Earnings release
Page 1
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 Six Months Ended June 30, 2026 Second Quarter 2026 Highlights ● Revenue of $342.3 million, a 4.9% increase compared to the first quarter of 2026 ● Average day rate of $22,938 per day, an increase of $655 per day, or 2.9%, compared to the first quarter of 2026 ● Weighted average leading edge day rate of $24,341, a 7.5% increase compared to the first quarter of 2026 ● Net income of $21.7 million and Adjusted EBITDA of $133.8 million ● Net cash provided by operating activities of $67.0 million and free cash flow of $64.4 million Annual Guidance and Share Repurchase Program ● Updating 2026 revenue guidance range of $1.42 to $1.47 billion and 2026 gross margin guidance range of 49% to 50% pro forma for the previously announced Wilson Sons Ultratug Offshore (“WSUT”) acquisition to reflect an expected closing around September 1, 2026 ● Outstanding share repurchase program authorization of $500 million HOUSTON, August 3, 2026 - Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2026 of $342.3 million and $668.5 million, respectively, compared with $341.4 million and $674.9 million for the three and six months ended June 30, 2025. Tidewater's net income for the three and six months ended June 30, 2026, was $21.7 million ($0.43 per common share) and $27.8 million ($0.56 per common share), respectively, compared with net income of $72.9 million ($1.46 per common share) and $115.6 million ($2.27 per common share), respectively, for the three and six months ended June 30, 2025. Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The second quarter of 2026 came in nicely above our expectations, driven by both revenue outperformance and lower-than-expected operating expenses. Day rate and utilization both outperformed, with revenue for the quarter coming in at $342.3 million. Gross margin of 46.9% came in well ahead of our expectations due to the increase in revenue and lower than anticipated operating expenses, but was down modestly from the first quarter due to costs associated with the conflict in the Middle East. Realized day rates improved materially during the quarter, up $655 per day, representing the largest absolute sequential day rate improvement since the third quarter of 2024. The improvement in day rates was driven primarily by our largest class of PSVs, with day rate momentum realized across multiple of our regional reporting segments. Further, new term contract fixture day rate momentum accelerated from the first quarter with our weighted average term contract rate increasing approximately 7.5% sequentially up approximately $1,690 per day to $24,341. Utilization also came in higher than anticipated during the quarter, though this was largely related to the timing of drydocks of certain vessels moving to later in the year. “During the first quarter, Operation Epic Fury commenced in the Middle East, one of our principal operating regions. To date, we’ve yet to experience any material activity disruptions in the region and, in fact, realized our highest utilization and day rate in recent memory during the second quarter. From a cost perspective, we incurred less costs in the quarter than anticipated, though our costs do remain somewhat elevated compared to our cost structure prior to the commencement of the conflict. We’ve submitted our first batch of invoices for direct, conflict-related costs, and have received modest reimbursements associated with these submitted invoices; we continue to expect to realize additional reimbursements for conflict-related, direct cost increases. Looking forward, we expect to continue to incur conflict-related costs in the Middle East, though we have made structural adjustments to our wage schemes to minimize the impact of conflict-related wage increases. “We recently updated the market on our expected closing timing for the WSUT acquisition. We now anticipate to close the transaction around September 1, 2026. In the interim, our integration efforts have continued and we expect a swift integration of the organization onto Tidewater’s platform, consistent with our approach and integration cadence in prior acquisitions.
Page 2
“Volatility and uncertainty continue to be major themes in the global energy landscape as the conflict in the Middle East and the associated disruptions with the conflict persist. While these near-term factors can influence sentiment, the longer-term considerations for the energy sector, namely offshore activity, remain constructive. Our conversations with customers continue to point to a broad pick-up in offshore activity as we progress through this year and into 2027, with the pace of tendering for new contracts and opportunities picking up materially. We believe that the opportunity set we’re currently seeing is a function of projects already contemplated for commencement and that new projects contemplated in response to the reshaping of the global energy supply chain have yet to be developed and commercialized. We do anticipate that over time there will be incremental projects developed in response to regional energy security considerations, but the lead time to these projects is often measured in years rather than months, solidifying the long-term durability of the offshore cycle. “We remain confident that the geographic diversification of our fleet and an established onshore infrastructure in every major offshore market globally provides us a distinct advantage to capitalize on the broad-based offshore activity increase we see ahead of us. Each factor of demand of our vessels – production support, subsea and EPCI support and drilling support – are all poised for continued growth and the supply of available offshore vessels may be insufficient to meet this heightened level of demand. We anticipate that we will continue to see leading indicators of this supply and demand imbalance, as illustrated by this quarter’s weighted average leading edge day rate, as we progress through the remainder of 2026 and that we will be the beneficiary of in 2027. We are modestly revising our 2026 revenue guidance range of $1.42 billion to $1.47 billion and our 2026 gross margin guidance range of 49% to 50% to account for the approximately two-month delay in the closing of the WSUT transaction and continued elevated, but declining, operating costs associated with the conflict in the Middle East. We expect to incur approximately $13.1 million of conflict-related costs in 2026, approximately $7.6 million of which we are contractually permitted to bill back to our customers.”
