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

First Quarter 2025 Highlights

Revenue of $333.4 million, a 3.8% improvement compared to the first quarter of 2024 Average day rate of $22,303 per day, an improvement of $2,740 per day, or 14.0%, compared to the first quarter of 2024 Net income of $42.7 million and Adjusted EBITDA of $154.2 million

Net Income and Adjusted EBITDA were favorably impacted by the $7.6 million foreign exchange gain due to the weakening of the U.S. dollar Net cash provided by operating activities of $86.0 million and freecash flow of $94.7 million

Share Count Reduction and 2025 Guidance

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

HOUSTON, May 05, 2025--(BUSINESS WIRE)--Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2025 of $333.4 million, compared with $321.2 million for the three months ended March 31, 2024. Tidewater's net income for the three months ended March 31, 2025, was $42.7 million ($0.83 per common share), compared with net income of $47.0 million ($0.89 per common share) for the three months ended March 31, 2024.

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

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

Story Continues

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

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

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

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

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

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

About Tidewater

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

Cautionary Statement

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

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

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

Financial information is displayed beginning on the next page.

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

TIDEWATER INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS

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

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)   March 31, 2025   December 31, 2024  ASSETS  Current assets:  Cash and cash equivalents  $ 341,799   $ 324,918  Restricted cash   5,234    2,032  Trade and other receivables, net of allowance for credit losses of $3,144 and $3,184 at March 31, 2025 and December 31, 2024, respectively   312,904    323,805  Marine operating supplies   23,101    34,319  Prepaid expenses and other current assets   15,160    13,588  Total current assets   698,198    698,662  Net properties and equipment   1,163,758    1,184,282  Deferred drydocking and survey costs   169,326    152,550  Indemnification assets   11,114    11,946  Other assets   23,770    27,464  Total assets  $ 2,066,166   $ 2,074,904   LIABILITIES AND STOCKHOLDERS' EQUITY  Current liabilities:  Accounts payable  $ 50,203   $ 71,385  Accrued expenses   133,000    129,894  Current portion of long-term debt   80,042    65,386  Other current liabilities   74,299    64,948  Total current liabilities   337,544    331,613  Long-term debt   555,994    571,710  Other liabilities   62,263    60,396   Commitments and contingencies   Equity:  Common stock of $0.001 par value, 125,000,000 shares authorized, 50,852,297 and 51,461,472 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively   51    52  Additional paid-in-capital   1,652,856    1,656,830  Accumulated deficit   (545,890 )   (548,831 ) Accumulated other comprehensive loss   6,607    6,060  Total stockholders' equity   1,113,624    1,114,111  Noncontrolling interests   (3,259 )   (2,926 ) Total equity   1,110,365    1,111,185  Total liabilities and equity  $ 2,066,166   $ 2,074,904

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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

Supplemental disclosure of cash flow information:  Cash paid during the year for:  Interest, net of amounts capitalized  $ 17,505   $ 15,621  Income taxes  $ 15,148   $ 15,603  Supplemental disclosure of noncash investing activities:  Purchase of vessels  $ 9,098   $ —  Supplemental disclosure of noncash financing activities:  Debt incurred for the purchase of vessels  $ 9,712   $ —   Note:  Cash, cash equivalents and restricted cash at March 31, 2025 includes $2.9 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In Thousands)  Three Months Ended  Accumulated  Additional       other   Non  Common   paid-in   Accumulated   comprehensive   controlling  stock   capital   deficit   income   interest   Total  Balance at December 31, 2024  $ 52   $ 1,656,830   $ (548,831 )  $ 6,060   $ (2,926 )  $ 1,111,185  Total comprehensive income (loss)   —    —    42,653    547    (333 )   42,867  Repurchase and retirement of common stock   (1 )   —    (39,712 )   —    —    (39,713 ) Amortization of share-based awards   —    (3,974 )   —    —    —    (3,974 ) Balance at March 31, 2025  $ 51   $ 1,652,856   $ (545,890 )  $ 6,607   $ (3,259 )  $ 1,110,365   Balance at December 31, 2023  $ 52   $ 1,671,759   $ (637,858 )  $ 5,266   $ (1,542 )  $ 1,037,677  Total comprehensive income (loss)   —    —    47,026    (57 )   (281 )   46,688  Issuance of common stock   1    (1 )   —    —    —    —  Repurchase and retirement of common stock   —    —    (3,535 )   —    —    (3,535 ) Amortization of share-based awards   —    (25,697 )   —    —    —    (25,697 ) Balance at March 31, 2024  $ 53   $ 1,646,061   $ (594,367 )  $ 5,209   $ (1,823 )  $ 1,055,133

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

The company’s operating income (loss) and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows:  (In Thousands)  Three Months Ended  March 31, 2025   March 31, 2024  Vessel operating profit:  Americas  $ 4,895    1 %  $ 10,126    3 % Asia Pacific   13,680    4 %   14,847    5 % Middle East   8,563    3 %   1,529     % Europe/Mediterranean   7,378    2 %   14,757    5 % West Africa   51,613    16 %   41,010    13 % Other operating profit   1,315     %   1,328     % 87,444    26 %   83,597    26 %  Corporate expenses (A)   (14,935 )   (4 )%   (12,738 )   (4 )% Gain on asset dispositions, net   2,538    1 %   11,039    3 % Operating income  $ 75,047    23 %  $ 81,898    25 %  Note (A):  General and administrative expenses for the three months ended March 31, 2025 and 2024 include stock-based compensation of $3.5 million and $2.8 million, respectively. In addition, vessel operating and general and administrative costs for the three months March 31, 2025 and 2024, include zero and $0.7 million in acquisition, restructuring and integration related costs, respectively.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA

