Tidewater Reports Results for the Six Months Ended June 30, 2025

Second Quarter 2025 Highlights

• Revenue of $341.4 million, a 0.6% improvement compared to the second quarter of 2024
• Average day rate of $23,166 per day, an improvement of $2,036 per day, or 9.6%, compared to the second quarter of 2024
• Net income of $72.9 million and Adjusted EBITDA of $163.0 million
  • Net Income and Adjusted EBITDA were favorably impacted by the $11.7 million foreign exchange gain due to the weakening of the U.S. dollar
• Net cash provided by operating activities of $85.4 million and free cash flow of $97.5 million

Share Repurchase Program and 2025 Guidance

• Share count was reduced by 1.4 million shares during the second quarter through repurchases of $50.8 million at an average price of $36.80 per share
• Board of Directors authorizes new share repurchase program of $500 million
• Reiterating 2025 revenue guidance of $1.32 to $1.38 billion and 2025 gross margin guidance of 48% to 50%

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2025 of $341.4 million and $674.9 million, respectively, compared with $339.2 million and $660.4 million, respectively, for the three and six months ended June 30, 2024. Tidewater's net income for the three and six months ended June 30, 2025, was $72.9 million ($1.46 per common share) and $115.6 million ($2.27 per common share), respectively, compared with net income of was $50.4 million ($0.94 per common share) and $97.4 million ($1.83 per common share), respectively, for the three and six months ended June 30, 2024.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The second quarter of 2025 exceeded our expectations as vessel up-time continued to drive revenue and margin performance, delivering revenue of $341.4 million and the third consecutive quarter with a gross margin above 50.0%, coming in at 50.1%. The average day rate for the quarter marked another record at $23,166, up over $860 per day sequentially, with particular strength in our largest classes of AHTS and PSVs, as we continued to benefit from the fleet rolling on to higher day rate contracts and continued strength in leading edge rates. Free cash flow of $97.5 million also continued to demonstrate the free cash flow generation capability of our fleet.

“As the business continues to demonstrate its profitability around the world, and as we have become comfortable that such profitability is sustainable, we have reversed the valuation allowance we had previously put on the U.S. net operating losses we generated during earlier periods. This resulted in a one-time, non-cash increase in net income of $27.0 million.

“Subsequent to the end of the second quarter, we executed a refinancing transaction that achieved our target of establishing a long term, unsecured debt capital structure along with a sizable revolving credit facility. The proceeds of the $650.0 million senior unsecured notes offering completed in July substantially went to the redemption of our previously outstanding Nordic bonds and term loan facility. The new notes have a five-year maturity with no required amortization. Further, in connection with the refinancing transaction, we entered into a $250.0 million revolving credit facility, which as of today is undrawn, which will allow us to comfortably reduce our level of cash on hand.

“In addition to the balance sheet strength and financial flexibility the new financing package provides, the opportunity for shareholder returns has been substantially increased, allowing for a larger allocation of free cash flow for shareholder returns. Consequently, we are pleased to announce that our Board of Directors has authorized a new share repurchase program of $500 million.

“The commodity price volatility and macroeconomic uncertainty we expected to subside has continued to persist. We remain confident in maintaining our full year guidance for 2025, but this uncertainty has brought down our expectations for the second half of the year. We are comfortable reiterating our 2025 guidance of $1.32 billion to $1.38 billion of revenue and gross margin guidance of 48% to 50% due to the strong first half of the year and that, as of today, 93% of our revenue guidance is covered by completed and contracted future revenue for the full year. We remain unaware of any project cancellations and remain optimistic about the intermediate to long-term prospects for offshore vessel activity.

“Our performance this year would not be possible without the dedication of our employees to operational excellence. A large part of our better than anticipated performance for the quarter was due to increased vessel uptime and lower operational costs, which is the direct result of the focus and diligence of our more than 7,700 offshore and onshore staff. To our employees, thank you for your attention to the details and operational standards that continue to make Tidewater’s operations safe and reliable for your fellow employees and our customers.”

In addition to the number of outstanding shares, as of June 30, 2025, the Company also has the following in-the-money warrants.

Common shares outstanding			49,481,018
New Creditor Warrants (strike price $0.001 per common share)			76,175
GulfMark Creditor Warrants (strike price $0.01 per common share)			72,984
Total			49,630,177

Tidewater will hold a conference call to discuss results for the three months ending June 30, 2025 on August 5, 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 August 5, 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 June 30, 2025 and December 31, 2024; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2025 and 2024; and the Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024. Extracts are drawn from the June 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.

TIDEWATER INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (In Thousands, except per share data)
		Three Months Ended								Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Revenues:
Vessel revenues		$	336,858			$	337,003			$	667,557			$	655,689
Other operating revenues			4,573				2,227				7,318				4,705
Total revenues			341,431				339,230				674,875				660,394
Costs and expenses:
Vessel operating costs			167,354				176,513				332,333				344,069
Costs of other operating revenues			3,108				816				4,538				1,966
General and administrative			31,213				26,329				60,307				51,658
Depreciation and amortization			64,314				59,445				129,746				115,715
Gain on asset dispositions, net			(5,480	)			(2,000	)			(8,018	)			(13,039	)
Total costs and expenses			260,509				261,103				518,906				500,369
Operating income			80,922				78,127				155,969				160,025
Other income (expense):
Foreign exchange gain (loss)			11,703				(2,376	)			19,272				(6,461	)
Equity in net earnings of unconsolidated companies			—				5				—				—
Interest income and other, net			2,103				1,175				4,260				2,658
Interest and other debt costs, net			(16,442	)			(19,127	)			(32,786	)			(38,603	)
Total other expense			(2,636	)			(20,323	)			(9,254	)			(42,406	)
Income before income taxes			78,286				57,804				146,715				117,619
Income tax expense			5,584				7,887				31,693				20,957
Net income			72,702				49,917				115,022				96,662
Less: Net loss attributable to noncontrolling interests			(228	)			(437	)			(561	)			(718	)
Net income attributable to Tidewater Inc.		$	72,930			$	50,354			$	115,583			$	97,380
Basic income per common share		$	1.47			$	0.96			$	2.29			$	1.85
Diluted income per common share		$	1.46			$	0.94			$	2.27			$	1.83
Weighted average common shares outstanding			49,674				52,684				50,583				52,502
Dilutive effect of warrants, restricted stock units and stock options			337				663				350				640
Adjusted weighted average common shares			50,011				53,347				50,933				53,142

