Earnings release
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Exhibit 99.1 Tidewater Inc. 842 West Sam Houston Parkway North, Suite 400 Houston, TX 77024, USA +1.713.470.5300 Tidewater Reports Results for the Nine Months Ended September 30, 2025 Third Quarter 2025 Highlights ● Revenue of $341.1 million, a 0.2% improvement compared to the third quarter of 2024 ● Average day rate of $22,798 per day, an improvement of $523 per day, or 2.3%, compared to the third quarter of 2024 ● Net loss of $0.8 million and Adjusted EBITDA of $137.9 million ● Net Income and Adjusted EBITDA were favorably impacted by the $1.3 million foreign exchange gain due to the weakening of the U.S. dollar ● Net Income adversely impacted by the $27.1 million loss on early extinguishment of debt associated with July 2025 refinancing ● Net cash provided by operating activities of $72.1 million and free cash flow of $82.7 million Annual Guidance and Share Repurchase Program ● Updating 2025 revenue guidance to $1.33 to $1.35 billion and 2025 gross margin guidance of 49% to 50% ● Initiating 2026 revenue guidance of $1.32 to $1.37 billion and 2026 gross margin guidance of 48% to 50% ● Outstanding share repurchase program authorization of $500 million HOUSTON, November 10, 2025 - Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2025 of $341.1 million and $1,016.0 million, respectively, compared with $340.4 million and $1,000.8 million, respectively, for the three and nine months ended September 30, 2024. Tidewater's net income (loss) for the three and nine months ended September 30, 2025, was $(0.8) million ($0.02 per common share) and $114.8 million ($2.27 per common share), respectively, compared with net income of $46.4 million ($0.87 per common share) and $143.8 million ($2.70 per common share), respectively, for the three and nine months ended September 30, 2024. Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The third quarter of 2025 came in above our expectations as vessel up-time across the fleet exceeded our initial estimates, delivering revenue of $341.1 million and gross margin of 48.0%. Average day rates for the quarter softened modestly driven by the North Sea and West Africa, consistent with our expectations, however, we did see meaningful day rate increases in our other reporting segments. Importantly, through a combination of better than anticipated vessel up-time and continued strength in production support, offshore construction and subsea and EPCI activities for offshore vessels, sequential active utilization increased in all but one of our operating segments, yielding our best active utilization since the second quarter of 2024. The increase in the active utilization of our vessels was driven by resilience in the broad-based set of support activities for our vessels and the benefits realized from the substantial investments made in the fleet over the past few years. We are pleased with yet another quarter of robust earnings and cash flow generation, with Adjusted EBITDA of $137.9 million and free cash flow of $82.7 million. “We entered 2025 with a lack of clarity as to how the next phase of offshore activity would unfold, particularly as it related to the pace of offshore drilling. Global macroeconomic and geopolitical factors were prominent themes influencing the outlook. These factors and the associated uncertainty played out throughout the year, but we have been able to maintain the midpoint of our full-year revenue and margin guidance throughout the year, a testament to the resilience of our business. For the remainder of 2025, we are narrowing our 2025 revenue guidance to $1.33 to $1.35 billion and our full-year margin guidance to 49% to 50%. As of today, 99% of our full- year revenue guidance is covered by completed and contracted revenue.
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“Looking forward to 2026, the factors that influenced the market in 2025 continue and provide a challenging backdrop to accurately anticipate the pace and order of magnitude of offshore drilling activity. Tidewater remains in an advantageous position in that we benefit from a range of activities that drive our business - production support, offshore construction support, subsea and EPCI support, and drilling support, along with renewable energy projects. We believe this broad-based set of demand drivers provides insulation from the uncertainty in drilling support activity, although drilling support remains a critical component to our ability to push day rates and utilization to their highest possible levels. Further, we fundamentally believe that the drivers for offshore activity remain compelling, as evidenced by the continued momentum in commercial activity for offshore drilling rigs. Accordingly, we are initiating full-year 2026 revenue guidance of $1.32 to $1.37 billion and full-year 2026 margin guidance of 48% to 50%. Although visibility into the timing of incremental drilling projects in the back half of 2026 remains somewhat unclear, we are comfortable initiating guidance given the visibility and confidence we have in the growing production, offshore construction, subsea and EPCI activities. To the extent that a more robust drilling recovery develops towards the end of the year, it would increase our full-year expectations. “We have made great strides this year in our vessel up-time performance, enhancing our operational effectiveness and the earnings capability of our fleet. The impact of this is significant for both our customers and our shareholders. Best-in-class operational standards will continue to accrue benefits to Tidewater as we move forward, and I would like to thank our onshore and offshore staff for their continued focus on operational excellence. The dedication and diligence driving this outcome is what makes Tidewater the safest, most sustainable, most reliable, most profitable, highest specification offshore energy support vessel fleet in the world.”
