Slides
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T LTA August 2026 Investor Presentation TIDEWATER tdw.com
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tdw.com tdw.com This presentation 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”), including, without limitation, statements about the potential acquisition of WSUT, the expected benefits of this acquisition and projected proforma financial information (including proforma guidance). These forward-looking statements are not a guarantee of future performance and 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; fluctuations in macroeconomic and market conditions (including risks related to recession, inflation, supply chain constraints or disruptions, interest rates, and exchange rates); unsettled political conditions, war, civil unrest and governmental actions, including the conflict between Russia and Ukraine, the ongoing conflict in the Middle East and the global response to these hostilities; global trade trends, including evolving impacts from implementation of new tariffs and potential retaliatory measures; 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 in the energy industry and industry expectations for offshore exploration, field development and production; 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; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; 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; our participation in industry wide, multi-employer, defined pension plans; 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 Forms 10-K, Form 10-Q and Form 8-K 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 presentation are made as of the date of this presentation, 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. Forward-looking Statements 2
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tdw.com tdw.com 1. Company Overview 2. Market Overview 3. Financials 4. Sustainability at Tidewater 5. Appendix Agenda
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tdw.com tdw.com 1. Company Overview
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tdw.com tdw.com Tidewater – The Premier Global OSV Fleet The largest offshore support vessel operator in the world Strong international footprint with a presence in every major market Vessels provide support to offshore E&P, subsea, offshore construction and wind activities, including towing, anchor-handling and transportation of supplies and personnel, construction and seafloor evaluation The recently announced acquisition of Wilson Sons Ultratug Offshore (“WSUT”) further solidifies Tidewater’s leading market position globally and materially enhances its scale in Brazil 5 Region # of OSVs >900m2 700- 900m2 <700m2 >16k 8-16k BHP 4-8k BHP Europe 57 43 10 1 3 0 0 Africa 40 5 13 3 5 13 1 Middle East 45 1 8 12 0 7 17 Americas 29 11 9 5 1 1 2 APAC 19 10 7 0 2 0 0 Total 190 70 47 21 11 21 20 204 Owned vessels; Largest OSV fleet in the world(2) 18 Hybrid vessels; Largest in the world(3) ~67% High- specification OSVs(4) ~$866m+ Liquidity 13.6 Years average age ~$596m 2026E Pro Forma EBITDA(5) $3.8b Market Cap 0.1x Net Debt / Q2’26 LTM Adj. EBITDA(6) Tidewater (1) Market data as of July 31, 2026. Vessel stats do not include WSUT vessels (2) Includes 14 vessels other than OSVs such as crew boats, maintenance vessels and tugboats. (3) Including 16 battery hybrid and 2 LNG power capable vessels. (4) High-spec defined at any PSV >700m2 and any AHTS >16k BHP. (5) 2026E EBITDA guidance is pro forma for previously announced WSUT transaction and reflects midpoint of revenue guidance of $1.42 - $1.47B, the midpoint gross margin guidance of 49% - 50% and cash G&A guidance of $119 million, which excludes $14 million of non-cash share-based compensation and transaction related costs. (6) Q2 2026 Net Debt divided by Q2 2026 LTM Adjusted EBITDA. (7) Figures do not include 14 “other” vessels (crew boats, maintenance vessels and tug boats) or WSUT vessels. Company Overview Today Global Footprint in All Major Offshore Regions Company Highlights(1) Global OSV Fleet Summary(7)
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tdw.com tdw.com Global Footprint in All Major Offshore Regions 190 OSVsEurope (57 OSVs) West Africa (40 OSVs) Middle East (45 OSVs) PSV AHTS Total Fleet >900 m2 700 – 900 m2 <700 m2 >16K BHP 8 - 16K BHP 4 - 8K BHP PSV AHTS Americas (29 OSVs) Asia Pacific (19 OSVs) 6 Note: Vessel count as of June 30, 2026. Excludes 14 other TDW vessels including crew boats, maintenance vessels, tug boats, and WSUT vessels. 43 10 1 3 5 13 35 13 1 1 8 12 7 17 11 9 5 1 1 2 10 7 2 138 52