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)
		June 30, 2025				December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents		$	369,405			$	324,918
Restricted cash			21				2,032
Trade and other receivables, net of allowance for credit losses of $3,031 and $3,184 at June 30, 2025 and December 31, 2024, respectively			316,491				323,805
Marine operating supplies			24,467				34,319
Prepaid expenses and other current assets			14,123				13,588
Total current assets			724,507				698,662
Net properties and equipment			1,132,114				1,184,282
Deferred drydocking and survey costs			165,659				152,550
Indemnification assets			11,158				11,946
Other assets			40,934				27,464
Total assets		$	2,074,372			$	2,074,904
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	48,715			$	71,385
Accrued expenses			131,305				129,894
Current portion of long-term debt			93,366				65,386
Other current liabilities			69,688				64,948
Total current liabilities			343,074				331,613
Long-term debt			531,874				571,710
Other liabilities			63,197				60,396
Commitments and contingencies
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 49,481,018 and 51,461,472 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively			50				52
Additional paid-in-capital			1,656,626				1,656,830
Accumulated deficit			(524,235	)			(548,831	)
Accumulated other comprehensive loss			7,273				6,060
Total stockholders' equity			1,139,714				1,114,111
Noncontrolling interests			(3,487	)			(2,926	)
Total equity			1,136,227				1,111,185
Total liabilities and equity		$	2,074,372			$	2,074,904

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands)
		Three Months Ended								Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Net income		$	72,702			$	49,917			$	115,022			$	96,662
Other comprehensive income (loss):
Unrealized gain on note receivable			—				73				—				153
Change in liability of pension plans			666				(220	)			1,213				(357	)
Total comprehensive income		$	73,368			$	49,770			$	116,235			$	96,458

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
		Six Months				Six Months
		Ended				Ended
		June 30, 2025				June 30, 2024
Cash flows from operating activities:
Net income		$	115,022			$	96,662
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			75,923				78,191
Amortization of deferred drydocking and survey costs			53,823				37,524
Amortization of debt premiums and discounts			2,956				3,593
Amortization of below market contracts			(698	)			(2,856	)
Deferred income taxes provision (benefit)			(15,420	)			32
Gain on asset dispositions, net			(8,018	)			(13,039	)
Stock-based compensation expense			7,548				6,226
Changes in assets and liabilities:
Trade and other receivables			7,314				(12,146	)
Accounts payable			(22,670	)			15,809
Accrued expenses			(223	)			10,648
Deferred drydocking and survey costs			(67,077	)			(80,101	)
Other, net			22,926				(7,133	)
Net cash provided by operating activities			171,406				133,410
Cash flows from investing activities:
Proceeds from asset dispositions			11,084				14,817
Proceeds from sale of notes			660				702
Additions to properties and equipment			(15,492	)			(17,334	)
Net cash used in investing activities			(3,748	)			(1,815	)
Cash flows from financing activities:
Proceeds from issuance of shares			—				2
Principal payments on long-term debt			(26,541	)			(26,507	)
Purchase of common stock			(90,089	)			(32,898	)
Debt issuance costs			—				(193	)
Share based awards reacquired to pay taxes			(7,752	)			(28,463	)
Net cash used in financing activities			(124,382	)			(88,059	)
Net change in cash, cash equivalents and restricted cash			43,276				43,536
Cash, cash equivalents and restricted cash at beginning of period			329,031				277,965
Cash, cash equivalents and restricted cash at end of period		$	372,307			$	321,501

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	29,499			$	30,546
Income taxes		$	32,653			$	33,084
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, 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 March 31, 2025		$	51			$	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			(1	)			—				(51,275	)			—				—				(51,276	)
Amortization of share-based awards			—				3,770				—				—				—				3,770
Balance at June 30, 2025		$	50			$	1,656,626			$	(524,235	)		$	7,273			$	(3,487	)		$	1,136,227
Balance at March 31, 2024		$	53			$	1,646,061			$	(594,347	)		$	5,209			$	(1,823	)		$	1,055,153
Total comprehensive income (loss)			—				—				50,354				(147	)			(437	)			49,770
Issuance of common stock			—				2				—				—				—				2
Repurchase and retirement of common stock			(1	)			—				(29,397	)			—				—				(29,398	)
Amortization of share-based awards			—				3,460				—				—				—				3,460
Balance at June 30, 2024		$	52			$	1,649,523			$	(573,390	)		$	5,062			$	(2,260	)		$	1,078,987

		Six 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)			—				—				115,583				1,213				(561	)			116,235
Repurchase and retirement of common stock			(2	)			—				(90,987	)			—				—				(90,989	)
Amortization of share-based awards			—				(204	)			—				—				—				(204	)
Balance at June 30, 2025		$	50			$	1,656,626			$	(524,235	)		$	7,273			$	(3,487	)		$	1,136,227
Balance at December 31, 2023		$	52			$	1,671,759			$	(637,838	)		$	5,266			$	(1,542	)		$	1,037,697
Total comprehensive income (loss)			—				—				97,380				(204	)			(718	)			96,458
Issuance of common stock			1				1				—				—				—				2
Repurchase and retirement of common stock			(1	)			—				(32,932	)			—				—				(32,933	)
Amortization of share-based awards			—				(22,237	)			—				—				—				(22,237	)
Balance at June 30, 2024		$	52			$	1,649,523			$	(573,390	)		$	5,062			$	(2,260	)		$	1,078,987

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, 2025								June 30, 2024								June 30, 2025								June 30, 2024
Vessel revenues:
Americas		$	68,758				20	%		$	73,142				22	%		$	123,610				19	%		$	137,083				21	%
Asia Pacific			45,696				14	%			55,221				16	%			93,924				14	%			103,002				16	%
Middle East			40,215				12	%			36,536				11	%			83,517				12	%			74,468				11	%
Europe/Mediterranean			99,280				29	%			83,266				25	%			177,485				27	%			163,647				25	%
West Africa			82,909				25	%			88,838				26	%			189,021				28	%			177,489				27	%
Total vessel revenues		$	336,858				100	%		$	337,003				100	%		$	667,557				100	%		$	655,689				100	%
Vessel operating costs:
Crew costs		$	99,476				30	%		$	106,231				31	%		$	196,589				30	%		$	208,583				32	%
Repair and maintenance			23,937				7	%			24,743				7	%			45,891				7	%			46,091				7	%
Insurance			1,640				1	%			2,625				1	%			4,674				1	%			5,205				1	%
Fuel, lube and supplies			15,107				4	%			15,562				5	%			29,485				4	%			32,880				5	%
Other			27,194				8	%			27,352				8	%			55,694				8	%			51,310				7	%
Total vessel operating costs			167,354				50	%			176,513				52	%			332,333				50	%			344,069				52	%
Vessel operating margin (A)		$	169,504				50	%		$	160,490				48	%		$	335,224				50	%		$	311,620				48	%
Note (A): Vessel operating margin equals vessel revenues less vessel operating costs.