(In Thousands, except per share data)  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024  Revenues:  Vessel revenues  $ 330,699   $ 343,463   $ 338,485   $ 337,003   $ 318,686  Other operating revenues   2,745    1,622    1,871    2,227    2,478  Total revenues   333,444    345,085    340,356    339,230    321,164  Costs and expenses:  Vessel operating costs (A)   164,979    170,384    178,654    176,513    167,556  Costs of other operating revenue   1,430    688    901    816    1,150  General and administrative (A)   29,094    30,688    28,471    26,329    25,329  Depreciation and amortization   65,432    64,620    62,435    59,445    56,270  Gain on asset dispositions, net   (2,538 )   (2,672 )   (51 )   (2,000 )   (11,039 ) Total operating costs and expenses   258,397    263,708    270,410    261,103    239,266  Operating income   75,047    81,377    69,946    78,127    81,898  Other income (expense):  Foreign exchange gain (loss)   7,569    (14,337 )   5,522    (2,376 )   (4,085 ) Equity in net earnings (losses) of unconsolidated companies   —    —    —    5    (5 ) Interest income and other, net   2,157    2,697    1,028    1,175    1,483  Interest and other debt costs, net   (16,344 )   (16,742 )   (17,622 )   (19,127 )   (19,476 ) Total other expense   (6,618 )   (28,382 )   (11,072 )   (20,323 )   (22,083 ) Income before income taxes   68,429    52,995    58,874    57,804    59,815  Income tax expense   26,109    16,376    12,883    7,887    13,070  Net income   42,320    36,619    45,991    49,917    46,745  Net loss attributable to noncontrolling interests   (333 )   (286 )   (380 )   (437 )   (281 ) Net income attributable to Tidewater Inc.  $ 42,653   $ 36,905   $ 46,371   $ 50,354   $ 47,026  Basic income per common share  $ 0.83   $ 0.71   $ 0.88   $ 0.96   $ 0.90  Diluted income per common share  $ 0.83   $ 0.70   $ 0.87   $ 0.94   $ 0.89  Weighted average common shares outstanding   51,502    52,315    52,490    52,684    52,320  Dilutive effect of warrants, restricted stock units and stock options   176    514    593    663    580  Adjusted weighted average common shares   51,678    52,829    53,083    53,347    52,900   Vessel operating margin  $ 165,720   $ 173,079   $ 159,831   $ 160,490   $ 151,130   Note (A): Acquisition, restructuring and integration related costs  $ —   $ 978   $ 581   $ —   $ 709

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024  ASSETS  Current assets:  Cash and cash equivalents  $ 341,799   $ 324,918   $ 280,840   $ 315,897   $ 280,853  Restricted cash   5,234    2,032    7,259    3,527    6,474  Trade and other receivables, net   312,904    323,805    293,085    280,498    285,968  Marine operating supplies   23,101    34,319    26,670    26,908    24,767  Prepaid expenses and other current assets   15,160    13,588    18,117    20,115    17,447  Total current assets   698,198    698,662    625,971    646,945    615,509  Net properties and equipment   1,163,758    1,184,282    1,220,056    1,253,583    1,286,618  Deferred drydocking and survey costs   169,326    152,550    160,944    148,657    128,639  Indemnification assets   11,114    11,946    12,216    10,920    16,642  Other assets   23,770    27,464    27,944    29,643    30,408  Total assets  $ 2,066,166   $ 2,074,904   $ 2,047,131   $ 2,089,748   $ 2,077,816   LIABILITIES AND EQUITY  Current liabilities:  Accounts payable  $ 50,203   $ 71,385   $ 64,058   $ 60,740   $ 51,774  Accrued expenses   133,000    129,894    117,878    133,149    132,190  Current portion of long-term debt   80,042    65,386    53,105    102,993    103,009  Other current liabilities   74,299    64,948    38,532    43,342    52,164  Total current liabilities   337,544    331,613    273,573    340,224    339,137  Long-term debt   555,994    571,710    597,352    607,998    620,329  Other liabilities   62,263    60,396    62,366    62,539    63,197    Equity:  Common stock   51    52    52    52    53  Additional paid-in-capital   1,652,856    1,656,830    1,653,027    1,649,523    1,646,061  Accumulated deficit   (545,890 )   (548,831 )   (541,191 )   (573,390 )   (594,347 ) Accumulated other comprehensive income   6,607    6,060    4,592    5,062    5,209  Total stockholders' equity   1,113,624    1,114,111    1,116,480    1,081,247    1,056,976  Noncontrolling interests   (3,259 )   (2,926 )   (2,640 )   (2,260 )   (1,823 ) Total equity   1,110,365    1,111,185    1,113,840    1,078,987    1,055,153  Total liabilities and equity  $ 2,066,166   $ 2,074,904   $ 2,047,131   $ 2,089,748   $ 2,077,816

