Exhibit 99.1

Tidewater Inc. 842 West Sam Houston Parkway North, Suite 400 Houston, TX 77024, USA +1.713.470.5300

Tidewater Reports Results for the Nine Months Ended September 30, 2025

                                  Third Quarter 2025 Highlights

● Revenue of $341.1 million, a 0.2% improvement compared to the third quarter of 2024

● Average day rate of $22,798 per day, an improvement of $523 per day, or 2.3%, compared to the third quarter of 2024

● Net loss of $0.8 million and Adjusted EBITDA of $137.9 million

● Net Income and Adjusted EBITDA were favorably impacted by the $1.3 million foreign exchange gain due to the weakening of the U.S. dollar

● Net Income adversely impacted by the $27.1 million loss on early extinguishment of debt associated with July 2025 refinancing

● Net cash provided by operating activities of $72.1 million and free cash flow of $82.7 million

                                 Annual Guidance and Share Repurchase Program

● Updating 2025 revenue guidance to $1.33 to $1.35 billion and 2025 gross margin guidance of 49% to 50%

● Initiating 2026 revenue guidance of $1.32 to $1.37 billion and 2026 gross margin guidance of 48% to 50%

● Outstanding share repurchase program authorization of $500 million

HOUSTON, November 10, 2025 - Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2025 of $341.1 million and $1,016.0 million, respectively, compared with $340.4 million and $1,000.8 million, respectively, for the three and nine months ended September 30, 2024. Tidewater's net income (loss) for the three and nine months ended September 30, 2025, was $(0.8) million ($0.02 per common share) and $114.8 million ($2.27 per common share), respectively, compared with net income of $46.4 million ($0.87 per common share) and $143.8 million ($2.70 per common share), respectively, for the three and nine months ended September 30, 2024.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The third quarter of 2025 came in above our expectations as vessel up-time across the fleet exceeded our initial estimates, delivering revenue of $341.1 million and gross margin of 48.0%. Average day rates for the quarter softened modestly driven by the North Sea and West Africa, consistent with our expectations, however, we did see meaningful day rate increases in our other reporting segments. Importantly, through a combination of better than anticipated vessel up-time and continued strength in production support, offshore construction and subsea and EPCI activities for offshore vessels, sequential active utilization increased in all but one of our operating segments, yielding our best active utilization since the second quarter of 2024. The increase in the active utilization of our vessels was driven by resilience in the broad-based set of support activities for our vessels and the benefits realized from the substantial investments made in the fleet over the past few years. We are pleased with yet another quarter of robust earnings and cash flow generation, with Adjusted EBITDA of $137.9 million and free cash flow of $82.7 million.

“We entered 2025 with a lack of clarity as to how the next phase of offshore activity would unfold, particularly as it related to the pace of offshore drilling. Global macroeconomic and geopolitical factors were prominent themes influencing the outlook. These factors and the associated uncertainty played out throughout the year, but we have been able to maintain the midpoint of our full-year revenue and margin guidance throughout the year, a testament to the resilience of our business. For the remainder of 2025, we are narrowing our 2025 revenue guidance to $1.33 to $1.35 billion and our full-year margin guidance to 49% to 50%. As of today, 99% of our full-year revenue guidance is covered by completed and contracted revenue.

“Looking forward to 2026, the factors that influenced the market in 2025 continue and provide a challenging backdrop to accurately anticipate the pace and order of magnitude of offshore drilling activity. Tidewater remains in an advantageous position in that we benefit from a range of activities that drive our business - production support, offshore construction support, subsea and EPCI support, and drilling support, along with renewable energy projects. We believe this broad-based set of demand drivers provides insulation from the uncertainty in drilling support activity, although drilling support remains a critical component to our ability to push day rates and utilization to their highest possible levels. Further, we fundamentally believe that the drivers for offshore activity remain compelling, as evidenced by the continued momentum in commercial activity for offshore drilling rigs. Accordingly, we are initiating full-year 2026 revenue guidance of $1.32 to $1.37 billion and full-year 2026 margin guidance of 48% to 50%. Although visibility into the timing of incremental drilling projects in the back half of 2026 remains somewhat unclear, we are comfortable initiating guidance given the visibility and confidence we have in the growing production, offshore construction, subsea and EPCI activities. To the extent that a more robust drilling recovery develops towards the end of the year, it would increase our full-year expectations.

“We have made great strides this year in our vessel up-time performance, enhancing our operational effectiveness and the earnings capability of our fleet. The impact of this is significant for both our customers and our shareholders. Best-in-class operational standards will continue to accrue benefits to Tidewater as we move forward, and I would like to thank our onshore and offshore staff for their continued focus on operational excellence. The dedication and diligence driving this outcome is what makes Tidewater the safest, most sustainable, most reliable, most profitable, highest specification offshore energy support vessel fleet in the world.”

In addition to the number of outstanding shares, as of September 30, 2025, the Company also has the following in-the-money warrants.

Common shares outstanding	49,562,017
New Creditor Warrants (strike price $0.001 per common share)	21,400
GulfMark Creditor Warrants (strike price $0.01 per common share)	53,555
Total	49,636,972

Tidewater will hold a conference call to discuss results for the three months ending September 30, 2025 on November 11, 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 November 11, 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.

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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 September 30, 2025 and December 31, 2024; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024; and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024. Extracts are drawn from the September 30, 2025 unaudited quarterly and December 31, 2024 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 nine months ended September 30, 2024, the three months ended December 31, 2024, September 30, 2024, March 31, 2025 and 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.

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TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, except per share data) 

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Revenues:
Vessel revenues	$	338,491		$	338,485		$	1,006,048		$	994,174
Other operating revenues		2,622			1,871			9,940			6,576
Total revenues		341,113			340,356			1,015,988			1,000,750
Costs and expenses:
Vessel operating costs		176,130			178,654			508,463			522,723
Costs of other operating revenues		1,252			901			5,790			2,867
General and administrative		35,256			28,471			95,563			80,129
Depreciation and amortization		66,404			62,435			196,150			178,150
Gain on asset dispositions, net		(580	)		(51	)		(8,598	)		(13,090	)
Total costs and expenses		278,462			270,410			797,368			770,779
Operating income		62,651			69,946			218,620			229,971
Other income (expense):
Foreign exchange gain (loss)		1,277			5,522			20,549			(939	)
Interest income and other, net		455			1,028			4,715			3,686
Loss on early extinguishment of debt		(27,101	)		—			(27,101	)		—
Interest and other debt costs, net		(16,589	)		(17,622	)		(49,375	)		(56,225	)
Total other expense		(41,958	)		(11,072	)		(51,212	)		(53,478	)
Income before income taxes		20,693			58,874			167,408			176,493
Income tax expense		21,711			12,883			53,404			33,840
Net income (loss)		(1,018	)		45,991			114,004			142,653
Less: Net loss attributable to noncontrolling interests		(212	)		(380	)		(773	)		(1,098	)
Net income (loss) attributable to Tidewater Inc.	$	(806	)	$	46,371		$	114,777		$	143,751
Basic income (loss) per common share	$	(0.02	)	$	0.88		$	2.29		$	2.74
Diluted income (loss) per common share	$	(0.02	)	$	0.87		$	2.27		$	2.70
Weighted average common shares outstanding		49,498			52,490			50,217			52,498
Dilutive effect of warrants and restricted stock units		—			593			364			656
Adjusted weighted average common shares		49,498			53,083			50,581			53,154

