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TIDEWATER INC NEW
Symbol	TDW
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Tidewater Reports Results for the Nine Months Ended September 30, 2026

2026-11-09 16:39 ET - News Release

Third Quarter 2026 Highlights

Revenue of $360.4 million, a 5.3% increase compared to the second quarter of 2026
Average day rate of $23,775 per day, an increase of $837 per day, or 3.7%, compared to the second quarter of 2026
Weighted average leading edge day rate of $27,373, an increase of $3,033 per day, or 12.5%,compared to the second quarter of 2026
Net income of $17.5 million and Adjusted EBITDA of $140.1 million
Net cash provided by operating activities of $75.2 million and freecash flow of $90.9 million
Closed the $500 million all-cash acquisition of Wilson Sons Ultratug Offshore (“WSUT”)

Annual Guidance and Share Repurchase Program

Updating 2026 revenue guidance range of $1.43 to $1.44 billion and 2026 gross margin guidance range of 47.5% to 48.5%, which is inclusive of approximately 140 basis points of cost burden related to Operation Epic Fury
Initiating 2027 revenue guidance range of $1.70 to $1.75 billion and 2026 gross margin guidance range of 51% to 53%
Repurchased approximately $25 million of shares since the last earnings release, with an outstanding share repurchase authorization of $475 million

Company Website: https://www.tdw.com
HOUSTON -- (Business Wire)

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2026 of $360.4 million and $1,028.9 million, respectively, compared with $341.1 million and $1,016.0 million for the three and nine months ended September 30, 2025. Tidewater's net income for the three and nine months ended September 30, 2026, was $17.5 million ($0.35 per common share) and $45.3 million ($0.91 per common share), respectively, compared with net income (loss) of $(0.8) million ($0.02 per common share) and $114.8 million ($2.27 per common share), respectively, for the three and nine months ended September 30, 2025.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Third quarter 2026 revenue and gross margin nicely exceeded our expectations driven by continued strength in day rates and utilization, with revenue for the quarter coming in at $360.4 million. Gross margin of 46.8% exceeded our expectations by a full percentage point due to the increase in revenue. Realized day rate of $23,775 increased $837 per day sequentially, continuing the pace of quarterly day rate improvements throughout 2026. The sequential increase in day rates was broad-based with improvement across nearly all of our vessel classes. Just as noteworthy, the pace of new term contract day rate acceleration continued in the third quarter, with our weighted average term contract day rate up by $3,033 per day to $27,373, an increase of 12.5% sequentially.

“During the third quarter, we closed our all-cash acquisition of WSUT, materially expanding our presence in Brazil. Our integration efforts are moving along well and we have made good progress to date. We anticipate substantially integrating the WSUT business into the Tidewater platform by the start of 2027. Year to date, we have incurred approximately $14.4 million in WSUT acquisition-related expenses.

“This year has largely progressed as anticipated from an activity perspective, even as the conflict in the Middle East has persisted. We are updating our 2026 revenue guidance range of $1.43 billion to $1.44 billion and our 2026 gross margin guidance range of 47.5% to 48.5%. We expect continued elevated operating costs associated with the conflict in the Middle East that we now anticipate to impact the fourth quarter. We expect to incur approximately $19.8 million in conflict-related costs in 2026, approximately $8.7 million of which we are contractually permitted to bill back to our customers.

“Looking forward to 2027, we remain encouraged by the progress we observe for continued strength as we progress through next year. We see a number of opportunities continue to emerge associated with each of the activities we support – drilling support, subsea and EPCI support and production support – that should continue to drive vessel demand over the next year. We’ve seen the early benefit of a strengthening market against a tight offshore vessel supply backdrop in our recent leading edge day rates. Broad-based confidence in the offshore cycle continues to improve and we believe that the coming years should provide for a durable set of factors that should allow us to continue to drive earnings and cash flow growth. As such, we are initiating full-year 2027 revenue guidance of $1.70 to $1.75 billion and full-year 2027 margin guidance of 51% to 53%.”

In addition to the number of outstanding shares, as of September 30, 2026, the Company also has the following in-the-money warrants.


Common shares outstanding			49,664,360
New Creditor Warrants (strike price $0.001 per common share)			21,400
GulfMark Creditor Warrants (strike price $0.01 per common share)			48,865
Total			49,734,625

Tidewater will hold a conference call to discuss results for the three months ending September 30, 2026 on November 10, 2026, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.833.461.5787 if calling from the U.S. or Canada (+1.585.542.9983 if calling from outside the U.S. or Canada) and provide Conference ID: 436 875 102 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on November 10, 2026. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

About Tidewater

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

Cautionary Statement

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

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

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

Financial information is displayed beginning on the next page.

The supplementary information presented in this press release was not audited. This press release presents extracts from the Consolidated Balance Sheets at September 30, 2026 and December 31, 2025; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2026 and 2025; and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025. Extracts are drawn from the September 30, 2026 unaudited quarterly and December 31, 2025 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.


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

	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Revenues:
Vessel revenues	$	357,547		$	338,491		$	1,020,696		$	1,006,048
Other operating revenues		2,869			2,622			8,229			9,940
Total revenues		360,416			341,113			1,028,925			1,015,988
Costs and expenses:
Vessel operating costs		190,241			176,130			537,174			508,463
Costs of other operating revenues		1,350			1,252			3,183			5,790
General and administrative		43,777			35,256			112,181			95,563
Depreciation and amortization		74,707			66,404			207,738			196,150
(Gain) loss on asset dispositions, net		8			(580	)		(3,196	)		(8,598	)
Total costs and expenses		310,083			278,462			857,080			797,368
Operating income		50,333			62,651			171,845			218,620
Other income (expense):
Foreign exchange gain (loss)		(3,674	)		1,277			(7,765	)		20,549
Interest income and other, net		4,842			455			7,761			4,715
Loss on early extinguishment of debt		—			(27,101	)		—			(27,101	)
Interest and other debt costs, net		(16,075	)		(16,589	)		(49,392	)		(49,375	)
Total other expense		(14,907	)		(41,958	)		(49,396	)		(51,212	)
Income before income taxes		35,426			20,693			122,449			167,408
Income tax expense		18,195			21,711			78,160			53,404
Net income (loss)		17,231			(1,018	)		44,289			114,004
Less: Net loss attributable to noncontrolling interests		(283	)		(212	)		(1,027	)		(773	)
Net income (loss) attributable to Tidewater Inc.	$	17,514		$	(806	)	$	45,316		$	114,777
Basic income (loss) per common share	$	0.35		$	(0.02	)	$	0.91		$	2.29
Diluted income (loss) per common share	$	0.35		$	(0.02	)	$	0.91		$	2.27
Weighted average common shares outstanding		49,751			49,498			49,693			50,217
Dilutive effect of warrants and restricted stock units		348			—			379			364
Adjusted weighted average common shares		50,099			49,498			50,072			50,581


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

	September 30, 2026			December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	390,844		$	578,761
Trade and other receivables, net of allowance for credit losses of $1,037 and $3,034 at September 30, 2026 and December 31, 2025, respectively		328,738			285,372
Marine operating supplies		51,050			38,482
Prepaid expenses and other current assets		17,627			11,520
Total current assets		788,259			914,135
Net properties and equipment		1,513,820			1,072,020
Deferred drydocking and survey costs		143,393			139,736
Indemnification assets		9,153			9,455
Deferred tax asset		179,013			200,939
Other assets		39,410			50,626
Total assets	$	2,673,048		$	2,386,911

