Tidewater Reports Results for the Three Months Ended March 31, 2025

5/5/25 4:29:00 PM ET

$TDW

Marine Transportation

Consumer Discretionary

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First Quarter 2025 Highlights

Revenue of $333.4 million, a 3.8% improvement compared to the first quarter of 2024
Average day rate of $22,303 per day, an improvement of $2,740 per day, or 14.0%, compared to the first quarter of 2024
Net income of $42.7 million and Adjusted EBITDA of $154.2 million
- Net Income and Adjusted EBITDA were favorably impacted by the $7.6 million foreign exchange gain due to the weakening of the U.S. dollar
Net cash provided by operating activities of $86.0 million and free cash flow of $94.7 million

Share Count Reduction and 2025 Guidance

Share count was reduced by 2.3 million shares through April 14, 2025 through repurchases of $90.0 million at an average price of $39.31 per share
Share count was further reduced by 179,645 shares during the first quarter in exchange for paying $7.5 million of employee taxes on the vesting of equity compensation at an average price of $41.55 per share
Reiterating 2025 revenue guidance of $1.32 to $1.38 billion and 2025 gross margin guidance of 48% to 50%

Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2025 of $333.4 million, compared with $321.2 million for the three months ended March 31, 2024. Tidewater's net income for the three months ended March 31, 2025, was $42.7 million ($0.83 per common share), compared with net income of $47.0 million ($0.89 per common share) for the three months ended March 31, 2024.

Quintin Kneen, Tidewater's President and Chief Executive Officer, commented, "The first quarter of 2025 came in nicely ahead of expectations, as utilization and day rate both performed better than anticipated across many of our operating regions, delivering revenue of $333.4 million for the quarter. The average day rate for the quarter marked another record at $22,303, and we achieved a 50.1% gross margin for the quarter, the second consecutive quarter above 50.0%, and also nicely ahead of expectations. Free cash flow of $94.7 million during the first quarter is particularly notable as the first quarter represents our largest quarterly drydock spend of the year, further demonstrating the free cash flow generation capacity of the business.

"On a year-to-date basis, we repurchased 2.3 million shares in the open market for $90.0 million, an average price of $39.31, fully utilizing the maximum permissible amount of repurchases available to us under our existing debt agreements. When combined with the approximately 180,000 shares we took back from employees in exchange for the $7.5 million payment of their taxes on the vesting of equity compensation during the first quarter, we've utilized nearly $100 million year-to-date to reduce the number of outstanding shares by almost 2.5 million. We have fully utilized our share repurchase capacity under the limitations in our existing debt agreements. As we progress through the year, we anticipate our share repurchase allowance to increase, providing for the opportunity to pursue additional share repurchases.

"As we look out over the remainder of 2025, it's easy to acknowledge that macroeconomic uncertainty has increased since the end of 2024. It is difficult, however, to know how some of the macroeconomic uncertainties will ultimately play out, and therefore, how commodity prices will influence operator behavior and spending plans. To date, we've not learned of any project cancellations, however, we remain vigilant in gauging how the offshore activity environment will evolve over the remainder of 2025. With our outperformance in the first quarter and no tangible evidence to the contrary, we are comfortable reiterating our 2025 guidance of $1.32 billion to $1.38 billion of revenue and 2025 gross margin guidance of 48% to 50%. As of today, the midpoint of our revenue guidance completed or contracted for the current year increased from 81% at the end of February to 88% today.

"Offshore vessel supply remains in a favorable position, with conversations pertaining to newbuild capacity largely inactive. While the macroeconomic landscape will continue to unfold over the coming months, we fundamentally believe that the world's demand for energy will continue to grow in the long-term and that offshore sources of energy provide a compelling economic solution to satisfy that demand. As offshore activity continues to grow, Tidewater is well positioned to continue to take advantage of this trend."

In addition to the number of outstanding shares, as of March 31, 2025, the Company also has the following in-the-money warrants.

Common shares outstanding			50,852,297
New Creditor Warrants (strike price $0.001 per common share)			76,175
GulfMark Creditor Warrants (strike price $0.01 per common share)			72,984
Total			51,001,456

Tidewater will hold a conference call to discuss results for the three months ending March 31, 2025 on May 6, 2025, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 8745688 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater's website at investor.tdw.com.

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on May 6, 2025. To access the replay, visit the Investor Relations section of Tidewater's website at investor.tdw.com.

About Tidewater

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

Cautionary Statement

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

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

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

Financial information is displayed beginning on the next page.

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


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

	Three Months Ended
	March 31, 2025			March 31, 2024
Revenues:
Vessel revenues	$	330,699		$	318,686
Other operating revenues		2,745			2,478
Total revenues		333,444			321,164
Costs and expenses:
Vessel operating costs		164,979			167,556
Costs of other operating revenues		1,430			1,150
General and administrative		29,094			25,329
Depreciation and amortization		65,432			56,270
Gain on asset dispositions, net		(2,538	)		(11,039	)
Total costs and expenses		258,397			239,266
Operating income		75,047			81,898
Other income (expense):
Foreign exchange gain (loss)		7,569			(4,085	)
Equity in net losses of unconsolidated companies		—			(5	)
Interest income and other, net		2,157			1,483
Interest and other debt costs, net		(16,344	)		(19,476	)
Total other expense		(6,618	)		(22,083	)
Income before income taxes		68,429			59,815
Income tax expense		26,109			13,070
Net income		42,320			46,745
Less: Net loss attributable to noncontrolling interests		(333	)		(281	)
Net income attributable to Tidewater Inc.	$	42,653		$	47,026
Basic income per common share	$	0.83		$	0.90
Diluted income per common share	$	0.83		$	0.89
Weighted average common shares outstanding		51,502			52,320
Dilutive effect of warrants, restricted stock units and stock options		176			580
Adjusted weighted average common shares		51,678			52,900


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

	March 31, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	341,799		$	324,918
Restricted cash		5,234			2,032
Trade and other receivables, net of allowance for credit losses of $3,144 and $3,184 at March 31, 2025 and December 31, 2024, respectively		312,904			323,805
Marine operating supplies		23,101			34,319
Prepaid expenses and other current assets		15,160			13,588
Total current assets		698,198			698,662
Net properties and equipment		1,163,758			1,184,282
Deferred drydocking and survey costs		169,326			152,550
Indemnification assets		11,114			11,946
Other assets		23,770			27,464
Total assets	$	2,066,166		$	2,074,904

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	50,203		$	71,385
Accrued expenses		133,000			129,894
Current portion of long-term debt		80,042			65,386
Other current liabilities		74,299			64,948
Total current liabilities		337,544			331,613
Long-term debt		555,994			571,710
Other liabilities		62,263			60,396

