Tidewater Reports Results for the Three Months Ended March 31, 2026

Tidewater Reports Results for the Three Months Ended March 31, 2026

First Quarter 2026 Highlights

• Revenue of $326.2 million, a 2.2% decline compared to the first quarter of 2025
• Average day rate of $22,283 per day, a decline of $20 per day, or 0.1%, compared to the first quarter of 2025
• Net income of $6.1 million and Adjusted EBITDA of $129.3 million
  • Net income and Adjusted EBITDA were adversely impacted by the $3.4 million foreign exchange loss due to the strengthening of the U.S. dollar
• Net cash provided by operating activities of $19.2 million and free cash flow of $34.4 million 

Annual Guidance and Share Repurchase Program

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

HOUSTON–(BUSINESS WIRE)–
Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2026 of $326.2 million, compared with $333.4 million for the three months ended March 31, 2025. Tidewater’s net income for the three months ended March 31, 2026, was $6.1 million ($0.12 per common share), compared with net income of $42.7 million ($0.83 per common share) for the three months ended March 31, 2025.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The first quarter of 2026 exceeded our expectations across all key financial and operational measures, with revenue, gross margin, day rate and utilization all outperforming. Revenue for the quarter came in at $326.2 million and we generated a gross margin of 48.8%, a slight improvement over the fourth quarter of 2025. We continued to benefit from stronger than anticipated vessel up-time, which is a continued testament to our company-wide focus on operational excellence and a product of the significant investments we’ve made over the last few years into the fleet. Day rate increased nicely in the first quarter, improving nearly $240 per day, bolstered by a particularly tight AHTS market in the North Sea; this is notable as the first quarter typically represents the slowest quarter of the year due to seasonality with activity typically picking up in the second and third quarter, particularly in regions like the North Sea. We view this dynamic as indicative of a market that has tightened earlier than normal as rigs mobilize to pursue new projects and tightening offshore vessel supply. Further, term contract fixtures appear to have reached an inflection point in the first quarter with our weighted average term contract day rate increasing for the first time since the second quarter of 2025.

“During the first quarter, Operation Epic Fury commenced in the Middle East, one of our principal operating regions. To date, we have not experienced any disruptions in activity due to the conflict; in fact we experienced higher than anticipated utilization during the first quarter. However, late in the quarter after the conflict commenced, we did experience higher than anticipated costs associated with the conflict, particularly as it relates to insurance and the costs of our crews in the region. We anticipate that this elevated level of operating expense to persist until such time the conflict is resolved.

“During the first quarter, we announced the acquisition of Wilson Sons Ultratug, a 22-vessel fleet of PSVs exclusively focused on serving the Brazilian market. We have been pleased with the organization as we’ve begun our integration efforts and are excited to continue the work to on-board this important acquisition onto the Tidewater platform. We still expect to close the transaction by the end of the second quarter.

“As pleased as we are with the strong start to the year, uncertainty remains at a macro level as to how the conflict in the Middle East is ultimately resolved. However, we believe that the outlook for offshore vessel activity has fundamentally improved over the past quarter. In addition to prior expectations of offshore demand building into the back half of 2026 and into 2027, the global energy equation is being reshaped through the conflict in the Middle East and is likely to have long-term implications. We anticipate that energy security, particularly access to localized sources of energy, along with the need to replace existing production and depleted inventories, should drive incremental activity beyond what was anticipated prior to the conflict in the Middle East. It is clear that commodity prices will likely remain at a more constructive level to provide support for this activity.

“Tidewater remains well-positioned to support this reshaping of the global energy value chain given the scale of our fleet and the geographic diversification of our business, both in terms of our ability to respond to an increase in demand given our current geographic dispersion and with our ability to rapidly reposition vessels into markets with disproportionate demand growth given our footprint in every major offshore market around the world. We are comfortable reiterating our 2026 revenue guidance of $1.43 billion to $1.48 billion and a 49% to 51% margin, assuming a closing of the Wilsons acquisition by the end of the second quarter of 2026, given the positive momentum we see for the business in the back half of the year somewhat tempered by some near-term friction we see on the cost side in the Middle East.”

In addition to the number of outstanding shares, as of March 31, 2026, the Company also has the following in-the-money warrants.

Common shares outstanding			49,728,717
New Creditor Warrants (strike price $0.001 per common share)			21,400
GulfMark Creditor Warrants (strike price $0.01 per common share)			50,865
Total			49,800,982

Tidewater will hold a conference call to discuss results for the three months ending March 31, 2026 on May 5, 2026, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 8745688 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on May 5, 2026. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

About Tidewater

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

Cautionary Statement

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

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

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

Financial information is displayed beginning on the next page.

The supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at March 31, 2026 and December 31, 2025; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three ended March 31, 2026 and 2025; and the Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025. Extracts are drawn from the March 31, 2026 unaudited quarterly and December 31, 2025 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 three months ended March 31, 2025 and June 30, 2025. Also, the presentation of Free cash flow has been revised to reflect the effects of exchange rate changes on cash and cash equivalent balance.

TIDEWATER INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (In Thousands, except per share data)
		Three Months Ended
		March 31, 2026				March 31, 2025
Revenues:
Vessel revenues		$	323,418			$	330,699
Other operating revenues			2,804				2,745
Total revenues			326,222				333,444
Costs and expenses:
Vessel operating costs			166,187				164,979
Costs of other operating revenues			761				1,430
General and administrative			33,559				29,094
Depreciation and amortization			66,619				65,432
Loss (gain) on asset dispositions, net			112				(2,538	)
Total costs and expenses			267,238				258,397
Operating income			58,984				75,047
Other income (expense):
Foreign exchange gain (loss)			(3,403	)			7,569
Interest income and other, net			2,189				2,157
Interest and other debt costs, net			(16,891	)			(16,344	)
Total other expense			(18,105	)			(6,618	)
Income before income taxes			40,879				68,429
Income tax expense			34,903				26,109
Net income			5,976				42,320
Less: Net loss attributable to noncontrolling interests			(164	)			(333	)
Net income attributable to Tidewater Inc.		$	6,140			$	42,653
Basic income per common share		$	0.12			$	0.83
Diluted income per common share		$	0.12			$	0.83
Weighted average common shares outstanding			49,589				51,502
Dilutive effect of warrants and restricted stock units			249				176
Adjusted weighted average common shares			49,838				51,678