Page 3
In addition to the number of outstanding shares, as of June 30, 2026, the Company also has the following in-the-money warrants. Common shares outstanding 49,754,957 New Creditor Warrants (strike price $0.001 per common share) 21,400 GulfMark Creditor Warrants (strike price $0.01 per common share) 50,865 Total 49,827,222 Tidewater will hold a conference call to discuss results for the three months ending June 30, 2026 on August 4, 2026, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.833.461.5787 if calling from the U.S. or Canada (+1.365.657.4084 if calling from outside the U.S. or Canada) and provide Conference ID: 600 500 897 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 August 4, 2026. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com. About Tidewater Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 70 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com. Cautionary Statement This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”). These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; global trade trends, including evolving impacts from implementation of new tariffs and potential retaliatory measures; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; uncertainty around the use and impacts of artificial intelligence applications; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC. 2
Page 4
If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability- related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise. Financial information is displayed beginning on the next page. The supplementary information presented in this press release was not audited. This press release presents extracts from the Consolidated Balance Sheets at June 30, 2026 and December 31, 2025; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2026 and 2025; and the Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025. Extracts are drawn from the June 30, 2026 unaudited quarterly and December 31, 2025 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis. 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 three months ended 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
Page 5
TIDEWATER INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (In Thousands, except per share data) Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Revenues: Vessel revenues $ 339,731 $ 336,858 $ 663,149 $ 667,557 Other operating revenues 2,556 4,573 5,360 7,318 Total revenues 342,287 341,431 668,509 674,875 Costs and expenses: Vessel operating costs 180,746 167,354 346,933 332,333 Costs of other operating revenues 1,072 3,108 1,833 4,538 General and administrative 34,845 31,213 68,404 60,307 Depreciation and amortization 66,412 64,314 133,031 129,746 Gain on asset dispositions, net (3,316) (5,480) (3,204) (8,018) Total costs and expenses 279,759 260,509 546,997 518,906 Operating income 62,528 80,922 121,512 155,969 Other income (expense): Foreign exchange gain (loss) (688) 11,703 (4,091) 19,272 Interest income and other, net 730 2,103 2,919 4,260 Interest and other debt costs, net (16,426) (16,442) (33,317) (32,786) Total other expense (16,384) (2,636) (34,489) (9,254) Income before income taxes 46,144 78,286 87,023 146,715 Income tax expense 25,062 5,584 59,965 31,693 Net income 21,082 72,702 27,058 115,022 Less: Net loss attributable to noncontrolling interests (580) (228) (744) (561) Net income attributable to Tidewater Inc. $ 21,662 $ 72,930 $ 27,802 $ 115,583 Basic income per common share $ 0.44 $ 1.47 $ 0.56 $ 2.29 Diluted income per common share $ 0.43 $ 1.46 $ 0.56 $ 2.27 Weighted average common shares outstanding 49,663 49,674 49,663 50,583 Dilutive effect of warrants and restricted stock units 349 337 349 350 Adjusted weighted average common shares 50,012 50,011 50,012 50,933 4
Page 6
TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data) June 30, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 613,544 $ 578,761 Trade and other receivables, net of allowance for credit losses of $1,132 and $3,034 at June 30, 2026 and December 31, 2025, respectively 306,568 285,372 Marine operating supplies 29,501 38,482 Prepaid expenses and other current assets 17,772 11,520 Total current assets 967,385 914,135 Net properties and equipment 1,038,114 1,072,020 Deferred drydocking and survey costs 142,896 139,736 Indemnification assets 9,663 9,455 Deferred tax asset 182,469 200,939 Other assets 25,733 50,626 Total assets $ 2,366,260 $ 2,386,911 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 62,610 $ 66,347 Accrued expenses 133,706 153,169 Current portion of long-term debt 5,680 5,845 Other current liabilities 68,079 89,876 Total current liabilities 270,075 315,237 Long-term debt 647,523 649,048 Other liabilities 60,376 61,372 Commitments and contingencies Equity: Common stock of $0.001 par value, 125,000,000 shares authorized, 49,754,957 and 49,566,334 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 50 50 Additional paid-in-capital 1,663,520 1,663,247 Accumulated deficit (277,355) (305,157) Accumulated other comprehensive loss 6,949 7,248 Total stockholders' equity 1,393,164 1,365,388 Noncontrolling interests (4,878) (4,134) Total equity 1,388,286 1,361,254 Total liabilities and equity $ 2,366,260 $ 2,386,911 5
Page 7
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In Thousands) Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income $ 21,082 $ 72,702 $ 27,058 $ 115,022 Other comprehensive income (loss): Change in liability of pension plans (184) 666 (299) 1,213 Total comprehensive income $ 20,898 $ 73,368 $ 26,759 $ 116,235 6
Page 8
