Tidewater (NYSE: TDW) boosts 2025 profit and raises 2026 revenue outlook

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Tidewater Inc. reported solid full-year 2025 results with a sharp earnings jump despite a soft offshore backdrop. Revenue for 2025 was $1,352.8 million, up slightly from 2024, while net income rose to $333.5 million and Adjusted EBITDA reached $598.1 million. Results were helped by a non-cash deferred tax benefit of $201.5 million tied to a vessel realignment.

The business generated $379.1 million of operating cash flow and $426.0 million of free cash flow in 2025, allowing Tidewater to repurchase 2.5 million shares for $98.2 million. Year-end cash rose to $578.8 million, and common shares outstanding were 49,566,334.

Fourth-quarter 2025 revenue was $336.8 million, down 2.4% year over year, but net income jumped to $219.4 million and Adjusted EBITDA was $143.1 million, aided by a $2.1 million foreign exchange gain and the tax benefit. Average day rate was $22,044 per day, only slightly below the prior year, with vessel utilization in the high 70% range on a global basis.

Tidewater updated 2026 guidance to revenue of $1.43 to $1.48 billion and a gross margin of 49% to 51%, reflecting the previously announced Wilson Sons Ultratug acquisition in Brazil. The company also highlighted $500 million of remaining share repurchase authorization.

Positive

Strong profitability and cash generation: 2025 net income reached $333.5 million and Adjusted EBITDA $598.1 million, with free cash flow of $426.0 million and year-end cash of $578.8 million supporting shareholder returns and balance sheet strength.
Upgraded 2026 outlook with strategic expansion: Management raised 2026 guidance to $1.43–$1.48 billion of revenue and 49–51% gross margin, incorporating the Wilson Sons Ultratug acquisition and leaving $500 million of share repurchase authorization available.

Negative

None.

Insights

Strong 2025 cash generation and higher 2026 guidance, but earnings flattered by a tax benefit.

Tidewater delivered modest 2025 revenue growth to $1,352.8 million but a large step-up in profitability, with net income of $333.5 million and Adjusted EBITDA of $598.1 million. The improvement came with vessel operating margins near the 50% level and disciplined cost control across regions.

A key nuance is the non-cash deferred tax benefit of $201.5 million from vessel realignment, which boosted reported net income and the exceptionally strong Q4 result. Underlying cash performance is still robust, with free cash flow of $426.0 million in 2025 and Q4 free cash flow of about $151 million, supporting $98.2 million of share repurchases and ending cash of $578.8 million.

Management’s 2026 outlook, including revenue guidance of $1.43–$1.48 billion and gross margin of 49–51% pro forma for the Wilson Sons Ultratug acquisition, signals confidence in offshore demand and the Brazilian expansion. Combined with a remaining $500 million buyback authorization, these figures suggest management sees continued strong cash generation, though actual outcomes will depend on offshore drilling activity through 2026 and integration of the new fleet.

03/02/2026 - 04:38 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): March 2, 2026

TIDEWATER INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware

1-6311

72-0487776

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

842 West Sam Houston Parkway North, Suite 400

Houston, Texas

77024

(Address of Principal Executive Offices)

(Zip Code)

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

Not Applicable

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

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

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, $0.001 par value per share		TDW		New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater Inc. (the “Company”) notes that certain statements set forth in this Current Report on Form 8-K provide contain certain forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact. All such forward-looking statements are subject to risks and uncertainties, many of which are beyond the control of the Company, and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements. These risks and uncertainties include, without limitation: the risks related to fluctuations in worldwide energy demand and oil and natural gas prices, and continuing depressed levels of oil and natural gas prices without a clear indication of if, or when, prices will recover to a level to support renewed offshore exploration activities; fleet additions by competitors and industry overcapacity; our limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers in the energy industry and the industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; the risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; and the resolution of pending legal proceedings.

On March 2, 2026, the Company issued an earnings release announcing its financial results for the quarter ended December 31, 2025. The press release is furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference as if fully set forth under this item.

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

Item 9.01. Financial Statements and Exhibits.

(d)

Exhibits

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

Exhibit Number		Description
99.1		Press Release dated March 2, 2026

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

SIGNATURES

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

	TIDEWATER INC

Date: March 2, 2026	By:	/s/ Samuel R. Rubio
		Samuel R. Rubio
		Executive Vice President and Chief Financial Officer

Exhibit 99.1

Tidewater Inc.

842 West Sam Houston Parkway North, Suite 400

Houston, TX 77024, USA

+1.713.470.5300

Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2025

Full-year 2025 Highlights

●	Revenue of $1,352.8 million, an increase of 0.5% as compared to full-year 2024
●	Average day rate of $22,573 per day, an increase of 6.1% compared to full-year 2024
●	Net income of $333.5 million and Adjusted EBITDA of $598.1 million
●	Net income was favorably impacted by the recognition of a non-cash deferred tax benefit of $201.5 million, primarily due to vessel realignment
●	Net cash provided by operating activities of $379.1 million
●	Free cash flow of $426.0 million
●	Share count reduced by 2.5 million shares during the full-year 2025 for $98.2 million at average price of $39.52, including shares repurchased in exchange for payment of employee taxes on the vesting of equity compensation

Fourth Quarter 2025 Highlights

●	Revenue of $336.8 million, a 2.4% decline compared to the fourth quarter of 2024
●	Average day rate of $22,044 per day, a decline of $192 per day, or 0.9%, compared to the fourth quarter of 2024
●	Net income of $219.4 million and Adjusted EBITDA of $143.1 million

	●	Net income and Adjusted EBITDA were favorably impacted by the $2.1 million foreign exchange gain due to the weakening of the U.S. dollar
	●	Net income was favorably impacted by the recognition of a non-cash deferred tax benefit of $201.5 million, primarily due to vessel realignment

●	Net cash provided by operating activities of $153.0 million and free cash flow of $151.2 million

Annual Guidance and Share Repurchase Program

●	Updating 2026 revenue guidance to $1.43 to $1.48 billion and 2026 gross margin guidance of 49% to 51% pro forma for the previously announced Wilson Sons Ultratug acquisition
●	Outstanding share repurchase program authorization of $500 million

HOUSTON, March 2, 2026 - Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2025 of $336.8 million and $1,352.8 million, respectively, compared with $345.1 million and $1,345.8 million, respectively, for the three and twelve months ended December 31, 2024. Tidewater's net income for the three and twelve months ended December 31, 2025, was $219.9 million ($4.41 per common share) and $334.7 million ($6.64 per common share), respectively, compared with net income of $36.9 million ($0.70 per common share) and $180.7 million ($3.40 per common share), respectively, for the three and twelve months ended December 31, 2024.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Although 2025 was anticipated to be a down year for the offshore industry, I am pleased to say that by all measures Tidewater was able to successfully navigate these challenges to deliver one of the best years in recent memory, demonstrating the resilience of the company we’ve endeavored to build over the last eight years. The business generated year-over-year revenue growth, gross margin expansion and average day rate growth. Adjusted EBITDA grew by approximately 7% to just under $600 million and we generated nearly $430 million of free cash flow, far outpacing our free cash flow generation in 2024. In addition, we retired approximately 2.5 million shares through open market repurchases and netting shares related to taxes on employee share awards that would have otherwise entered the market. Lastly, we successfully reset our debt capital structure this summer and established a sizable revolving credit facility, positioning Tidewater with one of the strongest balance sheets in the offshore vessel industry. All the success we realized in 2025 is due to a persistent focus across the organization to excellence and I appreciate the effort of all employees during 2025 to achieve these outcomes.

“The fourth quarter of 2025 nicely exceeded our expectations as vessel up-time across the fleet continued to exceed our original expectations, delivering revenue of $336.8 million and a gross margin of 48.7%. Vessel up-time improvement came through a combination of more time on-hire, lower than anticipated down for repair time and fewer drydock days than anticipated. The improvement in utilization is a function of certain projects extending longer than anticipated and the benefits realized from the substantial investments made in the fleet over the past few years to improve the operational reliability of our fleet. Day rates also slightly exceeded our expectations driven by our Middle East and Asia Pacific segments. Through this outperformance, we finished the year on a strong note with Adjusted EBITDA of $143.1 million and free cash flow of $151.2 million for the fourth quarter.

“Additionally, during the fourth quarter, we completed a strategic internal restructuring of our vessel ownership (Vessel Realignment) to consolidate a significant portion of the fleet into a single, wholly-owned U.S. entity. The non-cash deferred tax benefit of $201.5 million recognized in 2025 is primarily due to the impact of the Vessel Realignment.

