,297

)

17,337

Net change in cash, cash equivalents and restricted cash

34,521

43,276

Cash, cash equivalents and restricted cash at beginning of period

581,568

329,031

Cash, cash equivalents and restricted cash at end of period

616,089

372,307

Supplemental disclosure of cash flow information:

Cash paid during the year for:

Interest, net of amounts capitalized

32,094

29,499

Income taxes

39,269

32,653

Supplemental disclosure of noncash investing activities:

Purchase of vessels

—

10,727

Supplemental disclosure of noncash financing activities:

Debt incurred for the purchase of vessels

—

11,479

Note: Cash, cash equivalents and restricted cash at June 30, 2026 and 2025 includes $2.5 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 March 31, 2026

1,660,121

(299,017

)

7,133

(4,298

)

1,363,989

Total comprehensive income (loss)

—

21,662

(184

)

(580

)

20,898

Amortization of share-based awards

—

3,399

—

3,399

Balance at June 30, 2026

1,663,520

(277,355

)

6,949

(4,878

)

1,388,286

Balance at March 31, 2025

1,652,856

(545,890

)

6,607

(3,259

)

1,110,365

Total comprehensive income (loss)

—

72,930

666

(228

)

73,368

Repurchase and retirement of common stock

)

—

(51,275

)

—

(51,276

)

Amortization of share-based awards

—

3,770

—

3,770

Balance at June 30, 2025

1,656,626

(524,235

)

7,273

(3,487

)

1,136,227

Six Months Ended

Accumulated

Additional

other

Non

Common

paid-in

Accumulated

comprehensive

controlling

stock

capital

deficit

income (loss)

interest

Total

Balance at December 31, 2025

1,663,247

(305,157

)

7,248

(4,134

)

1,361,254

Total comprehensive income (loss)

—

27,802

(299

)

(744

)

26,759

Amortization of share-based awards

—

273

—

273

Balance at June 30, 2026

1,663,520

(277,355

)

6,949

(4,878

)

1,388,286

Balance at December 31, 2024

1,656,830

(548,831

)

6,060

(2,926

)

1,111,185

Total comprehensive income (loss)

—

115,583

1,213

(561

)

116,235

Repurchase and retirement of common stock

)

—

(90,987

)

—

(90,989

)

Amortization of share-based awards

—

(204

)

—

(204

)

Balance at June 30, 2025

1,656,626

(524,235

)

7,273

(3,487

)

1,136,227

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

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Vessel revenues:

Americas

53,969

68,758

112,495

123,610

Asia Pacific

47,948

45,696

94,512

93,924

Middle East

48,483

40,215

94,052

83,517

Europe/Mediterranean

112,076

99,280

199,021

177,485

West Africa

77,255

82,909

163,069

189,021

Total vessel revenues

339,731

100

336,858

100

663,149

100

667,557

100

Vessel operating costs:

Crew costs

105,225

99,476

204,112

196,589

Repair and maintenance

28,953

23,937

53,757

45,891

Insurance

2,939

1,640

5,599

4,674

Fuel, lube and supplies

21,046

15,107

37,500

29,485

Other

22,583

27,194

45,965

55,694

Total vessel operating costs

180,746

167,354

346,933

332,333

Vessel operating margin (A)

158,985

169,504

316,216

335,224

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

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Vessel operating profit:

Americas

7,385

20,242

16,952

25,137

Asia Pacific

13,107

11,778

28,577

25,458

Middle East

6,184

3,894

12,812

12,457

Europe/Mediterranean

26,849

29,227

34,894

36,605

West Africa

24,612

26,017

61,842

77,630

Other operating profit

1,484

1,465

3,527

2,780

79,621

92,623

158,604

180,067

Corporate expenses (A)

(20,409

)

(17,181

)

(40,296

)

(32,116

)

Gain (loss) on asset dispositions, net

3,316

5,480

3,204

8,018

Operating income

62,528

80,922

121,512

155,969

Note (A): General and administrative expenses for the three and six months ended June 30, 2026 include stock-based compensation of $3.7 million and $6.8 million, respectively. General and administrative expenses for the three and six months ended June 30, 2025 include stock-based compensation of $4.0 million and $7.5 million, respectively. In addition, vessel operating and general and administrative costs for the three and six months ended June 30, 2026, include $1.1 million and $3.0 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and six months ended June 30, 2025, include $0.3 and $0.3 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

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Revenues:

Vessel revenues

339,731

323,418

332,883

338,491

336,858

Other operating revenues

2,556

2,804

3,915

2,622

4,573

Total revenues

342,287

326,222

336,798

341,113

341,431

Costs and expenses:

Vessel operating costs (A)

180,746

166,187

172,119

176,130

167,354

Costs of other operating revenue

1,072

761

630

1,252

3,108

General and administrative (A)