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	60,238		$	66,347
Accrued expenses		155,362			153,169
Current portion of long-term debt		58,694			5,845
Other current liabilities		78,610			89,876
Total current liabilities		352,904			315,237
Long-term debt		803,566			649,048
Other liabilities		115,537			61,372

Commitments and contingencies

Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 49,664,360 and 49,566,334 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively		50			50
Additional paid-in-capital		1,667,136			1,663,247
Accumulated deficit		(267,786	)		(305,157	)
Accumulated other comprehensive income		6,802			7,248
Total stockholders' equity		1,406,202			1,365,388
Noncontrolling interests		(5,161	)		(4,134	)
Total equity		1,401,041			1,361,254
Total liabilities and equity	$	2,673,048		$	2,386,911


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

	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net income (loss)	$	17,231		$	(1,018	)	$	44,289		$	114,004
Other comprehensive income (loss):
Change in liability of pension plans		(147	)		621			(446	)		1,834
Total comprehensive income	$	17,084		$	(397	)	$	43,843		$	115,838


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

	Nine Months			Nine Months
	Ended			Ended
	September 30, 2026			September 30, 2025
Cash flows from operating activities:
Net income	$	44,289		$	114,004
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		123,620			113,257
Amortization of deferred drydocking and survey costs		84,118			82,893
Amortization of debt premiums and discounts		2,279			3,931
Amortization of below market contracts		—			(981	)
Unrealized foreign exchange (gain) loss		3,850			(21,076	)
Deferred income taxes provision (benefit)		19,788			(11,569	)
Gain on asset dispositions, net		(3,196	)		(8,598	)
Loss on early extinguishment of debt		—			27,101
Stock-based compensation expense		10,457			11,029
Changes in assets and liabilities:
Trade and other receivables		(242	)		(8,791	)
Accounts payable		(11,155	)		(28,806	)
Accrued expenses		(18,511	)		195
Deferred drydocking and survey costs		(87,898	)		(84,722	)
Other, net		(5,956	)		38,281
Net cash provided by operating activities		161,443			226,148
Cash flows from investing activities:
Proceeds from asset dispositions		14,856			12,288
Proceeds from sale of notes		—			660
Acquisitions, net of cash acquired		(272,975	)		—
Additions to properties and equipment		(39,188	)		(20,614	)
Net cash used in investing activities		(297,307	)		(7,666	)
Cash flows from financing activities:
Issuance of long-term debt		—			650,000
Principal payments on long-term debt		(8,521	)		(640,128	)
Purchase of common stock		(7,945	)		(90,089	)
Payments on finance leases		(24,903	)		(5,537	)
Debt extinguishment premium		—			(19,589	)
Debt issuance costs		(109	)		(18,985	)
Share based awards reacquired to pay taxes		(6,568	)		(8,039	)
Net cash used in financing activities		(48,046	)		(132,367	)
Effects of exchange rate changes on cash, cash equivalents and restricted cash		(2,704	)		15,960
Net change in cash, cash equivalents and restricted cash		(186,614	)		102,075
Cash, cash equivalents and restricted cash at beginning of period		581,568			329,031
Cash, cash equivalents and restricted cash at end of period	$	394,954		$	431,106


Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	62,908	$	47,234
Income taxes	$	53,087	$	41,944
Supplemental disclosure of noncash investing activities:
Purchase of vessels	$	—	$	10,727
Recognition of finance leases	$	—	$	23,396
Supplemental disclosure of noncash financing activities:
Debt incurred for the purchase of vessels	$	—	$	11,479
Assumption of debt on Wilson acquisition	$	214,853	$	—

Note: Cash, cash equivalents and restricted cash at September 30, 2026 and 2025 includes $4.1 million and $2.9 million, respectively, in long-term restricted cash, which is included in other assets in our consolidated balance sheet.


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

	Three Months Ended
								Accumulated
			Additional					other			Non
	Common		paid-in		Accumulated			comprehensive			controlling
	stock		capital		deficit			income			interest			Total
Balance at June 30, 2026	$	50	$	1,663,520	$	(277,355	)	$	6,949		$	(4,878	)	$	1,388,286
Total comprehensive income (loss)		—		—		17,514			(147	)		(283	)		17,084
Repurchase and retirement of common stock		—		—		(7,945	)		—			—			(7,945	)
Amortization of share-based awards		—		3,616		—			—			—			3,616
Balance at September 30, 2026	$	50	$	1,667,136	$	(267,786	)	$	6,802		$	(5,161	)	$	1,401,041

Balance at June 30, 2025	$	50	$	1,656,626	$	(524,235	)	$	7,273		$	(3,487	)	$	1,136,227
Total comprehensive income (loss)		—		—		(806	)		621			(212	)		(397	)
Amortization of share-based awards		—		3,194		—			—			—			3,194
Balance at September 30, 2025	$	50	$	1,659,820	$	(525,041	)	$	7,894		$	(3,699	)	$	1,139,024


	Nine Months Ended
									Accumulated
				Additional					other			Non
	Common			paid-in		Accumulated			comprehensive			controlling
	stock			capital		deficit			income (loss)			interest			Total
Balance at December 31, 2025	$	50		$	1,663,247	$	(305,157	)	$	7,248		$	(4,134	)	$	1,361,254
Total comprehensive income (loss)		—			—		45,316			(446	)		(1,027	)		43,843
Repurchase and retirement of common stock		—			—		(7,945	)		—			—			(7,945	)
Amortization of share-based awards		—			3,889		—			—			—			3,889
Balance at September 30, 2026	$	50		$	1,667,136	$	(267,786	)	$	6,802		$	(5,161	)	$	1,401,041


Balance at December 31, 2024	$	52		$	1,656,830	$	(548,831	)	$	6,060		$	(2,926	)	$	1,111,185
Total comprehensive income (loss)		—			—		114,777			1,834			(773	)		115,838
Repurchase and retirement of common stock		(2	)		—		(90,987	)		—			—			(90,989	)
Amortization of share-based awards		—			2,990		—			—			—			2,990
Balance at September 30, 2025	$	50		$	1,659,820	$	(525,041	)	$	7,894		$	(3,699	)	$	1,139,024


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

(In Thousands)	Three Months Ended								Nine Months Ended
	September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Vessel revenues:
Americas	$	71,997	20	%	$	76,913	23	%	$	184,492	18	%	$	200,523	20	%
Asia Pacific		44,538	13	%		53,786	16	%		139,050	14	%		147,710	15	%
Middle East		46,418	13	%		42,035	12	%		140,470	14	%		125,552	12	%
Europe/Mediterranean		121,546	34	%		83,740	25	%		320,567	31	%		261,225	26	%
West Africa		73,048	20	%		82,017	24	%		236,117	23	%		271,038	27	%
Total vessel revenues	$	357,547	100	%	$	338,491	100	%	$	1,020,696	100	%	$	1,006,048	100	%
Vessel operating costs:
Crew costs	$	110,769	31	%	$	105,529	31	%	$	314,881	31	%	$	302,118	30	%
Repair and maintenance		31,694	9	%		28,636	8	%		85,451	8	%		74,527	7	%
Insurance		2,948	1	%		2,892	1	%		8,547	1	%		7,566	1	%
Fuel, lube and supplies		19,817	5	%		16,441	5	%		57,317	6	%		45,926	5	%
Other		25,013	7	%		22,632	7	%		70,978	7	%		78,326	8	%
Total vessel operating costs		190,241	53	%		176,130	52	%		537,174	53	%		508,463	51	%
Vessel operating margin (A)	$	167,306	47	%	$	162,361	48	%	$	483,522	47	%	$	497,585	49	%