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA

(In Thousands)  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024  Cash flows from operating activities:  Net income  $ 42,320   $ 36,619   $ 45,991   $ 49,917   $ 46,745  Adjustments to reconcile net income to net cash provided by operating activities:  Depreciation   39,014    38,736    39,239    39,380    38,811  Amortization of deferred drydocking and survey costs   26,418    25,884    23,196    20,065    17,459  Amortization of debt premiums and discounts   1,501    1,612    1,536    1,779    1,814  Amortization of below market contracts   (351 )   (1,071 )   (1,073 )   (1,650 )   (1,206 ) Deferred income taxes provision (benefit)   2,347    (2,863 )   24    (41 )   73  Gain on asset dispositions, net   (2,538 )   (2,672 )   (51 )   (2,000 )   (11,039 ) Stock-based compensation expense   3,491    3,886    3,569    3,460    2,766  Changes in assets and liabilities, net of effects of business acquisition:  Trade and other receivables   10,901    (30,720 )   (12,587 )   5,470    (17,616 ) Accounts payable   (21,182 )   7,327    3,318    8,966    6,843  Accrued expenses   3,106    12,016    (15,271 )   4,048    6,600  Deferred drydocking and survey costs   (43,339 )   (17,674 )   (35,483 )   (40,083 )   (40,018 ) Other, net   24,285    20,223    (3,272 )   (10,666 )   3,533  Net cash provided by operating activities   85,973    91,303    49,136    78,645    54,765  Cash flows from investing activities:  Proceeds from asset dispositions   3,816    4,470    51    2,354    12,463  Proceeds from sale of notes   600    5,846    1,506    702    —  Additions to properties and equipment   (10,266 )   (4,534 )   (5,712 )   (6,392 )   (10,942 ) Net cash provided by (used in) investing activities   (5,850 )   5,782    (4,155 )   (3,336 )   1,521  Cash flows from financing activities:  Exercise of warrants   —    2    —    2    —  Principal payments on long-term debt   (12,500 )   (14,023 )   (62,500 )   (14,007 )   (12,500 ) Purchase of common stock   (39,275 )   (44,103 )   (13,741 )   (29,397 )   (3,501 ) Debt issuance costs   —    (20 )   —    (58 )   (135 ) Share based awards reacquired to pay taxes   (7,465 )   (86 )   (65 )   (1 )   (28,462 ) Net cash used in financing activities   (59,240 )   (58,230 )   (76,306 )   (43,461 )   (44,598 ) Net change in cash, cash equivalents and restricted cash   20,883    38,855    (31,325 )   31,848    11,688  Cash, cash equivalents and restricted cash at beginning of period   329,031    290,176    321,501    289,653    277,965  Cash, cash equivalents and restricted cash at end of period  $ 349,914   $ 329,031   $ 290,176   $ 321,501   $ 289,653   Supplemental disclosure of cash flow information:  Cash paid during the year for:  Interest, net of amounts capitalized  $ 17,505   $ 12,816   $ 23,535   $ 14,925   $ 15,621  Income taxes  $ 15,148   $ 11,268   $ 12,557   $ 17,481   $ 15,603  Supplemental disclosure of noncash investing activities:  Purchase of vessels  $ 9,098   $ —   $ —   $ —   $ —  Supplemental disclosure of noncash financing activities:  Debt incurred for purchase of vessels  $ 9,712   $ —   $ —   $ —   $ —

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024  VESSEL REVENUE BY VESSEL CLASS   Americas fleet:  PSV > 900  $ 23,243   $ 24,158   $ 27,192   $ 31,400   $ 29,924  PSV < 900   21,146    26,743    26,926    28,010    24,531  AHTS > 16K   3,958    2,969    6,249    7,228    2,036  AHTS 8 - 16K   1,242    930    908    2,002    2,476  AHTS 4 - 8K   1,752    1,726    351    219    945  Other   3,511    3,714    2,980    4,283    4,029  Total   54,852    60,240    64,606    73,142    63,941  Asia Pacific fleet:  PSV > 900   20,457    18,881    19,535    21,578    23,210  PSV < 900   15,311    16,101    17,214    14,402    11,830  AHTS > 16K   8,792    10,851    12,358    7,815    4,555  AHTS 8 - 16K   2,394    2,836    4,640    7,874    4,507  AHTS 4 - 8K   1,108    2,020    2,182    1,269    1,576  Other   166    354    354    2,283    2,103  Total   48,228    51,043    56,283    55,221    47,781  Middle East fleet:  PSV > 900   1,446    1,485    1,387    1,359    1,365  PSV < 900   22,494    21,962    19,909    19,963    21,017  AHTS > 16K   —    —    —    (3 )   287  AHTS 8 - 16K   3,474    3,425    3,450    3,163    2,397  AHTS 4 - 8K   15,888    13,900    12,201    12,054    12,866  Total   43,302    40,772    36,947    36,536    37,932  Europe/Mediterranean fleet:  PSV > 900   64,207    66,380    66,808    64,875    61,827  PSV < 900   11,763    15,287    13,679    13,290    14,126  AHTS > 16K   1,669    1,378    3,790    4,057    3,346  Other   566    1,064    1,048    1,044    1,082  Total   78,205    84,109    85,325    83,266    80,381  West Africa fleet:  PSV > 900   30,203    28,064    17,012    20,044    21,743  PSV < 900   37,021    44,047    41,367    32,601    31,812  AHTS > 16K   10,172    9,602    8,916    8,065    8,048  AHTS 8 - 16K   20,775    17,898    18,453    18,466    16,316  AHTS 4 - 8K   2,086    3,185    3,100    2,827    2,370  Other   5,855    4,503    6,476    6,835    8,362  Total   106,112    107,299    95,324    88,838    88,651  Worldwide fleet:  PSV > 900   139,556    138,968    131,934    139,256    138,069  PSV < 900   107,735    124,140    119,095    108,266    103,316  AHTS > 16K   24,591    24,800    31,313    27,162    18,272  AHTS 8 - 16K   27,885    25,089    27,451    31,505    25,696  AHTS 4 - 8K   20,834    20,831    17,834    16,369    17,757  Other   10,098    9,635    10,858    14,445    15,576  Total  $ 330,699   $ 343,463   $ 338,485   $ 337,003   $ 318,686