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TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

	September 30, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	428,225		$	324,918
Restricted cash		—			2,032
Trade and other receivables, net of allowance for credit losses of $3,039 and $3,184 at September 30, 2025 and December 31, 2024, respectively		332,596			323,805
Marine operating supplies		27,857			34,319
Prepaid expenses and other current assets		11,652			13,588
Total current assets		800,330			698,662
Net properties and equipment		1,104,503			1,184,282
Deferred drydocking and survey costs		154,234			152,550
Indemnification assets		9,456			11,946
Other assets		60,357			27,464
Total assets	$	2,128,880		$	2,074,904
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	42,579		$	71,385
Accrued expenses		130,879			129,894
Current portion of long-term debt		5,840			65,386
Other current liabilities		97,162			64,948
Total current liabilities		276,460			331,613
Long-term debt		649,802			571,710
Other liabilities		63,594			60,396
Commitments and contingencies
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 49,562,017 and 51,461,472 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		50			52
Additional paid-in-capital		1,659,820			1,656,830
Accumulated deficit		(525,041	)		(548,831	)
Accumulated other comprehensive loss		7,894			6,060
Total stockholders' equity		1,142,723			1,114,111
Noncontrolling interests		(3,699	)		(2,926	)
Total equity		1,139,024			1,111,185
Total liabilities and equity	$	2,128,880		$	2,074,904

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TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Thousands)

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025		September 30, 2024
Net income (loss)	$	(1,018	)	$	45,991		$	114,004	$	142,653
Other comprehensive income (loss):
Unrealized gain on note receivable		—			130			—		283
Change in liability of pension plans		621			(600	)		1,834		(957	)
Total comprehensive income (loss)	$	(397	)	$	45,521		$	115,838	$	141,979

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TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

	Nine Months			Nine Months
	Ended			Ended
	September 30, 2025			September 30, 2024
Cash flows from operating activities:
Net income	$	114,004		$	142,653
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		113,257			117,430
Amortization of deferred drydocking and survey costs		82,893			60,720
Amortization of debt premiums and discounts		3,931			5,129
Amortization of below market contracts		(981	)		(3,929	)
Unrealized foreign exchange (gain) loss		(21,076	)		2,186
Deferred income taxes provision (benefit)		(11,569	)		56
Gain on asset dispositions, net		(8,598	)		(13,090	)
Loss on early extinguishment of debt		27,101			—
Stock-based compensation expense		11,029			9,795
Changes in assets and liabilities:
Trade and other receivables		(8,791	)		(24,733	)
Accounts payable		(28,806	)		19,127
Accrued expenses		195			(4,623	)
Deferred drydocking and survey costs		(84,722	)		(115,584	)
Other, net		38,281			(12,704	)
Net cash provided by operating activities		226,148			182,433
Cash flows from investing activities:
Proceeds from asset dispositions		12,288			14,868
Proceeds from sale of notes		660			2,208
Additions to properties and equipment		(20,614	)		(23,046	)
Net cash used in investing activities		(7,666	)		(5,970	)
Cash flows from financing activities:
Proceeds from issuance of shares		—			2
Issuance of long-term debt		650,000			—
Principal payments on long-term debt		(640,128	)		(89,007	)
Purchase of common stock		(90,089	)		(46,639	)
Payments on finance leases		(5,537	)		—
Debt extinguishment premium		(19,589	)		—
Debt issuance costs		(18,985	)		(193	)
Share based awards reacquired to pay taxes		(8,039	)		(28,528	)
Net cash used in financing activities		(132,367	)		(164,365	)
Effects of exchange rate changes on cash, cash equivalents and restricted cash		15,960			113
Net change in cash, cash equivalents and restricted cash		102,075			12,211
Cash, cash equivalents and restricted cash at beginning of period		329,031			277,965
Cash, cash equivalents and restricted cash at end of period	$	431,106		$	290,176

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	47,234	$	54,081
Income taxes	$	41,944	$	45,641
Supplemental disclosure of noncash investing activities:
Purchase of vessels	$	10,727	$	—
Recognition of finance leases	$	23,396	$	—
Supplemental disclosure of noncash financing activities:
Debt incurred for the purchase of vessels	$	11,479	$	—

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

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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 June 30, 2025	$	50	$	1,656,626	$	(524,235	)	$	7,273		$	(3,487	)	$	1,136,227
Total comprehensive income (loss)		—		—		(806	)		621			(212	)		(397	)
Amortization of share-based awards		—		3,194		—			—			—			3,194
Balance at September 30, 2025	$	50	$	1,659,820	$	(525,041	)	$	7,894		$	(3,699	)	$	1,139,024
Balance at June 30, 2024	$	52	$	1,649,523	$	(573,390	)	$	5,062		$	(2,260	)	$	1,078,987
Total comprehensive income (loss)		—		—		46,371			(470	)		(380	)		45,521
Repurchase and retirement of common stock		—		—		(14,172	)		—			—			(14,172	)
Amortization of share-based awards		—		3,504		—			—			—			3,504
Balance at September 30, 2024	$	52	$	1,653,027	$	(541,191	)	$	4,592		$	(2,640	)	$	1,113,840

	Nine Months Ended
										Accumulated
				Additional						other			Non
	Common			paid-in			Accumulated			comprehensive			controlling
	stock			capital			deficit			income (loss)			interest			Total
Balance at December 31, 2024	$	52		$	1,656,830		$	(548,831	)	$	6,060		$	(2,926	)	$	1,111,185
Total comprehensive income (loss)		—			—			114,777			1,834			(773	)		115,838
Repurchase and retirement of common stock		(2	)		—			(90,987	)		—			—			(90,989	)
Amortization of share-based awards		—			2,990			—			—			—			2,990
Balance at September 30, 2025	$	50		$	1,659,820		$	(525,041	)	$	7,894		$	(3,699	)	$	1,139,024
Balance at December 31, 2023	$	52		$	1,671,759		$	(637,838	)	$	5,266		$	(1,542	)	$	1,037,697
Total comprehensive income (loss)		—			—			143,751			(674	)		(1,098	)		141,979
Issuance of common stock		1			1			—			—			—			2
Repurchase and retirement of common stock		(1	)		—			(47,104	)		—			—			(47,105	)
Amortization of share-based awards		—			(18,733	)		—			—			—			(18,733	)
Balance at September 30, 2024	$	52		$	1,653,027		$	(541,191	)	$	4,592		$	(2,640	)	$	1,113,840

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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								Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Vessel revenues:
Americas	$	76,913	23	%	$	64,606	19	%	$	200,523	20	%	$	201,689	20	%
Asia Pacific		53,786	16	%		56,283	17	%		147,710	15	%		159,285	16	%
Middle East		42,035	12	%		36,947	11	%		125,552	12	%		111,415	11	%
Europe/Mediterranean		83,740	25	%		85,325	25	%		261,225	26	%		248,972	25	%
West Africa		82,017	24	%		95,324	28	%		271,038	27	%		272,813	28	%
Total vessel revenues	$	338,491	100	%	$	338,485	100	%	$	1,006,048	100	%	$	994,174	100	%
Vessel operating costs:
Crew costs	$	105,529	31	%	$	107,708	32	%	$	302,118	30	%	$	316,291	32	%
Repair and maintenance		28,636	8	%		25,554	8	%		74,527	7	%		71,645	7	%
Insurance		2,892	1	%		2,965	1	%		7,566	1	%		8,170	1	%
Fuel, lube and supplies		16,441	5	%		17,213	5	%		45,926	5	%		50,093	5	%
Other		22,632	7	%		25,214	7	%		78,326	8	%		76,524	8	%
Total vessel operating costs		176,130	52	%		178,654	53	%		508,463	51	%		522,723	53	%
Vessel operating margin (A)	$	162,361	48	%	$	159,831	47	%	$	497,585	49	%	$	471,451	47	%

Note (A): Vessel operating margin equals vessel revenues less vessel operating costs.

