TIDEWATER INC Segments Disclosure
| (15) | SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS |
Each of our operating segments is led by senior management reporting to our Chief Executive Officer, the chief operating decision maker (CODM). Our operating segments comprise the structure used by our CODM to make key operating decisions and assess performance. Discrete financial information is available for each of the segments, and our Chief Executive Officer uses the results of each of the operating segments for resource allocation and performance evaluation. Our CODM evaluates the segments’ operating performance based on segment operating income. Segment operating income is defined as segment revenues less segment costs and expenses. The CODM primarily considers segment operating income for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment.
The following table provides a comparison of revenues, vessel operating profit, depreciation and amortization, additions to properties and equipment and assets by segment and in total. Vessel operating profit is calculated as vessel revenues less vessel operating costs, segment depreciation expenses, and segment general and administrative costs. Vessel revenues and operating costs relate to our owned and operated vessels while other operating revenues relate to the activities of our other miscellaneous marine-related businesses.
| (In Thousands) | Year Ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Americas: | ||||||||||||
| Vessel revenues | $ | 270,229 | $ | 261,929 | $ | 237,205 | ||||||
| Vessel operating costs: | ||||||||||||
| Crew costs | 82,155 | 87,545 | 86,328 | |||||||||
| Repair and maintenance | 20,732 | 20,677 | 17,295 | |||||||||
| Insurance | 2,032 | 2,034 | 1,891 | |||||||||
| Fuel, lube and supplies | 10,035 | 13,635 | 13,175 | |||||||||
| Other | 26,567 | 24,391 | 19,232 | |||||||||
| Total vessel operating costs | 141,521 | 148,282 | 137,921 | |||||||||
| General and administrative expense | 14,927 | 14,046 | 15,105 | |||||||||
| Depreciation and amortization | 48,506 | 44,822 | 41,215 | |||||||||
| Vessel operating profit | 65,275 | 54,779 | 42,964 | |||||||||
| Additions to properties and equipment | $ | 2,870 | $ | 5,980 | $ | 2,916 | ||||||
| Total assets | $ | 360,846 | $ | 350,126 | $ | 418,151 | ||||||
| (In Thousands) | Year Ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Asia Pacific: | ||||||||||||
| Vessel revenues | $ | 189,747 | $ | 210,328 | $ | 122,235 | ||||||
| Vessel operating costs: | ||||||||||||
| Crew costs | 74,040 | 88,968 | 41,940 | |||||||||
| Repair and maintenance | 12,904 | 13,999 | 9,212 | |||||||||
| Insurance | 1,161 | 1,197 | 794 | |||||||||
| Fuel, lube and supplies | 7,889 | 8,834 | 5,251 | |||||||||
| Other | 9,572 | 10,311 | 7,751 | |||||||||
| Total vessel operating costs | 105,566 | 123,309 | 64,948 | |||||||||
| General and administrative expense | 9,080 | 8,544 | 8,147 | |||||||||
| Depreciation and amortization | 21,894 | 18,606 | 10,669 | |||||||||
| Vessel operating profit | 53,207 | 59,869 | 38,471 | |||||||||
| Additions to properties and equipment | $ | 2,587 | $ | 2,157 | $ | 7,839 | ||||||
| Total assets | $ | 148,385 | $ | 173,587 | $ | 167,085 | ||||||
| (In Thousands) | Year Ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Middle East: | ||||||||||||
| Vessel revenues | $ | 172,573 | $ | 152,187 | $ | 135,375 | ||||||
| Vessel operating costs: | ||||||||||||
| Crew costs | 54,330 | 53,390 | 53,416 | |||||||||
| Repair and maintenance | 19,070 | 17,595 | 16,187 | |||||||||
| Insurance | 1,819 | 1,882 | 1,784 | |||||||||
| Fuel, lube and supplies | 10,995 | 10,019 | 12,092 | |||||||||
| Other | 18,061 | 24,076 | 17,127 | |||||||||
| Total vessel operating costs | 104,275 | 106,962 | 100,606 | |||||||||
| General and administrative expense | 11,208 | 11,320 | 9,254 | |||||||||
| Depreciation and amortization | 33,174 | 30,135 | 26,566 | |||||||||
| Vessel operating profit | 23,916 | 3,770 | (1,051 | ) | ||||||||
| Additions to properties and equipment | $ | 1,968 | $ | 1,260 | $ | 3,016 | ||||||
| Total assets | $ | 207,208 | $ | 180,286 | $ | 191,927 | ||||||
| (In Thousands) | Year Ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Europe/Mediterranean: | ||||||||||||
| Vessel revenues | $ | 343,627 | $ | 333,081 | $ | 230,217 | ||||||
| Vessel operating costs: | ||||||||||||
| Crew costs | 116,489 | 109,178 | 78,613 | |||||||||
