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Here are 1-2 brief analogies to describe Tidewater (TDW):

• The FedEx of the offshore energy industry. (Tidewater provides critical logistics, supply chain, and transportation services to offshore oil and gas platforms globally.)
• The Delta Air Lines of the offshore energy sector, but with boats instead of planes. (Tidewater operates a large, specialized fleet to transport personnel and supplies, providing essential support services for offshore energy operations worldwide.)

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• Offshore Supply and Logistics: Provides the transportation of equipment, supplies, and personnel to offshore drilling rigs and production platforms.
• Anchor Handling and Towing: Offers specialized vessels for handling anchors, towing drilling rigs, and providing other heavy-duty marine services.
• Subsea Support and Construction: Delivers advanced vessel services for subsea construction, maintenance, and remotely operated vehicle (ROV) support.

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Tidewater (TDW) sells primarily to other companies, operating in a business-to-business (B2B) model. It is a leading provider of offshore support vessels to the global energy industry.

Its major customers are typically exploration and production (E&P) companies, national oil companies (NOCs), and other service providers in the global offshore energy industry that require support vessels for their drilling, construction, production, and maintenance operations.

While Tidewater's SEC filings indicate that no single customer accounted for 10% or more of its consolidated revenues in recent fiscal years, signifying a diversified customer base, the types of companies it serves include:

• International Oil Companies (IOCs): These are large, publicly traded multinational corporations involved in all aspects of the oil and gas industry. Examples of such companies that operate offshore and would utilize services like Tidewater's include:
  • ExxonMobil (XOM)
  • Chevron (CVX)
  • Shell plc (SHEL)
  • BP p.l.c. (BP)
  • TotalEnergies SE (TTE)
  • Equinor ASA (EQNR)
• National Oil Companies (NOCs): These are oil and gas companies owned or predominantly controlled by national governments. They often have significant offshore operations. Examples include:
  • Petrobras (PBR) (Brazil)
  • Saudi Aramco (2222.SR, primarily traded in Saudi Arabia)
  • ADNOC (United Arab Emirates)
  • Pemex (Mexico)
  (Note: Many NOCs are not publicly traded or have limited public float, but Petrobras is a significant exception.)
• Independent Oil and Gas Companies: These are often smaller to mid-sized publicly traded or private companies focused on E&P activities, frequently with specialized offshore portfolios.
• Offshore Drilling Contractors and Other Service Companies: Companies that provide drilling services or other specialized support to the E&P sector may also contract with Tidewater for vessel support for their operations. Examples include:
  • Valaris plc (VAL)
  • Transocean Ltd. (RIG)
  • Noble Corporation plc (NE)

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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 Tidewater's acquisition of GulfMark Offshore Inc. He was President, Chief Executive Officer, and a Director of GulfMark from June 2013 until its acquisition, having joined GulfMark in June 2008 in finance roles before becoming EVP and CFO in June 2009. Before his tenure at GulfMark, Mr. Kneen was Vice President-Finance & Investor Relations for Grant Prideco, Inc., and held executive finance positions at Azurix Corp. He also worked as an Audit Manager with Price Waterhouse LLP. Mr. Kneen led GulfMark through a reorganization and its combination with Tidewater and has since led Tidewater through the acquisitions of Swire Pacific Offshore and the Platform Supply Vessel fleet of Solstad.

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

Mr. Rubio has served as Executive Vice President and Chief Financial Officer of Tidewater since March 2021. Before this appointment, he held the position of Vice President, Chief Accounting Officer and Controller for Tidewater from December 2018. Prior to joining Tidewater, from April 2018 until its acquisition by Tidewater, Mr. Rubio was the Senior Vice President – Chief Financial Officer for GulfMark Offshore Inc. He brings over 30 years of experience in accounting at both operating division and corporate levels.

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

Mr. Middleton has served as Tidewater's Executive Vice President and Chief Operating Officer since July 2025. He previously held roles within Tidewater as Executive Vice President and Chief Commercial Officer from June 2024 to July 2025, Senior Vice President and Chief Commercial Officer from June 2023 to June 2024, and Vice President, Sales and Marketing from September 2020 to June 2023. Mr. Middleton possesses over 27 years of international experience in the offshore support vessel (OSV) sector.

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

Mr. Hudson has served as Executive Vice President, General Counsel & Corporate Secretary since March 2021. He joined Tidewater in 2006, having previously worked in healthcare administration. His career at Tidewater has included serving as a Staff Attorney, Regional Counsel (based internationally), Managing Counsel, and Assistant General Counsel.

Darren Vorst, Senior Vice President and Treasurer

Mr. Vorst serves as Senior Vice President and Treasurer at Tidewater. He joined Tidewater as Treasurer in January 2009. Prior to Tidewater, he gained 14 years of experience in senior financial positions with offshore drillers Transocean (1993 to 2002) and TODCO (2003 to 2007). At TODCO, he served as Controller until July 2003, and then as Treasurer. Mr. Vorst also worked for six years at Price Waterhouse in Houston, including a final role as Audit Manager.