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In addition to the number of outstanding shares, as of September 30, 2025, the Company also has the following in-the-money warrants. Common shares outstanding 49,562,017 New Creditor Warrants (strike price $0.001 per common share) 21,400 GulfMark Creditor Warrants (strike price $0.01 per common share) 53,555 Total 49,636,972 Tidewater will hold a conference call to discuss results for the three months ending September 30, 2025 on November 11, 2025, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 8745688 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com. A replay of the conference call will be available beginning at 11:00 a.m. Central Time on November 11, 2025. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com. About Tidewater Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com. Cautionary Statement This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”). These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; global trade trends, including evolving impacts from implementation of new tariffs and potential retaliatory measures; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; uncertainty around the use and impacts of artificial intelligence applications; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC. 2
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If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability- related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise. Financial information is displayed beginning on the next page. The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at September 30, 2025 and December 31, 2024; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024; and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024. Extracts are drawn from the September 30, 2025 unaudited quarterly and December 31, 2024 audited annual financial statements of Tidewater Inc. All per- share amounts are stated on a diluted basis. Revision of Previously Issued Financial Statements Certain prior year amounts have been reclassified to conform to the current year presentation. The effects of exchange rate changes on cash and cash equivalent balances were not previously presented as a separate item in the reconciliation of the net change in cash, cash equivalents and restricted cash in our Statements of Cash Flows, but rather included as a component of net cash provided by operating activities. Accordingly, we have revised our Condensed Consolidated Statements of Cash Flows to reflect the effects of exchange rate changes on cash and cash equivalent balances for the nine months ended September 30, 2024, the three months ended December 31, 2024, September 30, 2024, March 31, 2025 and June 30, 2025. Also, the presentation of Free cash flow has been revised to reflect the effects of exchange rate changes on cash and cash equivalent balance. 3
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TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, except per share data) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Revenues: Vessel revenues $ 338,491 $ 338,485 $ 1,006,048 $ 994,174 Other operating revenues 2,622 1,871 9,940 6,576 Total revenues 341,113 340,356 1,015,988 1,000,750 Costs and expenses: Vessel operating costs 176,130 178,654 508,463 522,723 Costs of other operating revenues 1,252 901 5,790 2,867 General and administrative 35,256 28,471 95,563 80,129 Depreciation and amortization 66,404 62,435 196,150 178,150 Gain on asset dispositions, net (580) (51) (8,598) (13,090) Total costs and expenses 278,462 270,410 797,368 770,779 Operating income 62,651 69,946 218,620 229,971 Other income (expense): Foreign exchange gain (loss) 1,277 5,522 20,549 (939) Interest income and other, net 455 1,028 4,715 3,686 Loss on early extinguishment of debt (27,101) — (27,101) — Interest and other debt costs, net (16,589) (17,622) (49,375) (56,225) Total other expense (41,958) (11,072) (51,212) (53,478) Income before income taxes 20,693 58,874 167,408 176,493 Income tax expense 21,711 12,883 53,404 33,840 Net income (loss) (1,018) 45,991 114,004 142,653 Less: Net loss attributable to noncontrolling interests (212) (380) (773) (1,098) Net income (loss) attributable to Tidewater Inc. $ (806) $ 46,371 $ 114,777 $ 143,751 Basic income (loss) per common share $ (0.02) $ 0.88 $ 2.29 $ 2.74 Diluted income (loss) per common share $ (0.02) $ 0.87 $ 2.27 $ 2.70 Weighted average common shares outstanding 49,498 52,490 50,217 52,498 Dilutive effect of warrants and restricted stock units — 593 364 656 Adjusted weighted average common shares 49,498 53,083 50,581 53,154 4
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TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data) September 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 428,225 $ 324,918 Restricted cash — 2,032 Trade and other receivables, net of allowance for credit losses of $3,039 and $3,184 at September 30, 2025 and December 31, 2024, respectively 332,596 323,805 Marine operating supplies 27,857 34,319 Prepaid expenses and other current assets 11,652 13,588 Total current assets 800,330 698,662 Net properties and equipment 1,104,503 1,184,282 Deferred drydocking and survey costs 154,234 152,550 Indemnification assets 9,456 11,946 Other assets 60,357 27,464 Total assets $ 2,128,880 $ 2,074,904 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 42,579 $ 71,385 Accrued expenses 130,879 129,894 Current portion of long-term debt 5,840 65,386 Other current liabilities 97,162 64,948 Total current liabilities 276,460 331,613 Long-term debt 649,802 571,710 Other liabilities 63,594 60,396 Commitments and contingencies Equity: Common stock of $0.001 par value, 125,000,000 shares authorized, 49,562,017 and 51,461,472 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 50 52 Additional paid-in-capital 1,659,820 1,656,830 Accumulated deficit (525,041) (548,831) Accumulated other comprehensive loss 7,894 6,060 Total stockholders' equity 1,142,723 1,114,111 Noncontrolling interests (3,699) (2,926) Total equity 1,139,024 1,111,185 Total liabilities and equity $ 2,128,880 $ 2,074,904 5