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) Six Months Six Months Ended Ended June 30, 2026 June 30, 2025 Cash flows from operating activities: Net income $ 27,058 $ 115,022 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 76,593 75,923 Amortization of deferred drydocking and survey costs 56,438 53,823 Amortization of debt premiums and discounts 2,136 2,956 Amortization of below market contracts — (698) Unrealized foreign exchange loss (gain) 2,944 (20,079) Deferred income taxes provision 18,700 (15,420) Gain on asset dispositions, net (3,204) (8,018) Stock-based compensation expense 6,808 7,548 Changes in assets and liabilities: Trade and other receivables (21,196) 7,314 Accounts payable (3,737) (22,670) Accrued expenses (19,463) (223) Deferred drydocking and survey costs (59,722) (67,077) Other, net 2,867 25,668 Net cash provided by operating activities 86,222 154,069 Cash flows from investing activities: Proceeds from asset dispositions 14,856 11,084 Proceeds from sale of notes — 660 Additions to properties and equipment (29,808) (15,492) Net cash used in investing activities (14,952) (3,748) Cash flows from financing activities: Principal payments on long-term debt (2,904) (26,541) Purchase of common stock — (90,089) Payments on finance leases (24,903) — Debt issuance costs (109) — Share based awards reacquired to pay taxes (6,536) (7,752) Net cash used in financing activities (34,452) (124,382) Effects of exchange rate changes on cash, cash equivalents and restricted cash (2,297) 17,337 Net change in cash, cash equivalents and restricted cash 34,521 43,276 Cash, cash equivalents and restricted cash at beginning of period 581,568 329,031 Cash, cash equivalents and restricted cash at end of period $ 616,089 $ 372,307 Supplemental disclosure of cash flow information: Cash paid during the year for: Interest, net of amounts capitalized $ 32,094 $ 29,499 Income taxes $ 39,269 $ 32,653 Supplemental disclosure of noncash investing activities: Purchase of vessels $ — $ 10,727 Supplemental disclosure of noncash financing activities: Debt incurred for the purchase of vessels $ — $ 11,479 Note: Cash, cash equivalents and restricted cash at June 30, 2026 and 2025 includes $2.5 million and $2.9 million, respectively, in long-term restricted cash, which is included in other assets in our consolidated balance sheet. 7
Page 9
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 March 31, 2026 $ 50 $ 1,660,121 $ (299,017) $ 7,133 $ (4,298) $ 1,363,989 Total comprehensive income (loss) — — 21,662 (184) (580) 20,898 Amortization of share-based awards — 3,399 — — — 3,399 Balance at June 30, 2026 $ 50 $ 1,663,520 $ (277,355) $ 6,949 $ (4,878) $ 1,388,286 Balance at March 31, 2025 $ 51 $ 1,652,856 $ (545,890) $ 6,607 $ (3,259) $ 1,110,365 Total comprehensive income (loss) — — 72,930 666 (228) 73,368 Repurchase and retirement of common stock (1) — (51,275) — — (51,276) Amortization of share-based awards — 3,770 — — — 3,770 Balance at June 30, 2025 $ 50 $ 1,656,626 $ (524,235) $ 7,273 $ (3,487) $ 1,136,227 Six Months Ended Accumulated Additional other Non Common paid-in Accumulated comprehensive controlling stock capital deficit income (loss) interest Total Balance at December 31, 2025 $ 50 $ 1,663,247 $ (305,157) $ 7,248 $ (4,134) $ 1,361,254 Total comprehensive income (loss) — — 27,802 (299) (744) 26,759 Amortization of share-based awards — 273 — — — 273 Balance at June 30, 2026 $ 50 $ 1,663,520 $ (277,355) $ 6,949 $ (4,878) $ 1,388,286 Balance at December 31, 2024 $ 52 $ 1,656,830 $ (548,831) $ 6,060 $ (2,926) $ 1,111,185 Total comprehensive income (loss) — — 115,583 1,213 (561) 116,235 Repurchase and retirement of common stock (2) — (90,987) — — (90,989) Amortization of share-based awards — (204) — — — (204) Balance at June 30, 2025 $ 50 $ 1,656,626 $ (524,235) $ 7,273 $ (3,487) $ 1,136,227 8
Page 10
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 Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Vessel revenues: Americas $ 53,969 16% $ 68,758 20% $ 112,495 17% $ 123,610 19% Asia Pacific 47,948 14% 45,696 14% 94,512 14% 93,924 14% Middle East 48,483 14% 40,215 12% 94,052 14% 83,517 12% Europe/Mediterranean 112,076 33% 99,280 29% 199,021 30% 177,485 27% West Africa 77,255 23% 82,909 25% 163,069 25% 189,021 28% Total vessel revenues $ 339,731 100% $ 336,858 100% $ 663,149 100% $ 667,557 100% Vessel operating costs: Crew costs $ 105,225 31% $ 99,476 30% $ 204,112 31% $ 196,589 30% Repair and maintenance 28,953 8% 23,937 7% 53,757 8% 45,891 7% Insurance 2,939 1% 1,640 1% 5,599 1% 4,674 1% Fuel, lube and supplies 21,046 6% 15,107 4% 37,500 5% 29,485 4% Other 22,583 7% 27,194 8% 45,965 7% 55,694 8% Total vessel operating costs 180,746 53% 167,354 50% 346,933 52% 332,333 50% Vessel operating margin (A) $ 158,985 47% $ 169,504 50% $ 316,216 48% $ 335,224 50% Note (A): Vessel operating margin equals vessel revenues less vessel operating costs. The company’s operating income and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows: (In Thousands) Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Vessel operating profit: Americas $ 7,385 2% $ 20,242 6% $ 16,952 3% $ 25,137 4% Asia Pacific 13,107 4% 11,778 3% 28,577 4% 25,458 4% Middle East 6,184 2% 3,894 1% 12,812 2% 12,457 2% Europe/Mediterranean 26,849 8% 29,227 9% 34,894 5% 36,605 5% West Africa 24,612 7% 26,017 8% 61,842 9% 77,630 12% Other operating profit 1,484 0% 1,465 0% 3,527 1% 2,780 0% 79,621 23% 92,623 27% 158,604 24% 180,067 27% Corporate expenses (A) (20,409) (6)% (17,181) (5)% (40,296) (6)% (32,116) (5)% Gain (loss) on asset dispositions, net 3,316 1% 5,480 2% 3,204 0% 8,018 1% Operating income $ 62,528 18% $ 80,922 24% $ 121,512 18% $ 155,969 23% Note (A): General and administrative expenses for the three and six months ended June 30, 2026 include stock-based compensation of $3.7 million and $6.8 million, respectively. General and administrative expenses for the three and six months ended June 30, 2025 include stock-based compensation of $4.0 million and $7.5 million, respectively. In addition, vessel operating and general and administrative costs for the three and six months ended June 30, 2026, include $1.1 million and $3.0 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and six months ended June 30, 2025, include $0.3 and $0.3 million in acquisition, restructuring and integration related costs, respectively. 9