Commitments and contingencies

Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 50,852,297 and 51,461,472 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		51			52
Additional paid-in-capital		1,652,856			1,656,830
Accumulated deficit		(545,890	)		(548,831	)
Accumulated other comprehensive loss		6,607			6,060
Total stockholders' equity		1,113,624			1,114,111
Noncontrolling interests		(3,259	)		(2,926	)
Total equity		1,110,365			1,111,185
Total liabilities and equity	$	2,066,166		$	2,074,904


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

	Three Months Ended
	March 31, 2025		March 31, 2024
Net income	$	42,320	$	46,745
Other comprehensive income (loss):
Unrealized gain on note receivable		—		80
Change in liability of pension plans		547		(137	)
Total comprehensive income	$	42,867	$	46,688


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

	Three Months			Three Months
	Ended			Ended
	March 31, 2025			March 31, 2024
Cash flows from operating activities:
Net income	$	42,320		$	46,745
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		39,014			38,811
Amortization of deferred drydocking and survey costs		26,418			17,459
Amortization of debt premiums and discounts		1,501			1,814
Amortization of below market contracts		(351	)		(1,206	)
Deferred income taxes provision (benefit)		2,347			73
Gain on asset dispositions, net		(2,538	)		(11,039	)
Stock-based compensation expense		3,491			2,766
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables		10,901			(17,616	)
Accounts payable		(21,182	)		6,843
Accrued expenses		3,106			6,600
Deferred drydocking and survey costs		(43,339	)		(40,018	)
Other, net		24,285			3,533
Net cash provided by operating activities		85,973			54,765
Cash flows from investing activities:
Proceeds from asset dispositions		3,816			12,463
Proceeds from sale of notes		600			—
Additions to properties and equipment		(10,266	)		(10,942	)
Net cash provided by (used in) investing activities		(5,850	)		1,521
Cash flows from financing activities:
Principal payments on long-term debt		(12,500	)		(12,500	)
Purchase of common stock		(39,275	)		(3,501	)
Debt issuance costs		—			(135	)
Share based awards reacquired to pay taxes		(7,465	)		(28,462	)
Net cash used in financing activities		(59,240	)		(44,598	)
Net change in cash, cash equivalents and restricted cash		20,883			11,688
Cash, cash equivalents and restricted cash at beginning of period		329,031			277,965
Cash, cash equivalents and restricted cash at end of period	$	349,914		$	289,653


Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	17,505	$	15,621
Income taxes	$	15,148	$	15,603
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, 2025 includes $2.9 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.


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

	Three Months Ended
										Accumulated
				Additional						other			Non
	Common			paid-in			Accumulated			comprehensive			controlling
	stock			capital			deficit			income			interest			Total
Balance at 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

Balance at December 31, 2023	$	52		$	1,671,759		$	(637,858	)	$	5,266		$	(1,542	)	$	1,037,677
Total comprehensive income (loss)		—			—			47,026			(57	)		(281	)		46,688
Issuance of common stock		1			(1	)		—			—			—			—
Repurchase and retirement of common stock		—			—			(3,535	)		—			—			(3,535	)
Amortization of share-based awards		—			(25,697	)		—			—			—			(25,697	)
Balance at March 31, 2024	$	53		$	1,646,061		$	(594,367	)	$	5,209		$	(1,823	)	$	1,055,133


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, 2025				March 31, 2024
Vessel revenues:
Americas	$	54,852	17	%	$	63,941	20	%
Asia Pacific		48,228	14	%		47,781	15	%
Middle East		43,302	13	%		37,932	12	%
Europe/Mediterranean		78,205	24	%		80,381	25	%
West Africa		106,112	32	%		88,651	28	%
Total vessel revenues	$	330,699	100	%	$	318,686	100	%
Vessel operating costs:
Crew costs	$	97,113	29	%	$	102,352	32	%
Repair and maintenance		21,954	7	%		21,348	7	%
Insurance		3,034	1	%		2,580	1	%
Fuel, lube and supplies		14,378	4	%		17,318	5	%
Other		28,500	9	%		23,958	8	%
Total vessel operating costs		164,979	50	%		167,556	53	%
Vessel operating margin (A)	$	165,720	50	%	$	151,130	47	%

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


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

(In Thousands)	Three Months Ended
	March 31, 2025					March 31, 2024
Vessel operating profit:
Americas	$	4,895		1	%	$	10,126		3	%
Asia Pacific		13,680		4	%		14,847		5	%
Middle East		8,563		3	%		1,529		0	%
Europe/Mediterranean		7,378		2	%		14,757		5	%
West Africa		51,613		16	%		41,010		13	%
Other operating profit		1,315		0	%		1,328		0	%
		87,444		26	%		83,597		26	%

Corporate expenses (A)		(14,935	)	(4	)%		(12,738	)	(4	)%
Gain on asset dispositions, net		2,538		1	%		11,039		3	%
Operating income	$	75,047		23	%	$	81,898		25	%

Note (A): General and administrative expenses for the three months ended March 31, 2025 and 2024 include stock-based compensation of $3.5 million and $2.8 million, respectively. In addition, vessel operating and general and administrative costs for the three months March 31, 2025 and 2024, include zero and $0.7 million in acquisition, restructuring and integration related costs, respectively.


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

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Revenues:
Vessel revenues	$	330,699		$	343,463		$	338,485		$	337,003		$	318,686
Other operating revenues		2,745			1,622			1,871			2,227			2,478
Total revenues		333,444			345,085			340,356			339,230			321,164
Costs and expenses:
Vessel operating costs (A)		164,979			170,384			178,654			176,513			167,556
Costs of other operating revenue		1,430			688			901			816			1,150
General and administrative (A)		29,094			30,688			28,471			26,329			25,329
Depreciation and amortization		65,432			64,620			62,435			59,445			56,270
Gain on asset dispositions, net		(2,538	)		(2,672	)		(51	)		(2,000	)		(11,039	)
Total operating costs and expenses		258,397			263,708			270,410			261,103			239,266
Operating income		75,047			81,377			69,946			78,127			81,898
Other income (expense):
Foreign exchange gain (loss)		7,569			(14,337	)		5,522			(2,376	)		(4,085	)
Equity in net earnings (losses) of unconsolidated companies		—			—			—			5			(5	)
Interest income and other, net		2,157			2,697			1,028			1,175			1,483
Interest and other debt costs, net		(16,344	)		(16,742	)		(17,622	)		(19,127	)		(19,476	)
Total other expense		(6,618	)		(28,382	)		(11,072	)		(20,323	)		(22,083	)
Income before income taxes		68,429			52,995			58,874			57,804			59,815
Income tax expense		26,109			16,376			12,883			7,887			13,070
Net income		42,320			36,619			45,991			49,917			46,745
Net loss attributable to noncontrolling interests		(333	)		(286	)		(380	)		(437	)		(281	)
Net income attributable to Tidewater Inc.	$	42,653		$	36,905		$	46,371		$	50,354		$	47,026
Basic income per common share	$	0.83		$	0.71		$	0.88		$	0.96		$	0.90
Diluted income per common share	$	0.83		$	0.70		$	0.87		$	0.94		$	0.89
Weighted average common shares outstanding		51,502			52,315			52,490			52,684			52,320
Dilutive effect of warrants, restricted stock units and stock options		176			514			593			663			580
Adjusted weighted average common shares		51,678			52,829			53,083			53,347			52,900

