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• Think of them as the marine equivalent of a specialized trucking company, but for offshore oil rigs and wind farms.
• They're like the FedEx or UPS for the offshore energy industry, providing critical vessel-based transportation and operational support.

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Tidewater (TDW) provides the following major marine support and transportation services:

• Offshore Marine Transportation: Providing vessels to transport personnel, supplies, and equipment between shore bases and offshore drilling rigs and production platforms.
• Vessel Towing and Anchor Handling: Operating tugs and specialized vessels to tow, moor, and reposition mobile offshore drilling units and barges.
• Offshore Construction and Project Support: Offering marine support for offshore construction, subsea operations, seismic surveys, and pipe or cable laying.
• Windfarm Development and Maintenance Support: Delivering vessel services for geotechnical surveys, construction, and ongoing maintenance of offshore windfarms.

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Tidewater (TDW) primarily sells its services to other companies in the offshore energy and related industries. Based on the provided background information, the company serves the following categories of customers:

• Oil and natural gas exploration, field development, and production companies
• Mid-sized and smaller independent exploration and production companies
• Foreign government-owned or government-controlled organizations, and other related companies
• Drilling contractors
• Other companies involved in offshore construction, windfarm development, diving, and well stimulation

The provided background information does not specify the names of individual customer companies within these categories.

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Quintin V. Kneen, President, CEO and Director

Mr. Kneen was appointed President, CEO and Director of Tidewater in September 2019. Prior to this, he served as Executive Vice President and Chief Financial Officer at Tidewater since November 2018, following its acquisition of GulfMark Offshore Inc., where he had served as President and Chief Executive Officer from June 2013 until the acquisition. Mr. Kneen joined GulfMark in June 2008 as Vice President – Finance, progressing to Executive Vice President and Chief Financial Officer before becoming CEO. Before his tenure at GulfMark, he was Vice President-Finance & Investor Relations for Grant Prideco, Inc., and held executive finance positions at Azurix Corp. He began his career as an Audit Manager with Price Waterhouse LLP. Mr. Kneen holds an M.B.A. from Rice University and a B.B.A. in Accounting from Texas A&M University, and is a Certified Public Accountant and a Chartered Financial Analyst.

Sam R. Rubio, Executive Vice President and Chief Financial Officer

Mr. Rubio has served as Executive Vice President and Chief Financial Officer since March 2021. He brings over 30 years of experience in accounting. Prior to this role, he was Tidewater's Vice President, Chief Accounting Officer and Controller starting in December 2018. From April 2018 until joining Tidewater, he was Senior Vice President – Chief Financial Officer for GulfMark Offshore Inc., a company that was acquired by Tidewater in November 2018. He first joined GulfMark in 2005 as Assistant Controller, progressing through various accounting and finance leadership roles. Mr. Rubio holds a Bachelor of Business Administration from Sul Ross State University and is a Certified Public Accountant.

Piers D. Middleton, Executive Vice President and Chief Operating Officer

Mr. Middleton has served as Executive Vice President and Chief Operating Officer since July 2025. Before this, he held roles at Tidewater as Executive Vice President and Chief Commercial Officer (June 2024 to July 2025) and Senior Vice President and Chief Commercial Officer (June 2023 to June 2024), and Vice President, Sales and Marketing (September 2020 to June 2023). Prior to joining Tidewater, he spent over 19 years at Clarksons PLC, a global maritime services company, where he founded and led the global Offshore & Newbuilding Divisions. He has over 27 years of international experience in the OSV sector.

Daniel A. Hudson, Executive Vice President, General Counsel & Corporate Secretary

Mr. Hudson has served as Executive Vice President, General Counsel & Corporate Secretary since March 2021, and is also the company's Chief Compliance Officer. He joined Tidewater in 2006 and has held several positions within the legal department, including Staff Attorney, Regional Counsel, Managing Counsel, Assistant General Counsel, and Vice President, General Counsel & Corporate Secretary. Mr. Hudson holds a B.A. from the University of St. Thomas (Houston) and a J.D. from Loyola University New Orleans College of Law, and has completed MIT Sloan's “Leading Operational Excellence” program.

Lee R. Johnson, Vice President and Chief Information Officer

Mr. Johnson serves as Vice President and Chief Information Officer. He has extensive experience in delivering technology automation and streamlined business processes to achieve organizational efficiencies and digital transformations.

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The key risks to Tidewater Inc.'s business are predominantly linked to the cyclical nature of the offshore energy industry and the broader global energy landscape.

1. Volatility in Oil and Natural Gas Prices and Offshore Exploration & Production Spending: Tidewater's financial performance is highly dependent on the activity levels within the offshore oil and natural gas industry. Fluctuations in crude oil and natural gas prices directly influence the capital expenditures of exploration and production companies. A sustained period of low commodity prices or a negative outlook can lead to reduced demand for Tidewater's marine support services, lower charter rates for its vessels, and decreased utilization, significantly impacting its revenue and profitability.
2. Impact of the Global Energy Transition and Environmental Regulations: The increasing global focus on climate change, the shift towards renewable energy sources, and stricter environmental regulations pose a long-term risk to Tidewater's traditional offshore fossil fuel support services. While the company is expanding its involvement in windfarm development and maintenance, a rapid or significant decline in demand for oil and gas-related offshore activities due to regulatory changes or a hastened energy transition could adversely affect a substantial portion of its business.
3. Vessel Oversupply and Intense Competition in the Offshore Support Vessel Market: The offshore support vessel (OSV) industry has historically experienced periods of oversupply, where the number of available vessels exceeds demand. This market imbalance can lead to intense competition among service providers, resulting in downward pressure on charter rates and vessel utilization. An oversupplied market directly impacts Tidewater's ability to secure profitable contracts and maintain healthy operating margins.