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


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

(In Thousands)	Three Months Ended										Nine Months Ended
	September 30, 2026					September 30, 2025					September 30, 2026					September 30, 2025
Vessel operating profit:
Americas	$	4,760		1	%	$	24,654		7	%	$	21,712		2	%	$	49,791		5	%
Asia Pacific		10,435		3	%		15,330		5	%		39,012		4	%		40,788		4	%
Middle East		3,796		1	%		4,994		2	%		16,608		2	%		17,451		2	%
Europe/Mediterranean		36,942		10	%		11,352		3	%		71,836		7	%		47,957		5	%
West Africa		20,426		6	%		25,418		7	%		82,268		8	%		103,048		10	%
Other operating profit		1,519		1	%		1,370		0	%		5,046		1	%		4,150		0	%
		77,878		22	%		83,118		24	%		236,482		24	%		263,185		26	%

Corporate expenses (A)		(27,537	)	(8	)%		(21,047	)	(6	)%		(67,833	)	(7	)%		(53,163	)	(5	)%
Gain (loss) on asset dispositions, net		(8	)	(0	)%		580		0	%		3,196		0	%		8,598		1	%
Operating income	$	50,333		14	%	$	62,651		18	%	$	171,845		17	%	$	218,620		22	%

Note (A): General and administrative expenses for the three and nine months ended September 30, 2026 include stock-based compensation of $3.6 million and $10.5 million, respectively. General and administrative expenses for the three and nine months ended September 30, 2025 include stock-based compensation of $3.5 million and $11.0 million, respectively. In addition, vessel operating and general and administrative costs for the three and nine months ended September 30, 2026, include $10.2 million and $14.9 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and nine months ended September 30, 2025, include $4.0 and $4.3 million in acquisition, restructuring and integration related costs, respectively.


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

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
Revenues:
Vessel revenues	$	357,547		$	339,731		$	323,418		$	332,883		$	338,491
Other operating revenues		2,869			2,556			2,804			3,915			2,622
Total revenues		360,416			342,287			326,222			336,798			341,113
Costs and expenses:
Vessel operating costs (A)		190,241			180,746			166,187			172,119			176,130
Costs of other operating revenue		1,350			1,072			761			630			1,252
General and administrative (A)		43,777			34,845			33,559			38,968			35,256
Depreciation and amortization		74,707			66,412			66,619			66,189			66,404
(Gain) loss on asset dispositions, net		8			(3,316	)		112			(5,084	)		(580	)
Total operating costs and expenses		310,083			279,759			267,238			272,822			278,462
Operating income		50,333			62,528			58,984			63,976			62,651
Other income (expense):
Foreign exchange gain (loss)		(3,674	)		(688	)		(3,403	)		2,134			1,277
Interest income and other, net		4,842			730			2,189			3,454			455
Loss on early extinguishment of debt		—			—			—			(12	)		(27,101	)
Interest and other debt costs, net		(16,075	)		(16,426	)		(16,891	)		(16,715	)		(16,589	)
Total other expense		(14,907	)		(16,384	)		(18,105	)		(11,139	)		(41,958	)
Income before income taxes		35,426			46,144			40,879			52,837			20,693
Income tax expense (benefit)		18,195			25,062			34,903			(166,612	)		21,711
Net income (loss)		17,231			21,082			5,976			219,449			(1,018	)
Net loss attributable to noncontrolling interests		(283	)		(580	)		(164	)		(435	)		(212	)
Net income (loss) attributable to Tidewater Inc.	$	17,514		$	21,662		$	6,140		$	219,884		$	(806	)
Basic income (loss) per common share	$	0.35		$	0.44		$	0.12		$	4.44		$	(0.02	)
Diluted income (loss) per common share	$	0.35		$	0.43		$	0.12		$	4.41		$	(0.02	)
Weighted average common shares outstanding		49,751			49,663			49,589			49,564			49,498
Dilutive effect of warrants and restricted stock units		348			349			249			332			—
Adjusted weighted average common shares		50,099			50,012			49,838			49,896			49,498

Vessel operating margin	$	167,306		$	158,985		$	157,231		$	160,764		$	162,361

Note (A): Acquisition, restructuring and integration related costs	$	10,224		$	2,733		$	1,978		$	4,064		$	3,941


TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)

	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
ASSETS
Current assets:
Cash and cash equivalents	$	390,844		$	613,544		$	552,280		$	578,761		$	428,225
Trade and other receivables, net		328,738			306,568			299,735			285,372			332,596
Marine operating supplies		51,050			29,501			29,404			38,482			27,857
Prepaid expenses and other current assets		17,627			17,772			18,195			11,520			11,652
Total current assets		788,259			967,385			899,614			914,135			800,330
Net properties and equipment		1,513,820			1,038,114			1,069,081			1,072,020			1,104,503
Deferred drydocking and survey costs		143,393			142,896			147,871			139,736			154,234
Indemnification assets		9,153			9,663			8,273			9,455			9,456
Deferred tax asset		179,013			182,469			190,614			200,939			14,511
Other assets		39,410			25,733			25,217			50,626			45,846
Total assets	$	2,673,048		$	2,366,260		$	2,340,670		$	2,386,911		$	2,128,880

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	60,238		$	62,610		$	58,238		$	66,347		$	42,579
Accrued expenses		155,362			133,706			139,525			153,169			130,879
Current portion of long-term debt		58,694			5,680			5,760			5,845			5,840
Other current liabilities		78,610			68,079			66,402			89,876			97,162
Total current liabilities		352,904			270,075			269,925			315,237			276,460
Long-term debt		803,566			647,523			648,616			649,048			649,802
Other liabilities		115,537			60,376			58,140			61,372			63,594


Equity:
Common stock		50			50			50			50			50
Additional paid-in-capital		1,667,136			1,663,520			1,660,121			1,663,247			1,659,820
Accumulated deficit		(267,786	)		(277,355	)		(299,017	)		(305,157	)		(525,041	)
Accumulated other comprehensive income		6,802			6,949			7,133			7,248			7,894
Total stockholders' equity		1,406,202			1,393,164			1,368,287			1,365,388			1,142,723
Noncontrolling interests		(5,161	)		(4,878	)		(4,298	)		(4,134	)		(3,699	)
Total equity		1,401,041			1,388,286			1,363,989			1,361,254			1,139,024
Total liabilities and equity	$	2,673,048		$	2,366,260		$	2,340,670		$	2,386,911		$	2,128,880