“Subsequent to the end of the fourth quarter, we announced the acquisition of Wilson Sons Ultratug, a 22-vessel fleet of PSVs exclusively focused on serving the Brazilian market. We are very excited to announce this acquisition as it continues our strategy of bringing high-quality fleets onto the Tidewater platform. We have long discussed our desire to enter the Brazilian market in a more meaningful way, and we believe that the Wilson acquisition represents the best path to benefit from the secular trends occurring in that market. The Brazilian offshore vessel market is the largest in the world and given some of the structural factors influencing vessel demand in that market, coupled with the favorable position we will hold with Brazilian-built tonnage and the ability to import and protect Tidewater’s legacy international tonnage, we view this acquisition as creating a distinctly advantaged position for Tidewater on a long-term basis.

“Looking forward to the remainder of 2026, although some open questions exist relating to the pace of drilling activity throughout this year, recent comments from offshore drillers and leading indicators of tendering and new contract awards suggest that a recovery in offshore drilling should manifest as we progress through the year and into 2027. Tidewater remains advantaged by the broad set of demand drivers for our business in addition to drilling support, including production support, offshore construction support, and subsea and EPCI support. As we experienced in 2025, we believe this broad-based set of demand drivers will continue to support our business as we progress through 2026. Vessel supply remains sufficiently tight such that we have maintained day rates and puts us in a position to again push day rates as offshore drilling activity picks up and our customers begin to secure vessels for future work. When we combine this with the recently announced Wilson acquisition, we are optimistic about the continued growth for our business during 2026. As such, we are updating our 2026 financial guidance to contemplate the impact of the Wilson acquisition, with our new full-year revenue guidance of $1.43 to $1.48 billion and a full-year gross margin guidance of 49% to 51%, assuming a mid-year close of the Wilson acquisition. To the extent that the offshore drilling recovery begins in earnest towards the end of the year, this development could increase our full-year expectations.

“As pleased as we are with the success we realized during 2025, I am optimistic that the outlook for our business is as good as it’s been since the offshore recovery began a few years ago. With the addition of the Wilson fleet, we have meaningfully increased the earnings and cash flow profile of the business and have gained critical mass in the largest offshore vessel market in the world. We anticipate the substantial free cash flow of the business to continue and given the low level of leverage projected for the Wilson acquisition, we expect to retain substantial financial flexibility to continue to pursue incremental capital allocation opportunities.

“Tidewater’s ability to continue to execute both operationally and financially is the product of a global effort by many hard-working employees both onshore and offshore and I would like to thank our entire team for their continued efforts. The dedication and diligence driving these outcomes is critical to our mission to make Tidewater the safest, most sustainable, most reliable, most profitable, highest specification offshore energy support vessel fleet in the world.”

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

Common shares outstanding			49,566,334
New Creditor Warrants (strike price $0.001 per common share)			21,400
GulfMark Creditor Warrants (strike price $0.01 per common share)			53,555
Total			49,641,289

Tidewater will hold a conference call to discuss results for the three months ending December 31, 2025 on March 3, 2026, 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 March 3, 2026. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

About Tidewater

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 70 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

Cautionary Statement

This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”).

These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; global trade trends, including evolving impacts from implementation of new tariffs and potential retaliatory measures; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; uncertainty around the use and impacts of artificial intelligence applications; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.

If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Financial information is displayed beginning on the next page.

The supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at December 31, 2025 and December 31, 2024; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three and twelve months ended December 31, 2025 and 2024; and the Consolidated Statements of Cash Flows for the twelve months ended December 31, 2025 and 2024. Extracts are drawn from the December 31, 2025 and December 31, 2024 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

Revision of Previously Issued Financial Statements

Certain prior year amounts have been reclassified to conform to the current year presentation. The effects of exchange rate changes on cash and cash equivalent balances were not previously presented as a separate item in the reconciliation of the net change in cash, cash equivalents and restricted cash in our Statements of Cash Flows, but rather included as a component of net cash provided by operating activities. Accordingly, we have revised our Condensed Consolidated Statements of Cash Flows to reflect the effects of exchange rate changes on cash and cash equivalent balances for the twelve months ended December 31, 2024, the three months ended December 31, 2024, March 31, 2025 and June 30, 2025. Also, the presentation of Free cash flow has been revised to reflect the effects of exchange rate changes on cash and cash equivalent balance.

TIDEWATER INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS

(In Thousands, except per share data)

	Three Months Ended						Twelve Months Ended
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Revenues:
Vessel revenues	$	332,883		$	343,463		$	1,338,931		$	1,337,637
Other operating revenues		3,915			1,622			13,855			8,198
Total revenues		336,798			345,085			1,352,786			1,345,835
Costs and expenses:
Vessel operating costs		172,119			170,384			680,582			693,107
Costs of other operating revenues		630			688			6,420			3,555
General and administrative		38,968			30,688			134,531			110,817
Depreciation and amortization		66,189			64,620			262,339			242,770
Gain on asset dispositions, net		(5,084	)		(2,672	)		(13,682	)		(15,762	)
Total costs and expenses		272,822			263,708			1,070,190			1,034,487
Operating income		63,976			81,377			282,596			311,348
Other income (expense):
Foreign exchange gain (loss)		2,134			(14,337	)		22,683			(15,276	)
Interest income and other, net		3,454			2,697			8,169			6,383
Loss on early extinguishment of debt		(12	)		—			(27,113	)		—
Interest and other debt costs, net		(16,715	)		(16,742	)		(66,090	)		(72,967	)
Total other expense		(11,139	)		(28,382	)		(62,351	)		(81,860	)
Income before income taxes		52,837			52,995			220,245			229,488
Income tax expense (benefit)		(166,612	)		16,376			(113,208	)		50,216
Net income		219,449			36,619			333,453			179,272
Less: Net loss attributable to noncontrolling interests		(435	)		(286	)		(1,208	)		(1,384	)
Net income attributable to Tidewater Inc.	$	219,884		$	36,905		$	334,661		$	180,656
Basic income per common share	$	4.44		$	0.71		$	6.69		$	3.44
Diluted income per common share	$	4.41		$	0.70		$	6.64		$	3.40
Weighted average common shares outstanding		49,564			52,315			50,053			52,452
Dilutive effect of warrants and restricted stock units		332			514			379			619
Adjusted weighted average common shares		49,896			52,829			50,432			53,071

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

	December 31, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	578,761		$	324,918
Restricted cash		—			2,032
Trade and other receivables, less allowance for credit losses of $3,034 and $3,184 as of December 31, 2025 and 2024, respectively		285,372			323,805
Marine operating supplies		38,482			34,319
Prepaid expenses and other current assets		11,520			13,588
Total current assets		914,135			698,662
Net properties and equipment		1,072,020			1,184,282
Deferred drydocking and survey costs		139,736			152,550
Indemnification assets		9,455			11,946
Deferred tax asset		200,939			3,163
Other assets		50,626			24,301
Total assets	$	2,386,911		$	2,074,904

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	66,347		$	71,385
Accrued expenses		153,169			129,894
Current portion of long-term debt		5,845			65,386
Other current liabilities		89,876			64,948
Total current liabilities		315,237			331,613
Long-term debt		649,048			571,710
Other liabilities		61,372			60,396

Commitments and contingencies

Equity:
Equity:		50			52
Additional paid-in-capital		1,663,247			1,656,830
Accumulated deficit		(305,157	)		(548,831	)
Accumulated other comprehensive loss		7,248			6,060
Total stockholders' equity		1,365,388			1,114,111
Noncontrolling interests		(4,134	)		(2,926	)
Total equity		1,361,254			1,111,185
Total liabilities and equity	$	2,386,911		$	2,074,904

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Thousands)

	Three Months Ended					Twelve Months Ended
	December 31, 2025			December 31, 2024		December 31, 2025			December 31, 2024
Net income	$	219,449		$	36,619	$	333,453		$	179,272
Other comprehensive income (loss):
Unrealized gain on note receivable		—			—		—			283
Change in supplemental executive retirement plan pension liability		243			318		1,870			318
Change in liability of pension plans		(889	)		1,150		(682	)		193
Total comprehensive income	$	218,803		$	38,087	$	334,641		$	180,066