The company’s operating income (loss) and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows:
(In Thousands)		Three Months Ended																Six Months Ended
		June 30, 2025								June 30, 2024								June 30, 2025								June 30, 2024
Vessel operating profit:
Americas		$	20,242				6	%		$	20,148				6	%		$	25,137				4	%		$	30,274				5	%
Asia Pacific			11,778				3	%			16,931				5	%			25,458				4	%			31,778				5	%
Middle East			3,894				1	%			(1,842	)			(1	)%			12,457				2	%			(313	)			(0	)%
Europe/Mediterranean			29,227				9	%			15,129				4	%			36,605				5	%			29,886				4	%
West Africa			26,017				8	%			37,739				11	%			77,630				12	%			78,749				12	%
Other operating profit			1,465				0	%			1,411				1	%			2,780				0	%			2,739				0	%
			92,623				27	%			89,516				26	%			180,067				27	%			173,113				26	%
Corporate expenses (A)			(17,181	)			(5	)%			(13,389	)			(4	)%			(32,116	)			(5	)%			(26,127	)			(4	)%
Gain on asset dispositions, net			5,480				2	%			2,000				1	%			8,018				1	%			13,039				2	%
Operating income		$	80,922				24	%		$	78,127				23	%		$	155,969				23	%		$	160,025				24	%
Note (A): 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. General and administrative expenses for the three and six months ended June 30, 2024 include stock-based compensation of $3.4 million and $6.2 million, respectively. In addition, 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. Vessel operating and general and administrative costs for the three and six months ended June 30, 2024, include nil and $0.7 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,
		2025				2025				2024				2024				2024
Revenues:
Vessel revenues		$	336,858			$	330,699			$	343,463			$	338,485			$	337,003
Other operating revenues			4,573				2,745				1,622				1,871				2,227
Total revenues			341,431				333,444				345,085				340,356				339,230
Costs and expenses:
Vessel operating costs (A)			167,354				164,979				170,384				178,654				176,513
Costs of other operating revenue			3,108				1,430				688				901				816
General and administrative (A)			31,213				29,094				30,688				28,471				26,329
Depreciation and amortization			64,314				65,432				64,620				62,435				59,445
Gain on asset dispositions, net			(5,480	)			(2,538	)			(2,672	)			(51	)			(2,000	)
Total operating costs and expenses			260,509				258,397				263,708				270,410				261,103
Operating income			80,922				75,047				81,377				69,946				78,127
Other income (expense):
Foreign exchange gain (loss)			11,703				7,569				(14,337	)			5,522				(2,376	)
Equity in net earnings of unconsolidated companies			—				—				—				—				5
Interest income and other, net			2,103				2,157				2,697				1,028				1,175
Interest and other debt costs, net			(16,442	)			(16,344	)			(16,742	)			(17,622	)			(19,127	)
Total other expense			(2,636	)			(6,618	)			(28,382	)			(11,072	)			(20,323	)
Income before income taxes			78,286				68,429				52,995				58,874				57,804
Income tax expense			5,584				26,109				16,376				12,883				7,887
Net income			72,702				42,320				36,619				45,991				49,917
Net loss attributable to noncontrolling interests			(228	)			(333	)			(286	)			(380	)			(437	)
Net income attributable to Tidewater Inc.		$	72,930			$	42,653			$	36,905			$	46,371			$	50,354
Basic income per common share		$	1.47			$	0.83			$	0.71			$	0.88			$	0.96
Diluted income per common share		$	1.46			$	0.83			$	0.70			$	0.87			$	0.94
Weighted average common shares outstanding			49,674				51,502				52,315				52,490				52,684
Dilutive effect of warrants, restricted stock units and stock options			337				176				514				593				663
Adjusted weighted average common shares			50,011				51,678				52,829				53,083				53,347
Vessel operating margin		$	169,504			$	165,720			$	173,079			$	159,831			$	160,490
Note (A): Acquisition, restructuring and integration related costs		$	340			$	—			$	978			$	581			$	—

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)
		June 30,				March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
ASSETS
Current assets:
Cash and cash equivalents		$	369,405			$	341,799			$	324,918			$	280,840			$	315,897
Restricted cash			21				5,234				2,032				7,259				3,527
Trade and other receivables, net			316,491				312,904				323,805				293,085				280,498
Marine operating supplies			24,467				23,101				34,319				26,670				26,908
Prepaid expenses and other current assets			14,123				15,160				13,588				18,117				20,115
Total current assets			724,507				698,198				698,662				625,971				646,945
Net properties and equipment			1,132,114				1,163,758				1,184,282				1,220,056				1,253,583
Deferred drydocking and survey costs			165,659				169,326				152,550				160,944				148,657
Indemnification assets			11,158				11,114				11,946				12,216				10,920
Other assets			40,934				23,770				27,464				27,944				29,643
Total assets		$	2,074,372			$	2,066,166			$	2,074,904			$	2,047,131			$	2,089,748
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	48,715			$	50,203			$	71,385			$	64,058			$	60,740
Accrued expenses			131,305				133,000				129,894				117,878				133,149
Current portion of long-term debt			93,366				80,042				65,386				53,105				102,993
Other current liabilities			69,688				74,299				64,948				38,532				43,342
Total current liabilities			343,074				337,544				331,613				273,573				340,224
Long-term debt			531,874				555,994				571,710				597,352				607,998
Other liabilities			63,197				62,263				60,396				62,366				62,539
Equity:
Common stock			50				51				52				52				52
Additional paid-in-capital			1,656,626				1,652,856				1,656,830				1,653,027				1,649,523
Accumulated deficit			(524,235	)			(545,890	)			(548,831	)			(541,191	)			(573,390	)
Accumulated other comprehensive income			7,273				6,607				6,060				4,592				5,062
Total stockholders' equity			1,139,714				1,113,624				1,114,111				1,116,480				1,081,247
Noncontrolling interests			(3,487	)			(3,259	)			(2,926	)			(2,640	)			(2,260	)
Total equity			1,136,227				1,110,365				1,111,185				1,113,840				1,078,987
Total liabilities and equity		$	2,074,372			$	2,066,166			$	2,074,904			$	2,047,131			$	2,089,748