The company’s operating income (loss) and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows:

(In Thousands)	Three Months Ended										Nine Months Ended
	September 30, 2025					September 30, 2024					September 30, 2025					September 30, 2024
Vessel operating profit:
Americas	$	24,654		7	%	$	13,299		4	%	$	49,791		5	%	$	43,573		5	%
Asia Pacific		15,330		5	%		15,292		4	%		40,788		4	%		47,070		5	%
Middle East		4,994		2	%		(900	)	(0	)%		17,451		2	%		(1,213	)	(0	)%
Europe/Mediterranean		11,352		3	%		12,363		4	%		47,957		5	%		42,249		4	%
West Africa		25,418		7	%		43,526		13	%		103,048		10	%		122,275		12	%
Other operating profit		1,370		0	%		970		0	%		4,150		0	%		3,709		0	%
		83,118		24	%		84,550		25	%		263,185		26	%		257,663		26	%
Corporate expenses (A)		(21,047	)	(6	)%		(14,655	)	(4	)%		(53,163	)	(5	)%		(40,782	)	(4	)%
Gain on asset dispositions, net		580		0	%		51		0	%		8,598		1	%		13,090		1	%
Operating income	$	62,651		18	%	$	69,946		21	%	$	218,620		22	%	$	229,971		23	%

Note (A):  General and administrative expenses for the three and nine months ended September 30, 2025 include stock-based compensation of $3.5 million and $11.0 million, respectively. General and administrative expenses for the three and nine months ended September 30, 2024 include stock-based compensation of $3.7 million and $9.8 million, respectively. In addition, vessel operating and general and administrative costs for the three and nine months ended September 30, 2025, include $4.0 and $4.3 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and nine months ended September 30, 2024, include $0.6 million and $1.3 million in acquisition, restructuring and integration related costs, respectively.

9

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA

(In Thousands, except per share data) 

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Revenues:
Vessel revenues	$	338,491		$	336,858		$	330,699		$	343,463		$	338,485
Other operating revenues		2,622			4,573			2,745			1,622			1,871
Total revenues		341,113			341,431			333,444			345,085			340,356
Costs and expenses:
Vessel operating costs (A)		176,130			167,354			164,979			170,384			178,654
Costs of other operating revenue		1,252			3,108			1,430			688			901
General and administrative (A)		35,256			31,213			29,094			30,688			28,471
Depreciation and amortization		66,404			64,314			65,432			64,620			62,435
Gain on asset dispositions, net		(580	)		(5,480	)		(2,538	)		(2,672	)		(51	)
Total operating costs and expenses		278,462			260,509			258,397			263,708			270,410
Operating income		62,651			80,922			75,047			81,377			69,946
Other income (expense):
Foreign exchange gain (loss)		1,277			11,703			7,569			(14,337	)		5,522
Interest income and other, net		455			2,103			2,157			2,697			1,028
Loss on early extinguishment of debt		(27,101	)		—			—			—			—
Interest and other debt costs, net		(16,589	)		(16,442	)		(16,344	)		(16,742	)		(17,622	)
Total other expense		(41,958	)		(2,636	)		(6,618	)		(28,382	)		(11,072	)
Income before income taxes		20,693			78,286			68,429			52,995			58,874
Income tax expense		21,711			5,584			26,109			16,376			12,883
Net income (loss)		(1,018	)		72,702			42,320			36,619			45,991
Net loss attributable to noncontrolling interests		(212	)		(228	)		(333	)		(286	)		(380	)
Net income (loss) attributable to Tidewater Inc.	$	(806	)	$	72,930		$	42,653		$	36,905		$	46,371
Basic income (loss) per common share	$	(0.02	)	$	1.47		$	0.83		$	0.71		$	0.88
Diluted income (loss) per common share	$	(0.02	)	$	1.46		$	0.83		$	0.70		$	0.87
Weighted average common shares outstanding		49,498			49,674			51,502			52,315			52,490
Dilutive effect of warrants and restricted stock units		—			337			176			514			593
Adjusted weighted average common shares		49,498			50,011			51,678			52,829			53,083
Vessel operating margin	$	162,361		$	169,504		$	165,720		$	173,079		$	159,831
Note (A): Acquisition, restructuring and integration related costs	$	3,941		$	340		$	—		$	978		$	581

10

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands) 

	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
ASSETS
Current assets:
Cash and cash equivalents	$	428,225		$	369,405		$	341,799		$	324,918		$	280,840
Restricted cash		—			21			5,234			2,032			7,259
Trade and other receivables, net		332,596			316,491			312,904			323,805			293,085
Marine operating supplies		27,857			24,467			23,101			34,319			26,670
Prepaid expenses and other current assets		11,652			14,123			15,160			13,588			18,117
Total current assets		800,330			724,507			698,198			698,662			625,971
Net properties and equipment		1,104,503			1,132,114			1,163,758			1,184,282			1,220,056
Deferred drydocking and survey costs		154,234			165,659			169,326			152,550			160,944
Indemnification assets		9,456			11,158			11,114			11,946			12,216
Other assets		60,357			40,934			23,770			27,464			27,944
Total assets	$	2,128,880		$	2,074,372		$	2,066,166		$	2,074,904		$	2,047,131
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	42,579		$	48,715		$	50,203		$	71,385		$	64,058
Accrued expenses		130,879			131,305			133,000			129,894			117,878
Current portion of long-term debt		5,840			93,366			80,042			65,386			53,105
Other current liabilities		97,162			69,688			74,299			64,948			38,532
Total current liabilities		276,460			343,074			337,544			331,613			273,573
Long-term debt		649,802			531,874			555,994			571,710			597,352
Other liabilities		63,594			63,197			62,263			60,396			62,366
Equity:
Common stock		50			50			51			52			52
Additional paid-in-capital		1,659,820			1,656,626			1,652,856			1,656,830			1,653,027
Accumulated deficit		(525,041	)		(524,235	)		(545,890	)		(548,831	)		(541,191	)
Accumulated other comprehensive income		7,894			7,273			6,607			6,060			4,592
Total stockholders' equity		1,142,723			1,139,714			1,113,624			1,114,111			1,116,480
Noncontrolling interests		(3,699	)		(3,487	)		(3,259	)		(2,926	)		(2,640	)
Total equity		1,139,024			1,136,227			1,110,365			1,111,185			1,113,840
Total liabilities and equity	$	2,128,880		$	2,074,372		$	2,066,166		$	2,074,904		$	2,047,131