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A clear emerging threat to Tidewater is the accelerated global energy transition away from fossil fuels. As a significant portion of Tidewater's business involves providing marine support services to the offshore oil and natural gas industry, a rapid shift towards renewable energy sources and more stringent climate policies could lead to a substantial and sustained reduction in demand for offshore oil and gas exploration, development, and production services. While Tidewater also supports windfarm development, an accelerated decline in its core oil and gas market could severely impact asset utilization and profitability, similar to how new technologies or business models have disrupted established industries in the past.

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Tidewater Inc. primarily operates within the global offshore support vessel (OSV) market, providing essential marine support and transportation services to the offshore energy industry.

The global offshore support vessel market was valued at approximately USD 25.6 billion in 2024 and is projected to reach USD 36.3 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2029. Another estimate places the global offshore support vessels market size at USD 23.85 billion in 2023, with a projection to reach USD 47.1 billion by 2033, expanding at a CAGR of 7.04% from 2023 to 2033. The market for offshore support vessel services, a closely related segment, was valued at US$15.28 billion in 2025 and is projected to grow to US$24.87 billion by 2032, with a CAGR of 7.6% between 2025 and 2032.

This market is driven by increasing offshore oil and natural gas exploration, field development, and production activities. The oil and gas application segment is a dominant force in the global offshore support vessel market, accounting for a significant share of the market.

Additionally, Tidewater supports the growing offshore windfarm development and maintenance sector. The global offshore wind farm support vessels market was valued at USD 14.21 billion in 2024 and is projected to reach USD 23.42 billion by 2033, at a CAGR of 7.4%. The expansion of offshore renewable energy projects significantly contributes to the demand for offshore support vessels.

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Expected Drivers of Future Revenue Growth for Tidewater (TDW)

Over the next 2-3 years, Tidewater (TDW) is expected to drive revenue growth through several key initiatives and market dynamics:

1. Increased Day Rates and High Vessel Utilization: Tidewater anticipates continued strength in average day rates and high utilization of its offshore support vessels. The company's management highlighted expanded gross margins and increased average day rates as key performance drivers.
2. Strategic Acquisitions and Fleet Expansion: Tidewater has actively pursued growth through strategic acquisitions, significantly expanding its fleet and market presence. Recent examples include the acquisition of 37 platform supply vessels (PSVs) from Solstad Offshore in March 2023 and the acquisition of Wilson Sons Ultratug Offshore, which enhances its capabilities in the Brazilian market and is factored into positive revenue guidance for 2026.
3. Expansion into the Offshore Renewable Energy Sector: Tidewater is strategically diversifying its services and actively pursuing growth in the offshore renewable energy sector, particularly in windfarm development and maintenance. The company plans to expand its specialized fleet for offshore wind projects and target new customer segments in this evolving market.
4. Sustained Demand in Offshore Oil and Natural Gas with Favorable Supply-Demand Dynamics: Despite some market volatility, there is an ongoing demand for offshore support vessels in oil and natural gas exploration, field development, and production activities. A tight global supply of offshore support vessels (OSVs), with limited new construction, allows Tidewater to maintain strong pricing power and high utilization rates for its industry-leading fleet.
5. Reactivation of High-Specification Vessels: Beyond acquisitions, Tidewater is also focused on organic growth by reactivating stacked, high-specification vessels. This strategy allows the company to efficiently increase its operational capacity as market conditions improve and leverage existing assets to meet demand.

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Share Repurchases

• Tidewater announced a $500 million share repurchase program on August 4, 2025, which has no expiration date.
• Over the three years ending December 31, 2025, Tidewater repurchased 4,264,889 shares for approximately $215.7 million.
• In 2025 alone, the company repurchased approximately 2.5 million shares for $98.2 million.

Share Issuance

• The acquisition of Swire Pacific Offshore in April 2022 involved the issuance of 8.1 million Jones Act warrants, which upon exercise represented approximately 15.6% of Tidewater's outstanding shares. These warrants have since been exercised.

Outbound Investments

• In April 2022, Tidewater completed the acquisition of Swire Pacific Offshore (SPO) for a total consideration of approximately $215.5 million, adding 50 vessels to its fleet.
• In March 2023, Tidewater acquired a fleet of 37 Platform Supply Vessels (PSVs) from Solstad Offshore for approximately $594.2 million.
• In February 2026, Tidewater announced an agreement to acquire Wilson Sons Ultratug (WSUT) for an enterprise value of approximately $500 million, including assumed debt, which will add 22 PSVs primarily in Brazil upon closing in late Q2 2026.

Capital Expenditures

• Capital expenditures totaled $25.8 million for the full year 2025.
• For 2026, projected capital expenditures are approximately $51 million, which includes a significant upgrade to one Norwegian vessel supported by a customer contract, and an additional $24.4 million for exercising purchase options on two leased vessels.
• In the first quarter of 2025, capital expenditures were $10.3 million, primarily focused on fleet upgrades such as ballast water treatment, dynamic positioning (DP) systems, fuel systems, and IT.