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

8/4/25 4:22:00 PM ET

$TDW

Marine Transportation

Consumer Discretionary

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Second Quarter 2025 Highlights

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

Share Repurchase Program and 2025 Guidance

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

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

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

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

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

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

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

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

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

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

Tidewater will hold a conference call to discuss results for the three months ending June 30, 2025 on August 5, 2025, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 8745688 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater's website at investor.tdw.com.

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on August 5, 2025. To access the replay, visit the Investor Relations section of Tidewater's website at investor.tdw.com.

About Tidewater

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

Cautionary Statement

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

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

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

Financial information is displayed beginning on the next page.

The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at June 30, 2025 and December 31, 2024; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2025 and 2024; and the Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024. Extracts are drawn from the June 30, 2025 unaudited quarterly and December 31, 2024 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.


TIDEWATER INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (In Thousands, except per share data)

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


TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)

	June 30, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	369,405		$	324,918
Restricted cash		21			2,032
Trade and other receivables, net of allowance for credit losses of $3,031 and $3,184 at June 30, 2025 and December 31, 2024, respectively		316,491			323,805
Marine operating supplies		24,467			34,319
Prepaid expenses and other current assets		14,123			13,588
Total current assets		724,507			698,662
Net properties and equipment		1,132,114			1,184,282
Deferred drydocking and survey costs		165,659			152,550
Indemnification assets		11,158			11,946
Other assets		40,934			27,464
Total assets	$	2,074,372		$	2,074,904

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	48,715		$	71,385
Accrued expenses		131,305			129,894
Current portion of long-term debt		93,366			65,386
Other current liabilities		69,688			64,948
Total current liabilities		343,074			331,613
Long-term debt		531,874			571,710
Other liabilities		63,197			60,396

Commitments and contingencies

Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 49,481,018 and 51,461,472 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		50			52
Additional paid-in-capital		1,656,626			1,656,830
Accumulated deficit		(524,235	)		(548,831	)
Accumulated other comprehensive loss		7,273			6,060
Total stockholders' equity		1,139,714			1,114,111
Noncontrolling interests		(3,487	)		(2,926	)
Total equity		1,136,227			1,111,185
Total liabilities and equity	$	2,074,372		$	2,074,904


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands)

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


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)

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

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	29,499	$	30,546
Income taxes	$	32,653	$	33,084
Supplemental disclosure of noncash investing activities:
Purchase of vessels	$	10,727	$	—
Supplemental disclosure of noncash financing activities:
Debt incurred for the purchase of vessels	$	11,479	$	—

Note: Cash, cash equivalents and restricted cash at June 30, 2025 includes $2.9 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In Thousands)

	Three Months Ended
									Accumulated
				Additional					other			Non
	Common			paid-in		Accumulated			comprehensive			controlling
	stock			capital		deficit			income			interest			Total
Balance at March 31, 2025	$	51		$	1,652,856	$	(545,890	)	$	6,607		$	(3,259	)	$	1,110,365
Total comprehensive income (loss)		—			—		72,930			666			(228	)		73,368
Repurchase and retirement of common stock		(1	)		—		(51,275	)		—			—			(51,276	)
Amortization of share-based awards		—			3,770		—			—			—			3,770
Balance at June 30, 2025	$	50		$	1,656,626	$	(524,235	)	$	7,273		$	(3,487	)	$	1,136,227

Balance at March 31, 2024	$	53		$	1,646,061	$	(594,347	)	$	5,209		$	(1,823	)	$	1,055,153
Total comprehensive income (loss)		—			—		50,354			(147	)		(437	)		49,770
Issuance of common stock		—			2		—			—			—			2
Repurchase and retirement of common stock		(1	)		—		(29,397	)		—			—			(29,398	)
Amortization of share-based awards		—			3,460		—			—			—			3,460
Balance at June 30, 2024	$	52		$	1,649,523	$	(573,390	)	$	5,062		$	(2,260	)	$	1,078,987

	Six Months Ended
										Accumulated
				Additional						other			Non
	Common			paid-in			Accumulated			comprehensive			controlling
	stock			capital			deficit			income (loss)			interest			Total
Balance at December 31, 2024	$	52		$	1,656,830		$	(548,831	)	$	6,060		$	(2,926	)	$	1,111,185
Total comprehensive income (loss)		—			—			115,583			1,213			(561	)		116,235
Repurchase and retirement of common stock		(2	)		—			(90,987	)		—			—			(90,989	)
Amortization of share-based awards		—			(204	)		—			—			—			(204	)
Balance at June 30, 2025	$	50		$	1,656,626		$	(524,235	)	$	7,273		$	(3,487	)	$	1,136,227


Balance at December 31, 2023	$	52		$	1,671,759		$	(637,838	)	$	5,266		$	(1,542	)	$	1,037,697
Total comprehensive income (loss)		—			—			97,380			(204	)		(718	)		96,458
Issuance of common stock		1			1			—			—			—			2
Repurchase and retirement of common stock		(1	)		—			(32,932	)		—			—			(32,933	)
Amortization of share-based awards		—			(22,237	)		—			—			—			(22,237	)
Balance at June 30, 2024	$	52		$	1,649,523		$	(573,390	)	$	5,062		$	(2,260	)	$	1,078,987


The company's vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:

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

Note (A): Vessel operating margin equals vessel revenues less vessel operating costs.