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)
		March 31, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	552,280			$	578,761
Trade and other receivables, net of allowance for credit losses of $2,949 and $3,034 at March 31, 2026 and December 31, 2025, respectively			299,735				285,372
Marine operating supplies			29,404				38,482
Prepaid expenses and other current assets			18,195				11,520
Total current assets			899,614				914,135
Net properties and equipment			1,069,081				1,072,020
Deferred drydocking and survey costs			147,871				139,736
Indemnification assets			8,273				9,455
Deferred tax asset			190,614				200,939
Other assets			25,217				50,626
Total assets		$	2,340,670			$	2,386,911
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	58,238			$	66,347
Accrued expenses			139,525				153,169
Current portion of long-term debt			5,760				5,845
Other current liabilities			66,402				89,876
Total current liabilities			269,925				315,237
Long-term debt			648,616				649,048
Other liabilities			58,140				61,372
Commitments and contingencies
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 49,728,717 and 49,566,334 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively			50				50
Additional paid-in-capital			1,660,121				1,663,247
Accumulated deficit			(299,017	)			(305,157	)
Accumulated other comprehensive loss			7,133				7,248
Total stockholders’ equity			1,368,287				1,365,388
Noncontrolling interests			(4,298	)			(4,134	)
Total equity			1,363,989				1,361,254
Total liabilities and equity		$	2,340,670			$	2,386,911

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In Thousands)
		Three Months Ended
		March 31, 2026				March 31, 2025
Net income		$	5,976			$	42,320
Other comprehensive income (loss):
Change in liability of pension plans			(115	)			547
Total comprehensive income		$	5,861			$	42,867

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
		Three Months				Three Months
		Ended				Ended
		March 31, 2026				March 31, 2025
Cash flows from operating activities:
Net income		$	5,976			$	42,320
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			38,497				39,014
Amortization of deferred drydocking and survey costs			28,122				26,418
Amortization of debt premiums and discounts			848				1,501
Amortization of below market contracts			—				(351	)
Unrealized foreign exchange loss (gain)			2,561				(9,551	)
Deferred income taxes provision			10,389				2,347
Loss (gain) on asset dispositions, net			112				(2,538	)
Stock-based compensation expense			3,063				3,491
Changes in assets and liabilities:
Trade and other receivables			(14,363	)			10,901
Accounts payable			(8,109	)			(21,182	)
Accrued expenses			(13,644	)			3,106
Deferred drydocking and survey costs			(36,381	)			(43,339	)
Other, net			2,108				28,274
Net cash provided by operating activities			19,179				80,411
Cash flows from investing activities:
Proceeds from asset dispositions			3,329				3,816
Proceeds from sale of notes			—				600
Additions to properties and equipment			(14,885	)			(10,266	)
Net cash used in investing activities			(11,556	)			(5,850	)
Cash flows from financing activities:
Principal payments on long-term debt			(1,097	)			(12,500	)
Purchase of common stock			—				(39,275	)
Payments on finance leases			(24,903	)			—
Debt issuance costs			(101	)			—
Share based awards reacquired to pay taxes			(6,189	)			(7,465	)
Net cash used in financing activities			(32,290	)			(59,240	)
Effects of exchange rate changes on cash, cash equivalents and restricted cash			(1,813	)			5,562
Net change in cash, cash equivalents and restricted cash			(26,480	)			20,883
Cash, cash equivalents and restricted cash at beginning of period			581,568				329,031
Cash, cash equivalents and restricted cash at end of period		$	555,088			$	349,914

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	31,554			$	17,505
Income taxes		$	19,922			$	15,148
Supplemental disclosure of noncash investing activities:
Purchase of vessels		$	—			$	9,098
Supplemental disclosure of noncash financing activities:
Debt incurred for the purchase of vessels		$	—			$	9,712
Note:  Cash, cash equivalents and restricted cash at March 31, 2026 and 2025 includes $2.8 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 December 31, 2025		$	50			$	1,663,247			$	(305,157	)		$	7,248			$	(4,134	)		$	1,361,254
Total comprehensive income (loss)			—				—				6,140				(115	)			(164	)			5,861
Amortization of share-based awards			—				(3,126	)			—				—				—				(3,126	)
Balance at March 31, 2026		$	50			$	1,660,121			$	(299,017	)		$	7,133			$	(4,298	)		$	1,363,989
Balance at December 31, 2024		$	52			$	1,656,830			$	(548,831	)		$	6,060			$	(2,926	)		$	1,111,185
Total comprehensive income (loss)			—				—				42,653				547				(333	)			42,867
Repurchase and retirement of common stock			(1	)			—				(39,712	)			—				—				(39,713	)
Amortization of share-based awards			—				(3,974	)			—				—				—				(3,974	)
Balance at March 31, 2025		$	51			$	1,652,856			$	(545,890	)		$	6,607			$	(3,259	)		$	1,110,365

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
		March 31, 2026								March 31, 2025
Vessel revenues:
Americas		$	58,526				18	%		$	54,852				17	%
Asia Pacific			46,564				14	%			48,228				14	%
Middle East			45,569				14	%			43,302				13	%
Europe/Mediterranean			86,945				27	%			78,205				24	%
West Africa			85,814				27	%			106,112				32	%
Total vessel revenues		$	323,418				100	%		$	330,699				100	%
Vessel operating costs:
Crew costs		$	98,887				31	%		$	97,113				29	%
Repair and maintenance			24,804				7	%			21,954				7	%
Insurance			2,660				1	%			3,034				1	%
Fuel, lube and supplies			16,454				5	%			14,378				4	%
Other			23,382				7	%			28,500				9	%
Total vessel operating costs			166,187				51	%			164,979				50	%
Vessel operating margin (A)		$	157,231				49	%		$	165,720				50	%
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
		March 31, 2026								March 31, 2025
Vessel operating profit:
Americas		$	9,567				3	%		$	4,895				1	%
Asia Pacific			15,470				5	%			13,680				4	%
Middle East			6,628				2	%			8,563				3	%
Europe/Mediterranean			8,045				2	%			7,378				2	%
West Africa			37,230				11	%			51,613				16	%
Other operating profit			2,043				1	%			1,315				0	%
			78,983				24	%			87,444				26	%
Corporate expenses (A)			(19,887	)			(6	)%			(14,935	)			(4	)%
Gain (loss) on asset dispositions, net			(112	)			(0	)%			2,538				1	%
Operating income		$	58,984				18	%		$	75,047				23	%
Note (A):  General and administrative expenses for the three months ended March 31, 2026 and 2025 include stock-based compensation of $3.1 million and $3.5 million, respectively. In addition, vessel operating and general and administrative costs for the three months March 31, 2026 and 2025, include $1.9 million and zero 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
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
Revenues:
Vessel revenues		$	323,418			$	332,883			$	338,491			$	336,858			$	330,699
Other operating revenues			2,804				3,915				2,622				4,573				2,745
Total revenues			326,222				336,798				341,113				341,431				333,444
Costs and expenses:
Vessel operating costs (A)			166,187				172,119				176,130				167,354				164,979
Costs of other operating revenue			761				630				1,252				3,108				1,430
General and administrative (A)			33,559				38,968				35,256				31,213				29,094
Depreciation and amortization			66,619				66,189				66,404				64,314				65,432
Loss (gain) on asset dispositions, net			112				(5,084	)			(580	)			(5,480	)			(2,538	)
Total operating costs and expenses			267,238				272,822				278,462				260,509				258,397
Operating income			58,984				63,976				62,651				80,922				75,047
Other income (expense):
Foreign exchange gain (loss)			(3,403	)			2,134				1,277				11,703				7,569
Interest income and other, net			2,189				3,454				455				2,103				2,157
Loss on early extinguishment of debt			—				(12	)			(27,101	)			—				—
Interest and other debt costs, net			(16,891	)			(16,715	)			(16,589	)			(16,442	)			(16,344	)
Total other expense			(18,105	)			(11,139	)			(41,958	)			(2,636	)			(6,618	)
Income before income taxes			40,879				52,837				20,693				78,286				68,429
Income tax expense (benefit)			34,903				(166,612	)			21,711				5,584				26,109
Net income (loss)			5,976				219,449				(1,018	)			72,702				42,320
Net loss attributable to noncontrolling interests			(164	)			(435	)			(212	)			(228	)			(333	)
Net income (loss) attributable to Tidewater Inc.		$	6,140			$	219,884			$	(806	)		$	72,930			$	42,653
Basic income (loss) per common share		$	0.12			$	4.44			$	(0.02	)		$	1.47			$	0.83
Diluted income (loss) per common share		$	0.12			$	4.41			$	(0.02	)		$	1.46			$	0.83
Weighted average common shares outstanding			49,589				49,564				49,498				49,674				51,502
Dilutive effect of warrants and restricted stock units			249				332				—				337				176
Adjusted weighted average common shares			49,838				49,896				49,498				50,011				51,678
Vessel operating margin		$	157,231			$	160,764			$	162,361			$	169,504			$	165,720
Note (A):  Acquisition, restructuring and integration related costs		$	1,871			$	4,064			$	3,941			$	340			$	—