34,845

33,559

38,968

35,256

31,213

Depreciation and amortization

66,412

66,619

66,189

66,404

64,314

(Gain) loss on asset dispositions, net

(3,316

)

112

(5,084

)

(580

)

(5,480

)

Total operating costs and expenses

279,759

267,238

272,822

278,462

260,509

Operating income

62,528

58,984

63,976

62,651

80,922

Other income (expense):

Foreign exchange gain (loss)

(688

)

(3,403

)

2,134

1,277

11,703

Interest income and other, net

730

2,189

3,454

455

2,103

Loss on early extinguishment of debt

—

(12

)

(27,101

)

—

Interest and other debt costs, net

(16,426

)

(16,891

)

(16,715

)

(16,589

)

(16,442

)

Total other expense

(16,384

)

(18,105

)

(11,139

)

(41,958

)

(2,636

)

Income before income taxes

46,144

40,879

52,837

20,693

78,286

Income tax expense (benefit)

25,062

34,903

(166,612

)

21,711

5,584

Net income (loss)

21,082

5,976

219,449

(1,018

)

72,702

Net loss attributable to noncontrolling interests

(580

)

(164

)

(435

)

(212

)

(228

)

Net income (loss) attributable to Tidewater Inc.

21,662

6,140

219,884

(806

)

72,930

Basic income (loss) per common share

0.44

0.12

4.44

(0.02

)

1.47

Diluted income (loss) per common share

0.43

0.12

4.41

(0.02

)

1.46

Weighted average common shares outstanding

49,663

49,589

49,564

49,498

49,674

Dilutive effect of warrants and restricted stock units

349

249

332

—

337

Adjusted weighted average common shares

50,012

49,838

49,896

49,498

50,011

Vessel operating margin

158,985

157,231

160,764

162,361

169,504

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

1,104

1,871

4,064

3,941

340

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

ASSETS

Current assets:

Cash and cash equivalents

613,544

552,280

578,761

428,225

369,405

Restricted cash

—

Trade and other receivables, net

306,568

299,735

285,372

332,596

316,491

Marine operating supplies

29,501

29,404

38,482

27,857

24,467

Prepaid expenses and other current assets

17,772

18,195

11,520

11,652

14,123

Total current assets

967,385

899,614

914,135

800,330

724,507

Net properties and equipment

1,038,114

1,069,081

1,072,020

1,104,503

1,132,114

Deferred drydocking and survey costs

142,896

147,871

139,736

154,234

165,659

Indemnification assets

9,663

8,273

9,455

9,456

11,158

Deferred tax asset

182,469

190,614

200,939

14,511

18,346

Other assets

25,733

25,217

50,626

45,846

22,588

Total assets

2,366,260

2,340,670

2,386,911

2,128,880

2,074,372

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

62,610

58,238

66,347

42,579

48,715

Accrued expenses

133,706

139,525

153,169

130,879

131,305

Current portion of long-term debt

5,680

5,760

5,845

5,840

93,366

Other current liabilities

68,079

66,402

89,876

97,162

69,688

Total current liabilities

270,075

269,925

315,237

276,460

343,074

Long-term debt

647,523

648,616

649,048

649,802

531,874

Other liabilities

60,376

58,140

61,372

63,594

63,197

Equity:

Common stock

Additional paid-in-capital

1,663,520

1,660,121

1,663,247

1,659,820

1,656,626

Accumulated deficit

(277,355

)

(299,017

)

(305,157

)

(525,041

)

(524,235

)

Accumulated other comprehensive income

6,949

7,133

7,248

7,894

7,273

Total stockholders' equity

1,393,164

1,368,287

1,365,388

1,142,723

1,139,714

Noncontrolling interests

(4,878

)

(4,298

)

(4,134

)

(3,699

)

(3,487

)

Total equity

1,388,286

1,363,989

1,361,254

1,139,024

1,136,227

Total liabilities and equity

2,366,260

2,340,670

2,386,911

2,128,880

2,074,372

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA

(In Thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Cash flows from operating activities:

Net income (loss)

21,082

5,976

219,449

(1,018

)

72,702

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

Depreciation

38,096

38,497

37,838

37,334

36,909

Amortization of deferred drydocking and survey costs

28,316

28,122

28,351

29,070

27,405

Amortization of debt premiums and discounts

1,288

848

1,448

975

1,455

Amortization of below market contracts

—

(219

)

(283

)

(347

)

Unrealized foreign exchange loss (gain)

383

2,561

(2,322

)

(997

)

(10,528

)

Deferred income taxes provision (benefit)

8,311

10,389

(184,247

)

3,851

(17,767

)

Loss (gain) on asset dispositions, net

(3,316

)

112

(5,084

)

(580

)

(5,480

)

Loss on early extinguishment of debt

—

27,101

—

Stock-based compensation expense

3,745

3,063

3,454

3,481

4,057

Changes in assets and liabilities:

