Tidewater Reports Results for the Three Months Ended March 31, 2025

First Quarter 2025 Highlights

• Revenue of $333.4 million, a 3.8% improvement compared to the first quarter of 2024
• Average day rate of $22,303 per day, an improvement of $2,740 per day, or 14.0%, compared to the first quarter of 2024
• Net income of $42.7 million and Adjusted EBITDA of $154.2 million
  • Net Income and Adjusted EBITDA were favorably impacted by the $7.6 million foreign exchange gain due to the weakening of the U.S. dollar
• Net cash provided by operating activities of $86.0 million and free cash flow of $94.7 million

Share Count Reduction and 2025 Guidance

• Share count was reduced by 2.3 million shares through April 14, 2025 through repurchases of $90.0 million at an average price of $39.31 per share
• Share count was further reduced by 179,645 shares during the first quarter in exchange for paying $7.5 million of employee taxes on the vesting of equity compensation at an average price of $41.55 per share
• 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 months ended March 31, 2025 of $333.4 million, compared with $321.2 million for the three months ended March 31, 2024. Tidewater's net income for the three months ended March 31, 2025, was $42.7 million ($0.83 per common share), compared with net income of $47.0 million ($0.89 per common share) for the three months ended March 31, 2024.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The first quarter of 2025 came in nicely ahead of expectations, as utilization and day rate both performed better than anticipated across many of our operating regions, delivering revenue of $333.4 million for the quarter. The average day rate for the quarter marked another record at $22,303, and we achieved a 50.1% gross margin for the quarter, the second consecutive quarter above 50.0%, and also nicely ahead of expectations. Free cash flow of $94.7 million during the first quarter is particularly notable as the first quarter represents our largest quarterly drydock spend of the year, further demonstrating the free cash flow generation capacity of the business.

“On a year-to-date basis, we repurchased 2.3 million shares in the open market for $90.0 million, an average price of $39.31, fully utilizing the maximum permissible amount of repurchases available to us under our existing debt agreements. When combined with the approximately 180,000 shares we took back from employees in exchange for the $7.5 million payment of their taxes on the vesting of equity compensation during the first quarter, we’ve utilized nearly $100 million year-to-date to reduce the number of outstanding shares by almost 2.5 million. We have fully utilized our share repurchase capacity under the limitations in our existing debt agreements. As we progress through the year, we anticipate our share repurchase allowance to increase, providing for the opportunity to pursue additional share repurchases.

“As we look out over the remainder of 2025, it’s easy to acknowledge that macroeconomic uncertainty has increased since the end of 2024. It is difficult, however, to know how some of the macroeconomic uncertainties will ultimately play out, and therefore, how commodity prices will influence operator behavior and spending plans. To date, we’ve not learned of any project cancellations, however, we remain vigilant in gauging how the offshore activity environment will evolve over the remainder of 2025. With our outperformance in the first quarter and no tangible evidence to the contrary, we are comfortable reiterating our 2025 guidance of $1.32 billion to $1.38 billion of revenue and 2025 gross margin guidance of 48% to 50%. As of today, the midpoint of our revenue guidance completed or contracted for the current year increased from 81% at the end of February to 88% today.

“Offshore vessel supply remains in a favorable position, with conversations pertaining to newbuild capacity largely inactive. While the macroeconomic landscape will continue to unfold over the coming months, we fundamentally believe that the world’s demand for energy will continue to grow in the long-term and that offshore sources of energy provide a compelling economic solution to satisfy that demand. As offshore activity continues to grow, Tidewater is well positioned to continue to take advantage of this trend.”

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

Common shares outstanding			50,852,297
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			51,001,456

Tidewater will hold a conference call to discuss results for the three months ending March 31, 2025 on May 6, 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 May 6, 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 March 31, 2025 and December 31, 2024; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three months ended March 31, 2025 and 2024; and the Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024. Extracts are drawn from the March 31, 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
		March 31, 2025				March 31, 2024
Revenues:
Vessel revenues		$	330,699			$	318,686
Other operating revenues			2,745				2,478
Total revenues			333,444				321,164
Costs and expenses:
Vessel operating costs			164,979				167,556
Costs of other operating revenues			1,430				1,150
General and administrative			29,094				25,329
Depreciation and amortization			65,432				56,270
Gain on asset dispositions, net			(2,538	)			(11,039	)
Total costs and expenses			258,397				239,266
Operating income			75,047				81,898
Other income (expense):
Foreign exchange gain (loss)			7,569				(4,085	)
Equity in net losses of unconsolidated companies			—				(5	)
Interest income and other, net			2,157				1,483
Interest and other debt costs, net			(16,344	)			(19,476	)
Total other expense			(6,618	)			(22,083	)
Income before income taxes			68,429				59,815
Income tax expense			26,109				13,070
Net income			42,320				46,745
Less: Net loss attributable to noncontrolling interests			(333	)			(281	)
Net income attributable to Tidewater Inc.		$	42,653			$	47,026
Basic income per common share		$	0.83			$	0.90
Diluted income per common share		$	0.83			$	0.89
Weighted average common shares outstanding			51,502				52,320
Dilutive effect of warrants, restricted stock units and stock options			176				580
Adjusted weighted average common shares			51,678				52,900

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)
		March 31, 2025				December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents		$	341,799			$	324,918
Restricted cash			5,234				2,032
Trade and other receivables, net of allowance for credit losses of $3,144 and $3,184 at March 31, 2025 and December 31, 2024, respectively			312,904				323,805
Marine operating supplies			23,101				34,319
Prepaid expenses and other current assets			15,160				13,588
Total current assets			698,198				698,662
Net properties and equipment			1,163,758				1,184,282
Deferred drydocking and survey costs			169,326				152,550
Indemnification assets			11,114				11,946
Other assets			23,770				27,464
Total assets		$	2,066,166			$	2,074,904
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	50,203			$	71,385
Accrued expenses			133,000				129,894
Current portion of long-term debt			80,042				65,386
Other current liabilities			74,299				64,948
Total current liabilities			337,544				331,613
Long-term debt			555,994				571,710
Other liabilities			62,263				60,396
Commitments and contingencies
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 50,852,297 and 51,461,472 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively			51				52
Additional paid-in-capital			1,652,856				1,656,830
Accumulated deficit			(545,890	)			(548,831	)
Accumulated other comprehensive loss			6,607				6,060
Total stockholders' equity			1,113,624				1,114,111
Noncontrolling interests			(3,259	)			(2,926	)
Total equity			1,110,365				1,111,185
Total liabilities and equity		$	2,066,166			$	2,074,904