Vessel operating margin	$	165,720		$	173,079		$	159,831		$	160,490		$	151,130

Note (A): Acquisition, restructuring and integration related costs	$	—		$	978		$	581		$	—		$	709


TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)

	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
ASSETS
Current assets:
Cash and cash equivalents	$	341,799		$	324,918		$	280,840		$	315,897		$	280,853
Restricted cash		5,234			2,032			7,259			3,527			6,474
Trade and other receivables, net		312,904			323,805			293,085			280,498			285,968
Marine operating supplies		23,101			34,319			26,670			26,908			24,767
Prepaid expenses and other current assets		15,160			13,588			18,117			20,115			17,447
Total current assets		698,198			698,662			625,971			646,945			615,509
Net properties and equipment		1,163,758			1,184,282			1,220,056			1,253,583			1,286,618
Deferred drydocking and survey costs		169,326			152,550			160,944			148,657			128,639
Indemnification assets		11,114			11,946			12,216			10,920			16,642
Other assets		23,770			27,464			27,944			29,643			30,408
Total assets	$	2,066,166		$	2,074,904		$	2,047,131		$	2,089,748		$	2,077,816

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	50,203		$	71,385		$	64,058		$	60,740		$	51,774
Accrued expenses		133,000			129,894			117,878			133,149			132,190
Current portion of long-term debt		80,042			65,386			53,105			102,993			103,009
Other current liabilities		74,299			64,948			38,532			43,342			52,164
Total current liabilities		337,544			331,613			273,573			340,224			339,137
Long-term debt		555,994			571,710			597,352			607,998			620,329
Other liabilities		62,263			60,396			62,366			62,539			63,197


Equity:
Common stock		51			52			52			52			53
Additional paid-in-capital		1,652,856			1,656,830			1,653,027			1,649,523			1,646,061
Accumulated deficit		(545,890	)		(548,831	)		(541,191	)		(573,390	)		(594,347	)
Accumulated other comprehensive income		6,607			6,060			4,592			5,062			5,209
Total stockholders' equity		1,113,624			1,114,111			1,116,480			1,081,247			1,056,976
Noncontrolling interests		(3,259	)		(2,926	)		(2,640	)		(2,260	)		(1,823	)
Total equity		1,110,365			1,111,185			1,113,840			1,078,987			1,055,153
Total liabilities and equity	$	2,066,166		$	2,074,904		$	2,047,131		$	2,089,748		$	2,077,816


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,
	2025			2024			2024			2024			2024
Cash flows from operating activities:
Net income	$	42,320		$	36,619		$	45,991		$	49,917		$	46,745
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		39,014			38,736			39,239			39,380			38,811
Amortization of deferred drydocking and survey costs		26,418			25,884			23,196			20,065			17,459
Amortization of debt premiums and discounts		1,501			1,612			1,536			1,779			1,814
Amortization of below market contracts		(351	)		(1,071	)		(1,073	)		(1,650	)		(1,206	)
Deferred income taxes provision (benefit)		2,347			(2,863	)		24			(41	)		73
Gain on asset dispositions, net		(2,538	)		(2,672	)		(51	)		(2,000	)		(11,039	)
Stock-based compensation expense		3,491			3,886			3,569			3,460			2,766
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables		10,901			(30,720	)		(12,587	)		5,470			(17,616	)
Accounts payable		(21,182	)		7,327			3,318			8,966			6,843
Accrued expenses		3,106			12,016			(15,271	)		4,048			6,600
Deferred drydocking and survey costs		(43,339	)		(17,674	)		(35,483	)		(40,083	)		(40,018	)
Other, net		24,285			20,223			(3,272	)		(10,666	)		3,533
Net cash provided by operating activities		85,973			91,303			49,136			78,645			54,765
Cash flows from investing activities:
Proceeds from asset dispositions		3,816			4,470			51			2,354			12,463
Proceeds from sale of notes		600			5,846			1,506			702			—
Additions to properties and equipment		(10,266	)		(4,534	)		(5,712	)		(6,392	)		(10,942	)
Net cash provided by (used in) investing activities		(5,850	)		5,782			(4,155	)		(3,336	)		1,521
Cash flows from financing activities:
Exercise of warrants		—			2			—			2			—
Principal payments on long-term debt		(12,500	)		(14,023	)		(62,500	)		(14,007	)		(12,500	)
Purchase of common stock		(39,275	)		(44,103	)		(13,741	)		(29,397	)		(3,501	)
Debt issuance costs		—			(20	)		—			(58	)		(135	)
Share based awards reacquired to pay taxes		(7,465	)		(86	)		(65	)		(1	)		(28,462	)
Net cash used in financing activities		(59,240	)		(58,230	)		(76,306	)		(43,461	)		(44,598	)
Net change in cash, cash equivalents and restricted cash		20,883			38,855			(31,325	)		31,848			11,688
Cash, cash equivalents and restricted cash at beginning of period		329,031			290,176			321,501			289,653			277,965
Cash, cash equivalents and restricted cash at end of period	$	349,914		$	329,031		$	290,176		$	321,501		$	289,653

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	17,505		$	12,816		$	23,535		$	14,925		$	15,621
Income taxes	$	15,148		$	11,268		$	12,557		$	17,481		$	15,603
Supplemental disclosure of noncash investing activities:
Purchase of vessels	$	9,098		$	—		$	—		$	—		$	—
Supplemental disclosure of noncash financing activities:
Debt incurred for purchase of vessels	$	9,712		$	—		$	—		$	—		$	—


