Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2024

Business Wire

Thu, Feb 27, 2025, 2:18 PM 14 min read

Revenue of $1,345.8 million, a 33.3% increase from 2023
Average day rate increased to $21,273 per day, $4,471, or 26.6%, higher than 2023
Net income of $180.7 million, an increase of $83.5 million, or 85.9%, from 2023
Adjusted EBITDA of $559.6 million, an increase of $172.9 million, or 44.7%, from 2023
- Net Income and Adjusted EBITDA adversely impacted by the $15.3 million foreign exchange loss due the strengthening of the U.S. dollar
Net cash provided by operating activities of $273.8 million, an increase of $169.1 million, or 161.5%, from 2023
Free cash flow of $331.0 million, an increase of $219.6 million, or 197.1% from 2023
Repurchased 1.4 million shares during full-year 2024 for $90.7 million at an average price of $65.53 per share

Fourth Quarter 2024 Highlights

Revenue of $345.1 million
Average day rate of $22,236 per day
Net income of $36.9 million and Adjusted EBITDA of $138.4 million
- Net Income and Adjusted EBITDA adversely impacted by the $14.3 million foreign exchange loss due the strengthening of the U.S. dollar
Net cash provided by operating activities of $91.3 million and free cash flow of $107.0 million
Repurchased 864,104 shares during the fourth quarter for $44.1 million at an average price of $51.02 per share

Share Repurchase Authorization and 2025 Guidance

Board approves additional share repurchase authorization of $90.3 million, the maximum permissible amount under existing debt agreements
Initiating 2025 revenue guidance of $1.32 to $1.38 billion and 2025 gross margin guidance of 48% to 50%

HOUSTON, February 27, 2025--(BUSINESS WIRE)--Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2024 of $345.1 million and $1,345.8 million, respectively, compared with $302.7 million and $1,010.0 million, respectively, for the three and twelve months ended December 31, 2023. Tidewater's net income for the three and twelve months ended December 31, 2024, was $36.9 million ($0.70 per common share) and $180.7 million ($3.40 per common share), respectively, compared with net income of $37.7 million ($0.70 per common share) and $97.2 million ($1.84 per common share), respectively, for the three and twelve months ended December 31, 2023.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, "2024 proved to be a successful year by all measures. Revenue, gross margin, earnings and free cash flow all increased significantly as the fundamental supply and demand imbalance in the offshore vessel market persisted. Day rate progression realized during the year is the most substantial we’ve experienced since the offshore recovery began and well-beyond the historical rate of annual day rate progression we’ve seen in prior cycles. The financial successes realized during 2024 can be attributed to our multi-year effort to high-grade the fleet through the disposal of older, smaller vessels and through the acquisition of younger, higher-specification vessels, along with our short-term contracting strategy that has allowed us to realize the day rate benefits of vessel scarcity in a healthy demand environment.

"Free cash flow for the year was $331.0 million, a significant increase from the prior year, driven by improving day rate realization and the full year’s benefit of the acquisition completed in 2023. During the year, we used $103.0 million of cash to pay down the required amortization on our outstanding debt and $119.4 million to reduce the number of shares outstanding, inclusive of both open market repurchases and the reduction of shares in exchange for payment of employee taxes on the vesting of equity compensation. We are pleased with the free cash flow generation of the business and remain committed to directing our free cash flow to avenues to enhance shareholder value.

"The fourth quarter of 2024 came in slightly better than anticipated, with revenue of $345.1 million driven by an uptick in utilization and gross margin cresting the 50% threshold for the first time in nearly 16 years. Adjusted EBITDA of $138.4 million and net income of $36.9 million were both adversely impacted by the $14.3 million foreign exchange loss due to the strengthening of the U.S. dollar. Free cash flow of $107.0 million improved nearly 60% sequentially primarily through a combination of an increase in gross margin and a reduction in drydock spend. During the fourth quarter, we returned over 41% of our free cash flow to shareholders in the form of share repurchases. The $44.1 million of share repurchases during the fourth quarter was the maximum permissible amount of repurchases available to us under our existing debt agreements and was the largest amount of shares repurchased since the share repurchase program commenced in the fourth quarter of 2023.

"Given our expectations for free cash flow for 2025 and the health of our balance sheet, we are pleased to announce that the Board has authorized a new share repurchase program, under which we are authorized to purchase up to $90.3 million of the Company’s common stock. Our current unused capacity is similarly $90.3 million. The new authorization represents the maximum permissible amount of share repurchases under our existing debt agreements. Our desire to repurchase shares at current trading levels remains strong and we will continue to take advantage of the inefficiencies we see in the market.

"Visibility for 2025 has improved and can be characterized by a relatively slow start to the year, with improving demand fundamentals as we progress towards the end of the year. We anticipate revenue, gross margin and free cash flow for 2025 to look similar to or slightly better than 2024. We are encouraged by the nature of conversations with our customers as it relates to their longer-term plans for continued growth in offshore activity. Offshore vessel supply remains in a favorable position, with only modest additions to the newbuild orderbook and no new deliveries expected during 2025. We are confident that the fundamental supply and demand forces that have propelled our financial performance over the last few years remain intact and that as the anticipated growth in offshore activity resumes, we will be well positioned to continue to drive material improvements in the financial performance of the business."

In addition to the number of outstanding shares, as of December 31, 2024, the Company also has the following in-the-money warrants.

Common shares outstanding			51,461,472
New Creditor Warrants (strike price $0.001 per common share)			76,175
GulfMark Creditor Warrants (strike price $0.01 per common share)			77,204
Total			51,614,851

Tidewater will hold a conference call to discuss results for the three months ending December 31, 2024 on February 28, 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: 5089610 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 February 28, 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; 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 December 31, 2024 and December 31, 2023; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and twelve months ended December 31, 2024 and 2023; and the Consolidated Statements of Cash Flows for the twelve months ended December 31, 2024 and 2023. Extracts are drawn from the December 31, 2024 and 2023 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						Twelve Months Ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Revenues:
Vessel revenues	$	343,463		$	300,515		$	1,337,637		$	998,993
Other operating revenues		1,622			2,143			8,198			10,992
Total revenues		345,085			302,658			1,345,835			1,009,985
Costs and expenses:
Vessel operating costs		170,384			158,553			693,107			556,515
Costs of other operating revenues		688			1,337			3,555			4,342
General and administrative		30,688			24,724			110,817			95,283
Depreciation and amortization		64,620			59,167			242,770			180,331
Gain on asset dispositions, net		(2,672	)		(4,218	)		(15,762	)		(8,701	)
Total costs and expenses		263,708			239,563			1,034,487			827,770
Operating income		81,377			63,095			311,348			182,215
Other income (expense):
Foreign exchange gain (loss)		(14,337	)		2,250			(15,276	)		(1,370	)
Equity in net earnings of unconsolidated companies		—			10			—			39
Interest income and other, net		2,697			3,029			6,383			6,517
Interest and other debt costs, net		(16,742	)		(20,263	)		(72,967	)		(48,472	)
Total other expense		(28,382	)		(14,974	)		(81,860	)		(43,286	)
Income before income taxes		52,995			48,121			229,488			138,929
Income tax expense		16,376			10,793			50,216			43,308
Net income		36,619			37,328			179,272			95,621
Less: Net loss attributable to noncontrolling interests		(286	)		(336	)		(1,384	)		(1,564	)
Net income attributable to Tidewater Inc.	$	36,905		$	37,664		$	180,656		$	97,185
Basic income per common share	$	0.71		$	0.72		$	3.44		$	1.88
Diluted income per common share	$	0.70		$	0.70		$	3.40		$	1.84
Weighted average common shares outstanding		52,315			52,648			52,452			51,591
Dilutive effect of warrants, restricted stock units and stock options		514			1,351			619			1,346
Adjusted weighted average common shares		52,829			53,999			53,071			52,937



TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)

	December 31, 2024			December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	324,918		$	274,437
Restricted cash		2,032			1,241
Trade and other receivables, less allowance for credit losses of $3,184 and $15,914 as of December 31, 2024 and 2023, respectively		323,805			268,352
Marine operating supplies		34,319			31,933
Prepaid expenses and other current assets		13,588			15,172
Total current assets		698,662			591,135
Net properties and equipment		1,184,282			1,315,122
Deferred drydocking and survey costs		152,550			106,698
Indemnification assets		11,946			17,370
Other assets		27,464			32,449
Total assets	$	2,074,904		$	2,062,774

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	71,385		$	44,931
Accrued expenses		129,894			125,590
Current portion of long-term debt		65,386			103,077
Other current liabilities		64,948			55,133
Total current liabilities		331,613			328,731
Long-term debt		571,710			631,361
Other liabilities		60,396			64,985

Commitments and contingencies

Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized. 51,461,472 and 52,259,303 shares issued and outstanding at December 31, 2024 and 2023, respectively		52			52
Additional paid-in-capital		1,656,830			1,671,759
Accumulated deficit		(548,831	)		(637,838	)
Accumulated other comprehensive loss		6,060			5,266
Total stockholders' equity		1,114,111			1,039,239
Noncontrolling interests		(2,926	)		(1,542	)
Total equity		1,111,185			1,037,697
Total liabilities and equity	$	2,074,904		$	2,062,774



TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands)

	Three Months Ended					Twelve Months Ended
	December 31, 2024		December 31, 2023			December 31, 2024		December 31, 2023
Net income	$	36,619	$	37,328		$	179,272	$	95,621
Other comprehensive income (loss):
Unrealized gain on note receivable		—		682			283		213
Change in supplemental executive retirement plan pension liability		318		(525	)		318		(525	)
Change in liability of pension plans		1,150		696			193		(2,998	)
Total comprehensive income	$	38,087	$	38,181		$	180,066	$	92,311



TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)

	Twelve Months			Twelve Months
	Ended			Ended
	December 31, 2024			December 31, 2023
Cash flows from operating activities:
Net income	$	179,272		$	95,621
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		156,166			128,777
Amortization of deferred drydocking and survey costs		86,604			51,554
Amortization of debt premiums and discounts		6,741			4,619
Amortization of below market contracts		(5,000	)		(3,800	)
Deferred income taxes provision (benefit)		(2,807	)		92
Gain on asset dispositions, net		(15,762	)		(8,701	)
Gain on pension settlement		—			(2,313	)
Stock-based compensation expense		13,681			10,755
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables		(55,453	)		(109,756	)
Accounts payable		26,454			5,985
Accrued expenses		7,393			20,072
Deferred drydocking and survey costs		(133,258	)		(97,378	)
Other, net		9,818			9,178
Net cash provided by operating activities		273,849			104,705
Cash flows from investing activities:
Proceeds from asset dispositions		19,338			15,506
Proceeds from sale of notes		8,054			—
Acquisitions, net of cash acquired		—			(594,191	)
Additions to properties and equipment		(27,580	)		(31,588	)
Net cash used in investing activities		(188	)		(610,273	)
Cash flows from financing activities:
Exercise of warrants		4			111,483
Issuance of long-term debt		—			575,000
Principal payments on long-term debt		(103,030	)		(13,677	)
Purchase of common stock		(90,742	)		(35,025	)
Acquisition of non-controlling interest in a majority owned subsidiary		—			(1,427	)
Debt issuance costs		(213	)		(14,758	)
Share based awards reacquired to pay taxes		(28,614	)		(6,040	)
Net cash provided by (used in) financing activities		(222,595	)		615,556
Net change in cash, cash equivalents and restricted cash		51,066			109,988
Cash, cash equivalents and restricted cash at beginning of period		277,965			167,977
Cash, cash equivalents and restricted cash at end of period	$	329,031		$	277,965


Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	66,897	$	26,638
Income taxes	$	56,909	$	43,880
Supplemental disclosure of noncash investing activities:
Purchase of vessels	$	—	$	14,265
Supplemental disclosure of noncash financing activities:
Debt incurred for the purchase of vessels	$	—	$	15,235

Note: Cash, cash equivalents and restricted cash at December 31, 2024 includes $2.1 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 September 30, 2024	$	52		$	1,653,027	$	(541,191	)	$	4,592	$	(2,640	)	$	1,113,840
Total comprehensive income (loss)		—			—		36,905			1,468		(286	)		38,087
Exercise of warrants into common stock		—			2		—			—		—			2
Repurchase and retirement of common stock		—			—		(44,545	)		—		—			(44,545	)
Amortization of share-based awards		—			3,801		—			—		—			3,801
Balance at December 31, 2024	$	52		$	1,656,830	$	(548,831	)	$	6,060	$	(2,926	)	$	1,111,185

Balance at September 30, 2023	$	53		$	1,668,392	$	(640,128	)	$	4,413	$	(1,206	)	$	1,031,524
Total comprehensive income (loss)		—			—		37,664			853		(336	)		38,181
Repurchase and retirement of common stock		(1	)		—		(35,374	)		—		—			(35,375	)
Amortization of share-based awards		—			3,367		—			—		—			3,367
Balance at December 31, 2023	$	52		$	1,671,759	$	(637,838	)	$	5,266	$	(1,542	)	$	1,037,697


	Twelve Months Ended
										Accumulated
				Additional						other			Non
	Common			paid-in			Accumulated			comprehensive			controlling
	stock			capital			deficit			income (loss)			interest			Total
Balance at December 31, 2023	$	52		$	1,671,759		$	(637,838	)	$	5,266		$	(1,542	)	$	1,037,697
Total comprehensive income (loss)		—			—			180,656			794			(1,384	)		180,066
Exercise of warrants into common stock		—			4			—			—			—			4
Issuance of common stock		1			(1	)		—			—			—			—
Repurchase and retirement of common stock		(1	)		—			(91,649	)		—			—			(91,650	)
Amortization of share-based awards		—			(14,932	)		—			—			—			(14,932	)
Balance at December 31, 2024	$	52		$	1,656,830		$	(548,831	)	$	6,060		$	(2,926	)	$	1,111,185


Balance at December 31, 2022	$	51		$	1,556,990		$	(699,649	)	$	8,576		$	22		$	865,990
Total comprehensive income (loss)		—			—			97,185			(3,310	)		(1,564	)		92,311
Exercise of warrants into common stock		2			111,481			—			—			—			111,483
Repurchase and retirement of common stock		(1	)		—			(35,374	)		—			—			(35,375	)
Acquisition of non-controlling interest in a majority owned subsidiary		—			(1,427	)		—			—			—			(1,427	)
Amortization of share-based awards		—			4,715			—			—			—			4,715
Balance at December 31, 2023	$	52		$	1,671,759		$	(637,838	)	$	5,266		$	(1,542	)	$	1,037,697



