Tidewater Reports Results for the Nine Months Ended September 30, 2025

November 11, 2025

Third Quarter 2025 Highlights

Revenue of $341.1 million, a 0.2% improvement compared to the third quarter of 2024
Average day rate of $22,798 per day, an improvement of $523 per day, or 2.3%, compared to the third quarter of 2024
Net loss of $0.8 million and Adjusted EBITDA of $137.9 million
- Net Income and Adjusted EBITDA were favorably impacted by the $1.3 million foreign exchange gain due to the weakening of the U.S. dollar
- Net Income adversely impacted by the $27.1 million loss on early extinguishment of debt associated with July 2025 refinancing
Net cash provided by operating activities of $72.1 million and free cash flow of $82.7 million

Annual Guidance and Share Repurchase Program

Updating 2025 revenue guidance to $1.33 to $1.35 billion and 2025 gross margin guidance of 49% to 50%
Initiating 2026 revenue guidance of $1.32 to $1.37 billion and 2026 gross margin guidance of 48% to 50%
Outstanding share repurchase program authorization of $500 million

HOUSTON–(BUSINESS WIRE)–Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2025 of $341.1 million and $1,016.0 million, respectively, compared with $340.4 million and $1,000.8 million, respectively, for the three and nine months ended September 30, 2024. Tidewater’s net income (loss) for the three and nine months ended September 30, 2025, was $(0.8) million ($0.02 per common share) and $114.8 million ($2.27 per common share), respectively, compared with net income of $46.4 million ($0.87 per common share) and $143.8 million ($2.70 per common share), respectively, for the three and nine months ended September 30, 2024.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The third quarter of 2025 came in above our expectations as vessel up-time across the fleet exceeded our initial estimates, delivering revenue of $341.1 million and gross margin of 48.0%. Average day rates for the quarter softened modestly driven by the North Sea and West Africa, consistent with our expectations, however, we did see meaningful day rate increases in our other reporting segments. Importantly, through a combination of better than anticipated vessel up-time and continued strength in production support, offshore construction and subsea and EPCI activities for offshore vessels, sequential active utilization increased in all but one of our operating segments, yielding our best active utilization since the second quarter of 2024. The increase in the active utilization of our vessels was driven by resilience in the broad-based set of support activities for our vessels and the benefits realized from the substantial investments made in the fleet over the past few years. We are pleased with yet another quarter of robust earnings and cash flow generation, with Adjusted EBITDA of $137.9 million and free cash flow of $82.7 million.

“We entered 2025 with a lack of clarity as to how the next phase of offshore activity would unfold, particularly as it related to the pace of offshore drilling. Global macroeconomic and geopolitical factors were prominent themes influencing the outlook. These factors and the associated uncertainty played out throughout the year, but we have been able to maintain the midpoint of our full-year revenue and margin guidance throughout the year, a testament to the resilience of our business. For the remainder of 2025, we are narrowing our 2025 revenue guidance to $1.33 to $1.35 billion and our full-year margin guidance to 49% to 50%. As of today, 99% of our full-year revenue guidance is covered by completed and contracted revenue.

“Looking forward to 2026, the factors that influenced the market in 2025 continue and provide a challenging backdrop to accurately anticipate the pace and order of magnitude of offshore drilling activity. Tidewater remains in an advantageous position in that we benefit from a range of activities that drive our business – production support, offshore construction support, subsea and EPCI support, and drilling support, along with renewable energy projects. We believe this broad-based set of demand drivers provides insulation from the uncertainty in drilling support activity, although drilling support remains a critical component to our ability to push day rates and utilization to their highest possible levels. Further, we fundamentally believe that the drivers for offshore activity remain compelling, as evidenced by the continued momentum in commercial activity for offshore drilling rigs. Accordingly, we are initiating full-year 2026 revenue guidance of $1.32 to $1.37 billion and full-year 2026 margin guidance of 48% to 50%. Although visibility into the timing of incremental drilling projects in the back half of 2026 remains somewhat unclear, we are comfortable initiating guidance given the visibility and confidence we have in the growing production, offshore construction, subsea and EPCI activities. To the extent that a more robust drilling recovery develops towards the end of the year, it would increase our full-year expectations.