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands)
		Three Months Ended
		March 31, 2025				March 31, 2024
Net income		$	42,320			$	46,745
Other comprehensive income (loss):
Unrealized gain on note receivable			—				80
Change in liability of pension plans			547				(137	)
Total comprehensive income		$	42,867			$	46,688

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
		Three Months				Three Months
		Ended				Ended
		March 31, 2025				March 31, 2024
Cash flows from operating activities:
Net income		$	42,320			$	46,745
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			39,014				38,811
Amortization of deferred drydocking and survey costs			26,418				17,459
Amortization of debt premiums and discounts			1,501				1,814
Amortization of below market contracts			(351	)			(1,206	)
Deferred income taxes provision (benefit)			2,347				73
Gain on asset dispositions, net			(2,538	)			(11,039	)
Stock-based compensation expense			3,491				2,766
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			10,901				(17,616	)
Accounts payable			(21,182	)			6,843
Accrued expenses			3,106				6,600
Deferred drydocking and survey costs			(43,339	)			(40,018	)
Other, net			24,285				3,533
Net cash provided by operating activities			85,973				54,765
Cash flows from investing activities:
Proceeds from asset dispositions			3,816				12,463
Proceeds from sale of notes			600				—
Additions to properties and equipment			(10,266	)			(10,942	)
Net cash provided by (used in) investing activities			(5,850	)			1,521
Cash flows from financing activities:
Principal payments on long-term debt			(12,500	)			(12,500	)
Purchase of common stock			(39,275	)			(3,501	)
Debt issuance costs			—				(135	)
Share based awards reacquired to pay taxes			(7,465	)			(28,462	)
Net cash used in financing activities			(59,240	)			(44,598	)
Net change in cash, cash equivalents and restricted cash			20,883				11,688
Cash, cash equivalents and restricted cash at beginning of period			329,031				277,965
Cash, cash equivalents and restricted cash at end of period		$	349,914			$	289,653

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	17,505			$	15,621
Income taxes		$	15,148			$	15,603
Supplemental disclosure of noncash investing activities:
Purchase of vessels		$	9,098			$	—
Supplemental disclosure of noncash financing activities:
Debt incurred for the purchase of vessels		$	9,712			$	—
Note:  Cash, cash equivalents and restricted cash at March 31, 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 December 31, 2024		$	52			$	1,656,830			$	(548,831	)		$	6,060			$	(2,926	)		$	1,111,185
Total comprehensive income (loss)			—				—				42,653				547				(333	)			42,867
Repurchase and retirement of common stock			(1	)			—				(39,712	)			—				—				(39,713	)
Amortization of share-based awards			—				(3,974	)			—				—				—				(3,974	)
Balance at March 31, 2025		$	51			$	1,652,856			$	(545,890	)		$	6,607			$	(3,259	)		$	1,110,365
Balance at December 31, 2023		$	52			$	1,671,759			$	(637,858	)		$	5,266			$	(1,542	)		$	1,037,677
Total comprehensive income (loss)			—				—				47,026				(57	)			(281	)			46,688
Issuance of common stock			1				(1	)			—				—				—				—
Repurchase and retirement of common stock			—				—				(3,535	)			—				—				(3,535	)
Amortization of share-based awards			—				(25,697	)			—				—				—				(25,697	)
Balance at March 31, 2024		$	53			$	1,646,061			$	(594,367	)		$	5,209			$	(1,823	)		$	1,055,133

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
(In Thousands)		Three Months Ended
		March 31, 2025								March 31, 2024
Vessel revenues:
Americas		$	54,852				17	%		$	63,941				20	%
Asia Pacific			48,228				14	%			47,781				15	%
Middle East			43,302				13	%			37,932				12	%
Europe/Mediterranean			78,205				24	%			80,381				25	%
West Africa			106,112				32	%			88,651				28	%
Total vessel revenues		$	330,699				100	%		$	318,686				100	%
Vessel operating costs:
Crew costs		$	97,113				29	%		$	102,352				32	%
Repair and maintenance			21,954				7	%			21,348				7	%
Insurance			3,034				1	%			2,580				1	%
Fuel, lube and supplies			14,378				4	%			17,318				5	%
Other			28,500				9	%			23,958				8	%
Total vessel operating costs			164,979				50	%			167,556				53	%
Vessel operating margin (A)		$	165,720				50	%		$	151,130				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
		March 31, 2025								March 31, 2024
Vessel operating profit:
Americas		$	4,895				1	%		$	10,126				3	%
Asia Pacific			13,680				4	%			14,847				5	%
Middle East			8,563				3	%			1,529				0	%
Europe/Mediterranean			7,378				2	%			14,757				5	%
West Africa			51,613				16	%			41,010				13	%
Other operating profit			1,315				0	%			1,328				0	%
			87,444				26	%			83,597				26	%
Corporate expenses (A)			(14,935	)			(4	)%			(12,738	)			(4	)%
Gain on asset dispositions, net			2,538				1	%			11,039				3	%
Operating income		$	75,047				23	%		$	81,898				25	%
Note (A):  General and administrative expenses for the three months ended March 31, 2025 and 2024 include stock-based compensation of $3.5 million and $2.8 million, respectively. In addition, vessel operating and general and administrative costs for the three months March 31, 2025 and 2024, include zero 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
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
Revenues:
Vessel revenues		$	330,699			$	343,463			$	338,485			$	337,003			$	318,686
Other operating revenues			2,745				1,622				1,871				2,227				2,478
Total revenues			333,444				345,085				340,356				339,230				321,164
Costs and expenses:
Vessel operating costs (A)			164,979				170,384				178,654				176,513				167,556
Costs of other operating revenue			1,430				688				901				816				1,150
General and administrative (A)			29,094				30,688				28,471				26,329				25,329
Depreciation and amortization			65,432				64,620				62,435				59,445				56,270
Gain on asset dispositions, net			(2,538	)			(2,672	)			(51	)			(2,000	)			(11,039	)
Total operating costs and expenses			258,397				263,708				270,410				261,103				239,266
Operating income			75,047				81,377				69,946				78,127				81,898
Other income (expense):
Foreign exchange gain (loss)			7,569				(14,337	)			5,522				(2,376	)			(4,085	)
Equity in net earnings (losses) of unconsolidated companies			—				—				—				5				(5	)
Interest income and other, net			2,157				2,697				1,028				1,175				1,483
Interest and other debt costs, net			(16,344	)			(16,742	)			(17,622	)			(19,127	)			(19,476	)
Total other expense			(6,618	)			(28,382	)			(11,072	)			(20,323	)			(22,083	)
Income before income taxes			68,429				52,995				58,874				57,804				59,815
Income tax expense			26,109				16,376				12,883				7,887				13,070
Net income			42,320				36,619				45,991				49,917				46,745
Net loss attributable to noncontrolling interests			(333	)			(286	)			(380	)			(437	)			(281	)
Net income attributable to Tidewater Inc.		$	42,653			$	36,905			$	46,371			$	50,354			$	47,026
Basic income per common share		$	0.83			$	0.71			$	0.88			$	0.96			$	0.90
Diluted income per common share		$	0.83			$	0.70			$	0.87			$	0.94			$	0.89
Weighted average common shares outstanding			51,502				52,315				52,490				52,684				52,320
Dilutive effect of warrants, restricted stock units and stock options			176				514				593				663				580
Adjusted weighted average common shares			51,678				52,829				53,083				53,347				52,900
Vessel operating margin		$	165,720			$	173,079			$	159,831			$	160,490			$	151,130
Note (A): Acquisition, restructuring and integration related costs		$	—			$	978			$	581			$	—			$	709

