Tidewater Reports Results for the Six Months Ended June 30, 2026

Second Quarter 2026 Highlights

• Revenue of $342.3 million, a 4.9% increase compared to the first quarter of 2026
• Average day rate of $22,938 per day, an increase of $655 per day, or 2.9%, compared to the first quarter of 2026
• Weighted average leading edge day rate of $24,341, a 7.5% increase compared to the first quarter of 2026
• Net income of $21.7 million and Adjusted EBITDA of $133.8 million
• Net cash provided by operating activities of $67.0 million and free cash flow of $64.4 million

Annual Guidance and Share Repurchase Program

• Updating 2026 revenue guidance range of $1.42 to $1.47 billion and 2026 gross margin guidance range of 49% to 50% pro forma for the previously announced Wilson Sons Ultratug Offshore (“WSUT”) acquisition to reflect an expected closing around September 1, 2026
• Outstanding share repurchase program authorization of $500 million

HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2026 of $342.3 million and $668.5 million, respectively, compared with $341.4 million and $674.9 million for the three and six months ended June 30, 2025. Tidewater's net income for the three and six months ended June 30, 2026, was $21.7 million ($0.43 per common share) and $27.8 million ($0.56 per common share), respectively, compared with net income of $72.9 million ($1.46 per common share) and $115.6 million ($2.27 per common share), respectively, for the three and six months ended June 30, 2025.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The second quarter of 2026 came in nicely above our expectations, driven by both revenue outperformance and lower-than-expected operating expenses. Day rate and utilization both outperformed, with revenue for the quarter coming in at $342.3 million. Gross margin of 46.9% came in well ahead of our expectations due to the increase in revenue and lower than anticipated operating expenses, but was down modestly from the first quarter due to costs associated with the conflict in the Middle East. Realized day rates improved materially during the quarter, up $655 per day, representing the largest absolute sequential day rate improvement since the third quarter of 2024. The improvement in day rates was driven primarily by our largest class of PSVs, with day rate momentum realized across multiple of our regional reporting segments. Further, new term contract fixture day rate momentum accelerated from the first quarter with our weighted average term contract rate increasing approximately 7.5% sequentially up approximately $1,690 per day to $24,341. Utilization also came in higher than anticipated during the quarter, though this was largely related to the timing of drydocks of certain vessels moving to later in the year.

“During the first quarter, Operation Epic Fury commenced in the Middle East, one of our principal operating regions. To date, we’ve yet to experience any material activity disruptions in the region and, in fact, realized our highest utilization and day rate in recent memory during the second quarter. From a cost perspective, we incurred less costs in the quarter than anticipated, though our costs do remain somewhat elevated compared to our cost structure prior to the commencement of the conflict. We’ve submitted our first batch of invoices for direct, conflict-related costs, and have received modest reimbursements associated with these submitted invoices; we continue to expect to realize additional reimbursements for conflict-related, direct cost increases. Looking forward, we expect to continue to incur conflict-related costs in the Middle East, though we have made structural adjustments to our wage schemes to minimize the impact of conflict-related wage increases.

“We recently updated the market on our expected closing timing for the WSUT acquisition. We now anticipate to close the transaction around September 1, 2026. In the interim, our integration efforts have continued and we expect a swift integration of the organization onto Tidewater’s platform, consistent with our approach and integration cadence in prior acquisitions.

“Volatility and uncertainty continue to be major themes in the global energy landscape as the conflict in the Middle East and the associated disruptions with the conflict persist. While these near-term factors can influence sentiment, the longer-term considerations for the energy sector, namely offshore activity, remain constructive. Our conversations with customers continue to point to a broad pick-up in offshore activity as we progress through this year and into 2027, with the pace of tendering for new contracts and opportunities picking up materially. We believe that the opportunity set we’re currently seeing is a function of projects already contemplated for commencement and that new projects contemplated in response to the reshaping of the global energy supply chain have yet to be developed and commercialized. We do anticipate that over time there will be incremental projects developed in response to regional energy security considerations, but the lead time to these projects is often measured in years rather than months, solidifying the long-term durability of the offshore cycle.

“We remain confident that the geographic diversification of our fleet and an established onshore infrastructure in every major offshore market globally provides us a distinct advantage to capitalize on the broad-based offshore activity increase we see ahead of us. Each factor of demand of our vessels – production support, subsea and EPCI support and drilling support – are all poised for continued growth and the supply of available offshore vessels may be insufficient to meet this heightened level of demand. We anticipate that we will continue to see leading indicators of this supply and demand imbalance, as illustrated by this quarter’s weighted average leading edge day rate, as we progress through the remainder of 2026 and that we will be the beneficiary of in 2027. We are modestly revising our 2026 revenue guidance range of $1.42 billion to $1.47 billion and our 2026 gross margin guidance range of 49% to 50% to account for the approximately two-month delay in the closing of the WSUT transaction and continued elevated, but declining, operating costs associated with the conflict in the Middle East. We expect to incur approximately $13.1 million of conflict-related costs in 2026, approximately $7.6 million of which we are contractually permitted to bill back to our customers.”

In addition to the number of outstanding shares, as of June 30, 2026, the Company also has the following in-the-money warrants.

Common shares outstanding	49,754,957
New Creditor Warrants (strike price $0.001 per common share)	21,400
GulfMark Creditor Warrants (strike price $0.01 per common share)	50,865
Total	49,827,222

Tidewater will hold a conference call to discuss results for the three months ending June 30, 2026 on August 4, 2026, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.833.461.5787 if calling from the U.S. or Canada (+1.365.657.4084 if calling from outside the U.S. or Canada) and provide Conference ID: 600 500 897 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on August 4, 2026. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

About Tidewater

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 70 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

Cautionary Statement

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

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

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

Financial information is displayed beginning on the next page.

The supplementary information presented in this press release was not audited. This press release presents extracts from the Consolidated Balance Sheets at June 30, 2026 and December 31, 2025; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2026 and 2025; and the Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025. Extracts are drawn from the June 30, 2026 unaudited quarterly and December 31, 2025 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

Revision of Previously Issued Financial Statements

Certain prior year amounts have been reclassified to conform to the current year presentation. The effects of exchange rate changes on cash and cash equivalent balances were not previously presented as a separate item in the reconciliation of the net change in cash, cash equivalents and restricted cash in our Statements of Cash Flows, but rather included as a component of net cash provided by operating activities. Accordingly, we have revised our Condensed Consolidated Statements of Cash Flows to reflect the effects of exchange rate changes on cash and cash equivalent balances for the three months ended June 30, 2025. Also, the presentation of Free cash flow has been revised to reflect the effects of exchange rate changes on cash and cash equivalent balance.