The company's operating income (loss) and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows:

(In Thousands)	Three Months Ended										Six Months Ended
	June 30, 2025					June 30, 2024					June 30, 2025					June 30, 2024
Vessel operating profit:
Americas	$	20,242		6	%	$	20,148		6	%	$	25,137		4	%	$	30,274		5	%
Asia Pacific		11,778		3	%		16,931		5	%		25,458		4	%		31,778		5	%
Middle East		3,894		1	%		(1,842	)	(1	)%		12,457		2	%		(313	)	(0	)%
Europe/Mediterranean		29,227		9	%		15,129		4	%		36,605		5	%		29,886		4	%
West Africa		26,017		8	%		37,739		11	%		77,630		12	%		78,749		12	%
Other operating profit		1,465		0	%		1,411		1	%		2,780		0	%		2,739		0	%
		92,623		27	%		89,516		26	%		180,067		27	%		173,113		26	%

Corporate expenses (A)		(17,181	)	(5	)%		(13,389	)	(4	)%		(32,116	)	(5	)%		(26,127	)	(4	)%
Gain on asset dispositions, net		5,480		2	%		2,000		1	%		8,018		1	%		13,039		2	%
Operating income	$	80,922		24	%	$	78,127		23	%	$	155,969		23	%	$	160,025		24	%

Note (A): General and administrative expenses for the three and six months ended June 30, 2025 include stock-based compensation of $4.0 million and $7.5 million, respectively. General and administrative expenses for the three and six months ended June 30, 2024 include stock-based compensation of $3.4 million and $6.2 million, respectively. In addition, vessel operating and general and administrative costs for the three and six months ended June 30, 2025, include $0.3 and $0.3 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and six months ended June 30, 2024, include nil and $0.7 million in acquisition, restructuring and integration related costs, respectively.


TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA (In Thousands, except per share data)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024
Revenues:
Vessel revenues	$	336,858		$	330,699		$	343,463		$	338,485		$	337,003
Other operating revenues		4,573			2,745			1,622			1,871			2,227
Total revenues		341,431			333,444			345,085			340,356			339,230
Costs and expenses:
Vessel operating costs (A)		167,354			164,979			170,384			178,654			176,513
Costs of other operating revenue		3,108			1,430			688			901			816
General and administrative (A)		31,213			29,094			30,688			28,471			26,329
Depreciation and amortization		64,314			65,432			64,620			62,435			59,445
Gain on asset dispositions, net		(5,480	)		(2,538	)		(2,672	)		(51	)		(2,000	)
Total operating costs and expenses		260,509			258,397			263,708			270,410			261,103
Operating income		80,922			75,047			81,377			69,946			78,127
Other income (expense):
Foreign exchange gain (loss)		11,703			7,569			(14,337	)		5,522			(2,376	)
Equity in net earnings of unconsolidated companies		—			—			—			—			5
Interest income and other, net		2,103			2,157			2,697			1,028			1,175
Interest and other debt costs, net		(16,442	)		(16,344	)		(16,742	)		(17,622	)		(19,127	)
Total other expense		(2,636	)		(6,618	)		(28,382	)		(11,072	)		(20,323	)
Income before income taxes		78,286			68,429			52,995			58,874			57,804
Income tax expense		5,584			26,109			16,376			12,883			7,887
Net income		72,702			42,320			36,619			45,991			49,917
Net loss attributable to noncontrolling interests		(228	)		(333	)		(286	)		(380	)		(437	)
Net income attributable to Tidewater Inc.	$	72,930		$	42,653		$	36,905		$	46,371		$	50,354
Basic income per common share	$	1.47		$	0.83		$	0.71		$	0.88		$	0.96
Diluted income per common share	$	1.46		$	0.83		$	0.70		$	0.87		$	0.94
Weighted average common shares outstanding		49,674			51,502			52,315			52,490			52,684
Dilutive effect of warrants, restricted stock units and stock options		337			176			514			593			663
Adjusted weighted average common shares		50,011			51,678			52,829			53,083			53,347