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

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

Americas fleet:
PSV > 900	$	23,243	$	24,158	$	27,192	$	31,400		$	29,924
PSV < 900		21,146		26,743		26,926		28,010			24,531
AHTS > 16K		3,958		2,969		6,249		7,228			2,036
AHTS 8 - 16K		1,242		930		908		2,002			2,476
AHTS 4 - 8K		1,752		1,726		351		219			945
Other		3,511		3,714		2,980		4,283			4,029
Total		54,852		60,240		64,606		73,142			63,941
Asia Pacific fleet:
PSV > 900		20,457		18,881		19,535		21,578			23,210
PSV < 900		15,311		16,101		17,214		14,402			11,830
AHTS > 16K		8,792		10,851		12,358		7,815			4,555
AHTS 8 - 16K		2,394		2,836		4,640		7,874			4,507
AHTS 4 - 8K		1,108		2,020		2,182		1,269			1,576
Other		166		354		354		2,283			2,103
Total		48,228		51,043		56,283		55,221			47,781
Middle East fleet:
PSV > 900		1,446		1,485		1,387		1,359			1,365
PSV < 900		22,494		21,962		19,909		19,963			21,017
AHTS > 16K		—		—		—		(3	)		287
AHTS 8 - 16K		3,474		3,425		3,450		3,163			2,397
AHTS 4 - 8K		15,888		13,900		12,201		12,054			12,866
Total		43,302		40,772		36,947		36,536			37,932
Europe/Mediterranean fleet:
PSV > 900		64,207		66,380		66,808		64,875			61,827
PSV < 900		11,763		15,287		13,679		13,290			14,126
AHTS > 16K		1,669		1,378		3,790		4,057			3,346
Other		566		1,064		1,048		1,044			1,082
Total		78,205		84,109		85,325		83,266			80,381
West Africa fleet:
PSV > 900		30,203		28,064		17,012		20,044			21,743
PSV < 900		37,021		44,047		41,367		32,601			31,812
AHTS > 16K		10,172		9,602		8,916		8,065			8,048
AHTS 8 - 16K		20,775		17,898		18,453		18,466			16,316
AHTS 4 - 8K		2,086		3,185		3,100		2,827			2,370
Other		5,855		4,503		6,476		6,835			8,362
Total		106,112		107,299		95,324		88,838			88,651
Worldwide fleet:
PSV > 900		139,556		138,968		131,934		139,256			138,069
PSV < 900		107,735		124,140		119,095		108,266			103,316
AHTS > 16K		24,591		24,800		31,313		27,162			18,272
AHTS 8 - 16K		27,885		25,089		27,451		31,505			25,696
AHTS 4 - 8K		20,834		20,831		17,834		16,369			17,757
Other		10,098		9,635		10,858		14,445			15,576
Total	$	330,699	$	343,463	$	338,485	$	337,003		$	318,686


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

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

Americas fleet:
PSV > 900		10			10		10		11			11
PSV < 900		16			16		17		17			18
AHTS > 16K		2			2		2		2			2
AHTS 8 - 16K		1			1		1		2			2
AHTS 4 - 8K		2			2		2		2			2
Other		2			2		2		1			1
Total		33			33		34		35			36
Stacked vessels		(1	)		—		—		—			(1	)
Active vessels		32			33		34		35			35
Asia Pacific fleet:
PSV > 900		9			9		9		9			8
PSV < 900		5			5		5		5			5
AHTS > 16K		3			3		3		3			3
AHTS 8 - 16K		2			2		2		3			3
AHTS 4 - 8K		1			1		1		1			1
Other		—			—		—		1			1
Total		20			20		20		22			21
Stacked vessels		—			—		—		—			—
Active vessels		20			20		20		22			21
Middle East fleet:
PSV > 900		1			1		1		1			1
PSV < 900		20			20		20		20			20
AHTS 8 - 16K		5			5		5		5			5
AHTS 4 - 8K		17			17		17		17			17
Total		43			43		43		43			43
Stacked vessels		—			—		—		—			—
Active vessels		43			43		43		43			43
Europe/Mediterranean fleet:
PSV > 900		39			39		40		39			40
PSV < 900		9			9		9		9			9
AHTS > 16K		2			2		2		2			2
Total		50			50		51		50			51
Stacked vessels		—			—		—		—			—
Active vessels		50			50		51		50			51
West Africa fleet:
PSV > 900		10			10		9		9			9
PSV < 900		20			20		19		19			19
AHTS > 16K		4			4		4		4			4
AHTS 8 - 16K		13			13		13		11			11
AHTS 4 - 8K		2			3		3		4			4
Other		22			20		20		20			21
Total		71			70		68		67			68
Stacked vessels		(6	)		—		—		(1	)		(1	)
Active vessels		65			70		68		66			67
Worldwide fleet:
PSV > 900		69			69		69		69			69
PSV < 900		70			70		70		70			71
AHTS > 16K		11			11		11		11			11
AHTS 8 - 16K		21			21		21		21			21
AHTS 4 - 8K		22			23		23		24			24
Other		24			22		22		22			23
Total		217			216		216		217			219
Stacked vessels		(7	)		—		—		(1	)		(2	)
Active vessels		210			216		216		216			217

Total active		210			216		216		216			217
Total stacked		7			—		—		1			2
Total		217			216		216		217			219


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

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

Americas fleet:
PSV > 900		900		920		920		960		1,001
PSV < 900		1,432		1,472		1,531		1,547		1,631
AHTS > 16K		180		184		184		182		182
AHTS 8 - 16K		90		92		92		182		182
AHTS 4 - 8K		180		184		184		182		182
Other		180		184		184		123		128
Total		2,962		3,036		3,095		3,176		3,306
Asia Pacific fleet:
PSV > 900		810		828		828		819		765
PSV < 900		450		460		460		455		455
AHTS > 16K		270		276		276		273		241
AHTS 8 - 16K		180		184		221		273		273
AHTS 4 - 8K		90		92		92		91		91
Other		—		—		—		59		54
Total		1,800		1,840		1,877		1,970		1,879
Middle East fleet:
PSV > 900		90		92		92		91		91
PSV < 900		1,800		1,840		1,840		1,820		1,820
AHTS > 16K		—		—		—		—		32
AHTS 8 - 16K		450		460		460		455		455
AHTS 4 - 8K		1,530		1,564		1,564		1,547		1,547
Total		3,870		3,956		3,956		3,913		3,945
Europe/Mediterranean fleet:
PSV > 900		3,510		3,588		3,680		3,590		3,603
PSV < 900		810		828		828		819		838
AHTS > 16K		180		184		184		182		182
Total		4,500		4,600		4,692		4,591		4,623
West Africa fleet:
PSV > 900		900		920		828		819		819
PSV < 900		1,800		1,840		1,781		1,729		1,729
AHTS > 16K		360		368		368		364		364
AHTS 8 - 16K		1,180		1,196		1,159		1,001		1,001
AHTS 4 - 8K		180		235		276		330		364
Other		1,941		1,840		1,840		1,820		1,875
Total		6,361		6,399		6,252		6,063		6,152
Worldwide fleet:
PSV > 900		6,210		6,348		6,348		6,279		6,279
PSV < 900		6,292		6,440		6,440		6,370		6,473
AHTS > 16K		990		1,012		1,012		1,001		1,001
AHTS 8 - 16K		1,900		1,932		1,932		1,911		1,911
AHTS 4 - 8K		1,980		2,075		2,116		2,150		2,184
Other		2,121		2,024		2,024		2,002		2,057
Total		19,493		19,831		19,872		19,713		19,905