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
ASSETS
Current assets:
Cash and cash equivalents		$	341,799			$	324,918			$	280,840			$	315,897			$	280,853
Restricted cash			5,234				2,032				7,259				3,527				6,474
Trade and other receivables, net			312,904				323,805				293,085				280,498				285,968
Marine operating supplies			23,101				34,319				26,670				26,908				24,767
Prepaid expenses and other current assets			15,160				13,588				18,117				20,115				17,447
Total current assets			698,198				698,662				625,971				646,945				615,509
Net properties and equipment			1,163,758				1,184,282				1,220,056				1,253,583				1,286,618
Deferred drydocking and survey costs			169,326				152,550				160,944				148,657				128,639
Indemnification assets			11,114				11,946				12,216				10,920				16,642
Other assets			23,770				27,464				27,944				29,643				30,408
Total assets		$	2,066,166			$	2,074,904			$	2,047,131			$	2,089,748			$	2,077,816
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	50,203			$	71,385			$	64,058			$	60,740			$	51,774
Accrued expenses			133,000				129,894				117,878				133,149				132,190
Current portion of long-term debt			80,042				65,386				53,105				102,993				103,009
Other current liabilities			74,299				64,948				38,532				43,342				52,164
Total current liabilities			337,544				331,613				273,573				340,224				339,137
Long-term debt			555,994				571,710				597,352				607,998				620,329
Other liabilities			62,263				60,396				62,366				62,539				63,197
Equity:
Common stock			51				52				52				52				53
Additional paid-in-capital			1,652,856				1,656,830				1,653,027				1,649,523				1,646,061
Accumulated deficit			(545,890	)			(548,831	)			(541,191	)			(573,390	)			(594,347	)
Accumulated other comprehensive income			6,607				6,060				4,592				5,062				5,209
Total stockholders' equity			1,113,624				1,114,111				1,116,480				1,081,247				1,056,976
Noncontrolling interests			(3,259	)			(2,926	)			(2,640	)			(2,260	)			(1,823	)
Total equity			1,110,365				1,111,185				1,113,840				1,078,987				1,055,153
Total liabilities and equity		$	2,066,166			$	2,074,904			$	2,047,131			$	2,089,748			$	2,077,816

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
Cash flows from operating activities:
Net income		$	42,320			$	36,619			$	45,991			$	49,917			$	46,745
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			39,014				38,736				39,239				39,380				38,811
Amortization of deferred drydocking and survey costs			26,418				25,884				23,196				20,065				17,459
Amortization of debt premiums and discounts			1,501				1,612				1,536				1,779				1,814
Amortization of below market contracts			(351	)			(1,071	)			(1,073	)			(1,650	)			(1,206	)
Deferred income taxes provision (benefit)			2,347				(2,863	)			24				(41	)			73
Gain on asset dispositions, net			(2,538	)			(2,672	)			(51	)			(2,000	)			(11,039	)
Stock-based compensation expense			3,491				3,886				3,569				3,460				2,766
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			10,901				(30,720	)			(12,587	)			5,470				(17,616	)
Accounts payable			(21,182	)			7,327				3,318				8,966				6,843
Accrued expenses			3,106				12,016				(15,271	)			4,048				6,600
Deferred drydocking and survey costs			(43,339	)			(17,674	)			(35,483	)			(40,083	)			(40,018	)
Other, net			24,285				20,223				(3,272	)			(10,666	)			3,533
Net cash provided by operating activities			85,973				91,303				49,136				78,645				54,765
Cash flows from investing activities:
Proceeds from asset dispositions			3,816				4,470				51				2,354				12,463
Proceeds from sale of notes			600				5,846				1,506				702				—
Additions to properties and equipment			(10,266	)			(4,534	)			(5,712	)			(6,392	)			(10,942	)
Net cash provided by (used in) investing activities			(5,850	)			5,782				(4,155	)			(3,336	)			1,521
Cash flows from financing activities:
Exercise of warrants			—				2				—				2				—
Principal payments on long-term debt			(12,500	)			(14,023	)			(62,500	)			(14,007	)			(12,500	)
Purchase of common stock			(39,275	)			(44,103	)			(13,741	)			(29,397	)			(3,501	)
Debt issuance costs			—				(20	)			—				(58	)			(135	)
Share based awards reacquired to pay taxes			(7,465	)			(86	)			(65	)			(1	)			(28,462	)
Net cash used in financing activities			(59,240	)			(58,230	)			(76,306	)			(43,461	)			(44,598	)
Net change in cash, cash equivalents and restricted cash			20,883				38,855				(31,325	)			31,848				11,688
Cash, cash equivalents and restricted cash at beginning of period			329,031				290,176				321,501				289,653				277,965
Cash, cash equivalents and restricted cash at end of period		$	349,914			$	329,031			$	290,176			$	321,501			$	289,653
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	17,505			$	12,816			$	23,535			$	14,925			$	15,621
Income taxes		$	15,148			$	11,268			$	12,557			$	17,481			$	15,603
Supplemental disclosure of noncash investing activities:
Purchase of vessels		$	9,098			$	—			$	—			$	—			$	—
Supplemental disclosure of noncash financing activities:
Debt incurred for purchase of vessels		$	9,712			$	—			$	—			$	—			$	—

