Tidewater Reports Results for the Nine Months Ended September 30, 2026
HOUSTON--( BUSINESS WIRE)--Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2026 of $360.4 million and $1,028.9 million, respectively, compared with $341.1 million and $1,016.0 million for the three and nine months ended September 30, 2025. Tidewater's net income for the three and nine months ended September 30, 2026, was $17.5 million ($0.35 per common share) and $45.3 million ($0.91 per common share), respectively, compared with net income (loss) of $(0.8) million ($0.02 per common share) and $114.8 million ($2.27 per common share), respectively, for the three and nine months ended September 30, 2025.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Third quarter 2026 revenue and gross margin nicely exceeded our expectations driven by continued strength in day rates and utilization, with revenue for the quarter coming in at $360.4 million. Gross margin of 46.8% exceeded our expectations by a full percentage point due to the increase in revenue. Realized day rate of $23,775 increased $837 per day sequentially, continuing the pace of quarterly day rate improvements throughout 2026. The sequential increase in day rates was broad-based with improvement across nearly all of our vessel classes. Just as noteworthy, the pace of new term contract day rate acceleration continued in the third quarter, with our weighted average term contract day rate up by $3,033 per day to $27,373, an increase of 12.5% sequentially.
“During the third quarter, we closed our all-cash acquisition of WSUT, materially expanding our presence in Brazil. Our integration efforts are moving along well and we have made good progress to date. We anticipate substantially integrating the WSUT business into the Tidewater platform by the start of 2027. Year to date, we have incurred approximately $14.4 million in WSUT acquisition-related expenses.
“This year has largely progressed as anticipated from an activity perspective, even as the conflict in the Middle East has persisted. We are updating our 2026 revenue guidance range of $1.43 billion to $1.44 billion and our 2026 gross margin guidance range of 47.5% to 48.5%. We expect continued elevated operating costs associated with the conflict in the Middle East that we now anticipate to impact the fourth quarter. We expect to incur approximately $19.8 million in conflict-related costs in 2026, approximately $8.7 million of which we are contractually permitted to bill back to our customers.
“Looking forward to 2027, we remain encouraged by the progress we observe for continued strength as we progress through next year. We see a number of opportunities continue to emerge associated with each of the activities we support – drilling support, subsea and EPCI support and production support – that should continue to drive vessel demand over the next year. We’ve seen the early benefit of a strengthening market against a tight offshore vessel supply backdrop in our recent leading edge day rates. Broad-based confidence in the offshore cycle continues to improve and we believe that the coming years should provide for a durable set of factors that should allow us to continue to drive earnings and cash flow growth. As such, we are initiating full-year 2027 revenue guidance of $1.70 to $1.75 billion and full-year 2027 margin guidance of 51% to 53%.”
In addition to the number of outstanding shares, as of September 30, 2026, the Company also has the following in-the-money warrants.
Common shares outstanding
49,664,360
New Creditor Warrants (strike price $0.001 per common share)
21,400
GulfMark Creditor Warrants (strike price $0.01 per common share)
48,865
Total
49,734,625
Tidewater will hold a conference call to discuss results for the three months ending September 30, 2026 on November 10, 2026, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.833.461.5787 if calling from the U.S. or Canada (+1.585.542.9983 if calling from outside the U.S. or Canada) and provide Conference ID: 436 875 102 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.
A replay of the conference call will be available beginning at 11:00 a.m. Central Time on November 10, 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 was not audited. This press release presents extracts from the Consolidated Balance Sheets at September 30, 2026 and December 31, 2025; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2026 and 2025; and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025. Extracts are drawn from the September 30, 2026 unaudited quarterly and December 31, 2025 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
Nine Months Ended
September 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
Revenues:
Vessel revenues
$
357,547
$
338,491
$
1,020,696
$
1,006,048
Other operating revenues
2,869
2,622
8,229
9,940
Total revenues
360,416
341,113
1,028,925
1,015,988
Costs and expenses:
Vessel operating costs
190,241
176,130
537,174
508,463
Costs of other operating revenues
1,350
1,252
3,183
5,790
General and administrative
43,777
35,256
112,181
95,563
Depreciation and amortization
74,707
66,404
207,738
196,150
(Gain) loss on asset dispositions, net
8
(580
)
(3,196
)
(8,598
)
Total costs and expenses
310,083
278,462
857,080
797,368
Operating income
50,333
62,651
171,845
218,620
Other income (expense):
Foreign exchange gain (loss)
(3,674
)
1,277
(7,765
)
20,549
Interest income and other, net
4,842
455
7,761
4,715
Loss on early extinguishment of debt
—
(27,101
)
—
(27,101
)
Interest and other debt costs, net
(16,075
)
(16,589
)
(49,392
)
(49,375
)
Total other expense
(14,907
)
(41,958
)
(49,396
)
(51,212
)
Income before income taxes
35,426
20,693
122,449
167,408
Income tax expense
18,195
21,711
78,160
53,404
Net income (loss)
17,231
(1,018
)
44,289
114,004
Less: Net loss attributable to noncontrolling interests
(283
)
(212
)
(1,027
)
(773
)
Net income (loss) attributable to Tidewater Inc.