Page 11
TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA (In Thousands, except per share data) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Revenues: Vessel revenues $ 339,731 $ 323,418 $ 332,883 $ 338,491 $ 336,858 Other operating revenues 2,556 2,804 3,915 2,622 4,573 Total revenues 342,287 326,222 336,798 341,113 341,431 Costs and expenses: Vessel operating costs (A) 180,746 166,187 172,119 176,130 167,354 Costs of other operating revenue 1,072 761 630 1,252 3,108 General and administrative (A) 34,845 33,559 38,968 35,256 31,213 Depreciation and amortization 66,412 66,619 66,189 66,404 64,314 (Gain) loss on asset dispositions, net (3,316) 112 (5,084) (580) (5,480) Total operating costs and expenses 279,759 267,238 272,822 278,462 260,509 Operating income 62,528 58,984 63,976 62,651 80,922 Other income (expense): Foreign exchange gain (loss) (688) (3,403) 2,134 1,277 11,703 Interest income and other, net 730 2,189 3,454 455 2,103 Loss on early extinguishment of debt — — (12) (27,101) — Interest and other debt costs, net (16,426) (16,891) (16,715) (16,589) (16,442) Total other expense (16,384) (18,105) (11,139) (41,958) (2,636) Income before income taxes 46,144 40,879 52,837 20,693 78,286 Income tax expense (benefit) 25,062 34,903 (166,612) 21,711 5,584 Net income (loss) 21,082 5,976 219,449 (1,018) 72,702 Net loss attributable to noncontrolling interests (580) (164) (435) (212) (228) Net income (loss) attributable to Tidewater Inc. $ 21,662 $ 6,140 $ 219,884 $ (806) $ 72,930 Basic income (loss) per common share $ 0.44 $ 0.12 $ 4.44 $ (0.02) $ 1.47 Diluted income (loss) per common share $ 0.43 $ 0.12 $ 4.41 $ (0.02) $ 1.46 Weighted average common shares outstanding 49,663 49,589 49,564 49,498 49,674 Dilutive effect of warrants and restricted stock units 349 249 332 — 337 Adjusted weighted average common shares 50,012 49,838 49,896 49,498 50,011 Vessel operating margin $ 158,985 $ 157,231 $ 160,764 $ 162,361 $ 169,504 Note (A): Acquisition, restructuring and integration related costs $ 1,104 $ 1,871 $ 4,064 $ 3,941 $ 340 10
Page 12
TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands) June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 ASSETS Current assets: Cash and cash equivalents $ 613,544 $ 552,280 $ 578,761 $ 428,225 $ 369,405 Restricted cash — — — — 21 Trade and other receivables, net 306,568 299,735 285,372 332,596 316,491 Marine operating supplies 29,501 29,404 38,482 27,857 24,467 Prepaid expenses and other current assets 17,772 18,195 11,520 11,652 14,123 Total current assets 967,385 899,614 914,135 800,330 724,507 Net properties and equipment 1,038,114 1,069,081 1,072,020 1,104,503 1,132,114 Deferred drydocking and survey costs 142,896 147,871 139,736 154,234 165,659 Indemnification assets 9,663 8,273 9,455 9,456 11,158 Deferred tax asset 182,469 190,614 200,939 14,511 18,346 Other assets 25,733 25,217 50,626 45,846 22,588 Total assets $ 2,366,260 $ 2,340,670 $ 2,386,911 $ 2,128,880 $ 2,074,372 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 62,610 $ 58,238 $ 66,347 $ 42,579 $ 48,715 Accrued expenses 133,706 139,525 153,169 130,879 131,305 Current portion of long-term debt 5,680 5,760 5,845 5,840 93,366 Other current liabilities 68,079 66,402 89,876 97,162 69,688 Total current liabilities 270,075 269,925 315,237 276,460 343,074 Long-term debt 647,523 648,616 649,048 649,802 531,874 Other liabilities 60,376 58,140 61,372 63,594 63,197 Equity: Common stock 50 50 50 50 50 Additional paid-in-capital 1,663,520 1,660,121 1,663,247 1,659,820 1,656,626 Accumulated deficit (277,355) (299,017) (305,157) (525,041) (524,235) Accumulated other comprehensive income 6,949 7,133 7,248 7,894 7,273 Total stockholders' equity 1,393,164 1,368,287 1,365,388 1,142,723 1,139,714 Noncontrolling interests (4,878) (4,298) (4,134) (3,699) (3,487) Total equity 1,388,286 1,363,989 1,361,254 1,139,024 1,136,227 Total liabilities and equity $ 2,366,260 $ 2,340,670 $ 2,386,911 $ 2,128,880 $ 2,074,372 11
Page 13
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA (In Thousands) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Cash flows from operating activities: Net income (loss) $ 21,082 $ 5,976 $ 219,449 $ (1,018) $ 72,702 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 38,096 38,497 37,838 37,334 36,909 Amortization of deferred drydocking and survey costs 28,316 28,122 28,351 29,070 27,405 Amortization of debt premiums and discounts 1,288 848 1,448 975 1,455 Amortization of below market contracts — — (219) (283) (347) Unrealized foreign exchange loss (gain) 383 2,561 (2,322) (997) (10,528) Deferred income taxes provision (benefit) 8,311 10,389 (184,247) 3,851 (17,767) Loss (gain) on asset dispositions, net (3,316) 112 (5,084) (580) (5,480) Loss on early extinguishment of debt — — 12 27,101 — Stock-based compensation expense 3,745 3,063 3,454 3,481 4,057 Changes in assets and liabilities: Trade and other receivables (6,833) (14,363) 47,224 (16,105) (3,587) Accounts payable 4,372 (8,109) 23,768 (6,136) (1,488) Accrued expenses (5,819) (13,644) 23,080 418 (3,329) Deferred drydocking and survey costs (23,341) (36,381) (13,853) (17,645) (23,738) Other, net 759 2,108 (25,939) 12,613 (2,606) Net cash provided by operating activities 67,043 19,179 152,960 72,079 73,658 Cash flows from investing activities: Proceeds from asset dispositions 11,527 3,329 5,331 1,204 7,268 Proceeds from sale of notes — — — — 60 Additions to properties and equipment (14,923) (14,885) (5,147) (5,122) (5,226) Net cash provided by (used in) investing activities (3,396) (11,556) 184 (3,918) 2,102 Cash flows from financing activities: Issuance of long-term debt — — — 650,000 — Principal payments on long-term debt (1,807) (1,097) (1,814) (613,587) (14,041) Purchase of common stock — — — — (50,814) Payments on finance leases — (24,903) (895) (5,537) — Debt extinguishment premium — — (12) (19,589) — Debt issuance costs (8) (101) (844) (18,985) — Share based awards reacquired to pay taxes (347) (6,189) (27) (287) (287) Net cash used in financing activities (2,162) (32,290) (3,592) (7,985) (65,142) Effects of exchange rate changes on cash, cash equivalents and restricted cash (484) (1,813) 910 (1,377) 11,775 Net change in cash, cash equivalents and restricted cash 61,001 (26,480) 150,462 58,799 22,393 Cash, cash equivalents and restricted cash at beginning of period 555,088 581,568 431,106 372,307 349,914 Cash, cash equivalents and restricted cash at end of period $ 616,089 $ 555,088 $ 581,568 $ 431,106 $ 372,307 Supplemental disclosure of cash flow information: Cash paid during the year for: Interest, net of amounts capitalized $ 540 $ 31,554 $ 576 $ 17,735 $ 11,994 Income taxes $ 19,347 $ 19,922 $ 18,366 $ 9,291 $ 17,505 Supplemental disclosure of noncash investing activities: Purchase of vessels $ — $ — $ — $ — $ 1,629 Recognition of finance leases $ — $ — $ 5,262 $ 23,396 $ — Supplemental disclosure of noncash financing activities: Debt incurred for purchase of vessels $ — $ — $ — $ — $ 1,767 12
Page 14
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 VESSEL REVENUE BY VESSEL CLASS Americas fleet: PSV > 900 $ 23,090 $ 25,153 $ 29,080 $ 30,460 $ 26,874 PSV < 900 21,583 23,038 25,067 33,363 27,734 AHTS > 16K 3,241 4,163 6,324 6,045 5,243 AHTS 8 - 16K 1,263 888 1,322 1,259 1,110 AHTS 4 - 8K 4,039 4,006 4,069 4,221 4,153 Other 753 1,278 3,844 1,565 3,644 Total 53,969 58,526 69,706 76,913 68,758 Asia Pacific fleet: PSV > 900 23,687 24,862 22,560 22,660 20,878 PSV < 900 20,343 18,798 14,135 12,427 11,194 AHTS > 16K 3,861 2,847 4,993 12,065 11,655 AHTS 8 - 16K — — 213 1,518 1,804 Other 57 57 136 5,116 165 Total 47,948 46,564 42,037 53,786 45,696 Middle East fleet: PSV > 900 2,338 2,378 2,664 1,246 599 PSV < 900 23,248 21,284 23,507 20,221 18,849 AHTS 8 - 16K 7,424 7,304 5,413 3,681 5,175 AHTS 4 - 8K 15,473 14,603 15,437 16,887 15,592 Total 48,483 45,569 47,021 42,035 40,215 Europe/Mediterranean fleet: PSV > 900 82,258 67,841 64,189 67,302 78,778 PSV < 900 19,792 14,249 14,470 13,901 15,739 AHTS > 16K 9,784 4,518 3,317 2,127 4,266 Other 242 337 426 410 497 Total 112,076 86,945 82,402 83,740 99,280 West Africa fleet: PSV > 900 13,803 9,700 12,914 14,328 19,600 PSV < 900 26,409 30,512 27,074 23,817 24,815 AHTS > 16K 14,564 13,700 15,149 12,037 9,934 AHTS 8 - 16K 13,537 22,543 27,211 22,859 21,725 AHTS 4 - 8K 938 1,396 1,427 1,428 1,457 Other 8,004 7,963 7,942 7,548 5,378 Total 77,255 85,814 91,717 82,017 82,909 Worldwide fleet: PSV > 900 145,176 129,934 131,407 135,996 146,729 PSV < 900 111,375 107,881 104,253 103,729 98,331 AHTS > 16K 31,450 25,228 29,783 32,274 31,098 AHTS 8 - 16K 22,224 30,735 34,159 29,317 29,814 AHTS 4 - 8K 20,450 20,005 20,933 22,536 21,202 Other 9,056 9,635 12,348 14,639 9,684 Total $ 339,731 $ 323,418 $ 332,883 $ 338,491 $ 336,858 13
Page 15
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 AVERAGE NUMBER OF VESSELS: Americas fleet: PSV > 900 11 12 12 12 11 PSV < 900 14 15 17 17 16 AHTS > 16K 1 2 2 2 2 AHTS 8 - 16K 1 1 1 1 1 AHTS 4 - 8K 2 2 2 2 2 Other 1 1 2 1 2 Total 30 33 36 35 34 Stacked vessels (4) (4) (4) (2) (2) Active vessels 26 29 32 33 32 Asia Pacific fleet: PSV > 900 10 9 9 9 9 PSV < 900 7 7 5 5 5 AHTS > 16K 2 2 2 3 3 AHTS 8 - 16K — — — 2 2 AHTS 4 - 8K — — — — 1 Other — — — 1 — Total 19 18 16 20 20 Stacked vessels — — — — — Active vessels 19 18 16 20 20 Middle East fleet: PSV > 900 1 1 1 1 1 PSV < 900 20 20 20 20 20 AHTS 8 - 16K 7 7 7 5 5 AHTS 4 - 8K 17 17 17 17 17 Total 45 45 45 43 43 Stacked vessels — — — — — Active vessels 45 45 45 43 43 Europe/Mediterranean fleet: PSV > 900 43 43 40 40 39 PSV < 900 11 10 9 9 9 AHTS > 16K 3 2 1 1 2 Total 57 55 50 50 50 Stacked vessels — — — — — Active vessels 57 55 50 50 50 West Africa fleet: PSV > 900 5 5 7 7 9 PSV < 900 16 16 18 18 19 AHTS > 16K 5 5 6 5 4 AHTS 8 - 16K 13 13 13 13 14 AHTS 4 - 8K 1 1 2 2 2 Other 15 16 16 20 21 Total 55 56 62 65 69 Stacked vessels (2) (3) (4) (5) (4) Active vessels 53 53 58 60 65 Worldwide fleet: PSV > 900 70 70 69 69 69 PSV < 900 68 68 69 69 69 AHTS > 16K 11 11 11 11 11 AHTS 8 - 16K 21 21 21 21 22 AHTS 4 - 8K 20 20 21 21 22 Other 16 17 18 22 23 Total 206 207 209 213 216 Stacked vessels (6) (7) (8) (7) (6) Active vessels 200 200 201 206 210 Total active 200 200 201 206 210 Total stacked 6 7 8 7 6 Total 206 207 209 213 216 14
Page 16
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 AVAILABLE DAYS - TOTAL FLEET: Americas fleet: PSV > 900 1,001 1,063 1,082 1,060 947 PSV < 900 1,274 1,407 1,533 1,564 1,493 AHTS > 16K 91 171 184 184 182 AHTS 8 - 16K 91 90 92 92 91 AHTS 4 - 8K 182 180 184 184 182 Other 91 90 184 93 179 Total 2,730 3,001 3,259 3,177 3,074 Asia Pacific fleet: PSV > 900 910 827 828 828 819 PSV < 900 637 583 491 460 455 AHTS > 16K 182 180 198 276 273 AHTS 8 - 16K — — 43 184 182 AHTS 4 - 8K — — — — 65 Other — — — 91 3 Total 1,729 1,590 1,560 1,839 1,797 Middle East fleet: PSV > 900 91 90 92 92 91 PSV < 900 1,820 1,800 1,840 1,840 1,820 AHTS 8 - 16K 637 630 601 460 455 AHTS 4 - 8K 1,547 1,530 1,564 1,564 1,547 Total 4,095 4,050 4,097 3,956 3,913 Europe/Mediterranean fleet: PSV > 900 3,913 3,864 3,727 3,680 3,569 PSV < 900 1,001 911 859 828 812 AHTS > 16K 273 173 92 92 182 Total 5,204 4,948 4,678 4,600 4,563 West Africa fleet: PSV > 900 455 456 619 688 853 PSV < 900 1,456 1,487 1,625 1,656 1,699 AHTS > 16K 455 466 538 460 364 AHTS 8 - 16K 1,166 1,170 1,196 1,196 1,247 AHTS 4 - 8K 91 90 154 184 182 Other 1,324 1,412 1,485 1,817 1,905 Total 4,947 5,081 5,617 6,001 6,250 Worldwide fleet: PSV > 900 6,370 6,300 6,348 6,348 6,279 PSV < 900 6,188 6,188 6,348 6,348 6,279 AHTS > 16K 1,001 990 1,012 1,012 1,001 AHTS 8 - 16K 1,911 1,890 1,932 1,932 1,975 AHTS 4 - 8K 1,820 1,800 1,902 1,932 1,976 Other 1,415 1,502 1,669 2,001 2,087 Total 18,705 18,670 19,211 19,573 19,597 15
Page 17