Trade and other receivables

(6,833

)

(14,363

)

47,224

(16,105

)

(3,587

)

Accounts payable

4,372

(8,109

)

23,768

(6,136

)

(1,488

)

Accrued expenses

(5,819

)

(13,644

)

23,080

418

(3,329

)

Deferred drydocking and survey costs

(23,341

)

(36,381

)

(13,853

)

(17,645

)

(23,738

)

Other, net

759

2,108

(25,939

)

12,613

(2,606

)

Net cash provided by operating activities

67,043

19,179

152,960

72,079

73,658

Cash flows from investing activities:

Proceeds from asset dispositions

11,527

3,329

5,331

1,204

7,268

Proceeds from sale of notes

—

Additions to properties and equipment

(14,923

)

(14,885

)

(5,147

)

(5,122

)

(5,226

)

Net cash provided by (used in) investing activities

(3,396

)

(11,556

)

184

(3,918

)

2,102

Cash flows from financing activities:

Issuance of long-term debt

—

650,000

—

Principal payments on long-term debt

(1,807

)

(1,097

)

(1,814

)

(613,587

)

(14,041

)

Purchase of common stock

—

(50,814

)

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

(347

)

(6,189

)

(27

)

(287

)

(287

)

Net cash used in financing activities

(2,162

)

(32,290

)

(3,592

)

(7,985

)

(65,142

)

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

(484

)

(1,813

)

910

(1,377

)

11,775

Net change in cash, cash equivalents and restricted cash

61,001

(26,480

)

150,462

58,799

22,393

Cash, cash equivalents and restricted cash at beginning of period

555,088

581,568

431,106

372,307

349,914

Cash, cash equivalents and restricted cash at end of period

616,089

555,088

581,568

431,106

372,307

Supplemental disclosure of cash flow information:

Cash paid during the year for:

Interest, net of amounts capitalized

540

31,554

576

17,735

11,994

Income taxes

19,347

19,922

18,366

9,291

17,505

Supplemental disclosure of noncash investing activities:

Purchase of vessels

—

1,629

Recognition of finance leases

—

5,262

23,396

—

Supplemental disclosure of noncash financing activities:

Debt incurred for purchase of vessels

—

1,767

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

VESSEL REVENUE BY VESSEL CLASS

Americas fleet:

PSV > 900

23,090

25,153

29,080

30,460

26,874

PSV < 900

21,583

23,038

25,067

33,363

27,734

AHTS > 16K

3,241

4,163

6,324

6,045

5,243

AHTS 8 - 16K

1,263

888

1,322

1,259

1,110

AHTS 4 - 8K

4,039

4,006

4,069

4,221

4,153

Other

753

1,278

3,844

1,565

3,644

Total

53,969

58,526

69,706

76,913

68,758

Asia Pacific fleet:

PSV > 900

23,687

24,862

22,560

22,660

20,878

PSV < 900

20,343

18,798

14,135

12,427

11,194

AHTS > 16K

3,861

2,847

4,993

12,065

11,655

AHTS 8 - 16K

—

213

1,518

1,804

Other

136

5,116

165

Total

47,948

46,564

42,037

53,786

45,696

Middle East fleet:

PSV > 900

2,338

2,378

2,664

1,246

599

PSV < 900

23,248

21,284

23,507

20,221

18,849

AHTS 8 - 16K

7,424

7,304

5,413

3,681

5,175

AHTS 4 - 8K

15,473

14,603

15,437

16,887

15,592

Total

48,483

45,569

47,021

42,035

40,215

Europe/Mediterranean fleet:

PSV > 900

82,258

67,841

64,189

67,302

78,778

PSV < 900

19,792

14,249

14,470

13,901

15,739

AHTS > 16K

9,784

4,518

3,317

2,127

4,266

Other

242

337

426

410

497

Total

112,076

86,945

82,402

83,740

99,280

West Africa fleet:

PSV > 900

13,803

9,700

12,914

14,328

19,600

PSV < 900

26,409

30,512

27,074

23,817

24,815

AHTS > 16K

14,564

13,700

15,149

12,037

9,934

AHTS 8 - 16K

13,537

22,543

27,211

22,859

21,725

AHTS 4 - 8K

938

1,396

1,427

1,428

1,457

Other

8,004

7,963

7,942

7,548

5,378

Total

77,255

85,814

91,717

82,017

82,909

Worldwide fleet:

PSV > 900

145,176

129,934

131,407

135,996

146,729

PSV < 900

111,375

107,881

104,253

103,729

98,331

AHTS > 16K

31,450

25,228

29,783

32,274

31,098

AHTS 8 - 16K

22,224

30,735

34,159

29,317

29,814

AHTS 4 - 8K

20,450

20,005

20,933

22,536

21,202

Other

9,056

9,635

12,348

14,639

9,684

Total

339,731

323,418

332,883

338,491

336,858

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

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

206

207

209

213

216

Stacked vessels

)