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

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

Americas fleet:
PSV < 900		82		15		—		—		84
Total		82		15		—		—		84
West Africa fleet:
AHTS 4 - 8K		49		—		—		57		91
Other		477		—		—		—		—
Total		526		—		—		57		91
Worldwide fleet:
PSV < 900		82		15		—		—		84
AHTS 4 - 8K		49		—		—		57		91
Other		477		—		—		—		—
Total		608		15		—		57		175


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

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

Americas fleet:
PSV > 900		900		920		920		960		1,001
PSV < 900		1,350		1,457		1,531		1,547		1,547
AHTS > 16K		180		184		184		182		182
AHTS 8 - 16K		90		92		92		182		182
AHTS 4 - 8K		180		184		184		182		182
Other		180		184		184		123		128
Total		2,880		3,021		3,095		3,176		3,222
Asia Pacific fleet:
PSV > 900		810		828		828		819		765
PSV < 900		450		460		460		455		455
AHTS > 16K		270		276		276		273		241
AHTS 8 - 16K		180		184		221		273		273
AHTS 4 - 8K		90		92		92		91		91
Other		—		—		—		59		54
Total		1,800		1,840		1,877		1,970		1,879
Middle East fleet:
PSV > 900		90		92		92		91		91
PSV < 900		1,800		1,840		1,840		1,820		1,820
AHTS > 16K		—		—		—		—		32
AHTS 8 - 16K		450		460		460		455		455
AHTS 4 - 8K		1,530		1,564		1,564		1,547		1,547
Total		3,870		3,956		3,956		3,913		3,945
Europe/Mediterranean fleet:
PSV > 900		3,510		3,588		3,680		3,590		3,603
PSV < 900		810		828		828		819		838
AHTS > 16K		180		184		184		182		182
Total		4,500		4,600		4,692		4,591		4,623
West Africa fleet:
PSV > 900		900		920		828		819		819
PSV < 900		1,800		1,840		1,781		1,729		1,729
AHTS > 16K		360		368		368		364		364
AHTS 8 - 16K		1,180		1,196		1,159		1,001		1,001
AHTS 4 - 8K		131		235		276		273		273
Other		1,464		1,840		1,840		1,820		1,875
Total		5,835		6,399		6,252		6,006		6,061
Worldwide fleet:
PSV > 900		6,210		6,348		6,348		6,279		6,279
PSV < 900		6,210		6,425		6,440		6,370		6,389
AHTS > 16K		990		1,012		1,012		1,001		1,001
AHTS 8 - 16K		1,900		1,932		1,932		1,911		1,911
AHTS 4 - 8K		1,931		2,075		2,116		2,093		2,093
Other		1,644		2,024		2,024		2,002		2,057
Total		18,885		19,816		19,872		19,656		19,730


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

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

Americas fleet:
PSV > 900			78.3	%		77.4	%		83.5	%		92.2	%		87.9	%
PSV < 900			53.0			74.2			76.5			80.3			70.0
AHTS > 16K			61.3			50.3			83.9			99.1			33.4
AHTS 8 - 16K			100.0			77.3			76.4			58.6			80.2
AHTS 4 - 8K			44.5			90.2			23.4			14.2			59.7
Other			91.8			72.4			69.2			99.4			100.0
Total			64.4	%		74.7	%		75.4	%		80.7	%		74.5	%
Asia Pacific fleet:
PSV > 900			67.7	%		63.4	%		63.2	%		87.6	%		93.7	%
PSV < 900			93.7			99.5			91.7			96.3			86.3
AHTS > 16K			66.7			75.4			81.8			65.3			53.4
AHTS 8 - 16K			64.1			64.9			58.8			80.8			75.9
AHTS 4 - 8K			56.2			100.0			91.7			78.5			100.0
Other			—			—			—			77.9			76.8
Total			73.1	%		76.2	%		73.8	%		84.9	%		84.0	%
Middle East fleet:
PSV > 900			100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
PSV < 900			94.0			91.9			85.0			88.0			95.3
AHTS > 16K			—			—			—			—			69.3
AHTS 8 - 16K			63.7			64.3			71.0			66.6			50.1
AHTS 4 - 8K			86.3			80.8			75.8			82.9			86.5
Total			87.6	%		84.5	%		80.1	%		83.8	%		86.6	%
Europe/Mediterranean fleet:
PSV > 900			88.0	%		86.1	%		86.1	%		87.4	%		88.9	%
PSV < 900			79.2			93.6			81.2			87.5			90.9
AHTS > 16K			49.8			32.3			52.0			46.4			34.1
Total			84.9	%		85.3	%		83.9	%		85.8	%		87.1	%
West Africa fleet:
PSV > 900			96.1	%		88.8	%		66.0	%		78.4	%		86.9	%
PSV < 900			68.5			80.9			80.0			79.2			82.6
AHTS > 16K			95.6			80.1			74.7			79.5			89.8
AHTS 8 - 16K			83.0			78.6			85.5			98.2			98.6
AHTS 4 - 8K			66.7			73.4			63.3			71.9			66.7
Other			43.0			40.8			49.6			49.5			55.9
Total			68.8	%		69.8	%		69.2	%		72.9	%		77.1	%
Worldwide fleet:
PSV > 900			85.3	%		82.5	%		80.3	%		87.1	%		89.2	%
PSV < 900			75.4			85.5			81.6			84.3			84.3
AHTS > 16K			73.1			64.7			74.2			73.2			60.0
AHTS 8 - 16K			77.5			73.9			78.6			84.4			82.0
AHTS 4 - 8K			79.4			81.6			70.3			75.2			81.6
Other			47.2			43.7			51.4			53.4			59.2
Total			76.0	%		77.6	%		76.2	%		80.5	%		81.5	%