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 OUT-OF-SERVICE - STACKED DAYS: Americas fleet: PSV > 900 91 45 — — — PSV < 900 273 378 385 184 182 Total 364 423 385 184 182 West Africa fleet: AHTS 4 - 8K — — 62 92 91 Other 141 242 289 404 312 Total 141 242 351 496 403 Worldwide fleet: PSV > 900 91 45 — — — PSV < 900 273 378 385 184 182 AHTS 4 - 8K — — 62 92 91 Other 141 242 289 404 312 Total 505 665 736 680 585 16
Page 18
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 AVAILABLE DAYS - ACTIVE FLEET: Americas fleet: PSV > 900 910 1,018 1,082 1,060 947 PSV < 900 1,001 1,029 1,148 1,380 1,311 AHTS > 16K 91 171 184 184 182 AHTS 8 - 16K 91 90 92 92 91 AHTS 4 - 8K 182 180 184 184 182 Other 91 90 184 93 179 Total 2,366 2,578 2,874 2,993 2,892 Asia Pacific fleet: PSV > 900 910 827 828 828 819 PSV < 900 637 583 491 460 455 AHTS > 16K 182 180 198 276 273 AHTS 8 - 16K — — 43 184 182 AHTS 4 - 8K — — — — 65 Other — — — 91 3 Total 1,729 1,590 1,560 1,839 1,797 Middle East fleet: PSV > 900 91 90 92 92 91 PSV < 900 1,820 1,800 1,840 1,840 1,820 AHTS 8 - 16K 637 630 601 460 455 AHTS 4 - 8K 1,547 1,530 1,564 1,564 1,547 Total 4,095 4,050 4,097 3,956 3,913 Europe/Mediterranean fleet: PSV > 900 3,913 3,864 3,727 3,680 3,569 PSV < 900 1,001 911 859 828 812 AHTS > 16K 273 173 92 92 182 Total 5,204 4,948 4,678 4,600 4,563 West Africa fleet: PSV > 900 455 456 619 688 853 PSV < 900 1,456 1,487 1,625 1,656 1,699 AHTS > 16K 455 466 538 460 364 AHTS 8 - 16K 1,166 1,170 1,196 1,196 1,247 AHTS 4 - 8K 91 90 92 92 91 Other 1,183 1,170 1,196 1,413 1,593 Total 4,806 4,839 5,266 5,505 5,847 Worldwide fleet: PSV > 900 6,279 6,255 6,348 6,348 6,279 PSV < 900 5,915 5,810 5,963 6,164 6,097 AHTS > 16K 1,001 990 1,012 1,012 1,001 AHTS 8 - 16K 1,911 1,890 1,932 1,932 1,975 AHTS 4 - 8K 1,820 1,800 1,840 1,840 1,885 Other 1,274 1,260 1,380 1,597 1,775 Total 18,200 18,005 18,475 18,893 19,012 17
Page 19
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 UTILIZATION - TOTAL FLEET: Americas fleet: PSV > 900 64.9% 68.2% 74.9% 83.6% 87.0% PSV < 900 62.5 57.5 58.4 70.3 63.6 AHTS > 16K 100.0 67.4 98.1 92.7 77.3 AHTS 8 - 16K 100.0 70.8 100.0 100.0 92.7 AHTS 4 - 8K 97.3 100.0 97.3 100.0 99.5 Other 58.2 100.0 75.9 96.4 83.5 Total 68.0% 66.1% 70.4% 79.4% 75.8% Asia Pacific fleet: PSV > 900 71.7% 84.6% 75.8% 75.2% 70.1% PSV < 900 83.2 84.2 96.0 90.3 75.0 AHTS > 16K 62.1 29.0 42.0 63.7 88.5 AHTS 8 - 16K — — 35.9 35.1 34.4 Other — — — 99.5 — Total 74.9% 78.2% 76.8% 74.5% 67.9% Middle East fleet: PSV > 900 100.0% 100.0% 100.0% 82.6% 38.9% PSV < 900 86.3 79.4 82.9 79.2 76.9 AHTS 8 - 16K 82.0 81.8 69.1 65.1 95.7 AHTS 4 - 8K 74.1 75.3 79.0 86.0 81.0 Total 81.3% 78.7% 79.8% 80.3% 79.8% Europe/Mediterranean fleet: PSV > 900 88.5% 82.7% 87.7% 88.7% 94.8% PSV < 900 92.2 77.2 85.8 81.2 92.0 AHTS > 16K 80.5 34.9 78.0 100.0 69.1 Total 88.5% 80.0% 87.2% 87.5% 93.3% West Africa fleet: PSV > 900 96.3% 66.2% 71.0% 66.8% 70.1% PSV < 900 76.9 89.9 68.8 53.8 52.4 AHTS > 16K 94.7 86.8 87.3 79.9 85.1 AHTS 8 - 16K 54.5 84.4 96.9 84.9 75.3 AHTS 4 - 8K 66.4 100.0 59.7 50.0 50.0 Other 78.4 72.2 65.4 50.3 40.5 Total 75.3% 81.5% 75.7% 62.3% 57.6% Worldwide fleet: PSV > 900 83.1% 79.6% 82.5% 83.6% 86.2% PSV < 900 79.8 77.1 74.8 71.5 68.9 AHTS > 16K 85.4 63.9 79.6 79.7 81.7 AHTS 8 - 16K 65.3 82.9 87.1 76.1 77.0 AHTS 4 - 8K 76.1 79.0 79.2 83.9 77.2 Other 77.1 73.8 66.5 54.6 44.1 Total 79.2% 77.7% 78.6% 75.8% 74.1% 18
Page 20
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 UTILIZATION - ACTIVE FLEET: Americas fleet: PSV > 900 71.4% 71.3% 74.9% 83.6% 87.0% PSV < 900 79.5 78.7 77.9 79.7 72.4 AHTS > 16K 100.0 67.4 98.1 92.7 77.3 AHTS 8 - 16K 100.0 70.8 100.0 100.0 92.7 AHTS 4 - 8K 97.3 100.0 97.3 100.0 99.5 Other 58.2 100.0 75.9 96.4 83.5 Total 78.5% 77.0% 79.9% 84.3% 80.5% Asia Pacific fleet: PSV > 900 71.7% 84.6% 75.8% 75.2% 70.1% PSV < 900 83.2 84.2 96.0 90.3 75.0 AHTS > 16K 62.1 29.0 42.0 63.7 88.5 AHTS 8 - 16K — — 35.9 35.1 34.4 Other — — — 99.5 — Total 74.9% 78.2% 76.8% 74.5% 67.9% Middle East fleet: PSV > 900 100.0% 100.0% 100.0% 82.6% 38.9% PSV < 900 86.3 79.4 82.9 79.2 76.9 AHTS 8 - 16K 82.0 81.8 69.1 65.1 95.7 AHTS 4 - 8K 74.1 75.3 79.0 86.0 81.0 Total 81.3% 78.7% 79.8% 80.3% 79.8% Europe/Mediterranean fleet: PSV > 900 88.5% 82.7% 87.7% 88.7% 94.8% PSV < 900 92.2 77.2 85.8 81.2 92.0 AHTS > 16K 80.5 34.9 78.0 100.0 69.1 Total 88.5% 80.0% 87.2% 87.5% 93.3% West Africa fleet: PSV > 900 96.3% 66.2% 71.0% 66.8% 70.1% PSV < 900 76.9 89.9 68.8 53.8 52.4 AHTS > 16K 94.7 86.8 87.3 79.9 85.1 AHTS 8 - 16K 54.5 84.4 96.9 84.9 75.3 AHTS 4 - 8K 66.4 100.0 100.0 100.0 100.0 Other 87.7 87.1 81.2 64.6 48.4 Total 77.5% 85.5% 80.7% 67.9% 61.6% Worldwide fleet: PSV > 900 84.3% 80.2% 82.5% 83.6% 86.2% PSV < 900 83.5 82.1 79.6 73.6 71.0 AHTS > 16K 85.4 63.9 79.6 79.7 81.7 AHTS 8 - 16K 65.3 82.9 87.1 76.1 77.0 AHTS 4 - 8K 76.1 79.0 81.9 88.1 80.9 Other 85.6 88.0 80.5 68.5 51.8 Total 81.4% 80.6% 81.7% 78.5% 76.4% 19
Page 21
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 AVERAGE VESSEL DAY RATES: (A) Americas fleet: PSV > 900 $ 35,554 $ 34,675 $ 35,891 $ 34,365 $ 32,617 PSV < 900 27,115 28,460 28,021 30,326 29,222 AHTS > 16K 35,619 36,124 35,038 35,435 37,252 AHTS 8 - 16K 13,878 13,944 14,368 13,672 13,151 AHTS 4 - 8K 22,816 22,253 22,733 22,942 22,943 Other 14,212 14,197 27,545 17,456 24,369 Total 29,056 29,501 30,362 30,487 29,526 Asia Pacific fleet: PSV > 900 36,304 35,539 35,929 36,371 36,341 PSV < 900 38,381 38,297 29,975 29,908 32,803 AHTS > 16K 34,182 54,481 59,996 68,580 48,255 AHTS 8 - 16K — — 13,776 23,531 28,856 Other — — — 55,320 — Total 37,013 37,470 35,025 39,196 37,372 Middle East fleet: PSV > 900 25,700 26,425 28,955 16,391 16,929 PSV < 900 14,798 14,883 15,405 13,878 13,469 AHTS 8 - 16K 14,213 14,179 13,033 12,290 11,889 AHTS 4 - 8K 13,494 12,670 12,487 12,555 12,443 Total 14,555 14,295 14,381 13,228 12,877 Europe/Mediterranean fleet: PSV > 900 23,760 21,221 19,640 20,630 23,292 PSV < 900 21,456 20,269 19,625 20,674 21,061 AHTS > 16K 44,502 74,726 46,204 23,122 33,904 Total 24,341 21,954 20,173 20,752 23,275 West Africa fleet: PSV > 900 31,515 32,171 29,383 31,188 32,777 PSV < 900 23,573 22,828 24,213 26,729 27,867 AHTS > 16K 33,786 33,884 32,256 32,746 32,082 AHTS 8 - 16K 21,303 22,825 23,470 22,524 23,123 AHTS 4 - 8K 15,509 15,510 15,511 15,516 16,010 Other 7,713 7,814 8,180 8,264 6,979 Total 20,751 20,732 21,583 21,940 23,035 Worldwide fleet: PSV > 900 27,429 25,917 25,087 25,625 27,102 PSV < 900 22,547 22,617 21,959 22,867 22,722 AHTS > 16K 36,789 39,900 36,991 40,037 38,029 AHTS 8 - 16K 17,797 19,621 20,306 19,931 19,592 AHTS 4 - 8K 14,775 14,062 13,888 13,902 13,902 Other 8,303 8,687 10,923 13,127 10,147 Total $ 22,938 $ 22,283 $ 22,044 $ 22,798 $ 23,166 Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked. 20