| Repair and maintenance | 27,195 | 28,288 | 17,029 | |||||||||
| Insurance | 2,868 | 3,171 | 2,218 | |||||||||
| Fuel, lube and supplies | 12,020 | 14,650 | 11,697 | |||||||||
| Other | 20,988 | 18,864 | 13,758 | |||||||||
| Total vessel operating costs | 179,560 | 174,151 | 123,315 | |||||||||
| General and administrative expense | 14,259 | 12,726 | 10,063 | |||||||||
| Depreciation and amortization | 92,114 | 92,331 | 63,152 | |||||||||
| Vessel operating profit | 57,694 | 53,873 | 33,687 | |||||||||
| Additions to properties and equipment | $ | 3,520 | $ | 11,069 | $ | 7,320 | ||||||
| Total assets | $ | 607,178 | $ | 659,158 | $ | 671,626 | ||||||
| (In Thousands) | Year Ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| West Africa: | ||||||||||||
| Vessel revenues | $ | 362,755 | $ | 380,112 | $ | 273,961 | ||||||
| Vessel operating costs: | ||||||||||||
| Crew costs | 75,276 | 77,195 | 69,176 | |||||||||
| Repair and maintenance | 24,002 | 17,817 | 18,993 | |||||||||
| Insurance | 2,509 | 2,743 | 2,610 | |||||||||
| Fuel, lube and supplies | 20,214 | 18,233 | 18,333 | |||||||||
| Other | 27,659 | 24,415 | 20,613 | |||||||||
| Total vessel operating costs | 149,660 | 140,403 | 129,725 | |||||||||
| General and administrative expense | 11,528 | 9,495 | 9,281 | |||||||||
| Depreciation and amortization | 62,894 | 53,782 | 36,508 | |||||||||
| Vessel operating profit | 138,673 | 176,432 | 98,447 | |||||||||
| Additions to properties and equipment | $ | 18,798 | $ | 3,300 | $ | 19,593 | ||||||
| Total assets | $ | 496,608 | $ | 512,549 | $ | 421,054 | ||||||
| (In Thousands) | Year Ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| World Wide: | ||||||||||||
| Revenues: | ||||||||||||
| Vessel revenues | $ | 1,338,931 | $ | 1,337,637 | $ | 998,993 | ||||||
| Other operating revenues | 13,855 | 8,198 | 10,992 | |||||||||
| Total revenue | 1,352,786 | 1,345,835 | 1,009,985 | |||||||||
| Vessel operating costs: | ||||||||||||
| Crew costs | 402,290 | 416,276 | 329,473 | |||||||||
| Repair and maintenance | 103,903 | 98,376 | 78,716 | |||||||||
| Insurance | 10,389 | 11,027 | 9,297 | |||||||||
| Fuel, lube and supplies | 61,153 | 65,371 | 60,548 | |||||||||
| Other | 102,847 | 102,057 | 78,481 | |||||||||
| Total vessel operating costs | 680,582 | 693,107 | 556,515 | |||||||||
| Costs of other operating revenues | 6,420 | 3,555 | 4,342 | |||||||||
| General and administrative expense | 61,002 | 56,131 | 51,850 | |||||||||
| Depreciation and amortization | 258,582 | 239,676 | 178,110 | |||||||||
| Operating profit | 346,200 | 353,366 | 219,168 | |||||||||
| Corporate expenses | (77,286 | ) | (57,780 | ) | (45,654 | ) | ||||||
| Gain on asset dispositions, net | 13,682 | 15,762 | 8,701 | |||||||||
| Operating income | $ | 282,596 | $ | 311,348 | $ | 182,215 | ||||||
| Segment additions to properties and equipment | $ | 29,743 | $ | 23,766 | $ | 40,684 | ||||||
| Corporate additions to properties and equipment | 6,745 | 3,814 | 5,168 | |||||||||
| Total additions to properties and equipment | $ | 36,488 | $ | 27,580 | $ | 45,852 | ||||||
| Segment assets | $ | 1,820,225 | $ | 1,875,706 | $ | 1,869,843 | ||||||
| Corporate assets | 566,686 | 199,198 | 192,931 | |||||||||
| Total assets | $ | 2,386,911 | $ | 2,074,904 | $ | 2,062,774 | ||||||
The Company attributes revenue to various countries based on the location where services are actually performed. Revenues by country for the year ended December 31, 2025 are as follows:
| (In Thousands) | Year Ended December 31, | |||||||
| 2025 | 2024 | |||||||
| Countries: | ||||||||
| Angola | $ | 155,846 | $ | 144,566 | ||||
| United Kingdom | 149,006 | 147,175 | ||||||
| Saudi Arabia | 133,782 | 129,333 | ||||||
| Norway | 117,445 | 112,167 | ||||||
| Australia | 108,470 | 130,788 | ||||||
| United Sates | 74,614 | 81,547 | ||||||
| Other (includes more than 30 countries) | 613,623 | 600,259 | ||||||
| Total revenues | $ | 1,352,786 | $ | 1,345,835 | ||||
The following table discloses our customers that accounted for 10% or more of total revenues:
| Year Ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Eni S.p.A | * | 12.3 | % | 10.3 | % | |||||||
* Less than 10% of total revenues.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 9, 2022 | |
| 2020 | Mar 4, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2016 | May 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.