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
ASSETS
Current assets:
Cash and cash equivalents		$	552,280			$	578,761			$	428,225			$	369,405			$	341,799
Restricted cash			—				—				—				21				5,234
Trade and other receivables, net			299,735				285,372				332,596				316,491				312,904
Marine operating supplies			29,404				38,482				27,857				24,467				23,101
Prepaid expenses and other current assets			18,195				11,520				11,652				14,123				15,160
Total current assets			899,614				914,135				800,330				724,507				698,198
Net properties and equipment			1,069,081				1,072,020				1,104,503				1,132,114				1,163,758
Deferred drydocking and survey costs			147,871				139,736				154,234				165,659				169,326
Indemnification assets			8,273				9,455				9,456				11,158				11,114
Deferred tax asset			190,614				200,939				14,511				18,346				831
Other assets			25,217				50,626				45,846				22,588				22,939
Total assets		$	2,340,670			$	2,386,911			$	2,128,880			$	2,074,372			$	2,066,166
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	58,238			$	66,347			$	42,579			$	48,715			$	50,203
Accrued expenses			139,525				153,169				130,879				131,305				133,000
Current portion of long-term debt			5,760				5,845				5,840				93,366				80,042
Other current liabilities			66,402				89,876				97,162				69,688				74,299
Total current liabilities			269,925				315,237				276,460				343,074				337,544
Long-term debt			648,616				649,048				649,802				531,874				555,994
Other liabilities			58,140				61,372				63,594				63,197				62,263
Equity:
Common stock			50				50				50				50				51
Additional paid-in-capital			1,660,121				1,663,247				1,659,820				1,656,626				1,652,856
Accumulated deficit			(299,017	)			(305,157	)			(525,041	)			(524,235	)			(545,890	)
Accumulated other comprehensive income			7,133				7,248				7,894				7,273				6,607
Total stockholders’ equity			1,368,287				1,365,388				1,142,723				1,139,714				1,113,624
Noncontrolling interests			(4,298	)			(4,134	)			(3,699	)			(3,487	)			(3,259	)
Total equity			1,363,989				1,361,254				1,139,024				1,136,227				1,110,365
Total liabilities and equity		$	2,340,670			$	2,386,911			$	2,128,880			$	2,074,372			$	2,066,166

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
Cash flows from operating activities:
Net income (loss)		$	5,976			$	219,449			$	(1,018	)		$	72,702			$	42,320
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			38,497				37,838				37,334				36,909				39,014
Amortization of deferred drydocking and survey costs			28,122				28,351				29,070				27,405				26,418
Amortization of debt premiums and discounts			848				1,448				975				1,455				1,501
Amortization of below market contracts			—				(219	)			(283	)			(347	)			(351	)
Unrealized foreign exchange loss (gain)			2,561				(2,322	)			(997	)			(10,528	)			(9,551	)
Deferred income taxes provision (benefit)			10,389				(184,247	)			3,851				(17,767	)			2,347
Loss (gain) on asset dispositions, net			112				(5,084	)			(580	)			(5,480	)			(2,538	)
Loss on early extinguishment of debt			—				12				27,101				—				—
Stock-based compensation expense			3,063				3,454				3,481				4,057				3,491
Changes in assets and liabilities:
Trade and other receivables			(14,363	)			47,224				(16,105	)			(3,587	)			10,901
Accounts payable			(8,109	)			23,768				(6,136	)			(1,488	)			(21,182	)
Accrued expenses			(13,644	)			23,080				418				(3,329	)			3,106
Deferred drydocking and survey costs			(36,381	)			(13,853	)			(17,645	)			(23,738	)			(43,339	)
Other, net			2,108				(25,939	)			12,613				(2,606	)			28,274
Net cash provided by operating activities			19,179				152,960				72,079				73,658				80,411
Cash flows from investing activities:
Proceeds from asset dispositions			3,329				5,331				1,204				7,268				3,816
Proceeds from sale of notes			—				—				—				60				600
Additions to properties and equipment			(14,885	)			(5,147	)			(5,122	)			(5,226	)			(10,266	)
Net cash provided by (used in) investing activities			(11,556	)			184				(3,918	)			2,102				(5,850	)
Cash flows from financing activities:
Issuance of long-term debt			—				—				650,000				—				—
Principal payments on long-term debt			(1,097	)			(1,814	)			(613,587	)			(14,041	)			(12,500	)
Purchase of common stock			—				—				—				(50,814	)			(39,275	)
Payments on finance leases			(24,903	)			(895	)			(5,537	)			—				—
Debt extinguishment premium			—				(12	)			(19,589	)			—				—
Debt issuance costs			(101	)			(844	)			(18,985	)			—				—
Share based awards reacquired to pay taxes			(6,189	)			(27	)			(287	)			(287	)			(7,465	)
Net cash used in financing activities			(32,290	)			(3,592	)			(7,985	)			(65,142	)			(59,240	)
Effects of exchange rate changes on cash, cash equivalents and restricted cash			(1,813	)			910				(1,377	)			11,775				5,562
Net change in cash, cash equivalents and restricted cash			(26,480	)			150,462				58,799				22,393				20,883
Cash, cash equivalents and restricted cash at beginning of period			581,568				431,106				372,307				349,914				329,031
Cash, cash equivalents and restricted cash at end of period		$	555,088			$	581,568			$	431,106			$	372,307			$	349,914
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	31,554			$	576			$	17,735			$	11,994			$	17,505
Income taxes		$	19,922			$	18,366			$	9,291			$	17,505			$	15,148
Supplemental disclosure of noncash investing activities:
Purchase of vessels		$	—			$	—			$	—			$	1,629			$	9,098
Recognition of finance leases		$	—			$	5,262			$	23,396			$	—			$	—
Supplemental disclosure of noncash financing activities:
Debt incurred for purchase of vessels		$	—			$	—			$	—			$	1,767			$	9,712