$
17,514
$
(806
)
$
45,316
$
114,777
Basic income (loss) per common share
$
0.35
$
(0.02
)
$
0.91
$
2.29
Diluted income (loss) per common share
$
0.35
$
(0.02
)
$
0.91
$
2.27
Weighted average common shares outstanding
49,751
49,498
49,693
50,217
Dilutive effect of warrants and restricted stock units
348
—
379
364
Adjusted weighted average common shares
50,099
49,498
50,072
50,581
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, except share and par value data)
September 30, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
390,844
$
578,761
Trade and other receivables, net of allowance for credit losses of $1,037 and $3,034 at September 30, 2026 and December 31, 2025, respectively
328,738
285,372
Marine operating supplies
51,050
38,482
Prepaid expenses and other current assets
17,627
11,520
Total current assets
788,259
914,135
Net properties and equipment
1,513,820
1,072,020
Deferred drydocking and survey costs
143,393
139,736
Indemnification assets
9,153
9,455
Deferred tax asset
179,013
200,939
Other assets
39,410
50,626
Total assets
$
2,673,048
$
2,386,911
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
60,238
$
66,347
Accrued expenses
155,362
153,169
Current portion of long-term debt
58,694
5,845
Other current liabilities
78,610
89,876
Total current liabilities
352,904
315,237
Long-term debt
803,566
649,048
Other liabilities
115,537
61,372
Commitments and contingencies
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 49,664,360 and 49,566,334 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively
50
50
Additional paid-in-capital
1,667,136
1,663,247
Accumulated deficit
(267,786
)
(305,157
)
Accumulated other comprehensive income
6,802
7,248
Total stockholders' equity
1,406,202
1,365,388
Noncontrolling interests
(5,161
)
(4,134
)
Total equity
1,401,041
1,361,254
Total liabilities and equity
$
2,673,048
$
2,386,911
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In Thousands)
Three Months Ended
Nine Months Ended
September 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
Net income (loss)
$
17,231
$
(1,018
)
$
44,289
$
114,004
Other comprehensive income (loss):
Change in liability of pension plans
(147
)
621
(446
)
1,834
Total comprehensive income
$
17,084
$
(397
)
$
43,843
$
115,838
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Nine Months
Nine Months
Ended
Ended
September 30, 2026
September 30, 2025
Cash flows from operating activities:
Net income
$
44,289
$
114,004
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
123,620
113,257
Amortization of deferred drydocking and survey costs
84,118
82,893
Amortization of debt premiums and discounts
2,279
3,931
Amortization of below market contracts
—
(981
)
Unrealized foreign exchange (gain) loss
3,850
(21,076
)
Deferred income taxes provision (benefit)
19,788
(11,569
)
Gain on asset dispositions, net
(3,196
)
(8,598
)
Loss on early extinguishment of debt
—
27,101
Stock-based compensation expense
10,457
11,029
Changes in assets and liabilities:
Trade and other receivables
(242
)
(8,791
)
Accounts payable
(11,155
)
(28,806
)
Accrued expenses
(18,511
)
195
Deferred drydocking and survey costs
(87,898
)
(84,722
)
Other, net
(5,956
)
38,281
Net cash provided by operating activities
161,443
226,148
Cash flows from investing activities:
Proceeds from asset dispositions
14,856
12,288
Proceeds from sale of notes
—
660
Acquisitions, net of cash acquired
(272,975
)
—
Additions to properties and equipment
(39,188
)
(20,614
)
Net cash used in investing activities
(297,307
)
(7,666
)
Cash flows from financing activities:
Issuance of long-term debt
—
650,000
Principal payments on long-term debt
(8,521
)
(640,128
)
Purchase of common stock
(7,945
)
(90,089
)
Payments on finance leases
(24,903
)
(5,537
)
Debt extinguishment premium
—
(19,589
)
Debt issuance costs
(109
)
(18,985
)
Share based awards reacquired to pay taxes
(6,568
)
(8,039
)
Net cash used in financing activities
(48,046
)
(132,367
)
Effects of exchange rate changes on cash, cash equivalents and restricted cash
(2,704
)
15,960
Net change in cash, cash equivalents and restricted cash
(186,614
)
102,075
Cash, cash equivalents and restricted cash at beginning of period
581,568
329,031
Cash, cash equivalents and restricted cash at end of period
$
394,954
$
431,106
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
62,908
$
47,234
Income taxes
$
53,087
$
41,944
Supplemental disclosure of noncash investing activities:
Purchase of vessels
$
—
$
10,727
Recognition of finance leases
$
—
$
23,396
Supplemental disclosure of noncash financing activities:
Debt incurred for the purchase of vessels
$
—
$
11,479
Assumption of debt on Wilson acquisition
$
214,853
$
—
Note: Cash, cash equivalents and restricted cash at September 30, 2026 and 2025 includes $4.1 million and $2.9 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 June 30, 2026
$
50
$
1,663,520
$
(277,355
)
$
6,949
$
(4,878
)
$
1,388,286
Total comprehensive income (loss)
—
—
17,514
(147
)
(283
)
17,084
Repurchase and retirement of common stock
—
—
(7,945
)
—
—
(7,945
)
Amortization of share-based awards
—
3,616
—
—
—
3,616
Balance at September 30, 2026
$
50
$
1,667,136
$
(267,786
)
$
6,802
$
(5,161
)
$
1,401,041
Balance at June 30, 2025
$
50
$
1,656,626
$
(524,235
)
$
7,273
$
(3,487
)
$
1,136,227
Total comprehensive income (loss)
—
—
(806
)
621
(212
)
(397
)
Amortization of share-based awards
—
3,194
—
—
—
3,194
Balance at September 30, 2025
$
50
$
1,659,820
$
(525,041
)
$
7,894
$
(3,699
)
$
1,139,024
Nine Months Ended
Accumulated
Additional
other
Non
Common
paid-in
Accumulated
comprehensive
controlling
stock
capital
deficit
income (loss)
interest
Total
Balance at December 31, 2025
$
50
$
1,663,247
$
(305,157
)
$
7,248
$
(4,134
)
$
1,361,254
Total comprehensive income (loss)
—
—
45,316
(446
)
(1,027
)
43,843
Repurchase and retirement of common stock
—
—
(7,945
)
—
—
(7,945
)
Amortization of share-based awards
—
3,889
—
—
—
3,889
Balance at September 30, 2026
$
50
$
1,667,136
$
(267,786
)
$
6,802
$
(5,161
)
$
1,401,041
Balance at December 31, 2024
$
52
$
1,656,830
$
(548,831
)
$
6,060
$
(2,926
)
$
1,111,185
Total comprehensive income (loss)
—
—
114,777
1,834
(773
)
115,838
Repurchase and retirement of common stock
(2
)
—
(90,987
)
—
—
(90,989
)
Amortization of share-based awards
—
2,990
—
—
—
2,990
Balance at September 30, 2025
$
50
$
1,659,820
$
(525,041
)
$
7,894
$
(3,699
)
$
1,139,024
The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
(In Thousands)
Three Months Ended
Nine Months Ended
September 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
Vessel revenues:
Americas
$
71,997
20
%
$
76,913
23
%
$
184,492
18
%
$
200,523
20
%
Asia Pacific
44,538
13
%
53,786
16
%
139,050
14
%
147,710
15
%
Middle East
46,418
13
%
42,035
12
%
140,470
14
%
125,552
12
%
Europe/Mediterranean
121,546
34
%
83,740
25
%
320,567
31
%
261,225
26
%
West Africa
73,048
20
%
82,017
24
%
236,117
23
%
271,038
27
%
Total vessel revenues
$
357,547
100
%
$
338,491
100
%
$
1,020,696
100
%
$
1,006,048
100
%
Vessel operating costs:
Crew costs
$
110,769
31
%
$
105,529
31
%
$
314,881
31
%
$
302,118
30
%
Repair and maintenance
31,694
9
%
28,636
8
%
85,451
8
%
74,527
7
%
Insurance
2,948
1
%
2,892
1
%
8,547
1
%
7,566
1
%
Fuel, lube and supplies
19,817
5
%
16,441
5
%
57,317
6
%
45,926
5
%
Other
25,013
7
%
22,632
7
%
70,978
7
%
78,326
8
%
Total vessel operating costs
190,241
53
%
176,130
52
%
537,174
53
%
508,463
51
%
Vessel operating margin (A)
$
167,306
47
%
$
162,361
48
%
$
483,522
47
%
$
497,585
49
%
Note (A): Vessel operating margin equals vessel revenues less vessel operating costs.