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

	Twelve Months			Twelve Months
	Ended			Ended
	December 31, 2025			December 31, 2024
Cash flows from operating activities:
Net income	$	333,453		$	179,272
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		151,095			156,166
Amortization of deferred drydocking and survey costs		111,244			86,604
Amortization of debt premiums and discounts		5,379			6,741
Amortization of below market contracts		(1,200	)		(5,000	)
Unrealized foreign exchange loss (gain)		(23,398	)		14,275
Deferred income taxes benefit		(195,816	)		(2,807	)
Gain on asset dispositions, net		(13,682	)		(15,762	)
Loss on early extinguishment of debt		27,113			—
Stock-based compensation expense		14,483			13,681
Changes in assets and liabilities:
Trade and other receivables		38,433			(55,453	)
Accounts payable		(5,038	)		26,454
Accrued expenses		23,275			7,393
Deferred drydocking and survey costs		(98,575	)		(133,258	)
Other, net		12,342			4,166
Net cash provided by operating activities		379,108			282,472
Cash flows from investing activities:
Proceeds from asset dispositions		17,619			19,338
Proceeds from sale of notes		660			8,054
Additions to properties and equipment		(25,761	)		(27,580	)
Net cash used in investing activities		(7,482	)		(188	)
Cash flows from financing activities:
Exercise of warrants		—			4
Issuance of long-term debt		650,000			—
Principal payments on long-term debt		(641,942	)		(103,030	)
Purchase of common stock		(90,089	)		(90,742	)
Payments on finance leases		(6,432	)		—
Debt extinguishment premium		(19,601	)		—
Debt issuance costs		(19,829	)		(213	)
Share based awards reacquired to pay taxes		(8,066	)		(28,614	)
Net cash used in financing activities		(135,959	)		(222,595	)
Effects of exchange rate changes on cash, cash equivalents and restricted cash		16,870			(8,623	)
Net change in cash, cash equivalents and restricted cash		252,537			51,066
Cash, cash equivalents and restricted cash at beginning of period		329,031			277,965
Cash, cash equivalents and restricted cash at end of period	$	581,568		$	329,031


Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	47,810	$	66,897
Income taxes	$	60,310	$	56,909
Supplemental disclosure of noncash investing activities:
Purchase of vessels	$	10,727	$	—
Recognition of finance leases	$	28,658	$	—
Supplemental disclosure of noncash financing activities:
Debt incurred for the purchase of vessels	$	11,479	$	—

Note: Cash, cash equivalents and restricted cash at December 31, 2025 and 2024 includes $2.8 million and $2.1 million, respectively, in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In Thousands)

	Three Months Ended
									Accumulated
			Additional						other			Non
	Common		paid-in			Accumulated			comprehensive			controlling
	stock		capital			deficit			income			interest			Total
Balance at September 30, 2025	$	50	$	1,659,820		$	(525,041	)	$	7,894		$	(3,699	)	$	1,139,024
Total comprehensive income (loss)		—		—			219,884			(646	)		(435	)		218,803
Repurchase and retirement of common stock		—		—			—			—			—			—
Amortization of share-based awards		—		3,427			—			—			—			3,427
Balance at December 31, 2025	$	50	$	1,663,247		$	(305,157	)	$	7,248		$	(4,134	)	$	1,361,254

Balance at September 30, 2024	$	52	$	1,653,027		$	(541,191	)	$	4,592		$	(2,640	)	$	1,113,840
Total comprehensive income (loss)		—		—			36,905			1,468			(286	)		38,087
Issuance of common stock		—		(2	)		—			—			—			(2	)
Repurchase and retirement of common stock		—		—			(44,545	)		—			—			(44,545	)
Amortization of share-based awards		—		3,801			—			—			—			3,801
Balance at December 31, 2024	$	52	$	1,656,830		$	(548,831	)	$	6,060		$	(2,926	)	$	1,111,185

	Twelve 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)		—			—			334,661			1,188		(1,208	)		334,641
Repurchase and retirement of common stock		(2	)		—			(90,987	)		—		—			(90,989	)
Amortization of share-based awards		—			6,417			—			—		—			6,417
Balance at December 31, 2025	$	50		$	1,663,247		$	(305,157	)	$	7,248	$	(4,134	)	$	1,361,254


Balance at December 31, 2023	$	52		$	1,671,759		$	(637,838	)	$	5,266	$	(1,542	)	$	1,037,697
Total comprehensive income (loss)		—			—			180,656			794		(1,384	)		180,066
Exercise of warrants into common stock		—			4			—			—		—			4
Issuance of common stock		1			(1	)		—			—		—			—
Repurchase and retirement of common stock		(1	)		—			(91,649	)		—		—			(91,650	)
Amortization of share-based awards		—			(14,932	)		—			—		—			(14,932	)
Balance at December 31, 2024	$	52		$	1,656,830		$	(548,831	)	$	6,060	$	(2,926	)	$	1,111,185

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								Twelve Months Ended
	December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2024
Vessel revenues:
Americas	$	69,706	21	%	$	60,240	18	%	$	270,229	20	%	$	261,929	20	%
Asia Pacific		42,037	13	%		51,043	15	%		189,747	14	%		210,328	16	%
Middle East		47,021	14	%		40,772	12	%		172,573	13	%		152,187	11	%
Europe/Mediterranean		82,402	25	%		84,109	24	%		343,627	26	%		333,081	25	%
West Africa		91,717	27	%		107,299	31	%		362,755	27	%		380,112	28	%
Total vessel revenues	$	332,883	100	%	$	343,463	100	%	$	1,338,931	100	%	$	1,337,637	100	%
Vessel operating costs:
Crew costs	$	100,172	30	%	$	99,985	29	%	$	402,290	30	%	$	416,276	31	%
Repair and maintenance		29,376	9	%		26,731	8	%		103,903	8	%		98,376	7	%
Insurance		2,823	1	%		2,857	1	%		10,389	1	%		11,027	1	%
Fuel, lube and supplies		15,227	5	%		15,278	5	%		61,153	4	%		65,371	5	%
Other		24,521	7	%		25,533	7	%		102,847	8	%		102,057	8	%
Total vessel operating costs		172,119	52	%		170,384	50	%		680,582	51	%		693,107	52	%
Vessel operating margin (A)	$	160,764	48	%	$	173,079	50	%	$	658,349	49	%	$	644,530	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										Twelve Months Ended
	December 31, 2025					December 31, 2024					December 31, 2025					December 31, 2024
Vessel operating profit:
Americas	$	15,484		4	%	$	11,206		3	%	$	65,275		5	%	$	54,779		4	%
Asia Pacific		12,419		4	%		12,799		4	%		53,207		4	%		59,869		4	%
Middle East		6,465		2	%		4,983		2	%		23,916		2	%		3,770		0	%
Europe/Mediterranean		9,737		3	%		11,624		3	%		57,694		4	%		53,873		4	%
West Africa		35,625		10	%		54,157		16	%		138,673		10	%		176,432		13	%
Other operating profit		3,285		1	%		934		0	%		7,435		1	%		4,643		1	%
		83,015		24	%		95,703		28	%		346,200		26	%		353,366		26	%

Corporate expenses (A)		(24,123	)	(7	)%		(16,998	)	(5	)%		(77,286	)	(6	)%		(57,780	)	(4	)%
Gain on asset dispositions, net		5,084		2	%		2,672		1	%		13,682		1	%		15,762		1	%
Operating income	$	63,976		19	%	$	81,377		24	%	$	282,596		21	%	$	311,348		23	%

Note (A): General and administrative expenses for the three and twelve months ended December 31, 2025 include stock-based compensation of $3.4 million and $14.5 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2024 include stock-based compensation of $3.9 million and $13.7 million, respectively. In addition, vessel operating and general and administrative costs for the three and twelve months ended December 31, 2025, include $4.1 and $8.3 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and twelve months ended December 31, 2024, include $1.0 million and $2.3 million in acquisition, restructuring and integration related costs, respectively.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA

(In Thousands, except per share data)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024
Revenues:
Vessel revenues	$	332,883		$	338,491		$	336,858		$	330,699		$	343,463
Other operating revenues		3,915			2,622			4,573			2,745			1,622
Total revenues		336,798			341,113			341,431			333,444			345,085
Costs and expenses:
Vessel operating costs (A)		172,119			176,130			167,354			164,979			170,384
Costs of other operating revenue		630			1,252			3,108			1,430			688
General and administrative (A)		38,968			35,256			31,213			29,094			30,688
Depreciation and amortization		66,189			66,404			64,314			65,432			64,620
Gain on asset dispositions, net		(5,084	)		(580	)		(5,480	)		(2,538	)		(2,672	)
Total operating costs and expenses		272,822			278,462			260,509			258,397			263,708
Operating income		63,976			62,651			80,922			75,047			81,377
Other income (expense):
Foreign exchange gain (loss)		2,134			1,277			11,703			7,569			(14,337	)
Interest income and other, net		3,454			455			2,103			2,157			2,697
Loss on early extinguishment of debt		(12	)		(27,101	)		—			—			—
Interest and other debt costs, net		(16,715	)		(16,589	)		(16,442	)		(16,344	)		(16,742	)
Total other expense		(11,139	)		(41,958	)		(2,636	)		(6,618	)		(28,382	)
Income before income taxes		52,837			20,693			78,286			68,429			52,995
Income tax expense (benefit)		(166,612	)		21,711			5,584			26,109			16,376
Net income (loss)		219,449			(1,018	)		72,702			42,320			36,619
Net loss attributable to noncontrolling interests		(435	)		(212	)		(228	)		(333	)		(286	)
Net income (loss) attributable to Tidewater Inc.	$	219,884		$	(806	)	$	72,930		$	42,653		$	36,905
Basic income (loss) per common share	$	4.44		$	(0.02	)	$	1.47		$	0.83		$	0.71
Diluted income (loss) per common share	$	4.41		$	(0.02	)	$	1.46		$	0.83		$	0.70
Weighted average common shares outstanding		49,564			49,498			49,674			51,502			52,315
Dilutive effect of warrants and restricted stock units		332			—			337			176			514
Adjusted weighted average common shares		49,896			49,498			50,011			51,678			52,829