TIDEWATER INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(In Thousands, except per share data)
	Three Months Ended						Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Revenues:
Vessel revenues	$	339,731		$	336,858		$	663,149		$	667,557
Other operating revenues		2,556			4,573			5,360			7,318
Total revenues		342,287			341,431			668,509			674,875
Costs and expenses:
Vessel operating costs		180,746			167,354			346,933			332,333
Costs of other operating revenues		1,072			3,108			1,833			4,538
General and administrative		34,845			31,213			68,404			60,307
Depreciation and amortization		66,412			64,314			133,031			129,746
Gain on asset dispositions, net		(3,316	)		(5,480	)		(3,204	)		(8,018	)
Total costs and expenses		279,759			260,509			546,997			518,906
Operating income		62,528			80,922			121,512			155,969
Other income (expense):
Foreign exchange gain (loss)		(688	)		11,703			(4,091	)		19,272
Interest income and other, net		730			2,103			2,919			4,260
Interest and other debt costs, net		(16,426	)		(16,442	)		(33,317	)		(32,786	)
Total other expense		(16,384	)		(2,636	)		(34,489	)		(9,254	)
Income before income taxes		46,144			78,286			87,023			146,715
Income tax expense		25,062			5,584			59,965			31,693
Net income		21,082			72,702			27,058			115,022
Less: Net loss attributable to noncontrolling interests		(580	)		(228	)		(744	)		(561	)
Net income attributable to Tidewater Inc.	$	21,662		$	72,930		$	27,802		$	115,583
Basic income per common share	$	0.44		$	1.47		$	0.56		$	2.29
Diluted income per common share	$	0.43		$	1.46		$	0.56		$	2.27
Weighted average common shares outstanding		49,663			49,674			49,663			50,583
Dilutive effect of warrants and restricted stock units		349			337			349			350
Adjusted weighted average common shares		50,012			50,011			50,012			50,933

TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, except share and par value data)
	June 30, 2026			December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	613,544		$	578,761
Trade and other receivables, net of allowance for credit losses of $1,132 and $3,034 at June 30, 2026 and December 31, 2025, respectively		306,568			285,372
Marine operating supplies		29,501			38,482
Prepaid expenses and other current assets		17,772			11,520
Total current assets		967,385			914,135
Net properties and equipment		1,038,114			1,072,020
Deferred drydocking and survey costs		142,896			139,736
Indemnification assets		9,663			9,455
Deferred tax asset		182,469			200,939
Other assets		25,733			50,626
Total assets	$	2,366,260		$	2,386,911
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	62,610		$	66,347
Accrued expenses		133,706			153,169
Current portion of long-term debt		5,680			5,845
Other current liabilities		68,079			89,876
Total current liabilities		270,075			315,237
Long-term debt		647,523			649,048
Other liabilities		60,376			61,372
Commitments and contingencies
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 49,754,957 and 49,566,334 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively		50			50
Additional paid-in-capital		1,663,520			1,663,247
Accumulated deficit		(277,355	)		(305,157	)
Accumulated other comprehensive loss		6,949			7,248
Total stockholders' equity		1,393,164			1,365,388
Noncontrolling interests		(4,878	)		(4,134	)
Total equity		1,388,286			1,361,254
Total liabilities and equity	$	2,366,260		$	2,386,911

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In Thousands)
	Three Months Ended					Six Months Ended
	June 30, 2026			June 30, 2025		June 30, 2026			June 30, 2025
Net income	$	21,082		$	72,702	$	27,058		$	115,022
Other comprehensive income (loss):
Change in liability of pension plans		(184	)		666		(299	)		1,213
Total comprehensive income	$	20,898		$	73,368	$	26,759		$	116,235

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
	Six Months			Six Months
	Ended			Ended
	June 30, 2026			June 30, 2025
Cash flows from operating activities:
Net income	$	27,058		$	115,022
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		76,593			75,923
Amortization of deferred drydocking and survey costs		56,438			53,823
Amortization of debt premiums and discounts		2,136			2,956
Amortization of below market contracts		—			(698	)
Unrealized foreign exchange loss (gain)		2,944			(20,079	)
Deferred income taxes provision		18,700			(15,420	)
Gain on asset dispositions, net		(3,204	)		(8,018	)
Stock-based compensation expense		6,808			7,548
Changes in assets and liabilities:
Trade and other receivables		(21,196	)		7,314
Accounts payable		(3,737	)		(22,670	)
Accrued expenses		(19,463	)		(223	)
Deferred drydocking and survey costs		(59,722	)		(67,077	)
Other, net		2,867			25,668
Net cash provided by operating activities		86,222			154,069
Cash flows from investing activities:
Proceeds from asset dispositions		14,856			11,084
Proceeds from sale of notes		—			660
Additions to properties and equipment		(29,808	)		(15,492	)
Net cash used in investing activities		(14,952	)		(3,748	)
Cash flows from financing activities:
Principal payments on long-term debt		(2,904	)		(26,541	)
Purchase of common stock		—			(90,089	)
Payments on finance leases		(24,903	)		—
Debt issuance costs		(109	)		—
Share based awards reacquired to pay taxes		(6,536	)		(7,752	)
Net cash used in financing activities		(34,452	)		(124,382	)
Effects of exchange rate changes on cash, cash equivalents and restricted cash		(2,297	)		17,337
Net change in cash, cash equivalents and restricted cash		34,521			43,276
Cash, cash equivalents and restricted cash at beginning of period		581,568			329,031
Cash, cash equivalents and restricted cash at end of period	$	616,089		$	372,307

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	32,094	$	29,499
Income taxes	$	39,269	$	32,653
Supplemental disclosure of noncash investing activities:
Purchase of vessels	$	—	$	10,727
Supplemental disclosure of noncash financing activities:
Debt incurred for the purchase of vessels	$	—	$	11,479

Note:  Cash, cash equivalents and restricted cash at June 30, 2026 and 2025 includes $2.5 million and $2.9 million, respectively, in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In Thousands)
	Three Months Ended
									Accumulated
				Additional					other			Non
	Common			paid-in		Accumulated			comprehensive			controlling
	stock			capital		deficit			income			interest			Total
Balance at March 31, 2026	$	50		$	1,660,121	$	(299,017	)	$	7,133		$	(4,298	)	$	1,363,989
Total comprehensive income (loss)		—			—		21,662			(184	)		(580	)		20,898
Amortization of share-based awards		—			3,399		—			—			—			3,399
Balance at June 30, 2026	$	50		$	1,663,520	$	(277,355	)	$	6,949		$	(4,878	)	$	1,388,286
Balance at March 31, 2025	$	51		$	1,652,856	$	(545,890	)	$	6,607		$	(3,259	)	$	1,110,365
Total comprehensive income (loss)		—			—		72,930			666			(228	)		73,368
Repurchase and retirement of common stock		(1	)		—		(51,275	)		—			—			(51,276	)
Amortization of share-based awards		—			3,770		—			—			—			3,770
Balance at June 30, 2025	$	50		$	1,656,626	$	(524,235	)	$	7,273		$	(3,487	)	$	1,136,227

	Six Months Ended
										Accumulated
				Additional						other			Non
	Common			paid-in			Accumulated			comprehensive			controlling
	stock			capital			deficit			income (loss)			interest			Total
Balance at December 31, 2025	$	50		$	1,663,247		$	(305,157	)	$	7,248		$	(4,134	)	$	1,361,254
Total comprehensive income (loss)		—			—			27,802			(299	)		(744	)		26,759
Amortization of share-based awards		—			273			—			—			—			273
Balance at June 30, 2026	$	50		$	1,663,520		$	(277,355	)	$	6,949		$	(4,878	)	$	1,388,286
Balance at December 31, 2024	$	52		$	1,656,830		$	(548,831	)	$	6,060		$	(2,926	)	$	1,111,185
Total comprehensive income (loss)		—			—			115,583			1,213			(561	)		116,235
Repurchase and retirement of common stock		(2	)		—			(90,987	)		—			—			(90,989	)
Amortization of share-based awards		—			(204	)		—			—			—			(204	)
Balance at June 30, 2025	$	50		$	1,656,626		$	(524,235	)	$	7,273		$	(3,487	)	$	1,136,227