The company’s operating income and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows:
(In Thousands)
Three Months Ended
Nine Months Ended
September 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
Vessel operating profit:
Americas
$
4,760
1
%
$
24,654
7
%
$
21,712
2
%
$
49,791
5
%
Asia Pacific
10,435
3
%
15,330
5
%
39,012
4
%
40,788
4
%
Middle East
3,796
1
%
4,994
2
%
16,608
2
%
17,451
2
%
Europe/Mediterranean
36,942
10
%
11,352
3
%
71,836
7
%
47,957
5
%
West Africa
20,426
6
%
25,418
7
%
82,268
8
%
103,048
10
%
Other operating profit
1,519
1
%
1,370
0
%
5,046
1
%
4,150
0
%
77,878
22
%
83,118
24
%
236,482
24
%
263,185
26
%
Corporate expenses (A)
(27,537
)
(8
)%
(21,047
)
(6
)%
(67,833
)
(7
)%
(53,163
)
(5
)%
Gain (loss) on asset dispositions, net
(8
)
(0
)%
580
0
%
3,196
0
%
8,598
1
%
Operating income
$
50,333
14
%
$
62,651
18
%
$
171,845
17
%
$
218,620
22
%
Note (A): General and administrative expenses for the three and nine months ended September 30, 2026 include stock-based compensation of $3.6 million and $10.5 million, respectively. General and administrative expenses for the three and nine months ended September 30, 2025 include stock-based compensation of $3.5 million and $11.0 million, respectively. In addition, vessel operating and general and administrative costs for the three and nine months ended September 30, 2026, include $10.2 million and $14.9 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and nine months ended September 30, 2025, include $4.0 and $4.3 million in acquisition, restructuring and integration related costs, respectively.
TIDEWATER INC.
CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA
(In Thousands, except per share data)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Revenues:
Vessel revenues
$
357,547
$
339,731
$
323,418
$
332,883
$
338,491
Other operating revenues
2,869
2,556
2,804
3,915
2,622
Total revenues
360,416
342,287
326,222
336,798
341,113
Costs and expenses:
Vessel operating costs (A)
190,241
180,746
166,187
172,119
176,130
Costs of other operating revenue
1,350
1,072
761
630
1,252
General and administrative (A)
43,777
34,845
33,559
38,968
35,256
Depreciation and amortization
74,707
66,412
66,619
66,189
66,404
(Gain) loss on asset dispositions, net
8
(3,316
)
112
(5,084
)
(580
)
Total operating costs and expenses
310,083
279,759
267,238
272,822
278,462
Operating income
50,333
62,528
58,984
63,976
62,651
Other income (expense):
Foreign exchange gain (loss)
(3,674
)
(688
)
(3,403
)
2,134
1,277
Interest income and other, net
4,842
730
2,189
3,454
455
Loss on early extinguishment of debt
—
—
—
(12
)
(27,101
)
Interest and other debt costs, net
(16,075
)
(16,426
)
(16,891
)
(16,715
)
(16,589
)
Total other expense
(14,907
)
(16,384
)
(18,105
)
(11,139
)
(41,958
)
Income before income taxes
35,426
46,144
40,879
52,837
20,693
Income tax expense (benefit)
18,195
25,062
34,903
(166,612
)
21,711
Net income (loss)
17,231
21,082
5,976
219,449
(1,018
)
Net loss attributable to noncontrolling interests
(283
)
(580
)
(164
)
(435
)
(212
)
Net income (loss) attributable to Tidewater Inc.
$
17,514
$
21,662
$
6,140
$
219,884
$
(806
)
Basic income (loss) per common share
$
0.35
$
0.44
$
0.12
$
4.44
$
(0.02
)
Diluted income (loss) per common share
$
0.35
$
0.43
$
0.12
$
4.41
$
(0.02
)
Weighted average common shares outstanding
49,751
49,663
49,589
49,564
49,498
Dilutive effect of warrants and restricted stock units
348
349
249
332
—
Adjusted weighted average common shares
50,099
50,012
49,838
49,896
49,498
Vessel operating margin
$
167,306
$
158,985
$
157,231
$
160,764
$
162,361
Note (A): Acquisition, restructuring and integration related costs
$
10,224
$
2,733
$
1,978
$
4,064
$
3,941
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
ASSETS
Current assets:
Cash and cash equivalents
$
390,844
$
613,544
$
552,280
$
578,761
$
428,225
Trade and other receivables, net
328,738
306,568
299,735
285,372
332,596
Marine operating supplies
51,050
29,501
29,404
38,482
27,857
Prepaid expenses and other current assets
17,627
17,772
18,195
11,520
11,652
Total current assets
788,259
967,385
899,614
914,135
800,330
Net properties and equipment
1,513,820
1,038,114
1,069,081
1,072,020
1,104,503
Deferred drydocking and survey costs
143,393
142,896
147,871
139,736
154,234
Indemnification assets
9,153
9,663
8,273
9,455
9,456
Deferred tax asset
179,013
182,469
190,614
200,939
14,511
Other assets
39,410
25,733
25,217
50,626
45,846
Total assets
$
2,673,048
$
2,366,260
$
2,340,670
$
2,386,911
$
2,128,880
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
60,238
$
62,610
$
58,238
$
66,347
$
42,579
Accrued expenses
155,362
133,706
139,525
153,169
130,879
Current portion of long-term debt
58,694
5,680
5,760
5,845
5,840
Other current liabilities
78,610
68,079
66,402
89,876
97,162
Total current liabilities
352,904
270,075
269,925
315,237
276,460
Long-term debt
803,566
647,523
648,616
649,048
649,802
Other liabilities
115,537
60,376
58,140
61,372
63,594
Equity:
Common stock
50
50
50
50
50
Additional paid-in-capital
1,667,136
1,663,520
1,660,121
1,663,247
1,659,820
Accumulated deficit
(267,786
)
(277,355
)
(299,017
)
(305,157
)
(525,041
)
