Tidewater reports “one of the best years in recent memory”

Full-year 2025 Highlights

·         Revenue of $1,352.8 million, an increase of 0.5% as compared to full-year 2024

·         Average day rate of $22,573 per day, an increase of 6.1% compared to full-year 2024

·         Net income of $333.5 million and Adjusted EBITDA of $598.1 million

·         Net income was favorably impacted by the recognition of a non-cash deferred tax benefit of $201.5 million, primarily due to a strategic internal restructuring of our vessel ownership

·         Net cash provided by operating activities of $379.1 million

·         Free cash flow of $426.0 million

·         Share count reduced by 2.5 million shares during the full-year 2025 for $98.2 million at average price of $39.52, including shares repurchased in exchange for payment of employee taxes on the vesting of equity compensation

Fourth Quarter 2025 Highlights

·         Revenue of $336.8 million, a 2.4% decline compared to the fourth quarter of 2024

·         Average day rate of $22,044 per day, a decline of $192 per day, or 0.9%, compared to the fourth quarter of 2024

·         Net income of $219.4 million and Adjusted EBITDA of $143.1 million

“The fourth quarter of 2025 nicely exceeded our expectations as vessel up-time across the fleet continued to exceed our original expectations, delivering revenue of $336.8 million and a gross margin of 48.7%,” said Kneen. “Vessel up-time improvement came through a combination of more time on-hire, lower than anticipated down for repair time and fewer drydock days than anticipated. The improvement in utilization is a function of certain projects extending longer than anticipated and the benefits realized from the substantial investments made in the fleet over the past few years to improve the operational reliability of our fleet. Day rates also slightly exceeded our expectations driven by our Middle East and Asia Pacific segments. Through this outperformance, we finished the year on a strong note with Adjusted EBITDA of $143.1 million and free cash flow of $151.2 million for the fourth quarter.”

“Additionally, during the fourth quarter, we completed a strategic internal restructuring of our vessel ownership (vessel realignment) to consolidate a significant portion of the fleet into a single, wholly-owned U.S. entity. The non-cash deferred tax benefit of $201.5 million recognized in 2025 is primarily due to the impact of the vessel realignment.

Commenting on Tidewater’s recent accquisition of Wilson Sons Ultratug, with its 22-vessel fleet of PSVs exclusively focused on serving the Brazilian market, Kneen noted that “we view this acquisition as creating a distinctly advantaged position for Tidewater on a long-term basis.”      “Looking forward to the remainder of 2026,” he said, “although some open questions exist relating to the pace of drilling activity throughout this year, recent comments from offshore drillers and leading indicators of tendering and new contract awards suggest that a recovery in offshore drilling should manifest as we progress through the year and into 2027.”