Tidewater Inc. (TDW): Schedule 13G/A filed by T. Rowe Price Associates, Inc. reports an institutional, passive stake. The filer beneficially owns 4,420,463 shares of Tidewater common stock, representing 8.9% of the class as of the event date. The firm has sole voting power over 4,371,266 shares and sole dispositive power over 4,420,463 shares, with no shared voting or dispositive power.
T. Rowe Price certifies the securities were acquired and are held in the ordinary course of business and not to change or influence control. The event date triggering this amendment is September 30, 2025.
Tidewater Inc. (TDW) reported Q3 results with total revenue of $341.113 million for the three months ended September 30, 2025. Operating income was $62.651 million, but the company posted a net loss of $0.806 million (diluted loss per share $0.02) driven by a $27.1 million loss on early extinguishment of debt tied to refinancing.
Tidewater issued $650.0 million of 9.125% Senior Notes due 2030 and redeemed its 2026 and 2028 notes and its term loan, incurring redemption premiums and writing off discounts. It also put in place a new $250.0 million senior secured revolving credit facility maturing April 15, 2030. Year-to-date, revenue reached $1,015.988 million with net income of $114.004 million (diluted EPS $2.27), and cash from operating activities rose to $226.148 million.
Cash and cash equivalents increased to $428.225 million as of September 30, 2025. The company repurchased and retired 2,290,204 shares for approximately $90.0 million under Board-approved programs, with 49,562,017 shares outstanding as of September 30, 2025. Tidewater owned 209 vessels (average age 13.0 years) and recorded a Pillar Two tax expense accrual of approximately $11.0 million year-to-date.
Tidewater Inc. (TDW) furnished an earnings release announcing financial results for the quarter ended September 30, 2025. The press release is included as Exhibit 99.1 and incorporated by reference.
The company includes forward-looking statements subject to risks and uncertainties, noting factors such as energy demand, oil and gas prices, fleet capacity, capital access, customer spending, technological changes, operational risks, international exposure, and regulatory developments.
The information under Item 2.02, including Exhibit 99.1, is furnished and not deemed filed under the Exchange Act or the Securities Act, except as expressly incorporated by reference.