Accumulated other comprehensive income
6,802
6,949
7,133
7,248
7,894
Total stockholders' equity
1,406,202
1,393,164
1,368,287
1,365,388
1,142,723
Noncontrolling interests
(5,161
)
(4,878
)
(4,298
)
(4,134
)
(3,699
)
Total equity
1,401,041
1,388,286
1,363,989
1,361,254
1,139,024
Total liabilities and equity
$
2,673,048
$
2,366,260
$
2,340,670
$
2,386,911
$
2,128,880
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Cash flows from operating activities:
Net income (loss)
$
17,231
$
21,082
$
5,976
$
219,449
$
(1,018
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation
47,027
38,096
38,497
37,838
37,334
Amortization of deferred drydocking and survey costs
27,680
28,316
28,122
28,351
29,070
Amortization of debt premiums and discounts
143
1,288
848
1,448
975
Amortization of below market contracts
—
—
—
(219
)
(283
)
Unrealized foreign exchange (gain) loss
906
383
2,561
(2,322
)
(997
)
Deferred income taxes provision (benefit)
1,088
8,311
10,389
(184,247
)
3,851
Loss (gain) on asset dispositions, net
8
(3,316
)
112
(5,084
)
(580
)
Loss on early extinguishment of debt
—
—
—
12
27,101
Stock-based compensation expense
3,649
3,745
3,063
3,454
3,481
Changes in assets and liabilities:
Trade and other receivables
20,954
(6,833
)
(14,363
)
47,224
(16,105
)
Accounts payable
(7,418
)
4,372
(8,109
)
23,768
(6,136
)
Accrued expenses
952
(5,819
)
(13,644
)
23,080
418
Deferred drydocking and survey costs
(28,176
)
(23,341
)
(36,381
)
(13,853
)
(17,645
)
Other, net
(8,823
)
759
2,108
(25,939
)
12,613
Net cash provided by operating activities
75,221
67,043
19,179
152,960
72,079
Cash flows from investing activities:
Proceeds from asset dispositions
—
11,527
3,329
5,331
1,204
Acquisitions, net of cash acquired
(272,975
)
—
—
—
—
Additions to properties and equipment
(9,380
)
(14,923
)
(14,885
)
(5,147
)
(5,122
)
Net cash provided by (used in) investing activities
(282,355
)
(3,396
)
(11,556
)
184
(3,918
)
Cash flows from financing activities:
Issuance of long-term debt
—
—
—
—
650,000
Principal payments on long-term debt
(5,617
)
(1,807
)
(1,097
)
(1,814
)
(613,587
)
Purchase of common stock
(7,945
)
—
—
—
—
Payments on finance leases
—
—
(24,903
)
(895
)
(5,537
)
Debt extinguishment premium
—
—
—
(12
)
(19,589
)
Debt issuance costs
—
(8
)
(101
)
(844
)
(18,985
)
Share based awards reacquired to pay taxes
(32
)
(347
)
(6,189
)
(27
)
(287
)
Net cash used in financing activities
(13,594
)
(2,162
)
(32,290
)
(3,592
)
(7,985
)
Effects of exchange rate changes on cash, cash equivalents and restricted cash
(407
)
(484
)
(1,813
)
910
(1,377
)
Net change in cash, cash equivalents and restricted cash
(221,135
)
61,001
(26,480
)
150,462
58,799
Cash, cash equivalents and restricted cash at beginning of period
616,089
555,088
581,568
431,106
372,307
Cash, cash equivalents and restricted cash at end of period
$
394,954
$
616,089
$
555,088
$
581,568
$
431,106
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
30,814
$
540
$
31,554
$
576
$
17,735
Income taxes
$
13,818
$
19,347
$
19,922
$
18,366
$
9,291
Supplemental disclosure of noncash investing activities:
Recognition of finance leases
$
—
$
—
$
—
$
5,262
$
23,396
Assumption of debt on Wilson acquisition
$
214,853
$
—
$
—
$
—
$
—
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900
$
27,131
$
23,090
$
25,153
$
29,080
$
30,460
PSV < 900
36,636
21,583
23,038
25,067
33,363
AHTS > 16K
2,460
3,241
4,163
6,324
6,045
AHTS 8 - 16K
967
1,263
888
1,322
1,259
AHTS 4 - 8K
4,235
4,039
4,006
4,069
4,221
Other
568
753
1,278
3,844
1,565
Total
71,997
53,969
58,526
69,706
76,913
Asia Pacific fleet:
PSV > 900
18,519
23,687
24,862
22,560
22,660
PSV < 900
20,379
20,343
18,798
14,135
12,427
AHTS > 16K
5,582
3,861
2,847
4,993
12,065
AHTS 8 - 16K
—
—
—
213
1,518
Other
58
57
57
136
5,116
Total
44,538
47,948
46,564
42,037
53,786
Middle East fleet:
PSV > 900
2,699
2,338
2,378
2,664
1,246
PSV < 900
23,137
23,248
21,284
23,507
20,221
AHTS 8 - 16K
7,569
7,424
7,304
5,413
3,681
AHTS 4 - 8K
13,013
15,473
14,603
15,437
16,887
Total
46,418
48,483
45,569
47,021
42,035
Europe/Mediterranean fleet:
PSV > 900
88,400
82,258
67,841
64,189
67,302
PSV < 900
20,769
19,792
14,249
14,470
13,901
AHTS > 16K
11,493
9,784
4,518
3,317
2,127
AHTS 8 - 16K
647
—
—
—
—
Other
237
242
337
426
410
Total
121,546
112,076
86,945
82,402
83,740
West Africa fleet:
PSV > 900
11,158
13,803
9,700
12,914
14,328
PSV < 900
24,206
26,409
30,512
27,074
23,817
AHTS > 16K
15,001
14,564
13,700
15,149
12,037
AHTS 8 - 16K
14,786
13,537
22,543
27,211
22,859
AHTS 4 - 8K
871
938
1,396
1,427
1,428
Other
7,026
8,004
7,963
7,942
7,548
Total
73,048
77,255
85,814
91,717
82,017
Worldwide fleet:
PSV > 900
147,907
145,176
129,934
131,407
135,996
PSV < 900
125,127
111,375
107,881
104,253
103,729
AHTS > 16K
34,536
31,450
25,228
29,783
32,274
AHTS 8 - 16K
23,969
22,224
30,735
34,159
29,317
AHTS 4 - 8K
18,119
20,450
20,005
20,933
22,536
Other
7,889
9,056
9,635
12,348
14,639
Total
$
357,547
$
339,731
$
323,418
$
332,883
$
338,491
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900
12
11
12
12
12
PSV < 900
21
14
15
17
17
AHTS > 16K
1
1
2
2
2
AHTS 8 - 16K
1
1
1
1
1
AHTS 4 - 8K
2
2
2
2
2
Other
1
1
1
2
1
Total
38
30
33
36
35
Stacked vessels
(4
)
(4
)