Vessel operating margin	$	169,504		$	165,720		$	173,079		$	159,831		$	160,490

Note (A): Acquisition, restructuring and integration related costs	$	340		$	—		$	978		$	581		$	—


TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)

	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024
ASSETS
Current assets:
Cash and cash equivalents	$	369,405		$	341,799		$	324,918		$	280,840		$	315,897
Restricted cash		21			5,234			2,032			7,259			3,527
Trade and other receivables, net		316,491			312,904			323,805			293,085			280,498
Marine operating supplies		24,467			23,101			34,319			26,670			26,908
Prepaid expenses and other current assets		14,123			15,160			13,588			18,117			20,115
Total current assets		724,507			698,198			698,662			625,971			646,945
Net properties and equipment		1,132,114			1,163,758			1,184,282			1,220,056			1,253,583
Deferred drydocking and survey costs		165,659			169,326			152,550			160,944			148,657
Indemnification assets		11,158			11,114			11,946			12,216			10,920
Other assets		40,934			23,770			27,464			27,944			29,643
Total assets	$	2,074,372		$	2,066,166		$	2,074,904		$	2,047,131		$	2,089,748

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	48,715		$	50,203		$	71,385		$	64,058		$	60,740
Accrued expenses		131,305			133,000			129,894			117,878			133,149
Current portion of long-term debt		93,366			80,042			65,386			53,105			102,993
Other current liabilities		69,688			74,299			64,948			38,532			43,342
Total current liabilities		343,074			337,544			331,613			273,573			340,224
Long-term debt		531,874			555,994			571,710			597,352			607,998
Other liabilities		63,197			62,263			60,396			62,366			62,539


Equity:
Common stock		50			51			52			52			52
Additional paid-in-capital		1,656,626			1,652,856			1,656,830			1,653,027			1,649,523
Accumulated deficit		(524,235	)		(545,890	)		(548,831	)		(541,191	)		(573,390	)
Accumulated other comprehensive income		7,273			6,607			6,060			4,592			5,062
Total stockholders' equity		1,139,714			1,113,624			1,114,111			1,116,480			1,081,247
Noncontrolling interests		(3,487	)		(3,259	)		(2,926	)		(2,640	)		(2,260	)
Total equity		1,136,227			1,110,365			1,111,185			1,113,840			1,078,987
Total liabilities and equity	$	2,074,372		$	2,066,166		$	2,074,904		$	2,047,131		$	2,089,748


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA (In Thousands)

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024
Cash flows from operating activities:
Net income	$	72,702		$	42,320		$	36,619		$	45,991		$	49,917
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		36,909			39,014			38,736			39,239			39,380
Amortization of deferred drydocking and survey costs		27,405			26,418			25,884			23,196			20,065
Amortization of debt premiums and discounts		1,455			1,501			1,612			1,536			1,779
Amortization of below market contracts		(347	)		(351	)		(1,071	)		(1,073	)		(1,650	)
Deferred income taxes provision (benefit)		(17,767	)		2,347			(2,863	)		24			(41	)
Gain on asset dispositions, net		(5,480	)		(2,538	)		(2,672	)		(51	)		(2,000	)
Stock-based compensation expense		4,057			3,491			3,886			3,569			3,460
Changes in assets and liabilities:
Trade and other receivables		(3,587	)		10,901			(30,720	)		(12,587	)		5,470
Accounts payable		(1,488	)		(21,182	)		7,327			3,318			8,966
Accrued expenses		(3,329	)		3,106			12,016			(15,271	)		4,048
Deferred drydocking and survey costs		(23,738	)		(43,339	)		(17,674	)		(35,483	)		(40,083	)
Other, net		(1,359	)		24,285			20,223			(3,272	)		(10,666	)
Net cash provided by operating activities		85,433			85,973			91,303			49,136			78,645
Cash flows from investing activities:
Proceeds from asset dispositions		7,268			3,816			4,470			51			2,354
Proceeds from sale of notes		60			600			5,846			1,506			702
Additions to properties and equipment		(5,226	)		(10,266	)		(4,534	)		(5,712	)		(6,392	)
Net cash provided by (used in) investing activities		2,102			(5,850	)		5,782			(4,155	)		(3,336	)
Cash flows from financing activities:
Exercise of warrants		—			—			2			—			2
Principal payments on long-term debt		(14,041	)		(12,500	)		(14,023	)		(62,500	)		(14,007	)
Purchase of common stock		(50,814	)		(39,275	)		(44,103	)		(13,741	)		(29,397	)
Debt issuance costs		—			—			(20	)		—			(58	)
Share based awards reacquired to pay taxes		(287	)		(7,465	)		(86	)		(65	)		(1	)
Net cash used in financing activities		(65,142	)		(59,240	)		(58,230	)		(76,306	)		(43,461	)
Net change in cash, cash equivalents and restricted cash		22,393			20,883			38,855			(31,325	)		31,848
Cash, cash equivalents and restricted cash at beginning of period		349,914			329,031			290,176			321,501			289,653
Cash, cash equivalents and restricted cash at end of period	$	372,307		$	349,914		$	329,031		$	290,176		$	321,501