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900		$	25,153			$	29,080			$	30,460			$	26,874			$	23,243
PSV < 900			23,038				25,067				33,363				27,734				21,146
AHTS > 16K			4,163				6,324				6,045				5,243				3,958
AHTS 8 – 16K			888				1,322				1,259				1,110				1,242
AHTS 4 – 8K			4,006				4,069				4,221				4,153				1,752
Other			1,278				3,844				1,565				3,644				3,511
Total			58,526				69,706				76,913				68,758				54,852
Asia Pacific fleet:
PSV > 900			24,862				22,560				22,660				20,878				20,457
PSV < 900			18,798				14,135				12,427				11,194				15,311
AHTS > 16K			2,847				4,993				12,065				11,655				8,792
AHTS 8 – 16K			—				213				1,518				1,804				2,394
AHTS 4 – 8K			—				—				—				—				1,108
Other			57				136				5,116				165				166
Total			46,564				42,037				53,786				45,696				48,228
Middle East fleet:
PSV > 900			2,378				2,664				1,246				599				1,446
PSV < 900			21,284				23,507				20,221				18,849				22,494
AHTS 8 – 16K			7,304				5,413				3,681				5,175				3,474
AHTS 4 – 8K			14,603				15,437				16,887				15,592				15,888
Total			45,569				47,021				42,035				40,215				43,302
Europe/Mediterranean fleet:
PSV > 900			67,841				64,189				67,302				78,778				64,207
PSV < 900			14,249				14,470				13,901				15,739				11,763
AHTS > 16K			4,518				3,317				2,127				4,266				1,669
Other			337				426				410				497				566
Total			86,945				82,402				83,740				99,280				78,205
West Africa fleet:
PSV > 900			9,700				12,914				14,328				19,600				30,203
PSV < 900			30,512				27,074				23,817				24,815				37,021
AHTS > 16K			13,700				15,149				12,037				9,934				10,172
AHTS 8 – 16K			22,543				27,211				22,859				21,725				20,775
AHTS 4 – 8K			1,396				1,427				1,428				1,457				2,086
Other			7,963				7,942				7,548				5,378				5,855
Total			85,814				91,717				82,017				82,909				106,112
Worldwide fleet:
PSV > 900			129,934				131,407				135,996				146,729				139,556
PSV < 900			107,881				104,253				103,729				98,331				107,735
AHTS > 16K			25,228				29,783				32,274				31,098				24,591
AHTS 8 – 16K			30,735				34,159				29,317				29,814				27,885
AHTS 4 – 8K			20,005				20,933				22,536				21,202				20,834
Other			9,635				12,348				14,639				9,684				10,098
Total		$	323,418			$	332,883			$	338,491			$	336,858			$	330,699

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900			12				12				12				11				10
PSV < 900			15				17				17				16				16
AHTS > 16K			2				2				2				2				2
AHTS 8 – 16K			1				1				1				1				1
AHTS 4 – 8K			2				2				2				2				2
Other			1				2				1				2				2
Total			33				36				35				34				33
Stacked vessels			(4	)			(4	)			(2	)			(2	)			(1	)
Active vessels			29				32				33				32				32
Asia Pacific fleet:
PSV > 900			9				9				9				9				9
PSV < 900			7				5				5				5				5
AHTS > 16K			2				2				3				3				3
AHTS 8 – 16K			—				—				2				2				2
AHTS 4 – 8K			—				—				—				1				1
Other			—				—				1				—				—
Total			18				16				20				20				20
Stacked vessels			—				—				—				—				—
Active vessels			18				16				20				20				20
Middle East fleet:
PSV > 900			1				1				1				1				1
PSV < 900			20				20				20				20				20
AHTS 8 – 16K			7				7				5				5				5
AHTS 4 – 8K			17				17				17				17				17
Total			45				45				43				43				43
Stacked vessels			—				—				—				—				—
Active vessels			45				45				43				43				43
Europe/Mediterranean fleet:
PSV > 900			43				40				40				39				39
PSV < 900			10				9				9				9				9
AHTS > 16K			2				1				1				2				2
Total			55				50				50				50				50
Stacked vessels			—				—				—				—				—
Active vessels			55				50				50				50				50
West Africa fleet:
PSV > 900			5				7				7				9				10
PSV < 900			16				18				18				19				20
AHTS > 16K			5				6				5				4				4
AHTS 8 – 16K			13				13				13				14				13
AHTS 4 – 8K			1				2				2				2				2
Other			16				16				20				21				22
Total			56				62				65				69				71
Stacked vessels			(3	)			(4	)			(5	)			(4	)			(6	)
Active vessels			53				58				60				65				65
Worldwide fleet:
PSV > 900			70				69				69				69				69
PSV < 900			68				69				69				69				70
AHTS > 16K			11				11				11				11				11
AHTS 8 – 16K			21				21				21				22				21
AHTS 4 – 8K			20				21				21				22				22
Other			17				18				22				23				24
Total			207				209				213				216				217
Stacked vessels			(7	)			(8	)			(7	)			(6	)			(7	)
Active vessels			200				201				206				210				210
Total active			200				201				206				210				210
Total stacked			7				8				7				6				7
Total			207				209				213				216				217

