TIDEWATER (TDW) Company Report

Tidewater Inc. (TDW) announced on February 22, 2026, a definitive agreement to acquire Wilson Sons Ultratug Participações S.A. and Atlantic Offshore Services S.A. (WSUT) for an enterprise value of approximately $500 million.
The all-cash acquisition, expected to close in late Q2 2026, includes the assumption of approximately $261 million of WSUT's existing debt.
This acquisition will add 22 PSVs to Tidewater's fleet, bringing its pro forma OSV fleet to 213 vessels and significantly expanding its presence in Brazil from 6 to 28 vessels.
The transaction is projected to be accretive to both 2026E and 2027E earnings and free cash flow per share.

4 days ago

8-K

Tidewater to Acquire Wilson Sons Ultratug Participações S.A. for $500 Million

TDW

M&A

New Projects/Investments

Tidewater has entered into a definitive agreement to acquire Wilson Sons Ultratug Participações S.A. (WSUT) and affiliate Atlantic Offshore Services for approximately $500 million, including assumed debt. The all-cash deal is expected to close in late Q2 2026.
The acquisition will add 22 platform supply vessels (PSVs), expanding Tidewater's Brazil fleet from six to 28 vessels and increasing its total offshore support vessels to roughly 213.
Nineteen of the acquired PSVs are Brazilian-built, which provides priority in local tenders and access to Brazilian Special Registry (REB) tonnage rights.
WSUT brings approximately $441 million of backlog, and Tidewater expects about $220 million of revenue in the first 12 months after closing.

6 days ago

Morningstar

Tidewater Announces Acquisition of Wilson Sons Ultratug Offshore

TDW

M&A

New Projects/Investments

Guidance Update

Tidewater Inc. (NYSE: TDW) announced an all-cash acquisition of Wilson Sons Ultratug Offshore (WSUT) for an enterprise value of approximately $500 million, which includes the assumption of WSUT's existing debt.
The transaction is expected to close late in the second quarter of 2026, subject to regulatory approvals, and will be funded by cash on hand and the novation of WSUT's approximately $261 million existing debt as of September 30, 2025.
This acquisition will significantly enhance Tidewater's presence in Brazil, expanding its fleet in the region from 6 to 28 vessels, and is expected to be immediately accretive to 2026E and 2027E earnings and free cash flow per share.
WSUT's business is projected to generate approximately $220 million of revenue and a 58% gross margin over the first twelve months post-closing, with an estimated $14 million in annual G&A expenses.

6 days ago

Press Release

Tidewater Announces Acquisition of Wilson Sons Ultratug Offshore

TDW

M&A

New Projects/Investments

Tidewater Inc. (TDW) has entered into a definitive agreement to acquire Wilson Sons Ultratug Offshore Participações S.A. and Atlantic Offshore Services S.A. (WSUT) for $500 million in cash, with the closing anticipated in late Q2 2026.
The acquisition will be financed by assuming approximately $261 million of low-interest, long-term amortizing debt and utilizing cash on hand.
This transaction adds 22 PSVs (19 Brazilian-built) to TDW's fleet, increasing its pro forma OSV count to 213 and establishing a significant presence in the Brazilian offshore market.
The acquisition is expected to deliver significant accretion to 2026E and 2027E earnings and free cash flow per share.

6 days ago

Presentation

Tidewater Reports Q3 2025 Results and Provides 2026 Guidance

TDW

Earnings

Guidance Update

Share Buyback

Tidewater reported Q3 2025 revenue of $341.1 million and a gross margin of 48%, exceeding expectations. The company generated $82.7 million in free cash flow in Q3, contributing to nearly $275 million for the first nine months of 2025. A net loss of $806,000 or $0.02 per share was reported, which included a $27.1 million charge related to the early extinguishment of debt.
For the full year 2025, revenue guidance was narrowed to $1.33 billion to $1.35 billion, with a gross margin range of 49% to 50%. The company initiated full year 2026 guidance, projecting revenue between $1.32 billion and $1.37 billion and a gross margin of 48% to 50%, assuming approximately 80% utilization.
Tidewater holds a $500 million share repurchase authorization but did not repurchase shares in Q3 due to competing priorities. The company expects to end 2026 with close to $800 million in cash (absent M&A or share repurchases) and anticipates an uptick in offshore drilling activity in 2026 and beyond, with tight vessel supply remaining a tailwind.