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900		$	23,243			$	24,158			$	27,192			$	31,400			$	29,924
PSV < 900			21,146				26,743				26,926				28,010				24,531
AHTS > 16K			3,958				2,969				6,249				7,228				2,036
AHTS 8 - 16K			1,242				930				908				2,002				2,476
AHTS 4 - 8K			1,752				1,726				351				219				945
Other			3,511				3,714				2,980				4,283				4,029
Total			54,852				60,240				64,606				73,142				63,941
Asia Pacific fleet:
PSV > 900			20,457				18,881				19,535				21,578				23,210
PSV < 900			15,311				16,101				17,214				14,402				11,830
AHTS > 16K			8,792				10,851				12,358				7,815				4,555
AHTS 8 - 16K			2,394				2,836				4,640				7,874				4,507
AHTS 4 - 8K			1,108				2,020				2,182				1,269				1,576
Other			166				354				354				2,283				2,103
Total			48,228				51,043				56,283				55,221				47,781
Middle East fleet:
PSV > 900			1,446				1,485				1,387				1,359				1,365
PSV < 900			22,494				21,962				19,909				19,963				21,017
AHTS > 16K			—				—				—				(3	)			287
AHTS 8 - 16K			3,474				3,425				3,450				3,163				2,397
AHTS 4 - 8K			15,888				13,900				12,201				12,054				12,866
Total			43,302				40,772				36,947				36,536				37,932
Europe/Mediterranean fleet:
PSV > 900			64,207				66,380				66,808				64,875				61,827
PSV < 900			11,763				15,287				13,679				13,290				14,126
AHTS > 16K			1,669				1,378				3,790				4,057				3,346
Other			566				1,064				1,048				1,044				1,082
Total			78,205				84,109				85,325				83,266				80,381
West Africa fleet:
PSV > 900			30,203				28,064				17,012				20,044				21,743
PSV < 900			37,021				44,047				41,367				32,601				31,812
AHTS > 16K			10,172				9,602				8,916				8,065				8,048
AHTS 8 - 16K			20,775				17,898				18,453				18,466				16,316
AHTS 4 - 8K			2,086				3,185				3,100				2,827				2,370
Other			5,855				4,503				6,476				6,835				8,362
Total			106,112				107,299				95,324				88,838				88,651
Worldwide fleet:
PSV > 900			139,556				138,968				131,934				139,256				138,069
PSV < 900			107,735				124,140				119,095				108,266				103,316
AHTS > 16K			24,591				24,800				31,313				27,162				18,272
AHTS 8 - 16K			27,885				25,089				27,451				31,505				25,696
AHTS 4 - 8K			20,834				20,831				17,834				16,369				17,757
Other			10,098				9,635				10,858				14,445				15,576
Total		$	330,699			$	343,463			$	338,485			$	337,003			$	318,686

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900			10				10				10				11				11
PSV < 900			16				16				17				17				18
AHTS > 16K			2				2				2				2				2
AHTS 8 - 16K			1				1				1				2				2
AHTS 4 - 8K			2				2				2				2				2
Other			2				2				2				1				1
Total			33				33				34				35				36
Stacked vessels			(1	)			—				—				—				(1	)
Active vessels			32				33				34				35				35
Asia Pacific fleet:
PSV > 900			9				9				9				9				8
PSV < 900			5				5				5				5				5
AHTS > 16K			3				3				3				3				3
AHTS 8 - 16K			2				2				2				3				3
AHTS 4 - 8K			1				1				1				1				1
Other			—				—				—				1				1
Total			20				20				20				22				21
Stacked vessels			—				—				—				—				—
Active vessels			20				20				20				22				21
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				40				39				40
PSV < 900			9				9				9				9				9
AHTS > 16K			2				2				2				2				2
Total			50				50				51				50				51
Stacked vessels			—				—				—				—				—
Active vessels			50				50				51				50				51
West Africa fleet:
PSV > 900			10				10				9				9				9
PSV < 900			20				20				19				19				19
AHTS > 16K			4				4				4				4				4
AHTS 8 - 16K			13				13				13				11				11
AHTS 4 - 8K			2				3				3				4				4
Other			22				20				20				20				21
Total			71				70				68				67				68
Stacked vessels			(6	)			—				—				(1	)			(1	)
Active vessels			65				70				68				66				67
Worldwide fleet:
PSV > 900			69				69				69				69				69
PSV < 900			70				70				70				70				71
AHTS > 16K			11				11				11				11				11
AHTS 8 - 16K			21				21				21				21				21
AHTS 4 - 8K			22				23				23				24				24
Other			24				22				22				22				23
Total			217				216				216				217				219
Stacked vessels			(7	)			—				—				(1	)			(2	)
Active vessels			210				216				216				216				217
Total active			210				216				216				216				217
Total stacked			7				—				—				1				2
Total			217				216				216				217				219

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
PSV > 900			900				920				920				960				1,001
PSV < 900			1,432				1,472				1,531				1,547				1,631
AHTS > 16K			180				184				184				182				182
AHTS 8 - 16K			90				92				92				182				182
AHTS 4 - 8K			180				184				184				182				182
Other			180				184				184				123				128
Total			2,962				3,036				3,095				3,176				3,306
Asia Pacific fleet:
PSV > 900			810				828				828				819				765
PSV < 900			450				460				460				455				455
AHTS > 16K			270				276				276				273				241
AHTS 8 - 16K			180				184				221				273				273
AHTS 4 - 8K			90				92				92				91				91
Other			—				—				—				59				54
Total			1,800				1,840				1,877				1,970				1,879
Middle East fleet:
PSV > 900			90				92				92				91				91
PSV < 900			1,800				1,840				1,840				1,820				1,820
AHTS > 16K			—				—				—				—				32
AHTS 8 - 16K			450				460				460				455				455
AHTS 4 - 8K			1,530				1,564				1,564				1,547				1,547
Total			3,870				3,956				3,956				3,913				3,945
Europe/Mediterranean fleet:
PSV > 900			3,510				3,588				3,680				3,590				3,603
PSV < 900			810				828				828				819				838
AHTS > 16K			180				184				184				182				182
Total			4,500				4,600				4,692				4,591				4,623
West Africa fleet:
PSV > 900			900				920				828				819				819
PSV < 900			1,800				1,840				1,781				1,729				1,729
AHTS > 16K			360				368				368				364				364
AHTS 8 - 16K			1,180				1,196				1,159				1,001				1,001
AHTS 4 - 8K			180				235				276				330				364
Other			1,941				1,840				1,840				1,820				1,875
Total			6,361				6,399				6,252				6,063				6,152
Worldwide fleet:
PSV > 900			6,210				6,348				6,348				6,279				6,279
PSV < 900			6,292				6,440				6,440				6,370				6,473
AHTS > 16K			990				1,012				1,012				1,001				1,001
AHTS 8 - 16K			1,900				1,932				1,932				1,911				1,911
AHTS 4 - 8K			1,980				2,075				2,116				2,150				2,184
Other			2,121				2,024				2,024				2,002				2,057
Total			19,493				19,831				19,872				19,713				19,905

