Tidewater Reports Results for the Nine Months Ended September 30, 2025
HOUSTON--( BUSINESS WIRE)--Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2025 of $341.1 million and $1,016.0 million, respectively, compared with $340.4 million and $1,000.8 million, respectively, for the three and nine months ended September 30, 2024. Tidewater's net income (loss) for the three and nine months ended September 30, 2025, was $(0.8) million ($0.02 per common share) and $114.8 million ($2.27 per common share), respectively, compared with net income of $46.4 million ($0.87 per common share) and $143.8 million ($2.70 per common share), respectively, for the three and nine months ended September 30, 2024.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The third quarter of 2025 came in above our expectations as vessel up-time across the fleet exceeded our initial estimates, delivering revenue of $341.1 million and gross margin of 48.0%. Average day rates for the quarter softened modestly driven by the North Sea and West Africa, consistent with our expectations, however, we did see meaningful day rate increases in our other reporting segments. Importantly, through a combination of better than anticipated vessel up-time and continued strength in production support, offshore construction and subsea and EPCI activities for offshore vessels, sequential active utilization increased in all but one of our operating segments, yielding our best active utilization since the second quarter of 2024. The increase in the active utilization of our vessels was driven by resilience in the broad-based set of support activities for our vessels and the benefits realized from the substantial investments made in the fleet over the past few years. We are pleased with yet another quarter of robust earnings and cash flow generation, with Adjusted EBITDA of $137.9 million and free cash flow of $82.7 million.
“We entered 2025 with a lack of clarity as to how the next phase of offshore activity would unfold, particularly as it related to the pace of offshore drilling. Global macroeconomic and geopolitical factors were prominent themes influencing the outlook. These factors and the associated uncertainty played out throughout the year, but we have been able to maintain the midpoint of our full-year revenue and margin guidance throughout the year, a testament to the resilience of our business. For the remainder of 2025, we are narrowing our 2025 revenue guidance to $1.33 to $1.35 billion and our full-year margin guidance to 49% to 50%. As of today, 99% of our full-year revenue guidance is covered by completed and contracted revenue.
“Looking forward to 2026, the factors that influenced the market in 2025 continue and provide a challenging backdrop to accurately anticipate the pace and order of magnitude of offshore drilling activity. Tidewater remains in an advantageous position in that we benefit from a range of activities that drive our business - production support, offshore construction support, subsea and EPCI support, and drilling support, along with renewable energy projects. We believe this broad-based set of demand drivers provides insulation from the uncertainty in drilling support activity, although drilling support remains a critical component to our ability to push day rates and utilization to their highest possible levels. Further, we fundamentally believe that the drivers for offshore activity remain compelling, as evidenced by the continued momentum in commercial activity for offshore drilling rigs. Accordingly, we are initiating full-year 2026 revenue guidance of $1.32 to $1.37 billion and full-year 2026 margin guidance of 48% to 50%. Although visibility into the timing of incremental drilling projects in the back half of 2026 remains somewhat unclear, we are comfortable initiating guidance given the visibility and confidence we have in the growing production, offshore construction, subsea and EPCI activities. To the extent that a more robust drilling recovery develops towards the end of the year, it would increase our full-year expectations.
“We have made great strides this year in our vessel up-time performance, enhancing our operational effectiveness and the earnings capability of our fleet. The impact of this is significant for both our customers and our shareholders. Best-in-class operational standards will continue to accrue benefits to Tidewater as we move forward, and I would like to thank our onshore and offshore staff for their continued focus on operational excellence. The dedication and diligence driving this outcome is what makes Tidewater the safest, most sustainable, most reliable, most profitable, highest specification offshore energy support vessel fleet in the world.”
In addition to the number of outstanding shares, as of September 30, 2025, the Company also has the following in-the-money warrants.
Common shares outstanding
49,562,017
New Creditor Warrants (strike price $0.001 per common share)
21,400
GulfMark Creditor Warrants (strike price $0.01 per common share)
53,555
Total
49,636,972
Tidewater will hold a conference call to discuss results for the three months ending September 30, 2025 on November 11, 2025, 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 November 11, 2025. 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 65 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 financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at September 30, 2025 and December 31, 2024; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024; and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024. Extracts are drawn from the September 30, 2025 unaudited quarterly and December 31, 2024 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.
Revision of Previously Issued Financial Statements
Certain prior year amounts have been reclassified to conform to the current year presentation. The effects of exchange rate changes on cash and cash equivalent balances were not previously presented as a separate item in the reconciliation of the net change in cash, cash equivalents and restricted cash in our Statements of Cash Flows, but rather included as a component of net cash provided by operating activities. Accordingly, we have revised our Condensed Consolidated Statements of Cash Flows to reflect the effects of exchange rate changes on cash and cash equivalent balances for the nine months ended September 30, 2024, the three months ended December 31, 2024, September 30, 2024, March 31, 2025 and June 30, 2025. Also, the presentation of Free cash flow has been revised to reflect the effects of exchange rate changes on cash and cash equivalent balance.
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, except per share data)
Three Months Ended
Nine Months Ended
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
Revenues:
Vessel revenues
$
338,491
$
338,485
$
1,006,048
$
994,174
Other operating revenues
2,622
1,871
9,940
6,576
Total revenues
341,113
340,356
1,015,988
1,000,750
Costs and expenses:
Vessel operating costs
176,130
178,654
508,463
522,723
Costs of other operating revenues
1,252
901
5,790
2,867
General and administrative
35,256
28,471
95,563
80,129
Depreciation and amortization
66,404
62,435
196,150
178,150
Gain on asset dispositions, net
(580
)
(51
)
(8,598
)
(13,090
)
Total costs and expenses
278,462
270,410
797,368
770,779
Operating income
62,651
69,946
218,620
229,971
Other income (expense):
Foreign exchange gain (loss)
1,277
5,522
20,549
(939
)
Interest income and other, net
455
1,028
4,715
3,686
Loss on early extinguishment of debt
(27,101
)
—
(27,101
)
—
Interest and other debt costs, net
(16,589
)
(17,622
)
(49,375
)
(56,225
)
Total other expense
(41,958
)
(11,072
)
(51,212
)
(53,478
)
Income before income taxes
20,693
58,874
167,408
176,493
Income tax expense
21,711
12,883
53,404
33,840
Net income (loss)
(1,018
)
45,991
114,004
142,653
Less: Net loss attributable to noncontrolling interests
(212
)
(380
)
(773
)
(1,098
)
Net income (loss) attributable to Tidewater Inc.