11

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA

(In Thousands) 

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Cash flows from operating activities:
Net income (loss)	$	(1,018	)	$	72,702		$	42,320		$	36,619		$	45,991
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		37,334			36,909			39,014			38,736			39,239
Amortization of deferred drydocking and survey costs		29,070			27,405			26,418			25,884			23,196
Amortization of debt premiums and discounts		975			1,455			1,501			1,612			1,536
Amortization of below market contracts		(283	)		(347	)		(351	)		(1,071	)		(1,073	)
Unrealized foreign exchange (gain) loss		(997	)		(10,528	)		(9,551	)		12,089			(4,848	)
Deferred income taxes provision (benefit)		3,851			(17,767	)		2,347			(2,863	)		24
Gain on asset dispositions, net		(580	)		(5,480	)		(2,538	)		(2,672	)		(51	)
Loss on early extinguishment of debt		27,101			—			—			—			—
Stock-based compensation expense		3,481			4,057			3,491			3,886			3,569
Changes in assets and liabilities:
Trade and other receivables		(16,105	)		(3,587	)		10,901			(30,720	)		(12,587	)
Accounts payable		(6,136	)		(1,488	)		(21,182	)		7,327			3,318
Accrued expenses		418			(3,329	)		3,106			12,016			(15,271	)
Deferred drydocking and survey costs		(17,645	)		(23,738	)		(43,339	)		(17,674	)		(35,483	)
Other, net		12,613			(2,606	)		28,274			16,870			(2,147	)
Net cash provided by operating activities		72,079			73,658			80,411			100,039			45,413
Cash flows from investing activities:
Proceeds from asset dispositions		1,204			7,268			3,816			4,470			51
Proceeds from sale of notes		—			60			600			5,846			1,506
Additions to properties and equipment		(5,122	)		(5,226	)		(10,266	)		(4,534	)		(5,712	)
Net cash provided by (used in) investing activities		(3,918	)		2,102			(5,850	)		5,782			(4,155	)
Cash flows from financing activities:
Exercise of warrants		—			—			—			2			—
Issuance of long-term debt		650,000			—			—			—			—
Principal payments on long-term debt		(613,587	)		(14,041	)		(12,500	)		(14,023	)		(62,500	)
Purchase of common stock		—			(50,814	)		(39,275	)		(44,103	)		(13,741	)
Payments on finance leases		(5,537	)		—			—			—			—
Debt extinguishment premium		(19,589	)		—			—			—			—
Debt issuance costs		(18,985	)		—			—			(20	)		—
Share based awards reacquired to pay taxes		(287	)		(287	)		(7,465	)		(86	)		(65	)
Net cash used in financing activities		(7,985	)		(65,142	)		(59,240	)		(58,230	)		(76,306	)
Effects of exchange rate changes on cash, cash equivalents and restricted cash		(1,377	)		11,775			5,562			(8,736	)		3,723
Net change in cash, cash equivalents and restricted cash		58,799			22,393			20,883			38,855			(31,325	)
Cash, cash equivalents and restricted cash at beginning of period		372,307			349,914			329,031			290,176			321,501
Cash, cash equivalents and restricted cash at end of period	$	431,106		$	372,307		$	349,914		$	329,031		$	290,176
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	17,735		$	11,994		$	17,505		$	12,816		$	23,535
Income taxes	$	9,291		$	17,505		$	15,148		$	11,268		$	12,557
Supplemental disclosure of noncash investing activities:
Purchase of vessels	$	—		$	1,629		$	9,098		$	—		$	—
Recognition of finance leases	$	23,396		$	—		$	—		$	—		$	—
Supplemental disclosure of noncash financing activities:
Debt incurred for purchase of vessels	$	—		$	1,767		$	9,712		$	—		$	—

12

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2025		2025		2025		2024		2024
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900	$	30,460	$	26,874	$	23,243	$	24,158	$	27,192
PSV < 900		33,363		27,734		21,146		26,743		26,926
AHTS > 16K		6,045		5,243		3,958		2,969		6,249
AHTS 8 - 16K		1,259		1,110		1,242		930		908
AHTS 4 - 8K		4,221		4,153		1,752		1,726		351
Other		1,565		3,644		3,511		3,714		2,980
Total		76,913		68,758		54,852		60,240		64,606
Asia Pacific fleet:
PSV > 900		22,660		20,878		20,457		18,881		19,535
PSV < 900		12,427		11,194		15,311		16,101		17,214
AHTS > 16K		12,065		11,655		8,792		10,851		12,358
AHTS 8 - 16K		1,518		1,804		2,394		2,836		4,640
AHTS 4 - 8K		—		—		1,108		2,020		2,182
Other		5,116		165		166		354		354
Total		53,786		45,696		48,228		51,043		56,283
Middle East fleet:
PSV > 900		1,246		599		1,446		1,485		1,387
PSV < 900		20,221		18,849		22,494		21,962		19,909
AHTS 8 - 16K		3,681		5,175		3,474		3,425		3,450
AHTS 4 - 8K		16,887		15,592		15,888		13,900		12,201
Total		42,035		40,215		43,302		40,772		36,947
Europe/Mediterranean fleet:
PSV > 900		67,302		78,778		64,207		66,380		66,808
PSV < 900		13,901		15,739		11,763		15,287		13,679
AHTS > 16K		2,127		4,266		1,669		1,378		3,790
Other		410		497		566		1,064		1,048
Total		83,740		99,280		78,205		84,109		85,325
West Africa fleet:
PSV > 900		14,328		19,600		30,203		28,064		17,012
PSV < 900		23,817		24,815		37,021		44,047		41,367
AHTS > 16K		12,037		9,934		10,172		9,602		8,916
AHTS 8 - 16K		22,859		21,725		20,775		17,898		18,453
AHTS 4 - 8K		1,428		1,457		2,086		3,185		3,100
Other		7,548		5,378		5,855		4,503		6,476
Total		82,017		82,909		106,112		107,299		95,324
Worldwide fleet:
PSV > 900		135,996		146,729		139,556		138,968		131,934
PSV < 900		103,729		98,331		107,735		124,140		119,095
AHTS > 16K		32,274		31,098		24,591		24,800		31,313
AHTS 8 - 16K		29,317		29,814		27,885		25,089		27,451
AHTS 4 - 8K		22,536		21,202		20,834		20,831		17,834
Other		14,639		9,684		10,098		9,635		10,858
Total	$	338,491	$	336,858	$	330,699	$	343,463	$	338,485