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tdw.com tdw.com Fleet Overview 7 Used to tow floating drilling rigs and barges Assist in the docking of tankers, pipe laying, cable laying and construction barges Specially designed to transport as many as 150 personnel from shore bases to offshore rigs, platforms and other installations at high speed and in comfort Capable of carrying moderate quantities of cargo Specially designed to supply offshore oil and gas platforms, drilling rigs and infrastructure Transport variety of cargoes incl. fuel, water, drilling fluids, cement or mud in below-deck tanks Carry material such as casing, drill pipe, tubing and misc. deck cargo on open deck Specially designed to serve offshore rigs in mooring and towing operations Capable of all types of towing, anchor handling activities, and varied subsea operations Support offshore well stimulation, construction work, subsea services, and/or serve as remote accommodation facilities Equipped with a variety of lifting and deployment systems, including large capacity cranes, winches or reel systems Platform Supply Vessels (PSV) Anchor Handling Towing Supply Vessels (AHTS) Specialty Vessels Crew Boats / Fast Supply Vessels (FSV) Offshore Tugs 138 52 1 10 3 138 52 Note: Vessel count as of June 30, 2026. Excludes WSUT vessels. 20 17 4 11 4 - 8k 8 - 12k 12 - 16k >16k AHTS by Bollard Pull 21 47 70 <700m2 700 - 900m2 >900m2 PSVs by Deck Size
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tdw.com tdw.com Fleet Evolution – High-Specification Vessel Focus 8 TDW has meticulously high-graded its fleet by focusing on high-quality assets, large vessels routinely in high demand and value accretive acquisitions TDW added 83 premier, high- quality vessels to its fleet via M&A over the last 3 years TDW’s fleet evolved into the largest and most relevant vessels on the market PSV AHTS 2 2(2) (2) (3) (3) (1) As of June 30, 2026. Excludes 14 other TDW vessels including crew boats, maintenance vessels, tug boats, and WSUT vessels. (2) SPO refers to Swire Pacific Offshore. Original acquisition consisted of 50 vessels, 4 of which have since been disposed of. (3) SOFF refers to Solstad Offshore ASA. Current OSV Fleet Count(1) High-Specification OSV Fleet Size 190 107 46 37 Legacy TDW SPO SOFF Current Tidewater 70 47 11 > 900 m 700 - 900 m 16,000 BHP SOFF SPO Legacy TDW
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tdw.com tdw.com Leading OSV Operator with Largest High-Specification Fleet 9 High-Specification OSVs(1) Other OSVs Average Age Note: Vessel count reflects only PSVs and AHTSs; does not reflect 14 other TDW vessels including crew boats, maintenance vessels, tug boats, and WSUT vessels. Source: Spinergie (as of July 2026) and Company information. (1) Includes PSVs with clear deck space >700 m2 and AHTSs with >16K BHP. (2) CBO pro forma for OceanPact merger. OSVs Average Age (Years) OSV Count and Age Profile 190 115 111 90 84 62 60 58 53 47 44 27 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 0 20 40 60 80 100 120 140 160 180 200 Chouest COSL Vallianz Bourbon ADNOC Hornbeck CBO Britoil P&O Maritime Hai Duong Harvey Gulf (2)
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tdw.com tdw.com Blue Chip Customer Base Vessel Mix Customers Asia Pacific Vessel Mix Customers West Africa Vessel Mix Customers Americas Vessel Mix Customers Europe / Med Leading Blue-Chip Operators Around the World Utilize Tidewater’s Leading, World-Class Fleet 10 Vessel Mix Customers Middle East Large Medium Small Strong credit counterparties provide for strong cash collections, with June 2026 DSO of ~74 days(1) Note: “Large” denotes vessels with >900m2 or with >16k BHP, “Medium” denotes vessels between 700m2 -900m2 or between 8k-16k BHP, “Small” denotes vessels of <700m2 or with <8k BHP. Does not include WSUT vessels. (1) DSO represents trade accounts receivable. 12 10 7 10 26 4 1 15 29 46 10 1 12 7
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tdw.com tdw.com Historical Performance 11Source: Company filings. Note: Q1 2017 gross margin includes $39.1 million of revenue associated with an early cancellation of a long-term contract. High-Graded Fleet and Significant Synergy Realizations Have Supported Improved Day Rates and Margins Compared to the Historical Peak Significant improvement in day rates and cash margins Day Rate and Gross Margin Through Q2 2026Day Rate in USD Gross Margin (%) 0% 10% 20% 30% 40% 50% 60% - 5,000 10,000 15,000 20,000 25,000 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Day Rate Gross Margin