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,
		2025				2025				2024				2024				2024
Cash flows from operating activities:
Net income		$	72,702			$	42,320			$	36,619			$	45,991			$	49,917
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			36,909				39,014				38,736				39,239				39,380
Amortization of deferred drydocking and survey costs			27,405				26,418				25,884				23,196				20,065
Amortization of debt premiums and discounts			1,455				1,501				1,612				1,536				1,779
Amortization of below market contracts			(347	)			(351	)			(1,071	)			(1,073	)			(1,650	)
Deferred income taxes provision (benefit)			(17,767	)			2,347				(2,863	)			24				(41	)
Gain on asset dispositions, net			(5,480	)			(2,538	)			(2,672	)			(51	)			(2,000	)
Stock-based compensation expense			4,057				3,491				3,886				3,569				3,460
Changes in assets and liabilities:
Trade and other receivables			(3,587	)			10,901				(30,720	)			(12,587	)			5,470
Accounts payable			(1,488	)			(21,182	)			7,327				3,318				8,966
Accrued expenses			(3,329	)			3,106				12,016				(15,271	)			4,048
Deferred drydocking and survey costs			(23,738	)			(43,339	)			(17,674	)			(35,483	)			(40,083	)
Other, net			(1,359	)			24,285				20,223				(3,272	)			(10,666	)
Net cash provided by operating activities			85,433				85,973				91,303				49,136				78,645
Cash flows from investing activities:
Proceeds from asset dispositions			7,268				3,816				4,470				51				2,354
Proceeds from sale of notes			60				600				5,846				1,506				702
Additions to properties and equipment			(5,226	)			(10,266	)			(4,534	)			(5,712	)			(6,392	)
Net cash provided by (used in) investing activities			2,102				(5,850	)			5,782				(4,155	)			(3,336	)
Cash flows from financing activities:
Exercise of warrants			—				—				2				—				2
Principal payments on long-term debt			(14,041	)			(12,500	)			(14,023	)			(62,500	)			(14,007	)
Purchase of common stock			(50,814	)			(39,275	)			(44,103	)			(13,741	)			(29,397	)
Debt issuance costs			—				—				(20	)			—				(58	)
Share based awards reacquired to pay taxes			(287	)			(7,465	)			(86	)			(65	)			(1	)
Net cash used in financing activities			(65,142	)			(59,240	)			(58,230	)			(76,306	)			(43,461	)
Net change in cash, cash equivalents and restricted cash			22,393				20,883				38,855				(31,325	)			31,848
Cash, cash equivalents and restricted cash at beginning of period			349,914				329,031				290,176				321,501				289,653
Cash, cash equivalents and restricted cash at end of period		$	372,307			$	349,914			$	329,031			$	290,176			$	321,501
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	11,994			$	17,505			$	12,816			$	23,535			$	14,925
Income taxes		$	17,505			$	15,148			$	11,268			$	12,557			$	17,481
Supplemental disclosure of noncash investing activities:
Purchase of vessels		$	1,629			$	9,098			$	—			$	—			$	—
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
		June 30,				March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900		$	26,874			$	23,243			$	24,158			$	27,192			$	31,400
PSV < 900			27,734				21,146				26,743				26,926				28,010
AHTS > 16K			5,243				3,958				2,969				6,249				7,228
AHTS 8 - 16K			1,110				1,242				930				908				2,002
AHTS 4 - 8K			4,153				1,752				1,726				351				219
Other			3,644				3,511				3,714				2,980				4,283
Total			68,758				54,852				60,240				64,606				73,142
Asia Pacific fleet:
PSV > 900			20,878				20,457				18,881				19,535				21,578
PSV < 900			11,194				15,311				16,101				17,214				14,402
AHTS > 16K			11,655				8,792				10,851				12,358				7,815
AHTS 8 - 16K			1,804				2,394				2,836				4,640				7,874
AHTS 4 - 8K			—				1,108				2,020				2,182				1,269
Other			165				166				354				354				2,283
Total			45,696				48,228				51,043				56,283				55,221
Middle East fleet:
PSV > 900			599				1,446				1,485				1,387				1,359
PSV < 900			18,849				22,494				21,962				19,909				19,963
AHTS > 16K			—				—				—				—				(3	)
AHTS 8 - 16K			5,175				3,474				3,425				3,450				3,163
AHTS 4 - 8K			15,592				15,888				13,900				12,201				12,054
Total			40,215				43,302				40,772				36,947				36,536
Europe/Mediterranean fleet:
PSV > 900			78,778				64,207				66,380				66,808				64,875
PSV < 900			15,739				11,763				15,287				13,679				13,290
AHTS > 16K			4,266				1,669				1,378				3,790				4,057
Other			497				566				1,064				1,048				1,044
Total			99,280				78,205				84,109				85,325				83,266
West Africa fleet:
PSV > 900			19,600				30,203				28,064				17,012				20,044
PSV < 900			24,815				37,021				44,047				41,367				32,601
AHTS > 16K			9,934				10,172				9,602				8,916				8,065
AHTS 8 - 16K			21,725				20,775				17,898				18,453				18,466
AHTS 4 - 8K			1,457				2,086				3,185				3,100				2,827
Other			5,378				5,855				4,503				6,476				6,835
Total			82,909				106,112				107,299				95,324				88,838
Worldwide fleet:
PSV > 900			146,729				139,556				138,968				131,934				139,256
PSV < 900			98,331				107,735				124,140				119,095				108,266
AHTS > 16K			31,098				24,591				24,800				31,313				27,162
AHTS 8 - 16K			29,814				27,885				25,089				27,451				31,505
AHTS 4 - 8K			21,202				20,834				20,831				17,834				16,369
Other			9,684				10,098				9,635				10,858				14,445
Total		$	336,858			$	330,699			$	343,463			$	338,485			$	337,003

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900			11				10				10				10				11
PSV < 900			16				16				16				17				17
AHTS > 16K			2				2				2				2				2
AHTS 8 - 16K			1				1				1				1				2
AHTS 4 - 8K			2				2				2				2				2
Other			2				2				2				2				1
Total			34				33				33				34				35
Stacked vessels			(2	)			(1	)			—				—				—
Active vessels			32				32				33				34				35
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				3
AHTS 4 - 8K			1				1				1				1				1
Other			—				—				—				—				1
Total			20				20				20				20				22
Stacked vessels			—				—				—				—				—
Active vessels			20				20				20				20				22
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			39				39				39				40				39
PSV < 900			9				9				9				9				9
AHTS > 16K			2				2				2				2				2
Total			50				50				50				51				50
Stacked vessels			—				—				—				—				—
Active vessels			50				50				50				51				50
West Africa fleet:
PSV > 900			9				10				10				9				9
PSV < 900			19				20				20				19				19
AHTS > 16K			4				4				4				4				4
AHTS 8 - 16K			14				13				13				13				11
AHTS 4 - 8K			2				2				3				3				4
Other			21				22				20				20				20
Total			69				71				70				68				67
Stacked vessels			(4	)			(6	)			—				-				(1	)
Active vessels			65				65				70				68				66
Worldwide fleet:
PSV > 900			69				69				69				69				69
PSV < 900			69				70				70				70				70
AHTS > 16K			11				11				11				11				11
AHTS 8 - 16K			22				21				21				21				21
AHTS 4 - 8K			22				22				23				23				24
Other			23				24				22				22				22
Total			216				217				216				216				217
Stacked vessels			(6	)			(7	)			—				—				(1	)
Active vessels			210				210				216				216				216
Total active			210				210				216				216				216
Total stacked			6				7				—				—				1
Total			216				217				216				216				217