Page 22
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Americas Vessel revenues $ 53,969 $ 58,526 $ 69,706 $ 76,913 $ 68,758 Vessel operating costs: Crew costs 17,972 19,729 22,429 22,634 19,652 Repair and maintenance 5,706 5,228 6,286 5,350 4,830 Insurance 429 462 540 570 351 Fuel, lube and supplies 3,252 2,887 2,739 2,464 2,215 Other 5,276 5,564 5,875 4,598 5,965 Total vessel operating costs 32,635 33,870 37,869 35,616 33,013 Vessel operating margin ($) 21,334 24,656 31,837 41,297 35,745 Vessel operating margin (%) 39.5% 42.1% 45.7% 53.7% 52.0% Americas - Select operating statistics Average vessels - Total fleet 30 33 36 35 34 Utilization - Total fleet 68.0% 66.1% 70.4% 79.4% 75.8% Average vessels - Active fleet 26 29 32 33 32 Utilization - Active fleet 78.5% 77.0% 79.9% 84.3% 80.5% Average day rates $ 29,056 $ 29,501 $ 30,362 $ 30,487 $ 29,526 Vessels commencing drydocks 3 4 3 — 1 Deferred drydocking and survey costs - beginning balance $ 19,996 $ 19,907 $ 22,400 $ 25,608 $ 28,443 Cash paid for deferred drydocking and survey costs 3,634 10,685 2,858 1,082 1,027 Amortization of deferred drydocking and survey costs (4,269) (4,688) (5,351) (5,817) (5,338) Disposals, intersegment transfers and other 2,171 (5,908) — 1,527 1,476 Deferred drydocking and survey costs - ending balance $ 21,532 $ 19,996 $ 19,907 $ 22,400 $ 25,608 21
Page 23
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Asia Pacific Vessel revenues $ 47,948 $ 46,564 $ 42,037 $ 53,786 $ 45,696 Vessel operating costs: Crew costs 17,630 15,867 14,304 20,887 18,518 Repair and maintenance 3,136 2,957 3,427 3,842 3,365 Insurance 283 254 331 330 176 Fuel, lube and supplies 3,048 2,513 1,890 2,443 1,789 Other 2,095 1,754 2,369 2,768 2,317 Total vessel operating costs 26,192 23,345 22,321 30,270 26,165 Vessel operating margin ($) 21,756 23,219 19,716 23,516 19,531 Vessel operating margin (%) 45.4% 49.9% 46.9% 43.7% 42.7% Asia Pacific - Select operating statistics Average vessels - Total fleet 19 18 16 20 20 Utilization - Total fleet 74.9% 78.2% 76.8% 74.5% 67.9% Average vessels - Active fleet 19 18 16 20 20 Utilization - Active fleet 74.9% 78.2% 76.8% 74.5% 67.9% Average day rates $ 37,013 $ 37,470 $ 35,025 $ 39,196 $ 37,372 Vessels commencing drydocks 1 1 2 3 2 Deferred drydocking and survey costs - beginning balance $ 12,786 $ 10,185 $ 14,094 $ 13,462 $ 13,810 Cash paid for deferred drydocking and survey costs 843 452 998 3,340 2,487 Amortization of deferred drydocking and survey costs (2,377) (2,340) (1,998) (2,578) (2,428) Disposals, intersegment transfers and other (979) 4,489 (2,909) (130) (407) Deferred drydocking and survey costs - ending balance $ 10,273 $ 12,786 $ 10,185 $ 14,094 $ 13,462 22
Page 24
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Middle East Vessel revenues $ 48,483 $ 45,569 $ 47,021 $ 42,035 $ 40,215 Vessel operating costs: Crew costs 17,314 15,527 14,207 13,541 13,302 Repair and maintenance 4,514 3,856 6,153 4,556 4,261 Insurance 852 763 463 484 343 Fuel, lube and supplies 3,548 2,684 2,790 2,916 3,250 Other 4,044 4,075 4,570 4,242 4,661 Total vessel operating costs 30,272 26,905 28,183 25,739 25,817 Vessel operating margin ($) 18,211 18,664 18,838 16,296 14,398 Vessel operating margin (%) 37.6% 41.0% 40.1% 38.8% 35.8% Middle East - Select operating statistics Average vessels - Total fleet 45 45 45 43 43 Utilization - Total fleet 81.3% 78.7% 79.8% 80.3% 79.8% Average vessels - Active fleet 45 45 45 43 43 Utilization - Active fleet 81.3% 78.7% 79.8% 80.3% 79.8% Average day rates $ 14,555 $ 14,295 $ 14,381 $ 13,228 $ 12,877 Vessels commencing drydocks 4 8 9 8 11 Deferred drydocking and survey costs - beginning balance $ 45,558 $ 39,996 $ 38,913 $ 35,355 $ 31,423 Cash paid for deferred drydocking and survey costs 5,059 11,082 7,127 8,716 8,191 Amortization of deferred drydocking and survey costs (6,012) (6,059) (6,044) (5,158) (4,259) Disposals, intersegment transfers and other (538) 539 — — — Deferred drydocking and survey costs - ending balance $ 44,067 $ 45,558 $ 39,996 $ 38,913 $ 35,355 23
Page 25
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Europe/Mediterranean Vessel revenues $ 112,076 $ 86,945 $ 82,402 $ 83,740 $ 99,280 Vessel operating costs: Crew costs 34,312 31,699 29,932 30,104 29,342 Repair and maintenance 9,419 7,566 7,267 7,481 5,736 Insurance 810 699 806 797 417 Fuel, lube and supplies 5,229 4,651 3,251 3,469 2,153 Other 5,981 5,766 5,258 4,805 6,187 Total vessel operating costs 55,751 50,381 46,514 46,656 43,835 Vessel operating margin ($) 56,325 36,564 35,888 37,084 55,445 Vessel operating margin (%) 50.3% 42.1% 43.6% 44.3% 55.8% Europe/Mediterranean - Select operating statistics Average vessels - Total fleet 57 55 50 50 50 Utilization - Total fleet 88.5% 80.0% 87.2% 87.5% 93.3% Average vessels - Active fleet 57 55 50 50 50 Utilization - Active fleet 88.5% 80.0% 87.2% 87.5% 93.3% Average day rates $ 24,341 $ 21,954 $ 20,173 $ 20,752 $ 23,275 Vessels commencing drydocks 5 9 2 3 1 Deferred drydocking and survey costs - beginning balance $ 36,762 $ 28,489 $ 30,440 $ 35,571 $ 41,011 Cash paid for deferred drydocking and survey costs 10,641 11,214 1,324 2,103 1,811 Amortization of deferred drydocking and survey costs (8,525) (7,527) (6,184) (6,363) (6,919) Disposals, intersegment transfers and other (356) 4,586 2,909 (871) (332) Deferred drydocking and survey costs - ending balance $ 38,522 $ 36,762 $ 28,489 $ 30,440 $ 35,571 24