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								Twelve Months Ended
	December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Vessel revenues:
Americas	$	60,240	18	%	$	68,425	23	%	$	261,929	20	%	$	237,205	24	%
Asia Pacific		51,043	15	%		38,632	13	%		210,328	16	%		122,235	12	%
Middle East		40,772	12	%		38,072	12	%		152,187	11	%		135,375	14	%
Europe/Mediterranean		84,109	24	%		80,743	27	%		333,081	25	%		230,217	23	%
West Africa		107,299	31	%		74,643	25	%		380,112	28	%		273,961	27	%
Total vessel revenues	$	343,463	100	%	$	300,515	100	%	$	1,337,637	100	%	$	998,993	100	%
Vessel operating costs:
Crew costs	$	99,985	29	%	$	97,537	33	%	$	416,276	31	%	$	329,473	33	%
Repair and maintenance		26,731	8	%		21,635	7	%		98,376	7	%		78,716	8	%
Insurance		2,857	1	%		2,765	1	%		11,027	1	%		9,297	1	%
Fuel, lube and supplies		15,278	5	%		15,265	5	%		65,371	5	%		60,548	6	%
Other		25,533	7	%		21,351	7	%		102,057	8	%		78,481	8	%
Total vessel operating costs		170,384	50	%		158,553	53	%		693,107	52	%		556,515	56	%
Vessel operating margin (A)	$	173,079	50	%	$	141,962	47	%	$	644,530	48	%	$	442,478	44	%

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										Twelve Months Ended
	December 31, 2024					December 31, 2023					December 31, 2024					December 31, 2023
Vessel operating profit:
Americas	$	11,206		3	%	$	16,171		5	%	$	54,779		4	%	$	42,964		4	%
Asia Pacific		12,799		4	%		11,322		4	%		59,869		4	%		38,471		4	%
Middle East		4,983		2	%		2,093		1	%		3,770		0	%		(1,051	)	(0	)%
Europe/Mediterranean		11,624		3	%		13,768		5	%		53,873		4	%		33,687		3	%
West Africa		54,157		16	%		27,360		9	%		176,432		13	%		98,447		10	%
Other operating profit		934		0	%		806		0	%		4,643		1	%		6,650		1	%
		95,703		28	%		71,520		24	%		353,366		26	%		219,168		22	%

Corporate expenses (A)		(16,998	)	(5	)%		(12,643	)	(4	)%		(57,780	)	(4	)%		(45,654	)	(5	)%
Gain on asset dispositions, net		2,672		1	%		4,218		1	%		15,762		1	%		8,701		1	%
Operating income	$	81,377		24	%	$	63,095		21	%	$	311,348		23	%	$	182,215		18	%

Note (A): General and administrative expenses for the three and twelve months ended December 31, 2024 include stock-based compensation of $3.9 million and $13.7 million, respectively. General and administrative expenses for the three months and twelve months ended December 31, 2023 include stock-based compensation of $3.5 million and $10.8 million, respectively. In addition, vessel operating and general and administrative costs for the three and twelve months ended December 31, 2024, include $1.0 million and $2.3 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and twelve months ended December 31, 2023, include $2.2 million and $10.9 million in one-time acquisition, restructuring and integration related costs, respectively.



TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA (In Thousands, except per share data)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023
Revenues:
Vessel revenues	$	343,463		$	338,485		$	337,003		$	318,686		$	300,515
Other operating revenues		1,622			1,871			2,227			2,478			2,143
Total revenues		345,085			340,356			339,230			321,164			302,658
Costs and expenses:
Vessel operating costs (A)		170,384			178,654			176,513			167,556			158,553
Costs of other operating revenue		688			901			816			1,150			1,337
General and administrative (A)		30,688			28,471			26,329			25,329			24,724
Depreciation and amortization		64,620			62,435			59,445			56,270			59,167
Gain on asset dispositions, net		(2,672	)		(51	)		(2,000	)		(11,039	)		(4,218	)
Total operating costs and expenses		263,708			270,410			261,103			239,266			239,563
Operating income		81,377			69,946			78,127			81,898			63,095
Other income (expense):
Foreign exchange gain (loss)		(14,337	)		5,522			(2,376	)		(4,085	)		2,250
Equity in net earnings (losses) of unconsolidated companies		—			—			5			(5	)		10
Interest income and other, net		2,697			1,028			1,175			1,483			3,029
Interest and other debt costs, net		(16,742	)		(17,622	)		(19,127	)		(19,476	)		(20,263	)
Total other expense		(28,382	)		(11,072	)		(20,323	)		(22,083	)		(14,974	)
Income before income taxes		52,995			58,874			57,804			59,815			48,121
Income tax expense		16,376			12,883			7,887			13,070			10,793
Net income		36,619			45,991			49,917			46,745			37,328
Net loss attributable to noncontrolling interests		(286	)		(380	)		(437	)		(281	)		(336	)
Net income attributable to Tidewater Inc.	$	36,905		$	46,371		$	50,354		$	47,026		$	37,664
Basic income per common share	$	0.71		$	0.88		$	0.96		$	0.90		$	0.72
Diluted income per common share	$	0.70		$	0.87		$	0.94		$	0.89		$	0.70
Weighted average common shares outstanding		52,315			52,490			52,684			52,320			52,648
Dilutive effect of warrants, restricted stock units and stock options		514			593			663			580			1,351
Adjusted weighted average common shares		52,829			53,083			53,347			52,900			53,999

Vessel operating margin	$	173,079		$	159,831		$	160,490		$	151,130		$	141,962

Note (A): Acquisition, restructuring and integration related costs	$	978		$	581		$	—		$	709		$	2,177



TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)

	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023
ASSETS
Current assets:
Cash and cash equivalents	$	324,918		$	280,840		$	315,897		$	280,853		$	274,437
Restricted cash		2,032			7,259			3,527			6,474			1,241
Trade and other receivables, net		323,805			293,085			280,498			285,968			268,352
Marine operating supplies		34,319			26,670			26,908			24,767			31,933
Prepaid expenses and other current assets		13,588			18,117			20,115			17,447			15,172
Total current assets		698,662			625,971			646,945			615,509			591,135
Net properties and equipment		1,184,282			1,220,056			1,253,583			1,286,618			1,315,122
Deferred drydocking and survey costs		152,550			160,944			148,657			128,639			106,698
Indemnification assets		11,946			12,216			10,920			16,642			17,370
Other assets		27,464			27,944			29,643			30,408			32,449
Total assets	$	2,074,904		$	2,047,131		$	2,089,748		$	2,077,816		$	2,062,774

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	71,385		$	64,058		$	60,740		$	51,774		$	44,931
Accrued expenses		129,894			117,878			133,149			132,190			125,590
Current portion of long-term debt		65,386			53,105			102,993			103,009			103,077
Other current liabilities		64,948			38,532			43,342			52,164			55,133
Total current liabilities		331,613			273,573			340,224			339,137			328,731
Long-term debt		571,710			597,352			607,998			620,329			631,361
Other liabilities		60,396			62,366			62,539			63,197			64,985