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tdw.com tdw.com 2. Market Overview
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tdw.com tdw.com Global Offshore Spending Overview Offshore activity remained resilient through 2025 following strong growth in 2024, with continued strength in most regions of the world Recent offshore drilling fixtures and tendering activity supports renewed drilling activity towards the end of 2026 and into 2027 Global offshore investment is projected to accelerate through 2027 and 2028, driven by deepwater activity 13 Commentary Global Offshore Commitments by Water Depth ($bn) Capital Commitments by Breakeven Oil Price ($bn) Offshore Commitments by Region ($bn) Source: Rystad Energy (July 2026). $36 $59 $32 $35 $38 $45 $65 $46 $93 $110 $118 $30 $44 $14 $30 $46 $60 $54 $48 $45 $65 $22 $66 $102 $46 $65 $84 $106 $119 $94 $139 $175 $141 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Deepwater Shelf $2 $41 $44 $29 $8 $11 $3 $7 $1 $21 $66 $76 $4 $3 $28 $54 $32 $2 $106 $79 $119 $94 $139 $175 $141 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 2024 2025 2026 2027 2028 USD/bbl 80+ USD/bbl 60-80 USD/bbl 40-60 USD/bbl 20-40 USD/bbl 10-20 Sanctioned $25 $35 $39 $9 $35 $6 $23 $4 $5 $20 $48 $22 $26 $40 $20 $29 $35 $41 $11 $18 $7 $8 $7 $14 $10 $16 $12 $43 $18 $35 $11 $7 $11 $29 $32 $16 $8 $106 $119 $94 $139 $175 $141 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 2023 2024 2025 2026 2027 2028 Middle East Europe S. America N. America AsiaPac Africa Russia
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tdw.com tdw.com Global OSV Utilization Utilization, %No. of OSVs No. of OSVs Utilization, % 14 Utilization, Global, PSV >1,000 dwtUtilization, Global, AHTS >4,000 BHP Source: Clarksons Research (July 2026). Note: “Lay-up” includes units confirmed to be in lay-up and out of service for an extended period. Excludes idle. Adjusted Utilization defined as working vessels divided by total vessels less laid-up vessels. 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Jul-26 Laid Up Idle Active Utilization Adj. Utilization 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Jul-26 Laid Up Idle Active Utilization Adj. Utilization
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tdw.com tdw.com OSV Day Rate Progression 15 AHTS TC RatesPSV TC Rates Source: Clarksons (July 2026). 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 PSV 3,200dwt TC Rate PSV 4,000dwt TC Rate 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 AHTS 80t BP TC Rate AHTS 120t BP TC Rate AHTS 200t BP TC Rate
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tdw.com tdw.com Tidewater Leading Edge Contracts 16 Vessel Class Q2’26 Tidewater Vessel Count Q3 2025 Leading Edge Term Contracts Q4 2025 Leading Edge Term Contracts Q1 2026 Leading Edge Term Contracts Q2 2026 Leading Edge Term Contracts Q2 2026 Realized Day Rate >900m2 PSV 70 $27,659 $26,169 $27,448 $26,822 $27,429 700 - 900m2 PSV 47 25,320 21,936 20,240 26,121 26,450 <700m2 PSV 21 18,264 14,800 14,350 20,000 15,196 >16k BHP AHTS 11 36,989 34,857 -- 35,500 36,789 12 - 16K BHP AHTS 4 -- -- -- -- 12,011 8 - 12K BHP AHTS 17 21,517 -- 24,350 21,995 19,566 4 - 8K BHP AHTS 20 -- 15,100 14,500 -- 14,775 Note: Term contracts are defined as time charters with a contracted duration of approximately two months or longer. Spot charter arrangements are not reflected in leading edge term charters. Leading edge contract values reflect average for the new term contracts signed in the respective quarter for each vessel class.
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tdw.com tdw.com Global Fleet Profile by Vessel Type 17 Vessel Class Number of Vessels Average Age (yrs) Active(1) Laid-up Average Age – Laid-up (yrs) Active as % of Total >900m2 PSV 391 14.8 376 15 21.5 96.2% 700 - 900m2 PSV 411 14.2 350 61 21.1 85.2% <700m2 PSV 739 22.6 525 214 30.7 71.0% PSV Sub-total 1,541 18.4 1,251 290 28.2 81.2% >16k BHP AHTS 167 15.9 159 8 21.8 95.2% 12 - 16K BHP AHTS 191 19.6 170 21 24.7 89.0% 8 - 12K BHP AHTS 206 18.1 178 28 25.6 86.4% <8K BHP AHTS 814 16.6 686 128 23.2 84.3% AHTS Sub-total 1,378 17.2 1,193 185 23.7 86.6% Source: Spinergie Inc. as of July 2026. Note: Excludes vessels in China, Iran, Turkey and Russia and vessels listed as under construction, retired, or unknown. (1) “Active” includes all vessels that are on-hire, off-hire, undergoing mobilization or are otherwise available in the market.
