Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2025

Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2025 03/02/2026 Full-year 2025 Highlights Revenue of $1,352.8 million, an increase of 0.5% as compared to full-year 2024 Average day rate of $22,573 per day, an increase of 6.1% compared to full-year 2024 Net income of $333.5 million and Adjusted EBITDA of $598.1 million Net income was favorably impacted by the recognition of a non-cash deferred tax benefit of $201.5 million, primarily due to a strategic internal restructuring of our vessel ownership Net cash provided by operating activities of $379.1 million Free cash flow of $426.0 million Share count reduced by 2.5 million shares during the full-year 2025 for $98.2 million at average price of $39.52, including shares repurchased in exchange for payment of employee taxes on the vesting of equity compensation Fourth Quarter 2025 Highlights Revenue of $336.8 million, a 2.4% decline compared to the fourth quarter of 2024 Average day rate of $22,044 per day, a decline of $192 per day, or 0.9%, compared to the fourth quarter of 2024 Net income of $219.4 million and Adjusted EBITDA of $143.1 million Net income and Adjusted EBITDA were favorably impacted by the $2.1 million foreign exchange gain due to the weakening of the U.S. dollar Net income was favorably impacted by the recognition of a non-cash deferred tax benefit of $201.5 million, primarily due to a strategic internal restructuring of our vessel ownership Net cash provided by operating activities of $153.0 million and free cash flow of $151.2 million Annual Guidance and Share Repurchase Program Updating 2026 revenue guidance to $1.43 to $1.48 billion and 2026 gross margin guidance of 49% to 51% pro forma for the previously announced Wilson Sons Ultratug acquisition Outstanding share repurchase program authorization of $500 million Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2025 of $336.8 million and $1,352.8 million, respectively, compared with $345.1 million and $1,345.8 million, respectively, for the three and twelve months ended December 31, 2024. Tidewater's net income for the three and twelve months ended December 31, 2025, was $219.9 million ($4.41 per common share) and $334.7 million ($6.64 per common share), respectively, compared with net income of $36.9 million ($0.70 per common share) and $180.7 million ($3.40 per common share), respectively, for the three and twelve months ended December 31, 2024. Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Although 2025 was anticipated to be a down year for the offshore industry, I am pleased to say that by all measures Tidewater was able to successfully navigate these challenges to deliver one of the best years in recent memory, demonstrating the resilience of the company we’ve endeavored to build over the last eight years. The business generated year-over-year revenue growth, gross margin expansion and average day rate growth. Adjusted EBITDA grew by approximately 7% to just under $600 million and we generated nearly $430 million of free cash flow, far outpacing our free cash flow generation in 2024. In addition, we retired approximately 2.5 million shares through open market repurchases and netting shares related to taxes on employee share awards that would have otherwise entered the market. Lastly, we successfully reset our debt capital structure this summer and established a sizable revolving credit facility, positioning Tidewater with one of the strongest balance sheets in the offshore vessel industry. All the success we realized in 2025 is due to a persistent focus across the organization to excellence and I appreciate the effort of all employees during 2025 to achieve these outcomes. “The fourth quarter of 2025 nicely exceeded our expectations as vessel up-time across the fleet continued to exceed our original expectations, delivering revenue of $336.8 million and a gross margin of 48.7%. Vessel up-time improvement came through a combination of more time on-hire, lower than anticipated down for repair time and fewer drydock days than anticipated. The improvement in utilization is a function of certain projects extending longer than anticipated and the benefits realized from the substantial investments made in the fleet over the past few years to improve the operational reliability of our fleet. Day rates also slightly exceeded our expectations driven by our Middle East and Asia Pacific segments. Through this outperformance, we finished the year on a strong note with Adjusted EBITDA of $143.1 million and free cash flow of $151.2 million for the fourth quarter. “Additionally, during the fourth quarter, we completed a strategic internal restructuring of our vessel ownership (Vessel Realignment) to consolidate a significant portion of the fleet into a single, wholly-owned U.S. entity. The non-cash deferred tax benefit of $201.5 million recognized in 2025 is primarily due to the impact of the Vessel Realignment. “Subsequent to the end of the fourth quarter, we announced the acquisition of Wilson Sons Ultratug, a 22-vessel fleet of PSVs exclusively focused on serving the Brazilian market. We are very excited to announce this acquisition as it continues our strategy of bringing high-quality fleets onto the Tidewater platform. We have long discussed our desire to enter the Brazilian market in a more meaningful way, and we believe that the Wilson acquisition represents the best path to benefit from the secular trends occurring in that market. The Brazilian offshore vessel market is the largest in the world and given some of the structural factors influencing vessel demand in that market, coupled with the favorable position we will hold with Brazilian-built tonnage and the ability to import and protect Tidewater’s legacy international tonnage, we view this acquisition as creating a distinctly advantaged position for Tidewater on a long-term basis. “Looking forward to the remainder of 2026, although some open questions exist relating to the pace of drilling activity throughout this year, recent comments from offshore drillers and leading indicators of tendering and new contract awards suggest that a recovery in offshore drilling should manifest as we progress through the year and into 2027. Tidewater remains advantaged by the broad set of demand drivers for our business in addition to drilling