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
PSV < 900			82				15				—				—				84
Total			82				15				—				—				84
West Africa fleet:
AHTS 4 - 8K			49				—				—				57				91
Other			477				—				—				—				—
Total			526				—				—				57				91
Worldwide fleet:
PSV < 900			82				15				—				—				84
AHTS 4 - 8K			49				—				—				57				91
Other			477				—				—				—				—
Total			608				15				—				57				175

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
PSV > 900			900				920				920				960				1,001
PSV < 900			1,350				1,457				1,531				1,547				1,547
AHTS > 16K			180				184				184				182				182
AHTS 8 - 16K			90				92				92				182				182
AHTS 4 - 8K			180				184				184				182				182
Other			180				184				184				123				128
Total			2,880				3,021				3,095				3,176				3,222
Asia Pacific fleet:
PSV > 900			810				828				828				819				765
PSV < 900			450				460				460				455				455
AHTS > 16K			270				276				276				273				241
AHTS 8 - 16K			180				184				221				273				273
AHTS 4 - 8K			90				92				92				91				91
Other			—				—				—				59				54
Total			1,800				1,840				1,877				1,970				1,879
Middle East fleet:
PSV > 900			90				92				92				91				91
PSV < 900			1,800				1,840				1,840				1,820				1,820
AHTS > 16K			—				—				—				—				32
AHTS 8 - 16K			450				460				460				455				455
AHTS 4 - 8K			1,530				1,564				1,564				1,547				1,547
Total			3,870				3,956				3,956				3,913				3,945
Europe/Mediterranean fleet:
PSV > 900			3,510				3,588				3,680				3,590				3,603
PSV < 900			810				828				828				819				838
AHTS > 16K			180				184				184				182				182
Total			4,500				4,600				4,692				4,591				4,623
West Africa fleet:
PSV > 900			900				920				828				819				819
PSV < 900			1,800				1,840				1,781				1,729				1,729
AHTS > 16K			360				368				368				364				364
AHTS 8 - 16K			1,180				1,196				1,159				1,001				1,001
AHTS 4 - 8K			131				235				276				273				273
Other			1,464				1,840				1,840				1,820				1,875
Total			5,835				6,399				6,252				6,006				6,061
Worldwide fleet:
PSV > 900			6,210				6,348				6,348				6,279				6,279
PSV < 900			6,210				6,425				6,440				6,370				6,389
AHTS > 16K			990				1,012				1,012				1,001				1,001
AHTS 8 - 16K			1,900				1,932				1,932				1,911				1,911
AHTS 4 - 8K			1,931				2,075				2,116				2,093				2,093
Other			1,644				2,024				2,024				2,002				2,057
Total			18,885				19,816				19,872				19,656				19,730