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TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In Thousands) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net income (loss) $ (1,018) $ 45,991 $ 114,004 $ 142,653 Other comprehensive income (loss): Unrealized gain on note receivable — 130 — 283 Change in liability of pension plans 621 (600) 1,834 (957) Total comprehensive income (loss) $ (397) $ 45,521 $ 115,838 $ 141,979 6
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TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) Nine Months Nine Months Ended Ended September 30, 2025 September 30, 2024 Cash flows from operating activities: Net income $ 114,004 $ 142,653 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 113,257 117,430 Amortization of deferred drydocking and survey costs 82,893 60,720 Amortization of debt premiums and discounts 3,931 5,129 Amortization of below market contracts (981) (3,929) Unrealized foreign exchange (gain) loss (21,076) 2,186 Deferred income taxes provision (benefit) (11,569) 56 Gain on asset dispositions, net (8,598) (13,090) Loss on early extinguishment of debt 27,101 — Stock-based compensation expense 11,029 9,795 Changes in assets and liabilities: Trade and other receivables (8,791) (24,733) Accounts payable (28,806) 19,127 Accrued expenses 195 (4,623) Deferred drydocking and survey costs (84,722) (115,584) Other, net 38,281 (12,704) Net cash provided by operating activities 226,148 182,433 Cash flows from investing activities: Proceeds from asset dispositions 12,288 14,868 Proceeds from sale of notes 660 2,208 Additions to properties and equipment (20,614) (23,046) Net cash used in investing activities (7,666) (5,970) Cash flows from financing activities: Proceeds from issuance of shares — 2 Issuance of long-term debt 650,000 — Principal payments on long-term debt (640,128) (89,007) Purchase of common stock (90,089) (46,639) Payments on finance leases (5,537) — Debt extinguishment premium (19,589) — Debt issuance costs (18,985) (193) Share based awards reacquired to pay taxes (8,039) (28,528) Net cash used in financing activities (132,367) (164,365) Effects of exchange rate changes on cash, cash equivalents and restricted cash 15,960 113 Net change in cash, cash equivalents and restricted cash 102,075 12,211 Cash, cash equivalents and restricted cash at beginning of period 329,031 277,965 Cash, cash equivalents and restricted cash at end of period $ 431,106 $ 290,176 Supplemental disclosure of cash flow information: Cash paid during the year for: Interest, net of amounts capitalized $ 47,234 $ 54,081 Income taxes $ 41,944 $ 45,641 Supplemental disclosure of noncash investing activities: Purchase of vessels $ 10,727 $ — Recognition of finance leases $ 23,396 $ — Supplemental disclosure of noncash financing activities: Debt incurred for the purchase of vessels $ 11,479 $ — Note: Cash, cash equivalents and restricted cash at September 30, 2025 includes $2.9 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet. 7
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TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In Thousands) Three Months Ended Accumulated Additional other Non Common paid-in Accumulated comprehensive controlling stock capital deficit income interest Total Balance at June 30, 2025 $ 50 $ 1,656,626 $ (524,235) $ 7,273 $ (3,487) $ 1,136,227 Total comprehensive income (loss) — — (806) 621 (212) (397) Amortization of share-based awards — 3,194 — — — 3,194 Balance at September 30, 2025 $ 50 $ 1,659,820 $ (525,041) $ 7,894 $ (3,699) $ 1,139,024 Balance at June 30, 2024 $ 52 $ 1,649,523 $ (573,390) $ 5,062 $ (2,260) $ 1,078,987 Total comprehensive income (loss) — — 46,371 (470) (380) 45,521 Repurchase and retirement of common stock — — (14,172) — — (14,172) Amortization of share-based awards — 3,504 — — — 3,504 Balance at September 30, 2024 $ 52 $ 1,653,027 $ (541,191) $ 4,592 $ (2,640) $ 1,113,840 Nine Months Ended Accumulated Additional other Non Common paid-in Accumulated comprehensive controlling stock capital deficit income (loss) interest Total Balance at December 31, 2024 $ 52 $ 1,656,830 $ (548,831) $ 6,060 $ (2,926) $ 1,111,185 Total comprehensive income (loss) — — 114,777 1,834 (773) 115,838 Repurchase and retirement of common stock (2) — (90,987) — — (90,989) Amortization of share-based awards — 2,990 — — — 2,990 Balance at September 30, 2025 $ 50 $ 1,659,820 $ (525,041) $ 7,894 $ (3,699) $ 1,139,024 Balance at December 31, 2023 $ 52 $ 1,671,759 $ (637,838) $ 5,266 $ (1,542) $ 1,037,697 Total comprehensive income (loss) — — 143,751 (674) (1,098) 141,979 Issuance of common stock 1 1 — — — 2 Repurchase and retirement of common stock (1) — (47,104) — — (47,105) Amortization of share-based awards — (18,733) — — — (18,733) Balance at September 30, 2024 $ 52 $ 1,653,027 $ (541,191) $ 4,592 $ (2,640) $ 1,113,840 8
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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, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Vessel revenues: Americas $ 76,913 23% $ 64,606 19% $ 200,523 20% $ 201,689 20% Asia Pacific 53,786 16% 56,283 17% 147,710 15% 159,285 16% Middle East 42,035 12% 36,947 11% 125,552 12% 111,415 11% Europe/Mediterranean 83,740 25% 85,325 25% 261,225 26% 248,972 25% West Africa 82,017 24% 95,324 28% 271,038 27% 272,813 28% Total vessel revenues $ 338,491 100% $ 338,485 100% $1,006,048 100% $ 994,174 100% Vessel operating costs: Crew costs $ 105,529 31% $ 107,708 32% $ 302,118 30% $ 316,291 32% Repair and maintenance 28,636 8% 25,554 8% 74,527 7% 71,645 7% Insurance 2,892 1% 2,965 1% 7,566 1% 8,170 1% Fuel, lube and supplies 16,441 5% 17,213 5% 45,926 5% 50,093 5% Other 22,632 7% 25,214 7% 78,326 8% 76,524 8% Total vessel operating costs 176,130 52% 178,654 53% 508,463 51% 522,723 53% Vessel operating margin (A) $ 162,361 48% $ 159,831 47% $ 497,585 49% $ 471,451 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 Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Vessel operating profit: Americas $ 24,654 7% $ 13,299 4% $ 49,791 5% $ 43,573 5% Asia Pacific 15,330 5% 15,292 4% 40,788 4% 47,070 5% Middle East 4,994 2% (900) (0)% 17,451 2% (1,213) (0)% Europe/Mediterranean 11,352 3% 12,363 4% 47,957 5% 42,249 4% West Africa 25,418 7% 43,526 13% 103,048 10% 122,275 12% Other operating profit 1,370 0% 970 0% 4,150 0% 3,709 0% 83,118 24% 84,550 25% 263,185 26% 257,663 26% Corporate expenses (A) (21,047) (6)% (14,655) (4)% (53,163) (5)% (40,782) (4)% Gain on asset dispositions, net 580 0% 51 0% 8,598 1% 13,090 1% Operating income $ 62,651 18% $ 69,946 21% $ 218,620 22% $ 229,971 23% Note (A): 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. General and administrative expenses for the three and nine months ended September 30, 2024 include stock-based compensation of $3.7 million and $9.8 million, respectively. In addition, 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. Vessel operating and general and administrative costs for the three and nine months ended September 30, 2024, include $0.6 million and $1.3 million in acquisition, restructuring and integration related costs, respectively. 9