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	11,994		$	17,505		$	12,816		$	23,535		$	14,925
Income taxes	$	17,505		$	15,148		$	11,268		$	12,557		$	17,481
Supplemental disclosure of noncash investing activities:
Purchase of vessels	$	1,629		$	9,098		$	—		$	—		$	—
Supplemental disclosure of noncash financing activities:
Debt incurred for purchase of vessels	$	1,767		$	9,712		$	—		$	—		$	—


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

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

Americas fleet:
PSV > 900	$	26,874	$	23,243	$	24,158	$	27,192	$	31,400
PSV < 900		27,734		21,146		26,743		26,926		28,010
AHTS > 16K		5,243		3,958		2,969		6,249		7,228
AHTS 8 - 16K		1,110		1,242		930		908		2,002
AHTS 4 - 8K		4,153		1,752		1,726		351		219
Other		3,644		3,511		3,714		2,980		4,283
Total		68,758		54,852		60,240		64,606		73,142
Asia Pacific fleet:
PSV > 900		20,878		20,457		18,881		19,535		21,578
PSV < 900		11,194		15,311		16,101		17,214		14,402
AHTS > 16K		11,655		8,792		10,851		12,358		7,815
AHTS 8 - 16K		1,804		2,394		2,836		4,640		7,874
AHTS 4 - 8K		—		1,108		2,020		2,182		1,269
Other		165		166		354		354		2,283
Total		45,696		48,228		51,043		56,283		55,221
Middle East fleet:
PSV > 900		599		1,446		1,485		1,387		1,359
PSV < 900		18,849		22,494		21,962		19,909		19,963
AHTS > 16K		—		—		—		—		(3	)
AHTS 8 - 16K		5,175		3,474		3,425		3,450		3,163
AHTS 4 - 8K		15,592		15,888		13,900		12,201		12,054
Total		40,215		43,302		40,772		36,947		36,536
Europe/Mediterranean fleet:
PSV > 900		78,778		64,207		66,380		66,808		64,875
PSV < 900		15,739		11,763		15,287		13,679		13,290
AHTS > 16K		4,266		1,669		1,378		3,790		4,057
Other		497		566		1,064		1,048		1,044
Total		99,280		78,205		84,109		85,325		83,266
West Africa fleet:
PSV > 900		19,600		30,203		28,064		17,012		20,044
PSV < 900		24,815		37,021		44,047		41,367		32,601
AHTS > 16K		9,934		10,172		9,602		8,916		8,065
AHTS 8 - 16K		21,725		20,775		17,898		18,453		18,466
AHTS 4 - 8K		1,457		2,086		3,185		3,100		2,827
Other		5,378		5,855		4,503		6,476		6,835
Total		82,909		106,112		107,299		95,324		88,838
Worldwide fleet:
PSV > 900		146,729		139,556		138,968		131,934		139,256
PSV < 900		98,331		107,735		124,140		119,095		108,266
AHTS > 16K		31,098		24,591		24,800		31,313		27,162
AHTS 8 - 16K		29,814		27,885		25,089		27,451		31,505
AHTS 4 - 8K		21,202		20,834		20,831		17,834		16,369
Other		9,684		10,098		9,635		10,858		14,445
Total	$	336,858	$	330,699	$	343,463	$	338,485	$	337,003