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tdw.com tdw.com Newbuild Economics Considerations Operating Assumptions: (European-Built, >900m2 PSV) Newbuild Cost ($m) $65 Assumed day rate ($k/day) $44 Opex rate ($k/day) $10.4 Drydocking Cost (every 5 years) ($m) $2.6 Utilization (%) 90% WACC 13% Years to earn cost of capital 20 Newbuild Economics Require a Through-Cycle Average Day Rate of ~$44k/d to Achieve “NPV Zero” Based on 20 Year Useful Life 18Source: TDW management estimate. 0 5 10 15 20 25 30 43 44 45 $43k/day $44k/day $45k/day Years to breakeven 24 yrs. Day rate ($k/day) 20 yrs. 18 yrs. Other Assumptions • Three-year construction lead time • 3% p/a opex inflation until vessel delivered, future period inflation assumed to offset with commensurate day rate increases • 3% p/a inflation on drydock expenditures from current levels to first schedule drydock (eight years from vessel order date), and thereafter Three-year construction time- line plus 20-year useful life yields an end of economic life asset in 2049
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tdw.com tdw.com 0 200 400 600 800 1,000 1,200 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 No. End Year Source: Clarksons Research. Data as of July 2026. Shipyard Capacity & Orderbook Status Number Of ‘Active’ Shipyards (vessels of c.1,000+ GT) Active Yards: At least one vessel 1,000+ GT on order ~1,000 485 19 OSV Orderbook Development No. units Global shipyard capacity down ~55% % of Fleet 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0 200 400 600 800 1,000 1,200 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 AHTS Orderbook PSV Orderbook PSV % of Fleet AHTS % of Fleet
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tdw.com tdw.com 0 10 20 30 40 50 60 ING Bank SEB Bank of China China Exim Danske Bank NORD/LB Citigroup SMBC Danish Ship Finance Bremer Landesbank Unicredit / HVB Deutsche Bank BNP Paribas HSBC Lloyds MUFG Bank DVB Credit Suisse Nordea Credit Agricole CIB KfW IPEX-Bank RBS DnB NOR Commerzbank (ex-DSB) HSH Nordbank Lack of Debt Availability: May Delay Newbuild Investment Leading Bank Maritime Portfolios 2008 Leading Bank Maritime Portfolios 2025 Source: Clarksons Research, Clarksons Platou Structured, Asset Finance, Marine Money, Petrofin, Industry Sources. Top 10: $248bn Top 11-25: $144bn Portfolios in orange represent those that have either privatised or exited shipping since 2008 20 Top 10: $159bn Top 11-25: $126bn Portfolios in light blue represent Poseidon Principles signatories 0 10 20 30 40 50 60 SEB Minsheng Leasing Bank of America ABN Amro Societe Generale CIB UBS (Credit Suisse) Standard Chartered DnB Citigroup CDB Leasing K-Sure CMB Leasing CaixaBank ING Bank Iyo Bank SumiTrust SMBC Bank of China KEXIM Credit Agricole CIB KfW IPEX-Bank ICBC Leasing China Exim BNP Paribas BoCom Leasing
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tdw.com tdw.com (300) (250) (200) (150) (100) (50) 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Active 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Active Laid-Up Global & Active OSV Fleet Attrition Source: Spinergie Inc. as of July 2026. Note: Age of each vessel based on build year Total fleet of existing OSVs <25 years old to contract by approximately 48% over the next decade No. of OSVs Global OSV Fleet – Vessels <25 Years Old Of vessels that are currently active, approximately 1,200 OSVs will age beyond 25 years over the next decade, or approximately 45% of the active fleet No. of OSVs Active OSV Fleet Attrition – Vessels To Age Beyond 25 Years 21
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tdw.com tdw.com 3. Financials
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tdw.com tdw.com Historical and Projected Financial Profile 23 Equity Ratio Adjusted EBITDA ($m) and Margin (%)Revenue ($m) Gross Debt and Cash ($m) Net Debt / EBITDA (x) (2) (3) Source: Company filings and Company estimates. Revenue, EBITDA, and Gross Margin guidance contemplates the impact of WSUT assuming close around 9/1/26. (1) 2026E revenue reflects the midpoint of guided revenue of $1.42 - $1.47B as provided on the Q2 2026 earnings release. (2) 2026E EBITDA reflects midpoint of revenue guidance of $1.42 - $1.47B, the midpoint gross margin guidance of 49% - 50% and cash G&A guidance of $119 million, which excludes $14 million of non-cash share-based compensation and transaction related costs. (3) Debt and cash balances as of Q2 2026. Net debt divided by Q2 2026 LTM Adj. EBITDA. (1) 407 487 397 371 648 1,010 1,346 1,353 1445 2018 2019 2020 2021 2022 2023 2024 2025 2026E 41 68 74 35 167 387 560 598 596 10% 14% 19% 9% 26% 38% 42% 44% 41% 2018 2019 2020 2021 2022 2023 2024 2025 2026E (3) 1.6x 1.0x 1.9x 0.5x 0.0x 1.2x 0.6x 0.1x 0.1x 2018 2019 2020 2021 2022 2023 2024 2025 Q2'26 LTM 439 289 293 168 175 734 637 655 653 372 218 150 149 170 276 329 582 616 2018 2019 2020 2021 2022 2023 2024 2025 Q2'26 LTM