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

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

Americas fleet:
PSV > 900			78.3	%		77.4	%		83.5	%		92.2	%		87.9	%
PSV < 900			56.2			75.0			76.5			80.3			73.8
AHTS > 16K			61.3			50.3			83.9			99.1			33.4
AHTS 8 - 16K			100.0			77.3			76.4			58.6			80.2
AHTS 4 - 8K			44.5			90.2			23.4			14.2			59.7
Other			91.8			72.4			69.2			99.4			100.0
Total			66.3	%		75.1	%		75.4	%		80.7	%		76.5	%
Asia Pacific fleet:
PSV > 900			67.7	%		63.4	%		63.2	%		87.6	%		93.7	%
PSV < 900			93.7			99.5			91.7			96.3			86.3
AHTS > 16K			66.7			75.4			81.8			65.3			53.4
AHTS 8 - 16K			64.1			64.9			58.8			80.8			75.9
AHTS 4 - 8K			56.2			100.0			91.7			78.5			100.0
Other			—			—			—			77.9			76.8
Total			73.1	%		76.2	%		73.8	%		84.9	%		84.0	%
Middle East fleet:
PSV > 900			100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
PSV < 900			94.0			91.9			85.0			88.0			95.3
AHTS > 16K			—			—			—			—			69.3
AHTS 8 - 16K			63.7			64.3			71.0			66.6			50.1
AHTS 4 - 8K			86.3			80.8			75.8			82.9			86.5
Total			87.6	%		84.5	%		80.1	%		83.8	%		86.6	%
Europe/Mediterranean fleet:
PSV > 900			88.0	%		86.1	%		86.1	%		87.4	%		88.9	%
PSV < 900			79.2			93.6			81.2			87.5			90.9
AHTS > 16K			49.8			32.3			52.0			46.4			34.1
Total			84.9	%		85.3	%		83.9	%		85.8	%		87.1	%
West Africa fleet:
PSV > 900			96.1	%		88.8	%		66.0	%		78.4	%		86.9	%
PSV < 900			68.5			80.9			80.0			79.2			82.6
AHTS > 16K			95.6			80.1			74.7			79.5			89.8
AHTS 8 - 16K			83.0			78.6			85.5			98.2			98.6
AHTS 4 - 8K			91.6			73.4			63.3			86.9			88.9
Other			57.0			40.8			49.6			49.5			55.9
Total			75.0	%		69.8	%		69.2	%		73.6	%		78.3	%
Worldwide fleet:
PSV > 900			85.3	%		82.5	%		80.3	%		87.1	%		89.2	%
PSV < 900			76.4			85.7			81.6			84.3			85.4
AHTS > 16K			73.1			64.7			74.2			73.2			60.0
AHTS 8 - 16K			77.5			73.9			78.6			84.4			82.0
AHTS 4 - 8K			81.4			81.6			70.3			77.2			85.1
Other			60.8			43.7			51.4			53.4			59.2
Total			78.4	%		77.7	%		76.2	%		80.7	%		82.3	%


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

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

Americas fleet:
PSV > 900	$	32,992	$	33,907	$	35,404	$	35,490	$	34,015
PSV < 900		27,862		24,479		22,986		22,542		21,499
AHTS > 16K		35,888		32,095		40,478		40,088		33,490
AHTS 8 - 16K		13,796		13,079		12,925		18,771		16,964
AHTS 4 - 8K		21,889		10,399		8,167		8,453		8,703
Other		21,251		27,870		23,420		30,266		30,423
Total		28,733		26,563		27,676		28,317		25,894
Asia Pacific fleet:
PSV > 900		37,304		35,984		37,341		30,070		32,387
PSV < 900		36,309		35,192		40,805		32,875		30,122
AHTS > 16K		48,843		52,170		54,756		43,808		35,411
AHTS 8 - 16K		20,764		23,746		35,682		35,678		21,757
AHTS 4 - 8K		21,890		21,959		25,883		17,758		17,315
Other		—		—		—		43,350		43,703
Total		36,564		36,203		40,419		32,848		30,101
Middle East fleet:
PSV > 900		16,072		16,146		15,079		14,936		14,996
PSV < 900		13,301		12,981		12,730		12,466		12,115
AHTS > 16K		—		—		—		—		12,968
AHTS 8 - 16K		12,112		11,575		10,558		10,440		10,515
AHTS 4 - 8K		12,026		11,006		10,291		9,404		9,609
Total		12,777		12,197		11,661		11,148		11,108
Europe/Mediterranean fleet:
PSV > 900		20,782		21,499		21,092		20,686		19,294
PSV < 900		18,337		19,727		20,347		18,543		18,557
AHTS > 16K		18,613		23,177		39,597		47,999		53,966
Total		20,405		21,249		21,484		20,950		19,763
West Africa fleet:
PSV > 900		34,924		34,334		31,118		31,231		30,557
PSV < 900		30,017		29,598		29,031		23,818		22,287
AHTS > 16K		29,568		32,557		32,453		27,861		24,611
AHTS 8 - 16K		21,204		19,033		18,627		18,784		16,536
AHTS 4 - 8K		17,387		18,462		17,755		11,915		9,766
Other		7,013		6,001		7,096		7,587		7,975
Total		24,244		24,038		22,044		20,093		18,687
Worldwide fleet:
PSV > 900		26,345		26,550		25,883		25,452		24,640
PSV < 900		22,697		22,550		22,666		20,170		18,932
AHTS > 16K		33,966		37,870		41,721		37,073		30,423
AHTS 8 - 16K		18,945		17,584		18,087		19,527		16,390
AHTS 4 - 8K		13,255		12,301		11,990		10,127		9,969
Other		9,746		9,691		9,410		11,968		11,797
Total	$	22,303	$	22,236	$	22,275	$	21,130	$	19,563

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,
	2025			2024			2024			2024			2024

Americas
Vessel revenues	$	54,852		$	60,240		$	64,606		$	73,142		$	63,941

Vessel operating costs:
Crew costs		17,440			18,519			21,646			23,318			24,062
Repair and maintenance		4,266			5,271			5,227			5,645			4,534
Insurance		571			506			571			463			494
Fuel, lube and supplies		2,617			2,954			3,165			2,994			4,522
Other		10,129			6,795			5,921			5,747			5,928
Total vessel operating costs		35,023			34,045			36,530			38,167			39,540

Vessel operating margin ($)		19,829			26,195			28,076			34,975			24,401
Vessel operating margin (%)		36.2	%		43.5	%		43.5	%		47.8	%		38.2	%

Americas - Select operating statistics
Average vessels - Total fleet		33			33			34			35			36
Utilization - Total fleet		64.4	%		74.7	%		75.4	%		80.7	%		74.5	%

Average vessels - Active fleet		32			33			34			35			35
Utilization - Active fleet		66.3	%		75.1	%		75.4	%		80.7	%		76.5	%

