Tidewater Inc. (TDW) is a global leader in providing marine and transportation services to the offshore energy industry. With over 65 years of experience, the company operates a fleet of 217 offshore service vessels (OSVs) across more than 30 countries, supporting activities such as oil and gas exploration, field development, production, and maintenance. Tidewater also plays a role in renewable energy by supporting windfarm development and maintenance.
- West Africa - Operates offshore service vessels to support oil and gas exploration, production, and maintenance activities in the West African region.
- Europe/Mediterranean - Provides vessel services for offshore energy projects, including windfarm development and maintenance, in the Europe and Mediterranean regions.
- Americas - Delivers marine transportation and support services for offshore energy operations in the Americas.
- Asia Pacific - Offers offshore vessel services for energy exploration and production activities in the Asia Pacific region.
- Middle East - Supports offshore energy projects with vessel operations in the Middle East.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Quintin V. Kneen ExecutiveBoard | President, Chief Executive Officer, and Director | None | Quintin V. Kneen has been the CEO of Tidewater since September 2019. He previously served as EVP and CFO at Tidewater following its acquisition of GulfMark Offshore Inc.. | |
Daniel A. Hudson Executive | Executive Vice President, General Counsel, and Corporate Secretary | None | Daniel A. Hudson has been with Tidewater since July 2007, serving in various legal roles before becoming EVP, General Counsel, and Corporate Secretary in March 2021. | |
David E. Darling Executive | Executive Vice President, Chief Operating Officer, and Chief Human Resources Officer | None | David E. Darling joined Tidewater in March 2021 as EVP and COO. He was previously VP and Chief Human Resources Officer. | |
Samuel R. Rubio Executive | Executive Vice President and Chief Financial Officer | None | Samuel R. Rubio has been the CFO since March 2021. He previously served as VP, Chief Accounting Officer, and Controller at Tidewater. | |
Darron M. Anderson Board | Independent Director | President and CEO of Stallion Oilfield Holdings, Inc. | Darron M. Anderson joined the Board in September 2020. He has significant leadership experience in the energy industry. | |
Dick H. Fagerstal Board | Chairman of the Board | Independent Director at Valaris Limited | Dick H. Fagerstal has been a member of Tidewater's Board since July 2017 and became Chairman in June 2023. He has extensive experience in the maritime and energy industries. | |
Kenneth H. Traub Board | Independent Director, Chair of the Nominating & Corporate Governance Committee | Managing Partner of Delta Value Group, LLC; Chairman of Edgio, Inc.; Board Member of American Rare Earths | Kenneth H. Traub has been a director since November 2018. He has a strong background in investment and corporate governance. | |
Lois K. Zabrocky Board | Independent Director, Chair of the Safety & Sustainability Committee | President, CEO, and Director of International Seaways, Inc. | Lois K. Zabrocky joined the Board in July 2020. She has extensive experience in the maritime transportation industry. | |
Louis A. Raspino Board | Independent Director | Director of Forum Energy Technologies; Board Member of the American Bureau of Shipping | Louis A. Raspino has been a director since November 2018. He has a background in finance and leadership roles in the energy sector. | |
Melissa L. Cougle Board | Independent Director, Chair of the Audit Committee | CFO of Ranger Energy Services, Inc.; Advisory Board Member of the Energy Workforce and Technology Council | Melissa L. Cougle joined the Board in January 2022. She has extensive financial expertise and experience in mergers and acquisitions. | |
Robert E. Robotti Board | Independent Director | Chairman of Pulse Seismic Inc.; Director at AMREP Corporation; Director of the Suzanne and Robert Robotti Foundation | Robert E. Robotti joined the Board in June 2021. He has extensive experience in investment and finance. |
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Given that your 2025 revenue guidance is flat compared to 2024 ($1.32 billion to $1.38 billion versus $1.35 billion in 2024) , what specific actions are you taking to stimulate revenue growth and address the factors contributing to this stagnation?
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With regional performance varying significantly—such as softness in the U.K. due to regulatory changes and in Asia Pacific —how are you mitigating regional risks and capitalizing on stronger markets to ensure overall growth?
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You mentioned leaning into share repurchases more in 2024 due to relative value ; how do you balance returning capital to shareholders with investing in fleet expansion or acquisitions, especially as you anticipate market improvements in 2026 ?
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Considering your confidence in an uptick in demand starting in 2026 , what specific indicators support this optimism, and how are you positioning Tidewater to capture this anticipated growth despite current market softness?
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Given the challenges in closing M&A deals due to market volatility and shifting sentiment , how do you plan to pursue growth opportunities, and are there specific targets or strategies you can share to enhance shareholder value?
Research analysts who have asked questions during TIDEWATER earnings calls.