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	March 31,					December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
UTILIZATION - TOTAL FLEET:
Americas fleet:
PSV > 900			78.3	%			77.4	%			83.5	%			92.2	%			87.9	%
PSV < 900			53.0				74.2				76.5				80.3				70.0
AHTS > 16K			61.3				50.3				83.9				99.1				33.4
AHTS 8 - 16K			100.0				77.3				76.4				58.6				80.2
AHTS 4 - 8K			44.5				90.2				23.4				14.2				59.7
Other			91.8				72.4				69.2				99.4				100.0
Total			64.4	%			74.7	%			75.4	%			80.7	%			74.5	%
Asia Pacific fleet:
PSV > 900			67.7	%			63.4	%			63.2	%			87.6	%			93.7	%
PSV < 900			93.7				99.5				91.7				96.3				86.3
AHTS > 16K			66.7				75.4				81.8				65.3				53.4
AHTS 8 - 16K			64.1				64.9				58.8				80.8				75.9
AHTS 4 - 8K			56.2				100.0				91.7				78.5				100.0
Other			—				—				—				77.9				76.8
Total			73.1	%			76.2	%			73.8	%			84.9	%			84.0	%
Middle East fleet:
PSV > 900			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
PSV < 900			94.0				91.9				85.0				88.0				95.3
AHTS > 16K			—				—				—				—				69.3
AHTS 8 - 16K			63.7				64.3				71.0				66.6				50.1
AHTS 4 - 8K			86.3				80.8				75.8				82.9				86.5
Total			87.6	%			84.5	%			80.1	%			83.8	%			86.6	%
Europe/Mediterranean fleet:
PSV > 900			88.0	%			86.1	%			86.1	%			87.4	%			88.9	%
PSV < 900			79.2				93.6				81.2				87.5				90.9
AHTS > 16K			49.8				32.3				52.0				46.4				34.1
Total			84.9	%			85.3	%			83.9	%			85.8	%			87.1	%
West Africa fleet:
PSV > 900			96.1	%			88.8	%			66.0	%			78.4	%			86.9	%
PSV < 900			68.5				80.9				80.0				79.2				82.6
AHTS > 16K			95.6				80.1				74.7				79.5				89.8
AHTS 8 - 16K			83.0				78.6				85.5				98.2				98.6
AHTS 4 - 8K			66.7				73.4				63.3				71.9				66.7
Other			43.0				40.8				49.6				49.5				55.9
Total			68.8	%			69.8	%			69.2	%			72.9	%			77.1	%
Worldwide fleet:
PSV > 900			85.3	%			82.5	%			80.3	%			87.1	%			89.2	%
PSV < 900			75.4				85.5				81.6				84.3				84.3
AHTS > 16K			73.1				64.7				74.2				73.2				60.0
AHTS 8 - 16K			77.5				73.9				78.6				84.4				82.0
AHTS 4 - 8K			79.4				81.6				70.3				75.2				81.6
Other			47.2				43.7				51.4				53.4				59.2
Total			76.0	%			77.6	%			76.2	%			80.5	%			81.5	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	March 31,					December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
UTILIZATION - ACTIVE FLEET:
Americas fleet:
PSV > 900			78.3	%			77.4	%			83.5	%			92.2	%			87.9	%
PSV < 900			56.2				75.0				76.5				80.3				73.8
AHTS > 16K			61.3				50.3				83.9				99.1				33.4
AHTS 8 - 16K			100.0				77.3				76.4				58.6				80.2
AHTS 4 - 8K			44.5				90.2				23.4				14.2				59.7
Other			91.8				72.4				69.2				99.4				100.0
Total			66.3	%			75.1	%			75.4	%			80.7	%			76.5	%
Asia Pacific fleet:
PSV > 900			67.7	%			63.4	%			63.2	%			87.6	%			93.7	%
PSV < 900			93.7				99.5				91.7				96.3				86.3
AHTS > 16K			66.7				75.4				81.8				65.3				53.4
AHTS 8 - 16K			64.1				64.9				58.8				80.8				75.9
AHTS 4 - 8K			56.2				100.0				91.7				78.5				100.0
Other			—				—				—				77.9				76.8
Total			73.1	%			76.2	%			73.8	%			84.9	%			84.0	%
Middle East fleet:
PSV > 900			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
PSV < 900			94.0				91.9				85.0				88.0				95.3
AHTS > 16K			—				—				—				—				69.3
AHTS 8 - 16K			63.7				64.3				71.0				66.6				50.1
AHTS 4 - 8K			86.3				80.8				75.8				82.9				86.5
Total			87.6	%			84.5	%			80.1	%			83.8	%			86.6	%
Europe/Mediterranean fleet:
PSV > 900			88.0	%			86.1	%			86.1	%			87.4	%			88.9	%
PSV < 900			79.2				93.6				81.2				87.5				90.9
AHTS > 16K			49.8				32.3				52.0				46.4				34.1
Total			84.9	%			85.3	%			83.9	%			85.8	%			87.1	%
West Africa fleet:
PSV > 900			96.1	%			88.8	%			66.0	%			78.4	%			86.9	%
PSV < 900			68.5				80.9				80.0				79.2				82.6
AHTS > 16K			95.6				80.1				74.7				79.5				89.8
AHTS 8 - 16K			83.0				78.6				85.5				98.2				98.6
AHTS 4 - 8K			91.6				73.4				63.3				86.9				88.9
Other			57.0				40.8				49.6				49.5				55.9
Total			75.0	%			69.8	%			69.2	%			73.6	%			78.3	%
Worldwide fleet:
PSV > 900			85.3	%			82.5	%			80.3	%			87.1	%			89.2	%
PSV < 900			76.4				85.7				81.6				84.3				85.4
AHTS > 16K			73.1				64.7				74.2				73.2				60.0
AHTS 8 - 16K			77.5				73.9				78.6				84.4				82.0
AHTS 4 - 8K			81.4				81.6				70.3				77.2				85.1
Other			60.8				43.7				51.4				53.4				59.2
Total			78.4	%			77.7	%			76.2	%			80.7	%			82.3	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900		$	32,992			$	33,907			$	35,404			$	35,490			$	34,015
PSV < 900			27,862				24,479				22,986				22,542				21,499
AHTS > 16K			35,888				32,095				40,478				40,088				33,490
AHTS 8 - 16K			13,796				13,079				12,925				18,771				16,964
AHTS 4 - 8K			21,889				10,399				8,167				8,453				8,703
Other			21,251				27,870				23,420				30,266				30,423
Total			28,733				26,563				27,676				28,317				25,894
Asia Pacific fleet:
PSV > 900			37,304				35,984				37,341				30,070				32,387
PSV < 900			36,309				35,192				40,805				32,875				30,122
AHTS > 16K			48,843				52,170				54,756				43,808				35,411
AHTS 8 - 16K			20,764				23,746				35,682				35,678				21,757
AHTS 4 - 8K			21,890				21,959				25,883				17,758				17,315
Other			—				—				—				43,350				43,703
Total			36,564				36,203				40,419				32,848				30,101
Middle East fleet:
PSV > 900			16,072				16,146				15,079				14,936				14,996
PSV < 900			13,301				12,981				12,730				12,466				12,115
AHTS > 16K			—				—				—				—				12,968
AHTS 8 - 16K			12,112				11,575				10,558				10,440				10,515
AHTS 4 - 8K			12,026				11,006				10,291				9,404				9,609
Total			12,777				12,197				11,661				11,148				11,108
Europe/Mediterranean fleet:
PSV > 900			20,782				21,499				21,092				20,686				19,294
PSV < 900			18,337				19,727				20,347				18,543				18,557
AHTS > 16K			18,613				23,177				39,597				47,999				53,966
Total			20,405				21,249				21,484				20,950				19,763
West Africa fleet:
PSV > 900			34,924				34,334				31,118				31,231				30,557
PSV < 900			30,017				29,598				29,031				23,818				22,287
AHTS > 16K			29,568				32,557				32,453				27,861				24,611
AHTS 8 - 16K			21,204				19,033				18,627				18,784				16,536
AHTS 4 - 8K			17,387				18,462				17,755				11,915				9,766
Other			7,013				6,001				7,096				7,587				7,975
Total			24,244				24,038				22,044				20,093				18,687
Worldwide fleet:
PSV > 900			26,345				26,550				25,883				25,452				24,640
PSV < 900			22,697				22,550				22,666				20,170				18,932
AHTS > 16K			33,966				37,870				41,721				37,073				30,423
AHTS 8 - 16K			18,945				17,584				18,087				19,527				16,390
AHTS 4 - 8K			13,255				12,301				11,990				10,127				9,969
Other			9,746				9,691				9,410				11,968				11,797
Total		$	22,303			$	22,236			$	22,275			$	21,130			$	19,563
Note (A):  Average Vessel Day Rates equals Vessel Revenue / Days Worked.