(4
)
(4
)
(2
)
Active vessels
34
26
29
32
33
Asia Pacific fleet:
PSV > 900
9
10
9
9
9
PSV < 900
7
7
7
5
5
AHTS > 16K
2
2
2
2
3
AHTS 8 - 16K
—
—
—
—
2
Other
—
—
—
—
1
Total
18
19
18
16
20
Stacked vessels
—
—
—
—
—
Active vessels
18
19
18
16
20
Middle East fleet:
PSV > 900
1
1
1
1
1
PSV < 900
20
20
20
20
20
AHTS 8 - 16K
7
7
7
7
5
AHTS 4 - 8K
17
17
17
17
17
Total
45
45
45
45
43
Stacked vessels
(1
)
—
—
—
—
Active vessels
44
45
45
45
43
Europe/Mediterranean fleet:
PSV > 900
42
43
43
40
40
PSV < 900
11
11
10
9
9
AHTS > 16K
3
3
2
1
1
AHTS 8 - 16K
1
—
—
—
—
Total
57
57
55
50
50
Stacked vessels
—
—
—
—
—
Active vessels
57
57
55
50
50
West Africa fleet:
PSV > 900
7
5
5
7
7
PSV < 900
16
16
16
18
18
AHTS > 16K
5
5
5
6
5
AHTS 8 - 16K
12
13
13
13
13
AHTS 4 - 8K
1
1
1
2
2
Other
13
15
16
16
20
Total
54
55
56
62
65
Stacked vessels
—
(2
)
(3
)
(4
)
(5
)
Active vessels
54
53
53
58
60
Worldwide fleet:
PSV > 900
71
70
70
69
69
PSV < 900
75
68
68
69
69
AHTS > 16K
11
11
11
11
11
AHTS 8 - 16K
21
21
21
21
21
AHTS 4 - 8K
20
20
20
21
21
Other
14
16
17
18
22
Total
212
206
207
209
213
Stacked vessels
(5
)
(6
)
(7
)
(8
)
(7
)
Active vessels
207
200
200
201
206
Total active
207
200
200
201
206
Total stacked
5
6
7
8
7
Total
212
206
207
209
213
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
PSV > 900
1,072
1,001
1,063
1,082
1,060
PSV < 900
1,888
1,274
1,407
1,533
1,564
AHTS > 16K
92
91
171
184
184
AHTS 8 - 16K
92
91
90
92
92
AHTS 4 - 8K
184
182
180
184
184
Other
92
91
90
184
93
Total
3,420
2,730
3,001
3,259
3,177
Asia Pacific fleet:
PSV > 900
860
910
827
828
828
PSV < 900
638
637
583
491
460
AHTS > 16K
184
182
180
198
276
AHTS 8 - 16K
—
—
—
43
184
Other
—
—
—
—
91
Total
1,682
1,729
1,590
1,560
1,839
Middle East fleet:
PSV > 900
92
91
90
92
92
PSV < 900
1,840
1,820
1,800
1,840
1,840
AHTS 8 - 16K
644
637
630
601
460
AHTS 4 - 8K
1,564
1,547
1,530
1,564
1,564
Total
4,140
4,095
4,050
4,097
3,956
Europe/Mediterranean fleet:
PSV > 900
3,834
3,913
3,864
3,727
3,680
PSV < 900
1,018
1,001
911
859
828
AHTS > 16K
276
273
173
92
92
AHTS 8 - 16K
92
17
—
—
—
Total
5,220
5,204
4,948
4,678
4,600
West Africa fleet:
PSV > 900
642
455
456
619
688
PSV < 900
1,472
1,456
1,487
1,625
1,656
AHTS > 16K
460
455
466
538
460
AHTS 8 - 16K
1,104
1,166
1,170
1,196
1,196
AHTS 4 - 8K
92
91
90
154
184
Other
1,196
1,324
1,412
1,485
1,817
Total
4,966
4,947
5,081
5,617
6,001
Worldwide fleet:
PSV > 900
6,500
6,370
6,300
6,348
6,348
PSV < 900
6,856
6,188
6,188
6,348
6,348
AHTS > 16K
1,012
1,001
990
1,012
1,012
AHTS 8 - 16K
1,932
1,911
1,890
1,932
1,932
AHTS 4 - 8K
1,840
1,820
1,800
1,902
1,932
Other
1,288
1,415
1,502
1,669
2,001
Total
19,428
18,705
18,670
19,211
19,573
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
PSV > 900
92
91
45
—
—
PSV < 900
276
273
378
385
184
Total
368
364
423
385
184
Middle East fleet:
PSV < 900
61
—
—
—
—
Total
61
—
—
—
—
West Africa fleet:
AHTS 4 - 8K
—
—
—
62
92
Other
—
141
242
289
404
Total
—
141
242
351
496
Worldwide fleet:
PSV > 900
92
91
45
—
—
PSV < 900
337
273
378
385
184
AHTS 4 - 8K
—
—
—
62
92
Other
—
141
242
289
404
Total
429
505
665
736
680
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
PSV > 900
980
910
1,018
1,082
1,060
PSV < 900
1,612
1,001
1,029
1,148
1,380
AHTS > 16K
92
91
171
184
184
AHTS 8 - 16K
92
91
90
92
92
AHTS 4 - 8K
184
182
180
184
184
Other
92
91
90
184
93
Total
3,052
2,366
2,578
2,874
2,993
Asia Pacific fleet:
PSV > 900
860
910
827
828
828
PSV < 900
638
637
583
491
460
AHTS > 16K
184
182
180
198
276
AHTS 8 - 16K
—
—
—
43
184
Other
—
—
—
—
91
Total
1,682
1,729
1,590
1,560
1,839
Middle East fleet:
PSV > 900
92
91
90
92
92
PSV < 900
1,779
1,820
1,800
1,840
1,840
AHTS 8 - 16K
644
637
630
601
460
AHTS 4 - 8K
1,564
1,547
1,530
1,564
1,564
Total
4,079
4,095
4,050
4,097
3,956
Europe/Mediterranean fleet:
PSV > 900
3,834
3,913
3,864
3,727
3,680
PSV < 900
1,018
1,001
911
859
828
AHTS > 16K
276
273
173
92
92
AHTS 8 - 16K
92
17
—
—
—
Total
5,220
5,204
4,948
4,678
4,600
West Africa fleet:
PSV > 900
642
455
456
619
688
PSV < 900
1,472
1,456
1,487
1,625
1,656
AHTS > 16K
460
455
466
538
460
AHTS 8 - 16K
1,104
1,166
1,170
1,196
1,196
AHTS 4 - 8K
92
91
90
92
92
Other
1,196
1,183
1,170
1,196
1,413
Total
4,966
4,806
4,839
5,266
5,505
Worldwide fleet:
PSV > 900
6,408
6,279
6,255
6,348
6,348
PSV < 900
6,519
5,915
5,810
5,963
6,164
AHTS > 16K
1,012
1,001
990
1,012
1,012
AHTS 8 - 16K
1,932
1,911
1,890
1,932
1,932
AHTS 4 - 8K
1,840
1,820
1,800
1,840
1,840
Other
1,288
1,274
1,260
1,380
1,597
Total
18,999
18,200
18,005
18,475
18,893
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
UTILIZATION - TOTAL FLEET:
Americas fleet:
PSV > 900
74.1
%
64.9
%
68.2
%
74.9
%
83.6
%
PSV < 900
69.6
62.5
57.5
58.4
70.3
AHTS > 16K
75.5
100.0
67.4
98.1
92.7
AHTS 8 - 16K
69.1
100.0
70.8
100.0
100.0
AHTS 4 - 8K
100.0
97.3
100.0
97.3
100.0
Other
43.9
58.2
100.0
75.9
96.4
Total
72.1
%
68.0
%
66.1
%
70.4
%
79.4
%
Asia Pacific fleet:
PSV > 900
58.9
%
71.7
%
84.6
%
75.8
%
75.2
%
PSV < 900
78.9
83.2
84.2
96.0
90.3
AHTS > 16K
90.6
62.1
29.0
42.0
63.7
AHTS 8 - 16K
—
—
—
35.9
35.1
Other
—
—
—
—
99.5
Total
69.9
%
74.9
%
78.2
%
76.8
%
74.5
%
Middle East fleet:
PSV > 900
100.0
%
100.0
%
100.0
%
100.0
%
82.6
%
PSV < 900
84.4