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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, 2025 2025 2025 2024 2024 Revenues: Vessel revenues $ 338,491 $ 336,858 $ 330,699 $ 343,463 $ 338,485 Other operating revenues 2,622 4,573 2,745 1,622 1,871 Total revenues 341,113 341,431 333,444 345,085 340,356 Costs and expenses: Vessel operating costs (A) 176,130 167,354 164,979 170,384 178,654 Costs of other operating revenue 1,252 3,108 1,430 688 901 General and administrative (A) 35,256 31,213 29,094 30,688 28,471 Depreciation and amortization 66,404 64,314 65,432 64,620 62,435 Gain on asset dispositions, net (580) (5,480) (2,538) (2,672) (51) Total operating costs and expenses 278,462 260,509 258,397 263,708 270,410 Operating income 62,651 80,922 75,047 81,377 69,946 Other income (expense): Foreign exchange gain (loss) 1,277 11,703 7,569 (14,337) 5,522 Interest income and other, net 455 2,103 2,157 2,697 1,028 Loss on early extinguishment of debt (27,101) — — — — Interest and other debt costs, net (16,589) (16,442) (16,344) (16,742) (17,622) Total other expense (41,958) (2,636) (6,618) (28,382) (11,072) Income before income taxes 20,693 78,286 68,429 52,995 58,874 Income tax expense 21,711 5,584 26,109 16,376 12,883 Net income (loss) (1,018) 72,702 42,320 36,619 45,991 Net loss attributable to noncontrolling interests (212) (228) (333) (286) (380) Net income (loss) attributable to Tidewater Inc. $ (806) $ 72,930 $ 42,653 $ 36,905 $ 46,371 Basic income (loss) per common share $ (0.02) $ 1.47 $ 0.83 $ 0.71 $ 0.88 Diluted income (loss) per common share $ (0.02) $ 1.46 $ 0.83 $ 0.70 $ 0.87 Weighted average common shares outstanding 49,498 49,674 51,502 52,315 52,490 Dilutive effect of warrants and restricted stock units — 337 176 514 593 Adjusted weighted average common shares 49,498 50,011 51,678 52,829 53,083 Vessel operating margin $ 162,361 $ 169,504 $ 165,720 $ 173,079 $ 159,831 Note (A): Acquisition, restructuring and integration related costs $ 3,941 $ 340 $ — $ 978 $ 581 10
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TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands) September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 ASSETS Current assets: Cash and cash equivalents $ 428,225 $ 369,405 $ 341,799 $ 324,918 $ 280,840 Restricted cash — 21 5,234 2,032 7,259 Trade and other receivables, net 332,596 316,491 312,904 323,805 293,085 Marine operating supplies 27,857 24,467 23,101 34,319 26,670 Prepaid expenses and other current assets 11,652 14,123 15,160 13,588 18,117 Total current assets 800,330 724,507 698,198 698,662 625,971 Net properties and equipment 1,104,503 1,132,114 1,163,758 1,184,282 1,220,056 Deferred drydocking and survey costs 154,234 165,659 169,326 152,550 160,944 Indemnification assets 9,456 11,158 11,114 11,946 12,216 Other assets 60,357 40,934 23,770 27,464 27,944 Total assets $ 2,128,880 $ 2,074,372 $ 2,066,166 $ 2,074,904 $ 2,047,131 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 42,579 $ 48,715 $ 50,203 $ 71,385 $ 64,058 Accrued expenses 130,879 131,305 133,000 129,894 117,878 Current portion of long-term debt 5,840 93,366 80,042 65,386 53,105 Other current liabilities 97,162 69,688 74,299 64,948 38,532 Total current liabilities 276,460 343,074 337,544 331,613 273,573 Long-term debt 649,802 531,874 555,994 571,710 597,352 Other liabilities 63,594 63,197 62,263 60,396 62,366 Equity: Common stock 50 50 51 52 52 Additional paid-in-capital 1,659,820 1,656,626 1,652,856 1,656,830 1,653,027 Accumulated deficit (525,041) (524,235) (545,890) (548,831) (541,191) Accumulated other comprehensive income 7,894 7,273 6,607 6,060 4,592 Total stockholders' equity 1,142,723 1,139,714 1,113,624 1,114,111 1,116,480 Noncontrolling interests (3,699) (3,487) (3,259) (2,926) (2,640) Total equity 1,139,024 1,136,227 1,110,365 1,111,185 1,113,840 Total liabilities and equity $ 2,128,880 $ 2,074,372 $ 2,066,166 $ 2,074,904 $ 2,047,131 11
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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, 2025 2025 2025 2024 2024 Cash flows from operating activities: Net income (loss) $ (1,018) $ 72,702 $ 42,320 $ 36,619 $ 45,991 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 37,334 36,909 39,014 38,736 39,239 Amortization of deferred drydocking and survey costs 29,070 27,405 26,418 25,884 23,196 Amortization of debt premiums and discounts 975 1,455 1,501 1,612 1,536 Amortization of below market contracts (283) (347) (351) (1,071) (1,073) Unrealized foreign exchange (gain) loss (997) (10,528) (9,551) 12,089 (4,848) Deferred income taxes provision (benefit) 3,851 (17,767) 2,347 (2,863) 24 Gain on asset dispositions, net (580) (5,480) (2,538) (2,672) (51) Loss on early extinguishment of debt 27,101 — — — — Stock-based compensation expense 3,481 4,057 3,491 3,886 3,569 Changes in assets and liabilities: Trade and other receivables (16,105) (3,587) 10,901 (30,720) (12,587) Accounts payable (6,136) (1,488) (21,182) 7,327 3,318 Accrued expenses 418 (3,329) 3,106 12,016 (15,271) Deferred drydocking and survey costs (17,645) (23,738) (43,339) (17,674) (35,483) Other, net 12,613 (2,606) 28,274 16,870 (2,147) Net cash provided by operating activities 72,079 73,658 80,411 100,039 45,413 Cash flows from investing activities: Proceeds from asset dispositions 1,204 7,268 3,816 4,470 51 Proceeds