13

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,		September 30,
	2025			2025			2025			2024		2024
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900		12			11			10			10		10
PSV < 900		17			16			16			16		17
AHTS > 16K		2			2			2			2		2
AHTS 8 - 16K		1			1			1			1		1
AHTS 4 - 8K		2			2			2			2		2
Other		1			2			2			2		2
Total		35			34			33			33		34
Stacked vessels		(2	)		(2	)		(1	)		—		—
Active vessels		33			32			32			33		34
Asia Pacific fleet:
PSV > 900		9			9			9			9		9
PSV < 900		5			5			5			5		5
AHTS > 16K		3			3			3			3		3
AHTS 8 - 16K		2			2			2			2		2
AHTS 4 - 8K		—			1			1			1		1
Other		1			—			—			—		—
Total		20			20			20			20		20
Stacked vessels		—			—			—			—		—
Active vessels		20			20			20			20		20
Middle East fleet:
PSV > 900		1			1			1			1		1
PSV < 900		20			20			20			20		20
AHTS 8 - 16K		5			5			5			5		5
AHTS 4 - 8K		17			17			17			17		17
Total		43			43			43			43		43
Stacked vessels		—			—			—			—		—
Active vessels		43			43			43			43		43
Europe/Mediterranean fleet:
PSV > 900		40			39			39			39		40
PSV < 900		9			9			9			9		9
AHTS > 16K		1			2			2			2		2
Total		50			50			50			50		51
Stacked vessels		—			—			—			—		—
Active vessels		50			50			50			50		51
West Africa fleet:
PSV > 900		7			9			10			10		9
PSV < 900		18			19			20			20		19
AHTS > 16K		5			4			4			4		4
AHTS 8 - 16K		13			14			13			13		13
AHTS 4 - 8K		2			2			2			3		3
Other		20			21			22			20		20
Total		65			69			71			70		68
Stacked vessels		(5	)		(4	)		(6	)		—		—
Active vessels		60			65			65			70		68
Worldwide fleet:
PSV > 900		69			69			69			69		69
PSV < 900		69			69			70			70		70
AHTS > 16K		11			11			11			11		11
AHTS 8 - 16K		21			22			21			21		21
AHTS 4 - 8K		21			22			22			23		23
Other		22			23			24			22		22
Total		213			216			217			216		216
Stacked vessels		(7	)		(6	)		(7	)		—		—
Active vessels		206			210			210			216		216
Total active		206			210			210			216		216
Total stacked		7			6			7			—		—
Total		213			216			217			216		216

14

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2025		2025		2025		2024		2024
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
PSV > 900		1,060		947		900		920		920
PSV < 900		1,564		1,493		1,432		1,472		1,531
AHTS > 16K		184		182		180		184		184
AHTS 8 - 16K		92		91		90		92		92
AHTS 4 - 8K		184		182		180		184		184
Other		93		179		180		184		184
Total		3,177		3,074		2,962		3,036		3,095
Asia Pacific fleet:
PSV > 900		828		819		810		828		828
PSV < 900		460		455		450		460		460
AHTS > 16K		276		273		270		276		276
AHTS 8 - 16K		184		182		180		184		221
AHTS 4 - 8K		—		65		90		92		92
Other		91		3		—		—		—
Total		1,839		1,797		1,800		1,840		1,877
Middle East fleet:
PSV > 900		92		91		90		92		92
PSV < 900		1,840		1,820		1,800		1,840		1,840
AHTS 8 - 16K		460		455		450		460		460
AHTS 4 - 8K		1,564		1,547		1,530		1,564		1,564
Total		3,956		3,913		3,870		3,956		3,956
Europe/Mediterranean fleet:
PSV > 900		3,680		3,569		3,510		3,588		3,680
PSV < 900		828		812		810		828		828
AHTS > 16K		92		182		180		184		184
Total		4,600		4,563		4,500		4,600		4,692
West Africa fleet:
PSV > 900		688		853		900		920		828
PSV < 900		1,656		1,699		1,800		1,840		1,781
AHTS > 16K		460		364		360		368		368
AHTS 8 - 16K		1,196		1,247		1,180		1,196		1,159
AHTS 4 - 8K		184		182		180		235		276
Other		1,817		1,905		1,941		1,840		1,840
Total		6,001		6,250		6,361		6,399		6,252
Worldwide fleet:
PSV > 900		6,348		6,279		6,210		6,348		6,348
PSV < 900		6,348		6,279		6,292		6,440		6,440
AHTS > 16K		1,012		1,001		990		1,012		1,012
AHTS 8 - 16K		1,932		1,975		1,900		1,932		1,932
AHTS 4 - 8K		1,932		1,976		1,980		2,075		2,116
Other		2,001		2,087		2,121		2,024		2,024
Total		19,573		19,597		19,493		19,831		19,872

15

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2025		2025		2025		2024		2024
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
PSV < 900		184		182		82		15		—
Total		184		182		82		15		—
West Africa fleet:
AHTS 4 - 8K		92		91		49		—		—
Other		404		312		477		—		—
Total		496		403		526		—		—
Worldwide fleet:
PSV < 900		184		182		82		15		—
AHTS 4 - 8K		92		91		49		—		—
Other		404		312		477		—		—
Total		680		585		608		15		—

16

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2025		2025		2025		2024		2024
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
PSV > 900		1,060		947		900		920		920
PSV < 900		1,380		1,311		1,350		1,457		1,531
AHTS > 16K		184		182		180		184		184
AHTS 8 - 16K		92		91		90		92		92
AHTS 4 - 8K		184		182		180		184		184
Other		93		179		180		184		184
Total		2,993		2,892		2,880		3,021		3,095
Asia Pacific fleet:
PSV > 900		828		819		810		828		828
PSV < 900		460		455		450		460		460
AHTS > 16K		276		273		270		276		276
AHTS 8 - 16K		184		182		180		184		221
AHTS 4 - 8K		—		65		90		92		92
Other		91		3		—		—		—
Total		1,839		1,797		1,800		1,840		1,877
Middle East fleet:
PSV > 900		92		91		90		92		92
PSV < 900		1,840		1,820		1,800		1,840		1,840
AHTS 8 - 16K		460		455		450		460		460
AHTS 4 - 8K		1,564		1,547		1,530		1,564		1,564
Total		3,956		3,913		3,870		3,956		3,956
Europe/Mediterranean fleet:
PSV > 900		3,680		3,569		3,510		3,588		3,680
PSV < 900		828		812		810		828		828
AHTS > 16K		92		182		180		184		184
Total		4,600		4,563		4,500		4,600		4,692
West Africa fleet:
PSV > 900		688		853		900		920		828
PSV < 900		1,656		1,699		1,800		1,840		1,781
AHTS > 16K		460		364		360		368		368
AHTS 8 - 16K		1,196		1,247		1,180		1,196		1,159
AHTS 4 - 8K		92		91		131		235		276
Other		1,413		1,593		1,464		1,840		1,840
Total		5,505		5,847		5,835		6,399		6,252
Worldwide fleet:
PSV > 900		6,348		6,279		6,210		6,348		6,348
PSV < 900		6,164		6,097		6,210		6,425		6,440
AHTS > 16K		1,012		1,001		990		1,012		1,012
AHTS 8 - 16K		1,932		1,975		1,900		1,932		1,932
AHTS 4 - 8K		1,840		1,885		1,931		2,075		2,116
Other		1,597		1,775		1,644		2,024		2,024
Total		18,893		19,012		18,885		19,816		19,872