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

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
Cash flows from operating activities:
Net income (loss)	$	17,231		$	21,082		$	5,976		$	219,449		$	(1,018	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation		47,027			38,096			38,497			37,838			37,334
Amortization of deferred drydocking and survey costs		27,680			28,316			28,122			28,351			29,070
Amortization of debt premiums and discounts		143			1,288			848			1,448			975
Amortization of below market contracts		—			—			—			(219	)		(283	)
Unrealized foreign exchange (gain) loss		906			383			2,561			(2,322	)		(997	)
Deferred income taxes provision (benefit)		1,088			8,311			10,389			(184,247	)		3,851
Loss (gain) on asset dispositions, net		8			(3,316	)		112			(5,084	)		(580	)
Loss on early extinguishment of debt		—			—			—			12			27,101
Stock-based compensation expense		3,649			3,745			3,063			3,454			3,481
Changes in assets and liabilities:
Trade and other receivables		20,954			(6,833	)		(14,363	)		47,224			(16,105	)
Accounts payable		(7,418	)		4,372			(8,109	)		23,768			(6,136	)
Accrued expenses		952			(5,819	)		(13,644	)		23,080			418
Deferred drydocking and survey costs		(28,176	)		(23,341	)		(36,381	)		(13,853	)		(17,645	)
Other, net		(8,823	)		759			2,108			(25,939	)		12,613
Net cash provided by operating activities		75,221			67,043			19,179			152,960			72,079
Cash flows from investing activities:
Proceeds from asset dispositions		—			11,527			3,329			5,331			1,204
Acquisitions, net of cash acquired		(272,975	)		—			—			—			—
Additions to properties and equipment		(9,380	)		(14,923	)		(14,885	)		(5,147	)		(5,122	)
Net cash provided by (used in) investing activities		(282,355	)		(3,396	)		(11,556	)		184			(3,918	)
Cash flows from financing activities:
Issuance of long-term debt		—			—			—			—			650,000
Principal payments on long-term debt		(5,617	)		(1,807	)		(1,097	)		(1,814	)		(613,587	)
Purchase of common stock		(7,945	)		—			—			—			—
Payments on finance leases		—			—			(24,903	)		(895	)		(5,537	)
Debt extinguishment premium		—			—			—			(12	)		(19,589	)
Debt issuance costs		—			(8	)		(101	)		(844	)		(18,985	)
Share based awards reacquired to pay taxes		(32	)		(347	)		(6,189	)		(27	)		(287	)
Net cash used in financing activities		(13,594	)		(2,162	)		(32,290	)		(3,592	)		(7,985	)
Effects of exchange rate changes on cash, cash equivalents and restricted cash		(407	)		(484	)		(1,813	)		910			(1,377	)
Net change in cash, cash equivalents and restricted cash		(221,135	)		61,001			(26,480	)		150,462			58,799
Cash, cash equivalents and restricted cash at beginning of period		616,089			555,088			581,568			431,106			372,307
Cash, cash equivalents and restricted cash at end of period	$	394,954		$	616,089		$	555,088		$	581,568		$	431,106

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	30,814		$	540		$	31,554		$	576		$	17,735
Income taxes	$	13,818		$	19,347		$	19,922		$	18,366		$	9,291
Supplemental disclosure of noncash investing activities:
Recognition of finance leases	$	—		$	—		$	—		$	5,262		$	23,396
Assumption of debt on Wilson acquisition	$	214,853		$	—		$	—		$	—		$	—


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

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2026		2026		2026		2025		2025
VESSEL REVENUE BY VESSEL CLASS

Americas fleet:
PSV > 900	$	27,131	$	23,090	$	25,153	$	29,080	$	30,460
PSV < 900		36,636		21,583		23,038		25,067		33,363
AHTS > 16K		2,460		3,241		4,163		6,324		6,045
AHTS 8 - 16K		967		1,263		888		1,322		1,259
AHTS 4 - 8K		4,235		4,039		4,006		4,069		4,221
Other		568		753		1,278		3,844		1,565
Total		71,997		53,969		58,526		69,706		76,913
Asia Pacific fleet:
PSV > 900		18,519		23,687		24,862		22,560		22,660
PSV < 900		20,379		20,343		18,798		14,135		12,427
AHTS > 16K		5,582		3,861		2,847		4,993		12,065
AHTS 8 - 16K		—		—		—		213		1,518
Other		58		57		57		136		5,116
Total		44,538		47,948		46,564		42,037		53,786
Middle East fleet:
PSV > 900		2,699		2,338		2,378		2,664		1,246
PSV < 900		23,137		23,248		21,284		23,507		20,221
AHTS 8 - 16K		7,569		7,424		7,304		5,413		3,681
AHTS 4 - 8K		13,013		15,473		14,603		15,437		16,887
Total		46,418		48,483		45,569		47,021		42,035
Europe/Mediterranean fleet:
PSV > 900		88,400		82,258		67,841		64,189		67,302
PSV < 900		20,769		19,792		14,249		14,470		13,901
AHTS > 16K		11,493		9,784		4,518		3,317		2,127
AHTS 8 - 16K		647		—		—		—		—
Other		237		242		337		426		410
Total		121,546		112,076		86,945		82,402		83,740
West Africa fleet:
PSV > 900		11,158		13,803		9,700		12,914		14,328
PSV < 900		24,206		26,409		30,512		27,074		23,817
AHTS > 16K		15,001		14,564		13,700		15,149		12,037
AHTS 8 - 16K		14,786		13,537		22,543		27,211		22,859
AHTS 4 - 8K		871		938		1,396		1,427		1,428
Other		7,026		8,004		7,963		7,942		7,548
Total		73,048		77,255		85,814		91,717		82,017
Worldwide fleet:
PSV > 900		147,907		145,176		129,934		131,407		135,996
PSV < 900		125,127		111,375		107,881		104,253		103,729
AHTS > 16K		34,536		31,450		25,228		29,783		32,274
AHTS 8 - 16K		23,969		22,224		30,735		34,159		29,317
AHTS 4 - 8K		18,119		20,450		20,005		20,933		22,536
Other		7,889		9,056		9,635		12,348		14,639
Total	$	357,547	$	339,731	$	323,418	$	332,883	$	338,491


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
AVERAGE NUMBER OF VESSELS:

Americas fleet:
PSV > 900		12			11			12			12			12
PSV < 900		21			14			15			17			17
AHTS > 16K		1			1			2			2			2
AHTS 8 - 16K		1			1			1			1			1
AHTS 4 - 8K		2			2			2			2			2
Other		1			1			1			2			1
Total		38			30			33			36			35
Stacked vessels		(4	)		(4	)		(4	)		(4	)		(2	)
Active vessels		34			26			29			32			33
Asia Pacific fleet:
PSV > 900		9			10			9			9			9
PSV < 900		7			7			7			5			5
AHTS > 16K		2			2			2			2			3
AHTS 8 - 16K		—			—			—			—			2
Other		—			—			—			—			1
Total		18			19			18			16			20
Stacked vessels		—			—			—			—			—
Active vessels		18			19			18			16			20
Middle East fleet:
PSV > 900		1			1			1			1			1
PSV < 900		20			20			20			20			20
AHTS 8 - 16K		7			7			7			7			5
AHTS 4 - 8K		17			17			17			17			17
Total		45			45			45			45			43
Stacked vessels		(1	)		—			—			—			—
Active vessels		44			45			45			45			43
Europe/Mediterranean fleet:
PSV > 900		42			43			43			40			40
PSV < 900		11			11			10			9			9
AHTS > 16K		3			3			2			1			1
AHTS 8 - 16K		1			—			—			—			—
Total		57			57			55			50			50
Stacked vessels		—			—			—			—			—
Active vessels		57			57			55			50			50
West Africa fleet:
PSV > 900		7			5			5			7			7
PSV < 900		16			16			16			18			18
AHTS > 16K		5			5			5			6			5
AHTS 8 - 16K		12			13			13			13			13
AHTS 4 - 8K		1			1			1			2			2
Other		13			15			16			16			20
Total		54			55			56			62			65
Stacked vessels		—			(2	)		(3	)		(4	)		(5	)
Active vessels		54			53			53			58			60
Worldwide fleet:
PSV > 900		71			70			70			69			69
PSV < 900		75			68			68			69			69
AHTS > 16K		11			11			11			11			11
AHTS 8 - 16K		21			21			21			21			21
AHTS 4 - 8K		20			20			20			21			21
Other		14			16			17			18			22
Total		212			206			207			209			213
Stacked vessels		(5	)		(6	)		(7	)		(8	)		(7	)
Active vessels		207			200			200			201			206