Equity:
Common stock		52			52			52			53			52
Additional paid-in-capital		1,656,830			1,653,027			1,649,523			1,646,061			1,671,759
Accumulated deficit		(548,831	)		(541,191	)		(573,390	)		(594,347	)		(637,838	)
Accumulated other comprehensive income		6,060			4,592			5,062			5,209			5,266
Total stockholders' equity		1,114,111			1,116,480			1,081,247			1,056,976			1,039,239
Noncontrolling interests		(2,926	)		(2,640	)		(2,260	)		(1,823	)		(1,542	)
Total equity		1,111,185			1,113,840			1,078,987			1,055,153			1,037,697
Total liabilities and equity	$	2,074,904		$	2,047,131		$	2,089,748		$	2,077,816		$	2,062,774



TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA (In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023
Cash flows from operating activities:
Net income	$	36,619		$	45,991		$	49,917		$	46,745		$	37,328
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		38,736			39,239			39,380			38,811			42,788
Amortization of deferred drydocking and survey costs		25,884			23,196			20,065			17,459			16,379
Amortization of debt premiums and discounts		1,612			1,536			1,779			1,814			1,975
Amortization of below market contracts		(1,071	)		(1,073	)		(1,650	)		(1,206	)		(1,894	)
Deferred income taxes provision (benefit)		(2,863	)		24			(41	)		73			23
Gain on asset dispositions, net		(2,672	)		(51	)		(2,000	)		(11,039	)		(4,218	)
Gain on pension settlement		—			—			—			—			(506	)
Stock-based compensation expense		3,886			3,569			3,460			2,766			3,508
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables		(30,720	)		(12,587	)		5,470			(17,616	)		(17,072	)
Accounts payable		7,327			3,318			8,966			6,843			(12,252	)
Accrued expenses		12,016			(15,271	)		4,048			6,600			5,841
Deferred drydocking and survey costs		(17,674	)		(35,483	)		(40,083	)		(40,018	)		(24,069	)
Other, net		20,223			(3,272	)		(10,666	)		3,533			(600	)
Net cash provided by operating activities		91,303			49,136			78,645			54,765			47,231
Cash flows from investing activities:
Proceeds from asset dispositions		4,470			51			2,354			12,463			5,902
Proceeds from sale of notes		5,846			1,506			702			—			—
Additions to properties and equipment		(4,534	)		(5,712	)		(6,392	)		(10,942	)		(8,386	)
Net cash provided by (used in) investing activities		5,782			(4,155	)		(3,336	)		1,521			(2,484	)
Cash flows from financing activities:
Exercise of warrants		2			—			2			—			—
Principal payments on long-term debt		(14,023	)		(62,500	)		(14,007	)		(12,500	)		(13,677	)
Purchase of common stock		(44,103	)		(13,741	)		(29,397	)		(3,501	)		(35,025	)
Debt issuance costs		(20	)		—			(58	)		(135	)		—
Share based awards reacquired to pay taxes		(86	)		(65	)		(1	)		(28,462	)		(141	)
Net cash used in financing activities		(58,230	)		(76,306	)		(43,461	)		(44,598	)		(48,843	)
Net change in cash, cash equivalents and restricted cash		38,855			(31,325	)		31,848			11,688			(4,096	)
Cash, cash equivalents and restricted cash at beginning of period		290,176			321,501			289,653			277,965			282,061
Cash, cash equivalents and restricted cash at end of period	$	329,031		$	290,176		$	321,501		$	289,653		$	277,965

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	12,816		$	23,535		$	14,925		$	15,621		$	18,186
Income taxes	$	11,268		$	12,557		$	17,481		$	15,603		$	7,295
Supplemental disclosure of noncash investing activities:
Purchase of vessels	$	—		$	—		$	—		$	—		$	2,067
Supplemental disclosure of noncash financing activities:
Debt incurred for purchase of vessels	$	—		$	—		$	—		$	—		$	3,037



TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	December 31,		September 30,		June 30,			March 31,		December 31,
	2024		2024		2024			2024		2023
VESSEL REVENUE BY VESSEL CLASS

Americas fleet:
PSV > 900	$	24,158	$	27,192	$	31,400		$	29,924	$	28,714
PSV < 900		26,743		26,926		28,010			24,531		28,143
AHTS > 16K		2,969		6,249		7,228			2,036		4,034
AHTS 8 - 16K		930		908		2,002			2,476		2,316
AHTS 4 - 8K		1,726		351		219			945		1,428
Other		3,714		2,980		4,283			4,029		3,790
Total		60,240		64,606		73,142			63,941		68,425
Asia Pacific fleet:
PSV > 900		18,881		19,535		21,578			23,210		19,485
PSV < 900		16,101		17,214		14,402			11,830		8,679
AHTS > 16K		10,851		12,358		7,815			4,555		3,759
AHTS 8 - 16K		2,836		4,640		7,874			4,507		4,706
AHTS 4 - 8K		2,020		2,182		1,269			1,576		1,601
Other		354		354		2,283			2,103		402
Total		51,043		56,283		55,221			47,781		38,632
Middle East fleet:
PSV > 900		1,485		1,387		1,359			1,365		1,378
PSV < 900		21,962		19,909		19,963			21,017		19,215
AHTS > 16K		—		—		(3	)		287		1,178
AHTS 8 - 16K		3,425		3,450		3,163			2,397		3,094
AHTS 4 - 8K		13,900		12,201		12,054			12,866		13,207
Total		40,772		36,947		36,536			37,932		38,072
Europe/Mediterranean fleet:
PSV > 900		66,380		66,808		64,875			61,827		61,559
PSV < 900		15,287		13,679		13,290			14,126		15,356
AHTS > 16K		1,378		3,790		4,057			3,346		2,437
Other		1,064		1,048		1,044			1,082		1,391
Total		84,109		85,325		83,266			80,381		80,743
West Africa fleet:
PSV > 900		28,064		17,012		20,044			21,743		15,478
PSV < 900		44,047		41,367		32,601			31,812		31,893
AHTS > 16K		9,602		8,916		8,065			8,048		6,994
AHTS 8 - 16K		17,898		18,453		18,466			16,316		11,219
AHTS 4 - 8K		3,185		3,100		2,827			2,370		2,126
Other		4,503		6,476		6,835			8,362		6,933
Total		107,299		95,324		88,838			88,651		74,643
Worldwide fleet:
PSV > 900		138,968		131,934		139,256			138,069		126,614
PSV < 900		124,140		119,095		108,266			103,316		103,286
AHTS > 16K		24,800		31,313		27,162			18,272		18,402
AHTS 8 - 16K		25,089		27,451		31,505			25,696		21,335
AHTS 4 - 8K		20,831		17,834		16,369			17,757		18,362
Other		9,635		10,858		14,445			15,576		12,516
Total	$	343,463	$	338,485	$	337,003		$	318,686	$	300,515



TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,			March 31,			December 31,
	2024		2024		2024			2024			2023
AVERAGE NUMBER OF VESSELS:

Americas fleet:
PSV > 900		10		10		11			11			12
PSV < 900		16		17		17			18			18
AHTS > 16K		2		2		2			2			2
AHTS 8 - 16K		1		1		2			2			2
AHTS 4 - 8K		2		2		2			2			2
Other		2		2		1			1			2
Total		33		34		35			36			38
Stacked vessels		—		—		—			(1	)		(1	)
Active vessels		33		34		35			35			37
Asia Pacific fleet:
PSV > 900		9		9		9			8			8
PSV < 900		5		5		5			5			5
AHTS > 16K		3		3		3			3			2
AHTS 8 - 16K		2		2		3			3			3
AHTS 4 - 8K		1		1		1			1			1
Other		—		—		1			1			—
Total		20		20		22			21			19
Stacked vessels		—		—		—			—			—
Active vessels		20		20		22			21			19
Middle East fleet:
PSV > 900		1		1		1			1			1
PSV < 900		20		20		20			20			20
AHTS > 16K		—		—		—			—			1
AHTS 8 - 16K		5		5		5			5			5
AHTS 4 - 8K		17		17		17			17			18
Total		43		43		43			43			45
Stacked vessels		—		—		—			—			—
Active vessels		43		43		43			43			45
Europe/Mediterranean fleet:
PSV > 900		39		40		39			40			39
PSV < 900		9		9		9			9			10
AHTS > 16K		2		2		2			2			2
Total		50		51		50			51			51
Stacked vessels		—		—		—			—			—
Active vessels		50		51		50			51			51
West Africa fleet:
PSV > 900		10		9		9			9			9
PSV < 900		20		19		19			19			19
AHTS > 16K		4		4		4			4			4
AHTS 8 - 16K		13		13		11			11			11
AHTS 4 - 8K		3		3		4			4			4
Other		20		20		20			21			21
Total		70		68		67			68			68
Stacked vessels		—		—		(1	)		(1	)		(1	)
Active vessels		70		68		66			67			67
Worldwide fleet:
PSV > 900		69		69		69			69			69
PSV < 900		70		70		70			71			72
AHTS > 16K		11		11		11			11			11
AHTS 8 - 16K		21		21		21			21			21
AHTS 4 - 8K		23		23		24			24			25
Other		22		22		22			23			23
Total		216		216		217			219			221
Stacked vessels		—		—		(1	)		(2	)		(2	)
Active vessels		216		216		216			217			219

Total active		216		216		216			217			219
Total stacked		—		—		1			2			2
Total		216		216		217			219			221



TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2024		2024		2024		2024		2023
AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:
PSV > 900		920		920		960		1,001		1,104
PSV < 900		1,472		1,531		1,547		1,631		1,675
AHTS > 16K		184		184		182		182		184
AHTS 8 - 16K		92		92		182		182		184
AHTS 4 - 8K		184		184		182		182		184
Other		184		184		123		128		184
Total		3,036		3,095		3,176		3,306		3,515
Asia Pacific fleet:
PSV > 900		828		828		819		765		736
PSV < 900		460		460		455		455		454
AHTS > 16K		276		276		273		241		184
AHTS 8 - 16K		184		221		273		273		276
AHTS 4 - 8K		92		92		91		91		92
Other		—		—		59		54		—
Total		1,840		1,877		1,970		1,879		1,742
Middle East fleet:
PSV > 900		92		92		91		91		92
PSV < 900		1,840		1,840		1,820		1,820		1,840
AHTS > 16K		—		—		—		32		92
AHTS 8 - 16K		460		460		455		455		460
AHTS 4 - 8K		1,564		1,564		1,547		1,547		1,615
Total		3,956		3,956		3,913		3,945		4,099
Europe/Mediterranean fleet:
PSV > 900		3,588		3,680		3,590		3,603		3,588
PSV < 900		828		828		819		838		920
AHTS > 16K		184		184		182		182		184
Total		4,600		4,692		4,591		4,623		4,692
West Africa fleet:
PSV > 900		920		828		819		819		828
PSV < 900		1,840		1,781		1,729		1,729		1,735
AHTS > 16K		368		368		364		364		368
AHTS 8 - 16K		1,196		1,159		1,001		1,001		1,012
AHTS 4 - 8K		235		276		330		364		385
Other		1,840		1,840		1,820		1,875		1,899
Total		6,399		6,252		6,063		6,152		6,227
Worldwide fleet:
PSV > 900		6,348		6,348		6,279		6,279		6,348
PSV < 900		6,440		6,440		6,370		6,473		6,624
AHTS > 16K		1,012		1,012		1,001		1,001		1,012
AHTS 8 - 16K		1,932		1,932		1,911		1,911		1,932
AHTS 4 - 8K		2,075		2,116		2,150		2,184		2,276
Other		2,024		2,024		2,002		2,057		2,083
Total		19,831		19,872		19,713		19,905		20,275



TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2024		2024		2024		2024		2023
OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:
PSV < 900		15		—		—		84		92
Total		15		—		—		84		92
West Africa fleet:
AHTS 4 - 8K		—		—		57		91		109
Other		—		—		—		—		16
Total		—		—		57		91		125
Worldwide fleet:
PSV < 900		15		—		—		84		92
AHTS 4 - 8K		—		—		57		91		109
Other		—		—		—		—		16
Total		15		—		57		175		217



TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2024		2024		2024		2024		2023
AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:
PSV > 900		920		920		960		1,001		1,104
PSV < 900		1,457		1,531		1,547		1,547		1,583
AHTS > 16K		184		184		182		182		184
AHTS 8 - 16K		92		92		182		182		184
AHTS 4 - 8K		184		184		182		182		184
Other		184		184		123		128		184
Total		3,021		3,095		3,176		3,222		3,423
Asia Pacific fleet:
PSV > 900		828		828		819		765		736
PSV < 900		460		460		455		455		454
AHTS > 16K		276		276		273		241		184
AHTS 8 - 16K		184		221		273		273		276
AHTS 4 - 8K		92		92		91		91		92
Other		—		—		59		54		—
Total		1,840		1,877		1,970		1,879		1,742
Middle East fleet:
PSV > 900		92		92		91		91		92
PSV < 900		1,840		1,840		1,820		1,820		1,840
AHTS > 16K		—		—		—		32		92
AHTS 8 - 16K		460		460		455		455		460
AHTS 4 - 8K		1,564		1,564		1,547		1,547		1,615
Total		3,956		3,956		3,913		3,945		4,099
Europe/Mediterranean fleet:
PSV > 900		3,588		3,680		3,590		3,603		3,588
PSV < 900		828		828		819		838		920
AHTS > 16K		184		184		182		182		184
Total		4,600		4,692		4,591		4,623		4,692
West Africa fleet:
PSV > 900		920		828		819		819		828
PSV < 900		1,840		1,781		1,729		1,729		1,735
AHTS > 16K		368		368		364		364		368
AHTS 8 - 16K		1,196		1,159		1,001		1,001		1,012
AHTS 4 - 8K		235		276		273		273		276
Other		1,840		1,840		1,820		1,875		1,883
Total		6,399		6,252		6,006		6,061		6,102
Worldwide fleet:
PSV > 900		6,348		6,348		6,279		6,279		6,348
PSV < 900		6,425		6,440		6,370		6,389		6,532
AHTS > 16K		1,012		1,012		1,001		1,001		1,012
AHTS 8 - 16K		1,932		1,932		1,911		1,911		1,932
AHTS 4 - 8K		2,075		2,116		2,093		2,093		2,167
Other		2,024		2,024		2,002		2,057		2,067
Total		19,816		19,872		19,656		19,730		20,058



TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	December 31,				September 30,			June 30,			March 31,			December 31,
		2024			2024			2024			2024			2023
UTILIZATION - TOTAL FLEET:

Americas fleet:
PSV > 900			77.4	%		83.5	%		92.2	%		87.9	%		77.2	%
PSV < 900			74.2			76.5			80.3			70.0			78.9
AHTS > 16K			50.3			83.9			99.1			33.4			59.0
AHTS 8 - 16K			77.3			76.4			58.6			80.2			74.0
AHTS 4 - 8K			90.2			23.4			14.2			59.7			93.7
Other			72.4			69.2			99.4			100.0			100.0
Total			74.7	%		75.4	%		80.7	%		74.5	%		78.9	%
Asia Pacific fleet:
PSV > 900			63.4	%		63.2	%		87.6	%		93.7	%		93.4	%
PSV < 900			99.5			91.7			96.3			86.3			92.3
AHTS > 16K			75.4			81.8			65.3			53.4			72.7
AHTS 8 - 16K			64.9			58.8			80.8			75.9			63.9
AHTS 4 - 8K			100.0			91.7			78.5			100.0			100.0
Other			—			—			77.9			76.8			—
Total			76.2	%		73.8	%		84.9	%		84.0	%		86.6	%
Middle East fleet:
PSV > 900			100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
PSV < 900			91.9			85.0			88.0			95.3			88.6
AHTS > 16K			—			—			—			69.3			100.0
AHTS 8 - 16K			64.3			71.0			66.6			50.1			60.4
AHTS 4 - 8K			80.8			75.8			82.9			86.5			87.6
Total			84.5	%		80.1	%		83.8	%		86.6	%		85.6	%
Europe/Mediterranean fleet:
PSV > 900			86.1	%		86.1	%		87.4	%		88.9	%		91.4	%
PSV < 900			93.6			81.2			87.5			90.9			86.8
AHTS > 16K			32.3			52.0			46.4			34.1			53.2
Total			85.3	%		83.9	%		85.8	%		87.1	%		89.0	%
West Africa fleet:
PSV > 900			88.8	%		66.0	%		78.4	%		86.9	%		64.9	%
PSV < 900			80.9			80.0			79.2			82.6			95.4
AHTS > 16K			80.1			74.7			79.5			89.8			91.1
AHTS 8 - 16K			78.6			85.5			98.2			98.6			72.4
AHTS 4 - 8K			73.4			63.3			71.9			66.7			57.6
Other			40.8			49.6			49.5			55.9			56.9
Total			69.8	%		69.2	%		72.9	%		77.1	%		73.3	%
Worldwide fleet:
PSV > 900			82.5	%		80.3	%		87.1	%		89.2	%		85.8	%
PSV < 900			85.5			81.6			84.3			84.3			87.9
AHTS > 16K			64.7			74.2			73.2			60.0			75.8
AHTS 8 - 16K			73.9			78.6			84.4			82.0			68.5
AHTS 4 - 8K			81.6			70.3			75.2			81.6			83.5
Other			43.7			51.4			53.4			59.2			60.7
Total			77.6	%		76.2	%		80.5	%		81.5	%		81.5	%



TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	December 31,				September 30,			June 30,			March 31,			December 31,
		2024			2024			2024			2024			2023
UTILIZATION - ACTIVE FLEET:

Americas fleet:
PSV > 900			77.4	%		83.5	%		92.2	%		87.9	%		77.2	%
PSV < 900			75.0			76.5			80.3			73.8			83.4
AHTS > 16K			50.3			83.9			99.1			33.4			59.0
AHTS 8 - 16K			77.3			76.4			58.6			80.2			74.0
AHTS 4 - 8K			90.2			23.4			14.2			59.7			93.7
Other			72.4			69.2			99.4			100.0			100.0
Total			75.1	%		75.4	%		80.7	%		76.5	%		81.0	%
Asia Pacific fleet:
PSV > 900			63.4	%		63.2	%		87.6	%		93.7	%		93.4	%
PSV < 900			99.5			91.7			96.3			86.3			92.3
AHTS > 16K			75.4			81.8			65.3			53.4			72.7
AHTS 8 - 16K			64.9			58.8			80.8			75.9			63.9
AHTS 4 - 8K			100.0			91.7			78.5			100.0			100.0
Other			—			—			77.9			76.8			—
Total			76.2	%		73.8	%		84.9	%		84.0	%		86.6	%
Middle East fleet:
PSV > 900			100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
PSV < 900			91.9			85.0			88.0			95.3			88.6
AHTS > 16K			—			—			—			69.3			100.0
AHTS 8 - 16K			64.3			71.0			66.6			50.1			60.4
AHTS 4 - 8K			80.8			75.8			82.9			86.5			87.6
Total			84.5	%		80.1	%		83.8	%		86.6	%		85.6	%
Europe/Mediterranean fleet:
PSV > 900			86.1	%		86.1	%		87.4	%		88.9	%		91.4	%
PSV < 900			93.6			81.2			87.5			90.9			86.8
AHTS > 16K			32.3			52.0			46.4			34.1			53.2
Total			85.3	%		83.9	%		85.8	%		87.1	%		89.0	%
West Africa fleet:
PSV > 900			88.8	%		66.0	%		78.4	%		86.9	%		64.9	%
PSV < 900			80.9			80.0			79.2			82.6			95.4
AHTS > 16K			80.1			74.7			79.5			89.8			91.1
AHTS 8 - 16K			78.6			85.5			98.2			98.6			72.4
AHTS 4 - 8K			73.4			63.3			86.9			88.9			80.4
Other			40.8			49.6			49.5			55.9			57.4
Total			69.8	%		69.2	%		73.6	%		78.3	%		74.8	%
Worldwide fleet:
PSV > 900			82.5	%		80.3	%		87.1	%		89.2	%		85.8	%
PSV < 900			85.7			81.6			84.3			85.4			89.2
AHTS > 16K			64.7			74.2			73.2			60.0			75.8
AHTS 8 - 16K			73.9			78.6			84.4			82.0			68.5
AHTS 4 - 8K			81.6			70.3			77.2			85.1			87.7
Other			43.7			51.4			53.4			59.2			61.2
Total			77.7	%		76.2	%		80.7	%		82.3	%		82.4	%



TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2024		2024		2024		2024		2023
AVERAGE VESSEL DAY RATES: (A)