Active vessels

200

201

206

210

Total active

200

201

206

210

Total stacked

Total

206

207

209

213

216

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:

PSV > 900

1,001

1,063

1,082

1,060

947

PSV < 900

1,274

1,407

1,533

1,564

1,493

AHTS > 16K

171

184

182

AHTS 8 - 16K

AHTS 4 - 8K

182

180

184

182

Other

184

179

Total

2,730

3,001

3,259

3,177

3,074

Asia Pacific fleet:

PSV > 900

910

827

828

819

PSV < 900

637

583

491

460

455

AHTS > 16K

182

180

198

276

273

AHTS 8 - 16K

—

184

182

AHTS 4 - 8K

—

Other

—

Total

1,729

1,590

1,560

1,839

1,797

Middle East fleet:

PSV > 900

PSV < 900

1,820

1,800

1,840

1,820

AHTS 8 - 16K

637

630

601

460

455

AHTS 4 - 8K

1,547

1,530

1,564

1,547

Total

4,095

4,050

4,097

3,956

3,913

Europe/Mediterranean fleet:

PSV > 900

3,913

3,864

3,727

3,680

3,569

PSV < 900

1,001

911

859

828

812

AHTS > 16K

273

173

182

Total

5,204

4,948

4,678

4,600

4,563

West Africa fleet:

PSV > 900

455

456

619

688

853

PSV < 900

1,456

1,487

1,625

1,656

1,699

AHTS > 16K

455

466

538

460

364

AHTS 8 - 16K

1,166

1,170

1,196

1,247

AHTS 4 - 8K

154

184

182

Other

1,324

1,412

1,485

1,817

1,905

Total

4,947

5,081

5,617

6,001

6,250

Worldwide fleet:

PSV > 900

6,370

6,300

6,348

6,279

PSV < 900

6,188

6,348

6,279

AHTS > 16K

1,001

990

1,012

1,001

AHTS 8 - 16K

1,911

1,890

1,932

1,975

AHTS 4 - 8K

1,820

1,800

1,902

1,932

1,976

Other

1,415

1,502

1,669

2,001

2,087

Total

18,705

18,670

19,211

19,573

19,597

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:

PSV > 900

—

PSV < 900

273

378

385

184

182

Total

364

423

385

184

182

West Africa fleet:

AHTS 4 - 8K

—

Other

141

242

289

404

312

Total

141

242

351

496

403

Worldwide fleet:

PSV > 900

—

PSV < 900

273

378

385

184

182

AHTS 4 - 8K

—

Other

141

242

289

404

312

Total

505

665

736

680

585

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:

PSV > 900

910

1,018

1,082

1,060

947

PSV < 900

1,001

1,029

1,148

1,380

1,311

AHTS > 16K

171

184

182

AHTS 8 - 16K

AHTS 4 - 8K

182

180

184

182

Other

184

179

Total

2,366

2,578

2,874

2,993

2,892

Asia Pacific fleet:

PSV > 900

910

827

828

819

PSV < 900

637

583

491

460

455

AHTS > 16K

182

180

198

276

273

AHTS 8 - 16K

—

184

182

AHTS 4 - 8K

—

Other

—

Total

1,729

1,590

1,560

1,839

1,797

Middle East fleet:

PSV > 900

PSV < 900

1,820

1,800

1,840

1,820

AHTS 8 - 16K

637

630

601

460

455

AHTS 4 - 8K

1,547

1,530

1,564

1,547

Total

4,095

4,050

4,097

3,956

3,913

Europe/Mediterranean fleet:

PSV > 900

3,913

3,864

3,727

3,680

3,569

PSV < 900

1,001

911

859

828

812

AHTS > 16K

273

173

182

Total

5,204

4,948

4,678

4,600

4,563

West Africa fleet:

PSV > 900

455

456

619

688

853

PSV < 900

1,456

1,487

1,625

1,656

1,699

AHTS > 16K

455

466

538

460

364

AHTS 8 - 16K

1,166

1,170

1,196

1,247

AHTS 4 - 8K

Other

1,183

1,170

1,196

1,413

1,593

Total

4,806

4,839

5,266

5,505

5,847

Worldwide fleet:

PSV > 900

6,279

6,255

6,348

6,279

PSV < 900

5,915

5,810

5,963

6,164

6,097

AHTS > 16K

1,001

990

1,012

1,001

AHTS 8 - 16K

1,911

1,890

1,932

1,975

AHTS 4 - 8K

1,820

1,800

1,840

1,885

Other

1,274

1,260

1,380

1,597

1,775

Total

18,200

18,005

18,475

18,893

19,012

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

UTILIZATION - TOTAL FLEET:

Americas fleet:

PSV > 900

64.9

68.2

74.9

83.6

87.0

PSV < 900

62.5

57.5

58.4

70.3

63.6

AHTS > 16K

100.0

67.4

98.1

92.7

77.3

AHTS 8 - 16K

100.0

70.8

100.0

92.7

AHTS 4 - 8K

97.3

100.0

97.3

100.0

99.5

Other

58.2

100.0

75.9

96.4

83.5

Total

68.0

66.1

70.4

79.4

75.8

Asia Pacific fleet:

PSV > 900

71.7

84.6

75.8

75.2

70.1

PSV < 900

83.2

84.2

96.0

90.3

75.0

AHTS > 16K

62.1

29.0

42.0

63.7

88.5

AHTS 8 - 16K

—

35.9

35.1

34.4

Other

—

99.5

—

Total

74.9

78.2

76.8

74.5

67.9

Middle East fleet:

PSV > 900

100.0

82.6

38.9

PSV < 900

86.3

79.4

82.9

79.2

76.9

AHTS 8 - 16K

82.0

81.8

69.1

65.1

95.7

AHTS 4 - 8K

74.1

75.3

79.0

86.0

81.0

Total

81.3

78.7

79.8

80.3

79.8

Europe/Mediterranean fleet:

PSV > 900

88.5

82.7

87.7

88.7

94.8

PSV < 900

92.2

77.2

85.8

81.2

92.0

AHTS > 16K

80.5

34.9

78.0

100.0

69.1

Total

88.5

80.0

87.2

87.5

93.3

West Africa fleet:

PSV > 900

96.3

66.2

71.0

66.8

70.1

PSV < 900

76.9

89.9

68.8

53.8

52.4

AHTS > 16K

94.7

86.8

87.3

79.9

85.1

AHTS 8 - 16K

54.5

84.4

96.9

84.9

75.3

AHTS 4 - 8K

66.4

100.0

59.7

50.0

Other

78.4

72.2

65.4

50.3

40.5

Total

75.3

81.5

75.7

62.3

57.6

Worldwide fleet:

PSV > 900

83.1

79.6

82.5

83.6

86.2

PSV < 900

79.8

77.1

74.8

71.5

68.9

AHTS > 16K

85.4

63.9

79.6

79.7

81.7

AHTS 8 - 16K

65.3

82.9

87.1

76.1

77.0

AHTS 4 - 8K

76.1

79.0

79.2

83.9

77.2

Other

77.1

73.8

66.5

54.6

44.1

Total

79.2

77.7

78.6

75.8

74.1

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

UTILIZATION - ACTIVE FLEET:

Americas fleet:

PSV > 900

71.4

71.3

74.9

83.6

87.0

PSV < 900

79.5

78.7

77.9

79.7

72.4

AHTS > 16K

100.0

67.4

98.1

92.7

77.3

AHTS 8 - 16K

100.0

70.8

100.0

92.7

AHTS 4 - 8K

97.3

100.0

97.3

100.0

99.5

Other

58.2

100.0

75.9

96.4

83.5

Total

78.5

77.0

79.9

84.3

80.5

Asia Pacific fleet:

PSV > 900

71.7

84.6

75.8

75.2

70.1

PSV < 900

83.2

84.2

96.0

90.3

75.0

AHTS > 16K

62.1

29.0

42.0

63.7

88.5

AHTS 8 - 16K

—

35.9

35.1

34.4

Other

—

99.5

—

Total

74.9

78.2

76.8

74.5

67.9

Middle East fleet:

PSV > 900

100.0

82.6

38.9

PSV < 900

86.3

79.4

82.9

79.2

76.9

AHTS 8 - 16K

82.0

81.8

69.1

65.1

95.7

AHTS 4 - 8K

74.1

75.3

79.0

86.0

81.0

Total

81.3

78.7

79.8

80.3

79.8

Europe/Mediterranean fleet:

PSV > 900

88.5

82.7

87.7

88.7

94.8

PSV < 900

92.2

77.2

85.8

81.2

92.0

AHTS > 16K

80.5

34.9

78.0

100.0

69.1

Total

88.5

80.0

87.2

87.5

93.3

West Africa fleet:

PSV > 900

96.3

66.2

71.0

66.8

70.1

PSV < 900

76.9

89.9

68.8

53.8

52.4

AHTS > 16K

94.7

86.8

87.3

79.9

85.1

AHTS 8 - 16K

54.5

84.4

96.9

84.9

75.3

AHTS 4 - 8K

66.4

100.0

Other

87.7

87.1

81.2

64.6

48.4

Total

77.5

85.5

80.7

67.9

61.6

Worldwide fleet:

PSV > 900

84.3

80.2

82.5

83.6

86.2

PSV < 900

83.5

82.1

79.6

73.6

71.0

AHTS > 16K

85.4

63.9

79.6

79.7

81.7

AHTS 8 - 16K

65.3

82.9

87.1

76.1

77.0

AHTS 4 - 8K

76.1

79.0

81.9

88.1

80.9

Other

85.6

88.0

80.5

68.5

51.8

Total

81.4

80.6

81.7

78.5

76.4

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

AVERAGE VESSEL DAY RATES: (A)

Americas fleet:

PSV > 900

35,554

34,675

35,891

34,365

32,617

PSV < 900

27,115

28,460

28,021

30,326

29,222

AHTS > 16K

35,619

36,124

35,038

35,435

37,252

AHTS 8 - 16K

13,878

13,944

14,368

13,672

13,151

AHTS 4 - 8K

22,816

22,253

22,733

22,942

22,943

Other

14,212

14,197

27,545

17,456

24,369

Total

29,056

29,501

30,362

30,487

29,526

Asia Pacific fleet:

PSV > 900

36,304

35,539

35,929

36,371

36,341

PSV < 900

38,381

38,297

29,975

29,908

32,803

AHTS > 16K

34,182

54,481

59,996

68,580

48,255

AHTS 8 - 16K

—

13,776

23,531

28,856

Other

—

55,320

—

Total

37,013

37,470

35,025

39,196

37,372

Middle East fleet:

PSV > 900

25,700

26,425

28,955

16,391

16,929

PSV < 900

14,798

14,883

15,405

13,878

13,469

AHTS 8 - 16K

14,213

14,179

13,033

12,290

11,889

AHTS 4 - 8K

13,494

12,670

12,487

12,555

12,443

Total

14,555

14,295

14,381

13,228

12,877

Europe/Mediterranean fleet:

PSV > 900

23,760

21,221

19,640

20,630

23,292

PSV < 900

21,456

20,269

19,625

20,674

21,061

AHTS > 16K

44,502

74,726

46,204

23,122

33,904

Total

24,341

21,954

20,173

20,752

23,275

West Africa fleet:

PSV > 900

31,515

32,171

29,383

31,188

32,777

PSV < 900

23,573

22,828

24,213

26,729

27,867

AHTS > 16K

33,786

33,884

32,256

32,746

32,082

AHTS 8 - 16K

21,303

22,825

23,470

22,524

23,123

AHTS 4 - 8K

15,509

15,510

15,511

15,516

16,010

Other

7,713

7,814

8,180

8,264

6,979

Total

20,751

20,732

21,583

21,940

23,035

Worldwide fleet:

PSV > 900

27,429

25,917

25,087

25,625

27,102

PSV < 900

22,547

22,617

21,959

22,867

22,722

AHTS > 16K

36,789

39,900

36,991

40,037

38,029

AHTS 8 - 16K

17,797

19,621

20,306

19,931

19,592

AHTS 4 - 8K

14,775

14,062

13,888

13,902

Other

8,303

8,687

10,923

13,127

10,147

Total

22,938

22,283

22,044

22,798

23,166

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

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Americas

Vessel revenues

53,969

58,526

69,706

76,913

68,758

Vessel operating costs:

Crew costs

17,972

19,729

22,429

22,634

19,652

Repair and maintenance

5,706

5,228

6,286

5,350

4,830

Insurance

429

462

540

570

351

Fuel, lube and supplies

3,252

2,887

2,739

2,464

2,215

Other

5,276

5,564

5,875

4,598

5,965

Total vessel operating costs

32,635

33,870

37,869

35,616

33,013

Vessel operating margin ($)

21,334

24,656

31,837

41,297

35,745

Vessel operating margin (%)

39.5

42.1

45.7

53.7

52.0

Americas - Select operating statistics

Average vessels - Total fleet

Utilization - Total fleet

68.0

66.1

70.4

79.4

75.8

Average vessels - Active fleet

Utilization - Active fleet

78.5

77.0

79.9

84.3

80.5

Average day rates

29,056

29,501

30,362

30,487

29,526

Vessels commencing drydocks

—

Deferred drydocking and survey costs - beginning balance

19,996

19,907

22,400

25,608

28,443

Cash paid for deferred drydocking and survey costs

3,634

10,685

2,858

1,082

1,027

Amortization of deferred drydocking and survey costs

(4,269

)

(4,688

)

(5,351

)

(5,817

)

(5,338

)

Disposals, intersegment transfers and other

2,171

(5,908

)

—

1,527

1,476

Deferred drydocking and survey costs - ending balance

21,532

19,996

19,907

22,400

25,608

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Asia Pacific

Vessel revenues

47,948

46,564

42,037

53,786

45,696

Vessel operating costs:

Crew costs

17,630

15,867

14,304

20,887

18,518

Repair and maintenance

3,136

2,957

3,427

3,842

3,365

Insurance

283

254

331

330

176

Fuel, lube and supplies

3,048

2,513

1,890

2,443

1,789

Other

2,095

1,754

2,369

2,768

2,317

Total vessel operating costs

26,192

23,345

22,321

30,270

26,165

Vessel operating margin ($)