support, including production support, offshore construction support, and subsea and EPCI support. As we experienced in 2025, we believe this broad-based set of demand drivers will continue to support our business as we progress through 2026. Vessel supply remains sufficiently tight such that we have maintained day rates and puts us in a position to again push day rates as offshore drilling activity picks up and our customers begin to secure vessels for future work. When we combine this with the recently announced Wilson acquisition, we are optimistic about the continued growth for our business during 2026. As such, we are updating our 2026 financial guidance to contemplate the impact of the Wilson acquisition, with our new full-year revenue guidance of $1.43 to $1.48 billion and a full-year gross margin guidance of 49% to 51%, assuming a mid-year close of the Wilson acquisition. To the extent that the offshore drilling recovery begins in earnest towards the end of the year, this development could increase our full-year expectations. “As pleased as we are with the success we realized during 2025, I am optimistic that the outlook for our business is as good as it’s been since the offshore recovery began a few years ago. With the addition of the Wilson fleet, we have meaningfully increased the earnings and cash flow profile of the business and have gained critical mass in the largest offshore vessel market in the world. We anticipate the substantial free cash flow of the business to continue and given the low level of leverage projected for the Wilson acquisition, we expect to retain substantial financial flexibility to continue to pursue incremental capital allocation opportunities. “Tidewater’s ability to continue to execute both operationally and financially is the product of a global effort by many hard-working employees both onshore and offshore and I would like to thank our entire team for their continued efforts. The dedication and diligence driving these outcomes is critical to our mission to make 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 December 31, 2025, the Company also has the following in-the-money warrants. Common shares outstanding 49,566,334 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 49,641,289 Tidewater will hold a conference call to discuss results for the three months ending December 31, 2025 on March 3, 2026, 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 March 3, 2026. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com. About Tidewater Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 70 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com. Cautionary Statement This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”). These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; global trade trends, including evolving impacts from implementation of new tariffs and potential retaliatory measures; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; uncertainty around the use and impacts of artificial intelligence applications; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise. Financial information is displayed beginning on the next page. The supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at December 31, 2025 and December 31, 2024; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three and twelve months ended December 31, 2025 and 2024; and the Consolidated Statements of Cash Flows for the twelve months ended December 31, 2025 and 2024. Extracts are drawn from the December 31, 2025 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 twelve months ended December 31, 2024, the three months ended December 31, 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. TIDEWATER INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (In Thousands, except per share data) Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Revenues: Vessel revenues $ 332,883 $ 343,463 $ 1,338,931 $ 1,337,637 Other operating revenues 3,915 1,622 13,855 8,198 Total revenues 336,798 345,085 1,352,786 1,345,835 Costs and expenses: Vessel operating costs 172,119 170,384 680,582 693,107 Costs of other operating revenues 630 688 6,420 3,555 General and administrative 38,968 30,688 134,531 110,817 Depreciation and amortization 66,189 64,620 262,339 242,770 Gain on asset dispositions, net (5,084 ) (2,672 ) (13,682 ) (15,762 ) Total costs and expenses 272,822 263,708 1,070,190 1,034,487 Operating income 63,976 81,377 282,596 311,348 Other income (expense): Foreign exchange gain (loss) 2,134 (14,337 ) 22,683 (15,276 ) Interest income and other, net 3,454 2,697 8,169 6,383 Loss on early extinguishment of debt (12 ) — (27,113 ) — Interest and other debt costs, net (16,715 ) (16,742 ) (66,090 ) (72,967 ) Total other expense (11,139 ) (28,382 ) (62,351 ) (81,860 ) Income before income taxes 52,837 52,995 220,245 229,488 Income tax expense (benefit) (166,612 ) 16,376 (113,208 ) 50,216 Net income 219,449 36,619 333,453 179,272 Less: Net loss attributable to noncontrolling interests (435 ) (286 ) (1,208 ) (1,384 ) Net income attributable to Tidewater Inc. $ 219,884 $ 36,905 $ 334,661 $ 180,656 Basic income per common share $ 4.44 $ 0.71 $ 6.69 $ 3.44 Diluted income per common share $ 4.41 $ 0.70 $ 6.64 $ 3.40 Weighted average common shares outstanding 49,564 52,315 50,053 52,452 Dilutive effect of warrants and restricted stock units 332 514 379 619 Adjusted weighted average common shares 49,896 52,829 50,432 53,071 TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data) December 31, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 578,761 $ 324,918 Restricted cash — 2,032 Trade and other receivables, less allowance for credit losses of $3,034 and $3,184 as of December 31, 2025 and 2024, respectively 285,372 323,805 Marine operating supplies 38,482 34,319 Prepaid expenses and other current assets 11,520 13,588 Total current assets 914,135 698,662 Net properties and equipment 1,072,020 1,184,282 Deferred drydocking and survey costs 139,736 152,550 Indemnification assets 9,455 11,946 Deferred tax asset 200,939 3,163 Other assets 50,626 24,301 Total assets $ 2,386,911 $ 2,074,904 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 66,347 $ 71,385 Accrued expenses 153,169 129,894 Current portion of long-term debt 5,845 65,386 Other current liabilities 89,876 64,948 Total current liabilities 315,237 331,613 Long-term debt 649,048 