from sale of notes — 60 600 5,846 1,506 Additions to properties and equipment (5,122) (5,226) (10,266) (4,534) (5,712) Net cash provided by (used in) investing activities (3,918) 2,102 (5,850) 5,782 (4,155) Cash flows from financing activities: Exercise of warrants — — — 2 — Issuance of long-term debt 650,000 — — — — Principal payments on long-term debt (613,587) (14,041) (12,500) (14,023) (62,500) Purchase of common stock — (50,814) (39,275) (44,103) (13,741) Payments on finance leases (5,537) — — — — Debt extinguishment premium (19,589) — — — — Debt issuance costs (18,985) — — (20) — Share based awards reacquired to pay taxes (287) (287) (7,465) (86) (65) Net cash used in financing activities (7,985) (65,142) (59,240) (58,230) (76,306) Effects of exchange rate changes on cash, cash equivalents and restricted cash (1,377) 11,775 5,562 (8,736) 3,723 Net change in cash, cash equivalents and restricted cash 58,799 22,393 20,883 38,855 (31,325) Cash, cash equivalents and restricted cash at beginning of period 372,307 349,914 329,031 290,176 321,501 Cash, cash equivalents and restricted cash at end of period $ 431,106 $ 372,307 $ 349,914 $ 329,031 $ 290,176 Supplemental disclosure of cash flow information: Cash paid during the year for: Interest, net of amounts capitalized $ 17,735 $ 11,994 $ 17,505 $ 12,816 $ 23,535 Income taxes $ 9,291 $ 17,505 $ 15,148 $ 11,268 $ 12,557 Supplemental disclosure of noncash investing activities: Purchase of vessels $ — $ 1,629 $ 9,098 $ — $ — Recognition of finance leases $ 23,396 $ — $ — $ — $ — Supplemental disclosure of noncash financing activities: Debt incurred for purchase of vessels $ — $ 1,767 $ 9,712 $ — $ — 12
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TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 VESSEL REVENUE BY VESSEL CLASS Americas fleet: PSV > 900 $ 30,460 $ 26,874 $ 23,243 $ 24,158 $ 27,192 PSV < 900 33,363 27,734 21,146 26,743 26,926 AHTS > 16K 6,045 5,243 3,958 2,969 6,249 AHTS 8 - 16K 1,259 1,110 1,242 930 908 AHTS 4 - 8K 4,221 4,153 1,752 1,726 351 Other 1,565 3,644 3,511 3,714 2,980 Total 76,913 68,758 54,852 60,240 64,606 Asia Pacific fleet: PSV > 900 22,660 20,878 20,457 18,881 19,535 PSV < 900 12,427 11,194 15,311 16,101 17,214 AHTS > 16K 12,065 11,655 8,792 10,851 12,358 AHTS 8 - 16K 1,518 1,804 2,394 2,836 4,640 AHTS 4 - 8K — — 1,108 2,020 2,182 Other 5,116 165 166 354 354 Total 53,786 45,696 48,228 51,043 56,283 Middle East fleet: PSV > 900 1,246 599 1,446 1,485 1,387 PSV < 900 20,221 18,849 22,494 21,962 19,909 AHTS 8 - 16K 3,681 5,175 3,474 3,425 3,450 AHTS 4 - 8K 16,887 15,592 15,888 13,900 12,201 Total 42,035 40,215 43,302 40,772 36,947 Europe/Mediterranean fleet: PSV > 900 67,302 78,778 64,207 66,380 66,808 PSV < 900 13,901 15,739 11,763 15,287 13,679 AHTS > 16K 2,127 4,266 1,669 1,378 3,790 Other 410 497 566 1,064 1,048 Total 83,740 99,280 78,205 84,109 85,325 West Africa fleet: PSV > 900 14,328 19,600 30,203 28,064 17,012 PSV < 900 23,817 24,815 37,021 44,047 41,367 AHTS > 16K 12,037 9,934 10,172 9,602 8,916 AHTS 8 - 16K 22,859 21,725 20,775 17,898 18,453 AHTS 4 - 8K 1,428 1,457 2,086 3,185 3,100 Other 7,548 5,378 5,855 4,503 6,476 Total 82,017 82,909 106,112 107,299 95,324 Worldwide fleet: PSV > 900 135,996 146,729 139,556 138,968 131,934 PSV < 900 103,729 98,331 107,735 124,140 119,095 AHTS > 16K 32,274 31,098 24,591 24,800 31,313 AHTS 8 - 16K 29,317 29,814 27,885 25,089 27,451 AHTS 4 - 8K 22,536 21,202 20,834 20,831 17,834 Other 14,639 9,684 10,098 9,635 10,858 Total $ 338,491 $ 336,858 $ 330,699 $ 343,463 $ 338,485 13
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TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 AVERAGE NUMBER OF VESSELS: Americas fleet: PSV > 900 12 11 10 10 10 PSV < 900 17 16 16 16 17 AHTS > 16K 2 2 2 2 2 AHTS 8 - 16K 1 1 1 1 1 AHTS 4 - 8K 2 2 2 2 2 Other 1 2 2 2 2 Total 35 34 33 33 34 Stacked vessels (2) (2) (1) — — Active vessels 33 32 32 33 34 Asia Pacific fleet: PSV > 900 9 9 9 9 9 PSV < 900 5 5 5 5 5 AHTS > 16K 3 3 3 3 3 AHTS 8 - 16K 2 2 2 2 2 AHTS 4 - 8K — 1 1 1 1 Other 1 — — — — Total 20 20 20 20 20 Stacked vessels — — — — — Active vessels 20 20 20 20 20 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 40 39 39 39 40 PSV < 900 9 9 9 9 9 AHTS > 16K 1 2 2 2 2 Total 50 50 50 50 51 Stacked vessels — — — — — Active vessels 50 50 50 50 51 West Africa fleet: PSV > 900 7 9 10 10 9 PSV < 900 18 19 20 20 19 AHTS > 16K 5 4 4 4 4 AHTS 8 - 16K 13 14 13 13 13 AHTS 4 - 8K 2 2 2 3 3 Other 20 21 22 20 20 Total 65 69 71 70 68 Stacked vessels (5) (4) (6) — — Active vessels 60 65 65 70 68 Worldwide fleet: PSV > 900 69 69 69 69 69 PSV < 900 69 69 70 70 70 AHTS > 16K 11 11 11 11 11 AHTS 8 - 16K 21 22 21 21 21 AHTS 4 - 8K 21 22 22 23 23 Other 22 23 24 22 22 Total 213 216 217 216 216 Stacked vessels (7) (6) (7) — — Active vessels 206 210 210 216 216 Total active 206 210 210 216 216 Total stacked 7 6 7 — — Total 213 216 217 216 216 14
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TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 AVAILABLE DAYS - TOTAL FLEET: Americas fleet: PSV > 900 1,060 947 900 920 920 PSV < 900 1,564 1,493 1,432 1,472 1,531 AHTS > 16K 184 182 180 184 184 AHTS 8 - 16K 92 91 90 92 92 AHTS 4 - 8K 184 182 180 184 184 Other 93 179 180 184 184 Total 3,177 3,074 2,962 3,036 3,095 Asia Pacific fleet: PSV > 900 828 819 810 828 828 PSV < 900 460 455 450 460 460 AHTS > 16K 276 273 270 276 276 AHTS 8 - 16K 184 182 180 184 221 AHTS 4 - 8K — 65 90 92 92 Other 91 3 — — — Total 1,839 1,797 1,800 1,840 1,877 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 460 455 450 460 460 AHTS 4 - 8K 1,564 1,547 1,530 1,564 1,564 Total 3,956 3,913 3,870 3,956 3,956 Europe/Mediterranean fleet: PSV > 900 3,680 3,569 3,510 3,588 3,680 PSV < 900 828 812 810 828 828 AHTS > 16K 92 182 180 184 184 Total 4,600 4,563 4,500 4,600 4,692 West Africa fleet: PSV > 900 688 853 900 920 828 PSV < 900 1,656 1,699 1,800 1,840 1,781 AHTS > 16K 460 364 360 368 368 AHTS 8 - 16K 1,196 1,247 1,180 1,196 1,159 AHTS 4 - 8K 184 182 180 235 276 Other 1,817 1,905 1,941 1,840 1,840 Total 6,001 6,250 6,361 6,399 6,252 Worldwide fleet: PSV > 900 6,348 6,279 6,210 6,348 6,348 PSV < 900 6,348 6,279 6,292 6,440 6,440 AHTS > 16K 1,012 1,001 990 1,012 1,012 AHTS 8 - 16K 1,932 1,975 1,900 1,932 1,932 AHTS 4 - 8K 1,932 1,976 1,980 2,075 2,116 Other 2,001 2,087 2,121 2,024 2,024 Total 19,573 19,597 19,493 19,831 19,872 15