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tdw.com tdw.com 411 776 888 1,000 1,112 1,224 1,336 1,448 1,560 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2026E Unlevered Vessel-Level Cash Flow ~$26.8k/day Total Fleet Dayrate Utilization Uplift ~$25.3k/day Total Fleet Dayrate ~$28.3k/day Total Fleet Dayrate ~$29.8k/day Total Fleet Dayrate ~$31.3k/day Total Fleet Dayrate ~$32.8k/day Total Fleet Dayrate ~$34.3k/day Total Fleet Dayrate Significant Cash Generation via Day Rate Normalization 24 Note: 2026E Unlevered Vessel-Level Cash Flow is derived using the EBITDA based on the midpoint of 2026 guidance as provided in the recent Q2 TDW earnings release and conference call (including the impact of pending WSUT acquisition), specifically the midpoint of revenue guidance of $1.42 - $1.47 billion, the midpoint of gross margin guidance of 49% - 50%, and cash G&A guidance of $119 million, which excludes $14 million of non-cash share-based compensation. 2026E Unlevered Vessel-Level Cash Flow is defined as EBITDA less updated drydocks and capex guidance of $129 million and $56 million, respectively, which is inclusive of WSUT. Unlevered Vessel-Level Cash Flow in the other scenarios is defined as EBITDA less drydocks and capex which is assumed to be $125 million and $30 million per year, respectively, on average as derived from the 2022 – 2026E average standalone TDW drydock spend depicted on slide 25 of this presentation plus the annualized 2026E Wilsons drydock spending per the Q2 2026 updated guidance. Unlevered Vessel-Level Cash Flow does not contemplate the impact of working capital, taxes, or debt service. Utilization Uplift scenario contemplates combined fleet full-year 2026 utilization increasing to approximately 92% and assumes a full year of WSUT ownership. Full-year 2026E day rate of ~$23.8k/day held constant in the Utilization Uplift scenario. Operating expense assumption in each day rate scenario contemplates the implied opex derived from the revenue and gross margin guidance described above for the combined fleet in all future periods and no opex or drydock expense inflation is assumed in any scenario. Each other day rate scenario assumes a full year of WSUT ownership. (1) Fleet values per VesselsValue as of July 2026. Pro Forma for WSUT fleet. (2) Defined as Unlevered Vessel-Level Cash Flow divided by fleet replacement value. Illustrative Unlevered Vessel-Level Cash Flow Generation and Implied Returns at Various Day Rates Unlevered Vessel-Level Cash Flow / Fleet Replacement Value (%)(2) 4% 7% 8% 9% 10% 11% 12% 13% 14% TDW Fleet Replacement(1) $ in Millions ($bn) PSVs 9.3$ AHTSs 1.7 Other 0.1 Total Replacement Value 11.1$
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tdw.com tdw.com $97 $44 $48 $69 $97 $133 $99 $122 2019 2020 2021 2022 2023 2024 2025 2026E Fleet Focus – Drydocks and Vessel Vintage Pro Forma Historical Drydock Spend(1) Tidewater OSV Vintage Distribution(2) Significant variability in drydock spend can be seen from non-uniform distribution of vessel build dates 25 Source: Company financials, management estimates. Does not include WSUT vessels or drydocking. (1) Historical Drydock Spend represents a combination of the following: a) reported drydock spend in Company SEC filings, b) historical drydock spend associated with acquired Swire Pacific Offshore vessels per Swire Pacific Offshore historical information provided during due diligence up to the time of acquisition and c) historical drydock spend associated with the acquired Solstad Offshore vessels based on historical information received from Solstad Offshore ASA. (2) Excludes 14 non-OSV vessels including tugboats, crew boats and maintenance vessels. Drydock spend driven primarily by the age of a vessel and its required 5-year docking schedule