$
(806
)
$
46,371
$
114,777
$
143,751
Basic income (loss) per common share
$
(0.02
)
$
0.88
$
2.29
$
2.74
Diluted income (loss) per common share
$
(0.02
)
$
0.87
$
2.27
$
2.70
Weighted average common shares outstanding
49,498
52,490
50,217
52,498
Dilutive effect of warrants and restricted stock units
—
593
364
656
Adjusted weighted average common shares
49,498
53,083
50,581
53,154
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, except share and par value data)
September 30, 2025
December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
428,225
$
324,918
Restricted cash
—
2,032
Trade and other receivables, net of allowance for credit losses of $3,039 and $3,184 at September 30, 2025 and December 31, 2024, respectively
332,596
323,805
Marine operating supplies
27,857
34,319
Prepaid expenses and other current assets
11,652
13,588
Total current assets
800,330
698,662
Net properties and equipment
1,104,503
1,184,282
Deferred drydocking and survey costs
154,234
152,550
Indemnification assets
9,456
11,946
Other assets
60,357
27,464
Total assets
$
2,128,880
$
2,074,904
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
42,579
$
71,385
Accrued expenses
130,879
129,894
Current portion of long-term debt
5,840
65,386
Other current liabilities
97,162
64,948
Total current liabilities
276,460
331,613
Long-term debt
649,802
571,710
Other liabilities
63,594
60,396
Commitments and contingencies
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 49,562,017 and 51,461,472 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively
50
52
Additional paid-in-capital
1,659,820
1,656,830
Accumulated deficit
(525,041
)
(548,831
)
Accumulated other comprehensive loss
7,894
6,060
Total stockholders' equity
1,142,723
1,114,111
Noncontrolling interests
(3,699
)
(2,926
)
Total equity
1,139,024
1,111,185
Total liabilities and equity
$
2,128,880
$
2,074,904
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In Thousands)
Three Months Ended
Nine Months Ended
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
Net income (loss)
$
(1,018
)
$
45,991
$
114,004
$
142,653
Other comprehensive income (loss):
Unrealized gain on note receivable
—
130
—
283
Change in liability of pension plans
621
(600
)
1,834
(957
)
Total comprehensive income (loss)
$
(397
)
$
45,521
$
115,838
$
141,979
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Nine Months
Nine Months
Ended
Ended
September 30, 2025
September 30, 2024
Cash flows from operating activities:
Net income
$
114,004
$
142,653
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
113,257
117,430
Amortization of deferred drydocking and survey costs
82,893
60,720
Amortization of debt premiums and discounts
3,931
5,129
Amortization of below market contracts
(981
)
(3,929
)
Unrealized foreign exchange (gain) loss
(21,076
)
2,186
Deferred income taxes provision (benefit)
(11,569
)
56
Gain on asset dispositions, net
(8,598
)
(13,090
)
Loss on early extinguishment of debt
27,101
—
Stock-based compensation expense
11,029
9,795
Changes in assets and liabilities:
Trade and other receivables
(8,791
)
(24,733
)
Accounts payable
(28,806
)
19,127
Accrued expenses
195
(4,623
)
Deferred drydocking and survey costs
(84,722
)
(115,584
)
Other, net
38,281
(12,704
)
Net cash provided by operating activities
226,148
182,433
Cash flows from investing activities:
Proceeds from asset dispositions
12,288
14,868
Proceeds from sale of notes
660
2,208
Additions to properties and equipment
(20,614
)
(23,046
)
Net cash used in investing activities
(7,666
)
(5,970
)
Cash flows from financing activities:
Proceeds from issuance of shares
—
2
Issuance of long-term debt
650,000
—
Principal payments on long-term debt
(640,128
)
(89,007
)
Purchase of common stock
(90,089
)
(46,639
)
Payments on finance leases
(5,537
)
—
Debt extinguishment premium
(19,589
)
—
Debt issuance costs
(18,985
)
(193
)
Share based awards reacquired to pay taxes
(8,039
)
(28,528
)
Net cash used in financing activities
(132,367
)
(164,365
)
Effects of exchange rate changes on cash, cash equivalents and restricted cash
15,960
113
Net change in cash, cash equivalents and restricted cash
102,075
12,211
Cash, cash equivalents and restricted cash at beginning of period
329,031
277,965
Cash, cash equivalents and restricted cash at end of period
$
431,106
$
290,176
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
47,234
$
54,081
Income taxes
$
41,944
$
45,641
Supplemental disclosure of noncash investing activities:
Purchase of vessels
$
10,727
$
—
Recognition of finance leases
$
23,396
$
—
Supplemental disclosure of noncash financing activities:
Debt incurred for the purchase of vessels
$
11,479
$
—
Note: Cash, cash equivalents and restricted cash at September 30, 2025 includes $2.9 million 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 June 30, 2025
$
50
$
1,656,626
$
(524,235
)
$
7,273
$
(3,487
)
$
1,136,227
Total comprehensive income (loss)
—
—
(806
)
621
(212
)
(397
)
Amortization of share-based awards
—
3,194
—
—
—
3,194
Balance at September 30, 2025
$
50
$
1,659,820
$
(525,041
)
$
7,894
$
(3,699
)
$
1,139,024
Balance at June 30, 2024
$
52
$
1,649,523
$
(573,390
)
$
5,062
$
(2,260
)
$
1,078,987
Total comprehensive income (loss)
—
—
46,371
(470
)
(380
)
45,521
Repurchase and retirement of common stock
—
—
(14,172
)
—
—
(14,172
)
Amortization of share-based awards
—
3,504
—
—
—
3,504
Balance at September 30, 2024
$
52
$
1,653,027
$
(541,191
)
$
4,592
$
(2,640
)
$
1,113,840
Nine Months Ended
Accumulated
Additional
other
Non
Common
paid-in
Accumulated
comprehensive
controlling
stock
capital
deficit
income (loss)
interest
Total
Balance at December 31, 2024
$
52
$
1,656,830
$
(548,831
)
$
6,060
$
(2,926
)
$
1,111,185
Total comprehensive income (loss)
—
—
114,777
1,834
(773
)
115,838
Repurchase and retirement of common stock
(2
)
—
(90,987
)
—
—
(90,989
)
Amortization of share-based awards
—
2,990
—
—
—
2,990
Balance at September 30, 2025
$
50
$
1,659,820
$
(525,041
)
$
7,894
$
(3,699
)
$
1,139,024
Balance at December 31, 2023
$
52
$
1,671,759
$
(637,838
)
$
5,266
$
(1,542
)
$
1,037,697
Total comprehensive income (loss)
—
—
143,751
(674
)
(1,098
)
141,979
Issuance of common stock
1
1
—
—
—
2
Repurchase and retirement of common stock
(1
)
—
(47,104
)
—
—
(47,105
)
Amortization of share-based awards
—
(18,733
)
—
—
—
(18,733
)
Balance at September 30, 2024
$
52
$
1,653,027
$
(541,191
)
$
4,592
$
(2,640
)
$
1,113,840
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
Nine Months Ended
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Vessel revenues:
Americas
$
76,913
23
%
$
64,606
19
%
$
200,523
20
%
$
201,689
20
%
Asia Pacific
53,786
16
%
56,283
17
%
147,710
15
%
159,285
16
%
Middle East
42,035
12
%
36,947
11
%
125,552
12
%
111,415
11
%
Europe/Mediterranean
83,740
25
%
85,325
25
%
261,225
26
%
248,972
25
%
West Africa
82,017
24
%
95,324
28
%
271,038
27
%
272,813
28
%
Total vessel revenues
$
338,491
100
%
$
338,485
100
%
$
1,006,048
100
%
$
994,174
100
%
Vessel operating costs:
Crew costs
$
105,529
31
%
$
107,708
32
%
$
302,118
30
%
$
316,291
32
%
Repair and maintenance
28,636
8
%
25,554
8
%
74,527
7
%
71,645
7
%
Insurance
2,892
1
%
2,965
1
%
7,566
1
%
8,170
1
%
Fuel, lube and supplies
16,441
5
%
17,213
5
%
45,926
5
%
50,093
5
%
Other
22,632
7
%
25,214
7
%
78,326
8
%
76,524
8
%
Total vessel operating costs
176,130
52
%
178,654
53
%
508,463
51
%
522,723
53
%
Vessel operating margin (A)
$
162,361
48
%
$
159,831
47
%
$
497,585
49
%
$
471,451
47
%
Note (A): Vessel operating margin equals vessel revenues less vessel operating costs.