Page 26
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 West Africa Vessel revenues $ 77,255 $ 85,814 $ 91,717 $ 82,017 $ 82,909 Vessel operating costs: Crew costs 17,997 16,065 19,300 18,363 18,662 Repair and maintenance 6,178 5,197 6,243 7,407 5,745 Insurance 565 482 683 711 353 Fuel, lube and supplies 5,969 3,719 4,557 5,149 5,700 Other 5,187 6,223 6,449 6,219 8,064 Total vessel operating costs 35,896 31,686 37,232 37,849 38,524 Vessel operating margin ($) 41,359 54,128 54,485 44,168 44,385 Vessel operating margin (%) 53.5% 63.1% 59.4% 53.9% 53.5% West Africa - Select operating statistics Average vessels - Total fleet 55 56 62 65 69 Utilization - Total fleet 75.3% 81.5% 75.7% 62.3% 57.6% Average vessels - Active fleet 53 53 58 60 65 Utilization - Active fleet 77.5% 85.5% 80.7% 67.9% 61.6% Average day rates $ 20,751 $ 20,732 $ 21,583 $ 21,940 $ 23,035 Vessels commencing drydocks 2 3 1 2 4 Deferred drydocking and survey costs - beginning balance $ 32,769 $ 41,159 $ 48,387 $ 55,663 $ 54,639 Cash paid for deferred drydocking and survey costs 3,164 2,948 1,546 2,404 10,222 Amortization of deferred drydocking and survey costs (7,133) (7,508) (8,774) (9,154) (8,461) Disposals, intersegment transfers and other (298) (3,830) — (526) (737) Deferred drydocking and survey costs - ending balance $ 28,502 $ 32,769 $ 41,159 $ 48,387 $ 55,663 25
Page 27
TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Worldwide Vessel revenues $ 339,731 $ 323,418 $ 332,883 $ 338,491 $ 336,858 Vessel operating costs: Crew costs 105,225 98,887 100,172 105,529 99,476 Repair and maintenance 28,953 24,804 29,376 28,636 23,937 Insurance 2,939 2,660 2,823 2,892 1,640 Fuel, lube and supplies 21,046 16,454 15,227 16,441 15,107 Other 22,583 23,382 24,521 22,632 27,194 Total vessel operating costs 180,746 166,187 172,119 176,130 167,354 Vessel operating margin ($) 158,985 157,231 160,764 162,361 169,504 Vessel operating margin (%) 46.8% 48.6% 48.3% 48.0% 50.3% Worldwide - Select operating statistics Average vessels - Total fleet 206 207 209 213 216 Utilization - Total fleet 79.2% 77.7% 78.6% 75.8% 74.1% Average vessels - Active fleet 200 200 201 206 210 Utilization - Active fleet 81.4% 80.6% 81.7% 78.5% 76.4% Average day rates $ 22,938 $ 22,283 $ 22,044 $ 22,798 $ 23,166 Vessels commencing drydocks 15 25 17 16 19 Deferred drydocking and survey costs - beginning balance $ 147,871 $ 139,736 $ 154,234 $ 165,659 $ 169,326 Cash paid for deferred drydocking and survey costs 23,341 36,381 13,853 17,645 23,738 Amortization of deferred drydocking and survey costs (28,316) (28,122) (28,351) (29,070) (27,405) Disposals, intersegment transfers and other — (124) — — — Deferred drydocking and survey costs - ending balance $ 142,896 $ 147,871 $ 139,736 $ 154,234 $ 165,659 26
Page 28
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Net income (loss) $ 21,082 $ 5,976 $ 219,449 $ (1,018) $ 72,702 Interest and other debt costs 16,426 16,891 16,715 16,589 16,442 Income tax expense 25,062 34,903 (166,612) 21,711 5,584 Depreciation 38,096 38,497 37,838 37,334 36,909 Amortization of deferred drydock and survey costs 28,316 28,122 28,351 29,070 27,405 Amortization of below market contracts — — (219) (283) (347) EBITDA (A), (B), (C) 128,982 124,389 135,522 103,403 158,695 Non-cash indemnification assets charge (credit) — — — — (112) Non-cash stock compensation expense 3,745 3,063 3,454 3,481 4,057 Loss on early extinguishment of debt — — 12 27,101 — Acquisition, restructuring and integration related costs 1,104 1,871 4,064 3,941 340 Adjusted EBITDA (A), (B), (C) $ 133,831 $ 129,323 $ 143,052 $ 137,926 $ 162,980 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 June 30, 2026, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,745, $3,063, $3,454, $3,481 and $4,057 respectively. Note (C): EBITDA and Adjusted EBITDA for the three months ended June 30, 2026, and for each of the prior four quarters includes foreign exchange gain (losses) of $(688), $(3,403), $2,134, $1,277 and $11,703 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
Page 29
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Net cash provided by operating activities (A) $ 67,043 $ 19,179 $ 152,960 $ 72,079 $ 73,658 Cash interest expense 540 31,554 576 17,735 11,994 Interest income and other (net of certain non-cash items) 661 (2,939) (3,455) (1,860) (2,103) Indemnification assets credit — — — — 112 Additions to property and equipment (14,923) (14,885) (5,147) (5,122) (5,226) Expansion capital — — — — 3 Effects of exchange rate changes on cash (484) (1,813) 910 (1,377) 11,775 52,837 31,096 145,844 81,455 90,213 Proceeds from asset sales 11,527 3,329 5,331 1,204 7,328 Free cash flow $ 64,364 $ 34,425 $ 151,175 $ 82,659 $ 97,541 Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by operating activities adjusted for effects of exchange rate changes on cash, capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income and other. Free cash flow excludes indemnification assets credit (charge) included in interest income and other. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities. Note (A): Net cash provided by operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table: Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Cash provided by (used in) changes in assets and liabilities, excluding drydock payments $ (7,521) $ (34,008) $ 68,133 $ (9,210) $ (11,010) Cash paid for deferred drydock and survey costs (23,341) (36,381) (13,853) (17,645) (23,738) Total sources (uses) of cash for changes in assets and liabilities $ (30,862) $ (70,389) $ 54,280 $ (26,855) $ (34,748) Contacts Tidewater Inc. West Gotcher Senior Vice President, Strategy, Corporate Development and Investor Relations +1.713.470.5285 SOURCE: Tidewater Inc. 28