Total active		207			200			200			201			206
Total stacked		5			6			7			8			7
Total		212			206			207			209			213


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2026		2026		2026		2025		2025
AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:
PSV > 900		1,072		1,001		1,063		1,082		1,060
PSV < 900		1,888		1,274		1,407		1,533		1,564
AHTS > 16K		92		91		171		184		184
AHTS 8 - 16K		92		91		90		92		92
AHTS 4 - 8K		184		182		180		184		184
Other		92		91		90		184		93
Total		3,420		2,730		3,001		3,259		3,177
Asia Pacific fleet:
PSV > 900		860		910		827		828		828
PSV < 900		638		637		583		491		460
AHTS > 16K		184		182		180		198		276
AHTS 8 - 16K		—		—		—		43		184
Other		—		—		—		—		91
Total		1,682		1,729		1,590		1,560		1,839
Middle East fleet:
PSV > 900		92		91		90		92		92
PSV < 900		1,840		1,820		1,800		1,840		1,840
AHTS 8 - 16K		644		637		630		601		460
AHTS 4 - 8K		1,564		1,547		1,530		1,564		1,564
Total		4,140		4,095		4,050		4,097		3,956
Europe/Mediterranean fleet:
PSV > 900		3,834		3,913		3,864		3,727		3,680
PSV < 900		1,018		1,001		911		859		828
AHTS > 16K		276		273		173		92		92
AHTS 8 - 16K		92		17		—		—		—
Total		5,220		5,204		4,948		4,678		4,600
West Africa fleet:
PSV > 900		642		455		456		619		688
PSV < 900		1,472		1,456		1,487		1,625		1,656
AHTS > 16K		460		455		466		538		460
AHTS 8 - 16K		1,104		1,166		1,170		1,196		1,196
AHTS 4 - 8K		92		91		90		154		184
Other		1,196		1,324		1,412		1,485		1,817
Total		4,966		4,947		5,081		5,617		6,001
Worldwide fleet:
PSV > 900		6,500		6,370		6,300		6,348		6,348
PSV < 900		6,856		6,188		6,188		6,348		6,348
AHTS > 16K		1,012		1,001		990		1,012		1,012
AHTS 8 - 16K		1,932		1,911		1,890		1,932		1,932
AHTS 4 - 8K		1,840		1,820		1,800		1,902		1,932
Other		1,288		1,415		1,502		1,669		2,001
Total		19,428		18,705		18,670		19,211		19,573


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2026		2026		2026		2025		2025
OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:
PSV > 900		92		91		45		—		—
PSV < 900		276		273		378		385		184
Total		368		364		423		385		184
Middle East fleet:
PSV < 900		61		—		—		—		—
Total		61		—		—		—		—
West Africa fleet:
AHTS 4 - 8K		—		—		—		62		92
Other		—		141		242		289		404
Total		—		141		242		351		496
Worldwide fleet:
PSV > 900		92		91		45		—		—
PSV < 900		337		273		378		385		184
AHTS 4 - 8K		—		—		—		62		92
Other		—		141		242		289		404
Total		429		505		665		736		680


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2026		2026		2026		2025		2025
AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:
PSV > 900		980		910		1,018		1,082		1,060
PSV < 900		1,612		1,001		1,029		1,148		1,380
AHTS > 16K		92		91		171		184		184
AHTS 8 - 16K		92		91		90		92		92
AHTS 4 - 8K		184		182		180		184		184
Other		92		91		90		184		93
Total		3,052		2,366		2,578		2,874		2,993
Asia Pacific fleet:
PSV > 900		860		910		827		828		828
PSV < 900		638		637		583		491		460
AHTS > 16K		184		182		180		198		276
AHTS 8 - 16K		—		—		—		43		184
Other		—		—		—		—		91
Total		1,682		1,729		1,590		1,560		1,839
Middle East fleet:
PSV > 900		92		91		90		92		92
PSV < 900		1,779		1,820		1,800		1,840		1,840
AHTS 8 - 16K		644		637		630		601		460
AHTS 4 - 8K		1,564		1,547		1,530		1,564		1,564
Total		4,079		4,095		4,050		4,097		3,956
Europe/Mediterranean fleet:
PSV > 900		3,834		3,913		3,864		3,727		3,680
PSV < 900		1,018		1,001		911		859		828
AHTS > 16K		276		273		173		92		92
AHTS 8 - 16K		92		17		—		—		—
Total		5,220		5,204		4,948		4,678		4,600
West Africa fleet:
PSV > 900		642		455		456		619		688
PSV < 900		1,472		1,456		1,487		1,625		1,656
AHTS > 16K		460		455		466		538		460
AHTS 8 - 16K		1,104		1,166		1,170		1,196		1,196
AHTS 4 - 8K		92		91		90		92		92
Other		1,196		1,183		1,170		1,196		1,413
Total		4,966		4,806		4,839		5,266		5,505
Worldwide fleet:
PSV > 900		6,408		6,279		6,255		6,348		6,348
PSV < 900		6,519		5,915		5,810		5,963		6,164
AHTS > 16K		1,012		1,001		990		1,012		1,012
AHTS 8 - 16K		1,932		1,911		1,890		1,932		1,932
AHTS 4 - 8K		1,840		1,820		1,800		1,840		1,840
Other		1,288		1,274		1,260		1,380		1,597
Total		18,999		18,200		18,005		18,475		18,893


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	September 30,				June 30,			March 31,			December 31,			September 30,
		2026			2026			2026			2025			2025
UTILIZATION - TOTAL FLEET:

Americas fleet:
PSV > 900			74.1	%		64.9	%		68.2	%		74.9	%		83.6	%
PSV < 900			69.6			62.5			57.5			58.4			70.3
AHTS > 16K			75.5			100.0			67.4			98.1			92.7
AHTS 8 - 16K			69.1			100.0			70.8			100.0			100.0
AHTS 4 - 8K			100.0			97.3			100.0			97.3			100.0
Other			43.9			58.2			100.0			75.9			96.4
Total			72.1	%		68.0	%		66.1	%		70.4	%		79.4	%
Asia Pacific fleet:
PSV > 900			58.9	%		71.7	%		84.6	%		75.8	%		75.2	%
PSV < 900			78.9			83.2			84.2			96.0			90.3
AHTS > 16K			90.6			62.1			29.0			42.0			63.7
AHTS 8 - 16K			—			—			—			35.9			35.1
Other			—			—			—			—			99.5
Total			69.9	%		74.9	%		78.2	%		76.8	%		74.5	%
Middle East fleet:
PSV > 900			100.0	%		100.0	%		100.0	%		100.0	%		82.6	%
PSV < 900			84.4			86.3			79.4			82.9			79.2
AHTS 8 - 16K			70.0			82.0			81.8			69.1			65.1
AHTS 4 - 8K			67.1			74.1			75.3			79.0			86.0
Total			76.0	%		81.3	%		78.7	%		79.8	%		80.3	%
Europe/Mediterranean fleet:
PSV > 900			92.6	%		88.5	%		82.7	%		87.7	%		88.7	%
PSV < 900			92.5			92.2			77.2			85.8			81.2
AHTS > 16K			75.1			80.5			34.9			78.0			100.0
AHTS 8 - 16K			24.2			—			—			—			—
Total			90.4	%		88.5	%		80.0	%		87.2	%		87.5	%
West Africa fleet:
PSV > 900			51.3	%		96.3	%		66.2	%		71.0	%		66.8	%
PSV < 900			73.6			76.9			89.9			68.8			53.8
AHTS > 16K			96.5			94.7			86.8			87.3			79.9
AHTS 8 - 16K			59.2			54.5			84.4			96.9			84.9
AHTS 4 - 8K			61.5			66.4			100.0			59.7			50.0
Other			80.5			78.4			72.2			65.4			50.3
Total			71.1	%		75.3	%		81.5	%		75.7	%		62.3	%
Worldwide fleet:
PSV > 900			81.1	%		83.1	%		79.6	%		82.5	%		83.6	%
PSV < 900			78.7			79.8			77.1			74.8			71.5
AHTS > 16K			87.7			85.4			63.9			79.6			79.7
AHTS 8 - 16K			61.6			65.3			82.9			87.1			76.1
AHTS 4 - 8K			70.1			76.1			79.0			79.2			83.9
Other			77.9			77.1			73.8			66.5			54.6
Total			77.4	%		79.2	%		77.7	%		78.6	%		75.8	%


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	September 30,				June 30,			March 31,			December 31,			September 30,
		2026			2026			2026			2025			2025
UTILIZATION - ACTIVE FLEET:

Americas fleet:
PSV > 900			81.1	%		71.4	%		71.3	%		74.9	%		83.6	%
PSV < 900			81.5			79.5			78.7			77.9			79.7
AHTS > 16K			75.5			100.0			67.4			98.1			92.7
AHTS 8 - 16K			69.1			100.0			70.8			100.0			100.0
AHTS 4 - 8K			100.0			97.3			100.0			97.3			100.0
Other			43.9			58.2			100.0			75.9			96.4
Total			80.8	%		78.5	%		77.0	%		79.9	%		84.3	%
Asia Pacific fleet:
PSV > 900			58.9	%		71.7	%		84.6	%		75.8	%		75.2	%
PSV < 900			78.9			83.2			84.2			96.0			90.3
AHTS > 16K			90.6			62.1			29.0			42.0			63.7
AHTS 8 - 16K			—			—			—			35.9			35.1
Other			—			—			—			—			99.5
Total			69.9	%		74.9	%		78.2	%		76.8	%		74.5	%
Middle East fleet:
PSV > 900			100.0	%		100.0	%		100.0	%		100.0	%		82.6	%
PSV < 900			87.3			86.3			79.4			82.9			79.2
AHTS 8 - 16K			70.0			82.0			81.8			69.1			65.1
AHTS 4 - 8K			67.1			74.1			75.3			79.0			86.0
Total			77.1	%		81.3	%		78.7	%		79.8	%		80.3	%
Europe/Mediterranean fleet:
PSV > 900			92.6	%		88.5	%		82.7	%		87.7	%		88.7	%
PSV < 900			92.5			92.2			77.2			85.8			81.2
AHTS > 16K			75.1			80.5			34.9			78.0			100.0
AHTS 8 - 16K			24.2			—			—			—			—
Total			90.4	%		88.5	%		80.0	%		87.2	%		87.5	%
West Africa fleet:
PSV > 900			51.3	%		96.3	%		66.2	%		71.0	%		66.8	%
PSV < 900			73.6			76.9			89.9			68.8			53.8
AHTS > 16K			96.5			94.7			86.8			87.3			79.9
AHTS 8 - 16K			59.2			54.5			84.4			96.9			84.9
AHTS 4 - 8K			61.5			66.4			100.0			100.0			100.0
Other			80.5			87.7			87.1			81.2			64.6
Total			71.1	%		77.5	%		85.5	%		80.7	%		67.9	%
Worldwide fleet:
PSV > 900			82.3	%		84.3	%		80.2	%		82.5	%		83.6	%
PSV < 900			82.8			83.5			82.1			79.6			73.6
AHTS > 16K			87.7			85.4			63.9			79.6			79.7
AHTS 8 - 16K			61.6			65.3			82.9			87.1			76.1
AHTS 4 - 8K			70.1			76.1			79.0			81.9			88.1
Other			77.9			85.6			88.0			80.5			68.5
Total			79.2	%		81.4	%		80.6	%		81.7	%		78.5	%


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2026		2026		2026		2025		2025
AVERAGE VESSEL DAY RATES: (A)

Americas fleet:
PSV > 900	$	34,153	$	35,554	$	34,675	$	35,891	$	34,365
PSV < 900		27,875		27,115		28,460		28,021		30,326
AHTS > 16K		35,392		35,619		36,124		35,038		35,435
AHTS 8 - 16K		15,211		13,878		13,944		14,368		13,672
AHTS 4 - 8K		23,014		22,816		22,253		22,733		22,942
Other		14,062		14,212		14,197		27,545		17,456
Total		29,194		29,056		29,501		30,362		30,487
Asia Pacific fleet:
PSV > 900		36,563		36,304		35,539		35,929		36,371
PSV < 900		40,502		38,381		38,297		29,975		29,908
AHTS > 16K		33,473		34,182		54,481		59,996		68,580
AHTS 8 - 16K		—		—		—		13,776		23,531
Other		—		—		—		—		55,320
Total		37,858		37,013		37,470		35,025		39,196
Middle East fleet:
PSV > 900		29,337		25,700		26,425		28,955		16,391
PSV < 900		14,904		14,798		14,883		15,405		13,878
AHTS 8 - 16K		16,791		14,213		14,179		13,033		12,290
AHTS 4 - 8K		12,392		13,494		12,670		12,487		12,555
Total		14,758		14,555		14,295		14,381		13,228
Europe/Mediterranean fleet:
PSV > 900		24,905		23,760		21,221		19,640		20,630
PSV < 900		22,058		21,456		20,269		19,625		20,674
AHTS > 16K		55,455		44,502		74,726		46,204		23,122
AHTS 8 - 16K		29,109		—		—		—		—
Total		25,748		24,341		21,954		20,173		20,752
West Africa fleet:
PSV > 900		33,894		31,515		32,171		29,383		31,188
PSV < 900		22,328		23,573		22,828		24,213		26,729
AHTS > 16K		33,785		33,786		33,884		32,256		32,746
AHTS 8 - 16K		22,616		21,303		22,825		23,470		22,524
AHTS 4 - 8K		15,406		15,509		15,510		15,511		15,516
Other		7,299		7,713		7,814		8,180		8,264
Total		20,692		20,751		20,732		21,583		21,940
Worldwide fleet:
PSV > 900		28,057		27,429		25,917		25,087		25,625
PSV < 900		23,191		22,547		22,617		21,959		22,867
AHTS > 16K		38,913		36,789		39,900		36,991		40,037
AHTS 8 - 16K		20,136		17,797		19,621		20,306		19,931
AHTS 4 - 8K		14,038		14,775		14,062		13,888		13,902
Other		7,865		8,303		8,687		10,923		13,127
Total	$	23,775	$	22,938	$	22,283	$	22,044	$	22,798