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TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 OUT-OF-SERVICE - STACKED DAYS: Americas fleet: PSV < 900 184 182 82 15 — Total 184 182 82 15 — West Africa fleet: AHTS 4 - 8K 92 91 49 — — Other 404 312 477 — — Total 496 403 526 — — Worldwide fleet: PSV < 900 184 182 82 15 — AHTS 4 - 8K 92 91 49 — — Other 404 312 477 — — Total 680 585 608 15 — 16
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TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 AVAILABLE DAYS - ACTIVE FLEET: Americas fleet: PSV > 900 1,060 947 900 920 920 PSV < 900 1,380 1,311 1,350 1,457 1,531 AHTS > 16K 184 182 180 184 184 AHTS 8 - 16K 92 91 90 92 92 AHTS 4 - 8K 184 182 180 184 184 Other 93 179 180 184 184 Total 2,993 2,892 2,880 3,021 3,095 Asia Pacific fleet: PSV > 900 828 819 810 828 828 PSV < 900 460 455 450 460 460 AHTS > 16K 276 273 270 276 276 AHTS 8 - 16K 184 182 180 184 221 AHTS 4 - 8K — 65 90 92 92 Other 91 3 — — — Total 1,839 1,797 1,800 1,840 1,877 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 460 455 450 460 460 AHTS 4 - 8K 1,564 1,547 1,530 1,564 1,564 Total 3,956 3,913 3,870 3,956 3,956 Europe/Mediterranean fleet: PSV > 900 3,680 3,569 3,510 3,588 3,680 PSV < 900 828 812 810 828 828 AHTS > 16K 92 182 180 184 184 Total 4,600 4,563 4,500 4,600 4,692 West Africa fleet: PSV > 900 688 853 900 920 828 PSV < 900 1,656 1,699 1,800 1,840 1,781 AHTS > 16K 460 364 360 368 368 AHTS 8 - 16K 1,196 1,247 1,180 1,196 1,159 AHTS 4 - 8K 92 91 131 235 276 Other 1,413 1,593 1,464 1,840 1,840 Total 5,505 5,847 5,835 6,399 6,252 Worldwide fleet: PSV > 900 6,348 6,279 6,210 6,348 6,348 PSV < 900 6,164 6,097 6,210 6,425 6,440 AHTS > 16K 1,012 1,001 990 1,012 1,012 AHTS 8 - 16K 1,932 1,975 1,900 1,932 1,932 AHTS 4 - 8K 1,840 1,885 1,931 2,075 2,116 Other 1,597 1,775 1,644 2,024 2,024 Total 18,893 19,012 18,885 19,816 19,872 17
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TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 UTILIZATION - TOTAL FLEET: Americas fleet: PSV > 900 83.6% 87.0% 78.3% 77.4% 83.5% PSV < 900 70.3 63.6 53.0 74.2 76.5 AHTS > 16K 92.7 77.3 61.3 50.3 83.9 AHTS 8 - 16K 100.0 92.7 100.0 77.3 76.4 AHTS 4 - 8K 100.0 99.5 44.5 90.2 23.4 Other 96.4 83.5 91.8 72.4 69.2 Total 79.4% 75.8% 64.4% 74.7% 75.4% Asia Pacific fleet: PSV > 900 75.2% 70.1% 67.7% 63.4% 63.2% PSV < 900 90.3 75.0 93.7 99.5 91.7 AHTS > 16K 63.7 88.5 66.7 75.4 81.8 AHTS 8 - 16K 35.1 34.4 64.1 64.9 58.8 AHTS 4 - 8K — — 56.2 100.0 91.7 Other 99.5 — — — — Total 74.5% 67.9% 73.1% 76.2% 73.8% Middle East fleet: PSV > 900 82.6% 38.9% 100.0% 100.0% 100.0% PSV < 900 79.2 76.9 94.0 91.9 85.0 AHTS 8 - 16K 65.1 95.7 63.7 64.3 71.0 AHTS 4 - 8K 86.0 81.0 86.3 80.8 75.8 Total 80.3% 79.8% 87.6% 84.5% 80.1% Europe/Mediterranean fleet: PSV > 900 88.7% 94.8% 88.0% 86.1% 86.1% PSV < 900 81.2 92.0 79.2 93.6 81.2 AHTS > 16K 100.0 69.1 49.8 32.3 52.0 Total 87.5% 93.3% 84.9% 85.3% 83.9% West Africa fleet: PSV > 900 66.8% 70.1% 96.1% 88.8% 66.0% PSV < 900 53.8 52.4 68.5 80.9 80.0 AHTS > 16K 79.9 85.1 95.6 80.1 74.7 AHTS 8 - 16K 84.9 75.3 83.0 78.6 85.5 AHTS 4 - 8K 50.0 50.0 66.7 73.4 63.3 Other 50.3 40.5 43.0 40.8 49.6 Total 62.3% 57.6% 68.8% 69.8% 69.2% Worldwide fleet: PSV > 900 83.6% 86.2% 85.3% 82.5% 80.3% PSV < 900 71.5 68.9 75.4 85.5 81.6 AHTS > 16K 79.7 81.7 73.1 64.7 74.2 AHTS 8 - 16K 76.1 77.0 77.5 73.9 78.6 AHTS 4 - 8K 83.9 77.2 79.4 81.6 70.3 Other 54.6 44.1 47.2 43.7 51.4 Total 75.8% 74.1% 76.0% 77.6% 76.2% 18
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TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 UTILIZATION - ACTIVE FLEET: Americas fleet: PSV > 900 83.6% 87.0% 78.3% 77.4% 83.5% PSV < 900 79.7 72.4 56.2 75.0 76.5 AHTS > 16K 92.7 77.3 61.3 50.3 83.9 AHTS 8 - 16K 100.0 92.7 100.0 77.3 76.4 AHTS 4 - 8K 100.0 99.5 44.5 90.2 23.4 Other 96.4 83.5 91.8 72.4 69.2 Total 84.3% 80.5% 66.3% 75.1% 75.4% Asia Pacific fleet: PSV > 900 75.2% 70.1% 67.7% 63.4% 63.2% PSV < 900 90.3 75.0 93.7 99.5 91.7 AHTS > 16K 63.7 88.5 66.7 75.4 81.8 AHTS 8 - 16K 35.1 34.4 64.1 64.9 58.8 AHTS 4 - 8K — — 56.2 100.0 91.7 Other 99.5 — — — — Total 74.5% 67.9% 73.1% 76.2% 73.8% Middle East fleet: PSV > 900 82.6% 38.9% 100.0% 100.0% 100.0% PSV < 900 79.2 76.9 94.0 91.9 85.0 AHTS 8 - 16K 65.1 95.7 63.7 64.3 71.0 AHTS 4 - 8K 86.0 81.0 86.3 80.8 75.8 Total 80.3% 79.8% 87.6% 84.5% 80.1% Europe/Mediterranean fleet: PSV > 900 88.7% 94.8% 88.0% 86.1% 86.1% PSV < 900 81.2 92.0 79.2 93.6 81.2 AHTS > 16K 100.0 69.1 49.8 32.3 52.0 Total 87.5% 93.3% 84.9% 85.3% 83.9% West Africa fleet: PSV > 900 66.8% 70.1% 96.1% 88.8% 66.0% PSV < 900 53.8 52.4 68.5 80.9 80.0 AHTS > 16K 79.9 85.1 95.6 80.1 74.7 AHTS 8 - 16K 84.9 75.3 83.0 78.6 85.5 AHTS 4 - 8K 100.0 100.0 91.6 73.4 63.3 Other 64.6 48.4 57.0 40.8 49.6 Total 67.9% 61.6% 75.0% 69.8% 69.2% Worldwide fleet: PSV > 900 83.6% 86.2% 85.3% 82.5% 80.3% PSV < 900 73.6 71.0 76.4 85.7 81.6 AHTS > 16K 79.7 81.7 73.1 64.7 74.2 AHTS 8 - 16K 76.1 77.0 77.5 73.9 78.6 AHTS 4 - 8K 88.1 80.9 81.4 81.6 70.3 Other 68.5 51.8 60.8 43.7 51.4 Total 78.5% 76.4% 78.4% 77.7% 76.2% 19