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024  AVERAGE NUMBER OF VESSELS:   Americas fleet:  PSV > 900   10    10    10    11    11  PSV < 900   16    16    17    17    18  AHTS > 16K   2    2    2    2    2  AHTS 8 - 16K   1    1    1    2    2  AHTS 4 - 8K   2    2    2    2    2  Other   2    2    2    1    1  Total   33    33    34    35    36  Stacked vessels   (1 )   —    —    —    (1 ) Active vessels   32    33    34    35    35  Asia Pacific fleet:  PSV > 900   9    9    9    9    8  PSV < 900   5    5    5    5    5  AHTS > 16K   3    3    3    3    3  AHTS 8 - 16K   2    2    2    3    3  AHTS 4 - 8K   1    1    1    1    1  Other   —    —    —    1    1  Total   20    20    20    22    21  Stacked vessels   —    —    —    —    —  Active vessels   20    20    20    22    21  Middle East fleet:  PSV > 900   1    1    1    1    1  PSV < 900   20    20    20    20    20  AHTS 8 - 16K   5    5    5    5    5  AHTS 4 - 8K   17    17    17    17    17  Total   43    43    43    43    43  Stacked vessels   —    —    —    —    —  Active vessels   43    43    43    43    43  Europe/Mediterranean fleet:  PSV > 900   39    39    40    39    40  PSV < 900   9    9    9    9    9  AHTS > 16K   2    2    2    2    2  Total   50    50    51    50    51  Stacked vessels   —    —    —    —    —  Active vessels   50    50    51    50    51  West Africa fleet:  PSV > 900   10    10    9    9    9  PSV < 900   20    20    19    19    19  AHTS > 16K   4    4    4    4    4  AHTS 8 - 16K   13    13    13    11    11  AHTS 4 - 8K   2    3    3    4    4  Other   22    20    20    20    21  Total   71    70    68    67    68  Stacked vessels   (6 )   —    —    (1 )   (1 ) Active vessels   65    70    68    66    67  Worldwide fleet:  PSV > 900   69    69    69    69    69  PSV < 900   70    70    70    70    71  AHTS > 16K   11    11    11    11    11  AHTS 8 - 16K   21    21    21    21    21  AHTS 4 - 8K   22    23    23    24    24  Other   24    22    22    22    23  Total   217    216    216    217    219  Stacked vessels   (7 )   —    —    (1 )   (2 ) Active vessels   210    216    216    216    217   Total active   210    216    216    216    217  Total stacked   7    —    —    1    2  Total   217    216    216    217    219

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024  AVAILABLE DAYS - TOTAL FLEET:   Americas fleet:  PSV > 900   900    920    920    960    1,001  PSV < 900   1,432    1,472    1,531    1,547    1,631  AHTS > 16K   180    184    184    182    182  AHTS 8 - 16K   90    92    92    182    182  AHTS 4 - 8K   180    184    184    182    182  Other   180    184    184    123    128  Total   2,962    3,036    3,095    3,176    3,306  Asia Pacific fleet:  PSV > 900   810    828    828    819    765  PSV < 900   450    460    460    455    455  AHTS > 16K   270    276    276    273    241  AHTS 8 - 16K   180    184    221    273    273  AHTS 4 - 8K   90    92    92    91    91  Other   —    —    —    59    54  Total   1,800    1,840    1,877    1,970    1,879  Middle East fleet:  PSV > 900   90    92    92    91    91  PSV < 900   1,800    1,840    1,840    1,820    1,820  AHTS > 16K   —    —    —    —    32  AHTS 8 - 16K   450    460    460    455    455  AHTS 4 - 8K   1,530    1,564    1,564    1,547    1,547  Total   3,870    3,956    3,956    3,913    3,945  Europe/Mediterranean fleet:  PSV > 900   3,510    3,588    3,680    3,590    3,603  PSV < 900   810    828    828    819    838  AHTS > 16K   180    184    184    182    182  Total   4,500    4,600    4,692    4,591    4,623  West Africa fleet:  PSV > 900   900    920    828    819    819  PSV < 900   1,800    1,840    1,781    1,729    1,729  AHTS > 16K   360    368    368    364    364  AHTS 8 - 16K   1,180    1,196    1,159    1,001    1,001  AHTS 4 - 8K   180    235    276    330    364  Other   1,941    1,840    1,840    1,820    1,875  Total   6,361    6,399    6,252    6,063    6,152  Worldwide fleet:  PSV > 900   6,210    6,348    6,348    6,279    6,279  PSV < 900   6,292    6,440    6,440    6,370    6,473  AHTS > 16K   990    1,012    1,012    1,001    1,001  AHTS 8 - 16K   1,900    1,932    1,932    1,911    1,911  AHTS 4 - 8K   1,980    2,075    2,116    2,150    2,184  Other   2,121    2,024    2,024    2,002    2,057  Total   19,493    19,831    19,872    19,713    19,905

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024  OUT-OF-SERVICE - STACKED DAYS:   Americas fleet:  PSV < 900   82    15    —    —    84  Total   82    15    —    —    84  West Africa fleet:  AHTS 4 - 8K   49    —    —    57    91  Other   477    —    —    —    —  Total   526    —    —    57    91  Worldwide fleet:  PSV < 900   82    15    —    —    84  AHTS 4 - 8K   49    —    —    57    91  Other   477    —    —    —    —  Total   608    15    —    57    175

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024  AVAILABLE DAYS - ACTIVE FLEET:   Americas fleet:  PSV > 900   900    920    920    960    1,001  PSV < 900   1,350    1,457    1,531    1,547    1,547  AHTS > 16K   180    184    184    182    182  AHTS 8 - 16K   90    92    92    182    182  AHTS 4 - 8K   180    184    184    182    182  Other   180    184    184    123    128  Total   2,880    3,021    3,095    3,176    3,222  Asia Pacific fleet:  PSV > 900   810    828    828    819    765  PSV < 900   450    460    460    455    455  AHTS > 16K   270    276    276    273    241  AHTS 8 - 16K   180    184    221    273    273  AHTS 4 - 8K   90    92    92    91    91  Other   —    —    —    59    54  Total   1,800    1,840    1,877    1,970    1,879  Middle East fleet:  PSV > 900   90    92    92    91    91  PSV < 900   1,800    1,840    1,840    1,820    1,820  AHTS > 16K   —    —    —    —    32  AHTS 8 - 16K   450    460    460    455    455  AHTS 4 - 8K   1,530    1,564    1,564    1,547    1,547  Total   3,870    3,956    3,956    3,913    3,945  Europe/Mediterranean fleet:  PSV > 900   3,510    3,588    3,680    3,590    3,603  PSV < 900   810    828    828    819    838  AHTS > 16K   180    184    184    182    182  Total   4,500    4,600    4,692    4,591    4,623  West Africa fleet:  PSV > 900   900    920    828    819    819  PSV < 900   1,800    1,840    1,781    1,729    1,729  AHTS > 16K   360    368    368    364    364  AHTS 8 - 16K   1,180    1,196    1,159    1,001    1,001  AHTS 4 - 8K   131    235    276    273    273  Other   1,464    1,840    1,840    1,820    1,875  Total   5,835    6,399    6,252    6,006    6,061  Worldwide fleet:  PSV > 900   6,210    6,348    6,348    6,279    6,279  PSV < 900   6,210    6,425    6,440    6,370    6,389  AHTS > 16K   990    1,012    1,012    1,001    1,001  AHTS 8 - 16K   1,900    1,932    1,932    1,911    1,911  AHTS 4 - 8K   1,931    2,075    2,116    2,093    2,093  Other   1,644    2,024    2,024    2,002    2,057  Total   18,885    19,816    19,872    19,656    19,730