Vessel operating margin	$	160,764		$	162,361		$	169,504		$	165,720		$	173,079

Note (A): Acquisition, restructuring and integration related costs	$	4,064		$	3,941		$	340		$	—		$	978

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024
ASSETS
Current assets:
Cash and cash equivalents	$	578,761		$	428,225		$	369,405		$	341,799		$	324,918
Restricted cash		—			—			21			5,234			2,032
Trade and other receivables, net		285,372			332,596			316,491			312,904			323,805
Marine operating supplies		38,482			27,857			24,467			23,101			34,319
Prepaid expenses and other current assets		11,520			11,652			14,123			15,160			13,588
Total current assets		914,135			800,330			724,507			698,198			698,662
Net properties and equipment		1,072,020			1,104,503			1,132,114			1,163,758			1,184,282
Deferred drydocking and survey costs		139,736			154,234			165,659			169,326			152,550
Indemnification assets		9,455			9,456			11,158			11,114			11,946
Deferred tax asset		200,939			14,511			18,346			831			3,163
Other assets		50,626			45,846			22,588			22,939			24,301
Total assets	$	2,386,911		$	2,128,880		$	2,074,372		$	2,066,166		$	2,074,904

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	66,347		$	42,579		$	48,715		$	50,203		$	71,385
Accrued expenses		153,169			130,879			131,305			133,000			129,894
Current portion of long-term debt		5,845			5,840			93,366			80,042			65,386
Other current liabilities		89,876			97,162			69,688			74,299			64,948
Total current liabilities		315,237			276,460			343,074			337,544			331,613
Long-term debt		649,048			649,802			531,874			555,994			571,710
Other liabilities		61,372			63,594			63,197			62,263			60,396


Equity:
Common stock		50			50			50			51			52
Additional paid-in-capital		1,663,247			1,659,820			1,656,626			1,652,856			1,656,830
Accumulated deficit		(305,157	)		(525,041	)		(524,235	)		(545,890	)		(548,831	)
Accumulated other comprehensive income		7,248			7,894			7,273			6,607			6,060
Total stockholders' equity		1,365,388			1,142,723			1,139,714			1,113,624			1,114,111
Noncontrolling interests		(4,134	)		(3,699	)		(3,487	)		(3,259	)		(2,926	)
Total equity		1,361,254			1,139,024			1,136,227			1,110,365			1,111,185
Total liabilities and equity	$	2,386,911		$	2,128,880		$	2,074,372		$	2,066,166		$	2,074,904

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024
Cash flows from operating activities:
Net income (loss)	$	219,449		$	(1,018	)	$	72,702		$	42,320		$	36,619
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		37,838			37,334			36,909			39,014			38,736
Amortization of deferred drydocking and survey costs		28,351			29,070			27,405			26,418			25,884
Amortization of debt premiums and discounts		1,448			975			1,455			1,501			1,612
Amortization of below market contracts		(219	)		(283	)		(347	)		(351	)		(1,071	)
Unrealized foreign exchange loss (gain)		(2,322	)		(997	)		(10,528	)		(9,551	)		12,089
Deferred income taxes provision (benefit)		(184,247	)		3,851			(17,767	)		2,347			(2,863	)
Gain on asset dispositions, net		(5,084	)		(580	)		(5,480	)		(2,538	)		(2,672	)
Loss on early extinguishment of debt		12			27,101			—			—			—
Stock-based compensation expense		3,454			3,481			4,057			3,491			3,886
Changes in assets and liabilities:
Trade and other receivables		47,224			(16,105	)		(3,587	)		10,901			(30,720	)
Accounts payable		23,768			(6,136	)		(1,488	)		(21,182	)		7,327
Accrued expenses		23,080			418			(3,329	)		3,106			12,016
Deferred drydocking and survey costs		(13,853	)		(17,645	)		(23,738	)		(43,339	)		(17,674	)
Other, net		(25,939	)		12,613			(2,606	)		28,274			16,870
Net cash provided by operating activities		152,960			72,079			73,658			80,411			100,039
Cash flows from investing activities:
Proceeds from asset dispositions		5,331			1,204			7,268			3,816			4,470
Proceeds from sale of notes		—			—			60			600			5,846
Additions to properties and equipment		(5,147	)		(5,122	)		(5,226	)		(10,266	)		(4,534	)
Net cash provided by (used in) investing activities		184			(3,918	)		2,102			(5,850	)		5,782
Cash flows from financing activities:
Exercise of warrants		—			—			—			—			2
Issuance of long-term debt		—			650,000			—			—			—
Principal payments on long-term debt		(1,814	)		(613,587	)		(14,041	)		(12,500	)		(14,023	)
Purchase of common stock		—			—			(50,814	)		(39,275	)		(44,103	)
Payments on finance leases		(895	)		(5,537	)		—			—			—
Debt extinguishment premium		(12	)		(19,589	)		—			—			—
Debt issuance costs		(844	)		(18,985	)		—			—			(20	)
Share based awards reacquired to pay taxes		(27	)		(287	)		(287	)		(7,465	)		(86	)
Net cash used in financing activities		(3,592	)		(7,985	)		(65,142	)		(59,240	)		(58,230	)
Effects of exchange rate changes on cash, cash equivalents and restricted cash		910			(1,377	)		11,775			5,562			(8,736	)
Net change in cash, cash equivalents and restricted cash		150,462			58,799			22,393			20,883			38,855
Cash, cash equivalents and restricted cash at beginning of period		431,106			372,307			349,914			329,031			290,176
Cash, cash equivalents and restricted cash at end of period	$	581,568		$	431,106		$	372,307		$	349,914		$	329,031

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	576		$	17,735		$	11,994		$	17,505		$	12,816
Income taxes	$	18,366		$	9,291		$	17,505		$	15,148		$	11,268
Supplemental disclosure of noncash investing activities:
Purchase of vessels	$	—		$	—		$	1,629		$	9,098		$	—
Recognition of finance leases	$	5,262		$	23,396		$	—		$	—		$	—
Supplemental disclosure of noncash financing activities:
Debt incurred for purchase of vessels	$	—		$	—		$	1,767		$	9,712		$	—

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2025		2025		2025		2025		2024
VESSEL REVENUE BY VESSEL CLASS

Americas fleet:
PSV > 900	$	29,080	$	30,460	$	26,874	$	23,243	$	24,158
PSV < 900		25,067		33,363		27,734		21,146		26,743
AHTS > 16K		6,324		6,045		5,243		3,958		2,969
AHTS 8 - 16K		1,322		1,259		1,110		1,242		930
AHTS 4 - 8K		4,069		4,221		4,153		1,752		1,726
Other		3,844		1,565		3,644		3,511		3,714
Total		69,706		76,913		68,758		54,852		60,240
Asia Pacific fleet:
PSV > 900		22,560		22,660		20,878		20,457		18,881
PSV < 900		14,135		12,427		11,194		15,311		16,101
AHTS > 16K		4,993		12,065		11,655		8,792		10,851
AHTS 8 - 16K		213		1,518		1,804		2,394		2,836
AHTS 4 - 8K		—		—		—		1,108		2,020
Other		136		5,116		165		166		354
Total		42,037		53,786		45,696		48,228		51,043
Middle East fleet:
PSV > 900		2,664		1,246		599		1,446		1,485
PSV < 900		23,507		20,221		18,849		22,494		21,962
AHTS 8 - 16K		5,413		3,681		5,175		3,474		3,425
AHTS 4 - 8K		15,437		16,887		15,592		15,888		13,900
Total		47,021		42,035		40,215		43,302		40,772
Europe/Mediterranean fleet:
PSV > 900		64,189		67,302		78,778		64,207		66,380
PSV < 900		14,470		13,901		15,739		11,763		15,287
AHTS > 16K		3,317		2,127		4,266		1,669		1,378
Other		426		410		497		566		1,064
Total		82,402		83,740		99,280		78,205		84,109
West Africa fleet:
PSV > 900		12,914		14,328		19,600		30,203		28,064
PSV < 900		27,074		23,817		24,815		37,021		44,047
AHTS > 16K		15,149		12,037		9,934		10,172		9,602
AHTS 8 - 16K		27,211		22,859		21,725		20,775		17,898
AHTS 4 - 8K		1,427		1,428		1,457		2,086		3,185
Other		7,942		7,548		5,378		5,855		4,503
Total		91,717		82,017		82,909		106,112		107,299
Worldwide fleet:
PSV > 900		131,407		135,996		146,729		139,556		138,968
PSV < 900		104,253		103,729		98,331		107,735		124,140
AHTS > 16K		29,783		32,274		31,098		24,591		24,800
AHTS 8 - 16K		34,159		29,317		29,814		27,885		25,089
AHTS 4 - 8K		20,933		22,536		21,202		20,834		20,831
Other		12,348		14,639		9,684		10,098		9,635
Total	$	332,883	$	338,491	$	336,858	$	330,699	$	343,463