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TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 AVERAGE VESSEL DAY RATES: (A) Americas fleet: PSV > 900 $ 34,365 $ 32,617 $ 32,992 $ 33,907 $ 35,404 PSV < 900 30,326 29,222 27,862 24,479 22,986 AHTS > 16K 35,435 37,252 35,888 32,095 40,478 AHTS 8 - 16K 13,672 13,151 13,796 13,079 12,925 AHTS 4 - 8K 22,942 22,943 21,889 10,399 8,167 Other 17,456 24,369 21,251 27,870 23,420 Total 30,487 29,526 28,733 26,563 27,676 Asia Pacific fleet: PSV > 900 36,371 36,341 37,304 35,984 37,341 PSV < 900 29,908 32,803 36,309 35,192 40,805 AHTS > 16K 68,580 48,255 48,843 52,170 54,756 AHTS 8 - 16K 23,531 28,856 20,764 23,746 35,682 AHTS 4 - 8K — — 21,890 21,959 25,883 Other 55,320 — — — — Total 39,196 37,372 36,564 36,203 40,419 Middle East fleet: PSV > 900 16,391 16,929 16,072 16,146 15,079 PSV < 900 13,878 13,469 13,301 12,981 12,730 AHTS 8 - 16K 12,290 11,889 12,112 11,575 10,558 AHTS 4 - 8K 12,555 12,443 12,026 11,006 10,291 Total 13,228 12,877 12,777 12,197 11,661 Europe/Mediterranean fleet: PSV > 900 20,630 23,292 20,782 21,499 21,092 PSV < 900 20,674 21,061 18,337 19,727 20,347 AHTS > 16K 23,122 33,904 18,613 23,177 39,597 Total 20,752 23,275 20,405 21,249 21,484 West Africa fleet: PSV > 900 31,188 32,777 34,924 34,334 31,118 PSV < 900 26,729 27,867 30,017 29,598 29,031 AHTS > 16K 32,746 32,082 29,568 32,557 32,453 AHTS 8 - 16K 22,524 23,123 21,204 19,033 18,627 AHTS 4 - 8K 15,516 16,010 17,387 18,462 17,755 Other 8,264 6,979 7,013 6,001 7,096 Total 21,940 23,035 24,244 24,038 22,044 Worldwide fleet: PSV > 900 25,625 27,102 26,345 26,550 25,883 PSV < 900 22,867 22,722 22,697 22,550 22,666 AHTS > 16K 40,037 38,029 33,966 37,870 41,721 AHTS 8 - 16K 19,931 19,592 18,945 17,584 18,087 AHTS 4 - 8K 13,902 13,902 13,255 12,301 11,990 Other 13,127 10,147 9,746 9,691 9,410 Total $ 22,798 $ 23,166 $ 22,303 $ 22,236 $ 22,275 Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked. 20
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TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Americas Vessel revenues $ 76,913 $ 68,758 $ 54,852 $ 60,240 $ 64,606 Vessel operating costs: Crew costs 22,634 19,652 17,440 18,519 21,646 Repair and maintenance 5,350 4,830 4,266 5,271 5,227 Insurance 570 351 571 506 571 Fuel, lube and supplies 2,464 2,215 2,617 2,954 3,165 Other 4,598 5,965 10,129 6,795 5,921 Total vessel operating costs 35,616 33,013 35,023 34,045 36,530 Vessel operating margin ($) 41,297 35,745 19,829 26,195 28,076 Vessel operating margin (%) 53.7% 52.0% 36.2% 43.5% 43.5% Americas - Select operating statistics Average vessels - Total fleet 35 34 33 33 34 Utilization - Total fleet 79.4% 75.8% 64.4% 74.7% 75.4% Average vessels - Active fleet 33 32 32 33 34 Utilization - Active fleet 84.3% 80.5% 66.3% 75.1% 75.4% Average day rates $ 30,487 $ 29,526 $ 28,733 $ 26,563 $ 27,676 Vessels commencing drydocks — 1 3 1 4 Deferred drydocking and survey costs - beginning balance $ 25,608 $ 28,443 $ 31,149 $ 33,812 $ 37,103 Cash paid for deferred drydocking and survey costs 1,082 1,027 3,355 3,317 5,009 Amortization of deferred drydocking and survey costs (5,817) (5,338) (5,916) (5,980) (5,621) Disposals, intersegment transfers and other 1,527 1,476 (145) — (2,679) Deferred drydocking and survey costs - ending balance $ 22,400 $ 25,608 $ 28,443 $ 31,149 $ 33,812 21
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TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Asia Pacific Vessel revenues $ 53,786 $ 45,696 $ 48,228 $ 51,043 $ 56,283 Vessel operating costs: Crew costs 20,887 18,518 20,331 21,954 24,685 Repair and maintenance 3,842 3,365 2,270 4,304 3,834 Insurance 330 176 324 319 327 Fuel, lube and supplies 2,443 1,789 1,767 2,002 2,560 Other 2,768 2,317 2,118 2,456 2,396 Total vessel operating costs 30,270 26,165 26,810 31,035 33,802 Vessel operating margin ($) 23,516 19,531 21,418 20,008 22,481 Vessel operating margin (%) 43.7% 42.7% 44.4% 39.2% 39.9% Asia Pacific - Select operating statistics Average vessels - Total fleet 20 20 20 20 20 Utilization - Total fleet 74.5% 67.9% 73.1% 76.2% 73.8% Average vessels - Active fleet 20 20 20 20 20 Utilization - Active fleet 74.5% 67.9% 73.1% 76.2% 73.8% Average day rates $ 39,196 $ 37,372 $ 36,564 $ 36,203 $ 40,419 Vessels commencing drydocks 3 2 4 — 2 Deferred drydocking and survey costs - beginning balance $ 13,462 $ 13,810 $ 10,418 $ 11,248 $ 8,744 Cash paid for deferred drydocking and survey costs 3,340 2,487 7,253 1,138 4,069 Amortization of deferred drydocking and survey costs (2,578) (2,428) (2,046) (1,968) (1,565) Disposals, intersegment transfers and other (130) (407) (1,815) — — Deferred drydocking and survey costs - ending balance $ 14,094 $ 13,462 $ 13,810 $ 10,418 $ 11,248 22
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TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Middle East Vessel revenues $ 42,035 $ 40,215 $ 43,302 $ 40,772 $ 36,947 Vessel operating costs: Crew costs 13,541 13,302 13,280 13,509 13,071 Repair and maintenance 4,556 4,261 4,100 4,162 4,625 Insurance 484 343 529 488 510 Fuel, lube and supplies 2,916 3,250 2,039 2,599 2,842 Other 4,242 4,661 4,588 4,932 6,000 Total vessel operating costs 25,739 25,817 24,536 25,690 27,048 Vessel operating margin ($) 16,296 14,398 18,766 15,082 9,899 Vessel operating margin (%) 38.8% 35.8% 43.3% 37.0% 26.8% Middle East - Select operating statistics Average vessels - Total fleet 43 43 43 43 43 Utilization - Total fleet 80.3% 79.8% 87.6% 84.5% 80.1% Average vessels - Active fleet 43 43 43 43 43 Utilization - Active fleet 80.3% 79.8% 87.6% 84.5% 80.1% Average day rates $ 13,228 $ 12,877 $ 12,777 $ 12,197 $ 11,661 Vessels commencing drydocks 8 11 4 6 4 Deferred drydocking and survey costs - beginning balance $ 35,355 $ 31,423 $ 21,792 $ 24,159 $ 23,089 Cash paid for deferred drydocking and survey costs 8,716 8,191 13,464 1,328 4,764 Amortization of deferred drydocking and survey costs (5,158) (4,259) (3,833) (3,695) (3,694) Disposals, intersegment transfers and other — — — — — Deferred drydocking and survey costs - ending balance $ 38,913 $ 35,355 $ 31,423 $ 21,792 $ 24,159 23
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TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Europe/Mediterranean Vessel revenues $ 83,740 $ 99,280 $ 78,205 $ 84,109 $ 85,325 Vessel operating costs: Crew costs 30,104 29,342 27,111 26,993 28,818 Repair and maintenance 7,481 5,736 6,711 8,458 7,279 Insurance 797 417 848 827 827 Fuel, lube and supplies 3,469 2,153 3,147 3,171 3,924 Other 4,805 6,187 4,738 5,180 4,974 Total vessel operating costs 46,656 43,835 42,555 44,629 45,822 Vessel operating margin ($) 37,084 55,445 35,650 39,480 39,503 Vessel operating margin (%) 44.3% 55.8% 45.6% 46.9% 46.3% Europe/Mediterranean - Select operating statistics Average vessels - Total fleet 50 50 50 50 51 Utilization - Total fleet 87.5% 93.3% 84.9% 85.3% 83.9% Average vessels - Active fleet 50 50 50 50 51 Utilization - Active fleet 87.5% 93.3% 84.9% 85.3% 83.9% Average day rates $ 20,752 $ 23,275 $ 20,405 $ 21,249 $ 21,484 Vessels commencing drydocks 3 1 6 4 8 Deferred drydocking and survey costs - beginning balance $ 35,571 $ 41,011 $ 38,431 $ 41,637 $ 34,779 Cash paid for deferred drydocking and survey costs 2,103 1,811 8,786 3,554 12,225 Amortization of deferred drydocking and survey costs (6,363) (6,919) (6,206) (6,126) (5,367) Disposals, intersegment transfers and other (871) (332) — (634) — Deferred drydocking and survey costs - ending balance $ 30,440 $ 35,571 $ 41,011 $ 38,431 $ 41,637 24