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
AVAILABLE DAYS – TOTAL FLEET:
Americas fleet:
PSV > 900			1,063				1,082				1,060				947				900
PSV < 900			1,407				1,533				1,564				1,493				1,432
AHTS > 16K			171				184				184				182				180
AHTS 8 – 16K			90				92				92				91				90
AHTS 4 – 8K			180				184				184				182				180
Other			90				184				93				179				180
Total			3,001				3,259				3,177				3,074				2,962
Asia Pacific fleet:
PSV > 900			827				828				828				819				810
PSV < 900			583				491				460				455				450
AHTS > 16K			180				198				276				273				270
AHTS 8 – 16K			—				43				184				182				180
AHTS 4 – 8K			—				—				—				65				90
Other			—				—				91				3				—
Total			1,590				1,560				1,839				1,797				1,800
Middle East fleet:
PSV > 900			90				92				92				91				90
PSV < 900			1,800				1,840				1,840				1,820				1,800
AHTS 8 – 16K			630				601				460				455				450
AHTS 4 – 8K			1,530				1,564				1,564				1,547				1,530
Total			4,050				4,097				3,956				3,913				3,870
Europe/Mediterranean fleet:
PSV > 900			3,864				3,727				3,680				3,569				3,510
PSV < 900			911				859				828				812				810
AHTS > 16K			173				92				92				182				180
Total			4,948				4,678				4,600				4,563				4,500
West Africa fleet:
PSV > 900			456				619				688				853				900
PSV < 900			1,487				1,625				1,656				1,699				1,800
AHTS > 16K			466				538				460				364				360
AHTS 8 – 16K			1,170				1,196				1,196				1,247				1,180
AHTS 4 – 8K			90				154				184				182				180
Other			1,412				1,485				1,817				1,905				1,941
Total			5,081				5,617				6,001				6,250				6,361
Worldwide fleet:
PSV > 900			6,300				6,348				6,348				6,279				6,210
PSV < 900			6,188				6,348				6,348				6,279				6,292
AHTS > 16K			990				1,012				1,012				1,001				990
AHTS 8 – 16K			1,890				1,932				1,932				1,975				1,900
AHTS 4 – 8K			1,800				1,902				1,932				1,976				1,980
Other			1,502				1,669				2,001				2,087				2,121
Total			18,670				19,211				19,573				19,597				19,493

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
OUT-OF-SERVICE – STACKED DAYS:
Americas fleet:
PSV > 900			45				—				—				—				—
PSV < 900			378				385				184				182				82
Total			423				385				184				182				82
West Africa fleet:
AHTS 4 – 8K			—				62				92				91				49
Other			242				289				404				312				477
Total			242				351				496				403				526
Worldwide fleet:
PSV > 900			45				—				—				—				—
PSV < 900			378				385				184				182				82
AHTS 4 – 8K			—				62				92				91				49
Other			242				289				404				312				477
Total			665				736				680				585				608

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
AVAILABLE DAYS – ACTIVE FLEET:
Americas fleet:
PSV > 900			1,018				1,082				1,060				947				900
PSV < 900			1,029				1,148				1,380				1,311				1,350
AHTS > 16K			171				184				184				182				180
AHTS 8 – 16K			90				92				92				91				90
AHTS 4 – 8K			180				184				184				182				180
Other			90				184				93				179				180
Total			2,578				2,874				2,993				2,892				2,880
Asia Pacific fleet:
PSV > 900			827				828				828				819				810
PSV < 900			583				491				460				455				450
AHTS > 16K			180				198				276				273				270
AHTS 8 – 16K			—				43				184				182				180
AHTS 4 – 8K			—				—				—				65				90
Other			—				—				91				3				—
Total			1,590				1,560				1,839				1,797				1,800
Middle East fleet:
PSV > 900			90				92				92				91				90
PSV < 900			1,800				1,840				1,840				1,820				1,800
AHTS 8 – 16K			630				601				460				455				450
AHTS 4 – 8K			1,530				1,564				1,564				1,547				1,530
Total			4,050				4,097				3,956				3,913				3,870
Europe/Mediterranean fleet:
PSV > 900			3,864				3,727				3,680				3,569				3,510
PSV < 900			911				859				828				812				810
AHTS > 16K			173				92				92				182				180
Total			4,948				4,678				4,600				4,563				4,500
West Africa fleet:
PSV > 900			456				619				688				853				900
PSV < 900			1,487				1,625				1,656				1,699				1,800
AHTS > 16K			466				538				460				364				360
AHTS 8 – 16K			1,170				1,196				1,196				1,247				1,180
AHTS 4 – 8K			90				92				92				91				131
Other			1,170				1,196				1,413				1,593				1,464
Total			4,839				5,266				5,505				5,847				5,835
Worldwide fleet:
PSV > 900			6,255				6,348				6,348				6,279				6,210
PSV < 900			5,810				5,963				6,164				6,097				6,210
AHTS > 16K			990				1,012				1,012				1,001				990
AHTS 8 – 16K			1,890				1,932				1,932				1,975				1,900
AHTS 4 – 8K			1,800				1,840				1,840				1,885				1,931
Other			1,260				1,380				1,597				1,775				1,644
Total			18,005				18,475				18,893				19,012				18,885