17

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	September 30,				June 30,			March 31,			December 31,			September 30,
		2025			2025			2025			2024			2024
UTILIZATION - TOTAL FLEET:
Americas fleet:
PSV > 900			83.6	%		87.0	%		78.3	%		77.4	%		83.5	%
PSV < 900			70.3			63.6			53.0			74.2			76.5
AHTS > 16K			92.7			77.3			61.3			50.3			83.9
AHTS 8 - 16K			100.0			92.7			100.0			77.3			76.4
AHTS 4 - 8K			100.0			99.5			44.5			90.2			23.4
Other			96.4			83.5			91.8			72.4			69.2
Total			79.4	%		75.8	%		64.4	%		74.7	%		75.4	%
Asia Pacific fleet:
PSV > 900			75.2	%		70.1	%		67.7	%		63.4	%		63.2	%
PSV < 900			90.3			75.0			93.7			99.5			91.7
AHTS > 16K			63.7			88.5			66.7			75.4			81.8
AHTS 8 - 16K			35.1			34.4			64.1			64.9			58.8
AHTS 4 - 8K			—			—			56.2			100.0			91.7
Other			99.5			—			—			—			—
Total			74.5	%		67.9	%		73.1	%		76.2	%		73.8	%
Middle East fleet:
PSV > 900			82.6	%		38.9	%		100.0	%		100.0	%		100.0	%
PSV < 900			79.2			76.9			94.0			91.9			85.0
AHTS 8 - 16K			65.1			95.7			63.7			64.3			71.0
AHTS 4 - 8K			86.0			81.0			86.3			80.8			75.8
Total			80.3	%		79.8	%		87.6	%		84.5	%		80.1	%
Europe/Mediterranean fleet:
PSV > 900			88.7	%		94.8	%		88.0	%		86.1	%		86.1	%
PSV < 900			81.2			92.0			79.2			93.6			81.2
AHTS > 16K			100.0			69.1			49.8			32.3			52.0
Total			87.5	%		93.3	%		84.9	%		85.3	%		83.9	%
West Africa fleet:
PSV > 900			66.8	%		70.1	%		96.1	%		88.8	%		66.0	%
PSV < 900			53.8			52.4			68.5			80.9			80.0
AHTS > 16K			79.9			85.1			95.6			80.1			74.7
AHTS 8 - 16K			84.9			75.3			83.0			78.6			85.5
AHTS 4 - 8K			50.0			50.0			66.7			73.4			63.3
Other			50.3			40.5			43.0			40.8			49.6
Total			62.3	%		57.6	%		68.8	%		69.8	%		69.2	%
Worldwide fleet:
PSV > 900			83.6	%		86.2	%		85.3	%		82.5	%		80.3	%
PSV < 900			71.5			68.9			75.4			85.5			81.6
AHTS > 16K			79.7			81.7			73.1			64.7			74.2
AHTS 8 - 16K			76.1			77.0			77.5			73.9			78.6
AHTS 4 - 8K			83.9			77.2			79.4			81.6			70.3
Other			54.6			44.1			47.2			43.7			51.4
Total			75.8	%		74.1	%		76.0	%		77.6	%		76.2	%

18

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	September 30,				June 30,			March 31,			December 31,			September 30,
		2025			2025			2025			2024			2024
UTILIZATION - ACTIVE FLEET:
Americas fleet:
PSV > 900			83.6	%		87.0	%		78.3	%		77.4	%		83.5	%
PSV < 900			79.7			72.4			56.2			75.0			76.5
AHTS > 16K			92.7			77.3			61.3			50.3			83.9
AHTS 8 - 16K			100.0			92.7			100.0			77.3			76.4
AHTS 4 - 8K			100.0			99.5			44.5			90.2			23.4
Other			96.4			83.5			91.8			72.4			69.2
Total			84.3	%		80.5	%		66.3	%		75.1	%		75.4	%
Asia Pacific fleet:
PSV > 900			75.2	%		70.1	%		67.7	%		63.4	%		63.2	%
PSV < 900			90.3			75.0			93.7			99.5			91.7
AHTS > 16K			63.7			88.5			66.7			75.4			81.8
AHTS 8 - 16K			35.1			34.4			64.1			64.9			58.8
AHTS 4 - 8K			—			—			56.2			100.0			91.7
Other			99.5			—			—			—			—
Total			74.5	%		67.9	%		73.1	%		76.2	%		73.8	%
Middle East fleet:
PSV > 900			82.6	%		38.9	%		100.0	%		100.0	%		100.0	%
PSV < 900			79.2			76.9			94.0			91.9			85.0
AHTS 8 - 16K			65.1			95.7			63.7			64.3			71.0
AHTS 4 - 8K			86.0			81.0			86.3			80.8			75.8
Total			80.3	%		79.8	%		87.6	%		84.5	%		80.1	%
Europe/Mediterranean fleet:
PSV > 900			88.7	%		94.8	%		88.0	%		86.1	%		86.1	%
PSV < 900			81.2			92.0			79.2			93.6			81.2
AHTS > 16K			100.0			69.1			49.8			32.3			52.0
Total			87.5	%		93.3	%		84.9	%		85.3	%		83.9	%
West Africa fleet:
PSV > 900			66.8	%		70.1	%		96.1	%		88.8	%		66.0	%
PSV < 900			53.8			52.4			68.5			80.9			80.0
AHTS > 16K			79.9			85.1			95.6			80.1			74.7
AHTS 8 - 16K			84.9			75.3			83.0			78.6			85.5
AHTS 4 - 8K			100.0			100.0			91.6			73.4			63.3
Other			64.6			48.4			57.0			40.8			49.6
Total			67.9	%		61.6	%		75.0	%		69.8	%		69.2	%
Worldwide fleet:
PSV > 900			83.6	%		86.2	%		85.3	%		82.5	%		80.3	%
PSV < 900			73.6			71.0			76.4			85.7			81.6
AHTS > 16K			79.7			81.7			73.1			64.7			74.2
AHTS 8 - 16K			76.1			77.0			77.5			73.9			78.6
AHTS 4 - 8K			88.1			80.9			81.4			81.6			70.3
Other			68.5			51.8			60.8			43.7			51.4
Total			78.5	%		76.4	%		78.4	%		77.7	%		76.2	%

19

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2025		2025		2025		2024		2024
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900	$	34,365	$	32,617	$	32,992	$	33,907	$	35,404
PSV < 900		30,326		29,222		27,862		24,479		22,986
AHTS > 16K		35,435		37,252		35,888		32,095		40,478
AHTS 8 - 16K		13,672		13,151		13,796		13,079		12,925
AHTS 4 - 8K		22,942		22,943		21,889		10,399		8,167
Other		17,456		24,369		21,251		27,870		23,420
Total		30,487		29,526		28,733		26,563		27,676
Asia Pacific fleet:
PSV > 900		36,371		36,341		37,304		35,984		37,341
PSV < 900		29,908		32,803		36,309		35,192		40,805
AHTS > 16K		68,580		48,255		48,843		52,170		54,756
AHTS 8 - 16K		23,531		28,856		20,764		23,746		35,682
AHTS 4 - 8K		—		—		21,890		21,959		25,883
Other		55,320		—		—		—		—
Total		39,196		37,372		36,564		36,203		40,419
Middle East fleet:
PSV > 900		16,391		16,929		16,072		16,146		15,079
PSV < 900		13,878		13,469		13,301		12,981		12,730
AHTS 8 - 16K		12,290		11,889		12,112		11,575		10,558
AHTS 4 - 8K		12,555		12,443		12,026		11,006		10,291
Total		13,228		12,877		12,777		12,197		11,661
Europe/Mediterranean fleet:
PSV > 900		20,630		23,292		20,782		21,499		21,092
PSV < 900		20,674		21,061		18,337		19,727		20,347
AHTS > 16K		23,122		33,904		18,613		23,177		39,597
Total		20,752		23,275		20,405		21,249		21,484
West Africa fleet:
PSV > 900		31,188		32,777		34,924		34,334		31,118
PSV < 900		26,729		27,867		30,017		29,598		29,031
AHTS > 16K		32,746		32,082		29,568		32,557		32,453
AHTS 8 - 16K		22,524		23,123		21,204		19,033		18,627
AHTS 4 - 8K		15,516		16,010		17,387		18,462		17,755
Other		8,264		6,979		7,013		6,001		7,096
Total		21,940		23,035		24,244		24,038		22,044
Worldwide fleet:
PSV > 900		25,625		27,102		26,345		26,550		25,883
PSV < 900		22,867		22,722		22,697		22,550		22,666
AHTS > 16K		40,037		38,029		33,966		37,870		41,721
AHTS 8 - 16K		19,931		19,592		18,945		17,584		18,087
AHTS 4 - 8K		13,902		13,902		13,255		12,301		11,990
Other		13,127		10,147		9,746		9,691		9,410
Total	$	22,798	$	23,166	$	22,303	$	22,236	$	22,275