“We have made great strides this year in our vessel up-time performance, enhancing our operational effectiveness and the earnings capability of our fleet. The impact of this is significant for both our customers and our shareholders. Best-in-class operational standards will continue to accrue benefits to Tidewater as we move forward, and I would like to thank our onshore and offshore staff for their continued focus on operational excellence. The dedication and diligence driving this outcome is what makes Tidewater the safest, most sustainable, most reliable, most profitable, highest specification offshore energy support vessel fleet in the world.”

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

Common shares outstanding			49,562,017
New Creditor Warrants (strike price $0.001 per common share)			21,400
GulfMark Creditor Warrants (strike price $0.01 per common share)			53,555
Total			49,636,972

Tidewater will hold a conference call to discuss results for the three months ending September 30, 2025 on November 11, 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 November 11, 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 September 30, 2025 and December 31, 2024; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024; and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024. Extracts are drawn from the September 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.

Revision of Previously Issued Financial Statements

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


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

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Revenues:
Vessel revenues	$	338,491		$	338,485		$	1,006,048		$	994,174
Other operating revenues		2,622			1,871			9,940			6,576
Total revenues		341,113			340,356			1,015,988			1,000,750
Costs and expenses:
Vessel operating costs		176,130			178,654			508,463			522,723
Costs of other operating revenues		1,252			901			5,790			2,867
General and administrative		35,256			28,471			95,563			80,129
Depreciation and amortization		66,404			62,435			196,150			178,150
Gain on asset dispositions, net		(580	)		(51	)		(8,598	)		(13,090	)
Total costs and expenses		278,462			270,410			797,368			770,779
Operating income		62,651			69,946			218,620			229,971
Other income (expense):
Foreign exchange gain (loss)		1,277			5,522			20,549			(939	)
Interest income and other, net		455			1,028			4,715			3,686
Loss on early extinguishment of debt		(27,101	)		—			(27,101	)		—
Interest and other debt costs, net		(16,589	)		(17,622	)		(49,375	)		(56,225	)
Total other expense		(41,958	)		(11,072	)		(51,212	)		(53,478	)
Income before income taxes		20,693			58,874			167,408			176,493
Income tax expense		21,711			12,883			53,404			33,840
Net income (loss)		(1,018	)		45,991			114,004			142,653
Less: Net loss attributable to noncontrolling interests		(212	)		(380	)		(773	)		(1,098	)
Net income (loss) attributable to Tidewater Inc.	$	(806	)	$	46,371		$	114,777		$	143,751
Basic income (loss) per common share	$	(0.02	)	$	0.88		$	2.29		$	2.74
Diluted income (loss) per common share	$	(0.02	)	$	0.87		$	2.27		$	2.70
Weighted average common shares outstanding		49,498			52,490			50,217			52,498
Dilutive effect of warrants and restricted stock units		—			593			364			656
Adjusted weighted average common shares		49,498			53,083			50,581			53,154


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

	September 30, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	428,225		$	324,918
Restricted cash		—			2,032
Trade and other receivables, net of allowance for credit losses of $3,039 and $3,184 at September 30, 2025 and December 31, 2024, respectively		332,596			323,805
Marine operating supplies		27,857			34,319
Prepaid expenses and other current assets		11,652			13,588
Total current assets		800,330			698,662
Net properties and equipment		1,104,503			1,184,282
Deferred drydocking and survey costs		154,234			152,550
Indemnification assets		9,456			11,946
Other assets		60,357			27,464
Total assets	$	2,128,880		$	2,074,904

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	42,579		$	71,385
Accrued expenses		130,879			129,894
Current portion of long-term debt		5,840			65,386
Other current liabilities		97,162			64,948
Total current liabilities		276,460			331,613
Long-term debt		649,802			571,710
Other liabilities		63,594			60,396