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The key risks to Tidewater's business (TDW) include:

1. Cyclicality and Dependence on the Oil and Gas Industry: Tidewater's financial performance is highly susceptible to the cyclical nature of the offshore support vessel (OSV) market and fluctuations in crude oil and natural gas prices. The demand for their services, which include offshore exploration, field development, and production support, is directly tied to the activity levels of their customers in the energy sector. A decline in commodity prices or a general downturn in the OSV market can lead to a significant decrease in demand for Tidewater's services, thereby impacting revenue and profitability. The company has a history of bankruptcy during previous industry downturns, highlighting the severity of this risk.
2. Financial Vulnerabilities and Debt Management: Tidewater faces substantial financial risks related to its ability to maintain liquidity and manage its debt. Concerns exist regarding increasing net debt and liabilities, which could be severely tested during an industry downturn. Restrictive covenants in the company's debt agreements could limit its financial flexibility, constraining its ability to incur additional debt, create liens, or engage in strategic transactions. Non-compliance with these covenants could trigger defaults, potentially jeopardizing Tidewater's financial stability and raising the specter of another bankruptcy.
3. Operational Volatility and Regulatory/Geopolitical Risks: Tidewater is exposed to operational volatility driven by factors such as commodity price fluctuations, which can lead to increased fleet idle time and drydocking requirements, directly reducing near-term revenue generation. Additionally, the company faces ongoing compliance risks, as evidenced by the SEC's revocation of its municipal advisor registration. Operating in various "risk countries" also exposes Tidewater to other challenges, including interest rate and foreign currency fluctuations, labor changes, increased regulatory burdens, and compliance with laws related to the environment, labor, and foreign corrupt practices.

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The global energy transition away from fossil fuels, driven by increasing climate change concerns, evolving government policies, and significant investments in renewable energy sources, poses a clear emerging threat to Tidewater. This fundamental shift directly impacts the long-term demand for offshore oil and gas exploration, development, and production, which constitutes the primary market for Tidewater's offshore support vessels. As capital increasingly flows towards renewable energy projects and away from new hydrocarbon ventures, the sustained demand for services supporting traditional offshore oil and gas operations faces significant headwinds and potential contraction, challenging Tidewater's core business model and long-term growth prospects.

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Tidewater Inc. (symbol: TDW) primarily offers offshore marine support and transportation services, operating a fleet of offshore support vessels (OSVs) for the global energy industry. These services encompass support for offshore oil and gas exploration, field development, and production activities, as well as the offshore wind sector. Tidewater also provides assistance for offshore construction projects and specialized marine support services.

The addressable market sizes for their main products and services are as follows:

Offshore Support Vessels (OSV) Market

• The global offshore support vessels market was valued between approximately USD 18.57 billion and USD 27.7 billion in 2024.
• Projections indicate growth to a range of approximately USD 29.27 billion by 2032 and USD 61.3 billion by 2033/2034, exhibiting a Compound Annual Growth Rate (CAGR) generally between 3.2% and 7.8% during the forecast periods.

Subsea and Offshore Services Market

Given Tidewater's involvement in offshore construction projects and specialized marine support services, the broader subsea and offshore services market is also relevant.

• The global subsea and offshore services market was calculated at approximately USD 15.56 billion in 2024.
• This market is predicted to increase to approximately USD 27.97 billion by 2034, growing at a CAGR of 6.04% from 2025 to 2034.

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Expected Drivers of Future Revenue Growth for Tidewater (TDW) Over the Next 2-3 Years

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Share Repurchases

• Tidewater announced a $500 million share repurchase program in 2025.
• The company repurchased approximately 2.3 million shares for $90.0 million year-to-date as of September 30, 2025.
• In 2024, the annual share buybacks amounted to $90.742 million, following $35.025 million in 2023.

Share Issuance

• Tidewater's shares outstanding were 49,562,017 as of September 30, 2025.
• This represents a decrease from 52,841,838 shares outstanding as of October 31, 2023, indicating share repurchases.

Outbound Investments

• On July 5, 2023, Tidewater completed the acquisition of 37 platform supply vessels from Solstad Offshore ASA for approximately $594.2 million.
• Tidewater consistently prioritizes mergers and acquisitions as a core growth strategy, focusing on value-accretive deals.

Capital Expenditures

• Tidewater's capital expenditures were approximately $25.74 million for the quarter ending June 30, 2025, $27.58 million for fiscal year 2024, and $31.59 million for fiscal year 2023.
• The company maintains capital discipline as a core focus, influencing working capital management and capital expenditures to generate positive cash flow.
• Capital expenditures are focused on vessel investments and maintaining its fleet, which has contributed to enhanced vessel utilization.