The company’s operating income (loss) and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows:
(In Thousands)
Three Months Ended
Nine Months Ended
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Vessel operating profit:
Americas
$
24,654
7
%
$
13,299
4
%
$
49,791
5
%
$
43,573
5
%
Asia Pacific
15,330
5
%
15,292
4
%
40,788
4
%
47,070
5
%
Middle East
4,994
2
%
(900
)
(0
)%
17,451
2
%
(1,213
)
(0
)%
Europe/Mediterranean
11,352
3
%
12,363
4
%
47,957
5
%
42,249
4
%
West Africa
25,418
7
%
43,526
13
%
103,048
10
%
122,275
12
%
Other operating profit
1,370
0
%
970
0
%
4,150
0
%
3,709
0
%
83,118
24
%
84,550
25
%
263,185
26
%
257,663
26
%
Corporate expenses (A)
(21,047
)
(6
)%
(14,655
)
(4
)%
(53,163
)
(5
)%
(40,782
)
(4
)%
Gain on asset dispositions, net
580
0
%
51
0
%
8,598
1
%
13,090
1
%
Operating income
$
62,651
18
%
$
69,946
21
%
$
218,620
22
%
$
229,971
23
%
Note (A): General and administrative expenses for the three and nine months ended September 30, 2025 include stock-based compensation of $3.5 million and $11.0 million, respectively. General and administrative expenses for the three and nine months ended September 30, 2024 include stock-based compensation of $3.7 million and $9.8 million, respectively. In addition, vessel operating and general and administrative costs for the three and nine months ended September 30, 2025, include $4.0 and $4.3 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and nine months ended September 30, 2024, include $0.6 million and $1.3 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
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
Revenues:
Vessel revenues
$
338,491
$
336,858
$
330,699
$
343,463
$
338,485
Other operating revenues
2,622
4,573
2,745
1,622
1,871
Total revenues
341,113
341,431
333,444
345,085
340,356
Costs and expenses:
Vessel operating costs (A)
176,130
167,354
164,979
170,384
178,654
Costs of other operating revenue
1,252
3,108
1,430
688
901
General and administrative (A)
35,256
31,213
29,094
30,688
28,471
Depreciation and amortization
66,404
64,314
65,432
64,620
62,435
Gain on asset dispositions, net
(580
)
(5,480
)
(2,538
)
(2,672
)
(51
)
Total operating costs and expenses
278,462
260,509
258,397
263,708
270,410
Operating income
62,651
80,922
75,047
81,377
69,946
Other income (expense):
Foreign exchange gain (loss)
1,277
11,703
7,569
(14,337
)
5,522
Interest income and other, net
455
2,103
2,157
2,697
1,028
Loss on early extinguishment of debt
(27,101
)
—
—
—
—
Interest and other debt costs, net
(16,589
)
(16,442
)
(16,344
)
(16,742
)
(17,622
)
Total other expense
(41,958
)
(2,636
)
(6,618
)
(28,382
)
(11,072
)
Income before income taxes
20,693
78,286
68,429
52,995
58,874
Income tax expense
21,711
5,584
26,109
16,376
12,883
Net income (loss)
(1,018
)
72,702
42,320
36,619
45,991
Net loss attributable to noncontrolling interests
(212
)
(228
)
(333
)
(286
)
(380
)
Net income (loss) attributable to Tidewater Inc.
$
(806
)
$
72,930
$
42,653
$
36,905
$
46,371
Basic income (loss) per common share
$
(0.02
)
$
1.47
$
0.83
$
0.71
$
0.88
Diluted income (loss) per common share
$
(0.02
)
$
1.46
$
0.83
$
0.70
$
0.87
Weighted average common shares outstanding
49,498
49,674
51,502
52,315
52,490
Dilutive effect of warrants and restricted stock units
—
337
176
514
593
Adjusted weighted average common shares
49,498
50,011
51,678
52,829
53,083
Vessel operating margin
$
162,361
$
169,504
$
165,720
$
173,079
$
159,831
Note (A): Acquisition, restructuring and integration related costs
$
3,941
$
340
$
—
$
978
$
581
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
ASSETS
Current assets:
Cash and cash equivalents
$
428,225
$
369,405
$
341,799
$
324,918
$
280,840
Restricted cash
—
21
5,234
2,032
7,259
Trade and other receivables, net
332,596
316,491
312,904
323,805
293,085
Marine operating supplies
27,857
24,467
23,101
34,319
26,670
Prepaid expenses and other current assets
11,652
14,123
15,160
13,588
18,117
Total current assets
800,330
724,507
698,198
698,662
625,971
Net properties and equipment
1,104,503
1,132,114
1,163,758
1,184,282
1,220,056
Deferred drydocking and survey costs
154,234
165,659
169,326
152,550
160,944
Indemnification assets
9,456
11,158
11,114
11,946
12,216
Other assets
60,357
40,934
23,770
27,464
27,944
Total assets
$
2,128,880
$
2,074,372
$
2,066,166
$
2,074,904
$
2,047,131
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
42,579
$
48,715
$
50,203
$
71,385
$
64,058
Accrued expenses
130,879
131,305
133,000
129,894
117,878
Current portion of long-term debt
5,840
93,366
80,042
65,386
53,105
Other current liabilities
97,162
69,688
74,299
64,948
38,532
Total current liabilities
276,460
343,074
337,544
331,613
273,573
Long-term debt
649,802
531,874
555,994
571,710
597,352
Other liabilities
63,594
63,197
62,263
60,396
62,366
Equity:
Common stock
50
50
51
52
52
Additional paid-in-capital
1,659,820
1,656,626
1,652,856
1,656,830
1,653,027
Accumulated deficit
(525,041
)
(524,235
)
(545,890
)
(548,831
)
(541,191
)
Accumulated other comprehensive income
7,894
7,273
6,607
6,060
4,592