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


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

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025

Americas
Vessel revenues	$	71,997		$	53,969		$	58,526		$	69,706		$	76,913

Vessel operating costs:
Crew costs		24,255			17,972			19,729			22,429			22,634
Repair and maintenance		7,081			5,706			5,228			6,286			5,350
Insurance		499			429			462			540			570
Fuel, lube and supplies		3,533			3,252			2,887			2,739			2,464
Other		6,287			5,276			5,564			5,875			4,598
Total vessel operating costs		41,655			32,635			33,870			37,869			35,616

Vessel operating margin ($)		30,342			21,334			24,656			31,837			41,297
Vessel operating margin (%)		42.1	%		39.5	%		42.1	%		45.7	%		53.7	%

Americas - Select operating statistics
Average vessels - Total fleet		38			30			33			36			35
Utilization - Total fleet		72.1	%		68.0	%		66.1	%		70.4	%		79.4	%

Average vessels - Active fleet		34			26			29			32			33
Utilization - Active fleet		80.8	%		78.5	%		77.0	%		79.9	%		84.3	%

Average day rates	$	29,194		$	29,056		$	29,501		$	30,362		$	30,487

Vessels commencing drydocks		7			3			4			3			—


Deferred drydocking and survey costs - beginning balance	$	21,532		$	19,996		$	19,907		$	22,400		$	25,608
Cash paid for deferred drydocking and survey costs		10,647			3,634			10,685			2,858			1,082
Amortization of deferred drydocking and survey costs		(4,626	)		(4,269	)		(4,688	)		(5,351	)		(5,817	)
Disposals, intersegment transfers and other		1			2,171			(5,908	)		—			1,527
Deferred drydocking and survey costs - ending balance	$	27,554		$	21,532		$	19,996		$	19,907		$	22,400


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

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025

Asia Pacific
Vessel revenues	$	44,538		$	47,948		$	46,564		$	42,037		$	53,786

Vessel operating costs:
Crew costs		18,516			17,630			15,867			14,304			20,887
Repair and maintenance		3,407			3,136			2,957			3,427			3,842
Insurance		273			283			254			331			330
Fuel, lube and supplies		2,112			3,048			2,513			1,890			2,443
Other		1,857			2,095			1,754			2,369			2,768
Total vessel operating costs		26,165			26,192			23,345			22,321			30,270

Vessel operating margin ($)		18,373			21,756			23,219			19,716			23,516
Vessel operating margin (%)		41.3	%		45.4	%		49.9	%		46.9	%		43.7	%

Asia Pacific - Select operating statistics
Average vessels - Total fleet		18			19			18			16			20
Utilization - Total fleet		69.9	%		74.9	%		78.2	%		76.8	%		74.5	%

Average vessels - Active fleet		18			19			18			16			20
Utilization - Active fleet		69.9	%		74.9	%		78.2	%		76.8	%		74.5	%

Average day rates	$	37,858		$	37,013		$	37,470		$	35,025		$	39,196

Vessels commencing drydocks		—			1			1			2			3


Deferred drydocking and survey costs - beginning balance	$	10,273		$	12,786		$	10,185		$	14,094		$	13,462
Cash paid for deferred drydocking and survey costs		17			843			452			998			3,340
Amortization of deferred drydocking and survey costs		(2,398	)		(2,377	)		(2,340	)		(1,998	)		(2,578	)
Disposals, intersegment transfers and other		(952	)		(979	)		4,489			(2,909	)		(130	)
Deferred drydocking and survey costs - ending balance	$	6,940		$	10,273		$	12,786		$	10,185		$	14,094


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

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025

Middle East
Vessel revenues	$	46,418		$	48,483		$	45,569		$	47,021		$	42,035

Vessel operating costs:
Crew costs		15,450			17,314			15,527			14,207			13,541
Repair and maintenance		5,713			4,514			3,856			6,153			4,556
Insurance		871			852			763			463			484
Fuel, lube and supplies		3,548			3,548			2,684			2,790			2,916
Other		4,732			4,044			4,075			4,570			4,242
Total vessel operating costs		30,314			30,272			26,905			28,183			25,739

Vessel operating margin ($)		16,104			18,211			18,664			18,838			16,296
Vessel operating margin (%)		34.7	%		37.6	%		41.0	%		40.1	%		38.8	%

Middle East - Select operating statistics
Average vessels - Total fleet		45			45			45			45			43
Utilization - Total fleet		76.0	%		81.3	%		78.7	%		79.8	%		80.3	%

Average vessels - Active fleet		44			45			45			45			43
Utilization - Active fleet		77.1	%		81.3	%		78.7	%		79.8	%		80.3	%

Average day rates	$	14,758		$	14,555		$	14,295		$	14,381		$	13,228

Vessels commencing drydocks		8			4			8			9			8


Deferred drydocking and survey costs - beginning balance	$	44,067		$	45,558		$	39,996		$	38,913		$	35,355
Cash paid for deferred drydocking and survey costs		5,619			5,059			11,082			7,127			8,716
Amortization of deferred drydocking and survey costs		(6,195	)		(6,012	)		(6,059	)		(6,044	)		(5,158	)
Disposals, intersegment transfers and other		8			(538	)		539			—			—
Deferred drydocking and survey costs - ending balance	$	43,499		$	44,067		$	45,558		$	39,996		$	38,913


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

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025

Europe/Mediterranean
Vessel revenues	$	121,546		$	112,076		$	86,945		$	82,402		$	83,740

Vessel operating costs:
Crew costs		35,282			34,312			31,699			29,932			30,104
Repair and maintenance		9,051			9,419			7,566			7,267			7,481
Insurance		770			810			699			806			797
Fuel, lube and supplies		4,152			5,229			4,651			3,251			3,469
Other		6,920			5,981			5,766			5,258			4,805
Total vessel operating costs		56,175			55,751			50,381			46,514			46,656

Vessel operating margin ($)		65,371			56,325			36,564			35,888			37,084
Vessel operating margin (%)		53.8	%		50.3	%		42.1	%		43.6	%		44.3	%

Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		57			57			55			50			50
Utilization - Total fleet		90.4	%		88.5	%		80.0	%		87.2	%		87.5	%

Average vessels - Active fleet		57			57			55			50			50
Utilization - Active fleet		90.4	%		88.5	%		80.0	%		87.2	%		87.5	%