21,756

23,219

19,716

23,516

19,531

Vessel operating margin (%)

45.4

49.9

46.9

43.7

42.7

Asia Pacific - Select operating statistics

Average vessels - Total fleet

Utilization - Total fleet

74.9

78.2

76.8

74.5

67.9

Average vessels - Active fleet

Utilization - Active fleet

74.9

78.2

76.8

74.5

67.9

Average day rates

37,013

37,470

35,025

39,196

37,372

Vessels commencing drydocks

Deferred drydocking and survey costs - beginning balance

12,786

10,185

14,094

13,462

13,810

Cash paid for deferred drydocking and survey costs

843

452

998

3,340

2,487

Amortization of deferred drydocking and survey costs

(2,377

)

(2,340

)

(1,998

)

(2,578

)

(2,428

)

Disposals, intersegment transfers and other

(979

)

4,489

(2,909

)

(130

)

(407

)

Deferred drydocking and survey costs - ending balance

10,273

12,786

10,185

14,094

13,462

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Middle East

Vessel revenues

48,483

45,569

47,021

42,035

40,215

Vessel operating costs:

Crew costs

17,314

15,527

14,207

13,541

13,302

Repair and maintenance

4,514

3,856

6,153

4,556

4,261

Insurance

852

763

463

484

343

Fuel, lube and supplies

3,548

2,684

2,790

2,916

3,250

Other

4,044

4,075

4,570

4,242

4,661

Total vessel operating costs

30,272

26,905

28,183

25,739

25,817

Vessel operating margin ($)

18,211

18,664

18,838

16,296

14,398

Vessel operating margin (%)

37.6

41.0

40.1

38.8

35.8

Middle East - Select operating statistics

Average vessels - Total fleet

Utilization - Total fleet

81.3

78.7

79.8

80.3

79.8

Average vessels - Active fleet

Utilization - Active fleet

81.3

78.7

79.8

80.3

79.8

Average day rates

14,555

14,295

14,381

13,228

12,877

Vessels commencing drydocks

Deferred drydocking and survey costs - beginning balance

45,558

39,996

38,913

35,355

31,423

Cash paid for deferred drydocking and survey costs

5,059

11,082

7,127

8,716

8,191

Amortization of deferred drydocking and survey costs

(6,012

)

(6,059

)

(6,044

)

(5,158

)

(4,259

)

Disposals, intersegment transfers and other

(538

)

539

—

Deferred drydocking and survey costs - ending balance

44,067

45,558

39,996

38,913

35,355

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Europe/Mediterranean

Vessel revenues

112,076

86,945

82,402

83,740

99,280

Vessel operating costs:

Crew costs

34,312

31,699

29,932

30,104

29,342

Repair and maintenance

9,419

7,566

7,267

7,481

5,736

Insurance

810

699

806

797

417

Fuel, lube and supplies

5,229

4,651

3,251

3,469

2,153

Other

5,981

5,766

5,258

4,805

6,187

Total vessel operating costs

55,751

50,381

46,514

46,656

43,835

Vessel operating margin ($)

56,325

36,564

35,888

37,084

55,445

Vessel operating margin (%)

50.3

42.1

43.6

44.3

55.8

Europe/Mediterranean - Select operating statistics

Average vessels - Total fleet

Utilization - Total fleet

88.5

80.0

87.2

87.5

93.3

Average vessels - Active fleet

Utilization - Active fleet

88.5

80.0

87.2

87.5

93.3

Average day rates

24,341

21,954

20,173

20,752

23,275

Vessels commencing drydocks

Deferred drydocking and survey costs - beginning balance

36,762

28,489

30,440

35,571

41,011

Cash paid for deferred drydocking and survey costs

10,641

11,214

1,324

2,103

1,811

Amortization of deferred drydocking and survey costs

(8,525

)

(7,527

)

(6,184

)

(6,363

)

(6,919

)

Disposals, intersegment transfers and other

(356

)

4,586

2,909

(871

)

(332

)

Deferred drydocking and survey costs - ending balance

38,522

36,762

28,489

30,440

35,571

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

West Africa

Vessel revenues

77,255

85,814

91,717

82,017

82,909

Vessel operating costs:

Crew costs

17,997

16,065

19,300

18,363

18,662

Repair and maintenance

6,178

5,197

6,243

7,407

5,745

Insurance

565

482

683

711

353

Fuel, lube and supplies

5,969

3,719

4,557

5,149

5,700

Other

5,187

6,223

6,449

6,219

8,064

Total vessel operating costs

35,896

31,686

37,232

37,849

38,524

Vessel operating margin ($)

41,359

54,128

54,485

44,168

44,385

Vessel operating margin (%)