Total stockholders' equity
1,142,723
1,139,714
1,113,624
1,114,111
1,116,480
Noncontrolling interests
(3,699
)
(3,487
)
(3,259
)
(2,926
)
(2,640
)
Total equity
1,139,024
1,136,227
1,110,365
1,111,185
1,113,840
Total liabilities and equity
$
2,128,880
$
2,074,372
$
2,066,166
$
2,074,904
$
2,047,131
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
Cash flows from operating activities:
Net income (loss)
$
(1,018
)
$
72,702
$
42,320
$
36,619
$
45,991
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
37,334
36,909
39,014
38,736
39,239
Amortization of deferred drydocking and survey costs
29,070
27,405
26,418
25,884
23,196
Amortization of debt premiums and discounts
975
1,455
1,501
1,612
1,536
Amortization of below market contracts
(283
)
(347
)
(351
)
(1,071
)
(1,073
)
Unrealized foreign exchange (gain) loss
(997
)
(10,528
)
(9,551
)
12,089
(4,848
)
Deferred income taxes provision (benefit)
3,851
(17,767
)
2,347
(2,863
)
24
Gain on asset dispositions, net
(580
)
(5,480
)
(2,538
)
(2,672
)
(51
)
Loss on early extinguishment of debt
27,101
—
—
—
—
Stock-based compensation expense
3,481
4,057
3,491
3,886
3,569
Changes in assets and liabilities:
Trade and other receivables
(16,105
)
(3,587
)
10,901
(30,720
)
(12,587
)
Accounts payable
(6,136
)
(1,488
)
(21,182
)
7,327
3,318
Accrued expenses
418
(3,329
)
3,106
12,016
(15,271
)
Deferred drydocking and survey costs
(17,645
)
(23,738
)
(43,339
)
(17,674
)
(35,483
)
Other, net
12,613
(2,606
)
28,274
16,870
(2,147
)
Net cash provided by operating activities
72,079
73,658
80,411
100,039
45,413
Cash flows from investing activities:
Proceeds from asset dispositions
1,204
7,268
3,816
4,470
51
Proceeds from sale of notes
—
60
600
5,846
1,506
Additions to properties and equipment
(5,122
)
(5,226
)
(10,266
)
(4,534
)
(5,712
)
Net cash provided by (used in) investing activities
(3,918
)
2,102
(5,850
)
5,782
(4,155
)
Cash flows from financing activities:
Exercise of warrants
—
—
—
2
—
Issuance of long-term debt
650,000
—
—
—
—
Principal payments on long-term debt
(613,587
)
(14,041
)
(12,500
)
(14,023
)
(62,500
)
Purchase of common stock
—
(50,814
)
(39,275
)
(44,103
)
(13,741
)
Payments on finance leases
(5,537
)
—
—
—
—
Debt extinguishment premium
(19,589
)
—
—
—
—
Debt issuance costs
(18,985
)
—
—
(20
)
—
Share based awards reacquired to pay taxes
(287
)
(287
)
(7,465
)
(86
)
(65
)
Net cash used in financing activities
(7,985
)
(65,142
)
(59,240
)
(58,230
)
(76,306
)
Effects of exchange rate changes on cash, cash equivalents and restricted cash
(1,377
)
11,775
5,562
(8,736
)
3,723
Net change in cash, cash equivalents and restricted cash
58,799
22,393
20,883
38,855
(31,325
)
Cash, cash equivalents and restricted cash at beginning of period
372,307
349,914
329,031
290,176
321,501
Cash, cash equivalents and restricted cash at end of period
$
431,106
$
372,307
$
349,914
$
329,031
$
290,176
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
17,735
$
11,994
$
17,505
$
12,816
$
23,535
Income taxes
$
9,291
$
17,505
$
15,148
$
11,268
$
12,557
Supplemental disclosure of noncash investing activities:
Purchase of vessels
$
—
$
1,629
$
9,098
$
—
$
—
Recognition of finance leases
$
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
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900
$
30,460
$
26,874
$
23,243
$
24,158
$
27,192
PSV < 900
33,363
27,734
21,146
26,743
26,926
AHTS > 16K
6,045
5,243
3,958
2,969
6,249
AHTS 8 - 16K
1,259
1,110
1,242
930
908
AHTS 4 - 8K
4,221
4,153
1,752
1,726
351
Other
1,565
3,644
3,511
3,714
2,980
Total
76,913
68,758
54,852
60,240
64,606
Asia Pacific fleet:
PSV > 900
22,660
20,878
20,457
18,881
19,535
PSV < 900
12,427
11,194
15,311
16,101
17,214
AHTS > 16K
12,065
11,655
8,792
10,851
12,358
AHTS 8 - 16K
1,518
1,804
2,394
2,836
4,640
AHTS 4 - 8K
—
—
1,108
2,020
2,182
Other
5,116
165
166
354
354
Total
53,786
45,696
48,228
51,043
56,283
Middle East fleet:
PSV > 900
1,246
599
1,446
1,485
1,387
PSV < 900
20,221
18,849
22,494
21,962
19,909
AHTS 8 - 16K
3,681
5,175
3,474
3,425
3,450
AHTS 4 - 8K
16,887
15,592
15,888
13,900
12,201
Total
42,035
40,215
43,302
40,772
36,947
Europe/Mediterranean fleet:
PSV > 900
67,302
78,778
64,207
66,380
66,808
PSV < 900
13,901
15,739
11,763
15,287
13,679
AHTS > 16K
2,127
4,266
1,669
1,378
3,790
Other
410
497
566
1,064
1,048
Total
83,740
99,280
78,205
84,109
85,325
West Africa fleet:
PSV > 900
14,328
19,600
30,203
28,064
17,012
PSV < 900
23,817
24,815
37,021
44,047
41,367
AHTS > 16K
12,037
9,934
10,172
9,602
8,916
AHTS 8 - 16K
22,859
21,725
20,775
17,898
18,453
AHTS 4 - 8K
1,428
1,457
2,086
3,185
3,100
Other
7,548
5,378
5,855
4,503
6,476
Total
82,017
82,909
106,112
107,299
95,324
Worldwide fleet:
PSV > 900
135,996
146,729
139,556
138,968
131,934
PSV < 900
103,729
98,331
107,735
124,140
119,095
AHTS > 16K
32,274
31,098
24,591
24,800
31,313
AHTS 8 - 16K
29,317
29,814
27,885
25,089
27,451
AHTS 4 - 8K
22,536
21,202
20,834
20,831
17,834
Other
14,639
9,684
10,098
9,635
10,858
Total
$
338,491
$
336,858
$
330,699
$
343,463
$
338,485
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900