Nov 11, 2025, 2:00 PM

Transcript

Tidewater (TDW) Reports Q3 2025 Financials and Market Outlook

TDW

Earnings

Debt Issuance

Guidance Update

Tidewater reported Adjusted EBITDA of $137,926 for Q3 2025, with full-year 2025 revenue projected at $1,340 million and Adjusted EBITDA at $552 million.
The company refinanced the majority of its debt in July 2025, issuing $650 million of 9.125% senior unsecured notes due July 2030, and has an undrawn $250 million revolving credit facility.
Global offshore investment is projected to accelerate through 2027, with deepwater commitments expected to reach $133 billion in 2027, up from $54 billion in 2025.
Drilling activity is anticipated to pick up in the second half of 2026, following limited growth in early 2026.
Net Debt / EBITDA is projected to decrease to 0.4x in 2025.

Nov 11, 2025, 2:00 PM

Presentation

Tidewater Reports Q3 2025 Results and Provides 2026 Guidance

TDW

Earnings

Guidance Update

M&A

Tidewater reported Q3 2025 revenue of $341.1 million and a gross margin of 48%, exceeding expectations, and generated $83 million in free cash flow for the quarter.
The company updated its full-year 2025 revenue guidance to $1.33 billion-$1.35 billion and initiated full-year 2026 revenue guidance of $1.32 billion-$1.37 billion.
Tidewater maintains a $500 million share repurchase authorization and ended Q3 2025 with a net debt to EBITDA ratio of 0.4 times, indicating a strong balance sheet and capacity for capital deployment, including potential M&A.
The long-term outlook for the offshore vessel market remains very positive, with an anticipated uptick in drilling demand in the latter half of 2026 and into 2027, supported by limited new vessel supply.

Nov 11, 2025, 2:00 PM

Transcript

Tidewater Reports Strong Q3 2025 Results and Provides 2026 Guidance

TDW

Earnings

Guidance Update

M&A

Tidewater (TDW) reported Q3 2025 revenue of $341.1 million and a gross margin of 48%, exceeding expectations due to higher average day rates and better utilization.
The company generated $83 million in free cash flow in Q3 2025, bringing the total for the first nine months of 2025 to nearly $275 million.
Tidewater maintains a $500 million share repurchase authorization but did not execute buybacks in Q3 2025, indicating a focus on potential M&A opportunities.
For full-year 2025, revenue guidance is narrowed to $1.33 billion-$1.35 billion with a gross margin of 49%-50%. Full-year 2026 revenue guidance is initiated at $1.32 billion-$1.37 billion with a gross margin of 48%-50%.
The company projects dry dock costs of $105 million for 2025 and $124 million for 2026, and capital expenditures of $30 million for 2025 and $36 million for 2026.

Nov 11, 2025, 2:00 PM

Transcript

Tidewater Reports Q3 2025 Results, Updates Guidance, and Discusses Capital Allocation

TDW

Earnings

Guidance Update

Share Buyback

Tidewater reported Q3 2025 revenue of $341.1 million and a gross margin of 48%, exceeding expectations due to higher average day rates and better utilization. The company generated $83 million in free cash flow during the quarter and recorded a net loss of $806,000 or $0.02 per share, which included a $27.1 million charge related to debt extinguishment.
The company narrowed its full-year 2025 revenue guidance to $1.33 billion-$1.35 billion and initiated full-year 2026 revenue guidance of $1.32 billion-$1.37 billion, with gross margin guidance of 49%-50% for 2025 and 48%-50% for 2026.
Tidewater maintains a $500 million share repurchase authorization and, despite no repurchases in Q3 2025, views M&A and buybacks as not mutually exclusive, supported by a strong balance sheet with a Q3 2025 net debt to EBITDA ratio of 0.4 times. The company also completed a debt refinancing, securing a $250 million revolving credit facility and delaying unsecured note payments until 2030.
Management anticipates an uptick in drilling activity towards the end of 2026 and into 2027, driven by robust production support and increasing demand from EPCI and offshore construction projects, which is expected to further strain vessel supply.

Nov 11, 2025, 2:00 PM

Transcript

Tidewater Reports Q3 2025 Results and Updates Guidance

TDW

Earnings

Guidance Update

Share Buyback

Tidewater Inc. reported Q3 2025 revenue of $341.1 million, a 0.2% improvement compared to Q3 2024, and a net loss of $0.8 million (or $0.02 per common share). This net loss was significantly impacted by a $27.1 million loss on early extinguishment of debt associated with July 2025 refinancing.
For the nine months ended September 30, 2025, the company's revenue reached $1,016.0 million, with net income of $114.8 million (or $2.27 per common share).
In Q3 2025, Tidewater generated Adjusted EBITDA of $137.9 million and free cash flow of $82.7 million.
The company updated its 2025 revenue guidance to $1.33 to $1.35 billion and gross margin guidance to 49% to 50%.
Tidewater initiated 2026 revenue guidance of $1.32 to $1.37 billion and gross margin guidance of 48% to 50%, and has an outstanding share repurchase program authorization of $500 million.