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	March 31,					December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
UTILIZATION – TOTAL FLEET:
Americas fleet:
PSV > 900			68.2	%			74.9	%			83.6	%			87.0	%			78.3	%
PSV < 900			57.5				58.4				70.3				63.6				53.0
AHTS > 16K			67.4				98.1				92.7				77.3				61.3
AHTS 8 – 16K			70.8				100.0				100.0				92.7				100.0
AHTS 4 – 8K			100.0				97.3				100.0				99.5				44.5
Other			100.0				75.9				96.4				83.5				91.8
Total			66.1	%			70.4	%			79.4	%			75.8	%			64.4	%
Asia Pacific fleet:
PSV > 900			84.6	%			75.8	%			75.2	%			70.1	%			67.7	%
PSV < 900			84.2				96.0				90.3				75.0				93.7
AHTS > 16K			29.0				42.0				63.7				88.5				66.7
AHTS 8 – 16K			—				35.9				35.1				34.4				64.1
AHTS 4 – 8K			—				—				—				—				56.2
Other			—				—				99.5				—				—
Total			78.2	%			76.8	%			74.5	%			67.9	%			73.1	%
Middle East fleet:
PSV > 900			100.0	%			100.0	%			82.6	%			38.9	%			100.0	%
PSV < 900			79.4				82.9				79.2				76.9				94.0
AHTS 8 – 16K			81.8				69.1				65.1				95.7				63.7
AHTS 4 – 8K			75.3				79.0				86.0				81.0				86.3
Total			78.7	%			79.8	%			80.3	%			79.8	%			87.6	%
Europe/Mediterranean fleet:
PSV > 900			82.7	%			87.7	%			88.7	%			94.8	%			88.0	%
PSV < 900			77.2				85.8				81.2				92.0				79.2
AHTS > 16K			34.9				78.0				100.0				69.1				49.8
Total			80.0	%			87.2	%			87.5	%			93.3	%			84.9	%
West Africa fleet:
PSV > 900			66.2	%			71.0	%			66.8	%			70.1	%			96.1	%
PSV < 900			89.9				68.8				53.8				52.4				68.5
AHTS > 16K			86.8				87.3				79.9				85.1				95.6
AHTS 8 – 16K			84.4				96.9				84.9				75.3				83.0
AHTS 4 – 8K			100.0				59.7				50.0				50.0				66.7
Other			72.2				65.4				50.3				40.5				43.0
Total			81.5	%			75.7	%			62.3	%			57.6	%			68.8	%
Worldwide fleet:
PSV > 900			79.6	%			82.5	%			83.6	%			86.2	%			85.3	%
PSV < 900			77.1				74.8				71.5				68.9				75.4
AHTS > 16K			63.9				79.6				79.7				81.7				73.1
AHTS 8 – 16K			82.9				87.1				76.1				77.0				77.5
AHTS 4 – 8K			79.0				79.2				83.9				77.2				79.4
Other			73.8				66.5				54.6				44.1				47.2
Total			77.7	%			78.6	%			75.8	%			74.1	%			76.0	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	March 31,					December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
UTILIZATION – ACTIVE FLEET:
Americas fleet:
PSV > 900			71.3	%			74.9	%			83.6	%			87.0	%			78.3	%
PSV < 900			78.7				77.9				79.7				72.4				56.2
AHTS > 16K			67.4				98.1				92.7				77.3				61.3
AHTS 8 – 16K			70.8				100.0				100.0				92.7				100.0
AHTS 4 – 8K			100.0				97.3				100.0				99.5				44.5
Other			100.0				75.9				96.4				83.5				91.8
Total			77.0	%			79.9	%			84.3	%			80.5	%			66.3	%
Asia Pacific fleet:
PSV > 900			84.6	%			75.8	%			75.2	%			70.1	%			67.7	%
PSV < 900			84.2				96.0				90.3				75.0				93.7
AHTS > 16K			29.0				42.0				63.7				88.5				66.7
AHTS 8 – 16K			—				35.9				35.1				34.4				64.1
AHTS 4 – 8K			—				—				—				—				56.2
Other			—				—				99.5				—				—
Total			78.2	%			76.8	%			74.5	%			67.9	%			73.1	%
Middle East fleet:
PSV > 900			100.0	%			100.0	%			82.6	%			38.9	%			100.0	%
PSV < 900			79.4				82.9				79.2				76.9				94.0
AHTS 8 – 16K			81.8				69.1				65.1				95.7				63.7
AHTS 4 – 8K			75.3				79.0				86.0				81.0				86.3
Total			78.7	%			79.8	%			80.3	%			79.8	%			87.6	%
Europe/Mediterranean fleet:
PSV > 900			82.7	%			87.7	%			88.7	%			94.8	%			88.0	%
PSV < 900			77.2				85.8				81.2				92.0				79.2
AHTS > 16K			34.9				78.0				100.0				69.1				49.8
Total			80.0	%			87.2	%			87.5	%			93.3	%			84.9	%
West Africa fleet:
PSV > 900			66.2	%			71.0	%			66.8	%			70.1	%			96.1	%
PSV < 900			89.9				68.8				53.8				52.4				68.5
AHTS > 16K			86.8				87.3				79.9				85.1				95.6
AHTS 8 – 16K			84.4				96.9				84.9				75.3				83.0
AHTS 4 – 8K			100.0				100.0				100.0				100.0				91.6
Other			87.1				81.2				64.6				48.4				57.0
Total			85.5	%			80.7	%			67.9	%			61.6	%			75.0	%
Worldwide fleet:
PSV > 900			80.2	%			82.5	%			83.6	%			86.2	%			85.3	%
PSV < 900			82.1				79.6				73.6				71.0				76.4
AHTS > 16K			63.9				79.6				79.7				81.7				73.1
AHTS 8 – 16K			82.9				87.1				76.1				77.0				77.5
AHTS 4 – 8K			79.0				81.9				88.1				80.9				81.4
Other			88.0				80.5				68.5				51.8				60.8
Total			80.6	%			81.7	%			78.5	%			76.4	%			78.4	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900		$	34,675			$	35,891			$	34,365			$	32,617			$	32,992
PSV < 900			28,460				28,021				30,326				29,222				27,862
AHTS > 16K			36,124				35,038				35,435				37,252				35,888
AHTS 8 – 16K			13,944				14,368				13,672				13,151				13,796
AHTS 4 – 8K			22,253				22,733				22,942				22,943				21,889
Other			14,197				27,545				17,456				24,369				21,251
Total			29,501				30,362				30,487				29,526				28,733
Asia Pacific fleet:
PSV > 900			35,539				35,929				36,371				36,341				37,304
PSV < 900			38,297				29,975				29,908				32,803				36,309
AHTS > 16K			54,481				59,996				68,580				48,255				48,843
AHTS 8 – 16K			—				13,776				23,531				28,856				20,764
AHTS 4 – 8K			—				—				—				—				21,890
Other			—				—				55,320				—				—
Total			37,470				35,025				39,196				37,372				36,564
Middle East fleet:
PSV > 900			26,425				28,955				16,391				16,929				16,072
PSV < 900			14,883				15,405				13,878				13,469				13,301
AHTS 8 – 16K			14,179				13,033				12,290				11,889				12,112
AHTS 4 – 8K			12,670				12,487				12,555				12,443				12,026
Total			14,295				14,381				13,228				12,877				12,777
Europe/Mediterranean fleet:
PSV > 900			21,221				19,640				20,630				23,292				20,782
PSV < 900			20,269				19,625				20,674				21,061				18,337
AHTS > 16K			74,726				46,204				23,122				33,904				18,613
Total			21,954				20,173				20,752				23,275				20,405
West Africa fleet:
PSV > 900			32,171				29,383				31,188				32,777				34,924
PSV < 900			22,828				24,213				26,729				27,867				30,017
AHTS > 16K			33,884				32,256				32,746				32,082				29,568
AHTS 8 – 16K			22,825				23,470				22,524				23,123				21,204
AHTS 4 – 8K			15,510				15,511				15,516				16,010				17,387
Other			7,814				8,180				8,264				6,979				7,013
Total			20,732				21,583				21,940				23,035				24,244
Worldwide fleet:
PSV > 900			25,917				25,087				25,625				27,102				26,345
PSV < 900			22,617				21,959				22,867				22,722				22,697
AHTS > 16K			39,900				36,991				40,037				38,029				33,966
AHTS 8 – 16K			19,621				20,306				19,931				19,592				18,945
AHTS 4 – 8K			14,062				13,888				13,902				13,902				13,255
Other			8,687				10,923				13,127				10,147				9,746
Total		$	22,283			$	22,044			$	22,798			$	23,166			$	22,303
Note (A):  Average Vessel Day Rates equals Vessel Revenue / Days Worked.