86.3
79.4
82.9
79.2
AHTS 8 - 16K
70.0
82.0
81.8
69.1
65.1
AHTS 4 - 8K
67.1
74.1
75.3
79.0
86.0
Total
76.0
%
81.3
%
78.7
%
79.8
%
80.3
%
Europe/Mediterranean fleet:
PSV > 900
92.6
%
88.5
%
82.7
%
87.7
%
88.7
%
PSV < 900
92.5
92.2
77.2
85.8
81.2
AHTS > 16K
75.1
80.5
34.9
78.0
100.0
AHTS 8 - 16K
24.2
—
—
—
—
Total
90.4
%
88.5
%
80.0
%
87.2
%
87.5
%
West Africa fleet:
PSV > 900
51.3
%
96.3
%
66.2
%
71.0
%
66.8
%
PSV < 900
73.6
76.9
89.9
68.8
53.8
AHTS > 16K
96.5
94.7
86.8
87.3
79.9
AHTS 8 - 16K
59.2
54.5
84.4
96.9
84.9
AHTS 4 - 8K
61.5
66.4
100.0
59.7
50.0
Other
80.5
78.4
72.2
65.4
50.3
Total
71.1
%
75.3
%
81.5
%
75.7
%
62.3
%
Worldwide fleet:
PSV > 900
81.1
%
83.1
%
79.6
%
82.5
%
83.6
%
PSV < 900
78.7
79.8
77.1
74.8
71.5
AHTS > 16K
87.7
85.4
63.9
79.6
79.7
AHTS 8 - 16K
61.6
65.3
82.9
87.1
76.1
AHTS 4 - 8K
70.1
76.1
79.0
79.2
83.9
Other
77.9
77.1
73.8
66.5
54.6
Total
77.4
%
79.2
%
77.7
%
78.6
%
75.8
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
UTILIZATION - ACTIVE FLEET:
Americas fleet:
PSV > 900
81.1
%
71.4
%
71.3
%
74.9
%
83.6
%
PSV < 900
81.5
79.5
78.7
77.9
79.7
AHTS > 16K
75.5
100.0
67.4
98.1
92.7
AHTS 8 - 16K
69.1
100.0
70.8
100.0
100.0
AHTS 4 - 8K
100.0
97.3
100.0
97.3
100.0
Other
43.9
58.2
100.0
75.9
96.4
Total
80.8
%
78.5
%
77.0
%
79.9
%
84.3
%
Asia Pacific fleet:
PSV > 900
58.9
%
71.7
%
84.6
%
75.8
%
75.2
%
PSV < 900
78.9
83.2
84.2
96.0
90.3
AHTS > 16K
90.6
62.1
29.0
42.0
63.7
AHTS 8 - 16K
—
—
—
35.9
35.1
Other
—
—
—
—
99.5
Total
69.9
%
74.9
%
78.2
%
76.8
%
74.5
%
Middle East fleet:
PSV > 900
100.0
%
100.0
%
100.0
%
100.0
%
82.6
%
PSV < 900
87.3
86.3
79.4
82.9
79.2
AHTS 8 - 16K
70.0
82.0
81.8
69.1
65.1
AHTS 4 - 8K
67.1
74.1
75.3
79.0
86.0
Total
77.1
%
81.3
%
78.7
%
79.8
%
80.3
%
Europe/Mediterranean fleet:
PSV > 900
92.6
%
88.5
%
82.7
%
87.7
%
88.7
%
PSV < 900
92.5
92.2
77.2
85.8
81.2
AHTS > 16K
75.1
80.5
34.9
78.0
100.0
AHTS 8 - 16K
24.2
—
—
—
—
Total
90.4
%
88.5
%
80.0
%
87.2
%
87.5
%
West Africa fleet:
PSV > 900
51.3
%
96.3
%
66.2
%
71.0
%
66.8
%
PSV < 900
73.6
76.9
89.9
68.8
53.8
AHTS > 16K
96.5
94.7
86.8
87.3
79.9
AHTS 8 - 16K
59.2
54.5
84.4
96.9
84.9
AHTS 4 - 8K
61.5
66.4
100.0
100.0
100.0
Other
80.5
87.7
87.1
81.2
64.6
Total
71.1
%
77.5
%
85.5
%
80.7
%
67.9
%
Worldwide fleet:
PSV > 900
82.3
%
84.3
%
80.2
%
82.5
%
83.6
%
PSV < 900
82.8
83.5
82.1
79.6
73.6
AHTS > 16K
87.7
85.4
63.9
79.6
79.7
AHTS 8 - 16K
61.6
65.3
82.9
87.1
76.1
AHTS 4 - 8K
70.1
76.1
79.0
81.9
88.1
Other
77.9
85.6
88.0
80.5
68.5
Total
79.2
%
81.4
%
80.6
%
81.7
%
78.5
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900
$
34,153
$
35,554
$
34,675
$
35,891
$
34,365
PSV < 900
27,875
27,115
28,460
28,021
30,326
AHTS > 16K
35,392
35,619
36,124
35,038
35,435
AHTS 8 - 16K
15,211
13,878
13,944
14,368
13,672
AHTS 4 - 8K
23,014
22,816
22,253
22,733
22,942
Other
14,062
14,212
14,197
27,545
17,456
Total
29,194
29,056
29,501
30,362
30,487
Asia Pacific fleet:
PSV > 900
36,563
36,304
35,539
35,929
36,371
PSV < 900
40,502
38,381
38,297
29,975
29,908
AHTS > 16K
33,473
34,182
54,481
59,996
68,580
AHTS 8 - 16K
—
—
—
13,776
23,531
Other
—
—
—
—
55,320
Total
37,858
37,013
37,470
35,025
39,196
Middle East fleet:
PSV > 900
29,337
25,700
26,425
28,955
16,391
PSV < 900
14,904
14,798
14,883
15,405
13,878
AHTS 8 - 16K
16,791
14,213
14,179
13,033
12,290
AHTS 4 - 8K
12,392
13,494
12,670
12,487
12,555
Total
14,758
14,555
14,295
14,381
13,228
Europe/Mediterranean fleet:
PSV > 900
24,905
23,760
21,221
19,640
20,630
PSV < 900
22,058
21,456
20,269
19,625
20,674
AHTS > 16K
55,455
44,502
74,726
46,204
23,122
AHTS 8 - 16K
29,109
—
—
—
—
Total
25,748
24,341
21,954
20,173
20,752
West Africa fleet:
PSV > 900
33,894
31,515
32,171
29,383
31,188
PSV < 900
22,328
23,573
22,828
24,213
26,729
AHTS > 16K
33,785
33,786
33,884
32,256
32,746
AHTS 8 - 16K
22,616
21,303
22,825
23,470
22,524
AHTS 4 - 8K
15,406
15,509
15,510
15,511
15,516
Other
7,299
7,713
7,814
8,180
8,264
Total
20,692
20,751
20,732
21,583
21,940
Worldwide fleet:
PSV > 900
28,057
27,429
25,917
25,087
25,625
PSV < 900
23,191
22,547
22,617
21,959
22,867
AHTS > 16K
38,913
36,789
39,900
36,991
40,037
AHTS 8 - 16K
20,136
17,797
19,621
20,306
19,931
AHTS 4 - 8K
14,038
14,775
14,062
13,888
13,902
Other
7,865
8,303
8,687
10,923
13,127
Total
$
23,775
$
22,938
$
22,283
$
22,044
$
22,798
Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Americas
Vessel revenues
$
71,997
$
53,969
$
58,526
$
69,706
$
76,913
Vessel operating costs:
Crew costs
24,255
17,972
19,729
22,429
22,634
Repair and maintenance
7,081
5,706
5,228
6,286
5,350
Insurance
499
429
462
540
570
Fuel, lube and supplies
3,533
3,252
2,887
2,739
2,464
Other
6,287
5,276
5,564
5,875
4,598
Total vessel operating costs
41,655
32,635
33,870
37,869
35,616
Vessel operating margin ($)
30,342
21,334
24,656
31,837
41,297
Vessel operating margin (%)
42.1
%
39.5
%
42.1
%
45.7
%
53.7
%
Americas - Select operating statistics
Average vessels - Total fleet
38
30
33
36
35
Utilization - Total fleet
72.1
%
68.0
%
66.1
%
70.4
%
79.4
%
Average vessels - Active fleet
34
26
29
32
33
Utilization - Active fleet
80.8
%
78.5
%
77.0
%
79.9
%
84.3
%
Average day rates
$
29,194
$
29,056
$
29,501
$
30,362
$
30,487
Vessels commencing drydocks
7
3
4
3
—