571,710 Other liabilities 61,372 60,396 Commitments and contingencies Equity: Equity: 50 52 Additional paid-in-capital 1,663,247 1,656,830 Accumulated deficit (305,157 ) (548,831 ) Accumulated other comprehensive loss 7,248 6,060 Total stockholders' equity 1,365,388 1,114,111 Noncontrolling interests (4,134 ) (2,926 ) Total equity 1,361,254 1,111,185 Total liabilities and equity $ 2,386,911 $ 2,074,904 TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In Thousands) Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net income $ 219,449 $ 36,619 $ 333,453 $ 179,272 Other comprehensive income (loss): Unrealized gain on note receivable — — — 283 Change in supplemental executive retirement plan pension liability 243 318 1,870 318 Change in liability of pension plans (889 ) 1,150 (682 ) 193 Total comprehensive income $ 218,803 $ 38,087 $ 334,641 $ 180,066 TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) Twelve Months Twelve Months Ended Ended December 31, 2025 December 31, 2024 Cash flows from operating activities: Net income $ 333,453 $ 179,272 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 151,095 156,166 Amortization of deferred drydocking and survey costs 111,244 86,604 Amortization of debt premiums and discounts 5,379 6,741 Amortization of below market contracts (1,200 ) (5,000 ) Unrealized foreign exchange loss (gain) (23,398 ) 14,275 Deferred income taxes benefit (195,816 ) (2,807 ) Gain on asset dispositions, net (13,682 ) (15,762 ) Loss on early extinguishment of debt 27,113 — Stock-based compensation expense 14,483 13,681 Changes in assets and liabilities: Trade and other receivables 38,433 (55,453 ) Accounts payable (5,038 ) 26,454 Accrued expenses 23,275 7,393 Deferred drydocking and survey costs (98,575 ) (133,258 ) Other, net 12,342 4,166 Net cash provided by operating activities 379,108 282,472 Cash flows from investing activities: Proceeds from asset dispositions 17,619 19,338 Proceeds from sale of notes 660 8,054 Additions to properties and equipment (25,761 ) (27,580 ) Net cash used in investing activities (7,482 ) (188 ) Cash flows from financing activities: Exercise of warrants — 4 Issuance of long-term debt 650,000 — Principal payments on long-term debt (641,942 ) (103,030 ) Purchase of common stock (90,089 ) (90,742 ) Payments on finance leases (6,432 ) — Debt extinguishment premium (19,601 ) — Debt issuance costs (19,829 ) (213 ) Share based awards reacquired to pay taxes (8,066 ) (28,614 ) Net cash used in financing activities (135,959 ) (222,595 ) Effects of exchange rate changes on cash, cash equivalents and restricted cash 16,870 (8,623 ) Net change in cash, cash equivalents and restricted cash 252,537 51,066 Cash, cash equivalents and restricted cash at beginning of period 329,031 277,965 Cash, cash equivalents and restricted cash at end of period $ 581,568 $ 329,031 Supplemental disclosure of cash flow information: Cash paid during the year for: Interest, net of amounts capitalized $ 47,810 $ 66,897 Income taxes $ 60,310 $ 56,909 Supplemental disclosure of noncash investing activities: Purchase of vessels $ 10,727 $ — Recognition of finance leases $ 28,658 $ — Supplemental disclosure of noncash financing activities: Debt incurred for the purchase of vessels $ 11,479 $ — Note: Cash, cash equivalents and restricted cash at December 31, 2025 and 2024 includes $2.8 million and $2.1 million, respectively, in long-term restricted cash, which is included in other assets in our consolidated balance sheet. TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In Thousands) Three Months Ended Accumulated Additional other Non Common paid-in Accumulated comprehensive controlling stock capital deficit income interest Total Balance at September 30, 2025 $ 50 $ 1,659,820 $ (525,041 ) $ 7,894 $ (3,699 ) $ 1,139,024 Total comprehensive income (loss) — — 219,884 (646 ) (435 ) 218,803 Repurchase and retirement of common stock — — — — — — Amortization of share-based awards — 3,427 — — — 3,427 Balance at December 31, 2025 $ 50 $ 1,663,247 $ (305,157 ) $ 7,248 $ (4,134 ) $ 1,361,254 Balance at September 30, 2024 $ 52 $ 1,653,027 $ (541,191 ) $ 4,592 $ (2,640 ) $ 1,113,840 Total comprehensive income (loss) — — 36,905 1,468 (286 ) 38,087 Issuance of common stock — (2 ) — — — (2 ) Repurchase and retirement of common stock — — (44,545 ) — — (44,545 ) Amortization of share-based awards — 3,801 — — — 3,801 Balance at December 31, 2024 $ 52 $ 1,656,830 $ (548,831 ) $ 6,060 $ (2,926 ) $ 1,111,185 Twelve 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) — — 334,661 1,188 (1,208 ) 334,641 Repurchase and retirement of common stock (2 ) — (90,987 ) — — (90,989 ) Amortization of share-based awards — 6,417 — — — 6,417 Balance at December 31, 2025 $ 50 $ 1,663,247 $ (305,157 ) $ 7,248 $ (4,134 ) $ 1,361,254 Balance at December 31, 2023 $ 52 $ 1,671,759 $ (637,838 ) $ 5,266 $ (1,542 ) $ 1,037,697 Total comprehensive income (loss) — — 180,656 794 (1,384 ) 180,066 Exercise of warrants into common stock — 4 — — — 4 Issuance of common stock 1 (1 ) — — — — Repurchase and retirement of common stock (1 ) — (91,649 ) — — (91,650 ) Amortization of share-based awards — (14,932 ) — — — (14,932 ) Balance at December 31, 2024 $ 52 $ 1,656,830 $ (548,831 ) $ 6,060 $ (2,926 ) $ 1,111,185 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 Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Vessel revenues: Americas $ 69,706 21 % $ 60,240 18 % $ 270,229 20 % $ 261,929 20 % Asia Pacific 42,037 13 % 51,043 15 % 189,747 14 % 210,328 16 % Middle East 47,021 14 % 40,772 12 % 172,573 13 % 152,187 11 % Europe/Mediterranean 82,402 25 % 84,109 24 % 343,627 26 % 333,081 25 % West Africa 91,717 27 % 107,299 31 % 362,755 27 % 380,112 28 % Total vessel revenues $ 332,883 100 % $ 343,463 100 % $ 1,338,931 100 % $ 1,337,637 100 % Vessel operating costs: Crew costs $ 100,172 30 % $ 99,985 29 % $ 402,290 30 % $ 416,276 31 % Repair and maintenance 29,376 9 % 26,731 8 % 103,903 8 % 98,376 7 % Insurance 2,823 1 % 2,857 1 % 10,389 1 % 11,027 1 % Fuel, lube and supplies 15,227 5 % 15,278 5 % 61,153 4 % 65,371 5 % Other 24,521 7 % 25,533 7 % 102,847 8 % 102,057 8 % Total vessel operating costs 172,119 52 % 170,384 50 % 680,582 51 % 693,107 52 % Vessel operating margin (A) $ 160,764 48 % $ 173,079 50 % $ 658,349 49 % $ 644,530 48 % 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 Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Vessel operating profit: Americas $ 15,484 4 % $ 11,206 3 % $ 65,275 5 % $ 54,779 4 % Asia Pacific 12,419 4 % 12,799 4 % 53,207 4 % 59,869 4 % Middle East 6,465 2 % 4,983 2 % 23,916 2 % 3,770 0 % Europe/Mediterranean 9,737 3 % 11,624 3 % 57,694 4 % 53,873 4 % West Africa 35,625 10 % 54,157 16 % 138,673 10 % 176,432 13 % Other operating profit 3,285 1 % 934 0 % 7,435 1 % 4,643 1 % 83,015 24 % 95,703 28 % 346,200 26 % 353,366 26 % Corporate expenses (A) (24,123 ) (7 )% (16,998 ) (5 )% (77,286 ) (6 )% (57,780 ) (4 )% Gain on asset dispositions, net 5,084 2 % 2,672 1 % 13,682 1 % 15,762 1 % Operating income $ 63,976 19 % $ 81,377 24 % $ 282,596 21 % $ 311,348 23 % Note (A): General and administrative expenses for the three and twelve months ended December 31, 2025 include stock-based compensation of $3.4 million and $14.5 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2024 include stock-based compensation of $3.9 million and $13.7 million, respectively. In addition, vessel operating and general and administrative costs for the three and twelve months ended December 31, 2025, include $4.1 and $8.3 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and twelve months ended December 31, 2024, include $1.0 million and $2.3 million in acquisition, restructuring and integration related costs, respectively. TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA (In Thousands, except per share data) Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Revenues: Vessel revenues $ 332,883 $ 338,491 $ 336,858 $ 330,699 $ 343,463 Other operating revenues 3,915 2,622 4,573 2,745 1,622 Total revenues 336,798 341,113 341,431 333,444 345,085 Costs and expenses: Vessel operating costs (A) 172,119 176,130 167,354 164,979 170,384 Costs of other operating revenue 630 1,252 3,108 1,430 688 General and administrative (A) 38,968 35,256 31,213 29,094 30,688 Depreciation and amortization 66,189 66,404 64,314 65,432 64,620 Gain on asset dispositions, net (5,084 ) (580 ) (5,480 ) (2,538 ) (2,672 ) Total operating costs and expenses 272,822 278,462 260,509 258,397 263,708 Operating income 63,976 62,651 80,922 75,047 81,377 Other income (expense): Foreign exchange gain (loss) 2,134 1,277 11,703 7,569 (14,337 ) Interest income and other, net 3,454 455 2,103 2,157 2,697 Loss on early extinguishment of debt (12 ) (27,101 ) — — — Interest and other debt costs, net (16,715 ) (16,589 ) (16,442 ) (16,344 ) (16,742 ) Total other expense (11,139 ) (41,958 ) (2,636 ) (6,618 ) (28,382 ) Income before income taxes 52,837 20,693 78,286 68,429 52,995 Income tax expense (benefit) (166,612 ) 21,711 5,584 26,109 16,376 Net income (loss) 219,449 (1,018 ) 72,702 42,320 36,619 Net loss attributable to noncontrolling interests (435 ) (212 ) (228 ) (333 ) (286 ) Net income (loss) attributable to Tidewater Inc. $ 219,884 $ (806 ) $ 72,930 $ 42,653 $ 36,905 Basic income (loss) per common share $ 4.44 $ (0.02 ) $ 1.47 $ 0.83 $ 0.71 Diluted income (loss) per common share $ 4.41 $ (0.02 ) $ 1.46 $ 0.83 $ 0.70 Weighted average common shares outstanding 49,564 49,498 49,674 51,502 52,315 Dilutive effect of warrants and restricted stock units 332 — 337 176 514 Adjusted weighted average common shares 49,896 49,498 50,011 51,678 52,829 Vessel operating margin $ 160,764 $ 162,361 $ 169,504 $ 165,720 $ 173,079 Note (A): Acquisition, restructuring and integration related costs $ 4,064 $ 3,941 $ 340 $ — $ 978 TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands) December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 578,761 $ 428,225 $ 369,405 $ 341,799 $ 324,918 Restricted cash — — 21 5,234 2,032 Trade and other receivables, net 285,372 332,596 316,491 312,904 323,805 Marine operating supplies 38,482 27,857 24,467 23,101 34,319 Prepaid expenses and other current assets 11,520 11,652 14,123 15,160 13,588 Total current assets 914,135 800,330 724,507 698,198 698,662 Net properties and equipment 1,072,020 1,104,503 1,132,114 1,163,758 1,184,282 Deferred drydocking and survey costs 139,736 154,234 165,659 169,326 152,550 Indemnification assets 9,455 9,456 11,158 11,114 11,946 Deferred tax asset 200,939 14,511 18,346 831 3,163 Other assets 50,626 45,846 22,588 22,939 24,301 Total assets $ 2,386,911 $ 2,128,880 $ 2,074,372 $ 2,066,166 $ 2,074,904 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 66,347 $ 42,579 $ 48,715 $ 50,203 $ 71,385 Accrued expenses 153,169 130,879 131,305 133,000 129,894 Current portion of long-term debt 5,845 5,840 93,366 80,042 65,386 Other current liabilities 89,876 97,162 69,688 74,299 64,948 Total current liabilities 315,237 276,460 343,074 337,544 331,613 Long-term debt 649,048 649,802 531,874 555,994 571,710 Other liabilities 61,372 63,594 63,197 62,263 60,396 Equity: Common stock 50 50 50 51 52 Additional paid-in-capital 1,663,247 1,659,820 1,656,626 1,652,856 1,656,830 Accumulated deficit (305,157 ) (525,041 ) (524,235 ) (545,890 ) (548,831 ) Accumulated other comprehensive income 7,248 7,894 7,273 6,607 6,060 Total stockholders' equity 1,365,388 1,142,723 1,139,714 1,113,624 1,114,111 Noncontrolling interests (4,134 ) (3,699 ) (3,487 ) (3,259 ) (2,926 ) Total equity 1,361,254 1,139,024 1,136,227 1,110,365 1,111,185 Total liabilities and equity $ 2,386,911 $ 2,128,880 $ 2,074,372 $ 2,066,166 $ 2,074,904 TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA (In Thousands) Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Cash flows from operating activities: Net income (loss) $ 219,449 $ (1,018 ) $ 72,702 $ 42,320 $ 36,619 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 37,838 37,334 36,909 39,014 38,736 Amortization of deferred drydocking and survey costs 28,351 29,070 27,405 26,418 25,884 Amortization of debt premiums and discounts 1,448 975 1,455 1,501 1,612 Amortization of below market contracts (219 ) (283 ) (347 ) (351 ) (1,071 ) Unrealized foreign exchange loss (gain) (2,322 ) (997 ) (10,528 ) (9,551 ) 12,089 Deferred income taxes provision (benefit) (184,247 ) 3,851 (17,767 ) 2,347 (2,863 ) Gain on asset dispositions, net (5,084 ) (580 ) (5,480 ) (2,538 ) (2,672 ) Loss on early extinguishment of debt 12 27,101 — — — Stock-based compensation expense 3,454 3,481 4,057 3,491 3,886 Changes in assets and liabilities: Trade and other receivables 47,224 (16,105 ) (3,587 ) 10,901 (30,720 ) Accounts payable 23,768 (6,136 ) (1,488 ) (21,182 ) 7,327 Accrued expenses 23,080 418 (3,329 ) 3,106 12,016 Deferred drydocking and survey costs (13,853 ) (17,645 ) (23,738 ) (43,339 ) (17,674 ) Other, net (25,939 ) 12,613 (2,606 ) 28,274 16,870 Net cash provided by operating activities 152,960 72,079 73,658 80,411 100,039 Cash flows from investing activities: Proceeds from asset dispositions 5,331 1,204 7,268 3,816 4,470 Proceeds from sale of notes — — 60 600 5,846 Additions to properties and equipment (5,147 ) (5,122 ) (5,226 ) (10,266 ) (4,534 ) Net cash provided by (used in) investing activities 184 (3,918 ) 2,102 (5,850 ) 5,782 Cash flows from financing activities: Exercise of warrants — — — — 2 Issuance of long-term debt — 650,000 — — — Principal payments on long-term debt (1,814 ) (613,587 ) (14,041 ) (12,500 ) (14,023 ) Purchase of common stock — — (50,814 ) (39,275 ) (44,103 ) Payments on finance leases (895 ) (5,537 ) — — — Debt extinguishment premium (12 ) (19,589 ) — — — Debt issuance costs (844 ) (18,985 ) — — (20 ) Share based awards reacquired to pay taxes (27 ) (287 ) (287 ) (7,465 ) (86 ) Net cash used in financing activities (3,592 ) (7,985 ) (65,142 ) (59,240 ) (58,230 ) Effects of exchange rate changes on cash, cash equivalents and restricted cash 910 (1,377 ) 11,775 5,562 (8,736 ) Net change in cash, cash equivalents and restricted cash 150,462 58,799 22,393 20,883 38,855 Cash, cash equivalents and restricted cash at beginning of period 431,106 372,307 349,914 329,031 290,176 Cash, cash equivalents and restricted cash at end of period $ 581,568 $ 431,106 $ 372,307 $ 349,914 $ 329,031 Supplemental disclosure of cash flow information: Cash paid during the year for: Interest, net of amounts capitalized $ 576 $ 17,735 $ 11,994 $ 17,505 $ 12,816 Income taxes $ 18,366 $ 9,291 $ 17,505 $ 15,148 $ 11,268 Supplemental disclosure of noncash investing activities: Purchase of vessels $ — $ — $ 1,629 $ 9,098 $ — Recognition of finance leases $ 5,262 $ 23,396 $ — $ — $ — Supplemental disclosure of noncash financing activities: Debt incurred for purchase of vessels $ — $ — $ 1,767 $ 9,712 $ — TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 VESSEL REVENUE BY VESSEL CLASS Americas fleet: PSV > 900 $ 29,080 $ 30,460 $ 26,874 $ 23,243 $ 24,158 PSV < 900 25,067 33,363 27,734 21,146 26,743 AHTS > 16K 6,324 6,045 5,243 3,958 2,969 AHTS 8 - 16K 1,322 1,259 1,110 1,242 930 AHTS 4 - 8K 4,069 4,221 4,153 1,752 1,726 Other 3,844 1,565 3,644 3,511 3,714 Total 69,706 76,913 68,758 54,852 60,240 Asia Pacific fleet: PSV > 900 22,560 22,660 20,878 20,457 18,881 PSV < 900 14,135 12,427 11,194 15,311 16,101 AHTS > 16K 4,993 12,065 11,655 8,792 10,851 AHTS 8 - 16K 213 1,518 1,804 2,394 2,836 AHTS 4 - 8K — — — 1,108 2,020 Other 136 5,116 165 166 354 Total 42,037 53,786 45,696 48,228 51,043 Middle East fleet: PSV > 900 2,664 1,246 599 1,446 1,485 PSV < 900 23,507 20,221 18,849 22,494 21,962 AHTS 8 - 16K 5,413 3,681 5,175 3,474 3,425 AHTS 4 - 8K 15,437 16,887 15,592 15,888 13,900 Total 47,021 42,035 40,215 43,302 40,772 Europe/Mediterranean fleet: PSV > 900 64,189 67,302 78,778 64,207 66,380 PSV < 900 14,470 13,901 15,739 11,763 15,287 AHTS > 16K 3,317 2,127 4,266 1,669 1,378 Other 426 410 497 566 1,064 Total 82,402 83,740 99,280 78,205 84,109 West Africa fleet: PSV > 900 12,914 14,328 19,600 30,203 28,064 PSV < 900 27,074 23,817 24,815 37,021 44,047 AHTS > 16K 15,149 12,037 9,934 10,172 9,602 AHTS 8 - 16K 27,211 22,859 21,725 20,775 17,898 AHTS 4 - 8K 1,427 1,428 1,457 2,086 3,185 Other 7,942 7,548 5,378 5,855 4,503 Total 91,717 82,017 82,909 106,112 107,299 Worldwide fleet: PSV > 900 131,407 135,996 146,729 139,556 138,968 PSV < 900 104,253 103,729 98,331 107,735 124,140 AHTS > 16K 29,783 32,274 31,098 24,591 24,800 AHTS 8 - 16K 34,159 29,317 29,814 27,885 25,089 AHTS 4 - 8K 20,933 22,536 21,202 20,834 20,831 Other 12,348 14,639 9,684 10,098 9,635 Total $ 332,883 $ 338,491 $ 336,858 $ 330,699 $ 343,463 TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 AVERAGE NUMBER OF VESSELS: Americas fleet: PSV > 900 12 12 11 10 10 PSV < 900 17 17 16 16 16 AHTS > 16K 2 2 2 2 2 AHTS 8 - 16K 1 1 1 1 1 AHTS 4 - 8K 2 2 2 2 2 Other 2 1 2 2 2 Total 36 35 34 33 33 Stacked vessels (4 ) (2 ) (2 ) (1 ) — Active vessels 32 33 32 32 33 Asia Pacific fleet: PSV > 900 9 9 9 9 9 PSV < 900 5 5 5 5 5 AHTS > 16K 2 3 3 3 3 AHTS 8 - 16K — 2 2 2 2 AHTS 4 - 8K — — 1 1 1 Other — 1 — — — Total 16 20 20 20 20 Stacked vessels — — — — — Active vessels 16 20 20 20 20 Middle East fleet: PSV > 900 1 1 1 1 1 PSV < 900 20 20 20 20 20 AHTS 8 - 16K 7 5 5 5 5 AHTS 4 - 8K 17 17 17 17 17 Total 45 43 43 43 43 Stacked vessels — — — — — Active vessels 45 43 43 43 43 Europe/Mediterranean fleet: PSV > 900 40 40 39 39 39 PSV < 900 9 9 9 9 9 AHTS > 16K 1 1 2 2 2 Total 50 50 50 50 50 Stacked vessels — — — — — Active vessels 50 50 50 50 50 West Africa fleet: PSV > 900 7 7 9 10 10 PSV < 900 18 18 19 20 20 AHTS > 16K 6 5 4 4 4 AHTS 8 - 16K 13 13 14 13 13 AHTS 4 - 8K 2 2 2 2 3 Other 16 20 21 22 20 Total 62 65 69 71 70 Stacked vessels (4 ) (5 ) (4 ) (6 ) — Active vessels 58 60 65 65 70 Worldwide fleet: PSV > 900 69 69 69 69 69 PSV < 900 69 69 69 70 70 AHTS > 16K 11 11 11 11 11 AHTS 8 - 16K 21 21 22 21 21 AHTS 4 - 8K 21 21 22 22 23 Other 18 22 23 24 22 Total 209 213 216 217 216 Stacked vessels (8 ) (7 ) (6 ) (7 ) — Active vessels 201 206 210 210 216 Total active 201 206 210 210 216 Total stacked 8 7 6 7 — Total 209 213 216 217 216 TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 AVAILABLE DAYS - TOTAL FLEET: Americas fleet: PSV > 900 1,082 1,060 947 900 920 PSV < 900 1,533 1,564 1,493 1,432 1,472 AHTS > 16K 184 184 182 180 184 AHTS 8 - 16K 92 92 91 90 92 AHTS 4 - 8K 184 184 182 180 184 Other 184 93 179 180 184 Total 3,259 3,177 3,074 2,962 3,036 Asia Pacific fleet: PSV > 900 828 828 819 810 828 PSV < 900 491 460 455 450 460 AHTS > 16K 198 276 273 270 276 AHTS 8 - 16K 43 184 182 180 184 AHTS 4 - 8K — — 65 90 92 Other — 91 3 — — Total 1,560 1,839 1,797 1,800 1,840 Middle East fleet: PSV > 900 92 92 91 90 92 PSV < 900 1,840 1,840 1,820 1,800 1,840 AHTS 8 - 16K 601 460 455 450 460 AHTS 4 - 8K 1,564 1,564 1,547 1,530 1,564 Total 4,097 3,956 3,913 3,870 3,956 Europe/Mediterranean fleet: PSV > 900 3,727 3,680 3,569 3,510 3,588 PSV < 900 859 828 812 810 828 AHTS > 16K 92 92 182 180 184 Total 4,678 4,600 4,563 4,500 4,600 West Africa fleet: PSV > 900 619 688 853 900 920 PSV < 900 1,625 