Average day rates	$	28,733		$	26,563		$	27,676		$	28,317		$	25,894

Vessels commencing drydocks		3			1			4			3			7


Deferred drydocking and survey costs - beginning balance	$	31,149		$	33,812		$	37,103		$	31,698		$	28,688
Cash paid for deferred drydocking and survey costs		3,355			3,317			5,009			9,190			8,014
Amortization of deferred drydocking and survey costs		(5,916	)		(5,980	)		(5,621	)		(5,704	)		(5,004	)
Disposals, intersegment transfers and other		(145	)		—			(2,679	)		1,919			—
Deferred drydocking and survey costs - ending balance	$	28,443		$	31,149		$	33,812		$	37,103		$	31,698


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

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

Asia Pacific
Vessel revenues	$	48,228		$	51,043		$	56,283		$	55,221		$	47,781

Vessel operating costs:
Crew costs		20,331			21,954			24,685			23,023			19,306
Repair and maintenance		2,270			4,304			3,834			3,092			2,769
Insurance		324			319			327			278			273
Fuel, lube and supplies		1,767			2,002			2,560			2,335			1,937
Other		2,118			2,456			2,396			2,968			2,491
Total vessel operating costs		26,810			31,035			33,802			31,696			26,776

Vessel operating margin ($)		21,418			20,008			22,481			23,525			21,005
Vessel operating margin (%)		44.4	%		39.2	%		39.9	%		42.6	%		44.0	%

Asia Pacific - Select operating statistics
Average vessels - Total fleet		20			20			20			22			21
Utilization - Total fleet		73.1	%		76.2	%		73.8	%		84.9	%		84.0	%

Average vessels - Active fleet		20			20			20			22			21
Utilization - Active fleet		73.1	%		76.2	%		73.8	%		84.9	%		84.0	%

Average day rates	$	36,564		$	36,203		$	40,419		$	32,848		$	30,101

Vessels commencing drydocks		4			—			2			2			3


Deferred drydocking and survey costs - beginning balance	$	10,418		$	11,248		$	8,744		$	8,376		$	3,769
Cash paid for deferred drydocking and survey costs		7,253			1,138			4,069			1,602			4,734
Amortization of deferred drydocking and survey costs		(2,046	)		(1,968	)		(1,565	)		(1,234	)		(844	)
Disposals, intersegment transfers and other		(1,815	)		—			—			—			717
Deferred drydocking and survey costs - ending balance	$	13,810		$	10,418		$	11,248		$	8,744		$	8,376


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

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

Middle East
Vessel revenues	$	43,302		$	40,772		$	36,947		$	36,536		$	37,932

Vessel operating costs:
Crew costs		13,280			13,509			13,071			13,540			13,270
Repair and maintenance		4,100			4,162			4,625			4,300			4,508
Insurance		529			488			510			464			420
Fuel, lube and supplies		2,039			2,599			2,842			2,274			2,304
Other		4,588			4,932			6,000			7,138			6,006
Total vessel operating costs		24,536			25,690			27,048			27,716			26,508

Vessel operating margin ($)		18,766			15,082			9,899			8,820			11,424
Vessel operating margin (%)		43.3	%		37.0	%		26.8	%		24.1	%		30.1	%

Middle East - Select operating statistics
Average vessels - Total fleet		43			43			43			43			43
Utilization - Total fleet		87.6	%		84.5	%		80.1	%		83.8	%		86.6	%

Average vessels - Active fleet		43			43			43			43			43
Utilization - Active fleet		87.6	%		84.5	%		80.1	%		83.8	%		86.6	%

Average day rates	$	12,777		$	12,197		$	11,661		$	11,148		$	11,108

Vessels commencing drydocks		4			6			4			3			11


Deferred drydocking and survey costs - beginning balance	$	21,792		$	24,159		$	23,089		$	23,690		$	19,331
Cash paid for deferred drydocking and survey costs		13,464			1,328			4,764			2,737			7,520
Amortization of deferred drydocking and survey costs		(3,833	)		(3,695	)		(3,694	)		(3,338	)		(3,161	)
Disposals, intersegment transfers and other		—			—			—			—			—
Deferred drydocking and survey costs - ending balance	$	31,423		$	21,792		$	24,159		$	23,089		$	23,690


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

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

Europe/Mediterranean
Vessel revenues	$	78,205		$	84,109		$	85,325		$	83,266		$	80,381

Vessel operating costs:
Crew costs		27,111			26,993			28,818			27,085			26,282
Repair and maintenance		6,711			8,458			7,279			7,058			5,493
Insurance		848			827			827			761			756
Fuel, lube and supplies		3,147			3,171			3,924			3,461			4,094
Other		4,738			5,180			4,974			4,351			4,359
Total vessel operating costs		42,555			44,629			45,822			42,716			40,984

Vessel operating margin ($)		35,650			39,480			39,503			40,550			39,397
Vessel operating margin (%)		45.6	%		46.9	%		46.3	%		48.7	%		49.0	%

Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		50			50			51			50			51
Utilization - Total fleet		84.9	%		85.3	%		83.9	%		85.8	%		87.1	%

Average vessels - Active fleet		50			50			51			50			51
Utilization - Active fleet		84.9	%		85.3	%		83.9	%		85.8	%		87.1	%

Average day rates	$	20,405		$	21,249		$	21,484		$	20,950		$	19,763

Vessels commencing drydocks		6			4			8			8			16


Deferred drydocking and survey costs - beginning balance	$	38,431		$	41,637		$	34,779		$	27,260		$	21,078
Cash paid for deferred drydocking and survey costs		8,786			3,554			12,225			11,584			10,876
Amortization of deferred drydocking and survey costs		(6,206	)		(6,126	)		(5,367	)		(4,065	)		(3,359	)
Disposals, intersegment transfers and other		—			(634	)		—			—			(1,335	)
Deferred drydocking and survey costs - ending balance	$	41,011		$	38,431		$	41,637		$	34,779		$	27,260


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

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

West Africa
Vessel revenues	$	106,112		$	107,299		$	95,324		$	88,838		$	88,651

Vessel operating costs:
Crew costs		18,951			19,010			19,488			19,265			19,432
Repair and maintenance		4,607			4,536			4,589			4,648			4,044
Insurance		762			717			730			659			637
Fuel, lube and supplies		4,808			4,552			4,722			4,498			4,461
Other		6,927			6,170			5,923			7,148			5,174
Total vessel operating costs		36,055			34,985			35,452			36,218			33,748