Deferred drydocking and survey costs - beginning balance
$
21,532
$
19,996
$
19,907
$
22,400
$
25,608
Cash paid for deferred drydocking and survey costs
10,647
3,634
10,685
2,858
1,082
Amortization of deferred drydocking and survey costs
(4,626
)
(4,269
)
(4,688
)
(5,351
)
(5,817
)
Disposals, intersegment transfers and other
1
2,171
(5,908
)
—
1,527
Deferred drydocking and survey costs - ending balance
$
27,554
$
21,532
$
19,996
$
19,907
$
22,400
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Asia Pacific
Vessel revenues
$
44,538
$
47,948
$
46,564
$
42,037
$
53,786
Vessel operating costs:
Crew costs
18,516
17,630
15,867
14,304
20,887
Repair and maintenance
3,407
3,136
2,957
3,427
3,842
Insurance
273
283
254
331
330
Fuel, lube and supplies
2,112
3,048
2,513
1,890
2,443
Other
1,857
2,095
1,754
2,369
2,768
Total vessel operating costs
26,165
26,192
23,345
22,321
30,270
Vessel operating margin ($)
18,373
21,756
23,219
19,716
23,516
Vessel operating margin (%)
41.3
%
45.4
%
49.9
%
46.9
%
43.7
%
Asia Pacific - Select operating statistics
Average vessels - Total fleet
18
19
18
16
20
Utilization - Total fleet
69.9
%
74.9
%
78.2
%
76.8
%
74.5
%
Average vessels - Active fleet
18
19
18
16
20
Utilization - Active fleet
69.9
%
74.9
%
78.2
%
76.8
%
74.5
%
Average day rates
$
37,858
$
37,013
$
37,470
$
35,025
$
39,196
Vessels commencing drydocks
—
1
1
2
3
Deferred drydocking and survey costs - beginning balance
$
10,273
$
12,786
$
10,185
$
14,094
$
13,462
Cash paid for deferred drydocking and survey costs
17
843
452
998
3,340
Amortization of deferred drydocking and survey costs
(2,398
)
(2,377
)
(2,340
)
(1,998
)
(2,578
)
Disposals, intersegment transfers and other
(952
)
(979
)
4,489
(2,909
)
(130
)
Deferred drydocking and survey costs - ending balance
$
6,940
$
10,273
$
12,786
$
10,185
$
14,094
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Middle East
Vessel revenues
$
46,418
$
48,483
$
45,569
$
47,021
$
42,035
Vessel operating costs:
Crew costs
15,450
17,314
15,527
14,207
13,541
Repair and maintenance
5,713
4,514
3,856
6,153
4,556
Insurance
871
852
763
463
484
Fuel, lube and supplies
3,548
3,548
2,684
2,790
2,916
Other
4,732
4,044
4,075
4,570
4,242
Total vessel operating costs
30,314
30,272
26,905
28,183
25,739
Vessel operating margin ($)
16,104
18,211
18,664
18,838
16,296
Vessel operating margin (%)
34.7
%
37.6
%
41.0
%
40.1
%
38.8
%
Middle East - Select operating statistics
Average vessels - Total fleet
45
45
45
45
43
Utilization - Total fleet
76.0
%
81.3
%
78.7
%
79.8
%
80.3
%
Average vessels - Active fleet
44
45
45
45
43
Utilization - Active fleet
77.1
%
81.3
%
78.7
%
79.8
%
80.3
%
Average day rates
$
14,758
$
14,555
$
14,295
$
14,381
$
13,228
Vessels commencing drydocks
8
4
8
9
8
Deferred drydocking and survey costs - beginning balance
$
44,067
$
45,558
$
39,996
$
38,913
$
35,355
Cash paid for deferred drydocking and survey costs
5,619
5,059
11,082
7,127
8,716
Amortization of deferred drydocking and survey costs
(6,195
)
(6,012
)
(6,059
)
(6,044
)
(5,158
)
Disposals, intersegment transfers and other
8
(538
)
539
—
—
Deferred drydocking and survey costs - ending balance
$
43,499
$
44,067
$
45,558
$
39,996
$
38,913
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Europe/Mediterranean
Vessel revenues
$
121,546
$
112,076
$
86,945
$
82,402
$
83,740
Vessel operating costs:
Crew costs
35,282
34,312
31,699
29,932
30,104
Repair and maintenance
9,051
9,419
7,566
7,267
7,481
Insurance
770
810
699
806
797
Fuel, lube and supplies
4,152
5,229
4,651
3,251
3,469
Other
6,920
5,981
5,766
5,258
4,805
Total vessel operating costs
56,175
55,751
50,381
46,514
46,656
Vessel operating margin ($)
65,371
56,325
36,564
35,888
37,084
Vessel operating margin (%)
53.8
%
50.3
%
42.1
%
43.6
%
44.3
%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet
57
57
55
50
50
Utilization - Total fleet
90.4
%
88.5
%
80.0
%
87.2
%
87.5
%
Average vessels - Active fleet
57
57
55
50
50
Utilization - Active fleet
90.4
%
88.5
%
80.0
%
87.2
%
87.5
%
Average day rates
$
25,748
$
24,341
$
21,954
$
20,173
$
20,752
Vessels commencing drydocks
2
5
9
2
3
Deferred drydocking and survey costs - beginning balance
$
38,522
$
36,762
$
28,489
$
30,440
$
35,571
Cash paid for deferred drydocking and survey costs
5,663
10,641
11,214
1,324
2,103
Amortization of deferred drydocking and survey costs
(7,628
)
(8,525
)
(7,527
)
(6,184
)
(6,363
)
Disposals, intersegment transfers and other
(1,177
)
(356
)
4,586
2,909
(871
)
Deferred drydocking and survey costs - ending balance
$
35,380
$
38,522
$
36,762
$
28,489
$
30,440
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
West Africa
Vessel revenues
$
73,048
$
77,255
$
85,814
$
91,717
$
82,017
Vessel operating costs:
Crew costs
17,266
17,997
16,065
19,300
18,363
Repair and maintenance
6,442
6,178
5,197
6,243
7,407
Insurance
535
565
482
683
711
Fuel, lube and supplies
6,472
5,969
3,719
4,557
5,149
Other
5,217
5,187
6,223
6,449
6,219
Total vessel operating costs
35,932
35,896
31,686
37,232
37,849
Vessel operating margin ($)
37,116
41,359
54,128
54,485
44,168
Vessel operating margin (%)
50.8
%
53.5
%
63.1
%
59.4
%
53.9
%
West Africa - Select operating statistics
Average vessels - Total fleet