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024  UTILIZATION - TOTAL FLEET:   Americas fleet:  PSV > 900   78.3 %   77.4 %   83.5 %   92.2 %   87.9 % PSV < 900   53.0    74.2    76.5    80.3    70.0  AHTS > 16K   61.3    50.3    83.9    99.1    33.4  AHTS 8 - 16K   100.0    77.3    76.4    58.6    80.2  AHTS 4 - 8K   44.5    90.2    23.4    14.2    59.7  Other   91.8    72.4    69.2    99.4    100.0  Total   64.4 %   74.7 %   75.4 %   80.7 %   74.5 % Asia Pacific fleet:  PSV > 900   67.7 %   63.4 %   63.2 %   87.6 %   93.7 % PSV < 900   93.7    99.5    91.7    96.3    86.3  AHTS > 16K   66.7    75.4    81.8    65.3    53.4  AHTS 8 - 16K   64.1    64.9    58.8    80.8    75.9  AHTS 4 - 8K   56.2    100.0    91.7    78.5    100.0  Other   —    —    —    77.9    76.8  Total   73.1 %   76.2 %   73.8 %   84.9 %   84.0 % Middle East fleet:  PSV > 900   100.0 %   100.0 %   100.0 %   100.0 %   100.0 % PSV < 900   94.0    91.9    85.0    88.0    95.3  AHTS > 16K   —    —    —    —    69.3  AHTS 8 - 16K   63.7    64.3    71.0    66.6    50.1  AHTS 4 - 8K   86.3    80.8    75.8    82.9    86.5  Total   87.6 %   84.5 %   80.1 %   83.8 %   86.6 % Europe/Mediterranean fleet:  PSV > 900   88.0 %   86.1 %   86.1 %   87.4 %   88.9 % PSV < 900   79.2    93.6    81.2    87.5    90.9  AHTS > 16K   49.8    32.3    52.0    46.4    34.1  Total   84.9 %   85.3 %   83.9 %   85.8 %   87.1 % West Africa fleet:  PSV > 900   96.1 %   88.8 %   66.0 %   78.4 %   86.9 % PSV < 900   68.5    80.9    80.0    79.2    82.6  AHTS > 16K   95.6    80.1    74.7    79.5    89.8  AHTS 8 - 16K   83.0    78.6    85.5    98.2    98.6  AHTS 4 - 8K   66.7    73.4    63.3    71.9    66.7  Other   43.0    40.8    49.6    49.5    55.9  Total   68.8 %   69.8 %   69.2 %   72.9 %   77.1 % Worldwide fleet:  PSV > 900   85.3 %   82.5 %   80.3 %   87.1 %   89.2 % PSV < 900   75.4    85.5    81.6    84.3    84.3  AHTS > 16K   73.1    64.7    74.2    73.2    60.0  AHTS 8 - 16K   77.5    73.9    78.6    84.4    82.0  AHTS 4 - 8K   79.4    81.6    70.3    75.2    81.6  Other   47.2    43.7    51.4    53.4    59.2  Total   76.0 %   77.6 %   76.2 %   80.5 %   81.5 %

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024  UTILIZATION - ACTIVE FLEET:   Americas fleet:  PSV > 900   78.3 %   77.4 %   83.5 %   92.2 %   87.9 % PSV < 900   56.2    75.0    76.5    80.3    73.8  AHTS > 16K   61.3    50.3    83.9    99.1    33.4  AHTS 8 - 16K   100.0    77.3    76.4    58.6    80.2  AHTS 4 - 8K   44.5    90.2    23.4    14.2    59.7  Other   91.8    72.4    69.2    99.4    100.0  Total   66.3 %   75.1 %   75.4 %   80.7 %   76.5 % Asia Pacific fleet:  PSV > 900   67.7 %   63.4 %   63.2 %   87.6 %   93.7 % PSV < 900   93.7    99.5    91.7    96.3    86.3  AHTS > 16K   66.7    75.4    81.8    65.3    53.4  AHTS 8 - 16K   64.1    64.9    58.8    80.8    75.9  AHTS 4 - 8K   56.2    100.0    91.7    78.5    100.0  Other   —    —    —    77.9    76.8  Total   73.1 %   76.2 %   73.8 %   84.9 %   84.0 % Middle East fleet:  PSV > 900   100.0 %   100.0 %   100.0 %   100.0 %   100.0 % PSV < 900   94.0    91.9    85.0    88.0    95.3  AHTS > 16K   —    —    —    —    69.3  AHTS 8 - 16K   63.7    64.3    71.0    66.6    50.1  AHTS 4 - 8K   86.3    80.8    75.8    82.9    86.5  Total   87.6 %   84.5 %   80.1 %   83.8 %   86.6 % Europe/Mediterranean fleet:  PSV > 900   88.0 %   86.1 %   86.1 %   87.4 %   88.9 % PSV < 900   79.2    93.6    81.2    87.5    90.9  AHTS > 16K   49.8    32.3    52.0    46.4    34.1  Total   84.9 %   85.3 %   83.9 %   85.8 %   87.1 % West Africa fleet:  PSV > 900   96.1 %   88.8 %   66.0 %   78.4 %   86.9 % PSV < 900   68.5    80.9    80.0    79.2    82.6  AHTS > 16K   95.6    80.1    74.7    79.5    89.8  AHTS 8 - 16K   83.0    78.6    85.5    98.2    98.6  AHTS 4 - 8K   91.6    73.4    63.3    86.9    88.9  Other   57.0    40.8    49.6    49.5    55.9  Total   75.0 %   69.8 %   69.2 %   73.6 %   78.3 % Worldwide fleet:  PSV > 900   85.3 %   82.5 %   80.3 %   87.1 %   89.2 % PSV < 900   76.4    85.7    81.6    84.3    85.4  AHTS > 16K   73.1    64.7    74.2    73.2    60.0  AHTS 8 - 16K   77.5    73.9    78.6    84.4    82.0  AHTS 4 - 8K   81.4    81.6    70.3    77.2    85.1  Other   60.8    43.7    51.4    53.4    59.2  Total   78.4 %   77.7 %   76.2 %   80.7 %   82.3 %