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
(In Thousands)	Three Months Ended								Six Months Ended
	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
Vessel revenues:
Americas	$	53,969	16	%	$	68,758	20	%	$	112,495	17	%	$	123,610	19	%
Asia Pacific		47,948	14	%		45,696	14	%		94,512	14	%		93,924	14	%
Middle East		48,483	14	%		40,215	12	%		94,052	14	%		83,517	12	%
Europe/Mediterranean		112,076	33	%		99,280	29	%		199,021	30	%		177,485	27	%
West Africa		77,255	23	%		82,909	25	%		163,069	25	%		189,021	28	%
Total vessel revenues	$	339,731	100	%	$	336,858	100	%	$	663,149	100	%	$	667,557	100	%
Vessel operating costs:
Crew costs	$	105,225	31	%	$	99,476	30	%	$	204,112	31	%	$	196,589	30	%
Repair and maintenance		28,953	8	%		23,937	7	%		53,757	8	%		45,891	7	%
Insurance		2,939	1	%		1,640	1	%		5,599	1	%		4,674	1	%
Fuel, lube and supplies		21,046	6	%		15,107	4	%		37,500	5	%		29,485	4	%
Other		22,583	7	%		27,194	8	%		45,965	7	%		55,694	8	%
Total vessel operating costs		180,746	53	%		167,354	50	%		346,933	52	%		332,333	50	%
Vessel operating margin (A)	$	158,985	47	%	$	169,504	50	%	$	316,216	48	%	$	335,224	50	%
Note (A):  Vessel operating margin equals vessel revenues less vessel operating costs.

The company’s operating income and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows:
(In Thousands)	Three Months Ended										Six Months Ended
	June 30, 2026					June 30, 2025					June 30, 2026					June 30, 2025
Vessel operating profit:
Americas	$	7,385		2	%	$	20,242		6	%	$	16,952		3	%	$	25,137		4	%
Asia Pacific		13,107		4	%		11,778		3	%		28,577		4	%		25,458		4	%
Middle East		6,184		2	%		3,894		1	%		12,812		2	%		12,457		2	%
Europe/Mediterranean		26,849		8	%		29,227		9	%		34,894		5	%		36,605		5	%
West Africa		24,612		7	%		26,017		8	%		61,842		9	%		77,630		12	%
Other operating profit		1,484		0	%		1,465		0	%		3,527		1	%		2,780		0	%
		79,621		23	%		92,623		27	%		158,604		24	%		180,067		27	%
Corporate expenses (A)		(20,409	)	(6	)%		(17,181	)	(5	)%		(40,296	)	(6	)%		(32,116	)	(5	)%
Gain (loss) on asset dispositions, net		3,316		1	%		5,480		2	%		3,204		0	%		8,018		1	%
Operating income	$	62,528		18	%	$	80,922		24	%	$	121,512		18	%	$	155,969		23	%

Note (A):  General and administrative expenses for the three and six months ended June 30, 2026 include stock-based compensation of $3.7 million and $6.8 million, respectively. General and administrative expenses for the three and six months ended June 30, 2025 include stock-based compensation of $4.0 million and $7.5 million, respectively. In addition, vessel operating and general and administrative costs for the three and six months ended June 30, 2026, include $1.1 million and $3.0 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and six months ended June 30, 2025, include $0.3 and $0.3 million in acquisition, restructuring and integration related costs, respectively.

TIDEWATER INC.
CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA
(In Thousands, except per share data)
	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
Revenues:
Vessel revenues	$	339,731		$	323,418		$	332,883		$	338,491		$	336,858
Other operating revenues		2,556			2,804			3,915			2,622			4,573
Total revenues		342,287			326,222			336,798			341,113			341,431
Costs and expenses:
Vessel operating costs (A)		180,746			166,187			172,119			176,130			167,354
Costs of other operating revenue		1,072			761			630			1,252			3,108
General and administrative (A)		34,845			33,559			38,968			35,256			31,213
Depreciation and amortization		66,412			66,619			66,189			66,404			64,314
(Gain) loss on asset dispositions, net		(3,316	)		112			(5,084	)		(580	)		(5,480	)
Total operating costs and expenses		279,759			267,238			272,822			278,462			260,509
Operating income		62,528			58,984			63,976			62,651			80,922
Other income (expense):
Foreign exchange gain (loss)		(688	)		(3,403	)		2,134			1,277			11,703
Interest income and other, net		730			2,189			3,454			455			2,103
Loss on early extinguishment of debt		—			—			(12	)		(27,101	)		—
Interest and other debt costs, net		(16,426	)		(16,891	)		(16,715	)		(16,589	)		(16,442	)
Total other expense		(16,384	)		(18,105	)		(11,139	)		(41,958	)		(2,636	)
Income before income taxes		46,144			40,879			52,837			20,693			78,286
Income tax expense (benefit)		25,062			34,903			(166,612	)		21,711			5,584
Net income (loss)		21,082			5,976			219,449			(1,018	)		72,702
Net loss attributable to noncontrolling interests		(580	)		(164	)		(435	)		(212	)		(228	)
Net income (loss) attributable to Tidewater Inc.	$	21,662		$	6,140		$	219,884		$	(806	)	$	72,930
Basic income (loss) per common share	$	0.44		$	0.12		$	4.44		$	(0.02	)	$	1.47
Diluted income (loss) per common share	$	0.43		$	0.12		$	4.41		$	(0.02	)	$	1.46
Weighted average common shares outstanding		49,663			49,589			49,564			49,498			49,674
Dilutive effect of warrants and restricted stock units		349			249			332			—			337
Adjusted weighted average common shares		50,012			49,838			49,896			49,498			50,011
Vessel operating margin	$	158,985		$	157,231		$	160,764		$	162,361		$	169,504
Note (A): Acquisition, restructuring and integration related costs	$	1,104		$	1,871		$	4,064		$	3,941		$	340

TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
ASSETS
Current assets:
Cash and cash equivalents	$	613,544		$	552,280		$	578,761		$	428,225		$	369,405
Restricted cash		—			—			—			—			21
Trade and other receivables, net		306,568			299,735			285,372			332,596			316,491
Marine operating supplies		29,501			29,404			38,482			27,857			24,467
Prepaid expenses and other current assets		17,772			18,195			11,520			11,652			14,123
Total current assets		967,385			899,614			914,135			800,330			724,507
Net properties and equipment		1,038,114			1,069,081			1,072,020			1,104,503			1,132,114
Deferred drydocking and survey costs		142,896			147,871			139,736			154,234			165,659
Indemnification assets		9,663			8,273			9,455			9,456			11,158
Deferred tax asset		182,469			190,614			200,939			14,511			18,346
Other assets		25,733			25,217			50,626			45,846			22,588
Total assets	$	2,366,260		$	2,340,670		$	2,386,911		$	2,128,880		$	2,074,372
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	62,610		$	58,238		$	66,347		$	42,579		$	48,715
Accrued expenses		133,706			139,525			153,169			130,879			131,305
Current portion of long-term debt		5,680			5,760			5,845			5,840			93,366
Other current liabilities		68,079			66,402			89,876			97,162			69,688
Total current liabilities		270,075			269,925			315,237			276,460			343,074
Long-term debt		647,523			648,616			649,048			649,802			531,874
Other liabilities		60,376			58,140			61,372			63,594			63,197
Equity:
Common stock		50			50			50			50			50
Additional paid-in-capital		1,663,520			1,660,121			1,663,247			1,659,820			1,656,626
Accumulated deficit		(277,355	)		(299,017	)		(305,157	)		(525,041	)		(524,235	)
Accumulated other comprehensive income		6,949			7,133			7,248			7,894			7,273
Total stockholders' equity		1,393,164			1,368,287			1,365,388			1,142,723			1,139,714
Noncontrolling interests		(4,878	)		(4,298	)		(4,134	)		(3,699	)		(3,487	)
Total equity		1,388,286			1,363,989			1,361,254			1,139,024			1,136,227
Total liabilities and equity	$	2,366,260		$	2,340,670		$	2,386,911		$	2,128,880		$	2,074,372