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
Americas
Vessel revenues		$	54,852			$	60,240			$	64,606			$	73,142			$	63,941
Vessel operating costs:
Crew costs			17,440				18,519				21,646				23,318				24,062
Repair and maintenance			4,266				5,271				5,227				5,645				4,534
Insurance			571				506				571				463				494
Fuel, lube and supplies			2,617				2,954				3,165				2,994				4,522
Other			10,129				6,795				5,921				5,747				5,928
Total vessel operating costs			35,023				34,045				36,530				38,167				39,540
Vessel operating margin ($)			19,829				26,195				28,076				34,975				24,401
Vessel operating margin (%)			36.2	%			43.5	%			43.5	%			47.8	%			38.2	%
Americas - Select operating statistics
Average vessels - Total fleet			33				33				34				35				36
Utilization - Total fleet			64.4	%			74.7	%			75.4	%			80.7	%			74.5	%
Average vessels - Active fleet			32				33				34				35				35
Utilization - Active fleet			66.3	%			75.1	%			75.4	%			80.7	%			76.5	%
Average day rates		$	28,733			$	26,563			$	27,676			$	28,317			$	25,894
Vessels commencing drydocks			3				1				4				3				7
Deferred drydocking and survey costs - beginning balance		$	31,149			$	33,812			$	37,103			$	31,698			$	28,688
Cash paid for deferred drydocking and survey costs			3,355				3,317				5,009				9,190				8,014
Amortization of deferred drydocking and survey costs			(5,916	)			(5,980	)			(5,621	)			(5,704	)			(5,004	)
Disposals, intersegment transfers and other			(145	)			—				(2,679	)			1,919				—
Deferred drydocking and survey costs - ending balance		$	28,443			$	31,149			$	33,812			$	37,103			$	31,698

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
Asia Pacific
Vessel revenues		$	48,228			$	51,043			$	56,283			$	55,221			$	47,781
Vessel operating costs:
Crew costs			20,331				21,954				24,685				23,023				19,306
Repair and maintenance			2,270				4,304				3,834				3,092				2,769
Insurance			324				319				327				278				273
Fuel, lube and supplies			1,767				2,002				2,560				2,335				1,937
Other			2,118				2,456				2,396				2,968				2,491
Total vessel operating costs			26,810				31,035				33,802				31,696				26,776
Vessel operating margin ($)			21,418				20,008				22,481				23,525				21,005
Vessel operating margin (%)			44.4	%			39.2	%			39.9	%			42.6	%			44.0	%
Asia Pacific - Select operating statistics
Average vessels - Total fleet			20				20				20				22				21
Utilization - Total fleet			73.1	%			76.2	%			73.8	%			84.9	%			84.0	%
Average vessels - Active fleet			20				20				20				22				21
Utilization - Active fleet			73.1	%			76.2	%			73.8	%			84.9	%			84.0	%
Average day rates		$	36,564			$	36,203			$	40,419			$	32,848			$	30,101
Vessels commencing drydocks			4				—				2				2				3
Deferred drydocking and survey costs - beginning balance		$	10,418			$	11,248			$	8,744			$	8,376			$	3,769
Cash paid for deferred drydocking and survey costs			7,253				1,138				4,069				1,602				4,734
Amortization of deferred drydocking and survey costs			(2,046	)			(1,968	)			(1,565	)			(1,234	)			(844	)
Disposals, intersegment transfers and other			(1,815	)			—				—				—				717
Deferred drydocking and survey costs - ending balance		$	13,810			$	10,418			$	11,248			$	8,744			$	8,376

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
Middle East
Vessel revenues		$	43,302			$	40,772			$	36,947			$	36,536			$	37,932
Vessel operating costs:
Crew costs			13,280				13,509				13,071				13,540				13,270
Repair and maintenance			4,100				4,162				4,625				4,300				4,508
Insurance			529				488				510				464				420
Fuel, lube and supplies			2,039				2,599				2,842				2,274				2,304
Other			4,588				4,932				6,000				7,138				6,006
Total vessel operating costs			24,536				25,690				27,048				27,716				26,508
Vessel operating margin ($)			18,766				15,082				9,899				8,820				11,424
Vessel operating margin (%)			43.3	%			37.0	%			26.8	%			24.1	%			30.1	%
Middle East - Select operating statistics
Average vessels - Total fleet			43				43				43				43				43
Utilization - Total fleet			87.6	%			84.5	%			80.1	%			83.8	%			86.6	%
Average vessels - Active fleet			43				43				43				43				43
Utilization - Active fleet			87.6	%			84.5	%			80.1	%			83.8	%			86.6	%
Average day rates		$	12,777			$	12,197			$	11,661			$	11,148			$	11,108
Vessels commencing drydocks			4				6				4				3				11
Deferred drydocking and survey costs - beginning balance		$	21,792			$	24,159			$	23,089			$	23,690			$	19,331
Cash paid for deferred drydocking and survey costs			13,464				1,328				4,764				2,737				7,520
Amortization of deferred drydocking and survey costs			(3,833	)			(3,695	)			(3,694	)			(3,338	)			(3,161	)
Disposals, intersegment transfers and other			—				—				—				—				—
Deferred drydocking and survey costs - ending balance		$	31,423			$	21,792			$	24,159			$	23,089			$	23,690

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
Europe/Mediterranean
Vessel revenues		$	78,205			$	84,109			$	85,325			$	83,266			$	80,381
Vessel operating costs:
Crew costs			27,111				26,993				28,818				27,085				26,282
Repair and maintenance			6,711				8,458				7,279				7,058				5,493
Insurance			848				827				827				761				756
Fuel, lube and supplies			3,147				3,171				3,924				3,461				4,094
Other			4,738				5,180				4,974				4,351				4,359
Total vessel operating costs			42,555				44,629				45,822				42,716				40,984
Vessel operating margin ($)			35,650				39,480				39,503				40,550				39,397
Vessel operating margin (%)			45.6	%			46.9	%			46.3	%			48.7	%			49.0	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet			50				50				51				50				51
Utilization - Total fleet			84.9	%			85.3	%			83.9	%			85.8	%			87.1	%
Average vessels - Active fleet			50				50				51				50				51
Utilization - Active fleet			84.9	%			85.3	%			83.9	%			85.8	%			87.1	%
Average day rates		$	20,405			$	21,249			$	21,484			$	20,950			$	19,763
Vessels commencing drydocks			6				4				8				8				16
Deferred drydocking and survey costs - beginning balance		$	38,431			$	41,637			$	34,779			$	27,260			$	21,078
Cash paid for deferred drydocking and survey costs			8,786				3,554				12,225				11,584				10,876
Amortization of deferred drydocking and survey costs			(6,206	)			(6,126	)			(5,367	)			(4,065	)			(3,359	)
Disposals, intersegment transfers and other			—				(634	)			—				—				(1,335	)
Deferred drydocking and survey costs - ending balance		$	41,011			$	38,431			$	41,637			$	34,779			$	27,260