54
55
56
62
65
Utilization - Total fleet
71.1
%
75.3
%
81.5
%
75.7
%
62.3
%
Average vessels - Active fleet
54
53
53
58
60
Utilization - Active fleet
71.1
%
77.5
%
85.5
%
80.7
%
67.9
%
Average day rates
$
20,692
$
20,751
$
20,732
$
21,583
$
21,940
Vessels commencing drydocks
3
2
3
1
2
Deferred drydocking and survey costs - beginning balance
$
28,502
$
32,769
$
41,159
$
48,387
$
55,663
Cash paid for deferred drydocking and survey costs
6,230
3,164
2,948
1,546
2,404
Amortization of deferred drydocking and survey costs
(6,833
)
(7,133
)
(7,508
)
(8,774
)
(9,154
)
Disposals, intersegment transfers and other
2,121
(298
)
(3,830
)
—
(526
)
Deferred drydocking and survey costs - ending balance
$
30,020
$
28,502
$
32,769
$
41,159
$
48,387
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Worldwide
Vessel revenues
$
357,547
$
339,731
$
323,418
$
332,883
$
338,491
Vessel operating costs:
Crew costs
110,769
105,225
98,887
100,172
105,529
Repair and maintenance
31,694
28,953
24,804
29,376
28,636
Insurance
2,948
2,939
2,660
2,823
2,892
Fuel, lube and supplies
19,817
21,046
16,454
15,227
16,441
Other
25,013
22,583
23,382
24,521
22,632
Total vessel operating costs
190,241
180,746
166,187
172,119
176,130
Vessel operating margin ($)
167,306
158,985
157,231
160,764
162,361
Vessel operating margin (%)
46.8
%
46.8
%
48.6
%
48.3
%
48.0
%
Worldwide - Select operating statistics
Average vessels - Total fleet
212
206
207
209
213
Utilization - Total fleet
77.4
%
79.2
%
77.7
%
78.6
%
75.8
%
Average vessels - Active fleet
207
200
200
201
206
Utilization - Active fleet
79.2
%
81.4
%
80.6
%
81.7
%
78.5
%
Average day rates
$
23,775
$
22,938
$
22,283
$
22,044
$
22,798
Vessels commencing drydocks
20
15
25
17
16
Deferred drydocking and survey costs - beginning balance
$
142,896
$
147,871
$
139,736
$
154,234
$
165,659
Cash paid for deferred drydocking and survey costs
28,176
23,341
36,381
13,853
17,645
Amortization of deferred drydocking and survey costs
(27,680
)
(28,316
)
(28,122
)
(28,351
)
(29,070
)
Disposals, intersegment transfers and other
1
—
(124
)
—
—
Deferred drydocking and survey costs - ending balance
$
143,393
$
142,896
$
147,871
$
139,736
$
154,234
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Net income (loss)
$
17,231
$
21,082
$
5,976
$
219,449
$
(1,018
)
Interest and other debt costs
16,075
16,426
16,891
16,715
16,589
Income tax expense
18,195
25,062
34,903
(166,612
)
21,711
Depreciation
47,027
38,096
38,497
37,838
37,334
Amortization of deferred drydock and survey costs
27,680
28,316
28,122
28,351
29,070
Amortization of below market contracts
—
—
—
(219
)
(283
)
EBITDA (A), (B), (C)
126,208
128,982
124,389
135,522
103,403
Non-cash stock compensation expense
3,649
3,745
3,063
3,454
3,481
Loss on early extinguishment of debt
—
—
—
12
27,101
Acquisition, restructuring and integration related costs
10,224
2,733
1,978
4,064
3,941
Adjusted EBITDA (A), (B), (C)
$
140,081
$
135,460
$
129,430
$
143,052
$
137,926
Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization of deferred drydock and below market contracts. Additionally, Adjusted EBITDA excludes non-cash indemnification assets charge (credit) included in interest income and other; non-cash stock-based compensation expense; loss on early extinguishment of debt; and acquisition, restructuring and integration related costs.
Note (B): EBITDA for the three months ended September 30, 2026, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,649, $3,745, $3,063, $3,454 and $3,481 respectively.
Note (C): EBITDA and Adjusted EBITDA for the three months ended September 30, 2026, and for each of the prior four quarters includes foreign exchange gain (losses) of $(3,674), $(688), $(3,403), $2,134 and $1,277 respectively.
Non-GAAP Financial Measures
We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes non-cash indemnification asset charge (credit), non-cash stock-based compensation expense, loss on early extinguishment of debt and acquisition, restructuring and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.
Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.
EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.
EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Net cash provided by operating activities (A)
$
75,221
$
67,043
$
19,179
$
152,960
$
72,079
Cash interest expense
30,814
540
31,554
576
17,735
Interest income and other (net of certain non-cash items)
(5,352
)
661
(2,939
)
(3,455
)
(1,860
)
Additions to property and equipment
(9,380
)
(14,923
)
(14,885
)
(5,147
)
(5,122
)
(272,975
—
—
—
—
272,975
—
—
—
—
Effects of exchange rate changes on cash
(407
)
(484
)
(1,813
)
910
(1,377
)
90,896
52,837
31,096
145,844
81,455
Proceeds from asset sales
—
11,527
3,329
5,331
1,204
Free cash flow
$
90,896
$
64,364
$
34,425
$
151,175
$
82,659
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
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments
$
5,665
$
(7,521
)
$
(34,008
)
$
68,133
$
(9,210
)
Cash paid for deferred drydock and survey costs
(28,176
)
(23,341
)
(36,381
)
(13,853
)
(17,645
)
Total sources (uses) of cash for changes in assets and liabilities
$
(22,511
)
$
(30,862
)
$
(70,389
)
$
54,280
$
(26,855
)