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

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

Americas fleet:
PSV > 900		11			10			10		10		11
PSV < 900		16			16			16		17		17
AHTS > 16K		2			2			2		2		2
AHTS 8 - 16K		1			1			1		1		2
AHTS 4 - 8K		2			2			2		2		2
Other		2			2			2		2		1
Total		34			33			33		34		35
Stacked vessels		(2	)		(1	)		—		—		—
Active vessels		32			32			33		34		35
Asia Pacific fleet:
PSV > 900		9			9			9		9		9
PSV < 900		5			5			5		5		5
AHTS > 16K		3			3			3		3		3
AHTS 8 - 16K		2			2			2		2		3
AHTS 4 - 8K		1			1			1		1		1
Other		—			—			—		—		1
Total		20			20			20		20		22
Stacked vessels		—			—			—		—		—
Active vessels		20			20			20		20		22
Middle East fleet:
PSV > 900		1			1			1		1		1
PSV < 900		20			20			20		20		20
AHTS 8 - 16K		5			5			5		5		5
AHTS 4 - 8K		17			17			17		17		17
Total		43			43			43		43		43
Stacked vessels		—			—			—		—		—
Active vessels		43			43			43		43		43
Europe/Mediterranean fleet:
PSV > 900		39			39			39		40		39
PSV < 900		9			9			9		9		9
AHTS > 16K		2			2			2		2		2
Total		50			50			50		51		50
Stacked vessels		—			—			—		—		—
Active vessels		50			50			50		51		50
West Africa fleet:
PSV > 900		9			10			10		9		9
PSV < 900		19			20			20		19		19
AHTS > 16K		4			4			4		4		4
AHTS 8 - 16K		14			13			13		13		11
AHTS 4 - 8K		2			2			3		3		4
Other		21			22			20		20		20
Total		69			71			70		68		67
Stacked vessels		(4	)		(6	)		—		-		(1	)
Active vessels		65			65			70		68		66
Worldwide fleet:
PSV > 900		69			69			69		69		69
PSV < 900		69			70			70		70		70
AHTS > 16K		11			11			11		11		11
AHTS 8 - 16K		22			21			21		21		21
AHTS 4 - 8K		22			22			23		23		24
Other		23			24			22		22		22
Total		216			217			216		216		217
Stacked vessels		(6	)		(7	)		—		—		(1	)
Active vessels		210			210			216		216		216

Total active		210			210			216		216		216
Total stacked		6			7			—		—		1
Total		216			217			216		216		217


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

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

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


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

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

Americas fleet:
PSV < 900		182		82		15		—		—
Total		182		82		15		—		—
West Africa fleet:
AHTS 4 - 8K		91		49		—		—		57
Other		312		477		—		—		—
Total		403		526		—		—		57
Worldwide fleet:
PSV < 900		182		82		15		—		—
AHTS 4 - 8K		91		49		—		—		57
Other		312		477		—		—		—
Total		585		608		15		—		57


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

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

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


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

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

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


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

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

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


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

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

Americas fleet:
PSV > 900	$	32,617	$	32,992	$	33,907	$	35,404	$	35,490
PSV < 900		29,222		27,862		24,479		22,986		22,542
AHTS > 16K		37,252		35,888		32,095		40,478		40,088
AHTS 8 - 16K		13,151		13,796		13,079		12,925		18,771
AHTS 4 - 8K		22,943		21,889		10,399		8,167		8,453
Other		24,369		21,251		27,870		23,420		30,266
Total		29,526		28,733		26,563		27,676		28,317
Asia Pacific fleet:
PSV > 900		36,341		37,304		35,984		37,341		30,070
PSV < 900		32,803		36,309		35,192		40,805		32,875
AHTS > 16K		48,255		48,843		52,170		54,756		43,808
AHTS 8 - 16K		28,856		20,764		23,746		35,682		35,678
AHTS 4 - 8K		—		21,890		21,959		25,883		17,758
Other		—		—		—		—		43,350
Total		37,372		36,564		36,203		40,419		32,848
Middle East fleet:
PSV > 900		16,929		16,072		16,146		15,079		14,936
PSV < 900		13,469		13,301		12,981		12,730		12,466
AHTS 8 - 16K		11,889		12,112		11,575		10,558		10,440
AHTS 4 - 8K		12,443		12,026		11,006		10,291		9,404
Total		12,877		12,777		12,197		11,661		11,148
Europe/Mediterranean fleet:
PSV > 900		23,292		20,782		21,499		21,092		20,686
PSV < 900		21,061		18,337		19,727		20,347		18,543
AHTS > 16K		33,904		18,613		23,177		39,597		47,999
Total		23,275		20,405		21,249		21,484		20,950
West Africa fleet:
PSV > 900		32,777		34,924		34,334		31,118		31,231
PSV < 900		27,867		30,017		29,598		29,031		23,818
AHTS > 16K		32,082		29,568		32,557		32,453		27,861
AHTS 8 - 16K		23,123		21,204		19,033		18,627		18,784
AHTS 4 - 8K		16,010		17,387		18,462		17,755		11,915
Other		6,979		7,013		6,001		7,096		7,587
Total		23,035		24,244		24,038		22,044		20,093
Worldwide fleet:
PSV > 900		27,102		26,345		26,550		25,883		25,452
PSV < 900		22,722		22,697		22,550		22,666		20,170
AHTS > 16K		38,029		33,966		37,870		41,721		37,073
AHTS 8 - 16K		19,592		18,945		17,584		18,087		19,527
AHTS 4 - 8K		13,902		13,255		12,301		11,990		10,127
Other		10,147		9,746		9,691		9,410		11,968
Total	$	23,166	$	22,303	$	22,236	$	22,275	$	21,130