53.5

63.1

59.4

53.9

53.5

West Africa - Select operating statistics

Average vessels - Total fleet

Utilization - Total fleet

75.3

81.5

75.7

62.3

57.6

Average vessels - Active fleet

Utilization - Active fleet

77.5

85.5

80.7

67.9

61.6

Average day rates

20,751

20,732

21,583

21,940

23,035

Vessels commencing drydocks

Deferred drydocking and survey costs - beginning balance

32,769

41,159

48,387

55,663

54,639

Cash paid for deferred drydocking and survey costs

3,164

2,948

1,546

2,404

10,222

Amortization of deferred drydocking and survey costs

(7,133

)

(7,508

)

(8,774

)

(9,154

)

(8,461

)

Disposals, intersegment transfers and other

(298

)

(3,830

)

—

(526

)

(737

)

Deferred drydocking and survey costs - ending balance

28,502

32,769

41,159

48,387

55,663

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Worldwide

Vessel revenues

339,731

323,418

332,883

338,491

336,858

Vessel operating costs:

Crew costs

105,225

98,887

100,172

105,529

99,476

Repair and maintenance

28,953

24,804

29,376

28,636

23,937

Insurance

2,939

2,660

2,823

2,892

1,640

Fuel, lube and supplies

21,046

16,454

15,227

16,441

15,107

Other

22,583

23,382

24,521

22,632

27,194

Total vessel operating costs

180,746

166,187

172,119

176,130

167,354

Vessel operating margin ($)

158,985

157,231

160,764

162,361

169,504

Vessel operating margin (%)

46.8

48.6

48.3

48.0

50.3

Worldwide - Select operating statistics

Average vessels - Total fleet

206

207

209

213

216

Utilization - Total fleet

79.2

77.7

78.6

75.8

74.1

Average vessels - Active fleet

200

201

206

210

Utilization - Active fleet

81.4

80.6

81.7

78.5

76.4

Average day rates

22,938

22,283

22,044

22,798

23,166

Vessels commencing drydocks

Deferred drydocking and survey costs - beginning balance

147,871

139,736

154,234

165,659

169,326

Cash paid for deferred drydocking and survey costs

23,341

36,381

13,853

17,645

23,738

Amortization of deferred drydocking and survey costs

(28,316

)

(28,122

)

(28,351

)

(29,070

)

(27,405

)

Disposals, intersegment transfers and other

—

(124

)

—

Deferred drydocking and survey costs - ending balance

142,896

147,871

139,736

154,234

165,659

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In Thousands)

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Net income (loss)

21,082

5,976

219,449

(1,018

)

72,702

Interest and other debt costs

16,426

16,891

16,715

16,589

16,442

Income tax expense

25,062

34,903

(166,612

)

21,711

5,584

Depreciation

38,096

38,497

37,838

37,334

36,909

Amortization of deferred drydock and survey costs

28,316

28,122

28,351

29,070

27,405

Amortization of below market contracts

—

(219

)

(283

)

(347

)

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

128,982

124,389

135,522

103,403

158,695

Non-cash indemnification assets charge (credit)

—

(112

)

Non-cash stock compensation expense

3,745

3,063

3,454

3,481

4,057

Loss on early extinguishment of debt

—

27,101

—

Acquisition, restructuring and integration related costs

1,104

1,871

4,064

3,941

340

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

133,831

129,323

143,052

137,926

162,980

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 June 30, 2026, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,745, $3,063, $3,454, $3,481 and $4,057 respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended June 30, 2026, and for each of the prior four quarters includes foreign exchange gain (losses) of $(688), $(3,403), $2,134, $1,277 and $11,703 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

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Net cash provided by operating activities (A)

67,043

19,179

152,960

72,079

73,658

Cash interest expense

540

31,554

576

17,735

11,994

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

661

(2,939

)

(3,455

)

(1,860

)

(2,103

)

Indemnification assets credit

—

112

Additions to property and equipment

(14,923

)

(14,885

)

(5,147

)

(5,122

)

(5,226

)

Expansion capital

—

Effects of exchange rate changes on cash

(484

)

(1,813

)

910

(1,377

)

11,775

52,837

31,096

145,844

81,455

90,213

Proceeds from asset sales

11,527

3,329

5,331

1,204

7,328

Free cash flow

64,364

34,425

151,175

82,659

97,541

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

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

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

(7,521

)

(34,008

)

68,133

(9,210

)

(11,010

)

Cash paid for deferred drydock and survey costs

(23,341

)

(36,381

)

(13,853

)

(17,645

)

(23,738

)

Total sources (uses) of cash for changes in assets and liabilities

(30,862

)

(70,389

)

54,280

(26,855

)

(34,748

)

Contacts

Tidewater Inc.

West Gotcher

Senior Vice President,

Strategy, Corporate Development and Investor Relations

+1.713.470.5285

SOURCE: Tidewater Inc.

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