12
11
10
10
10
PSV < 900
17
16
16
16
17
AHTS > 16K
2
2
2
2
2
AHTS 8 - 16K
1
1
1
1
1
AHTS 4 - 8K
2
2
2
2
2
Other
1
2
2
2
2
Total
35
34
33
33
34
Stacked vessels
(2
)
(2
)
(1
)
—
—
Active vessels
33
32
32
33
34
Asia Pacific fleet:
PSV > 900
9
9
9
9
9
PSV < 900
5
5
5
5
5
AHTS > 16K
3
3
3
3
3
AHTS 8 - 16K
2
2
2
2
2
AHTS 4 - 8K
—
1
1
1
1
Other
1
—
—
—
—
Total
20
20
20
20
20
Stacked vessels
—
—
—
—
—
Active vessels
20
20
20
20
20
Middle East fleet:
PSV > 900
1
1
1
1
1
PSV < 900
20
20
20
20
20
AHTS 8 - 16K
5
5
5
5
5
AHTS 4 - 8K
17
17
17
17
17
Total
43
43
43
43
43
Stacked vessels
—
—
—
—
—
Active vessels
43
43
43
43
43
Europe/Mediterranean fleet:
PSV > 900
40
39
39
39
40
PSV < 900
9
9
9
9
9
AHTS > 16K
1
2
2
2
2
Total
50
50
50
50
51
Stacked vessels
—
—
—
—
—
Active vessels
50
50
50
50
51
West Africa fleet:
PSV > 900
7
9
10
10
9
PSV < 900
18
19
20
20
19
AHTS > 16K
5
4
4
4
4
AHTS 8 - 16K
13
14
13
13
13
AHTS 4 - 8K
2
2
2
3
3
Other
20
21
22
20
20
Total
65
69
71
70
68
Stacked vessels
(5
)
(4
)
(6
)
—
—
Active vessels
60
65
65
70
68
Worldwide fleet:
PSV > 900
69
69
69
69
69
PSV < 900
69
69
70
70
70
AHTS > 16K
11
11
11
11
11
AHTS 8 - 16K
21
22
21
21
21
AHTS 4 - 8K
21
22
22
23
23
Other
22
23
24
22
22
Total
213
216
217
216
216
Stacked vessels
(7
)
(6
)
(7
)
—
—
Active vessels
206
210
210
216
216
Total active
206
210
210
216
216
Total stacked
7
6
7
—
—
Total
213
216
217
216
216
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
PSV > 900
1,060
947
900
920
920
PSV < 900
1,564
1,493
1,432
1,472
1,531
AHTS > 16K
184
182
180
184
184
AHTS 8 - 16K
92
91
90
92
92
AHTS 4 - 8K
184
182
180
184
184
Other
93
179
180
184
184
Total
3,177
3,074
2,962
3,036
3,095
Asia Pacific fleet:
PSV > 900
828
819
810
828
828
PSV < 900
460
455
450
460
460
AHTS > 16K
276
273
270
276
276
AHTS 8 - 16K
184
182
180
184
221
AHTS 4 - 8K
—
65
90
92
92
Other
91
3
—
—
—
Total
1,839
1,797
1,800
1,840
1,877
Middle East fleet:
PSV > 900
92
91
90
92
92
PSV < 900
1,840
1,820
1,800
1,840
1,840
AHTS 8 - 16K
460
455
450
460
460
AHTS 4 - 8K
1,564
1,547
1,530
1,564
1,564
Total
3,956
3,913
3,870
3,956
3,956
Europe/Mediterranean fleet:
PSV > 900
3,680
3,569
3,510
3,588
3,680
PSV < 900
828
812
810
828
828
AHTS > 16K
92
182
180
184
184
Total
4,600
4,563
4,500
4,600
4,692
West Africa fleet:
PSV > 900
688
853
900
920
828
PSV < 900
1,656
1,699
1,800
1,840
1,781
AHTS > 16K
460
364
360
368
368
AHTS 8 - 16K
1,196
1,247
1,180
1,196
1,159
AHTS 4 - 8K
184
182
180
235
276
Other
1,817
1,905
1,941
1,840
1,840
Total
6,001
6,250
6,361
6,399
6,252
Worldwide fleet:
PSV > 900
6,348
6,279
6,210
6,348
6,348
PSV < 900
6,348
6,279
6,292
6,440
6,440
AHTS > 16K
1,012
1,001
990
1,012
1,012
AHTS 8 - 16K
1,932
1,975
1,900
1,932
1,932
AHTS 4 - 8K
1,932
1,976
1,980
2,075
2,116
Other
2,001
2,087
2,121
2,024
2,024
Total
19,573
19,597
19,493
19,831
19,872
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
PSV < 900
184
182
82
15
—
Total
184
182
82
15
—
West Africa fleet:
AHTS 4 - 8K
92
91
49
—
—
Other
404
312
477
—
—
Total
496
403
526
—
—
Worldwide fleet:
PSV < 900
184
182
82
15
—
AHTS 4 - 8K
92
91
49
—
—
Other
404
312
477
—
—
Total
680
585
608
15
—
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
PSV > 900
1,060
947
900
920
920
PSV < 900
1,380
1,311
1,350
1,457
1,531
AHTS > 16K
184
182
180
184
184
AHTS 8 - 16K
92
91
90
92
92
AHTS 4 - 8K
184
182
180
184
184
Other
93
179
180
184
184
Total
2,993
2,892
2,880
3,021
3,095
Asia Pacific fleet:
PSV > 900
828
819
810
828
828
PSV < 900
460
455
450
460
460
AHTS > 16K
276
273
270
276
276
AHTS 8 - 16K
184
182
180
184
221
AHTS 4 - 8K
—
65
90
92
92
Other
91
3
—
—
—
Total
1,839
1,797
1,800
1,840
1,877
Middle East fleet:
PSV > 900
92
91
90
92
92
PSV < 900
1,840
1,820
1,800
1,840
1,840
AHTS 8 - 16K
460
455
450
460
460
AHTS 4 - 8K
1,564
1,547
1,530
1,564
1,564
Total
3,956
3,913
3,870
3,956
3,956
Europe/Mediterranean fleet:
PSV > 900
3,680
3,569
3,510
3,588
3,680
PSV < 900
828
812
810
828
828
AHTS > 16K
92
182
180
184
184
Total
4,600
4,563
4,500
4,600
4,692
West Africa fleet:
PSV > 900
688
853
900
920
828
PSV < 900
1,656
1,699
1,800
1,840
1,781
AHTS > 16K
460
364
360
368
368
AHTS 8 - 16K
1,196
1,247
1,180
1,196
1,159
AHTS 4 - 8K
92
91
131
235
276
Other
1,413
1,593
1,464
1,840
1,840
Total
5,505
5,847
5,835
6,399
6,252
Worldwide fleet:
PSV > 900
6,348
6,279
6,210
6,348
6,348
PSV < 900
6,164
6,097
6,210
6,425
6,440
AHTS > 16K
1,012
1,001
990
1,012
1,012
AHTS 8 - 16K
1,932
1,975
1,900
1,932
1,932
AHTS 4 - 8K
1,840
1,885
1,931
2,075
2,116
Other
1,597
1,775
1,644
2,024
2,024
Total
18,893
19,012
18,885
19,816
19,872
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
UTILIZATION - TOTAL FLEET:
Americas fleet:
PSV > 900
83.6
%
87.0
%
78.3
%
77.4
%
83.5
%
PSV < 900
70.3
63.6
53.0
74.2
76.5
AHTS > 16K
92.7
77.3
61.3
50.3
83.9
AHTS 8 - 16K
100.0
92.7
100.0
77.3
76.4
AHTS 4 - 8K
100.0
99.5
44.5
90.2
23.4
Other
96.4
83.5
91.8
72.4
69.2
Total
79.4
%
75.8
%
64.4
%
74.7
%
75.4
%
Asia Pacific fleet:
PSV > 900
75.2
%
70.1
%
67.7
%
63.4
%
63.2
%
PSV < 900
90.3
75.0
93.7
99.5
91.7
AHTS > 16K
63.7
88.5
66.7
75.4
81.8
AHTS 8 - 16K