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024  AVERAGE VESSEL DAY RATES: (A)   Americas fleet:  PSV > 900  $ 32,992   $ 33,907   $ 35,404   $ 35,490   $ 34,015  PSV < 900   27,862    24,479    22,986    22,542    21,499  AHTS > 16K   35,888    32,095    40,478    40,088    33,490  AHTS 8 - 16K   13,796    13,079    12,925    18,771    16,964  AHTS 4 - 8K   21,889    10,399    8,167    8,453    8,703  Other   21,251    27,870    23,420    30,266    30,423  Total   28,733    26,563    27,676    28,317    25,894  Asia Pacific fleet:  PSV > 900   37,304    35,984    37,341    30,070    32,387  PSV < 900   36,309    35,192    40,805    32,875    30,122  AHTS > 16K   48,843    52,170    54,756    43,808    35,411  AHTS 8 - 16K   20,764    23,746    35,682    35,678    21,757  AHTS 4 - 8K   21,890    21,959    25,883    17,758    17,315  Other   —    —    —    43,350    43,703  Total   36,564    36,203    40,419    32,848    30,101  Middle East fleet:  PSV > 900   16,072    16,146    15,079    14,936    14,996  PSV < 900   13,301    12,981    12,730    12,466    12,115  AHTS > 16K   —    —    —    —    12,968  AHTS 8 - 16K   12,112    11,575    10,558    10,440    10,515  AHTS 4 - 8K   12,026    11,006    10,291    9,404    9,609  Total   12,777    12,197    11,661    11,148    11,108  Europe/Mediterranean fleet:  PSV > 900   20,782    21,499    21,092    20,686    19,294  PSV < 900   18,337    19,727    20,347    18,543    18,557  AHTS > 16K   18,613    23,177    39,597    47,999    53,966  Total   20,405    21,249    21,484    20,950    19,763  West Africa fleet:  PSV > 900   34,924    34,334    31,118    31,231    30,557  PSV < 900   30,017    29,598    29,031    23,818    22,287  AHTS > 16K   29,568    32,557    32,453    27,861    24,611  AHTS 8 - 16K   21,204    19,033    18,627    18,784    16,536  AHTS 4 - 8K   17,387    18,462    17,755    11,915    9,766  Other   7,013    6,001    7,096    7,587    7,975  Total   24,244    24,038    22,044    20,093    18,687  Worldwide fleet:  PSV > 900   26,345    26,550    25,883    25,452    24,640  PSV < 900   22,697    22,550    22,666    20,170    18,932  AHTS > 16K   33,966    37,870    41,721    37,073    30,423  AHTS 8 - 16K   18,945    17,584    18,087    19,527    16,390  AHTS 4 - 8K   13,255    12,301    11,990    10,127    9,969  Other   9,746    9,691    9,410    11,968    11,797  Total  $ 22,303   $ 22,236   $ 22,275   $ 21,130   $ 19,563   Note (A):  Average Vessel Day Rates equals Vessel Revenue / Days Worked.

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024   Americas  Vessel revenues  $ 54,852   $ 60,240   $ 64,606   $ 73,142   $ 63,941   Vessel operating costs:  Crew costs   17,440    18,519    21,646    23,318    24,062  Repair and maintenance   4,266    5,271    5,227    5,645    4,534  Insurance   571    506    571    463    494  Fuel, lube and supplies   2,617    2,954    3,165    2,994    4,522  Other   10,129    6,795    5,921    5,747    5,928  Total vessel operating costs   35,023    34,045    36,530    38,167    39,540   Vessel operating margin ($)   19,829    26,195    28,076    34,975    24,401  Vessel operating margin (%)   36.2 %   43.5 %   43.5 %   47.8 %   38.2 %  Americas - Select operating statistics  Average vessels - Total fleet   33    33    34    35    36  Utilization - Total fleet   64.4 %   74.7 %   75.4 %   80.7 %   74.5 %  Average vessels - Active fleet   32    33    34    35    35  Utilization - Active fleet   66.3 %   75.1 %   75.4 %   80.7 %   76.5 %  Average day rates  $ 28,733   $ 26,563   $ 27,676   $ 28,317   $ 25,894   Vessels commencing drydocks   3    1    4    3    7    Deferred drydocking and survey costs - beginning balance  $ 31,149   $ 33,812   $ 37,103   $ 31,698   $ 28,688  Cash paid for deferred drydocking and survey costs   3,355    3,317    5,009    9,190    8,014  Amortization of deferred drydocking and survey costs   (5,916 )   (5,980 )   (5,621 )   (5,704 )   (5,004 ) Disposals, intersegment transfers and other   (145 )   —    (2,679 )   1,919    —  Deferred drydocking and survey costs - ending balance  $ 28,443   $ 31,149   $ 33,812   $ 37,103   $ 31,698