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


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024

Americas
Vessel revenues	$	68,758		$	54,852		$	60,240		$	64,606		$	73,142

Vessel operating costs:
Crew costs		19,652			17,440			18,519			21,646			23,318
Repair and maintenance		4,830			4,266			5,271			5,227			5,645
Insurance		351			571			506			571			463
Fuel, lube and supplies		2,215			2,617			2,954			3,165			2,994
Other		5,965			10,129			6,795			5,921			5,747
Total vessel operating costs		33,013			35,023			34,045			36,530			38,167

Vessel operating margin ($)		35,745			19,829			26,195			28,076			34,975
Vessel operating margin (%)		52.0	%		36.2	%		43.5	%		43.5	%		47.8	%

Americas - Select operating statistics
Average vessels - Total fleet		34			33			33			34			35
Utilization - Total fleet		75.8	%		64.4	%		74.7	%		75.4	%		80.7	%

Average vessels - Active fleet		32			32			33			34			35
Utilization - Active fleet		80.5	%		66.3	%		75.1	%		75.4	%		80.7	%

Average day rates	$	29,526		$	28,733		$	26,563		$	27,676		$	28,317

Vessels commencing drydocks		1			3			1			4			3


Deferred drydocking and survey costs - beginning balance	$	28,443		$	31,149		$	33,812		$	37,103		$	31,698
Cash paid for deferred drydocking and survey costs		1,027			3,355			3,317			5,009			9,190
Amortization of deferred drydocking and survey costs		(5,338	)		(5,916	)		(5,980	)		(5,621	)		(5,704	)
Disposals, intersegment transfers and other		1,476			(145	)		—			(2,679	)		1,919
Deferred drydocking and survey costs - ending balance	$	25,608		$	28,443		$	31,149		$	33,812		$	37,103


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

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

Asia Pacific
Vessel revenues	$	45,696		$	48,228		$	51,043		$	56,283		$	55,221

Vessel operating costs:
Crew costs		18,518			20,331			21,954			24,685			23,023
Repair and maintenance		3,365			2,270			4,304			3,834			3,092
Insurance		176			324			319			327			278
Fuel, lube and supplies		1,789			1,767			2,002			2,560			2,335
Other		2,317			2,118			2,456			2,396			2,968
Total vessel operating costs		26,165			26,810			31,035			33,802			31,696

Vessel operating margin ($)		19,531			21,418			20,008			22,481			23,525
Vessel operating margin (%)		42.7	%		44.4	%		39.2	%		39.9	%		42.6	%

Asia Pacific - Select operating statistics
Average vessels - Total fleet		20			20			20			20			22
Utilization - Total fleet		67.9	%		73.1	%		76.2	%		73.8	%		84.9	%

Average vessels - Active fleet		20			20			20			20			22
Utilization - Active fleet		67.9	%		73.1	%		76.2	%		73.8	%		84.9	%

Average day rates	$	37,372		$	36,564		$	36,203		$	40,419		$	32,848

Vessels commencing drydocks		2			4			—			2			2


Deferred drydocking and survey costs - beginning balance	$	13,810		$	10,418		$	11,248		$	8,744		$	8,376
Cash paid for deferred drydocking and survey costs		2,487			7,253			1,138			4,069			1,602
Amortization of deferred drydocking and survey costs		(2,428	)		(2,046	)		(1,968	)		(1,565	)		(1,234	)
Disposals, intersegment transfers and other		(407	)		(1,815	)		—			—			—
Deferred drydocking and survey costs - ending balance	$	13,462		$	13,810		$	10,418		$	11,248		$	8,744


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

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

Middle East
Vessel revenues	$	40,215		$	43,302		$	40,772		$	36,947		$	36,536

Vessel operating costs:
Crew costs		13,302			13,280			13,509			13,071			13,540
Repair and maintenance		4,261			4,100			4,162			4,625			4,300
Insurance		343			529			488			510			464
Fuel, lube and supplies		3,250			2,039			2,599			2,842			2,274
Other		4,661			4,588			4,932			6,000			7,138
Total vessel operating costs		25,817			24,536			25,690			27,048			27,716

Vessel operating margin ($)		14,398			18,766			15,082			9,899			8,820
Vessel operating margin (%)		35.8	%		43.3	%		37.0	%		26.8	%		24.1	%

Middle East - Select operating statistics
Average vessels - Total fleet		43			43			43			43			43
Utilization - Total fleet		79.8	%		87.6	%		84.5	%		80.1	%		83.8	%

Average vessels - Active fleet		43			43			43			43			43
Utilization - Active fleet		79.8	%		87.6	%		84.5	%		80.1	%		83.8	%