Average day rates	$	25,748		$	24,341		$	21,954		$	20,173		$	20,752

Vessels commencing drydocks		2			5			9			2			3


Deferred drydocking and survey costs - beginning balance	$	38,522		$	36,762		$	28,489		$	30,440		$	35,571
Cash paid for deferred drydocking and survey costs		5,663			10,641			11,214			1,324			2,103
Amortization of deferred drydocking and survey costs		(7,628	)		(8,525	)		(7,527	)		(6,184	)		(6,363	)
Disposals, intersegment transfers and other		(1,177	)		(356	)		4,586			2,909			(871	)
Deferred drydocking and survey costs - ending balance	$	35,380		$	38,522		$	36,762		$	28,489		$	30,440


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

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025

West Africa
Vessel revenues	$	73,048		$	77,255		$	85,814		$	91,717		$	82,017

Vessel operating costs:
Crew costs		17,266			17,997			16,065			19,300			18,363
Repair and maintenance		6,442			6,178			5,197			6,243			7,407
Insurance		535			565			482			683			711
Fuel, lube and supplies		6,472			5,969			3,719			4,557			5,149
Other		5,217			5,187			6,223			6,449			6,219
Total vessel operating costs		35,932			35,896			31,686			37,232			37,849

Vessel operating margin ($)		37,116			41,359			54,128			54,485			44,168
Vessel operating margin (%)		50.8	%		53.5	%		63.1	%		59.4	%		53.9	%

West Africa - Select operating statistics
Average vessels - Total fleet		54			55			56			62			65
Utilization - Total fleet		71.1	%		75.3	%		81.5	%		75.7	%		62.3	%

Average vessels - Active fleet		54			53			53			58			60
Utilization - Active fleet		71.1	%		77.5	%		85.5	%		80.7	%		67.9	%

Average day rates	$	20,692		$	20,751		$	20,732		$	21,583		$	21,940

Vessels commencing drydocks		3			2			3			1			2


Deferred drydocking and survey costs - beginning balance	$	28,502		$	32,769		$	41,159		$	48,387		$	55,663
Cash paid for deferred drydocking and survey costs		6,230			3,164			2,948			1,546			2,404
Amortization of deferred drydocking and survey costs		(6,833	)		(7,133	)		(7,508	)		(8,774	)		(9,154	)
Disposals, intersegment transfers and other		2,121			(298	)		(3,830	)		—			(526	)
Deferred drydocking and survey costs - ending balance	$	30,020		$	28,502		$	32,769		$	41,159		$	48,387


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025

Worldwide
Vessel revenues	$	357,547		$	339,731		$	323,418		$	332,883		$	338,491

Vessel operating costs:
Crew costs		110,769			105,225			98,887			100,172			105,529
Repair and maintenance		31,694			28,953			24,804			29,376			28,636
Insurance		2,948			2,939			2,660			2,823			2,892
Fuel, lube and supplies		19,817			21,046			16,454			15,227			16,441
Other		25,013			22,583			23,382			24,521			22,632
Total vessel operating costs		190,241			180,746			166,187			172,119			176,130

Vessel operating margin ($)		167,306			158,985			157,231			160,764			162,361
Vessel operating margin (%)		46.8	%		46.8	%		48.6	%		48.3	%		48.0	%

Worldwide - Select operating statistics
Average vessels - Total fleet		212			206			207			209			213
Utilization - Total fleet		77.4	%		79.2	%		77.7	%		78.6	%		75.8	%

Average vessels - Active fleet		207			200			200			201			206
Utilization - Active fleet		79.2	%		81.4	%		80.6	%		81.7	%		78.5	%

Average day rates	$	23,775		$	22,938		$	22,283		$	22,044		$	22,798

Vessels commencing drydocks		20			15			25			17			16


Deferred drydocking and survey costs - beginning balance	$	142,896		$	147,871		$	139,736		$	154,234		$	165,659
Cash paid for deferred drydocking and survey costs		28,176			23,341			36,381			13,853			17,645
Amortization of deferred drydocking and survey costs		(27,680	)		(28,316	)		(28,122	)		(28,351	)		(29,070	)
Disposals, intersegment transfers and other		1			—			(124	)		—			—
Deferred drydocking and survey costs - ending balance	$	143,393		$	142,896		$	147,871		$	139,736		$	154,234


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In Thousands)
	Three Months Ended
	September 30,		June 30,		March 31,		December 31,			September 30,
	2026		2026		2026		2025			2025

Net income (loss)	$	17,231	$	21,082	$	5,976	$	219,449		$	(1,018	)

Interest and other debt costs		16,075		16,426		16,891		16,715			16,589
Income tax expense		18,195		25,062		34,903		(166,612	)		21,711
Depreciation		47,027		38,096		38,497		37,838			37,334
Amortization of deferred drydock and survey costs		27,680		28,316		28,122		28,351			29,070
Amortization of below market contracts		—		—		—		(219	)		(283	)
EBITDA (A), (B), (C)		126,208		128,982		124,389		135,522			103,403

Non-cash stock compensation expense		3,649		3,745		3,063		3,454			3,481
Loss on early extinguishment of debt		—		—		—		12			27,101
Acquisition, restructuring and integration related costs		10,224		2,733		1,978		4,064			3,941
Adjusted EBITDA (A), (B), (C)	$	140,081	$	135,460	$	129,430	$	143,052		$	137,926

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

Note (B): EBITDA for the three months ended September 30, 2026, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,649, $3,745, $3,063, $3,454 and $3,481 respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended September 30, 2026, and for each of the prior four quarters includes foreign exchange gain (losses) of $(3,674), $(688), $(3,403), $2,134 and $1,277 respectively.

Non-GAAP Financial Measures

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

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

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

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


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

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025

Net cash provided by operating activities (A)	$	75,221		$	67,043		$	19,179		$	152,960		$	72,079

Cash interest expense		30,814			540			31,554			576			17,735
Interest income and other (net of certain non-cash items)		(5,352	)		661			(2,939	)		(3,455	)		(1,860	)
Additions to property and equipment		(9,380	)		(14,923	)		(14,885	)		(5,147	)		(5,122	)
Acquisitions		(272,975	)		—			—			—			—
Expansion capital		272,975			—			—			—			—
Effects of exchange rate changes on cash		(407	)		(484	)		(1,813	)		910			(1,377	)
	90,896			52,837			31,096			145,844			81,455

Proceeds from asset sales		—			11,527			3,329			5,331			1,204

Free cash flow	$	90,896		$	64,364		$	34,425		$	151,175		$	82,659

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

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


	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	5,665		$	(7,521	)	$	(34,008	)	$	68,133		$	(9,210	)
Cash paid for deferred drydock and survey costs		(28,176	)		(23,341	)		(36,381	)		(13,853	)		(17,645	)
Total sources (uses) of cash for changes in assets and liabilities	$	(22,511	)	$	(30,862	)	$	(70,389	)	$	54,280		$	(26,855	)

View source version on businesswire.com: https://www.businesswire.com/news/home/20261103780680/en/

Contacts:

Tidewater Inc.
West Gotcher
Senior Vice President,
Strategy, Corporate Development and Investor Relations
+1.713.470.5285

Source: Tidewater Inc.