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

20

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Americas
Vessel revenues	$	76,913		$	68,758		$	54,852		$	60,240		$	64,606
Vessel operating costs:
Crew costs		22,634			19,652			17,440			18,519			21,646
Repair and maintenance		5,350			4,830			4,266			5,271			5,227
Insurance		570			351			571			506			571
Fuel, lube and supplies		2,464			2,215			2,617			2,954			3,165
Other		4,598			5,965			10,129			6,795			5,921
Total vessel operating costs		35,616			33,013			35,023			34,045			36,530
Vessel operating margin ($)		41,297			35,745			19,829			26,195			28,076
Vessel operating margin (%)		53.7	%		52.0	%		36.2	%		43.5	%		43.5	%
Americas - Select operating statistics
Average vessels - Total fleet		35			34			33			33			34
Utilization - Total fleet		79.4	%		75.8	%		64.4	%		74.7	%		75.4	%
Average vessels - Active fleet		33			32			32			33			34
Utilization - Active fleet		84.3	%		80.5	%		66.3	%		75.1	%		75.4	%
Average day rates	$	30,487		$	29,526		$	28,733		$	26,563		$	27,676
Vessels commencing drydocks		—			1			3			1			4
Deferred drydocking and survey costs - beginning balance	$	25,608		$	28,443		$	31,149		$	33,812		$	37,103
Cash paid for deferred drydocking and survey costs		1,082			1,027			3,355			3,317			5,009
Amortization of deferred drydocking and survey costs		(5,817	)		(5,338	)		(5,916	)		(5,980	)		(5,621	)
Disposals, intersegment transfers and other		1,527			1,476			(145	)		—			(2,679	)
Deferred drydocking and survey costs - ending balance	$	22,400		$	25,608		$	28,443		$	31,149		$	33,812

21

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Asia Pacific
Vessel revenues	$	53,786		$	45,696		$	48,228		$	51,043		$	56,283
Vessel operating costs:
Crew costs		20,887			18,518			20,331			21,954			24,685
Repair and maintenance		3,842			3,365			2,270			4,304			3,834
Insurance		330			176			324			319			327
Fuel, lube and supplies		2,443			1,789			1,767			2,002			2,560
Other		2,768			2,317			2,118			2,456			2,396
Total vessel operating costs		30,270			26,165			26,810			31,035			33,802
Vessel operating margin ($)		23,516			19,531			21,418			20,008			22,481
Vessel operating margin (%)		43.7	%		42.7	%		44.4	%		39.2	%		39.9	%
Asia Pacific - Select operating statistics
Average vessels - Total fleet		20			20			20			20			20
Utilization - Total fleet		74.5	%		67.9	%		73.1	%		76.2	%		73.8	%
Average vessels - Active fleet		20			20			20			20			20
Utilization - Active fleet		74.5	%		67.9	%		73.1	%		76.2	%		73.8	%
Average day rates	$	39,196		$	37,372		$	36,564		$	36,203		$	40,419
Vessels commencing drydocks		3			2			4			—			2
Deferred drydocking and survey costs - beginning balance	$	13,462		$	13,810		$	10,418		$	11,248		$	8,744
Cash paid for deferred drydocking and survey costs		3,340			2,487			7,253			1,138			4,069
Amortization of deferred drydocking and survey costs		(2,578	)		(2,428	)		(2,046	)		(1,968	)		(1,565	)
Disposals, intersegment transfers and other		(130	)		(407	)		(1,815	)		—			—
Deferred drydocking and survey costs - ending balance	$	14,094		$	13,462		$	13,810		$	10,418		$	11,248

22

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Middle East
Vessel revenues	$	42,035		$	40,215		$	43,302		$	40,772		$	36,947
Vessel operating costs:
Crew costs		13,541			13,302			13,280			13,509			13,071
Repair and maintenance		4,556			4,261			4,100			4,162			4,625
Insurance		484			343			529			488			510
Fuel, lube and supplies		2,916			3,250			2,039			2,599			2,842
Other		4,242			4,661			4,588			4,932			6,000
Total vessel operating costs		25,739			25,817			24,536			25,690			27,048
Vessel operating margin ($)		16,296			14,398			18,766			15,082			9,899
Vessel operating margin (%)		38.8	%		35.8	%		43.3	%		37.0	%		26.8	%
Middle East - Select operating statistics
Average vessels - Total fleet		43			43			43			43			43
Utilization - Total fleet		80.3	%		79.8	%		87.6	%		84.5	%		80.1	%
Average vessels - Active fleet		43			43			43			43			43
Utilization - Active fleet		80.3	%		79.8	%		87.6	%		84.5	%		80.1	%
Average day rates	$	13,228		$	12,877		$	12,777		$	12,197		$	11,661
Vessels commencing drydocks		8			11			4			6			4
Deferred drydocking and survey costs - beginning balance	$	35,355		$	31,423		$	21,792		$	24,159		$	23,089
Cash paid for deferred drydocking and survey costs		8,716			8,191			13,464			1,328			4,764
Amortization of deferred drydocking and survey costs		(5,158	)		(4,259	)		(3,833	)		(3,695	)		(3,694	)
Disposals, intersegment transfers and other		—			—			—			—			—
Deferred drydocking and survey costs - ending balance	$	38,913		$	35,355		$	31,423		$	21,792		$	24,159