Significant variability due to non-uniform distribution of vessel ages $104 2022-2026E Pro Forma Average Drydock Spend $ in millions 1 0 0 0 3 1 1 3 5 15 18 13 22 18 30 30 14 7 3 4 0 0 0 2 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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tdw.com tdw.com $650 $- $100 $200 $300 $400 $500 $600 $700 2026 2027 2028 2029 2030 Debt Capital Structure Overview TDW Debt Maturity Profile 2026(1)(2) 26 Senior Unsecured Notes Comments ($ in millions) In July 2025, Tidewater refinanced the majority of its debt capital structure, issuing $650 million of 9.125% senior unsecured notes due July 2030 Tidewater used the net proceeds, together with cash on hand to: Repay in full the Company’s existing senior secured term loan Fund the redemption of the Company’s outstanding 8.50% Senior Secured Bonds due 2026 and its outstanding 10.375% Senior Unsecured Bonds due 2028 Pay the premiums, accrued interest, fees and expenses related to the term loan payoff and the redemption of its two previously outstanding bonds Entered into $250 million revolving credit facility, which is currently undrawn (1) Does not reflect the amortization of $16.7 million of shipyard debt. (2) Includes undrawn $250m Super Senior Revolver maturing in July 2030.
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tdw.com tdw.com 4. Sustainability at Tidewater
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tdw.com tdw.com Our Commitment to Safety First, Sustainability Always A strong safety and sustainability culture is the foundation for operational excellence and long-term business resilience. PlanetPeople Principles 28 Environmental Management and Pollution Reduction Responsible Ship Recycling Reducing Emissions through Battery-Power, Shore Power and Low-Sulfur Fuel Vessels Fuel Management and Fleet Optimization through Digitization Commitment to Biodiversity and Protecting our Environment Safety First: Provide the Safest Working Environment Possible Safety First: Continuous Health and Safety Training and Education Cultivate a Culture of Respect, Collaboration and Excellence Commitment to the Health and Wellness of our Employees Strive for Community Betterment Support Community Organizations Corporate Governance and Ethics Supply Chain Management Responding to Stakeholder Concerns Data Privacy Cybersecurity
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tdw.com tdw.com Our Commitment to Safety First, Sustainability Aways Safety First: At Tidewater, safety is more than a priority, it’s a fundamental core value that shapes our decisions, our culture, and our leadership. It’s embedded in everything we do, both onshore and offshore, and it’s a responsibility we all share. Safety is the foundation of operational excellence. It reflects our duty to protect one another and our commitment to ensuring that everyone can Get Home Safe. We lead with safety because it’s the right thing to do, and because it builds trust, drives performance and supports long-term success. Sustainability Always: Sustainability at work means treating all people fairly, doing things good for our environment and making sure our business is playing the infinite game, creating long-term value for all stakeholders. Tidewater is committed to conducting business responsibly and sustainably, in alignment with the highest international standards, to better serve and create long-term value for all our stakeholders.
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tdw.com tdw.com 2025 Sustainability Report Our 2026 Sustainability Report was published in April 2026 Tidewater’s 2025 Sustainability Report reflecting the company’s sustainability performance for the year, along with management’s approach to material sustainability topics, is available on the company website: https://www.tdw.com/sustainability/sustainability-report/ 30 Prepared in accordance with: Global Reporting Initiative (GRI) Standards Sustainability Accounting Standards Board (SASB) Marine Transportation Standards Taskforce on Climate-related Financial Disclosures (TCFD)