Vessel operating margin ($)		70,057			72,314			59,872			52,620			54,903
Vessel operating margin (%)		66.0	%		67.4	%		62.8	%		59.2	%		61.9	%

West Africa - Select operating statistics
Average vessels - Total fleet		71			70			68			67			68
Utilization - Total fleet		68.8	%		69.8	%		69.2	%		72.9	%		77.1	%

Average vessels - Active fleet		65			70			68			66			67
Utilization - Active fleet		75.0	%		69.8	%		69.2	%		73.6	%		78.3	%

Average day rates	$	24,244		$	24,038		$	22,044		$	20,093		$	18,687

Vessels commencing drydocks		7			1			5			4			7


Deferred drydocking and survey costs - beginning balance	$	50,760		$	50,088		$	44,942		$	37,615		$	33,832
Cash paid for deferred drydocking and survey costs		10,481			8,337			9,416			14,970			8,874
Amortization of deferred drydocking and survey costs		(8,417	)		(8,115	)		(6,949	)		(5,724	)		(5,091	)
Disposals, intersegment transfers and other		1,815			450			2,679			(1,919	)		—
Deferred drydocking and survey costs - ending balance	$	54,639		$	50,760		$	50,088		$	44,942		$	37,615


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

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

Worldwide
Vessel revenues	$	330,699		$	343,463		$	338,485		$	337,003		$	318,686

Vessel operating costs:
Crew costs		97,113			99,985			107,708			106,231			102,352
Repair and maintenance		21,954			26,731			25,554			24,743			21,348
Insurance		3,034			2,857			2,965			2,625			2,580
Fuel, lube and supplies		14,378			15,278			17,213			15,562			17,318
Other		28,500			25,533			25,214			27,352			23,958
Total vessel operating costs		164,979			170,384			178,654			176,513			167,556

Vessel operating margin ($)		165,720			173,079			159,831			160,490			151,130
Vessel operating margin (%)		50.1	%		50.4	%		47.2	%		47.6	%		47.4	%

Worldwide - Select operating statistics
Average vessels - Total fleet		217			216			216			217			219
Utilization - Total fleet		76.0	%		77.6	%		76.2	%		80.5	%		81.5	%

Average vessels - Active fleet		210			216			216			216			217
Utilization - Active fleet		78.4	%		77.7	%		76.2	%		80.7	%		82.3	%

Average day rates	$	22,303		$	22,236		$	22,275		$	21,130		$	19,563

Vessels commencing drydocks		24			12			23			20			44


Deferred drydocking and survey costs - beginning balance	$	152,550		$	160,944		$	148,657		$	128,639		$	106,698
Cash paid for deferred drydocking and survey costs		43,339			17,674			35,483			40,083			40,018
Amortization of deferred drydocking and survey costs		(26,418	)		(25,884	)		(23,196	)		(20,065	)		(17,459	)
Disposals, intersegment transfers and other		(145	)		(184	)		—			—			(618	)
Deferred drydocking and survey costs - ending balance	$	169,326		$	152,550		$	160,944		$	148,657		$	128,639


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

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

Net income	$	42,320		$	36,619		$	45,991		$	49,917		$	46,745

Interest and other debt costs		16,344			16,742			17,622			19,127			19,476
Income tax expense		26,109			16,376			12,883			7,887			13,070
Depreciation		39,014			38,736			39,239			39,380			38,811
Amortization of deferred drydock and survey costs		26,418			25,884			23,196			20,065			17,459
Amortization of below market contracts		(351	)		(1,071	)		(1,073	)		(1,650	)		(1,206	)
EBITDA (A), (B), (C)		149,854			133,286			137,858			134,726			134,355

Non-cash indemnification assets credit		834			242			553			1,556			1,122
Non-cash stock compensation expense		3,491			3,886			3,569			3,460			2,766
Acquisition, restructuring and integration related costs		—			978			581			—			709
Adjusted EBITDA (A), (B), (C)	$	154,179		$	138,392		$	142,561		$	139,742		$	138,952

Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization of deferred drydock and below market contracts. Additionally, Adjusted EBITDA excludes non-cash indemnification assets charge included in interest income and other; non-cash stock-based compensation expense; and acquisition, restructuring and integration related costs. Note (B): EBITDA for the three months ended March 31, 2025, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,491, $3,886, $3,569, $3,460 and $2,766 respectively. Note (C): EBITDA and Adjusted EBITDA for the three months ended March 31, 2025, and for each of the prior four quarters includes foreign exchange gain (losses) of $7,569, $(14,337), $5,522, $(2,376) and $(4,085) respectively.

Non-GAAP Financial Measures

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

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

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

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


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

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

Net cash provided by operating activities (A)	$	85,973		$	91,303		$	49,136		$	78,645		$	54,765

Cash interest expense		17,505			12,816			23,535			14,925			15,621
Interest income and other		(2,157	)		(2,697	)		(1,028	)		(1,175	)		(1,483	)
Indemnification assets charge		(834	)		(242	)		(553	)		(1,556	)		(1,122	)
Additions to property and equipment		(10,266	)		(4,534	)		(5,712	)		(6,392	)		(10,942	)
Expansion capital		27			63			55			66			71
	90,248			96,709			65,433			84,513			56,910

Proceeds from asset sales		4,416			10,316			1,557			3,056			12,463

Free cash flow	$	94,664		$	107,025		$	66,990		$	87,569		$	69,373


Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by operating activities adjusted for capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income and other. Free cash flow excludes indemnification assets charge included in interest income and other. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities. Note (A): Net cash provided by operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	17,110		$	8,846		$	(27,812	)	$	7,818		$	(640	)
Cash paid for deferred drydock and survey costs		(43,339	)		(17,674	)		(35,483	)		(40,083	)		(40,018	)
Total uses of cash for changes in assets and liabilities	$	(26,229	)	$	(8,828	)	$	(63,295	)	$	(32,265	)	$	(40,658	)

View source version on businesswire.com: https://www.businesswire.com/news/home/20250430547857/en/

Tidewater Inc.

West Gotcher

Senior Vice President,

Strategy, Corporate Development and Investor Relations

+1.713.470.5285

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Date	Price Target	Rating	Analyst
1/15/2025	$112.00 → $68.00	Outperform → In-line	Evercore ISI
11/29/2024	$70.00	Buy	DNB Markets
11/11/2024	$131.00 → $102.00	Strong Buy → Outperform	Raymond James
2/9/2024	$88.00	Buy	Johnson Rice
1/30/2024		Outperform	Pickering Energy Partners
7/14/2023	$85.00	Strong Buy	Raymond James
7/7/2023	$90.00	Outperform	Evercore ISI
6/21/2023	$75.00	Buy	BTIG Research

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