35.1
34.4
64.1
64.9
58.8
AHTS 4 - 8K
—
—
56.2
100.0
91.7
Other
99.5
—
—
—
—
Total
74.5
%
67.9
%
73.1
%
76.2
%
73.8
%
Middle East fleet:
PSV > 900
82.6
%
38.9
%
100.0
%
100.0
%
100.0
%
PSV < 900
79.2
76.9
94.0
91.9
85.0
AHTS 8 - 16K
65.1
95.7
63.7
64.3
71.0
AHTS 4 - 8K
86.0
81.0
86.3
80.8
75.8
Total
80.3
%
79.8
%
87.6
%
84.5
%
80.1
%
Europe/Mediterranean fleet:
PSV > 900
88.7
%
94.8
%
88.0
%
86.1
%
86.1
%
PSV < 900
81.2
92.0
79.2
93.6
81.2
AHTS > 16K
100.0
69.1
49.8
32.3
52.0
Total
87.5
%
93.3
%
84.9
%
85.3
%
83.9
%
West Africa fleet:
PSV > 900
66.8
%
70.1
%
96.1
%
88.8
%
66.0
%
PSV < 900
53.8
52.4
68.5
80.9
80.0
AHTS > 16K
79.9
85.1
95.6
80.1
74.7
AHTS 8 - 16K
84.9
75.3
83.0
78.6
85.5
AHTS 4 - 8K
50.0
50.0
66.7
73.4
63.3
Other
50.3
40.5
43.0
40.8
49.6
Total
62.3
%
57.6
%
68.8
%
69.8
%
69.2
%
Worldwide fleet:
PSV > 900
83.6
%
86.2
%
85.3
%
82.5
%
80.3
%
PSV < 900
71.5
68.9
75.4
85.5
81.6
AHTS > 16K
79.7
81.7
73.1
64.7
74.2
AHTS 8 - 16K
76.1
77.0
77.5
73.9
78.6
AHTS 4 - 8K
83.9
77.2
79.4
81.6
70.3
Other
54.6
44.1
47.2
43.7
51.4
Total
75.8
%
74.1
%
76.0
%
77.6
%
76.2
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
UTILIZATION - ACTIVE FLEET:
Americas fleet:
PSV > 900
83.6
%
87.0
%
78.3
%
77.4
%
83.5
%
PSV < 900
79.7
72.4
56.2
75.0
76.5
AHTS > 16K
92.7
77.3
61.3
50.3
83.9
AHTS 8 - 16K
100.0
92.7
100.0
77.3
76.4
AHTS 4 - 8K
100.0
99.5
44.5
90.2
23.4
Other
96.4
83.5
91.8
72.4
69.2
Total
84.3
%
80.5
%
66.3
%
75.1
%
75.4
%
Asia Pacific fleet:
PSV > 900
75.2
%
70.1
%
67.7
%
63.4
%
63.2
%
PSV < 900
90.3
75.0
93.7
99.5
91.7
AHTS > 16K
63.7
88.5
66.7
75.4
81.8
AHTS 8 - 16K
35.1
34.4
64.1
64.9
58.8
AHTS 4 - 8K
—
—
56.2
100.0
91.7
Other
99.5
—
—
—
—
Total
74.5
%
67.9
%
73.1
%
76.2
%
73.8
%
Middle East fleet:
PSV > 900
82.6
%
38.9
%
100.0
%
100.0
%
100.0
%
PSV < 900
79.2
76.9
94.0
91.9
85.0
AHTS 8 - 16K
65.1
95.7
63.7
64.3
71.0
AHTS 4 - 8K
86.0
81.0
86.3
80.8
75.8
Total
80.3
%
79.8
%
87.6
%
84.5
%
80.1
%
Europe/Mediterranean fleet:
PSV > 900
88.7
%
94.8
%
88.0
%
86.1
%
86.1
%
PSV < 900
81.2
92.0
79.2
93.6
81.2
AHTS > 16K
100.0
69.1
49.8
32.3
52.0
Total
87.5
%
93.3
%
84.9
%
85.3
%
83.9
%
West Africa fleet:
PSV > 900
66.8
%
70.1
%
96.1
%
88.8
%
66.0
%
PSV < 900
53.8
52.4
68.5
80.9
80.0
AHTS > 16K
79.9
85.1
95.6
80.1
74.7
AHTS 8 - 16K
84.9
75.3
83.0
78.6
85.5
AHTS 4 - 8K
100.0
100.0
91.6
73.4
63.3
Other
64.6
48.4
57.0
40.8
49.6
Total
67.9
%
61.6
%
75.0
%
69.8
%
69.2
%
Worldwide fleet:
PSV > 900
83.6
%
86.2
%
85.3
%
82.5
%
80.3
%
PSV < 900
73.6
71.0
76.4
85.7
81.6
AHTS > 16K
79.7
81.7
73.1
64.7
74.2
AHTS 8 - 16K
76.1
77.0
77.5
73.9
78.6
AHTS 4 - 8K
88.1
80.9
81.4
81.6
70.3
Other
68.5
51.8
60.8
43.7
51.4
Total
78.5
%
76.4
%
78.4
%
77.7
%
76.2
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900
$
34,365
$
32,617
$
32,992
$
33,907
$
35,404
PSV < 900
30,326
29,222
27,862
24,479
22,986
AHTS > 16K
35,435
37,252
35,888
32,095
40,478
AHTS 8 - 16K
13,672
13,151
13,796
13,079
12,925
AHTS 4 - 8K
22,942
22,943
21,889
10,399
8,167
Other
17,456
24,369
21,251
27,870
23,420
Total
30,487
29,526
28,733
26,563
27,676
Asia Pacific fleet:
PSV > 900
36,371
36,341
37,304
35,984
37,341
PSV < 900
29,908
32,803
36,309
35,192
40,805
AHTS > 16K
68,580
48,255
48,843
52,170
54,756
AHTS 8 - 16K
23,531
28,856
20,764
23,746
35,682
AHTS 4 - 8K
—
—
21,890
21,959
25,883
Other
55,320
—
—
—
—
Total
39,196
37,372
36,564
36,203
40,419
Middle East fleet:
PSV > 900
16,391
16,929
16,072
16,146
15,079
PSV < 900
13,878
13,469
13,301
12,981
12,730
AHTS 8 - 16K
12,290
11,889
12,112
11,575
10,558
AHTS 4 - 8K
12,555
12,443
12,026
11,006
10,291
Total
13,228
12,877
12,777
12,197
11,661
Europe/Mediterranean fleet:
PSV > 900
20,630
23,292
20,782
21,499
21,092
PSV < 900
20,674
21,061
18,337
19,727
20,347
AHTS > 16K
23,122
33,904
18,613
23,177
39,597
Total
20,752
23,275
20,405
21,249
21,484
West Africa fleet:
PSV > 900
31,188
32,777
34,924
34,334
31,118
PSV < 900
26,729
27,867
30,017
29,598
29,031
AHTS > 16K
32,746
32,082
29,568
32,557
32,453
AHTS 8 - 16K
22,524
23,123
21,204
19,033
18,627
AHTS 4 - 8K
15,516
16,010
17,387
18,462
17,755
Other
8,264
6,979
7,013
6,001
7,096
Total
21,940
23,035
24,244
24,038
22,044
Worldwide fleet:
PSV > 900
25,625
27,102
26,345
26,550
25,883
PSV < 900
22,867
22,722
22,697
22,550
22,666
AHTS > 16K
40,037
38,029
33,966
37,870
41,721
AHTS 8 - 16K
19,931
19,592
18,945
17,584
18,087
AHTS 4 - 8K
13,902
13,902
13,255
12,301
11,990
Other
13,127
10,147
9,746
9,691
9,410
Total
$
22,798
$
23,166
$
22,303
$
22,236
$
22,275
Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
Americas
Vessel revenues
$
76,913
$
68,758
$
54,852
$
60,240
$
64,606
Vessel operating costs:
Crew costs
22,634
19,652
17,440
18,519
21,646
Repair and maintenance
5,350
4,830
4,266
5,271
5,227
Insurance
570
351
571
506
571
Fuel, lube and supplies
2,464
2,215
2,617
2,954
3,165
Other
4,598
5,965
10,129
6,795
5,921
Total vessel operating costs
35,616
33,013
35,023
34,045
36,530
Vessel operating margin ($)
41,297
35,745
19,829
26,195
28,076
Vessel operating margin (%)
53.7
%
52.0
%
36.2
%
43.5
%
43.5
%
Americas - Select operating statistics