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tdw.com tdw.com Current TRCF Performance Annual Industry Benchmarking TDW TRCF TARGET 0.72 Safety and well-being are core values — deeply embedded across all global operations and championed at every level of leadership. Continued strong performance in industry benchmarking, with TDW’s TRCF consistently tracking at favorable levels relative to broader industry trends. Focus on injurious incident prevention through proactive risk mitigation, improved situational awareness and strengthened compliance. Safety Leadership Remains a First Priority 0.72 5-YEAR AVERAGE TRCF 0.00 0.50 1.00 1.50 2.00 2.50 3.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Tidewater Global Fleet International Support Vessel Owner's Association (ISOA) Marine Safety Forum (MSF) International Marine Contractors Association (IMCA) 1.19 5-YEAR INDUSTRY AVERAGE TRCF
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tdw.com tdw.com Largest global OSV operator1 Attractive market fundamentals supporting meaningful cash flow generation capability2 Strong global footprint and increased exposure to blue-chip operators3 Full cycle financial resilience with strong balance sheet and liquidity4 Dedicated commitment to safety and sustainability6 Platform designed for cash flow generation 5 tdw.com 32 Summary
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tdw.com tdw.com 5. Appendix
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tdw.com tdw.com Non-GAAP Financial Measures – EBITDA and Adjusted EBITDA Reconciliation Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 2019 Net Loss (39,029) (11,182) (31,183) (90,377) (171,771) (21,286) (15,553) (43,806) (60,574) (141,219) Interest and other debt cost 7,599 7,547 7,585 7,707 30,438 7,736 7,582 7,468 6,282 29,068 Income Tax (benefit) expense 3,321 5,797 1,278 7,856 18,252 5,830 5,542 15,071 1,281 27,724 Depreciation 11,380 11,192 11,377 17,383 51,332 19,034 19,548 19,047 19,416 77,045 Amortization of deferred drydock and survey cost 638 1,593 2,012 2,718 6,961 3,898 5,490 6,688 8,810 24,886 EBITDA(1,2,3) (16,091) 14,947 (8,931) (54,713) (64,788) 15,212 22,609 4,468 (24,785) 17,504 Long - lived asset impairments and other 6,186 1,215 16,853 44,997 69,251 - - 5,224 32,549 37,773 Affiliate credit loss impairment (credit) - - - 20,083 20,083 - - - - - Affiliate guarantee obligation - - - - - - - - - - One-time integration related costs - 1,547 3,036 12,161 16,744 3,739 460 6,293 2,123 12,615 Adjusted EBITDA(1,2,3) (9,905) 17,709 10,958 22,528 41,290 18,951 23,069 15,985 9,887 67,892 Source: Company information 1) EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs. 2) EBITDA and Adjusted EBITDA for each of the prior quarters includes non-cash, stock-based compensation expense respectively. 3) EBITDA and Adjusted EBITDA for each of the quarters includes foreign exchange gains (losses) respectively. Adjusted EBITDA 2018 – 2019 34
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tdw.com tdw.com Non-GAAP Financial Measures – EBITDA and Adjusted EBITDA Reconciliation Source: Company information 1) EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs. 2) EBITDA and Adjusted EBITDA for each of the prior quarters includes non-cash, stock-based compensation expense respectively. 3) EBITDA and Adjusted EBITDA for each of the quarters includes foreign exchange gains (losses) respectively. Q1 2020 Q2 2020 Q3 2020 Q4 2020 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 2021 Net Loss (18,524) (110,664) (38,081) (29,427) (196,696) (35,527) (29,647) (26,407) (38,079) (129,660) Interest and other debt cost 6,142 5,959 6,071 5,984 24,156 4,541 3,944 3,681 3,417 15,583 Income Tax (benefit) expense (5,171) 2,730 5,953 (4,477) (965) 2,009 6,026 887 (3,047) 5,875 Depreciation 17,285 16,986 19,343 19,416 73,030 18,470 18,224 17,911 18,618 73,223 Amortization of deferred drydock and survey cost 9,822 11,158 11,434 11,265 43,679 11,257 10,325 10,069 9,670 41,321 EBITDA(1,2,3) 9,554 (73,831) 4,720 2,761 (56,796) 750 8,872 6,141 (9,421) 6,342 Long - lived asset impairments and other 10,207 55,482 1,945 6,475 74,109 - - 2,167 13,476 15,643 Affiliate credit loss impairment (credit) - 53,581 - (600) 52,981 - (1,000) - 1,400 400 Loss on early extinguishment of debt - - - - - - - - 11,100 11,100 Affiliate guarantee obligation - 2,000 - - 2,000 - - - - - One-time integration related costs 129 446 641 291 1,507 103 795 112 221 1,231 Adjusted EBITDA(1,2,3) 19,890 37,678 7,306 8,927 73,801 853 8,667 8,420 16,776 34,716 Adjusted EBITDA 2020 – 2021 35