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024
AVERAGE NUMBER OF VESSELS:

Americas fleet:
PSV > 900		12			12			11			10			10
PSV < 900		17			17			16			16			16
AHTS > 16K		2			2			2			2			2
AHTS 8 - 16K		1			1			1			1			1
AHTS 4 - 8K		2			2			2			2			2
Other		2			1			2			2			2
Total		36			35			34			33			33
Stacked vessels		(4	)		(2	)		(2	)		(1	)		—
Active vessels		32			33			32			32			33
Asia Pacific fleet:
PSV > 900		9			9			9			9			9
PSV < 900		5			5			5			5			5
AHTS > 16K		2			3			3			3			3
AHTS 8 - 16K		—			2			2			2			2
AHTS 4 - 8K		—			—			1			1			1
Other		—			1			—			—			—
Total		16			20			20			20			20
Stacked vessels		—			—			—			—			—
Active vessels		16			20			20			20			20
Middle East fleet:
PSV > 900		1			1			1			1			1
PSV < 900		20			20			20			20			20
AHTS 8 - 16K		7			5			5			5			5
AHTS 4 - 8K		17			17			17			17			17
Total		45			43			43			43			43
Stacked vessels		—			—			—			—			—
Active vessels		45			43			43			43			43
Europe/Mediterranean fleet:
PSV > 900		40			40			39			39			39
PSV < 900		9			9			9			9			9
AHTS > 16K		1			1			2			2			2
Total		50			50			50			50			50
Stacked vessels		—			—			—			—			—
Active vessels		50			50			50			50			50
West Africa fleet:
PSV > 900		7			7			9			10			10
PSV < 900		18			18			19			20			20
AHTS > 16K		6			5			4			4			4
AHTS 8 - 16K		13			13			14			13			13
AHTS 4 - 8K		2			2			2			2			3
Other		16			20			21			22			20
Total		62			65			69			71			70
Stacked vessels		(4	)		(5	)		(4	)		(6	)		—
Active vessels		58			60			65			65			70
Worldwide fleet:
PSV > 900		69			69			69			69			69
PSV < 900		69			69			69			70			70
AHTS > 16K		11			11			11			11			11
AHTS 8 - 16K		21			21			22			21			21
AHTS 4 - 8K		21			21			22			22			23
Other		18			22			23			24			22
Total		209			213			216			217			216
Stacked vessels		(8	)		(7	)		(6	)		(7	)		—
Active vessels		201			206			210			210			216

Total active		201			206			210			210			216
Total stacked		8			7			6			7			—
Total		209			213			216			217			216

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2025		2025		2025		2025		2024
AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:
PSV > 900		1,082		1,060		947		900		920
PSV < 900		1,533		1,564		1,493		1,432		1,472
AHTS > 16K		184		184		182		180		184
AHTS 8 - 16K		92		92		91		90		92
AHTS 4 - 8K		184		184		182		180		184
Other		184		93		179		180		184
Total		3,259		3,177		3,074		2,962		3,036
Asia Pacific fleet:
PSV > 900		828		828		819		810		828
PSV < 900		491		460		455		450		460
AHTS > 16K		198		276		273		270		276
AHTS 8 - 16K		43		184		182		180		184
AHTS 4 - 8K		—		—		65		90		92
Other		—		91		3		—		—
Total		1,560		1,839		1,797		1,800		1,840
Middle East fleet:
PSV > 900		92		92		91		90		92
PSV < 900		1,840		1,840		1,820		1,800		1,840
AHTS 8 - 16K		601		460		455		450		460
AHTS 4 - 8K		1,564		1,564		1,547		1,530		1,564
Total		4,097		3,956		3,913		3,870		3,956
Europe/Mediterranean fleet:
PSV > 900		3,727		3,680		3,569		3,510		3,588
PSV < 900		859		828		812		810		828
AHTS > 16K		92		92		182		180		184
Total		4,678		4,600		4,563		4,500		4,600
West Africa fleet:
PSV > 900		619		688		853		900		920
PSV < 900		1,625		1,656		1,699		1,800		1,840
AHTS > 16K		538		460		364		360		368
AHTS 8 - 16K		1,196		1,196		1,247		1,180		1,196
AHTS 4 - 8K		154		184		182		180		235
Other		1,485		1,817		1,905		1,941		1,840
Total		5,617		6,001		6,250		6,361		6,399
Worldwide fleet:
PSV > 900		6,348		6,348		6,279		6,210		6,348
PSV < 900		6,348		6,348		6,279		6,292		6,440
AHTS > 16K		1,012		1,012		1,001		990		1,012
AHTS 8 - 16K		1,932		1,932		1,975		1,900		1,932
AHTS 4 - 8K		1,902		1,932		1,976		1,980		2,075
Other		1,669		2,001		2,087		2,121		2,024
Total		19,211		19,573		19,597		19,493		19,831

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2025		2025		2025		2025		2024
OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:
PSV < 900		385		184		182		82		15
Total		385		184		182		82		15
West Africa fleet:
AHTS 4 - 8K		62		92		91		49		—
Other		289		404		312		477		—
Total		351		496		403		526		—
Worldwide fleet:
PSV < 900		385		184		182		82		15
AHTS 4 - 8K		62		92		91		49		—
Other		289		404		312		477		—
Total		736		680		585		608		15

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2025		2025		2025		2025		2024
AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:
PSV > 900		1,082		1,060		947		900		920
PSV < 900		1,148		1,380		1,311		1,350		1,457
AHTS > 16K		184		184		182		180		184
AHTS 8 - 16K		92		92		91		90		92
AHTS 4 - 8K		184		184		182		180		184
Other		184		93		179		180		184
Total		2,874		2,993		2,892		2,880		3,021
Asia Pacific fleet:
PSV > 900		828		828		819		810		828
PSV < 900		491		460		455		450		460
AHTS > 16K		198		276		273		270		276
AHTS 8 - 16K		43		184		182		180		184
AHTS 4 - 8K		—		—		65		90		92
Other		—		91		3		—		—
Total		1,560		1,839		1,797		1,800		1,840
Middle East fleet:
PSV > 900		92		92		91		90		92
PSV < 900		1,840		1,840		1,820		1,800		1,840
AHTS 8 - 16K		601		460		455		450		460
AHTS 4 - 8K		1,564		1,564		1,547		1,530		1,564
Total		4,097		3,956		3,913		3,870		3,956
Europe/Mediterranean fleet:
PSV > 900		3,727		3,680		3,569		3,510		3,588
PSV < 900		859		828		812		810		828
AHTS > 16K		92		92		182		180		184
Total		4,678		4,600		4,563		4,500		4,600
West Africa fleet:
PSV > 900		619		688		853		900		920
PSV < 900		1,625		1,656		1,699		1,800		1,840
AHTS > 16K		538		460		364		360		368
AHTS 8 - 16K		1,196		1,196		1,247		1,180		1,196
AHTS 4 - 8K		92		92		91		131		235
Other		1,196		1,413		1,593		1,464		1,840
Total		5,266		5,505		5,847		5,835		6,399
Worldwide fleet:
PSV > 900		6,348		6,348		6,279		6,210		6,348
PSV < 900		5,963		6,164		6,097		6,210		6,425
AHTS > 16K		1,012		1,012		1,001		990		1,012
AHTS 8 - 16K		1,932		1,932		1,975		1,900		1,932
AHTS 4 - 8K		1,840		1,840		1,885		1,931		2,075
Other		1,380		1,597		1,775		1,644		2,024
Total		18,475		18,893		19,012		18,885		19,816