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
PSV > 900			947				900				920				920				960
PSV < 900			1,493				1,432				1,472				1,531				1,547
AHTS > 16K			182				180				184				184				182
AHTS 8 - 16K			91				90				92				92				182
AHTS 4 - 8K			182				180				184				184				182
Other			179				180				184				184				123
Total			3,074				2,962				3,036				3,095				3,176
Asia Pacific fleet:
PSV > 900			819				810				828				828				819
PSV < 900			455				450				460				460				455
AHTS > 16K			273				270				276				276				273
AHTS 8 - 16K			182				180				184				221				273
AHTS 4 - 8K			65				90				92				92				91
Other			3				—				—				—				59
Total			1,797				1,800				1,840				1,877				1,970
Middle East fleet:
PSV > 900			91				90				92				92				91
PSV < 900			1,820				1,800				1,840				1,840				1,820
AHTS 8 - 16K			455				450				460				460				455
AHTS 4 - 8K			1,547				1,530				1,564				1,564				1,547
Total			3,913				3,870				3,956				3,956				3,913
Europe/Mediterranean fleet:
PSV > 900			3,569				3,510				3,588				3,680				3,590
PSV < 900			812				810				828				828				819
AHTS > 16K			182				180				184				184				182
Total			4,563				4,500				4,600				4,692				4,591
West Africa fleet:
PSV > 900			853				900				920				828				819
PSV < 900			1,699				1,800				1,840				1,781				1,729
AHTS > 16K			364				360				368				368				364
AHTS 8 - 16K			1,247				1,180				1,196				1,159				1,001
AHTS 4 - 8K			182				180				235				276				330
Other			1,905				1,941				1,840				1,840				1,820
Total			6,250				6,361				6,399				6,252				6,063
Worldwide fleet:
PSV > 900			6,279				6,210				6,348				6,348				6,279
PSV < 900			6,279				6,292				6,440				6,440				6,370
AHTS > 16K			1,001				990				1,012				1,012				1,001
AHTS 8 - 16K			1,975				1,900				1,932				1,932				1,911
AHTS 4 - 8K			1,976				1,980				2,075				2,116				2,150
Other			2,087				2,121				2,024				2,024				2,002
Total			19,597				19,493				19,831				19,872				19,713

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
PSV < 900			182				82				15				—				—
Total			182				82				15				—				—
West Africa fleet:
AHTS 4 - 8K			91				49				—				—				57
Other			312				477				—				—				—
Total			403				526				—				—				57
Worldwide fleet:
PSV < 900			182				82				15				—				—
AHTS 4 - 8K			91				49				—				—				57
Other			312				477				—				—				—
Total			585				608				15				—				57

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
PSV > 900			947				900				920				920				960
PSV < 900			1,311				1,350				1,457				1,531				1,547
AHTS > 16K			182				180				184				184				182
AHTS 8 - 16K			91				90				92				92				182
AHTS 4 - 8K			182				180				184				184				182
Other			179				180				184				184				123
Total			2,892				2,880				3,021				3,095				3,176
Asia Pacific fleet:
PSV > 900			819				810				828				828				819
PSV < 900			455				450				460				460				455
AHTS > 16K			273				270				276				276				273
AHTS 8 - 16K			182				180				184				221				273
AHTS 4 - 8K			65				90				92				92				91
Other			3				—				—				—				59
Total			1,797				1,800				1,840				1,877				1,970
Middle East fleet:
PSV > 900			91				90				92				92				91
PSV < 900			1,820				1,800				1,840				1,840				1,820
AHTS 8 - 16K			455				450				460				460				455
AHTS 4 - 8K			1,547				1,530				1,564				1,564				1,547
Total			3,913				3,870				3,956				3,956				3,913
Europe/Mediterranean fleet:
PSV > 900			3,569				3,510				3,588				3,680				3,590
PSV < 900			812				810				828				828				819
AHTS > 16K			182				180				184				184				182
Total			4,563				4,500				4,600				4,692				4,591
West Africa fleet:
PSV > 900			853				900				920				828				819
PSV < 900			1,699				1,800				1,840				1,781				1,729
AHTS > 16K			364				360				368				368				364
AHTS 8 - 16K			1,247				1,180				1,196				1,159				1,001
AHTS 4 - 8K			91				131				235				276				273
Other			1,593				1,464				1,840				1,840				1,820
Total			5,847				5,835				6,399				6,252				6,006
Worldwide fleet:
PSV > 900			6,279				6,210				6,348				6,348				6,279
PSV < 900			6,097				6,210				6,425				6,440				6,370
AHTS > 16K			1,001				990				1,012				1,012				1,001
AHTS 8 - 16K			1,975				1,900				1,932				1,932				1,911
AHTS 4 - 8K			1,885				1,931				2,075				2,116				2,093
Other			1,775				1,644				2,024				2,024				2,002
Total			19,012				18,885				19,816				19,872				19,656