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024   Asia Pacific  Vessel revenues  $ 48,228   $ 51,043   $ 56,283   $ 55,221   $ 47,781   Vessel operating costs:  Crew costs   20,331    21,954    24,685    23,023    19,306  Repair and maintenance   2,270    4,304    3,834    3,092    2,769  Insurance   324    319    327    278    273  Fuel, lube and supplies   1,767    2,002    2,560    2,335    1,937  Other   2,118    2,456    2,396    2,968    2,491  Total vessel operating costs   26,810    31,035    33,802    31,696    26,776   Vessel operating margin ($)   21,418    20,008    22,481    23,525    21,005  Vessel operating margin (%)   44.4 %   39.2 %   39.9 %   42.6 %   44.0 %  Asia Pacific - Select operating statistics  Average vessels - Total fleet   20    20    20    22    21  Utilization - Total fleet   73.1 %   76.2 %   73.8 %   84.9 %   84.0 %  Average vessels - Active fleet   20    20    20    22    21  Utilization - Active fleet   73.1 %   76.2 %   73.8 %   84.9 %   84.0 %  Average day rates  $ 36,564   $ 36,203   $ 40,419   $ 32,848   $ 30,101   Vessels commencing drydocks   4    —    2    2    3    Deferred drydocking and survey costs - beginning balance  $ 10,418   $ 11,248   $ 8,744   $ 8,376   $ 3,769  Cash paid for deferred drydocking and survey costs   7,253    1,138    4,069    1,602    4,734  Amortization of deferred drydocking and survey costs   (2,046 )   (1,968 )   (1,565 )   (1,234 )   (844 ) Disposals, intersegment transfers and other   (1,815 )   —    —    —    717  Deferred drydocking and survey costs - ending balance  $ 13,810   $ 10,418   $ 11,248   $ 8,744   $ 8,376

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024   Middle East  Vessel revenues  $ 43,302   $ 40,772   $ 36,947   $ 36,536   $ 37,932   Vessel operating costs:  Crew costs   13,280    13,509    13,071    13,540    13,270  Repair and maintenance   4,100    4,162    4,625    4,300    4,508  Insurance   529    488    510    464    420  Fuel, lube and supplies   2,039    2,599    2,842    2,274    2,304  Other   4,588    4,932    6,000    7,138    6,006  Total vessel operating costs   24,536    25,690    27,048    27,716    26,508   Vessel operating margin ($)   18,766    15,082    9,899    8,820    11,424  Vessel operating margin (%)   43.3 %   37.0 %   26.8 %   24.1 %   30.1 %  Middle East - Select operating statistics  Average vessels - Total fleet   43    43    43    43    43  Utilization - Total fleet   87.6 %   84.5 %   80.1 %   83.8 %   86.6 %  Average vessels - Active fleet   43    43    43    43    43  Utilization - Active fleet   87.6 %   84.5 %   80.1 %   83.8 %   86.6 %  Average day rates  $ 12,777   $ 12,197   $ 11,661   $ 11,148   $ 11,108   Vessels commencing drydocks   4    6    4    3    11    Deferred drydocking and survey costs - beginning balance  $ 21,792   $ 24,159   $ 23,089   $ 23,690   $ 19,331  Cash paid for deferred drydocking and survey costs   13,464    1,328    4,764    2,737    7,520  Amortization of deferred drydocking and survey costs   (3,833 )   (3,695 )   (3,694 )   (3,338 )   (3,161 ) Disposals, intersegment transfers and other   —    —    —    —    —  Deferred drydocking and survey costs - ending balance  $ 31,423   $ 21,792   $ 24,159   $ 23,089   $ 23,690

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024   Europe/Mediterranean  Vessel revenues  $ 78,205   $ 84,109   $ 85,325   $ 83,266   $ 80,381   Vessel operating costs:  Crew costs   27,111    26,993    28,818    27,085    26,282  Repair and maintenance   6,711    8,458    7,279    7,058    5,493  Insurance   848    827    827    761    756  Fuel, lube and supplies   3,147    3,171    3,924    3,461    4,094  Other   4,738    5,180    4,974    4,351    4,359  Total vessel operating costs   42,555    44,629    45,822    42,716    40,984   Vessel operating margin ($)   35,650    39,480    39,503    40,550    39,397  Vessel operating margin (%)   45.6 %   46.9 %   46.3 %   48.7 %   49.0 %  Europe/Mediterranean - Select operating statistics  Average vessels - Total fleet   50    50    51    50    51  Utilization - Total fleet   84.9 %   85.3 %   83.9 %   85.8 %   87.1 %  Average vessels - Active fleet   50    50    51    50    51  Utilization - Active fleet   84.9 %   85.3 %   83.9 %   85.8 %   87.1 %  Average day rates  $ 20,405   $ 21,249   $ 21,484   $ 20,950   $ 19,763   Vessels commencing drydocks   6    4    8    8    16    Deferred drydocking and survey costs - beginning balance  $ 38,431   $ 41,637   $ 34,779   $ 27,260   $ 21,078  Cash paid for deferred drydocking and survey costs   8,786    3,554    12,225    11,584    10,876  Amortization of deferred drydocking and survey costs   (6,206 )   (6,126 )   (5,367 )   (4,065 )   (3,359 ) Disposals, intersegment transfers and other   —    (634 )   —    —    (1,335 ) Deferred drydocking and survey costs - ending balance  $ 41,011   $ 38,431   $ 41,637   $ 34,779   $ 27,260

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024   West Africa  Vessel revenues  $ 106,112   $ 107,299   $ 95,324   $ 88,838   $ 88,651   Vessel operating costs:  Crew costs   18,951    19,010    19,488    19,265    19,432  Repair and maintenance   4,607    4,536    4,589    4,648    4,044  Insurance   762    717    730    659    637  Fuel, lube and supplies   4,808    4,552    4,722    4,498    4,461  Other   6,927    6,170    5,923    7,148    5,174  Total vessel operating costs   36,055    34,985    35,452    36,218    33,748   Vessel operating margin ($)   70,057    72,314    59,872    52,620    54,903  Vessel operating margin (%)   66.0 %   67.4 %   62.8 %   59.2 %   61.9 %  West Africa - Select operating statistics  Average vessels - Total fleet   71    70    68    67    68  Utilization - Total fleet   68.8 %   69.8 %   69.2 %   72.9 %   77.1 %  Average vessels - Active fleet   65    70    68    66    67  Utilization - Active fleet   75.0 %   69.8 %   69.2 %   73.6 %   78.3 %  Average day rates  $ 24,244   $ 24,038   $ 22,044   $ 20,093   $ 18,687   Vessels commencing drydocks   7    1    5    4    7    Deferred drydocking and survey costs - beginning balance  $ 50,760   $ 50,088   $ 44,942   $ 37,615   $ 33,832  Cash paid for deferred drydocking and survey costs   10,481    8,337    9,416    14,970    8,874  Amortization of deferred drydocking and survey costs   (8,417 )   (8,115 )   (6,949 )   (5,724 )   (5,091 ) Disposals, intersegment transfers and other   1,815    450    2,679    (1,919 )   —  Deferred drydocking and survey costs - ending balance  $ 54,639   $ 50,760   $ 50,088   $ 44,942   $ 37,615