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA
(In Thousands)
	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
Cash flows from operating activities:
Net income (loss)	$	21,082		$	5,976		$	219,449		$	(1,018	)	$	72,702
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		38,096			38,497			37,838			37,334			36,909
Amortization of deferred drydocking and survey costs		28,316			28,122			28,351			29,070			27,405
Amortization of debt premiums and discounts		1,288			848			1,448			975			1,455
Amortization of below market contracts		—			—			(219	)		(283	)		(347	)
Unrealized foreign exchange loss (gain)		383			2,561			(2,322	)		(997	)		(10,528	)
Deferred income taxes provision (benefit)		8,311			10,389			(184,247	)		3,851			(17,767	)
Loss (gain) on asset dispositions, net		(3,316	)		112			(5,084	)		(580	)		(5,480	)
Loss on early extinguishment of debt		—			—			12			27,101			—
Stock-based compensation expense		3,745			3,063			3,454			3,481			4,057
Changes in assets and liabilities:
Trade and other receivables		(6,833	)		(14,363	)		47,224			(16,105	)		(3,587	)
Accounts payable		4,372			(8,109	)		23,768			(6,136	)		(1,488	)
Accrued expenses		(5,819	)		(13,644	)		23,080			418			(3,329	)
Deferred drydocking and survey costs		(23,341	)		(36,381	)		(13,853	)		(17,645	)		(23,738	)
Other, net		759			2,108			(25,939	)		12,613			(2,606	)
Net cash provided by operating activities		67,043			19,179			152,960			72,079			73,658
Cash flows from investing activities:
Proceeds from asset dispositions		11,527			3,329			5,331			1,204			7,268
Proceeds from sale of notes		—			—			—			—			60
Additions to properties and equipment		(14,923	)		(14,885	)		(5,147	)		(5,122	)		(5,226	)
Net cash provided by (used in) investing activities		(3,396	)		(11,556	)		184			(3,918	)		2,102
Cash flows from financing activities:
Issuance of long-term debt		—			—			—			650,000			—
Principal payments on long-term debt		(1,807	)		(1,097	)		(1,814	)		(613,587	)		(14,041	)
Purchase of common stock		—			—			—			—			(50,814	)
Payments on finance leases		—			(24,903	)		(895	)		(5,537	)		—
Debt extinguishment premium		—			—			(12	)		(19,589	)		—
Debt issuance costs		(8	)		(101	)		(844	)		(18,985	)		—
Share based awards reacquired to pay taxes		(347	)		(6,189	)		(27	)		(287	)		(287	)
Net cash used in financing activities		(2,162	)		(32,290	)		(3,592	)		(7,985	)		(65,142	)
Effects of exchange rate changes on cash, cash equivalents and restricted cash		(484	)		(1,813	)		910			(1,377	)		11,775
Net change in cash, cash equivalents and restricted cash		61,001			(26,480	)		150,462			58,799			22,393
Cash, cash equivalents and restricted cash at beginning of period		555,088			581,568			431,106			372,307			349,914
Cash, cash equivalents and restricted cash at end of period	$	616,089		$	555,088		$	581,568		$	431,106		$	372,307
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	540		$	31,554		$	576		$	17,735		$	11,994
Income taxes	$	19,347		$	19,922		$	18,366		$	9,291		$	17,505
Supplemental disclosure of noncash investing activities:
Purchase of vessels	$	—		$	—		$	—		$	—		$	1,629
Recognition of finance leases	$	—		$	—		$	5,262		$	23,396		$	—
Supplemental disclosure of noncash financing activities:
Debt incurred for purchase of vessels	$	—		$	—		$	—		$	—		$	1,767

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
	Three Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,
	2026		2026		2025		2025		2025
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900	$	23,090	$	25,153	$	29,080	$	30,460	$	26,874
PSV < 900		21,583		23,038		25,067		33,363		27,734
AHTS > 16K		3,241		4,163		6,324		6,045		5,243
AHTS 8 - 16K		1,263		888		1,322		1,259		1,110
AHTS 4 - 8K		4,039		4,006		4,069		4,221		4,153
Other		753		1,278		3,844		1,565		3,644
Total		53,969		58,526		69,706		76,913		68,758
Asia Pacific fleet:
PSV > 900		23,687		24,862		22,560		22,660		20,878
PSV < 900		20,343		18,798		14,135		12,427		11,194
AHTS > 16K		3,861		2,847		4,993		12,065		11,655
AHTS 8 - 16K		—		—		213		1,518		1,804
Other		57		57		136		5,116		165
Total		47,948		46,564		42,037		53,786		45,696
Middle East fleet:
PSV > 900		2,338		2,378		2,664		1,246		599
PSV < 900		23,248		21,284		23,507		20,221		18,849
AHTS 8 - 16K		7,424		7,304		5,413		3,681		5,175
AHTS 4 - 8K		15,473		14,603		15,437		16,887		15,592
Total		48,483		45,569		47,021		42,035		40,215
Europe/Mediterranean fleet:
PSV > 900		82,258		67,841		64,189		67,302		78,778
PSV < 900		19,792		14,249		14,470		13,901		15,739
AHTS > 16K		9,784		4,518		3,317		2,127		4,266
Other		242		337		426		410		497
Total		112,076		86,945		82,402		83,740		99,280
West Africa fleet:
PSV > 900		13,803		9,700		12,914		14,328		19,600
PSV < 900		26,409		30,512		27,074		23,817		24,815
AHTS > 16K		14,564		13,700		15,149		12,037		9,934
AHTS 8 - 16K		13,537		22,543		27,211		22,859		21,725
AHTS 4 - 8K		938		1,396		1,427		1,428		1,457
Other		8,004		7,963		7,942		7,548		5,378
Total		77,255		85,814		91,717		82,017		82,909
Worldwide fleet:
PSV > 900		145,176		129,934		131,407		135,996		146,729
PSV < 900		111,375		107,881		104,253		103,729		98,331
AHTS > 16K		31,450		25,228		29,783		32,274		31,098
AHTS 8 - 16K		22,224		30,735		34,159		29,317		29,814
AHTS 4 - 8K		20,450		20,005		20,933		22,536		21,202
Other		9,056		9,635		12,348		14,639		9,684
Total	$	339,731	$	323,418	$	332,883	$	338,491	$	336,858