Commitments and contingencies

Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 49,562,017 and 51,461,472 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		50			52
Additional paid-in-capital		1,659,820			1,656,830
Accumulated deficit		(525,041	)		(548,831	)
Accumulated other comprehensive loss		7,894			6,060
Total stockholders’ equity		1,142,723			1,114,111
Noncontrolling interests		(3,699	)		(2,926	)
Total equity		1,139,024			1,111,185
Total liabilities and equity	$	2,128,880		$	2,074,904


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

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025		September 30, 2024
Net income (loss)	$	(1,018	)	$	45,991		$	114,004	$	142,653
Other comprehensive income (loss):
Unrealized gain on note receivable		—			130			—		283
Change in liability of pension plans		621			(600	)		1,834		(957	)
Total comprehensive income (loss)	$	(397	)	$	45,521		$	115,838	$	141,979


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

	Nine Months			Nine Months
	Ended			Ended
	September 30, 2025			September 30, 2024
Cash flows from operating activities:
Net income	$	114,004		$	142,653
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		113,257			117,430
Amortization of deferred drydocking and survey costs		82,893			60,720
Amortization of debt premiums and discounts		3,931			5,129
Amortization of below market contracts		(981	)		(3,929	)
Unrealized foreign exchange (gain) loss		(21,076	)		2,186
Deferred income taxes provision (benefit)		(11,569	)		56
Gain on asset dispositions, net		(8,598	)		(13,090	)
Loss on early extinguishment of debt		27,101			—
Stock-based compensation expense		11,029			9,795
Changes in assets and liabilities:
Trade and other receivables		(8,791	)		(24,733	)
Accounts payable		(28,806	)		19,127
Accrued expenses		195			(4,623	)
Deferred drydocking and survey costs		(84,722	)		(115,584	)
Other, net		38,281			(12,704	)
Net cash provided by operating activities		226,148			182,433
Cash flows from investing activities:
Proceeds from asset dispositions		12,288			14,868
Proceeds from sale of notes		660			2,208
Additions to properties and equipment		(20,614	)		(23,046	)
Net cash used in investing activities		(7,666	)		(5,970	)
Cash flows from financing activities:
Proceeds from issuance of shares		—			2
Issuance of long-term debt		650,000			—
Principal payments on long-term debt		(640,128	)		(89,007	)
Purchase of common stock		(90,089	)		(46,639	)
Payments on finance leases		(5,537	)		—
Debt extinguishment premium		(19,589	)		—
Debt issuance costs		(18,985	)		(193	)
Share based awards reacquired to pay taxes		(8,039	)		(28,528	)
Net cash used in financing activities		(132,367	)		(164,365	)
Effects of exchange rate changes on cash, cash equivalents and restricted cash		15,960			113
Net change in cash, cash equivalents and restricted cash		102,075			12,211
Cash, cash equivalents and restricted cash at beginning of period		329,031			277,965
Cash, cash equivalents and restricted cash at end of period	$	431,106		$	290,176


Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	47,234	$	54,081
Income taxes	$	41,944	$	45,641
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	$	—

Note: Cash, cash equivalents and restricted cash at September 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 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

Balance at June 30, 2024	$	52	$	1,649,523	$	(573,390	)	$	5,062		$	(2,260	)	$	1,078,987
Total comprehensive income (loss)		—		—		46,371			(470	)		(380	)		45,521
Repurchase and retirement of common stock		—		—		(14,172	)		—			—			(14,172	)
Amortization of share-based awards		—		3,504		—			—			—			3,504
Balance at September 30, 2024	$	52	$	1,653,027	$	(541,191	)	$	4,592		$	(2,640	)	$	1,113,840


	Nine 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)		—			—			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


Balance at December 31, 2023	$	52		$	1,671,759		$	(637,838	)	$	5,266		$	(1,542	)	$	1,037,697
Total comprehensive income (loss)		—			—			143,751			(674	)		(1,098	)		141,979
Issuance of common stock		1			1			—			—			—			2
Repurchase and retirement of common stock		(1	)		—			(47,104	)		—			—			(47,105	)
Amortization of share-based awards		—			(18,733	)		—			—			—			(18,733	)
Balance at September 30, 2024	$	52		$	1,653,027		$	(541,191	)	$	4,592		$	(2,640	)	$	1,113,840