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

First Quarter 2025 Highlights

• Revenue of $333.4 million, a 3.8% improvement compared to the first quarter of 2024
• Average day rate of $22,303 per day, an improvement of $2,740 per day, or 14.0%, compared to the first quarter of 2024
• Net income of $42.7 million and Adjusted EBITDA of $154.2 million
  • Net Income and Adjusted EBITDA were favorably impacted by the $7.6 million foreign exchange gain due to the weakening of the U.S. dollar
• Net cash provided by operating activities of $86.0 million and freecash flow of $94.7 million

Share Count Reduction and 2025 Guidance

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

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

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

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

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

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

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

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

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

About Tidewater

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

Cautionary Statement

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

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

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

Financial information is displayed beginning on the next page.

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