23

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Europe/Mediterranean
Vessel revenues	$	83,740		$	99,280		$	78,205		$	84,109		$	85,325
Vessel operating costs:
Crew costs		30,104			29,342			27,111			26,993			28,818
Repair and maintenance		7,481			5,736			6,711			8,458			7,279
Insurance		797			417			848			827			827
Fuel, lube and supplies		3,469			2,153			3,147			3,171			3,924
Other		4,805			6,187			4,738			5,180			4,974
Total vessel operating costs		46,656			43,835			42,555			44,629			45,822
Vessel operating margin ($)		37,084			55,445			35,650			39,480			39,503
Vessel operating margin (%)		44.3	%		55.8	%		45.6	%		46.9	%		46.3	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		50			50			50			50			51
Utilization - Total fleet		87.5	%		93.3	%		84.9	%		85.3	%		83.9	%
Average vessels - Active fleet		50			50			50			50			51
Utilization - Active fleet		87.5	%		93.3	%		84.9	%		85.3	%		83.9	%
Average day rates	$	20,752		$	23,275		$	20,405		$	21,249		$	21,484
Vessels commencing drydocks		3			1			6			4			8
Deferred drydocking and survey costs - beginning balance	$	35,571		$	41,011		$	38,431		$	41,637		$	34,779
Cash paid for deferred drydocking and survey costs		2,103			1,811			8,786			3,554			12,225
Amortization of deferred drydocking and survey costs		(6,363	)		(6,919	)		(6,206	)		(6,126	)		(5,367	)
Disposals, intersegment transfers and other		(871	)		(332	)		—			(634	)		—
Deferred drydocking and survey costs - ending balance	$	30,440		$	35,571		$	41,011		$	38,431		$	41,637

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TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
West Africa
Vessel revenues	$	82,017		$	82,909		$	106,112		$	107,299		$	95,324
Vessel operating costs:
Crew costs		18,363			18,662			18,951			19,010			19,488
Repair and maintenance		7,407			5,745			4,607			4,536			4,589
Insurance		711			353			762			717			730
Fuel, lube and supplies		5,149			5,700			4,808			4,552			4,722
Other		6,219			8,064			6,927			6,170			5,923
Total vessel operating costs		37,849			38,524			36,055			34,985			35,452
Vessel operating margin ($)		44,168			44,385			70,057			72,314			59,872
Vessel operating margin (%)		53.9	%		53.5	%		66.0	%		67.4	%		62.8	%
West Africa - Select operating statistics
Average vessels - Total fleet		65			69			71			70			68
Utilization - Total fleet		62.3	%		57.6	%		68.8	%		69.8	%		69.2	%
Average vessels - Active fleet		60			65			65			70			68
Utilization - Active fleet		67.9	%		61.6	%		75.0	%		69.8	%		69.2	%
Average day rates	$	21,940		$	23,035		$	24,244		$	24,038		$	22,044
Vessels commencing drydocks		2			4			7			1			5
Deferred drydocking and survey costs - beginning balance	$	55,663		$	54,639		$	50,760		$	50,088		$	44,942
Cash paid for deferred drydocking and survey costs		2,404			10,222			10,481			8,337			9,416
Amortization of deferred drydocking and survey costs		(9,154	)		(8,461	)		(8,417	)		(8,115	)		(6,949	)
Disposals, intersegment transfers and other		(526	)		(737	)		1,815			450			2,679
Deferred drydocking and survey costs - ending balance	$	48,387		$	55,663		$	54,639		$	50,760		$	50,088

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TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Worldwide
Vessel revenues	$	338,491		$	336,858		$	330,699		$	343,463		$	338,485
Vessel operating costs:
Crew costs		105,529			99,476			97,113			99,985			107,708
Repair and maintenance		28,636			23,937			21,954			26,731			25,554
Insurance		2,892			1,640			3,034			2,857			2,965
Fuel, lube and supplies		16,441			15,107			14,378			15,278			17,213
Other		22,632			27,194			28,500			25,533			25,214
Total vessel operating costs		176,130			167,354			164,979			170,384			178,654
Vessel operating margin ($)		162,361			169,504			165,720			173,079			159,831
Vessel operating margin (%)		48.0	%		50.3	%		50.1	%		50.4	%		47.2	%
Worldwide - Select operating statistics
Average vessels - Total fleet		213			216			217			216			216
Utilization - Total fleet		75.8	%		74.1	%		76.0	%		77.6	%		76.2	%
Average vessels - Active fleet		206			210			210			216			216
Utilization - Active fleet		78.5	%		76.4	%		78.4	%		77.7	%		76.2	%
Average day rates	$	22,798		$	23,166		$	22,303		$	22,236		$	22,275
Vessels commencing drydocks		16			19			24			12			23
Deferred drydocking and survey costs - beginning balance	$	165,659		$	169,326		$	152,550		$	160,944		$	148,657
Cash paid for deferred drydocking and survey costs		17,645			23,738			43,339			17,674			35,483
Amortization of deferred drydocking and survey costs		(29,070	)		(27,405	)		(26,418	)		(25,884	)		(23,196	)
Disposals, intersegment transfers and other		—			—			(145	)		(184	)		—
Deferred drydocking and survey costs - ending balance	$	154,234		$	165,659		$	169,326		$	152,550		$	160,944

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TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Net income (loss)	$	(1,018	)	$	72,702		$	42,320		$	36,619		$	45,991
Interest and other debt costs		16,589			16,442			16,344			16,742			17,622
Income tax expense		21,711			5,584			26,109			16,376			12,883
Depreciation		37,334			36,909			39,014			38,736			39,239
Amortization of deferred drydock and survey costs		29,070			27,405			26,418			25,884			23,196
Amortization of below market contracts		(283	)		(347	)		(351	)		(1,071	)		(1,073	)
EBITDA (A), (B), (C)		103,403			158,695			149,854			133,286			137,858
Non-cash indemnification assets charge (credit)		—			(112	)		834			242			553
Non-cash stock compensation expense		3,481			4,057			3,491			3,886			3,569
Loss on early extinguishment of debt		27,101			—			—			—			—
Acquisition, restructuring and integration related costs		3,941			340			—			978			581
Adjusted EBITDA (A), (B), (C)	$	137,926		$	162,980		$	154,179		$	138,392		$	142,561

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 September 30, 2025, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,481, $4,057, $3,491, $3,886 and $3,569 respectively.

Note (C):  EBITDA and Adjusted EBITDA for the three months ended September 30, 2025, and for each of the prior four quarters includes foreign exchange gain (losses) of $1,277, $11,703, $7,569, $(14,337) and $5,522 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.

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TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Net cash provided by operating activities (A)	$	72,079		$	73,658		$	80,411		$	100,039		$	45,413
Cash interest expense		17,735			11,994			17,505			12,816			23,535
Interest income and other		(1,860	)		(2,103	)		(2,157	)		(2,697	)		(1,028	)
Indemnification assets credit (charge)		—			112			(834	)		(242	)		(553	)
Additions to property and equipment		(5,122	)		(5,226	)		(10,266	)		(4,534	)		(5,712	)
Expansion capital		—			3			27			63			55
Effects of exchange rate changes on cash		(1,377	)		11,775			5,562			(8,736	)		3,723
	81,455			90,213			90,248			96,709			65,433
Proceeds from asset sales		1,204			7,328			4,416			10,316			1,557
Free cash flow	$	82,659		$	97,541		$	94,664		$	107,025		$	66,990

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 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
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	(9,210	)	$	(11,010	)	$	21,099		$	5,493		$	(26,687	)
Cash paid for deferred drydock and survey costs		(17,645	)		(23,738	)		(43,339	)		(17,674	)		(35,483	)
Total uses of cash for changes in assets and liabilities	$	(26,855	)	$	(34,748	)	$	(22,240	)	$	(12,181	)	$	(62,170	)

Contacts

Tidewater Inc.

West Gotcher

Senior Vice President,

Strategy, Corporate Development and Investor Relations

+1.713.470.5285

SOURCE: Tidewater Inc.

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