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
Americas
Vessel revenues		$	58,526			$	69,706			$	76,913			$	68,758			$	54,852
Vessel operating costs:
Crew costs			19,729				22,429				22,634				19,652				17,440
Repair and maintenance			5,228				6,286				5,350				4,830				4,266
Insurance			462				540				570				351				571
Fuel, lube and supplies			2,887				2,739				2,464				2,215				2,617
Other			5,564				5,875				4,598				5,965				10,129
Total vessel operating costs			33,870				37,869				35,616				33,013				35,023
Vessel operating margin ($)			24,656				31,837				41,297				35,745				19,829
Vessel operating margin (%)			42.1	%			45.7	%			53.7	%			52.0	%			36.2	%
Americas – Select operating statistics
Average vessels – Total fleet			33				36				35				34				33
Utilization – Total fleet			66.1	%			70.4	%			79.4	%			75.8	%			64.4	%
Average vessels – Active fleet			29				32				33				32				32
Utilization – Active fleet			77.0	%			79.9	%			84.3	%			80.5	%			66.3	%
Average day rates		$	29,501			$	30,362			$	30,487			$	29,526			$	28,733
Vessels commencing drydocks			4				3				—				1				3
Deferred drydocking and survey costs – beginning balance		$	19,907			$	22,400			$	25,608			$	28,443			$	31,149
Cash paid for deferred drydocking and survey costs			10,685				2,858				1,082				1,027				3,355
Amortization of deferred drydocking and survey costs			(4,688	)			(5,351	)			(5,817	)			(5,338	)			(5,916	)
Disposals, intersegment transfers and other			(5,908	)			—				1,527				1,476				(145	)
Deferred drydocking and survey costs – ending balance		$	19,996			$	19,907			$	22,400			$	25,608			$	28,443

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
Asia Pacific
Vessel revenues		$	46,564			$	42,037			$	53,786			$	45,696			$	48,228
Vessel operating costs:
Crew costs			15,867				14,304				20,887				18,518				20,331
Repair and maintenance			2,957				3,427				3,842				3,365				2,270
Insurance			254				331				330				176				324
Fuel, lube and supplies			2,513				1,890				2,443				1,789				1,767
Other			1,754				2,369				2,768				2,317				2,118
Total vessel operating costs			23,345				22,321				30,270				26,165				26,810
Vessel operating margin ($)			23,219				19,716				23,516				19,531				21,418
Vessel operating margin (%)			49.9	%			46.9	%			43.7	%			42.7	%			44.4	%
Asia Pacific – Select operating statistics
Average vessels – Total fleet			18				16				20				20				20
Utilization – Total fleet			78.2	%			76.8	%			74.5	%			67.9	%			73.1	%
Average vessels – Active fleet			18				16				20				20				20
Utilization – Active fleet			78.2	%			76.8	%			74.5	%			67.9	%			73.1	%
Average day rates		$	37,470			$	35,025			$	39,196			$	37,372			$	36,564
Vessels commencing drydocks			1				2				3				2				4
Deferred drydocking and survey costs – beginning balance		$	10,185			$	14,094			$	13,462			$	13,810			$	10,418
Cash paid for deferred drydocking and survey costs			452				998				3,340				2,487				7,253
Amortization of deferred drydocking and survey costs			(2,340	)			(1,998	)			(2,578	)			(2,428	)			(2,046	)
Disposals, intersegment transfers and other			4,489				(2,909	)			(130	)			(407	)			(1,815	)
Deferred drydocking and survey costs – ending balance		$	12,786			$	10,185			$	14,094			$	13,462			$	13,810

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
Middle East
Vessel revenues		$	45,569			$	47,021			$	42,035			$	40,215			$	43,302
Vessel operating costs:
Crew costs			15,527				14,207				13,541				13,302				13,280
Repair and maintenance			3,856				6,153				4,556				4,261				4,100
Insurance			763				463				484				343				529
Fuel, lube and supplies			2,684				2,790				2,916				3,250				2,039
Other			4,075				4,570				4,242				4,661				4,588
Total vessel operating costs			26,905				28,183				25,739				25,817				24,536
Vessel operating margin ($)			18,664				18,838				16,296				14,398				18,766
Vessel operating margin (%)			41.0	%			40.1	%			38.8	%			35.8	%			43.3	%
Middle East – Select operating statistics
Average vessels – Total fleet			45				45				43				43				43
Utilization – Total fleet			78.7	%			79.8	%			80.3	%			79.8	%			87.6	%
Average vessels – Active fleet			45				45				43				43				43
Utilization – Active fleet			78.7	%			79.8	%			80.3	%			79.8	%			87.6	%
Average day rates		$	14,295			$	14,381			$	13,228			$	12,877			$	12,777
Vessels commencing drydocks			8				9				8				11				4
Deferred drydocking and survey costs – beginning balance		$	39,996			$	38,913			$	35,355			$	31,423			$	21,792
Cash paid for deferred drydocking and survey costs			11,082				7,127				8,716				8,191				13,464
Amortization of deferred drydocking and survey costs			(6,059	)			(6,044	)			(5,158	)			(4,259	)			(3,833	)
Disposals, intersegment transfers and other			539				—				—				—				—
Deferred drydocking and survey costs – ending balance		$	45,558			$	39,996			$	38,913			$	35,355			$	31,423

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
Europe/Mediterranean
Vessel revenues		$	86,945			$	82,402			$	83,740			$	99,280			$	78,205
Vessel operating costs:
Crew costs			31,699				29,932				30,104				29,342				27,111
Repair and maintenance			7,566				7,267				7,481				5,736				6,711
Insurance			699				806				797				417				848
Fuel, lube and supplies			4,651				3,251				3,469				2,153				3,147
Other			5,766				5,258				4,805				6,187				4,738
Total vessel operating costs			50,381				46,514				46,656				43,835				42,555
Vessel operating margin ($)			36,564				35,888				37,084				55,445				35,650
Vessel operating margin (%)			42.1	%			43.6	%			44.3	%			55.8	%			45.6	%
Europe/Mediterranean – Select operating statistics
Average vessels – Total fleet			55				50				50				50				50
Utilization – Total fleet			80.0	%			87.2	%			87.5	%			93.3	%			84.9	%
Average vessels – Active fleet			55				50				50				50				50
Utilization – Active fleet			80.0	%			87.2	%			87.5	%			93.3	%			84.9	%
Average day rates		$	21,954			$	20,173			$	20,752			$	23,275			$	20,405
Vessels commencing drydocks			9				2				3				1				6
Deferred drydocking and survey costs – beginning balance		$	28,489			$	30,440			$	35,571			$	41,011			$	38,431
Cash paid for deferred drydocking and survey costs			11,214				1,324				2,103				1,811				8,786
Amortization of deferred drydocking and survey costs			(7,527	)			(6,184	)			(6,363	)			(6,919	)			(6,206	)
Disposals, intersegment transfers and other			4,586				2,909				(871	)			(332	)			—
Deferred drydocking and survey costs – ending balance		$	36,762			$	28,489			$	30,440			$	35,571			$	41,011