Average vessels - Total fleet
35
34
33
33
34
Utilization - Total fleet
79.4
%
75.8
%
64.4
%
74.7
%
75.4
%
Average vessels - Active fleet
33
32
32
33
34
Utilization - Active fleet
84.3
%
80.5
%
66.3
%
75.1
%
75.4
%
Average day rates
$
30,487
$
29,526
$
28,733
$
26,563
$
27,676
Vessels commencing drydocks
—
1
3
1
4
Deferred drydocking and survey costs - beginning balance
$
25,608
$
28,443
$
31,149
$
33,812
$
37,103
Cash paid for deferred drydocking and survey costs
1,082
1,027
3,355
3,317
5,009
Amortization of deferred drydocking and survey costs
(5,817
)
(5,338
)
(5,916
)
(5,980
)
(5,621
)
Disposals, intersegment transfers and other
1,527
1,476
(145
)
—
(2,679
)
Deferred drydocking and survey costs - ending balance
$
22,400
$
25,608
$
28,443
$
31,149
$
33,812
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
Asia Pacific
Vessel revenues
$
53,786
$
45,696
$
48,228
$
51,043
$
56,283
Vessel operating costs:
Crew costs
20,887
18,518
20,331
21,954
24,685
Repair and maintenance
3,842
3,365
2,270
4,304
3,834
Insurance
330
176
324
319
327
Fuel, lube and supplies
2,443
1,789
1,767
2,002
2,560
Other
2,768
2,317
2,118
2,456
2,396
Total vessel operating costs
30,270
26,165
26,810
31,035
33,802
Vessel operating margin ($)
23,516
19,531
21,418
20,008
22,481
Vessel operating margin (%)
43.7
%
42.7
%
44.4
%
39.2
%
39.9
%
Asia Pacific - Select operating statistics
Average vessels - Total fleet
20
20
20
20
20
Utilization - Total fleet
74.5
%
67.9
%
73.1
%
76.2
%
73.8
%
Average vessels - Active fleet
20
20
20
20
20
Utilization - Active fleet
74.5
%
67.9
%
73.1
%
76.2
%
73.8
%
Average day rates
$
39,196
$
37,372
$
36,564
$
36,203
$
40,419
Vessels commencing drydocks
3
2
4
—
2
Deferred drydocking and survey costs - beginning balance
$
13,462
$
13,810
$
10,418
$
11,248
$
8,744
Cash paid for deferred drydocking and survey costs
3,340
2,487
7,253
1,138
4,069
Amortization of deferred drydocking and survey costs
(2,578
)
(2,428
)
(2,046
)
(1,968
)
(1,565
)
Disposals, intersegment transfers and other
(130
)
(407
)
(1,815
)
—
—
Deferred drydocking and survey costs - ending balance
$
14,094
$
13,462
$
13,810
$
10,418
$
11,248
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
Middle East
Vessel revenues
$
42,035
$
40,215
$
43,302
$
40,772
$
36,947
Vessel operating costs:
Crew costs
13,541
13,302
13,280
13,509
13,071
Repair and maintenance
4,556
4,261
4,100
4,162
4,625
Insurance
484
343
529
488
510
Fuel, lube and supplies
2,916
3,250
2,039
2,599
2,842
Other
4,242
4,661
4,588
4,932
6,000
Total vessel operating costs
25,739
25,817
24,536
25,690
27,048
Vessel operating margin ($)
16,296
14,398
18,766
15,082
9,899
Vessel operating margin (%)
38.8
%
35.8
%
43.3
%
37.0
%
26.8
%
Middle East - Select operating statistics
Average vessels - Total fleet
43
43
43
43
43
Utilization - Total fleet
80.3
%
79.8
%
87.6
%
84.5
%
80.1
%
Average vessels - Active fleet
43
43
43
43
43
Utilization - Active fleet
80.3
%
79.8
%
87.6
%
84.5
%
80.1
%
Average day rates
$
13,228
$
12,877
$
12,777
$
12,197
$
11,661
Vessels commencing drydocks
8
11
4
6
4
Deferred drydocking and survey costs - beginning balance
$
35,355
$
31,423
$
21,792
$
24,159
$
23,089
Cash paid for deferred drydocking and survey costs
8,716
8,191
13,464
1,328
4,764
Amortization of deferred drydocking and survey costs
(5,158
)
(4,259
)
(3,833
)
(3,695
)
(3,694
)
Disposals, intersegment transfers and other
—
—
—
—
—
Deferred drydocking and survey costs - ending balance
$
38,913
$
35,355
$
31,423
$
21,792
$
24,159
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
Europe/Mediterranean
Vessel revenues
$
83,740
$
99,280
$
78,205
$
84,109
$
85,325
Vessel operating costs:
Crew costs
30,104
29,342
27,111
26,993
28,818
Repair and maintenance
7,481
5,736
6,711
8,458
7,279
Insurance
797
417
848
827
827
Fuel, lube and supplies
3,469
2,153
3,147
3,171
3,924
Other
4,805
6,187
4,738
5,180
4,974
Total vessel operating costs
46,656
43,835
42,555
44,629
45,822
Vessel operating margin ($)
37,084
55,445
35,650
39,480
39,503
Vessel operating margin (%)
44.3
%
55.8
%
45.6
%
46.9
%
46.3
%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet
50
50
50
50
51
Utilization - Total fleet
87.5
%
93.3
%
84.9
%
85.3
%
83.9
%
Average vessels - Active fleet
50
50
50
50
51
Utilization - Active fleet
87.5
%
93.3
%
84.9
%
85.3
%
83.9
%
Average day rates
$
20,752
$
23,275
$
20,405
$
21,249
$
21,484
Vessels commencing drydocks
3
1
6
4
8
Deferred drydocking and survey costs - beginning balance
$
35,571
$
41,011
$
38,431
$
41,637
$
34,779
Cash paid for deferred drydocking and survey costs
2,103
1,811
8,786
3,554
12,225
Amortization of deferred drydocking and survey costs
(6,363
)
(6,919
)
(6,206
)
(6,126
)
(5,367
)
Disposals, intersegment transfers and other
(871
)
(332
)
—
(634
)
—
Deferred drydocking and survey costs - ending balance
$
30,440
$
35,571
$
41,011
$
38,431
$
41,637
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
West Africa
Vessel revenues
$
82,017
$
82,909
$
106,112
$
107,299
$
95,324
Vessel operating costs:
Crew costs
18,363
18,662