Average day rates	$	12,877		$	12,777		$	12,197		$	11,661		$	11,148

Vessels commencing drydocks		11			4			6			4			3


Deferred drydocking and survey costs - beginning balance	$	31,423		$	21,792		$	24,159		$	23,089		$	23,690
Cash paid for deferred drydocking and survey costs		8,191			13,464			1,328			4,764			2,737
Amortization of deferred drydocking and survey costs		(4,259	)		(3,833	)		(3,695	)		(3,694	)		(3,338	)
Disposals, intersegment transfers and other		—			—			—			—			—
Deferred drydocking and survey costs - ending balance	$	35,355		$	31,423		$	21,792		$	24,159		$	23,089


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

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

Europe/Mediterranean
Vessel revenues	$	99,280		$	78,205		$	84,109		$	85,325		$	83,266

Vessel operating costs:
Crew costs		29,342			27,111			26,993			28,818			27,085
Repair and maintenance		5,736			6,711			8,458			7,279			7,058
Insurance		417			848			827			827			761
Fuel, lube and supplies		2,153			3,147			3,171			3,924			3,461
Other		6,187			4,738			5,180			4,974			4,351
Total vessel operating costs		43,835			42,555			44,629			45,822			42,716

Vessel operating margin ($)		55,445			35,650			39,480			39,503			40,550
Vessel operating margin (%)		55.8	%		45.6	%		46.9	%		46.3	%		48.7	%

Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		50			50			50			51			50
Utilization - Total fleet		93.3	%		84.9	%		85.3	%		83.9	%		85.8	%

Average vessels - Active fleet		50			50			50			51			50
Utilization - Active fleet		93.3	%		84.9	%		85.3	%		83.9	%		85.8	%

Average day rates	$	23,275		$	20,405		$	21,249		$	21,484		$	20,950

Vessels commencing drydocks		1			6			4			8			8


Deferred drydocking and survey costs - beginning balance	$	41,011		$	38,431		$	41,637		$	34,779		$	27,260
Cash paid for deferred drydocking and survey costs		1,811			8,786			3,554			12,225			11,584
Amortization of deferred drydocking and survey costs		(6,919	)		(6,206	)		(6,126	)		(5,367	)		(4,065	)
Disposals, intersegment transfers and other		(332	)		—			(634	)		—			—
Deferred drydocking and survey costs - ending balance	$	35,571		$	41,011		$	38,431		$	41,637		$	34,779


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

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

West Africa
Vessel revenues	$	82,909		$	106,112		$	107,299		$	95,324		$	88,838

Vessel operating costs:
Crew costs		18,662			18,951			19,010			19,488			19,265
Repair and maintenance		5,745			4,607			4,536			4,589			4,648
Insurance		353			762			717			730			659
Fuel, lube and supplies		5,700			4,808			4,552			4,722			4,498
Other		8,064			6,927			6,170			5,923			7,148
Total vessel operating costs		38,524			36,055			34,985			35,452			36,218

Vessel operating margin ($)		44,385			70,057			72,314			59,872			52,620
Vessel operating margin (%)		53.5	%		66.0	%		67.4	%		62.8	%		59.2	%

West Africa - Select operating statistics
Average vessels - Total fleet		69			71			70			68			67
Utilization - Total fleet		57.6	%		68.8	%		69.8	%		69.2	%		72.9	%

Average vessels - Active fleet		65			65			70			68			66
Utilization - Active fleet		61.6	%		75.0	%		69.8	%		69.2	%		73.6	%

Average day rates	$	23,035		$	24,244		$	24,038		$	22,044		$	20,093

Vessels commencing drydocks		4			7			1			5			4


Deferred drydocking and survey costs - beginning balance	$	54,639		$	50,760		$	50,088		$	44,942		$	37,615
Cash paid for deferred drydocking and survey costs		10,222			10,481			8,337			9,416			14,970
Amortization of deferred drydocking and survey costs		(8,461	)		(8,417	)		(8,115	)		(6,949	)		(5,724	)
Disposals, intersegment transfers and other		(737	)		1,815			450			2,679			(1,919	)
Deferred drydocking and survey costs - ending balance	$	55,663		$	54,639		$	50,760		$	50,088		$	44,942


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

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

Worldwide
Vessel revenues	$	336,858		$	330,699		$	343,463		$	338,485		$	337,003

Vessel operating costs:
Crew costs		99,476			97,113			99,985			107,708			106,231
Repair and maintenance		23,937			21,954			26,731			25,554			24,743
Insurance		1,640			3,034			2,857			2,965			2,625
Fuel, lube and supplies		15,107			14,378			15,278			17,213			15,562
Other		27,194			28,500			25,533			25,214			27,352
Total vessel operating costs		167,354			164,979			170,384			178,654			176,513