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	June 30,					March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
UTILIZATION - TOTAL FLEET:
Americas fleet:
PSV > 900			87.0	%			78.3	%			77.4	%			83.5	%			92.2	%
PSV < 900			63.6				53.0				74.2				76.5				80.3
AHTS > 16K			77.3				61.3				50.3				83.9				99.1
AHTS 8 - 16K			92.7				100.0				77.3				76.4				58.6
AHTS 4 - 8K			99.5				44.5				90.2				23.4				14.2
Other			83.5				91.8				72.4				69.2				99.4
Total			75.8	%			64.4	%			74.7	%			75.4	%			80.7	%
Asia Pacific fleet:
PSV > 900			70.1	%			67.7	%			63.4	%			63.2	%			87.6	%
PSV < 900			75.0				93.7				99.5				91.7				96.3
AHTS > 16K			88.5				66.7				75.4				81.8				65.3
AHTS 8 - 16K			34.4				64.1				64.9				58.8				80.8
AHTS 4 - 8K			—				56.2				100.0				91.7				78.5
Other			—				—				—				—				77.9
Total			67.9	%			73.1	%			76.2	%			73.8	%			84.9	%
Middle East fleet:
PSV > 900			38.9	%			100.0	%			100.0	%			100.0	%			100.0	%
PSV < 900			76.9				94.0				91.9				85.0				88.0
AHTS 8 - 16K			95.7				63.7				64.3				71.0				66.6
AHTS 4 - 8K			81.0				86.3				80.8				75.8				82.9
Total			79.8	%			87.6	%			84.5	%			80.1	%			83.8	%
Europe/Mediterranean fleet:
PSV > 900			94.8	%			88.0	%			86.1	%			86.1	%			87.4	%
PSV < 900			92.0				79.2				93.6				81.2				87.5
AHTS > 16K			69.1				49.8				32.3				52.0				46.4
Total			93.3	%			84.9	%			85.3	%			83.9	%			85.8	%
West Africa fleet:
PSV > 900			70.1	%			96.1	%			88.8	%			66.0	%			78.4	%
PSV < 900			52.4				68.5				80.9				80.0				79.2
AHTS > 16K			85.1				95.6				80.1				74.7				79.5
AHTS 8 - 16K			75.3				83.0				78.6				85.5				98.2
AHTS 4 - 8K			50.0				66.7				73.4				63.3				71.9
Other			40.5				43.0				40.8				49.6				49.5
Total			57.6	%			68.8	%			69.8	%			69.2	%			72.9	%
Worldwide fleet:
PSV > 900			86.2	%			85.3	%			82.5	%			80.3	%			87.1	%
PSV < 900			68.9				75.4				85.5				81.6				84.3
AHTS > 16K			81.7				73.1				64.7				74.2				73.2
AHTS 8 - 16K			77.0				77.5				73.9				78.6				84.4
AHTS 4 - 8K			77.2				79.4				81.6				70.3				75.2
Other			44.1				47.2				43.7				51.4				53.4
Total			74.1	%			76.0	%			77.6	%			76.2	%			80.5	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	June 30,					March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
UTILIZATION - ACTIVE FLEET:
Americas fleet:
PSV > 900			87.0	%			78.3	%			77.4	%			83.5	%			92.2	%
PSV < 900			72.4				56.2				75.0				76.5				80.3
AHTS > 16K			77.3				61.3				50.3				83.9				99.1
AHTS 8 - 16K			92.7				100.0				77.3				76.4				58.6
AHTS 4 - 8K			99.5				44.5				90.2				23.4				14.2
Other			83.5				91.8				72.4				69.2				99.4
Total			80.5	%			66.3	%			75.1	%			75.4	%			80.7	%
Asia Pacific fleet:
PSV > 900			70.1	%			67.7	%			63.4	%			63.2	%			87.6	%
PSV < 900			75.0				93.7				99.5				91.7				96.3
AHTS > 16K			88.5				66.7				75.4				81.8				65.3
AHTS 8 - 16K			34.4				64.1				64.9				58.8				80.8
AHTS 4 - 8K			—				56.2				100.0				91.7				78.5
Other			—				—				—				—				77.9
Total			67.9	%			73.1	%			76.2	%			73.8	%			84.9	%
Middle East fleet:
PSV > 900			38.9	%			100.0	%			100.0	%			100.0	%			100.0	%
PSV < 900			76.9				94.0				91.9				85.0				88.0
AHTS 8 - 16K			95.7				63.7				64.3				71.0				66.6
AHTS 4 - 8K			81.0				86.3				80.8				75.8				82.9
Total			79.8	%			87.6	%			84.5	%			80.1	%			83.8	%
Europe/Mediterranean fleet:
PSV > 900			94.8	%			88.0	%			86.1	%			86.1	%			87.4	%
PSV < 900			92.0				79.2				93.6				81.2				87.5
AHTS > 16K			69.1				49.8				32.3				52.0				46.4
Total			93.3	%			84.9	%			85.3	%			83.9	%			85.8	%
West Africa fleet:
PSV > 900			70.1	%			96.1	%			88.8	%			66.0	%			78.4	%
PSV < 900			52.4				68.5				80.9				80.0				79.2
AHTS > 16K			85.1				95.6				80.1				74.7				79.5
AHTS 8 - 16K			75.3				83.0				78.6				85.5				98.2
AHTS 4 - 8K			100.0				91.6				73.4				63.3				86.9
Other			48.4				57.0				40.8				49.6				49.5
Total			61.6	%			75.0	%			69.8	%			69.2	%			73.6	%
Worldwide fleet:
PSV > 900			86.2	%			85.3	%			82.5	%			80.3	%			87.1	%
PSV < 900			71.0				76.4				85.7				81.6				84.3
AHTS > 16K			81.7				73.1				64.7				74.2				73.2
AHTS 8 - 16K			77.0				77.5				73.9				78.6				84.4
AHTS 4 - 8K			80.9				81.4				81.6				70.3				77.2
Other			51.8				60.8				43.7				51.4				53.4
Total			76.4	%			78.4	%			77.7	%			76.2	%			80.7	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900		$	32,617			$	32,992			$	33,907			$	35,404			$	35,490
PSV < 900			29,222				27,862				24,479				22,986				22,542
AHTS > 16K			37,252				35,888				32,095				40,478				40,088
AHTS 8 - 16K			13,151				13,796				13,079				12,925				18,771
AHTS 4 - 8K			22,943				21,889				10,399				8,167				8,453
Other			24,369				21,251				27,870				23,420				30,266
Total			29,526				28,733				26,563				27,676				28,317
Asia Pacific fleet:
PSV > 900			36,341				37,304				35,984				37,341				30,070
PSV < 900			32,803				36,309				35,192				40,805				32,875
AHTS > 16K			48,255				48,843				52,170				54,756				43,808
AHTS 8 - 16K			28,856				20,764				23,746				35,682				35,678
AHTS 4 - 8K			—				21,890				21,959				25,883				17,758
Other			—				—				—				—				43,350
Total			37,372				36,564				36,203				40,419				32,848
Middle East fleet:
PSV > 900			16,929				16,072				16,146				15,079				14,936
PSV < 900			13,469				13,301				12,981				12,730				12,466
AHTS 8 - 16K			11,889				12,112				11,575				10,558				10,440
AHTS 4 - 8K			12,443				12,026				11,006				10,291				9,404
Total			12,877				12,777				12,197				11,661				11,148
Europe/Mediterranean fleet:
PSV > 900			23,292				20,782				21,499				21,092				20,686
PSV < 900			21,061				18,337				19,727				20,347				18,543
AHTS > 16K			33,904				18,613				23,177				39,597				47,999
Total			23,275				20,405				21,249				21,484				20,950
West Africa fleet:
PSV > 900			32,777				34,924				34,334				31,118				31,231
PSV < 900			27,867				30,017				29,598				29,031				23,818
AHTS > 16K			32,082				29,568				32,557				32,453				27,861
AHTS 8 - 16K			23,123				21,204				19,033				18,627				18,784
AHTS 4 - 8K			16,010				17,387				18,462				17,755				11,915
Other			6,979				7,013				6,001				7,096				7,587
Total			23,035				24,244				24,038				22,044				20,093
Worldwide fleet:
PSV > 900			27,102				26,345				26,550				25,883				25,452
PSV < 900			22,722				22,697				22,550				22,666				20,170
AHTS > 16K			38,029				33,966				37,870				41,721				37,073
AHTS 8 - 16K			19,592				18,945				17,584				18,087				19,527
AHTS 4 - 8K			13,902				13,255				12,301				11,990				10,127
Other			10,147				9,746				9,691				9,410				11,968
Total		$	23,166			$	22,303			$	22,236			$	22,275			$	21,130
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,
		2025				2025				2024				2024				2024
Americas
Vessel revenues		$	68,758			$	54,852			$	60,240			$	64,606			$	73,142
Vessel operating costs:
Crew costs			19,652				17,440				18,519				21,646				23,318
Repair and maintenance			4,830				4,266				5,271				5,227				5,645
Insurance			351				571				506				571				463
Fuel, lube and supplies			2,215				2,617				2,954				3,165				2,994
Other			5,965				10,129				6,795				5,921				5,747
Total vessel operating costs			33,013				35,023				34,045				36,530				38,167
Vessel operating margin ($)			35,745				19,829				26,195				28,076				34,975
Vessel operating margin (%)			52.0	%			36.2	%			43.5	%			43.5	%			47.8	%
Americas - Select operating statistics
Average vessels - Total fleet			34				33				33				34				35
Utilization - Total fleet			75.8	%			64.4	%			74.7	%			75.4	%			80.7	%
Average vessels - Active fleet			32				32				33				34				35
Utilization - Active fleet			80.5	%			66.3	%			75.1	%			75.4	%			80.7	%
Average day rates		$	29,526			$	28,733			$	26,563			$	27,676			$	28,317
Vessels commencing drydocks			1				3				1				4				3
Deferred drydocking and survey costs - beginning balance		$	28,443			$	31,149			$	33,812			$	37,103			$	31,698
Cash paid for deferred drydocking and survey costs			1,027				3,355				3,317				5,009				9,190
Amortization of deferred drydocking and survey costs			(5,338	)			(5,916	)			(5,980	)			(5,621	)			(5,704	)
Disposals, intersegment transfers and other			1,476				(145	)			—				(2,679	)			1,919
Deferred drydocking and survey costs - ending balance		$	25,608			$	28,443			$	31,149			$	33,812			$	37,103