Americas fleet:
PSV > 900	$	33,907	$	35,404	$	35,490	$	34,015	$	33,707
PSV < 900		24,479		22,986		22,542		21,499		21,306
AHTS > 16K		32,095		40,478		40,088		33,490		37,174
AHTS 8 - 16K		13,079		12,925		18,771		16,964		16,997
AHTS 4 - 8K		10,399		8,167		8,453		8,703		8,285
Other		27,870		23,420		30,266		30,423		18,427
Total		26,563		27,676		28,317		25,894		24,524
Asia Pacific fleet:
PSV > 900		35,984		37,341		30,070		32,387		28,351
PSV < 900		35,192		40,805		32,875		30,122		20,703
AHTS > 16K		52,170		54,756		43,808		35,411		28,120
AHTS 8 - 16K		23,746		35,682		35,678		21,757		26,680
AHTS 4 - 8K		21,959		25,883		17,758		17,315		17,404
Other		—		—		43,350		43,703		—
Total		36,203		40,419		32,848		30,101		25,378
Middle East fleet:
PSV > 900		16,146		15,079		14,936		14,996		14,972
PSV < 900		12,981		12,730		12,466		12,115		11,785
AHTS > 16K		—		—		—		12,968		12,801
AHTS 8 - 16K		11,575		10,558		10,440		10,515		11,140
AHTS 4 - 8K		11,006		10,291		9,404		9,609		9,334
Total		12,197		11,661		11,148		11,108		10,855
Europe/Mediterranean fleet:
PSV > 900		21,499		21,092		20,686		19,294		18,771
PSV < 900		19,727		20,347		18,543		18,557		19,227
AHTS > 16K		23,177		39,597		47,999		53,966		24,899
Total		21,249		21,484		20,950		19,763		19,061
West Africa fleet:
PSV > 900		34,334		31,118		31,231		30,557		28,797
PSV < 900		29,598		29,031		23,818		22,287		19,271
AHTS > 16K		32,557		32,453		27,861		24,611		20,869
AHTS 8 - 16K		19,033		18,627		18,784		16,536		15,302
AHTS 4 - 8K		18,462		17,755		11,915		9,766		9,583
Other		6,001		7,096		7,587		7,975		6,415
Total		24,038		22,044		20,093		18,687		16,356
Worldwide fleet:
PSV > 900		26,550		25,883		25,452		24,640		23,240
PSV < 900		22,550		22,666		20,170		18,932		17,734
AHTS > 16K		37,870		41,721		37,073		30,423		23,985
AHTS 8 - 16K		17,584		18,087		19,527		16,390		16,120
AHTS 4 - 8K		12,301		11,990		10,127		9,969		9,658
Other		9,691		9,410		11,968		11,797		8,397
Total	$	22,236	$	22,275	$	21,130	$	19,563	$	18,066

Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.



TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023

Americas
Vessel revenues	$	60,240		$	64,606		$	73,142		$	63,941		$	68,425

Vessel operating costs:
Crew costs		18,519			21,646			23,318			24,062			24,045
Repair and maintenance		5,271			5,227			5,645			4,534			3,846
Insurance		506			571			463			494			526
Fuel, lube and supplies		2,954			3,165			2,994			4,522			3,241
Other		6,795			5,921			5,747			5,928			5,172
Total vessel operating costs		34,045			36,530			38,167			39,540			36,830

Vessel operating margin ($)		26,195			28,076			34,975			24,401			31,595
Vessel operating margin (%)		43.5	%		43.5	%		47.8	%		38.2	%		46.2	%

Americas - Select operating statistics
Average vessels - Total fleet		33			34			35			36			38
Utilization - Total fleet		74.7	%		75.4	%		80.7	%		74.5	%		78.9	%

Average vessels - Active fleet		33			34			35			35			37
Utilization - Active fleet		75.1	%		75.4	%		80.7	%		76.5	%		81.0	%

Average day rates	$	26,563		$	27,676		$	28,317		$	25,894		$	24,524

Vessels commencing drydocks		1			4			3			7			3


Deferred drydocking and survey costs - beginning balance	$	33,812		$	37,103		$	31,698		$	28,688		$	29,684
Cash paid for deferred drydocking and survey costs		3,317			5,009			9,190			8,014			5,025
Amortization of deferred drydocking and survey costs		(5,980	)		(5,621	)		(5,704	)		(5,004	)		(5,353	)
Disposals, intersegment transfers and other		—			(2,679	)		1,919			—			(668	)
Deferred drydocking and survey costs - ending balance	$	31,149		$	33,812		$	37,103		$	31,698		$	28,688



TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)


	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023

Asia Pacific
Vessel revenues	$	51,043		$	56,283		$	55,221		$	47,781		$	38,632

Vessel operating costs:
Crew costs		21,954			24,685			23,023			19,306			15,177
Repair and maintenance		4,304			3,834			3,092			2,769			2,977
Insurance		319			327			278			273			269
Fuel, lube and supplies		2,002			2,560			2,335			1,937			1,191
Other		2,456			2,396			2,968			2,491			2,045
Total vessel operating costs		31,035			33,802			31,696			26,776			21,659

Vessel operating margin ($)		20,008			22,481			23,525			21,005			16,973
Vessel operating margin (%)		39.2	%		39.9	%		42.6	%		44.0	%		43.9	%

Asia Pacific - Select operating statistics
Average vessels - Total fleet		20			20			22			21			19
Utilization - Total fleet		76.2	%		73.8	%		84.9	%		84.0	%		86.6	%

Average vessels - Active fleet		20			20			22			21			19
Utilization - Active fleet		76.2	%		73.8	%		84.9	%		84.0	%		86.6	%

Average day rates	$	36,203		$	40,419		$	32,848		$	30,101		$	25,378

Vessels commencing drydocks		—			2			2			3			—


Deferred drydocking and survey costs - beginning balance	$	11,248		$	8,744		$	8,376		$	3,769		$	3,595
Cash paid for deferred drydocking and survey costs		1,138			4,069			1,602			4,734			(18	)
Amortization of deferred drydocking and survey costs		(1,968	)		(1,565	)		(1,234	)		(844	)		(720	)
Disposals, intersegment transfers and other		—			—			—			717			912
Deferred drydocking and survey costs - ending balance	$	10,418		$	11,248		$	8,744		$	8,376		$	3,769



TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023

Middle East
Vessel revenues	$	40,772		$	36,947		$	36,536		$	37,932		$	38,072

Vessel operating costs:
Crew costs		13,509			13,071			13,540			13,270			13,716
Repair and maintenance		4,162			4,625			4,300			4,508			4,105
Insurance		488			510			464			420			501
Fuel, lube and supplies		2,599			2,842			2,274			2,304			2,610
Other		4,932			6,000			7,138			6,006			4,906
Total vessel operating costs		25,690			27,048			27,716			26,508			25,838

Vessel operating margin ($)		15,082			9,899			8,820			11,424			12,234
Vessel operating margin (%)		37.0	%		26.8	%		24.1	%		30.1	%		32.1	%

Middle East - Select operating statistics
Average vessels - Total fleet		43			43			43			43			45
Utilization - Total fleet		84.5	%		80.1	%		83.8	%		86.6	%		85.6	%

Average vessels - Active fleet		43			43			43			43			45
Utilization - Active fleet		84.5	%		80.1	%		83.8	%		86.6	%		85.6	%

Average day rates	$	12,197		$	11,661		$	11,148		$	11,108		$	10,855

Vessels commencing drydocks		6			4			3			11			3


Deferred drydocking and survey costs - beginning balance	$	24,159		$	23,089		$	23,690		$	19,331		$	21,153
Cash paid for deferred drydocking and survey costs		1,328			4,764			2,737			7,520			1,360
Amortization of deferred drydocking and survey costs		(3,695	)		(3,694	)		(3,338	)		(3,161	)		(3,182	)
Disposals, intersegment transfers and other		—			—			—			—			—
Deferred drydocking and survey costs - ending balance	$	21,792		$	24,159		$	23,089		$	23,690		$	19,331



TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023

Europe/Mediterranean
Vessel revenues	$	84,109		$	85,325		$	83,266		$	80,381		$	80,743

Vessel operating costs:
Crew costs		26,993			28,818			27,085			26,282			25,848
Repair and maintenance		8,458			7,279			7,058			5,493			6,081
Insurance		827			827			761			756			791
Fuel, lube and supplies		3,171			3,924			3,461			4,094			3,717
Other		5,180			4,974			4,351			4,359			3,719
Total vessel operating costs		44,629			45,822			42,716			40,984			40,156