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
West Africa
Vessel revenues		$	106,112			$	107,299			$	95,324			$	88,838			$	88,651
Vessel operating costs:
Crew costs			18,951				19,010				19,488				19,265				19,432
Repair and maintenance			4,607				4,536				4,589				4,648				4,044
Insurance			762				717				730				659				637
Fuel, lube and supplies			4,808				4,552				4,722				4,498				4,461
Other			6,927				6,170				5,923				7,148				5,174
Total vessel operating costs			36,055				34,985				35,452				36,218				33,748
Vessel operating margin ($)			70,057				72,314				59,872				52,620				54,903
Vessel operating margin (%)			66.0	%			67.4	%			62.8	%			59.2	%			61.9	%
West Africa - Select operating statistics
Average vessels - Total fleet			71				70				68				67				68
Utilization - Total fleet			68.8	%			69.8	%			69.2	%			72.9	%			77.1	%
Average vessels - Active fleet			65				70				68				66				67
Utilization - Active fleet			75.0	%			69.8	%			69.2	%			73.6	%			78.3	%
Average day rates		$	24,244			$	24,038			$	22,044			$	20,093			$	18,687
Vessels commencing drydocks			7				1				5				4				7
Deferred drydocking and survey costs - beginning balance		$	50,760			$	50,088			$	44,942			$	37,615			$	33,832
Cash paid for deferred drydocking and survey costs			10,481				8,337				9,416				14,970				8,874
Amortization of deferred drydocking and survey costs			(8,417	)			(8,115	)			(6,949	)			(5,724	)			(5,091	)
Disposals, intersegment transfers and other			1,815				450				2,679				(1,919	)			—
Deferred drydocking and survey costs - ending balance		$	54,639			$	50,760			$	50,088			$	44,942			$	37,615

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
Worldwide
Vessel revenues		$	330,699			$	343,463			$	338,485			$	337,003			$	318,686
Vessel operating costs:
Crew costs			97,113				99,985				107,708				106,231				102,352
Repair and maintenance			21,954				26,731				25,554				24,743				21,348
Insurance			3,034				2,857				2,965				2,625				2,580
Fuel, lube and supplies			14,378				15,278				17,213				15,562				17,318
Other			28,500				25,533				25,214				27,352				23,958
Total vessel operating costs			164,979				170,384				178,654				176,513				167,556
Vessel operating margin ($)			165,720				173,079				159,831				160,490				151,130
Vessel operating margin (%)			50.1	%			50.4	%			47.2	%			47.6	%			47.4	%
Worldwide - Select operating statistics
Average vessels - Total fleet			217				216				216				217				219
Utilization - Total fleet			76.0	%			77.6	%			76.2	%			80.5	%			81.5	%
Average vessels - Active fleet			210				216				216				216				217
Utilization - Active fleet			78.4	%			77.7	%			76.2	%			80.7	%			82.3	%
Average day rates		$	22,303			$	22,236			$	22,275			$	21,130			$	19,563
Vessels commencing drydocks			24				12				23				20				44
Deferred drydocking and survey costs - beginning balance		$	152,550			$	160,944			$	148,657			$	128,639			$	106,698
Cash paid for deferred drydocking and survey costs			43,339				17,674				35,483				40,083				40,018
Amortization of deferred drydocking and survey costs			(26,418	)			(25,884	)			(23,196	)			(20,065	)			(17,459	)
Disposals, intersegment transfers and other			(145	)			(184	)			—				—				(618	)
Deferred drydocking and survey costs - ending balance		$	169,326			$	152,550			$	160,944			$	148,657			$	128,639

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
Net income		$	42,320			$	36,619			$	45,991			$	49,917			$	46,745
Interest and other debt costs			16,344				16,742				17,622				19,127				19,476
Income tax expense			26,109				16,376				12,883				7,887				13,070
Depreciation			39,014				38,736				39,239				39,380				38,811
Amortization of deferred drydock and survey costs			26,418				25,884				23,196				20,065				17,459
Amortization of below market contracts			(351	)			(1,071	)			(1,073	)			(1,650	)			(1,206	)
EBITDA (A), (B), (C)			149,854				133,286				137,858				134,726				134,355
Non-cash indemnification assets credit			834				242				553				1,556				1,122
Non-cash stock compensation expense			3,491				3,886				3,569				3,460				2,766
Acquisition, restructuring and integration related costs			—				978				581				—				709
Adjusted EBITDA (A), (B), (C)		$	154,179			$	138,392			$	142,561			$	139,742			$	138,952
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 March 31, 2025, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,491, $3,886, $3,569, $3,460 and $2,766 respectively.   Note (C):  EBITDA and Adjusted EBITDA for the three months ended March 31, 2025, and for each of the prior four quarters includes foreign exchange gain (losses) of $7,569, $(14,337), $5,522, $(2,376) and $(4,085) 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
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
Net cash provided by operating activities (A)		$	85,973			$	91,303			$	49,136			$	78,645			$	54,765
Cash interest expense			17,505				12,816				23,535				14,925				15,621
Interest income and other			(2,157	)			(2,697	)			(1,028	)			(1,175	)			(1,483	)
Indemnification assets charge			(834	)			(242	)			(553	)			(1,556	)			(1,122	)
Additions to property and equipment			(10,266	)			(4,534	)			(5,712	)			(6,392	)			(10,942	)
Expansion capital			27				63				55				66				71
		90,248				96,709				65,433				84,513				56,910
Proceeds from asset sales			4,416				10,316				1,557				3,056				12,463
Free cash flow		$	94,664			$	107,025			$	66,990			$	87,569			$	69,373

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
		March 31,				December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments		$	17,110			$	8,846			$	(27,812	)		$	7,818			$	(640	)
Cash paid for deferred drydock and survey costs			(43,339	)			(17,674	)			(35,483	)			(40,083	)			(40,018	)
Total uses of cash for changes in assets and liabilities		$	(26,229	)		$	(8,828	)		$	(63,295	)		$	(32,265	)		$	(40,658	)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250430547857/en/

Tidewater Inc.

West Gotcher

Senior Vice President,

Strategy, Corporate Development and Investor Relations

+1.713.470.5285

Source: Tidewater Inc.