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	December 31,				September 30,			June 30,			March 31,			December 31,
		2025			2025			2025			2025			2024
UTILIZATION - TOTAL FLEET:

Americas fleet:
PSV > 900			74.9	%		83.6	%		87.0	%		78.3	%		77.4	%
PSV < 900			58.4			70.3			63.6			53.0			74.2
AHTS > 16K			98.1			92.7			77.3			61.3			50.3
AHTS 8 - 16K			100.0			100.0			92.7			100.0			77.3
AHTS 4 - 8K			97.3			100.0			99.5			44.5			90.2
Other			75.9			96.4			83.5			91.8			72.4
Total			70.4	%		79.4	%		75.8	%		64.4	%		74.7	%
Asia Pacific fleet:
PSV > 900			75.8	%		75.2	%		70.1	%		67.7	%		63.4	%
PSV < 900			96.0			90.3			75.0			93.7			99.5
AHTS > 16K			42.0			63.7			88.5			66.7			75.4
AHTS 8 - 16K			35.9			35.1			34.4			64.1			64.9
AHTS 4 - 8K			—			—			—			56.2			100.0
Other			—			99.5			—			—			—
Total			76.8	%		74.5	%		67.9	%		73.1	%		76.2	%
Middle East fleet:
PSV > 900			100.0	%		82.6	%		38.9	%		100.0	%		100.0	%
PSV < 900			82.9			79.2			76.9			94.0			91.9
AHTS 8 - 16K			69.1			65.1			95.7			63.7			64.3
AHTS 4 - 8K			79.0			86.0			81.0			86.3			80.8
Total			79.8	%		80.3	%		79.8	%		87.6	%		84.5	%
Europe/Mediterranean fleet:
PSV > 900			87.7	%		88.7	%		94.8	%		88.0	%		86.1	%
PSV < 900			85.8			81.2			92.0			79.2			93.6
AHTS > 16K			78.0			100.0			69.1			49.8			32.3
Total			87.2	%		87.5	%		93.3	%		84.9	%		85.3	%
West Africa fleet:
PSV > 900			71.0	%		66.8	%		70.1	%		96.1	%		88.8	%
PSV < 900			68.8			53.8			52.4			68.5			80.9
AHTS > 16K			87.3			79.9			85.1			95.6			80.1
AHTS 8 - 16K			96.9			84.9			75.3			83.0			78.6
AHTS 4 - 8K			59.7			50.0			50.0			66.7			73.4
Other			65.4			50.3			40.5			43.0			40.8
Total			75.7	%		62.3	%		57.6	%		68.8	%		69.8	%
Worldwide fleet:
PSV > 900			82.5	%		83.6	%		86.2	%		85.3	%		82.5	%
PSV < 900			74.8			71.5			68.9			75.4			85.5
AHTS > 16K			79.6			79.7			81.7			73.1			64.7
AHTS 8 - 16K			87.1			76.1			77.0			77.5			73.9
AHTS 4 - 8K			79.2			83.9			77.2			79.4			81.6
Other			66.5			54.6			44.1			47.2			43.7
Total			78.6	%		75.8	%		74.1	%		76.0	%		77.6	%

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	December 31,				September 30,			June 30,			March 31,			December 31,
		2025			2025			2025			2025			2024
UTILIZATION - ACTIVE FLEET:

Americas fleet:
PSV > 900			74.9	%		83.6	%		87.0	%		78.3	%		77.4	%
PSV < 900			77.9			79.7			72.4			56.2			75.0
AHTS > 16K			98.1			92.7			77.3			61.3			50.3
AHTS 8 - 16K			100.0			100.0			92.7			100.0			77.3
AHTS 4 - 8K			97.3			100.0			99.5			44.5			90.2
Other			75.9			96.4			83.5			91.8			72.4
Total			79.9	%		84.3	%		80.5	%		66.3	%		75.1	%
Asia Pacific fleet:
PSV > 900			75.8	%		75.2	%		70.1	%		67.7	%		63.4	%
PSV < 900			96.0			90.3			75.0			93.7			99.5
AHTS > 16K			42.0			63.7			88.5			66.7			75.4
AHTS 8 - 16K			35.9			35.1			34.4			64.1			64.9
AHTS 4 - 8K			—			—			—			56.2			100.0
Other			—			99.5			—			—			—
Total			76.8	%		74.5	%		67.9	%		73.1	%		76.2	%
Middle East fleet:
PSV > 900			100.0	%		82.6	%		38.9	%		100.0	%		100.0	%
PSV < 900			82.9			79.2			76.9			94.0			91.9
AHTS 8 - 16K			69.1			65.1			95.7			63.7			64.3
AHTS 4 - 8K			79.0			86.0			81.0			86.3			80.8
Total			79.8	%		80.3	%		79.8	%		87.6	%		84.5	%
Europe/Mediterranean fleet:
PSV > 900			87.7	%		88.7	%		94.8	%		88.0	%		86.1	%
PSV < 900			85.8			81.2			92.0			79.2			93.6
AHTS > 16K			78.0			100.0			69.1			49.8			32.3
Total			87.2	%		87.5	%		93.3	%		84.9	%		85.3	%
West Africa fleet:
PSV > 900			71.0	%		66.8	%		70.1	%		96.1	%		88.8	%
PSV < 900			68.8			53.8			52.4			68.5			80.9
AHTS > 16K			87.3			79.9			85.1			95.6			80.1
AHTS 8 - 16K			96.9			84.9			75.3			83.0			78.6
AHTS 4 - 8K			100.0			100.0			100.0			91.6			73.4
Other			81.2			64.6			48.4			57.0			40.8
Total			80.7	%		67.9	%		61.6	%		75.0	%		69.8	%
Worldwide fleet:
PSV > 900			82.5	%		83.6	%		86.2	%		85.3	%		82.5	%
PSV < 900			79.6			73.6			71.0			76.4			85.7
AHTS > 16K			79.6			79.7			81.7			73.1			64.7
AHTS 8 - 16K			87.1			76.1			77.0			77.5			73.9
AHTS 4 - 8K			81.9			88.1			80.9			81.4			81.6
Other			80.5			68.5			51.8			60.8			43.7
Total			81.7	%		78.5	%		76.4	%		78.4	%		77.7	%

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2025		2025		2025		2025		2024
AVERAGE VESSEL DAY RATES: (A)

Americas fleet:
PSV > 900	$	35,891	$	34,365	$	32,617	$	32,992	$	33,907
PSV < 900		28,021		30,326		29,222		27,862		24,479
AHTS > 16K		35,038		35,435		37,252		35,888		32,095
AHTS 8 - 16K		14,368		13,672		13,151		13,796		13,079
AHTS 4 - 8K		22,733		22,942		22,943		21,889		10,399
Other		27,545		17,456		24,369		21,251		27,870
Total		30,362		30,487		29,526		28,733		26,563
Asia Pacific fleet:
PSV > 900		35,929		36,371		36,341		37,304		35,984
PSV < 900		29,975		29,908		32,803		36,309		35,192
AHTS > 16K		59,996		68,580		48,255		48,843		52,170
AHTS 8 - 16K		13,776		23,531		28,856		20,764		23,746
AHTS 4 - 8K		—		—		—		21,890		21,959
Other		—		55,320		—		—		—
Total		35,025		39,196		37,372		36,564		36,203
Middle East fleet:
PSV > 900		28,955		16,391		16,929		16,072		16,146
PSV < 900		15,405		13,878		13,469		13,301		12,981
AHTS 8 - 16K		13,033		12,290		11,889		12,112		11,575
AHTS 4 - 8K		12,487		12,555		12,443		12,026		11,006
Total		14,381		13,228		12,877		12,777		12,197
Europe/Mediterranean fleet:
PSV > 900		19,640		20,630		23,292		20,782		21,499
PSV < 900		19,625		20,674		21,061		18,337		19,727
AHTS > 16K		46,204		23,122		33,904		18,613		23,177
Total		20,173		20,752		23,275		20,405		21,249
West Africa fleet:
PSV > 900		29,383		31,188		32,777		34,924		34,334
PSV < 900		24,213		26,729		27,867		30,017		29,598
AHTS > 16K		32,256		32,746		32,082		29,568		32,557
AHTS 8 - 16K		23,470		22,524		23,123		21,204		19,033
AHTS 4 - 8K		15,511		15,516		16,010		17,387		18,462
Other		8,180		8,264		6,979		7,013		6,001
Total		21,583		21,940		23,035		24,244		24,038
Worldwide fleet:
PSV > 900		25,087		25,625		27,102		26,345		26,550
PSV < 900		21,959		22,867		22,722		22,697		22,550
AHTS > 16K		36,991		40,037		38,029		33,966		37,870
AHTS 8 - 16K		20,306		19,931		19,592		18,945		17,584
AHTS 4 - 8K		13,888		13,902		13,902		13,255		12,301
Other		10,923		13,127		10,147		9,746		9,691
Total	$	22,044	$	22,798	$	23,166	$	22,303	$	22,236

