TIDEWATER INC

Listed Company

TDDWWCIK 0000098222OTCLarge AcceleratedWater TransportationDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.35B

Net Income

$334.66M

Total Assets

$2.39B

Equity

$1.37B

Shares Out

49.57M

Op. Cash Flow

$379.11M

Business

TIDEWATER INC provides marine and transportation services to the global offshore energy industry through operation and management of a diversified fleet of offshore service vessels. It offers vessel services including anchor handling, towing, platform supply, crew and utility transport, offshore construction, seismic and subsea support, geotechnical survey support for windfarms, and specialized services such as pipe and cable laying. The company manages operations through five geographically aligned reporting segments: Americas, Asia Pacific, Middle East, Europe/Mediterranean and West Africa. Its vessels serve customers in over 30 countries via time-charter and spot contracts, subsidiaries and joint ventures.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	1,353	1,346	1,010	648	371
Vessel operating costs	681	693	557	397	262
Costs of other operating revenues	6	4	4	2	2
General and Administrative Expense	135	111	95	102	69
Depreciation and amortization	262	243	180	119	115
Gain on asset dispositions, net	−14	−16	−9	−250,000	3
Total costs and expenses	1,070	1,034	828	621	466
Operating income	283	311	182	27	−95
Foreign exchange gain (loss)	23	−15	−1	−3	−369,000
Equity in net earnings of unconsolidated companies	0	0	39,000	−221,000	−3
Interest income and other, net	8	6	7	5	2
Loss on early extinguishment of debt	−27	0	0	0	−11
Interest and other debt costs, net	−66	−73	−48	−17	−16
Total other expense	−62	−82	−43	−29	−29
Income before income taxes	220	229	139	−2	−124
Income tax expense (benefit)	−113	50	43	20	6
Net income	333	179	96	−22	−130
Less: Net losses attributable to noncontrolling interests	−1	−1	−2	−444,000	−691,000
Net income attributable to Tidewater Inc.	335	181	97	−22	−129
Basic income per common share (in dollars per share)	6.69	3.44	1.88	−0.49	−3.14
Diluted income per common share (in dollars per share)	6.64	3.4	1.84	−0.49	−3.14
Weighted average common shares outstanding (in shares)	50	52	52	44	41,009
Dilutive effect of warrants, restricted stock units and stock options (in shares)	379,000	619,000	1	0	0
Adjusted weighted average common shares (in shares)	50	53	53	44	41,009

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	579	325	274	164	149
Restricted cash	0	2	1	1	1
Trade and other receivables, less allowance for credit losses of $3,034 and $3,184 as of December 31, 2025 and 2024, respectively	285	324	268	156	87
Marine operating supplies	38	34	32	31	13
Prepaid expenses and other current assets	12	14	15	21	9
Total current assets	914	699	591	378	343
Net properties and equipment	1,072	1,184	1,315	797	688
Deferred drydocking and survey costs	140	153	107	61	41
Deferred tax asset	201	3	—	—	—
Other Assets, Noncurrent	51	24	32	34	24
Total assets	2,387	2,075	2,063	1,298	1,096
Accounts payable	66	71	45	39	21
Accrued expenses	153	130	126	106	52
Current portion of long-term debt	6	65	103	0	0
Other current liabilities	90	65	55	50	24
Total current liabilities	315	332	329	195	158
Long-term debt	649	572	631	169	168
Other Liabilities, Noncurrent	61	60	65	68	68
Commitments and contingencies	—	—	—	—	—
Common stock of $0.001 par value, 125,000,000 shares authorized. 49,566,334 and 51,461,472 shares issued and outstanding at December 31, 2025 and 2024, respectively	50,000	52,000	52,000	51,000	41,000
Additional paid-in capital	1,663	1,657	1,672	1,557	1,376
Accumulated deficit	−305	−549	−638	−700	−678
Accumulated other comprehensive income	7	6	5	9	3
Total stockholders equity	1,365	1,114	1,039	866	701
Noncontrolling interests	−4	−3	−2	22,000	466,000
Total equity	1,361	1,111	1,038	866	702
Total liabilities and equity	2,387	2,075	2,063	1,298	1,096

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	151	156	129	84	73
Amortization of deferred drydocking and survey costs	111	87	52	36	41
Amortization of debt premiums and discounts	5	7	5	2	3
Amortization of below market contracts	−1	−5	−4	0	0
Unrealized foreign exchange loss (gain)	−23	14	945,000	—	—
Deferred income taxes provision (benefit)	−196	−3	92,000	36,000	−1
Gain on asset dispositions, net	−14	−16	−9	−250,000	3
Gain on pension settlement	0	0	−2	0	0
Stock-based compensation expense	14	14	11	7	6
Trade and other receivables	38	−55	−110	−4	26
Marine operating supplies	−5	−3	2	−15	1
Prepaid expenses and other current assets	2	2	6	−5	3
Accounts payable	−5	26	6	16	4
Accrued expenses	23	7	20	−1	−688,000
Other current liabilities	−3	14	809,000	−555,000	−9
Other liabilities	2	−2	−740,000	−11	−7
Deferred drydocking and survey costs	−99	−133	−97	−56	−27
Other, net	15	−6	−144,000	−3	2
Net cash provided by operating activities	379	282	104	40	15
Proceeds from asset dispositions	18	19	16	14	34
Proceeds from sale of notes	660,000	8	0	0	—
Acquisitions, net of cash acquired	0	0	−594	−21	0
Additions to properties and equipment	−26	−28	−32	−17	−9
Net cash used in investing activities	−7	−188,000	−610	−24	25
Exercise of warrants	0	4,000	111	0	0
Issuance of long-term debt	650	0	575	0	172
Principal payments on long-term debt	−642	−103	−14	0	−199
Purchase of common stock	−90	−91	−35	0	0
Payments on finance leases	−6	0	0	—	—
Debt extinguishment premium	−20	0	0	0	−8
Acquisition of non-controlling interest in a majority owned subsidiary	0	0	−1	0	0
Debt issuance costs	−20	−213,000	−15	−393,000	−6
Share based awards reacquired to pay taxes	−8	−29	−6	−2	−953,000
Net cash provided by (used in) financing activities	−136	−223	616	−3	−41
Net change in cash, cash equivalents and restricted cash	253	51	110	14	−949,000
Effects of exchange rate changes on cash, cash equivalents and restricted cash	17	−9	511,000	—	—
Interest, net of amounts capitalized	48	67	27	16	14
Income taxes	60	57	44	22	19
Purchase of vessels	11	0	14	0	0
Recognition of finance leases	29	0	0	—	—
Debt incurred for the purchase of four vessels	11	0	15	0	0

Filings

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