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900		11			12			12			12			11
PSV < 900		14			15			17			17			16
AHTS > 16K		1			2			2			2			2
AHTS 8 - 16K		1			1			1			1			1
AHTS 4 - 8K		2			2			2			2			2
Other		1			1			2			1			2
Total		30			33			36			35			34
Stacked vessels		(4	)		(4	)		(4	)		(2	)		(2	)
Active vessels		26			29			32			33			32
Asia Pacific fleet:
PSV > 900		10			9			9			9			9
PSV < 900		7			7			5			5			5
AHTS > 16K		2			2			2			3			3
AHTS 8 - 16K		—			—			—			2			2
AHTS 4 - 8K		—			—			—			—			1
Other		—			—			—			1			—
Total		19			18			16			20			20
Stacked vessels		—			—			—			—			—
Active vessels		19			18			16			20			20
Middle East fleet:
PSV > 900		1			1			1			1			1
PSV < 900		20			20			20			20			20
AHTS 8 - 16K		7			7			7			5			5
AHTS 4 - 8K		17			17			17			17			17
Total		45			45			45			43			43
Stacked vessels		—			—			—			—			—
Active vessels		45			45			45			43			43
Europe/Mediterranean fleet:
PSV > 900		43			43			40			40			39
PSV < 900		11			10			9			9			9
AHTS > 16K		3			2			1			1			2
Total		57			55			50			50			50
Stacked vessels		—			—			—			—			—
Active vessels		57			55			50			50			50
West Africa fleet:
PSV > 900		5			5			7			7			9
PSV < 900		16			16			18			18			19
AHTS > 16K		5			5			6			5			4
AHTS 8 - 16K		13			13			13			13			14
AHTS 4 - 8K		1			1			2			2			2
Other		15			16			16			20			21
Total		55			56			62			65			69
Stacked vessels		(2	)		(3	)		(4	)		(5	)		(4	)
Active vessels		53			53			58			60			65
Worldwide fleet:
PSV > 900		70			70			69			69			69
PSV < 900		68			68			69			69			69
AHTS > 16K		11			11			11			11			11
AHTS 8 - 16K		21			21			21			21			22
AHTS 4 - 8K		20			20			21			21			22
Other		16			17			18			22			23
Total		206			207			209			213			216
Stacked vessels		(6	)		(7	)		(8	)		(7	)		(6	)
Active vessels		200			200			201			206			210
Total active		200			200			201			206			210
Total stacked		6			7			8			7			6
Total		206			207			209			213			216

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
	Three Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,
	2026		2026		2025		2025		2025
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
PSV > 900		1,001		1,063		1,082		1,060		947
PSV < 900		1,274		1,407		1,533		1,564		1,493
AHTS > 16K		91		171		184		184		182
AHTS 8 - 16K		91		90		92		92		91
AHTS 4 - 8K		182		180		184		184		182
Other		91		90		184		93		179
Total		2,730		3,001		3,259		3,177		3,074
Asia Pacific fleet:
PSV > 900		910		827		828		828		819
PSV < 900		637		583		491		460		455
AHTS > 16K		182		180		198		276		273
AHTS 8 - 16K		—		—		43		184		182
AHTS 4 - 8K		—		—		—		—		65
Other		—		—		—		91		3
Total		1,729		1,590		1,560		1,839		1,797
Middle East fleet:
PSV > 900		91		90		92		92		91
PSV < 900		1,820		1,800		1,840		1,840		1,820
AHTS 8 - 16K		637		630		601		460		455
AHTS 4 - 8K		1,547		1,530		1,564		1,564		1,547
Total		4,095		4,050		4,097		3,956		3,913
Europe/Mediterranean fleet:
PSV > 900		3,913		3,864		3,727		3,680		3,569
PSV < 900		1,001		911		859		828		812
AHTS > 16K		273		173		92		92		182
Total		5,204		4,948		4,678		4,600		4,563
West Africa fleet:
PSV > 900		455		456		619		688		853
PSV < 900		1,456		1,487		1,625		1,656		1,699
AHTS > 16K		455		466		538		460		364
AHTS 8 - 16K		1,166		1,170		1,196		1,196		1,247
AHTS 4 - 8K		91		90		154		184		182
Other		1,324		1,412		1,485		1,817		1,905
Total		4,947		5,081		5,617		6,001		6,250
Worldwide fleet:
PSV > 900		6,370		6,300		6,348		6,348		6,279
PSV < 900		6,188		6,188		6,348		6,348		6,279
AHTS > 16K		1,001		990		1,012		1,012		1,001
AHTS 8 - 16K		1,911		1,890		1,932		1,932		1,975
AHTS 4 - 8K		1,820		1,800		1,902		1,932		1,976
Other		1,415		1,502		1,669		2,001		2,087
Total		18,705		18,670		19,211		19,573		19,597

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
	Three Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,
	2026		2026		2025		2025		2025
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
PSV > 900		91		45		—		—		—
PSV < 900		273		378		385		184		182
Total		364		423		385		184		182
West Africa fleet:
AHTS 4 - 8K		—		—		62		92		91
Other		141		242		289		404		312
Total		141		242		351		496		403
Worldwide fleet:
PSV > 900		91		45		—		—		—
PSV < 900		273		378		385		184		182
AHTS 4 - 8K		—		—		62		92		91
Other		141		242		289		404		312
Total		505		665		736		680		585

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
	Three Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,
	2026		2026		2025		2025		2025
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
PSV > 900		910		1,018		1,082		1,060		947
PSV < 900		1,001		1,029		1,148		1,380		1,311
AHTS > 16K		91		171		184		184		182
AHTS 8 - 16K		91		90		92		92		91
AHTS 4 - 8K		182		180		184		184		182
Other		91		90		184		93		179
Total		2,366		2,578		2,874		2,993		2,892
Asia Pacific fleet:
PSV > 900		910		827		828		828		819
PSV < 900		637		583		491		460		455
AHTS > 16K		182		180		198		276		273
AHTS 8 - 16K		—		—		43		184		182
AHTS 4 - 8K		—		—		—		—		65
Other		—		—		—		91		3
Total		1,729		1,590		1,560		1,839		1,797
Middle East fleet:
PSV > 900		91		90		92		92		91
PSV < 900		1,820		1,800		1,840		1,840		1,820
AHTS 8 - 16K		637		630		601		460		455
AHTS 4 - 8K		1,547		1,530		1,564		1,564		1,547
Total		4,095		4,050		4,097		3,956		3,913
Europe/Mediterranean fleet:
PSV > 900		3,913		3,864		3,727		3,680		3,569
PSV < 900		1,001		911		859		828		812
AHTS > 16K		273		173		92		92		182
Total		5,204		4,948		4,678		4,600		4,563
West Africa fleet:
PSV > 900		455		456		619		688		853
PSV < 900		1,456		1,487		1,625		1,656		1,699
AHTS > 16K		455		466		538		460		364
AHTS 8 - 16K		1,166		1,170		1,196		1,196		1,247
AHTS 4 - 8K		91		90		92		92		91
Other		1,183		1,170		1,196		1,413		1,593
Total		4,806		4,839		5,266		5,505		5,847
Worldwide fleet:
PSV > 900		6,279		6,255		6,348		6,348		6,279
PSV < 900		5,915		5,810		5,963		6,164		6,097
AHTS > 16K		1,001		990		1,012		1,012		1,001
AHTS 8 - 16K		1,911		1,890		1,932		1,932		1,975
AHTS 4 - 8K		1,820		1,800		1,840		1,840		1,885
Other		1,274		1,260		1,380		1,597		1,775
Total		18,200		18,005		18,475		18,893		19,012