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

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024

Americas
Vessel revenues	$	69,706		$	76,913		$	68,758		$	54,852		$	60,240

Vessel operating costs:
Crew costs		22,429			22,634			19,652			17,440			18,519
Repair and maintenance		6,286			5,350			4,830			4,266			5,271
Insurance		540			570			351			571			506
Fuel, lube and supplies		2,739			2,464			2,215			2,617			2,954
Other		5,875			4,598			5,965			10,129			6,795
Total vessel operating costs		37,869			35,616			33,013			35,023			34,045

Vessel operating margin ($)		31,837			41,297			35,745			19,829			26,195
Vessel operating margin (%)		45.7	%		53.7	%		52.0	%		36.2	%		43.5	%

Americas - Select operating statistics
Average vessels - Total fleet		36			35			34			33			33
Utilization - Total fleet		70.4	%		79.4	%		75.8	%		64.4	%		74.7	%

Average vessels - Active fleet		32			33			32			32			33
Utilization - Active fleet		79.9	%		84.3	%		80.5	%		66.3	%		75.1	%

Average day rates	$	30,362		$	30,487		$	29,526		$	28,733		$	26,563

Vessels commencing drydocks		3			—			1			3			1


Deferred drydocking and survey costs - beginning balance	$	22,400		$	25,608		$	28,443		$	31,149		$	33,812
Cash paid for deferred drydocking and survey costs		2,858			1,082			1,027			3,355			3,317
Amortization of deferred drydocking and survey costs		(5,351	)		(5,817	)		(5,338	)		(5,916	)		(5,980	)
Disposals, intersegment transfers and other		—			1,527			1,476			(145	)		—
Deferred drydocking and survey costs - ending balance	$	19,907		$	22,400		$	25,608		$	28,443		$	31,149

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024

Asia Pacific
Vessel revenues	$	42,037		$	53,786		$	45,696		$	48,228		$	51,043

Vessel operating costs:
Crew costs		14,304			20,887			18,518			20,331			21,954
Repair and maintenance		3,427			3,842			3,365			2,270			4,304
Insurance		331			330			176			324			319
Fuel, lube and supplies		1,890			2,443			1,789			1,767			2,002
Other		2,369			2,768			2,317			2,118			2,456
Total vessel operating costs		22,321			30,270			26,165			26,810			31,035

Vessel operating margin ($)		19,716			23,516			19,531			21,418			20,008
Vessel operating margin (%)		46.9	%		43.7	%		42.7	%		44.4	%		39.2	%

Asia Pacific - Select operating statistics
Average vessels - Total fleet		16			20			20			20			20
Utilization - Total fleet		76.8	%		74.5	%		67.9	%		73.1	%		76.2	%

Average vessels - Active fleet		16			20			20			20			20
Utilization - Active fleet		76.8	%		74.5	%		67.9	%		73.1	%		76.2	%

Average day rates	$	35,025		$	39,196		$	37,372		$	36,564		$	36,203

Vessels commencing drydocks		2			3			2			4			—


Deferred drydocking and survey costs - beginning balance	$	14,094		$	13,462		$	13,810		$	10,418		$	11,248
Cash paid for deferred drydocking and survey costs		998			3,340			2,487			7,253			1,138
Amortization of deferred drydocking and survey costs		(1,998	)		(2,578	)		(2,428	)		(2,046	)		(1,968	)
Disposals, intersegment transfers and other		(2,909	)		(130	)		(407	)		(1,815	)		—
Deferred drydocking and survey costs - ending balance	$	10,185		$	14,094		$	13,462		$	13,810		$	10,418

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024

Middle East
Vessel revenues	$	47,021		$	42,035		$	40,215		$	43,302		$	40,772

Vessel operating costs:
Crew costs		14,207			13,541			13,302			13,280			13,509
Repair and maintenance		6,153			4,556			4,261			4,100			4,162
Insurance		463			484			343			529			488
Fuel, lube and supplies		2,790			2,916			3,250			2,039			2,599
Other		4,570			4,242			4,661			4,588			4,932
Total vessel operating costs		28,183			25,739			25,817			24,536			25,690

Vessel operating margin ($)		18,838			16,296			14,398			18,766			15,082
Vessel operating margin (%)		40.1	%		38.8	%		35.8	%		43.3	%		37.0	%

Middle East - Select operating statistics
Average vessels - Total fleet		45			43			43			43			43
Utilization - Total fleet		79.8	%		80.3	%		79.8	%		87.6	%		84.5	%

Average vessels - Active fleet		45			43			43			43			43
Utilization - Active fleet		79.8	%		80.3	%		79.8	%		87.6	%		84.5	%

Average day rates	$	14,381		$	13,228		$	12,877		$	12,777		$	12,197

Vessels commencing drydocks		9			8			11			4			6


Deferred drydocking and survey costs - beginning balance	$	38,913		$	35,355		$	31,423		$	21,792		$	24,159
Cash paid for deferred drydocking and survey costs		7,127			8,716			8,191			13,464			1,328
Amortization of deferred drydocking and survey costs		(6,044	)		(5,158	)		(4,259	)		(3,833	)		(3,695	)
Disposals, intersegment transfers and other		—			—			—			—			—
Deferred drydocking and survey costs - ending balance	$	39,996		$	38,913		$	35,355		$	31,423		$	21,792

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024

Europe/Mediterranean
Vessel revenues	$	82,402		$	83,740		$	99,280		$	78,205		$	84,109

Vessel operating costs:
Crew costs		29,932			30,104			29,342			27,111			26,993
Repair and maintenance		7,267			7,481			5,736			6,711			8,458
Insurance		806			797			417			848			827
Fuel, lube and supplies		3,251			3,469			2,153			3,147			3,171
Other		5,258			4,805			6,187			4,738			5,180
Total vessel operating costs		46,514			46,656			43,835			42,555			44,629

Vessel operating margin ($)		35,888			37,084			55,445			35,650			39,480
Vessel operating margin (%)		43.6	%		44.3	%		55.8	%		45.6	%		46.9	%

Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		50			50			50			50			50
Utilization - Total fleet		87.2	%		87.5	%		93.3	%		84.9	%		85.3	%

Average vessels - Active fleet		50			50			50			50			50
Utilization - Active fleet		87.2	%		87.5	%		93.3	%		84.9	%		85.3	%

Average day rates	$	20,173		$	20,752		$	23,275		$	20,405		$	21,249

Vessels commencing drydocks		2			3			1			6			4


Deferred drydocking and survey costs - beginning balance	$	30,440		$	35,571		$	41,011		$	38,431		$	41,637
Cash paid for deferred drydocking and survey costs		1,324			2,103			1,811			8,786			3,554
Amortization of deferred drydocking and survey costs		(6,184	)		(6,363	)		(6,919	)		(6,206	)		(6,126	)
Disposals, intersegment transfers and other		2,909			(871	)		(332	)		—			(634	)
Deferred drydocking and survey costs - ending balance	$	28,489		$	30,440		$	35,571		$	41,011		$	38,431

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024

West Africa
Vessel revenues	$	91,717		$	82,017		$	82,909		$	106,112		$	107,299

Vessel operating costs:
Crew costs		19,300			18,363			18,662			18,951			19,010
Repair and maintenance		6,243			7,407			5,745			4,607			4,536
Insurance		683			711			353			762			717
Fuel, lube and supplies		4,557			5,149			5,700			4,808			4,552
Other		6,449			6,219			8,064			6,927			6,170
Total vessel operating costs		37,232			37,849			38,524			36,055			34,985

Vessel operating margin ($)		54,485			44,168			44,385			70,057			72,314
Vessel operating margin (%)		59.4	%		53.9	%		53.5	%		66.0	%		67.4	%

West Africa - Select operating statistics
Average vessels - Total fleet		62			65			69			71			70
Utilization - Total fleet		75.7	%		62.3	%		57.6	%		68.8	%		69.8	%

Average vessels - Active fleet		58			60			65			65			70
Utilization - Active fleet		80.7	%		67.9	%		61.6	%		75.0	%		69.8	%