1,656 1,699 1,800 1,840 AHTS > 16K 538 460 364 360 368 AHTS 8 - 16K 1,196 1,196 1,247 1,180 1,196 AHTS 4 - 8K 154 184 182 180 235 Other 1,485 1,817 1,905 1,941 1,840 Total 5,617 6,001 6,250 6,361 6,399 Worldwide fleet: PSV > 900 6,348 6,348 6,279 6,210 6,348 PSV < 900 6,348 6,348 6,279 6,292 6,440 AHTS > 16K 1,012 1,012 1,001 990 1,012 AHTS 8 - 16K 1,932 1,932 1,975 1,900 1,932 AHTS 4 - 8K 1,902 1,932 1,976 1,980 2,075 Other 1,669 2,001 2,087 2,121 2,024 Total 19,211 19,573 19,597 19,493 19,831 TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 OUT-OF-SERVICE - STACKED DAYS: Americas fleet: PSV < 900 385 184 182 82 15 Total 385 184 182 82 15 West Africa fleet: AHTS 4 - 8K 62 92 91 49 — Other 289 404 312 477 — Total 351 496 403 526 — Worldwide fleet: PSV < 900 385 184 182 82 15 AHTS 4 - 8K 62 92 91 49 — Other 289 404 312 477 — Total 736 680 585 608 15 TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 AVAILABLE DAYS - ACTIVE FLEET: Americas fleet: PSV > 900 1,082 1,060 947 900 920 PSV < 900 1,148 1,380 1,311 1,350 1,457 AHTS > 16K 184 184 182 180 184 AHTS 8 - 16K 92 92 91 90 92 AHTS 4 - 8K 184 184 182 180 184 Other 184 93 179 180 184 Total 2,874 2,993 2,892 2,880 3,021 Asia Pacific fleet: PSV > 900 828 828 819 810 828 PSV < 900 491 460 455 450 460 AHTS > 16K 198 276 273 270 276 AHTS 8 - 16K 43 184 182 180 184 AHTS 4 - 8K — — 65 90 92 Other — 91 3 — — Total 1,560 1,839 1,797 1,800 1,840 Middle East fleet: PSV > 900 92 92 91 90 92 PSV < 900 1,840 1,840 1,820 1,800 1,840 AHTS 8 - 16K 601 460 455 450 460 AHTS 4 - 8K 1,564 1,564 1,547 1,530 1,564 Total 4,097 3,956 3,913 3,870 3,956 Europe/Mediterranean fleet: PSV > 900 3,727 3,680 3,569 3,510 3,588 PSV < 900 859 828 812 810 828 AHTS > 16K 92 92 182 180 184 Total 4,678 4,600 4,563 4,500 4,600 West Africa fleet: PSV > 900 619 688 853 900 920 PSV < 900 1,625 1,656 1,699 1,800 1,840 AHTS > 16K 538 460 364 360 368 AHTS 8 - 16K 1,196 1,196 1,247 1,180 1,196 AHTS 4 - 8K 92 92 91 131 235 Other 1,196 1,413 1,593 1,464 1,840 Total 5,266 5,505 5,847 5,835 6,399 Worldwide fleet: PSV > 900 6,348 6,348 6,279 6,210 6,348 PSV < 900 5,963 6,164 6,097 6,210 6,425 AHTS > 16K 1,012 1,012 1,001 990 1,012 AHTS 8 - 16K 1,932 1,932 1,975 1,900 1,932 AHTS 4 - 8K 1,840 1,840 1,885 1,931 2,075 Other 1,380 1,597 1,775 1,644 2,024 Total 18,475 18,893 19,012 18,885 19,816 TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 UTILIZATION - TOTAL FLEET: Americas fleet: PSV > 900 74.9 % 83.6 % 87.0 % 78.3 % 77.4 % PSV < 900 58.4 70.3 63.6 53.0 74.2 AHTS > 16K 98.1 92.7 77.3 61.3 50.3 AHTS 8 - 16K 100.0 100.0 92.7 100.0 77.3 AHTS 4 - 8K 97.3 100.0 99.5 44.5 90.2 Other 75.9 96.4 83.5 91.8 72.4 Total 70.4 % 79.4 % 75.8 % 64.4 % 74.7 % Asia Pacific fleet: PSV > 900 75.8 % 75.2 % 70.1 % 67.7 % 63.4 % PSV < 900 96.0 90.3 75.0 93.7 99.5 AHTS > 16K 42.0 63.7 88.5 66.7 75.4 AHTS 8 - 16K 35.9 35.1 34.4 64.1 64.9 AHTS 4 - 8K — — — 56.2 100.0 Other — 99.5 — — — Total 76.8 % 74.5 % 67.9 % 73.1 % 76.2 % Middle East fleet: PSV > 900 100.0 % 82.6 % 38.9 % 100.0 % 100.0 % PSV < 900 82.9 79.2 76.9 94.0 91.9 AHTS 8 - 16K 69.1 65.1 95.7 63.7 64.3 AHTS 4 - 8K 79.0 86.0 81.0 86.3 80.8 Total 79.8 % 80.3 % 79.8 % 87.6 % 84.5 % Europe/Mediterranean fleet: PSV > 900 87.7 % 88.7 % 94.8 % 88.0 % 86.1 % PSV < 900 85.8 81.2 92.0 79.2 93.6 AHTS > 16K 78.0 100.0 69.1 49.8 32.3 Total 87.2 % 87.5 % 93.3 % 84.9 % 85.3 % West Africa fleet: PSV > 900 71.0 % 66.8 % 70.1 % 96.1 % 88.8 % PSV < 900 68.8 53.8 52.4 68.5 80.9 AHTS > 16K 87.3 79.9 85.1 95.6 80.1 AHTS 8 - 16K 96.9 84.9 75.3 83.0 78.6 AHTS 4 - 8K 59.7 50.0 50.0 66.7 73.4 Other 65.4 50.3 40.5 43.0 40.8 Total 75.7 % 62.3 % 57.6 % 68.8 % 69.8 % Worldwide fleet: PSV > 900 82.5 % 83.6 % 86.2 % 85.3 % 82.5 % PSV < 900 74.8 71.5 68.9 75.4 85.5 AHTS > 16K 79.6 79.7 81.7 73.1 64.7 AHTS 8 - 16K 87.1 76.1 77.0 77.5 73.9 AHTS 4 - 8K 79.2 83.9 77.2 79.4 81.6 Other 66.5 54.6 44.1 47.2 43.7 Total 78.6 % 75.8 % 74.1 % 76.0 % 77.6 % TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 UTILIZATION - ACTIVE FLEET: Americas fleet: PSV > 900 74.9 % 83.6 % 87.0 % 78.3 % 77.4 % PSV < 900 77.9 79.7 72.4 56.2 75.0 AHTS > 16K 98.1 92.7 77.3 61.3 50.3 AHTS 8 - 16K 100.0 100.0 92.7 100.0 77.3 AHTS 4 - 8K 97.3 100.0 99.5 44.5 90.2 Other 75.9 96.4 83.5 91.8 72.4 Total 79.9 % 84.3 % 80.5 % 66.3 % 75.1 % Asia Pacific fleet: PSV > 900 75.8 % 75.2 % 70.1 % 67.7 % 63.4 % PSV < 900 96.0 90.3 75.0 93.7 99.5 AHTS > 16K 42.0 63.7 88.5 66.7 75.4 AHTS 8 - 16K 35.9 35.1 34.4 64.1 64.9 AHTS 4 - 8K — — — 56.2 100.0 Other — 99.5 — — — Total 76.8 % 74.5 % 67.9 % 73.1 % 76.2 % Middle East fleet: PSV > 900 100.0 % 82.6 % 38.9 % 100.0 % 100.0 % PSV < 900 82.9 79.2 76.9 94.0 91.9 AHTS 8 - 16K 69.1 65.1 95.7 63.7 64.3 AHTS 4 - 8K 79.0 86.0 81.0 86.3 80.8 Total 79.8 % 80.3 % 79.8 % 87.6 % 84.5 % Europe/Mediterranean fleet: PSV > 900 87.7 % 88.7 % 94.8 % 88.0 % 86.1 % PSV < 900 85.8 81.2 92.0 79.2 93.6 AHTS > 16K 78.0 100.0 69.1 49.8 32.3 Total 87.2 % 87.5 % 93.3 % 84.9 % 85.3 % West Africa fleet: PSV > 900 71.0 % 66.8 % 70.1 % 96.1 % 88.8 % PSV < 900 68.8 53.8 52.4 68.5 80.9 AHTS > 16K 87.3 79.9 85.1 95.6 80.1 AHTS 8 - 16K 96.9 84.9 75.3 83.0 78.6 AHTS 4 - 8K 100.0 100.0 100.0 91.6 73.4 Other 81.2 64.6 48.4 57.0 40.8 Total 80.7 % 67.9 % 61.6 % 75.0 % 69.8 % Worldwide fleet: PSV > 900 82.5 % 83.6 % 86.2 % 85.3 % 82.5 % PSV < 900 79.6 73.6 71.0 76.4 85.7 AHTS > 16K 79.6 79.7 81.7 73.1 64.7 AHTS 8 - 16K 87.1 76.1 77.0 77.5 73.9 AHTS 4 - 8K 81.9 88.1 80.9 81.4 81.6 Other 80.5 68.5 51.8 60.8 43.7 Total 81.7 % 78.5 % 76.4 % 78.4 % 77.7 % TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 AVERAGE VESSEL DAY RATES: (A) Americas fleet: PSV > 900 $ 35,891 $ 34,365 $ 32,617 $ 32,992 $ 33,907 PSV < 900 28,021 30,326 29,222 27,862 24,479 AHTS > 16K 35,038 35,435 37,252 35,888 32,095 AHTS 8 - 16K 14,368 13,672 13,151 13,796 13,079 AHTS 4 - 8K 22,733 22,942 22,943 21,889 10,399 Other 27,545 17,456 24,369 21,251 27,870 Total 30,362 30,487 29,526 28,733 26,563 Asia Pacific fleet: PSV > 900 35,929 36,371 36,341 37,304 35,984 PSV < 900 29,975 29,908 32,803 36,309 35,192 AHTS > 16K 59,996 68,580 48,255 48,843 52,170 AHTS 8 - 16K 13,776 23,531 28,856 20,764 23,746 AHTS 4 - 8K — — — 21,890 21,959 Other — 55,320 — — — Total 35,025 39,196 37,372 36,564 36,203 Middle East fleet: PSV > 900 28,955 16,391 16,929 16,072 16,146 PSV < 900 15,405 13,878 13,469 13,301 12,981 AHTS 8 - 16K 13,033 12,290 