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	June 30,				March 31,			December 31,			September 30,			June 30,
		2026			2026			2025			2025			2025
UTILIZATION - TOTAL FLEET:
Americas fleet:
PSV > 900			64.9	%		68.2	%		74.9	%		83.6	%		87.0	%
PSV < 900			62.5			57.5			58.4			70.3			63.6
AHTS > 16K			100.0			67.4			98.1			92.7			77.3
AHTS 8 - 16K			100.0			70.8			100.0			100.0			92.7
AHTS 4 - 8K			97.3			100.0			97.3			100.0			99.5
Other			58.2			100.0			75.9			96.4			83.5
Total			68.0	%		66.1	%		70.4	%		79.4	%		75.8	%
Asia Pacific fleet:
PSV > 900			71.7	%		84.6	%		75.8	%		75.2	%		70.1	%
PSV < 900			83.2			84.2			96.0			90.3			75.0
AHTS > 16K			62.1			29.0			42.0			63.7			88.5
AHTS 8 - 16K			—			—			35.9			35.1			34.4
Other			—			—			—			99.5			—
Total			74.9	%		78.2	%		76.8	%		74.5	%		67.9	%
Middle East fleet:
PSV > 900			100.0	%		100.0	%		100.0	%		82.6	%		38.9	%
PSV < 900			86.3			79.4			82.9			79.2			76.9
AHTS 8 - 16K			82.0			81.8			69.1			65.1			95.7
AHTS 4 - 8K			74.1			75.3			79.0			86.0			81.0
Total			81.3	%		78.7	%		79.8	%		80.3	%		79.8	%
Europe/Mediterranean fleet:
PSV > 900			88.5	%		82.7	%		87.7	%		88.7	%		94.8	%
PSV < 900			92.2			77.2			85.8			81.2			92.0
AHTS > 16K			80.5			34.9			78.0			100.0			69.1
Total			88.5	%		80.0	%		87.2	%		87.5	%		93.3	%
West Africa fleet:
PSV > 900			96.3	%		66.2	%		71.0	%		66.8	%		70.1	%
PSV < 900			76.9			89.9			68.8			53.8			52.4
AHTS > 16K			94.7			86.8			87.3			79.9			85.1
AHTS 8 - 16K			54.5			84.4			96.9			84.9			75.3
AHTS 4 - 8K			66.4			100.0			59.7			50.0			50.0
Other			78.4			72.2			65.4			50.3			40.5
Total			75.3	%		81.5	%		75.7	%		62.3	%		57.6	%
Worldwide fleet:
PSV > 900			83.1	%		79.6	%		82.5	%		83.6	%		86.2	%
PSV < 900			79.8			77.1			74.8			71.5			68.9
AHTS > 16K			85.4			63.9			79.6			79.7			81.7
AHTS 8 - 16K			65.3			82.9			87.1			76.1			77.0
AHTS 4 - 8K			76.1			79.0			79.2			83.9			77.2
Other			77.1			73.8			66.5			54.6			44.1
Total			79.2	%		77.7	%		78.6	%		75.8	%		74.1	%

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	June 30,				March 31,			December 31,			September 30,			June 30,
		2026			2026			2025			2025			2025
UTILIZATION - ACTIVE FLEET:
Americas fleet:
PSV > 900			71.4	%		71.3	%		74.9	%		83.6	%		87.0	%
PSV < 900			79.5			78.7			77.9			79.7			72.4
AHTS > 16K			100.0			67.4			98.1			92.7			77.3
AHTS 8 - 16K			100.0			70.8			100.0			100.0			92.7
AHTS 4 - 8K			97.3			100.0			97.3			100.0			99.5
Other			58.2			100.0			75.9			96.4			83.5
Total			78.5	%		77.0	%		79.9	%		84.3	%		80.5	%
Asia Pacific fleet:
PSV > 900			71.7	%		84.6	%		75.8	%		75.2	%		70.1	%
PSV < 900			83.2			84.2			96.0			90.3			75.0
AHTS > 16K			62.1			29.0			42.0			63.7			88.5
AHTS 8 - 16K			—			—			35.9			35.1			34.4
Other			—			—			—			99.5			—
Total			74.9	%		78.2	%		76.8	%		74.5	%		67.9	%
Middle East fleet:
PSV > 900			100.0	%		100.0	%		100.0	%		82.6	%		38.9	%
PSV < 900			86.3			79.4			82.9			79.2			76.9
AHTS 8 - 16K			82.0			81.8			69.1			65.1			95.7
AHTS 4 - 8K			74.1			75.3			79.0			86.0			81.0
Total			81.3	%		78.7	%		79.8	%		80.3	%		79.8	%
Europe/Mediterranean fleet:
PSV > 900			88.5	%		82.7	%		87.7	%		88.7	%		94.8	%
PSV < 900			92.2			77.2			85.8			81.2			92.0
AHTS > 16K			80.5			34.9			78.0			100.0			69.1
Total			88.5	%		80.0	%		87.2	%		87.5	%		93.3	%
West Africa fleet:
PSV > 900			96.3	%		66.2	%		71.0	%		66.8	%		70.1	%
PSV < 900			76.9			89.9			68.8			53.8			52.4
AHTS > 16K			94.7			86.8			87.3			79.9			85.1
AHTS 8 - 16K			54.5			84.4			96.9			84.9			75.3
AHTS 4 - 8K			66.4			100.0			100.0			100.0			100.0
Other			87.7			87.1			81.2			64.6			48.4
Total			77.5	%		85.5	%		80.7	%		67.9	%		61.6	%
Worldwide fleet:
PSV > 900			84.3	%		80.2	%		82.5	%		83.6	%		86.2	%
PSV < 900			83.5			82.1			79.6			73.6			71.0
AHTS > 16K			85.4			63.9			79.6			79.7			81.7
AHTS 8 - 16K			65.3			82.9			87.1			76.1			77.0
AHTS 4 - 8K			76.1			79.0			81.9			88.1			80.9
Other			85.6			88.0			80.5			68.5			51.8
Total			81.4	%		80.6	%		81.7	%		78.5	%		76.4	%

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
	Three Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,
	2026		2026		2025		2025		2025
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900	$	35,554	$	34,675	$	35,891	$	34,365	$	32,617
PSV < 900		27,115		28,460		28,021		30,326		29,222
AHTS > 16K		35,619		36,124		35,038		35,435		37,252
AHTS 8 - 16K		13,878		13,944		14,368		13,672		13,151
AHTS 4 - 8K		22,816		22,253		22,733		22,942		22,943
Other		14,212		14,197		27,545		17,456		24,369
Total		29,056		29,501		30,362		30,487		29,526
Asia Pacific fleet:
PSV > 900		36,304		35,539		35,929		36,371		36,341
PSV < 900		38,381		38,297		29,975		29,908		32,803
AHTS > 16K		34,182		54,481		59,996		68,580		48,255
AHTS 8 - 16K		—		—		13,776		23,531		28,856
Other		—		—		—		55,320		—
Total		37,013		37,470		35,025		39,196		37,372
Middle East fleet:
PSV > 900		25,700		26,425		28,955		16,391		16,929
PSV < 900		14,798		14,883		15,405		13,878		13,469
AHTS 8 - 16K		14,213		14,179		13,033		12,290		11,889
AHTS 4 - 8K		13,494		12,670		12,487		12,555		12,443
Total		14,555		14,295		14,381		13,228		12,877
Europe/Mediterranean fleet:
PSV > 900		23,760		21,221		19,640		20,630		23,292
PSV < 900		21,456		20,269		19,625		20,674		21,061
AHTS > 16K		44,502		74,726		46,204		23,122		33,904
Total		24,341		21,954		20,173		20,752		23,275
West Africa fleet:
PSV > 900		31,515		32,171		29,383		31,188		32,777
PSV < 900		23,573		22,828		24,213		26,729		27,867
AHTS > 16K		33,786		33,884		32,256		32,746		32,082
AHTS 8 - 16K		21,303		22,825		23,470		22,524		23,123
AHTS 4 - 8K		15,509		15,510		15,511		15,516		16,010
Other		7,713		7,814		8,180		8,264		6,979
Total		20,751		20,732		21,583		21,940		23,035
Worldwide fleet:
PSV > 900		27,429		25,917		25,087		25,625		27,102
PSV < 900		22,547		22,617		21,959		22,867		22,722
AHTS > 16K		36,789		39,900		36,991		40,037		38,029
AHTS 8 - 16K		17,797		19,621		20,306		19,931		19,592
AHTS 4 - 8K		14,775		14,062		13,888		13,902		13,902
Other		8,303		8,687		10,923		13,127		10,147
Total	$	22,938	$	22,283	$	22,044	$	22,798	$	23,166