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
West Africa
Vessel revenues		$	85,814			$	91,717			$	82,017			$	82,909			$	106,112
Vessel operating costs:
Crew costs			16,065				19,300				18,363				18,662				18,951
Repair and maintenance			5,197				6,243				7,407				5,745				4,607
Insurance			482				683				711				353				762
Fuel, lube and supplies			3,719				4,557				5,149				5,700				4,808
Other			6,223				6,449				6,219				8,064				6,927
Total vessel operating costs			31,686				37,232				37,849				38,524				36,055
Vessel operating margin ($)			54,128				54,485				44,168				44,385				70,057
Vessel operating margin (%)			63.1	%			59.4	%			53.9	%			53.5	%			66.0	%
West Africa – Select operating statistics
Average vessels – Total fleet			56				62				65				69				71
Utilization – Total fleet			81.5	%			75.7	%			62.3	%			57.6	%			68.8	%
Average vessels – Active fleet			53				58				60				65				65
Utilization – Active fleet			85.5	%			80.7	%			67.9	%			61.6	%			75.0	%
Average day rates		$	20,732			$	21,583			$	21,940			$	23,035			$	24,244
Vessels commencing drydocks			3				1				2				4				7
Deferred drydocking and survey costs – beginning balance		$	41,159			$	48,387			$	55,663			$	54,639			$	50,760
Cash paid for deferred drydocking and survey costs			2,948				1,546				2,404				10,222				10,481
Amortization of deferred drydocking and survey costs			(7,508	)			(8,774	)			(9,154	)			(8,461	)			(8,417	)
Disposals, intersegment transfers and other			(3,830	)			—				(526	)			(737	)			1,815
Deferred drydocking and survey costs – ending balance		$	32,769			$	41,159			$	48,387			$	55,663			$	54,639

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
Worldwide
Vessel revenues		$	323,418			$	332,883			$	338,491			$	336,858			$	330,699
Vessel operating costs:
Crew costs			98,887				100,172				105,529				99,476				97,113
Repair and maintenance			24,804				29,376				28,636				23,937				21,954
Insurance			2,660				2,823				2,892				1,640				3,034
Fuel, lube and supplies			16,454				15,227				16,441				15,107				14,378
Other			23,382				24,521				22,632				27,194				28,500
Total vessel operating costs			166,187				172,119				176,130				167,354				164,979
Vessel operating margin ($)			157,231				160,764				162,361				169,504				165,720
Vessel operating margin (%)			48.6	%			48.3	%			48.0	%			50.3	%			50.1	%
Worldwide – Select operating statistics
Average vessels – Total fleet			207				209				213				216				217
Utilization – Total fleet			77.7	%			78.6	%			75.8	%			74.1	%			76.0	%
Average vessels – Active fleet			200				201				206				210				210
Utilization – Active fleet			80.6	%			81.7	%			78.5	%			76.4	%			78.4	%
Average day rates		$	22,283			$	22,044			$	22,798			$	23,166			$	22,303
Vessels commencing drydocks			25				17				16				19				24
Deferred drydocking and survey costs – beginning balance		$	139,736			$	154,234			$	165,659			$	169,326			$	152,550
Cash paid for deferred drydocking and survey costs			36,381				13,853				17,645				23,738				43,339
Amortization of deferred drydocking and survey costs			(28,122	)			(28,351	)			(29,070	)			(27,405	)			(26,418	)
Disposals, intersegment transfers and other			(124	)			—				—				—				(145	)
Deferred drydocking and survey costs – ending balance		$	147,871			$	139,736			$	154,234			$	165,659			$	169,326

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
Net income (loss)		$	5,976			$	219,449			$	(1,018	)		$	72,702			$	42,320
Interest and other debt costs			16,891				16,715				16,589				16,442				16,344
Income tax expense			34,903				(166,612	)			21,711				5,584				26,109
Depreciation			38,497				37,838				37,334				36,909				39,014
Amortization of deferred drydock and survey costs			28,122				28,351				29,070				27,405				26,418
Amortization of below market contracts			—				(219	)			(283	)			(347	)			(351	)
EBITDA (A), (B), (C)			124,389				135,522				103,403				158,695				149,854
Non-cash indemnification assets charge (credit)			—				—				—				(112	)			834
Non-cash stock compensation expense			3,063				3,454				3,481				4,057				3,491
Loss on early extinguishment of debt			—				12				27,101				—				—
Acquisition, restructuring and integration related costs			1,871				4,064				3,941				340				—
Adjusted EBITDA (A), (B), (C)		$	129,323			$	143,052			$	137,926			$	162,980			$	154,179
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 March 31, 2026, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,063, $3,454, $3,481, $4,057 and $3,491 respectively.
Note (C):  EBITDA and Adjusted EBITDA for the three months ended March 31, 2026, and for each of the prior four quarters includes foreign exchange gain (losses) of $(3,403), $2,134, $1,277, $11,703 and $7,569 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
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
Net cash provided by operating activities (A)		$	19,179			$	152,960			$	72,079			$	73,658			$	80,411
Cash interest expense			31,554				576				17,735				11,994				17,505
Interest income and other (net of certain non-cash items)			(2,939	)			(3,455	)			(1,860	)			(2,103	)			(2,157	)
Indemnification assets credit (charge)			—				—				—				112				(834	)
Additions to property and equipment			(14,885	)			(5,147	)			(5,122	)			(5,226	)			(10,266	)
Expansion capital			—				—				—				3				27
Effects of exchange rate changes on cash			(1,813	)			910				(1,377	)			11,775				5,562
		31,096				145,844				81,455				90,213				90,248
Proceeds from asset sales			3,329				5,331				1,204				7,328				4,416
Free cash flow		$	34,425			$	151,175			$	82,659			$	97,541			$	94,664
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
		March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments		$	(34,008	)		$	68,133			$	(9,210	)		$	(11,010	)		$	21,099
Cash paid for deferred drydock and survey costs			(36,381	)			(13,853	)			(17,645	)			(23,738	)			(43,339	)
Total sources (uses) of cash for changes in assets and liabilities		$	(70,389	)		$	54,280			$	(26,855	)		$	(34,748	)		$	(22,240	)

 

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Tidewater Inc.

West Gotcher

Senior Vice President,

Strategy, Corporate Development and Investor Relations

+1.713.470.5285

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Energy Natural Resources Other Natural Resources Oil/Gas

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