18,951
19,010
19,488
Repair and maintenance
7,407
5,745
4,607
4,536
4,589
Insurance
711
353
762
717
730
Fuel, lube and supplies
5,149
5,700
4,808
4,552
4,722
Other
6,219
8,064
6,927
6,170
5,923
Total vessel operating costs
37,849
38,524
36,055
34,985
35,452
Vessel operating margin ($)
44,168
44,385
70,057
72,314
59,872
Vessel operating margin (%)
53.9
%
53.5
%
66.0
%
67.4
%
62.8
%
West Africa - Select operating statistics
Average vessels - Total fleet
65
69
71
70
68
Utilization - Total fleet
62.3
%
57.6
%
68.8
%
69.8
%
69.2
%
Average vessels - Active fleet
60
65
65
70
68
Utilization - Active fleet
67.9
%
61.6
%
75.0
%
69.8
%
69.2
%
Average day rates
$
21,940
$
23,035
$
24,244
$
24,038
$
22,044
Vessels commencing drydocks
2
4
7
1
5
Deferred drydocking and survey costs - beginning balance
$
55,663
$
54,639
$
50,760
$
50,088
$
44,942
Cash paid for deferred drydocking and survey costs
2,404
10,222
10,481
8,337
9,416
Amortization of deferred drydocking and survey costs
(9,154
)
(8,461
)
(8,417
)
(8,115
)
(6,949
)
Disposals, intersegment transfers and other
(526
)
(737
)
1,815
450
2,679
Deferred drydocking and survey costs - ending balance
$
48,387
$
55,663
$
54,639
$
50,760
$
50,088
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
Worldwide
Vessel revenues
$
338,491
$
336,858
$
330,699
$
343,463
$
338,485
Vessel operating costs:
Crew costs
105,529
99,476
97,113
99,985
107,708
Repair and maintenance
28,636
23,937
21,954
26,731
25,554
Insurance
2,892
1,640
3,034
2,857
2,965
Fuel, lube and supplies
16,441
15,107
14,378
15,278
17,213
Other
22,632
27,194
28,500
25,533
25,214
Total vessel operating costs
176,130
167,354
164,979
170,384
178,654
Vessel operating margin ($)
162,361
169,504
165,720
173,079
159,831
Vessel operating margin (%)
48.0
%
50.3
%
50.1
%
50.4
%
47.2
%
Worldwide - Select operating statistics
Average vessels - Total fleet
213
216
217
216
216
Utilization - Total fleet
75.8
%
74.1
%
76.0
%
77.6
%
76.2
%
Average vessels - Active fleet
206
210
210
216
216
Utilization - Active fleet
78.5
%
76.4
%
78.4
%
77.7
%
76.2
%
Average day rates
$
22,798
$
23,166
$
22,303
$
22,236
$
22,275
Vessels commencing drydocks
16
19
24
12
23
Deferred drydocking and survey costs - beginning balance
$
165,659
$
169,326
$
152,550
$
160,944
$
148,657
Cash paid for deferred drydocking and survey costs
17,645
23,738
43,339
17,674
35,483
Amortization of deferred drydocking and survey costs
(29,070
)
(27,405
)
(26,418
)
(25,884
)
(23,196
)
Disposals, intersegment transfers and other
—
—
(145
)
(184
)
—
Deferred drydocking and survey costs - ending balance
$
154,234
$
165,659
$
169,326
$
152,550
$
160,944
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
Net income (loss)
$
(1,018
)
$
72,702
$
42,320
$
36,619
$
45,991
Interest and other debt costs
16,589
16,442
16,344
16,742
17,622
Income tax expense
21,711
5,584
26,109
16,376
12,883
Depreciation
37,334
36,909
39,014
38,736
39,239
Amortization of deferred drydock and survey costs
29,070
27,405
26,418
25,884
23,196
Amortization of below market contracts
(283
)
(347
)
(351
)
(1,071
)
(1,073
)
EBITDA (A), (B), (C)
103,403
158,695
149,854
133,286
137,858
Non-cash indemnification assets charge (credit)
—
(112
)
834
242
553
Non-cash stock compensation expense
3,481
4,057
3,491
3,886
3,569
Loss on early extinguishment of debt
27,101
—
—
—
—
Acquisition, restructuring and integration related costs
3,941
340
—
978
581
Adjusted EBITDA (A), (B), (C)
$
137,926
$
162,980
$
154,179
$
138,392
$
142,561
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 September 30, 2025, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,481, $4,057, $3,491, $3,886 and $3,569 respectively.
Note (C): EBITDA and Adjusted EBITDA for the three months ended September 30, 2025, and for each of the prior four quarters includes foreign exchange gain (losses) of $1,277, $11,703, $7,569, $(14,337) and $5,522 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
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
Net cash provided by operating activities (A)
$
72,079
$
73,658
$
80,411
$
100,039
$
45,413
Cash interest expense
17,735
11,994
17,505
12,816
23,535
Interest income and other
(1,860
)
(2,103
)
(2,157
)
(2,697
)
(1,028
)
Indemnification assets credit (charge)
—
112
(834
)
(242
)
(553
)
Additions to property and equipment
(5,122
)
(5,226
)
(10,266
)
(4,534
)
(5,712
)
Expansion capital
—
3
27
63
55
Effects of exchange rate changes on cash
(1,377
)
11,775
5,562
(8,736
)
3,723
81,455
90,213
90,248
96,709
65,433
Proceeds from asset sales
1,204
7,328
4,416
10,316
1,557
Free cash flow
$
82,659
$
97,541
$
94,664
$
107,025
$
66,990
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 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
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments
$
(9,210
)
$
(11,010
)
$
21,099
$
5,493
$
(26,687
)
Cash paid for deferred drydock and survey costs
(17,645
)
(23,738
)
(43,339
)
(17,674
)
(35,483
)
Total uses of cash for changes in assets and liabilities
$
(26,855
)
$
(34,748
)
$
(22,240
)
$
(12,181
)
$
(62,170
)