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
Asia Pacific
Vessel revenues		$	45,696			$	48,228			$	51,043			$	56,283			$	55,221
Vessel operating costs:
Crew costs			18,518				20,331				21,954				24,685				23,023
Repair and maintenance			3,365				2,270				4,304				3,834				3,092
Insurance			176				324				319				327				278
Fuel, lube and supplies			1,789				1,767				2,002				2,560				2,335
Other			2,317				2,118				2,456				2,396				2,968
Total vessel operating costs			26,165				26,810				31,035				33,802				31,696
Vessel operating margin ($)			19,531				21,418				20,008				22,481				23,525
Vessel operating margin (%)			42.7	%			44.4	%			39.2	%			39.9	%			42.6	%
Asia Pacific - Select operating statistics
Average vessels - Total fleet			20				20				20				20				22
Utilization - Total fleet			67.9	%			73.1	%			76.2	%			73.8	%			84.9	%
Average vessels - Active fleet			20				20				20				20				22
Utilization - Active fleet			67.9	%			73.1	%			76.2	%			73.8	%			84.9	%
Average day rates		$	37,372			$	36,564			$	36,203			$	40,419			$	32,848
Vessels commencing drydocks			2				4				—				2				2
Deferred drydocking and survey costs - beginning balance		$	13,810			$	10,418			$	11,248			$	8,744			$	8,376
Cash paid for deferred drydocking and survey costs			2,487				7,253				1,138				4,069				1,602
Amortization of deferred drydocking and survey costs			(2,428	)			(2,046	)			(1,968	)			(1,565	)			(1,234	)
Disposals, intersegment transfers and other			(407	)			(1,815	)			—				—				—
Deferred drydocking and survey costs - ending balance		$	13,462			$	13,810			$	10,418			$	11,248			$	8,744

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
Middle East
Vessel revenues		$	40,215			$	43,302			$	40,772			$	36,947			$	36,536
Vessel operating costs:
Crew costs			13,302				13,280				13,509				13,071				13,540
Repair and maintenance			4,261				4,100				4,162				4,625				4,300
Insurance			343				529				488				510				464
Fuel, lube and supplies			3,250				2,039				2,599				2,842				2,274
Other			4,661				4,588				4,932				6,000				7,138
Total vessel operating costs			25,817				24,536				25,690				27,048				27,716
Vessel operating margin ($)			14,398				18,766				15,082				9,899				8,820
Vessel operating margin (%)			35.8	%			43.3	%			37.0	%			26.8	%			24.1	%
Middle East - Select operating statistics
Average vessels - Total fleet			43				43				43				43				43
Utilization - Total fleet			79.8	%			87.6	%			84.5	%			80.1	%			83.8	%
Average vessels - Active fleet			43				43				43				43				43
Utilization - Active fleet			79.8	%			87.6	%			84.5	%			80.1	%			83.8	%
Average day rates		$	12,877			$	12,777			$	12,197			$	11,661			$	11,148
Vessels commencing drydocks			11				4				6				4				3
Deferred drydocking and survey costs - beginning balance		$	31,423			$	21,792			$	24,159			$	23,089			$	23,690
Cash paid for deferred drydocking and survey costs			8,191				13,464				1,328				4,764				2,737
Amortization of deferred drydocking and survey costs			(4,259	)			(3,833	)			(3,695	)			(3,694	)			(3,338	)
Disposals, intersegment transfers and other			—				—				—				—				—
Deferred drydocking and survey costs - ending balance		$	35,355			$	31,423			$	21,792			$	24,159			$	23,089

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
Europe/Mediterranean
Vessel revenues		$	99,280			$	78,205			$	84,109			$	85,325			$	83,266
Vessel operating costs:
Crew costs			29,342				27,111				26,993				28,818				27,085
Repair and maintenance			5,736				6,711				8,458				7,279				7,058
Insurance			417				848				827				827				761
Fuel, lube and supplies			2,153				3,147				3,171				3,924				3,461
Other			6,187				4,738				5,180				4,974				4,351
Total vessel operating costs			43,835				42,555				44,629				45,822				42,716
Vessel operating margin ($)			55,445				35,650				39,480				39,503				40,550
Vessel operating margin (%)			55.8	%			45.6	%			46.9	%			46.3	%			48.7	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet			50				50				50				51				50
Utilization - Total fleet			93.3	%			84.9	%			85.3	%			83.9	%			85.8	%
Average vessels - Active fleet			50				50				50				51				50
Utilization - Active fleet			93.3	%			84.9	%			85.3	%			83.9	%			85.8	%
Average day rates		$	23,275			$	20,405			$	21,249			$	21,484			$	20,950
Vessels commencing drydocks			1				6				4				8				8
Deferred drydocking and survey costs - beginning balance		$	41,011			$	38,431			$	41,637			$	34,779			$	27,260
Cash paid for deferred drydocking and survey costs			1,811				8,786				3,554				12,225				11,584
Amortization of deferred drydocking and survey costs			(6,919	)			(6,206	)			(6,126	)			(5,367	)			(4,065	)
Disposals, intersegment transfers and other			(332	)			—				(634	)			—				—
Deferred drydocking and survey costs - ending balance		$	35,571			$	41,011			$	38,431			$	41,637			$	34,779

