Tidewater Reports Results for the Nine Months Ended September 30, 2026

Quintin Kneen, President and Chief Executive Officer of Tidewater

“Third quarter 2026 revenue and gross margin nicely exceeded our expectations driven by continued strength in day rates and utilization, with revenue for the quarter coming in at $360.4 million.”

Quintin Kneen, President and Chief Executive Officer of Tidewater

“Gross margin of 46.8% exceeded our expectations by a full percentage point due to the increase in revenue.”

Quintin Kneen, President and Chief Executive Officer of Tidewater

“Realized day rate of $23,775 increased $837 per day sequentially, continuing the pace of quarterly day rate improvements throughout 2026.”

Quintin Kneen, President and Chief Executive Officer of Tidewater

“The sequential increase in day rates was broad-based with improvement across nearly all of our vessel classes.”

Quintin Kneen, President and Chief Executive Officer of Tidewater

“Just as noteworthy, the pace of new term contract day rate acceleration continued in the third quarter, with our weighted average term contract day rate up by $3,033 per day to $27,373, an increase of 12.5% sequentially.”

Quintin Kneen, President and Chief Executive Officer of Tidewater

“During the third quarter, we closed our all-cash acquisition of WSUT, materially expanding our presence in Brazil.”

Quintin Kneen, President and Chief Executive Officer of Tidewater

“Our integration efforts are moving along well and we have made good progress to date.”

Quintin Kneen, President and Chief Executive Officer of Tidewater

“We anticipate substantially integrating the WSUT business into the Tidewater platform by the start of 2027.”

Quintin Kneen, President and Chief Executive Officer of Tidewater

“This year has largely progressed as anticipated from an activity perspective, even as the conflict in the Middle East has persisted.”

Quintin Kneen, President and Chief Executive Officer of Tidewater

“We expect continued elevated operating costs associated with the conflict in the Middle East that we now anticipate to impact the fourth quarter.”

Quintin Kneen, President and Chief Executive Officer of Tidewater

“We expect to incur approximately $19.8 million in conflict-related costs in 2026, approximately $8.7 million of which we are contractually permitted to bill back to our customers.”

Quintin Kneen, President and Chief Executive Officer of Tidewater

“Looking forward to 2027, we remain encouraged by the progress we observe for continued strength as we progress through next year.”

Quintin Kneen, President and Chief Executive Officer of Tidewater

“Broad-based confidence in the offshore cycle continues to improve and we believe that the coming years should provide for a durable set of factors that should allow us to continue to drive earnings and cash flow growth.”