11,889 12,112 11,575 AHTS 4 - 8K 12,487 12,555 12,443 12,026 11,006 Total 14,381 13,228 12,877 12,777 12,197 Europe/Mediterranean fleet: PSV > 900 19,640 20,630 23,292 20,782 21,499 PSV < 900 19,625 20,674 21,061 18,337 19,727 AHTS > 16K 46,204 23,122 33,904 18,613 23,177 Total 20,173 20,752 23,275 20,405 21,249 West Africa fleet: PSV > 900 29,383 31,188 32,777 34,924 34,334 PSV < 900 24,213 26,729 27,867 30,017 29,598 AHTS > 16K 32,256 32,746 32,082 29,568 32,557 AHTS 8 - 16K 23,470 22,524 23,123 21,204 19,033 AHTS 4 - 8K 15,511 15,516 16,010 17,387 18,462 Other 8,180 8,264 6,979 7,013 6,001 Total 21,583 21,940 23,035 24,244 24,038 Worldwide fleet: PSV > 900 25,087 25,625 27,102 26,345 26,550 PSV < 900 21,959 22,867 22,722 22,697 22,550 AHTS > 16K 36,991 40,037 38,029 33,966 37,870 AHTS 8 - 16K 20,306 19,931 19,592 18,945 17,584 AHTS 4 - 8K 13,888 13,902 13,902 13,255 12,301 Other 10,923 13,127 10,147 9,746 9,691 Total $ 22,044 $ 22,798 $ 23,166 $ 22,303 $ 22,236 Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked. TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Americas Vessel revenues $ 69,706 $ 76,913 $ 68,758 $ 54,852 $ 60,240 Vessel operating costs: Crew costs 22,429 22,634 19,652 17,440 18,519 Repair and maintenance 6,286 5,350 4,830 4,266 5,271 Insurance 540 570 351 571 506 Fuel, lube and supplies 2,739 2,464 2,215 2,617 2,954 Other 5,875 4,598 5,965 10,129 6,795 Total vessel operating costs 37,869 35,616 33,013 35,023 34,045 Vessel operating margin ($) 31,837 41,297 35,745 19,829 26,195 Vessel operating margin (%) 45.7 % 53.7 % 52.0 % 36.2 % 43.5 % Americas - Select operating statistics Average vessels - Total fleet 36 35 34 33 33 Utilization - Total fleet 70.4 % 79.4 % 75.8 % 64.4 % 74.7 % Average vessels - Active fleet 32 33 32 32 33 Utilization - Active fleet 79.9 % 84.3 % 80.5 % 66.3 % 75.1 % Average day rates $ 30,362 $ 30,487 $ 29,526 $ 28,733 $ 26,563 Vessels commencing drydocks 3 — 1 3 1 Deferred drydocking and survey costs - beginning balance $ 22,400 $ 25,608 $ 28,443 $ 31,149 $ 33,812 Cash paid for deferred drydocking and survey costs 2,858 1,082 1,027 3,355 3,317 Amortization of deferred drydocking and survey costs (5,351 ) (5,817 ) (5,338 ) (5,916 ) (5,980 ) Disposals, intersegment transfers and other — 1,527 1,476 (145 ) — Deferred drydocking and survey costs - ending balance $ 19,907 $ 22,400 $ 25,608 $ 28,443 $ 31,149 TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Asia Pacific Vessel revenues $ 42,037 $ 53,786 $ 45,696 $ 48,228 $ 51,043 Vessel operating costs: Crew costs 14,304 20,887 18,518 20,331 21,954 Repair and maintenance 3,427 3,842 3,365 2,270 4,304 Insurance 331 330 176 324 319 Fuel, lube and supplies 1,890 2,443 1,789 1,767 2,002 Other 2,369 2,768 2,317 2,118 2,456 Total vessel operating costs 22,321 30,270 26,165 26,810 31,035 Vessel operating margin ($) 19,716 23,516 19,531 21,418 20,008 Vessel operating margin (%) 46.9 % 43.7 % 42.7 % 44.4 % 39.2 % Asia Pacific - Select operating statistics Average vessels - Total fleet 16 20 20 20 20 Utilization - Total fleet 76.8 % 74.5 % 67.9 % 73.1 % 76.2 % Average vessels - Active fleet 16 20 20 20 20 Utilization - Active fleet 76.8 % 74.5 % 67.9 % 73.1 % 76.2 % Average day rates $ 35,025 $ 39,196 $ 37,372 $ 36,564 $ 36,203 Vessels commencing drydocks 2 3 2 4 — Deferred drydocking and survey costs - beginning balance $ 14,094 $ 13,462 $ 13,810 $ 10,418 $ 11,248 Cash paid for deferred drydocking and survey costs 998 3,340 2,487 7,253 1,138 Amortization of deferred drydocking and survey costs (1,998 ) (2,578 ) (2,428 ) (2,046 ) (1,968 ) Disposals, intersegment transfers and other (2,909 ) (130 ) (407 ) (1,815 ) — Deferred drydocking and survey costs - ending balance $ 10,185 $ 14,094 $ 13,462 $ 13,810 $ 10,418 TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Middle East Vessel revenues $ 47,021 $ 42,035 $ 40,215 $ 43,302 $ 40,772 Vessel operating costs: Crew costs 14,207 13,541 13,302 13,280 13,509 Repair and maintenance 6,153 4,556 4,261 4,100 4,162 Insurance 463 484 343 529 488 Fuel, lube and supplies 2,790 2,916 3,250 2,039 2,599 Other 4,570 4,242 4,661 4,588 4,932 Total vessel operating costs 28,183 25,739 25,817 24,536 25,690 Vessel operating margin ($) 18,838 16,296 14,398 18,766 15,082 Vessel operating margin (%) 40.1 % 38.8 % 35.8 % 43.3 % 37.0 % Middle East - Select operating statistics Average vessels - Total fleet 45 43 43 43 43 Utilization - Total fleet 79.8 % 80.3 % 79.8 % 87.6 % 84.5 % Average vessels - Active fleet 45 43 43 43 43 Utilization - Active fleet 79.8 % 80.3 % 79.8 % 87.6 % 84.5 % Average day rates $ 14,381 $ 13,228 $ 12,877 $ 12,777 $ 12,197 Vessels commencing drydocks 9 8 11 4 6 Deferred drydocking and survey costs - beginning balance $ 38,913 $ 35,355 $ 31,423 $ 21,792 $ 24,159 Cash paid for deferred drydocking and survey costs 7,127 8,716 8,191 13,464 1,328 Amortization of deferred drydocking and survey costs (6,044 ) (5,158 ) (4,259 ) (3,833 ) (3,695 ) Disposals, intersegment transfers and other — — — — — Deferred drydocking and survey costs - ending balance $ 39,996 $ 38,913 $ 35,355 $ 31,423 $ 21,792 TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Europe/Mediterranean Vessel revenues $ 82,402 $ 83,740 $ 99,280 $ 78,205 $ 84,109 Vessel operating costs: Crew costs 29,932 30,104 29,342 27,111 26,993 Repair and maintenance 7,267 7,481 5,736 6,711 8,458 Insurance 806 797 417 848 827 Fuel, lube and supplies 3,251 3,469 2,153 3,147 3,171 Other 5,258 4,805 6,187 4,738 5,180 Total vessel operating costs 46,514 46,656 43,835 42,555 44,629 Vessel operating margin ($) 35,888 37,084 55,445 35,650 39,480 Vessel operating margin (%) 43.6 % 44.3 % 55.8 % 45.6 % 46.9 % Europe/Mediterranean - Select operating statistics Average vessels - Total fleet 50 50 50 50 50 Utilization - Total fleet 87.2 % 87.5 % 93.3 % 84.9 % 85.3 % Average vessels - Active fleet 50 50 50 50 50 Utilization - Active fleet 87.2 % 87.5 % 93.3 % 84.9 % 85.3 % Average day rates $ 20,173 $ 20,752 $ 23,275 $ 20,405 $ 21,249 Vessels commencing drydocks 2 3 1 6 4 Deferred drydocking and survey costs - beginning balance $ 30,440 $ 35,571 $ 41,011 $ 38,431 $ 41,637 Cash paid for deferred drydocking and survey costs 1,324 2,103 1,811 8,786 3,554 Amortization of deferred drydocking and survey costs (6,184 ) (6,363 ) (6,919 ) (6,206 ) (6,126 ) Disposals, intersegment transfers and other 2,909 (871 ) (332 ) — (634 ) Deferred drydocking and survey costs - ending balance $ 28,489 $ 30,440 $ 35,571 $ 41,011 $ 38,431 TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 West Africa Vessel revenues $ 91,717 $ 82,017 $ 82,909 $ 106,112 $ 107,299 Vessel operating costs: Crew costs 19,300 18,363 18,662 18,951 19,010 Repair and maintenance 6,243 7,407 5,745 4,607 4,536 Insurance 683 711 353 762 717 Fuel, lube and supplies 4,557 5,149 5,700 4,808 4,552 Other 6,449 6,219 8,064 6,927 6,170 Total vessel operating costs 37,232 37,849 38,524 36,055 34,985 Vessel operating margin ($) 54,485 44,168 44,385 70,057 72,314 Vessel operating margin (%) 59.4 % 53.9 % 53.5 % 66.0 % 67.4 % West Africa - Select operating statistics Average vessels - Total fleet 62 65 69 71 70 Utilization - Total fleet 75.7 % 62.3 % 57.6 % 68.8 % 69.8 % Average vessels - Active fleet 58 60 65 65 70 Utilization - Active fleet 80.7 % 67.9 % 61.6 % 75.0 % 69.8 % Average day rates $ 21,583 $ 21,940 $ 23,035 $ 24,244 $ 24,038 Vessels commencing drydocks 1 2 4 7 1 Deferred drydocking and survey costs - beginning balance $ 48,387 $ 55,663 $ 54,639 $ 50,760 $ 50,088 Cash paid for deferred drydocking and survey costs 1,546 2,404 10,222 10,481 8,337 Amortization of deferred drydocking and survey costs (8,774 ) (9,154 ) (8,461 ) (8,417 ) (8,115 ) Disposals, intersegment transfers and other — (526 ) (737 ) 1,815 450 Deferred drydocking and survey costs - ending balance $ 41,159 $ 48,387 $ 55,663 $ 54,639 $ 50,760 TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Worldwide Vessel revenues $ 332,883 $ 338,491 $ 336,858 $ 330,699 $ 343,463 Vessel operating costs: Crew costs 100,172 105,529 99,476 97,113 99,985 Repair and maintenance 29,376 28,636 23,937 21,954 26,731 Insurance 2,823 2,892 1,640 3,034 2,857 Fuel, lube and supplies 15,227 16,441 15,107 14,378 15,278 Other 24,521 22,632 27,194 28,500 25,533 Total vessel operating costs 172,119 176,130 167,354 164,979 170,384 Vessel operating margin ($) 160,764 162,361 169,504 165,720 173,079 Vessel operating margin (%) 48.3 % 48.0 % 50.3 % 50.1 % 50.4 % Worldwide - Select operating statistics Average vessels - Total fleet 209 213 216 217 216 Utilization - Total fleet 78.6 % 75.8 % 74.1 % 76.0 % 77.6 % Average vessels - Active fleet 201 206 210 210 216 Utilization - Active fleet 81.7 % 78.5 % 76.4 % 78.4 % 77.7 % Average day rates $ 22,044 $ 22,798 $ 23,166 $ 22,303 $ 22,236 Vessels commencing drydocks 17 16 19 24 12 Deferred drydocking and survey costs - beginning balance $ 154,234 $ 165,659 $ 169,326 $ 152,550 $ 160,944 Cash paid for deferred drydocking and survey costs 13,853 17,645 23,738 43,339 17,674 Amortization of deferred drydocking and survey costs (28,351 ) (29,070 ) (27,405 ) (26,418 ) (25,884 ) Disposals, intersegment transfers and other — — — (145 ) (184 ) Deferred drydocking and survey costs - ending balance $ 139,736 $ 154,234 $ 165,659 $ 169,326 $ 152,550 TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Net income (loss) $ 219,449 $ (1,018 ) $ 72,702 $ 42,320 $ 36,619 Interest and other debt costs 16,715 16,589 16,442 16,344 16,742 Income tax expense (166,612 ) 21,711 5,584 26,109 16,376 Depreciation 37,838 37,334 36,909 39,014 38,736 Amortization of deferred drydock and survey costs 28,351 29,070 27,405 26,418 25,884 Amortization of below market contracts (219 ) (283 ) (347 ) (351 ) (1,071 ) EBITDA (A), (B), (C) 135,522 103,403 158,695 149,854 133,286 Non-cash indemnification assets charge (credit) — — (112 ) 834 242 Non-cash stock compensation expense 3,454 3,481 4,057 3,491 3,886 Loss on early extinguishment of debt 12 27,101 — — — Acquisition, restructuring and integration related costs 4,064 3,941 340 — 978 Adjusted EBITDA (A), (B), (C) $ 143,052 $ 137,926 $ 162,980 $ 154,179 $ 138,392 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 December 31, 2025, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,454, $3,481, $4,057, $3,491 and $3,886 respectively. Note (C): EBITDA and Adjusted EBITDA for the three months ended December 31, 2025, and for each of the prior four quarters includes foreign exchange gain (losses) of $2,134, $1,277, $11,703, $7,569 and $(14,337) respectively. Non-GAAP Financial Measures We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes non-cash indemnification asset charge (credit), non-cash stock-based compensation expense, loss on early extinguishment of debt and acquisition, restructuring and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure. Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year. EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness. TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands) Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Net cash provided by operating activities (A) $ 152,960 $ 72,079 $ 73,658 $ 80,411 $ 100,039 Cash interest expense 576 17,735 11,994 17,505 12,816 Interest income and other (net of certain non-cash items) (3,455 ) (1,860 ) (2,103 ) (2,157 ) (2,697 ) Indemnification assets credit (charge) — — 112 (834 ) (242 ) Additions to property and equipment (5,147 ) (5,122 ) (5,226 ) (10,266 ) (4,534 ) Expansion capital — — 3 27 63 Effects of exchange rate changes on cash 910 (1,377 ) 11,775 5,562 (8,736 ) 145,844 81,455 90,213 90,248 96,709 Proceeds from asset sales 5,331 1,204 7,328 4,416 10,316 Free cash flow $ 151,175 $ 82,659 $ 97,541 $ 94,664 $ 107,025 Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by operating activities adjusted for effects of exchange rate changes on cash, capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income and other. Free cash flow excludes indemnification assets credit (charge) included in interest income and other. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities. Note (A): Net cash provided by operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table: Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Cash provided by (used in) changes in assets and liabilities, excluding drydock payments $ 68,133 $ (9,210 ) $ (11,010 ) $ 21,099 $ 5,493 Cash paid for deferred drydock and survey costs (13,853 ) (17,645 ) (23,738 ) (43,339 ) (17,674 ) Total uses of cash for changes in assets and liabilities $ 54,280 $ (26,855 ) $ (34,748 ) $ (22,240 ) $ (12,181 ) Tidewater Inc. West Gotcher Senior Vice President, Strategy, Corporate Development and Investor Relations +1.713.470.5285 Source: Tidewater Inc.