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

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
Americas
Vessel revenues	$	53,969		$	58,526		$	69,706		$	76,913		$	68,758
Vessel operating costs:
Crew costs		17,972			19,729			22,429			22,634			19,652
Repair and maintenance		5,706			5,228			6,286			5,350			4,830
Insurance		429			462			540			570			351
Fuel, lube and supplies		3,252			2,887			2,739			2,464			2,215
Other		5,276			5,564			5,875			4,598			5,965
Total vessel operating costs		32,635			33,870			37,869			35,616			33,013
Vessel operating margin ($)		21,334			24,656			31,837			41,297			35,745
Vessel operating margin (%)		39.5	%		42.1	%		45.7	%		53.7	%		52.0	%
Americas - Select operating statistics
Average vessels - Total fleet		30			33			36			35			34
Utilization - Total fleet		68.0	%		66.1	%		70.4	%		79.4	%		75.8	%
Average vessels - Active fleet		26			29			32			33			32
Utilization - Active fleet		78.5	%		77.0	%		79.9	%		84.3	%		80.5	%
Average day rates	$	29,056		$	29,501		$	30,362		$	30,487		$	29,526
Vessels commencing drydocks		3			4			3			—			1
Deferred drydocking and survey costs - beginning balance	$	19,996		$	19,907		$	22,400		$	25,608		$	28,443
Cash paid for deferred drydocking and survey costs		3,634			10,685			2,858			1,082			1,027
Amortization of deferred drydocking and survey costs		(4,269	)		(4,688	)		(5,351	)		(5,817	)		(5,338	)
Disposals, intersegment transfers and other		2,171			(5,908	)		—			1,527			1,476
Deferred drydocking and survey costs - ending balance	$	21,532		$	19,996		$	19,907		$	22,400		$	25,608

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
Asia Pacific
Vessel revenues	$	47,948		$	46,564		$	42,037		$	53,786		$	45,696
Vessel operating costs:
Crew costs		17,630			15,867			14,304			20,887			18,518
Repair and maintenance		3,136			2,957			3,427			3,842			3,365
Insurance		283			254			331			330			176
Fuel, lube and supplies		3,048			2,513			1,890			2,443			1,789
Other		2,095			1,754			2,369			2,768			2,317
Total vessel operating costs		26,192			23,345			22,321			30,270			26,165
Vessel operating margin ($)		21,756			23,219			19,716			23,516			19,531
Vessel operating margin (%)		45.4	%		49.9	%		46.9	%		43.7	%		42.7	%
Asia Pacific - Select operating statistics
Average vessels - Total fleet		19			18			16			20			20
Utilization - Total fleet		74.9	%		78.2	%		76.8	%		74.5	%		67.9	%
Average vessels - Active fleet		19			18			16			20			20
Utilization - Active fleet		74.9	%		78.2	%		76.8	%		74.5	%		67.9	%
Average day rates	$	37,013		$	37,470		$	35,025		$	39,196		$	37,372
Vessels commencing drydocks		1			1			2			3			2
Deferred drydocking and survey costs - beginning balance	$	12,786		$	10,185		$	14,094		$	13,462		$	13,810
Cash paid for deferred drydocking and survey costs		843			452			998			3,340			2,487
Amortization of deferred drydocking and survey costs		(2,377	)		(2,340	)		(1,998	)		(2,578	)		(2,428	)
Disposals, intersegment transfers and other		(979	)		4,489			(2,909	)		(130	)		(407	)
Deferred drydocking and survey costs - ending balance	$	10,273		$	12,786		$	10,185		$	14,094		$	13,462

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
Middle East
Vessel revenues	$	48,483		$	45,569		$	47,021		$	42,035		$	40,215
Vessel operating costs:
Crew costs		17,314			15,527			14,207			13,541			13,302
Repair and maintenance		4,514			3,856			6,153			4,556			4,261
Insurance		852			763			463			484			343
Fuel, lube and supplies		3,548			2,684			2,790			2,916			3,250
Other		4,044			4,075			4,570			4,242			4,661
Total vessel operating costs		30,272			26,905			28,183			25,739			25,817
Vessel operating margin ($)		18,211			18,664			18,838			16,296			14,398
Vessel operating margin (%)		37.6	%		41.0	%		40.1	%		38.8	%		35.8	%
Middle East - Select operating statistics
Average vessels - Total fleet		45			45			45			43			43
Utilization - Total fleet		81.3	%		78.7	%		79.8	%		80.3	%		79.8	%
Average vessels - Active fleet		45			45			45			43			43
Utilization - Active fleet		81.3	%		78.7	%		79.8	%		80.3	%		79.8	%
Average day rates	$	14,555		$	14,295		$	14,381		$	13,228		$	12,877
Vessels commencing drydocks		4			8			9			8			11
Deferred drydocking and survey costs - beginning balance	$	45,558		$	39,996		$	38,913		$	35,355		$	31,423
Cash paid for deferred drydocking and survey costs		5,059			11,082			7,127			8,716			8,191
Amortization of deferred drydocking and survey costs		(6,012	)		(6,059	)		(6,044	)		(5,158	)		(4,259	)
Disposals, intersegment transfers and other		(538	)		539			—			—			—
Deferred drydocking and survey costs - ending balance	$	44,067		$	45,558		$	39,996		$	38,913		$	35,355

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
Europe/Mediterranean
Vessel revenues	$	112,076		$	86,945		$	82,402		$	83,740		$	99,280
Vessel operating costs:
Crew costs		34,312			31,699			29,932			30,104			29,342
Repair and maintenance		9,419			7,566			7,267			7,481			5,736
Insurance		810			699			806			797			417
Fuel, lube and supplies		5,229			4,651			3,251			3,469			2,153
Other		5,981			5,766			5,258			4,805			6,187
Total vessel operating costs		55,751			50,381			46,514			46,656			43,835
Vessel operating margin ($)		56,325			36,564			35,888			37,084			55,445
Vessel operating margin (%)		50.3	%		42.1	%		43.6	%		44.3	%		55.8	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		57			55			50			50			50
Utilization - Total fleet		88.5	%		80.0	%		87.2	%		87.5	%		93.3	%
Average vessels - Active fleet		57			55			50			50			50
Utilization - Active fleet		88.5	%		80.0	%		87.2	%		87.5	%		93.3	%
Average day rates	$	24,341		$	21,954		$	20,173		$	20,752		$	23,275
Vessels commencing drydocks		5			9			2			3			1
Deferred drydocking and survey costs - beginning balance	$	36,762		$	28,489		$	30,440		$	35,571		$	41,011
Cash paid for deferred drydocking and survey costs		10,641			11,214			1,324			2,103			1,811
Amortization of deferred drydocking and survey costs		(8,525	)		(7,527	)		(6,184	)		(6,363	)		(6,919	)
Disposals, intersegment transfers and other		(356	)		4,586			2,909			(871	)		(332	)
Deferred drydocking and survey costs - ending balance	$	38,522		$	36,762		$	28,489		$	30,440		$	35,571