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
West Africa
Vessel revenues		$	82,909			$	106,112			$	107,299			$	95,324			$	88,838
Vessel operating costs:
Crew costs			18,662				18,951				19,010				19,488				19,265
Repair and maintenance			5,745				4,607				4,536				4,589				4,648
Insurance			353				762				717				730				659
Fuel, lube and supplies			5,700				4,808				4,552				4,722				4,498
Other			8,064				6,927				6,170				5,923				7,148
Total vessel operating costs			38,524				36,055				34,985				35,452				36,218
Vessel operating margin ($)			44,385				70,057				72,314				59,872				52,620
Vessel operating margin (%)			53.5	%			66.0	%			67.4	%			62.8	%			59.2	%
West Africa - Select operating statistics
Average vessels - Total fleet			69				71				70				68				67
Utilization - Total fleet			57.6	%			68.8	%			69.8	%			69.2	%			72.9	%
Average vessels - Active fleet			65				65				70				68				66
Utilization - Active fleet			61.6	%			75.0	%			69.8	%			69.2	%			73.6	%
Average day rates		$	23,035			$	24,244			$	24,038			$	22,044			$	20,093
Vessels commencing drydocks			4				7				1				5				4
Deferred drydocking and survey costs - beginning balance		$	54,639			$	50,760			$	50,088			$	44,942			$	37,615
Cash paid for deferred drydocking and survey costs			10,222				10,481				8,337				9,416				14,970
Amortization of deferred drydocking and survey costs			(8,461	)			(8,417	)			(8,115	)			(6,949	)			(5,724	)
Disposals, intersegment transfers and other			(737	)			1,815				450				2,679				(1,919	)
Deferred drydocking and survey costs - ending balance		$	55,663			$	54,639			$	50,760			$	50,088			$	44,942

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
Worldwide
Vessel revenues		$	336,858			$	330,699			$	343,463			$	338,485			$	337,003
Vessel operating costs:
Crew costs			99,476				97,113				99,985				107,708				106,231
Repair and maintenance			23,937				21,954				26,731				25,554				24,743
Insurance			1,640				3,034				2,857				2,965				2,625
Fuel, lube and supplies			15,107				14,378				15,278				17,213				15,562
Other			27,194				28,500				25,533				25,214				27,352
Total vessel operating costs			167,354				164,979				170,384				178,654				176,513
Vessel operating margin ($)			169,504				165,720				173,079				159,831				160,490
Vessel operating margin (%)			50.3	%			50.1	%			50.4	%			47.2	%			47.6	%
Worldwide - Select operating statistics
Average vessels - Total fleet			216				217				216				216				217
Utilization - Total fleet			74.1	%			76.0	%			77.6	%			76.2	%			80.5	%
Average vessels - Active fleet			210				210				216				216				216
Utilization - Active fleet			76.4	%			78.4	%			77.7	%			76.2	%			80.7	%
Average day rates		$	23,166			$	22,303			$	22,236			$	22,275			$	21,130
Vessels commencing drydocks			19				24				12				23				20
Deferred drydocking and survey costs - beginning balance		$	169,326			$	152,550			$	160,944			$	148,657			$	128,639
Cash paid for deferred drydocking and survey costs			23,738				43,339				17,674				35,483				40,083
Amortization of deferred drydocking and survey costs			(27,405	)			(26,418	)			(25,884	)			(23,196	)			(20,065	)
Disposals, intersegment transfers and other			—				(145	)			(184	)			—				—
Deferred drydocking and survey costs - ending balance		$	165,659			$	169,326			$	152,550			$	160,944			$	148,657

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
Net income		$	72,702			$	42,320			$	36,619			$	45,991			$	49,917
Interest and other debt costs			16,442				16,344				16,742				17,622				19,127
Income tax expense			5,584				26,109				16,376				12,883				7,887
Depreciation			36,909				39,014				38,736				39,239				39,380
Amortization of deferred drydock and survey costs			27,405				26,418				25,884				23,196				20,065
Amortization of below market contracts			(347	)			(351	)			(1,071	)			(1,073	)			(1,650	)
EBITDA (A), (B), (C)			158,695				149,854				133,286				137,858				134,726
Non-cash indemnification assets charge (credit)			(112	)			834				242				553				1,556
Non-cash stock compensation expense			4,057				3,491				3,886				3,569				3,460
Acquisition, restructuring and integration related costs			340				—				978				581				—
Adjusted EBITDA (A), (B), (C)		$	162,980			$	154,179			$	138,392			$	142,561			$	139,742
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 included in interest income and other; non-cash stock-based compensation expense; and acquisition, restructuring and integration related costs.
Note (B): EBITDA for the three months ended June 30, 2025, and for each of the prior four quarters includes non-cash stock-based compensation expense of $4,057, $3,491, $3,886, $3,569 and $3,460 respectively.
Note (C): EBITDA and Adjusted EBITDA for the three months ended June 30, 2025, and for each of the prior four quarters includes foreign exchange gain (losses) of $11,703, $7,569, $(14,337), $5,522 and $(2,376) 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, non-cash stock-based compensation expense 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,
		2025				2025				2024				2024				2024
Net cash provided by operating activities (A)		$	85,433			$	85,973			$	91,303			$	49,136			$	78,645
Cash interest expense			11,994				17,505				12,816				23,535				14,925
Interest income and other			(2,103	)			(2,157	)			(2,697	)			(1,028	)			(1,175	)
Indemnification assets credit (charge)			112				(834	)			(242	)			(553	)			(1,556	)
Additions to property and equipment			(5,226	)			(10,266	)			(4,534	)			(5,712	)			(6,392	)
Expansion capital			3				27				63				55				66
		90,213				90,248				96,709				65,433				84,513
Proceeds from asset sales			7,328				4,416				10,316				1,557				3,056
Free cash flow		$	97,541			$	94,664			$	107,025			$	66,990			$	87,569
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 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
		June 30,				March 31,				December 31,				September 30,				June 30,
		2025				2025				2024				2024				2024
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments		$	(9,763	)		$	17,110			$	8,846			$	(27,812	)		$	7,818
Cash paid for deferred drydock and survey costs			(23,738	)			(43,339	)			(17,674	)			(35,483	)			(40,083	)
Total uses of cash for changes in assets and liabilities		$	(33,501	)		$	(26,229	)		$	(8,828	)		$	(63,295	)		$	(32,265	)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250730899336/en/

Tidewater Inc.

West Gotcher

Senior Vice President,

Strategy, Corporate Development and Investor Relations

+1.713.470.5285

Source: Tidewater Inc.