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tdw.com tdw.com Non-GAAP Financial Measures – EBITDA and Adjusted EBITDA Reconciliation Source: Company information 1) EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs. 2) EBITDA and Adjusted EBITDA for each of the quarters includes foreign exchange gains (losses) respectively. Q1 2022 Q2 2022 Q3 2022 Q4 2022 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Net Income / (Loss) (12,271) (25,014) 4,910 10,182 (22,193) 10,816 21,928 25,549 37,328 95,621 Interest and other debt cost 4,175 4,284 4,391 4,339 17,189 4,190 4,731 19,288 20,263 48,472 Income Tax (benefit) expense 5,218 6,619 6,352 1,697 19,886 11,971 11,284 9,260 10,793 43,308 Depreciation 17,673 22,614 22,252 20,983 83,522 21,048 21,096 43,845 42,788 128,777 Amortization of deferred drydock and survey cost 8,984 9,152 8,604 8,898 35,638 9,618 11,672 13,885 16,379 51,554 Amortization of below market contracts - - - - - - - (1,906) (1,896) (3,800) EBITDA(1,2) 23,779 17,655 46,509 46,099 134,042 57,643 70,711 109,921 125,657 363,932 Long - lived asset impairments and other (500) - 1,214 - 714 - - - - - Indemnification assets non-cash charge - - - - - - - 1,184 (70) 1,114 Loss on warrants - 14,175 - - 14,175 - - - - - Gain on bargain purchase (1,300) - - - (1,300) - - - - - Non-cash stock compensation expense - - - - - 2,103 2,648 2,496 3,508 10,755 One-time integration related costs 2,305 7,314 4,332 5,150 19,101 1,426 1,242 6,079 2,177 10,924 Adjusted EBITDA(1,2) 24,284 39,144 52,055 51,249 166,732 59,069 71,953 117,184 131,272 386,725 Adjusted EBITDA 2022 – 2023 36
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tdw.com tdw.com Non-GAAP Financial Measures – EBITDA and Adjusted EBITDA Reconciliation Source: Company information 1) EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs. 2) EBITDA and Adjusted EBITDA for each of the quarters includes foreign exchange gains (losses) respectively. Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Net Income / (Loss) 46,745 49,917 45,991 36,619 179,272 42,320 72,702 (1,018) 217,548 331,552 Interest and other debt cost 19,476 19,127 17,622 16,742 72,967 16,344 16,442 16,589 16,715 66,090 Income Tax (benefit) expense 13,070 7,887 12,883 16,376 50,216 26,109 5,584 21,711 (164,711) (111,307) Depreciation 38,811 39,380 39,239 38,736 156,166 39,014 36,909 37,334 37,838 151,095 Amortization of deferred drydock and survey cost 17,459 20,065 23,196 25,884 86,604 26,418 27,405 29,070 28,351 111,244 Amortization of below market contracts (1,206) (1,650) (1,073) (1,071) (5,000) (351) (347) (283) (219) (1,200) EBITDA(1,2) 134,355 134,726 137,858 133,286 540,225 149,854 158,695 103,403 135,522 547,474 Long - lived asset impairments and other - - - - - - - - - - Indemnification assets non-cash charge 1,122 1,556 553 242 3,473 834 (112) - - 722 Loss on warrants - - - - - - - - - - Gain on bargain purchase - - - - - - - - - - Non-cash stock compensation expense 2,766 3,460 3,569 3,886 13,681 3,491 4,057 3,481 3,454 14,483 Loss of early extinguishment of debt - - - - - - - 27,101 12 27,113 One-time integration related costs 709 - 581 978 2,268 - 340 3,941 4,064 8,345 Adjusted EBITDA(1,2) 138,952 139,742 142,561 138,392 559,647 154,179 162,980 137,926 143,052 598,137 Adjusted EBITDA 2024 – 2025 37
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tdw.com tdw.com Non-GAAP Financial Measures – EBITDA and Adjusted EBITDA Reconciliation Source: Company information 1) EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs. 2) EBITDA and Adjusted EBITDA for each of the quarters includes foreign exchange gains (losses) respectively. Q1 2026 Q2 2026 2026 YTD Net Income / (Loss) 5,976 21,082 27,058 Interest and other debt cost 16,891 16,426 33,317 Income Tax (benefit) expense 34,903 25,062 59,965 Depreciation 38,497 38,096 76,593 Amortization of deferred drydock and survey cost 28,122 28,316 56,438 Amortization of below market contracts - - - EBITDA(1,2) 124,389 128,982 253,371 Long - lived asset impairments and other - - - Indemnification assets non-cash charge - - - Loss on warrants - - - Gain on bargain purchase - - - Non-cash stock compensation expense 3,063 3,745 6,808 Loss of early extinguishment of debt - - - One-time integration related costs 1,871 1,104 2,975 Adjusted EBITDA(1,2) 129,323 133,831 263,154 Adjusted EBITDA 2026 YTD 38
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tdw.com tdw.com Thank you