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
West Africa
Vessel revenues	$	77,255		$	85,814		$	91,717		$	82,017		$	82,909
Vessel operating costs:
Crew costs		17,997			16,065			19,300			18,363			18,662
Repair and maintenance		6,178			5,197			6,243			7,407			5,745
Insurance		565			482			683			711			353
Fuel, lube and supplies		5,969			3,719			4,557			5,149			5,700
Other		5,187			6,223			6,449			6,219			8,064
Total vessel operating costs		35,896			31,686			37,232			37,849			38,524
Vessel operating margin ($)		41,359			54,128			54,485			44,168			44,385
Vessel operating margin (%)		53.5	%		63.1	%		59.4	%		53.9	%		53.5	%
West Africa - Select operating statistics
Average vessels - Total fleet		55			56			62			65			69
Utilization - Total fleet		75.3	%		81.5	%		75.7	%		62.3	%		57.6	%
Average vessels - Active fleet		53			53			58			60			65
Utilization - Active fleet		77.5	%		85.5	%		80.7	%		67.9	%		61.6	%
Average day rates	$	20,751		$	20,732		$	21,583		$	21,940		$	23,035
Vessels commencing drydocks		2			3			1			2			4
Deferred drydocking and survey costs - beginning balance	$	32,769		$	41,159		$	48,387		$	55,663		$	54,639
Cash paid for deferred drydocking and survey costs		3,164			2,948			1,546			2,404			10,222
Amortization of deferred drydocking and survey costs		(7,133	)		(7,508	)		(8,774	)		(9,154	)		(8,461	)
Disposals, intersegment transfers and other		(298	)		(3,830	)		—			(526	)		(737	)
Deferred drydocking and survey costs - ending balance	$	28,502		$	32,769		$	41,159		$	48,387		$	55,663

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
Worldwide
Vessel revenues	$	339,731		$	323,418		$	332,883		$	338,491		$	336,858
Vessel operating costs:
Crew costs		105,225			98,887			100,172			105,529			99,476
Repair and maintenance		28,953			24,804			29,376			28,636			23,937
Insurance		2,939			2,660			2,823			2,892			1,640
Fuel, lube and supplies		21,046			16,454			15,227			16,441			15,107
Other		22,583			23,382			24,521			22,632			27,194
Total vessel operating costs		180,746			166,187			172,119			176,130			167,354
Vessel operating margin ($)		158,985			157,231			160,764			162,361			169,504
Vessel operating margin (%)		46.8	%		48.6	%		48.3	%		48.0	%		50.3	%
Worldwide - Select operating statistics
Average vessels - Total fleet		206			207			209			213			216
Utilization - Total fleet		79.2	%		77.7	%		78.6	%		75.8	%		74.1	%
Average vessels - Active fleet		200			200			201			206			210
Utilization - Active fleet		81.4	%		80.6	%		81.7	%		78.5	%		76.4	%
Average day rates	$	22,938		$	22,283		$	22,044		$	22,798		$	23,166
Vessels commencing drydocks		15			25			17			16			19
Deferred drydocking and survey costs - beginning balance	$	147,871		$	139,736		$	154,234		$	165,659		$	169,326
Cash paid for deferred drydocking and survey costs		23,341			36,381			13,853			17,645			23,738
Amortization of deferred drydocking and survey costs		(28,316	)		(28,122	)		(28,351	)		(29,070	)		(27,405	)
Disposals, intersegment transfers and other		—			(124	)		—			—			—
Deferred drydocking and survey costs - ending balance	$	142,896		$	147,871		$	139,736		$	154,234		$	165,659

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In Thousands)
	Three Months Ended
	June 30,		March 31,		December 31,			September 30,			June 30,
	2026		2026		2025			2025			2025
Net income (loss)	$	21,082	$	5,976	$	219,449		$	(1,018	)	$	72,702
Interest and other debt costs		16,426		16,891		16,715			16,589			16,442
Income tax expense		25,062		34,903		(166,612	)		21,711			5,584
Depreciation		38,096		38,497		37,838			37,334			36,909
Amortization of deferred drydock and survey costs		28,316		28,122		28,351			29,070			27,405
Amortization of below market contracts		—		—		(219	)		(283	)		(347	)
EBITDA (A), (B), (C)		128,982		124,389		135,522			103,403			158,695
Non-cash indemnification assets charge (credit)		—		—		—			—			(112	)
Non-cash stock compensation expense		3,745		3,063		3,454			3,481			4,057
Loss on early extinguishment of debt		—		—		12			27,101			—
Acquisition, restructuring and integration related costs		1,104		1,871		4,064			3,941			340
Adjusted EBITDA (A), (B), (C)	$	133,831	$	129,323	$	143,052		$	137,926		$	162,980

Note (A):  EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization of deferred drydock and below market contracts. Additionally, Adjusted EBITDA excludes non-cash indemnification assets charge (credit) included in interest income and other; non-cash stock-based compensation expense; loss on early extinguishment of debt; and acquisition, restructuring and integration related costs.

Note (B):  EBITDA for the three months ended June 30, 2026, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,745, $3,063, $3,454, $3,481 and $4,057 respectively.

Note (C):  EBITDA and Adjusted EBITDA for the three months ended June 30, 2026, and for each of the prior four quarters includes foreign exchange gain (losses) of $(688), $(3,403), $2,134, $1,277 and $11,703 respectively.

Non-GAAP Financial Measures

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

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

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

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

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In Thousands)
	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
Net cash provided by operating activities (A)	$	67,043		$	19,179		$	152,960		$	72,079		$	73,658
Cash interest expense		540			31,554			576			17,735			11,994
Interest income and other (net of certain non-cash items)		661			(2,939	)		(3,455	)		(1,860	)		(2,103	)
Indemnification assets credit		—			—			—			—			112
Additions to property and equipment		(14,923	)		(14,885	)		(5,147	)		(5,122	)		(5,226	)
Expansion capital		—			—			—			—			3
Effects of exchange rate changes on cash		(484	)		(1,813	)		910			(1,377	)		11,775
	52,837			31,096			145,844			81,455			90,213
Proceeds from asset sales		11,527			3,329			5,331			1,204			7,328
Free cash flow	$	64,364		$	34,425		$	151,175		$	82,659		$	97,541

Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by operating activities adjusted for effects of exchange rate changes on cash, capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income and other. Free cash flow excludes indemnification assets credit (charge) included in interest income and other. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities. Note (A): Net cash provided by operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	(7,521	)	$	(34,008	)	$	68,133		$	(9,210	)	$	(11,010	)
Cash paid for deferred drydock and survey costs		(23,341	)		(36,381	)		(13,853	)		(17,645	)		(23,738	)
Total sources (uses) of cash for changes in assets and liabilities	$	(30,862	)	$	(70,389	)	$	54,280		$	(26,855	)	$	(34,748	)