Vessel operating margin ($)		39,480			39,503			40,550			39,397			40,587
Vessel operating margin (%)		46.9	%		46.3	%		48.7	%		49.0	%		50.3	%

Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		50			51			50			51			51
Utilization - Total fleet		85.3	%		83.9	%		85.8	%		87.1	%		89.0	%

Average vessels - Active fleet		50			51			50			51			51
Utilization - Active fleet		85.3	%		83.9	%		85.8	%		87.1	%		89.0	%

Average day rates	$	21,249		$	21,484		$	20,950		$	19,763		$	19,061

Vessels commencing drydocks		4			8			8			16			5


Deferred drydocking and survey costs - beginning balance	$	41,637		$	34,779		$	27,260		$	21,078		$	16,256
Cash paid for deferred drydocking and survey costs		3,554			12,225			11,584			10,876			7,580
Amortization of deferred drydocking and survey costs		(6,126	)		(5,367	)		(4,065	)		(3,359	)		(2,758	)
Disposals, intersegment transfers and other		(634	)		—			—			(1,335	)		—
Deferred drydocking and survey costs - ending balance	$	38,431		$	41,637		$	34,779		$	27,260		$	21,078



TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023

West Africa
Vessel revenues	$	107,299		$	95,324		$	88,838		$	88,651		$	74,643

Vessel operating costs:
Crew costs		19,010			19,488			19,265			19,432			18,751
Repair and maintenance		4,536			4,589			4,648			4,044			4,626
Insurance		717			730			659			637			678
Fuel, lube and supplies		4,552			4,722			4,498			4,461			4,506
Other		6,170			5,923			7,148			5,174			5,509
Total vessel operating costs		34,985			35,452			36,218			33,748			34,070

Vessel operating margin ($)		72,314			59,872			52,620			54,903			40,573
Vessel operating margin (%)		67.4	%		62.8	%		59.2	%		61.9	%		54.4	%

West Africa - Select operating statistics
Average vessels - Total fleet		70			68			67			68			68
Utilization - Total fleet		69.8	%		69.2	%		72.9	%		77.1	%		73.3	%

Average vessels - Active fleet		70			68			66			67			67
Utilization - Active fleet		69.8	%		69.2	%		73.6	%		78.3	%		74.8	%

Average day rates	$	24,038		$	22,044		$	20,093		$	18,687		$	16,356

Vessels commencing drydocks		1			5			4			7			7


Deferred drydocking and survey costs - beginning balance	$	50,088		$	44,942		$	37,615		$	33,832		$	28,527
Cash paid for deferred drydocking and survey costs		8,337			9,416			14,970			8,874			10,121
Amortization of deferred drydocking and survey costs		(8,115	)		(6,949	)		(5,724	)		(5,091	)		(4,367	)
Disposals, intersegment transfers and other		450			2,679			(1,919	)		—			(449	)
Deferred drydocking and survey costs - ending balance	$	50,760		$	50,088		$	44,942		$	37,615		$	33,832



TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023

Worldwide
Vessel revenues	$	343,463		$	338,485		$	337,003		$	318,686		$	300,515

Vessel operating costs:
Crew costs		99,985			107,708			106,231			102,352			97,537
Repair and maintenance		26,731			25,554			24,743			21,348			21,635
Insurance		2,857			2,965			2,625			2,580			2,765
Fuel, lube and supplies		15,278			17,213			15,562			17,318			15,265
Other		25,533			25,214			27,352			23,958			21,351
Total vessel operating costs		170,384			178,654			176,513			167,556			158,553

Vessel operating margin ($)		173,079			159,831			160,490			151,130			141,962
Vessel operating margin (%)		50.4	%		47.2	%		47.6	%		47.4	%		47.2	%

Worldwide - Select operating statistics
Average vessels - Total fleet		216			216			217			219			221
Utilization - Total fleet		77.6	%		76.2	%		80.5	%		81.5	%		81.5	%

Average vessels - Active fleet		216			216			216			217			219
Utilization - Active fleet		77.7	%		76.2	%		80.7	%		82.3	%		82.4	%

Average day rates	$	22,236		$	22,275		$	21,130		$	19,563		$	18,066

Vessels commencing drydocks		12			23			20			44			18


Deferred drydocking and survey costs - beginning balance	$	160,944		$	148,657		$	128,639		$	106,698		$	99,215
Cash paid for deferred drydocking and survey costs		17,674			35,483			40,083			40,018			24,068
Amortization of deferred drydocking and survey costs		(25,884	)		(23,196	)		(20,065	)		(17,459	)		(16,380	)
Disposals, intersegment transfers and other		(184	)		—			—			(618	)		(205	)
Deferred drydocking and survey costs - ending balance	$	152,550		$	160,944		$	148,657		$	128,639		$	106,698



TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023

Net income	$	36,619		$	45,991		$	49,917		$	46,745		$	37,328

Interest and other debt costs		16,742			17,622			19,127			19,476			20,263
Income tax expense		16,376			12,883			7,887			13,070			10,793
Depreciation		38,736			39,239			39,380			38,811			42,788
Amortization of deferred drydock and survey costs		25,884			23,196			20,065			17,459			16,379
Amortization of below market contracts		(1,071	)		(1,073	)		(1,650	)		(1,206	)		(1,894	)
EBITDA (A), (B), (C)		133,286			137,858			134,726			134,355			125,657

Non-cash indemnification assets credit (charge)		242			553			1,556			1,122			(70	)
Non-cash stock compensation expense		3,886			3,569			3,460			2,766			3,508
Acquisition, restructuring and integration related costs		978			581			—			709			2,177
Adjusted EBITDA (A), (B), (C)	$	138,392		$	142,561		$	139,742		$	138,952		$	131,272

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 December 31, 2024, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,886, $3,569, $3,460, $2,766 and $3,508 respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended December 31, 2024, and for each of the prior four quarters includes foreign exchange gain (losses) of $(14,337), $5,522, $(2,376), $(4,085) and $2,250 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 impairment charges, non-cash indemnification asset charge, non-cash stock-based compensation expense and merger 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
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023

Net cash provided by operating activities (A)	$	91,303		$	49,136		$	78,645		$	54,765		$	47,231

Cash interest expense		12,816			23,535			14,925			15,621			18,186
Interest income and other		(2,697	)		(1,028	)		(1,175	)		(1,483	)		(3,029	)
Indemnification assets credit (charge)		(242	)		(553	)		(1,556	)		(1,122	)		70
Additions to property and equipment		(4,534	)		(5,712	)		(6,392	)		(10,942	)		(8,386	)
Expansion capital		63			55			66			71			1,034
	96,709			65,433			84,513			56,910			55,106

Proceeds from asset sales		10,316			1,557			3,056			12,463			5,902

Free cash flow	$	107,025		$	66,990		$	87,569		$	69,373		$	61,008

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. 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
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	8,846		$	(27,812	)	$	7,818		$	(640	)	$	(24,083	)
Cash paid for deferred drydock and survey costs		(17,674	)		(35,483	)		(40,083	)		(40,018	)		(24,069	)
Total uses of cash for changes in assets and liabilities	$	(8,828	)	$	(63,295	)	$	(32,265	)	$	(40,658	)	$	(48,152	)

View source version on businesswire.com: https://www.businesswire.com/news/home/20250221673524/en/

Contacts

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

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