Tidewater (TDW) investor relations material

Executive summary

• Largest global offshore support vessel operator with 209 owned vessels, a high-specification fleet, and a strong international presence across all major offshore regions.

• Q3 2025 revenue reached $341.1 million, up 0.2% year-over-year, with an average day rate of $22,798, and improved vessel utilization in most segments.

• Net loss for Q3 2025 was $0.8 million, impacted by a $27.1 million charge for early debt extinguishment, while adjusted EBITDA was $137.9 million.

• Free cash flow for Q3 was $82.7 million, totaling nearly $275 million for the first nine months of 2025.

• The company is committed to safety, sustainability, and long-term offshore market fundamentals, targeting a 50–60% CO2e intensity reduction by 2030.

Financial highlights

• Q3 2025 revenue: $341.1 million, gross margin: 48%, adjusted EBITDA: $137.9 million, and free cash flow: $82.7 million.

• Nine-month 2025 revenue totaled $1,016.0 million, up 2% year-over-year; net income for the period was $114.8 million, down 20% year-over-year.

• Cash and cash equivalents at September 30, 2025, were $428.2 million, with a strong liquidity position and a $250 million undrawn revolving credit facility.

• Net debt/EBITDA at Q3 end was 0.4x, reflecting a robust balance sheet.

• Share repurchase authorization stands at $500 million, with $91 million in shares repurchased YTD.

Outlook and guidance

• 2025 full-year revenue guidance narrowed to $1.33–$1.35 billion, gross margin 49–50%; 2026 guidance initiated at $1.32–$1.37 billion, gross margin 48–50%.

• 99% of 2025 revenue guidance is covered by completed and contracted revenue.

• Utilization expected to be roughly flat sequentially; 2026 utilization assumed at ~80%.

• Growth in drilling activity expected to pick up in the second half of 2026, with even quarterly revenue cadence anticipated.

• Management expects continued positive upstream investment momentum, though sustained oil prices in the low $60s may delay some projects.