Average day rates	$	21,583		$	21,940		$	23,035		$	24,244		$	24,038

Vessels commencing drydocks		1			2			4			7			1


Deferred drydocking and survey costs - beginning balance	$	48,387		$	55,663		$	54,639		$	50,760		$	50,088
Cash paid for deferred drydocking and survey costs		1,546			2,404			10,222			10,481			8,337
Amortization of deferred drydocking and survey costs		(8,774	)		(9,154	)		(8,461	)		(8,417	)		(8,115	)
Disposals, intersegment transfers and other		—			(526	)		(737	)		1,815			450
Deferred drydocking and survey costs - ending balance	$	41,159		$	48,387		$	55,663		$	54,639		$	50,760

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024

Worldwide
Vessel revenues	$	332,883		$	338,491		$	336,858		$	330,699		$	343,463

Vessel operating costs:
Crew costs		100,172			105,529			99,476			97,113			99,985
Repair and maintenance		29,376			28,636			23,937			21,954			26,731
Insurance		2,823			2,892			1,640			3,034			2,857
Fuel, lube and supplies		15,227			16,441			15,107			14,378			15,278
Other		24,521			22,632			27,194			28,500			25,533
Total vessel operating costs		172,119			176,130			167,354			164,979			170,384

Vessel operating margin ($)		160,764			162,361			169,504			165,720			173,079
Vessel operating margin (%)		48.3	%		48.0	%		50.3	%		50.1	%		50.4	%

Worldwide - Select operating statistics
Average vessels - Total fleet		209			213			216			217			216
Utilization - Total fleet		78.6	%		75.8	%		74.1	%		76.0	%		77.6	%

Average vessels - Active fleet		201			206			210			210			216
Utilization - Active fleet		81.7	%		78.5	%		76.4	%		78.4	%		77.7	%

Average day rates	$	22,044		$	22,798		$	23,166		$	22,303		$	22,236

Vessels commencing drydocks		17			16			19			24			12


Deferred drydocking and survey costs - beginning balance	$	154,234		$	165,659		$	169,326		$	152,550		$	160,944
Cash paid for deferred drydocking and survey costs		13,853			17,645			23,738			43,339			17,674
Amortization of deferred drydocking and survey costs		(28,351	)		(29,070	)		(27,405	)		(26,418	)		(25,884	)
Disposals, intersegment transfers and other		—			—			—			(145	)		(184	)
Deferred drydocking and survey costs - ending balance	$	139,736		$	154,234		$	165,659		$	169,326		$	152,550

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024

Net income (loss)	$	219,449		$	(1,018	)	$	72,702		$	42,320		$	36,619

Interest and other debt costs		16,715			16,589			16,442			16,344			16,742
Income tax expense		(166,612	)		21,711			5,584			26,109			16,376
Depreciation		37,838			37,334			36,909			39,014			38,736
Amortization of deferred drydock and survey costs		28,351			29,070			27,405			26,418			25,884
Amortization of below market contracts		(219	)		(283	)		(347	)		(351	)		(1,071	)
EBITDA (A), (B), (C)		135,522			103,403			158,695			149,854			133,286

Non-cash indemnification assets charge (credit)		—			—			(112	)		834			242
Non-cash stock compensation expense		3,454			3,481			4,057			3,491			3,886
Loss on early extinguishment of debt		12			27,101			—			—			—
Acquisition, restructuring and integration related costs		4,064			3,941			340			—			978
Adjusted EBITDA (A), (B), (C)	$	143,052		$	137,926		$	162,980		$	154,179		$	138,392

Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization of deferred drydock and below market contracts. Additionally, Adjusted EBITDA excludes non-cash indemnification assets charge (credit) included in interest income and other; non-cash stock-based compensation expense; loss on early extinguishment of debt; and acquisition, restructuring and integration related costs.

Note (B): EBITDA for the three months ended December 31, 2025, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,454, $3,481, $4,057, $3,491 and $3,886 respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended December 31, 2025, and for each of the prior four quarters includes foreign exchange gain (losses) of $2,134, $1,277, $11,703, $7,569 and $(14,337) respectively.

Non-GAAP Financial Measures

We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes non-cash indemnification asset charge (credit), non-cash stock-based compensation expense, loss on early extinguishment of debt and acquisition, restructuring and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.

EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024

Net cash provided by operating activities (A)	$	152,960		$	72,079		$	73,658		$	80,411		$	100,039

Cash interest expense		576			17,735			11,994			17,505			12,816
Interest income and other (net of certain non-cash items)		(3,455	)		(1,860	)		(2,103	)		(2,157	)		(2,697	)
Indemnification assets credit (charge)		—			—			112			(834	)		(242	)
Additions to property and equipment		(5,147	)		(5,122	)		(5,226	)		(10,266	)		(4,534	)
Expansion capital		—			—			3			27			63
Effects of exchange rate changes on cash		910			(1,377	)		11,775			5,562			(8,736	)
	145,844			81,455			90,213			90,248			96,709

Proceeds from asset sales		5,331			1,204			7,328			4,416			10,316

Free cash flow	$	151,175		$	82,659		$	97,541		$	94,664		$	107,025

Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by operating activities adjusted for effects of exchange rate changes on cash, capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income and other. Free cash flow excludes indemnification assets credit (charge) included in interest income and other. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.

Note (A): Net cash provided by operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	68,133		$	(9,210	)	$	(11,010	)	$	21,099		$	5,493
Cash paid for deferred drydock and survey costs		(13,853	)		(17,645	)		(23,738	)		(43,339	)		(17,674	)
Total uses of cash for changes in assets and liabilities	$	54,280		$	(26,855	)	$	(34,748	)	$	(22,240	)	$	(12,181	)

Contacts

Tidewater Inc.

West Gotcher

Senior Vice President,

Strategy, Corporate Development and Investor Relations

+1.713.470.5285

SOURCE: Tidewater Inc.

Source: View Original Filing on SEC EDGAR

FAQ

How did Tidewater Inc. (TDW) perform financially in full-year 2025?

Tidewater reported modestly higher 2025 revenue of $1,352.8 million and a strong increase in profitability, with net income of $333.5 million and Adjusted EBITDA of $598.1 million. Results included a significant non-cash deferred tax benefit of $201.5 million related to a vessel realignment.

What were Tidewater’s fourth-quarter 2025 results?

In Q4 2025, Tidewater generated revenue of $336.8 million, down 2.4% year over year, but net income rose to $219.4 million and Adjusted EBITDA reached $143.1 million. Quarter performance benefited from a $2.1 million foreign exchange gain and the large deferred tax benefit.

What guidance did Tidewater (TDW) provide for 2026?

Tidewater updated its 2026 outlook to revenue of $1.43 to $1.48 billion and a gross margin of 49% to 51%. This guidance is presented pro forma for the previously announced Wilson Sons Ultratug acquisition, assuming a mid-year closing of that 22-vessel Brazilian fleet transaction.

How much free cash flow did Tidewater generate and how was it used?

Tidewater produced 2025 free cash flow of $426.0 million, supported by $379.1 million of operating cash flow. The company used $98.2 million to repurchase 2.5 million shares at an average price of $39.52 and ended the year with cash and cash equivalents of $578.8 million.

What is Tidewater’s current share count and buyback capacity?

As of December 31, 2025, Tidewater had 49,566,334 common shares outstanding plus in-the-money warrants for an additional 74,955 shares. The company also reported an outstanding share repurchase program authorization of $500 million, providing capacity for future buybacks.

How did Tidewater’s offshore fleet operations trend in 2025?

In 2025, Tidewater’s average vessel day rate was $22,573 per day for the full year and $22,044 in Q4. Global vessel operating margin was around 49% for 2025, with active fleet utilization generally in the mid-to-high 70% range across quarters, reflecting tight vessel supply.

What impact did the vessel realignment have on Tidewater’s results?

Tidewater completed an internal restructuring of vessel ownership, consolidating much of its fleet into a single U.S. entity. This ‘Vessel Realignment’ drove recognition of a non-cash deferred tax benefit of $201.5 million in 2025, significantly increasing reported net income without affecting cash flow.

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Tidewater (NYSE: TDW) boosts 2025 profit and raises 2026 revenue outlook

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How did Tidewater Inc. (TDW) perform financially in full-year 2025?

What were Tidewater’s fourth-quarter 2025 results?

What guidance did Tidewater (TDW) provide for 2026?

How much free cash flow did Tidewater generate and how was it used?

What is Tidewater’s current share count and buyback capacity?

How did Tidewater’s offshore fleet operations trend in 2025?

What impact did the vessel realignment have on Tidewater’s results?

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Tidewater (NYSE: TDW) boosts 2025 profit and raises 2026 revenue outlook

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How did Tidewater Inc. (TDW) perform financially in full-year 2025?

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What guidance did Tidewater (TDW) provide for 2026?

How much free cash flow did Tidewater generate and how was it used?

What is Tidewater’s current share count and buyback capacity?

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