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TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 West Africa Vessel revenues $ 82,017 $ 82,909 $ 106,112 $ 107,299 $ 95,324 Vessel operating costs: Crew costs 18,363 18,662 18,951 19,010 19,488 Repair and maintenance 7,407 5,745 4,607 4,536 4,589 Insurance 711 353 762 717 730 Fuel, lube and supplies 5,149 5,700 4,808 4,552 4,722 Other 6,219 8,064 6,927 6,170 5,923 Total vessel operating costs 37,849 38,524 36,055 34,985 35,452 Vessel operating margin ($) 44,168 44,385 70,057 72,314 59,872 Vessel operating margin (%) 53.9% 53.5% 66.0% 67.4% 62.8% West Africa - Select operating statistics Average vessels - Total fleet 65 69 71 70 68 Utilization - Total fleet 62.3% 57.6% 68.8% 69.8% 69.2% Average vessels - Active fleet 60 65 65 70 68 Utilization - Active fleet 67.9% 61.6% 75.0% 69.8% 69.2% Average day rates $ 21,940 $ 23,035 $ 24,244 $ 24,038 $ 22,044 Vessels commencing drydocks 2 4 7 1 5 Deferred drydocking and survey costs - beginning balance $ 55,663 $ 54,639 $ 50,760 $ 50,088 $ 44,942 Cash paid for deferred drydocking and survey costs 2,404 10,222 10,481 8,337 9,416 Amortization of deferred drydocking and survey costs (9,154) (8,461) (8,417) (8,115) (6,949) Disposals, intersegment transfers and other (526) (737) 1,815 450 2,679 Deferred drydocking and survey costs - ending balance $ 48,387 $ 55,663 $ 54,639 $ 50,760 $ 50,088 25
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TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Worldwide Vessel revenues $ 338,491 $ 336,858 $ 330,699 $ 343,463 $ 338,485 Vessel operating costs: Crew costs 105,529 99,476 97,113 99,985 107,708 Repair and maintenance 28,636 23,937 21,954 26,731 25,554 Insurance 2,892 1,640 3,034 2,857 2,965 Fuel, lube and supplies 16,441 15,107 14,378 15,278 17,213 Other 22,632 27,194 28,500 25,533 25,214 Total vessel operating costs 176,130 167,354 164,979 170,384 178,654 Vessel operating margin ($) 162,361 169,504 165,720 173,079 159,831 Vessel operating margin (%) 48.0% 50.3% 50.1% 50.4% 47.2% Worldwide - Select operating statistics Average vessels - Total fleet 213 216 217 216 216 Utilization - Total fleet 75.8% 74.1% 76.0% 77.6% 76.2% Average vessels - Active fleet 206 210 210 216 216 Utilization - Active fleet 78.5% 76.4% 78.4% 77.7% 76.2% Average day rates $ 22,798 $ 23,166 $ 22,303 $ 22,236 $ 22,275 Vessels commencing drydocks 16 19 24 12 23 Deferred drydocking and survey costs - beginning balance $ 165,659 $ 169,326 $ 152,550 $ 160,944 $ 148,657 Cash paid for deferred drydocking and survey costs 17,645 23,738 43,339 17,674 35,483 Amortization of deferred drydocking and survey costs (29,070) (27,405) (26,418) (25,884) (23,196) Disposals, intersegment transfers and other — — (145) (184) — Deferred drydocking and survey costs - ending balance $ 154,234 $ 165,659 $ 169,326 $ 152,550 $ 160,944 26
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TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Net income (loss) $ (1,018) $ 72,702 $ 42,320 $ 36,619 $ 45,991 Interest and other debt costs 16,589 16,442 16,344 16,742 17,622 Income tax expense 21,711 5,584 26,109 16,376 12,883 Depreciation 37,334 36,909 39,014 38,736 39,239 Amortization of deferred drydock and survey costs 29,070 27,405 26,418 25,884 23,196 Amortization of below market contracts (283) (347) (351) (1,071) (1,073) EBITDA (A), (B), (C) 103,403 158,695 149,854 133,286 137,858 Non-cash indemnification assets charge (credit) — (112) 834 242 553 Non-cash stock compensation expense 3,481 4,057 3,491 3,886 3,569 Loss on early extinguishment of debt 27,101 — — — — Acquisition, restructuring and integration related costs 3,941 340 — 978 581 Adjusted EBITDA (A), (B), (C) $ 137,926 $ 162,980 $ 154,179 $ 138,392 $ 142,561 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, 2025, and for each of the prior four quarters includes non-cash stock- based compensation expense of $3,481, $4,057, $3,491, $3,886 and $3,569 respectively. Note (C): EBITDA and Adjusted EBITDA for the three months ended September 30, 2025, and for each of the prior four quarters includes foreign exchange gain (losses) of $1,277, $11,703, $7,569, $(14,337) and $5,522 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. 27
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TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Net cash provided by operating activities (A) $ 72,079 $ 73,658 $ 80,411 $ 100,039 $ 45,413 Cash interest expense 17,735 11,994 17,505 12,816 23,535 Interest income and other (1,860) (2,103) (2,157) (2,697) (1,028) Indemnification assets credit (charge) — 112 (834) (242) (553) Additions to property and equipment (5,122) (5,226) (10,266) (4,534) (5,712) Expansion capital — 3 27 63 55 Effects of exchange rate changes on cash (1,377) 11,775 5,562 (8,736) 3,723 81,455 90,213 90,248 96,709 65,433 Proceeds from asset sales 1,204 7,328 4,416 10,316 1,557 Free cash flow $ 82,659 $ 97,541 $ 94,664 $ 107,025 $ 66,990 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 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, 2025 2025 2025 2024 2024 Cash provided by (used in) changes in assets and liabilities, excluding drydock payments $ (9,210) $ (11,010) $ 21,099 $ 5,493 $ (26,687) Cash paid for deferred drydock and survey costs (17,645) (23,738) (43,339) (17,674) (35,483) Total uses of cash for changes in assets and liabilities $ (26,855) $ (34,748) $ (22,240) $ (12,181) $ (62,170) Contacts Tidewater Inc. West Gotcher Senior Vice President, Strategy, Corporate Development and Investor Relations +1.713.470.5285 SOURCE: Tidewater Inc. 28