David Smith
Truist Securities
4 questions for TDW
Fredrik Stene
Clarksons Securities
4 questions for TDW
Donald Crist
Johnson Rice & Company, L.L.C.
3 questions for TDW
Gregory Lewis
BTIG, LLC
3 questions for TDW
James Rollyson
Raymond James Financial, Inc.
3 questions for TDW
Josh Jayne
Daniel Energy Partners
2 questions for TDW
James West
Evercore ISI
1 question for TDW
Jim Rollyson
Raymond James Financial
1 question for TDW
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Eni S.p.A. | Offshore marine support for E&P activities | All | 12.3% of 2024 total revenue ($165.54 million) (calculated as 0.123 × 1,345.835 ) |
Chevron Corporation | Offshore marine support for E&P activities | All | 12.3% of 2022 total revenue (<span style="color:gray">no 2022 total revenue in documents, so value in dollars not provided</span>) |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Solstad Offshore ASA | 2024 | Completed on July 5, 2023, the acquisition was executed for approximately $594.2 million using a mix of cash, a senior secured term loan, and 10.375% senior unsecured notes; it acquired 37 platform supply vessels and related charter parties, significantly expanding Tidewater's fleet and operational capabilities. |
Swire Pacific Offshore Holdings Limited (SPO) | 2022 | Completed on April 22, 2022, this deal involved a total consideration of approximately $215.5 million (comprising cash payments, warrants, and working capital adjustments) and added 50 offshore support vessels, including AHTSs and PSVs, enhancing geographic presence, achieving cost synergies, and bolstering Tidewater's market leadership. |
Recent press releases and 8-K filings for TDW.
- BlackBird Financial LP, led by Judah Spinner, has made a substantial new investment in Tidewater Inc., the world's largest operator and owner of offshore support vessels (OSVs).
- The investment, established early in 2025, is based on BlackBird Financial's conviction in the rapidly improving economics of the offshore support sector and Tidewater's dominant position.
- BlackBird Financial highlighted a fundamental shift in the OSV landscape, including fleet contraction, industry consolidation, and rising average day rates for modern OSVs, which have increased more than 60% year-over-year.
- BlackBird Financial views Tidewater as a long-term holding, anticipating significant profit growth due to operating leverage and potential for $1.5 billion in incremental revenue if day rates reach $40,000.
- Tidewater reported strong Q2 2025 financial results, with revenue of $341,400,000 and a gross margin of 50.1%, exceeding expectations. The average day rate set a new quarterly record at $23,166.
- The company completed a significant balance sheet refinancing in early July, closing on a $650,000,000 unsecured bond and establishing a $250,000,000 revolving credit facility, enhancing financial flexibility.
- A new $500,000,000 share repurchase program was approved, representing over 20% of the company's market capitalization, following the full utilization of the prior program in Q2 2025 with $50,800,000 in repurchases.
- Tidewater reiterated its full-year 2025 revenue guidance of $1,320,000,000 to $1,380,000,000 and gross margin guidance of 48% to 50%, despite anticipating a sequential 4% decline in Q3 revenue due to near-term market softness.
- Tidewater Inc. announced the closing of a private offering of $650 million in aggregate principal amount of 9.125% senior unsecured notes due 2030. The net proceeds, along with cash on hand, were used to repay the existing senior secured term loan and redeem outstanding 8.50% Senior Secured Bonds due 2026 and 10.375% Senior Unsecured Bonds due 2028.
- The company also entered into a new $250 million senior secured five-year revolving credit facility, replacing its existing $25 million super senior secured revolving credit facility. Loans under the new facility will bear interest at Term SOFR plus an applicable margin ranging from 250 to 350 basis points or ABR plus an applicable margin ranging from 250 to 350 basis points, depending on the company's net leverage ratio.
- Piers Middleton was named Executive Vice President and Chief Operating Officer of the company, effective July 1, 2025.
- 2025E revenue of $1350 million and adjusted EBITDA of $558 million with a maintained net debt/EBITDA ratio of 0.5x, underscoring overall strong performance
- $333.4 million in Q1 revenue and a record day rate of $22,303 per day, driving consecutive quarter gross margins above 50%
- Generated approximately $95 million in free cash flow despite increased dry dock and capital expenditures, reflecting robust operational performance
- Executed a $90 million share repurchase program, reducing the outstanding share count by about 2.3 million shares through market repurchases and equity compensation adjustments
- Reinforced its market-leading position as the world’s largest OSV operator with a diversified global fleet and strategic acquisitions, including 37 vessels from Solstad Offshore
- Projects a positive market outlook with expectations for a rebound in global offshore spending, alongside ongoing sustainability efforts and robust contract visibility