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024   Worldwide  Vessel revenues  $ 330,699   $ 343,463   $ 338,485   $ 337,003   $ 318,686   Vessel operating costs:  Crew costs   97,113    99,985    107,708    106,231    102,352  Repair and maintenance   21,954    26,731    25,554    24,743    21,348  Insurance   3,034    2,857    2,965    2,625    2,580  Fuel, lube and supplies   14,378    15,278    17,213    15,562    17,318  Other   28,500    25,533    25,214    27,352    23,958  Total vessel operating costs   164,979    170,384    178,654    176,513    167,556   Vessel operating margin ($)   165,720    173,079    159,831    160,490    151,130  Vessel operating margin (%)   50.1 %   50.4 %   47.2 %   47.6 %   47.4 %  Worldwide - Select operating statistics  Average vessels - Total fleet   217    216    216    217    219  Utilization - Total fleet   76.0 %   77.6 %   76.2 %   80.5 %   81.5 %  Average vessels - Active fleet   210    216    216    216    217  Utilization - Active fleet   78.4 %   77.7 %   76.2 %   80.7 %   82.3 %  Average day rates  $ 22,303   $ 22,236   $ 22,275   $ 21,130   $ 19,563   Vessels commencing drydocks   24    12    23    20    44    Deferred drydocking and survey costs - beginning balance  $ 152,550   $ 160,944   $ 148,657   $ 128,639   $ 106,698  Cash paid for deferred drydocking and survey costs   43,339    17,674    35,483    40,083    40,018  Amortization of deferred drydocking and survey costs   (26,418 )   (25,884 )   (23,196 )   (20,065 )   (17,459 ) Disposals, intersegment transfers and other   (145 )   (184 )   —    —    (618 ) Deferred drydocking and survey costs - ending balance  $ 169,326   $ 152,550   $ 160,944   $ 148,657   $ 128,639

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In Thousands)  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024   Net income  $ 42,320   $ 36,619   $ 45,991   $ 49,917   $ 46,745   Interest and other debt costs   16,344    16,742    17,622    19,127    19,476  Income tax expense   26,109    16,376    12,883    7,887    13,070  Depreciation   39,014    38,736    39,239    39,380    38,811  Amortization of deferred drydock and survey costs   26,418    25,884    23,196    20,065    17,459  Amortization of below market contracts   (351 )   (1,071 )   (1,073 )   (1,650 )   (1,206 ) EBITDA (A), (B), (C)   149,854    133,286    137,858    134,726    134,355   Non-cash indemnification assets credit   834    242    553    1,556    1,122  Non-cash stock compensation expense   3,491    3,886    3,569    3,460    2,766  Acquisition, restructuring and integration related costs   —    978    581    —    709  Adjusted EBITDA (A), (B), (C)  $ 154,179   $ 138,392   $ 142,561   $ 139,742   $ 138,952   Note (A):  EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization of deferred drydock and below market contracts. Additionally, Adjusted EBITDA excludes non-cash indemnification assets charge included in interest income and other; non-cash stock-based compensation expense; and acquisition, restructuring and integration related costs.

Note (B):  EBITDA for the three months ended March 31, 2025, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,491, $3,886, $3,569, $3,460 and $2,766 respectively.

Note (C):  EBITDA and Adjusted EBITDA for the three months ended March 31, 2025, and for each of the prior four quarters includes foreign exchange gain (losses) of $7,569, $(14,337), $5,522, $(2,376) and $(4,085) respectively.

Non-GAAP Financial Measures

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

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

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

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

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In Thousands)  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024   Net cash provided by operating activities (A)  $ 85,973   $ 91,303   $ 49,136   $ 78,645   $ 54,765   Cash interest expense   17,505    12,816    23,535    14,925    15,621  Interest income and other   (2,157 )   (2,697 )   (1,028 )   (1,175 )   (1,483 ) Indemnification assets charge   (834 )   (242 )   (553 )   (1,556 )   (1,122 ) Additions to property and equipment   (10,266 )   (4,534 )   (5,712 )   (6,392 )   (10,942 ) Expansion capital   27    63    55    66    71  90,248   96,709   65,433   84,513   56,910   Proceeds from asset sales   4,416    10,316    1,557    3,056    12,463   Free cash flow  $ 94,664   $ 107,025   $ 66,990   $ 87,569   $ 69,373

Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by operating activities adjusted for capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income and other. Free cash flow excludes indemnification assets charge included in interest income and other. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.

Note (A): Net cash provided by operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:  Three Months Ended  March 31,   December 31,   September 30,   June 30,   March 31,  2025   2024   2024   2024   2024  Cash provided by (used in) changes in assets and liabilities, excluding drydock payments  $ 17,110   $ 8,846   $ (27,812 )  $ 7,818   $ (640 ) Cash paid for deferred drydock and survey costs   (43,339 )   (17,674 )   (35,483 )   (40,083 )   (40,018 ) Total uses of cash for changes in assets and liabilities  $ (26,229 )  $ (8,828 )  $ (63,295 )  $ (32,265 )  $ (40,658 )

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Contacts

Tidewater Inc.
West Gotcher
Senior Vice President,
Strategy, Corporate Development and Investor Relations
+1.713.470.5285

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