Vessel operating margin ($)		169,504			165,720			173,079			159,831			160,490
Vessel operating margin (%)		50.3	%		50.1	%		50.4	%		47.2	%		47.6	%

Worldwide - Select operating statistics
Average vessels - Total fleet		216			217			216			216			217
Utilization - Total fleet		74.1	%		76.0	%		77.6	%		76.2	%		80.5	%

Average vessels - Active fleet		210			210			216			216			216
Utilization - Active fleet		76.4	%		78.4	%		77.7	%		76.2	%		80.7	%

Average day rates	$	23,166		$	22,303		$	22,236		$	22,275		$	21,130

Vessels commencing drydocks		19			24			12			23			20


Deferred drydocking and survey costs - beginning balance	$	169,326		$	152,550		$	160,944		$	148,657		$	128,639
Cash paid for deferred drydocking and survey costs		23,738			43,339			17,674			35,483			40,083
Amortization of deferred drydocking and survey costs		(27,405	)		(26,418	)		(25,884	)		(23,196	)		(20,065	)
Disposals, intersegment transfers and other		—			(145	)		(184	)		—			—
Deferred drydocking and survey costs - ending balance	$	165,659		$	169,326		$	152,550		$	160,944		$	148,657


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)

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

Net income	$	72,702		$	42,320		$	36,619		$	45,991		$	49,917

Interest and other debt costs		16,442			16,344			16,742			17,622			19,127
Income tax expense		5,584			26,109			16,376			12,883			7,887
Depreciation		36,909			39,014			38,736			39,239			39,380
Amortization of deferred drydock and survey costs		27,405			26,418			25,884			23,196			20,065
Amortization of below market contracts		(347	)		(351	)		(1,071	)		(1,073	)		(1,650	)
EBITDA (A), (B), (C)		158,695			149,854			133,286			137,858			134,726

Non-cash indemnification assets charge (credit)		(112	)		834			242			553			1,556
Non-cash stock compensation expense		4,057			3,491			3,886			3,569			3,460
Acquisition, restructuring and integration related costs		340			—			978			581			—
Adjusted EBITDA (A), (B), (C)	$	162,980		$	154,179		$	138,392		$	142,561		$	139,742

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

Note (B): EBITDA for the three months ended June 30, 2025, and for each of the prior four quarters includes non-cash stock-based compensation expense of $4,057, $3,491, $3,886, $3,569 and $3,460 respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended June 30, 2025, and for each of the prior four quarters includes foreign exchange gain (losses) of $11,703, $7,569, $(14,337), $5,522 and $(2,376) respectively.

Non-GAAP Financial Measures

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

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

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

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


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)

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

Net cash provided by operating activities (A)	$	85,433		$	85,973		$	91,303		$	49,136		$	78,645

Cash interest expense		11,994			17,505			12,816			23,535			14,925
Interest income and other		(2,103	)		(2,157	)		(2,697	)		(1,028	)		(1,175	)
Indemnification assets credit (charge)		112			(834	)		(242	)		(553	)		(1,556	)
Additions to property and equipment		(5,226	)		(10,266	)		(4,534	)		(5,712	)		(6,392	)
Expansion capital		3			27			63			55			66
	90,213			90,248			96,709			65,433			84,513

Proceeds from asset sales		7,328			4,416			10,316			1,557			3,056

Free cash flow	$	97,541		$	94,664		$	107,025		$	66,990		$	87,569

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

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

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	(9,763	)	$	17,110		$	8,846		$	(27,812	)	$	7,818
Cash paid for deferred drydock and survey costs		(23,738	)		(43,339	)		(17,674	)		(35,483	)		(40,083	)
Total uses of cash for changes in assets and liabilities	$	(33,501	)	$	(26,229	)	$	(8,828	)	$	(63,295	)	$	(32,265	)

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

Tidewater Inc.

West Gotcher

Senior Vice President,

Strategy, Corporate Development and Investor Relations

+1.713.470.5285

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Date	Price Target	Rating	Analyst
7/14/2025		Buy → Neutral	BTIG Research
1/15/2025	$112.00 → $68.00	Outperform → In-line	Evercore ISI
11/29/2024	$70.00	Buy	DNB Markets
11/11/2024	$131.00 → $102.00	Strong Buy → Outperform	Raymond James
2/9/2024	$88.00	Buy	Johnson Rice
1/30/2024		Outperform	Pickering Energy Partners
7/14/2023	$85.00	Strong Buy	Raymond James
7/7/2023	$90.00	Outperform	Evercore ISI

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

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SEC Form 10-Q filed by Tidewater Inc.

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